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, 2021
Item 1. Reports to Stockholders.
Semiannual Report
JUNE 30, 2021
Government Money Market ProFund
Table of Contents
| 1 | | Message from the Chairman |
| 3 | | Allocation of Portfolio Holdings and Expense Examples |
| 5 | | Financial Statements and Financial Highlights |
| 9 | | Notes to Financial Statements |
| 15 | | Government Cash Management Portfolio |
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Message from the Chairman
Dear Shareholder:
As the economy and our local communities continue to recover from the impacts of COVID-19, we would like to reaffirm our commitment to providing our clients with the products and services that help them meet their investment goals and objectives. I am pleased to present the semiannual report to shareholders of the Government Money Market ProFund for the six months ended June 30, 2021.
The Government Money Market ProFund invests substantially all of its assets in the Government Cash Management Portfolio, a separate investment company managed by DWS Investment Management Americas, Inc.
Money market rates moved in a range of 0.05% to 0.1% during the period, closely tracking the effective Federal Funds rate, which ended the period at 0.1%.
The Economy Continued to Emerge from the Pandemic
The U.S. economy grew at a robust pace during the reporting period as a result of strong corporate earnings, Congress's $1.9 trillion coronavirus stimulus package, the lifting of restrictions on most businesses, and significant progress on administering vaccines. First-quarter real GDP grew by 6.4%, annualized. Unemployment declined during the period, according to the U.S. Bureau of Labor Statistics, closing June at 5.9% as the economy added 850,000 new jobs.
Inflation rose above the Fed's annual target of 2% during the reporting period, but Fed officials and other economists commented that the sharp rate of inflation is likely attributable to prices climbing back from pandemic lows and short-term supply shortages. The Fed remained committed to its accommodative policies of monthly bond purchases until the economy fully recovers, even though other countries have begun to taper their bond purchases.
Government Money Market ProFund
During this period characterized by low interest rates, the Government Money Market ProFund continued to achieve its objective of maintaining a stable net asset value of $1.00 per share for investors. The fund potentially benefits investors by seeking a high level of current income consistent with liquidity and capital preservation. It also serves investors as a vehicle for moving money between ProFunds products, or holding assets until they are ready to invest.
We thank you for the trust and confidence you have placed in us by using 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
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Allocation of Portfolio Holdings and Expense Examples
4 :: Government Money Market ProFund :: Allocation of Portfolio Holdings and Expense Examples :: June 30, 2021 (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) | | | 94 | % |
| Total Exposure | | | 94 | % |
| (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 | | | 14 | % |
| U.S. Treasury Obligations | | | 47 | % |
| Repurchase Agreements | | | 40 | % |
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, 2021.
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, 2021.
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
1/1/21 | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period* | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period* | |
| Government Money Market ProFund – Investor Class | | | 0.04 | % | | $ | 1,000.00 | | | $ | 1,000.10 | | | $ | 0.20 | | | $ | 1,024.60 | | | $ | 0.20 | |
| Government Money Market ProFund – Service Class | | | 0.04 | % | | | 1,000.00 | | | | 1,000.10 | | | | 0.20 | | | | 1,024.60 | | | | 0.20 | |
| * | Expenses are equal to the average account value over the period multiplied by the ProFund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
Financial Statements and Financial Highlights
6 :: Government Money Market ProFund :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Investment in Government Cash Management Portfolio, at value | | $ | 198,567,908 | |
| Receivable for capital shares issued | | | 21,494,357 | |
| Receivable from Advisor under a yield support agreement | | | 65,906 | |
| Prepaid expenses | | | 25,117 | |
| TOTAL ASSETS | | | 220,153,288 | |
| LIABILITIES: | | | | |
| Distributions payable | | | 106 | |
| Payable for capital shares redeemed | | | 9,642,213 | |
| Administration fees payable | | | 4,636 | |
| Transfer agency fees payable | | | 39,433 | |
| Fund accounting fees payable | | | 5,000 | |
| Compliance services fees payable | | | 1,076 | |
| Service fees payable | | | 783 | |
| Other accrued expenses | | | 216,757 | |
| TOTAL LIABILITIES | | | 9,910,004 | |
| NET ASSETS | | $ | 210,243,284 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 210,245,052 | |
| Total distributable earnings (loss) | | | (1,768 | ) |
| NET ASSETS | | $ | 210,243,284 | |
| INVESTOR CLASS: | | | | |
| Net Assets | | $ | 202,055,971 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 202,056,059 | |
| Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
| SERVICE CLASS: | | | | |
| Net Assets | | $ | 8,187,313 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 8,187,317 | |
| Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
Statement of Operations (unaudited)
For the Period Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Interest | | $ | 67,860 | (a) |
| Expenses | | | (88,676 | )(a)(b) |
| TOTAL INVESTMENT INCOME | | | (20,816 | ) |
| EXPENSES: | | | | |
| Management services fees | | | 388,393 | |
| Administration fees | | | 49,943 | |
| Transfer agency fees | | | 210,797 | |
| Administrative services fees | | | 138,329 | |
| Registration and filing fees | | | 28,055 | |
| Fund accounting fees | | | 5,000 | |
| Trustee fees | | | 4,627 | |
| Compliance services fees | | | 1,543 | |
| Service fees | | | 8,400 | |
| Other fees | | | 42,088 | |
| Total Gross Expenses before reductions | | | 877,175 | |
| Less Expenses reduced by the Advisor | | | (920,144 | ) |
| TOTAL NET EXPENSES | | | (42,969 | ) |
| NET INVESTMENT INCOME | | | 22,153 | |
| REALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 3,108 | (a) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 25,261 | |
| (a) | Allocated from Government Cash Management Portfolio. |
| (b) | For the period ended June 30, 2021, the Advisor to the Government Cash Management Portfolio waived fees, of which $63,685 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, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income | | $ | 22,153 | | | $ | 352,353 | |
| Net realized gains (losses) on investments | | | 3,108 | | | | 2,327 | |
| Change in net assets resulting from operations | | | 25,261 | | | | 354,680 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total Distributions | | | | | | | | |
| Investor Class | | | (21,230 | ) | | | (350,025 | ) |
| Service Class | | | (935 | ) | | | (2,320 | ) |
| Change in net assets resulting from distributions | | | (22,165 | ) | | | (352,345 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | | | | | | |
| Investor Class | | | 1,817,562,339 | | | | 4,492,277,770 | |
| Service Class | | | 28,991,362 | | | | 94,151,558 | |
| Distributions reinvested | | | | | | | | |
| Investor Class | | | 20,276 | | | | 336,839 | |
| Service Class | | | 935 | | | | 2,320 | |
| Value of shares redeemed | | | | | | | | |
| Investor Class | | | (1,839,943,899 | ) | | | (4,545,935,226 | ) |
| Service Class | | | (30,442,131 | ) | | | (92,953,045 | ) |
| Change in net assets resulting from capital transactions | | | (23,811,118 | ) | | | (52,119,784 | ) |
| Change in net assets | | | (23,808,022 | ) | | | (52,117,449 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 234,051,306 | | | | 286,168,755 | |
| End of period | | $ | 210,243,284 | | | $ | 234,051,306 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | | | | | | |
| Investor Class | | | 1,817,562,339 | | | | 4,492,275,851 | |
| Service Class | | | 28,991,362 | | | | 94,151,558 | |
| Reinvested | | | | | | | | |
| Investor Class | | | 20,276 | | | | 336,839 | |
| Service Class | | | 935 | | | | 2,320 | |
| Redeemed | | | | | | | | |
| Investor Class | | | (1,839,943,899 | ) | | | (4,545,935,226 | ) |
| Service Class | | | (30,442,131 | ) | | | (92,953,045 | ) |
| Change in shares | | | (23,811,118 | ) | | | (52,121,703 | ) |
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
Value,
Beginning
of Period | | | Net
Investment
Income(a)(b) | | | Net Realized
Gains (Losses)
on Investments(b) | | | Total from
Investment
Activities | | | Net
Investment
Income | | | Net Realized
Gains on
Investments | | | Total
Distributions | | | Net
Asset
Value,
End of
Period | | | Total
Return(c) | | | Gross
Expenses(b)(d)(e) | | | Net
Expenses(b)(d) | | | Net
Investment
Income(b)(d) | | | Net Assets,
End of Period
(000's) | |
| Government Money Market ProFund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period Ended June 30, 2021 (unaudited) | | $ | 1.000 | | | | — | (f) | | | — | (f) | | | — | (f) | | | — | (f) | | | — | | | | — | (f) | | $ | 1.000 | | | | 0.01 | % | | | 0.87 | % | | | 0.04 | %(g) | | | 0.02 | % | | $ | 202,056 | |
| Year Ended December 31, 2020 | | $ | 1.000 | | | | 0.001 | | | | — | (f) | | | 0.001 | | | | (0.001 | ) | | | — | | | | (0.001 | ) | | $ | 1.000 | | | | 0.14 | % | | | 0.84 | % | | | 0.34 | %(g) | | | 0.14 | % | | $ | 224,414 | |
| 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 | |
| Service Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period Ended June 30, 2021 (unaudited) | | $ | 1.000 | | | | — | (f) | | | — | (f) | | | — | (f) | | | — | (f) | | | — | | | | — | (f) | | $ | 1.000 | | | | 0.01 | % | | | 0.87 | % | | | 0.04 | %(g) | | | 0.02 | % | | $ | 8,187 | |
| Year Ended December 31, 2020 | | $ | 1.000 | | | | — | (f) | | | — | (f) | | | — | (f) | | | — | (f) | | | — | | | | — | (f) | | $ | 1.000 | | | | 0.02 | % | | | 1.24 | % | | | 0.41 | %(g) | | | 0.02 | % | | $ | 9,637 | |
| 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 | |
| (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 periods less than one year. |
| (e) | For the periods ended June 30, 2021, December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, and December 31, 2016, 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 0.06%, 0.06%, 0.07%, 0.04%, 0.03%, and 0.05%, 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, 2021 (unaudited)
1. Organization
ProFunds (the "Trust") consists of 115 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. On December 10, 2020, the Trust's Board of Trustees approved an agreement and plan of reorganization and termination pursuant to which Access One Trust would reorganize into a corresponding newly created series within ProFunds (an affiliated trust). That transaction occurred on April 26, 2021. 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, 2021, the percentage of the Portfolio's interests owned by the ProFund was 0.7%. The financial statements of the Portfolio, including its schedule of portfolio investments, are included in this report and should be read in conjunction with the ProFund's financial statements.
Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.
Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the ProFund in preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.
Investment Valuation
The ProFund records its investments in the Portfolio at fair value, which represents its proportionate ownership of the value of the Portfolio's net assets. The valuation techniques used to determine fair value are further described in Note 3. The Portfolio's Notes to Financial Statements included elsewhere in this report provide information about the Portfolio's valuation policy and its period-end security valuations.
Investment Transactions and Related Income
The ProFund records daily its proportionate share of the Portfolio's income, expenses, and realized gains and losses. In addition, the ProFund accrues its own expenses.
Allocations
Expenses directly attributable to the ProFund are charged to the ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
The investment income, expenses (other than class specific expenses charged to a class) and realized gains and losses on investments of the ProFund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized gains and losses are incurred.
Distributions to Shareholders
The ProFund declares distributions from net investment income daily and pays the dividends on a monthly basis. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.
Federal Income Taxes
The ProFund intends to continue to qualify each year as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFund intends to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFund has a calendar tax year end.
Management of the ProFund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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, 2021 (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, 2021, the ProFund's $198,567,908 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, 2021.
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 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 January 1, 2021 throughout the remainder of the period ended June 30, 2021. 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 $46,726 for the period ended June 30, 2021. 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, 2021, 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, 2021
through April 30, 2022 | | | For the Period May 1, 2020
through April 30, 2021 | |
| | | | 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, 2022 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, 2022.
12 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2021 (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 recoupment shall be made monthly, but only to the extent that such recoupment 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, 2021, the recoupments that may potentially be made by the ProFund are as follows:
| | | Expires
4/30/23 | | | Expires
4/30/24 | | | Expires
4/30/25 | | | Total | |
| Government Money Market ProFund | | $ | 204,782 | | | $ | 1,742,170 | | | $ | 287,298 | | | $ | 2,234,250 | |
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 investment advisor 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, 2020 | | | | | | | | |
| Government Money Market ProFund | | $ | 352,353 | | | $ | 352,353 | |
| December 31, 2019 | | | | | | | | |
| Government Money Market ProFund | | $ | 4,333,453 | | | $ | 4,333,453 | |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 13
As of the most recent tax year ended December 31, 2020, 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 | | $ | — | | | $ | — | | | $ | (1,350 | ) | | $ | (3,514 | ) | | $ | — | | | $ | (4,864 | ) |
As of the tax year ended December 31, 2020, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:
| | | No Expiration Date | |
| Government Money Market ProFund | | $ | 3,514 | |
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
On July 28, 2021, the Bitcoin Strategy ProFund commenced operations, increasing the number of separate investment portfolios in the Trust to 116. 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 additional 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, 2021 (unaudited)
Investment Portfolio
Government & Agency Obligations 61.0%
U.S. Government Sponsored Agencies 13.7%
| | | Principal
Amount | | | Value | |
| Federal Farm Credit Bank: | | | | | | | | |
| SOFR + 0.07%, 0.12%(a), 8/11/2022 | | $ | 152,975,000 | | | $ | 152,983,628 | |
| SOFR + 0.08%, 0.125%(a), 7/9/2021 | | | 68,000,000 | | | | 68,000,000 | |
| SOFR + 0.08%, 0.13%(a), 3/10/2022 | | | 70,000,000 | | | | 70,000,000 | |
| Federal Home Loan Bank: | | | | | | | | |
| 0.01%(b), 8/6/2021 | | | 2,425,000 | | | | 2,424,976 | |
| 0.015%(b), 8/19/2021 | | | 432,750,000 | | | | 432,741,165 | |
| 0.041%(b), 10/20/2021 | | | 281,000,000 | | | | 280,965,343 | |
| 0.053%(b), 12/22/2021 | | | 1,430,000 | | | | 1,429,637 | |
| SOFR + 0.01%, 0.055%(a), 9/10/2021 | | | 200,000,000 | | | | 200,000,000 | |
| SOFR + 0.01%, 0.06%(a), 1/13/2022 | | | 235,000,000 | | | | 235,000,000 | |
| SOFR + 0.01%, 0.06%(a), 3/25/2022 | | | 45,000,000 | | | | 45,000,000 | |
| SOFR + 0.01%, 0.06%(a), 8/1/2022 | | | 440,000,000 | | | | 440,000,000 | |
| 0.061%(b), 9/1/2021 | | | 150,000,000 | | | | 149,984,500 | |
| SOFR + 0.02%, 0.065%(a), 8/27/2021 | | | 125,000,000 | | | | 125,000,000 | |
| SOFR + 0.02%, 0.065%(a), 4/11/2022 | | | 100,000,000 | | | | 100,000,000 | |
| SOFR + 0.02%, 0.065%(a), 6/23/2022 | | | 350,000,000 | | | | 350,000,000 | |
| 0.094%(b), 7/16/2021 | | | 18,000,000 | | | | 17,999,306 | |
| SOFR + 0.05%, 0.1%(a), 12/23/2021 | | | 40,000,000 | | | | 40,000,000 | |
| 0.125%, 7/8/2021 | | | 5,000,000 | | | | 4,999,960 | |
| SOFR + 0.12%, 0.17%(a), 2/28/2022 | | | 150,000,000 | | | | 150,000,000 | |
| Federal Home Loan Mortgage Corp.: | | | | | | | | |
| SOFR + 0.05%, 0.095%(a), 8/27/2021 | | | 50,000,000 | | | | 50,000,000 | |
| SOFR + 0.07%, 0.12%(a), 2/25/2022 | | | 450,000,000 | | | | 450,000,000 | |
| SOFR + 0.10%, 0.145%(a), 8/19/2022 | | | 207,000,000 | | | | 207,000,000 | |
| SOFR + 0.14%, 0.19%(a), 12/10/2021 | | | 100,000,000 | | | | 99,991,020 | |
| SOFR + 0.15%, 0.195%(a), 12/9/2021 | | | 40,000,000 | | | | 40,000,000 | |
| SOFR + 0.19%, 0.24%(a), 6/2/2022 | | | 40,000,000 | | | | 40,000,000 | |
| Federal National Mortgage Association: | | | | | | | | |
| SOFR + 0.30%, 0.35%(a), 1/7/2022 | | | 80,000,000 | | | | 80,000,000 | |
| SOFR + 0.31%, 0.36%(a), 10/25/2021 | | | 85,000,000 | | | | 85,000,000 | |
| | | | | | | | 3,918,519,535 | |
| U.S. Treasury Obligations 47.3% | | | | | | | | |
| U.S. Treasury Bills: | | | | | | | | |
| 0.005%(b), 7/8/2021 | | | 300,000,000 | | | | 299,999,708 | |
| 0.005%(b), 7/13/2021 | | | 664,500,000 | | | | 664,498,892 | |
| 0.007%(b), 8/12/2021 | | | 410,000,000 | | | | 409,996,891 | |
| 0.008%(b), 7/13/2021 | | | 245,000,000 | | | | 244,999,388 | |
| 0.01%(b), 7/1/2021 | | | 18,277,000 | | | | 18,277,000 | |
| 0.011%(b), 8/19/2021 | | | 615,000,000 | | | | 614,990,792 | |
| 0.015%(b), 8/12/2021 | | | 1,106,600,000 | | | | 1,106,580,634 | |
| 0.015%(b), 8/19/2021 | | | 405,000,000 | | | | 404,991,731 | |
| 0.015%(b), 8/26/2021 | | | 412,000,000 | | | | 411,990,387 | |
| 0.02%(b), 7/29/2021 | | | 80,000,000 | | | | 79,998,756 | |
| 0.021%(b), 7/6/2021 | | | 280,000,000 | | | | 279,999,005 | |
| 0.031%(b), 11/4/2021 | | | 1,243,000,000 | | | | 1,242,867,310 | |
| 0.035%(b), 10/14/2021 | | | 500,000,000 | | | | 499,948,958 | |
| 0.035%(b), 10/28/2021 | | | 480,000,000 | | | | 479,944,466 | |
| 0.035%(b), 11/4/2021 | | | 850,000,000 | | | | 849,895,875 | |
| 0.036%(b), 10/7/2021 | | | 73,800,000 | | | | 73,792,868 | |
| 0.036%(b), 11/4/2021 | | | 151,000,000 | | | | 150,981,238 | |
| 0.037%(b), 10/14/2021 | | | 1,000,000,000 | | | | 999,893,542 | |
| 0.042%(b), 10/21/2021 | | | 1,000,000,000 | | | | 999,872,444 | |
| U.S. Treasury Floating Rate Notes: | | | | | | | | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.06%, 0.105%(a), 7/31/2022 | | | 400,000,000 | | | | 400,227,362 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.11%, 0.164%(a), 4/30/2022 | | | 1,133,500,000 | | | | 1,134,326,263 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.15%, 0.204%(a), 1/31/2022 | | | 176,000,000 | | | | 176,152,713 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.22%, 0.27%(a), 7/31/2021 | | | 1,230,000,000 | | | | 1,230,222,472 | |
| 3-month U.S. Treasury Bill Money Market Yield + 0.30%, 0.35%(a), 10/31/2021 | | | 722,000,000 | | | | 722,715,980 | |
| U.S. Treasury Notes, 1.125%, 7/31/2021 | | | 75,000,000 | | | | 75,066,379 | |
| | | | | | | | 13,572,231,054 | |
Total Government & Agency Obligations
(Cost $17,490,750,589) | | | | | | | 17,490,750,589 | |
| | | | | | | | | |
| Repurchase Agreements 40.1% | | | | | | | | |
| Barclays Bank PLC, 0.05%, dated 6/30/2021, to be repurchased at $21,900,030 on 7/1/2021(c) | | | 21,900,000 | | | | 21,900,000 | |
| BNP Paribas, 0.05%, dated 6/30/2021, to be repurchased at $50,000,069 on 7/1/2021(d) | | | 50,000,000 | | | | 50,000,000 | |
| BONY Fed Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $9,800,013,611 on 7/1/2021(e) | | | 9,800,000,000 | | | | 9,800,000,000 | |
| Chase Tri Party Repo, 0.05%, dated 6/30/2021, to be repurchased at $133,000,185 on 7/1/2021(f) | | | 133,000,000 | | | | 133,000,000 | |
| Citigroup Global Markets, Inc.: | | | | | | | | |
| 0.05%, dated 6/30/2021, to be repurchased at $759,101,054 on 7/1/2021(g) | | | 759,100,000 | | | | 759,100,000 | |
| 0.06%, dated 6/30/2021, to be repurchased at $460,000,767 on 7/1/2021(h) | | | 460,000,000 | | | | 460,000,000 | |
| HSBC Securities, Inc., 0.045%, dated 6/30/2021, to be repurchased at $32,800,041 on 7/1/2021(i) | | | 32,800,000 | | | | 32,800,000 | |
The accompanying notes are an integral part of the financial statements.
as of June 30, 2021 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 17
| Repurchase Agreements, continued |
| | | Principal
Amount | | | Value | |
| Merrill Lynch & Co., Inc., 0.05%, dated 6/30/2021, to be repurchased at $150,000,208 on 7/1/2021(j) | | $ | 150,000,000 | | | $ | 150,000,000 | |
| Wells Fargo Bank: | | | | | | | | |
| 0.06%, dated 6/30/2021, to be repurchased at $53,900,090 on 7/1/2021(k) | | | 53,900,000 | | | | 53,900,000 | |
| 0.05%, dated 6/30/2021, to be repurchased at $55,300,077 on 7/1/2021(l) | | | 55,300,000 | | | | 55,300,000 | |
Total Repurchase Agreements
(Cost $11,516,000,000) | | | | | | | 11,516,000,000 | |
| | | | | | | | | |
| | | % of Net
Assets | | | Value | |
Total Investment Portfolio
(Cost $29,006,750,589) | | | 101.1 | | | | 29,006,750,589 | |
| Other Assets and Liabilities, Net | | | (1.1 | ) | | | (313,287,870 | ) |
| Net Assets | | | 100.0 | | | $ | 28,693,462,719 | |
(a) Floating rate security. These securities are shown at their current rate as of June 30, 2021.
(b) Annualized yield at time of purchase; not a coupon rate.
(c) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 19,275,800 | | U.S. Treasury Bills | | Zero Coupon | | 6/16/2022 | | | 19,262,076 | |
| 3,083,700 | | U.S. Treasury Notes | | 0.125 | | 6/30/2023 | | | 3,075,991 | |
| Total Collateral Value | | | | | | | 22,338,067 | |
(d) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 44,431,100 | | U.S. Treasury Bonds | | 2.875 | | 5/15/2043 | | | 51,000,005 | |
(e) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 3,616,753,500 | | U.S. Treasury Notes | | 1.5–3 | | 8/15/2022–9/30/2025 | | | 3,787,390,468 | |
| 5,611,269,800 | | U.S. Treasury Bonds | | 2–2.375 | | 2/15/2023–5/15/2029 | | | 6,012,623,175 | |
| Total Collateral Value | | | | | | | 9,800,013,643 | |
(f) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 25,000 | | U.S. Treasury Notes | | 1.375 | | 8/31/2023 | | | 25,704 | |
| 132,697,600 | | U.S. Treasury Bonds | | 1.625 | | 11/15/2022 | | | 135,634,364 | |
| Total Collateral Value | | | | | | | 135,660,068 | |
(g) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 774,444,300 | | U.S. Treasury Bills | | Zero Coupon | | 10/19/2021–12/2/2021 | | | 774,283,804 | |
The accompanying notes are an integral part of the financial statements.
18 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2021 (unaudited)
(h) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 469,310,100 | | U.S. Treasury Bills | | Zero Coupon | | 10/28/2021–12/2/2021 | | | 469,208,354 | |
(i) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 33,707,672 | | U.S. Treasury Inflation-Indexed Bonds | | Zero Coupon | | 5/15/2022–8/15/2025 | | | 33,456,000 | |
(j) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 148,855,971 | | Federal National Mortgage Association | | 1.5–3.5 | | 6/1/2036–12/1/2050 | | | 154,500,001 | |
(k) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 49,974,231 | | Federal National Mortgage Association | | 3–4.5 | | 8/1/2048–2/1/2051 | | | 54,978,000 | |
(l) Collateralized by:
Principal
Amount ($) | | Security | | Rate (%) | | Maturity
Date | | Collateral
Value ($) | |
| 46,242,413 | | U.S. Treasury Inflation-Indexed Bonds | | 0.125–0.875 | | 1/15/2023–7/15/2029 | | | 56,406,004 | |
SOFR: Secured Overnight Financing Rate
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, 2021 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(a) | | $ | — | | | $ | 17,490,750,589 | | | $ | — | | | $ | 17,490,750,589 | |
| Repurchase Agreements | | $ | — | | | $ | 11,516,000,000 | | | $ | — | | | $ | 11,516,000,000 | |
| Total | | $ | — | | | $ | 29,006,750,589 | | | $ | — | | | $ | 29,006,750,589 | |
(a) See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
Financial Statements :: Government Cash Management Portfolio :: 19
Statement of Assets and Liabilities (unaudited)
as of June 30, 2021
| ASSETS: |
| Investments in non-affiliated securities, valued at amortized cost | | $ | 17,490,750,589 | |
| Repurchase agreements, valued at amortized cost | | | 11,516,000,000 | |
| Cash | | | 124,695,931 | |
| Interest receivable | | | 1,968,727 | |
| Due from Advisor | | | 127,514 | |
| Other assets | | | 315,703 | |
| TOTAL ASSETS | | | 29,133,858,464 | |
| LIABILITIES: | | | | |
| Payable for investments purchased | | | 440,000,000 | |
| Accrued Trustees' fees | | | 96,845 | |
| Other accrued expenses and payables | | | 298,900 | |
| TOTAL LIABILITIES | | | 440,395,745 | |
| NET ASSETS, AT VALUE | | $ | 28,693,462,719 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: |
| Income: |
| Interest | | $ | 6,644,410 | |
| EXPENSES: | | | | |
| Management fee | | | 11,042,588 | |
| Administration fee | | | 3,439,116 | |
| Custodian fee | | | 110,273 | |
| Professional fees | | | 154,438 | |
| Reports to shareholders | | | 15,710 | |
| Trustees' fees and expenses | | | 389,376 | |
| Other | | | 543,961 | |
| Total expenses before expense reductions | | | 15,695,462 | |
| Expense reductions | | | (12,752,751 | ) |
| TOTAL EXPENSES AFTER EXPENSE REDUCTIONS | | | 2,942,711 | |
| NET INVESTMENT INCOME | | | 3,701,699 | |
| Net realized gain (loss) from investments | | | 201,065 | |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,902,764 | |
The accompanying notes are an integral part of the financial statements.
20 :: Government Cash Management Portfolio :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| INCREASE (DECREASE) IN NET ASSETS |
| OPERATIONS: |
| Net investment income | | $ | 3,701,699 | | | $ | 86,147,167 | |
| Net realized gain (loss) | | | 201,065 | | | | 202,122 | |
| Net increase (decrease) in net assets resulting from operations | | | 3,902,764 | | | | 86,349,289 | |
| CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | | | | | | | | |
| Proceeds from capital invested | | | 50,283,299,224 | | | | 82,358,268,912 | |
| Value of capital withdrawn | | | (47,716,229,675 | ) | | | (75,212,997,203 | ) |
| Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | | | 2,567,069,549 | | | | 7,145,271,709 | |
| INCREASE (DECREASE) IN NET ASSETS | | | 2,570,972,313 | | | | 7,231,620,998 | |
| Net assets at beginning of period | | | 26,122,490,406 | | | | 18,890,869,408 | |
| Net assets at end of period | | $ | 28,693,462,719 | | | $ | 26,122,490,406 | |
The accompanying notes are an integral part of the financial statements.
Financial Highlights :: Government Cash Management Portfolio :: 21
| | | Six Months
Ended
6/30/21
(unaudited) | | | Year Ended
December 31,
2020 | | | Year Ended
December 31,
2019 | | | Year Ended
December 31,
2018 | | | Year Ended
December 31,
2017 | | | Year Ended
December 31,
2016 | |
| RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA | | | | | | | | | | | | | | | | | | |
| Net assets, end of period ($ millions) | | 28,693 | | | 26,122 | | | 18,891 | | | 15,720 | | | 17,172 | | | 11,975 | |
| Ratio of expenses before expense reductions (%) | | .14 | * | | .13 | | | .14 | | | .14 | | | .14 | | | .16 | |
| Ratio of expenses after expense reductions (%) | | .03 | * | | .07 | | | .07 | | | .10 | | | .11 | | | .11 | |
| Ratio of net investment income (%) | | .03 | * | | .36 | | | 2.13 | | | 1.76 | | | .83 | | | .32 | |
| Total Return (%)(a) | | .02 | (b)** | | .41 | (C) | | 2.17 | (C) | | 1.78 | (C) | | .81 | (C) | | .32 | (C) |
(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 Money Market Series.
(c) 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.
22 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2021 (unaudited)
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, 2021, DWS Government Cash Management Fund and DWS Government Money Market Series owned approximately 1% and 98%, 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 sub-custodian bank 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, 2021, the Portfolio held repurchase agreements with a gross value of $11,516,000,000. 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, 2021, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $29,006,750,589.
The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2020 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.
June 30, 2021 (unaudited) :: Notes to Financial Statements :: Government Cash Management Portfolio :: 23
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 with the Advisor, the Portfolio pays 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, 2021, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.096% of the Portfolio's average daily net assets.
For the period from January 1, 2021 through June 30, 2021, 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 expense) at 0.08% 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.
In addition, the Advisor has agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Portfolio.
For the six months ended June 30, 2021, fees waived and/or expenses reimbursed are $12,752,751.
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, 2021, the Administration Fee was $3,439,116, of which $578,744 is unpaid.
Other Service Fees
Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the six months ended June 30, 2021, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $400, all of which is unpaid.
Trustees' Fees and Expenses
The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
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 daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. 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, 2021.
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 Portfolio's yield to decline, and during periods of unusually low interest rates, the Portfolio'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 U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the fund.
24 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2021 (unaudited)
E. Other – COVID-19 Pandemic
A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Portfolio and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Portfolio and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Portfolio and reflect the consequences as appropriate in the Portfolio's accounting and financial reporting.
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.
PRO0621
Semiannual Report
JUNE 30, 2021
ProFunds VP
| Access VP High Yield | |
| 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 | |
Table of Contents
| 1 | | Message from the Chairman |
| 3 | | Financial Statements and Financial Highlights |
| 4 | | ProFund Access VP High Yield |
| 9 | | ProFund VP Asia 30 |
| 14 | | ProFund VP Banks |
| 19 | | ProFund VP Basic Materials |
| 24 | | ProFund VP Bear |
| 28 | | ProFund VP Biotechnology |
| 33 | | ProFund VP Bull |
| 44 | | ProFund VP Consumer Goods |
| 50 | | ProFund VP Consumer Services |
| 56 | | ProFund VP Dow 30 |
| 60 | | ProFund VP Emerging Markets |
| 66 | | ProFund VP Europe 30 |
| 71 | | ProFund VP Falling U.S. Dollar |
| 76 | | ProFund VP Financials |
| 83 | | ProFund VP Government Money Market |
| 87 | | ProFund VP Health Care |
| 93 | | ProFund VP Industrials |
| 100 | | ProFund VP International |
| 104 | | ProFund VP Internet |
| 109 | | ProFund VP Japan |
| 113 | | ProFund VP Large-Cap Growth |
| 120 | | ProFund VP Large-Cap Value |
| 130 | | ProFund VP Mid-Cap |
| 134 | | ProFund VP Mid-Cap Growth |
| 141 | | ProFund VP Mid-Cap Value |
| 149 | | ProFund VP Nasdaq-100 |
| 155 | | ProFund VP Oil & Gas |
| 160 | | ProFund VP Pharmaceuticals |
| 165 | | ProFund VP Precious Metals |
| 169 | | ProFund VP Real Estate |
| 175 | | ProFund VP Rising Rates Opportunity |
| 179 | | ProFund VP Semiconductor |
| 184 | | ProFund VP Short Dow 30 |
| 188 | | ProFund VP Short Emerging Markets |
| 192 | | ProFund VP Short International |
| 196 | | ProFund VP Short Mid-Cap |
| 200 | | ProFund VP Short Nasdaq-100 |
| 204 | | ProFund VP Short Small-Cap |
| 208 | | ProFund VP Small-Cap |
| 237 | | ProFund VP Small-Cap Growth |
| 246 | | ProFund VP Small-Cap Value |
| 257 | | ProFund VP Technology |
| 264 | | ProFund VP Telecommunications |
| 269 | | ProFund VP UltraBull |
| 280 | | ProFund VP UltraMid-Cap |
| 290 | | ProFund VP UltraNasdaq-100 |
| 296 | | ProFund VP UltraShort Dow 30 |
| 300 | | ProFund VP UltraShort Nasdaq-100 |
| 304 | | ProFund VP UltraSmall-Cap |
| 334 | | ProFund VP U.S. Government Plus |
| 338 | | ProFund VP Utilities |
| 343 | | Notes to Financial Statements |
| 373 | | Board Approval of Liquidity Risk Management Program |
| 375 | | Expense Examples |
Message from the Chairman
Dear Shareholder:
As the economy and local communities continue to recover from the impacts of COVID-19, we would like to reaffirm our commitment to providing our clients with the products and services that help them meet their investment goals and objectives. I am pleased to present the semiannual report to shareholders of ProFunds VP Trust for the six months ended June 30, 2021.
U.S. Stock Market Recorded Impressive Gains
Equities climbed during the period as a result of strong corporate earnings, Congress's $1.9 trillion coronavirus stimulus package, the lifting of restrictions on many businesses, and significant progress on administering vaccines. Value equities outperformed their growth counterparts by ten percentage points (0.10%) early in the period, their best performance in 20 years. The Nasdaq-100 lagged, gaining just 0.5% during the first quarter as a sharp rise in interest rates pressured growth stocks.
By June, the S&P 500 had reached a new all-time high with positive contributions from many industries. However, small-cap equities outperformed large-cap stocks. A 3.4% rise in consumer inflation (the highest in 14 years) in the second quarter as compared to the second quarter 2020 worried many investors. Nevertheless, the Fed states that they remain committed to their accommodative policies of monthly bond purchases until the economy fully recovers, even though other countries have begun to taper their bond purchases.
Most major U.S. indexes posted robust returns over the six-month period. Large caps were strong, with the S&P 500 rising 15.2%, the DJIA® (Dow® ) climbing 13.8% and the tech-heavy Nasdaq-100 Index gaining 13.3%. Mid-cap and small-cap stocks also did well, with the S&P MidCap 400® returning 17.6% and the Russell 2000® Index up 17.5%. All 10 Dow Jones U.S. Industry Indexes posted positive returns. The best-performing sectors were oil and gas (45.6%), financials (22.1%) and technology (17.8%).
Most International Equities Also Posted Positive Returns
Global economies began to return to their pre-pandemic peaks during the reporting period. The MSCI EAFE Index, which tracks developed markets outside North America, rose 8.8%, and the STOXX Europe 50 Index appreciated 11.5%. Europe benefited from the end of lockdowns, increased bond buying by the European Central Bank (ECB) and an anticipated large European stimulus program. Emerging markets, as measured by the BNY Mellon Emerging Markets 50 ADR Index, rose 3.7%, while the BNY China Select ADR and Japan's Nikkei 225 Index were among the few foreign markets that declined, falling 8.5% and 1.9%, respectively.
High Yield Bonds Were the Top Performers in Fixed Income
Yields rose and bond prices fell during the reporting period, especially for corporates and Treasurys, amid concerns about rising inflation and anticipation of more robust growth, but longer-term yields retreated slightly at quarter end. However, the demand for high-yield bonds boosted their prices. Long-term Treasury yields ticked slightly lower at the end of the second quarter of 2021.
Over the six months, the Bloomberg Barclays U.S. Aggregate Bond Index® fell 1.6%. The Ryan Labs Treasury 30-Year and 10-Year Indexes fell 9.1% and 4.1%, respectively. High-yield bonds rose 3.0%, based on the Markit iBoxx $ Liquid High Yield Index. The U.S. dollar rose 2.0%, based on the Bloomberg Dollar Spot Index. In addition, oil prices rose 45% in the first six months of 2021 and approached $80 a barrel for the first time since early 2019.
The Economy Continued to Emerge from the Pandemic
The U.S. economy grew at a robust pace during the reporting period. First-quarter real GDP grew by 6.4% annualized. Unemployment declined during the period, according to the U.S. Bureau of Labor Statistics, closing June at 5.9% as the economy added 850,000 new jobs.
U.S. Equity Investors Benefited from Market Performance, Especially in Small Caps
The robust economic recovery and strong U.S. equity market performance during the reporting period offered investors opportunities across a number of ProFunds VP funds that track major U.S. equity indexes. Russell 2000® Index investors, in particular, were rewarded by the strong performance in small caps during the period. Funds tracking the energy sector also posted strong returns. We are pleased that our insurance partners and their clients were able to take advantage of these trends during the period.
Also during the period, the Access VP High Yield Fund was reorganized from the former Access One Trust into ProFunds. We are confident this change should benefit investors by increasing the efficiency with which we can manage the fund. The name of the fund changed from the Access VP High Yield Fund to the ProFund Access VP High Yield. The fund's name change was seamless for investors, requiring no action on their part, and neither the fund's objective nor its investments changed as a result.
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 Sapir
Chairman of the Board of Trustees
Financial Statements and Financial Highlights
4 :: ProFund Access VP High Yield :: Financial Statements
Investment Objective: The ProFund Access VP High Yield seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity.
Allocation of Portfolio Holdings & Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| U.S. Treasury Obligation | | | 47 | % |
| Futures Contracts | | | 16 | % |
| Credit Default Swap Agreements | | | 75 | % |
“Market Exposure” includes the value of total investments (including the contract value of any derivatives) and excludes any instruments used for cash management.
Holdings
The ProFund Access VP High Yield primarily invests in non-equity securities, which may include: credit default swap agreements, futures contracts, repurchase agreements, U.S. Government and money market securities.
Industry Exposure
| | | % of Market
Exposure (CDS) | |
| Consumer, Cyclical | | | 29 | % |
| Consumer, Non-cyclical | | | 16 | % |
| Financial | | | 11 | % |
| Communications | | | 10 | % |
| Energy | | | 9 | % |
| Industrials | | | 8 | % |
| Basic Materials | | | 6 | % |
| Utilities | | | 6 | % |
| Technology | | | 5 | % |
Schedule of Portfolio Investments (unaudited)
U.S. Treasury Obligation (47.5%)
| | | Principal
Amount | | | Value | |
| U.S. Treasury Notes, 0.75%, 5/31/26 | | $ | 9,650,000 | | | $ | 9,595,342 | |
TOTAL U.S. TREASURY OBLIGATION
(Cost $9,619,571) | | | | | | | 9,595,342 | |
| Repurchase Agreements(a) (46.5%) | | | | | | | | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $9,407,000 | | | 9,407,000 | | | | 9,407,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $9,407,000) | | | | | | | 9,407,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $19,026,571)—94.0% | | | | | | | 19,002,342 | |
| Net other assets (liabilities)—6.0% | | | | | | | 1,207,573 | |
| NET ASSETS—100.0% | | | | | | $ | 20,209,915 | |
| (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) | |
| 5-Year U.S. Treasury Note Futures Contracts | | 27 | | 10/1/21 | | $ | 3,331,969 | | | $ | (12,271 | ) |
Centrally Cleared Swap Agreements
Credit Default Swap Agreements – Sell Protection(a)
Underlying
Instrument | | Payment
Frequency | | Fixed Deal
Receive
Rate | | | Maturity
Date | | Implied Credit
Spread at
June 30,
2021(b) | | | Notional
Amount(c) | | | Value | | | Premiums
Paid
(Received) | | | Unrealized
Appreciation/
(Depreciation) | | | Variation
Margin | |
| CDX North America High Yield Index Swap Agreement; Series 36 | | Daily | | | 5.00 | % | | 6/20/26 | | | 2.72 | % | | $ | 15,150,000 | | | $ | 1,546,828 | | | $ | 1,308,473 | | | $ | 238,355 | | | $ | (1,803 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund Access VP High Yield :: 5
| (a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. |
| (b) | Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. |
| (c) | The notional amount represents the maximum potential amount the Fund could be required pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index. |
See accompanying notes to financial statements.
6 :: ProFund Access VP High Yield :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 19,026,571 | |
| Securities, at value | | | 9,595,342 | |
| Repurchase agreements, at value | | | 9,407,000 | |
| Total Investment Securities, at value | | | 19,002,342 | |
| Cash | | | 342 | |
| Segregated cash balances for futures contracts with brokers | | | 23,760 | |
| Segregated cash balances for credit default swap agreements with brokers | | | 1,247,063 | |
| Interest receivable | | | 6,130 | |
| Receivable for capital shares issued | | | 1,715 | |
| Variation margin on futures contracts | | | 1,055 | |
| Prepaid expenses | | | 270 | |
| TOTAL ASSETS | | | 20,282,677 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 5,083 | |
| Variation margin on credit default swap agreements | | | 1,803 | |
| Advisory fees payable | | | 12,474 | |
| Management services fees payable | | | 1,663 | |
| Administration fees payable | | | 1,225 | |
| Administrative services fees payable | | | 9,992 | |
| Distribution fees payable | | | 11,065 | |
| Transfer agency fees payable | | | 2,114 | |
| Fund accounting fees payable | | | 667 | |
| Compliance services fees payable | | | 156 | |
| Other accrued expenses | | | 26,520 | |
| TOTAL LIABILITIES | | | 72,762 | |
| NET ASSETS | | $ | 20,209,915 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 22,554,783 | |
| Total distributable earnings (loss) | | | (2,344,868 | ) |
| NET ASSETS | | $ | 20,209,915 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 758,565 | |
| Net Asset Value (offering and redemption price per share) | | $ | 26.64 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 33,073 | |
| EXPENSES: | | | | |
| Advisory fees | | | 71,125 | |
| Management services fees | | | 9,483 | |
| Administration fees | | | 10,290 | |
| Transfer agency fees | | | 8,545 | |
| Administrative services fees | | | 23,349 | |
| Distribution fees | | | 23,708 | |
| Custody fees | | | 2,085 | |
| Fund accounting fees | | | 5,645 | |
| Trustee fees | | | 1,227 | |
| Compliance services fees | | | 111 | |
| Other fees | | | 13,200 | |
| Total Gross Expenses before reductions | | | 168,768 | |
| Expenses reduced and reimbursed by the Advisor | | | (9,449 | ) |
| TOTAL NET EXPENSES | | | 159,319 | |
| NET INVESTMENT INCOME (LOSS) | | | (126,246 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (154,858 | ) |
| Net realized gains (losses) on futures contracts | | | (7,913 | ) |
| Net realized gains (losses) on swap agreements | | | 956,778 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | (60,157 | ) |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (15,602 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (452,431 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 265,817 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 139,571 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund Access VP High Yield :: 7
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (126,246 | ) | | $ | 71,899 | |
| Net realized gains (losses) on investments | | | 794,007 | | | | 1,423,021 | |
| Change in net unrealized appreciation/depreciation on investments | | | (528,190 | ) | | | 1,402,141 | |
| Change in net assets resulting from operations | | | 139,571 | | | | 2,897,061 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (490,299 | ) | | | (1,712,917 | ) |
| Change in net assets resulting from distributions | | | (490,299 | ) | | | (1,712,917 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 12,207,916 | | | | 77,469,699 | |
| Distributions reinvested | | | 490,299 | | | | 1,712,917 | |
| Value of shares redeemed | | | (12,060,172 | ) | | | (64,383,444 | ) |
| Change in net assets resulting from capital transactions | | | 638,043 | | | | 14,799,172 | |
| Change in net assets | | | 287,315 | | | | 15,983,316 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 19,922,600 | | | | 16,054,401 | |
| End of period | | $ | 20,209,915 | | | $ | 32,037,717 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 454,876 | | | | 2,758,429 | |
| Reinvested | | | 18,614 | | | | 61,497 | |
| Redeemed | | | (450,044 | ) | | | (2,304,629 | ) |
| Change in shares | | | 23,446 | | | | 515,297 | |
See accompanying notes to financial statements.
8 :: ProFund Access VP High Yield :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 27.10 | | | $ | 28.71 | | | $ | 26.74 | | | $ | 28.25 | | | $ | 29.12 | | | $ | 27.51 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.18 | ) | | | (0.31 | ) | | | 0.06 | | | | 0.16 | | | | (0.10 | ) | | | (0.24 | ) |
| Net realized and unrealized gains (losses) on investments | | | 0.38 | | | | 0.16 | (b) | | | 3.21 | | | | (0.33 | ) | | | 1.47 | | | | 2.70 | |
| Total income (loss) from investment activities | | | 0.20 | | | | (0.15 | ) | | | 3.27 | | | | (0.17 | ) | | | 1.37 | | | | 2.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | — | | | | (0.06 | ) | | | (0.16 | ) | | | — | | | | — | |
| In excess of net investment income | | | (0.66 | ) | | | (1.46 | ) | | | (1.24 | ) | | | (0.37 | ) | | | (1.11 | ) | | | (0.85 | ) |
| Net realized gains on investments | | | — | | | | — | | | | — | | | | (0.60 | ) | | | (1.13 | ) | | | — | |
| Return of capital | | | — | | | | — | | | | — | | | | (0.21 | ) | | | — | | | | — | |
| Total distributions | | | (0.66 | ) | | | (1.46 | ) | | | (1.30 | ) | | | (1.34 | ) | | | (2.24 | ) | | | (0.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 26.64 | | | $ | 27.10 | | | $ | 28.71 | | | $ | 26.74 | | | $ | 28.25 | | | $ | 29.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 0.76 | % | | | 0.06 | % | | | 12.43 | % | | | (0.61 | )%(d) | | | 4.79 | % | | | 9.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.78 | % | | | 1.87 | % | | | 1.73 | % | | | 1.72 | % | | | 1.71 | % | | | 1.68 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.70 | %(f) | | | 1.66 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.33 | )% | | | (1.16 | )% | | | 0.23 | % | | | 0.58 | %(d) | | | (0.34 | )% | | | (0.84 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 20,210 | | | $ | 19,923 | | | $ | 32,038 | | | $ | 16,054 | | | $ | 25,713 | | | $ | 61,327 | |
| Portfolio turnover rate(c)(g) | | | 658 | % | | | 1,447 | % | | | 1,459 | % | | | 1,539 | % | | | 1,407 | % | | | 1,809 | % |
| (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 0.57%, respectively, and the total return would have been (0.62)%. |
| (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.
Financial Statements :: ProFund VP Asia 30 :: 9
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, 2021
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 | |
| Futu Holdings, Ltd. | | | 11.6 | % |
| Beigene, Ltd. | | | 6.2 | % |
| Sea, Ltd. | | | 6.0 | % |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 5.6 | % |
| BHP Billiton PLC | | | 5.5 | % |
ProFunds Asia 30® Index – Composition
| Industry Breakdown | | % of Index | |
| Communication Services | | | 22 | % |
| Financials | | | 20 | % |
| Information Technology | | | 20 | % |
| Consumer Discretionary | | | 16 | % |
| Materials | | | 11 | % |
| Health Care | | | 6 | % |
| Industrials | | | 5 | % |
| | | | | |
| Country Composition | | | | |
| China | | | 50 | % |
| India | | | 13 | % |
| Hong Kong | | | 12 | % |
| Australia | | | 11 | % |
| Singapore | | | 8 | % |
| Taiwan | | | 6 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
| | | Shares | | | Value | |
| Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 7,844 | | | $ | 1,778,862 | |
| Baidu, Inc.*ADR (Interactive Media & Services) | | | 6,369 | | | | 1,298,639 | |
| Beigene, Ltd.*ADR (Biotechnology) | | | 6,223 | | | | 2,135,671 | |
| BHP Billiton PLCADR (Metals & Mining) | | | 32,225 | | | | 1,923,510 | |
| BHP Billiton, Ltd.ADR(a) (Metals & Mining) | | | 26,150 | | | | 1,904,505 | |
| Bilibili, Inc.*ADR (Entertainment) | | | 8,071 | | | | 983,370 | |
| Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment) | | | 15,862 | | | | 1,031,347 | |
| Futu Holdings, Ltd.*ADR (Capital Markets) | | | 22,446 | | | | 4,019,855 | |
| Gaotu Techedu, Inc.*ADR(a) (Diversified Consumer Services) | | | 10,149 | | | | 149,901 | |
| GDS Holdings, Ltd.*ADR (IT Services) | | | 10,446 | | | | 819,907 | |
| HDFC Bank, Ltd.*ADR (Banks) | | | 22,449 | | | | 1,641,471 | |
| Huazhu Group, Ltd.*ADR (Hotels, Restaurants & Leisure) | | | 11,779 | | | | 622,049 | |
| HUYA, Inc.*ADR(a) (Entertainment) | | | 34,670 | | | | 611,926 | |
| ICICI Bank, Ltd.*ADR (Banks) | | | 78,081 | | | | 1,335,185 | |
| Infosys Technologies, Ltd.ADR (IT Services) | | | 75,192 | | | | 1,593,318 | |
| JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | | 7,850 | | | | 626,509 | |
| JinkoSolar Holding Co., Ltd.*ADR(a) (Semiconductors & Semiconductor Equipment) | | | 13,408 | | | | 751,116 | |
| JOYY, Inc.ADR (Interactive Media & Services) | | | 8,593 | | | | 566,880 | |
| Kingsoft Cloud Holdings, Ltd.*ADR (IT Services) | | | 21,113 | | | | 716,364 | |
| Momo, Inc.ADR (Interactive Media & Services) | | | 49,221 | | | | 753,574 | |
| NetEase, Inc.ADR (Entertainment) | | | 7,111 | | | | 819,543 | |
| New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | | | 30,354 | | | | 248,599 | |
| NIO, Inc.*ADR (Automobiles) | | | 14,816 | | | | 788,211 | |
| Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | | | 4,074 | | | | 517,479 | |
| Sea, Ltd.*ADR (Entertainment) | | | 7,554 | | | | 2,074,328 | |
| Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | | | 16,077 | | | | 1,931,812 | |
| TAL Education Group*ADR (Diversified Consumer Services) | | | 7,491 | | | | 188,998 | |
| Tencent Music Entertainment Group*ADR (Entertainment) | | | 35,337 | | | | 547,017 | |
| Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 15,997 | | | | 567,254 | |
| ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | | | 55,487 | | | | 1,684,030 | |
TOTAL COMMON STOCKS
(Cost $16,669,298) | | | | | | | 34,631,230 | |
| | | | | | | | | |
| Collateral for Securities Loaned (8.3%)(b) | | | | | | | | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(c) | | | 2,880,471 | | | | 2,880,471 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $2,880,471) | | | | | | | 2,880,471 | |
TOTAL INVESTMENT SECURITIES
(Cost $19,549,769)—108.2% | | | | | | | 37,511,701 | |
| Net other assets (liabilities)—(8.2)% | | | | | | | (2,836,378 | ) |
| NET ASSETS—100.0% | | | | | | $ | 34,675,323 | |
See accompanying notes to financial statements.
10 :: ProFund VP Asia 30 :: Financial Statements
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $2,756,853. |
| (b) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (c) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
| ADR | American Depositary Receipt |
ProFund VP Asia 30 invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Air Freight & Logistics | | $ | 1,684,030 | | | | 4.9 | % |
| Automobiles | | | 788,211 | | | | 2.3 | % |
| Banks | | | 2,976,656 | | | | 8.6 | % |
| Biotechnology | | | 2,135,671 | | | | 6.2 | % |
| Capital Markets | | | 4,019,855 | | | | 11.5 | % |
| Diversified Consumer Services | | | 587,498 | | | | 1.7 | % |
| Entertainment | | | 5,036,184 | | | | 14.5 | % |
| Hotels, Restaurants & Leisure | | | 622,049 | | | | 1.8 | % |
| Interactive Media & Services | | | 2,619,093 | | | | 7.6 | % |
| Internet & Direct Marketing Retail | | | 3,490,104 | | | | 10.1 | % |
| IT Services | | | 3,129,589 | | | | 9.0 | % |
| Metals & Mining | | | 3,828,015 | | | | 11.0 | % |
| Semiconductors & Semiconductor Equipment | | | 3,714,275 | | | | 10.7 | % |
| Other** | | | 44,093 | | | | 0.1 | % |
| Total | | $ | 34,675,323 | | | | 100.0 | % |
ProFund VP Asia 30 invested in securities with exposure to the following countries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Australia | | $ | 3,828,015 | | | | 11.0 | % |
| China | | | 22,227,101 | | | | 64.1 | % |
| India | | | 4,569,974 | | | | 13.2 | % |
| Singapore | | | 2,074,328 | | | | 6.0 | % |
| Taiwan | | | 1,931,812 | | | | 5.6 | % |
| Other** | | | 44,093 | | | | 0.1 | % |
| Total | | $ | 34,675,323 | | | | 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 Asia 30 :: 11
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 19,549,769 | |
| Securities, at value(a) | | | 37,511,701 | |
| Total Investment Securities, at value | | | 37,511,701 | |
| Dividends receivable | | | 7,293 | |
| Receivable for capital shares issued | | | 12,750 | |
| Receivable for investments sold | | | 249,639 | |
| Prepaid expenses | | | 645 | |
| TOTAL ASSETS | | | 37,782,028 | |
| LIABILITIES: | | | | |
| Cash overdraft | | | 131,049 | |
| Payable for capital shares redeemed | | | 19,171 | |
| Payable for collateral for securities loaned | | | 2,880,471 | |
| Advisory fees payable | | | 21,900 | |
| Management services fees payable | | | 2,920 | |
| Administration fees payable | | | 2,058 | |
| Administrative services fees payable | | | 12,621 | |
| Distribution fees payable | | | 17,674 | |
| Transfer agency fees payable | | | 3,457 | |
| Fund accounting fees payable | | | 1,130 | |
| Compliance services fees payable | | | 285 | |
| Other accrued expenses | | | 13,969 | |
| TOTAL LIABILITIES | | | 3,106,705 | |
| NET ASSETS | | $ | 34,675,323 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 18,600,351 | |
| Total distributable earnings (loss) | | | 16,074,972 | |
| NET ASSETS | | $ | 34,675,323 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 470,362 | |
| Net Asset Value (offering and redemption price per share) | | $ | 73.72 | |
| (a) Includes securities on loan valued at: | | $ | 2,756,853 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 198,126 | |
| Interest | | | 2 | |
| Foreign tax withholding | | | (3,855 | ) |
| Income from securities lending | | | 159,747 | |
| TOTAL INVESTMENT INCOME | | | 354,020 | |
| EXPENSES: | | | | |
| Advisory fees | | | 136,794 | |
| Management services fees | | | 18,239 | |
| Administration fees | | | 11,737 | |
| Transfer agency fees | | | 9,544 | |
| Administrative services fees | | | 38,302 | |
| Distribution fees | | | 45,598 | |
| Custody fees | | | 5,324 | |
| Fund accounting fees | | | 6,481 | |
| Trustee fees | | | 362 | |
| Compliance services fees | | | 145 | |
| Dividend fees | | | 1,925 | |
| Other fees | | | 14,385 | |
| Recoupment of prior expenses reduced by the Advisor | | | 16,556 | |
| TOTAL NET EXPENSES | | | 305,392 | |
| NET INVESTMENT INCOME (LOSS) | | | 48,628 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (838,543 | ) |
| Change in net unrealized appreciation/depreciation on investment securities | | | 4,163,058 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 3,324,515 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,373,143 | |
See accompanying notes to financial statements.
12 :: ProFund VP Asia 30 :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 48,628 | | | $ | (43,383 | ) |
| Net realized gains (losses) on investments | | | (838,543 | ) | | | 4,545,593 | |
| Change in net unrealized appreciation/depreciation on investments | | | 4,163,058 | | | | 3,066,891 | |
| Change in net assets resulting from operations | | | 3,373,143 | | | | 7,569,101 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (4,388,382 | ) | | | (2,519,835 | ) |
| Change in net assets resulting from distributions | | | (4,388,382 | ) | | | (2,519,835 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 26,546,553 | | | | 30,433,386 | |
| Distributions reinvested | | | 4,388,382 | | | | 2,519,835 | |
| Value of shares redeemed | | | (24,737,908 | ) | | | (37,565,743 | ) |
| Change in net assets resulting from capital transactions | | | 6,197,027 | | | | (4,612,522 | ) |
| Change in net assets | | | 5,181,788 | | | | 436,744 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 29,493,535 | | | | 29,056,791 | |
| End of period | | $ | 34,675,323 | | | $ | 29,493,535 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 307,138 | | | | 480,489 | |
| Reinvested | | | 65,294 | | | | 38,110 | |
| Redeemed | | | (290,824 | ) | | | (597,380 | ) |
| Change in shares | | | 81,608 | | | | (78,781 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Asia 30 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 75.87 | | | $ | 62.15 | | | $ | 49.34 | | | $ | 60.88 | | | $ | 47.26 | | | $ | 47.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.11 | | | | (0.11 | ) | | | 0.39 | | | | 0.11 | | | | 0.21 | | | | (0.06 | ) |
| Net realized and unrealized gains (losses) on investments | | | 8.54 | | | | 21.13 | | | | 12.56 | | | | (11.37 | ) | | | 15.27 | | | | 0.41 | |
| Total income (loss) from investment activities | | | 8.65 | | | | 21.02 | | | | 12.95 | | | | (11.26 | ) | | | 15.48 | | | | 0.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.72 | ) | | | (0.14 | ) | | | (0.28 | ) | | | — | | | | (0.56 | ) |
| Net realized gains on investments | | | (10.80 | ) | | | (6.58 | ) | | | — | | | | — | | | | (1.86 | ) | | | — | |
| Total distributions | | | (10.80 | ) | | | (7.30 | ) | | | (0.14 | ) | | | (0.28 | ) | | | (1.86 | ) | | | (0.56 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 73.72 | | | $ | 75.87 | | | $ | 62.15 | | | $ | 49.34 | | | $ | 60.88 | | | $ | 47.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 12.78 | % | | | 35.55 | % | | | 26.31 | % | | | (18.59 | )% | | | 32.87 | % | | | 0.64 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.67 | % | | | 1.71 | % | | | 1.72 | % | | | 1.74 | % | | | 1.70 | % | | | 1.76 | % |
| Net expenses(c) | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 0.27 | % | | | (0.18 | )% | | | 0.68 | % | | | 0.19 | % | | | 0.37 | % | | | (0.14 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 34,675 | | | $ | 29,494 | | | $ | 29,057 | | | $ | 19,796 | | | $ | 34,695 | | | $ | 22,764 | |
| Portfolio turnover rate(b)(d) | | | 40 | % | | | 130 | % | | | 111 | % | | | 87 | % | | | 96 | % | | | 79 | % |
| (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 Banks :: Financial Statements
Investment Objective: The ProFund VP Banks seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. BanksSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 74 | % |
| Swap Agreements | | | 26 | % |
| 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 | |
| JPMorgan Chase & Co. | | | 20.2 | % |
| Bank of America Corp. | | | 13.4 | % |
| Wells Fargo & Co. | | | 8.0 | % |
| Citigroup, Inc. | | | 6.3 | % |
| The PNC Financial Services Group, Inc. | | | 3.5 | % |
Dow Jones U.S. BanksSM Index – Composition
| | | % of Index | |
| Diversified Banks | | | 70 | % |
| Regional Banks | | | 30 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (73.6%)
| | | Shares | | | Value | |
| Bank of America Corp. (Banks) | | | 31,436 | | | $ | 1,296,106 | |
| Bank OZK (Banks) | | | 504 | | | | 21,249 | |
| BOK Financial Corp. (Banks) | | | 128 | | | | 11,085 | |
| Citigroup, Inc. (Banks) | | | 8,617 | | | | 609,653 | |
| Citizens Financial Group, Inc. (Banks) | | | 1,776 | | | | 81,465 | |
| Comerica, Inc. (Banks) | | | 582 | | | | 41,520 | |
| Commerce Bancshares, Inc. (Banks) | | | 439 | | | | 32,732 | |
| Cullen/Frost Bankers, Inc. (Banks) | | | 236 | | | | 26,432 | |
| East West Bancorp, Inc. (Banks) | | | 591 | | | | 42,369 | |
| F.N.B. Corp. (Banks) | | | 1,331 | | | | 16,411 | |
| Fifth Third Bancorp (Banks) | | | 2,935 | | | | 112,205 | |
| First Citizens BancShares, Inc.—Class A (Banks) | | | 30 | | | | 24,982 | |
| First Financial Bankshares, Inc. (Banks) | | | 593 | | | | 29,134 | |
| First Horizon Corp. (Banks) | | | 2,304 | | | | 39,806 | |
| First Republic Bank (Banks) | | | 734 | | | | 137,383 | |
| Glacier Bancorp, Inc. (Banks) | | | 398 | | | | 21,922 | |
| Home BancShares, Inc. (Banks) | | | 632 | | | | 15,598 | |
| Huntington Bancshares, Inc. (Banks) | | | 6,151 | | | | 87,775 | |
| JPMorgan Chase & Co. (Banks) | | | 12,619 | | | | 1,962,758 | |
| KeyCorp (Banks) | | | 4,046 | | | | 83,550 | |
| M&T Bank Corp. (Banks) | | | 536 | | | | 77,886 | |
| New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 1,939 | | | | 21,367 | |
| People's United Financial, Inc. (Banks) | | | 1,783 | | | | 30,561 | |
| Pinnacle Financial Partners, Inc. (Banks) | | | 317 | | | | 27,988 | |
| Popular, Inc. (Banks) | | | 336 | | | | 25,217 | |
| Prosperity Bancshares, Inc. (Banks) | | | 387 | | | | 27,787 | |
| Regions Financial Corp. (Banks) | | | 4,007 | | | | 80,861 | |
| Signature Bank (Banks) | | | 240 | | | | 58,956 | |
| SVB Financial Group* (Banks) | | | 226 | | | | 125,753 | |
| Synovus Financial Corp. (Banks) | | | 619 | | | | 27,162 | |
| TFS Financial Corp. (Thrifts & Mortgage Finance) | | | 199 | | | | 4,040 | |
| The PNC Financial Services Group, Inc. (Banks) | | | 1,771 | | | | 337,836 | |
| Truist Financial Corp. (Banks) | | | 5,606 | | | | 311,133 | |
| U.S. Bancorp (Banks) | | | 5,651 | | | | 321,937 | |
| UMB Financial Corp. (Banks) | | | 181 | | | | 16,844 | |
| Umpqua Holdings Corp. (Banks) | | | 920 | | | | 16,974 | |
| United Bankshares, Inc. (Banks) | | | 559 | | | | 20,404 | |
| Valley National Bancorp (Banks) | | | 1,692 | | | | 22,724 | |
| Webster Financial Corp. (Banks) | | | 377 | | | | 20,109 | |
| Wells Fargo & Co. (Banks) | | | 17,232 | | | | 780,437 | |
| Western Alliance Bancorp (Banks) | | | 431 | | | | 40,018 | |
| Wintrust Financial Corp. (Banks) | | | 238 | | | | 18,000 | |
| Zions Bancorp (Banks) | | | 683 | | | | 36,103 | |
TOTAL COMMON STOCKS
(Cost $3,040,179) | | | | | | | 7,144,232 | |
Repurchase Agreements(a) (2.0%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $191,000 | | $ | 191,000 | | | $ | 191,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $191,000) | | | | | | | 191,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $3,231,179)—75.6% | | | | | | | 7,335,232 | |
| Net other assets (liabilities)—24.4% | | | | | | | 2,364,484 | |
| NET ASSETS—100.0% | | | | | | $ | 9,699,716 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 15
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Banks Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 2,549,667 | | | $ | 3,839 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Banks | | $ | 7,118,825 | | | | 73.3 | % |
| Thrifts & Mortgage Finance | | | 25,407 | | | | 0.3 | % |
| Other** | | | 2,555,484 | | | | 26.4 | % |
| Total | | $ | 9,699,716 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
16 :: ProFund VP Banks :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 3,231,179 | |
| Securities, at value | | | 7,144,232 | |
| Repurchase agreements, at value | | | 191,000 | |
| Total Investment Securities, at value | | | 7,335,232 | |
| Cash | | | 95 | |
| Segregated cash balances for swap agreements with custodian | | | 50,000 | |
| Dividends receivable | | | 9,494 | |
| Unrealized appreciation on swap agreements | | | 3,839 | |
| Receivable for investments sold | | | 2,999,594 | |
| Prepaid expenses | | | 135 | |
| TOTAL ASSETS | | | 10,398,389 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 675,999 | |
| Advisory fees payable | | | 6,688 | |
| Management services fees payable | | | 892 | |
| Administration fees payable | | | 643 | |
| Administrative services fees payable | | | 4,084 | |
| Distribution fees payable | | | 4,239 | |
| Transfer agency fees payable | | | 1,114 | |
| Fund accounting fees payable | | | 363 | |
| Compliance services fees payable | | | 61 | |
| Other accrued expenses | | | 4,590 | |
| TOTAL LIABILITIES | | | 698,673 | |
| NET ASSETS | | $ | 9,699,716 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 10,488,878 | |
| Total distributable earnings (loss) | | | (789,162 | ) |
| NET ASSETS | | $ | 9,699,716 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 319,826 | |
| Net Asset Value (offering and redemption price per share) | | $ | 30.33 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 90,226 | |
| Interest | | | 2 | |
| TOTAL INVESTMENT INCOME | | | 90,228 | |
| EXPENSES: | | | | |
| Advisory fees | | | 31,216 | |
| Management services fees | | | 4,162 | |
| Administration fees | | | 3,082 | |
| Transfer agency fees | | | 2,594 | |
| Administrative services fees | | | 11,583 | |
| Distribution fees | | | 10,406 | |
| Custody fees | | | 633 | |
| Fund accounting fees | | | 1,820 | |
| Trustee fees | | | 99 | |
| Compliance services fees | | | 44 | |
| Other fees | | | 4,618 | |
| Total Gross Expenses before reductions | | | 70,257 | |
| Expenses reduced and reimbursed by the Advisor | | | (332 | ) |
| TOTAL NET EXPENSES | | | 69,925 | |
| NET INVESTMENT INCOME (LOSS) | | | 20,303 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 78,473 | |
| Net realized gains (losses) on swap agreements | | | 44,461 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,380,489 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 2,974 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 1,506,397 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,526,700 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Banks :: 17
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | 20,303 | | | $ | 82,428 | |
| Net realized gains (losses) on investments | | | 122,934 | | | | (7,095 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 1,383,463 | | | | (1,708,378 | ) |
| Change in net assets resulting from operations | | | 1,526,700 | | | | (1,633,045 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (82,428 | ) | | | (92,909 | ) |
| Change in net assets resulting from distributions | | | (82,428 | ) | | | (92,909 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 21,952,054 | | | | 18,733,923 | |
| Distributions reinvested | | | 82,428 | | | | 92,909 | |
| Value of shares redeemed | | | (18,601,638 | ) | | | (21,610,921 | ) |
| Change in net assets resulting from capital transactions | | | 3,432,844 | | | | (2,784,089 | ) |
| Change in net assets | | | 4,877,116 | | | | (4,510,043 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 4,822,600 | | | | 9,332,643 | |
| End of period | | $ | 9,699,716 | | | $ | 4,822,600 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 750,736 | | | | 921,543 | |
| Reinvested | | | 2,662 | | | | 4,862 | |
| Redeemed | | | (636,425 | ) | | | (1,048,260 | ) |
| Change in shares | | | 116,973 | | | | (121,855 | ) |
See accompanying notes to financial statements.
18 :: ProFund VP Banks :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 23.77 | | | $ | 28.74 | | | $ | 21.31 | | | $ | 26.03 | | | $ | 22.14 | | | $ | 18.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.07 | | | | 0.36 | | | | 0.31 | | | | 0.15 | | | | 0.08 | | | | 0.09 | |
| Net realized and unrealized gains (losses) on investments | | | 6.73 | | | | (4.85 | ) | | | 7.39 | | | | (4.79 | ) | | | 3.87 | | | | 4.08 | |
| Total income (loss) from investment activities | | | 6.80 | | | | (4.49 | ) | | | 7.70 | | | | (4.64 | ) | | | 3.95 | | | | 4.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.24 | ) | | | (0.48 | ) | | | (0.27 | ) | | | (0.08 | ) | | | (0.06 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 30.33 | | | $ | 23.77 | | | $ | 28.74 | | | $ | 21.31 | | | $ | 26.03 | | | $ | 22.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 28.58 | % | | | (15.21 | )% | | | 36.43 | % | | | (17.90 | )% | | | 17.92 | % | | | 23.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.69 | % | | | 1.74 | % | | | 1.70 | % | | | 1.71 | % | | | 1.69 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 0.49 | % | | | 1.74 | % | | | 1.24 | % | | | 0.57 | % | | | 0.36 | % | | | 0.50 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 9,700 | | | $ | 4,823 | | | $ | 9,333 | | | $ | 6,539 | | | $ | 14,608 | | | $ | 14,273 | |
| Portfolio turnover rate(b)(d) | | | 263 | % | | | 478 | % | | | 293 | % | | | 324 | % | | | 319 | % | | | 362 | % |
| (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 Basic Materials :: 19
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 MaterialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 94 | % |
| Swap Agreements | | | 6 | % |
| Total Exposure | | | 100 | % |
"Market Exposure" includes the value of total investments (including the contract value of any derivatives) and excludes any investments used for cash management.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Linde PLC | | | 17.3 | % |
| Air Products & Chemicals, Inc. | | | 7.3 | % |
| Freeport-McMoRan, Inc. | | | 6.3 | % |
| Ecolab, Inc. | | | 5.9 | % |
| Newmont Corp. | | | 5.8 | % |
Dow Jones U.S. Basic MaterialsSM Index – Composition
| | | % of Index | |
| Chemicals | | | 79 | % |
| Metals & Mining | | | 21 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (94.2%)
| | | Shares | | | Value | |
| Air Products & Chemicals, Inc. (Chemicals) | | | 5,184 | | | $ | 1,491,332 | |
| Albemarle Corp. (Chemicals) | | | 2,733 | | | | 460,401 | |
| Alcoa Corp.* (Metals & Mining) | | | 4,374 | | | | 161,138 | |
| Ashland Global Holdings, Inc. (Chemicals) | | | 1,279 | | | | 111,913 | |
| Axalta Coating Systems, Ltd.* (Chemicals) | | | 4,857 | | | | 148,090 | |
| Celanese Corp.—Series A (Chemicals) | | | 2,638 | | | | 399,921 | |
| CF Industries Holdings, Inc. (Chemicals) | | | 5,025 | | | | 258,536 | |
| Commercial Metals Co. (Metals & Mining) | | | 2,825 | | | | 86,784 | |
| Corteva, Inc. (Chemicals) | | | 17,265 | | | | 765,703 | |
| Dow, Inc. (Chemicals) | | | 17,497 | | | | 1,107,210 | |
| DuPont de Nemours, Inc. (Chemicals) | | | 12,463 | | | | 964,761 | |
| Eastman Chemical Co. (Chemicals) | | | 3,197 | | | | 373,250 | |
| Ecolab, Inc. (Chemicals) | | | 5,826 | | | | 1,199,981 | |
| Element Solutions, Inc. (Chemicals) | | | 5,102 | | | | 119,285 | |
| FMC Corp. (Chemicals) | | | 3,019 | | | | 326,656 | |
| Freeport-McMoRan, Inc. (Metals & Mining) | | | 34,327 | | | | 1,273,875 | |
| Huntsman Corp. (Chemicals) | | | 4,676 | | | | 124,008 | |
| Ingevity Corp.* (Chemicals) | | | 938 | | | | 76,316 | |
| International Flavors & Fragrances, Inc. (Chemicals) | | | 5,831 | | | | 871,151 | |
| Linde PLC (Chemicals) | | | 12,183 | | | | 3,522,104 | |
| LyondellBasell Industries N.V.—Class A (Chemicals) | | | 6,030 | | | | 620,306 | |
| NewMarket Corp. (Chemicals) | | | 172 | | | | 55,381 | |
| Newmont Corp. (Metals & Mining) | | | 18,765 | | | | 1,189,326 | |
| Nucor Corp. (Metals & Mining) | | | 7,008 | | | | 672,277 | |
| PPG Industries, Inc. (Chemicals) | | | 5,554 | | | | 942,903 | |
| Reliance Steel & Aluminum Co. (Metals & Mining) | | | 1,492 | | | | 225,143 | |
| Royal Gold, Inc. (Metals & Mining) | | | 1,537 | | | | 175,372 | |
| RPM International, Inc. (Chemicals) | | | 3,032 | | | | 268,878 | |
| Steel Dynamics, Inc. (Metals & Mining) | | | 4,700 | | | | 280,120 | |
| The Chemours Co. (Chemicals) | | | 3,878 | | | | 134,954 | |
| The Mosaic Co. (Chemicals) | | | 8,097 | | | | 258,375 | |
| The Scotts Miracle-Gro Co.—Class A (Chemicals) | | | 953 | | | | 182,900 | |
| Valvoline, Inc. (Chemicals) | | | 4,243 | | | | 137,728 | |
| W.R. Grace & Co. (Chemicals) | | | 1,458 | | | | 100,777 | |
| Westlake Chemical Corp. (Chemicals) | | | 810 | | | | 72,973 | |
TOTAL COMMON STOCKS
(Cost $9,725,911) | | | | | | | 19,159,828 | |
Repurchase Agreements(a) (0.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $155,000 | | $ | 155,000 | | | $ | 155,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $155,000) | | | | | | | 155,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,880,911)—95.0% | | | | | | | 19,314,828 | |
| Net other assets (liabilities)—5.0% | | | | | | | 1,021,141 | |
| NET ASSETS—100.0% | | | | | | $ | 20,335,969 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
20 :: ProFund VP Basic Materials :: Financial Statements
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Basic Materials Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 1,174,737 | | | $ | 2,181 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Chemicals | | $ | 15,095,793 | | | | 74.2 | % |
| Metals & Mining | | | 4,064,035 | | | | 20.0 | % |
| Other** | | | 1,176,141 | | | | 5.8 | % |
| Total | | $ | 20,335,969 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Basic Materials :: 21
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 9,880,911 | |
| Securities, at value | | | 19,159,828 | |
| Repurchase agreements, at value | | | 155,000 | |
| Total Investment Securities, at value | | | 19,314,828 | |
| Cash | | | 296 | |
| Segregated cash balances for swap agreements with custodian | | | 90,000 | |
| Dividends receivable | | | 26,299 | |
| Unrealized appreciation on swap agreements | | | 2,181 | |
| Receivable for capital shares issued | | | 51,888 | |
| Receivable for investments sold | | | 900,706 | |
| Prepaid expenses | | | 256 | |
| TOTAL ASSETS | | | 20,386,454 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 143 | |
| Advisory fees payable | | | 13,622 | |
| Management services fees payable | | | 1,816 | |
| Administration fees payable | | | 1,334 | |
| Administrative services fees payable | | | 10,036 | |
| Distribution fees payable | | | 10,514 | |
| Transfer agency fees payable | | | 2,242 | |
| Fund accounting fees payable | | | 737 | |
| Compliance services fees payable | | | 149 | |
| Other accrued expenses | | | 9,892 | |
| TOTAL LIABILITIES | | | 50,485 | |
| NET ASSETS | | $ | 20,335,969 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 12,851,180 | |
| Total distributable earnings (loss) | | | 7,484,789 | |
| NET ASSETS | | $ | 20,335,969 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 261,680 | |
| Net Asset Value (offering and redemption price per share) | | $ | 77.71 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 169,666 | |
| Interest | | | 5 | |
| Income from securities lending | | | 6,244 | |
| TOTAL INVESTMENT INCOME | | | 175,915 | |
| EXPENSES: | | | | |
| Advisory fees | | | 66,433 | |
| Management services fees | | | 8,858 | |
| Administration fees | | | 6,656 | |
| Transfer agency fees | | | 5,483 | |
| Administrative services fees | | | 23,189 | |
| Distribution fees | | | 22,144 | |
| Custody fees | | | 1,351 | |
| Fund accounting fees | | | 3,751 | |
| Trustee fees | | | 226 | |
| Compliance services fees | | | 88 | |
| Other fees | | | 9,392 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,240 | |
| TOTAL NET EXPENSES | | | 148,811 | |
| NET INVESTMENT INCOME (LOSS) | | | 27,104 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 71,843 | |
| Net realized gains (losses) on swap agreements | | | 52,773 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,778,760 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (2,796 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 1,900,580 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,927,684 | |
See accompanying notes to financial statements.
22 :: ProFund VP Basic Materials :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 27,104 | | | $ | 60,934 | |
| Net realized gains (losses) on investments | | | 124,616 | | | | 561,553 | |
| Change in net unrealized appreciation/depreciation on investments | | | 1,775,964 | | | | 1,247,587 | |
| Change in net assets resulting from operations | | | 1,927,684 | | | | 1,870,074 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (550,093 | ) | | | (949,400 | ) |
| Change in net assets resulting from distributions | | | (550,093 | ) | | | (949,400 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 20,132,176 | | | | 18,333,702 | |
| Distributions reinvested | | | 550,093 | | | | 949,400 | |
| Value of shares redeemed | | | (18,139,991 | ) | | | (15,671,527 | ) |
| Change in net assets resulting from capital transactions | | | 2,542,278 | | | | 3,611,575 | |
| Change in net assets | | | 3,919,869 | | | | 4,532,249 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 16,416,100 | | | | 11,883,851 | |
| End of period | | $ | 20,335,969 | | | $ | 16,416,100 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 258,121 | | | | 299,803 | |
| Reinvested | | | 6,830 | | | | 14,862 | |
| Redeemed | | | (239,940 | ) | | | (261,657 | ) |
| Change in shares | | | 25,011 | | | | 53,008 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Basic Materials :: 23
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 69.36 | | | $ | 64.71 | | | $ | 56.94 | | | $ | 69.41 | | | $ | 56.66 | | | $ | 48.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.12 | | | | 0.32 | | | | 0.37 | | | | 0.14 | | | | 0.17 | | | | 0.29 | |
| Net realized and unrealized gains (losses) on investments | | | 10.31 | | | | 9.87 | | | | 9.53 | | | | (12.36 | ) | | | 12.84 | | | | 8.57 | |
| Total income (loss) from investment activities | | | 10.43 | | | | 10.19 | | | | 9.90 | | | | (12.22 | ) | | | 13.01 | | | | 8.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.23 | ) | | | (0.42 | ) | | | (0.22 | ) | | | (0.25 | ) | | | (0.26 | ) | | | (0.21 | ) |
| Net realized gains on investments | | | (1.85 | ) | | | (5.12 | ) | | | (1.91 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (2.08 | ) | | | (5.54 | ) | | | (2.13 | ) | | | (0.25 | ) | | | (0.26 | ) | | | (0.21 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 77.71 | | | $ | 69.36 | | | $ | 64.71 | | | $ | 56.94 | | | $ | 69.41 | | | $ | 56.66 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 14.93 | % | | | 16.49 | % | | | 17.72 | % | | | (17.66 | )% | | | 22.96 | % | | | 18.49 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.68 | % | | | 1.73 | % | | | 1.71 | % | | | 1.74 | % | | | 1.69 | % | | | 1.73 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 0.31 | % | | | 0.53 | % | | | 0.60 | % | | | 0.21 | % | | | 0.27 | % | | | 0.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 20,336 | | | $ | 16,416 | | | $ | 11,884 | | | $ | 12,171 | | | $ | 33,707 | | | $ | 23,131 | |
| Portfolio turnover rate(b)(d) | | | 71 | % | | | 135 | % | | | 58 | % | | | 39 | % | | | 127 | % | | | 109 | % |
| (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.
24 :: ProFund VP Bear :: Financial Statements
Investment Objective: The ProFund VP Bear seeks daily investment results, before fees and expenses, that 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, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Futures Contracts | | | (14 | )% |
| Swap Agreements | | | (86 | )% |
| 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 | | | 27 | % |
| Health Care | | | 13 | % |
| Consumer Discretionary | | | 12 | % |
| Financials | | | 11 | % |
| Communication Services | | | 11 | % |
| Industrials | | | 9 | % |
| Consumer Staples | | | 6 | % |
| Energy | | | 3 | % |
| Materials | | | 3 | % |
| Real Estate | | | 3 | % |
| Utilities | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (96.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $1,493,000 | | $ | 1,493,000 | | | $ | 1,493,000 | |
| TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
| (Cost $1,493,000) | | | | | | | 1,493,000 | |
| TOTAL INVESTMENT SECURITIES | | | | | | | | |
| (Cost $1,493,000)—96.8% | | | | | | | 1,493,000 | |
| Net other assets (liabilities)—3.2% | | | | | | | 49,428 | |
| NET ASSETS—100.0% | | | | | | $ | 1,542,428 | |
| (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, 2021, the aggregate amount held in a segregated account was $373,000. |
| (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 | | 1 | | 9/20/21 | | $ | (214,430 | ) | | $ | (3,617 | ) |
Total Return Swap Agreements – Short
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P 500 | | Goldman Sachs International | | 7/27/21 | | | | (0.44 | )% | | $ | (51,570 | ) | | $ | (25 | ) |
| S&P 500 | | UBS AG | | 7/27/21 | | | | (0.24 | )% | | | (1,272,060 | ) | | | (2,181 | ) |
| | | | | | | | | | | | $ | (1,323,630 | ) | | $ | (2,206 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 Bear :: 25
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 1,493,000 | |
| Repurchase agreements, at value | | | 1,493,000 | |
| Total Investment Securities, at value | | | 1,493,000 | |
| Cash | | | 514 | |
| Segregated cash balances for futures contracts with brokers | | | 12,100 | |
| Receivable for capital shares issued | | | 43,162 | |
| Prepaid expenses | | | 59 | |
| TOTAL ASSETS | | | 1,548,835 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 108 | |
| Unrealized depreciation on swap agreements | | | 2,206 | |
| Variation margin on futures contracts | | | 330 | |
| Advisory fees payable | | | 923 | |
| Management services fees payable | | | 123 | |
| Administration fees payable | | | 100 | |
| Administrative services fees payable | | | 566 | |
| Distribution fees payable | | | 553 | |
| Transfer agency fees payable | | | 168 | |
| Fund accounting fees payable | | | 55 | |
| Compliance services fees payable | | | 17 | |
| Other accrued expenses | | | 1,258 | |
| TOTAL LIABILITIES | | | 6,407 | |
| NET ASSETS | | $ | 1,542,428 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 23,872,591 | |
| Total distributable earnings (loss) | | | (22,330,163 | ) |
| NET ASSETS | | $ | 1,542,428 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 93,528 | |
| Net Asset Value (offering and redemption price per share) | | $ | 16.49 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 37 | |
| EXPENSES: | | | | |
| Advisory fees | | | 7,274 | |
| Management services fees | | | 970 | |
| Administration fees | | | 763 | |
| Transfer agency fees | | | 595 | |
| Administrative services fees | | | 2,828 | |
| Distribution fees | | | 2,424 | |
| Custody fees | | | 152 | |
| Fund accounting fees | | | 405 | |
| Trustee fees | | | 24 | |
| Compliance services fees | | | 5 | |
| Other fees | | | 1,500 | |
| Total Gross Expenses before reductions | | | 16,940 | |
| Expenses reduced and reimbursed by the Advisor | | | (647 | ) |
| TOTAL NET EXPENSES | | | 16,293 | |
| NET INVESTMENT INCOME (LOSS) | | | (16,256 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | (51,421 | ) |
| Net realized gains (losses) on swap agreements | | | (266,542 | ) |
| Change in net unrealized appreciation/depreciation on futures contracts | | | 9,078 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 8,091 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (300,794 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (317,050 | ) |
See accompanying notes to financial statements.
26 :: ProFund VP Bear :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (16,256 | ) | | $ | (63,287 | ) |
| Net realized gains (losses) on investments | | | (317,963 | ) | | | (1,644,432 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 17,169 | | | | (15,309 | ) |
| Change in net assets resulting from operations | | | (317,050 | ) | | | (1,723,028 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (21,696 | ) | | | (18,942 | ) |
| Change in net assets resulting from distributions | | | (21,696 | ) | | | (18,942 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 9,190,897 | | | | 55,517,005 | |
| Distributions reinvested | | | 21,696 | | | | 18,942 | |
| Value of shares redeemed | | | (9,683,667 | ) | | | (54,648,756 | ) |
| Change in net assets resulting from capital transactions | | | (471,074 | ) | | | 887,191 | |
| Change in net assets | | | (809,820 | ) | | | (854,779 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 2,352,248 | | | | 3,207,027 | |
| End of period | | $ | 1,542,428 | | | $ | 2,352,248 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 511,720 | | | | 2,071,685 | |
| Reinvested | | | 1,237 | | | | 896 | |
| Redeemed | | | (539,483 | ) | | | (2,073,662 | ) |
| Change in shares | | | (26,526 | ) | | | (1,081 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bear :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 19.59 | | | $ | 26.47 | | | $ | 34.40 | | | $ | 33.06 | | | $ | 40.30 | | | $ | 46.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.15 | ) | | | (0.35 | ) | | | 0.13 | | | | 0.03 | | | | (0.32 | ) | | | (0.63 | ) |
| Net realized and unrealized gains (losses) on investments | | | (2.69 | ) | | | (6.41 | ) | | | (8.03 | ) | | | 1.31 | | | | (6.92 | ) | | | (5.44 | ) |
| Total income (loss) from investment activities | | | (2.84 | ) | | | (6.76 | ) | | | (7.90 | ) | | | 1.34 | | | | (7.24 | ) | | | (6.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.12 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (0.26 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (0.26 | ) | | | (0.12 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 16.49 | | | $ | 19.59 | | | $ | 26.47 | | | $ | 34.40 | | | $ | 33.06 | | | $ | 40.30 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | (14.58 | )% | | | (25.61 | )% | | | (22.95 | )% | | | 4.05 | % | | | (17.97 | )% | | | (13.05 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.75 | % | | | 1.79 | % | | | 1.74 | % | | | 1.65 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.71 | %(e) | | | 1.65 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.68 | )% | | | (1.40 | )% | | | 0.43 | % | | | 0.08 | % | | | (0.88 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 1,542 | | | $ | 2,352 | | | $ | 3,207 | | | $ | 4,135 | | | $ | 4,157 | | | $ | 6,283 | |
| 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.
28 :: ProFund VP Biotechnology :: Financial Statements
Investment Objective: The ProFund VP Biotechnology seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. BiotechnologySM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| AbbVie, Inc. | | | 16.4 | % |
| Amgen, Inc. | | | 11.5 | % |
| Gilead Sciences, Inc. | | | 7.1 | % |
| Moderna, Inc. | | | 5.9 | % |
| Illumina, Inc. | | | 5.7 | % |
Dow Jones U.S. BiotechnologySM Index – Composition
| | | % of Index | |
| Biotechnology | | | 75 | % |
| Life Sciences Tools & Services | | | 25 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.4%)
| | | Shares | | | Value | |
| 10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | | | 4,013 | | | $ | 785,826 | |
| AbbVie, Inc. (Biotechnology) | | | 95,553 | | | | 10,763,090 | |
| ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | | 6,326 | | | | 154,291 | |
| Acceleron Pharma, Inc.* (Biotechnology) | | | 2,857 | | | | 358,525 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 16,416 | | | | 2,426,449 | |
| Agios Pharmaceuticals, Inc.* (Biotechnology) | | | 2,765 | | | | 152,379 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 11,957 | | | | 2,196,620 | |
| Alkermes PLC* (Biotechnology) | | | 8,681 | | | | 212,858 | |
| Allogene Therapeutics, Inc.* (Biotechnology) | | | 3,599 | | | | 93,862 | |
| Alnylam Pharmaceuticals, Inc.* (Biotechnology) | | | 6,359 | | | | 1,077,978 | |
| Amgen, Inc. (Biotechnology) | | | 31,084 | | | | 7,576,725 | |
| Avantor, Inc.* (Life Sciences Tools & Services) | | | 28,030 | | | | 995,345 | |
| Berkeley Lights, Inc.* (Life Sciences Tools & Services) | | | 469 | | | | 21,016 | |
| Biogen, Inc.* (Biotechnology) | | | 8,145 | | | | 2,820,369 | |
| BioMarin Pharmaceutical, Inc.* (Biotechnology) | | | 9,886 | | | | 824,888 | |
| Bio-Techne Corp. (Life Sciences Tools & Services) | | | 2,104 | | | | 947,347 | |
| Bluebird Bio, Inc.* (Biotechnology) | | | 3,649 | | | | 116,695 | |
| Blueprint Medicines Corp.* (Biotechnology) | | | 3,156 | | | | 277,602 | |
| Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | | 2,719 | | | | 1,005,812 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 2,464 | | | | 155,207 | |
| Exact Sciences Corp.* (Biotechnology) | | | 9,281 | | | | 1,153,721 | |
| Exelixis, Inc.* (Biotechnology) | | | 16,954 | | | | 308,902 | |
| FibroGen, Inc.* (Biotechnology) | | | 4,585 | | | | 122,099 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 67,851 | | | | 4,672,220 | |
| Horizon Therapeutics PLC* (Pharmaceuticals) | | | 12,160 | | | | 1,138,662 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 7,899 | | | | 3,737,887 | |
| Incyte Corp.* (Biotechnology) | | | 10,113 | | | | 850,807 | |
| Ionis Pharmaceuticals, Inc.* (Biotechnology) | | | 7,626 | | | | 304,201 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 10,369 | | | | 2,512,616 | |
| Maravai LifeSciences Holdings, Inc.*—Class A (Life Sciences Tools & Services) | | | 5,258 | | | | 219,416 | |
| Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | | 1,259 | | | | 1,744,143 | |
| Moderna, Inc.* (Biotechnology) | | | 16,509 | | | | 3,879,285 | |
| Nektar Therapeutics* (Pharmaceuticals) | | | 9,863 | | | | 169,249 | |
| Neurocrine Biosciences, Inc.* (Biotechnology) | | | 5,115 | | | | 497,792 | |
| Novavax, Inc.* (Biotechnology) | | | 3,688 | | | | 782,999 | |
| PPD, Inc.* (Life Sciences Tools & Services) | | | 5,890 | | | | 271,470 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 5,664 | | | | 3,163,571 | |
| Repligen Corp.* (Biotechnology) | | | 2,762 | | | | 551,350 | |
| Sarepta Therapeutics, Inc.* (Biotechnology) | | | 4,316 | | | | 335,526 | |
| Seagen, Inc.* (Biotechnology) | | | 6,873 | | | | 1,085,109 | |
| Sotera Health Co.* (Life Sciences Tools & Services) | | | 3,979 | | | | 96,411 | |
| Syneos Health, Inc.* (Life Sciences Tools & Services) | | | 5,479 | | | | 490,316 | |
| Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | | 3,432 | | | | 327,241 | |
| United Therapeutics Corp.* (Biotechnology) | | | 2,423 | | | | 434,710 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 14,005 | | | | 2,823,828 | |
| Vir Biotechnology, Inc.* (Biotechnology) | | | 3,588 | | | | 169,641 | |
TOTAL COMMON STOCKS
(Cost $21,116,988) | | | | | | | 64,806,056 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 29
Repurchase Agreements(a) (0.7%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $437,000 | | $ | 437,000 | | | $ | 437,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $437,000) | | | | | | | 437,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $21,553,988)—99.1% | | | | | | | 65,243,056 | |
| Net other assets (liabilities)—0.9% | | | | | | | 586,208 | |
| NET ASSETS—100.0% | | | | | | $ | 65,829,264 | |
| * | 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(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Biotechnology Index | | Goldman Sachs International | | 7/23/21 | | | | 0.59 | % | | $ | 1,017,543 | | | $ | 11,577 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Biotechnology | | $ | 48,244,091 | | | | 73.2 | % |
| Life Sciences Tools & Services | | | 15,254,054 | | | | 23.2 | % |
| Pharmaceuticals | | | 1,307,911 | | | | 2.0 | % |
| Other** | | | 1,023,208 | | | | 1.6 | % |
| Total | | $ | 65,829,264 | | | | 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.
30 :: ProFund VP Biotechnology :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 21,553,988 | |
| Securities, at value | | | 64,806,056 | |
| Repurchase agreements, at value | | | 437,000 | |
| Total Investment Securities, at value | | | 65,243,056 | |
| Cash | | | 413 | |
| Segregated cash balances for swap agreements with custodian | | | 175,000 | |
| Unrealized appreciation on swap agreements | | | 11,577 | |
| Receivable for capital shares issued | | | 8,133 | |
| Receivable for investments sold | | | 578,989 | |
| Prepaid expenses | | | 1,077 | |
| TOTAL ASSETS | | | 66,018,245 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 28,118 | |
| Advisory fees payable | | | 39,874 | |
| Management services fees payable | | | 5,317 | |
| Administration fees payable | | | 3,922 | |
| Administrative services fees payable | | | 24,120 | |
| Distribution fees payable | | | 36,279 | |
| Transfer agency fees payable | | | 6,544 | |
| Fund accounting fees payable | | | 2,149 | |
| Compliance services fees payable | | | 524 | |
| Other accrued expenses | | | 42,134 | |
| TOTAL LIABILITIES | | | 188,981 | |
| NET ASSETS | | $ | 65,829,264 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 24,644,546 | |
| Total distributable earnings (loss) | | | 41,184,718 | |
| NET ASSETS | | $ | 65,829,264 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 707,925 | |
| Net Asset Value (offering and redemption price per share) | | $ | 92.99 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 484,768 | |
| Interest | | | 17 | |
| TOTAL INVESTMENT INCOME | | | 484,785 | |
| EXPENSES: | | | | |
| Advisory fees | | | 235,827 | |
| Management services fees | | | 31,443 | |
| Administration fees | | | 23,875 | |
| Transfer agency fees | | | 19,411 | |
| Administrative services fees | | | 57,452 | |
| Distribution fees | | | 78,609 | |
| Custody fees | | | 4,871 | |
| Fund accounting fees | | | 13,162 | |
| Trustee fees | | | 788 | |
| Compliance services fees | | | 279 | |
| Other fees | | | 40,979 | |
| TOTAL NET EXPENSES | | | 506,696 | |
| NET INVESTMENT INCOME (LOSS) | | | (21,911 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,649,016 | |
| Net realized gains (losses) on swap agreements | | | 70,441 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 6,439,156 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 20,746 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 8,179,359 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 8,157,448 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Biotechnology :: 31
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (21,911 | ) | | $ | (35,623 | ) |
| Net realized gains (losses) on investments | | | 1,719,457 | | | | 1,081,311 | |
| Change in net unrealized appreciation/depreciation on investments | | | 6,459,902 | | | | 7,110,278 | |
| Change in net assets resulting from operations | | | 8,157,448 | | | | 8,155,966 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (384,376 | ) | | | (4,096,849 | ) |
| Change in net assets resulting from distributions | | | (384,376 | ) | | | (4,096,849 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 10,911,995 | | | | 31,935,839 | |
| Distributions reinvested | | | 384,376 | | | | 4,096,849 | |
| Value of shares redeemed | | | (14,208,784 | ) | | | (36,890,561 | ) |
| Change in net assets resulting from capital transactions | | | (2,912,413 | ) | | | (857,873 | ) |
| Change in net assets | | | 4,860,659 | | | | 3,201,244 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 60,968,605 | | | | 57,767,361 | |
| End of period | | $ | 65,829,264 | | | $ | 60,968,605 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 124,801 | | | | 395,668 | |
| Reinvested | | | 4,479 | | | | 51,572 | |
| Redeemed | | | (163,664 | ) | | | (463,770 | ) |
| Change in shares | | | (34,384 | ) | | | (16,530 | ) |
See accompanying notes to financial statements.
32 :: ProFund VP Biotechnology :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 82.13 | | | $ | 76.13 | | | $ | 65.65 | | | $ | 70.40 | | | $ | 57.44 | | | $ | 68.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.03 | ) | | | (0.05 | ) | | | 0.01 | | | | (0.07 | ) | | | (0.14 | ) | | | (0.14 | ) |
| Net realized and unrealized gains (losses) on investments | | | 11.43 | | | | 11.57 | | | | 10.75 | | | | (4.68 | ) | | | 13.10 | | | | (10.47 | ) |
| Total income (loss) from investment activities | | | 11.40 | | | | 11.52 | | | | 10.76 | | | | (4.75 | ) | | | 12.96 | | | | (10.61 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.01 | ) | | | — | | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (0.54 | ) | | | (5.51 | ) | | | (0.28 | ) | | | — | | | | — | | | | (0.84 | ) |
| Total distributions | | | (0.54 | ) | | | (5.52 | ) | | | (0.28 | ) | | | — | | | | — | | | | (0.84 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 92.99 | | | $ | 82.13 | | | $ | 76.13 | | | $ | 65.65 | | | $ | 70.40 | | | $ | 57.44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 13.93 | % | | | 15.38 | % | | | 16.46 | % | | | (6.75 | )% | | | 22.54 | % | | | (15.48 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.61 | % | | | 1.67 | % | | | 1.63 | % | | | 1.58 | % | | | 1.59 | % | | | 1.57 | % |
| Net expenses(c) | | | 1.61 | % | | | 1.67 | % | | | 1.63 | % | | | 1.58 | % | | | 1.59 | % | | | 1.57 | % |
| Net investment income (loss)(c) | | | (0.07 | )% | | | (0.06 | )% | | | 0.02 | % | | | (0.10 | )% | | | (0.22 | )% | | | (0.24 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 65,829 | | | $ | 60,969 | | | $ | 57,767 | | | $ | 55,520 | | | $ | 68,165 | | | $ | 59,112 | |
| Portfolio turnover rate(b)(d) | | | 15 | % | | | 70 | % | | | 81 | % | | | 114 | % | | | 157 | % | | | 154 | % |
| (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 Bull :: 33
Investment Objective: The ProFund VP Bull seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 73 | % |
| Futures Contracts | | | 8 | % |
| Swap Agreements | | | 19 | % |
| 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. | | | 4.3 | % |
| Microsoft Corp. | | | 4.1 | % |
| Amazon.com, Inc. | | | 3.0 | % |
| Alphabet, Inc. | | | 2.9 | % |
| Facebook, Inc. | | | 1.7 | % |
S&P 500® Index – Composition
| | | % of Index | |
| Information Technology | | | 27 | % |
| Health Care | | | 13 | % |
| Consumer Discretionary | | | 12 | % |
| Financials | | | 11 | % |
| Communication Services | | | 11 | % |
| Industrials | | | 9 | % |
| Consumer Staples | | | 6 | % |
| Energy | | | 3 | % |
| Materials | | | 3 | % |
| Real Estate | | | 3 | % |
| Utilities | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (72.7%)
| | | Shares | | | Value | |
| 3M Co. (Industrial Conglomerates) | | | 890 | | | $ | 176,781 | |
| A.O. Smith Corp. (Building Products) | | | 206 | | | | 14,844 | |
| Abbott Laboratories (Health Care Equipment & Supplies) | | | 2,727 | | | | 316,141 | |
| AbbVie, Inc. (Biotechnology) | | | 2,711 | | | | 305,367 | |
| ABIOMED, Inc.* (Health Care Equipment & Supplies) | | | 69 | | | | 21,536 | |
| Accenture PLC—Class A (IT Services) | | | 975 | | | | 287,420 | |
| Activision Blizzard, Inc. (Entertainment) | | | 1,192 | | | | 113,764 | |
| Adobe, Inc.* (Software) | | | 733 | | | | 429,274 | |
| Advance Auto Parts, Inc. (Specialty Retail) | | | 100 | | | | 20,514 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,865 | | | | 175,179 | |
| Aflac, Inc. (Insurance) | | | 970 | | | | 52,050 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 466 | | | | 68,879 | |
| Air Products & Chemicals, Inc. (Chemicals) | | | 340 | | | | 97,811 | |
| Akamai Technologies, Inc.* (IT Services) | | | 250 | | | | 29,150 | |
| Alaska Air Group, Inc.* (Airlines) | | | 191 | | | | 11,519 | |
| Albemarle Corp. (Chemicals) | | | 179 | | | | 30,154 | |
| Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | | 210 | | | | 38,207 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 339 | | | | 62,278 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 111 | | | | 67,821 | |
| Allegion PLC (Building Products) | | | 138 | | | | 19,223 | |
| Alliant Energy Corp. (Electric Utilities) | | | 384 | | | | 21,412 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 461 | | | | 1,125,665 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 437 | | | | 1,095,262 | |
| Altria Group, Inc. (Tobacco) | | | 2,840 | | | | 135,411 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 658 | | | | 2,263,624 | |
| Amcor PLC (Containers & Packaging) | | | 2,365 | | | | 27,103 | |
| Ameren Corp. (Multi-Utilities) | | | 392 | | | | 31,376 | |
| American Airlines Group, Inc.* (Airlines) | | | 984 | | | | 20,871 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 767 | | | | 64,881 | |
| American Express Co. (Consumer Finance) | | | 998 | | | | 164,899 | |
| American International Group, Inc. (Insurance) | | | 1,317 | | | | 62,689 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 698 | | | | 188,557 | |
| American Water Works Co., Inc. (Water Utilities) | | | 278 | | | | 42,848 | |
| Ameriprise Financial, Inc. (Capital Markets) | | | 178 | | | | 44,301 | |
| AmerisourceBergen Corp. (Health Care Providers & Services) | | | 227 | | | | 25,989 | |
| AMETEK, Inc. (Electrical Equipment) | | | 354 | | | | 47,259 | |
| Amgen, Inc. (Biotechnology) | | | 882 | | | | 214,988 | |
| Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | | 917 | | | | 62,732 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 566 | | | | 97,443 | |
| ANSYS, Inc.* (Software) | | | 134 | | | | 46,506 | |
| Anthem, Inc. (Health Care Providers & Services) | | | 376 | | | | 143,557 | |
| Aon PLC (Insurance) | | | 346 | | | | 82,611 | |
| APA Corp. (Oil, Gas & Consumable Fuels) | | | 580 | | | | 12,545 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 24,071 | | | | 3,296,765 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,408 | | | | 200,499 | |
| Aptiv PLC* (Auto Components) | | | 415 | | | | 65,292 | |
| Archer-Daniels-Midland Co. (Food Products) | | | 857 | | | | 51,934 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 84 | | | | 30,434 | |
| Arthur J. Gallagher & Co. (Insurance) | | | 314 | | | | 43,985 | |
See accompanying notes to financial statements.
34 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Assurant, Inc. (Insurance) | | | 93 | | | $ | 14,525 | |
| AT&T, Inc. (Diversified Telecommunication Services) | | | 10,960 | | | | 315,429 | |
| Atmos Energy Corp. (Gas Utilities) | | | 201 | | | | 19,318 | |
| Autodesk, Inc.* (Software) | | | 338 | | | | 98,662 | |
| Automatic Data Processing, Inc. (IT Services) | | | 653 | | | | 129,699 | |
| AutoZone, Inc.* (Specialty Retail) | | | 33 | | | | 49,243 | |
| AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | | 214 | | | | 44,660 | |
| Avery Dennison Corp. (Containers & Packaging) | | | 127 | | | | 26,700 | |
| Baker Hughes Co.—Class A (Energy Equipment & Services) | | | 1,116 | | | | 25,523 | |
| Ball Corp. (Containers & Packaging) | | | 504 | | | | 40,835 | |
| Bank of America Corp. (Banks) | | | 11,572 | | | | 477,113 | |
| Baxter International, Inc. (Health Care Equipment & Supplies) | | | 772 | | | | 62,146 | |
| Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | | 446 | | | | 108,463 | |
| Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | | 2,908 | | | | 808,191 | |
| Best Buy Co., Inc. (Specialty Retail) | | | 342 | | | | 39,323 | |
| Biogen, Inc.* (Biotechnology) | | | 231 | | | | 79,988 | |
| Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | | 33 | | | | 21,262 | |
| BlackRock, Inc.—Class A (Capital Markets) | | | 218 | | | | 190,743 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 63 | | | | 137,849 | |
| BorgWarner, Inc. (Auto Components) | | | 368 | | | | 17,863 | |
| Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | | 218 | | | | 24,981 | |
| Boston Scientific Corp.* (Health Care Equipment & Supplies) | | | 2,180 | | | | 93,217 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 3,428 | | | | 229,059 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 627 | | | | 298,979 | |
| Broadridge Financial Solutions, Inc. (IT Services) | | | 178 | | | | 28,752 | |
| Brown-Forman Corp.—Class B (Beverages) | | | 280 | | | | 20,983 | |
| C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | | 204 | | | | 19,109 | |
| Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | | 613 | | | | 10,703 | |
| Cadence Design Systems, Inc.* (Software) | | | 427 | | | | 58,422 | |
| Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 320 | | | | 33,200 | |
| Campbell Soup Co. (Food Products) | | | 312 | | | | 14,224 | |
| Capital One Financial Corp. (Consumer Finance) | | | 693 | | | | 107,200 | |
| Cardinal Health, Inc. (Health Care Providers & Services) | | | 445 | | | | 25,405 | |
| CarMax, Inc.* (Specialty Retail) | | | 250 | | | | 32,288 | |
| Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | | | 1,225 | | | | 32,291 | |
| Carrier Global Corp. (Building Products) | | | 1,253 | | | | 60,896 | |
| Catalent, Inc.* (Pharmaceuticals) | | | 261 | | | | 28,219 | |
| Caterpillar, Inc. (Machinery) | | | 841 | | | | 183,026 | |
| Cboe Global Markets, Inc. (Capital Markets) | | | 164 | | | | 19,524 | |
| CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | | 515 | | | | 44,151 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 215 | | | | 37,550 | |
| Celanese Corp.—Series A (Chemicals) | | | 173 | | | | 26,227 | |
| Centene Corp.* (Health Care Providers & Services) | | | 894 | | | | 65,199 | |
| CenterPoint Energy, Inc. (Multi-Utilities) | | | 891 | | | | 21,847 | |
| Cerner Corp. (Health Care Technology) | | | 462 | | | | 36,110 | |
| CF Industries Holdings, Inc. (Chemicals) | | | 329 | | | | 16,927 | |
| Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | | 77 | | | | 28,484 | |
| Charter Communications, Inc.*—Class A (Media) | | | 211 | | | | 152,226 | |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | | | 2,967 | | | | 310,764 | |
| Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | | 43 | | | | 66,665 | |
| Chubb, Ltd. (Insurance) | | | 690 | | | | 109,669 | |
| Church & Dwight Co., Inc. (Household Products) | | | 376 | | | | 32,043 | |
| Cigna Corp. (Health Care Providers & Services) | | | 526 | | | | 124,699 | |
| Cincinnati Financial Corp. (Insurance) | | | 230 | | | | 26,823 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 135 | | | | 51,570 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 6,467 | | | | 342,751 | |
| Citigroup, Inc. (Banks) | | | 3,172 | | | | 224,419 | |
| Citizens Financial Group, Inc. (Banks) | | | 654 | | | | 29,999 | |
| Citrix Systems, Inc. (Software) | | | 191 | | | | 22,399 | |
| CME Group, Inc. (Capital Markets) | | | 551 | | | | 117,187 | |
| CMS Energy Corp. (Multi-Utilities) | | | 444 | | | | 26,232 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 809 | | | | 56,031 | |
| Colgate-Palmolive Co. (Household Products) | | | 1,298 | | | | 105,592 | |
| Comcast Corp.—Class A (Media) | | | 7,035 | | | | 401,135 | |
| Comerica, Inc. (Banks) | | | 214 | | | | 15,267 | |
| Conagra Brands, Inc. (Food Products) | | | 736 | | | | 26,776 | |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | | | 2,071 | | | | 126,124 | |
| Consolidated Edison, Inc. (Multi-Utilities) | | | 526 | | | | 37,725 | |
| Constellation Brands, Inc.—Class A (Beverages) | | | 259 | | | | 60,578 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 319 | | | | 42,054 | |
| Corning, Inc. (Electronic Equipment, Instruments & Components) | | | 1,189 | | | | 48,630 | |
| Corteva, Inc. (Chemicals) | | | 1,131 | | | | 50,160 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 678 | | | | 268,264 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 663 | | | | 129,351 | |
| CSX Corp. (Road & Rail) | | | 3,486 | | | | 111,831 | |
| Cummins, Inc. (Machinery) | | | 224 | | | | 54,613 | |
| CVS Health Corp. (Health Care Providers & Services) | | | 2,020 | | | | 168,549 | |
| Danaher Corp. (Health Care Equipment & Supplies) | | | 974 | | | | 261,383 | |
| Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 201 | | | | 29,344 | |
| DaVita, Inc.* (Health Care Providers & Services) | | | 108 | | | | 13,006 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 35
Common Stocks, continued
| | | Shares | | | Value | |
| Deere & Co. (Machinery) | | | 479 | | | $ | 168,947 | |
| Delta Air Lines, Inc.* (Airlines) | | | 982 | | | | 42,481 | |
| DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | | | 335 | | | | 21,192 | |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | | 914 | | | | 26,680 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 148 | | | | 63,196 | |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 278 | | | | 26,101 | |
| Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 432 | | | | 64,999 | |
| Discover Financial Services (Consumer Finance) | | | 468 | | | | 55,360 | |
| Discovery, Inc.*(a) (Media) | | | 259 | | | | 7,946 | |
| Discovery, Inc.*—Class C (Media) | | | 461 | | | | 13,360 | |
| DISH Network Corp.*—Class A (Media) | | | 381 | | | | 15,926 | |
| Dollar General Corp. (Multiline Retail) | | | 362 | | | | 78,333 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 356 | | | | 35,422 | |
| Dominion Energy, Inc. (Multi-Utilities) | | | 1,238 | | | | 91,079 | |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | | | 60 | | | | 27,989 | |
| Dover Corp. (Machinery) | | | 221 | | | | 33,283 | |
| Dow, Inc. (Chemicals) | | | 1,146 | | | | 72,519 | |
| DR Horton, Inc. (Household Durables) | | | 503 | | | | 45,457 | |
| DTE Energy Co. (Multi-Utilities) | | | 297 | | | | 38,491 | |
| Duke Energy Corp. (Electric Utilities) | | | 1,181 | | | | 116,588 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 576 | | | | 27,274 | |
| DuPont de Nemours, Inc. (Chemicals) | | | 817 | | | | 63,244 | |
| DXC Technology Co.* (IT Services) | | | 391 | | | | 15,226 | |
| Eastman Chemical Co. (Chemicals) | | | 209 | | | | 24,401 | |
| Eaton Corp. PLC (Electrical Equipment) | | | 611 | | | | 90,537 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 993 | | | | 69,719 | |
| Ecolab, Inc. (Chemicals) | | | 382 | | | | 78,681 | |
| Edison International (Electric Utilities) | | | 582 | | | | 33,651 | |
| Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | | 954 | | | | 98,806 | |
| Electronic Arts, Inc. (Entertainment) | | | 439 | | | | 63,141 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 1,221 | | | | 280,244 | |
| Emerson Electric Co. (Electrical Equipment) | | | 920 | | | | 88,541 | |
| Enphase Energy, Inc.* (Electrical Equipment) | | | 208 | | | | 38,195 | |
| Entergy Corp. (Electric Utilities) | | | 308 | | | | 30,708 | |
| EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | | 896 | | | | 74,762 | |
| Equifax, Inc. (Professional Services) | | | 187 | | | | 44,788 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 137 | | | | 109,956 | |
| Equity Residential (Equity Real Estate Investment Trusts) | | | 528 | | | | 40,656 | |
| Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 100 | | | | 30,001 | |
| Etsy, Inc.* (Internet & Direct Marketing Retail) | | | 195 | | | | 40,139 | |
| Everest Re Group, Ltd. (Insurance) | | | 62 | | | | 15,625 | |
| Evergy, Inc. (Electric Utilities) | | | 352 | | | | 21,271 | |
| Eversource Energy (Electric Utilities) | | | 527 | | | | 42,286 | |
| Exelon Corp. (Electric Utilities) | | | 1,499 | | | | 66,421 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 217 | | | | 35,525 | |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | | | 259 | | | | 32,789 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 205 | | | | 33,583 | |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | 6,496 | | | | 409,768 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 91 | | | | 16,986 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 3,676 | | | | 1,278,182 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 881 | | | | 45,812 | |
| Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | | 109 | | | | 12,772 | |
| FedEx Corp. (Air Freight & Logistics) | | | 375 | | | | 111,874 | |
| Fidelity National Information Services, Inc. (IT Services) | | | 952 | | | | 134,870 | |
| Fifth Third Bancorp (Banks) | | | 1,080 | | | | 41,288 | |
| First Horizon Corp. (Banks) | | | 1 | | | | 10 | |
| First Republic Bank (Banks) | | | 270 | | | | 50,536 | |
| FirstEnergy Corp. (Electric Utilities) | | | 835 | | | | 31,070 | |
| Fiserv, Inc.* (IT Services) | | | 914 | | | | 97,697 | |
| FleetCor Technologies, Inc.* (IT Services) | | | 128 | | | | 32,776 | |
| FMC Corp. (Chemicals) | | | 198 | | | | 21,424 | |
| Ford Motor Co.* (Automobiles) | | | 6,016 | | | | 89,398 | |
| Fortinet, Inc.* (Software) | | | 208 | | | | 49,544 | |
| Fortive Corp. (Machinery) | | | 519 | | | | 36,195 | |
| Fortune Brands Home & Security, Inc. (Building Products) | | | 212 | | | | 21,117 | |
| Fox Corp.—Class A (Media) | | | 502 | | | | 18,639 | |
| Fox Corp.—Class B (Media) | | | 233 | | | | 8,202 | |
| Franklin Resources, Inc. (Capital Markets) | | | 418 | | | | 13,372 | |
| Freeport-McMoRan, Inc. (Metals & Mining) | | | 2,249 | | | | 83,460 | |
| Garmin, Ltd. (Household Durables) | | | 230 | | | | 33,267 | |
| Gartner, Inc.* (IT Services) | | | 132 | | | | 31,970 | |
| Generac Holdings, Inc.* (Electrical Equipment) | | | 97 | | | | 40,270 | |
| General Dynamics Corp. (Aerospace & Defense) | | | 351 | | | | 66,079 | |
| General Electric Co. (Industrial Conglomerates) | | | 13,471 | | | | 181,320 | |
| General Mills, Inc. (Food Products) | | | 936 | | | | 57,030 | |
| General Motors Co.* (Automobiles) | | | 1,958 | | | | 115,855 | |
| Genuine Parts Co. (Distributors) | | | 222 | | | | 28,076 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 1,924 | | | | 132,487 | |
| Global Payments, Inc. (IT Services) | | | 453 | | | | 84,956 | |
| Globe Life, Inc. (Insurance) | | | 145 | | | | 13,811 | |
| Halliburton Co. (Energy Equipment & Services) | | | 1,365 | | | | 31,559 | |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | | 536 | | | | 10,007 | |
| Hartford Financial Services Group, Inc. (Insurance) | | | 548 | | | | 33,960 | |
| Hasbro, Inc. (Leisure Products) | | | 196 | | | | 18,526 | |
| HCA Healthcare, Inc. (Health Care Providers & Services) | | | 403 | | | | 83,316 | |
| Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | | | 827 | | | | 27,531 | |
| Henry Schein, Inc.* (Health Care Providers & Services) | | | 216 | | | | 16,025 | |
See accompanying notes to financial statements.
36 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Hess Corp. (Oil, Gas & Consumable Fuels) | | | 421 | | | $ | 36,762 | |
| Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | | 2,004 | | | | 29,218 | |
| Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 427 | | | | 51,505 | |
| Hologic, Inc.* (Health Care Equipment & Supplies) | | | 393 | | | | 26,221 | |
| Honeywell International, Inc. (Industrial Conglomerates) | | | 1,066 | | | | 233,827 | |
| Hormel Foods Corp. (Food Products) | | | 433 | | | | 20,676 | |
| Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 1,083 | | | | 18,508 | |
| Howmet Aerospace, Inc.* (Aerospace & Defense) | | | 600 | | | | 20,682 | |
| HP, Inc. (Technology Hardware, Storage & Peripherals) | | | 1,843 | | | | 55,640 | |
| Humana, Inc. (Health Care Providers & Services) | | | 198 | | | | 87,659 | |
| Huntington Bancshares, Inc. (Banks) | | | 2,262 | | | | 32,279 | |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | | 62 | | | | 13,067 | |
| IDEX Corp. (Machinery) | | | 117 | | | | 25,746 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 131 | | | | 82,733 | |
| IHS Markit, Ltd. (Professional Services) | | | 575 | | | | 64,779 | |
| Illinois Tool Works, Inc. (Machinery) | | | 441 | | | | 98,590 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 224 | | | | 105,999 | |
| Incyte Corp.* (Biotechnology) | | | 287 | | | | 24,145 | |
| Ingersoll Rand, Inc.* (Machinery) | | | 573 | | | | 27,968 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 6,196 | | | | 347,843 | |
| Intercontinental Exchange, Inc. (Capital Markets) | | | 864 | | | | 102,557 | |
| International Business Machines Corp. (IT Services) | | | 1,371 | | | | 200,975 | |
| International Flavors & Fragrances, Inc. (Chemicals) | | | 382 | | | | 57,071 | |
| International Paper Co. (Containers & Packaging) | | | 601 | | | | 36,847 | |
| Intuit, Inc. (Software) | | | 419 | | | | 205,381 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 182 | | | | 167,374 | |
| Invesco, Ltd. (Capital Markets) | | | 581 | | | | 15,530 | |
| IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | | 55 | | | | 11,592 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 294 | | | | 71,242 | |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | | 443 | | | | 18,748 | |
| J.B. Hunt Transport Services, Inc. (Road & Rail) | | | 128 | | | �� | 20,858 | |
| Jack Henry & Associates, Inc. (IT Services) | | | 114 | | | | 18,640 | |
| Jacobs Engineering Group, Inc. (Construction & Engineering) | | | 200 | | | | 26,684 | |
| Johnson & Johnson (Pharmaceuticals) | | | 4,041 | | | | 665,715 | |
| Johnson Controls International PLC (Building Products) | | | 1,100 | | | | 75,494 | |
| JPMorgan Chase & Co. (Banks) | | | 4,645 | | | | 722,482 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 503 | | | | 13,757 | |
| Kansas City Southern (Road & Rail) | | | 140 | | | | 39,672 | |
| Kellogg Co. (Food Products) | | | 387 | | | | 24,896 | |
| KeyCorp (Banks) | | | 1,489 | | | | 30,748 | |
| Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 283 | | | | 43,698 | |
| Kimberly-Clark Corp. (Household Products) | | | 518 | | | | 69,298 | |
| Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | | 665 | | | | 13,865 | |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | | 2,988 | | | | 54,471 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 235 | | | | 76,189 | |
| L Brands, Inc. (Specialty Retail) | | | 360 | | | | 25,942 | |
| L3Harris Technologies, Inc. (Aerospace & Defense) | | | 315 | | | | 68,087 | |
| Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | | 150 | | | | 41,378 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 219 | | | | 142,503 | |
| Lamb Weston Holding, Inc. (Food Products) | | | 224 | | | | 18,068 | |
| Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | | | 504 | | | | 26,556 | |
| Leggett & Platt, Inc. (Household Durables) | | | 204 | | | | 10,569 | |
| Leidos Holdings, Inc. (IT Services) | | | 204 | | | | 20,624 | |
| Lennar Corp.—Class A (Household Durables) | | | 423 | | | | 42,025 | |
| Lincoln National Corp. (Insurance) | | | 275 | | | | 17,281 | |
| Linde PLC (Chemicals) | | | 798 | | | | 230,701 | |
| Live Nation Entertainment, Inc.* (Entertainment) | | | 222 | | | | 19,445 | |
| LKQ Corp.* (Distributors) | | | 427 | | | | 21,017 | |
| Lockheed Martin Corp. (Aerospace & Defense) | | | 375 | | | | 141,881 | |
| Loews Corp. (Insurance) | | | 343 | | | | 18,745 | |
| Lowe's Cos., Inc. (Specialty Retail) | | | 1,085 | | | | 210,457 | |
| Lumen Technologies, Inc. (Diversified Telecommunication Services) | | | 1,526 | | | | 20,738 | |
| LyondellBasell Industries N.V.—Class A (Chemicals) | | | 395 | | | | 40,634 | |
| M&T Bank Corp. (Banks) | | | 197 | | | | 28,626 | |
| Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | | 1,209 | | | | 16,467 | |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 1,001 | | | | 60,480 | |
| MarketAxess Holdings, Inc. (Capital Markets) | | | 58 | | | | 26,888 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 411 | | | | 56,088 | |
| Marsh & McLennan Cos., Inc. (Insurance) | | | 780 | | | | 109,729 | |
| Martin Marietta Materials, Inc. (Construction Materials) | | | 96 | | | | 33,774 | |
| Masco Corp. (Building Products) | | | 389 | | | | 22,916 | |
| Mastercard, Inc.—Class A (IT Services) | | | 1,342 | | | | 489,951 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 412 | | | | 43,408 | |
| McCormick & Co., Inc. (Food Products) | | | 382 | | | | 33,738 | |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | | | 1,145 | | | | 264,483 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 37
Common Stocks, continued
| | | Shares | | | Value | |
| McKesson Corp. (Health Care Providers & Services) | | | 243 | | | $ | 46,471 | |
| Medtronic PLC (Health Care Equipment & Supplies) | | | 2,065 | | | | 256,328 | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 3,885 | | | | 302,136 | |
| MetLife, Inc. (Insurance) | | | 1,142 | | | | 68,349 | |
| Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | | 36 | | | | 49,872 | |
| MGM Resorts International (Hotels, Restaurants & Leisure) | | | 625 | | | | 26,656 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 420 | | | | 62,891 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,721 | | | | 146,251 | |
| Microsoft Corp. (Software) | | | 11,557 | | | | 3,130,791 | |
| Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | | 176 | | | | 29,642 | |
| Mohawk Industries, Inc.* (Household Durables) | | | 90 | | | | 17,297 | |
| Molson Coors Beverage Co.*—Class B (Beverages) | | | 289 | | | | 15,516 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 2,156 | | | | 134,620 | |
| Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | | 66 | | | | 24,648 | |
| Monster Beverage Corp.* (Beverages) | | | 568 | | | | 51,887 | |
| Moody's Corp. (Capital Markets) | | | 247 | | | | 89,505 | |
| Morgan Stanley (Capital Markets) | | | 2,284 | | | | 209,419 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 261 | | | | 56,598 | |
| MSCI, Inc.—Class A (Capital Markets) | | | 126 | | | | 67,168 | |
| Nasdaq, Inc. (Capital Markets) | | | 176 | | | | 30,941 | |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | | 342 | | | | 27,982 | |
| Netflix, Inc.* (Entertainment) | | | 680 | | | | 359,183 | |
| Newell Brands, Inc. (Household Durables) | | | 581 | | | | 15,960 | |
| Newmont Corp. (Metals & Mining) | | | 1,229 | | | | 77,894 | |
| News Corp.—Class A (Media) | | | 600 | | | | 15,462 | |
| News Corp.—Class B (Media) | | | 187 | | | | 4,553 | |
| NextEra Energy, Inc. (Electric Utilities) | | | 3,010 | | | | 220,574 | |
| Nielsen Holdings PLC (Professional Services) | | | 550 | | | | 13,569 | |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | | 1,957 | | | | 302,338 | |
| NiSource, Inc. (Multi-Utilities) | | | 602 | | | | 14,749 | |
| Norfolk Southern Corp. (Road & Rail) | | | 384 | | | | 101,917 | |
| Northern Trust Corp. (Capital Markets) | | | 319 | | | | 36,883 | |
| Northrop Grumman Corp. (Aerospace & Defense) | | | 230 | | | | 83,589 | |
| NortonLifelock, Inc. (Software) | | | 890 | | | | 24,226 | |
| Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | | 568 | | | | 16,705 | |
| NOV, Inc.* (Energy Equipment & Services) | | | 599 | | | | 9,177 | |
| NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | | | 376 | | | | 15,153 | |
| Nucor Corp. (Metals & Mining) | | | 459 | | | | 44,032 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 956 | | | | 764,896 | |
| NVR, Inc.* (Household Durables) | | | 5 | | | | 24,867 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 423 | | | | 87,020 | |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 1,289 | | | | 40,307 | |
| Old Dominion Freight Line, Inc. (Road & Rail) | | | 146 | | | | 37,055 | |
| Omnicom Group, Inc. (Media) | | | 330 | | | | 26,397 | |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | | 684 | | | | 38,058 | |
| Oracle Corp. (Software) | | | 2,788 | | | | 217,018 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 107 | | | | 60,584 | |
| Organon & Co.* (Pharmaceuticals) | | | 388 | | | | 11,741 | |
| Otis Worldwide Corp. (Machinery) | | | 619 | | | | 50,616 | |
| PACCAR, Inc. (Machinery) | | | 533 | | | | 47,570 | |
| Packaging Corp. of America (Containers & Packaging) | | | 146 | | | | 19,771 | |
| Parker-Hannifin Corp. (Machinery) | | | 198 | | | | 60,808 | |
| Paychex, Inc. (IT Services) | | | 492 | | | | 52,792 | |
| Paycom Software, Inc.* (Software) | | | 75 | | | | 27,260 | |
| PayPal Holdings, Inc.* (IT Services) | | | 1,803 | | | | 525,538 | |
| Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 228 | | | | 17,440 | |
| Pentair PLC (Machinery) | | | 255 | | | | 17,210 | |
| People's United Financial, Inc. (Banks) | | | 656 | | | | 11,244 | |
| PepsiCo, Inc. (Beverages) | | | 2,120 | | | | 314,120 | |
| PerkinElmer, Inc. (Life Sciences Tools & Services) | | | 172 | | | | 26,559 | |
| Perrigo Co. PLC (Pharmaceuticals) | | | 205 | | | | 9,399 | |
| Pfizer, Inc. (Pharmaceuticals) | | | 8,590 | | | | 336,384 | |
| Philip Morris International, Inc. (Tobacco) | | | 2,392 | | | | 237,071 | |
| Phillips 66 (Oil, Gas & Consumable Fuels) | | | 672 | | | | 57,671 | |
| Pinnacle West Capital Corp. (Electric Utilities) | | | 173 | | | | 14,181 | |
| Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | | 356 | | | | 57,857 | |
| Pool Corp. (Distributors) | | | 62 | | | | 28,437 | |
| PPG Industries, Inc. (Chemicals) | | | 364 | | | | 61,796 | |
| PPL Corp. (Electric Utilities) | | | 1,181 | �� | | | 33,033 | |
| Principal Financial Group, Inc. (Insurance) | | | 388 | | | | 24,518 | |
| Prologis, Inc. (Equity Real Estate Investment Trusts) | | | 1,135 | | | | 135,667 | |
| Prudential Financial, Inc. (Insurance) | | | 605 | | | | 61,994 | |
| PTC, Inc.* (Software) | | | 161 | | | | 22,743 | |
| Public Service Enterprise Group, Inc. (Multi-Utilities) | | | 775 | | | | 46,299 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 234 | | | | 70,361 | |
| PulteGroup, Inc. (Household Durables) | | | 406 | | | | 22,155 | |
| PVH Corp.* (Textiles, Apparel & Luxury Goods) | | | 109 | | | | 11,727 | |
| Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | | 173 | | | | 33,847 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,731 | | | | 247,412 | |
| Quanta Services, Inc. (Construction & Engineering) | | | 214 | | | | 19,382 | |
| Quest Diagnostics, Inc. (Health Care Providers & Services) | | | 200 | | | | 26,394 | |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | | 74 | | | | 8,718 | |
| Raymond James Financial, Inc. (Capital Markets) | | | 188 | | | | 24,421 | |
See accompanying notes to financial statements.
38 :: ProFund VP Bull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Raytheon Technologies Corp. (Aerospace & Defense) | | | 2,325 | | | $ | 198,346 | |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | | | 573 | | | | 38,242 | |
| Regency Centers Corp. (Equity Real Estate Investment Trusts) | | | 242 | | | | 15,505 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 161 | | | | 89,925 | |
| Regions Financial Corp. (Banks) | | | 1,475 | | | | 29,766 | |
| Republic Services, Inc.—Class A (Commercial Services & Supplies) | | | 323 | | | | 35,533 | |
| ResMed, Inc. (Health Care Equipment & Supplies) | | | 223 | | | | 54,974 | |
| Robert Half International, Inc. (Professional Services) | | | 173 | | | | 15,392 | |
| Rockwell Automation, Inc. (Electrical Equipment) | | | 178 | | | | 50,912 | |
| Rollins, Inc. (Commercial Services & Supplies) | | | 340 | | | | 11,628 | |
| Roper Technologies, Inc. (Industrial Conglomerates) | | | 161 | | | | 75,702 | |
| Ross Stores, Inc. (Specialty Retail) | | | 547 | | | | 67,828 | |
| Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | | | 336 | | | | 28,654 | |
| S&P Global, Inc. (Capital Markets) | | | 370 | | | | 151,867 | |
| Salesforce.com, Inc.* (Software) | | | 1,421 | | | | 347,108 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 168 | | | | 53,542 | |
| Schlumberger, Ltd. (Energy Equipment & Services) | | | 2,146 | | | | 68,693 | |
| Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | | | 305 | | | | 26,819 | |
| Sealed Air Corp. (Containers & Packaging) | | | 233 | | | | 13,805 | |
| Sempra Energy (Multi-Utilities) | | | 483 | | | | 63,987 | |
| ServiceNow, Inc.* (Software) | | | 303 | | | | 166,514 | |
| Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 504 | | | | 65,762 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 253 | | | | 48,513 | |
| Snap-on, Inc. (Machinery) | | | 83 | | | | 18,545 | |
| Southwest Airlines Co.* (Airlines) | | | 907 | | | | 48,153 | |
| Stanley Black & Decker, Inc. (Machinery) | | | 248 | | | | 50,838 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 1,808 | | | | 202,152 | |
| State Street Corp. (Capital Markets) | | | 534 | | | | 43,938 | |
| STERIS PLC (Health Care Equipment & Supplies) | | | 150 | | | | 30,945 | |
| Stryker Corp. (Health Care Equipment & Supplies) | | | 503 | | | | 130,644 | |
| SVB Financial Group* (Banks) | | | 83 | | | | 46,184 | |
| Synchrony Financial (Consumer Finance) | | | 830 | | | | 40,272 | |
| Synopsys, Inc.* (Software) | | | 234 | | | | 64,535 | |
| Sysco Corp. (Food & Staples Retailing) | | | 785 | | | | 61,034 | |
| T. Rowe Price Group, Inc. (Capital Markets) | | | 348 | | | | 68,894 | |
| Take-Two Interactive Software, Inc.* (Entertainment) | | | 177 | | | | 31,333 | |
| Tapestry, Inc.* (Textiles, Apparel & Luxury Goods) | | | 428 | | | | 18,609 | |
| Target Corp. (Multiline Retail) | | | 759 | | | | 183,481 | |
| TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | | 507 | | | | 68,551 | |
| Teledyne Technologies, Inc.* (Aerospace & Defense) | | | 71 | | | | 29,737 | |
| Teleflex, Inc. (Health Care Equipment & Supplies) | | | 72 | | | | 28,929 | |
| Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | | 255 | | | | 34,160 | |
| Tesla, Inc.* (Automobiles) | | | 1,183 | | | | 804,085 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,417 | | | | 272,489 | |
| Textron, Inc. (Aerospace & Defense) | | | 346 | | | | 23,794 | |
| The AES Corp. (Independent Power and Renewable Electricity Producers) | | | 1,022 | | | | 26,643 | |
| The Allstate Corp. (Insurance) | | | 459 | | | | 59,872 | |
| The Bank of New York Mellon Corp. (Capital Markets) | | | 1,238 | | | | 63,423 | |
| The Boeing Co.* (Aerospace & Defense) | | | 844 | | | | 202,189 | |
| The Charles Schwab Corp. (Capital Markets) | | | 2,302 | | | | 167,609 | |
| The Clorox Co. (Household Products) | | | 191 | | | | 34,363 | |
| The Coca-Cola Co. (Beverages) | | | 5,955 | | | | 322,226 | |
| The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | | 76 | | | | 30,117 | |
| The Estee Lauder Co., Inc. (Personal Products) | | | 356 | | | | 113,236 | |
| The Gap, Inc. (Specialty Retail) | | | 319 | | | | 10,734 | |
| The Goldman Sachs Group, Inc. (Capital Markets) | | | 522 | | | | 198,114 | |
| The Hershey Co. (Food Products) | | | 225 | | | | 39,191 | |
| The Home Depot, Inc. (Specialty Retail) | | | 1,632 | | | | 520,429 | |
| The Interpublic Group of Cos., Inc. (Media) | | | 604 | | | | 19,624 | |
| The JM Smucker Co.—Class A (Food Products) | | | 168 | | | | 21,768 | |
| The Kraft Heinz Co. (Food Products) | | | 995 | | | | 40,576 | |
| The Kroger Co. (Food & Staples Retailing) | | | 1,162 | | | | 44,516 | |
| The Mosaic Co. (Chemicals) | | | 530 | | | | 16,912 | |
| The PNC Financial Services Group, Inc. (Banks) | | | 651 | | | | 124,185 | |
| The Procter & Gamble Co. (Household Products) | | | 3,757 | | | | 506,932 | |
| The Progressive Corp. (Insurance) | | | 898 | | | | 88,193 | |
| The Sherwin-Williams Co. (Chemicals) | | | 367 | | | | 99,989 | |
| The Southern Co. (Electric Utilities) | | | 1,624 | | | | 98,268 | |
| The TJX Cos., Inc. (Specialty Retail) | | | 1,851 | | | | 124,794 | |
| The Travelers Cos., Inc. (Insurance) | | | 386 | | | | 57,788 | |
| The Walt Disney Co.* (Entertainment) | | | 2,788 | | | | 490,047 | |
| The Western Union Co. (IT Services) | | | 628 | | | | 14,425 | |
| The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | | 1,864 | | | | 49,489 | |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | | 603 | | | | 304,195 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 899 | | | | 130,202 | |
| Tractor Supply Co. (Specialty Retail) | | | 177 | | | | 32,933 | |
| Trane Technologies PLC (Building Products) | | | 367 | | | | 67,579 | |
| TransDigm Group, Inc.* (Aerospace & Defense) | | | 84 | | | | 54,372 | |
| Trimble, Inc.* (Electronic Equipment, Instruments & Components) | | | 385 | | | | 31,505 | |
| Truist Financial Corp. (Banks) | | | 2,064 | | | | 114,552 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Bull :: 39
Common Stocks, continued
| | | Shares | | | Value | |
| Twitter, Inc.* (Interactive Media & Services) | | | 1,224 | | | $ | 84,223 | |
| Tyler Technologies, Inc.* (Software) | | | 63 | | | | 28,499 | |
| Tyson Foods, Inc.—Class A (Food Products) | | | 452 | | | | 33,340 | |
| U.S. Bancorp (Banks) | | | 2,080 | | | | 118,498 | |
| UDR, Inc. (Equity Real Estate Investment Trusts) | | | 455 | | | | 22,286 | |
| Ulta Beauty, Inc.* (Specialty Retail) | | | 84 | | | | 29,045 | |
| Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 289 | | | | 6,112 | |
| Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | | 302 | | | | 5,608 | |
| Union Pacific Corp. (Road & Rail) | | | 1,020 | | | | 224,328 | |
| United Airlines Holdings , Inc.* (Airlines) | | | 497 | | | | 25,988 | |
| United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | | 1,110 | | | | 230,847 | |
| United Rentals, Inc.* (Trading Companies & Distributors) | | | 111 | | | | 35,410 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | | | 1,449 | | | | 580,237 | |
| Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | | 120 | | | | 17,572 | |
| Unum Group (Insurance) | | | 313 | | | | 8,889 | |
| Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | | 627 | | | | 48,956 | |
| Ventas, Inc. (Equity Real Estate Investment Trusts) | | | 576 | | | | 32,890 | |
| VeriSign, Inc.* (IT Services) | | | 152 | | | | 34,609 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 249 | | | | 43,505 | |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | | | 6,354 | | | | 356,015 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 397 | | | | 80,047 | |
| VF Corp. (Textiles, Apparel & Luxury Goods) | | | 493 | | | | 40,446 | |
| ViacomCBS, Inc.—Class B (Media) | | | 929 | | | | 41,991 | |
| Viatris, Inc. (Pharmaceuticals) | | | 1,857 | | | | 26,537 | |
| Visa, Inc.—Class A (IT Services) | | | 2,596 | | | | 606,997 | |
| Vornado Realty Trust (Equity Real Estate Investment Trusts) | | | 241 | | | | 11,247 | |
| Vulcan Materials Co. (Construction Materials) | | | 204 | | | | 35,510 | |
| W.R. Berkley Corp. (Insurance) | | | 215 | | | | 16,002 | |
| W.W. Grainger, Inc. (Trading Companies & Distributors) | | | 67 | | | | 29,346 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 1,101 | | | | 57,924 | |
| Walmart, Inc. (Food & Staples Retailing) | | | 2,108 | | | | 297,270 | |
| Waste Management, Inc. (Commercial Services & Supplies) | | | 596 | | | | 83,506 | |
| Waters Corp.* (Life Sciences Tools & Services) | | | 95 | | | | 32,833 | |
| WEC Energy Group, Inc. (Multi-Utilities) | | | 484 | | | | 43,052 | |
| Wells Fargo & Co. (Banks) | | | 6,342 | | | | 287,229 | |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | | | 641 | | | | 53,267 | |
| West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | | 113 | | | | 40,578 | |
| Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | | | 470 | | | | 33,450 | |
| Westinghouse Air Brake Technologies Corp. (Machinery) | | | 273 | | | | 22,468 | |
| WestRock Co. (Containers & Packaging) | | | 408 | | | | 21,714 | |
| Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | | 1,150 | | | | 39,583 | |
| Whirlpool Corp. (Household Durables) | | | 96 | | | | 20,930 | |
| Willis Towers Watson PLC (Insurance) | | | 198 | | | | 45,544 | |
| Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | | | 162 | | | | 19,813 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 826 | | | | 54,417 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 377 | | | | 54,529 | |
| Xylem, Inc. (Machinery) | | | 276 | | | | 33,109 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | | | 457 | | | | 52,569 | |
| Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | | | 82 | | | | 43,418 | |
| Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | | 320 | | | | 51,462 | |
| Zions Bancorp (Banks) | | | 251 | | | | 13,268 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 729 | | | | 135,856 | |
TOTAL COMMON STOCKS
(Cost $17,165,410) | | | | | | | 55,740,451 | |
Repurchase Agreements(b)(c) (26.6%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $20,395,000 | | $ | 20,395,000 | | | $ | 20,395,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $20,395,000) | | | | | | | 20,395,000 | |
Collateral for Securities Loaned(d)(NM)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(e) | | | 7,068 | | | $ | 7,068 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $7,068) | | | | | | | 7,068 | |
TOTAL INVESTMENT SECURITIES
(Cost $37,567,478)—99.3% | | | | | | | 76,142,519 | |
| Net other assets (liabilities)—0.7% | | | | | | | 524,135 | |
| NET ASSETS—100.0% | | | | | | $ | 76,666,654 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $6,995. |
| (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, 2021, the aggregate amount held in a segregated account was $2,104,000. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (e) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
See accompanying notes to financial statements.
40 :: ProFund VP Bull :: Financial Statements
Futures Contracts Purchased
| | | Number
of
Contracts | | | Expiration
Date | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| E-Mini S&P 500 Futures Contracts | | | 29 | | | 9/20/21 | | $ | 6,218,470 | | | $ | 104,781 | |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P 500 | | Goldman Sachs International | | 7/27/21 | | | 0.64 | % | | $ | 4,056,840 | | | $ | 6,832 | |
| S&P 500 | | UBS AG | | 7/27/21 | | | 0.59 | % | | | 10,430,033 | | | | 17,592 | |
| | | | | | | | | | | $ | 14,486,873 | | | $ | 24,424 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 901,823 | | | | 1.2 | % |
| Air Freight & Logistics | | | 394,619 | | | | 0.5 | % |
| Airlines | | | 149,012 | | | | 0.2 | % |
| Auto Components | | | 83,155 | | | | 0.1 | % |
| Automobiles | | | 1,009,338 | | | | 1.3 | % |
| Banks | | | 2,397,693 | | | | 3.1 | % |
| Beverages | | | 785,310 | | | | 1.0 | % |
| Biotechnology | | | 989,225 | | | | 1.3 | % |
| Building Products | | | 282,069 | | | | 0.4 | % |
| Capital Markets | | | 1,682,284 | | | | 2.2 | % |
| Chemicals | | | 988,651 | | | | 1.3 | % |
| Commercial Services & Supplies | | | 224,291 | | | | 0.3 | % |
| Communications Equipment | | | 460,526 | | | | 0.6 | % |
| Construction & Engineering | | | 46,066 | | | | 0.1 | % |
| Construction Materials | | | 69,284 | | | | 0.1 | % |
| Consumer Finance | | | 367,731 | | | | 0.5 | % |
| Containers & Packaging | | | 186,775 | | | | 0.2 | % |
| Distributors | | | 77,530 | | | | 0.1 | % |
| Diversified Financial Services | | | 808,191 | | | | 1.1 | % |
| Diversified Telecommunication Services | | | 692,182 | | | | 0.9 | % |
| Electric Utilities | | | 848,761 | | | | 1.1 | % |
| Electrical Equipment | | | 355,714 | | | | 0.5 | % |
| Electronic Equipment, Instruments & Components | | | 347,676 | | | | 0.5 | % |
| Energy Equipment & Services | | | 134,952 | | | | 0.2 | % |
| Entertainment | | | 1,076,913 | | | | 1.4 | % |
| Equity Real Estate Investment Trusts | | | 1,391,643 | | | | 1.8 | % |
| Food & Staples Retailing | | | 729,008 | | | | 1.0 | % |
| Food Products | | | 516,837 | | | | 0.7 | % |
| Gas Utilities | | | 19,318 | | | | NM | |
| Health Care Equipment & Supplies | | | 2,014,206 | | | | 2.6 | % |
| Health Care Providers & Services | | | 1,465,456 | | | | 1.9 | % |
| Health Care Technology | | | 36,110 | | | | NM | |
| Hotels, Restaurants & Leisure | | | 952,110 | | | | 1.2 | % |
| Household Durables | | | 232,527 | | | | 0.3 | % |
| Household Products | | | 748,228 | | | | 1.0 | % |
| Independent Power and Renewable Electricity Producers | | | 41,796 | | | | 0.1 | % |
| Industrial Conglomerates | | | 667,630 | | | | 0.9 | % |
| Insurance | | | 1,032,652 | | | | 1.3 | % |
| Interactive Media & Services | | | 3,583,332 | | | | 4.7 | % |
| Internet & Direct Marketing Retail | | | 2,546,856 | | | | 3.4 | % |
| IT Services | | | 2,893,098 | | | | 3.8 | % |
| Leisure Products | | | 18,526 | | | | NM | |
| Life Sciences Tools & Services | | | 709,325 | | | | 0.9 | % |
| Machinery | | | 929,532 | | | | 1.1 | % |
| Media | | | 725,461 | | | | 0.9 | % |
| Metals & Mining | | | 205,386 | | | | 0.3 | % |
| Multiline Retail | | | 297,236 | | | | 0.4 | % |
| Multi-Utilities | | | 414,837 | | | | 0.5 | % |
| Oil, Gas & Consumable Fuels | | | 1,457,965 | | | | 1.9 | % |
| Personal Products | | | 113,236 | | | | 0.1 | % |
| Pharmaceuticals | | | 2,025,290 | | | | 2.7 | % |
| Professional Services | | | 182,033 | | | | 0.2 | % |
| Real Estate Management & Development | | | 44,151 | | | | 0.1 | % |
| Road & Rail | | | 535,661 | | | | 0.7 | % |
| Semiconductors & Semiconductor Equipment | | | 3,158,699 | | | | 4.1 | % |
| Software | | | 4,938,882 | | | | 6.4 | % |
| Specialty Retail | | | 1,224,114 | | | | 1.6 | % |
| Technology Hardware, Storage & Peripherals | | | 3,469,874 | | | | 4.5 | % |
| Textiles, Apparel & Luxury Goods | | | 403,565 | | | | 0.5 | % |
| Tobacco | | | 372,482 | | | | 0.5 | % |
| Trading Companies & Distributors | | | 110,568 | | | | 0.1 | % |
| Water Utilities | | | 42,848 | | | | 0.1 | % |
| Wireless Telecommunication Services | | | 130,202 | | | | 0.2 | % |
| Other** | | | 20,926,203 | | | | 27.3 | % |
| Total | | $ | 76,666,654 | | | | 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 Bull :: 41
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 37,567,478 | |
| Securities, at value(a) | | | 55,747,519 | |
| Repurchase agreements, at value | | | 20,395,000 | |
| Total Investment Securities, at value | | | 76,142,519 | |
| Cash | | | 3,453 | |
| Segregated cash balances for futures contracts with brokers | | | 350,900 | |
| Dividends receivable | | | 32,356 | |
| Unrealized appreciation on swap agreements | | | 24,424 | |
| Receivable for capital shares issued | | | 290,994 | |
| Variation margin on futures contracts | | | 9,570 | |
| Prepaid expenses | | | 1,057 | |
| TOTAL ASSETS | | | 76,855,273 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 5,178 | |
| Payable for collateral for securities loaned | | | 7,068 | |
| Advisory fees payable | | | 46,566 | |
| Management services fees payable | | | 6,209 | |
| Administration fees payable | | | 4,574 | |
| Administrative services fees payable | | | 34,553 | |
| Distribution fees payable | | | 36,630 | |
| Transfer agency fees payable | | | 7,740 | |
| Fund accounting fees payable | | | 2,645 | |
| Compliance services fees payable | | | 560 | |
| Other accrued expenses | | | 36,896 | |
| TOTAL LIABILITIES | | | 188,619 | |
| NET ASSETS | | $ | 76,666,654 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 38,720,245 | |
| Total distributable earnings (loss) | | | 37,946,409 | |
| NET ASSETS | | $ | 76,666,654 | |
| Shares of Beneficial Interest Outstanding(unlimited number of shares authorized, no par value) | | | 1,206,802 | |
| Net Asset Value (offering and redemption price per share) | | $ | 63.53 | |
| (a) Includes securities on loan valued at: | | $ | 6,995 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 349,224 | |
| Interest | | | 304 | |
| Income from securities lending | | | 419 | |
| TOTAL INVESTMENT INCOME | | | 349,947 | |
| EXPENSES: | | | | |
| Advisory fees | | | 256,251 | |
| Management services fees | | | 34,167 | |
| Administration fees | | | 25,116 | |
| Transfer agency fees | | | 20,542 | |
| Administrative services fees | | | 87,783 | |
| Distribution fees | | | 85,417 | |
| Custody fees | | | 5,182 | |
| Fund accounting fees | | | 14,672 | |
| Trustee fees | | | 847 | |
| Compliance services fees | | | 302 | |
| Other fees | | | 32,586 | |
| Recoupment of prior expenses reduced by the Advisor | | | 11,138 | |
| TOTAL NET EXPENSES | | | 574,003 | |
| NET INVESTMENT INCOME (LOSS) | | | (224,056 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 178,371 | |
| Net realized gains (losses) on futures contracts | | | 1,300,716 | |
| Net realized gains (losses) on swap agreements | | | 1,837,121 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 6,017,968 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (119,310 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (62,064 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 9,152,802 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 8,928,746 | |
See accompanying notes to financial statements.
42 :: ProFund VP Bull :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (224,056 | ) | | $ | (254,150 | ) |
| Net realized gains (losses) on investments | | | 3,316,208 | | | | 5,255,967 | |
| Change in net unrealized appreciation/depreciation on investments | | | 5,836,594 | | | | 3,135,954 | |
| Change in net assets resulting from operations | | | 8,928,746 | | | | 8,137,771 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (4,701,790 | ) | | | (3,153,052 | ) |
| Change in net assets resulting from distributions | | | (4,701,790 | ) | | | (3,153,052 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 86,188,423 | | | | 133,700,471 | |
| Distributions reinvested | | | 4,701,790 | | | | 3,153,052 | |
| Value of shares redeemed | | | (84,494,535 | ) | | | (141,766,141 | ) |
| Change in net assets resulting from capital transactions | | | 6,395,678 | | | | (4,912,618 | ) |
| Change in net assets | | | 10,622,634 | | | | 72,101 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 66,044,020 | | | | 65,971,919 | |
| End of period | | $ | 76,666,654 | | | $ | 66,044,020 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 1,364,662 | | | | 2,571,796 | |
| Reinvested | | | 78,246 | | | | 55,639 | |
| Redeemed | | | (1,348,421 | ) | | | (2,745,422 | ) |
| Change in shares | | | 94,487 | | | | (117,987 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Bull :: 43
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 59.38 | | | $ | 53.62 | | | $ | 42.46 | | | $ | 50.65 | | | $ | 43.55 | | | $ | 40.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.20 | ) | | | (0.23 | ) | | | 0.16 | | | | 0.11 | | | | (0.13 | ) | | | (0.19 | ) |
| Net realized and unrealized gains (losses) on investments | | | 8.39 | | | | 8.70 | | | | 11.98 | | | | (2.71 | ) | | | 8.48 | | | | 4.09 | |
| Total income (loss) from investment activities | | | 8.19 | | | | 8.47 | | | | 12.14 | | | | (2.60 | ) | | | 8.35 | | | | 3.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.05 | ) | | | (0.13 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (4.04 | ) | | | (2.66 | ) | | | (0.85 | ) | | | (5.59 | ) | | | (1.25 | ) | | | (0.92 | ) |
| Total distributions | | | (4.04 | ) | | | (2.71 | ) | | | (0.98 | ) | | | (5.59 | ) | | | (1.25 | ) | | | (0.92 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 63.53 | | | $ | 59.38 | | | $ | 53.62 | | | $ | 42.46 | | | $ | 50.65 | | | $ | 43.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 14.18 | % | | | 16.03 | % | | | 28.88 | % | | | (6.15 | )%(c) | | | 19.34 | % | | | 9.66 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.68 | % | | | 1.72 | % | | | 1.70 | % | | | 1.69 | % | | | 1.68 | % | | | 1.71 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.69 | %(e) | | | 1.70 | %(e) | | | 1.62 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (0.66 | )% | | | (0.44 | )% | | | 0.32 | % | | | 0.23 | %(c) | | | (0.28 | )% | | | (0.45 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 76,667 | | | $ | 66,044 | | | $ | 65,972 | | | $ | 58,926 | | | $ | 92,541 | | | $ | 77,915 | |
| Portfolio turnover rate(b)(f) | | | 1 | % | | | 4 | % | | | 56 | % | | | 8 | % | | | 3 | % | | | 4 | % |
| (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. |
See accompanying notes to financial statements.
44 :: ProFund VP Consumer Goods :: Financial Statements
Investment Objective: The ProFund VP Consumer Goods seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer GoodsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Tesla, Inc. | | | 15.3 | % |
| The Procter & Gamble Co. | | | 9.7 | % |
| The Coca-Cola Co. | | | 6.1 | % |
| PepsiCo, Inc. | | | 6.0 | % |
| NIKE, Inc. | | | 5.8 | % |
Dow Jones U.S. Consumer GoodsSM Index – Composition
| | | % of Index | |
| Food, Beverage & Tobacco | | | 36 | % |
| Automobiles & Components | | | 23 | % |
| Household & Personal Products | | | 17 | % |
| Consumer Durables & Apparel | | | 17 | % |
| Media & Entertainment | | | 5 | % |
| Retailing | | | 1 | % |
| Capital Goods | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (96.6%)
| | | Shares | | | Value | |
| Activision Blizzard, Inc. (Entertainment) | | | 4,910 | | | $ | 468,610 | |
| Altria Group, Inc. (Tobacco) | | | 11,695 | | | | 557,618 | |
| Aptiv PLC* (Auto Components) | | | 1,709 | | | | 268,876 | |
| Archer-Daniels-Midland Co. (Food Products) | | | 3,531 | | | | 213,979 | |
| Autoliv, Inc. (Auto Components) | | | 497 | | | | 48,587 | |
| Beyond Meat, Inc.* (Food Products) | | | 315 | | | | 49,609 | |
| BorgWarner, Inc. (Auto Components) | | | 1,516 | | | | 73,587 | |
| Brown-Forman Corp.—Class B (Beverages) | | | 1,154 | | | | 86,481 | |
| Brunswick Corp. (Leisure Products) | | | 492 | | | | 49,013 | |
| Bunge, Ltd. (Food Products) | | | 894 | | | | 69,866 | |
| Campbell Soup Co. (Food Products) | | | 1,283 | | | | 58,492 | |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | | | 278 | | | | 28,681 | |
| Church & Dwight Co., Inc. (Household Products) | | | 1,550 | | | | 132,091 | |
| Colgate-Palmolive Co. (Household Products) | | | 5,346 | | | | 434,897 | |
| Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | | | 193 | | | | 18,983 | |
| Conagra Brands, Inc. (Food Products) | | | 3,033 | | | | 110,341 | |
| Constellation Brands, Inc.—Class A (Beverages) | | | 1,068 | | | | 249,795 | |
| Coty, Inc.*—Class A (Personal Products) | | | 1,791 | | | | 16,728 | |
| Darling Ingredients, Inc.* (Food Products) | | | 1,031 | | | | 69,593 | |
| Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | | 176 | | | | 67,596 | |
| DR Horton, Inc. (Household Durables) | | | 2,073 | | | | 187,337 | |
| Electronic Arts, Inc. (Entertainment) | | | 1,809 | | | | 260,188 | |
| Energizer Holdings, Inc. (Household Products) | | | 367 | | | | 15,774 | |
| Flowers Foods, Inc. (Food Products) | | | 1,244 | | | | 30,105 | |
| Ford Motor Co.* (Automobiles) | | | 24,776 | | | | 368,171 | |
| General Mills, Inc. (Food Products) | | | 3,855 | | | | 234,885 | |
| General Motors Co.* (Automobiles) | | | 8,067 | | | | 477,324 | |
| Gentex Corp. (Auto Components) | | | 1,526 | | | | 50,495 | |
| Genuine Parts Co. (Distributors) | | | 913 | | | | 115,467 | |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | | 2,206 | | | | 41,186 | |
| Harley-Davidson, Inc. (Automobiles) | | | 971 | | | | 44,491 | |
| Hasbro, Inc. (Leisure Products) | | | 808 | | | | 76,372 | |
| Helen of Troy, Ltd.* (Household Durables) | | | 155 | | | | 35,359 | |
| Herbalife Nutrition, Ltd.* (Personal Products) | | | 552 | | | | 29,107 | |
| Hormel Foods Corp. (Food Products) | | | 1,781 | | | | 85,043 | |
| Ingredion, Inc. (Food Products) | | | 423 | | | | 38,282 | |
| Kellogg Co. (Food Products) | | | 1,592 | | | | 102,413 | |
| Keurig Dr Pepper, Inc. (Beverages) | | | 3,672 | | | | 129,401 | |
| Kimberly-Clark Corp. (Household Products) | | | 2,132 | | | | 285,219 | |
| Lamb Weston Holding, Inc. (Food Products) | | | 924 | | | | 74,530 | |
| Lancaster Colony Corp. (Food Products) | | | 124 | | | | 23,995 | |
| Lear Corp. (Auto Components) | | | 346 | | | | 60,647 | |
| Leggett & Platt, Inc. (Household Durables) | | | 842 | | | | 43,624 | |
| Lennar Corp.—Class A (Household Durables) | | | 1,743 | | | | 173,167 | |
| Lennar Corp.—Class B (Household Durables) | | | 97 | | | | 7,901 | |
| Levi Strauss & Co. (Textiles, Apparel & Luxury Goods) | | | 526 | | | | 14,581 | |
| Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | | | 748 | | | | 272,998 | |
| Luminar Technologies, Inc.* (Auto Components) | | | 1,261 | | | | 27,679 | |
| Mattel, Inc.* (Leisure Products) | | | 2,204 | | | | 44,300 | |
| McCormick & Co., Inc. (Food Products) | | | 1,574 | | | | 139,016 | |
| Mohawk Industries, Inc.* (Household Durables) | | | 370 | | | | 71,110 | |
| Molson Coors Beverage Co.*—Class B (Beverages) | | | 1,190 | | | | 63,891 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 8,878 | | | | 554,341 | |
| Monster Beverage Corp.* (Beverages) | | | 2,338 | | | | 213,576 | |
| National Beverage Corp. (Beverages) | | | 147 | | | | 6,943 | |
| Newell Brands, Inc. (Household Durables) | | | 2,392 | | | | 65,708 | |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | | 8,057 | | | | 1,244,725 | |
| NVR, Inc.* (Household Durables) | | | 22 | | | | 109,413 | |
| Peloton Interactive, Inc.*—Class A (Leisure Products) | | | 1,698 | | | | 210,587 | |
| PepsiCo, Inc. (Beverages) | | | 8,731 | | | | 1,293,672 | |
| Performance Food Group Co.* (Food & Staples Retailing) | | | 846 | | | | 41,023 | |
| Philip Morris International, Inc. (Tobacco) | | | 9,849 | | | | 976,134 | |
| Pilgrim's Pride Corp.* (Food Products) | | | 308 | | | | 6,831 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 45
Common Stocks, continued
| | | Shares | | | Value | |
| Playtika Holding Corp.* (Entertainment) | | | 440 | | | $ | 10,490 | |
| Polaris, Inc. (Leisure Products) | | | 364 | | | | 49,853 | |
| Pool Corp. (Distributors) | | | 254 | | | | 116,500 | |
| Post Holdings, Inc.* (Food Products) | | | 374 | | | | 40,568 | |
| PulteGroup, Inc. (Household Durables) | | | 1,671 | | | | 91,186 | |
| PVH Corp.* (Textiles, Apparel & Luxury Goods) | | | 450 | | | | 48,416 | |
| QuantumScape Corp.* (Auto Components) | | | 1,083 | | | | 31,689 | |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | | 305 | | | | 35,932 | |
| Reynolds Consumer Products, Inc. (Household Products) | | | 345 | | | | 10,471 | |
| ROBLOX Corp.*—Class A (Entertainment) | | | 261 | | | | 23,485 | |
| Seaboard Corp. (Food Products) | | | 2 | | | | 7,737 | |
| Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 848 | | | | 42,256 | |
| Stanley Black & Decker, Inc. (Machinery) | | | 1,021 | | | | 209,295 | |
| Take-Two Interactive Software, Inc.* (Entertainment) | | | 731 | | | | 129,402 | |
| Tapestry, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,762 | | | | 76,612 | |
| Tempur Sealy International, Inc. (Household Durables) | | | 1,157 | | | | 45,343 | |
| Tesla, Inc.* (Automobiles) | | | 4,870 | | | | 3,310,140 | |
| The Boston Beer Co., Inc.*—Class A (Beverages) | | | 59 | | | | 60,227 | |
| The Clorox Co. (Household Products) | | | 786 | | | | 141,409 | |
| The Coca-Cola Co. (Beverages) | | | 24,522 | | | | 1,326,886 | |
| The Estee Lauder Co., Inc. (Personal Products) | | | 1,465 | | | | 465,987 | |
| The Hain Celestial Group, Inc.* (Food Products) | | | 517 | | | | 20,742 | |
| The Hershey Co. (Food Products) | | | 925 | | | | 161,117 | |
| The JM Smucker Co.—Class A (Food Products) | | | 692 | | | | 89,662 | |
| The Kraft Heinz Co. (Food Products) | | | 4,097 | | | | 167,076 | |
| The Procter & Gamble Co. (Household Products) | | | 15,471 | | | | 2,087,502 | |
| Thor Industries, Inc. (Automobiles) | | | 350 | | | | 39,550 | |
| Toll Brothers, Inc. (Household Durables) | | | 709 | | | | 40,987 | |
| TreeHouse Foods, Inc.* (Food Products) | | | 355 | | | | 15,805 | |
| Tyson Foods, Inc.—Class A (Food Products) | | | 1,863 | | | | 137,415 | |
| Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 1,192 | | | | 25,211 | |
| Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | | 1,242 | | | | 23,064 | |
| US Foods Holding Corp.* (Food & Staples Retailing) | | | 1,402 | | | | 53,780 | |
| VF Corp. (Textiles, Apparel & Luxury Goods) | | | 2,032 | | | | 166,705 | |
| Whirlpool Corp. (Household Durables) | | | 396 | | | | 86,336 | |
| Zynga, Inc.* (Entertainment) | | | 6,399 | | | | 68,021 | |
TOTAL COMMON STOCKS
(Cost $8,931,492) | | | | | | | 20,877,291 | |
Repurchase Agreements(a) (2.6%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $553,000 | | $ | 553,000 | | | $ | 553,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $553,000) | | | | | | | 553,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,484,492)—99.2% | | | | | | | 21,430,291 | |
| Net other assets (liabilities)—0.8% | | | | | | | 181,439 | |
| NET ASSETS—100.0% | | | | | | $ | 21,611,730 | |
| * | 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Consumer Goods Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 690,296 | | | $ | 8,566 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
46 :: ProFund VP Consumer Goods :: Financial Statements
ProFund VP Consumer Goods invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Auto Components | | $ | 561,560 | | | | 2.6 | % |
| Automobiles | | | 4,239,676 | | | | 19.7 | % |
| Beverages | | | 3,430,872 | | | | 15.8 | % |
| Distributors | | | 231,967 | | | | 1.1 | % |
| Entertainment | | | 960,196 | | | | 4.4 | % |
| Food & Staples Retailing | | | 94,803 | | | | 0.4 | % |
| Food Products | | | 2,501,443 | | | | 11.6 | % |
| Household Durables | | | 957,471 | | | | 4.4 | % |
| Household Products | | | 3,107,363 | | | | 14.4 | % |
| Leisure Products | | | 430,125 | | | | 2.0 | % |
| Machinery | | | 209,295 | | | | 1.0 | % |
| Personal Products | | | 511,822 | | | | 2.4 | % |
| Textiles, Apparel & Luxury Goods | | | 2,106,946 | | | | 9.7 | % |
| Tobacco | | | 1,533,752 | | | | 7.1 | % |
| Other** | | | 734,439 | | | | 3.4 | % |
| Total | | $ | 21,611,730 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Goods :: 47
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 9,484,492 | |
| Securities, at value | | | 20,877,291 | |
| Repurchase agreements, at value | | | 553,000 | |
| Total Investment Securities, at value | | | 21,430,291 | |
| Cash | | | 746 | |
| Dividends receivable | | | 42,541 | |
| Unrealized appreciation on swap agreements | | | 8,566 | |
| Receivable for capital shares issued | | | 179,620 | |
| Prepaid expenses | | | 299 | |
| TOTAL ASSETS | | | 21,662,063 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 6,965 | |
| Advisory fees payable | | | 12,376 | |
| Management services fees payable | | | 1,650 | |
| Administration fees payable | | | 1,262 | |
| Administrative services fees payable | | | 7,575 | |
| Distribution fees payable | | | 7,215 | |
| Transfer agency fees payable | | | 2,018 | |
| Fund accounting fees payable | | | 716 | |
| Compliance services fees payable | | | 159 | |
| Other accrued expenses | | | 10,397 | |
| TOTAL LIABILITIES | | | 50,333 | |
| NET ASSETS | | $ | 21,611,730 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 10,386,453 | |
| Total distributable earnings (loss) | | | 11,225,277 | |
| NET ASSETS | | $ | 21,611,730 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 351,926 | |
| Net Asset Value (offering and redemption price per share) | | $ | 61.41 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 166,246 | |
| Interest | | | 4 | |
| Income from securities lending | | | 12 | |
| TOTAL INVESTMENT INCOME | | | 166,262 | |
| EXPENSES: | | | | |
| Advisory fees | | | 69,903 | |
| Management services fees | | | 9,320 | |
| Administration fees | | | 7,288 | |
| Transfer agency fees | | | 5,938 | |
| Administrative services fees | | | 27,639 | |
| Distribution fees | | | 23,301 | |
| Custody fees | | | 1,496 | |
| Fund accounting fees | | | 4,169 | |
| Trustee fees | | | 243 | |
| Compliance services fees | | | 89 | |
| Other fees | | | 10,320 | |
| Total Gross Expenses before reductions | | | 159,706 | |
| Expenses reduced and reimbursed by the Advisor | | | (3,122 | ) |
| TOTAL NET EXPENSES | | | 156,584 | |
| NET INVESTMENT INCOME (LOSS) | | | 9,678 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 535,964 | |
| Net realized gains (losses) on swap agreements | | | 1,202 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 524,726 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 1,117 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 1,063,009 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,072,687 | |
See accompanying notes to financial statements.
48 :: ProFund VP Consumer Goods :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 9,678 | | | $ | 69,981 | |
| Net realized gains (losses) on investments | | | 537,166 | | | | 615,340 | |
| Change in net unrealized appreciation/depreciation on investments | | | 525,843 | | | | 3,235,118 | |
| Change in net assets resulting from operations | | | 1,072,687 | | | | 3,920,439 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,063,035 | ) | | | (257,808 | ) |
| Change in net assets resulting from distributions | | | (1,063,035 | ) | | | (257,808 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 15,142,602 | | | | 29,203,257 | |
| Distributions reinvested | | | 1,063,035 | | | | 257,808 | |
| Value of shares redeemed | | | (12,976,420 | ) | | | (26,887,846 | ) |
| Change in net assets resulting from capital transactions | | | 3,229,217 | | | | 2,573,219 | |
| Change in net assets | | | 3,238,869 | | | | 6,235,850 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 18,372,861 | | | | 12,137,011 | |
| End of period | | $ | 21,611,730 | | | $ | 18,372,861 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 244,171 | | | | 598,676 | |
| Reinvested | | | 18,134 | | | | 4,680 | |
| Redeemed | | | (205,817 | ) | | | (559,659 | ) |
| Change in shares | | | 56,488 | | | | 43,697 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Goods :: 49
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 62.19 | | | $ | 48.21 | | | $ | 46.16 | | | $ | 66.23 | | | $ | 59.18 | | | $ | 57.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.03 | | | | 0.25 | | | | 0.49 | | | | 0.70 | | | | 0.49 | | | | 0.48 | |
| Net realized and unrealized gains (losses) on investments | | | 3.37 | | | | 14.61 | | | | 10.83 | | | | (9.43 | ) | | | 8.33 | | | | 1.59 | |
| Total income (loss) from investment activities | | | 3.40 | | | | 14.86 | | | | 11.32 | | | | (8.73 | ) | | | 8.82 | | | | 2.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.27 | ) | | | (0.38 | ) | | | (0.80 | ) | | | (0.74 | ) | | | (0.82 | ) | | | (0.66 | ) |
| Net realized gains on investments | | | (3.91 | ) | | | (0.50 | ) | | | (8.47 | ) | | | (10.60 | ) | | | (0.95 | ) | | | — | |
| Total distributions | | | (4.18 | ) | | | (0.88 | ) | | | (9.27 | ) | | | (11.34 | ) | | | (1.77 | ) | | | (0.66 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 61.41 | | | $ | 62.19 | | | $ | 48.21 | | | $ | 46.16 | | | $ | 66.23 | | | $ | 59.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 5.80 | % | | | 31.05 | % | | | 26.56 | % | | | (14.80 | )% | | | 15.05 | % | | | 3.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.71 | % | | | 1.75 | % | | | 1.73 | % | | | 1.72 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 0.10 | % | | | 0.50 | % | | | 1.01 | % | | | 1.23 | % | | | 0.76 | % | | | 0.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 21,612 | | | $ | 18,373 | | | $ | 12,137 | | | $ | 8,989 | | | $ | 18,827 | | | $ | 16,374 | |
| Portfolio turnover rate(b)(d) | | | 40 | % | | | 141 | % | | | 71 | % | | | 41 | % | | | 107 | % | | | 84 | % |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
50 :: ProFund VP Consumer Services :: Financial Statements
Investment Objective: The ProFund VP Consumer Services seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Consumer ServicesSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 91 | % |
| Swap Agreements | | | 9 | % |
| 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. | | | 24.0 | % |
| The Home Depot, Inc. | | | 5.5 | % |
| The Walt Disney Co. | | | 5.2 | % |
| Comcast Corp. | | | 4.3 | % |
| Netflix, Inc. | | | 3.8 | % |
Dow Jones U.S. Consumer ServicesSM
Index – Composition
| | | % of Index | |
| Retailing | | | 47 | % |
| Media & Entertainment | | | 22 | % |
| Consumer Services | | | 15 | % |
| Food & Staples Retailing | | | 9 | % |
| Transportation | | | 4 | % |
| Commercial & Professional Services | | | 2 | % |
| Health Care Equipment & Services | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (90.6%)
| | | Shares | | | Value | |
| Aaron's Co., Inc. (The) (Specialty Retail) | | | 181 | | | $ | 5,790 | |
| Advance Auto Parts, Inc. (Specialty Retail) | | | 344 | | | | 70,568 | |
| Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 770 | | | | 117,918 | |
| Alaska Air Group, Inc.* (Airlines) | | | 654 | | | | 39,443 | |
| Albertsons Cos., Inc.(a)—Class A (Food & Staples Retailing) | | | 246 | | | | 4,836 | |
| Altice USA, Inc.* (Media) | | | 1,209 | | | | 41,275 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 2,250 | | | | 7,740,361 | |
| AMERCO (Road & Rail) | | | 48 | | | | 28,291 | |
| American Airlines Group, Inc.* (Airlines) | | | 3,368 | | | | 71,435 | |
| AmerisourceBergen Corp. (Health Care Providers & Services) | | | 776 | | | | 88,844 | |
| Aramark (Hotels, Restaurants & Leisure) | | | 1,339 | | | | 49,878 | |
| AutoNation, Inc.* (Specialty Retail) | | | 283 | | | | 26,831 | |
| AutoZone, Inc.* (Specialty Retail) | | | 113 | | | | 168,621 | |
| Best Buy Co., Inc. (Specialty Retail) | | | 1,170 | | | | 134,527 | |
| BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | | | 720 | | | | 34,258 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 215 | | | | 470,440 | |
| Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | | | 424 | | | | 26,072 | |
| Bright Horizons Family Solutions, Inc.* (Diversified Consumer Services) | | | 320 | | | | 47,075 | |
| Burlington Stores, Inc.* (Specialty Retail) | | | 349 | | | | 112,375 | |
| Cable One, Inc. (Media) | | | 28 | | | | 53,559 | |
| Cardinal Health, Inc. (Health Care Providers & Services) | | | 1,523 | | | | 86,948 | |
| CarMax, Inc.* (Specialty Retail) | | | 857 | | | | 110,682 | |
| Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | | | 4,192 | | | | 110,501 | |
| Carvana Co.* (Specialty Retail) | | | 340 | | | | 102,619 | |
| Casey's General Stores, Inc. (Food & Staples Retailing) | | | 194 | | | | 37,760 | |
| Charter Communications, Inc.*—Class A (Media) | | | 723 | | | | 521,609 | |
| Chegg, Inc.* (Diversified Consumer Services) | | | 745 | | | | 61,917 | |
| Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | | 148 | | | | 229,450 | |
| Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | | | 152 | | | | 18,067 | |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | | | 182 | | | | 36,083 | |
| Comcast Corp.—Class A (Media) | | | 24,068 | | | | 1,372,358 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 1,092 | | | | 143,958 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 2,321 | | | | 918,350 | |
| Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | | 125 | | | | 18,558 | |
| Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 687 | | | | 100,295 | |
| Delta Air Lines, Inc.* (Airlines) | | | 3,358 | | | | 145,267 | |
| Dick's Sporting Goods, Inc. (Specialty Retail) | | | 344 | | | | 34,465 | |
| Discovery, Inc.*(a) (Media) | | | 886 | | | | 27,182 | |
| Discovery, Inc.*—Class C (Media) | | | 1,578 | | | | 45,730 | |
| DISH Network Corp.*—Class A (Media) | | | 1,305 | | | | 54,549 | |
| Dollar General Corp. (Multiline Retail) | | | 1,240 | | | | 268,324 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 1,218 | | | | 121,191 | |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | | | 204 | | | | 95,164 | |
| DraftKings, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 1,706 | | | | 89,002 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 742 | | | | 121,473 | |
| Five Below, Inc.* (Specialty Retail) | | | 294 | | | | 56,821 | |
| Floor & Decor Holdings, Inc.* (Specialty Retail) | | | 550 | | | | 58,135 | |
| Foot Locker, Inc. (Specialty Retail) | | | 542 | | | | 33,403 | |
| Fox Corp.—Class A (Media) | | | 1,717 | | | | 63,752 | |
| Fox Corp.—Class B (Media) | | | 798 | | | | 28,090 | |
| frontdoor, Inc.*—Class A (Diversified Consumer Services) | | | 451 | | | | 22,469 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 51
Common Stocks, continued
| | | Shares | | | Value | |
| Grand Canyon Education, Inc.* (Diversified Consumer Services) | | | 243 | | | $ | 21,863 | |
| H&R Block, Inc. (Diversified Consumer Services) | | | 953 | | | | 22,376 | |
| Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 1,462 | | | | 176,346 | |
| Hyatt Hotels Corp.*—Class A (Hotels, Restaurants & Leisure) | | | 199 | | | | 15,450 | |
| IAA, Inc.* (Commercial Services & Supplies) | | | 708 | | | | 38,614 | |
| IHS Markit, Ltd. (Professional Services) | | | 1,967 | | | | 221,602 | |
| JetBlue Airways Corp.* (Airlines) | | | 1,664 | | | | 27,922 | |
| Kohl's Corp. (Multiline Retail) | | | 820 | | | | 45,190 | |
| L Brands, Inc. (Specialty Retail) | | | 1,230 | | | | 88,634 | |
| Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | | | 1,725 | | | | 90,890 | |
| Liberty Broadband Corp.*—Class A (Media) | | | 123 | | | | 20,685 | |
| Liberty Broadband Corp.*—Class C (Media) | | | 842 | | | | 146,222 | |
| Liberty Media Corp-Liberty Formula One*—Class A (Entertainment) | | | 136 | | | | 5,798 | |
| Liberty Media Corp-Liberty Formula One*—Class C (Entertainment) | | | 1,069 | | | | 51,536 | |
| Liberty Media Corp-Liberty SiriusXM*—Class A (Media) | | | 424 | | | | 19,750 | |
| Liberty Media Corp-Liberty SiriusXM*—Class C (Media) | | | 896 | | | | 41,565 | |
| Lithia Motors, Inc.—Class A (Specialty Retail) | | | 156 | | | | 53,608 | |
| Live Nation Entertainment, Inc.* (Entertainment) | | | 758 | | | | 66,393 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 360 | | | | 16,866 | |
| LKQ Corp.* (Distributors) | | | 1,460 | | | | 71,861 | |
| Lowe's Cos., Inc. (Specialty Retail) | | | 3,710 | | | | 719,629 | |
| Lyft, Inc.* (Road & Rail) | | | 1,346 | | | | 81,406 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 1,402 | | | | 191,383 | |
| Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure) | | | 224 | | | | 35,683 | |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | | | 3,917 | | | | 904,788 | |
| MGM Resorts International (Hotels, Restaurants & Leisure) | | | 2,138 | | | | 91,186 | |
| Murphy USA, Inc. (Specialty Retail) | | | 131 | | | | 17,471 | |
| National Vision Holdings, Inc.* (Specialty Retail) | | | 428 | | | | 21,884 | |
| Netflix, Inc.* (Entertainment) | | | 2,328 | | | | 1,229,673 | |
| News Corp.—Class A (Media) | | | 2,055 | | | | 52,957 | |
| News Corp.—Class B (Media) | | | 640 | | | | 15,584 | |
| Nexstar Media Group, Inc.—Class A (Media) | | | 225 | | | | 33,273 | |
| Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | | 1,943 | | | | 57,144 | |
| Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | | | 299 | | | | 25,155 | |
| Omnicom Group, Inc. (Media) | | | 1,129 | | | | 90,309 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 366 | | | | 207,233 | |
| Penske Automotive Group, Inc. (Specialty Retail) | | | 170 | | | | 12,833 | |
| Petco Health & Wellness Co., Inc.* (Specialty Retail) | | | 381 | | | | 8,538 | |
| Pinterest, Inc.*—Class A (Interactive Media & Services) | | | 2,873 | | | | 226,823 | |
| Planet Fitness, Inc.* (Hotels, Restaurants & Leisure) | | | 437 | | | | 32,884 | |
| Qurate Retail, Inc.—Class A (Internet & Direct Marketing Retail) | | | 1,994 | | | | 26,101 | |
| RH* (Specialty Retail) | | | 88 | | | | 59,752 | |
| Roku, Inc.* (Household Durables) | | | 605 | | | | 277,846 | |
| Rollins, Inc. (Commercial Services & Supplies) | | | 1,163 | | | | 39,775 | |
| Ross Stores, Inc. (Specialty Retail) | | | 1,872 | | | | 232,128 | |
| Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | | | 1,150 | | | | 98,072 | |
| Service Corp. International (Diversified Consumer Services) | | | 883 | | | | 47,320 | |
| Sirius XM Holdings, Inc. (Media) | | | 6,015 | | | | 39,338 | |
| Southwest Airlines Co.* (Airlines) | | | 3,104 | | | | 164,791 | |
| Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | | 621 | | | | 15,432 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 6,186 | | | | 691,657 | |
| Sysco Corp. (Food & Staples Retailing) | | | 2,685 | | | | 208,759 | |
| Target Corp. (Multiline Retail) | | | 2,597 | | | | 627,798 | |
| TEGNA, Inc. (Media) | | | 1,160 | | | | 21,762 | |
| Terminix Global Holdings, Inc.* (Diversified Consumer Services) | | | 675 | | | | 32,204 | |
| Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | | 344 | | | | 33,093 | |
| The Gap, Inc. (Specialty Retail) | | | 1,091 | | | | 36,712 | |
| The Home Depot, Inc. (Specialty Retail) | | | 5,582 | | | | 1,780,045 | |
| The Interpublic Group of Cos., Inc. (Media) | | | 2,066 | | | | 67,124 | |
| The Kroger Co. (Food & Staples Retailing) | | | 3,975 | | | | 152,282 | |
| The Madison Square Garden Co.*—Class A (Entertainment) | | | 92 | | | | 15,876 | |
| The New York Times Co.—Class A (Media) | | | 762 | | | | 33,185 | |
| The TJX Cos., Inc. (Specialty Retail) | | | 6,331 | | | | 426,836 | |
| The Walt Disney Co.* (Entertainment) | | | 9,538 | | | | 1,676,495 | |
| The Wendy's Co. (Hotels, Restaurants & Leisure) | | | 931 | | | | 21,804 | |
| Tractor Supply Co. (Specialty Retail) | | | 605 | | | | 112,566 | |
| TripAdvisor, Inc.* (Interactive Media & Services) | | | 515 | | | | 20,755 | |
| Uber Technologies, Inc.* (Road & Rail) | | | 7,762 | | | | 389,032 | |
| Ulta Beauty, Inc.* (Specialty Retail) | | | 287 | | | | 99,236 | |
| United Airlines Holdings , Inc.* (Airlines) | | | 1,699 | | | | 88,841 | |
| Vail Resorts, Inc.* (Hotels, Restaurants & Leisure) | | | 212 | | | | 67,102 | |
| ViacomCBS, Inc.—Class A (Media) | | | 43 | | | | 2,083 | |
| ViacomCBS, Inc.—Class B (Media) | | | 3,179 | | | | 143,691 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 3,766 | | | | 198,129 | |
| Walmart, Inc. (Food & Staples Retailing) | | | 7,208 | | | | 1,016,472 | |
| Warner Music Group Corp.—Class A (Entertainment) | | | 492 | | | | 17,732 | |
| Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 388 | | | | 122,495 | |
| Williams-Sonoma, Inc. (Specialty Retail) | | | 400 | | | | 63,860 | |
| World Wrestling Entertainment, Inc.—Class A (Entertainment) | | | 238 | | | | 13,778 | |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | | 491 | | | | 35,494 | |
| Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | | | 552 | | | | 67,510 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | | | 1,564 | | | | 179,907 | |
| ZoomInfo Technologies, Inc.*—Class A (Interactive Media & Services) | | | 542 | | | | 28,276 | |
TOTAL COMMON STOCKS
(Cost $13,787,842) | | | | | | | 29,258,722 | |
See accompanying notes to financial statements.
52 :: ProFund VP Consumer Services :: Financial Statements
Repurchase Agreements(b) (2.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $744,000 | | $ | 744,000 | | | $ | 744,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $744,000) | | | | | | | 744,000 | |
Collateral for Securities Loaned(c) (0.1%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(d) | | | 29,649 | | | $ | 29,649 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $29,649) | | | | | | | 29,649 | |
TOTAL INVESTMENT SECURITIES
(Cost $14,561,491)—93.0% | | | | | | | 30,032,371 | |
| Net other assets (liabilities)—7.0% | | | | | | | 2,256,826 | |
| NET ASSETS—100.0% | | | | | | $ | 32,289,197 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $29,160. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Consumer Services Index | | Goldman Sachs International | | 7/23/21 | | | | 0.59 | % | | $ | 3,029,466 | | | $ | 2,309 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 Services invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Airlines | | $ | 537,699 | | | | 1.7 | % |
| Commercial Services & Supplies | | | 222,347 | | | | 0.7 | % |
| Distributors | | | 71,861 | | | | 0.2 | % |
| Diversified Consumer Services | | | 255,224 | | | | 0.8 | % |
| Entertainment | | | 3,077,281 | | | | 9.5 | % |
| Food & Staples Retailing | | | 2,586,278 | | | | 8.0 | % |
| Health Care Providers & Services | | | 175,792 | | | | 0.5 | % |
| Hotels, Restaurants & Leisure | | | 3,681,381 | | | | 11.4 | % |
| Household Durables | | | 277,846 | | | | 0.9 | % |
| Interactive Media & Services | | | 275,854 | | | | 0.9 | % |
| Internet & Direct Marketing Retail | | | 8,480,870 | | | | 26.2 | % |
| IT Services | | | 16,866 | | | | 0.1 | % |
| Media | | | 2,935,632 | | | | 9.1 | % |
| Multiline Retail | | | 1,087,658 | | | | 3.4 | % |
| Professional Services | | | 221,602 | | | | 0.7 | % |
| Road & Rail | | | 498,729 | | | | 1.5 | % |
| Specialty Retail | | | 4,855,802 | | | | 15.0 | % |
| Other** | | | 3,030,475 | | | | 9.4 | % |
| Total | | $ | 32,289,197 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Consumer Services :: 53
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 14,561,491 | |
| Securities, at value(a) | | | 29,288,371 | |
| Repurchase agreements, at value | | | 744,000 | |
| Total Investment Securities, at value | | | 30,032,371 | |
| Cash | | | 376 | |
| Segregated cash balances for swap agreements with custodian | | | 270,000 | |
| Dividends receivable | | | 4,208 | |
| Unrealized appreciation on swap agreements | | | 2,309 | |
| Receivable for capital shares issued | | | 93,681 | |
| Receivable for investments sold | | | 1,997,167 | |
| Prepaid expenses | | | 535 | |
| TOTAL ASSETS | | | 32,400,647 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 3,974 | |
| Payable for collateral for securities loaned | | | 29,649 | |
| Advisory fees payable | | | 19,062 | |
| Management services fees payable | | | 2,542 | |
| Administration fees payable | | | 1,890 | |
| Administrative services fees payable | | | 15,963 | |
| Distribution fees payable | | | 15,533 | |
| Transfer agency fees payable | | | 3,244 | |
| Fund accounting fees payable | | | 1,069 | |
| Compliance services fees payable | | | 265 | |
| Other accrued expenses | | | 18,259 | |
| TOTAL LIABILITIES | | | 111,450 | |
| NET ASSETS | | $ | 32,289,197 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 17,810,444 | |
| Total distributable earnings (loss) | | | 14,478,753 | |
| NET ASSETS | | $ | 32,289,197 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 424,992 | |
| Net Asset Value (offering and redemption price per share) | | $ | 75.98 | |
| (a) Includes securities on loan valued at: | | $ | 29,160 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 108,659 | |
| Interest | | | 8 | |
| Income from securities lending | | | 107 | |
| TOTAL INVESTMENT INCOME | | | 108,774 | |
| EXPENSES: | | | | |
| Advisory fees | | | 119,179 | |
| Management services fees | | | 15,890 | |
| Administration fees | | | 12,490 | |
| Transfer agency fees | | | 10,134 | |
| Administrative services fees | | | 44,030 | |
| Distribution fees | | | 39,726 | |
| Custody fees | | | 2,482 | |
| Fund accounting fees | | | 7,078 | |
| Trustee fees | | | 414 | |
| Compliance services fees | | | 146 | |
| Other fees | | | 17,437 | |
| Total Gross Expenses before reductions | | | 269,006 | |
| Expenses reduced and reimbursed by the Advisor | | | (2,044 | ) |
| TOTAL NET EXPENSES | | | 266,962 | |
| NET INVESTMENT INCOME (LOSS) | | | (158,188 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 467,416 | |
| Net realized gains (losses) on swap agreements | | | (6,682 | ) |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,268,090 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (6,208 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,722,616 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,564,428 | |
See accompanying notes to financial statements.
54 :: ProFund VP Consumer Services :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (158,188 | ) | | $ | (189,170 | ) |
| Net realized gains (losses) on investments | | | 460,734 | | | | 2,045,045 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,261,882 | | | | 4,377,426 | |
| Change in net assets resulting from operations | | | 2,564,428 | | | | 6,233,301 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,445,589 | ) | | | (9,139,256 | ) |
| Change in net assets resulting from distributions | | | (2,445,589 | ) | | | (9,139,256 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 7,903,725 | | | | 25,070,116 | |
| Distributions reinvested | | | 2,445,589 | | | | 9,139,256 | |
| Value of shares redeemed | | | (10,113,675 | ) | | | (26,214,874 | ) |
| Change in net assets resulting from capital transactions | | | 235,639 | | | | 7,994,498 | |
| Change in net assets | | | 354,478 | | | | 5,088,543 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 31,934,719 | | | | 26,846,176 | |
| End of period | | $ | 32,289,197 | | | $ | 31,934,719 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 101,394 | | | | 317,539 | |
| Reinvested | | | 33,835 | | | | 125,075 | |
| Redeemed | | | (129,603 | ) | | | (346,817 | ) |
| Change in shares | | | 5,626 | | | | 95,797 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Consumer Services :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 76.15 | | | $ | 82.97 | | | $ | 69.55 | | | $ | 72.88 | | | $ | 61.58 | | | $ | 59.70 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.38 | ) | | | (0.56 | ) | | | (0.40 | ) | | | (0.29 | ) | | | (0.12 | ) | | | (0.12 | ) |
| Net realized and unrealized gains (losses) on investments | | | 6.36 | | | | 22.85 | | | | 17.30 | | | | 1.12 | | | | 11.42 | | | | 2.61 | |
| Total income (loss) from investment activities | | | 5.98 | | | | 22.29 | | | | 16.90 | | | | 0.83 | | | | 11.30 | | | | 2.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (6.15 | ) | | | (29.11 | ) | | | (3.48 | ) | | | (4.16 | ) | | | — | | | | (0.61 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 75.98 | | | $ | 76.15 | | | $ | 82.97 | | | $ | 69.55 | | | $ | 72.88 | | | $ | 61.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 8.26 | % | | | 28.34 | % | | | 24.64 | % | | | 0.62 | %(c) | | | 18.37 | % | | | 4.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.69 | % | | | 1.75 | % | | | 1.72 | % | | | 1.73 | % | | | 1.72 | % | | | 1.73 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.71 | %(e) | | | 1.65 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.00 | )% | | | (0.72 | )% | | | (0.50 | )% | | | (0.38 | )%(c) | | | (0.18 | )% | | | (0.20 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 32,289 | | | $ | 31,935 | | | $ | 26,846 | | | $ | 25,222 | | | $ | 32,762 | | | $ | 27,416 | |
| Portfolio turnover rate(b)(f) | | | 18 | % | | | 116 | % | | | 182 | % | | | 82 | % | | | 81 | % | | | 66 | % |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | 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%. |
| (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.
56 :: ProFund VP Dow 30 :: Financial Statements
Investment Objective: The ProFund VP Dow 30 seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Industrial Average®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 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 | | | 23 | % |
| Health Care | | | 17 | % |
| Industrials | | | 17 | % |
| Financials | | | 16 | % |
| Consumer Discretionary | | | 13 | % |
| Consumer Staples | | | 7 | % |
| Communication Services | | | 4 | % |
| Energy | | | 2 | % |
| Materials | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (99.4%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $2,497,000 | | $ | 2,497,000 | | | $ | 2,497,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $2,497,000) | | | | | | | 2,497,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $2,497,000)—99.4% | | | | | | | 2,497,000 | |
| Net other assets (liabilities)—0.6% | | | | | | | 14,767 | |
| NET ASSETS—100.0% | | | | | | $ | 2,511,767 | |
| (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, 2021, 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 – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/21 | | | 0.59 | % | | $ | 2,374,612 | | | $ | 15,011 | |
| Dow Jones Industrial Average | | UBS AG | | 7/27/21 | | | 0.59 | % | | | 117,861 | | | | 745 | |
| | | | | | | | | | | $ | 2,492,473 | | | $ | 15,756 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Dow 30 :: 57
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 2,497,000 | |
| Repurchase agreements, at value | | | 2,497,000 | |
| Total Investment Securities, at value | | | 2,497,000 | |
| Cash | | | 883 | |
| Unrealized appreciation on swap agreements | | | 15,756 | |
| Prepaid expenses | | | 5 | |
| TOTAL ASSETS | | | 2,513,644 | |
| LIABILITIES: | | | | |
| Advisory fees payable | | | 811 | |
| Management services fees payable | | | 108 | |
| Administration fees payable | | | 73 | |
| Administrative services fees payable | | | 97 | |
| Distribution fees payable | | | 326 | |
| Transfer agency fees payable | | | 82 | |
| Fund accounting fees payable | | | 43 | |
| Compliance services fees payable | | | 6 | |
| Other accrued expenses | | | 331 | |
| TOTAL LIABILITIES | | | 1,877 | |
| NET ASSETS | | $ | 2,511,767 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 4,080,381 | |
| Total distributable earnings (loss) | | | (1,568,614 | ) |
| NET ASSETS | | $ | 2,511,767 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 110,267 | |
| Net Asset Value (offering and redemption price per share) | | $ | 22.78 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 8 | |
| EXPENSES: | | | | |
| Advisory fees | | | 1,955 | |
| Management services fees | | | 261 | |
| Administration fees | | | 200 | |
| Transfer agency fees | | | 176 | |
| Administrative services fees | | | 164 | |
| Distribution fees | | | 652 | |
| Custody fees | | | 51 | |
| Fund accounting fees | | | 118 | |
| Trustee fees | | | 8 | |
| Compliance services fees | | | 3 | |
| Other fees | | | 315 | |
| TOTAL NET EXPENSES | | | 3,903 | |
| NET INVESTMENT INCOME (LOSS) | | | (3,895 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | 50,794 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 9,370 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 60,164 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 56,269 | |
See accompanying notes to financial statements.
58 :: ProFund VP Dow 30 :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (3,895 | ) | | $ | (5,802 | ) |
| Net realized gains (losses) on investments | | | 50,794 | | | | 70,081 | |
| Change in net unrealized appreciation/depreciation on investments | | | 9,370 | | | | 7,638 | |
| Change in net assets resulting from operations | | | 56,269 | | | | 71,917 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (55,117 | ) | | | (111,280 | ) |
| Change in net assets resulting from distributions | | | (55,117 | ) | | | (111,280 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 15,515,618 | | | | 18,480,818 | |
| Distributions reinvested | | | 26,861 | | | | 111,280 | |
| Value of shares redeemed | | | (13,416,793 | ) | | | (18,483,574 | ) |
| Change in net assets resulting from capital transactions | | | 2,125,686 | | | | 108,524 | |
| Change in net assets | | | 2,126,838 | | | | 69,161 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 384,929 | | | | 315,768 | |
| End of period | | $ | 2,511,767 | | | $ | 384,929 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 661,371 | | | | 800,228 | |
| Reinvested | | | 1,208 | | | | 5,026 | |
| Redeemed | | | (568,858 | ) | | | (799,920 | ) |
| Change in shares | | | 93,721 | | | | 5,334 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Dow 30 :: 59
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 23.26 | | | $ | 28.16 | | | $ | 23.07 | | | $ | 31.90 | | | $ | 36.39 | | | $ | 32.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.17 | ) | | | (0.31 | ) | | | 0.15 | | | | 0.05 | | | | (0.24 | ) | | | (0.38 | ) |
| Net realized and unrealized gains (losses) on investments | | | 2.89 | | | | 2.05 | | | | 4.97 | | | | (1.18 | ) | | | 7.74 | | | | 4.54 | |
| Total income (loss) from investment activities | | | 2.72 | | | | 1.74 | | | | 5.12 | | | | (1.13 | ) | | | 7.50 | | | | 4.16 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.13 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (3.20 | ) | | | (6.51 | ) | | | — | | | | (7.70 | ) | | | (11.99 | ) | | | — | |
| Total distributions | | | (3.20 | ) | | | (6.64 | ) | | | (0.03 | ) | | | (7.70 | ) | | | (11.99 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.78 | | | $ | 23.26 | | | $ | 28.16 | | | $ | 23.07 | | | $ | 31.90 | | | $ | 36.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 12.00 | % | | | 7.41 | % | | | 22.18 | % | | | (6.03 | )% | | | 23.63 | % | | | 12.91 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.50 | % | | | 1.58 | % | | | 1.47 | % | | | 1.49 | % | | | 1.44 | % | | | 1.44 | % |
| Net expenses(c) | | | 1.50 | % | | | 1.58 | % | | | 1.47 | % | | | 1.49 | % | | | 1.44 | % | | | 1.44 | % |
| Net investment income (loss)(c) | | | (1.49 | )% | | | (1.31 | )% | | | 0.56 | % | | | 0.16 | % | | | (0.68 | )% | | | (1.15 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 2,512 | | | $ | 385 | | | $ | 316 | | | $ | 307 | | | $ | 349 | | | $ | 330 | |
| 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.
60 :: ProFund VP Emerging Markets :: Financial Statements
Investment Objective: The ProFund VP Emerging Markets seeks investment results, before fees and expenses, that correspond to the performance of the S&P/BNY Mellon Emerging 50 ADR Index (USD).
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Alibaba Group Holding, Ltd. | | | 19.7 | % |
| Taiwan Semiconductor Manufacturing Co., Ltd. | | | 19.2 | % |
| HDFC Bank, Ltd. | | | 4.7 | % |
| Vale S.A. | | | 3.9 | % |
| Infosys Technologies, Ltd. | | | 3.9 | % |
S&P/BNY Mellon Emerging 50 ADR Index (USD) – Composition
| Industry Breakdown | | % of Index | |
| Consumer Discretionary | | | 34 | % |
| Information Technology | | | 27 | % |
| Financials | | | 13 | % |
| Communication Services | | | 9 | % |
| Materials | | | 8 | % |
| Energy | | | 4 | % |
| Consumer Staples | | | 2 | % |
| Health Care | | | 2 | % |
| Industrials | | | 1 | % |
| Country Composition | | | | |
| China | | | 44 | % |
| Taiwan | | | 23 | % |
| India | | | 13 | % |
| Brazil | | | 11 | % |
| Other | | | 9 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (94.6%)
| | | Shares | | | Value | |
| Alibaba Group Holding, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 25,389 | | | $ | 5,757,718 | |
| Ambev S.A.ADR (Beverages) | | | 64,658 | | | | 222,424 | |
| America Movil S.A.B. de C.V.ADR (Wireless Telecommunication Services) | | | 17,226 | | | | 258,389 | |
| AngloGold Ashanti, Ltd.ADR (Metals & Mining) | | | 6,122 | | | | 113,747 | |
| ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | | | 25,059 | | | | 201,725 | |
| Baidu, Inc.*ADR (Interactive Media & Services) | | | 4,000 | | | | 815,600 | |
| Banco Bradesco S.A.ADR (Banks) | | | 71,136 | | | | 364,928 | |
| Beigene, Ltd.*ADR (Biotechnology) | | | 579 | | | | 198,707 | |
| Bilibili, Inc.*ADR (Entertainment) | | | 3,188 | | | | 388,426 | |
| Cemex SAB de CV*ADR (Construction Materials) | | | 22,209 | | | | 186,556 | |
| China Life Insurance Co., Ltd.ADR (Insurance) | | | 21,835 | | | | 217,258 | |
| China Petroleum & Chemical Corp.ADR (Oil, Gas & Consumable Fuels) | | | 3,743 | | | | 190,930 | |
| Chunghwa Telecom Co., Ltd.ADR (Diversified Telecommunication Services) | | | 5,577 | | | | 226,761 | |
| Dr. Reddy's Laboratories, Ltd.ADR (Pharmaceuticals) | | | 1,781 | | | | 130,921 | |
| Fomento Economico Mexicano S.A.B. de C.V.ADR (Beverages) | | | 2,727 | | | | 230,459 | |
| GDS Holdings, Ltd.*ADR (IT Services) | | | 1,676 | | | | 131,549 | |
| Gold Fields, Ltd.ADR (Metals & Mining) | | | 13,022 | | | | 115,896 | |
| HDFC Bank, Ltd.*ADR (Banks) | | | 18,735 | | | | 1,369,903 | |
| Huazhu Group, Ltd.*ADR (Hotels, Restaurants & Leisure) | | | 2,142 | | | | 113,119 | |
| ICICI Bank, Ltd.*ADR (Banks) | | | 37,561 | | | | 642,293 | |
| Infosys Technologies, Ltd.ADR (IT Services) | | | 53,762 | | | | 1,139,217 | |
| Itau Unibanco Holding S.A.ADR (Banks) | | | 71,097 | | | | 427,293 | |
| JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | | 13,167 | | | | 1,050,859 | |
| KB Financial Group, Inc.ADR (Banks) | | | 5,735 | | | | 282,736 | |
| KE Holdings, Inc.*ADR (Real Estate Management & Development) | | | 2,348 | | | | 111,953 | |
| Natura & Co. Holding SA*ADR (Personal Products) | | | 6,160 | | | | 139,770 | |
| NetEase, Inc.ADR (Entertainment) | | | 5,881 | | | | 677,785 | |
| New Oriental Education & Technology Group, Inc.*ADR (Diversified Consumer Services) | | | 22,133 | | | | 181,269 | |
| NIO, Inc.*ADR (Automobiles) | | | 19,978 | | | | 1,062,830 | |
| PetroChina Co., Ltd.ADR (Oil, Gas & Consumable Fuels) | | | 3,096 | | | | 151,797 | |
| Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | | | 27,299 | | | | 333,867 | |
| Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | | | 5,149 | | | | 654,026 | |
| POSCOADR (Metals & Mining) | | | 4,707 | | | | 361,356 | |
| PT Telekomunikasi Indonesia TbkADR (Diversified Telecommunication Services) | | | 6,976 | | | | 151,170 | |
| Sasol, Ltd.*ADR (Chemicals) | | | 8,475 | | | | 129,922 | |
| Shinhan Financial Group Co., Ltd.ADR (Banks) | | | 7,579 | | | | 271,707 | |
| Sibanye Stillwater, Ltd.ADR (Metals & Mining) | | | 10,185 | | | | 170,394 | |
| SK Telecom Co., Ltd.ADR (Wireless Telecommunication Services) | | | 4,662 | | | | 146,433 | |
| Suzano Papel e Celulose S.A.*ADR (Paper & Forest Products) | | | 10,386 | | | | 125,047 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Emerging Markets :: 61
Common Stocks, continued
| | | Shares | | | Value | |
| Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment) | | | 46,876 | | | $ | 5,632,620 | |
| TAL Education Group*ADR (Diversified Consumer Services) | | | 5,861 | | | | 147,873 | |
| Tata Motors, Ltd.*ADR (Automobiles) | | | 5,554 | | | | 126,520 | |
| Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 6,773 | | | | 240,171 | |
| United Microelectronics Corp.ADR (Semiconductors & Semiconductor Equipment) | | | 33,899 | | | | 320,346 | |
| Vale S.A.ADR (Metals & Mining) | | | 50,396 | | | | 1,149,533 | |
| Vipshop Holdings, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 5,817 | | | | 116,805 | |
| Wipro, Ltd.ADR (IT Services) | | | 20,901 | | | | 163,237 | |
| Zai Lab, Ltd.*ADR (Biotechnology) | | | 1,078 | | | | 190,795 | |
| ZTO Express Cayman, Inc.ADR (Air Freight & Logistics) | | | 6,925 | | | | 210,174 | |
TOTAL COMMON STOCKS
(Cost $14,121,311) | | | | | | | 27,744,814 | |
| | | | | | | | | |
| Preferred Stock (1.4%) | | | | | | | | |
| Petroleo Brasileiro S.A.ADR (Oil, Gas & Consumable Fuels) | | | 33,699 | | | | 397,985 | |
TOTAL PREFERRED STOCK
(Cost $65,299) | | | | | | | 397,985 | |
Repurchase Agreements(a)(b) (4.0%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, rates 0.00%, dated 6/30/21, due 7/1/21, total to be received $1,161,000 | | $ | 1,161,000 | | | $ | 1,161,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $1,161,000) | | | | | | | 1,161,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $15,347,610)—100.0% | | | | | | | 29,303,799 | |
| Net other assets (liabilities)—(NM) | | | | | | | (2,005 | ) |
| NET ASSETS—100.0% | | | | | | $ | 29,301,794 | |
| * | Non-income producing security. |
| (a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2021, the aggregate amount held in a segregated account was $267,000. |
| (b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
| ADR | American Depositary Receipt |
| NM | Not meaningful, amount is less than 0.05%. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P/BNY Mellon Emerging 50 ADR Index (USD) | | Goldman Sachs International | | 7/27/21 | | | 0.54 | % | | $ | 444,799 | | | $ | 196 | |
| S&P/BNY Mellon Emerging 50 ADR Index (USD) | | UBS AG | | 7/27/21 | | | 0.59 | % | | | 709,725 | | | | 1,183 | |
| | | | | | | | | | | $ | 1,154,524 | | | $ | 1,379 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
62 :: ProFund VP Emerging Markets :: Financial Statements
ProFund VP Emerging Markets invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Air Freight & Logistics | | $ | 210,174 | | | | 0.7 | % |
| Automobiles | | | 1,189,350 | | | | 4.0 | % |
| Banks | | | 3,358,860 | | | | 11.6 | % |
| Beverages | | | 452,883 | | | | 1.6 | % |
| Biotechnology | | | 389,502 | | | | 1.3 | % |
| Chemicals | | | 129,922 | | | | 0.4 | % |
| Construction Materials | | | 186,556 | | | | 0.6 | % |
| Diversified Consumer Services | | | 329,142 | | | | 1.1 | % |
| Diversified Telecommunication Services | | | 377,931 | | | | 1.3 | % |
| Entertainment | | | 1,066,211 | | | | 3.6 | % |
| Hotels, Restaurants & Leisure | | | 113,119 | | | | 0.4 | % |
| Insurance | | | 217,258 | | | | 0.7 | % |
| Interactive Media & Services | | | 815,600 | | | | 2.8 | % |
| Internet & Direct Marketing Retail | | | 7,819,579 | | | | 26.8 | % |
| IT Services | | | 1,434,003 | | | | 4.8 | % |
| Metals & Mining | | | 1,910,926 | | | | 6.5 | % |
| Oil, Gas & Consumable Fuels | | | 1,074,579 | | | | 3.7 | % |
| Paper & Forest Products | | | 125,047 | | | | 0.4 | % |
| Personal Products | | | 139,770 | | | | 0.5 | % |
| Pharmaceuticals | | | 130,921 | | | | 0.4 | % |
| Real Estate Management & Development | | | 111,953 | | | | 0.4 | % |
| Semiconductors & Semiconductor Equipment | | | 6,154,691 | | | | 21.0 | % |
| Wireless Telecommunication Services | | | 404,822 | | | | 1.4 | % |
| Other** | | | 1,158,995 | | | | 4.0 | % |
| Total | | $ | 29,301,794 | | | | 100.0 | % |
ProFund VP Emerging Markets invested in securities with exposure to the following countries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Brazil | | $ | 3,160,847 | | | | 10.8 | % |
| China | | | 12,609,644 | | | | 43.0 | % |
| India | | | 3,572,091 | | | | 12.2 | % |
| Indonesia | | | 151,170 | | | | 0.5 | % |
| Mexico | | | 675,404 | | | | 2.3 | % |
| South Africa | | | 529,959 | | | | 1.8 | % |
| South Korea | | | 1,062,232 | | | | 3.6 | % |
| Taiwan | | | 6,381,452 | | | | 21.8 | % |
| Other** | | | 1,158,995 | | | | 4.0 | % |
| Total | | $ | 29,301,794 | | | | 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 :: 63
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 15,347,610 | |
| Securities, at value | | | 28,142,799 | |
| Repurchase agreements, at value | | | 1,161,000 | |
| Total Investment Securities, at value | | | 29,303,799 | |
| Cash | | | 652 | |
| Dividends receivable | | | 65,594 | |
| Unrealized appreciation on swap agreements | | | 1,379 | |
| Receivable for capital shares issued | | | 8,055 | |
| Prepaid expenses | | | 495 | |
| TOTAL ASSETS | | | 29,379,974 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 4,911 | |
| Advisory fees payable | | | 18,510 | |
| Management services fees payable | | | 2,468 | |
| Administration fees payable | | | 1,755 | |
| Administrative services fees payable | | | 16,303 | |
| Distribution fees payable | | | 17,062 | |
| Transfer agency fees payable | | | 2,820 | |
| Fund accounting fees payable | | | 970 | |
| Compliance services fees payable | | | 241 | |
| Other accrued expenses | | | 13,140 | |
| TOTAL LIABILITIES | | | 78,180 | |
| NET ASSETS | | $ | 29,301,794 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 24,084,853 | |
| Total distributable earnings (loss) | | | 5,216,941 | |
| NET ASSETS | | $ | 29,301,794 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 777,901 | |
| Net Asset Value (offering and redemption price per share) | | $ | 37.67 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 194,862 | |
| Interest | | | 53 | |
| Foreign tax withholding | | | (17,573 | ) |
| Income from securities lending | | | 920 | |
| TOTAL INVESTMENT INCOME | | | 178,262 | |
| EXPENSES: | | | | |
| Advisory fees | | | 108,350 | |
| Management services fees | | | 14,446 | |
| Administration fees | | | 10,280 | |
| Transfer agency fees | | | 8,330 | |
| Administrative services fees | | | 34,096 | |
| Distribution fees | | | 36,117 | |
| Custody fees | | | 5,122 | |
| Fund accounting fees | | | 5,698 | |
| Trustee fees | | | 330 | |
| Compliance services fees | | | 129 | |
| Other fees | | | 13,327 | |
| Recoupment of prior expenses reduced by the Advisor | | | 6,479 | |
| TOTAL NET EXPENSES | | | 242,704 | |
| NET INVESTMENT INCOME (LOSS) | | | (64,442 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (906,262 | ) |
| Net realized gains (losses) on swap agreements | | | (13,361 | ) |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,070,796 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (7,725 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 143,448 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 79,006 | |
See accompanying notes to financial statements.
64 :: ProFund VP Emerging Markets :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (64,442 | ) | | $ | (57,370 | ) |
| Net realized gains (losses) on investments | | | (919,623 | ) | | | (391,936 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 1,063,071 | | | | 4,645,377 | |
| Change in net assets resulting from operations | | | 79,006 | | | | 4,196,071 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (117,347 | ) |
| Change in net assets resulting from distributions | | | — | | | | (117,347 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 23,510,068 | | | | 35,488,770 | |
| Distributions reinvested | | | — | | | | 117,347 | |
| Value of shares redeemed | | | (20,796,775 | ) | | | (39,127,017 | ) |
| Change in net assets resulting from capital transactions | | | 2,713,293 | | | | (3,520,900 | ) |
| Change in net assets | | | 2,792,299 | | | | 557,824 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 26,509,495 | | | | 25,951,671 | |
| End of period | | $ | 29,301,794 | | | $ | 26,509,495 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 605,848 | | | | 1,201,057 | |
| Reinvested | | | — | | | | 3,737 | |
| Redeemed | | | (551,550 | ) | | | (1,373,518 | ) |
| Change in shares | | | 54,298 | | | | (168,724 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Emerging Markets :: 65
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 36.64 | | | $ | 29.08 | | | $ | 23.54 | | | $ | 27.85 | | | $ | 20.91 | | | $ | 18.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.08 | ) | | | (0.08 | ) | | | 0.15 | | | | 0.09 | | | | 0.06 | | | | 0.02 | |
| Net realized and unrealized gains (losses) on investments | | | 1.11 | | | | 7.82 | | | | 5.53 | | | | (4.33 | ) | | | 6.89 | | | | 2.06 | |
| Total income (loss) from investment activities | | | 1.03 | | | | 7.74 | | | | 5.68 | | | | (4.24 | ) | | | 6.95 | | | | 2.08 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.18 | ) | | | (0.14 | ) | | | (0.07 | ) | | | (0.01 | ) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 37.67 | | | $ | 36.64 | | | $ | 29.08 | | | $ | 23.54 | | | $ | 27.85 | | | $ | 20.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 2.81 | % | | | 26.72 | %(c) | | | 24.23 | %(d) | | | (15.27 | )% | | | 33.26 | % | | | 11.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.68 | % | | | 1.74 | % | | | 1.74 | % | | | 1.74 | % | | | 1.70 | % | | | 1.72 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (0.45 | )% | | | (0.29 | )% | | | 0.58 | % | | | 0.34 | % | | | 0.21 | % | | | 0.10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 29,302 | | | $ | 26,509 | | | $ | 25,952 | | | $ | 17,065 | | | $ | 34,450 | | | $ | 14,906 | |
| Portfolio turnover rate(b)(f) | | | 33 | % | | | 108 | % | | | 83 | % | | | 21 | % | | | 54 | % | | | 118 | % |
(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, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.20%.
(d) 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%.
(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). 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.
66 :: ProFund VP Europe 30 :: Financial Statements
Investment Objective: The ProFund VP Europe 30 seeks investment results, before fees and expenses, that correspond to the performance of the ProFunds Europe 30 Index®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| ASML Holding N.V. | | | 7.9 | % |
| SAP SE | | | 5.0 | % |
| Royal Dutch Shell PLC | | | 4.7 | % |
| NOVO Nordisk A/S | | | 4.6 | % |
| Rio Tinto PLC | | | 4.5 | % |
ProFunds Europe 30® Index – Composition
| Industry Breakdown | | % of Index | |
| Health Care | | | 20 | % |
| Energy | | | 18 | % |
| Information Technology | | | 18 | % |
| Financials | | | 13 | % |
| Consumer Staples | | | 12 | % |
| Materials | | | 7 | % |
| Industrials | | | 5 | % |
| Utilities | | | 3 | % |
| Communication Services | | | 3 | % |
| Consumer Discretionary | | | 1 | % |
| Country Composition | | | | |
| United Kingdom | | | 39 | % |
| Netherlands | | | 17 | % |
| Germany | | | 9 | % |
| France | | | 7 | % |
| Other | | | 28 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.1%)
| | | Shares | | | Value | |
| Anheuser-Busch InBev N.V.ADR (Beverages) | | | 11,904 | | | $ | 857,207 | |
| ArcelorMittal SANYS—Class A (Metals & Mining) | | | 17,860 | | | | 554,731 | |
| Argenx SE*ADR (Biotechnology) | | | 821 | | | | 247,178 | |
| Ascendis Pharma A/S*ADR (Biotechnology) | | | 2,463 | | | | 324,008 | |
| ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | | 2,258 | | | | 1,559,917 | |
| AstraZeneca PLCADR (Pharmaceuticals) | | | 12,316 | | | | 737,729 | |
| Banco Santander S.A.ADR (Banks) | | | 165,463 | | | | 646,960 | |
| Barclays PLCADR (Banks) | | | 55,428 | | | | 534,880 | |
| BioNTech SE*ADR (Biotechnology) | | | 2,669 | | | | 597,536 | |
| BP PLCADR (Oil, Gas & Consumable Fuels) | | | 27,514 | | | | 726,920 | |
| British American Tobacco PLCADR (Tobacco) | | | 16,830 | | | | 661,587 | |
| Diageo PLCADR (Beverages) | | | 4,105 | | | | 786,887 | |
| Equinor ASAADR(a) (Oil, Gas & Consumable Fuels) | | | 30,998 | | | | 657,158 | |
| GlaxoSmithKline PLCADR (Pharmaceuticals) | | | 13,754 | | | | 547,684 | |
| HSBC Holdings PLCADR (Banks) | | | 27,304 | | | | 787,720 | |
| ING Groep N.V.ADR (Banks) | | | 47,832 | | | | 633,296 | |
| Jumia Technologies AG*ADR (Internet & Direct Marketing Retail) | | | 8,211 | | | | 249,040 | |
| National Grid PLCADR (Multi-Utilities) | | | 8,006 | | | | 511,904 | |
| Nokia Corp.*ADR (Communications Equipment) | | | 100,796 | | | | 536,235 | |
| NOVO Nordisk A/SADR (Pharmaceuticals) | | | 10,882 | | | | 911,585 | |
| RELX PLCADR (Professional Services) | | | 19,913 | | | | 531,080 | |
| Rio Tinto PLCADR (Metals & Mining) | | | 10,469 | | | | 878,244 | |
| Royal Dutch Shell PLCADR—Class A (Oil, Gas & Consumable Fuels) | | | 22,992 | | | | 928,877 | |
| Ryanair Holdings PLC*ADR (Airlines) | | | 3,695 | | | | 399,836 | |
| SanofiADR (Pharmaceuticals) | | | 12,523 | | | | 659,461 | |
| SAP SEADR (Software) | | | 6,980 | | | | 980,410 | |
| Telefonaktiebolaget LM EricssonADR (Communications Equipment) | | | 38,799 | | | | 488,091 | |
| Tenaris S.A.ADR (Energy Equipment & Services) | | | 21,965 | | | | 481,034 | |
| TOTAL S.A.ADR (Oil, Gas & Consumable Fuels) | | | 17,244 | | | | 780,464 | |
| Vodafone Group PLCADR (Wireless Telecommunication Services) | | | 28,945 | | | | 495,828 | |
TOTAL COMMON STOCKS
(Cost $12,520,253) | | | | | | | 19,693,487 | |
| | | | | | | | | |
| Collateral for Securities Loaned(b) (3.1%) | | | | | | | | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(c) | | | 614,900 | | | | 614,900 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $614,900) | | | | | | | 614,900 | |
TOTAL INVESTMENT SECURITIES
(Cost $13,135,153)—103.2% | | | | | | | 20,308,387 | |
| Net other assets (liabilities)—(3.2)% | | | | | | | (633,364 | ) |
| NET ASSETS—100.0% | | | | | | $ | 19,675,023 | |
* Non-income producing security.
(a) All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $592,540.
(b) Securities were purchased with cash collateral held from securities on loan at June 30, 2021.
(c) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021.
ADR American Depositary Receipt
NYS New York Shares
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 67
ProFund VP Europe 30 invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Airlines | | $ | 399,836 | | | | 2.0 | % |
| Banks | | | 2,602,856 | | | | 13.2 | % |
| Beverages | | | 1,644,094 | | | | 8.4 | % |
| Biotechnology | | | 1,168,722 | | | | 5.9 | % |
| Communications Equipment | | | 1,024,326 | | | | 5.2 | % |
| Energy Equipment & Services | | | 481,034 | | | | 2.4 | % |
| Internet & Direct Marketing Retail | | | 249,040 | | | | 1.3 | % |
| Metals & Mining | | | 1,432,975 | | | | 7.4 | % |
| Multi-Utilities | | | 511,904 | | | | 2.6 | % |
| Oil, Gas & Consumable Fuels | | | 3,093,419 | | | | 15.6 | % |
| Pharmaceuticals | | | 2,856,459 | | | | 14.6 | % |
| Professional Services | | | 531,080 | | | | 2.7 | % |
| Semiconductors & Semiconductor Equipment | | | 1,559,917 | | | | 7.9 | % |
| Software | | | 980,410 | | | | 5.0 | % |
| Tobacco | | | 661,587 | | | | 3.4 | % |
| Wireless Telecommunication Services | | | 495,828 | | | | 2.5 | % |
| Other** | | | (18,464 | ) | | | (0.1 | )% |
| Total | | $ | 19,675,023 | | | | 100.0 | % |
ProFund VP Europe 30 invested in securities with exposure to the following countries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Belgium | | $ | 857,207 | | | | 4.4 | % |
| Denmark | | | 1,235,593 | | | | 6.3 | % |
| Finland | | | 536,235 | | | | 2.7 | % |
| France | | | 1,439,925 | | | | 7.3 | % |
| Germany | | | 1,826,986 | | | | 9.3 | % |
| Ireland | | | 399,836 | | | | 2.0 | % |
| Luxembourg | | | 1,035,765 | | | | 5.3 | % |
| Netherlands | | | 3,369,268 | | | | 17.1 | % |
| Norway | | | 657,158 | | | | 3.3 | % |
| Spain | | | 646,960 | | | | 3.3 | % |
| Sweden | | | 488,091 | | | | 2.5 | % |
| United Kingdom | | | 7,200,463 | | | | 36.6 | % |
| Other** | | | (18,464 | ) | | | (0.1 | )% |
| Total | | $ | 19,675,023 | | | | 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.
68 :: ProFund VP Europe 30 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 13,135,153 | |
| Securities, at value(a) | | | 20,308,387 | |
| Total Investment Securities, at value | | | 20,308,387 | |
| Dividends receivable | | | 56,409 | |
| Receivable for capital shares issued | | | 20,313 | |
| Receivable for tax reclaims | | | 22,606 | |
| Receivable for investments sold | | | 80,020 | |
| Prepaid expenses | | | 293 | |
| TOTAL ASSETS | | | 20,488,028 | |
| LIABILITIES: | | | | |
| Cash overdraft | | | 17,725 | |
| Payable for capital shares redeemed | | | 132,141 | |
| Payable for collateral for securities loaned | | | 614,900 | |
| Advisory fees payable | | | 14,899 | |
| Management services fees payable | | | 1,987 | |
| Administration fees payable | | | 1,314 | |
| Administrative services fees payable | | | 7,271 | |
| Distribution fees payable | | | 9,076 | |
| Transfer agency fees payable | | | 2,094 | |
| Fund accounting fees payable | | | 724 | |
| Compliance services fees payable | | | 148 | |
| Other accrued expenses | | | 10,726 | |
| TOTAL LIABILITIES | | | 813,005 | |
| NET ASSETS | | $ | 19,675,023 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 17,603,881 | |
| Total distributable earnings (loss) | | | 2,071,142 | |
| NET ASSETS | | $ | 19,675,023 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 797,156 | |
| Net Asset Value (offering and redemption price per share) | | $ | 24.68 | |
| (a) Includes securities on loan valued at: | | $ | 592,540 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 298,619 | |
| Foreign tax withholding | | | (13,284 | ) |
| Income from securities lending | | | 1,344 | |
| TOTAL INVESTMENT INCOME | | | 286,679 | |
| EXPENSES: | | | | |
| Advisory fees | | | 66,527 | |
| Management services fees | | | 8,870 | |
| Administration fees | | | 6,601 | |
| Transfer agency fees | | | 5,421 | |
| Administrative services fees | | | 21,384 | |
| Distribution fees | | | 22,176 | |
| Custody fees | | | 6,670 | |
| Fund accounting fees | | | 3,704 | |
| Trustee fees | | | 218 | |
| Compliance services fees | | | 84 | |
| Other fees | | | 9,351 | |
| Total Gross Expenses before reductions | | | 151,006 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,985 | ) |
| TOTAL NET EXPENSES | | | 149,021 | |
| NET INVESTMENT INCOME (LOSS) | | | 137,658 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 52,112 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,869,191 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,921,303 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,058,961 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Europe 30 :: 69
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | 137,658 | | | $ | 163,002 | |
| Net realized gains (losses) on investments | | | 52,112 | | | | 249,041 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,869,191 | | | | (2,367,248 | ) |
| Change in net assets resulting from operations | | | 3,058,961 | | | | (1,955,205 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (163,002 | ) | | | (395,173 | ) |
| Change in net assets resulting from distributions | | | (163,002 | ) | | | (395,173 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 15,173,345 | | | | 11,365,686 | |
| Distributions reinvested | | | 163,002 | | | | 395,173 | |
| Value of shares redeemed | | | (13,286,769 | ) | | | (14,207,043 | ) |
| Change in net assets resulting from capital transactions | | | 2,049,578 | | | | (2,446,184 | ) |
| Change in net assets | | | 4,945,537 | | | | (4,796,562 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 14,729,486 | | | | 19,526,048 | |
| End of period | | $ | 19,675,023 | | | $ | 14,729,486 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 643,480 | | | | 581,469 | |
| Reinvested | | | 6,733 | | | | 20,561 | |
| Redeemed | | | (562,569 | ) | | | (723,251 | ) |
| Change in shares | | | 87,644 | | | | (121,221 | ) |
See accompanying notes to financial statements.
70 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 20.76 | | | $ | 23.50 | | | $ | 20.55 | | | $ | 24.53 | | | $ | 20.84 | | | $ | 19.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.18 | | | | 0.22 | | | | 0.45 | | | | 0.48 | | | | 0.50 | | | | 0.50 | |
| Net realized and unrealized gains (losses) on investments | | | 3.96 | | | | (2.43 | ) | | | 3.15 | | | | (3.86 | ) | | | 3.60 | | | | 1.03 | |
| Total income (loss) from investment activities | | | 4.14 | | | | (2.21 | ) | | | 3.60 | | | | (3.38 | ) | | | 4.10 | | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.22 | ) | | | (0.53 | ) | | | (0.65 | ) | | | (0.60 | ) | | | (0.41 | ) | | | (0.59 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 24.68 | | | $ | 20.76 | | | $ | 23.50 | | | $ | 20.55 | | | $ | 24.53 | | | $ | 20.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 19.96 | % | | | (9.23 | )% | | | 17.79 | % | | | (14.13 | )% | | | 19.71 | % | | | 7.76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.70 | % | | | 1.77 | % | | | 1.79 | % | | | 1.75 | % | | | 1.74 | % | | | 1.70 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 1.55 | % | | | 1.10 | % | | | 1.97 | % | | | 1.99 | % | | | 2.14 | % | | | 2.54 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 19,675 | | | $ | 14,729 | | | $ | 19,526 | | | $ | 18,331 | | | $ | 32,199 | | | $ | 24,231 | |
| Portfolio turnover rate(b)(d) | | | 51 | % | | | 63 | % | | | 85 | % | | | 228 | % | | | 181 | % | | | 102 | % |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 71
Investment Objective: The ProFund VP Falling U.S. Dollar seeks daily investment results, before fees and expenses, that correspond to the return of the basket of non-U.S. currencies included in the U.S. Dollar Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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) (103.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $816,000 | | $ | 816,000 | | | $ | 816,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $816,000) | | | | | | | 816,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $816,000)—103.3% | | | | | | | 816,000 | |
| Net other assets (liabilities)—(3.3)% | | | | | | | (26,336 | ) |
| NET ASSETS—100.0% | | | | | | $ | 789,664 | |
| (a) | A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At June 30, 2021, the aggregate amount held in a segregated account was $73,000. |
| (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, 2021, 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) | |
| Short: | | | | | | | | | | | | | | | | | | | | |
| U.S. dollar | | $ | 6,503 | | | British pound | | $ | 4,667 | | | 7/9/21 | | $ | 6,455 | | | $ | 48 | |
| U.S. dollar | | | 5,171 | | | Canadian dollar | | | 6,371 | | | 7/9/21 | | | 5,141 | | | | 30 | |
| U.S. dollar | | | 32,367 | | | Euro | | | 27,116 | | | 7/9/21 | | | 32,155 | | | | 212 | |
| U.S. dollar | | | 6,796 | | | Japanese yen | | | 753,167 | | | 7/9/21 | | | 6,781 | | | | 15 | |
| U.S. dollar | | | 2,662 | | | Swedish krona | | | 22,537 | | | 7/9/21 | | | 2,634 | | | | 28 | |
| U.S. dollar | | | 1,939 | | | Swiss franc | | | 1,780 | | | 7/9/21 | | | 1,924 | | | | 15 | |
| Total Short Contracts | | $ | 55,438 | | | | | | | | | | | $ | 55,090 | | | $ | 348 | |
| | | | | | | | | | | | | | | | | | | | | |
| Long: | | | | | | | | | | | | | | | | | | | | |
| British pound | | $ | 38,695 | | | U.S. dollar | | $ | 54,814 | | | 7/9/21 | | $ | 53,520 | | | $ | (1,294 | ) |
| Canadian dollar | | | 51,739 | | | U.S. dollar | | | 42,888 | | | 7/9/21 | | | 41,745 | | | | (1,143 | ) |
| Euro | | | 210,493 | | | U.S. dollar | | | 257,113 | | | 7/9/21 | | | 249,610 | | | | (7,503 | ) |
| Japanese yen | | | 5,922,219 | | | U.S. dollar | | | 54,037 | | | 7/9/21 | | | 53,319 | | | | (718 | ) |
| Swedish krona | | | 151,479 | | | U.S. dollar | | | 18,316 | | | 7/9/21 | | | 17,707 | | | | (609 | ) |
| Swiss franc | | | 12,294 | | | U.S. dollar | | | 13,694 | | | 7/9/21 | | | 13,294 | | | | (400 | ) |
| Total Long Contracts | | | | | | | | $ | 440,862 | | | | | $ | 429,195 | | | $ | (11,667 | ) |
See accompanying notes to financial statements.
72 :: ProFund VP Falling U.S. Dollar :: Financial Statements
As of June 30, 2021, the ProFund VP Falling U.S. Dollar's forward currency contracts with UBS AG, were as follows:
Description and amount of
currency purchased | | Description and amount of
currency sold | | Delivery
Date | | Fair
Value | | | Unrealized
Appreciation/
(Depreciation) | |
| Long: | | | | | | | | | | | | | | | | |
| British pound | | $ | 33,809 | | | U.S. dollar | | $ | 47,831 | | | 7/9/21 | | $ | 46,762 | | | $ | (1,069 | ) |
| Canadian dollar | | | 43,642 | | | U.S. dollar | | | 36,080 | | | 7/9/21 | | | 35,212 | | | | (868 | ) |
| Euro | | | 199,857 | | | U.S. dollar | | | 243,451 | | | 7/9/21 | | | 236,998 | | | | (6,453 | ) |
| Japanese yen | | | 6,801,725 | | | U.S. dollar | | | 62,057 | | | 7/9/21 | | | 61,238 | | | | (819 | ) |
| Swedish krona | | | 153,276 | | | U.S. dollar | | | 18,482 | | | 7/9/21 | | | 17,917 | | | | (565 | ) |
| Swiss franc | | | 15,720 | | | U.S. dollar | | | 17,499 | | | 7/9/21 | | | 16,999 | | | | (500 | ) |
| Total Long Contracts | | | | | $ | 425,400 | | | | | $ | 415,126 | | | $ | (10,274 | ) |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | Total unrealized appreciation | | | | | | $ | 348 | |
| | | | | | | | | | Total unrealized (depreciation) | | | | | | | (21,941 | ) |
| | | | | | | | | | Total net unrealized appreciation/(depreciation) | | | $ | (21,593 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Falling U.S. Dollar :: 73
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 816,000 | |
| Repurchase agreements, at value | | | 816,000 | |
| Total Investment Securities, at value | | | 816,000 | |
| Cash | | | 531 | |
| Segregated cash balances for swap agreements with custodian | | | 320 | |
| Unrealized appreciation on forward foreign currency contracts | | | 348 | |
| Prepaid expenses | | | 19 | |
| TOTAL ASSETS | | | 817,218 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 107 | |
| Unrealized depreciation on forward foreign currency contracts | | | 21,941 | |
| Advisory fees payable | | | 49 | |
| Management services fees payable | | | 7 | |
| Administration fees payable | | | 48 | |
| Administrative services fees payable | | | 418 | |
| Distribution fees payable | | | 478 | |
| Transfer agency fees payable | | | 80 | |
| Fund accounting fees payable | | | 26 | |
| Compliance services fees payable | | | 9 | |
| Other accrued expenses | | | 4,391 | |
| TOTAL LIABILITIES | | | 27,554 | |
| NET ASSETS | | $ | 789,664 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 1,117,063 | |
| Total distributable earnings (loss) | | | (327,399 | ) |
| NET ASSETS | | $ | 789,664 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 45,566 | |
| Net Asset Value (offering and redemption price per share) | | $ | 17.33 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 21 | |
| EXPENSES: | | | | |
| Advisory fees | | | 3,825 | |
| Management services fees | | | 510 | |
| Administration fees | | | 358 | |
| Transfer agency fees | | | 290 | |
| Administrative services fees | | | 1,157 | |
| Distribution fees | | | 1,275 | |
| Custody fees | | | 2,785 | |
| Fund accounting fees | | | 196 | |
| Trustee fees | | | 11 | |
| Compliance services fees | | | 4 | |
| Licensing fees | | | 834 | |
| Other fees | | | 388 | |
| Total Gross Expenses before reductions | | | 11,633 | |
| Expenses reduced and reimbursed by the Advisor | | | (3,064 | ) |
| TOTAL NET EXPENSES | | | 8,569 | |
| NET INVESTMENT INCOME (LOSS) | | | (8,548 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on forward currency contracts | | | (5,972 | ) |
| Change in net unrealized appreciation/depreciation on forward currency contracts | | | (35,362 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (41,334 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (49,882 | ) |
See accompanying notes to financial statements.
74 :: ProFund VP Falling U.S. Dollar :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (8,548 | ) | | $ | (8,906 | ) |
| Net realized gains (losses) on investments | | | (5,972 | ) | | | 31,832 | |
| Change in net unrealized appreciation/depreciation on investments | | | (35,362 | ) | | | 10,007 | |
| Change in net assets resulting from operations | | | (49,882 | ) | | | 32,933 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (15,895 | ) | | | (1,949 | ) |
| Change in net assets resulting from distributions | | | (15,895 | ) | | | (1,949 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 543,447 | | | | 3,690,898 | |
| Distributions reinvested | | | 15,895 | | | | 1,949 | |
| Value of shares redeemed | | | (1,039,454 | ) | | | (3,003,417 | ) |
| Change in net assets resulting from capital transactions | | | (480,112 | ) | | | 689,430 | |
| Change in net assets | | | (545,889 | ) | | | 720,414 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 1,335,553 | | | | 615,139 | |
| End of period | | $ | 789,664 | | | $ | 1,335,553 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 30,199 | | | | 209,103 | |
| Reinvested | | | 899 | | | | 108 | |
| Redeemed | | | (58,254 | ) | | | (171,434 | ) |
| Change in shares | | | (27,156 | ) | | | 37,777 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Falling U.S. Dollar :: 75
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 18.37 | | | $ | 17.60 | | | $ | 18.03 | | | $ | 22.30 | | | $ | 20.57 | | | $ | 21.85 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.15 | ) | | | (0.25 | ) | | | 0.08 | | | | 0.01 | | | | (0.18 | ) | | | (0.31 | ) |
| Net realized and unrealized gains (losses) on investments | | | (0.52 | ) | | | 1.09 | | | | (0.50 | ) | | | (1.34 | ) | | | 1.91 | | | | (0.97 | ) |
| Total income (loss) from investment activities | | | (0.67 | ) | | | 0.84 | | | | (0.42 | ) | | | (1.33 | ) | | | 1.73 | | | | (1.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.07 | ) | | | (0.01 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (0.37 | ) | | | — | | | | — | | | | (2.94 | ) | | | — | | | | — | |
| Total distributions | | | (0.37 | ) | | | (0.07 | ) | | | (0.01 | ) | | | (2.94 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 17.33 | | | $ | 18.37 | | | $ | 17.60 | | | $ | 18.03 | | | $ | 22.30 | | | $ | 20.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | (3.70 | )% | | | 4.80 | % | | | (2.34 | )% | | | (6.31 | )% | | | 8.46 | % | | | (5.86 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 2.28 | % | | | 3.18 | % | | | 5.49 | % | | | 4.51 | % | | | 3.09 | % | | | 4.39 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (1.68 | )% | | | (1.44 | )% | | | 0.44 | % | | | 0.03 | % | | | (0.84 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 790 | | | $ | 1,336 | | | $ | 615 | | | $ | 677 | | | $ | 693 | | | $ | 445 | |
| 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.
76 :: ProFund VP Financials :: Financial Statements
Investment Objective: The ProFund VP Financials seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. FinancialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 100 | % |
| Swap Agreements | | | — | (a) |
| 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.
(a) Amount is less than 0.5%.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Berkshire Hathaway, Inc. | | | 7.7 | % |
| JPMorgan Chase & Co. | | | 6.9 | % |
| Visa, Inc. | | | 5.8 | % |
| Mastercard, Inc. | | | 4.7 | % |
| Bank of America Corp. | | | 4.5 | % |
Dow Jones U.S. FinancialsSM Index – Composition
| | | % of Index | |
| Diversified Financials | | | 33 | % |
| Banks | | | 25 | % |
| Real Estate | | | 19 | % |
| Insurance | | | 12 | % |
| Software & Services | | | 11 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.5%)
| | | Shares | | | Value | |
| Affiliated Managers Group, Inc. (Capital Markets) | | | 248 | | | $ | 38,244 | |
| Aflac, Inc. (Insurance) | | | 3,770 | | | | 202,298 | |
| AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 3,132 | | | | 52,899 | |
| Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | | 818 | | | | 148,827 | |
| Alleghany Corp.* (Insurance) | | | 83 | | | | 55,367 | |
| Ally Financial, Inc. (Consumer Finance) | | | 2,212 | | | | 110,246 | |
| American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | | 822 | | | | 38,404 | |
| American Express Co. (Consumer Finance) | | | 3,881 | | | | 641,259 | |
| American Financial Group, Inc. (Insurance) | | | 411 | | | | 51,260 | |
| American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | | | 1,634 | | | | 63,481 | |
| American International Group, Inc. (Insurance) | | | 5,119 | | | | 243,664 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 2,712 | | | | 732,619 | |
| Americold Realty Trust (Equity Real Estate Investment Trusts) | | | 1,507 | | | | 57,040 | |
| Ameriprise Financial, Inc. (Capital Markets) | | | 692 | | | | 172,225 | |
| Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | | | 8,343 | | | | 74,087 | |
| Aon PLC (Insurance) | | | 1,346 | | | | 321,371 | |
| Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | | | 935 | | | | 44,347 | |
| Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | | | 896 | | | | 6,012 | |
| Apollo Global Management, Inc. (Capital Markets) | | | 1,261 | | | | 78,434 | |
| Arch Capital Group, Ltd.* (Insurance) | | | 2,407 | | | | 93,729 | |
| Ares Management Corp.—Class A (Capital Markets) | | | 658 | | | | 41,842 | |
| Arthur J. Gallagher & Co. (Insurance) | | | 1,222 | | | | 171,178 | |
| Assurant, Inc. (Insurance) | | | 361 | | | | 56,381 | |
| Athene Holding, Ltd.* (Insurance) | | | 743 | | | | 50,153 | |
| AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | | 833 | | | | 173,839 | |
| Axis Capital Holdings, Ltd. (Insurance) | | | 481 | | | | 23,574 | |
| Bank of America Corp. (Banks) | | | 44,981 | | | | 1,854,566 | |
| Bank OZK (Banks) | | | 721 | | | | 30,397 | |
| Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | | 11,306 | | | | 3,142,163 | |
| BlackRock, Inc.—Class A (Capital Markets) | | | 846 | | | | 740,225 | |
| Blackstone Group, Inc.—Class A (Capital Markets) | | | 4,082 | | | | 396,525 | |
| Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | | 878 | | | | 27,999 | |
| BOK Financial Corp. (Banks) | | | 183 | | | | 15,848 | |
| Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | | 847 | | | | 97,058 | |
| Brighthouse Financial, Inc.* (Insurance) | | | 512 | | | | 23,316 | |
| Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 1,773 | | | | 40,584 | |
| Brown & Brown, Inc. (Insurance) | | | 1,396 | | | | 74,183 | |
| Camden Property Trust (Equity Real Estate Investment Trusts) | | | 583 | | | | 77,347 | |
| Capital One Financial Corp. (Consumer Finance) | | | 2,693 | | | | 416,580 | |
| Cboe Global Markets, Inc. (Capital Markets) | | | 636 | | | | 75,716 | |
| CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | | 2,002 | | | | 171,631 | |
| Chubb, Ltd. (Insurance) | | | 2,682 | | | | 426,277 | |
| Cincinnati Financial Corp. (Insurance) | | | 893 | | | | 104,142 | |
| Citigroup, Inc. (Banks) | | | 12,329 | | | | 872,277 | |
| Citizens Financial Group, Inc. (Banks) | | | 2,541 | | | | 116,556 | |
| CME Group, Inc. (Capital Markets) | | | 2,142 | | | | 455,561 | |
| CNA Financial Corp. (Insurance) | | | 162 | | | | 7,369 | |
| Coinbase Global, Inc.*—Class A (Capital Markets) | | | 161 | | | | 40,781 | |
| Comerica, Inc. (Banks) | | | 833 | | | | 59,426 | |
| Commerce Bancshares, Inc. (Banks) | | | 628 | | | | 46,824 | |
| CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | | 256 | | | | 34,458 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 671 | | | | 18,781 | |
| CoStar Group, Inc.* (Professional Services) | | | 2,350 | | | | 194,627 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 77
Common Stocks, continued
| | | Shares | | | Value | |
| Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | | 887 | | | $ | 32,624 | |
| Credit Acceptance Corp.* (Consumer Finance) | | | 68 | | | | 30,879 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 2,578 | | | | 502,968 | |
| CubeSmart (Equity Real Estate Investment Trusts) | | | 1,202 | | | | 55,677 | |
| Cullen/Frost Bankers, Inc. (Banks) | | | 337 | | | | 37,744 | |
| CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | | 731 | | | | 52,281 | |
| Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,679 | | | | 252,622 | |
| Discover Financial Services (Consumer Finance) | | | 1,818 | | | | 215,051 | |
| Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | | 984 | | | | 33,082 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 2,236 | | | | 105,875 | |
| East West Bancorp, Inc. (Banks) | | | 846 | | | | 60,650 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 239 | | | | 39,304 | |
| Enstar Group, Ltd.* (Insurance) | | | 78 | | | | 18,636 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 534 | | | | 428,588 | |
| Equitable Holdings, Inc. (Diversified Financial Services) | | | 2,299 | | | | 70,005 | |
| Equity Commonwealth (Equity Real Estate Investment Trusts) | | | 728 | | | | 19,074 | |
| Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,011 | | | | 75,127 | |
| Equity Residential (Equity Real Estate Investment Trusts) | | | 2,053 | | | | 158,081 | |
| Erie Indemnity Co.—Class A (Insurance) | | | 149 | | | | 28,809 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 673 | | | | 30,251 | |
| Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 388 | | | | 116,404 | |
| Everest Re Group, Ltd. (Insurance) | | | 239 | | | | 60,230 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 798 | | | | 130,728 | |
| F.N.B. Corp. (Banks) | | | 1,906 | | | | 23,501 | |
| FactSet Research Systems, Inc. (Capital Markets) | | | 225 | | | | 75,512 | |
| Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | | 422 | | | | 49,446 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 558 | | | | 18,922 | |
| Fifth Third Bancorp (Banks) | | | 4,199 | | | | 160,528 | |
| First American Financial Corp. (Insurance) | | | 654 | | | | 40,777 | |
| First Citizens BancShares, Inc.—Class A (Banks) | | | 43 | | | | 35,808 | |
| First Financial Bankshares, Inc. (Banks) | | | 849 | | | | 41,711 | |
| First Horizon Corp. (Banks) | | | 3,295 | | | | 56,944 | |
| First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 770 | | | | 40,217 | |
| First Republic Bank (Banks) | | | 1,050 | | | | 196,529 | |
| FirstCash, Inc. (Consumer Finance) | | | 245 | | | | 18,728 | |
| FNF Group (Insurance) | | | 1,724 | | | | 74,925 | |
| Franklin Resources, Inc. (Capital Markets) | | | 1,625 | | | | 51,984 | |
| Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,306 | | | | 60,507 | |
| Glacier Bancorp, Inc. (Banks) | | | 570 | | | | 31,396 | |
| Globe Life, Inc. (Insurance) | | | 566 | | | | 53,912 | |
| Green Dot Corp.*—Class A (Consumer Finance) | | | 325 | | | | 15,226 | |
| Hartford Financial Services Group, Inc. (Insurance) | | | 2,131 | | | | 132,058 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 845 | | | | 25,519 | |
| Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 1,306 | | | | 34,870 | |
| Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | | | 3,215 | | | | 107,027 | |
| Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | | 621 | | | | 28,051 | |
| Home BancShares, Inc. (Banks) | | | 905 | | | | 22,335 | |
| Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 4,213 | | | | 72,000 | |
| Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | | 901 | | | | 25,066 | |
| Huntington Bancshares, Inc. (Banks) | | | 8,802 | | | | 125,605 | |
| Interactive Brokers Group, Inc. (Capital Markets) | | | 482 | | | | 31,682 | |
| Intercontinental Exchange, Inc. (Capital Markets) | | | 3,357 | | | | 398,476 | |
| Invesco, Ltd. (Capital Markets) | | | 2,258 | | | | 60,356 | |
| Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | | | 3,386 | | | | 126,264 | |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | | 1,722 | | | | 72,875 | |
| Janus Henderson Group PLC (Capital Markets) | | | 1,018 | | | | 39,509 | |
| JBG Smith Properties (Equity Real Estate Investment Trusts) | | | 659 | | | | 20,765 | |
| Jefferies Financial Group, Inc. (Diversified Financial Services) | | | 1,194 | | | | 40,835 | |
| Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | | | 306 | | | | 59,811 | |
| JPMorgan Chase & Co. (Banks) | | | 18,057 | | | | 2,808,585 | |
| Kemper Corp. (Insurance) | | | 362 | | | | 26,752 | |
| KeyCorp (Banks) | | | 5,790 | | | | 119,564 | |
| Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | | 632 | | | | 44,012 | |
| Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | | 2,587 | | | | 53,939 | |
| KKR & Co., Inc. (Capital Markets) | | | 3,470 | | | | 205,563 | |
| Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | | 517 | | | | 53,985 | |
| Lazard, Ltd.—Class A (Capital Markets) | | | 673 | | | | 30,453 | |
| LendingTree, Inc.* (Thrifts & Mortgage Finance) | | | 66 | | | | 13,984 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 1,657 | | | | 19,801 | |
| Life Storage, Inc. (Equity Real Estate Investment Trusts) | | | 459 | | | | 49,274 | |
| Lincoln National Corp. (Insurance) | | | 1,067 | | | | 67,050 | |
| Loews Corp. (Insurance) | | | 1,334 | | | | 72,903 | |
| LPL Financial Holdings, Inc. (Capital Markets) | | | 476 | | | | 64,250 | |
| M&T Bank Corp. (Banks) | | | 767 | | | | 111,453 | |
| Markel Corp.* (Insurance) | | | 82 | | | | 97,310 | |
| MarketAxess Holdings, Inc. (Capital Markets) | | | 226 | | | | 104,771 | |
| Marsh & McLennan Cos., Inc. (Insurance) | | | 3,033 | | | | 426,681 | |
| Mastercard, Inc.—Class A (IT Services) | | | 5,218 | | | | 1,905,040 | |
| Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | | 3,510 | | | | 70,551 | |
| Mercury General Corp. (Insurance) | | | 159 | | | | 10,327 | |
See accompanying notes to financial statements.
78 :: ProFund VP Financials :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| MetLife, Inc. (Insurance) | | | 4,438 | | | $ | 265,614 | |
| MGIC Investment Corp. (Thrifts & Mortgage Finance) | | | 2,025 | | | | 27,540 | |
| Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | | 683 | | | | 115,031 | |
| Moody's Corp. (Capital Markets) | | | 960 | | | | 347,875 | |
| Morgan Stanley (Capital Markets) | | | 8,880 | | | | 814,208 | |
| Morningstar, Inc. (Capital Markets) | | | 128 | | | | 32,910 | |
| MSCI, Inc.—Class A (Capital Markets) | | | 491 | | | | 261,742 | |
| Nasdaq, Inc. (Capital Markets) | | | 685 | | | | 120,423 | |
| National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | | 274 | | | | 18,372 | |
| National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,047 | | | | 49,083 | |
| New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 2,784 | | | | 29,483 | |
| New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 2,775 | | | | 30,581 | |
| Northern Trust Corp. (Capital Markets) | | | 1,242 | | | | 143,600 | |
| Old Republic International Corp. (Insurance) | | | 1,691 | | | | 42,123 | |
| Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | | 1,404 | | | | 50,951 | |
| Onemain Holdings, Inc. (Consumer Finance) | | | 546 | | | | 32,711 | |
| Opendoor Technologies, Inc.* (Real Estate Management & Development) | | | 2,034 | | | | 36,063 | |
| People's United Financial, Inc. (Banks) | | | 2,552 | | | | 43,741 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 1,286 | | | | 23,752 | |
| Pinnacle Financial Partners, Inc. (Banks) | | | 454 | | | | 40,084 | |
| Popular, Inc. (Banks) | | | 480 | | | | 36,024 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 400 | | | | 21,260 | |
| Primerica, Inc. (Insurance) | | | 235 | | | | 35,988 | |
| Principal Financial Group, Inc. (Insurance) | | | 1,509 | | | | 95,354 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 402 | | | | 19,348 | |
| Prologis, Inc. (Equity Real Estate Investment Trusts) | | | 4,412 | | | | 527,366 | |
| Prosperity Bancshares, Inc. (Banks) | | | 554 | | | | 39,777 | |
| Prudential Financial, Inc. (Insurance) | | | 2,350 | | | | 240,805 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 120 | | | | 17,770 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 908 | | | | 273,027 | |
| Radian Group, Inc. (Thrifts & Mortgage Finance) | | | 1,142 | | | | 25,410 | |
| Raymond James Financial, Inc. (Capital Markets) | | | 730 | | | | 94,827 | |
| Rayonier, Inc. (Equity Real Estate Investment Trusts) | | | 829 | | | | 29,786 | |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | | | 2,228 | | | | 148,697 | |
| Regency Centers Corp. (Equity Real Estate Investment Trusts) | | | 942 | | | | 60,354 | |
| Regions Financial Corp. (Banks) | | | 5,735 | | | | 115,732 | |
| Reinsurance Group of America, Inc. (Insurance) | | | 406 | | | | 46,284 | |
| RenaissanceRe Holdings, Ltd. (Insurance) | | | 296 | | | | 44,051 | |
| Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | | 800 | | | | 45,560 | |
| RLI Corp. (Insurance) | | | 237 | | | | 24,788 | |
| Rocket Cos., Inc.—Class A (Thrifts & Mortgage Finance) | | | 815 | | | | 15,770 | |
| S&P Global, Inc. (Capital Markets) | | | 1,437 | | | | 589,817 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,289 | | | | 23,460 | |
| Santander Consumer USA Holdings, Inc. (Consumer Finance) | | | 420 | | | | 15,254 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 652 | | | | 207,792 | |
| SEI Investments Co. (Capital Markets) | | | 707 | | | | 43,813 | |
| Selective Insurance Group, Inc. (Insurance) | | | 358 | | | | 29,052 | |
| Signature Bank (Banks) | | | 343 | | | | 84,258 | |
| Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 1,959 | | | | 255,610 | |
| SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | | 414 | | | | 33,120 | |
| SLM Corp. (Consumer Finance) | | | 1,927 | | | | 40,351 | |
| Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | | 686 | | | | 32,818 | |
| Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 1,713 | | | | 44,829 | |
| State Street Corp. (Capital Markets) | | | 2,075 | | | | 170,731 | |
| Stifel Financial Corp. (Capital Markets) | | | 627 | | | | 40,667 | |
| STORE Capital Corp. (Equity Real Estate Investment Trusts) | | | 1,453 | | | | 50,143 | |
| Sun Communities, Inc. (Equity Real Estate Investment Trusts) | | | 667 | | | | 114,324 | |
| SVB Financial Group* (Banks) | | | 324 | | | | 180,283 | |
| Synchrony Financial (Consumer Finance) | | | 3,226 | | | | 156,526 | |
| Synovus Financial Corp. (Banks) | | | 887 | | | | 38,922 | |
| T. Rowe Price Group, Inc. (Capital Markets) | | | 1,353 | | | | 267,853 | |
| TFS Financial Corp. (Thrifts & Mortgage Finance) | | | 286 | | | | 5,806 | |
| The Allstate Corp. (Insurance) | | | 1,786 | | | | 232,966 | |
| The Bank of New York Mellon Corp. (Capital Markets) | | | 4,812 | | | | 246,519 | |
| The Carlyle Group, Inc. (Capital Markets) | | | 698 | | | | 32,443 | |
| The Charles Schwab Corp. (Capital Markets) | | | 8,946 | | | | 651,358 | |
| The Goldman Sachs Group, Inc. (Capital Markets) | | | 2,029 | | | | 770,067 | |
| The Hanover Insurance Group, Inc. (Insurance) | | | 214 | | | | 29,027 | |
| The Howard Hughes Corp.* (Real Estate Management & Development) | | | 270 | | | | 26,314 | |
| The PNC Financial Services Group, Inc. (Banks) | | | 2,534 | | | | 483,386 | |
| The Progressive Corp. (Insurance) | | | 3,490 | | | | 342,753 | |
| The Travelers Cos., Inc. (Insurance) | | | 1,500 | | | | 224,565 | |
| Tradeweb Markets, Inc.—Class A (Capital Markets) | | | 625 | | | | 52,850 | |
| Truist Financial Corp. (Banks) | | | 8,021 | | | | 445,166 | |
| U.S. Bancorp (Banks) | | | 8,086 | | | | 460,659 | |
| UDR, Inc. (Equity Real Estate Investment Trusts) | | | 1,771 | | | | 86,744 | |
| UMB Financial Corp. (Banks) | | | 259 | | | | 24,103 | |
| Umpqua Holdings Corp. (Banks) | | | 1,317 | | | | 24,299 | |
| United Bankshares, Inc. (Banks) | | | 800 | | | | 29,200 | |
| Unum Group (Insurance) | | | 1,218 | | | | 34,591 | |
| Upstart Holdings, Inc.* (Consumer Finance) | | | 101 | | | | 12,615 | |
| UWM Holdings Corp. (Thrifts & Mortgage Finance) | | | 321 | | | | 2,712 | |
| Valley National Bancorp (Banks) | | | 2,422 | | | | 32,527 | |
| Ventas, Inc. (Equity Real Estate Investment Trusts) | | | 2,237 | | | | 127,733 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 79
Common Stocks, continued
| | | Shares | | | Value | |
| VEREIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,367 | | | $ | 62,786 | |
| VICI Properties, Inc. (Equity Real Estate Investment Trusts) | | | 3,204 | | | | 99,388 | |
| Virtu Financial, Inc.—Class A (Capital Markets) | | | 471 | | | | 13,014 | |
| Visa, Inc.—Class A (IT Services) | | | 10,091 | | | | 2,359,477 | |
| Vornado Realty Trust (Equity Real Estate Investment Trusts) | | | 936 | | | | 43,683 | |
| Voya Financial, Inc. (Diversified Financial Services) | | | 724 | | | | 44,526 | |
| W.R. Berkley Corp. (Insurance) | | | 836 | | | | 62,223 | |
| Webster Financial Corp. (Banks) | | | 539 | | | | 28,750 | |
| Wells Fargo & Co. (Banks) | | | 24,656 | | | | 1,116,669 | |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | | | 2,490 | | | | 206,919 | |
| Western Alliance Bancorp (Banks) | | | 617 | | | | 57,288 | |
| Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | | 4,469 | | | | 153,823 | |
| White Mountains Insurance Group, Ltd. (Insurance) | | | 19 | | | | 21,813 | |
| Willis Towers Watson PLC (Insurance) | | | 769 | | | | 176,885 | |
| Wintrust Financial Corp. (Banks) | | | 340 | | | | 25,714 | |
| WP Carey, Inc. (Equity Real Estate Investment Trusts) | | | 1,061 | | | | 79,172 | |
| Zions Bancorp (Banks) | | | 977 | | | | 51,644 | |
TOTAL COMMON STOCKS
(Cost $15,711,042) | | | | | | | 40,570,277 | |
Repurchase Agreements(a) (0.7%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $278,000 | | $ | 278,000 | | | $ | 278,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $278,000) | | | | | | | 278,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $15,989,042)—100.2% | | | | | | | 40,848,277 | |
| Net other assets (liabilities)—(0.2)% | | | | | | | (73,265 | ) |
| NET ASSETS—100.0% | | | | | | $ | 40,775,012 | |
| * | 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(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Financials Index | | Goldman Sachs International | | 7/23/21 | | | | 0.59 | % | | $ | 203,574 | | | $ | 6,523 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Banks | | $ | 10,186,473 | | | | 24.9 | % |
| Capital Markets | | | 7,815,748 | | | | 19.1 | % |
| Consumer Finance | | | 1,724,774 | | | | 4.2 | % |
| Diversified Financial Services | | | 3,297,529 | | | | 8.1 | % |
| Equity Real Estate Investment Trusts | | | 7,447,925 | | | | 18.3 | % |
| Insurance | | | 4,963,514 | | | | 12.2 | % |
| IT Services | | | 4,264,517 | | | | 10.5 | % |
| Mortgage Real Estate Investment Trusts | | | 229,297 | | | | 0.6 | % |
| Professional Services | | | 194,627 | | | | 0.5 | % |
| Real Estate Management & Development | | | 293,819 | | | | 0.7 | % |
| Thrifts & Mortgage Finance | | | 152,054 | | | | 0.4 | % |
| Other** | | | 204,735 | | | | 0.5 | % |
| Total | | $ | 40,775,012 | | | | 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.
80 :: ProFund VP Financials :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 15,989,042 | |
| Securities, at value | | | 40,570,277 | |
| Repurchase agreements, at value | | | 278,000 | |
| Total Investment Securities, at value | | | 40,848,277 | |
| Cash | | | 739 | |
| Dividends receivable | | | 47,583 | |
| Unrealized appreciation on swap agreements | | | 6,523 | |
| Receivable for capital shares issued | | | 24,099 | |
| Prepaid expenses | | | 583 | |
| TOTAL ASSETS | | | 40,927,804 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 55,781 | |
| Advisory fees payable | | | 25,980 | |
| Management services fees payable | | | 3,464 | |
| Administration fees payable | | | 2,549 | |
| Administrative services fees payable | | | 17,218 | |
| Distribution fees payable | | | 18,648 | |
| Transfer agency fees payable | | | 4,232 | |
| Fund accounting fees payable | | | 1,458 | |
| Compliance services fees payable | | | 279 | |
| Other accrued expenses | | | 23,183 | |
| TOTAL LIABILITIES | | | 152,792 | |
| NET ASSETS | | $ | 40,775,012 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 22,840,919 | |
| Total distributable earnings (loss) | | | 17,934,093 | |
| NET ASSETS | | $ | 40,775,012 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 868,906 | |
| Net Asset Value (offering and redemption price per share) | | $ | 46.93 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 335,181 | |
| Interest | | | 6 | |
| Income from securities lending | | | 268 | |
| TOTAL INVESTMENT INCOME | | | 335,455 | |
| EXPENSES: | | | | |
| Advisory fees | | | 132,213 | |
| Management services fees | | | 17,628 | |
| Administration fees | | | 13,665 | |
| Transfer agency fees | | | 11,313 | |
| Administrative services fees | | | 46,042 | |
| Distribution fees | | | 44,071 | |
| Custody fees | | | 2,821 | |
| Fund accounting fees | | | 8,026 | |
| Trustee fees | | | 449 | |
| Compliance services fees | | | 181 | |
| Other fees | | | 21,653 | |
| Total Gross Expenses before reductions | | | 298,062 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,906 | ) |
| TOTAL NET EXPENSES | | | 296,156 | |
| NET INVESTMENT INCOME (LOSS) | | | 39,299 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (100,006 | ) |
| Net realized gains (losses) on swap agreements | | | 141,730 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 6,180,799 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (5,231 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 6,217,292 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 6,256,591 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Financials :: 81
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 39,299 | | | $ | 150,451 | |
| Net realized gains (losses) on investments | | | 41,724 | | | | 4,169,153 | |
| Change in net unrealized appreciation/depreciation on investments | | | 6,175,568 | | | | (6,420,744 | ) |
| Change in net assets resulting from operations | | | 6,256,591 | | | | (2,101,140 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,699,374 | ) | | | (2,129,838 | ) |
| Change in net assets resulting from distributions | | | (2,699,374 | ) | | | (2,129,838 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 22,449,775 | | | | 45,167,242 | |
| Distributions reinvested | | | 2,699,374 | | | | 2,129,838 | |
| Value of shares redeemed | | | (15,165,501 | ) | | | (52,579,134 | ) |
| Change in net assets resulting from capital transactions | | | 9,983,648 | | | | (5,282,054 | ) |
| Change in net assets | | | 13,540,865 | | | | (9,513,032 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 27,234,147 | | | | 36,747,179 | |
| End of period | | $ | 40,775,012 | | | $ | 27,234,147 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 489,884 | | | | 1,192,582 | |
| Reinvested | | | 58,823 | | | | 56,978 | |
| Redeemed | | | (334,298 | ) | | | (1,392,931 | ) |
| Change in shares | | | 214,409 | | | | (143,371 | ) |
See accompanying notes to financial statements.
82 :: ProFund VP Financials :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 41.61 | | | $ | 46.06 | | | $ | 37.39 | | | $ | 41.89 | | | $ | 35.57 | | | $ | 30.95 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.05 | | | | 0.23 | | | | 0.21 | | | | 0.19 | | | | 0.13 | | | | 0.17 | |
| Net realized and unrealized gains (losses) on investments | | | 8.65 | | | | (1.41 | ) | | | 10.83 | | | | (4.53 | ) | | | 6.32 | | | | 4.56 | |
| Total income (loss) from investment activities | | | 8.70 | | | | (1.18 | ) | | | 11.04 | | | | (4.34 | ) | | | 6.45 | | | | 4.73 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.17 | ) | | | (0.28 | ) | | | (0.23 | ) | | | (0.16 | ) | | | (0.13 | ) | | | (0.11 | ) |
| Net realized gains on investments | | | (3.21 | ) | | | (2.99 | ) | | | (2.14 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (3.38 | ) | | | (3.27 | ) | | | (2.37 | ) | | | (0.16 | ) | | | (0.13 | ) | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 46.93 | | | $ | 41.61 | | | $ | 46.06 | | | $ | 37.39 | | | $ | 41.89 | | | $ | 35.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 21.10 | % | | | (1.77 | )% | | | 30.27 | % | | | (10.43 | )%(c) | | | 18.19 | % | | | 15.32 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.69 | % | | | 1.74 | % | | | 1.71 | % | | | 1.70 | % | | | 1.68 | % | | | 1.71 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.71 | %(e) | | | 1.63 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 0.22 | % | | | 0.58 | % | | | 0.50 | % | | | 0.45 | %(c) | | | 0.35 | % | | | 0.56 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 40,775 | | | $ | 27,234 | | | $ | 36,747 | | | $ | 29,825 | | | $ | 51,452 | | | $ | 46,125 | |
| Portfolio turnover rate(b)(f) | | | 20 | % | | | 145 | % | | | 52 | % | | | 27 | % | | | 64 | % | | | 98 | % |
| (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.
Financial Statements :: ProFund VP Government Money Market :: 83
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, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| U.S. Treasury Obligations | | | 32 | % |
| Repurchase Agreements | | | 71 | % |
| Total Exposure | | | 103 | % |
"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 (32.4%)
| | | Principal
Amount | | | Value | |
| U.S. Treasury Bills | | | | | | | | |
| 0.03%+, 11/18/21 | | $ | 5,000,000 | | | $ | 4,999,475 | |
| 0.04%+, 8/17/21 | | | 5,000,000 | | | | 4,999,722 | |
| 0.04%+, 12/9/21 | | | 2,000,000 | | | | 1,999,604 | |
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,998,801) | | | | | | | 11,998,801 | |
Repurchase Agreements(a) (71.4%)
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $26,460,000 | | | 26,460,000 | | | | 26,460,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $26,460,000) | | | | | | | 26,460,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $38,458,801)—103.8% | | | | | | | 38,458,801 | |
| Net other assets (liabilities)—(3.8)% | | | | | | | (1,408,848 | ) |
| NET ASSETS—100.0% | | | | | | $ | 37,049,953 | |
| + | Reflects the effective yield or interest rate in effect at June 30, 2021. |
| (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.
84 :: ProFund VP Government Money Market :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 38,458,801 | |
| Securities, at value | | | 11,998,801 | |
| Repurchase agreements, at value | | | 26,460,000 | |
| Total Investment Securities, at value | | | 38,458,801 | |
| Cash | | | 299 | |
| Receivable for capital shares issued | | | 91,751 | |
| Receivable from Advisor under an expense limitation agreement | | | 8,388 | |
| Prepaid expenses | | | 1,245 | |
| TOTAL ASSETS | | | 38,560,484 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 1,475,956 | |
| Administration fees payable | | | 1,122 | |
| Transfer agency fees payable | | | 4,012 | |
| Fund accounting fees payable | | | 1,288 | |
| Compliance services fees payable | | | 368 | |
| Other accrued expenses | | | 27,785 | |
| TOTAL LIABILITIES | | | 1,510,531 | |
| NET ASSETS | | $ | 37,049,953 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 37,104,148 | |
| Total distributable earnings (loss) | | | (54,195 | ) |
| NET ASSETS | | $ | 37,049,953 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 37,104,148 | |
| Net Asset Value (offering and redemption price per share) | | $ | 1.00 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 3,472 | |
| EXPENSES: | | | | |
| Advisory fees | | | 159,010 | |
| Management services fees | | | 21,201 | |
| Administration fees | | | 7,726 | |
| Transfer agency fees | | | 13,042 | |
| Custody fees | | | 3,232 | |
| Fund accounting fees | | | 8,929 | |
| Trustee fees | | | 532 | |
| Compliance services fees | | | 180 | |
| Audit fees | | | 11,643 | |
| Other fees | | | 7,312 | |
| Total Gross Expenses before reductions | | | 232,807 | |
| Expenses reduced and reimbursed by the Advisor | | | (232,271 | ) |
| TOTAL NET EXPENSES | | | 536 | |
| NET INVESTMENT INCOME | | | 2,936 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,936 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Government Money Market :: 85
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income | | $ | 2,936 | | | $ | 55,902 | |
| Net realized gains (losses) on investments | | | — | | | | 5,797 | |
| Change in net assets resulting from operations | | | 2,936 | | | | 61,699 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,936 | ) | | | (55,902 | ) |
| Change in net assets resulting from distributions | | | (2,936 | ) | | | (55,902 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 87,424,369 | | | | 767,736,315 | |
| Distributions reinvested | | | 2,936 | | | | 55,902 | |
| Value of shares redeemed | | | (98,452,158 | ) | | | (865,437,747 | ) |
| Change in net assets resulting from capital transactions | | | (11,024,853 | ) | | | (97,645,530 | ) |
| Change in net assets | | | (11,024,853 | ) | | | (97,639,733 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 48,074,806 | | | | 145,714,539 | |
| End of period | | $ | 37,049,953 | | | $ | 48,074,806 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 87,424,368 | | | | 767,736,315 | |
| Reinvested | | | 2,936 | | | | 55,902 | |
| Redeemed | | | (98,452,157 | ) | | | (865,437,747 | ) |
| Change in shares | | | (11,024,853 | ) | | | (97,645,530 | ) |
See accompanying notes to financial statements.
86 :: ProFund VP Government Money Market :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| 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) | | | 0.001 | | | | 0.008 | | | | — | (b) | | | — | (b) | | | — | (b) |
| Net realized gains (losses) on investments | | | — | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
| Total income (loss) from investment activities | | | — | (b) | | | 0.001 | | | | 0.008 | | | | — | (b) | | | — | (b) | | | — | (b) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | (b) | | | (0.001 | ) | | | (0.008 | ) | | | — | (b) | | | — | (b) | | | — | (b) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | | | $ | 1.000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 0.01 | % | | | 0.04 | % | | | 0.77 | % | | | 0.42 | % | | | 0.02 | % | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.10 | % | | | 1.16 | % | | | 1.35 | % | | | 1.46 | % | | | 1.14 | % | | | 1.14 | % |
| Net expenses(d) | | | — | (e)(f) | | | 0.52 | %(f) | | | 1.35 | % | | | 1.37 | %(g) | | | 0.83 | %(f) | | | 0.29 | %(f) |
| Net investment income (loss)(d) | | | 0.01 | % | | | 0.05 | % | | | 0.78 | % | | | 0.41 | % | | | 0.01 | % | | | 0.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 37,050 | | | $ | 48,075 | | | $ | 145,715 | | | $ | 193,519 | | | $ | 188,217 | | | $ | 120,099 | |
| (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) | Amount is less than 0.005%. |
| (f) | The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield. |
| (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 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.
Financial Statements :: ProFund VP Health Care :: 87
Investment Objective: The ProFund VP Health Care seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Health CareSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Johnson & Johnson | | | 8.0 | % |
| UnitedHealth Group, Inc. | | | 7.0 | % |
| Pfizer, Inc. | | | 4.1 | % |
| Abbott Laboratories | | | 3.8 | % |
| AbbVie, Inc. | | | 3.7 | % |
Dow Jones U.S. Health CareSM Index – Composition
| | | | % of Index | |
| Health Care Equipment & Supplies | | | 28 | % |
| Pharmaceuticals | | | 26 | % |
| Health Care Providers & Services | | | 19 | % |
| Biotechnology | | | 17 | % |
| Life Sciences Tools & Services | | | 10 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (96.9%)
| | | Shares | | | Value | |
| 10X Genomics, Inc.*—Class A (Life Sciences Tools & Services) | | | 722 | | | $ | 141,382 | |
| 1Life Healthcare, Inc.* (Health Care Providers & Services) | | | 763 | | | | 25,225 | |
| Abbott Laboratories (Health Care Equipment & Supplies) | | | 17,305 | | | | 2,006,168 | |
| AbbVie, Inc. (Biotechnology) | | | 17,202 | | | | 1,937,632 | |
| ABIOMED, Inc.* (Health Care Equipment & Supplies) | | | 441 | | | | 137,641 | |
| Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | | 874 | | | | 54,844 | |
| ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | | 1,139 | | | | 27,780 | |
| Acceleron Pharma, Inc.* (Biotechnology) | | | 514 | | | | 64,502 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 2,955 | | | | 436,779 | |
| Agios Pharmaceuticals, Inc.* (Biotechnology) | | | 498 | | | | 27,445 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 2,153 | | | | 395,528 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 701 | | | | 428,311 | |
| Alkermes PLC* (Biotechnology) | | | 1,563 | | | | 38,325 | |
| Allogene Therapeutics, Inc.* (Biotechnology) | | | 648 | | | | 16,900 | |
| Alnylam Pharmaceuticals, Inc.* (Biotechnology) | | | 1,145 | | | | 194,100 | |
| Amedisys, Inc.* (Health Care Providers & Services) | | | 317 | | | | 77,643 | |
| American Well Corp.*—Class A (Health Care Technology) | | | 569 | | | | 7,158 | |
| Amgen, Inc. (Biotechnology) | | | 5,596 | | | | 1,364,025 | |
| Anthem, Inc. (Health Care Providers & Services) | | | 2,385 | | | | 910,593 | |
| Atea Pharmaceuticals, Inc.* (Biotechnology) | | | 121 | | | | 2,599 | |
| Avantor, Inc.* (Life Sciences Tools & Services) | | | 5,046 | | | | 179,183 | |
| Baxter International, Inc. (Health Care Equipment & Supplies) | | | 4,898 | | | | 394,289 | |
| Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | | 2,832 | | | | 688,714 | |
| Berkeley Lights, Inc.* (Life Sciences Tools & Services) | | | 84 | | | | 3,764 | |
| Biogen, Inc.* (Biotechnology) | | | 1,466 | | | | 507,632 | |
| BioMarin Pharmaceutical, Inc.* (Biotechnology) | | | 1,780 | | | | 148,523 | |
| Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | | 210 | | | | 135,301 | |
| Bio-Techne Corp. (Life Sciences Tools & Services) | | | 379 | | | | 170,649 | |
| Bluebird Bio, Inc.* (Biotechnology) | | | 657 | | | | 21,011 | |
| Blueprint Medicines Corp.* (Biotechnology) | | | 568 | | | | 49,961 | |
| Boston Scientific Corp.* (Health Care Equipment & Supplies) | | | 13,839 | | | | 591,756 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 21,758 | | | | 1,453,870 | |
| Bruker Corp. (Life Sciences Tools & Services) | | | 989 | | | | 75,144 | |
| Catalent, Inc.* (Pharmaceuticals) | | | 1,659 | | | | 179,371 | |
| Centene Corp.* (Health Care Providers & Services) | | | 5,676 | | | | 413,951 | |
| Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | | 489 | | | | 180,891 | |
| Chemed Corp. (Health Care Providers & Services) | | | 155 | | | | 73,548 | |
| Cigna Corp. (Health Care Providers & Services) | | | 3,342 | | | | 792,288 | |
| Covetrus, Inc.* (Health Care Providers & Services) | | | 971 | | | | 26,217 | |
| CVS Health Corp. (Health Care Providers & Services) | | | 12,823 | | | | 1,069,951 | |
| Danaher Corp. (Health Care Equipment & Supplies) | | | 6,183 | | | | 1,659,269 | |
| DaVita, Inc.* (Health Care Providers & Services) | | | 683 | | | | 82,254 | |
| DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | | | 2,126 | | | | 134,491 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 942 | | | | 402,234 | |
| Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | | 6,054 | | | | 627,013 | |
| Elanco Animal Health, Inc.* (Pharmaceuticals) | | | 4,607 | | | | 159,817 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 7,753 | | | | 1,779,469 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 444 | | | | 27,968 | |
| Encompass Health Corp. (Health Care Providers & Services) | | | 969 | | | | 75,611 | |
See accompanying notes to financial statements.
88 :: ProFund VP Health Care :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Exact Sciences Corp.* (Biotechnology) | | | 1,671 | | | $ | 207,722 | |
| Exelixis, Inc.* (Biotechnology) | | | 3,052 | | | | 55,607 | |
| FibroGen, Inc.* (Biotechnology) | | | 826 | | | | 21,996 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 12,215 | | | | 841,125 | |
| Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | | 756 | | | | 58,613 | |
| GoodRx Holdings, Inc.*—Class A (Health Care Technology) | | | 610 | | | | 21,966 | |
| Guardant Health, Inc.* (Health Care Providers & Services) | | | 837 | | | | 103,947 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 496 | | | | 33,053 | |
| HCA Healthcare, Inc. (Health Care Providers & Services) | | | 2,560 | | | | 529,254 | |
| HealthEquity, Inc.* (Health Care Providers & Services) | | | 812 | | | | 65,350 | |
| Henry Schein, Inc.* (Health Care Providers & Services) | | | 1,370 | | | | 101,640 | |
| Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | | 647 | | | | 73,493 | |
| Hologic, Inc.* (Health Care Equipment & Supplies) | | | 2,496 | | | | 166,533 | |
| Horizon Therapeutics PLC* (Pharmaceuticals) | | | 2,189 | | | | 204,978 | |
| Humana, Inc. (Health Care Providers & Services) | | | 1,257 | | | | 556,499 | |
| ICU Medical, Inc.* (Health Care Equipment & Supplies) | | | 192 | | | | 39,514 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 831 | | | | 524,818 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 1,422 | | | | 672,905 | |
| Incyte Corp.* (Biotechnology) | | | 1,821 | | | | 153,201 | |
| Insulet Corp.* (Health Care Equipment & Supplies) | | | 645 | | | | 177,059 | |
| Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | | 692 | | | | 47,222 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 1,153 | | | | 1,060,345 | |
| Ionis Pharmaceuticals, Inc.* (Biotechnology) | | | 1,373 | | | | 54,769 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 1,867 | | | | 452,411 | |
| Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | | 585 | | | | 103,919 | |
| Johnson & Johnson (Pharmaceuticals) | | | 25,648 | | | | 4,225,251 | |
| Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | | 951 | | | | 262,333 | |
| LHC Group, Inc.* (Health Care Providers & Services) | | | 308 | | | | 61,680 | |
| Maravai LifeSciences Holdings, Inc.* (Life Sciences Tools & Services) | | | 947 | | | | 39,518 | |
| Masimo Corp.* (Health Care Equipment & Supplies) | | | 493 | | | | 119,528 | |
| McKesson Corp. (Health Care Providers & Services) | | | 1,541 | | | | 294,701 | |
| Medtronic PLC (Health Care Equipment & Supplies) | | | 13,104 | | | | 1,626,600 | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 24,661 | | | | 1,917,886 | |
| Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | | 227 | | | | 314,472 | |
| Moderna, Inc.* (Biotechnology) | | | 2,972 | | | | 698,361 | |
| Molina Healthcare, Inc.* (Health Care Providers & Services) | | | 569 | | | | 143,991 | |
| Nektar Therapeutics* (Pharmaceuticals) | | | 1,776 | | | | 30,476 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 1,046 | | | | 48,158 | |
| Neurocrine Biosciences, Inc.* (Biotechnology) | | | 921 | | | | 89,632 | |
| Novavax, Inc.* (Biotechnology) | | | 664 | | | | 140,974 | |
| Novocure, Ltd.* (Health Care Equipment & Supplies) | | | 836 | | | | 185,442 | |
| NuVasive, Inc.* (Health Care Equipment & Supplies) | | | 503 | | | | 34,093 | |
| Oak Street Health, Inc.* (Health Care Providers & Services) | | | 281 | | | | 16,458 | |
| Organon & Co.* (Pharmaceuticals) | | | 2,464 | | | | 74,561 | |
| Penumbra, Inc.* (Health Care Equipment & Supplies) | | | 330 | | | | 90,440 | |
| Perrigo Co. PLC (Pharmaceuticals) | | | 1,301 | | | | 59,651 | |
| Pfizer, Inc. (Pharmaceuticals) | | | 54,519 | | | | 2,134,963 | |
| PPD, Inc.* (Life Sciences Tools & Services) | | | 1,060 | | | | 48,855 | |
| Premier, Inc. (Health Care Providers & Services) | | | 691 | | | | 24,040 | |
| Quest Diagnostics, Inc. (Health Care Providers & Services) | | | 1,272 | | | | 167,866 | |
| Quidel Corp.* (Health Care Equipment & Supplies) | | | 377 | | | | 48,301 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 1,020 | | | | 569,711 | |
| Repligen Corp.* (Biotechnology) | | | 497 | | | | 99,211 | |
| ResMed, Inc. (Health Care Equipment & Supplies) | | | 1,417 | | | | 349,319 | |
| Royalty Pharma PLC – Class A (Pharmaceuticals) | | | 842 | | | | 34,514 | |
| Sarepta Therapeutics, Inc.* (Biotechnology) | | | 777 | | | | 60,404 | |
| Seagen, Inc.* (Biotechnology) | | | 1,237 | | | | 195,298 | |
| Signify Health, Inc.* (Health Care Providers & Services) | | | 229 | | | | 6,968 | |
| Sotera Health Co.* (Life Sciences Tools & Services) | | | 716 | | | | 17,349 | |
| STERIS PLC (Health Care Equipment & Supplies) | | | 951 | | | | 196,191 | |
| Stryker Corp. (Health Care Equipment & Supplies) | | | 3,192 | | | | 829,058 | |
| Syneos Health, Inc.* (Life Sciences Tools & Services) | | | 986 | | | | 88,237 | |
| Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies) | | | 610 | | | | 59,414 | |
| Teladoc Health, Inc.* (Health Care Technology) | | | 1,279 | | | | 212,685 | |
| Teleflex, Inc. (Health Care Equipment & Supplies) | | | 455 | | | | 182,814 | |
| Tenet Healthcare Corp.* (Health Care Providers & Services) | | | 1,040 | | | | 69,670 | |
| The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | | 480 | | | | 190,210 | |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | | 3,828 | | | | 1,931,111 | |
| Ultragenyx Pharmaceutical, Inc.* (Biotechnology) | | | 618 | | | | 58,926 | |
| United Therapeutics Corp.* (Biotechnology) | | | 436 | | | | 78,223 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | | | 9,191 | | | | 3,680,443 | |
| Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | | 759 | | | | 111,140 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 2,521 | | | | 508,309 | |
| Viatris, Inc. (Pharmaceuticals) | | | 11,769 | | | | 168,179 | |
| Vir Biotechnology, Inc.* (Biotechnology) | | | 646 | | | | 30,543 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 89
Common Stocks, continued
| | | Shares | | | Value | |
| Waters Corp.* (Life Sciences Tools & Services) | | | 601 | | | $ | 207,712 | |
| West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | | 719 | | | | 258,193 | |
| Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | | 2,031 | | | | 326,625 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 4,624 | | | | 861,729 | |
| TOTAL COMMON STOCKS | | | | | | | | |
| (Cost $12,868,392) | | | | | | | 51,007,076 | |
Repurchase Agreements(a) (2.7%)
| | | Principal Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $1,425,000 | | $ | 1,425,000 | | | $ | 1,425,000 | |
| TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
| (Cost $1,425,000) | | | | | | | 1,425,000 | |
| TOTAL INVESTMENT SECURITIES | | | | | | | | |
| (Cost $14,293,392)—99.6% | | | | | | | 52,432,076 | |
| Net other assets (liabilities)—0.4% | | | | | | | 199,606 | |
| NET ASSETS—100.0% | | | | | | $ | 52,631,682 | |
| * | 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(1) | | | Rate Paid (Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Health Care Index | | Goldman Sachs International | | 7/23/21 | | | | 0.59 | % | | $ | 1,614,159 | | | $ | 15,156 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of Net Assets | |
| Biotechnology | | $ | 8,687,943 | | | | 16.5 | % |
| Health Care Equipment & Supplies | | | 13,794,922 | | | | 26.2 | % |
| Health Care Providers & Services | | | 9,798,105 | | | | 18.6 | % |
| Health Care Technology | | | 241,809 | | | | 0.5 | % |
| Life Sciences Tools & Services | | | 5,095,663 | | | | 9.7 | % |
| Pharmaceuticals | | | 13,388,634 | | | | 25.4 | % |
| Other** | | | 1,624,606 | | | | 3.1 | % |
| Total | | $ | 52,631,682 | | | | 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.
90 :: ProFund VP Health Care :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 14,293,392 | |
| Securities, at value | | | 51,007,076 | |
| Repurchase agreements, at value | | | 1,425,000 | |
| Total Investment Securities, at value | | | 52,432,076 | |
| Cash | | | 728 | |
| Segregated cash balances for swap agreements with custodian | | | 190,000 | |
| Dividends receivable | | | 32,742 | |
| Unrealized appreciation on swap agreements | | | 15,156 | |
| Receivable for capital shares issued | | | 19,613 | |
| Receivable for investments sold | | | 104,234 | |
| Prepaid expenses | | | 871 | |
| TOTAL ASSETS | | | 52,795,420 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 48,854 | |
| Advisory fees payable | | | 31,075 | |
| Management services fees payable | | | 4,143 | |
| Administration fees payable | | | 3,110 | |
| Administrative services fees payable | | | 17,891 | |
| Distribution fees payable | | | 19,998 | |
| Transfer agency fees payable | | | 5,284 | |
| Fund accounting fees payable | | | 1,731 | |
| Compliance services fees payable | | | 432 | |
| Other accrued expenses | | | 31,220 | |
| TOTAL LIABILITIES | | | 163,738 | |
| NET ASSETS | | $ | 52,631,682 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 16,075,494 | |
| Total distributable earnings (loss) | | | 36,556,188 | |
| NET ASSETS | | $ | 52,631,682 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 685,693 | |
| Net Asset Value (offering and redemption price per share) | | $ | 76.76 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 366,840 | |
| Interest | | | 17 | |
| Income from securities lending | | | 15 | |
| TOTAL INVESTMENT INCOME | | | 366,872 | |
| EXPENSES: | | | | |
| Advisory fees | | | 192,352 | |
| Management services fees | | | 25,647 | |
| Administration fees | | | 19,948 | |
| Transfer agency fees | | | 16,166 | |
| Administrative services fees | | | 69,874 | |
| Distribution fees | | | 64,117 | |
| Custody fees | | | 3,981 | |
| Fund accounting fees | | | 11,128 | |
| Trustee fees | | | 661 | |
| Compliance services fees | | | 231 | |
| Other fees | | | 30,498 | |
| Total Gross Expenses before reductions | | | 434,603 | |
| Expenses reduced and reimbursed by the Advisor | | | (3,734 | ) |
| TOTAL NET EXPENSES | | | 430,869 | |
| NET INVESTMENT INCOME (LOSS) | | | (63,997 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,213,670 | |
| Net realized gains (losses) on swap agreements | | | 106,967 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 4,110,287 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (10,655 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 5,420,269 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 5,356,272 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Health Care :: 91
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (63,997 | ) | | $ | 19,004 | |
| Net realized gains (losses) on investments | | | 1,320,637 | | | | 4,344,309 | |
| Change in net unrealized appreciation/depreciation on investments | | | 4,099,632 | | | | 1,182,442 | |
| Change in net assets resulting from operations | | | 5,356,272 | | | | 5,545,755 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (4,237,991 | ) | | | (6,154,240 | ) |
| Change in net assets resulting from distributions | | | (4,237,991 | ) | | | (6,154,240 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 10,302,743 | | | | 42,078,065 | |
| Distributions reinvested | | | 4,237,991 | | | | 6,154,240 | |
| Value of shares redeemed | | | (15,028,487 | ) | | | (45,032,120 | ) |
| Change in net assets resulting from capital transactions | | | (487,753 | ) | | | 3,200,185 | |
| Change in net assets | | | 630,528 | | | | 2,591,700 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 52,001,154 | | | | 49,409,454 | |
| End of period | | $ | 52,631,682 | | | $ | 52,001,154 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 132,570 | | | | 578,868 | |
| Reinvested | | | 57,817 | | | | 85,821 | |
| Redeemed | | | (193,831 | ) | | | (635,160 | ) |
| Change in shares | | | (3,444 | ) | | | 29,529 | |
See accompanying notes to financial statements.
92 :: ProFund VP Health Care :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 75.46 | | | $ | 74.91 | | | $ | 71.82 | | | $ | 73.28 | | | $ | 64.38 | | | $ | 67.11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.10 | ) | | | 0.03 | | | | (0.01 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.05 | ) |
| Net realized and unrealized gains (losses) on investments | | | 8.06 | | | | 10.27 | | | | 12.63 | | | | 3.29 | | | | 13.49 | | | | (2.68 | ) |
| Total income (loss) from investment activities | | | 7.96 | | | | 10.30 | | | | 12.62 | | | | 3.23 | | | | 13.46 | | | | (2.73 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.03 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (6.63 | ) | | | (9.75 | ) | | | (9.53 | ) | | | (4.69 | ) | | | (4.56 | ) | | | — | |
| Total distributions | | | (6.66 | ) | | | (9.75 | ) | | | (9.53 | ) | | | (4.69 | ) | | | (4.56 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 76.76 | | | $ | 75.46 | | | $ | 74.91 | | | $ | 71.82 | | | $ | 73.28 | | | $ | 64.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 10.97 | % | | | 14.44 | % | | | 19.37 | % | | | 4.44 | % | | | 20.92 | % | | | (4.05 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.69 | % | | | 1.73 | % | | | 1.72 | % | | | 1.66 | % | | | 1.64 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.65 | % | | | 1.64 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.25 | )% | | | 0.04 | % | | | (0.01 | )% | | | (0.08 | )% | | | (0.04 | )% | | | (0.08 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 52,632 | | | $ | 52,001 | | | $ | 49,409 | | | $ | 52,173 | | | $ | 53,670 | | | $ | 48,744 | |
| Portfolio turnover rate(b)(d) | | | 2 | % | | | 58 | % | | | 33 | % | | | 61 | % | | | 43 | % | | | 24 | % |
| (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 Industrials :: 93
Investment Objective: The ProFund VP Industrials seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. IndustrialsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| PayPal Holdings, Inc. | | | 6.7 | % |
| Accenture PLC | | | 3.7 | % |
| Honeywell International, Inc. | | | 3.0 | % |
| United Parcel Service, Inc. | | | 2.9 | % |
| Union Pacific Corp. | | | 2.9 | % |
Dow Jones U.S. IndustrialsSM Index – Composition
| | | % of Index | |
| Capital Goods | | | 48 | % |
| Software & Services | | | 21 | % |
| Transportation | | | 13 | % |
| Commercial & Professional Services | | | 7 | % |
| Materials | | | 6 | % |
| Technology Hardware & Equipment | | | 5 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.6%)
| | | Shares | | | Value | |
| 3M Co. (Industrial Conglomerates) | | | 2,572 | | | $ | 510,876 | |
| A.O. Smith Corp. (Building Products) | | | 597 | | | | 43,020 | |
| Accenture PLC—Class A (IT Services) | | | 2,821 | | | | 831,603 | |
| Acuity Brands, Inc. (Electrical Equipment) | | | 159 | | | | 29,738 | |
| ADT, Inc. (Commercial Services & Supplies) | | | 678 | | | | 7,316 | |
| AECOM* (Construction & Engineering) | | | 649 | | | | 41,095 | |
| Affirm Holdings, Inc.* (IT Services) | | | 223 | | | | 15,019 | |
| AGCO Corp. (Machinery) | | | 274 | | | | 35,724 | |
| Air Lease Corp. (Trading Companies & Distributors) | | | 476 | | | | 19,868 | |
| Allegion PLC (Building Products) | | | 400 | | | | 55,720 | |
| Allison Transmission Holdings, Inc. (Machinery) | | | 486 | | | | 19,314 | |
| Amcor PLC (Containers & Packaging) | | | 6,841 | | | | 78,398 | |
| AMETEK, Inc. (Electrical Equipment) | | | 1,025 | | | | 136,838 | |
| Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | | 2,652 | | | | 181,423 | |
| Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | | 173 | | | | 15,753 | |
| AptarGroup, Inc. (Containers & Packaging) | | | 292 | | | | 41,125 | |
| Armstrong World Industries, Inc. (Building Products) | | | 212 | | | | 22,739 | |
| Array Technologies, Inc.* (Electrical Equipment) | | | 483 | | | | 7,535 | |
| Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 330 | | | | 37,564 | |
| ASGN, Inc.* (Professional Services) | | | 236 | | | | 22,875 | |
| Automatic Data Processing, Inc. (IT Services) | | | 1,888 | | | | 374,995 | |
| Avery Dennison Corp. (Containers & Packaging) | | | 368 | | | | 77,368 | |
| Avnet, Inc. (Electronic Equipment, Instruments & Components) | | | 441 | | | | 17,675 | |
| Axon Enterprise, Inc.* (Aerospace & Defense) | | | 287 | | | | 50,742 | |
| Ball Corp. (Containers & Packaging) | | | 1,457 | | | | 118,046 | |
| Berry Global Group, Inc.* (Containers & Packaging) | | | 599 | | | | 39,067 | |
| Booz Allen Hamilton Holding Corp. (IT Services) | | | 601 | | | | 51,193 | |
| Broadridge Financial Solutions, Inc. (IT Services) | | | 515 | | | | 83,188 | |
| BWX Technologies, Inc. (Aerospace & Defense) | | | 422 | | | | 24,527 | |
| C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | | 590 | | | | 55,265 | |
| CACI International, Inc.*—Class A (IT Services) | | | 105 | | | | 26,788 | |
| Carlisle Cos., Inc. (Industrial Conglomerates) | | | 232 | | | | 44,400 | |
| Carrier Global Corp. (Building Products) | | | 3,624 | | | | 176,126 | |
| Caterpillar, Inc. (Machinery) | | | 2,431 | | | | 529,060 | |
| Cimpress PLC* (Commercial Services & Supplies) | | | 87 | | | | 9,432 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 392 | | | | 149,744 | |
| Clarivate PLC* (Professional Services) | | | 1,167 | | | | 32,128 | |
| Clean Harbors, Inc.* (Commercial Services & Supplies) | | | 223 | | | | 20,770 | |
| Cognex Corp. (Electronic Equipment, Instruments & Components) | | | 783 | | | | 65,811 | |
| Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | | 109 | | | | 28,813 | |
| Colfax Corp.* (Machinery) | | | 523 | | | | 23,959 | |
| Concentrix Corp.* (IT Services) | | | 184 | | | | 29,587 | |
| Corning, Inc. (Electronic Equipment, Instruments & Components) | | | 3,438 | | | | 140,614 | |
| Crane Co. (Machinery) | | | 220 | | | | 20,321 | |
| Crown Holdings, Inc. (Containers & Packaging) | | | 599 | | | | 61,224 | |
| CSX Corp. (Road & Rail) | | | 10,083 | | | | 323,463 | |
| Cummins, Inc. (Machinery) | | | 649 | | | | 158,233 | |
| Curtiss-Wright Corp. (Aerospace & Defense) | | | 182 | | | | 21,614 | |
| Deere & Co. (Machinery) | | | 1,384 | | | | 488,152 | |
| Donaldson Co., Inc. (Machinery) | | | 559 | | | | 35,513 | |
| Dover Corp. (Machinery) | | | 38 | | | | 96,083 | |
| Dun & Bradstreet Holdings, Inc.* (Professional Services) | | | 613 | | | | 13,100 | |
| Eagle Materials, Inc. (Construction Materials) | | | 188 | | | | 26,717 | |
| Eaton Corp. PLC (Electrical Equipment) | | | 1,768 | | | | 261,982 | |
| EMCOR Group, Inc. (Construction & Engineering) | | | 242 | | | | 29,812 | |
See accompanying notes to financial statements.
94 :: ProFund VP Industrials :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Emerson Electric Co. (Electrical Equipment) | | | 2,661 | | | $ | 256,095 | |
| EnerSys (Electrical Equipment) | | | 190 | | | | 18,569 | |
| Equifax, Inc. (Professional Services) | | | 540 | | | | 129,335 | |
| Euronet Worldwide, Inc.* (IT Services) | | | 234 | | | | 31,672 | |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | | | 750 | | | | 94,950 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 2,549 | | | | 132,549 | |
| FedEx Corp. (Air Freight & Logistics) | | | 1,083 | | | | 323,091 | |
| Fidelity National Information Services, Inc. (IT Services) | | | 2,752 | | | | 389,876 | |
| Fiserv, Inc.* (IT Services) | | | 2,643 | | | | 282,510 | |
| FleetCor Technologies, Inc.* (IT Services) | | | 370 | | | | 94,742 | |
| Flowserve Corp. (Machinery) | | | 578 | | | | 23,305 | |
| Fortive Corp. (Machinery) | | | 1,502 | | | | 104,749 | |
| Fortune Brands Home & Security, Inc. (Building Products) | | | 615 | | | | 61,260 | |
| FTI Consulting, Inc.* (Professional Services) | | | 152 | | | | 20,765 | |
| Gates Industrial Corp. PLC* (Machinery) | | | 297 | | | | 5,367 | |
| Generac Holdings, Inc.* (Electrical Equipment) | | | 279 | | | | 115,827 | |
| General Dynamics Corp. (Aerospace & Defense) | | | 1,016 | | | | 191,272 | |
| General Electric Co. (Industrial Conglomerates) | | | 38,957 | | | | 524,361 | |
| Genpact, Ltd. (IT Services) | | | 773 | | | | 35,117 | |
| Global Payments, Inc. (IT Services) | | | 1,310 | | | | 245,677 | |
| Graco, Inc. (Machinery) | | | 752 | | | | 56,926 | |
| Graphic Packaging Holding Co. (Containers & Packaging) | | | 1,260 | | | | 22,856 | |
| HEICO Corp. (Aerospace & Defense) | | | 187 | | | | 26,072 | |
| HEICO Corp.—Class A (Aerospace & Defense) | | | 328 | | | | 40,731 | |
| Hexcel Corp.* (Aerospace & Defense) | | | 372 | | | | 23,213 | |
| Honeywell International, Inc. (Industrial Conglomerates) | | | 3,082 | | | | 676,038 | |
| Howmet Aerospace, Inc.* (Aerospace & Defense) | | | 1,734 | | | | 59,771 | |
| Hubbell, Inc. (Electrical Equipment) | | | 241 | | | | 45,028 | |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | | 179 | | | | 37,724 | |
| IDEX Corp. (Machinery) | | | 337 | | | | 74,157 | |
| Illinois Tool Works, Inc. (Machinery) | | | 1,276 | | | | 285,263 | |
| Ingersoll Rand, Inc.* (Machinery) | | | 1,656 | | | | 80,829 | |
| Insperity, Inc. (Professional Services) | | | 160 | | | | 14,459 | |
| International Paper Co. (Containers & Packaging) | | | 1,738 | | | | 106,557 | |
| IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | | 159 | | | | 33,512 | |
| Itron, Inc.* (Electronic Equipment, Instruments & Components) | | | 200 | | | | 19,996 | |
| ITT, Inc. (Machinery) | | | 382 | | | | 34,987 | |
| J.B. Hunt Transport Services, Inc. (Road & Rail) | | | 370 | | | | 60,292 | |
| Jabil, Inc. (Electronic Equipment, Instruments & Components) | | | 594 | | | | 34,523 | |
| Jack Henry & Associates, Inc. (IT Services) | | | 330 | | | | 53,958 | |
| Jacobs Engineering Group, Inc. (Construction & Engineering) | | | 578 | | | | 77,116 | |
| Johnson Controls International PLC (Building Products) | | | 3,181 | | | | 218,311 | |
| Kansas City Southern (Road & Rail) | | | 404 | | | | 114,481 | |
| KBR, Inc. (IT Services) | | | 627 | | | | 23,920 | |
| Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 818 | | | | 126,307 | |
| Kirby Corp.* (Marine) | | | 266 | | | | 16,130 | |
| Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | | 543 | | | | 24,685 | |
| L3Harris Technologies, Inc. (Aerospace & Defense) | | | 910 | | | | 196,697 | |
| Landstar System, Inc. (Road & Rail) | | | 171 | | | | 27,021 | |
| Leidos Holdings, Inc. (IT Services) | | | 590 | | | | 59,649 | |
| Lennox International, Inc. (Building Products) | | | 153 | | | | 53,672 | |
| Lincoln Electric Holdings, Inc. (Machinery) | | | 264 | | | | 34,771 | |
| Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | | 109 | | | | 27,772 | |
| Lockheed Martin Corp. (Aerospace & Defense) | | | 1,085 | | | | 410,510 | |
| Louisiana-Pacific Corp. (Paper & Forest Products) | | | 454 | | | | 27,372 | |
| Macquarie Infrastructure Corp. (Transportation Infrastructure) | | | 326 | | | | 12,476 | |
| ManpowerGroup, Inc. (Professional Services) | | | 242 | | | | 28,776 | |
| Martin Marietta Materials, Inc. (Construction Materials) | | | 277 | | | | 97,451 | |
| Masco Corp. (Building Products) | | | 1,126 | | | | 66,333 | |
| MasTec, Inc.* (Construction & Engineering) | | | 251 | | | | 26,631 | |
| MAXIMUS, Inc. (IT Services) | | | 273 | | | | 24,016 | |
| Mercury Systems, Inc.* (Aerospace & Defense) | | | 249 | | | | 16,504 | |
| MSA Safety, Inc. (Commercial Services & Supplies) | | | 162 | | | | 26,824 | |
| MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | | | 208 | | | | 18,664 | |
| National Instruments Corp. (Electronic Equipment, Instruments & Components) | | | 583 | | | | 24,649 | |
| Navistar International Corp.* (Machinery) | | | 220 | | | | 9,790 | |
| Nielsen Holdings PLC (Professional Services) | | | 1,590 | | | | 39,225 | |
| Nikola Corp.* (Machinery) | | | 628 | | | | 11,342 | |
| Nordson Corp. (Machinery) | | | 240 | | | | 52,682 | |
| Norfolk Southern Corp. (Road & Rail) | | | 1,111 | | | | 294,871 | |
| Northrop Grumman Corp. (Aerospace & Defense) | | | 664 | | | | 241,318 | |
| nVent Electric PLC (Electrical Equipment) | | | 743 | | | | 23,211 | |
| Old Dominion Freight Line, Inc. (Road & Rail) | | | 422 | | | | 107,104 | |
| Oshkosh Corp. (Machinery) | | | 305 | | | | 38,015 | |
| Otis Worldwide Corp. (Machinery) | | | 1,790 | | | | 146,368 | |
| Owens Corning (Building Products) | | | 464 | | | | 45,426 | |
| PACCAR, Inc. (Machinery) | | | 1,541 | | | | 137,534 | |
| Packaging Corp. of America (Containers & Packaging) | | | 421 | | | | 57,012 | |
| Parker-Hannifin Corp. (Machinery) | | | 572 | | | | 175,667 | |
| Paychex, Inc. (IT Services) | | | 1,424 | | | | 152,795 | |
| PayPal Holdings, Inc.* (IT Services) | | | 5,213 | | | | 1,519,486 | |
| Pentair PLC (Machinery) | | | 738 | | | | 49,808 | |
| PerkinElmer, Inc. (Life Sciences Tools & Services) | | | 497 | | | | 76,742 | |
| Quanta Services, Inc. (Construction & Engineering) | | | 619 | | | | 56,063 | |
| Raytheon Technologies Corp. (Aerospace & Defense) | | | 6,724 | | | | 573,623 | |
| Regal Beloit Corp. (Electrical Equipment) | | | 181 | | | | 24,165 | |
| Republic Services, Inc.—Class A (Commercial Services & Supplies) | | | 934 | | | | 102,749 | |
| Robert Half International, Inc. (Professional Services) | | | 500 | | | | 44,485 | |
| Rockwell Automation, Inc. (Electrical Equipment) | | | 515 | | | | 147,300 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Industrials :: 95
Common Stocks, continued
| | | Shares | | | Value | |
| Roper Technologies, Inc. (Industrial Conglomerates) | | | 467 | | | $ | 219,583 | |
| Science Applications International Corp. (IT Services) | | | 258 | | | | 22,634 | |
| Sealed Air Corp. (Containers & Packaging) | | | 675 | | | | 39,994 | |
| Sensata Technologies Holding PLC* (Electrical Equipment) | | | 701 | | | | 40,637 | |
| Shoals Technologies Group, Inc.*—Class A (Electrical Equipment) | | | 352 | | | | 12,496 | |
| Silgan Holdings, Inc. (Containers & Packaging) | | | 348 | | | | 14,442 | |
| Siteone Landscape Supply, Inc.* (Trading Companies & Distributors) | | | 197 | | | | 33,344 | |
| Snap-on, Inc. (Machinery) | | | 240 | | | | 53,623 | |
| Sonoco Products Co. (Containers & Packaging) | | | 447 | | | | 29,904 | |
| Square, Inc.*—Class A (IT Services) | | | 1,739 | | | | 423,968 | |
| Stericycle, Inc.* (Commercial Services & Supplies) | | | 407 | | | | 29,121 | |
| TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | | 1,465 | | | | 198,084 | |
| Teledyne Technologies, Inc.* (Aerospace & Defense) | | | 206 | | | | 86,279 | |
| Tetra Tech, Inc. (Commercial Services & Supplies) | | | 241 | | | | 29,412 | |
| Textron, Inc. (Aerospace & Defense) | | | 1,001 | | | | 68,839 | |
| The Boeing Co.* (Aerospace & Defense) | | | 2,440 | | | | 584,525 | |
| The Middleby Corp.* (Machinery) | | | 247 | | | | 42,795 | |
| The Sherwin-Williams Co. (Chemicals) | | | 1,063 | | | | 289,614 | |
| The Timken Co. (Machinery) | | | 304 | | | | 24,499 | |
| The Toro Co. (Machinery) | | | 476 | | | | 52,303 | |
| The Western Union Co. (IT Services) | | | 1,815 | | | | 41,691 | |
| Trane Technologies PLC (Building Products) | | | 1,062 | | | | 195,557 | |
| TransDigm Group, Inc.* (Aerospace & Defense) | | | 244 | | | | 157,939 | |
| TransUnion (Professional Services) | | | 848 | | | | 93,119 | |
| Trex Co., Inc.* (Building Products) | | | 512 | | | | 52,332 | |
| Trimble, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,114 | | | | 91,159 | |
| TriNet Group, Inc.* (Professional Services) | | | 175 | | | | 12,684 | |
| Union Pacific Corp. (Road & Rail) | | | 2,948 | | | | 648,353 | |
| United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | | 3,210 | | | | 667,585 | |
| United Rentals, Inc.* (Trading Companies & Distributors) | | | 322 | | | | 102,721 | |
| Univar Solutions, Inc.* (Trading Companies & Distributors) | | | 752 | | | | 18,334 | |
| Valmont Industries, Inc. (Construction & Engineering) | | | 95 | | | | 22,425 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 719 | | | | 125,624 | |
| Vontier Corp. (Electronic Equipment, Instruments & Components) | | | 748 | | | | 24,370 | |
| Vulcan Materials Co. (Construction Materials) | | | 589 | | | | 102,527 | |
| W.W. Grainger, Inc. (Trading Companies & Distributors) | | | 194 | | | | 84,972 | |
| Waste Management, Inc. (Commercial Services & Supplies) | | | 1,724 | | | | 241,549 | |
| Watsco, Inc. (Trading Companies & Distributors) | | | 146 | | | | 41,849 | |
| Westinghouse Air Brake Technologies Corp. (Machinery) | | | 788 | | | | 64,852 | |
| WestRock Co. (Containers & Packaging) | | | 1,181 | | | | 62,853 | |
| WEX, Inc.* (IT Services) | | | 198 | | | | 38,392 | |
| Woodward, Inc. (Machinery) | | | 260 | | | | 31,949 | |
| XPO Logistics, Inc.* (Air Freight & Logistics) | | | 451 | | | | 63,090 | |
| Xylem, Inc. (Machinery) | | | 799 | | | | 95,848 | |
| Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | | | 238 | | | | 126,019 | |
TOTAL COMMON STOCKS
(Cost $9,257,645) | | | | | | | 22,138,444 | |
Repurchase Agreements(a) (2.6%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $579,000 | | $ | 579,000 | | | $ | 579,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $579,000) | | | | | | | 579,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,836,645)—100.2% | | | | | | | 22,717,444 | |
| Net other assets (liabilities)—(0.2)% | | | | | | | (38,901 | ) |
| NET ASSETS—100.0% | | | | | | $ | 22,678,543 | |
| * | 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Industrials Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 541,382 | | | $ | 4,913 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
96 :: ProFund VP Industrials :: Financial Statements
ProFund VP Industrials invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 2,811,900 | | | | 12.4 | % |
| Air Freight & Logistics | | | 1,203,981 | | | | 5.3 | % |
| Building Products | | | 990,496 | | | | 4.4 | % |
| Chemicals | | | 289,614 | | | | 1.3 | % |
| Commercial Services & Supplies | | | 616,917 | | | | 2.7 | % |
| Construction & Engineering | | | 253,142 | | | | 1.1 | % |
| Construction Materials | | | 226,695 | | | | 1.0 | % |
| Containers & Packaging | | | 748,846 | | | | 3.3 | % |
| Electrical Equipment | | | 1,119,421 | | | | 4.9 | % |
| Electronic Equipment, Instruments & Components | | | 1,178,291 | | | | 5.2 | % |
| Industrial Conglomerates | | | 1,975,258 | | | | 8.7 | % |
| IT Services | | | 4,852,476 | | | | 21.4 | % |
| Life Sciences Tools & Services | | | 76,742 | | | | 0.3 | % |
| Machinery | | | 3,093,788 | | | | 13.6 | % |
| Marine | | | 16,130 | | | | 0.1 | % |
| Paper & Forest Products | | | 27,372 | | | | 0.1 | % |
| Professional Services | | | 576,575 | | | | 2.5 | % |
| Road & Rail | | | 1,600,270 | | | | 7.1 | % |
| Trading Companies & Distributors | | | 468,054 | | | | 2.1 | % |
| Transportation Infrastructure | | | 12,476 | | | | 0.1 | % |
| Other** | | | 540,099 | | | | 2.4 | % |
| Total | | $ | 22,678,543 | | | | 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 Industrials :: 97
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 9,836,645 | |
| Securities, at value | | | 22,138,444 | |
| Repurchase agreements, at value | | | 579,000 | |
| Total Investment Securities, at value | | | 22,717,444 | |
| Cash | | | 896 | |
| Dividends receivable | | | 10,138 | |
| Unrealized appreciation on swap agreements | | | 4,913 | |
| Receivable for capital shares issued | | | 23,370 | |
| Prepaid expenses | | | 328 | |
| TOTAL ASSETS | | | 22,757,089 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 27,682 | |
| Advisory fees payable | | | 13,841 | |
| Management services fees payable | | | 1,846 | |
| Administration fees payable | | | 1,385 | |
| Administrative services fees payable | | | 9,431 | |
| Distribution fees payable | | | 9,548 | |
| Transfer agency fees payable | | | 2,370 | |
| Fund accounting fees payable | | | 812 | |
| Compliance services fees payable | | | 162 | |
| Other accrued expenses | | | 11,469 | |
| TOTAL LIABILITIES | | | 78,546 | |
| NET ASSETS | | $ | 22,678,543 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 10,996,050 | |
| Total distributable earnings (loss) | | | 11,682,493 | |
| NET ASSETS | | $ | 22,678,543 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 231,610 | |
| Net Asset Value (offering and redemption price per share) | | $ | 97.92 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 127,875 | |
| Interest | | | 7 | |
| Income from securities lending | | | 48 | |
| TOTAL INVESTMENT INCOME | | | 127,930 | |
| EXPENSES: | | | | |
| Advisory fees | | | 76,107 | |
| Management services fees | | | 10,148 | |
| Administration fees | | | 7,812 | |
| Transfer agency fees | | | 6,462 | |
| Administrative services fees | | | 28,647 | |
| Distribution fees | | | 25,369 | |
| Custody fees | | | 1,613 | |
| Fund accounting fees | | | 4,698 | |
| Trustee fees | | | 256 | |
| Compliance services fees | | | 102 | |
| Other fees | | | 11,395 | |
| Total Gross Expenses before reductions | | | 172,609 | |
| Expenses reduced and reimbursed by the Advisor | | | (2,128 | ) |
| TOTAL NET EXPENSES | | | 170,481 | |
| NET INVESTMENT INCOME (LOSS) | | | (42,551 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 26,424 | |
| Net realized gains (losses) on swap agreements | | | 41,522 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,573,764 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 3,061 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,644,771 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,602,220 | |
See accompanying notes to financial statements.
98 :: ProFund VP Industrials :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (42,551 | ) | | $ | (25,859 | ) |
| Net realized gains (losses) on investments | | | 67,946 | | | | 1,209,058 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,576,825 | | | | (3,842 | ) |
| Change in net assets resulting from operations | | | 2,602,220 | | | | 1,179,357 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,172,179 | ) | | | (268,929 | ) |
| Change in net assets resulting from distributions | | | (1,172,179 | ) | | | (268,929 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 14,619,107 | | | | 22,558,963 | |
| Distributions reinvested | | | 1,172,179 | | | | 268,929 | |
| Value of shares redeemed | | | (11,622,522 | ) | | | (24,537,213 | ) |
| Change in net assets resulting from capital transactions | | | 4,168,764 | | | | (1,709,321 | ) |
| Change in net assets | | | 5,598,805 | | | | (798,893 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 17,079,738 | | | | 17,878,631 | |
| End of period | | $ | 22,678,543 | | | $ | 17,079,738 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 150,807 | | | | 294,654 | |
| Reinvested | | | 12,291 | | | | 3,320 | |
| Redeemed | | | (119,833 | ) | | | (335,213 | ) |
| Change in shares | | | 43,265 | | | | (37,239 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Industrials :: 99
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 90.68 | | | $ | 79.25 | | | $ | 72.70 | | | $ | 83.42 | | | $ | 68.28 | | | $ | 58.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.20 | ) | | | (0.15 | ) | | | 0.10 | | | | (0.07 | ) | | | 0.09 | | | | 0.23 | |
| Net realized and unrealized gains (losses) on investments | | | 12.79 | | | | 13.24 | | | | 20.77 | | | | (10.56 | ) | | | 15.19 | | | | 9.97 | |
| Total income (loss) from investment activities | | | 12.59 | | | | 13.09 | | | | 20.87 | | | | (10.63 | ) | | | 15.28 | | | | 10.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.14 | ) | | | — | | | | (0.09 | ) | | | (0.14 | ) | | | (0.11 | ) |
| Net realized gains on investments | | | (5.35 | ) | | | (1.52 | ) | | | (14.32 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (5.35 | ) | | | (1.66 | ) | | | (14.32 | ) | | | (0.09 | ) | | | (0.14 | ) | | | (0.11 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 97.92 | | | $ | 90.68 | | | $ | 79.25 | | | $ | 72.70 | | | $ | 83.42 | | | $ | 68.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 14.04 | % | | | 16.76 | % | | | 30.49 | % | | | (12.76 | )% | | | 22.40 | % | | | 17.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.70 | % | | | 1.75 | % | | | 1.71 | % | | | 1.68 | % | | | 1.68 | % | | | 1.69 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.42 | )% | | | (0.20 | )% | | | 0.12 | % | | | (0.09 | )% | | | 0.12 | % | | | 0.37 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 22,679 | | | $ | 17,080 | | | $ | 17,879 | | | $ | 11,116 | | | $ | 39,291 | | | $ | 32,361 | |
| Portfolio turnover rate(b)(d) | | | 29 | % | | | 123 | % | | | 71 | % | | | 67 | % | | | 107 | % | | | 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.
100 :: ProFund VP International :: Financial Statements
Investment Objective: The ProFund VP International seeks investment results, before fees and expenses, that correspond to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | | | 16 | % |
| Consumer Discretionary | | | 13 | % |
| Health Care | | | 12 | % |
| Consumer Staples | | | 11 | % |
| Information Technology | | | 9 | % |
| Materials | | | 8 | % |
| Communication Services | | | 5 | % |
| Utilities | | | 3 | % |
| Energy | | | 3 | % |
| Real Estate | | | 3 | % |
| | | | | |
| Country Composition | | | | |
| Japan | | | 23 | % |
| United Kingdom | | | 14 | % |
| France | | | 12 | % |
| Switzerland | | | 10 | % |
| Germany | | | 9 | % |
| Other | | | 32 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (101.1%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $12,682,000 | | $ | 12,682,000 | | | $ | 12,682,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $12,682,000) | | | | | | | 12,682,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $12,682,000)—101.1% | | | | | | | 12,682,000 | |
| Net other assets (liabilities)—(1.1)% | | | | | | | (134,127 | ) |
| NET ASSETS—100.0% | | | | | | $ | 12,547,873 | |
| (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, 2021, the aggregate amount held in a segregated account was $1,778,000. |
| (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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| MSCI EAFE Index | | Goldman Sachs International | | 7/27/21 | | | 0.39 | % | | $ | 5,988,943 | | | $ | (44,187 | ) |
| MSCI EAFE Index | | UBS AG | | 7/27/21 | | | 0.89 | % | | | 6,566,990 | | | | (48,705 | ) |
| | | | | | | | | | | $ | 12,555,933 | | | $ | (92,892 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP International :: 101
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 12,682,000 | |
| Repurchase agreements, at value | | | 12,682,000 | |
| Total Investment Securities, at value | | | 12,682,000 | |
| Cash | | | 976 | |
| Segregated cash balances for swap agreements with custodian | | | 50 | |
| Receivable for capital shares issued | | | 95,605 | |
| Prepaid expenses | | | 200 | |
| TOTAL ASSETS | | | 12,778,831 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 102,705 | |
| Unrealized depreciation on swap agreements | | | 92,892 | |
| Advisory fees payable | | | 8,738 | |
| Management services fees payable | | | 1,165 | |
| Administration fees payable | | | 789 | |
| Administrative services fees payable | | | 7,991 | |
| Distribution fees payable | | | 8,223 | |
| Transfer agency fees payable | | | 1,383 | |
| Fund accounting fees payable | | | 467 | |
| Compliance services fees payable | | | 84 | |
| Other accrued expenses | | | 6,521 | |
| TOTAL LIABILITIES | | | 230,958 | |
| NET ASSETS | | $ | 12,547,873 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 13,279,169 | |
| Total distributable earnings (loss) | | | (731,296 | ) |
| NET ASSETS | | $ | 12,547,873 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 564,829 | |
| Net Asset Value (offering and redemption price per share) | | $ | 22.22 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 98 | |
| EXPENSES: | | | | |
| Advisory fees | | | 42,691 | |
| Management services fees | | | 5,692 | |
| Administration fees | | | 4,061 | |
| Transfer agency fees | | | 3,688 | |
| Administrative services fees | | | 13,804 | |
| Distribution fees | | | 14,231 | |
| Custody fees | | | 923 | |
| Fund accounting fees | | | 2,485 | |
| Trustee fees | | | 136 | |
| Compliance services fees | | | 63 | |
| Other fees | | | 5,100 | |
| TOTAL NET EXPENSES | | | 92,874 | |
| NET INVESTMENT INCOME (LOSS) | | | (92,776 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | 984,860 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (86,073 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 898,787 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 806,011 | |
See accompanying notes to financial statements.
102 :: ProFund VP International :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (92,776 | ) | | $ | (71,607 | ) |
| Net realized gains (losses) on investments | | | 984,860 | | | | 295,215 | |
| Change in net unrealized appreciation/depreciation on investments | | | (86,073 | ) | | | 13,230 | |
| Change in net assets resulting from operations | | | 806,011 | | | | 236,838 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (26,163 | ) |
| Change in net assets resulting from distributions | | | — | | | | (26,163 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 32,418,225 | | | | 9,567,191 | |
| Distributions reinvested | | | — | | | | 26,163 | |
| Value of shares redeemed | | | (26,208,807 | ) | | | (9,950,961 | ) |
| Change in net assets resulting from capital transactions | | | 6,209,418 | | | | (357,607 | ) |
| Change in net assets | | | 7,015,429 | | | | (146,932 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 5,532,444 | | | | 5,679,376 | |
| End of period | | $ | 12,547,873 | | | $ | 5,532,444 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 1,506,525 | | | | 537,342 | |
| Reinvested | | | — | | | | 1,410 | |
| Redeemed | | | (1,211,316 | ) | | | (557,950 | ) |
| Change in shares | | | 295,209 | | | | (19,198 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP International :: 103
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 20.52 | | | $ | 19.66 | | | $ | 16.53 | | | $ | 23.47 | | | $ | 19.27 | | | $ | 19.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.18 | ) | | | (0.24 | ) | | | 0.08 | | | | 0.04 | | | | (0.18 | ) | | | (0.27 | ) |
| Net realized and unrealized gains (losses) on investments | | | 1.88 | | | | 1.19 | | | | 3.10 | | | | (3.26 | ) | | | 4.38 | | | | 0.09 | |
| Total income (loss) from investment activities | | | 1.70 | | | | 0.95 | | | | 3.18 | | | | (3.22 | ) | | | 4.20 | | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.09 | ) | | | (0.05 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | — | | | | (3.72 | ) | | | — | | | | — | |
| Total distributions | | | — | | | | (0.09 | ) | | | (0.05 | ) | | | (3.72 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.22 | | | $ | 20.52 | | | $ | 19.66 | | | $ | 16.53 | | | $ | 23.47 | | | $ | 19.27 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 8.28 | % | | | 4.90 | % | | | 19.27 | % | | | (15.76 | )%(c) | | | 21.80 | % | | | (0.93 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.63 | % | | | 1.68 | % | | | 1.65 | % | | | 1.57 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.63 | % | | | 1.68 | % | | | 1.65 | % | | | 1.50 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.63 | )% | | | (1.36 | )% | | | 0.43 | % | | | 0.20 | %(c) | | | (0.81 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 12,548 | | | $ | 5,532 | | | $ | 5,679 | | | $ | 6,140 | | | $ | 15,131 | | | $ | 6,320 | |
| Portfolio turnover rate(e) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | 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) | 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.
104 :: ProFund VP Internet :: Financial Statements
Investment Objective: The ProFund VP Internet seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Internet CompositeSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Amazon.com, Inc. | | | 9.3 | % |
| Alphabet, Inc. | | | 9.3 | % |
| Facebook, Inc. | | | 7.3 | % |
| PayPal Holdings, Inc. | | | 5.4 | % |
| Netflix, Inc. | | | 4.5 | % |
Dow Jones Internet CompositeSM Index – Composition
| | | % of Index | |
| Interactive Media & Services | | | 29 | % |
| Software | | | 22 | % |
| Internet & Direct Marketing Retail | | | 15 | % |
| IT Services | | | 14 | % |
| Communications Equipment | | | 9 | % |
| Entertainment | | | 5 | % |
| Health Care Technology | | | 4 | % |
| Hotels, Restaurants & Leisure | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
| Common Stocks (98.1%) |
| |
| | | Shares | | | Value | |
| Akamai Technologies, Inc.* (IT Services) | | | 3,181 | | | $ | 370,905 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 486 | | | | 1,186,710 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 460 | | | | 1,152,907 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 681 | | | | 2,342,749 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 1,057 | | | | 382,962 | |
| Box, Inc.*—Class A (Software) | | | 7,084 | | | | 180,996 | |
| Bumble, Inc.*—Class A (Interactive Media & Services) | | | 3,143 | | | | 181,037 | |
| Ciena Corp.* (Communications Equipment) | | | 4,472 | | | | 254,412 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 19,773 | | | | 1,047,969 | |
| Citrix Systems, Inc. (Software) | | | 2,793 | | | | 327,535 | |
| Cloudera, Inc.* (Software) | | | 10,850 | | | | 172,081 | |
| CommScope Holding Co., Inc.* (Communications Equipment) | | | 8,893 | | | | 189,510 | |
| Coupa Software, Inc.* (Software) | | | 1,578 | | | | 413,610 | |
| Datadog, Inc.*—Class A (Software) | | | 4,164 | | | | 433,389 | |
| DocuSign, Inc.* (Software) | | | 2,395 | | | | 669,570 | |
| Dropbox, Inc.* (Software) | | | 8,891 | | | | 269,486 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 8,304 | | | | 583,024 | |
| Etsy, Inc.* (Internet & Direct Marketing Retail) | | | 2,355 | | | | 484,753 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 2,437 | | | | 398,961 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 5,312 | | | | 1,847,035 | |
| Fastly, Inc.*—Class A (IT Services) | | | 3,615 | | | | 215,454 | |
| GoDaddy, Inc.*—Class A (IT Services) | | | 3,922 | | | | 341,057 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 9,443 | | | | 258,266 | |
| Match Group, Inc.* (Interactive Media & Services) | | | 3,665 | | | | 590,981 | |
| Netflix, Inc.* (Entertainment) | | | 2,139 | | | | 1,129,841 | |
| Nutanix, Inc.*—Class A (Software) | | | 6,817 | | | | 260,546 | |
| Okta, Inc.* (IT Services) | | | 2,042 | | | | 499,637 | |
| PayPal Holdings, Inc.* (IT Services) | | | 4,659 | | | | 1,358,005 | |
| Pinterest, Inc.*—Class A (Interactive Media & Services) | | | 7,646 | | | | 603,652 | |
| Salesforce.com, Inc.* (Software) | | | 4,436 | | | | 1,083,581 | |
| Snap, Inc.* (Interactive Media & Services) | | | 10,249 | | | | 698,367 | |
| Snowflake, Inc.*—Class A (IT Services) | | | 1,364 | | | | 329,815 | |
| Teladoc Health, Inc.* (Health Care Technology) | | | 2,525 | | | | 419,882 | |
| Twitter, Inc.* (Interactive Media & Services) | | | 9,677 | | | | 665,874 | |
| Veeva Systems, Inc.*—Class A (Health Care Technology) | | | 1,828 | | | | 568,417 | |
| VeriSign, Inc.* (IT Services) | | | 1,820 | | | | 414,396 | |
| Vonage Holdings Corp.* (Diversified Telecommunication Services) | | | 11,750 | | | | 169,318 | |
| Wayfair, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 1,287 | | | | 406,319 | |
| Workday, Inc.*—Class A (Software) | | | 2,427 | | | | 579,422 | |
| Zillow Group, Inc.*—Class A (Interactive Media & Services) | | | 671 | | | | 82,218 | |
| Zillow Group, Inc.*—Class C (Interactive Media & Services) | | | 2,915 | | | | 356,271 | |
| Zoom Video Communications, Inc.*—Class A (Software) | | | 2,088 | | | | 808,119 | |
TOTAL COMMON STOCKS
(Cost $9,110,771) | | | | | | | 24,729,039 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 105
Repurchase Agreements(a) (3.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $838,000 | | $ | 838,000 | | | $ | 838,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $838,000) | | | | | | | 838,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,948,771)—101.4% | | | | | | | 25,567,039 | |
| Net other assets (liabilities)—(1.4)% | | | | | | | (343,339 | ) |
| NET ASSETS—100.0% | | | | | | $ | 25,223,700 | |
| * | 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones Internet Composite Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 498,386 | | | $ | 8,476 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Communications Equipment | | $ | 2,133,119 | | | | 8.5 | % |
| Diversified Telecommunication Services | | | 169,318 | | | | 0.7 | % |
| Entertainment | | | 1,129,841 | | | | 4.5 | % |
| Health Care Technology | | | 988,299 | | | | 3.9 | % |
| Interactive Media & Services | | | 7,365,052 | | | | 29.1 | % |
| Internet & Direct Marketing Retail | | | 4,215,806 | | | | 16.7 | % |
| IT Services | | | 3,529,269 | | | | 14.0 | % |
| Software | | | 5,198,335 | | | | 20.7 | % |
| Other** | | | 494,661 | | | | 1.9 | % |
| Total | | $ | 25,223,700 | | | | 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.
106 :: ProFund VP Internet :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 9,948,771 | |
| Securities, at value | | | 24,729,039 | |
| Repurchase agreements, at value | | | 838,000 | |
| Total Investment Securities, at value | | | 25,567,039 | |
| Cash | | | 359 | |
| Dividends receivable | | | 16 | |
| Unrealized appreciation on swap agreements | | | 8,476 | |
| Receivable for capital shares issued | | | 173,925 | |
| Prepaid expenses | | | 385 | |
| TOTAL ASSETS | | | 25,750,200 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 473,226 | |
| Advisory fees payable | | | 14,175 | |
| Management services fees payable | | | 1,890 | |
| Administration fees payable | | | 1,395 | |
| Administrative services fees payable | | | 9,605 | |
| Distribution fees payable | | | 10,521 | |
| Transfer agency fees payable | | | 2,295 | |
| Fund accounting fees payable | | | 772 | |
| Compliance services fees payable | | | 202 | |
| Other accrued expenses | | | 12,419 | |
| TOTAL LIABILITIES | | | 526,500 | |
| NET ASSETS | | $ | 25,223,700 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 8,846,936 | |
| Total distributable earnings (loss) | | | 16,376,764 | |
| NET ASSETS | | $ | 25,223,700 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 451,295 | |
| Net Asset Value (offering and redemption price per share) | | $ | 55.89 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 26,156 | |
| Interest | | | 3 | |
| Income from securities lending | | | 54 | |
| TOTAL INVESTMENT INCOME | | | 26,213 | |
| EXPENSES: | | | | |
| Advisory fees | | | 88,435 | |
| Management services fees | | | 11,791 | |
| Administration fees | | | 9,062 | |
| Transfer agency fees | | | 7,319 | |
| Administrative services fees | | | 30,232 | |
| Distribution fees | | | 29,478 | |
| Custody fees | | | 1,844 | |
| Fund accounting fees | | | 5,006 | |
| Trustee fees | | | 305 | |
| Compliance services fees | | | 104 | |
| Other fees | | | 12,352 | |
| Recoupment of prior expenses reduced by the Advisor | | | 2,167 | |
| TOTAL NET EXPENSES | | | 198,095 | |
| NET INVESTMENT INCOME (LOSS) | | | (171,882 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,931,676 | |
| Net realized gains (losses) on swap agreements | | | 44,130 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,255,908 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 13,936 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 3,245,650 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,073,768 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Internet :: 107
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (171,882 | ) | | $ | (279,735 | ) |
| Net realized gains (losses) on investments | | | 1,975,806 | | | | 4,092,000 | |
| Change in net unrealized appreciation/depreciation on investments | | | 1,269,844 | | | | 4,475,987 | |
| Change in net assets resulting from operations | | | 3,073,768 | | | | 8,288,252 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (3,581,962 | ) | | | (2,716,437 | ) |
| Change in net assets resulting from distributions | | | (3,581,962 | ) | | | (2,716,437 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 9,539,801 | | | | 27,276,562 | |
| Distributions reinvested | | | 3,581,962 | | | | 2,716,437 | |
| Value of shares redeemed | | | (13,788,617 | ) | | | (25,759,486 | ) |
| Change in net assets resulting from capital transactions | | | (666,854 | ) | | | 4,233,513 | |
| Change in net assets | | | (1,175,048 | ) | | | 9,805,328 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 26,398,748 | | | | 16,593,420 | |
| End of period | | $ | 25,223,700 | | | $ | 26,398,748 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 162,531 | | | | 541,488 | |
| Reinvested | | | 74,485 | | | | 47,498 | |
| Redeemed | | | (236,602 | ) | | | (523,130 | ) |
| Change in shares | | | 414 | | | | 65,856 | |
See accompanying notes to financial statements.
108 :: ProFund VP Internet :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 58.55 | | | $ | 43.10 | | | $ | 37.40 | | | $ | 37.12 | | | $ | 27.28 | | | $ | 27.49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.43 | ) | | | (0.69 | ) | | | (0.54 | ) | | | (0.59 | ) | | | (0.47 | ) | | | (0.40 | ) |
| Net realized and unrealized gains (losses) on investments | | | 7.48 | | | | 22.44 | | | | 7.27 | | | | 2.80 | | | | 10.31 | | | | 1.93 | |
| Total income (loss) from investment activities | | | 7.05 | | | | 21.75 | | | | 6.73 | | | | 2.21 | | | | 9.84 | | | | 1.53 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (9.71 | ) | | | (6.30 | ) | | | (1.03 | ) | | | (1.93 | ) | | | — | | | | (1.74 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 55.89 | | | $ | 58.55 | | | $ | 43.10 | | | $ | 37.40 | | | $ | 37.12 | | | $ | 27.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 14.72 | % | | | 50.82 | % | | | 18.03 | % | | | 4.93 | % | | | 36.05 | % | | | 5.53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.68 | % | | | 1.71 | % | | | 1.69 | % | | | 1.64 | % | | | 1.64 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.69 | %(e) | | | 1.64 | % | | | 1.64 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.46 | )% | | | (1.36 | )% | | | (1.24 | )% | | | (1.39 | )% | | | (1.43 | )% | | | (1.52 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 25,224 | | | $ | 26,399 | | | $ | 16,593 | | | $ | 17,917 | | | $ | 16,656 | | | $ | 12,356 | |
| Portfolio turnover rate(c)(f) | | | 31 | % | | | 116 | % | | | 163 | % | | | 138 | % | | | 116 | % | | | 113 | % |
| (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.
Financial Statements :: ProFund VP Japan :: 109
Investment Objective: The ProFund VP Japan seeks investment results, before fees and expenses, that correspond to the performance of the Nikkei 225 Stock Average.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Futures Contracts | | | 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.
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 | | | 21 | % |
| Information Technology | | | 19 | % |
| Industrials | | | 19 | % |
| Health Care | | | 13 | % |
| Communication Services | | | 11 | % |
| Consumer Staples | | | 7 | % |
| Materials | | | 6 | % |
| Financials | | | 2 | % |
| Real Estate | | | 2 | % |
| Total: | | | 100 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a) (93.2%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, rates 0.00%, dated 6/30/21, due 7/1/21, total to be received $7,266,000 | | $ | 7,266,000 | | | $ | 7,266,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $7,266,000) | | | | | | | 7,266,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $7,266,000)—93.2% | | | | | | | 7,266,000 | |
| Net other assets (liabilities)—6.8% | | | | | | | 533,776 | |
| NET ASSETS—100.0% | | | | | | $ | 7,799,776 | |
| (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 | | | 53 | | | 9/10/21 | | $ | 7,628,025 | | | $ | (95,464 | ) |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Nikkei 225 Stock Average | | Goldman Sachs International | | | 7/27/21 | | | | 0.49 | % | | $ | 145,392 | | | $ | (428 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
110 :: ProFund VP Japan :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 7,266,000 | |
| Repurchase agreements, at value | | | 7,266,000 | |
| Total Investment Securities, at value | | | 7,266,000 | |
| Cash | | | 901 | |
| Segregated cash balances for futures contracts with brokers | | | 466,400 | |
| Receivable for capital shares issued | | | 125,630 | |
| Prepaid expenses | | | 155 | |
| TOTAL ASSETS | | | 7,859,086 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 15,637 | |
| Unrealized depreciation on swap agreements | | | 428 | |
| Variation margin on futures contracts | | | 22,525 | |
| Advisory fees payable | | | 4,897 | |
| Management services fees payable | | | 653 | |
| Administration fees payable | | | 476 | |
| Administrative services fees payable | | | 3,212 | |
| Distribution fees payable | | | 3,060 | |
| Transfer agency fees payable | | | 815 | |
| Fund accounting fees payable | | | 259 | |
| Compliance services fees payable | | | 79 | |
| Other accrued expenses | | | 7,269 | |
| TOTAL LIABILITIES | | | 59,310 | |
| NET ASSETS | | $ | 7,799,776 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 7,339,796 | |
| Total distributable earnings (loss) | | | 459,980 | |
| NET ASSETS | | $ | 7,799,776 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 137,092 | |
| Net Asset Value (offering and redemption price per share) | | $ | 56.89 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 166 | |
| EXPENSES: | | | | |
| Advisory fees | | | 34,017 | |
| Management services fees | | | 4,535 | |
| Administration fees | | | 3,809 | |
| Transfer agency fees | | | 3,032 | |
| Administrative services fees | | | 12,951 | |
| Distribution fees | | | 11,339 | |
| Custody fees | | | 808 | |
| Fund accounting fees | | | 2,048 | |
| Trustee fees | | | 124 | |
| Compliance services fees | | | 45 | |
| Other fees | | | 3,909 | |
| Total Gross Expenses before reductions | | | 76,617 | |
| Expenses reduced and reimbursed by the Advisor | | | (419 | ) |
| TOTAL NET EXPENSES | | | 76,198 | |
| NET INVESTMENT INCOME (LOSS) | | | (76,032 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | 901,644 | |
| Net realized gains (losses) on swap agreements | | | 3,360 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (368,565 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (2,522 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 533,917 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 457,885 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Japan :: 111
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (76,032 | ) | | $ | (105,584 | ) |
| Net realized gains (losses) on investments | | | 905,004 | | | | 1,232,701 | |
| Change in net unrealized appreciation/depreciation on investments | | | (371,087 | ) | | | 261,597 | |
| Change in net assets resulting from operations | | | 457,885 | | | | 1,388,714 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,106,527 | ) | | | (18,886 | ) |
| Change in net assets resulting from distributions | | | (1,106,527 | ) | | | (18,886 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 4,353,354 | | | | 15,082,367 | |
| Distributions reinvested | | | 1,106,527 | | | | 18,886 | |
| Value of shares redeemed | | | (8,679,593 | ) | | | (14,121,561 | ) |
| Change in net assets resulting from capital transactions | | | (3,219,712 | ) | | | 979,692 | |
| Change in net assets | | | (3,868,354 | ) | | | 2,349,520 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 11,668,130 | | | | 9,318,610 | |
| End of period | | $ | 7,799,776 | | | $ | 11,668,130 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 68,490 | | | | 275,712 | |
| Reinvested | | | 20,122 | | | | 347 | |
| Redeemed | | | (134,848 | ) | | | (261,962 | ) |
| Change in shares | | | (46,236 | ) | | | 14,097 | |
See accompanying notes to financial statements.
112 :: ProFund VP Japan :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 63.65 | | �� | $ | 55.06 | | | $ | 45.95 | | | $ | 52.00 | | | $ | 43.90 | | | $ | 43.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.53 | ) | | | (0.73 | ) | | | 0.12 | | | | 0.05 | | | | (0.41 | ) | | | (0.56 | ) |
| Net realized and unrealized gains (losses) on investments | | | 2.83 | | | | 9.48 | | | | 9.06 | | | | (6.10 | ) | | | 8.51 | | | | 0.75 | |
| Total income (loss) from investment activities | | | 2.30 | | | | 8.75 | | | | 9.18 | | | | (6.05 | ) | | | 8.10 | | | | 0.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.16 | ) | | | (0.07 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (9.06 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (9.06 | ) | | | (0.16 | ) | | | (0.07 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 56.89 | | | $ | 63.65 | | | $ | 55.06 | | | $ | 45.95 | | | $ | 52.00 | | | $ | 43.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 4.11 | % | | | 15.93 | % | | | 20.00 | % | | | (11.63 | )%(d) | | | 18.45 | % | | | 0.41 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.69 | % | | | 1.75 | % | | | 1.74 | % | | | 1.63 | % | | | 1.71 | % | | | 1.69 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.74 | %(f) | | | 1.56 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.68 | )% | | | (1.38 | )% | | | 0.23 | % | | | 0.09 | %(d) | | | (0.89 | )% | | | (1.44 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 7,800 | | | $ | 11,668 | | | $ | 9,319 | | | $ | 8,606 | | | $ | 12,840 | | | $ | 11,563 | |
| 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.
Financial Statements :: ProFund VP Large-Cap Growth :: 113
Investment Objective: The ProFund VP Large-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500® Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Apple, Inc. | | | 11.2 | % |
| Microsoft Corp. | | | 10.6 | % |
| Amazon.com, Inc. | | | 7.7 | % |
| Alphabet, Inc. | | | 7.5 | % |
| Facebook, Inc. | | | 4.3 | % |
S&P 500® Growth Index – Composition
| | | % of Index | |
| Information Technology | | | 42 | % |
| Consumer Discretionary | | | 16 | % |
| Communication Services | | | 15 | % |
| Health Care | | | 12 | % |
| Industrials | | | 6 | % |
| Consumer Staples | | | 3 | % |
| Financials | | | 3 | % |
| Materials | | | 2 | % |
| Real Estate | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.8%)
| | | Shares | | | Value | |
| Abbott Laboratories (Health Care Equipment & Supplies) | | | 1,565 | | | $ | 181,431 | |
| AbbVie, Inc. (Biotechnology) | | | 1,952 | | | | 219,873 | |
| ABIOMED, Inc.* (Health Care Equipment & Supplies) | | | 67 | | | | 20,911 | |
| Accenture PLC—Class A (IT Services) | | | 531 | | | | 156,533 | |
| Activision Blizzard, Inc. (Entertainment) | | | 684 | | | | 65,281 | |
| Adobe, Inc.* (Software) | | | 714 | | | | 418,147 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,815 | | | | 170,483 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 326 | | | | 48,186 | |
| Air Products & Chemicals, Inc. (Chemicals) | | | 152 | | | | 43,727 | |
| Akamai Technologies, Inc.* (IT Services) | | | 156 | | | | 18,190 | |
| Albemarle Corp. (Chemicals) | | | 174 | | | | 29,312 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 241 | | | | 44,274 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 108 | | | | 65,988 | |
| Allegion PLC (Building Products) | | | 56 | | | | 7,801 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 449 | | | | 1,096,364 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 426 | | | | 1,067,692 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 640 | | | | 2,201,703 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 346 | | | | 93,468 | |
| American Water Works Co., Inc. (Water Utilities) | | | 135 | | | | 20,808 | |
| AMETEK, Inc. (Electrical Equipment) | | | 169 | | | | 22,562 | |
| Amgen, Inc. (Biotechnology) | | | 429 | | | | 104,569 | |
| Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | | 553 | | | | 37,832 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 237 | | | | 40,802 | |
| ANSYS, Inc.* (Software) | | | 130 | | | | 45,118 | |
| Aon PLC (Insurance) | | | 175 | | | | 41,783 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 23,421 | | | | 3,207,740 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,369 | | | | 194,946 | |
| Aptiv PLC* (Auto Components) | | | 271 | | | | 42,636 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 82 | | | | 29,709 | |
| Arthur J. Gallagher & Co. (Insurance) | | | 131 | | | | 18,350 | |
| Autodesk, Inc.* (Software) | | | 329 | | | | 96,035 | |
| Automatic Data Processing, Inc. (IT Services) | | | 305 | | | | 60,579 | |
| AutoZone, Inc.* (Specialty Retail) | | | 18 | | | | 26,860 | |
| Avery Dennison Corp. (Containers & Packaging) | | | 52 | | | | 10,932 | |
| Ball Corp. (Containers & Packaging) | | | 314 | | | | 25,440 | |
| Best Buy Co., Inc. (Specialty Retail) | | | 166 | | | | 19,087 | |
| Biogen, Inc.* (Biotechnology) | | | 119 | | | | 41,206 | |
| Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | | 33 | | | | 21,262 | |
| BlackRock, Inc.—Class A (Capital Markets) | | | 149 | | | | 130,370 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 23 | | | | 50,326 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 1,735 | | | | 115,933 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 414 | | | | 197,412 | |
| Broadridge Financial Solutions, Inc. (IT Services) | | | 87 | | | | 14,053 | |
| Brown-Forman Corp.—Class B (Beverages) | | | 137 | | | | 10,267 | |
| Cadence Design Systems, Inc.* (Software) | | | 415 | | | | 56,780 | |
| Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 180 | | | | 18,675 | |
| Carrier Global Corp. (Building Products) | | | 782 | | | | 38,005 | |
| Catalent, Inc.* (Pharmaceuticals) | | | 255 | | | | 27,571 | |
| Caterpillar, Inc. (Machinery) | | | 385 | | | | 83,788 | |
| Cboe Global Markets, Inc. (Capital Markets) | | | 81 | | | | 9,643 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 92 | | | | 16,068 | |
| Cerner Corp. (Health Care Technology) | | | 194 | | | | 15,163 | |
| Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | | 75 | | | | 27,744 | |
See accompanying notes to financial statements.
114 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Charter Communications, Inc.*—Class A (Media) | | | 206 | | | $ | 148,619 | |
| Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | | 42 | | | | 65,114 | |
| Church & Dwight Co., Inc. (Household Products) | | | 246 | | | | 20,964 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 87 | | | | 33,234 | |
| Citrix Systems, Inc. (Software) | | | 120 | | | | 14,072 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 401 | | | | 27,773 | |
| Colgate-Palmolive Co. (Household Products) | | | 657 | | | | 53,447 | |
| Comcast Corp.—Class A (Media) | | | 3,012 | | | | 171,744 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 311 | | | | 40,999 | |
| Corning, Inc. (Electronic Equipment, Instruments & Components) | | | 545 | | | | 22,291 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 350 | | | | 138,485 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 387 | | | | 75,504 | |
| CSX Corp. (Road & Rail) | | | 1,767 | | | | 56,685 | |
| Cummins, Inc. (Machinery) | | | 94 | | | | 22,918 | |
| Danaher Corp. (Health Care Equipment & Supplies) | | | 645 | | | | 173,092 | |
| DaVita, Inc.* (Health Care Providers & Services) | | | 105 | | | | 12,645 | |
| Deere & Co. (Machinery) | | | 349 | | | | 123,096 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 145 | | | | 61,915 | |
| Dollar General Corp. (Multiline Retail) | | | 352 | | | | 76,169 | |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | | | 58 | | | | 27,056 | |
| Dow, Inc. (Chemicals) | | | 547 | | | | 34,614 | |
| DR Horton, Inc. (Household Durables) | | | 294 | | | | 26,569 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 231 | | | | 10,938 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 967 | | | | 67,893 | |
| Ecolab, Inc. (Chemicals) | | | 171 | | | | 35,221 | |
| Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | | 529 | | | | 54,789 | |
| Electronic Arts, Inc. (Entertainment) | | | 231 | | | | 33,225 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 725 | | | | 166,402 | |
| Emerson Electric Co. (Electrical Equipment) | | | 359 | | | | 34,550 | |
| Enphase Energy, Inc.* (Electrical Equipment) | | | 203 | | | | 37,277 | |
| Equifax, Inc. (Professional Services) | | | 91 | | | | 21,795 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 77 | | | | 61,800 | |
| Etsy, Inc.* (Internet & Direct Marketing Retail) | | | 189 | | | | 38,904 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 76 | | | | 12,442 | |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | | | 164 | | | | 20,762 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 96 | | | | 15,727 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 39 | | | | 7,280 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 3,577 | | | | 1,243,759 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 644 | | | | 33,488 | |
| FedEx Corp. (Air Freight & Logistics) | | | 233 | | | | 69,511 | |
| First Horizon Corp. (Banks) | | | — | (a) | | | — | (b) |
| First Republic Bank (Banks) | | | 139 | | | | 26,017 | |
| Fiserv, Inc.* (IT Services) | | | 605 | | | | 64,668 | |
| FleetCor Technologies, Inc.* (IT Services) | | | 54 | | | | 13,827 | |
| FMC Corp. (Chemicals) | | | 192 | | | | 20,774 | |
| Fortinet, Inc.* (Software) | | | 203 | | | | 48,353 | |
| Fortune Brands Home & Security, Inc. (Building Products) | | | 118 | | | | 11,754 | |
| Freeport-McMoRan, Inc. (Metals & Mining) | | | 1,357 | | | | 50,358 | |
| Garmin, Ltd. (Household Durables) | | | 125 | | | | 18,080 | |
| Gartner, Inc.* (IT Services) | | | 68 | | | | 16,470 | |
| Generac Holdings, Inc.* (Electrical Equipment) | | | 94 | | | | 39,024 | |
| Hess Corp. (Oil, Gas & Consumable Fuels) | | | 217 | | | | 18,948 | |
| Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 154 | | | | 18,575 | |
| Hologic, Inc.* (Health Care Equipment & Supplies) | | | 275 | | | | 18,348 | |
| Humana, Inc. (Health Care Providers & Services) | | | 100 | | | | 44,272 | |
| IDEX Corp. (Machinery) | | | 51 | | | | 11,223 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 127 | | | | 80,207 | |
| IHS Markit, Ltd. (Professional Services) | | | 364 | | | | 41,008 | |
| Illinois Tool Works, Inc. (Machinery) | | | 188 | | | | 42,029 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 109 | | | | 51,580 | |
| Incyte Corp.* (Biotechnology) | | | 176 | | | | 14,807 | |
| Intercontinental Exchange, Inc. (Capital Markets) | | | 454 | | | | 53,890 | |
| Intuit, Inc. (Software) | | | 408 | | | | 199,989 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 124 | | | | 114,035 | |
| IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | | 24 | | | | 5,058 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 183 | | | | 44,345 | |
| J.B. Hunt Transport Services, Inc. (Road & Rail) | | | 73 | | | | 11,895 | |
| Jack Henry & Associates, Inc. (IT Services) | | | 53 | | | | 8,666 | |
| Jacobs Engineering Group, Inc. (Construction & Engineering) | | | 120 | | | | 16,010 | |
| Johnson & Johnson (Pharmaceuticals) | | | 1,573 | | | | 259,135 | |
| Kansas City Southern (Road & Rail) | | | 69 | | | | 19,553 | |
| Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 157 | | | | 24,242 | |
| Kimberly-Clark Corp. (Household Products) | | | 191 | | | | 25,552 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 229 | | | | 74,244 | |
| L Brands, Inc. (Specialty Retail) | | | 196 | | | | 14,124 | |
| L3Harris Technologies, Inc. (Aerospace & Defense) | | | 174 | | | | 37,610 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 213 | | | | 138,599 | |
| Lamb Weston Holding, Inc. (Food Products) | | | 81 | | | | 6,533 | |
| Linde PLC (Chemicals) | | | 450 | | | | 130,096 | |
| Lockheed Martin Corp. (Aerospace & Defense) | | | 168 | | | | 63,563 | |
| Lowe's Cos., Inc. (Specialty Retail) | | | 749 | | | | 145,284 | |
| MarketAxess Holdings, Inc. (Capital Markets) | | | 57 | | | | 26,425 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | — | (a) | | | 44 | |
| Marsh & McLennan Cos., Inc. (Insurance) | | | 372 | | | | 52,333 | |
| Masco Corp. (Building Products) | | | 167 | | | | 9,838 | |
| Mastercard, Inc.—Class A (IT Services) | | | 888 | | | | 324,200 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 240 | | | | 25,286 | |
| McCormick & Co., Inc. (Food Products) | | | 164 | | | | 14,484 | |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | | | 446 | | | | 103,022 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Growth :: 115
Common Stocks, continued
| | | Shares | | | Value | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 1,815 | | | $ | 141,153 | |
| Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | | 35 | | | | 48,487 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 294 | | | | 44,024 | |
| Microsoft Corp. (Software) | | | 11,245 | | | | 3,046,271 | |
| Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | | 64 | | | | 23,901 | |
| Monster Beverage Corp.* (Beverages) | | | 553 | | | | 50,517 | |
| Moody's Corp. (Capital Markets) | | | 173 | | | | 62,690 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 114 | | | | 24,721 | |
| MSCI, Inc.—Class A (Capital Markets) | | | 123 | | | | 65,568 | |
| Nasdaq, Inc. (Capital Markets) | | | 111 | | | | 19,514 | |
| Netflix, Inc.* (Entertainment) | | | 662 | | | | 349,675 | |
| Newmont Corp. (Metals & Mining) | | | 658 | | | | 41,704 | |
| NextEra Energy, Inc. (Electric Utilities) | | | 1,260 | | | | 92,332 | |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | | 1,219 | | | | 188,323 | |
| Norfolk Southern Corp. (Road & Rail) | | | 168 | | | | 44,589 | |
| NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | | | 217 | | | | 8,745 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 930 | | | | 744,093 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 21 | | | | 4,320 | |
| Old Dominion Freight Line, Inc. (Road & Rail) | | | 142 | | | | 36,040 | |
| Oracle Corp. (Software) | | | 1,492 | | | | 116,137 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 71 | | | | 40,201 | |
| Organon & Co.* (Pharmaceuticals) | | | 182 | | | | 5,507 | |
| Otis Worldwide Corp. (Machinery) | | | 314 | | | | 25,676 | |
| Parker-Hannifin Corp. (Machinery) | | | 100 | | | | 30,711 | |
| Paychex, Inc. (IT Services) | | | 254 | | | | 27,254 | |
| Paycom Software, Inc.* (Software) | | | 73 | | | | 26,533 | |
| PayPal Holdings, Inc.* (IT Services) | | | 1,754 | | | | 511,257 | |
| Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 134 | | | | 10,250 | |
| PepsiCo, Inc. (Beverages) | | | 866 | | | | 128,315 | |
| PerkinElmer, Inc. (Life Sciences Tools & Services) | | | 167 | | | | 25,786 | |
| Pool Corp. (Distributors) | | | 60 | | | | 27,520 | |
| PTC, Inc.* (Software) | | | 157 | | | | 22,178 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 98 | | | | 29,468 | |
| PulteGroup, Inc. (Household Durables) | | | 202 | | | | 11,023 | |
| Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | | 168 | | | | 32,869 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,684 | | | | 240,694 | |
| Quanta Services, Inc. (Construction & Engineering) | | | 121 | | | | 10,959 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 157 | | | | 87,691 | |
| ResMed, Inc. (Health Care Equipment & Supplies) | | | 217 | | | | 53,495 | |
| Rockwell Automation, Inc. (Electrical Equipment) | | | 97 | | | | 27,744 | |
| Rollins, Inc. (Commercial Services & Supplies) | | | 332 | | | | 11,354 | |
| Roper Technologies, Inc. (Industrial Conglomerates) | | | 85 | | | | 39,967 | |
| S&P Global, Inc. (Capital Markets) | | | 359 | | | | 147,351 | |
| Salesforce.com, Inc.* (Software) | | | 1,383 | | | | 337,825 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 106 | | | | 33,782 | |
| Sealed Air Corp. (Containers & Packaging) | | | 150 | | | | 8,888 | |
| ServiceNow, Inc.* (Software) | | | 295 | | | | 162,117 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 128 | | | | 24,544 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 1,020 | | | | 114,046 | |
| STERIS PLC (Health Care Equipment & Supplies) | | | 83 | | | | 17,123 | |
| Stryker Corp. (Health Care Equipment & Supplies) | | | 240 | | | | 62,335 | |
| SVB Financial Group* (Banks) | | | 81 | | | | 45,071 | |
| Synopsys, Inc.* (Software) | | | 228 | | | | 62,880 | |
| T. Rowe Price Group, Inc. (Capital Markets) | | | 204 | | | | 40,386 | |
| Take-Two Interactive Software, Inc.* (Entertainment) | | | 173 | | | | 30,624 | |
| Target Corp. (Multiline Retail) | | | 488 | | | | 117,969 | |
| TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | | 187 | | | | 25,284 | |
| Teledyne Technologies, Inc.* (Aerospace & Defense) | | | 34 | | | | 14,240 | |
| Teleflex, Inc. (Health Care Equipment & Supplies) | | | 33 | | | | 13,259 | |
| Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | | 248 | | | | 33,222 | |
| Tesla, Inc.* (Automobiles) | | | 1,151 | | | | 782,335 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 731 | | | | 140,571 | |
| The AES Corp. (Independent Power and Renewable Electricity Producers) | | | 379 | | | | 9,881 | |
| The Clorox Co. (Household Products) | | | 124 | | | | 22,309 | |
| The Coca-Cola Co. (Beverages) | | | 2,029 | | | | 109,789 | |
| The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | | 31 | | | | 12,284 | |
| The Estee Lauder Co., Inc. (Personal Products) | | | 193 | | | | 61,389 | |
| The Hershey Co. (Food Products) | | | 90 | | | | 15,677 | |
| The Home Depot, Inc. (Specialty Retail) | | | 1,143 | | | | 364,491 | |
| The Procter & Gamble Co. (Household Products) | | | 1,754 | | | | 236,667 | |
| The Progressive Corp. (Insurance) | | | 559 | | | | 54,900 | |
| The Sherwin-Williams Co. (Chemicals) | | | 246 | | | | 67,023 | |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | | 586 | | | | 295,619 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 604 | | | | 87,477 | |
| Tractor Supply Co. (Specialty Retail) | | | 172 | | | | 32,002 | |
| Trane Technologies PLC (Building Products) | | | 164 | | | | 30,199 | |
| TransDigm Group, Inc.* (Aerospace & Defense) | | | 49 | | | | 31,717 | |
| Trimble, Inc.* (Electronic Equipment, Instruments & Components) | | | 375 | | | | 30,686 | |
| Twitter, Inc.* (Interactive Media & Services) | | | 1,192 | | | | 82,022 | |
| Tyler Technologies, Inc.* (Software) | | | 61 | | | | 27,595 | |
| Ulta Beauty, Inc.* (Specialty Retail) | | | 42 | | | | 14,522 | |
| Union Pacific Corp. (Road & Rail) | | | 477 | | | | 104,906 | |
| United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | | 755 | | | | 157,018 | |
| United Rentals, Inc.* (Trading Companies & Distributors) | | | 108 | | | | 34,453 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | | | 733 | | | | 293,523 | |
| VeriSign, Inc.* (IT Services) | | | 62 | | | | 14,117 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 242 | | | | 42,283 | |
See accompanying notes to financial statements.
116 :: ProFund VP Large-Cap Growth :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 387 | | | $ | 78,031 | |
| Visa, Inc.—Class A (IT Services) | | | 1,516 | | | | 354,471 | |
| Vulcan Materials Co. (Construction Materials) | | | 83 | | | | 14,448 | |
| W.W. Grainger, Inc. (Trading Companies & Distributors) | | | 40 | | | | 17,520 | |
| Waste Management, Inc. (Commercial Services & Supplies) | | | 226 | | | | 31,665 | |
| Waters Corp.* (Life Sciences Tools & Services) | | | 51 | | | | 17,626 | |
| West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | | 110 | | | | 39,501 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 368 | | | | 53,228 | |
| Xylem, Inc. (Machinery) | | | 123 | | | | 14,755 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | | | 191 | | | | 21,971 | |
| Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | | | 58 | | | | 30,710 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 517 | | | | 96,348 | |
TOTAL COMMON STOCKS
(Cost $9,627,727) | | | | | | | 28,656,494 | |
Repurchase Agreements(c) (0.4%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $127,000 | | $ | 127,000 | | | $ | 127,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $127,000) | | | | | | | 127,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,754,727)—100.2% | | | | | | | 28,783,494 | |
| Net other assets (liabilities)—(0.2)% | | | | | | | (55,517 | ) |
| NET ASSETS—100.0% | | | | | | $ | 28,727,977 | |
| * | Non-income producing security. |
| (a) | Number of shares is less than 0.50. |
| (b) | Amount is less than $0.50. |
| (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. |
| ProFund | VP Large-Cap Growth invested in the following industries as of June 30, 2021: |
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 147,130 | | | | 0.5 | % |
| Air Freight & Logistics | | | 247,291 | | | | 0.9 | % |
| Auto Components | | | 42,636 | | | | 0.1 | % |
| Automobiles | | | 782,335 | | | | 2.7 | % |
| Banks | | | 71,088 | | | | 0.2 | % |
| Beverages | | | 298,888 | | | | 1.0 | % |
| Biotechnology | | | 590,451 | | | | 2.1 | % |
| Building Products | | | 97,597 | | | | 0.3 | % |
| Capital Markets | | | 555,837 | | | | 2.0 | % |
| Chemicals | | | 360,767 | | | | 1.2 | % |
| Commercial Services & Supplies | | | 117,252 | | | | 0.4 | % |
| Communications Equipment | | | 61,710 | | | | 0.2 | % |
| Construction & Engineering | | | 26,969 | | | | 0.1 | % |
| Construction Materials | | | 14,448 | | | | 0.1 | % |
| Containers & Packaging | | | 45,260 | | | | 0.2 | % |
| Distributors | | | 27,520 | | | | 0.1 | % |
| Electric Utilities | | | 92,332 | | | | 0.3 | % |
| Electrical Equipment | | | 161,157 | | | | 0.6 | % |
| Electronic Equipment, Instruments & Components | | | 192,171 | | | | 0.7 | % |
| Entertainment | | | 478,805 | | | | 1.7 | % |
| Equity Real Estate Investment Trusts | | | 320,687 | | | | 1.1 | % |
| Food & Staples Retailing | | | 138,485 | | | | 0.5 | % |
| Food Products | | | 36,694 | | | | 0.1 | % |
| Health Care Equipment & Supplies | | | 968,713 | | | | 3.3 | % |
| Health Care Providers & Services | | | 350,440 | | | | 1.2 | % |
| Health Care Technology | | | 15,163 | | | | 0.1 | % |
| Hotels, Restaurants & Leisure | | | 378,753 | | | | 1.3 | % |
| Household Durables | | | 55,672 | | | | 0.2 | % |
| Household Products | | | 358,939 | | | | 1.3 | % |
| Independent Power and Renewable Electricity Producers | | | 18,626 | | | | 0.1 | % |
| Industrial Conglomerates | | | 39,967 | | | | 0.1 | % |
| Insurance | | | 167,366 | | | | 0.6 | % |
| Interactive Media & Services | | | 3,489,837 | | | | 12.1 | % |
| Internet & Direct Marketing Retail | | | 2,371,268 | | | | 8.3 | % |
| IT Services | | | 1,612,058 | | | | 5.6 | % |
| Life Sciences Tools & Services | | | 580,635 | | | | 2.0 | % |
| Machinery | | | 354,196 | | | | 1.2 | % |
| Media | | | 320,363 | | | | 1.1 | % |
| Metals & Mining | | | 92,062 | | | | 0.3 | % |
| Multiline Retail | | | 194,138 | | | | 0.7 | % |
| Oil, Gas & Consumable Fuels | | | 18,948 | | | | 0.1 | % |
| Personal Products | | | 61,389 | | | | 0.2 | % |
| Pharmaceuticals | | | 812,049 | | | | 2.8 | % |
| Professional Services | | | 105,086 | | | | 0.4 | % |
| Road & Rail | | | 273,668 | | | | 1.0 | % |
| Semiconductors & Semiconductor Equipment | | | 2,183,238 | | | | 7.6 | % |
| Software | | | 4,680,030 | | | | 16.2 | % |
| Specialty Retail | | | 656,571 | | | | 2.3 | % |
| Technology Hardware, Storage & Peripherals | | | 3,207,740 | | | | 11.2 | % |
| Textiles, Apparel & Luxury Goods | | | 188,323 | | | | 0.7 | % |
| Trading Companies & Distributors | | | 85,461 | | | | 0.3 | % |
| Water Utilities | | | 20,808 | | | | 0.1 | % |
| Wireless Telecommunication Services | | | 87,477 | | | | 0.3 | % |
| Other** | | | 71,483 | | | | 0.2 | % |
| Total | | $ | 28,727,977 | | | | 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 Large-Cap Growth :: 117
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 9,754,727 | |
| Securities, at value | | | 28,656,494 | |
| Repurchase agreements, at value | | | 127,000 | |
| Total Investment Securities, at value | | | 28,783,494 | |
| Cash | | | 1,107 | |
| Dividends receivable | | | 6,549 | |
| Receivable for capital shares issued | | | 9,551 | |
| Prepaid expenses | | | 437 | |
| TOTAL ASSETS | | | 28,801,138 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 15,212 | |
| Advisory fees payable | | | 16,001 | |
| Management services fees payable | | | 2,134 | |
| Administration fees payable | | | 1,654 | |
| Administrative services fees payable | | | 9,830 | |
| Distribution fees payable | | | 9,239 | |
| Transfer agency fees payable | | | 2,791 | |
| Fund accounting fees payable | | | 973 | |
| Compliance services fees payable | | | 233 | |
| Other accrued expenses | | | 15,094 | |
| TOTAL LIABILITIES | | | 73,161 | |
| NET ASSETS | | $ | 28,727,977 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 9,474,971 | |
| Total distributable earnings (loss) | | | 19,253,006 | |
| NET ASSETS | | $ | 28,727,977 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 382,831 | |
| Net Asset Value (offering and redemption price per share) | | $ | 75.04 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 107,265 | |
| Interest | | | 1 | |
| TOTAL INVESTMENT INCOME | | | 107,266 | |
| EXPENSES: | | | | |
| Advisory fees | | | 100,654 | |
| Management services fees | | | 13,420 | |
| Administration fees | | | 10,243 | |
| Transfer agency fees | | | 8,261 | |
| Administrative services fees | | | 40,867 | |
| Distribution fees | | | 33,551 | |
| Custody fees | | | 2,298 | |
| Fund accounting fees | | | 5,973 | |
| Trustee fees | | | 350 | |
| Compliance services fees | | | 116 | |
| Other fees | | | 14,561 | |
| Total Gross Expenses before reductions | | | 230,294 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,830 | ) |
| TOTAL NET EXPENSES | | | 225,464 | |
| NET INVESTMENT INCOME (LOSS) | | | (118,198 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,122,359 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,172,241 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 3,294,600 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,176,402 | |
See accompanying notes to financial statements.
118 :: ProFund VP Large-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
|
|
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (118,198 | ) | | $ | (140,157 | ) |
| Net realized gains (losses) on investments | | | 1,122,359 | | | | 4,081,236 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,172,241 | | | | 3,170,326 | |
| Change in net assets resulting from operations | | | 3,176,402 | | | | 7,111,405 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (3,932,438 | ) | | | (2,722,527 | ) |
| Change in net assets resulting from distributions | | | (3,932,438 | ) | | | (2,722,527 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 8,827,551 | | | | 43,774,938 | |
| Distributions reinvested | | | 3,932,438 | | | | 2,722,527 | |
| Value of shares redeemed | | | (13,238,781 | ) | | | (49,864,282 | ) |
| Change in net assets resulting from capital transactions | | | (478,792 | ) | | | (3,366,817 | ) |
| Change in net assets | | | (1,234,828 | ) | | | 1,022,061 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 29,962,805 | | | | 28,940,744 | |
| End of period | | $ | 28,727,977 | | | $ | 29,962,805 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 112,434 | | | | 650,844 | |
| Reinvested | | | 57,737 | | | | 35,998 | |
| Redeemed | | | (175,289 | ) | | | (748,650 | ) |
| Change in shares | | | (5,118 | ) | | | (61,808 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Large-Cap Growth :: 119
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 77.23 | | | $ | 64.35 | | | $ | 65.02 | | | $ | 69.22 | | | $ | 57.48 | | | $ | 59.38 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.34 | ) | | | (0.35 | ) | | | (0.10 | ) | | | (0.22 | ) | | | (0.04 | ) | | | (0.06 | ) |
| Net realized and unrealized gains (losses) on investments | | | 9.52 | | | | 20.11 | | | | 17.13 | | | | (0.74 | ) | | | 14.41 | | | | 3.07 | |
| Total income (loss) from investment activities | | | 9.18 | | | | 19.76 | | | | 17.03 | | | | (0.96 | ) | | | 14.37 | | | | 3.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | — | | | | — | | | | — | | | | — | | | | (0.03 | ) |
| Net realized gains on investments | | | (11.37 | ) | | | (6.88 | ) | | | (17.70 | ) | | | (3.24 | ) | | | (2.63 | ) | | | (4.88 | ) |
| Total distributions | | | (11.37 | ) | | | (6.88 | ) | | | (17.70 | ) | | | (3.24 | ) | | | (2.63 | ) | | | (4.91 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 75.04 | | | $ | 77.23 | | | $ | 64.35 | | | $ | 65.02 | | | $ | 69.22 | | | $ | 57.48 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 13.38 | % | | | 30.93 | % | | | 28.89 | % | | | (1.86 | )% | | | 25.29 | % | | | 5.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.72 | % | | | 1.75 | % | | | 1.73 | % | | | 1.69 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.88 | )% | | | (0.52 | )% | | | (0.14 | )% | | | (0.30 | )% | | | (0.07 | )% | | | (0.10 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 28,728 | | | $ | 29,963 | | | $ | 28,941 | | | $ | 24,821 | | | $ | 34,398 | | | $ | 26,012 | |
| Portfolio turnover rate(b)(d) | | | 21 | % | | | 150 | % | | | 136 | % | | | 149 | % | | | 154 | % | | | 150 | % |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. |
See accompanying notes to financial statements.
120 :: ProFund VP Large-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Large-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Berkshire Hathaway, Inc. | | | 3.1 | % |
| JPMorgan Chase & Co. | | | 2.8 | % |
| The Walt Disney Co. | | | 1.9 | % |
| Bank of America Corp. | | | 1.8 | % |
| Exxon Mobil Corp. | | | 1.6 | % |
S&P 500® Value Index – Composition
| | | % of Index | |
| Financials | | | 19 | % |
| Health Care | | | 15 | % |
| Industrials | | | 12 | % |
| Information Technology | | | 11 | % |
| Consumer Staples | | | 9 | % |
| Consumer Discretionary | | | 8 | % |
| Communication Services | | | 7 | % |
| Energy | | | 6 | % |
| Utilities | | | 5 | % |
| Real Estate | | | 4 | % |
| Materials | | | 4 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.2%)
| | | Shares | | | Value | |
| 3M Co. (Industrial Conglomerates) | | | 527 | | | $ | 104,678 | |
| A.O. Smith Corp. (Building Products) | | | 122 | | | | 8,791 | |
| Abbott Laboratories (Health Care Equipment & Supplies) | | | 662 | | | | 76,746 | |
| AbbVie, Inc. (Biotechnology) | | | 418 | | | | 47,084 | |
| Accenture PLC—Class A (IT Services) | | | 254 | | | | 74,877 | |
| Activision Blizzard, Inc. (Entertainment) | | | 290 | | | | 27,678 | |
| Advance Auto Parts, Inc. (Specialty Retail) | | | 59 | | | | 12,103 | |
| Aflac, Inc. (Insurance) | | | 575 | | | | 30,855 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 78 | | | | 11,529 | |
| Air Products & Chemicals, Inc. (Chemicals) | | | 108 | | | | 31,069 | |
| Akamai Technologies, Inc.* (IT Services) | | | 53 | | | | 6,180 | |
| Alaska Air Group, Inc.* (Airlines) | | | 113 | | | | 6,815 | |
| Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | | 125 | | | | 22,743 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 54 | | | | 9,920 | |
| Allegion PLC (Building Products) | | | 47 | | | | 6,547 | |
| Alliant Energy Corp. (Electric Utilities) | | | 227 | | | | 12,658 | |
| Altria Group, Inc. (Tobacco) | | | 1,683 | | | | 80,245 | |
| Amcor PLC (Containers & Packaging) | | | 1,404 | | | | 16,090 | |
| Ameren Corp. (Multi-Utilities) | | | 232 | | | | 18,569 | |
| American Airlines Group, Inc.* (Airlines) | | | 584 | | | | 12,387 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 454 | | | | 38,404 | |
| American Express Co. (Consumer Finance) | | | 592 | | | | 97,816 | |
| American International Group, Inc. (Insurance) | | | 780 | | | | 37,128 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 203 | | | | 54,837 | |
| American Water Works Co., Inc. (Water Utilities) | | | 83 | | | | 12,793 | |
| Ameriprise Financial, Inc. (Capital Markets) | | | 105 | | | | 26,132 | |
| AmerisourceBergen Corp. (Health Care Providers & Services) | | | 135 | | | | 15,456 | |
| AMETEK, Inc. (Electrical Equipment) | | | 106 | | | | 14,151 | |
| Amgen, Inc. (Biotechnology) | | | 261 | | | | 63,619 | |
| Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | | 207 | | | | 14,161 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 191 | | | | 32,883 | |
| Anthem, Inc. (Health Care Providers & Services) | | | 223 | | | | 85,141 | |
| Aon PLC (Insurance) | | | 98 | | | | 23,398 | |
| APA Corp. (Oil, Gas & Consumable Fuels) | | | 344 | | | | 7,441 | |
| Aptiv PLC* (Auto Components) | | | 82 | | | | 12,901 | |
| Archer-Daniels-Midland Co. (Food Products) | | | 507 | | | | 30,724 | |
| Arthur J. Gallagher & Co. (Insurance) | | | 105 | | | | 14,708 | |
| Assurant, Inc. (Insurance) | | | 55 | | | | 8,590 | |
| AT&T, Inc. (Diversified Telecommunication Services) | | | 6,495 | | | | 186,926 | |
| Atmos Energy Corp. (Gas Utilities) | | | 118 | | | | 11,341 | |
| Automatic Data Processing, Inc. (IT Services) | | | 201 | | | | 39,923 | |
| AutoZone, Inc.* (Specialty Retail) | | | 9 | | | | 13,430 | |
| AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | | 127 | | | | 26,504 | |
| Avery Dennison Corp. (Containers & Packaging) | | | 43 | | | | 9,040 | |
| Baker Hughes Co.—Class A (Energy Equipment & Services) | | | 662 | | | | 15,140 | |
| Ball Corp. (Containers & Packaging) | | | 107 | | | | 8,669 | |
| Bank of America Corp. (Banks) | | | 6,857 | | | | 282,714 | |
| Baxter International, Inc. (Health Care Equipment & Supplies) | | | 457 | | | | 36,789 | |
| Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | | 264 | | | | 64,202 | |
| Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | | 1,724 | | | | 479,134 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 121
Common Stocks, continued
| | | Shares | | | Value | |
| Best Buy Co., Inc. (Specialty Retail) | | | 101 | | | $ | 11,613 | |
| Biogen, Inc.* (Biotechnology) | | | 64 | | | | 22,161 | |
| BlackRock, Inc.—Class A (Capital Markets) | | | 38 | | | | 33,249 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 24 | | | | 52,514 | |
| BorgWarner, Inc. (Auto Components) | | | 219 | | | | 10,630 | |
| Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | | 129 | | | | 14,782 | |
| Boston Scientific Corp.* (Health Care Equipment & Supplies) | | | 1,292 | | | | 55,246 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 976 | | | | 65,216 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 118 | | | | 56,267 | |
| Broadridge Financial Solutions, Inc. (IT Services) | | | 52 | | | | 8,400 | |
| Brown-Forman Corp.—Class B (Beverages) | | | 84 | | | | 6,295 | |
| C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | | 121 | | | | 11,334 | |
| Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | | 363 | | | | 6,338 | |
| Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 80 | | | | 8,300 | |
| Campbell Soup Co. (Food Products) | | | 184 | | | | 8,389 | |
| Capital One Financial Corp. (Consumer Finance) | | | 411 | | | | 63,578 | |
| Cardinal Health, Inc. (Health Care Providers & Services) | | | 264 | | | | 15,072 | |
| CarMax, Inc.* (Specialty Retail) | | | 149 | | | | 19,243 | |
| Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | | | 726 | | | | 19,137 | |
| Carrier Global Corp. (Building Products) | | | 267 | | | | 12,976 | |
| Caterpillar, Inc. (Machinery) | | | 264 | | | | 57,454 | |
| Cboe Global Markets, Inc. (Capital Markets) | | | 47 | | | | 5,595 | |
| CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | | 304 | | | | 26,062 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 72 | | | | 12,575 | |
| Celanese Corp.—Series A (Chemicals) | | | 102 | | | | 15,463 | |
| Centene Corp.* (Health Care Providers & Services) | | | 530 | | | | 38,653 | |
| CenterPoint Energy, Inc. (Multi-Utilities) | | | 529 | | | | 12,971 | |
| Cerner Corp. (Health Care Technology) | | | 157 | | | | 12,271 | |
| CF Industries Holdings, Inc. (Chemicals) | | | 195 | | | | 10,033 | |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | | | 1,759 | | | | 184,238 | |
| Chubb, Ltd. (Insurance) | | | 409 | | | | 65,007 | |
| Church & Dwight Co., Inc. (Household Products) | | | 74 | | | | 6,306 | |
| Cigna Corp. (Health Care Providers & Services) | | | 311 | | | | 73,729 | |
| Cincinnati Financial Corp. (Insurance) | | | 136 | | | | 15,860 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 28 | | | | 10,696 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 3,832 | | | | 203,097 | |
| Citigroup, Inc. (Banks) | | | 1,879 | | | | 132,939 | |
| Citizens Financial Group, Inc. (Banks) | | | 387 | | | | 17,752 | |
| Citrix Systems, Inc. (Software) | | | 39 | | | | 4,574 | |
| CME Group, Inc. (Capital Markets) | | | 326 | | | | 69,334 | |
| CMS Energy Corp. (Multi-Utilities) | | | 263 | | | | 15,538 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 235 | | | | 16,276 | |
| Colgate-Palmolive Co. (Household Products) | | | 369 | | | | 30,018 | |
| Comcast Corp.—Class A (Media) | | | 2,334 | | | | 133,084 | |
| Comerica, Inc. (Banks) | | | 127 | | | | 9,060 | |
| Conagra Brands, Inc. (Food Products) | | | 437 | | | | 15,898 | |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | | | 1,227 | | | | 74,724 | |
| Consolidated Edison, Inc. (Multi-Utilities) | | | 311 | | | | 22,305 | |
| Constellation Brands, Inc.—Class A (Beverages) | | | 154 | | | | 36,019 | |
| Corning, Inc. (Electronic Equipment, Instruments & Components) | | | 373 | | | | 15,256 | |
| Corteva, Inc. (Chemicals) | | | 670 | | | | 29,715 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 189 | | | | 74,782 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 158 | | | | 30,826 | |
| CSX Corp. (Road & Rail) | | | 993 | | | | 31,855 | |
| Cummins, Inc. (Machinery) | | | 76 | | | | 18,530 | |
| CVS Health Corp. (Health Care Providers & Services) | | | 1,197 | | | | 99,878 | |
| Danaher Corp. (Health Care Equipment & Supplies) | | | 184 | | | | 49,378 | |
| Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 119 | | | | 17,373 | |
| Deere & Co. (Machinery) | | | 71 | | | | 25,042 | |
| Delta Air Lines, Inc.* (Airlines) | | | 581 | | | | 25,134 | |
| DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | | | 199 | | | | 12,589 | |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | | 542 | | | | 15,821 | |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 165 | | | | 15,492 | |
| Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 256 | | | | 38,517 | |
| Discover Financial Services (Consumer Finance) | | | 277 | | | | 32,766 | |
| Discovery, Inc.*(a) (Media) | | | 154 | | | | 4,725 | |
| Discovery, Inc.*—Class C (Media) | | | 273 | | | | 7,912 | |
| DISH Network Corp.*—Class A (Media) | | | 227 | | | | 9,489 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 211 | | | | 20,995 | |
| Dominion Energy, Inc. (Multi-Utilities) | | | 734 | | | | 53,999 | |
| Dover Corp. (Machinery) | | | 131 | | | | 19,729 | |
| Dow, Inc. (Chemicals) | | | 347 | | | | 21,958 | |
| DR Horton, Inc. (Household Durables) | | | 119 | | | | 10,754 | |
| DTE Energy Co. (Multi-Utilities) | | | 175 | | | | 22,680 | |
| Duke Energy Corp. (Electric Utilities) | | | 700 | | | | 69,104 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 201 | | | | 9,517 | |
| DuPont de Nemours, Inc. (Chemicals) | | | 484 | | | | 37,466 | |
| DXC Technology Co.* (IT Services) | | | 232 | | | | 9,034 | |
| Eastman Chemical Co. (Chemicals) | | | 124 | | | | 14,477 | |
| Eaton Corp. PLC (Electrical Equipment) | | | 362 | | | | 53,642 | |
| Ecolab, Inc. (Chemicals) | | | 122 | | | | 25,128 | |
| Edison International (Electric Utilities) | | | 345 | | | | 19,948 | |
| Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | | 242 | | | | 25,064 | |
| Electronic Arts, Inc. (Entertainment) | | | 119 | | | | 17,116 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 283 | | | | 64,954 | |
| Emerson Electric Co. (Electrical Equipment) | | | 327 | | | | 31,470 | |
| Entergy Corp. (Electric Utilities) | | | 182 | | | | 18,145 | |
See accompanying notes to financial statements.
122 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | | 531 | | | $ | 44,307 | |
| Equifax, Inc. (Professional Services) | | | 55 | | | | 13,173 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 33 | | | | 26,486 | |
| Equity Residential (Equity Real Estate Investment Trusts) | | | 312 | | | | 24,024 | |
| Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 59 | | | | 17,701 | |
| Everest Re Group, Ltd. (Insurance) | | | 36 | | | | 9,072 | |
| Evergy, Inc. (Electric Utilities) | | | 209 | | | | 12,630 | |
| Eversource Energy (Electric Utilities) | | | 312 | | | | 25,035 | |
| Exelon Corp. (Electric Utilities) | | | 888 | | | | 39,347 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 83 | | | | 13,588 | |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | | | 53 | | | | 6,710 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 63 | | | | 10,321 | |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | 3,850 | | | | 242,858 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 31 | | | | 5,786 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 131 | | | | 6,812 | |
| Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | | 64 | | | | 7,499 | |
| FedEx Corp. (Air Freight & Logistics) | | | 80 | | | | 23,866 | |
| Fidelity National Information Services, Inc. (IT Services) | | | 564 | | | | 79,902 | |
| Fifth Third Bancorp (Banks) | | | 640 | | | | 24,467 | |
| First Horizon Corp. (Banks) | | | — | (b) | | | 8 | |
| First Republic Bank (Banks) | | | 75 | | | | 14,038 | |
| FirstEnergy Corp. (Electric Utilities) | | | 495 | | | | 18,419 | |
| Fiserv, Inc.* (IT Services) | | | 173 | | | | 18,492 | |
| FleetCor Technologies, Inc.* (IT Services) | | | 43 | | | | 11,011 | |
| Ford Motor Co.* (Automobiles) | | | 3,566 | | | | 52,991 | |
| Fortive Corp. (Machinery) | | | 307 | | | | 21,410 | |
| Fortune Brands Home & Security, Inc. (Building Products) | | | 54 | | | | 5,379 | |
| Fox Corp.—Class A (Media) | | | 297 | | | | 11,028 | |
| Fox Corp.—Class B (Media) | | | 138 | | | | 4,858 | |
| Franklin Resources, Inc. (Capital Markets) | | | 247 | | | | 7,902 | |
| Freeport-McMoRan, Inc. (Metals & Mining) | | | 507 | | | | 18,815 | |
| Garmin, Ltd. (Household Durables) | | | 60 | | | | 8,678 | |
| Gartner, Inc.* (IT Services) | | | 36 | | | | 8,719 | |
| General Dynamics Corp. (Aerospace & Defense) | | | 208 | | | | 39,158 | |
| General Electric Co. (Industrial Conglomerates) | | | 7,983 | | | | 107,451 | |
| General Mills, Inc. (Food Products) | | | 554 | | | | 33,755 | |
| General Motors Co.* (Automobiles) | | | 1,161 | | | | 68,696 | |
| Genuine Parts Co. (Distributors) | | | 131 | | | | 16,568 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 1,140 | | | | 78,500 | |
| Global Payments, Inc. (IT Services) | | | 269 | | | | 50,448 | |
| Globe Life, Inc. (Insurance) | | | 87 | | | | 8,287 | |
| Halliburton Co. (Energy Equipment & Services) | | | 809 | | | | 18,704 | |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | | 318 | | | | 5,937 | |
| Hartford Financial Services Group, Inc. (Insurance) | | | 325 | | | | 20,140 | |
| Hasbro, Inc. (Leisure Products) | | | 116 | | | | 10,964 | |
| HCA Healthcare, Inc. (Health Care Providers & Services) | | | 238 | | | | 49,204 | |
| Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | | | 490 | | | | 16,312 | |
| Henry Schein, Inc.* (Health Care Providers & Services) | | | 128 | | | | 9,496 | |
| Hess Corp. (Oil, Gas & Consumable Fuels) | | | 117 | | | | 10,216 | |
| Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | | 1,188 | | | | 17,321 | |
| Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 160 | | | | 19,299 | |
| Hologic, Inc.* (Health Care Equipment & Supplies) | | | 65 | | | | 4,337 | |
| Honeywell International, Inc. (Industrial Conglomerates) | | | 632 | | | | 138,629 | |
| Hormel Foods Corp. (Food Products) | | | 256 | | | | 12,224 | |
| Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 642 | | | | 10,972 | |
| Howmet Aerospace, Inc.* (Aerospace & Defense) | | | 356 | | | | 12,271 | |
| HP, Inc. (Technology Hardware, Storage & Peripherals) | | | 1,092 | | | | 32,968 | |
| Humana, Inc. (Health Care Providers & Services) | | | 56 | | | | 24,792 | |
| Huntington Bancshares, Inc. (Banks) | | | 1,342 | | | | 19,150 | |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | | 36 | | | | 7,587 | |
| IDEX Corp. (Machinery) | | | 37 | | | | 8,142 | |
| IHS Markit, Ltd. (Professional Services) | | | 119 | | | | 13,407 | |
| Illinois Tool Works, Inc. (Machinery) | | | 147 | | | | 32,863 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 66 | | | | 31,232 | |
| Incyte Corp.* (Biotechnology) | | | 63 | | | | 5,300 | |
| Ingersoll Rand, Inc.* (Machinery) | | | 340 | | | | 16,595 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 3,672 | | | | 206,145 | |
| Intercontinental Exchange, Inc. (Capital Markets) | | | 236 | | | | 28,013 | |
| International Business Machines Corp. (IT Services) | | | 812 | | | | 119,031 | |
| International Flavors & Fragrances, Inc. (Chemicals) | | | 227 | | | | 33,914 | |
| International Paper Co. (Containers & Packaging) | | | 357 | | | | 21,887 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 32 | | | | 29,428 | |
| Invesco, Ltd. (Capital Markets) | | | 344 | | | | 9,195 | |
| IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | | 18 | | | | 3,794 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 63 | | | | 15,266 | |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | | 262 | | | | 11,088 | |
| J.B. Hunt Transport Services, Inc. (Road & Rail) | | | 32 | | | | 5,214 | |
| Jack Henry & Associates, Inc. (IT Services) | | | 34 | | | | 5,559 | |
| Jacobs Engineering Group, Inc. (Construction & Engineering) | | | 44 | | | | 5,871 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 123
Common Stocks, continued
| | | Shares | | | Value | |
| Johnson & Johnson (Pharmaceuticals) | | | 1,437 | | | $ | 236,732 | |
| Johnson Controls International PLC (Building Products) | | | 651 | | | | 44,679 | |
| JPMorgan Chase & Co. (Banks) | | | 2,753 | | | | 428,201 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 298 | | | | 8,150 | |
| Kansas City Southern (Road & Rail) | | | 40 | | | | 11,335 | |
| Kellogg Co. (Food Products) | | | 229 | | | | 14,732 | |
| KeyCorp (Banks) | | | 882 | | | | 18,213 | |
| Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 72 | | | | 11,118 | |
| Kimberly-Clark Corp. (Household Products) | | | 190 | | | | 25,418 | |
| Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | | 395 | | | | 8,236 | |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | | 1,771 | | | | 32,285 | |
| L Brands, Inc. (Specialty Retail) | | | 95 | | | | 6,846 | |
| L3Harris Technologies, Inc. (Aerospace & Defense) | | | 81 | | | | 17,508 | |
| Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | | 89 | | | | 24,551 | |
| Lamb Weston Holding, Inc. (Food Products) | | | 84 | | | | 6,775 | |
| Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | | | 299 | | | | 15,754 | |
| Leggett & Platt, Inc. (Household Durables) | | | 121 | | | | 6,269 | |
| Leidos Holdings, Inc. (IT Services) | | | 121 | | | | 12,233 | |
| Lennar Corp.—Class A (Household Durables) | | | 250 | | | | 24,838 | |
| Lincoln National Corp. (Insurance) | | | 163 | | | | 10,243 | |
| Linde PLC (Chemicals) | | | 199 | | | | 57,531 | |
| Live Nation Entertainment, Inc.* (Entertainment) | | | 131 | | | | 11,474 | |
| LKQ Corp.* (Distributors) | | | 252 | | | | 12,403 | |
| Lockheed Martin Corp. (Aerospace & Defense) | | | 120 | | | | 45,402 | |
| Loews Corp. (Insurance) | | | 204 | | | | 11,149 | |
| Lowe's Cos., Inc. (Specialty Retail) | | | 186 | | | | 36,078 | |
| Lumen Technologies, Inc. (Diversified Telecommunication Services) | | | 906 | | | | 12,313 | |
| LyondellBasell Industries N.V.—Class A (Chemicals) | | | 234 | | | | 24,072 | |
| M&T Bank Corp. (Banks) | | | 117 | | | | 17,001 | |
| Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | | 717 | | | | 9,766 | |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 593 | | | | 35,829 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 242 | | | | 33,080 | |
| Marsh & McLennan Cos., Inc. (Insurance) | | | 236 | | | | 33,200 | |
| Martin Marietta Materials, Inc. (Construction Materials) | | | 56 | | | | 19,701 | |
| Masco Corp. (Building Products) | | | 129 | | | | 7,599 | |
| Mastercard, Inc.—Class A (IT Services) | | | 254 | | | | 92,733 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 98 | | | | 10,325 | |
| McCormick & Co., Inc. (Food Products) | | | 127 | | | | 11,217 | |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | | | 407 | | | | 94,014 | |
| McKesson Corp. (Health Care Providers & Services) | | | 144 | | | | 27,539 | |
| Medtronic PLC (Health Care Equipment & Supplies) | | | 1,223 | | | | 151,811 | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 1,197 | | | | 93,091 | |
| MetLife, Inc. (Insurance) | | | 677 | | | | 40,518 | |
| MGM Resorts International (Hotels, Restaurants & Leisure) | | | 370 | | | | 15,781 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 70 | | | | 10,482 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,020 | | | | 86,680 | |
| Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | | 103 | | | | 17,347 | |
| Mohawk Industries, Inc.* (Household Durables) | | | 53 | | | | 10,186 | |
| Molson Coors Beverage Co.*—Class B (Beverages) | | | 170 | | | | 9,127 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 1,277 | | | | 79,736 | |
| Moody's Corp. (Capital Markets) | | | 40 | | | | 14,495 | |
| Morgan Stanley (Capital Markets) | | | 1,354 | | | | 124,148 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 85 | | | | 18,432 | |
| Nasdaq, Inc. (Capital Markets) | | | 36 | | | | 6,329 | |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | | 203 | | | | 16,609 | |
| Newell Brands, Inc. (Household Durables) | | | 345 | | | | 9,477 | |
| Newmont Corp. (Metals & Mining) | | | 328 | | | | 20,789 | |
| News Corp.—Class A (Media) | | | 357 | | | | 9,200 | |
| News Corp.—Class B (Media) | | | 111 | | | | 2,703 | |
| NextEra Energy, Inc. (Electric Utilities) | | | 1,016 | | | | 74,452 | |
| Nielsen Holdings PLC (Professional Services) | | | 326 | | | | 8,042 | |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | | 418 | | | | 64,577 | |
| NiSource, Inc. (Multi-Utilities) | | | 357 | | | | 8,747 | |
| Norfolk Southern Corp. (Road & Rail) | | | 125 | | | | 33,176 | |
| Northern Trust Corp. (Capital Markets) | | | 189 | | | | 21,852 | |
| Northrop Grumman Corp. (Aerospace & Defense) | | | 136 | | | | 49,426 | |
| NortonLifelock, Inc. (Software) | | | 527 | | | | 14,345 | |
| Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | | 337 | | | | 9,911 | |
| NOV, Inc.* (Energy Equipment & Services) | | | 357 | | | | 5,469 | |
| NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | | | 92 | | | | 3,708 | |
| Nucor Corp. (Metals & Mining) | | | 272 | | | | 26,092 | |
| NVR, Inc.* (Household Durables) | | | 3 | | | | 14,920 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 237 | | | | 48,756 | |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 764 | | | | 23,890 | |
| Omnicom Group, Inc. (Media) | | | 195 | | | | 15,598 | |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | | 405 | | | | 22,534 | |
| Oracle Corp. (Software) | | | 744 | | | | 57,912 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 21 | | | | 11,890 | |
| Organon & Co.* (Pharmaceuticals) | | | 119 | | | | 3,601 | |
| Otis Worldwide Corp. (Machinery) | | | 175 | | | | 14,310 | |
| PACCAR, Inc. (Machinery) | | | 315 | | | | 28,114 | |
| Packaging Corp. of America (Containers & Packaging) | | | 87 | | | | 11,782 | |
See accompanying notes to financial statements.
124 :: ProFund VP Large-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Parker-Hannifin Corp. (Machinery) | | | 56 | | | $ | 17,198 | |
| Paychex, Inc. (IT Services) | | | 137 | | | | 14,700 | |
| Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 54 | | | | 4,130 | |
| Pentair PLC (Machinery) | | | 152 | | | | 10,258 | |
| People's United Financial, Inc. (Banks) | | | 390 | | | | 6,685 | |
| PepsiCo, Inc. (Beverages) | | | 729 | | | | 108,016 | |
| Perrigo Co. PLC (Pharmaceuticals) | | | 121 | | | | 5,548 | |
| Pfizer, Inc. (Pharmaceuticals) | | | 5,091 | | | | 199,364 | |
| Philip Morris International, Inc. (Tobacco) | | | 1,417 | | | | 140,439 | |
| Phillips 66 (Oil, Gas & Consumable Fuels) | | | 398 | | | | 34,156 | |
| Pinnacle West Capital Corp. (Electric Utilities) | | | 102 | | | | 8,361 | |
| Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | | 211 | | | | 34,292 | |
| PPG Industries, Inc. (Chemicals) | | | 216 | | | | 36,670 | |
| PPL Corp. (Electric Utilities) | | | 700 | | | | 19,579 | |
| Principal Financial Group, Inc. (Insurance) | | | 230 | | | | 14,534 | |
| Prologis, Inc. (Equity Real Estate Investment Trusts) | | | 673 | | | | 80,443 | |
| Prudential Financial, Inc. (Insurance) | | | 358 | | | | 36,684 | |
| Public Service Enterprise Group, Inc. (Multi-Utilities) | | | 459 | | | | 27,421 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 79 | | | | 23,755 | |
| PulteGroup, Inc. (Household Durables) | | | 117 | | | | 6,385 | |
| PVH Corp.* (Textiles, Apparel & Luxury Goods) | | | 65 | | | | 6,993 | |
| Quanta Services, Inc. (Construction & Engineering) | | | 53 | | | | 4,800 | |
| Quest Diagnostics, Inc. (Health Care Providers & Services) | | | 118 | | | | 15,572 | |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | | 43 | | | | 5,066 | |
| Raymond James Financial, Inc. (Capital Markets) | | | 111 | | | | 14,419 | |
| Raytheon Technologies Corp. (Aerospace & Defense) | | | 1,378 | | | | 117,558 | |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | | | 340 | | | | 22,692 | |
| Regency Centers Corp. (Equity Real Estate Investment Trusts) | | | 144 | | | | 9,226 | |
| Regions Financial Corp. (Banks) | | | 876 | | | | 17,678 | |
| Republic Services, Inc.—Class A (Commercial Services & Supplies) | | | 191 | | | | 21,012 | |
| Robert Half International, Inc. (Professional Services) | | | 102 | | | | 9,075 | |
| Rockwell Automation, Inc. (Electrical Equipment) | | | 46 | | | | 13,157 | |
| Roper Technologies, Inc. (Industrial Conglomerates) | | | 43 | | | | 20,219 | |
| Ross Stores, Inc. (Specialty Retail) | | | 324 | | | | 40,176 | |
| Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | | | 199 | | | | 16,971 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 34 | | | | 10,836 | |
| Schlumberger, Ltd. (Energy Equipment & Services) | | | 1,271 | | | | 40,685 | |
| Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | | | 180 | | | | 15,827 | |
| Sealed Air Corp. (Containers & Packaging) | | | 46 | | | | 2,726 | |
| Sempra Energy (Multi-Utilities) | | | 287 | | | | 38,022 | |
| Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 299 | | | | 39,013 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 72 | | | | 13,806 | |
| Snap-on, Inc. (Machinery) | | | 49 | | | | 10,948 | |
| Southwest Airlines Co.* (Airlines) | | | 538 | | | | 28,562 | |
| Stanley Black & Decker, Inc. (Machinery) | | | 147 | | | | 30,134 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 450 | | | | 50,315 | |
| State Street Corp. (Capital Markets) | | | 316 | | | | 26,000 | |
| STERIS PLC (Health Care Equipment & Supplies) | | | 37 | | | | 7,633 | |
| Stryker Corp. (Health Care Equipment & Supplies) | | | 153 | | | | 39,739 | |
| Synchrony Financial (Consumer Finance) | | | 492 | | | | 23,872 | |
| Sysco Corp. (Food & Staples Retailing) | | | 465 | | | | 36,154 | |
| T. Rowe Price Group, Inc. (Capital Markets) | | | 83 | | | | 16,432 | |
| Tapestry, Inc.* (Textiles, Apparel & Luxury Goods) | | | 253 | | | | 11,000 | |
| Target Corp. (Multiline Retail) | | | 154 | | | | 37,227 | |
| TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | | 186 | | | | 25,148 | |
| Teledyne Technologies, Inc.* (Aerospace & Defense) | | | 22 | | | | 9,214 | |
| Teleflex, Inc. (Health Care Equipment & Supplies) | | | 23 | | | | 9,241 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 395 | | | | 75,959 | |
| Textron, Inc. (Aerospace & Defense) | | | 205 | | | | 14,098 | |
| The AES Corp. (Independent Power and Renewable Electricity Producers) | | | 376 | | | | 9,802 | |
| The Allstate Corp. (Insurance) | | | 272 | | | | 35,480 | |
| The Bank of New York Mellon Corp. (Capital Markets) | | | 734 | | | | 37,603 | |
| The Boeing Co.* (Aerospace & Defense) | | | 500 | | | | 119,781 | |
| The Charles Schwab Corp. (Capital Markets) | | | 1,364 | | | | 99,313 | |
| The Clorox Co. (Household Products) | | | 36 | | | | 6,477 | |
| The Coca-Cola Co. (Beverages) | | | 2,294 | | | | 124,129 | |
| The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | | 27 | | | | 10,699 | |
| The Estee Lauder Co., Inc. (Personal Products) | | | 94 | | | | 29,900 | |
| The Gap, Inc. (Specialty Retail) | | | 189 | | | | 6,360 | |
| The Goldman Sachs Group, Inc. (Capital Markets) | | | 309 | | | | 117,275 | |
| The Hershey Co. (Food Products) | | | 79 | | | | 13,760 | |
| The Home Depot, Inc. (Specialty Retail) | | | 271 | | | | 86,420 | |
| The Interpublic Group of Cos., Inc. (Media) | | | 358 | | | | 11,631 | |
| The JM Smucker Co.—Class A (Food Products) | | | 100 | | | | 12,957 | |
| The Kraft Heinz Co. (Food Products) | | | 589 | | | | 24,019 | |
| The Kroger Co. (Food & Staples Retailing) | | | 688 | | | | 26,357 | |
| The Mosaic Co. (Chemicals) | | | 315 | | | | 10,052 | |
| The PNC Financial Services Group, Inc. (Banks) | | | 386 | | | | 73,633 | |
| The Procter & Gamble Co. (Household Products) | | | 1,158 | | | | 156,249 | |
| The Progressive Corp. (Insurance) | | | 191 | | | | 18,758 | |
| The Sherwin-Williams Co. (Chemicals) | | | 68 | | | | 18,527 | |
| The Southern Co. (Electric Utilities) | | | 963 | | | | 58,271 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Large-Cap Value :: 125
Common Stocks, continued
| | | Shares | | | Value | |
| The TJX Cos., Inc. (Specialty Retail) | | | 1,097 | | | $ | 73,961 | |
| The Travelers Cos., Inc. (Insurance) | | | 229 | | | | 34,284 | |
| The Walt Disney Co.* (Entertainment) | | | 1,653 | | | | 290,547 | |
| The Western Union Co. (IT Services) | | | 372 | | | | 8,545 | |
| The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | | 1,105 | | | | 29,338 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 165 | | | | 23,897 | |
| Trane Technologies PLC (Building Products) | | | 117 | | | | 21,544 | |
| TransDigm Group, Inc.* (Aerospace & Defense) | | | 21 | | | | 13,593 | |
| Truist Financial Corp. (Banks) | | | 1,223 | | | | 67,877 | |
| Tyson Foods, Inc.—Class A (Food Products) | | | 268 | | | | 19,768 | |
| U.S. Bancorp (Banks) | | | 1,233 | | | | 70,244 | |
| UDR, Inc. (Equity Real Estate Investment Trusts) | | | 270 | | | | 13,225 | |
| Ulta Beauty, Inc.* (Specialty Retail) | | | 25 | | | | 8,644 | |
| Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 172 | | | | 3,638 | |
| Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | | 179 | | | | 3,324 | |
| Union Pacific Corp. (Road & Rail) | | | 314 | | | | 69,059 | |
| United Airlines Holdings , Inc.* (Airlines) | | | 294 | | | | 15,373 | |
| United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | | 197 | | | | 40,970 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | | | 413 | | | | 165,381 | |
| Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | | 71 | | | | 10,397 | |
| Unum Group (Insurance) | | | 185 | | | | 5,254 | |
| Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | | 372 | | | | 29,046 | |
| Ventas, Inc. (Equity Real Estate Investment Trusts) | | | 341 | | | | 19,471 | |
| VeriSign, Inc.* (IT Services) | | | 52 | | | | 11,840 | |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | | | 3,765 | | | | 210,953 | |
| VF Corp. (Textiles, Apparel & Luxury Goods) | | | 292 | | | | 23,956 | |
| ViacomCBS, Inc.—Class B (Media) | | | 551 | | | | 24,904 | |
| Viatris, Inc. (Pharmaceuticals) | | | 1,101 | | | | 15,733 | |
| Visa, Inc.—Class A (IT Services) | | | 616 | | | | 144,032 | |
| Vornado Realty Trust (Equity Real Estate Investment Trusts) | | | 143 | | | | 6,674 | |
| Vulcan Materials Co. (Construction Materials) | | | 70 | | | | 12,185 | |
| W.R. Berkley Corp. (Insurance) | | | 127 | | | | 9,453 | |
| W.W. Grainger, Inc. (Trading Companies & Distributors) | | | 16 | | | | 7,008 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 652 | | | | 34,302 | |
| Walmart, Inc. (Food & Staples Retailing) | | | 1,250 | | | | 176,274 | |
| Waste Management, Inc. (Commercial Services & Supplies) | | | 216 | | | | 30,264 | |
| Waters Corp.* (Life Sciences Tools & Services) | | | 26 | | | | 8,986 | |
| WEC Energy Group, Inc. (Multi-Utilities) | | | 288 | | | | 25,618 | |
| Wells Fargo & Co. (Banks) | | | 3,758 | | | | 170,200 | |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | | | 379 | | | | 31,495 | |
| Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | | | 279 | | | | 19,857 | |
| Westinghouse Air Brake Technologies Corp. (Machinery) | | | 162 | | | | 13,333 | |
| WestRock Co. (Containers & Packaging) | | | 241 | | | | 12,826 | |
| Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | | 682 | | | | 23,474 | |
| Whirlpool Corp. (Household Durables) | | | 57 | | | | 12,427 | |
| Willis Towers Watson PLC (Insurance) | | | 117 | | | | 26,912 | |
| Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | | | 97 | | | | 11,863 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 489 | | | | 32,215 | |
| Xylem, Inc. (Machinery) | | | 89 | | | | 10,676 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | | | 155 | | | | 17,830 | |
| Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | | | 14 | | | | 7,413 | |
| Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | | 189 | | | | 30,395 | |
| Zions Bancorp (Banks) | | | 149 | | | | 7,876 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 116 | | | | 21,618 | |
TOTAL COMMON STOCKS
(Cost $9,112,846) | | | | | | | 15,580,687 | |
| Collateral for Securities Loaned(c)(NM) | | | | | | | | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(d) | | | 4,123 | | | | 4,123 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $4,123) | | | | | | | 4,123 | |
TOTAL INVESTMENT SECURITIES
(Cost $9,116,969)—100.2% | | | | | | | 15,584,810 | |
| Net other assets (liabilities)—(0.2)% | | | | | | | (33,808 | ) |
| NET ASSETS—100.0% | | | | | | $ | 15,551,002 | |
* Non-income producing security.
(a) All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $4,080.
(b) Number of shares is less than 0.50
(c) Securities were purchased with cash collateral held from securities on loan at June 30, 2021.
(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021.
NM Not meaningful, amount is less than 0.05%.
See accompanying notes to financial statements.
126 :: ProFund VP Large-Cap Value :: Financial Statements
ProFund VP Large-Cap Value invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 445,596 | | | | 2.8 | % |
| Air Freight & Logistics | | | 82,880 | | | | 0.5 | % |
| Airlines | | | 88,271 | | | | 0.6 | % |
| Auto Components | | | 23,531 | | | | 0.2 | % |
| Automobiles | | | 121,687 | | | | 0.8 | % |
| Banks | | | 1,377,736 | | | | 8.9 | % |
| Beverages | | | 283,586 | | | | 1.8 | % |
| Biotechnology | | | 226,584 | | | | 1.5 | % |
| Building Products | | | 107,515 | | | | 0.7 | % |
| Capital Markets | | | 657,286 | | | | 4.2 | % |
| Chemicals | | | 366,075 | | | | 2.4 | % |
| Commercial Services & Supplies | | | 61,972 | | | | 0.4 | % |
| Communications Equipment | | | 235,465 | | | | 1.5 | % |
| Construction & Engineering | | | 10,671 | | | | 0.1 | % |
| Construction Materials | | | 31,886 | | | | 0.2 | % |
| Consumer Finance | | | 218,032 | | | | 1.4 | % |
| Containers & Packaging | | | 83,020 | | | | 0.5 | % |
| Distributors | | | 28,971 | | | | 0.2 | % |
| Diversified Financial Services | | | 479,134 | | | | 3.1 | % |
| Diversified Telecommunication Services | | | 410,192 | | | | 2.6 | % |
| Electric Utilities | | | 446,568 | | | | 2.8 | % |
| Electrical Equipment | | | 112,420 | | | | 0.7 | % |
| Electronic Equipment, Instruments & Components | | | 89,465 | | | | 0.6 | % |
| Energy Equipment & Services | | | 79,998 | | | | 0.5 | % |
| Entertainment | | | 346,815 | | | | 2.2 | % |
| Equity Real Estate Investment Trusts | | | 628,016 | | | | 4.0 | % |
| Food & Staples Retailing | | | 347,869 | | | | 2.3 | % |
| Food Products | | | 283,954 | | | | 1.8 | % |
| Gas Utilities | | | 11,341 | | | | 0.1 | % |
| Health Care Equipment & Supplies | | | 603,297 | | | | 3.9 | % |
| Health Care Providers & Services | | | 654,861 | | | | 4.2 | % |
| Health Care Technology | | | 12,271 | | | | 0.1 | % |
| Hotels, Restaurants & Leisure | | | 333,758 | | | | 2.0 | % |
| Household Durables | | | 103,934 | | | | 0.7 | % |
| Household Products | | | 224,468 | | | | 1.4 | % |
| Independent Power and Renewable Electricity Producers | | | 13,510 | | | | 0.1 | % |
| Industrial Conglomerates | | | 370,977 | | | | 2.3 | % |
| Insurance | | | 509,514 | | | | 3.3 | % |
| Internet & Direct Marketing Retail | | | 66,102 | | | | 0.4 | % |
| IT Services | | | 731,935 | | | | 4.6 | % |
| Leisure Products | | | 10,964 | | | | 0.1 | % |
| Life Sciences Tools & Services | | | 67,013 | | | | 0.4 | % |
| Machinery | | | 334,736 | | | | 2.2 | % |
| Media | | | 235,132 | | | | 1.5 | % |
| Metals & Mining | | | 65,696 | | | | 0.4 | % |
| Multiline Retail | | | 58,222 | | | | 0.4 | % |
| Multi-Utilities | | | 245,870 | | | | 1.6 | % |
| Oil, Gas & Consumable Fuels | | | 852,571 | | | | 5.5 | % |
| Personal Products | | | 29,900 | | | | 0.2 | % |
| Pharmaceuticals | | | 705,857 | | | | 4.6 | % |
| Professional Services | | | 43,697 | | | | 0.3 | % |
| Real Estate Management & Development | | | 26,062 | | | | 0.2 | % |
| Road & Rail | | | 150,639 | | | | 1.0 | % |
| Semiconductors & Semiconductor Equipment | | | 541,303 | | | | 3.5 | % |
| Software | | | 76,831 | | | | 0.5 | % |
| Specialty Retail | | | 326,764 | | | | 2.1 | % |
| Technology Hardware, Storage & Peripherals | | | 102,582 | | | | 0.7 | % |
| Textiles, Apparel & Luxury Goods | | | 124,491 | | | | 0.8 | % |
| Tobacco | | | 220,684 | | | | 1.4 | % |
| Trading Companies & Distributors | | | 13,820 | | | | 0.1 | % |
| Water Utilities | | | 12,793 | | | | 0.1 | % |
| Wireless Telecommunication Services | | | 23,897 | | | | 0.2 | % |
| Other** | | | (29,685 | ) | | | (0.2 | )% |
| Total | | $ | 15,551,002 | | | | 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 Large-Cap Value :: 127
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 9,116,969 | |
| Securities, at value(a) | | | 15,584,810 | |
| Total Investment Securities, at value | | | 15,584,810 | |
| Dividends receivable | | | 15,934 | |
| Receivable for capital shares issued | | | 125 | |
| Prepaid expenses | | | 277 | |
| TOTAL ASSETS | | | 15,601,146 | |
| LIABILITIES: | | | | |
| Cash overdraft | | | 9,622 | |
| Payable for capital shares redeemed | | | 1,305 | |
| Payable for collateral for securities loaned | | | 4,123 | |
| Advisory fees payable | | | 9,598 | |
| Management services fees payable | | | 1,280 | |
| Administration fees payable | | | 1,009 | |
| Administrative services fees payable | | | 6,067 | |
| Distribution fees payable | | | 5,463 | |
| Transfer agency fees payable | | | 1,703 | |
| Fund accounting fees payable | | | 681 | |
| Compliance services fees payable | | | 130 | |
| Other accrued expenses | | | 9,163 | |
| TOTAL LIABILITIES | | | 50,144 | |
| NET ASSETS | | $ | 15,551,002 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 12,042,329 | |
| Total distributable earnings (loss) | | | 3,508,673 | |
| NET ASSETS | | $ | 15,551,002 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 335,910 | |
| Net Asset Value (offering and redemption price per share) | | $ | 46.30 | |
| (a) Includes securities on loan valued at: | | $ | 4,080 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Dividends | | $ | 172,340 | |
| Income from securities lending | | | 307 | |
| TOTAL INVESTMENT INCOME | | | 172,647 | |
| EXPENSES: | | | | |
| Advisory fees | | | 58,574 | |
| Management services fees | | | 7,810 | |
| Administration fees | | | 6,039 | |
| Transfer agency fees | | | 4,943 | |
| Administrative services fees | | | 24,231 | |
| Distribution fees | | | 19,524 | |
| Custody fees | | | 1,457 | |
| Fund accounting fees | | | 4,146 | |
| Trustee fees | | | 197 | |
| Compliance services fees | | | 75 | |
| Other fees | | | 9,081 | |
| Total Gross Expenses before reductions | | | 136,077 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,871 | ) |
| TOTAL NET EXPENSES | | | 131,206 | |
| NET INVESTMENT INCOME (LOSS) | | | 41,441 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 284,719 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,863,448 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,148,167 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,189,608 | |
See accompanying notes to financial statements.
128 :: ProFund VP Large-Cap Value :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 41,441 | | | $ | 147,146 | |
| Net realized gains (losses) on investments | | | 284,719 | | | | (961,353 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 1,863,448 | | | | (977,130 | ) |
| Change in net assets resulting from operations | | | 2,189,608 | | | | (1,791,337 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (149,392 | ) | | | (1,869,000 | ) |
| Change in net assets resulting from distributions | | | (149,392 | ) | | | (1,869,000 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 5,290,458 | | | | 13,542,534 | |
| Distributions reinvested | | | 149,392 | | | | 1,869,000 | |
| Value of shares redeemed | | | (6,535,841 | ) | | | (19,346,347 | ) |
| Change in net assets resulting from capital transactions | | | (1,095,991 | ) | | | (3,934,813 | ) |
| Change in net assets | | | 944,225 | | | | (7,595,150 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 14,606,777 | | | | 22,201,927 | |
| End of period | | $ | 15,551,002 | | | $ | 14,606,777 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 117,481 | | | | 345,274 | |
| Reinvested | | | 3,267 | | | | 50,418 | |
| Redeemed | | | (145,483 | ) | | | (501,456 | ) |
| Change in shares | | | (24,735 | ) | | | (105,764 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Large-Cap Value :: 129
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 40.50 | | | $ | 47.60 | | | $ | 41.32 | | | $ | 46.62 | | | $ | 41.52 | | | $ | 36.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.12 | | | | 0.43 | | | | 0.37 | | | | 0.38 | | | | 0.35 | | | | 0.38 | |
| Net realized and unrealized gains (losses) on investments | | | 6.11 | | | | (1.06 | ) | | | 11.15 | | | | (5.29 | ) | | | 5.21 | | | | 5.20 | |
| Total income (loss) from investment activities | | | 6.23 | | | | (0.63 | ) | | | 11.52 | | | | (4.91 | ) | | | 5.56 | | | | 5.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.43 | ) | | | (0.50 | ) | | | (0.46 | ) | | | (0.39 | ) | | | (0.46 | ) | | | (0.46 | ) |
| Net realized gains on investments | | | — | | | | (5.97 | ) | | | (4.78 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.43 | ) | | | (6.47 | ) | | | (5.24 | ) | | | (0.39 | ) | | | (0.46 | ) | | | (0.46 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 46.30 | | | $ | 40.50 | | | $ | 47.60 | | | $ | 41.32 | | | $ | 46.62 | | | $ | 41.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 15.40 | % | | | (0.06 | )% | | | 29.77 | % | | | (10.63 | )% | | | 13.43 | % | | | 15.43 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.74 | % | | | 1.77 | % | | | 1.74 | % | | | 1.70 | % | | | 1.68 | % | | | 1.69 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 0.53 | % | | | 1.05 | % | | | 0.81 | % | | | 0.84 | % | | | 0.81 | % | | | 1.01 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 15,551 | | | $ | 14,607 | | | $ | 22,202 | | | $ | 15,394 | | | $ | 20,450 | | | $ | 25,426 | |
| Portfolio turnover rate(b)(d) | | | 26 | % | | | 97 | % | | | 110 | % | | | 116 | % | | | 72 | % | | | 138 | % |
| (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.
130 :: ProFund VP Mid-Cap :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400®.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Futures Contracts | | | 12 | % |
| Swap Agreements | | | 88 | % |
| 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 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 | |
| Industrials | | | 19 | % |
| Financials | | | 15 | % |
| Consumer Discretionary | | | 15 | % |
| Information Technology | | | 14 | % |
| Health Care | | | 11 | % |
| Real Estate | | | 10 | % |
| Materials | | | 6 | % |
| Consumer Staples | | | 3 | % |
| Utilities | | | 3 | % |
| Energy | | | 2 | % |
| Communication Services | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (99.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $18,181,000 | | $ | 18,181,000 | | | $ | 18,181,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $18,181,000) | | | | | | | 18,181,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $18,181,000)—99.8% | | | | | | | 18,181,000 | |
| Net other assets (liabilities)—0.2% | | | | | | | 31,608 | |
| NET ASSETS—100.0% | | | | | | $ | 18,212,608 | |
| (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, 2021, the aggregate amount held in a segregated account was $2,677,000. |
| (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 | | | 8 | | | 9/20/21 | | $ | 2,153,920 | | | $ | (40,575 | ) |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P MidCap 400 | | Goldman Sachs International | | 7/27/21 | | | 0.54 | % | | $ | 5,033,656 | | | $ | (5,295 | ) |
| S&P MidCap 400 | | UBS AG | | 7/27/21 | | | 0.44 | % | | | 11,010,954 | | | | (11,533 | ) |
| | | | | | | | | | | $ | 16,044,610 | | | $ | (16,828 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap :: 131
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 18,181,000 | |
| Repurchase agreements, at value | | | 18,181,000 | |
| Total Investment Securities, at value | | | 18,181,000 | |
| Cash | | | 225 | |
| Segregated cash balances for futures contracts with brokers | | | 118,800 | |
| Variation margin on futures contracts | | | 2,080 | |
| Prepaid expenses | | | 273 | |
| TOTAL ASSETS | | | 18,302,378 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 22,754 | |
| Unrealized depreciation on swap agreements | | | 16,828 | |
| Advisory fees payable | | | 11,734 | |
| Management services fees payable | | | 1,565 | |
| Administration fees payable | | | 1,151 | |
| Administrative services fees payable | | | 11,419 | |
| Distribution fees payable | | | 11,937 | |
| Transfer agency fees payable | | | 1,992 | |
| Fund accounting fees payable | | | 627 | |
| Compliance services fees payable | | | 129 | |
| Other accrued expenses | | | 9,634 | |
| TOTAL LIABILITIES | | | 89,770 | |
| NET ASSETS | | $ | 18,212,608 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 16,502,781 | |
| Total distributable earnings (loss) | | | 1,709,827 | |
| NET ASSETS | | $ | 18,212,608 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 890,869 | |
| Net Asset Value (offering and redemption price per share) | | $ | 20.44 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Interest | | $ | 165 | |
| EXPENSES: | | | | |
| Advisory fees | | | 62,923 | |
| Management services fees | | | 8,390 | |
| Administration fees | | | 6,433 | |
| Transfer agency fees | | | 5,371 | |
| Administrative services fees | | | 19,970 | |
| Distribution fees | | | 20,975 | |
| Custody fees | | | 1,353 | |
| Fund accounting fees | | | 3,625 | |
| Trustee fees | | | 207 | |
| Compliance services fees | | | 91 | |
| Other fees | | | 8,306 | |
| TOTAL NET EXPENSES | | | 137,644 | |
| NET INVESTMENT INCOME (LOSS) | | | (137,479 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | 332,993 | |
| Net realized gains (losses) on swap agreements | | | 2,005,195 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (57,531 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (6,036 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,274,621 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,137,142 | |
See accompanying notes to financial statements.
132 :: ProFund VP Mid-Cap :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (137,479 | ) | | $ | (114,283 | ) |
| Net realized gains (losses) on investments | | | 2,338,188 | | | | 941,668 | |
| Change in net unrealized appreciation/depreciation on investments | | | (63,567 | ) | | | (21,961 | ) |
| Change in net assets resulting from operations | | | 2,137,142 | | | | 805,424 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (607,067 | ) | | | (2,255,783 | ) |
| Change in net assets resulting from distributions | | | (607,067 | ) | | | (2,255,783 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 19,277,399 | | | | 15,596,622 | |
| Distributions reinvested | | | 607,067 | | | | 2,255,783 | |
| Value of shares redeemed | | | (13,932,720 | ) | | | (17,003,217 | ) |
| Change in net assets resulting from capital transactions | | | 5,951,746 | | | | 849,188 | |
| Change in net assets | | | 7,481,821 | | | | (601,171 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 10,730,787 | | | | 11,331,958 | |
| End of period | | $ | 18,212,608 | | | $ | 10,730,787 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 951,445 | | | | 855,896 | |
| Reinvested | | | 30,429 | | | | 145,347 | |
| Redeemed | | | (682,220 | ) | | | (884,417 | ) |
| Change in shares | | | 299,654 | | | | 116,826 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Mid-Cap :: 133
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 18.15 | | | $ | 23.89 | | | $ | 19.37 | | | $ | 29.47 | | | $ | 34.24 | | | $ | 29.46 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.17 | ) | | | (0.26 | ) | | | 0.11 | | | | 0.02 | | | | (0.33 | ) | | | (0.44 | ) |
| Net realized and unrealized gains (losses) on investments | | | 3.12 | | | | 1.63 | | | | 4.44 | | | | (2.56 | ) | | | 4.53 | | | | 5.77 | |
| Total income (loss) from investment activities | | | 2.95 | | | | 1.37 | | | | 4.55 | | | | (2.54 | ) | | | 4.20 | | | | 5.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.22 | ) | | | (0.03 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (0.66 | ) | | | (6.89 | ) | | | — | | | | (7.56 | ) | | | (8.97 | ) | | | (0.55 | ) |
| Total distributions | | | (0.66 | ) | | | (7.11 | ) | | | (0.03 | ) | | | (7.56 | ) | | | (8.97 | ) | | | (0.55 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 20.44 | | | $ | 18.15 | | | $ | 23.89 | | | $ | 19.37 | | | $ | 29.47 | | | $ | 34.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 16.34 | % | | | 10.76 | % | | | 23.53 | % | | | (12.86 | )%(c) | | | 13.43 | % | | | 18.19 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.64 | % | | | 1.70 | % | | | 1.64 | % | | | 1.52 | % | | | 1.66 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.64 | % | | | 1.70 | %(e) | | | 1.64 | % | | | 1.49 | %(c) | | | 1.66 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.64 | )% | | | (1.34 | )% | | | 0.50 | % | | | 0.08 | %(c) | | | (0.96 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 18,213 | | | $ | 10,731 | | | $ | 11,332 | | | $ | 21,039 | | | $ | 38,793 | | | $ | 44,946 | |
| 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.
134 :: ProFund VP Mid-Cap Growth :: Financial Statements
Investment Objective: The ProFund VP Mid-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Bio-Techne Corp. | | | 1.6 | % |
| Cognex Corp. | | | 1.3 | % |
| Fair Isaac Corp. | | | 1.3 | % |
| SolarEdge Technologies, Inc. | | | 1.3 | % |
| Graco, Inc. | | | 1.2 | % |
S&P MidCap 400® Growth Index – Composition
| | | % of Index | |
| Information Technology | | | 20 | % |
| Industrials | | | 19 | % |
| Health Care | | | 18 | % |
| Consumer Discretionary | | | 16 | % |
| Financials | | | 9 | % |
| Real Estate | | | 5 | % |
| Materials | | | 5 | % |
| Consumer Staples | | | 3 | % |
| Communication Services | | | 2 | % |
| Energy | | | 2 | % |
| Utilities | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.1%)
| | | Shares | | | Value | |
| Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | | 622 | | | $ | 39,031 | |
| ACI Worldwide, Inc.* (Software) | | | 1,163 | | | | 43,194 | |
| AGCO Corp. (Machinery) | | | 473 | | | | 61,670 | |
| Amedisys, Inc.* (Health Care Providers & Services) | | | 594 | | | | 145,487 | |
| American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | | 981 | | | | 45,832 | |
| Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 588 | | | | 13,918 | |
| Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 5,223 | | | | 54,267 | |
| AptarGroup, Inc. (Containers & Packaging) | | | 731 | | | | 102,954 | |
| Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | | 1,895 | | | | 156,944 | |
| ASGN, Inc.* (Professional Services) | | | 970 | | | | 94,021 | |
| Ashland Global Holdings, Inc. (Chemicals) | | | 359 | | | | 31,413 | |
| Aspen Technology, Inc.* (Software) | | | 856 | | | | 117,734 | |
| Axon Enterprise, Inc.* (Aerospace & Defense) | | | 1,180 | | | | 208,623 | |
| Bio-Techne Corp. (Life Sciences Tools & Services) | | | 709 | | | | 319,235 | |
| Blackbaud, Inc.* (Software) | | | 401 | | | | 30,705 | |
| Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | | | 795 | | | | 48,885 | |
| Brighthouse Financial, Inc.* (Insurance) | | | 1,565 | | | | 71,270 | |
| Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,355 | | | | 129,104 | |
| Brown & Brown, Inc. (Insurance) | | | 4,266 | | | | 226,696 | |
| Brunswick Corp. (Leisure Products) | | | 781 | | | | 77,803 | |
| Builders FirstSource, Inc.* (Building Products) | | | 1,851 | | | | 78,964 | |
| Cable One, Inc. (Media) | | | 99 | | | | 189,369 | |
| CACI International, Inc.*—Class A (IT Services) | | | 185 | | | | 47,197 | |
| Callaway Golf Co.* (Leisure Products) | | | 1,231 | | | | 41,522 | |
| Camden Property Trust (Equity Real Estate Investment Trusts) | | | 837 | | | | 111,045 | |
| Carlisle Cos., Inc. (Industrial Conglomerates) | | | 552 | | | | 105,642 | |
| Casey's General Stores, Inc. (Food & Staples Retailing) | | | 256 | | | | 49,828 | |
| CDK Global, Inc. (Software) | | | 1,110 | | | | 55,156 | |
| Ceridian HCM Holding, Inc.* (Software) | | | 1,413 | | | | 135,535 | |
| ChampionX Corp.* (Energy Equipment & Services) | | | 1,400 | | | | 35,910 | |
| Chemed Corp. (Health Care Providers & Services) | | | 291 | | | | 138,080 | |
| Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | | | 279 | | | | 33,162 | |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | | | 632 | | | | 125,300 | |
| Ciena Corp.* (Communications Equipment) | | | 1,046 | | | | 59,507 | |
| Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | | 900 | | | | 65,205 | |
| Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | | 451 | | | | 38,389 | |
| Clean Harbors, Inc.* (Commercial Services & Supplies) | | | 357 | | | | 33,251 | |
| Cleveland-Cliffs, Inc.* (Metals & Mining) | | | 8,379 | | | | 180,652 | |
| CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 534 | | | | 80,495 | |
| CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 4,017 | | | | 54,872 | |
| Cognex Corp. (Electronic Equipment, Instruments & Components) | | | 3,221 | | | | 270,725 | |
| Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | | 152 | | | | 40,180 | |
| Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | | | 234 | | | | 23,016 | |
| Commerce Bancshares, Inc. (Banks) | | | 922 | | | | 68,744 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 135
Common Stocks, continued
| | | Shares | | | Value | |
| CommVault Systems, Inc.* (Software) | | | 411 | | | $ | 32,128 | |
| Compass Minerals International, Inc. (Metals & Mining) | | | 298 | | | | 17,659 | |
| Concentrix Corp.* (IT Services) | | | 365 | | | | 58,692 | |
| CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | | 502 | | | | 67,569 | |
| Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,106 | | | | 206,241 | |
| Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,190 | | | | 138,659 | |
| Curtiss-Wright Corp. (Aerospace & Defense) | | | 276 | | | | 32,778 | |
| CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | | 2,235 | | | | 159,846 | |
| Darling Ingredients, Inc.* (Food Products) | | | 2,976 | | | | 200,880 | |
| Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | | 507 | | | | 194,724 | |
| Donaldson Co., Inc. (Machinery) | | | 1,150 | | | | 73,060 | |
| Eagle Materials, Inc. (Construction Materials) | | | 479 | | | | 68,071 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 423 | | | | 69,562 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 830 | | | | 52,282 | |
| Encompass Health Corp. (Health Care Providers & Services) | | | 1,017 | | | | 79,357 | |
| Energizer Holdings, Inc. (Household Products) | | | 498 | | | | 21,404 | |
| EnerSys (Electrical Equipment) | | | 383 | | | | 37,431 | |
| Envestnet, Inc.* (Software) | | | 615 | | | | 46,654 | |
| EQT Corp.* (Oil, Gas & Consumable Fuels) | | | 1,934 | | | | 43,051 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 3,336 | | | | 28,389 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 1,029 | | | | 46,253 | |
| Essential Utilities, Inc. (Water Utilities) | | | 2,038 | | | | 93,137 | |
| Evercore Partners, Inc.—Class A (Capital Markets) | | | 470 | | | | 66,162 | |
| Exelixis, Inc.* (Biotechnology) | | | 5,718 | | | | 104,182 | |
| FactSet Research Systems, Inc. (Capital Markets) | | | 690 | | | | 231,571 | |
| Fair Isaac Corp.* (Software) | | | 525 | | | | 263,906 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 700 | | | | 23,737 | |
| First Financial Bankshares, Inc. (Banks) | | | 1,661 | | | | 81,605 | |
| First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,201 | | | | 62,728 | |
| First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,549 | | | | 140,200 | |
| Five Below, Inc.* (Specialty Retail) | | | 1,021 | | | | 197,329 | |
| Flowers Foods, Inc. (Food Products) | | | 1,400 | | | | 33,880 | |
| Fox Factory Holding Corp.* (Auto Components) | | | 765 | | | | 119,080 | |
| FTI Consulting, Inc.* (Professional Services) | | | 624 | | | | 85,245 | |
| Genpact, Ltd. (IT Services) | | | 1,938 | | | | 88,043 | |
| Gentex Corp. (Auto Components) | | | 2,555 | | | | 84,545 | |
| Glacier Bancorp, Inc. (Banks) | | | 871 | | | | 47,975 | |
| Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | | 1,415 | | | | 109,705 | |
| Graco, Inc. (Machinery) | | | 3,090 | | | | 233,912 | |
| Grand Canyon Education, Inc.* (Diversified Consumer Services) | | | 313 | | | | 28,161 | |
| Grocery Outlet Holding Corp.* (Food & Staples Retailing) | | | 985 | | | | 34,140 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 511 | | | | 34,053 | |
| Halozyme Therapeutics, Inc.* (Biotechnology) | | | 2,440 | | | | 110,800 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,033 | | | | 31,197 | |
| HealthEquity, Inc.* (Health Care Providers & Services) | | | 1,521 | | | | 122,410 | |
| Helen of Troy, Ltd.* (Household Durables) | | | 446 | | | | 101,742 | |
| Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | | 509 | | | | 57,817 | |
| Hubbell, Inc. (Electrical Equipment) | | | 594 | | | | 110,983 | |
| IAA, Inc.* (Commercial Services & Supplies) | | | 2,458 | | | | 134,059 | |
| ICU Medical, Inc.* (Health Care Equipment & Supplies) | | | 184 | | | | 37,867 | |
| II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,913 | | | | 138,865 | |
| Ingevity Corp.* (Chemicals) | | | 358 | | | | 29,127 | |
| Insperity, Inc. (Professional Services) | | | 656 | | | | 59,283 | |
| Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | | 648 | | | | 44,220 | |
| Interactive Brokers Group, Inc. (Capital Markets) | | | 1,474 | | | | 96,886 | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 1,307 | | | | 52,267 | |
| ITT, Inc. (Machinery) | | | 707 | | | | 64,754 | |
| j2 Global, Inc.* (Software) | | | 488 | | | | 67,124 | |
| Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | | 405 | | | | 45,133 | |
| Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | | 1,096 | | | | 194,694 | |
| Kinsale Capital Group, Inc. (Insurance) | | | 391 | | | | 64,425 | |
| Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | | 2,234 | | | | 101,558 | |
| Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | | 790 | | | | 82,492 | |
| Lancaster Colony Corp. (Food Products) | | | 207 | | | | 40,057 | |
| Landstar System, Inc. (Road & Rail) | | | 441 | | | | 69,687 | |
| Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 2,490 | | | | 139,888 | |
| LendingTree, Inc.* (Thrifts & Mortgage Finance) | | | 201 | | | | 42,588 | |
| Lennox International, Inc. (Building Products) | | | 370 | | | | 129,796 | |
| LHC Group, Inc.* (Health Care Providers & Services) | | | 578 | | | | 115,750 | |
| Life Storage, Inc. (Equity Real Estate Investment Trusts) | | | 729 | | | | 78,258 | |
| Ligand Pharmaceuticals, Inc.* (Biotechnology) | | | 158 | | | | 20,728 | |
| Lincoln Electric Holdings, Inc. (Machinery) | | | 1,086 | | | | 143,037 | |
| Lithia Motors, Inc.—Class A (Specialty Retail) | | | 543 | | | | 186,597 | |
| Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | | 448 | | | | 114,146 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 661 | | | | 30,968 | |
| Louisiana-Pacific Corp. (Paper & Forest Products) | | | 1,026 | | | | 61,858 | |
| Lumentum Holdings, Inc.* (Communications Equipment) | | | 1,385 | | | | 113,611 | |
| Manhattan Associates, Inc.* (Software) | | | 1,160 | | | | 168,014 | |
| Masimo Corp.* (Health Care Equipment & Supplies) | | | 923 | | | | 223,780 | |
| Mattel, Inc.* (Leisure Products) | | | 6,361 | | | | 127,856 | |
| MAXIMUS, Inc. (IT Services) | | | 695 | | | | 61,139 | |
See accompanying notes to financial statements.
136 :: ProFund VP Mid-Cap Growth :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | | 4,179 | | | $ | 83,998 | |
| Medpace Holdings, Inc.* (Life Sciences Tools & Services) | | | 505 | | | | 89,198 | |
| Mercury Systems, Inc.* (Aerospace & Defense) | | | 1,024 | | | | 67,871 | |
| MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,010 | | | | 179,730 | |
| Molina Healthcare, Inc.* (Health Care Providers & Services) | | | 575 | | | | 145,509 | |
| MSA Safety, Inc. (Commercial Services & Supplies) | | | 664 | | | | 109,945 | |
| MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | | | 428 | | | | 38,404 | |
| National Instruments Corp. (Electronic Equipment, Instruments & Components) | | | 1,080 | | | | 45,662 | |
| National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | | 767 | | | | 38,780 | |
| Nektar Therapeutics* (Pharmaceuticals) | | | 1,263 | | | | 21,673 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 1,175 | | | | 54,097 | |
| Neurocrine Biosciences, Inc.* (Biotechnology) | | | 1,724 | | | | 167,780 | |
| NewMarket Corp. (Chemicals) | | | 51 | | | | 16,421 | |
| Nordson Corp. (Machinery) | | | 621 | | | | 136,316 | |
| Nu Skin Enterprises, Inc.—Class A (Personal Products) | | | 502 | | | | 28,438 | |
| Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | | | 1,035 | | | | 87,075 | |
| PacWest Bancorp (Banks) | | | 597 | | | | 24,573 | |
| Papa John's International, Inc. (Hotels, Restaurants & Leisure) | | | 603 | | | | 62,977 | |
| Paylocity Holding Corp.* (Software) | | | 686 | | | | 130,889 | |
| Penumbra, Inc.* (Health Care Equipment & Supplies) | | | 619 | | | | 169,643 | |
| PNM Resources, Inc. (Electric Utilities) | | | 611 | | | | 29,798 | |
| Polaris, Inc. (Leisure Products) | | | 493 | | | | 67,521 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 465 | | | | 24,715 | |
| PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | | 1,182 | | | | 195,278 | |
| Primerica, Inc. (Insurance) | | | 719 | | | | 110,108 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 565 | | | | 27,193 | |
| Progyny, Inc.* (Health Care Providers & Services) | | | 339 | | | | 20,001 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 169 | | | | 25,026 | |
| Qualys, Inc.* (Software) | | | 614 | | | | 61,824 | |
| Quidel Corp.* (Health Care Equipment & Supplies) | | | 706 | | | | 90,453 | |
| R1 RCM, Inc.* (Health Care Providers & Services) | | | 2,521 | | | | 56,067 | |
| Rayonier, Inc. (Equity Real Estate Investment Trusts) | | | 1,014 | | | | 36,433 | |
| Regal Beloit Corp. (Electrical Equipment) | | | 370 | | | | 49,399 | |
| RenaissanceRe Holdings, Ltd. (Insurance) | | | 516 | | | | 76,791 | |
| Repligen Corp.* (Biotechnology) | | | 931 | | | | 185,846 | |
| Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | | 1,443 | | | | 82,179 | |
| RH* (Specialty Retail) | | | 307 | | | | 208,453 | |
| RLI Corp. (Insurance) | | | 428 | | | | 44,765 | |
| Royal Gold, Inc. (Metals & Mining) | | | 694 | | | | 79,185 | |
| RPM International, Inc. (Chemicals) | | | 1,464 | | | | 129,827 | |
| Sabre Corp.* (IT Services) | | | 2,096 | | | | 26,158 | |
| Sailpoint Technologies Holding, Inc.* (Software) | | | 1,684 | | | | 86,002 | |
| Science Applications International Corp. (IT Services) | | | 412 | | | | 36,145 | |
| Scientific Games Corp.* (Hotels, Restaurants & Leisure) | | | 600 | | | | 46,464 | |
| SEI Investments Co. (Capital Markets) | | | 1,102 | | | | 68,291 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 1,184 | | | | 81,459 | |
| Sensient Technologies Corp. (Chemicals) | | | 370 | | | | 32,027 | |
| Service Corp. International (Diversified Consumer Services) | | | 1,840 | | | | 98,605 | |
| Signature Bank (Banks) | | | 368 | | | | 90,398 | |
| Silgan Holdings, Inc. (Containers & Packaging) | | | 629 | | | | 26,104 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 482 | | | | 73,867 | |
| Simpson Manufacturing Co., Inc. (Building Products) | | | 792 | | | | 87,468 | |
| Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | | | 526 | | | | 22,765 | |
| SLM Corp. (Consumer Finance) | | | 5,888 | | | | 123,295 | |
| SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 948 | | | | 261,998 | |
| STAAR Surgical Co.* (Health Care Equipment & Supplies) | | | 855 | | | | 130,388 | |
| Stericycle, Inc.* (Commercial Services & Supplies) | | | 653 | | | | 46,722 | |
| Stifel Financial Corp. (Capital Markets) | | | 805 | | | | 52,212 | |
| STORE Capital Corp. (Equity Real Estate Investment Trusts) | | | 1,643 | | | | 56,700 | |
| Sunrun, Inc.* (Electrical Equipment) | | | 2,938 | | | | 163,881 | |
| Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 308 | | | | 47,919 | |
| Syneos Health, Inc.* (Life Sciences Tools & Services) | | | 1,847 | | | | 165,288 | |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | | | 959 | | | | 42,628 | |
| TEGNA, Inc. (Media) | | | 1,611 | | | | 30,222 | |
| Tempur Sealy International, Inc. (Household Durables) | | | 3,340 | | | | 130,894 | |
| Teradata Corp.* (IT Services) | | | 739 | | | | 36,928 | |
| Terex Corp. (Machinery) | | | 484 | | | | 23,048 | |
| Tetra Tech, Inc. (Commercial Services & Supplies) | | | 988 | | | | 120,576 | |
| Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | | 1,196 | | | | 115,055 | |
| The Boston Beer Co., Inc.*—Class A (Beverages) | | | 170 | | | | 173,536 | |
| The Brink's Co. (Commercial Services & Supplies) | | | 345 | | | | 26,510 | |
| The Chemours Co. (Chemicals) | | | 1,358 | | | | 47,258 | |
| The Hain Celestial Group, Inc.* (Food Products) | | | 924 | | | | 37,071 | |
| The Middleby Corp.* (Machinery) | | | 619 | | | | 107,248 | |
| The New York Times Co.—Class A (Media) | | | 2,648 | | | | 115,320 | |
| The Scotts Miracle-Gro Co.—Class A (Chemicals) | | | 741 | | | | 142,212 | |
| The Timken Co. (Machinery) | | | 1,247 | | | | 100,496 | |
| The Toro Co. (Machinery) | | | 1,953 | | | | 214,595 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 137
Common Stocks, continued
| | | Shares | | | Value | |
| The Wendy's Co. (Hotels, Restaurants & Leisure) | | | 3,228 | | | $ | 75,600 | |
| Toll Brothers, Inc. (Household Durables) | | | 901 | | | | 52,087 | |
| Tootsie Roll Industries, Inc. (Food Products) | | | 132 | | | | 4,476 | |
| TopBuild Corp.* (Household Durables) | | | 603 | | | | 119,261 | |
| Travel + Leisure Co. (Hotels, Restaurants & Leisure) | | | 613 | | | | 36,443 | |
| Trex Co., Inc.* (Building Products) | | | 2,104 | | | | 215,050 | |
| TripAdvisor, Inc.* (Interactive Media & Services) | | | 662 | | | | 26,679 | |
| Umpqua Holdings Corp. (Banks) | | | 1,730 | | | | 31,919 | |
| United Therapeutics Corp.* (Biotechnology) | | | 343 | | | | 61,538 | |
| Universal Display Corp. (Semiconductors & Semiconductor Equipment) | | | 782 | | | | 173,862 | |
| Valmont Industries, Inc. (Construction & Engineering) | | | 159 | | | | 37,532 | |
| Valvoline, Inc. (Chemicals) | | | 1,981 | | | | 64,303 | |
| Visteon Corp.* (Auto Components) | | | 245 | | | | 29,630 | |
| Watsco, Inc. (Trading Companies & Distributors) | | | 372 | | | | 106,631 | |
| Werner Enterprises, Inc. (Road & Rail) | | | 479 | | | | 21,325 | |
| WEX, Inc.* (IT Services) | | | 473 | | | | 91,715 | |
| Williams-Sonoma, Inc. (Specialty Retail) | | | 1,390 | | | | 221,913 | |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | | | 542 | | | | 85,435 | |
| Woodward, Inc. (Machinery) | | | 556 | | | | 68,321 | |
| World Wrestling Entertainment, Inc.—Class A (Entertainment) | | | 479 | | | | 27,729 | |
| Worthington Industries, Inc. (Metals & Mining) | | | 370 | | | | 22,637 | |
| WW International, Inc.* (Diversified Consumer Services) | | | 341 | | | | 12,324 | |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | | 919 | | | | 66,435 | |
| XPO Logistics, Inc.* (Air Freight & Logistics) | | | 963 | | | | 134,714 | |
| Yelp, Inc.* (Interactive Media & Services) | | | 651 | | | | 26,014 | |
| YETI Holdings, Inc.* (Leisure Products) | | | 1,368 | | | | 125,610 | |
TOTAL COMMON STOCKS
(Cost $12,385,859) | | | | | | | 20,060,756 | |
Repurchase Agreements(a) (1.0%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $195,000 | | $ | 195,000 | | | $ | 195,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $195,000) | | | | | | | 195,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $12,580,859)—100.1% | | | | | | | 20,255,756 | |
| Net other assets (liabilities)—(0.1)% | | | | | | | (10,790 | ) |
| NET ASSETS—100.0% | | | | | | $ | 20,244,966 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 309,272 | | | | 1.5 | % |
| Air Freight & Logistics | | | 134,714 | | | | 0.7 | % |
| Auto Components | | | 233,255 | | | | 1.2 | % |
| Banks | | | 345,214 | | | | 1.7 | % |
| Beverages | | | 173,536 | | | | 0.9 | % |
| Biotechnology | | | 860,100 | | | | 4.2 | % |
| Building Products | | | 511,278 | | | | 2.5 | % |
| Capital Markets | | | 538,859 | | | | 2.7 | % |
| Chemicals | | | 492,588 | | | | 2.5 | % |
| Commercial Services & Supplies | | | 471,063 | | | | 2.3 | % |
| Communications Equipment | | | 173,118 | | | | 0.9 | % |
| Construction & Engineering | | | 37,532 | | | | 0.2 | % |
| Construction Materials | | | 68,071 | | | | 0.3 | % |
| Consumer Finance | | | 150,488 | | | | 0.7 | % |
| Containers & Packaging | | | 129,058 | | | | 0.6 | % |
| Diversified Consumer Services | | | 139,090 | | | | 0.7 | % |
| Diversified Telecommunication Services | | | 52,267 | | | | 0.3 | % |
| Electric Utilities | | | 29,798 | | | | 0.1 | % |
| Electrical Equipment | | | 361,694 | | | | 1.8 | % |
| Electronic Equipment, Instruments & Components | | | 609,578 | | | | 3.0 | % |
| Energy Equipment & Services | | | 35,910 | | | | 0.2 | % |
| Entertainment | | | 27,729 | | | | 0.1 | % |
| Equity Real Estate Investment Trusts | | | 1,056,360 | | | | 5.2 | % |
| Food & Staples Retailing | | | 83,968 | | | | 0.4 | % |
| Food Products | | | 316,364 | | | | 1.6 | % |
| Health Care Equipment & Supplies | | | 952,023 | | | | 4.7 | % |
| Health Care Providers & Services | | | 861,692 | | | | 4.3 | % |
| Hotels, Restaurants & Leisure | | | 763,654 | | | | 3.8 | % |
| Household Durables | | | 403,984 | | | | 2.0 | % |
| Household Products | | | 21,404 | | | | 0.1 | % |
| Industrial Conglomerates | | | 105,642 | | | | 0.5 | % |
| Insurance | | | 594,055 | | | | 3.0 | % |
| Interactive Media & Services | | | 52,693 | | | | 0.3 | % |
| IT Services | | | 476,985 | | | | 2.4 | % |
| Leisure Products | | | 440,312 | | | | 2.2 | % |
| Life Sciences Tools & Services | | | 768,999 | | | | 3.8 | % |
| Machinery | | | 1,226,457 | | | | 6.0 | % |
| Media | | | 334,911 | | | | 1.6 | % |
| Metals & Mining | | | 300,133 | | | | 1.5 | % |
| Multiline Retail | | | 87,075 | | | | 0.4 | % |
| Oil, Gas & Consumable Fuels | | | 288,412 | | | | 1.4 | % |
| Paper & Forest Products | | | 61,858 | | | | 0.3 | % |
| Personal Products | | | 28,438 | | | | 0.1 | % |
| Pharmaceuticals | | | 216,367 | | | | 1.1 | % |
| Professional Services | | | 238,549 | | | | 1.2 | % |
| Road & Rail | | | 192,570 | | | | 1.0 | % |
| Semiconductors & Semiconductor Equipment | | | 1,567,070 | | | | 7.7 | % |
| Software | | | 1,238,865 | | | | 6.1 | % |
| Specialty Retail | | | 814,292 | | | | 3.9 | % |
| Textiles, Apparel & Luxury Goods | | | 356,399 | | | | 1.8 | % |
| Thrifts & Mortgage Finance | | | 88,841 | | | | 0.4 | % |
| Trading Companies & Distributors | | | 145,035 | | | | 0.7 | % |
| Water Utilities | | | 93,137 | | | | 0.5 | % |
| Other** | | | 184,210 | | | | 0.9 | % |
| Total | | $ | 20,244,966 | | | | 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.
138 :: ProFund VP Mid-Cap Growth :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 12,580,859 | |
| Securities, at value | | | 20,060,756 | |
| Repurchase agreements, at value | | | 195,000 | |
| Total Investment Securities, at value | | | 20,255,756 | |
| Cash | | | 1,083 | |
| Dividends receivable | | | 8,334 | |
| Receivable for capital shares issued | | | 18,331 | |
| Prepaid expenses | | | 326 | |
| TOTAL ASSETS | | | 20,283,830 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 681 | |
| Advisory fees payable | | | 11,282 | |
| Management services fees payable | | | 1,504 | |
| Administration fees payable | | | 1,202 | |
| Administrative services fees payable | | | 6,586 | |
| Distribution fees payable | | | 4,959 | |
| Transfer agency fees payable | | | 2,002 | |
| Fund accounting fees payable | | | 724 | |
| Compliance services fees payable | | | 171 | |
| Other accrued expenses | | | 9,753 | |
| TOTAL LIABILITIES | | | 38,864 | |
| NET ASSETS | | $ | 20,244,966 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 12,310,595 | |
| Total distributable earnings (loss) | | | 7,934,371 | |
| NET ASSETS | | $ | 20,244,966 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 418,675 | |
| Net Asset Value (offering and redemption price per share) | | $ | 48.35 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 70,687 | |
| Interest | | | 1 | |
| Income from securities lending | | | 24 | |
| TOTAL INVESTMENT INCOME | | | 70,712 | |
| EXPENSES: | | | | |
| Advisory fees | | | 74,966 | |
| Management services fees | | | 9,995 | |
| Administration fees | | | 7,636 | |
| Transfer agency fees | | | 6,181 | |
| Administrative services fees | | | 34,094 | |
| Distribution fees | | | 24,989 | |
| Custody fees | | | 1,712 | |
| Fund accounting fees | | | 4,574 | |
| Trustee fees | | | 254 | |
| Compliance services fees | | | 91 | |
| Other fees | | | 10,098 | |
| Total Gross Expenses before reductions | | | 174,590 | |
| Expenses reduced and reimbursed by the Advisor | | | (6,667 | ) |
| TOTAL NET EXPENSES | | | 167,923 | |
| NET INVESTMENT INCOME (LOSS) | | | (97,211 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,635,697 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 411,459 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,047,156 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,949,945 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Growth :: 139
| Statements of Changes in Net Assets |
| | | | | | | |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (97,211 | ) | | $ | (115,451 | ) |
| Net realized gains (losses) on investments | | | 1,635,697 | | | | 1,311,631 | |
| Change in net unrealized appreciation/depreciation on investments | | | 411,459 | | | | 2,366,308 | |
| Change in net assets resulting from operations | | | 1,949,945 | | | | 3,562,488 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,717,430 | ) | | | (1,823,049 | ) |
| Change in net assets resulting from distributions | | | (1,717,430 | ) | | | (1,823,049 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 9,764,638 | | | | 26,201,483 | |
| Distributions reinvested | | | 1,717,430 | | | | 1,823,049 | |
| Value of shares redeemed | | | (12,498,084 | ) | | | (29,527,637 | ) |
| Change in net assets resulting from capital transactions | | | (1,016,016 | ) | | | (1,503,105 | ) |
| Change in net assets | | | (783,501 | ) | | | 236,334 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 21,028,467 | | | | 20,792,133 | |
| End of period | | $ | 20,244,966 | | | $ | 21,028,467 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 191,980 | | | | 651,878 | |
| Reinvested | | | 37,279 | | | | 44,014 | |
| Redeemed | | | (251,622 | ) | | | (736,942 | ) |
| Change in shares | | | (22,363 | ) | | | (41,050 | ) |
See accompanying notes to financial statements.
140 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 47.68 | | | $ | 43.13 | | | $ | 38.51 | | | $ | 47.64 | | | $ | 44.26 | | | $ | 41.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.24 | ) | | | (0.28 | ) | | | (0.16 | ) | | | (0.23 | ) | | | (0.23 | ) | | | (0.19 | ) |
| Net realized and unrealized gains (losses) on investments | | | 5.46 | | | | 8.71 | | | | 9.17 | | | | (4.76 | ) | | | 8.08 | | | | 5.47 | |
| Total income (loss) from investment activities | | | 5.22 | | | | 8.43 | | | | 9.01 | | | | (4.99 | ) | | | 7.85 | | | | 5.28 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (4.55 | ) | | | (3.88 | ) | | | (4.39 | ) | | | (4.14 | ) | | | (4.47 | ) | | | (2.35 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 48.35 | | | $ | 47.68 | | | $ | 43.13 | | | $ | 38.51 | | | $ | 47.64 | | | $ | 44.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 11.41 | % | | | 20.90 | % | | | 24.24 | % | | | (11.98 | )% | | | 18.31 | % | | | 12.87 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.75 | % | | | 1.78 | % | | | 1.75 | % | | | 1.70 | % | | | 1.69 | % | | | 1.69 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.97 | )% | | | (0.68 | )% | | | (0.38 | )% | | | (0.48 | )% | | | (0.49 | )% | | | (0.45 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 20,245 | | | $ | 21,028 | | | $ | 20,792 | | | $ | 14,603 | | | $ | 22,590 | | | $ | 21,492 | |
| Portfolio turnover rate(b)(d) | | | 54 | % | | | 184 | % | | | 191 | % | | | 131 | % | | | 88 | % | | | 171 | % |
| (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 :: 141
Investment Objective: The ProFunds VP Mid-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P MidCap 400® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Steel Dynamics, Inc. | | | 1.0 | % |
| Owens Corning | | | 0.8 | % |
| East West Bancorp, Inc. | | | 0.8 | % |
| Jones Lang LaSalle, Inc. | | | 0.8 | % |
| UGI Corp. | | | 0.8 | % |
S&P MidCap 400® Value Index – Composition
| | | % of Index | |
| Financials | | | 20 | % |
| Industrials | | | 17 | % |
| Consumer Discretionary | | | 14 | % |
| Real Estate | | | 14 | % |
| Information Technology | | | 10 | % |
| Materials | | | 7 | % |
| Utilities | | | 6 | % |
| Health Care | | | 5 | % |
| Consumer Staples | | | 4 | % |
| Energy | | | 2 | % |
| Communication Services | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.9%)
| | | Shares | | | Value | |
| Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | | 1,063 | | | $ | 66,703 | |
| ACI Worldwide, Inc.* (Software) | | | 1,038 | | | | 38,551 | |
| Acuity Brands, Inc. (Electrical Equipment) | | | 682 | | | | 127,555 | |
| Adient PLC* (Auto Components) | | | 1,799 | | | | 81,315 | |
| Adtalem Global Education, Inc.* (Diversified Consumer Services) | | | 945 | | | | 33,680 | |
| AECOM* (Construction & Engineering) | | | 2,798 | | | | 177,168 | |
| Affiliated Managers Group, Inc. (Capital Markets) | | | 795 | | | | 122,597 | |
| AGCO Corp. (Machinery) | | | 685 | | | | 89,310 | |
| Alleghany Corp.* (Insurance) | | | 266 | | | | 177,440 | |
| ALLETE, Inc. (Electric Utilities) | | | 998 | | | | 69,840 | |
| Alliance Data Systems Corp. (IT Services) | | | 951 | | | | 99,085 | |
| American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | | 1,608 | | | | 75,126 | |
| American Eagle Outfitters, Inc. (Specialty Retail) | | | 2,887 | | | | 108,349 | |
| American Financial Group, Inc. (Insurance) | | | 1,318 | | | | 164,381 | |
| Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,437 | | | | 34,014 | |
| Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | | | 2,997 | | | | 142,148 | |
| AptarGroup, Inc. (Containers & Packaging) | | | 491 | | | | 69,152 | |
| Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,418 | | | | 161,412 | |
| Ashland Global Holdings, Inc. (Chemicals) | | | 669 | | | | 58,538 | |
| Aspen Technology, Inc.* (Software) | | | 403 | | | | 55,429 | |
| Associated Banc-Corp. (Banks) | | | 2,921 | | | | 59,822 | |
| AutoNation, Inc.* (Specialty Retail) | | | 1,029 | | | | 97,559 | |
| Avient Corp. (Chemicals) | | | 1,745 | | | | 85,784 | |
| Avis Budget Group, Inc.* (Road & Rail) | | | 988 | | | | 76,956 | |
| Avnet, Inc. (Electronic Equipment, Instruments & Components) | | | 1,902 | | | | 76,232 | |
| BancorpSouth Bank (Banks) | | | 1,844 | | | | 52,241 | |
| Bank of Hawaii Corp. (Banks) | | | 773 | | | | 65,102 | |
| Bank OZK (Banks) | | | 2,311 | | | | 97,432 | |
| Belden, Inc. (Electronic Equipment, Instruments & Components) | | | 853 | | | | 43,136 | |
| BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | | | 2,621 | | | | 124,707 | |
| Black Hills Corp. (Multi-Utilities) | | | 1,200 | | | | 78,756 | |
| Blackbaud, Inc.* (Software) | | | 512 | | | | 39,204 | |
| Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | | | 709 | | | | 43,596 | |
| Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 5,673 | | | | 129,855 | |
| Brunswick Corp. (Leisure Products) | | | 671 | | | | 66,845 | |
| Builders FirstSource, Inc.* (Building Products) | | | 2,019 | | | | 86,131 | |
| Cabot Corp. (Chemicals) | | | 1,083 | | | | 61,655 | |
| CACI International, Inc.*—Class A (IT Services) | | | 257 | | | | 65,566 | |
| Callaway Golf Co.* (Leisure Products) | | | 934 | | | | 31,504 | |
| Camden Property Trust (Equity Real Estate Investment Trusts) | | | 990 | | | | 131,343 | |
| Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | | 2,892 | | | | 165,393 | |
| Carlisle Cos., Inc. (Industrial Conglomerates) | | | 420 | | | | 80,380 | |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | | | 840 | | | | 86,663 | |
| Casey's General Stores, Inc. (Food & Staples Retailing) | | | 438 | | | | 85,252 | |
| Cathay General Bancorp (Banks) | | | 1,431 | | | | 56,324 | |
| CDK Global, Inc. (Software) | | | 1,164 | | | | 57,839 | |
| Ceridian HCM Holding, Inc.* (Software) | | | 1,028 | | | | 98,605 | |
| ChampionX Corp.* (Energy Equipment & Services) | | | 2,112 | | | | 54,173 | |
| Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | | | 260 | | | | 30,904 | |
| Ciena Corp.* (Communications Equipment) | | | 1,866 | | | | 106,157 | |
See accompanying notes to financial statements.
142 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | | 1,023 | | | $ | 74,116 | |
| Cinemark Holdings, Inc.* (Entertainment) | | | 2,078 | | | | 45,612 | |
| Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | | 626 | | | | 53,285 | |
| CIT Group, Inc. (Banks) | | | 1,893 | | | | 97,660 | |
| Clean Harbors, Inc.* (Commercial Services & Supplies) | | | 586 | | | | 54,580 | |
| CNO Financial Group, Inc. (Insurance) | | | 2,514 | | | | 59,381 | |
| Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | | 309 | | | | 81,681 | |
| Colfax Corp.* (Machinery) | | | 2,254 | | | | 103,255 | |
| Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | | | 339 | | | | 33,344 | |
| Commerce Bancshares, Inc. (Banks) | | | 1,047 | | | | 78,064 | |
| Commercial Metals Co. (Metals & Mining) | | | 2,303 | | | | 70,748 | |
| CommVault Systems, Inc.* (Software) | | | 448 | | | | 35,020 | |
| Compass Minerals International, Inc. (Metals & Mining) | | | 338 | | | | 20,030 | |
| Concentrix Corp.* (IT Services) | | | 414 | | | | 66,571 | |
| CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | | 296 | | | | 39,842 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 2,147 | | | | 60,095 | |
| Coty, Inc.*—Class A (Personal Products) | | | 5,418 | | | | 50,604 | |
| Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | | 2,841 | | | | 104,492 | |
| Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | | 453 | | | | 67,252 | |
| Crane Co. (Machinery) | | | 950 | | | | 87,752 | |
| Cullen/Frost Bankers, Inc. (Banks) | | | 1,082 | | | | 121,184 | |
| Curtiss-Wright Corp. (Aerospace & Defense) | | | 494 | | | | 58,667 | |
| Dana, Inc. (Auto Components) | | | 2,774 | | | | 65,910 | |
| Dick's Sporting Goods, Inc. (Specialty Retail) | | | 1,253 | | | | 125,539 | |
| Donaldson Co., Inc. (Machinery) | | | 1,205 | | | | 76,554 | |
| Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | | 3,152 | | | | 105,970 | |
| Dycom Industries, Inc.* (Construction & Engineering) | | | 588 | | | | 43,824 | |
| Eagle Materials, Inc. (Construction Materials) | | | 308 | | | | 43,770 | |
| East West Bancorp, Inc. (Banks) | | | 2,712 | | | | 194,422 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 322 | | | | 52,953 | |
| EMCOR Group, Inc. (Construction & Engineering) | | | 1,042 | | | | 128,364 | |
| Encompass Health Corp. (Health Care Providers & Services) | | | 837 | | | | 65,311 | |
| Energizer Holdings, Inc. (Household Products) | | | 589 | | | | 25,315 | |
| EnerSys (Electrical Equipment) | | | 417 | | | | 40,753 | |
| Envestnet, Inc.* (Software) | | | 396 | | | | 30,041 | |
| Envista Holdings Corp.* (Health Care Equipment & Supplies) | | | 3,074 | | | | 132,827 | |
| EPR Properties* (Equity Real Estate Investment Trusts) | | | 1,429 | | | | 75,280 | |
| EQT Corp.* (Oil, Gas & Consumable Fuels) | | | 3,307 | | | | 73,614 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 4,273 | | | | 36,363 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 1,078 | | | | 48,456 | |
| Essential Utilities, Inc. (Water Utilities) | | | 2,136 | | | | 97,615 | |
| Evercore Partners, Inc.—Class A (Capital Markets) | | | 290 | | | | 40,823 | |
| F.N.B. Corp. (Banks) | | | 6,104 | | | | 75,262 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 1,056 | | | | 35,809 | |
| First American Financial Corp. (Insurance) | | | 2,097 | | | | 130,748 | |
| First Financial Bankshares, Inc. (Banks) | | | 979 | | | | 48,098 | |
| First Horizon Corp. (Banks) | | | 10,559 | | | | 182,459 | |
| First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,209 | | | | 63,146 | |
| FirstCash, Inc. (Consumer Finance) | | | 785 | | | | 60,005 | |
| Flowers Foods, Inc. (Food Products) | | | 2,296 | | | | 55,563 | |
| Flowserve Corp. (Machinery) | | | 2,490 | | | | 100,397 | |
| Fluor Corp.* (Construction & Engineering) | | | 2,405 | | | | 42,569 | |
| Foot Locker, Inc. (Specialty Retail) | | | 1,971 | | | | 121,473 | |
| Fulton Financial Corp. (Banks) | | | 3,108 | | | | 49,044 | |
| GATX Corp. (Trading Companies & Distributors) | | | 676 | | | | 59,806 | |
| Genpact, Ltd. (IT Services) | | | 1,299 | | | | 59,014 | |
| Gentex Corp. (Auto Components) | | | 1,940 | | | | 64,195 | |
| Glacier Bancorp, Inc. (Banks) | | | 912 | | | | 50,233 | |
| Graham Holdings Co.—Class B (Diversified Consumer Services) | | | 78 | | | | 49,444 | |
| Grand Canyon Education, Inc.* (Diversified Consumer Services) | | | 557 | | | | 50,113 | |
| Greif, Inc.—Class A (Containers & Packaging) | | | 507 | | | | 30,699 | |
| Grocery Outlet Holding Corp.* (Food & Staples Retailing) | | | 633 | | | | 21,940 | |
| H&R Block, Inc. (Diversified Consumer Services) | | | 3,468 | | | | 81,429 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 439 | | | | 29,255 | |
| Hancock Whitney Corp. (Banks) | | | 1,660 | | | | 73,770 | |
| Harley-Davidson, Inc. (Automobiles) | | | 2,937 | | | | 134,573 | |
| Hawaiian Electric Industries, Inc. (Electric Utilities) | | | 2,086 | | | | 88,196 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,625 | | | | 49,075 | |
| Healthcare Services Group, Inc. (Commercial Services & Supplies) | | | 1,428 | | | | 45,082 | |
| Herman Miller, Inc. (Commercial Services & Supplies) | | | 1,128 | | | | 53,174 | |
| Hexcel Corp.* (Aerospace & Defense) | | | 1,602 | | | | 99,965 | |
| Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,989 | | | | 89,843 | |
| Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | | 736 | | | | 83,602 | |
| HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | | 2,856 | | | | 93,962 | |
| Home BancShares, Inc. (Banks) | | | 2,898 | | | | 71,523 | |
| Hubbell, Inc. (Electrical Equipment) | | | 415 | | | | 77,539 | |
| Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | | 2,886 | | | | 80,289 | |
| ICU Medical, Inc.* (Health Care Equipment & Supplies) | | | 185 | | | | 38,073 | |
| IDACORP, Inc. (Electric Utilities) | | | 966 | | | | 94,185 | |
| Ingevity Corp.* (Chemicals) | | | 390 | | | | 31,730 | |
| Ingredion, Inc. (Food Products) | | | 1,280 | | | | 115,840 | |
| Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | | 679 | | | | 46,335 | |
| International Bancshares Corp. (Banks) | | | 1,066 | | | | 45,774 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 143
Common Stocks, continued
| | | Shares | | | Value | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 875 | | | $ | 34,991 | |
| ITT, Inc. (Machinery) | | | 906 | | | | 82,981 | |
| j2 Global, Inc.* (Software) | | | 300 | | | | 41,265 | |
| Jabil, Inc. (Electronic Equipment, Instruments & Components) | | | 2,559 | | | | 148,729 | |
| Janus Henderson Group PLC (Capital Markets) | | | 3,261 | | | | 126,559 | |
| JBG Smith Properties (Equity Real Estate Investment Trusts) | | | 2,111 | | | | 66,518 | |
| Jefferies Financial Group, Inc. (Diversified Financial Services) | | | 3,824 | | | | 130,781 | |
| JetBlue Airways Corp.* (Airlines) | | | 6,051 | | | | 101,536 | |
| John Wiley & Sons, Inc.—Class A (Media) | | | 833 | | | | 50,131 | |
| Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | | | 980 | | | | 191,551 | |
| KAR Auction Services, Inc.* (Commercial Services & Supplies) | | | 2,384 | | | | 41,839 | |
| KB Home (Household Durables) | | | 1,698 | | | | 69,143 | |
| KBR, Inc. (IT Services) | | | 2,702 | | | | 103,080 | |
| Kemper Corp. (Insurance) | | | 1,159 | | | | 85,650 | |
| Kennametal, Inc. (Machinery) | | | 1,599 | | | | 57,436 | |
| Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | | 2,025 | | | | 141,021 | |
| Kirby Corp.* (Marine) | | | 1,148 | | | | 69,615 | |
| Kohl's Corp. (Multiline Retail) | | | 2,986 | | | | 164,558 | |
| Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | | 828 | | | | 86,460 | |
| Lancaster Colony Corp. (Food Products) | | | 156 | | | | 30,188 | |
| Landstar System, Inc. (Road & Rail) | | | 271 | | | | 42,823 | |
| Lear Corp. (Auto Components) | | | 1,046 | | | | 183,343 | |
| Lennox International, Inc. (Building Products) | | | 269 | | | | 94,365 | |
| Life Storage, Inc. (Equity Real Estate Investment Trusts) | | | 706 | | | | 75,789 | |
| Ligand Pharmaceuticals, Inc.* (Biotechnology) | | | 152 | | | | 19,941 | |
| LivaNova PLC* (Health Care Equipment & Supplies) | | | 934 | | | | 78,559 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 615 | | | | 28,813 | |
| Louisiana-Pacific Corp. (Paper & Forest Products) | | | 880 | | | | 53,055 | |
| ManpowerGroup, Inc. (Professional Services) | | | 1,042 | | | | 123,904 | |
| Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure) | | | 816 | | | | 129,990 | |
| MasTec, Inc.* (Construction & Engineering) | | | 1,080 | | | | 114,588 | |
| MAXIMUS, Inc. (IT Services) | | | 446 | | | | 39,235 | |
| MDU Resources Group, Inc. (Multi-Utilities) | | | 3,845 | | | | 120,502 | |
| Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | | 6,851 | | | | 137,705 | |
| Mercury General Corp. (Insurance) | | | 508 | | | | 32,995 | |
| MGIC Investment Corp. (Thrifts & Mortgage Finance) | | | 6,485 | | | | 88,196 | |
| Minerals Technologies, Inc. (Chemicals) | | | 645 | | | | 50,742 | |
| Molina Healthcare, Inc.* (Health Care Providers & Services) | | | 514 | | | | 130,073 | |
| MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | | | 448 | | | | 40,199 | |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | | 2,774 | | | | 64,579 | |
| Murphy USA, Inc. (Specialty Retail) | | | 479 | | | | 63,884 | |
| National Fuel Gas Co. (Gas Utilities) | | | 1,743 | | | | 91,072 | |
| National Instruments Corp. (Electronic Equipment, Instruments & Components) | | | 1,383 | | | | 58,473 | |
| National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | | 3,357 | | | | 157,376 | |
| National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | | 514 | | | | 25,988 | |
| Navient Corp. (Consumer Finance) | | | 3,431 | | | | 66,322 | |
| NCR Corp.* (Technology Hardware, Storage & Peripherals) | | | 2,502 | | | | 114,116 | |
| Nektar Therapeutics* (Pharmaceuticals) | | | 2,160 | | | | 37,066 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 822 | | | | 37,845 | |
| NetScout Systems, Inc.* (Communications Equipment) | | | 1,408 | | | | 40,184 | |
| New Jersey Resources Corp. (Gas Utilities) | | | 1,842 | | | | 72,888 | |
| New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 8,890 | | | | 97,967 | |
| NewMarket Corp. (Chemicals) | | | 87 | | | | 28,012 | |
| Nordson Corp. (Machinery) | | | 381 | | | | 83,633 | |
| Nordstrom, Inc.* (Multiline Retail) | | | 2,080 | | | | 76,066 | |
| NorthWestern Corp. (Multi-Utilities) | | | 968 | | | | 58,293 | |
| Nu Skin Enterprises, Inc.—Class A (Personal Products) | | | 431 | | | | 24,416 | |
| NuVasive, Inc.* (Health Care Equipment & Supplies) | | | 987 | | | | 66,899 | |
| nVent Electric PLC (Electrical Equipment) | | | 3,205 | | | | 100,124 | |
| OGE Energy Corp. (Electric Utilities) | | | 3,827 | | | | 128,778 | |
| Old Republic International Corp. (Insurance) | | | 5,417 | | | | 134,937 | |
| Olin Corp. (Chemicals) | | | 2,738 | | | | 126,660 | |
| Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | | 4,499 | | | | 163,268 | |
| ONE Gas, Inc. (Gas Utilities) | | | 1,018 | | | | 75,454 | |
| Oshkosh Corp. (Machinery) | | | 1,312 | | | | 163,527 | |
| Owens Corning (Building Products) | | | 1,996 | | | | 195,408 | |
| PacWest Bancorp (Banks) | | | 1,610 | | | | 66,268 | |
| Park Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 4,520 | | | | 93,157 | |
| Patterson Cos., Inc. (Health Care Providers & Services) | | | 1,663 | | | | 50,539 | |
| Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | | 2,511 | | | | 59,134 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 4,118 | | | | 76,059 | |
| Pilgrim's Pride Corp.* (Food Products) | | | 931 | | | | 20,650 | |
| Pinnacle Financial Partners, Inc. (Banks) | | | 1,454 | | | | 128,374 | |
| PNM Resources, Inc. (Electric Utilities) | | | 1,001 | | | | 48,819 | |
| Polaris, Inc. (Leisure Products) | | | 582 | | | | 79,711 | |
| Post Holdings, Inc.* (Food Products) | | | 1,131 | | | | 122,680 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 794 | | | | 42,201 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 695 | | | | 33,450 | |
| Progyny, Inc.* (Health Care Providers & Services) | | | 355 | | | | 20,945 | |
| Prosperity Bancshares, Inc. (Banks) | | | 1,777 | | | | 127,589 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 207 | | | | 30,653 | |
| Rayonier, Inc. (Equity Real Estate Investment Trusts) | | | 1,594 | | | | 57,272 | |
| Regal Beloit Corp. (Electrical Equipment) | | | 388 | | | | 51,802 | |
| Reinsurance Group of America, Inc. (Insurance) | | | 1,299 | | | | 148,086 | |
| Reliance Steel & Aluminum Co. (Metals & Mining) | | | 1,217 | | | | 183,645 | |
| RenaissanceRe Holdings, Ltd. (Insurance) | | | 408 | | | | 60,719 | |
See accompanying notes to financial statements.
144 :: ProFund VP Mid-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | | 1,050 | | | $ | 59,798 | |
| RLI Corp. (Insurance) | | | 313 | | | | 32,737 | |
| Royal Gold, Inc. (Metals & Mining) | | | 527 | | | | 60,131 | |
| RPM International, Inc. (Chemicals) | | | 941 | | | | 83,448 | |
| Ryder System, Inc. (Road & Rail) | | | 1,029 | | | | 76,486 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 4,127 | | | | 75,111 | |
| Sabre Corp.* (IT Services) | | | 3,906 | | | | 48,747 | |
| Sanderson Farms, Inc. (Food Products) | | | 380 | | | | 71,429 | |
| Science Applications International Corp. (IT Services) | | | 675 | | | | 59,218 | |
| Scientific Games Corp.* (Hotels, Restaurants & Leisure) | | | 455 | | | | 35,235 | |
| SEI Investments Co. (Capital Markets) | | | 1,110 | | | | 68,787 | |
| Selective Insurance Group, Inc. (Insurance) | | | 1,146 | | | | 92,998 | |
| Sensient Technologies Corp. (Chemicals) | | | 421 | | | | 36,442 | |
| Service Corp. International (Diversified Consumer Services) | | | 1,285 | | | | 68,863 | |
| Signature Bank (Banks) | | | 716 | | | | 175,884 | |
| Silgan Holdings, Inc. (Containers & Packaging) | | | 839 | | | | 34,819 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 351 | | | | 53,791 | |
| Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | | | 900 | | | | 38,952 | |
| Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 2,565 | | | | 127,814 | |
| SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | | 1,325 | | | | 106,000 | |
| Sonoco Products Co. (Containers & Packaging) | | | 1,923 | | | | 128,648 | |
| Southwest Gas Holdings, Inc. (Gas Utilities) | | | 1,109 | | | | 73,405 | |
| Spire, Inc. (Gas Utilities) | | | 988 | | | | 71,403 | |
| Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | | 2,197 | | | | 105,104 | |
| Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | | 2,259 | | | | 56,136 | |
| Steel Dynamics, Inc. (Metals & Mining) | | | 3,835 | | | | 228,566 | |
| Stericycle, Inc.* (Commercial Services & Supplies) | | | 1,070 | | | | 76,558 | |
| Sterling Bancorp (Banks) | | | 3,681 | | | | 91,252 | |
| Stifel Financial Corp. (Capital Markets) | | | 1,165 | | | | 75,562 | |
| STORE Capital Corp. (Equity Real Estate Investment Trusts) | | | 2,932 | | | | 101,183 | |
| Strategic Education, Inc. (Diversified Consumer Services) | | | 471 | | | | 35,824 | |
| Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 350 | | | | 54,453 | |
| SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | | 792 | | | | 96,434 | |
| Synovus Financial Corp. (Banks) | | | 2,840 | | | | 124,619 | |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | | | 3,366 | | | | 149,619 | |
| Taylor Morrison Home Corp.* (Household Durables) | | | 2,465 | | | | 65,125 | |
| TEGNA, Inc. (Media) | | | 2,532 | | | | 47,500 | |
| Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | | | 1,903 | | | | 43,122 | |
| Tenet Healthcare Corp.* (Health Care Providers & Services) | | | 2,041 | | | | 136,726 | |
| Teradata Corp.* (IT Services) | | | 1,319 | | | | 65,910 | |
| Terex Corp. (Machinery) | | | 827 | | | | 39,382 | |
| Texas Capital Bancshares, Inc.* (Banks) | | | 966 | | | | 61,331 | |
| The Brink's Co. (Commercial Services & Supplies) | | | 590 | | | | 45,336 | |
| The Chemours Co. (Chemicals) | | | 1,740 | | | | 60,552 | |
| The Goodyear Tire & Rubber Co.* (Auto Components) | | | 5,333 | | | | 91,461 | |
| The Hain Celestial Group, Inc.* (Food Products) | | | 594 | | | | 23,831 | |
| The Hanover Insurance Group, Inc. (Insurance) | | | 686 | | | | 93,049 | |
| The Macerich Co. (Equity Real Estate Investment Trusts) | | | 3,197 | | | | 58,345 | |
| The Middleby Corp.* (Machinery) | | | 415 | | | | 71,903 | |
| Thor Industries, Inc. (Automobiles) | | | 1,059 | | | | 119,667 | |
| Toll Brothers, Inc. (Household Durables) | | | 1,201 | | | | 69,430 | |
| Tootsie Roll Industries, Inc. (Food Products) | | | 199 | | | | 6,748 | |
| Travel + Leisure Co. (Hotels, Restaurants & Leisure) | | | 1,005 | | | | 59,747 | |
| TreeHouse Foods, Inc.* (Food Products) | | | 1,075 | | | | 47,859 | |
| Tri Pointe Homes, Inc.* (Household Durables) | | | 2,263 | | | | 48,496 | |
| Trinity Industries, Inc. (Machinery) | | | 1,547 | | | | 41,599 | |
| TripAdvisor, Inc.* (Interactive Media & Services) | | | 1,181 | | | | 47,594 | |
| Trustmark Corp. (Banks) | | | 1,212 | | | | 37,330 | |
| UGI Corp. (Gas Utilities) | | | 3,989 | | | | 184,731 | |
| UMB Financial Corp. (Banks) | | | 832 | | | | 77,426 | |
| Umpqua Holdings Corp. (Banks) | | | 2,404 | | | | 44,354 | |
| United Bankshares, Inc. (Banks) | | | 2,565 | | | | 93,623 | |
| United States Steel Corp. (Metals & Mining) | | | 5,154 | | | | 123,696 | |
| United Therapeutics Corp.* (Biotechnology) | | | 497 | | | | 89,167 | |
| Univar Solutions, Inc.* (Trading Companies & Distributors) | | | 3,242 | | | | 79,040 | |
| Urban Edge Properties (Equity Real Estate Investment Trusts) | | | 2,102 | | | | 40,148 | |
| Urban Outfitters, Inc.* (Specialty Retail) | | | 1,315 | | | | 54,204 | |
| Valley National Bancorp (Banks) | | | 7,757 | | | | 104,177 | |
| Valmont Industries, Inc. (Construction & Engineering) | | | 239 | | | | 56,416 | |
| Valvoline, Inc. (Chemicals) | | | 1,384 | | | | 44,925 | |
| ViaSat, Inc.* (Communications Equipment) | | | 1,301 | | | | 64,842 | |
| Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | | 2,537 | | | | 57,209 | |
| Visteon Corp.* (Auto Components) | | | 278 | | | | 33,621 | |
| Vontier Corp. (Electronic Equipment, Instruments & Components) | | | 3,227 | | | | 105,136 | |
| Washington Federal, Inc. (Thrifts & Mortgage Finance) | | | 1,384 | | | | 43,984 | |
| Watsco, Inc. (Trading Companies & Distributors) | | | 239 | | | | 68,507 | |
| Webster Financial Corp. (Banks) | | | 1,728 | | | | 92,172 | |
| Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | | 2,294 | | | | 73,569 | |
| Werner Enterprises, Inc. (Road & Rail) | | | 589 | | | | 26,222 | |
| WEX, Inc.* (IT Services) | | | 359 | | | | 69,610 | |
| Wintrust Financial Corp. (Banks) | | | 1,089 | | | | 82,361 | |
| Woodward, Inc. (Machinery) | | | 538 | | | | 66,109 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 145
Common Stocks, continued
| | | Shares | | | Value | |
| World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | | 1,209 | | | $ | 38,362 | |
| World Wrestling Entertainment, Inc.— Class A (Entertainment) | | | 364 | | | | 21,072 | |
| Worthington Industries, Inc. (Metals & Mining) | | | 281 | | | | 17,192 | |
| WW International, Inc.* (Diversified Consumer Services) | | | 558 | | | | 20,166 | |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | | 821 | | | | 59,350 | |
| Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | | | 3,081 | | | | 72,373 | |
| XPO Logistics, Inc.* (Air Freight & Logistics) | | | 932 | | | | 130,377 | |
| Yelp, Inc.* (Interactive Media & Services) | | | 656 | | | | 26,214 | |
TOTAL COMMON STOCKS
(Cost $17,428,026) | | | | | | | 23,808,770 | |
Repurchase Agreements(a) (0.2%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $37,000 | | $ | 37,000 | | | $ | 37,000 | |
| TOTAL REPURCHASE AGREEMENTS | | | | | | | | |
| (Cost $37,000) | | | | | | | 37,000 | |
| TOTAL INVESTMENT SECURITIES | | | | | | | | |
| (Cost $17,465,026)—100.1% | | | | | | | 23,845,770 | |
| Net other assets (liabilities)—(0.1)% | | | | | | | (16,721 | ) |
| NET ASSETS—100.0% | | | | | | $ | 23,829,049 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 158,632 | | | | 0.7 | % |
| Air Freight & Logistics | | | 130,377 | | | | 0.5 | % |
| Airlines | | | 101,536 | | | | 0.4 | % |
| Auto Components | | | 519,845 | | | | 2.2 | % |
| Automobiles | | | 254,240 | | | | 1.1 | % |
| Banks | | | 2,725,174 | | | | 11.3 | % |
| Biotechnology | | | 109,108 | | | | 0.5 | % |
| Building Products | | | 375,904 | | | | 1.6 | % |
| Capital Markets | | | 470,137 | | | | 2.0 | % |
| Chemicals | | | 668,488 | | | | 2.8 | % |
| Commercial Services & Supplies | | | 316,569 | | | | 1.3 | % |
| Communications Equipment | | | 211,183 | | | | 0.9 | % |
| Construction & Engineering | | | 562,929 | | | | 2.4 | % |
| Construction Materials | | | 43,770 | | | | 0.2 | % |
| Consumer Finance | | | 159,777 | | | | 0.7 | % |
| Containers & Packaging | | | 263,318 | | | | 1.1 | % |
| Diversified Consumer Services | | | 339,519 | | | | 1.4 | % |
| Diversified Financial Services | | | 130,781 | | | | 0.5 | % |
| Diversified Telecommunication Services | | | 34,991 | | | | 0.1 | % |
| Electric Utilities | | | 429,818 | | | | 1.8 | % |
| Electrical Equipment | | | 397,773 | | | | 1.7 | % |
| Electronic Equipment, Instruments & Components | | | 828,442 | | | | 3.4 | % |
| Energy Equipment & Services | | | 54,173 | | | | 0.2 | % |
| Entertainment | | | 66,684 | | | | 0.3 | % |
| Equity Real Estate Investment Trusts | | | 3,031,316 | | | | 12.7 | % |
| Food & Staples Retailing | | | 288,035 | | | | 1.2 | % |
| Food Products | | | 494,788 | | | | 2.1 | % |
| Gas Utilities | | | 568,953 | | | | 2.4 | % |
| Health Care Equipment & Supplies | | | 513,395 | | | | 2.1 | % |
| Health Care Providers & Services | | | 470,297 | | | | 1.9 | % |
| Hotels, Restaurants & Leisure | | | 465,026 | | | | 2.0 | % |
| Household Durables | | | 252,194 | | | | 1.1 | % |
| Household Products | | | 25,315 | | | | 0.1 | % |
| Industrial Conglomerates | | | 80,380 | | | | 0.3 | % |
| Insurance | | | 1,213,121 | | | | 5.1 | % |
| Interactive Media & Services | | | 73,808 | | | | 0.3 | % |
| IT Services | | | 704,849 | | | | 3.0 | % |
| Leisure Products | | | 178,060 | | | | 0.7 | % |
| Machinery | | | 1,063,838 | | | | 4.6 | % |
| Marine | | | 69,615 | | | | 0.3 | % |
| Media | | | 97,631 | | | | 0.4 | % |
| Metals & Mining | | | 704,008 | | | | 3.0 | % |
| Multiline Retail | | | 240,624 | | | | 1.0 | % |
| Multi-Utilities | | | 257,551 | | | | 1.1 | % |
| Oil, Gas & Consumable Fuels | | | 530,615 | | | | 2.3 | % |
| Paper & Forest Products | | | 53,055 | | | | 0.2 | % |
| Personal Products | | | 75,020 | | | | 0.3 | % |
| Pharmaceuticals | | | 37,066 | | | | 0.2 | % |
| Professional Services | | | 123,904 | | | | 0.5 | % |
| Real Estate Management & Development | | | 191,551 | | | | 0.8 | % |
| Road & Rail | | | 222,487 | | | | 0.9 | % |
| Semiconductors & Semiconductor Equipment | | | 195,543 | | | | 0.8 | % |
| Software | | | 395,954 | | | | 1.7 | % |
| Specialty Retail | | | 571,008 | | | | 2.4 | % |
| Technology Hardware, Storage & Peripherals | | | 186,489 | | | | 0.8 | % |
| Textiles, Apparel & Luxury Goods | | | 413,214 | | | | 1.7 | % |
| Thrifts & Mortgage Finance | | | 278,603 | | | | 1.2 | % |
| Trading Companies & Distributors | | | 247,552 | | | | 1.0 | % |
| Water Utilities | | | 97,615 | | | | 0.4 | % |
| Wireless Telecommunication Services | | | 43,122 | | | | 0.2 | % |
| Other** | | | 20,279 | | | | 0.1 | % |
| Total | | $ | 23,829,049 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
146 :: ProFund VP Mid-Cap Value :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 17,465,026 | |
| Securities, at value | | | 23,808,770 | |
| Repurchase agreements, at value | | | 37,000 | |
| Total Investment Securities, at value | | | 23,845,770 | |
| Cash | | | 886 | |
| Dividends receivable | | | 25,678 | |
| Receivable for capital shares issued | | | 2,572 | |
| Prepaid expenses | | | 295 | |
| TOTAL ASSETS | | | 23,875,201 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 390 | |
| Advisory fees payable | | | 13,430 | |
| Management services fees payable | | | 1,791 | |
| Administration fees payable | | | 1,383 | |
| Administrative services fees payable | | | 8,312 | |
| Distribution fees payable | | | 7,499 | |
| Transfer agency fees payable | | | 2,334 | |
| Fund accounting fees payable | | | 847 | |
| Compliance services fees payable | | | 146 | |
| Other accrued expenses | | | 10,020 | |
| TOTAL LIABILITIES | | | 46,152 | |
| NET ASSETS | | $ | 23,829,049 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 19,779,172 | |
| Total distributable earnings (loss) | | | 4,049,877 | |
| NET ASSETS | | $ | 23,829,049 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 497,559 | |
| Net Asset Value (offering and redemption price per share) | | $ | 47.89 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 177,413 | |
| Interest | | | 1 | |
| Income from securities lending | | | 200 | |
| TOTAL INVESTMENT INCOME | | | 177,614 | |
| EXPENSES: | | | | |
| Advisory fees | | | 71,029 | |
| Management services fees | | | 9,470 | |
| Administration fees | | | 7,166 | |
| Transfer agency fees | | | 5,962 | |
| Administrative services fees | | | 29,758 | |
| Distribution fees | | | 23,676 | |
| Custody fees | | | 1,681 | |
| Fund accounting fees | | | 4,526 | |
| Trustee fees | | | 237 | |
| Compliance services fees | | | 99 | |
| Other fees | | | 9,545 | |
| Total Gross Expenses before reductions | | | 163,149 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,045 | ) |
| TOTAL NET EXPENSES | | | 159,104 | |
| NET INVESTMENT INCOME (LOSS) | | | 18,510 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 4,600 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 3,054,325 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 3,058,925 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,077,435 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Mid-Cap Value :: 147
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 18,510 | | | $ | 62,966 | |
| Net realized gains (losses) on investments | | | 4,600 | | | | (891,489 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 3,054,325 | | | | 571,872 | |
| Change in net assets resulting from operations | | | 3,077,435 | | | | (256,651 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (54,455 | ) | | | (925,031 | ) |
| Change in net assets resulting from distributions | | | (54,455 | ) | | | (925,031 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 23,691,852 | | | | 14,126,058 | |
| Distributions reinvested | | | 54,455 | | | | 925,031 | |
| Value of shares redeemed | | | (15,412,583 | ) | | | (19,109,077 | ) |
| Change in net assets resulting from capital transactions | | | 8,333,724 | | | | (4,057,988 | ) |
| Change in net assets | | | 11,356,704 | | | | (5,239,670 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 12,472,345 | | | | 17,712,015 | |
| End of period | | $ | 23,829,049 | | | $ | 12,472,345 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 509,752 | | | | 422,692 | |
| Reinvested | | | 1,143 | | | | 28,211 | |
| Redeemed | | | (330,196 | ) | | | (554,235 | ) |
| Change in shares | | | 180,699 | | | | (103,332 | ) |
See accompanying notes to financial statements.
148 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 39.36 | | | $ | 42.15 | | | $ | 35.25 | | | $ | 46.61 | | | $ | 45.02 | | | $ | 36.86 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.04 | | | | 0.21 | | | | 0.10 | | | | 0.09 | | | | 0.03 | | | | 0.11 | |
| Net realized and unrealized gains (losses) on investments | | | 8.61 | | | | 0.13 | (b) | | | 8.22 | | | | (5.33 | ) | | | 4.63 | | | | 8.80 | |
| Total income (loss) from investment activities | | | 8.65 | | | | 0.34 | | | | 8.32 | | | | (5.24 | ) | | | 4.66 | | | | 8.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.12 | ) | | | (0.15 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.15 | ) | | | (0.08 | ) |
| Net realized gains on investments | | | — | | | | (2.98 | ) | | | (1.34 | ) | | | (6.07 | ) | | | (2.92 | ) | | | (0.67 | ) |
| Total distributions | | | (0.12 | ) | | | (3.13 | ) | | | (1.42 | ) | | | (6.12 | ) | | | (3.07 | ) | | | (0.75 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 47.89 | | | $ | 39.36 | | | $ | 42.15 | | | $ | 35.25 | | | $ | 46.61 | | | $ | 45.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 21.99 | % | | | 2.30 | % | | | 24.08 | % | | | (13.29 | )% | | | 10.61 | % | | | 24.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.72 | % | | | 1.80 | % | | | 1.75 | % | | | 1.71 | % | | | 1.70 | % | | | 1.70 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 0.20 | % | | | 0.60 | % | | | 0.26 | % | | | 0.21 | % | | | 0.07 | % | | | 0.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 23,829 | | | $ | 12,472 | | | $ | 17,712 | | | $ | 10,985 | | | $ | 16,464 | | | $ | 30,042 | |
| Portfolio turnover rate(c)(e) | | | 70 | % | | | 163 | % | | | 232 | % | | | 127 | % | | | 66 | % | | | 181 | % |
| (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 purchase 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.
Financial Statements :: ProFund VP Nasdaq-100 :: 149
Investment Objective: The ProFund VP Nasdaq-100 seeks investment results, before fees and expenses, that correspond to the performance of the Nasdaq-100® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 79 | % |
| Futures Contracts | | | — | (a) |
| Swap Agreements | | | 20 | % |
| 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.
(a) Amount is less than 0.5%.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Apple, Inc. | | | 8.7 | % |
| Microsoft Corp. | | | 7.8 | % |
| Amazon.com, Inc. | | | 6.6 | % |
| Alphabet, Inc. | | | 5.9 | % |
| Facebook, Inc. | | | 3.2 | % |
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 (79.4%)
| | | Shares | | | Value | |
| Activision Blizzard, Inc. (Entertainment) | | | 6,806 | | | $ | 649,565 | |
| Adobe, Inc.* (Software) | | | 4,187 | | | | 2,452,075 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 10,644 | | | | 999,791 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 1,936 | | | | 355,663 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 693 | | | | 423,423 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 1,731 | | | | 4,226,738 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 1,863 | | | | 4,669,274 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 2,903 | | | | 9,986,785 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 4,377 | | | | 370,250 | |
| Amgen, Inc. (Biotechnology) | | | 5,033 | | | | 1,226,794 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,231 | | | | 556,249 | |
| ANSYS, Inc.* (Software) | | | 763 | | | | 264,807 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 96,054 | | | | 13,155,556 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 8,004 | | | | 1,139,770 | |
| ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | | 696 | | | | 480,825 | |
| Atlassian Corp. PLC*—Class A (Software) | | | 1,185 | | | | 304,379 | |
| Autodesk, Inc.* (Software) | | | 1,928 | | | | 562,783 | |
| Automatic Data Processing, Inc. (IT Services) | | | 3,727 | | | | 740,257 | |
| Baidu, Inc.*ADR (Interactive Media & Services) | | | 2,270 | | | | 462,853 | |
| Biogen, Inc.* (Biotechnology) | | | 1,319 | | | | 456,730 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 360 | | | | 787,713 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,576 | | | | 1,705,180 | |
| Cadence Design Systems, Inc.* (Software) | | | 2,437 | | | | 333,430 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 1,228 | | | | 214,470 | |
| Cerner Corp. (Health Care Technology) | | | 2,639 | | | | 206,264 | |
| Charter Communications, Inc.*—Class A (Media) | | | 1,653 | | | | 1,192,557 | |
| Check Point Software Technologies, Ltd.* (Software) | | | 1,185 | | | | 137,614 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 920 | | | | 351,440 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 36,912 | | | | 1,956,336 | |
| Cognizant Technology Solutions Corp.— Class A (IT Services) | | | 4,620 | | | | 319,981 | |
| Comcast Corp.—Class A (Media) | | | 40,159 | | | | 2,289,866 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 2,072 | | | | 273,152 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 3,876 | | | | 1,533,617 | |
| CSX Corp. (Road & Rail) | | | 19,905 | | | | 638,552 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 847 | | | | 361,669 | |
| DocuSign, Inc.* (Software) | | | 1,703 | | | | 476,108 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 2,032 | | | | 202,184 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 5,967 | | | | 418,943 | |
| Electronic Arts, Inc. (Entertainment) | | | 2,507 | | | | 360,582 | |
| Exelon Corp. (Electric Utilities) | | | 8,559 | | | | 379,250 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 13,790 | | | | 4,794,921 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 5,032 | | | | 261,664 | |
| Fiserv, Inc.* (IT Services) | | | 5,840 | | | | 624,238 | |
| Fox Corp.—Class A (Media) | | | 2,864 | | | | 106,340 | |
| Fox Corp.—Class B (Media) | | | 2,218 | | | | 78,074 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 10,984 | | | | 756,358 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 747 | | | | 471,768 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 1,279 | | | | 605,236 | |
| Incyte Corp.* (Biotechnology) | | | 1,926 | | | | 162,034 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 35,369 | | | | 1,985,615 | |
See accompanying notes to financial statements.
150 :: ProFund VP Nasdaq-100 :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Intuit, Inc. (Software) | | | 2,393 | | | $ | 1,172,977 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 1,037 | | | | 953,667 | |
| JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | | 7,058 | | | | 563,299 | |
| Keurig Dr Pepper, Inc. (Beverages) | | | 12,415 | | | | 437,505 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 1,343 | | | | 435,414 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 1,249 | | | | 812,724 | |
| Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,096 | | | | 400,007 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 2,852 | | | | 389,355 | |
| Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 7,176 | | | | 418,576 | |
| Match Group, Inc.* (Interactive Media & Services) | | | 2,367 | | | | 381,679 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,351 | | | | 247,701 | |
| Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | | | 437 | | | | 680,754 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,396 | | | | 358,777 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 9,823 | | | | 834,759 | |
| Microsoft Corp. (Software) | | | 43,352 | | | | 11,744,057 | |
| Moderna, Inc.* (Biotechnology) | | | 3,515 | | | | 825,955 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 12,306 | | | | 768,387 | |
| Monster Beverage Corp.* (Beverages) | | | 4,630 | | | | 422,951 | |
| NetEase, Inc.ADR (Entertainment) | | | 2,639 | | | | 304,145 | |
| Netflix, Inc.* (Entertainment) | | | 3,884 | | | | 2,051,567 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 5,456 | | | | 4,365,345 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 2,415 | | | | 496,814 | |
| Okta, Inc.* (IT Services) | | | 1,095 | | | | 267,925 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 611 | | | | 345,954 | |
| PACCAR, Inc. (Machinery) | | | 3,042 | | | | 271,499 | |
| Paychex, Inc. (IT Services) | | | 3,156 | | | | 338,639 | |
| PayPal Holdings, Inc.* (IT Services) | | | 10,290 | | | | 2,999,328 | |
| Peloton Interactive, Inc.*—Class A (Leisure Products) | | | 2,352 | | | | 291,695 | |
| PepsiCo, Inc. (Beverages) | | | 12,102 | | | | 1,793,152 | |
| Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | | | 3,314 | | | | 420,944 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 9,880 | | | | 1,412,148 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 917 | | | | 512,181 | |
| Ross Stores, Inc. (Specialty Retail) | | | 3,124 | | | | 387,376 | |
| Seagen, Inc.* (Biotechnology) | | | 1,590 | | | | 251,029 | |
| Sirius XM Holdings, Inc. (Media) | | | 35,831 | | | | 234,335 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,446 | | | | 277,271 | |
| Splunk, Inc.* (Software) | | | 1,436 | | | | 207,617 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 10,321 | | | | 1,153,991 | |
| Synopsys, Inc.* (Software) | | | 1,337 | | | | 368,731 | |
| Tesla, Inc.* (Automobiles) | | | 6,863 | | | | 4,664,781 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 8,089 | | | | 1,555,515 | |
| The Kraft Heinz Co. (Food Products) | | | 10,714 | | | | 436,917 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 10,921 | | | | 1,581,688 | |
| Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 4,615 | | | | 163,648 | |
| VeriSign, Inc.* (IT Services) | | | 986 | | | | 224,502 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 1,420 | | | | 248,102 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 2,267 | | | | 457,095 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 7,571 | | | | 398,310 | |
| Workday, Inc.*—Class A (Software) | | | 1,655 | | | | 395,115 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 4,716 | | | | 310,690 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,153 | | | | 311,410 | |
| Zoom Video Communications, Inc.*— Class A (Software) | | | 2,070 | | | | 801,152 | |
TOTAL COMMON STOCKS
(Cost $31,107,376) | | | | | | | 119,618,878 | |
Repurchase Agreements(a)(b) (21.4%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $32,287,000 | | $ | 32,287,000 | | | $ | 32,287,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $32,287,000) | | | | | | | 32,287,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $63,394,376)—100.8% | | | | | | | 151,905,878 | |
| Net other assets (liabilities)—(0.8)% | | | | | | | (1,162,630 | ) |
| NET ASSETS—100.0% | | | | | | $ | 150,743,248 | |
| * | Non-income producing security. |
| (a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2021, the aggregate amount held in a segregated account was $4,766,000. |
| (b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 151
Futures Contracts Purchased
| | | Number
of
Contracts | | | Expiration
Date | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| E-Mini Nasdaq 100 Futures Contracts | | | 1 | | | | 9/20/21 | | | $ | 290,980 | | | $ | 14,946 | |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Nasdaq-100 Index | | | Goldman Sachs International | | | | 7/27/21 | | | | 0.64 | % | | $ | 6,884,420 | | | $ | 9,882 | |
| Nasdaq-100 Index | | | UBS AG | | | | 7/27/21 | | | | 0.89 | % | | | 23,898,982 | | | | 49,021 | |
| | | | | | | | | | | | | | | $ | 30,783,402 | | | $ | 58,903 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Automobiles | | $ | 4,664,781 | | | | 3.1 | % |
| Beverages | | | 2,653,608 | | | | 1.7 | % |
| Biotechnology | | | 5,003,839 | | | | 3.3 | % |
| Commercial Services & Supplies | | | 624,592 | | | | 0.4 | % |
| Communications Equipment | | | 1,956,336 | | | | 1.3 | % |
| Electric Utilities | | | 1,060,190 | | | | 0.7 | % |
| Electronic Equipment, Instruments & Components | | | 214,470 | | | | 0.1 | % |
| Entertainment | | | 3,365,859 | | | | 2.2 | % |
| Food & Staples Retailing | | | 1,931,927 | | | | 1.3 | % |
| Food Products | | | 1,205,304 | | | | 0.8 | % |
| Health Care Equipment & Supplies | | | 2,210,527 | | | | 1.5 | % |
| Health Care Technology | | | 206,264 | | | | 0.1 | % |
| Hotels, Restaurants & Leisure | | | 1,543,346 | | | | 1.0 | % |
| Interactive Media & Services | | | 14,535,465 | | | | 9.7 | % |
| Internet & Direct Marketing Retail | | | 13,022,086 | | | | 8.6 | % |
| IT Services | | | 5,514,870 | | | | 3.7 | % |
| Leisure Products | | | 291,695 | | | | 0.2 | % |
| Life Sciences Tools & Services | | | 605,236 | | | | 0.4 | % |
| Machinery | | | 271,499 | | | | 0.2 | % |
| Media | | | 3,901,172 | | | | 2.6 | % |
| Multiline Retail | | | 202,184 | | | | 0.1 | % |
| Professional Services | | | 248,102 | | | | 0.2 | % |
| Road & Rail | | | 638,552 | | | | 0.4 | % |
| Semiconductors & Semiconductor Equipment | | | 18,393,884 | | | | 12.2 | % |
| Software | | | 19,220,845 | | | | 12.9 | % |
| Specialty Retail | | | 733,330 | | | | 0.5 | % |
| Technology Hardware, Storage & Peripherals | | | 13,155,556 | | | | 8.7 | % |
| Textiles, Apparel & Luxury Goods | | | 400,007 | | | | 0.3 | % |
| Trading Companies & Distributors | | | 261,664 | | | | 0.2 | % |
| Wireless Telecommunication Services | | | 1,581,688 | | | | 1.0 | % |
| Other** | | | 31,124,370 | | | | 20.6 | % |
| Total | | $ | 150,743,248 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
152 :: ProFund VP Nasdaq-100 :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 63,394,376 | |
| Securities, at value | | | 119,618,878 | |
| Repurchase agreements, at value | | | 32,287,000 | |
| Total Investment Securities, at value | | | 151,905,878 | |
| Cash | | | 1,027 | |
| Segregated cash balances for futures contracts with brokers | | | 17,600 | |
| Dividends receivable | | | 16,313 | |
| Unrealized appreciation on swap agreements | | | 58,903 | |
| Receivable for capital shares issued | | | 190,813 | |
| Prepaid expenses | | | 2,208 | |
| TOTAL ASSETS | | | 152,192,742 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 1,086,168 | |
| Variation margin on futures contracts | | | 280 | |
| Advisory fees payable | | | 85,559 | |
| Management services fees payable | | | 11,408 | |
| Administration fees payable | | | 8,416 | |
| Administrative services fees payable | | | 70,351 | |
| Distribution fees payable | | | 74,976 | |
| Transfer agency fees payable | | | 14,107 | |
| Fund accounting fees payable | | | 4,613 | |
| Compliance services fees payable | | | 1,162 | |
| Other accrued expenses | | | 92,454 | |
| TOTAL LIABILITIES | | | 1,449,494 | |
| NET ASSETS | | $ | 150,743,248 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 59,970,039 | |
| Total distributable earnings (loss) | | | 90,773,209 | |
| NET ASSETS | | $ | 150,743,248 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 2,271,424 | |
| Net Asset Value (offering and redemption price per share) | | $ | 66.37 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 390,125 | |
| Interest | | | 799 | |
| Foreign tax withholding | | | (315 | ) |
| Income from securities lending | | | 73 | |
| TOTAL INVESTMENT INCOME | | | 390,682 | |
| EXPENSES: | | | | |
| Advisory fees | | | 527,516 | |
| Management services fees | | | 70,335 | |
| Administration fees | | | 55,432 | |
| Transfer agency fees | | | 44,903 | |
| Administrative services fees | | | 176,054 | |
| Distribution fees | | | 175,839 | |
| Custody fees | | | 11,496 | |
| Fund accounting fees | | | 30,444 | |
| Trustee fees | | | 1,853 | |
| Compliance services fees | | | 628 | |
| Other fees | | | 91,667 | |
| Total Gross Expenses before reductions | | | 1,186,167 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,531 | ) |
| TOTAL NET EXPENSES | | | 1,181,636 | |
| NET INVESTMENT INCOME (LOSS) | | | (790,954 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (2,903 | ) |
| Net realized gains (losses) on futures contracts | | | 736,757 | |
| Net realized gains (losses) on swap agreements | | | 4,010,711 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 13,551,259 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (192,903 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (113,641 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 17,989,280 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 17,198,326 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Nasdaq-100 :: 153
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (790,954 | ) | | $ | (1,216,715 | ) |
| Net realized gains (losses) on investments | | | 4,744,565 | | | | 20,397,769 | |
| Change in net unrealized appreciation/depreciation on investments | | | 13,244,715 | | | | 27,656,711 | |
| Change in net assets resulting from operations | | | 17,198,326 | | | | 46,837,765 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (18,959,830 | ) | | | (9,496,625 | ) |
| Change in net assets resulting from distributions | | | (18,959,830 | ) | | | (9,496,625 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 354,431,533 | | | | 709,912,384 | |
| Distributions reinvested | | | 18,959,830 | | | | 9,496,625 | |
| Value of shares redeemed | | | (376,095,164 | ) | | | (704,734,911 | ) |
| Change in net assets resulting from capital transactions | | | (2,703,801 | ) | | | 14,674,098 | |
| Change in net assets | | | (4,465,305 | ) | | | 52,015,238 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 155,208,553 | | | | 103,193,315 | |
| End of period | | $ | 150,743,248 | | | $ | 155,208,553 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 5,136,245 | | | | 12,097,369 | |
| Reinvested | | | 319,350 | | | | 138,657 | |
| Redeemed | | | (5,378,547 | ) | | | (12,038,447 | ) |
| Change in shares | | | 77,048 | | | | 197,579 | |
See accompanying notes to financial statements.
154 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 70.73 | | | $ | 51.68 | | | $ | 38.09 | | | $ | 42.74 | | | $ | 32.91 | | | $ | 32.56 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.39 | ) | | | (0.59 | ) | | | (0.13 | ) | | | (0.15 | ) | | | (0.26 | ) | | | (0.26 | ) |
| Net realized and unrealized gains (losses) on investments | | | 7.61 | | | | 24.00 | | | | 14.06 | | | | (0.08 | ) | | | 10.24 | | | | 1.97 | |
| Total income (loss) from investment activities | | | 7.22 | | | | 23.41 | | | | 13.93 | | | | (0.23 | ) | | | 9.98 | | | | 1.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (11.58 | ) | | | (4.36 | ) | | | (0.34 | ) | | | (4.42 | ) | | | (0.15 | ) | | | (1.36 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 66.37 | | | $ | 70.73 | | | $ | 51.68 | | | $ | 38.09 | | | $ | 42.74 | | | $ | 32.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 12.13 | % | | | 45.57 | % | | | 36.70 | % | | | (1.87 | )%(c) | | | 30.37 | % | | | 5.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.69 | % | | | 1.73 | % | | | 1.72 | % | | | 1.74 | % | | | 1.71 | % | | | 1.73 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.69 | %(e) | | | 1.67 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.12 | )% | | | (0.99 | )% | | | (0.29 | )% | | | (0.34 | )%(c) | | | (0.68 | )% | | | (0.82 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 150,743 | | | $ | 155,209 | | | $ | 103,193 | | | $ | 64,653 | | | $ | 73,907 | | | $ | 60,499 | |
| Portfolio turnover rate(b)(f) | | | 1 | % | | | 10 | % | | | 9 | % | | | 6 | % | | | 4 | % | | | 4 | % |
| (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 :: 155
Investment Objective: The ProFund VP Oil & Gas seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Oil & GasSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Exxon Mobil Corp. | | | 23.1 | % |
| Chevron Corp. | | | 17.5 | % |
| ConocoPhillips | | | 7.1 | % |
| EOG Resources, Inc. | | | 4.2 | % |
| Schlumberger, Ltd. | | | 3.9 | % |
Dow Jones U.S. Oil & GasSM Index – Composition
| | | % of Index | |
| Oil, Gas & Consumable Fuels | | | 90 | % |
| Energy Equipment & Services | | | 8 | % |
| Semiconductors & Semiconductor Equipment | | | 1 | % |
| Electric Utilities | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (97.7%)
| | | Shares | | | Value | |
| APA Corp. (Oil, Gas & Consumable Fuels) | | | 10,672 | | | $ | 230,835 | |
| Baker Hughes Co.—Class A (Energy Equipment & Services) | | | 20,537 | | | | 469,681 | |
| Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | | 11,284 | | | | 197,019 | |
| Cheniere Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 6,514 | | | | 565,024 | |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | | | 54,565 | | | | 5,715,139 | |
| Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | | 2,903 | | | | 210,322 | |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | | | 38,098 | | | | 2,320,169 | |
| Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | | | 1,766 | | | | 67,161 | |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | | 16,818 | | | | 490,917 | |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 5,110 | | | | 479,778 | |
| EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | | 16,484 | | | | 1,375,425 | |
| EQT Corp.* (Oil, Gas & Consumable Fuels) | | | 7,881 | | | | 175,431 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 11,479 | | | | 97,686 | |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | 119,521 | | | | 7,539,386 | |
| First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,402 | | | | 217,405 | |
| Halliburton Co. (Energy Equipment & Services) | | | 25,119 | | | | 580,751 | |
| Hess Corp. (Oil, Gas & Consumable Fuels) | | | 7,750 | | | | 676,730 | |
| HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | | 4,220 | | | | 138,838 | |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | | 54,984 | | | | 1,002,358 | |
| Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | | 22,252 | | | | 303,072 | |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 18,000 | | | | 1,087,560 | |
| OV, Inc.* (Energy Equipment & Services) | | | 11,029 | | | | 168,964 | |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 23,718 | | | | 741,662 | |
| OGE Energy Corp. (Electric Utilities) | | | 5,653 | | | | 190,223 | |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | | 12,580 | | | | 699,951 | |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | | | 7,371 | | | | 231,965 | |
| Phillips 66 (Oil, Gas & Consumable Fuels) | | | 12,363 | | | | 1,060,993 | |
| Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | | 6,543 | | | | 1,063,368 | |
| Schlumberger, Ltd. (Energy Equipment & Services) | | | 39,478 | | | | 1,263,692 | |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | | | 6,456 | | | | 286,969 | |
| TechnipFMC PLC (Energy Equipment & Services) | | | 11,960 | | | | 108,238 | |
| Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels) | | | 218 | | | | 348,743 | |
| The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | | 34,296 | | | | 910,559 | |
| Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | | 11,541 | | | | 901,121 | |
TOTAL COMMON STOCKS
(Cost $15,971,543) | | | | | | | 31,917,135 | |
Repurchase Agreements(a) (1.9%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $620,000 | | $ | 620,000 | | | $ | 620,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $620,000) | | | | | | | 620,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $16,591,543)—99.6% | | | | | | | 32,537,135 | |
| Net other assets (liabilities)—0.4% | | | | | | | 121,853 | |
| NET ASSETS—100.0% | | | | | | $ | 32,658,988 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
156 :: ProFund VP Oil & Gas :: Financial Statements
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Oil & Gas Index | | | Goldman Sachs International | | | | 7/23/21 | | | | 0.59 | % | | $ | 657,472 | | | $ | (8,242 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Electric Utilities | | $ | 190,223 | | | | 0.6 | % |
| Energy Equipment & Services | | | 2,591,326 | | | | 7.9 | % |
| Oil, Gas & Consumable Fuels | | | 28,918,181 | | | | 88.5 | % |
| Semiconductors & Semiconductor Equipment | | | 217,405 | | | | 0.7 | % |
| Other** | | | 741,853 | | | | 2.3 | % |
| Total | | $ | 32,658,988 | | | | 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 :: 157
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 16,591,543 | |
| Securities, at value | | | 31,917,135 | |
| Repurchase agreements, at value | | | 620,000 | |
| Total Investment Securities, at value | | | 32,537,135 | |
| Cash | | | 191 | |
| Segregated cash balances for swap agreements with custodian | | | 120,000 | |
| Dividends receivable | | | 9,006 | |
| Receivable for capital shares issued | | | 93,405 | |
| Prepaid expenses | | | 474 | |
| TOTAL ASSETS | | | 32,760,211 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 11,231 | |
| Unrealized depreciation on swap agreements | | | 8,242 | |
| Advisory fees payable | | | 20,569 | |
| Management services fees payable | | | 2,743 | |
| Administration fees payable | | | 2,018 | |
| Administrative services fees payable | | | 14,963 | |
| Distribution fees payable | | | 14,553 | |
| Transfer agency fees payable | | | 3,275 | |
| Fund accounting fees payable | | | 1,108 | |
| Compliance services fees payable | | | 220 | |
| Other accrued expenses | | | 22,301 | |
| TOTAL LIABILITIES | | | 101,223 | |
| NET ASSETS | | $ | 32,658,988 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 23,065,716 | |
| Total distributable earnings (loss) | | | 9,593,272 | |
| NET ASSETS | | $ | 32,658,988 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 1,224,510 | |
| Net Asset Value (offering and redemption price per share) | | $ | 26.67 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 590,492 | |
| Interest | | | 7 | |
| TOTAL INVESTMENT INCOME | | | 590,499 | |
| EXPENSES: | | | | |
| Advisory fees | | | 101,923 | |
| Management services fees | | | 13,590 | |
| Administration fees | | | 10,820 | |
| Transfer agency fees | | | 8,987 | |
| Administrative services fees | | | 35,929 | |
| Distribution fees | | | 33,974 | |
| Custody fees | | | 2,233 | |
| Fund accounting fees | | | 6,114 | |
| Trustee fees | | | 353 | |
| Compliance services fees | | | 153 | |
| Other fees | | | 16,660 | |
| Total Gross Expenses before reductions | | | 230,736 | |
| Expenses reduced and reimbursed by the Advisor | | | (2,428 | ) |
| TOTAL NET EXPENSES | | | 228,308 | |
| NET INVESTMENT INCOME (LOSS) | | | 362,191 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (77,005 | ) |
| Net realized gains (losses) on swap agreements | | | 188,537 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 8,401,342 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (5,104 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 8,507,770 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 8,869,961 | |
See accompanying notes to financial statements.
158 :: ProFund VP Oil & Gas :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | 362,191 | | | $ | 531,800 | |
| Net realized gains (losses) on investments | | | 111,532 | | | | (2,174,156 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 8,396,238 | | | | (6,098,116 | ) |
| Change in net assets resulting from operations | | | 8,869,961 | | | | (7,740,472 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (528,770 | ) | | | (607,652 | ) |
| Change in net assets resulting from distributions | | | (528,770 | ) | | | (607,652 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 28,509,809 | | | | 29,132,344 | |
| Distributions reinvested | | | 528,770 | | | | 607,652 | |
| Value of shares redeemed | | | (23,256,180 | ) | | | (29,298,442 | ) |
| Change in net assets resulting from capital transactions | | | 5,782,399 | | | | 441,554 | |
| Change in net assets | | | 14,123,590 | | | | (7,906,570 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 18,535,398 | | | | 26,441,968 | |
| End of period | | $ | 32,658,988 | | | $ | 18,535,398 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 1,205,977 | | | | 1,586,151 | |
| Reinvested | | | 20,639 | | | | 35,681 | |
| Redeemed | | | (988,953 | ) | | | (1,520,551 | ) |
| Change in shares | | | 237,663 | | | | 101,281 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Oil & Gas :: 159
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 18.78 | | | $ | 29.86 | | | $ | 28.99 | | | $ | 36.93 | | | $ | 38.63 | | | $ | 31.52 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.32 | | | | 0.57 | | | | 0.45 | | | | 0.36 | | | | 0.53 | | | | 0.37 | |
| Net realized and unrealized gains (losses) on investments | | | 8.02 | | | | (10.93 | ) | | | 1.90 | | | | (7.68 | ) | | | (1.78 | ) | | | 7.22 | |
| Total income (loss) from investment activities | | | 8.34 | | | | (10.36 | ) | | | 2.35 | | | | (7.32 | ) | | | (1.25 | ) | | | 7.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.45 | ) | | | (0.50 | ) | | | (0.44 | ) | | | (0.62 | ) | | | (0.45 | ) | | | (0.48 | ) |
| Net realized gains on investments | | | — | | | | (0.22 | ) | | | (1.04 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (0.45 | ) | | | (0.72 | ) | | | (1.48 | ) | | | (0.62 | ) | | | (0.45 | ) | | | (0.48 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 26.67 | | | $ | 18.78 | | | $ | 29.86 | | | $ | 28.99 | | | $ | 36.93 | | | $ | 38.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 44.51 | % | | | (34.46 | )% | | | 8.52 | % | | | (20.22 | )%(c) | | | (3.17 | )% | | | 24.18 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.70 | % | | | 1.76 | % | | | 1.72 | % | | | 1.72 | % | | | 1.69 | % | | | 1.70 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.72 | %(e) | | | 1.65 | %(c) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 2.66 | % | | | 3.00 | % | | | 1.46 | % | | | 0.99 | %(c) | | | 1.52 | % | | | 1.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 32,659 | | | $ | 18,535 | | | $ | 26,442 | | | $ | 25,783 | | | $ | 41,863 | | | $ | 55,134 | |
| Portfolio turnover rate(b)(f) | | | 40 | % | | | 130 | % | | | 38 | % | | | 76 | % | | | 35 | % | | | 50 | % |
| (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.
160 :: ProFund VP Pharmaceuticals :: Financial Statements
Investment Objective: The ProFund VP Pharmaceuticals seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select Pharmaceuticals Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| Johnson & Johnson | | | 22.0 | % |
| Pfizer, Inc. | | | 17.7 | % |
| Zoetis, Inc. | | | 4.7 | % |
| Merck & Co., Inc. | | | 4.7 | % |
| Elanco Animal Health, Inc. | | | 4.5 | % |
Dow Jones U.S. Select PharmaceuticalsSM Index – Composition
| | | % of Index | |
| Pharmaceuticals | | | 97 | % |
| Biotechnology | | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.1%)
| | | Shares | | | Value | |
| Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 2,875 | | | $ | 46,029 | |
| Amicus Therapeutics, Inc.* (Biotechnology) | | | 16,314 | | | | 157,266 | |
| Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 7,021 | | | | 35,948 | |
| Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 2,249 | | | | 45,340 | |
| Antares Pharma, Inc.* (Health Care Equipment & Supplies) | | | 9,521 | | | | 41,512 | |
| Arvinas, Inc.* (Pharmaceuticals) | | | 2,012 | | | | 154,924 | |
| Atea Pharmaceuticals, Inc.* (Biotechnology) | | | 761 | | | | 16,346 | |
| Axsome Therapeutics, Inc.* (Pharmaceuticals) | | | 1,636 | | | | 110,365 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 10,759 | | | | 718,916 | |
| Cara Therapeutics, Inc.* (Biotechnology) | | | 2,639 | | | | 37,659 | |
| Catalent, Inc.* (Pharmaceuticals) | | | 6,559 | | | | 709,159 | |
| Catalyst Pharmaceuticals, Inc.* (Biotechnology) | | | 5,894 | | | | 33,891 | |
| ChemoCentryx, Inc.* (Biotechnology) | | | 3,080 | | | | 41,241 | |
| Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | | 2,161 | | | | 51,086 | |
| Corcept Therapeutics, Inc.* (Pharmaceuticals) | | | 6,437 | | | | 141,614 | |
| Elanco Animal Health, Inc.* (Pharmaceuticals) | | | 20,757 | | | | 720,060 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 3,114 | | | | 714,725 | |
| Endo International PLC* (Pharmaceuticals) | | | 14,306 | | | | 66,952 | |
| Innoviva, Inc.* (Pharmaceuticals) | | | 3,855 | | | | 51,696 | |
| Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | | | 4,381 | | | | 178,832 | |
| Ironwood Pharmaceuticals, Inc.* (Biotechnology) | | | 9,931 | | | | 127,812 | |
| Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | | 3,685 | | | | 654,603 | |
| Johnson & Johnson (Pharmaceuticals) | | | 21,248 | | | | 3,500,396 | |
| Madrigal Pharmaceuticals, Inc.* (Biotechnology) | | | 610 | | | | 59,420 | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 9,504 | | | | 739,126 | |
| NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | | | 1,464 | | | | 28,870 | |
| Nuvation Bio, Inc.* (Pharmaceuticals) | | | 3,871 | | | | 36,039 | |
| Omeros Corp.* (Pharmaceuticals) | | | 3,822 | | | | 56,718 | |
| Organon & Co.* (Pharmaceuticals) | | | 15,514 | | | | 469,454 | |
| Pacira BioSciences, Inc.* (Pharmaceuticals) | | | 2,699 | | | | 163,775 | |
| Perrigo Co. PLC (Pharmaceuticals) | | | 8,189 | | | | 375,466 | |
| Pfizer, Inc. (Pharmaceuticals) | | | 71,876 | | | | 2,814,664 | |
| Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 807 | | | | 27,317 | |
| Phibro Animal Health Corp.—Class A (Pharmaceuticals) | | | 1,247 | | | | 36,013 | |
| Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | | | 3,060 | | | | 159,426 | |
| Provention Bio, Inc.* (Pharmaceuticals) | | | 3,303 | | | | 27,844 | |
| Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | | | 1,635 | | | | 231,402 | |
| Relmada Therapeutics, Inc.* (Pharmaceuticals) | | | 865 | | | | 27,689 | |
| Revance Therapeutics, Inc.* (Pharmaceuticals) | | | 4,079 | | | | 120,902 | |
| Royalty Pharma PLC—Class A (Pharmaceuticals) | | | 5,299 | | | | 217,206 | |
| Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | | 9,903 | | | | 37,136 | |
| TherapeuticsMD, Inc.* (Pharmaceuticals) | | | 21,697 | | | | 25,819 | |
| Theravance Biopharma, Inc.* (Pharmaceuticals) | | | 3,122 | | | | 45,331 | |
| Vanda Pharmaceuticals, Inc.* (Biotechnology) | | | 3,407 | | | | 73,285 | |
| Viatris, Inc. (Pharmaceuticals) | | | 45,548 | | | | 650,881 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 3,983 | | | | 742,272 | |
| Zogenix, Inc.* (Pharmaceuticals) | | | 3,422 | | | | 59,132 | |
TOTAL COMMON STOCKS
(Cost $10,243,484) | | | | | | | 15,581,559 | |
Repurchase Agreements(a) (1.9%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $300,000 | | $ | 300,000 | | | $ | 300,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $300,000) | | | | | | | 300,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $10,543,484)—100.0% | | | 15,881,559 | |
| Net other assets (liabilities)—0.0% | | | (1,230 | ) |
| NET ASSETS—100.0% | | $ | 15,880,329 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 161
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Select Pharmaceuticals Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 296,295 | | | $ | 608 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Biotechnology | | $ | 584,056 | | | | 3.7 | % |
| Health Care Equipment & Supplies | | | 41,512 | | | | 0.3 | % |
| Pharmaceuticals | | | 14,955,991 | | | | 94.1 | % |
| Other** | | | 298,770 | | | | 1.9 | % |
| Total | | $ | 15,880,329 | | | | 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.
162 :: ProFund VP Pharmaceuticals :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 10,543,484 | |
| Securities, at value | | | 15,581,559 | |
| Repurchase agreements, at value | | | 300,000 | |
| Total Investment Securities, at value | | | 15,881,559 | |
| Cash | | | 668 | |
| Segregated cash balances for swap agreements with custodian | | | 220,000 | |
| Dividends receivable | | | 7,071 | |
| Unrealized appreciation on swap agreements | | | 608 | |
| Receivable for capital shares issued | | | 887 | |
| Prepaid expenses | | | 257 | |
| TOTAL ASSETS | | | 16,111,050 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 190,888 | |
| Advisory fees payable | | | 9,869 | |
| Management services fees payable | | | 1,316 | |
| Administration fees payable | | | 967 | |
| Administrative services fees payable | | | 8,498 | |
| Distribution fees payable | | | 8,603 | |
| Transfer agency fees payable | | | 1,632 | |
| Fund accounting fees payable | | | 540 | |
| Compliance services fees payable | | | 131 | |
| Other accrued expenses | | | 8,277 | |
| TOTAL LIABILITIES | | | 230,721 | |
| NET ASSETS | | $ | 15,880,329 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 11,536,570 | |
| Total distributable earnings (loss) | | | 4,343,759 | |
| NET ASSETS | | $ | 15,880,329 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 405,213 | |
| Net Asset Value (offering and redemption price per share) | | $ | 39.19 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 140,126 | |
| Interest | | | 3 | |
| Income from securities lending | | | 105 | |
| TOTAL INVESTMENT INCOME | | | 140,234 | |
| EXPENSES: | | | | |
| Advisory fees | | | 58,385 | |
| Management services fees | | | 7,785 | |
| Administration fees | | | 5,897 | |
| Transfer agency fees | | | 4,794 | |
| Administrative services fees | | | 19,952 | |
| Distribution fees | | | 19,462 | |
| Custody fees | | | 1,165 | |
| Fund accounting fees | | | 3,311 | |
| Trustee fees | | | 195 | |
| Compliance services fees | | | 69 | |
| Other fees | | | 8,188 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,580 | |
| TOTAL NET EXPENSES | | | 130,783 | |
| NET INVESTMENT INCOME (LOSS) | | | 9,451 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 652,760 | |
| Net realized gains (losses) on swap agreements | | | 27,315 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | (210,111 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (7,934 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 462,030 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 471,481 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Pharmaceuticals :: 163
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 9,451 | | | $ | 734 | |
| Net realized gains (losses) on investments | | | 680,075 | | | | 460,193 | |
| Change in net unrealized appreciation/depreciation on investments | | | (218,045 | ) | | | 1,342,133 | |
| Change in net assets resulting from operations | | | 471,481 | | | | 1,803,060 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (236,561 | ) | | | (15,201 | ) |
| Change in net assets resulting from distributions | | | (236,561 | ) | | | (15,201 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 7,306,220 | | | | 12,366,348 | |
| Distributions reinvested | | | 236,561 | | | | 15,201 | |
| Value of shares redeemed | | | (8,168,573 | ) | | | (11,502,033 | ) |
| Change in net assets resulting from capital transactions | | | (625,792 | ) | | | 879,516 | |
| Change in net assets | | | (390,872 | ) | | | 2,667,375 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 16,271,201 | | | | 13,603,826 | |
| End of period | | $ | 15,880,329 | | | $ | 16,271,201 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 187,290 | | | | 367,558 | |
| Reinvested | | | 6,201 | | | | 423 | |
| Redeemed | | | (210,415 | ) | | | (342,539 | ) |
| Change in shares | | | (16,924 | ) | | | 25,442 | |
See accompanying notes to financial statements.
164 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 38.54 | | | $ | 34.29 | | | $ | 34.85 | | | $ | 38.53 | | | $ | 35.42 | | | $ | 39.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | �� | | | | | | | |
| Net investment income (loss)(a) | | | 0.02 | | | | — | (b) | | | 0.04 | | | | 0.25 | | | | 0.33 | | | | 0.29 | |
| Net realized and unrealized gains (losses) on investments | | | 1.26 | | | | 4.29 | | | | 4.22 | | | | (2.58 | ) | | | 3.34 | | | | (1.63 | ) |
| Total income (loss) from investment activities | | | 1.28 | | | | 4.29 | | | | 4.26 | | | | (2.33 | ) | | | 3.67 | | | | (1.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.11 | ) | | | (0.04 | ) | | | (0.31 | ) | | | (0.42 | ) | | | (0.39 | ) | | | (0.38 | ) |
| Net realized gains on investments | | | (0.52 | ) | | | — | | | | (4.51 | ) | | | (0.93 | ) | | | (0.17 | ) | | | (2.33 | ) |
| Total distributions | | | (0.63 | ) | | | (0.04 | ) | | | (4.82 | ) | | | (1.35 | ) | | | (0.56 | ) | | | (2.71 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 39.19 | | | $ | 38.54 | | | $ | 34.29 | | | $ | 34.85 | | | $ | 38.53 | | | $ | 35.42 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 3.37 | % | | | 12.51 | % | | | 14.04 | % | | | (6.20 | )% | | | 10.36 | % | | | (3.73 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.68 | % | | | 1.73 | % | | | 1.74 | % | | | 1.76 | % | | | 1.70 | % | | | 1.71 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 0.12 | % | | | 0.01 | % | | | 0.12 | % | | | 0.65 | % | | | 0.88 | % | | | 0.76 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 15,880 | | | $ | 16,271 | | | $ | 13,604 | | | $ | 13,833 | | | $ | 17,278 | | | $ | 19,878 | |
| Portfolio turnover rate(c)(e) | | | 33 | % | | | 91 | % | | | 126 | % | | | 261 | % | | | 219 | % | | | 247 | % |
| (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 :: 165
Investment Objective: The ProFund VP Precious Metals seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones Precious MetalsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 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 MetalsSM Index – Composition
| | | % of Index | |
| Gold | | | 88 | % |
| Silver | | | 7 | % |
| Precious Metals & Minerals | | | 5 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (101.2%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $32,182,000 | | $ | 32,182,000 | | | $ | 32,182,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $32,182,000) | | | | | | | 32,182,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $32,182,000)—101.2% | | | | | | | 32,182,000 | |
| Net other assets (liabilities)—(1.2)% | | | | | | | (372,845 | ) |
| NET ASSETS—100.0% | | | | | | $ | 31,809,155 | |
| (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, 2021, the aggregate amount held in a segregated account was $4,532,000. |
| (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(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones Precious Metals Index | | Goldman Sachs International | | | 7/23/21 | | | | 0.59 | % | | $ | 15,328,895 | | | $ | (131,734 | ) |
| Dow Jones Precious Metals Index | | UBS AG | | | 7/23/21 | | | | 0.84 | % | | | 16,489,483 | | | | (142,190 | ) |
| | | | | | | | | | | | | $ | 31,818,378 | | | $ | (273,924 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
166 :: ProFund VP Precious Metals :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 32,182,000 | |
| Repurchase agreements, at value | | | 32,182,000 | |
| Total Investment Securities, at value | | | 32,182,000 | |
| Cash | | | 548 | |
| Receivable for capital shares issued | | | 244 | |
| Prepaid expenses | | | 594 | |
| TOTAL ASSETS | | | 32,183,386 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 15,453 | |
| Unrealized depreciation on swap agreements | | | 273,924 | |
| Advisory fees payable | | | 21,503 | |
| Management services fees payable | | | 2,867 | |
| Administration fees payable | | | 1,927 | |
| Administrative services fees payable | | | 16,288 | |
| Distribution fees payable | | | 16,029 | |
| Transfer agency fees payable | | | 3,664 | |
| Fund accounting fees payable | | | 1,141 | |
| Compliance services fees payable | | | 295 | |
| Other accrued expenses | | | 21,140 | |
| TOTAL LIABILITIES | | | 374,231 | |
| NET ASSETS | | $ | 31,809,155 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 91,998,416 | |
| Total distributable earnings (loss) | | | (60,189,261 | ) |
| NET ASSETS | | $ | 31,809,155 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 1,072,209 | |
| Net Asset Value (offering and redemption price per share) | | $ | 29.67 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 568 | |
| EXPENSES: | | | | |
| Advisory fees | | | 128,453 | |
| Management services fees | | | 17,127 | |
| Administration fees | | | 12,496 | |
| Transfer agency fees | | | 10,969 | |
| Administrative services fees | | | 47,679 | |
| Distribution fees | | | 42,818 | |
| Custody fees | | | 2,720 | |
| Fund accounting fees | | | 7,400 | |
| Trustee fees | | | 449 | |
| Compliance services fees | | | 139 | |
| Other fees | | | 18,795 | |
| Total Gross Expenses before reductions | | | 289,045 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,309 | ) |
| TOTAL NET EXPENSES | | | 287,736 | |
| NET INVESTMENT INCOME (LOSS) | | | (287,168 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (703,788 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (282,372 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (986,160 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,273,328 | ) |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Precious Metals :: 167
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (287,168 | ) | | $ | (529,251 | ) |
| Net realized gains (losses) on investments | | | (703,788 | ) | | | 3,558,430 | |
| Change in net unrealized appreciation/depreciation on investments | | | (282,372 | ) | | | (1,457,345 | ) |
| Change in net assets resulting from operations | | | (1,273,328 | ) | | | 1,571,834 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (89,778 | ) |
| Change in net assets resulting from distributions | | | — | | | | (89,778 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 28,004,469 | | | | 104,066,719 | |
| Distributions reinvested | | | — | | | | 89,778 | |
| Value of shares redeemed | | | (33,292,617 | ) | | | (99,662,435 | ) |
| Change in net assets resulting from capital transactions | | | (5,288,148 | ) | | | 4,494,062 | |
| Change in net assets | | | (6,561,476 | ) | | | 5,976,118 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 38,370,631 | | | | 32,394,513 | |
| End of period | | $ | 31,809,155 | | | $ | 38,370,631 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 892,326 | | | | 3,624,215 | |
| Reinvested | | | — | | | | 2,482 | |
| Redeemed | | | (1,062,176 | ) | | | (3,683,477 | ) |
| Change in shares | | | (169,850 | ) | | | (56,780 | ) |
See accompanying notes to financial statements.
168 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 30.89 | | | $ | 24.94 | | | $ | 17.10 | | | $ | 19.75 | | | $ | 18.76 | | | $ | 12.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.26 | ) | | | (0.42 | ) | | | 0.07 | | | | 0.01 | | | | (0.18 | ) | | | (0.30 | ) |
| Net realized and unrealized gains (losses) on investments | | | (0.96 | ) | | | 6.44 | | | | 7.78 | | | | (2.66 | ) | | | 1.17 | | | | 7.02 | |
| Total income (loss) from investment activities | | | (1.22 | ) | | | 6.02 | | | | 7.85 | | | | (2.65 | ) | | | 0.99 | | | | 6.72 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.07 | ) | | | (0.01 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 29.67 | | | $ | 30.89 | | | $ | 24.94 | | | $ | 17.10 | | | $ | 19.75 | | | $ | 18.76 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | (3.95 | )% | | | 24.10 | % | | | 45.98 | % | | | (13.47 | )% | | | 5.28 | % | | | 55.81 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.69 | % | | | 1.74 | % | | | 1.72 | % | | | 1.75 | % | | | 1.70 | % | | | 1.70 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (1.68 | )% | | | (1.43 | )% | | | 0.37 | % | | | 0.04 | % | | | (0.88 | )% | | | (1.41 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 31,809 | | | $ | 38,371 | | | $ | 32,395 | | | $ | 19,001 | | | $ | 24,286 | | | $ | 28,560 | |
| 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 :: 169
Investment Objective: The ProFund VP Real Estate seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Real EstateSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| American Tower Corp. | | | 8.8 | % |
| Prologis, Inc. | | | 6.3 | % |
| Crown Castle International Corp. | | | 6.1 | % |
| Equinix, Inc. | | | 5.2 | % |
| Public Storage | | | 3.3 | % |
Dow Jones U.S. Real EstateSM Index – Composition
| | | % of Index | |
| Equity Real Estate Investment Trusts (REITs) | | | 91 | % |
| Real Estate Management & Development | | | 4 | % |
| Mortgage Real Estate Investment Trusts (REITs) | | | 3 | % |
| Professional Services | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (98.3%)
| | | Shares | | | Value | |
| AGNC Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 4,700 | | | $ | 79,383 | |
| Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | | 1,229 | | | | 223,604 | |
| American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | | 1,234 | | | | 57,652 | |
| American Homes 4 Rent—Class A (Equity Real Estate Investment Trusts) | | | 2,452 | | | | 95,260 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 4,072 | | | | 1,100,010 | |
| Americold Realty Trust (Equity Real Estate Investment Trusts) | | | 2,260 | | | | 85,541 | |
| Annaly Capital Management, Inc. (Mortgage Real Estate Investment Trusts) | | | 12,523 | | | | 111,204 | |
| Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | | | 1,404 | | | | 66,592 | |
| Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | | | 1,345 | | | | 9,025 | |
| AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | | 1,251 | | | | 261,071 | |
| Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | | 1,316 | | | | 41,967 | |
| Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,271 | | | | 145,644 | |
| Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 2,658 | | | | 60,842 | |
| Camden Property Trust (Equity Real Estate Investment Trusts) | | | 875 | | | | 116,086 | |
| CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | | 3,006 | | | | 257,704 | |
| CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | | 386 | | | | 51,956 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 1,005 | | | | 28,130 | |
| CoStar Group, Inc.* (Professional Services) | | | 3,528 | | | | 292,189 | |
| Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,330 | | | | 48,917 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 3,870 | | | | 755,037 | |
| CubeSmart (Equity Real Estate Investment Trusts) | | | 1,803 | | | | 83,515 | |
| CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | | 1,097 | | | | 78,457 | |
| Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 2,521 | | | | 379,310 | |
| Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | | 1,476 | | | | 49,623 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 3,357 | | | | 158,954 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 359 | | | | 59,038 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 802 | | | | 643,685 | |
| Equity Commonwealth (Equity Real Estate Investment Trusts) | | | 1,091 | | | | 28,578 | |
| Equity LifeStyle Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,517 | | | | 112,728 | |
| Equity Residential (Equity Real Estate Investment Trusts) | | | 3,080 | | | | 237,160 | |
| Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 582 | | | | 174,606 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 1,198 | | | | 196,256 | |
| Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | | 635 | | | | 74,403 | |
| First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,156 | | | | 60,378 | |
| Gaming & Leisure Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,960 | | | | 90,807 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,268 | | | | 38,294 | |
| Healthcare Trust of America, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 1,959 | | | | 52,305 | |
| Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | | | 4,825 | | | | 160,624 | |
| Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | | 932 | | | | 42,098 | |
| Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 6,321 | | | | 108,026 | |
See accompanying notes to financial statements.
170 :: ProFund VP Real Estate :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,352 | | | $ | 37,613 | |
| Invitation Homes, Inc. (Equity Real Estate Investment Trusts) | | | 5,082 | | | | 189,508 | |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | | 2,583 | | | | 109,313 | |
| JBG Smith Properties (Equity Real Estate Investment Trusts) | | | 988 | | | | 31,132 | |
| Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | | | 460 | | | | 89,912 | |
| Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | | 949 | | | | 66,088 | |
| Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | | 3,880 | | | | 80,898 | |
| Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | | 775 | | | | 80,926 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 2,486 | | | | 29,708 | |
| Life Storage, Inc. (Equity Real Estate Investment Trusts) | | | 688 | | | | 73,857 | |
| Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | | 5,266 | | | | 105,847 | |
| Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | | 1,024 | | | | 172,462 | |
| National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | | 412 | | | | 27,625 | |
| National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,572 | | | | 73,695 | |
| New Residential Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 4,178 | | | | 44,245 | |
| Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | | 2,108 | | | | 76,499 | |
| Opendoor Technologies, Inc.* (Real Estate Management & Development) | | | 3,052 | | | | 54,112 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 1,929 | | | | 35,629 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 600 | | | | 31,890 | |
| Prologis, Inc. (Equity Real Estate Investment Trusts) | | | 6,623 | | | | 791,647 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 181 | | | | 26,802 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 1,363 | | | | 409,840 | |
| Rayonier, Inc. (Equity Real Estate Investment Trusts) | | | 1,244 | | | | 44,697 | |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | | | 3,346 | | | | 223,312 | |
| Regency Centers Corp. (Equity Real Estate Investment Trusts) | | | 1,415 | | | | 90,659 | |
| Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | | 1,201 | | | | 68,397 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,933 | | | | 35,181 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 979 | | | | 312,007 | |
| Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 2,941 | | | | 383,742 | |
| SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | | 621 | | | | 49,680 | |
| Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | | 1,028 | | | | 49,180 | |
| Starwood Property Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 2,569 | | | | 67,231 | |
| STORE Capital Corp. (Equity Real Estate Investment Trusts) | | | 2,179 | | | | 75,197 | |
| Sun Communities, Inc. (Equity Real Estate Investment Trusts) | | | 1,002 | | | | 171,743 | |
| The Howard Hughes Corp.* (Real Estate Management & Development) | | | 405 | | | | 39,471 | |
| UDR, Inc. (Equity Real Estate Investment Trusts) | | | 2,658 | | | | 130,189 | |
| Ventas, Inc. (Equity Real Estate Investment Trusts) | | | 3,359 | | | | 191,799 | |
| VEREIT, Inc. (Equity Real Estate Investment Trusts) | | | 2,051 | | | | 94,202 | |
| VICI Properties, Inc. (Equity Real Estate Investment Trusts) | | | 4,809 | | | | 149,175 | |
| Vornado Realty Trust (Equity Real Estate Investment Trusts) | | | 1,406 | | | | 65,618 | |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | | | 3,738 | | | | 310,628 | |
| Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | | 6,708 | | | | 230,889 | |
| WP Carey, Inc. (Equity Real Estate Investment Trusts) | | | 1,594 | | | | 118,944 | |
TOTAL COMMON STOCKS
(Cost $4,994,416) | | | | | | | 12,257,848 | |
Repurchase Agreements(a) (2.0%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $253,000 | | $ | 253,000 | | | $ | 253,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $253,000) | | | | | | | 253,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $5,247,416)—100.3% | | | | | | | 12,510,848 | |
| Net other assets (liabilities)—(0.3)% | | | | | | | (31,877 | ) |
| NET ASSETS—100.0% | | | | | | $ | 12,478,971 | |
| * | Non-income producing security. |
| (a) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 171
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Real Estate Index | | Goldman Sachs International | | | 7/23/21 | | | | 0.59 | % | | $ | 224,859 | | | $ | (2,313 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Equity Real Estate Investment Trusts | | $ | 11,180,430 | | | | 89.7 | % |
| Mortgage Real Estate Investment Trusts | | | 344,030 | | | | 2.8 | % |
| Professional Services | | | 292,189 | | | | 2.3 | % |
| Real Estate Management & Development | | | 441,199 | | | | 3.5 | % |
| Other** | | | 221,123 | | | | 1.7 | % |
| Total | | $ | 12,478,971 | | | | 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.
172 :: ProFund VP Real Estate :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 5,247,416 | |
| Securities, at value | | | 12,257,848 | |
| Repurchase agreements, at value | | | 253,000 | |
| Total Investment Securities, at value | | | 12,510,848 | |
| Cash | | | 344 | |
| Dividends receivable | | | 39,729 | |
| Receivable for investments sold | | | 249,644 | |
| Prepaid expenses | | | 197 | |
| TOTAL ASSETS | | | 12,800,762 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 291,873 | |
| Unrealized depreciation on swap agreements | | | 2,313 | |
| Advisory fees payable | | | 7,892 | |
| Management services fees payable | | | 1,052 | |
| Administration fees payable | | | 805 | |
| Administrative services fees payable | | | 4,945 | |
| Distribution fees payable | | | 4,671 | |
| Transfer agency fees payable | | | 1,314 | |
| Fund accounting fees payable | | | 463 | |
| Compliance services fees payable | | | 90 | |
| Other accrued expenses | | | 6,373 | |
| TOTAL LIABILITIES | | | 321,791 | |
| NET ASSETS | | $ | 12,478,971 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 6,519,720 | |
| Total distributable earnings (loss) | | | 5,959,251 | |
| NET ASSETS | | $ | 12,478,971 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 179,928 | |
| Net Asset Value (offering and redemption price per share) | | $ | 69.36 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 168,287 | |
| Interest | | | 3 | |
| TOTAL INVESTMENT INCOME | | | 168,290 | |
| EXPENSES: | | | | |
| Advisory fees | | | 42,055 | |
| Management services fees | | | 5,607 | |
| Administration fees | | | 4,292 | |
| Transfer agency fees | | | 3,522 | |
| Administrative services fees | | | 16,737 | |
| Distribution fees | | | 14,018 | |
| Custody fees | | | 881 | |
| Fund accounting fees | | | 2,506 | |
| Trustee fees | | | 142 | |
| Compliance services fees | | | 55 | |
| Other fees | | | 6,172 | |
| Total Gross Expenses before reductions | | | 95,987 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,783 | ) |
| TOTAL NET EXPENSES | | | 94,204 | |
| NET INVESTMENT INCOME (LOSS) | | | 74,086 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 8,789 | |
| Net realized gains (losses) on swap agreements | | | 38,804 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,841,091 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (3,823 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 1,884,861 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 1,958,947 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Real Estate :: 173
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | |
| OPERATIONS: | | | | | | |
| Net investment income (loss) | | $ | 74,086 | | | $ | 72,876 | |
| Net realized gains (losses) on investments | | | 47,593 | | | | 175,859 | |
| Change in net unrealized appreciation/depreciation on investments | | | 1,837,268 | | | | (2,299,385 | ) |
| Change in net assets resulting from operations | | | 1,958,947 | | | | (2,050,650 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (404,416 | ) |
| Return of capital | | | — | | | | (28,104 | ) |
| Change in net assets resulting from distributions | | | — | | | | (432,520 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 12,416,870 | | | | 19,545,765 | |
| Distributions reinvested | | | — | | | | 432,520 | |
| Value of shares redeemed | | | (11,625,893 | ) | | | (23,711,191 | ) |
| Change in net assets resulting from capital transactions | | | 790,977 | | | | (3,732,906 | ) |
| Change in net assets | | | 2,749,924 | | | | (6,216,076 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 9,729,047 | | | | 15,945,123 | |
| End of period | | $ | 12,478,971 | | | $ | 9,729,047 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 194,033 | | | | 338,735 | |
| Reinvested | | | — | | | | 7,778 | |
| Redeemed | | | (181,424 | ) | | | (424,323 | ) |
| Change in shares | | | 12,609 | | | | (77,810 | ) |
See accompanying notes to financial statements.
174 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 58.15 | | | $ | 65.05 | | | $ | 54.51 | | | $ | 66.65 | | | $ | 65.02 | | | $ | 62.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.42 | | | | 0.42 | | | | 0.75 | | | | 1.09 | | | | 1.02 | | | | 0.84 | |
| Net realized and unrealized gains (losses) on investments | | | 10.79 | | | | (4.66 | ) | | | 13.65 | | | | (4.66 | ) | | | 4.13 | | | | 2.76 | |
| Total income (loss) from investment activities | | | 11.21 | | | | (4.24 | ) | | | 14.40 | | | | (3.57 | ) | | | 5.15 | | | | 3.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.78 | ) | | | (1.06 | ) | | | (1.36 | ) | | | (0.66 | ) | | | (1.19 | ) |
| Net realized gains on investments | | | — | | | | (1.71 | ) | | | (2.80 | ) | | | (7.21 | ) | | | (2.86 | ) | | | — | |
| Return of capital | | | — | | | | (0.17 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | — | | | | (2.66 | ) | | | (3.86 | ) | | | (8.57 | ) | | | (3.52 | ) | | | (1.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 69.36 | | | $ | 58.15 | | | $ | 65.05 | | | $ | 54.51 | | | $ | 66.65 | | | $ | 65.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 19.28 | % | | | (6.29 | )%(c) | | | 26.76 | % | | | (5.70 | )% | | | 8.05 | % | | | 5.72 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.71 | % | | | 1.76 | % | | | 1.71 | % | | | 1.69 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 1.32 | % | | | 0.72 | % | | | 1.18 | % | | | 1.82 | % | | | 1.52 | % | | | 1.29 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 12,479 | | | $ | 9,729 | | | $ | 15,945 | | | $ | 10,384 | | | $ | 11,419 | | | $ | 13,217 | |
| Portfolio turnover rate(b)(e) | | | 65 | % | | | 150 | % | | | 126 | % | | | 82 | % | | | 135 | % | | | 146 | % |
| (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, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.36%. |
| (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 Rising Rates Opportunity :: 175
Investment Objective: The ProFund VP Rising Rates Opportunity seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the 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 & Index Composition (unaudited) :: June 30, 2021
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) (104.5%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $5,544,000 | | $ | 5,544,000 | | | $ | 5,544,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $5,544,000) | | | | | | | 5,544,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $5,544,000)—104.5% | | | | | | | 5,544,000 | |
| Net other assets (liabilities)—(4.5)% | | | | | | | (238,155 | ) |
| NET ASSETS—100.0% | | | | | | $ | 5,305,845 | |
| (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, 2021, the aggregate amount held in a segregated account was $78,000. |
| (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(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| 30-Year U.S. Treasury Bond, 2.375% due on 5/15/51 | | Citibank North America | | | 7/15/21 | | | | 0.15 | % | | $ | (5,253,638 | ) | | $ | (179,874 | ) |
| 30-Year U.S. Treasury Bond, 2.375% due on 5/15/51 | | Societe' Generale | | | 7/15/21 | | | | 0.23 | % | | | (1,281,375 | ) | | | (35,024 | ) |
| | | | | | | | | | | | | $ | (6,535,013 | ) | | $ | (214,898 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
176 :: ProFund VP Rising Rates Opportunity :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 5,544,000 | |
| Repurchase agreements, at value | | | 5,544,000 | |
| Total Investment Securities, at value | | | 5,544,000 | |
| Cash | | | 657 | |
| Receivable for capital shares issued | | | 86,473 | |
| Prepaid expenses | | | 112 | |
| TOTAL ASSETS | | | 5,631,242 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 95,279 | |
| Unrealized depreciation on swap agreements | | | 214,898 | |
| Advisory fees payable | | | 3,681 | |
| Management services fees payable | | | 491 | |
| Administration fees payable | | | 361 | |
| Administrative services fees payable | | | 2,613 | |
| Distribution fees payable | | | 3,511 | |
| Transfer agency fees payable | | | 662 | |
| Fund accounting fees payable | | | 196 | |
| Compliance services fees payable | | | 46 | |
| Other accrued expenses | | | 3,659 | |
| TOTAL LIABILITIES | | | 325,397 | |
| NET ASSETS | | $ | 5,305,845 | |
| NET ASSETS CONSIST OF: |
| Capital | | $ | 33,459,557 | |
| Total distributable earnings (loss) | | | (28,153,712 | ) |
| NET ASSETS | | $ | 5,305,845 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 174,331 | |
| Net Asset Value (offering and redemption price per share) | | $ | 30.44 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 71 | |
| EXPENSES: | | | | |
| Advisory fees | | | 22,764 | |
| Management services fees | | | 3,035 | |
| Administration fees | | | 2,133 | |
| Transfer agency fees | | | 1,766 | |
| Administrative services fees | | | 6,383 | |
| Distribution fees | | | 7,588 | |
| Custody fees | | | 440 | |
| Fund accounting fees | | | 1,193 | |
| Trustee fees | | | 67 | |
| Compliance services fees | | | 26 | |
| Other fees | | | 3,842 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,784 | |
| TOTAL NET EXPENSES | | | 51,021 | |
| NET INVESTMENT INCOME (LOSS) | | | (50,950 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | (1,866 | ) |
| Net realized gains (losses) on swap agreements | | | 581,717 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (195,124 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 384,727 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 333,777 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Rising Rates Opportunity :: 177
| Statements of Changes in Net Assets |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (50,950 | ) | | $ | (58,251 | ) |
| Net realized gains (losses) on investments | | | 579,851 | | | | (1,441,415 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | (195,124 | ) | | | (129,318 | ) |
| Change in net assets resulting from operations | | | 333,777 | | | | (1,628,984 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (37,790 | ) |
| Change in net assets resulting from distributions | | | — | | | | (37,790 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 8,826,611 | | | | 12,193,038 | |
| Distributions reinvested | | | — | | | | 37,790 | |
| Value of shares redeemed | | | (8,295,162 | ) | | | (12,085,309 | ) |
| Change in net assets resulting from capital transactions | | | 531,449 | | | | 145,519 | |
| Change in net assets | | | 865,226 | | | | (1,521,255 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 4,440,619 | | | | 5,961,874 | |
| End of period | | $ | 5,305,845 | | | $ | 4,440,619 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 272,795 | | | | 423,425 | |
| Reinvested | | | — | | | | 1,443 | |
| Redeemed | | | (258,308 | ) | | | (421,054 | ) |
| Change in shares | | | 14,487 | | | | 3,814 | |
See accompanying notes to financial statements.
178 :: 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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 27.78 | | | $ | 38.21 | | | $ | 48.56 | | | $ | 46.61 | | | $ | 52.91 | | | $ | 55.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.26 | ) | | | (0.37 | ) | | | 0.21 | | | | 0.06 | | | | (0.46 | ) | | | (0.68 | ) |
| Net realized and unrealized gains (losses) on investments | | | 2.92 | | | | (9.84 | ) | | | (8.70 | ) | | | 1.89 | | | | (5.84 | ) | | | (2.21 | ) |
| Total income (loss) from investment activities | | | 2.66 | | | | (10.21 | ) | | | (8.49 | ) | | | 1.95 | | | | (6.30 | ) | | | (2.89 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.22 | ) | | | (0.08 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | (1.78 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | — | | | | (0.22 | ) | | | (1.86 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 30.44 | | | $ | 27.78 | | | $ | 38.21 | | | $ | 48.56 | | | $ | 46.61 | | | $ | 52.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 9.58 | % | | | (26.70 | )% | | | (17.41 | )% | | | 4.16 | % | | | (11.90 | )% | | | (5.16 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.68 | % | | | 1.73 | % | | | 1.70 | % | | | 1.64 | % | | | 1.70 | % | | | 1.68 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.67 | % | | | 1.64 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.68 | )% | | | (1.30 | )% | | | 0.50 | % | | | 0.12 | % | | | (0.91 | )% | | | (1.41 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 5,306 | | | $ | 4,441 | | | $ | 5,962 | | | $ | 9,941 | | | $ | 7,626 | | | $ | 18,676 | |
| 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 :: 179
Investment Objective: The ProFund VP Semiconductor seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. SemiconductorsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 84 | % |
| Swap Agreements | | | 16 | % |
| 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 | |
| NVIDIA Corp. | | | 18.8 | % |
| Intel Corp. | | | 8.6 | % |
| Broadcom, Inc. | | | 7.4 | % |
| Texas Instruments, Inc. | | | 6.7 | % |
| Qualcomm, Inc. | | | 6.1 | % |
Dow Jones U.S. SemiconductorsSM Index – Composition
| | | % of Index | |
| Semiconductors & Semiconductor Equipment | | | 100 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (84.3%)
| | | Shares | | | Value | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 7,365 | | | $ | 691,794 | |
| Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | | | 256 | | | | 7,091 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,235 | | | | 384,778 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 5,563 | | | | 792,171 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,474 | | | | 1,179,702 | |
| Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | | 349 | | | | 29,707 | |
| Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | | 700 | | | | 68,551 | |
| Enphase Energy, Inc.* (Electrical Equipment) | | | 823 | | | | 151,127 | |
| Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | | 822 | | | | 101,081 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 24,476 | | | | 1,374,083 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 930 | | | | 301,515 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 864 | | | | 562,205 | |
| Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 4,967 | | | | 289,725 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,627 | | | | 171,421 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,658 | | | | 248,269 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 6,798 | | | | 577,694 | |
| MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 336 | | | | 59,791 | |
| Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | | 261 | | | | 97,470 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 3,776 | | | | 3,021,179 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 1,671 | | | | 343,758 | |
| ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 2,590 | | | | 99,145 | |
| Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | | 368 | | | | 30,198 | |
| Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | | 683 | | | | 133,629 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 6,836 | | | | 977,069 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 394 | | | | 27,107 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 272 | | | | 41,684 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,000 | | | | 191,750 | |
| SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 314 | | | | 86,780 | |
| Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,008 | | | | 135,032 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 5,597 | | | | 1,076,303 | |
| Universal Display Corp. (Semiconductors & Semiconductor Equipment) | | | 260 | | | | 57,806 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,490 | | | | 215,514 | |
TOTAL COMMON STOCKS
(Cost $4,234,057) | | | | | | | 13,525,129 | |
See accompanying notes to financial statements.
180 :: ProFund VP Semiconductor :: Financial Statements
Repurchase Agreements(a) (1.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $201,000 | | $ | 201,000 | | | $ | 201,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $201,000) | | | | | | | 201,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $4,435,057)—85.6% | | | | | | | 13,726,129 | |
| Net other assets (liabilities)—14.4% | | | | | | | 2,307,091 | |
| NET ASSETS—100.0% | | | | | | $ | 16,033,220 | |
| * | 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Semiconductors Index | | Goldman Sachs International | | 7/23/21 | | 0.59 | % | | $ | 2,528,530 | | $ | 15,184 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Electrical Equipment | | $ | 151,127 | | | | 0.9 | % |
| Semiconductors & Semiconductor Equipment | | | 13,374,002 | | | | 83.4 | % |
| Other** | | | 2,508,091 | | | | 15.7 | % |
| Total | | $ | 16,033,220 | | | | 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 :: 181
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 4,435,057 | |
| Securities, at value | | | 13,525,129 | |
| Repurchase agreements, at value | | | 201,000 | |
| Total Investment Securities, at value | | | 13,726,129 | |
| Cash | | | 54 | |
| Segregated cash balances for swap agreements with custodian | | | 90,000 | |
| Dividends receivable | | | 3,125 | |
| Unrealized appreciation on swap agreements | | | 15,184 | |
| Receivable for capital shares issued | | | 232,840 | |
| Receivable for investments sold | | | 1,999,544 | |
| Prepaid expenses | | | 213 | |
| TOTAL ASSETS | | | 16,067,089 | |
| LIABILITIES: | | | | |
| Advisory fees payable | | | 9,084 | |
| Management services fees payable | | | 1,211 | |
| Administration fees payable | | | 894 | |
| Administrative services fees payable | | | 6,231 | |
| Distribution fees payable | | | 7,004 | |
| Transfer agency fees payable | | | 1,414 | |
| Fund accounting fees payable | | | 496 | |
| Compliance services fees payable | | | 113 | |
| Other accrued expenses | | | 7,422 | |
| TOTAL LIABILITIES | | | 33,869 | |
| NET ASSETS | | $ | 16,033,220 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 7,079,646 | |
| Total distributable earnings (loss) | | | 8,953,574 | |
| NET ASSETS | | $ | 16,033,220 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 176,505 | |
| Net Asset Value (offering and redemption price per share) | | $ | 90.84 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 79,852 | |
| Interest | | | 7 | |
| Foreign tax withholding | | | (254 | ) |
| TOTAL INVESTMENT INCOME | | | 79,605 | |
| EXPENSES: | | | | |
| Advisory fees | | | 52,096 | |
| Management services fees | | | 6,946 | |
| Administration fees | | | 5,314 | |
| Transfer agency fees | | | 4,338 | |
| Administrative services fees | | | 17,164 | |
| Distribution fees | | | 17,365 | |
| Custody fees | | | 1,088 | |
| Fund accounting fees | | | 2,978 | |
| Trustee fees | | | 177 | |
| Compliance services fees | | | 66 | |
| Other fees | | | 7,307 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,280 | |
| TOTAL NET EXPENSES | | | 116,119 | |
| NET INVESTMENT INCOME (LOSS) | | | (36,514 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (43,015 | ) |
| Net realized gains (losses) on swap agreements | | | 121,456 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,362,734 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 6,354 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,447,529 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,411,015 | |
See accompanying notes to financial statements.
182 :: ProFund VP Semiconductor :: Financial Statements
| Statements of Changes in Net Assets |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (36,514 | ) | | $ | (9,012 | ) |
| Net realized gains (losses) on investments | | | 78,441 | | | | 1,160,724 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,369,088 | | | | 2,168,996 | |
| Change in net assets resulting from operations | | | 2,411,015 | | | | 3,320,708 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,055,565 | ) | | | (696,166 | ) |
| Change in net assets resulting from distributions | | | (1,055,565 | ) | | | (696,166 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 15,784,538 | | | | 28,294,483 | |
| Distributions reinvested | | | 1,055,565 | | | | 696,166 | |
| Value of shares redeemed | | | (15,268,410 | ) | | | (28,026,511 | ) |
| Change in net assets resulting from capital transactions | | | 1,571,693 | | | | 964,138 | |
| Change in net assets | | | 2,927,143 | | | | 3,588,680 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 13,106,077 | | | | 9,517,397 | |
| End of period | | $ | 16,033,220 | | | $ | 13,106,077 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 176,052 | | | | 444,871 | |
| Reinvested | | | 14,005 | | | | 9,454 | |
| Redeemed | | | (172,366 | ) | | | (452,544 | ) |
| Change in shares | | | 17,691 | | | | 1,781 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Semiconductor :: 183
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 82.52 | | | $ | 60.61 | | | $ | 44.36 | | | $ | 52.82 | | | $ | 39.06 | | | $ | 30.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.23 | ) | | | (0.06 | ) | | | 0.22 | | | | 0.17 | | | | (0.06 | ) | | | 0.18 | |
| Net realized and unrealized gains (losses) on investments | | | 15.98 | | | | 26.68 | | | | 20.66 | | | | (4.81 | ) | | | 13.95 | | | | 8.29 | |
| Total income (loss) from investment activities | | | 15.75 | | | | 26.62 | | | | 20.88 | | | | (4.64 | ) | | | 13.89 | | | | 8.47 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.23 | ) | | | (0.15 | ) | | | — | | | | (0.13 | ) | | | (0.03 | ) |
| Net realized gains on investments | | | (7.43 | ) | | | (4.48 | ) | | | (4.48 | ) | | | (3.82 | ) | | | — | | | | — | |
| Total distributions | | | (7.43 | ) | | | (4.71 | ) | | | (4.63 | ) | | | (3.82 | ) | | | (0.13 | ) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 90.84 | | | $ | 82.52 | | | $ | 60.61 | | | $ | 44.36 | | | $ | 52.82 | | | $ | 39.06 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 20.93 | % | | | 44.85 | % | | | 49.77 | % | | | (10.23 | )% | | | 35.55 | % | | | 27.71 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.67 | % | | | 1.72 | % | | | 1.67 | % | | | 1.65 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.67 | % | | | 1.70 | %(d) | | | 1.66 | % | | | 1.65 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.53 | )% | | | (0.09 | )% | | | 0.41 | % | | | 0.31 | % | | | (0.12 | )% | | | 0.51 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 16,033 | | | $ | 13,106 | | | $ | 9,517 | | | $ | 5,364 | | | $ | 11,060 | | | $ | 6,977 | |
| Portfolio turnover rate(b)(e) | | | 115 | % | | | 348 | % | | | 561 | % | | | 249 | % | | | 297 | % | | | 474 | % |
| (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.
184 :: ProFund VP Short Dow 30 :: Financial Statements
Investment Objective: The ProFund VP Short Dow 30 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Dow Jones Industrial Average® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | | | 23 | % |
| Health Care | | | 17 | % |
| Industrials | | | 17 | % |
| Financials | | | 16 | % |
| Consumer Discretionary | | | 13 | % |
| Consumer Staples | | | 7 | % |
| Communication Services | | | 4 | % |
| Energy | | | 2 | % |
| Materials | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (96.5%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $7,000 | | $ | 7,000 | | | $ | 7,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $7,000) | | | | | | | 7,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $7,000)—96.5% | | | | | | | 7,000 | |
| Net other assets (liabilities)—3.5% | | | | | | | 257 | |
| NET ASSETS—100.0% | | | | | | $ | 7,257 | |
| (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, 2021, the aggregate amount held in a segregated account was $4,000. |
| (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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/21 | | | (0.29 | )% | | $ | (1,776 | ) | | $ | (12 | ) |
| Dow Jones Industrial Average | | UBS AG | | 7/27/21 | | | (0.29 | )% | | | (5,440 | ) | | | (34 | ) |
| | | | | | | | | | | $ | (7,216 | ) | | $ | (46 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 185
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 7,000 | |
| Repurchase agreements, at value | | | 7,000 | |
| Total Investment Securities, at value | | | 7,000 | |
| Cash | | | 326 | |
| TOTAL ASSETS | | | 7,326 | |
| LIABILITIES: | | | | |
| Unrealized depreciation on swap agreements | | | 46 | |
| Advisory fees payable | | | 4 | |
| Management services fees payable | | | 1 | |
| Administration fees payable | | | — | (a) |
| Administrative services fees payable | | | 1 | |
| Distribution fees payable | | | 2 | |
| Transfer agency fees payable | | | 1 | |
| Fund accounting fees payable | | | — | (a) |
| Compliance services fees payable | | | — | (a) |
| Other accrued expenses | | | 14 | |
| TOTAL LIABILITIES | | | 69 | |
| NET ASSETS | | $ | 7,257 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 126,270 | |
| Total distributable earnings (loss) | | | (119,013 | ) |
| NET ASSETS | | $ | 7,257 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 303 | |
| Net Asset Value (offering and redemption price per share) | | $ | 23.95 | |
| (a) | Amount is less than $0.50. |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | — | (a) |
| EXPENSES: | | | | |
| Advisory fees | | | 31 | |
| Management services fees | | | 4 | |
| Administration fees | | | 3 | |
| Transfer agency fees | | | 3 | |
| Administrative services fees | | | 3 | |
| Distribution fees | | | 10 | |
| Custody fees | | | — | (a) |
| Fund accounting fees | | | 2 | |
| Trustee fees | | | — | (a) |
| Compliance services fees | | | — | (a) |
| Other fees | | | 7 | |
| Recoupment of prior expenses reduced by the Advisor | | | 6 | |
| TOTAL NET EXPENSES | | | 69 | |
| NET INVESTMENT INCOME (LOSS) | | | (69 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (1,221 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 61 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (1,160 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (1,229 | ) |
See accompanying notes to financial statements.
186 :: ProFund VP Short Dow 30 :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (69 | ) | | $ | (1,509 | ) |
| Net realized gains (losses) on investments | | | (1,221 | ) | | | (62,897 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 61 | | | | (152 | ) |
| Change in net assets resulting from operations | | | (1,229 | ) | | | (64,558 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (43 | ) |
| Change in net assets resulting from distributions | | | — | | | | (43 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | — | | | | 1,047,279 | |
| Distributions reinvested | | | — | | | | 43 | |
| Value of shares redeemed | | | (7,540 | ) | | | (978,223 | ) |
| Change in net assets resulting from capital transactions | | | (7,540 | ) | | | 69,099 | |
| Change in net assets | | | (8,769 | ) | | | 4,498 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 16,026 | | | | 11,528 | |
| End of period | | $ | 7,257 | | | $ | 16,026 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | — | | | | 30,329 | |
| Reinvested | | | — | | | | 1 | |
| Redeemed | | | (277 | ) | | | (30,079 | ) |
| Change in shares | | | (277 | ) | | | 251 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Dow 30 :: 187
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 27.63 | | | $ | 35.04 | | | $ | 43.37 | | | $ | 42.35 | | | $ | 54.31 | | | $ | 67.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.21 | ) | | | (0.56 | ) | | | 0.13 | | | | — | (c) | | | (0.44 | ) | | | (0.88 | ) |
| Net realized and unrealized gains (losses) on investments | | | (3.47 | ) | | | (6.78 | ) | | | (8.44 | ) | | | 1.02 | | | | (11.52 | ) | | | (10.05 | ) |
| Total income (loss) from investment activities | | | (3.68 | ) | | | (7.34 | ) | | | (8.31 | ) | | | 1.02 | | | | (11.96 | ) | | | (10.93 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.07 | ) | | | (0.02 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | — | | | | — | | | | — | | | | (1.96 | ) |
| Total distributions | | | — | | | | (0.07 | ) | | | (0.02 | ) | | | — | | | | — | | | | (1.96 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 23.95 | | | $ | 27.63 | | | $ | 35.04 | | | $ | 43.37 | | | $ | 42.35 | | | $ | 54.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(d) | | | (13.36 | )% | | | (20.89 | )% | | | (19.25 | )% | | | 2.36 | % | | | (22.02 | )% | | | (16.45 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.67 | % | | | 1.75 | % | | | 1.76 | % | | | 1.81 | % | | | 2.87 | % | | | 1.99 | % |
| Net expenses(e) | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.67 | )% | | | (1.63 | )% | | | 0.34 | % | | | 0.03 | % | | | (0.90 | )% | | | (1.41 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 7 | | | $ | 16 | | | $ | 12 | | | $ | 14 | | | $ | 14 | | | $ | 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.
188 :: ProFund VP Short Emerging Markets :: Financial Statements
Investment Objective: The ProFund VP Short Emerging Markets seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return 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, 2021
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 | | | 34 | % |
| Information Technology | | | 27 | % |
| Financials | | | 13 | % |
| Communication Services | | | 9 | % |
| Materials | | | 8 | % |
| Energy | | | 4 | % |
| Consumer Staples | | | 2 | % |
| Health Care | | | 2 | % |
| Industrials | | | 1 | % |
| Country Composition | | | | |
| China | | | 44 | % |
| Taiwan | | | 23 | % |
| India | | | 13 | % |
| Brazil | | | 11 | % |
| Other | | | 9 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (100.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $260,000 | | $ | 260,000 | | | $ | 260,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $260,000) | | | | | | | 260,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $260,000)—100.3% | | | | | | | 260,000 | |
| Net other assets (liabilities)—(0.3)% | | | | | | | (661 | ) |
| NET ASSETS—100.0% | | | | | | $ | 259,339 | |
| (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, 2021, the aggregate amount held in a segregated account was $141,000. |
| (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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
S&P/BNY Mellon Emerging
50 ADR Index (USD) | | Goldman Sachs International | | 7/27/21 | | | 0.41 | % | | $ | (182,462 | ) | | $ | (89 | ) |
S&P/BNY Mellon Emerging
50 ADR Index (USD) | | UBS AG | | 7/27/21 | | | 0.41 | % | | | (77,188 | ) | | | (60 | ) |
| | | | | | | | | | | $ | (259,650 | ) | | $ | (149 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 189
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 260,000 | |
| Repurchase agreements, at value | | | 260,000 | |
| Total Investment Securities, at value | | | 260,000 | |
| Cash | | | 789 | |
| Prepaid expenses | | | 15 | |
| TOTAL ASSETS | | | 260,804 | |
| LIABILITIES: | | | | |
| Unrealized depreciation on swap agreements | | | 149 | |
| Advisory fees payable | | | 266 | |
| Management services fees payable | | | 36 | |
| Administration fees payable | | | 24 | |
| Administrative services fees payable | | | 292 | |
| Distribution fees payable | | | 324 | |
| Transfer agency fees payable | | | 50 | |
| Fund accounting fees payable | | | 14 | |
| Compliance services fees payable | | | 4 | |
| Other accrued expenses | | | 306 | |
| TOTAL LIABILITIES | | | 1,465 | |
| NET ASSETS | | $ | 259,339 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 2,973,705 | |
| Total distributable earnings (loss) | | | (2,714,366 | ) |
| NET ASSETS | | $ | 259,339 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 12,098 | |
| Net Asset Value (offering and redemption price per share) | | $ | 21.44 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Interest | | $ | 11 | |
| EXPENSES: | | | | |
| Advisory fees | | | 1,900 | |
| Management services fees | | | 253 | |
| Administration fees | | | 161 | |
| Transfer agency fees | | | 142 | |
| Administrative services fees | | | 572 | |
| Distribution fees | | | 633 | |
| Custody fees | | | 36 | |
| Fund accounting fees | | | 96 | |
| Trustee fees | | | 5 | |
| Compliance services fees | | | 1 | |
| Other fees | | | 308 | |
| Recoupment of prior expenses reduced by the Advisor | | | 149 | |
| TOTAL NET EXPENSES | | | 4,256 | |
| NET INVESTMENT INCOME (LOSS) | | | (4,245 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (100,059 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 13,493 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (86,566 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (90,811 | ) |
See accompanying notes to financial statements.
190 :: ProFund VP Short Emerging Markets :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (4,245 | ) | | $ | (18,615 | ) |
| Net realized gains (losses) on investments | | | (100,059 | ) | | | (573,184 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 13,493 | | | | (20,260 | ) |
| Change in net assets resulting from operations | | | (90,811 | ) | | | (612,059 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (5,130 | ) |
| Change in net assets resulting from distributions | | | — | | | | (5,130 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 7,062,555 | | | | 15,139,462 | |
| Distributions reinvested | | | — | | | | 5,130 | |
| Value of shares redeemed | | | (7,078,170 | ) | | | (15,006,836 | ) |
| Change in net assets resulting from capital transactions | | | (15,615 | ) | | | 137,756 | |
| Change in net assets | | | (106,426 | ) | | | (479,433 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 365,765 | | | | 845,198 | |
| End of period | | $ | 259,339 | | | $ | 365,765 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 319,412 | | | | 434,598 | |
| Reinvested | | | — | | | | 185 | |
| Redeemed | | | (323,080 | ) | | | (443,623 | ) |
| Change in shares | | | (3,668 | ) | | | (8,840 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Emerging Markets :: 191
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 23.20 | | | $ | 34.35 | | | $ | 47.77 | | | $ | 42.43 | | | $ | 58.80 | | | $ | 70.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.18 | ) | | | (0.51 | ) | | | 0.20 | | | | 0.15 | | | | (0.44 | ) | | | (0.95 | ) |
| Net realized and unrealized gains (losses) on investments | | | (1.58 | ) | | | (10.35 | ) | | | (9.52 | ) | | | 5.19 | | | | (15.93 | ) | | | (10.46 | ) |
| Total income (loss) from investment activities | | | (1.76 | ) | | | (10.86 | ) | | | (9.32 | ) | | | 5.34 | | | | (16.37 | ) | | | (11.41 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.29 | ) | | | (0.23 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | (3.87 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | — | | | | (0.29 | ) | | | (4.10 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 21.44 | | | $ | 23.20 | | | $ | 34.35 | | | $ | 47.77 | | | $ | 42.43 | | | $ | 58.80 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | (7.59 | )% | | | (31.76 | )% | | | (20.99 | )% | | | 12.59 | %(d) | | | (27.84 | )% | | | (16.24 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.68 | % | | | 1.72 | % | | | 1.67 | % | | | 1.59 | % | | | 1.69 | % | | | 1.68 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.69 | %(f) | | | 1.67 | % | | | 1.52 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.68 | )% | | | (1.43 | )% | | | 0.48 | % | | | 0.34 | %(d) | | | (0.91 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 259 | | | $ | 366 | | | $ | 845 | | | $ | 1,988 | | | $ | 959 | | | $ | 1,660 | |
| Portfolio turnover rate(g) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (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) | 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 1.59% and 0.27%, respectively, and the total return would have been 12.51%. |
| (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 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. |
| (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.
192 :: ProFund VP Short International :: Financial Statements
Investment Objective: The ProFund VP Short International seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return 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, 2021
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 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 | | | 16 | % |
| Consumer Discretionary | | | 13 | % |
| Health Care | | | 12 | % |
| Consumer Staples | | | 11 | % |
| Information Technology | | | 9 | % |
| Materials | | | 8 | % |
| Communication Services | | | 5 | % |
| Utilities | | | 3 | % |
| Energy | | | 3 | % |
| Real Estate | | | 3 | % |
| Country Composition | | | | |
| Japan | | | 23 | % |
| United Kingdom | | | 14 | % |
| France | | | 12 | % |
| Switzerland | | | 10 | % |
| Germany | | | 9 | % |
| Other | | | 32 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (99.4%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $423,000 | | $ | 423,000 | | | $ | 423,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $423,000) | | | | | | | 423,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $423,000)—99.4% | | | | | | | 423,000 | |
| Net other assets (liabilities)— 0.6% | | | | | | | 2,653 | |
| NET ASSETS—100.0% | | | | | | $ | 425,653 | |
| (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, 2021, 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| MSCI EAFE Index | | Goldman Sachs International | | 7/27/21 | | | 0.31 | % | | $ | (372,659 | ) | | $ | 2,687 | |
| MSCI EAFE Index | | UBS AG | | 7/27/21 | | | 0.21 | % | | | (52,591 | ) | | | 387 | |
| | | | | | | | | | | $ | (425,250 | ) | | $ | 3,074 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 193
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 423,000 | |
| Repurchase agreements, at value | | | 423,000 | |
| Total Investment Securities, at value | | | 423,000 | |
| Cash | | | 772 | |
| Unrealized appreciation on swap agreements | | | 3,074 | |
| Prepaid expenses | | | 14 | |
| TOTAL ASSETS | | | 426,860 | |
| LIABILITIES: | | | | |
| Advisory fees payable | | | 274 | |
| Management services fees payable | | | 36 | |
| Administration fees payable | | | 25 | |
| Administrative services fees payable | | | 275 | |
| Distribution fees payable | | | 294 | |
| Transfer agency fees payable | | | 48 | |
| Fund accounting fees payable | | | 15 | |
| Compliance services fees payable | | | 5 | |
| Other accrued expenses | | | 235 | |
| TOTAL LIABILITIES | | | 1,207 | |
| NET ASSETS | | $ | 425,653 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 2,729,807 | |
| Total distributable earnings (loss) | | | (2,304,154 | ) |
| NET ASSETS | | $ | 425,653 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 16,366 | |
| Net Asset Value (offering and redemption price per share) | | $ | 26.01 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 10 | |
| EXPENSES: | | | | |
| Advisory fees | | | 1,982 | |
| Management services fees | | | 264 | |
| Administration fees | | | 164 | |
| Transfer agency fees | | | 142 | |
| Administrative services fees | | | 609 | |
| Distribution fees | | | 661 | |
| Custody fees | | | 35 | |
| Fund accounting fees | | | 96 | |
| Trustee fees | | | 6 | |
| Compliance services fees | | | 2 | |
| Other fees | | | 201 | |
| Recoupment of prior expenses reduced by the Advisor | | | 268 | |
| TOTAL NET EXPENSES | | | 4,430 | |
| NET INVESTMENT INCOME (LOSS) | | | (4,420 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (61,121 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 2,248 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (58,873 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (63,293 | ) |
See accompanying notes to financial statements.
194 :: ProFund VP Short International :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (4,420 | ) | | $ | (14,177 | ) |
| Net realized gains (losses) on investments | | | (61,121 | ) | | | (304,709 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 2,248 | | | | (1,131 | ) |
| Change in net assets resulting from operations | | | (63,293 | ) | | | (320,017 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (3,789 | ) |
| Change in net assets resulting from distributions | | | — | | | | (3,789 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 858,304 | | | | 8,938,153 | |
| Distributions reinvested | | | — | | | | 3,789 | |
| Value of shares redeemed | | | (1,053,966 | ) | | | (8,529,787 | ) |
| Change in net assets resulting from capital transactions | | | (195,662 | ) | | | 412,155 | |
| Change in net assets | | | (258,955 | ) | | | 88,349 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 684,608 | | | | 596,259 | |
| End of period | | $ | 425,653 | | | $ | 684,608 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 30,795 | | | | 229,595 | |
| Reinvested | | | — | | | | 115 | |
| Redeemed | | | (38,012 | ) | | | (223,082 | ) |
| Change in shares | | | (7,217 | ) | | | 6,628 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short International :: 195
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 29.03 | | | $ | 35.17 | | | $ | 43.87 | | | $ | 37.99 | | | $ | 47.87 | | | $ | 50.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.23 | ) | | | (0.53 | ) | | | 0.19 | | | | 0.16 | | | | (0.36 | ) | | | (0.72 | ) |
| Net realized and unrealized gains (losses) on investments | | | (2.79 | ) | | | (5.40 | ) | | | (7.70 | ) | | | 5.72 | | | | (9.52 | ) | | | (2.29 | ) |
| Total income (loss) from investment activities | | | (3.02 | ) | | | (5.93 | ) | | | (7.51 | ) | | | 5.88 | | | | (9.88 | ) | | | (3.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.21 | ) | | | (0.20 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | (0.99 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | — | | | | (0.21 | ) | | | (1.19 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 26.01 | | | $ | 29.03 | | | $ | 35.17 | | | $ | 43.87 | | | $ | 37.99 | | | $ | 47.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | (10.40 | )% | | | (16.94 | )% | | | (17.42 | )% | | | 15.47 | %(d) | | | (20.63 | )% | | | (5.90 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.68 | % | | | 1.70 | % | | | 1.69 | % | | | 1.54 | % | | | 1.69 | % | | | 1.68 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.46 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.67 | )% | | | (1.43 | )% | | | 0.48 | % | | | 0.41 | %(d) | | | (0.90 | )% | | | (1.41 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 426 | | | $ | 685 | | | $ | 596 | | | $ | 2,183 | | | $ | 611 | | | $ | 1,183 | |
| 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) | 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 1.54% and 0.33%, respectively, and the total return would have been 15.39%. |
| (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.
196 :: ProFund VP Short Mid-Cap :: Financial Statements
Investment Objective: The ProFund VP Short Mid-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P MidCap 400® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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® Index – Composition
| | | % of Index | |
| Industrials | | | 19 | % |
| Financials | | | 15 | % |
| Consumer Discretionary | | | 15 | % |
| Information Technology | | | 14 | % |
| Health Care | | | 11 | % |
| Real Estate | | | 10 | % |
| Materials | | | 6 | % |
| Consumer Staples | | | 3 | % |
| Utilities | | | 3 | % |
| Energy | | | 2 | % |
| Communication Services | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (100.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $49,000 | | $ | 49,000 | | | $ | 49,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $49,000) | | | | | | | 49,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $49,000)—100.3% | | | | | | | 49,000 | |
| Net other assets (liabilities)—(0.3)% | | | | | | | (139 | ) |
| NET ASSETS—100.0% | | | | | | $ | 48,861 | |
| (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, 2021, the aggregate amount held in a segregated account was $41,000. |
| (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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P MidCap 400 | | Goldman Sachs International | | 7/27/21 | | | (0.14 | )% | | $ | (10,037 | ) | | $ | 10 | |
| S&P MidCap 400 | | UBS AG | | 7/27/21 | | | (0.09 | )% | | | (38,630 | ) | | | 40 | |
| | | | | | | | | | | $ | (48,667 | ) | | $ | 50 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 197
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 49,000 | |
| Repurchase agreements, at value | | | 49,000 | |
| Total Investment Securities, at value | | | 49,000 | |
| Cash | | | 22 | |
| Unrealized appreciation on swap agreements | | | 50 | |
| Prepaid expenses | | | 4 | |
| TOTAL ASSETS | | | 49,076 | |
| LIABILITIES: | | | | |
| Advisory fees payable | | | 53 | |
| Management services fees payable | | | 7 | |
| Administration fees payable | | | 5 | |
| Administrative services fees payable | | | 23 | |
| Distribution fees payable | | | 29 | |
| Transfer agency fees payable | | | 8 | |
| Fund accounting fees payable | | | 3 | |
| Compliance services fees payable | | | 1 | |
| Other accrued expenses | | | 86 | |
| TOTAL LIABILITIES | | | 215 | |
| NET ASSETS | | $ | 48,861 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 2,573,861 | |
| Total distributable earnings (loss) | | | (2,525,000 | ) |
| NET ASSETS | | $ | 48,861 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 5,892 | |
| Net Asset Value (offering and redemption price per share) | | $ | 8.29 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 1 | |
| EXPENSES: | | | | |
| Advisory fees | | | 305 | |
| Management services fees | | | 41 | |
| Administration fees | | | 31 | |
| Transfer agency fees | | | 26 | |
| Administrative services fees | | | 105 | |
| Distribution fees | | | 102 | |
| Custody fees | | | 7 | |
| Fund accounting fees | | | 18 | |
| Trustee fees | | | 1 | |
| Compliance services fees | | | 1 | |
| Other fees | | | 52 | |
| Total Gross Expenses before reductions | | | 689 | |
| Expenses reduced and reimbursed by the Advisor | | | (5 | ) |
| TOTAL NET EXPENSES | | | 684 | |
| NET INVESTMENT INCOME (LOSS) | | | (683 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (17,959 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 130 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (17,829 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (18,512 | ) |
See accompanying notes to financial statements.
198 :: ProFund VP Short Mid-Cap :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (683 | ) | | $ | (4,648 | ) |
| Net realized gains (losses) on investments | | | (17,959 | ) | | | 123,744 | |
| Change in net unrealized appreciation/depreciation on investments | | | 130 | | | | (6 | ) |
| Change in net assets resulting from operations | | | (18,512 | ) | | | 119,090 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (139,495 | ) | | | (1,287 | ) |
| Change in net assets resulting from distributions | | | (139,495 | ) | | | (1,287 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 2,833,306 | | | | 19,396,710 | |
| Distributions reinvested | | | 24,595 | | | | 1,287 | |
| Value of shares redeemed | | | (2,719,145 | ) | | | (19,589,287 | ) |
| Change in net assets resulting from capital transactions | | | 138,756 | | | | (191,290 | ) |
| Change in net assets | | | (19,251 | ) | | | (73,487 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 68,112 | | | | 141,599 | |
| End of period | | $ | 48,861 | | | $ | 68,112 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 198,676 | | | | 650,184 | |
| Reinvested | | | 3,022 | | | | 53 | |
| Redeemed | | | (199,190 | ) | | | (651,955 | ) |
| Change in shares | | | 2,508 | | | | (1,718 | ) |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Mid-Cap :: 199
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 20.13 | | | $ | 27.75 | | | $ | 35.30 | | | $ | 33.94 | | | $ | 40.17 | | | $ | 55.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.11 | ) | | | (0.44 | ) | | | 0.18 | | | | 0.05 | | | | (0.30 | ) | | | (0.71 | ) |
| Net realized and unrealized gains (losses) on investments | | | (3.46 | ) | | | (6.91 | )(c) | | | (7.64 | ) | | | 3.33 | | | | (5.66 | ) | | | (10.19 | ) |
| Total income (loss) from investment activities | | | (3.57 | ) | | | (7.35 | ) | | | (7.46 | ) | | | 3.38 | | | | (5.96 | ) | | | (10.90 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.27 | ) | | | (0.09 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (8.27 | ) | | | — | | | | — | | | | (2.02 | ) | | | (0.27 | ) | | | (4.30 | ) |
| Total distributions | | | (8.27 | ) | | | (0.27 | ) | | | (0.09 | ) | | | (2.02 | ) | | | (0.27 | ) | | | (4.30 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 8.29 | | | $ | 20.13 | | | $ | 27.75 | | | $ | 35.30 | | | $ | 33.94 | | | $ | 40.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(d) | | | (16.96 | )% | | | (26.65 | )% | | | (21.17 | )% | | | 10.97 | % | | | (14.85 | )% | | | (20.19 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.69 | % | | | 1.76 | % | | | 1.66 | % | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.69 | %(f) | | | 1.66 | % | | | 1.67 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.68 | )% | | | (1.49 | )% | | | 0.59 | % | | | 0.17 | % | | | (0.81 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 49 | | | $ | 68 | | | $ | 142 | | | $ | 657 | | | $ | 165 | | | $ | 396 | |
| 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 purchase 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.
200 :: ProFund VP Short Nasdaq-100 :: Financial Statements
Investment Objective: The ProFund VP Short Nasdaq-100 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Futures Contracts | | | (22 | )% |
| Swap Agreements | | | (77 | )% |
| 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 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) (120.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $1,564,000 | | $ | 1,564,000 | | | $ | 1,564,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $1,564,000) | | | | | | | 1,564,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $1,564,000)—120.3% | | | | | | | 1,564,000 | |
| Net other assets (liabilities)—(20.3)% | | | | | | | (263,866 | ) |
| NET ASSETS—100.0% | | | | | | $ | 1,300,134 | |
| (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, 2021, the aggregate amount held in a segregated account was $374,000. |
| (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 | | 9/20/21 | | $ | (290,980 | ) | | $ | (14,950 | ) |
Total Return Swap Agreements – Short
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Nasdaq-100 Index | | Goldman Sachs International | | 7/27/21 | | | (0.39 | )% | | $ | (873,288 | ) | | $ | (1,865 | ) |
| Nasdaq-100 Index | | UBS AG | | 7/27/21 | | | (0.24 | )% | | | (129,538 | ) | | | (832 | ) |
| | | | | | | | | $ | (1,002,826 | ) | | $ | (2,697 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 201
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 1,564,000 | |
| Repurchase agreements, at value | | | 1,564,000 | |
| Total Investment Securities, at value | | | 1,564,000 | |
| Cash | | | 64 | |
| Segregated cash balances for futures contracts with brokers | | | 17,600 | |
| Segregated cash balances for swap agreements with custodian | | | 600 | |
| Variation margin on futures contracts | | | 280 | |
| Prepaid expenses | | | 99 | |
| TOTAL ASSETS | | | 1,582,643 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 273,935 | |
| Unrealized depreciation on swap agreements | | | 2,697 | |
| Advisory fees payable | | | 1,047 | |
| Management services fees payable | | | 139 | |
| Administration fees payable | | | 105 | |
| Administrative services fees payable | | | 1,017 | |
| Distribution fees payable | | | 1,065 | |
| Transfer agency fees payable | | | 211 | |
| Fund accounting fees payable | | | 58 | |
| Compliance services fees payable | | | 41 | |
| Other accrued expenses | | | 2,194 | |
| TOTAL LIABILITIES | | | 282,509 | |
| NET ASSETS | | $ | 1,300,134 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 15,323,458 | |
| Total distributable earnings (loss) | | | (14,023,324 | ) |
| NET ASSETS | | $ | 1,300,134 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 83,961 | |
| Net Asset Value (offering and redemption price per share) | | $ | 15.48 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 124 | |
| EXPENSES: | | | | |
| Advisory fees | | | 15,040 | |
| Management services fees | | | 2,005 | |
| Administration fees | | | 1,518 | |
| Transfer agency fees | | | 1,142 | |
| Administrative services fees | | | 4,867 | |
| Distribution fees | | | 5,013 | |
| Custody fees | | | 251 | |
| Fund accounting fees | | | 777 | |
| Trustee fees | | | 46 | |
| Compliance services fees | | | 4 | |
| Other fees | | | 1,350 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,711 | |
| Total Gross Expenses before reductions | | | 33,724 | |
| Expenses reduced and reimbursed by the Advisor | | | (35 | ) |
| TOTAL NET EXPENSES | | | 33,689 | |
| NET INVESTMENT INCOME (LOSS) | | | (33,565 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | (122,876 | ) |
| Net realized gains (losses) on swap agreements | | | (188,146 | ) |
| Change in net unrealized appreciation/depreciation on futures contracts | | | 47,532 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 11,075 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (252,415 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (285,980 | ) |
See accompanying notes to financial statements.
202 :: ProFund VP Short Nasdaq-100 :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (33,565 | ) | | $ | (92,549 | ) |
| Net realized gains (losses) on investments | | | (311,022 | ) | | | (706,056 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 58,607 | | | | (103,227 | ) |
| Change in net assets resulting from operations | | | (285,980 | ) | | | (901,832 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (224,885 | ) | | | (11,485 | ) |
| Change in net assets resulting from distributions | | | (224,885 | ) | | | (11,485 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 142,825,014 | | | | 321,915,101 | |
| Distributions reinvested | | | 224,885 | | | | 11,485 | |
| Value of shares redeemed | | | (146,359,211 | ) | | | (323,245,706 | ) |
| Change in net assets resulting from capital transactions | | | (3,309,312 | ) | | | (1,319,120 | ) |
| Change in net assets | | | (3,820,177 | ) | | | (2,232,437 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 5,120,311 | | | | 7,352,748 | |
| End of period | | $ | 1,300,134 | | | $ | 5,120,311 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 8,046,486 | | | | 13,086,902 | |
| Reinvested | | | 12,939 | | | | 587 | |
| Redeemed | | | (8,256,508 | ) | | | (13,036,912 | ) |
| Change in shares | | | (197,083 | ) | | | 50,577 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Nasdaq-100 :: 203
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 18.22 | | | $ | 31.90 | | | $ | 44.38 | | | $ | 45.72 | | | $ | 61.17 | | | $ | 68.02 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.14 | ) | | | (0.32 | ) | | | 0.12 | | | | 0.04 | | | | (0.44 | ) | | | (0.96 | ) |
| Net realized and unrealized gains (losses) on investments | | | (2.40 | ) | | | (13.32 | ) | | | (12.55 | ) | | | (1.38 | ) | | | (15.01 | ) | | | (5.89 | ) |
| Total income (loss) from investment activities | | | (2.54 | ) | | | (13.64 | ) | | | (12.43 | ) | | | (1.34 | ) | | | (15.45 | ) | | | (6.85 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.04 | ) | | | (0.05 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (0.20 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (0.20 | ) | | | (0.04 | ) | | | (0.05 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 15.48 | | | $ | 18.22 | | | $ | 31.90 | | | $ | 44.38 | | | $ | 45.72 | | | $ | 61.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | (14.08 | )% | | | (42.77 | )% | | | (28.05 | )% | | | (2.89 | )%(d) | | | (25.25 | )% | | | (10.06 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.68 | % | | | 1.75 | % | | | 1.73 | % | | | 1.76 | % | | | 1.72 | % | | | 1.69 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.69 | %(f) | | | 1.66 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.67 | )% | | | (1.33 | )% | | | 0.32 | % | | | 0.08 | %(d) | | | (0.85 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 1,300 | | | $ | 5,120 | | | $ | 7,353 | | | $ | 4,667 | | | $ | 3,593 | | | $ | 3,797 | |
| 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 in 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.
204 :: ProFund VP Short Small-Cap :: Financial Statements
Investment Objective: The ProFund VP Short Small-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the Russell 2000® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Futures Contracts | | | (8 | )% |
| Swap Agreements | | | (92 | )% |
| 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 | | | 21 | % |
| Financials | | | 15 | % |
| Industrials | | | 14 | % |
| Information Technology | | | 14 | % |
| Consumer Discretionary | | | 12 | % |
| Real Estate | | | 7 | % |
| Energy | | | 4 | % |
| Materials | | | 4 | % |
| Communication Services | | | 4 | % |
| Consumer Staples | | | 3 | % |
| Utilities | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a)(b) (99.5%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $1,387,000 | | $ | 1,387,000 | | | $ | 1,387,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $1,387,000) | | | | | | | 1,387,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $1,387,000)—99.5% | | | | | | | 1,387,000 | |
| Net other assets (liabilities)—0.5% | | | | | | | 7,448 | |
| NET ASSETS—100.0% | | | | | | $ | 1,394,448 | |
| (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, 2021, the aggregate amount held in a segregated account was $465,000. |
| (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 | | 1 | | 9/20/21 | | $ | (115,390 | ) | | $ | 1,538 | |
Total Return Swap Agreements – Short
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Russell 2000 Index | | Goldman Sachs International | | 7/27/21 | | | 0.16 | % | | $ | (97,043 | ) | | $ | 364 | |
| Russell 2000 Index | | UBS AG | | 7/27/21 | | | 0.41 | % | | | (1,180,691 | ) | | | 5,585 | |
| | | | | | | | | | | $ | (1,277,734 | ) | | $ | 5,949 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 205
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 1,387,000 | |
| Repurchase agreements, at value | | | 1,387,000 | |
| Total Investment Securities, at value | | | 1,387,000 | |
| Cash | | | 1,318 | |
| Segregated cash balances for futures contracts with brokers | | | 7,150 | |
| Unrealized appreciation on swap agreements | | | 5,949 | |
| Prepaid expenses | | | 24 | |
| TOTAL ASSETS | | | 1,401,441 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 3,482 | |
| Variation margin on futures contracts | | | 160 | |
| Advisory fees payable | | | 813 | |
| Management services fees payable | | | 108 | |
| Administration fees payable | | | 79 | |
| Administrative services fees payable | | | 592 | |
| Distribution fees payable | | | 627 | |
| Transfer agency fees payable | | | 120 | |
| Fund accounting fees payable | | | 44 | |
| Compliance services fees payable | | | 9 | |
| Other accrued expenses | | | 959 | |
| TOTAL LIABILITIES | | | 6,993 | |
| NET ASSETS | | $ | 1,394,448 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 7,280,041 | |
| Total distributable earnings (loss) | | | (5,885,593 | ) |
| NET ASSETS | | $ | 1,394,448 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 61,778 | |
| Net Asset Value (offering and redemption price per share) | | $ | 22.57 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 17 | |
| EXPENSES: | | | | |
| Advisory fees | | | 3,955 | |
| Management services fees | | | 527 | |
| Administration fees | | | 411 | |
| Transfer agency fees | | | 332 | |
| Administrative services fees | | | 1,292 | |
| Distribution fees | | | 1,318 | |
| Custody fees | | | 83 | |
| Fund accounting fees | | | 227 | |
| Trustee fees | | | 14 | |
| Compliance services fees | | | 4 | |
| Other fees | | | 755 | |
| Total Gross Expenses before reductions | | | 8,918 | |
| Expenses reduced and reimbursed by the Advisor | | | (59 | ) |
| TOTAL NET EXPENSES | | | 8,859 | |
| NET INVESTMENT INCOME (LOSS) | | | (8,842 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES)ON INVESTMENTS: | | | | |
| Net realized gains (losses) on futures contracts | | | (22,174 | ) |
| Net realized gains (losses) on swap agreements | | | (185,049 | ) |
| Change in net unrealized appreciation/depreciation on futures contracts | | | 5,202 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (147 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (202,168 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (211,010 | ) |
See accompanying notes to financial statements.
206 :: ProFund VP Short Small-Cap :: Financial Statements
Statements of Changes in Net Assets
| | | | Six Months Ended
June 30, 2021
(unaudited) | | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (8,842 | ) | | $ | (28,165 | ) |
| Net realized gains (losses) on investments | | | (207,223 | ) | | | (252,652 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 5,055 | | | | 7,905 | |
| Change in net assets resulting from operations | | | (211,010 | ) | | | (272,912 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (9,164 | ) |
| Change in net assets resulting from distributions | | | — | | | | (9,164 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 13,139,330 | | | | 45,008,330 | |
| Distributions reinvested | | | — | | | | 9,164 | |
| Value of shares redeemed | | | (12,617,960 | ) | | | (45,506,199 | ) |
| Change in net assets resulting from capital transactions | | | 521,370 | | | | (488,705 | ) |
| Change in net assets | | | 310,360 | | | | (770,781 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 1,084,088 | | | | 1,854,869 | |
| End of period | | $ | 1,394,448 | | | $ | 1,084,088 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 557,748 | | | | 1,018,688 | (a) |
| Reinvested | | | — | | | | 259 | (a) |
| Redeemed | | | (535,239 | ) | | | (1,025,160 | )(a) |
| Change in shares | | | 22,509 | | | | (6,213 | ) |
(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Short Small-Cap :: 207
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020(a) | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 27.61 | | | $ | 40.78 | | | $ | 57.35 | | | $ | 51.94 | | | $ | 60.57 | | | $ | 77.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.20 | ) | | | (0.56 | ) | | | 0.20 | | | | 0.04 | | | | (0.48 | ) | | | (1.04 | ) |
| Net realized and unrealized gains (losses) on investments | | | (4.84 | ) | | | (12.42 | ) | | | (11.57 | ) | | | 5.37 | | | | (8.15 | ) | | | (15.63 | ) |
| Total income (loss) from investment activities | | | (5.04 | ) | | | (12.98 | ) | | | (11.37 | ) | | | 5.41 | | | | (8.63 | ) | | | (16.67 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.19 | ) | | | (0.04 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | — | | | | (5.16 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | — | | | | (0.19 | ) | | | (5.20 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 22.57 | | | $ | 27.61 | | | $ | 40.78 | | | $ | 57.35 | | | $ | 51.94 | | | $ | 60.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | (18.25 | )% | | | (31.96 | )% | | | (20.78 | )% | | | 10.39 | %(d) | | | (14.20 | )% | | | (21.60 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.69 | % | | | 1.83 | % | | | 1.77 | % | | | 1.78 | % | | | 1.70 | % | | | 1.72 | % |
| Net expenses(e) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | %(d) | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (1.68 | )% | | | (1.36 | )% | | | 0.42 | % | | | 0.10 | %(d) | | | (0.87 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 1,394 | | | $ | 1,084 | | | $ | 1,855 | | | $ | 2,931 | | | $ | 1,882 | | | $ | 2,087 | |
| Portfolio turnover rate(f) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
| (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. 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.
208 :: ProFund VP Small-Cap :: Financial Statements
Investment Objective: The ProFund VP Small-Cap seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000® Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 48 | % |
| Swap Agreements | | | 52 | % |
| 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 | |
| AMC Entertainment Holdings, Inc. | | | 0.4 | % |
| Intellia Therapeutics, Inc. | | | 0.2 | % |
| Arrowhead Pharmaceuticals, Inc. | | | 0.1 | % |
| Ovintiv, Inc. | | | 0.1 | % |
| Lattice Semiconductor Corp. | | | 0.1 | % |
Russell 2000® Index – Composition
| | % of Index |
| Health Care | 21% |
| Financials | 15% |
| Industrials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 12% |
| Real Estate | 7% |
| Energy | 4% |
| Materials | 4% |
| Communication Services | 4% |
| Consumer Staples | 3% |
| Utilities | 2% |
Schedule of Portfolio Investments (unaudited)
Common Stocks (48.1%)
| | | Shares | | | Value | |
| 1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 96 | | | $ | 3,060 | |
| 1Life Healthcare, Inc.* (Health Care Providers & Services) | | | 420 | | | | 13,885 | |
| 1st Source Corp. (Banks) | | | 62 | | | | 2,881 | |
| 22nd Century Group, Inc.* (Tobacco) | | | 544 | | | | 2,519 | |
| 2U, Inc.* (Software) | | | 258 | | | | 10,751 | |
| 3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | | 437 | | | | 17,466 | |
| 4D Molecular Therapeutics, Inc.* (Biotechnology) | | | 35 | | | | 843 | |
| 89bio, Inc.* (Biotechnology) | | | 35 | | | | 655 | |
| 8x8, Inc.* (Software) | | | 383 | | | | 10,632 | |
| 9 Meters Biopharma, Inc.* (Pharmaceuticals) | | | 765 | | | | 842 | |
| 908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | | | 26 | | | | 1,008 | |
| A10 Networks, Inc.* (Software) | | | 216 | | | | 2,432 | |
| AAON, Inc. (Building Products) | | | 151 | | | | 9,451 | |
| AAR Corp.* (Aerospace & Defense) | | | 123 | | | | 4,766 | |
| Aaron's Co., Inc. (The) (Specialty Retail) | | | 122 | | | | 3,903 | |
| Abercrombie & Fitch Co.*—Class A (Specialty Retail) | | | 221 | | | | 10,261 | |
| ABM Industries, Inc. (Commercial Services & Supplies) | | | 243 | | | | 10,777 | |
| Acacia Research Corp.* (Professional Services) | | | 177 | | | | 1,197 | |
| Academy Sports & Outdoors, Inc.* (Leisure Products) | | | 223 | | | | 9,197 | |
| ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | | 431 | | | | 10,512 | |
| Acadia Realty Trust (Equity Real Estate Investment Trusts) | | | 305 | | | | 6,698 | |
| Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 203 | | | | 2,410 | |
| Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | | | 119 | | | | 959 | |
| ACCO Brands Corp. (Commercial Services & Supplies) | | | 336 | | | | 2,900 | |
| Accolade, Inc.* (Health Care Technology) | | | 181 | | | | 9,830 | |
| Accuray, Inc.* (Health Care Equipment & Supplies) | | | 333 | | | | 1,505 | |
| ACI Worldwide, Inc.* (Software) | | | 425 | | | | 15,785 | |
| Aclaris Therapeutics, Inc.* (Pharmaceuticals) | | | 156 | | | | 2,739 | |
| Acushnet Holdings Corp. (Leisure Products) | | | 124 | | | | 6,126 | |
| Acutus Medical, Inc.* (Health Care Equipment & Supplies) | | | 56 | | | | 951 | |
| AdaptHealth Corp.* (Health Care Providers & Services) | | | 284 | | | | 7,784 | |
| Addus Homecare Corp.* (Health Care Providers & Services) | | | 55 | | | | 4,798 | |
| Adicet Bio, Inc.* (Pharmaceuticals) | | | 75 | | | | 772 | |
| Adient PLC* (Auto Components) | | | 341 | | | | 15,413 | |
| Adtalem Global Education, Inc.* (Diversified Consumer Services) | | | 178 | | | | 6,344 | |
| ADTRAN, Inc. (Communications Equipment) | | | 174 | | | | 3,593 | |
| Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 139 | | | | 15,667 | |
| AdvanSix, Inc.* (Chemicals) | | | 98 | | | | 2,926 | |
| Advantage Solutions, Inc.* (Media) | | | 275 | | | | 2,967 | |
| Advent Technologies Holdings, Inc.* (Electrical Equipment) | | | 61 | | | | 588 | |
| Adverum Biotechnologies, Inc.* (Biotechnology) | | | 313 | | | | 1,096 | |
| Aeglea BioTherapeutics, Inc.* (Biotechnology) | | | 146 | | | | 1,016 | |
| Aemetis, Inc.* (Oil, Gas & Consumable Fuels) | | | 84 | | | | 938 | |
| Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 152 | | | | 2,434 | |
| Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense) | | | 270 | | | | 13,038 | |
| AeroVironment, Inc.* (Aerospace & Defense) | | | 81 | | | | 8,112 | |
| AerSale Corp.* (Aerospace & Defense) | | | 33 | | | | 411 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 209
Common Stocks, continued
| | | Shares | | | Value | |
| Aeva Technologies, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 89 | | | $ | 941 | |
| AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts) | | | 26 | | | | 537 | |
| Affimed NV* (Biotechnology) | | | 418 | | | | 3,553 | |
| AgEagle Aerial Systems, Inc.* (Machinery) | | | 240 | | | | 1,265 | |
| Agenus, Inc.* (Biotechnology) | | | 710 | | | | 3,898 | |
| Agiliti, Inc.* (Health Care Providers & Services) | | | 81 | | | | 1,771 | |
| Agilysys, Inc.* (Software) | | | 69 | | | | 3,924 | |
| Agios Pharmaceuticals, Inc.* (Biotechnology) | | | 222 | | | | 12,234 | |
| Agree Realty Corp. (Equity Real Estate Investment Trusts) | | | 242 | | | | 17,059 | |
| Air Transport Services Group, Inc.* (Air Freight & Logistics) | | | 213 | | | | 4,948 | |
| Akebia Therapeutics, Inc.* (Biotechnology) | | | 576 | | | | 2,183 | |
| Akero Therapeutics, Inc.* (Biotechnology) | | | 93 | | | | 2,307 | |
| Akouos, Inc.* (Biotechnology) | | | 86 | | | | 1,079 | |
| Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 157 | | | | 1,681 | |
| Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | | | 28 | | | | 542 | |
| Alamo Group, Inc. (Machinery) | | | 36 | | | | 5,496 | |
| Alarm.com Holdings, Inc.* (Software) | | | 170 | | | | 14,399 | |
| Albany International Corp.—Class A (Machinery) | | | 111 | | | | 9,908 | |
| Albireo Pharma, Inc.* (Biotechnology) | | | 61 | | | | 2,146 | |
| Aldeyra Therapeutics, Inc.* (Biotechnology) | | | 175 | | | | 1,983 | |
| Alector, Inc.* (Biotechnology) | | | 208 | | | | 4,333 | |
| Alerus Financial Corp. (Diversified Financial Services) | | | 54 | | | | 1,567 | |
| Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | | | 261 | | | | 4,782 | |
| Alexander's, Inc. (Equity Real Estate Investment Trusts) | | | 8 | | | | 2,144 | |
| Alignment Healthcare, Inc.* (Health Care Providers & Services) | | | 95 | | | | 2,220 | |
| Aligos Therapeutics, Inc.* (Biotechnology) | | | 68 | | | | 1,386 | |
| Alkami Technology, Inc.* (Software) | | | 25 | | | | 892 | |
| Alkermes PLC* (Biotechnology) | | | 578 | | | | 14,173 | |
| Allakos, Inc.* (Biotechnology) | | | 126 | | | | 10,757 | |
| Allegheny Technologies, Inc.* (Metals & Mining) | | | 459 | | | | 9,570 | |
| Allegiance Bancshares, Inc. (Banks) | | | 69 | | | | 2,652 | |
| Allegiant Travel Co.* (Airlines) | | | 55 | | | | 10,670 | |
| ALLETE, Inc. (Electric Utilities) | | | 189 | | | | 13,226 | |
| Allied Motion Technologies, Inc. (Electrical Equipment) | | | 42 | | | | 1,450 | |
| Allogene Therapeutics, Inc.* (Biotechnology) | | | 245 | | | | 6,390 | |
| Allovir, Inc.* (Biotechnology) | | | 106 | | | | 2,092 | |
| Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | | 504 | | | | 9,329 | |
| Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 76 | | | | 2,310 | |
| Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | | | 248 | | | | 3,799 | |
| Alpine Immune Sciences, Inc.* (Biotechnology) | | | 42 | | | | 378 | |
| Alta Equipment Group, Inc.* (Trading Companies & Distributors) | | | 68 | | | | 904 | |
| Altabancorp (Banks) | | | 65 | | | | 2,815 | |
| Altair Engineering, Inc.*—Class A (Software) | | | 164 | | | | 11,311 | |
| Altimmune, Inc.* (Biotechnology) | | | 117 | | | | 1,152 | |
| Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels) | | | 258 | | | | 1,576 | |
| Altra Industrial Motion Corp. (Machinery) | | | 233 | | | | 15,150 | |
| Altus Midstream Co.—Class A (Oil, Gas & Consumable Fuels) | | | 12 | | | | 810 | |
| ALX Oncology Holdings, Inc.* (Biotechnology) | | | 64 | | | | 3,500 | |
| Amalgamated Financial Corp. (Banks) | | | 49 | | | | 766 | |
| A-Mark Precious Metals, Inc. (Diversified Financial Services) | | | 31 | | | | 1,442 | |
| Ambac Financial Group, Inc.* (Insurance) | | | 164 | | | | 2,568 | |
| Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | | | 126 | | | | 13,435 | |
| AMC Entertainment Holdings, Inc.*(a)— Class A (Entertainment) | | | 1,467 | | | | 83,149 | |
| AMC Networks, Inc.*—Class A (Media) | | | 105 | | | | 7,014 | |
| Amerant Bancorp, Inc.* (Banks) | | | 76 | | | | 1,625 | |
| Ameresco, Inc.*—Class A (Construction & Engineering) | | | 111 | | | | 6,962 | |
| American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | | 180 | | | | 6,712 | |
| American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | | 406 | | | | 4,202 | |
| American Eagle Outfitters, Inc. (Specialty Retail) | | | 548 | | | | 20,567 | |
| American Equity Investment Life Holding Co. (Insurance) | | | 308 | | | | 9,955 | |
| American Finance Trust, Inc. (Equity Real Estate Investment Trusts) | | | 394 | | | | 3,341 | |
| American National Bankshares, Inc. (Banks) | | | 38 | | | | 1,181 | |
| American National Group, Inc. (Insurance) | | | 27 | | | | 4,011 | |
| American Outdoor Brands, Inc.* (Leisure Products) | | | 51 | | | | 1,792 | |
| American Public Education, Inc.* (Diversified Consumer Services) | | | 67 | | | | 1,899 | |
| American Software, Inc.—Class A (Software) | | | 111 | | | | 2,438 | |
| American States Water Co. (Water Utilities) | | | 133 | | | | 10,581 | |
| American Superconductor Corp.* (Electrical Equipment) | | | 97 | | | | 1,687 | |
| American Vanguard Corp. (Chemicals) | | | 106 | | | | 1,856 | |
| American Well Corp.*—Class A (Health Care Technology) | | | 701 | | | | 8,819 | |
| American Woodmark Corp.* (Building Products) | | | 61 | | | | 4,983 | |
| America's Car-Mart, Inc.* (Specialty Retail) | | | 22 | | | | 3,118 | |
| Ameris Bancorp (Banks) | | | 240 | | | | 12,151 | |
| AMERISAFE, Inc. (Insurance) | | | 69 | | | | 4,119 | |
| Amicus Therapeutics, Inc.* (Biotechnology) | | | 947 | | | | 9,129 | |
| Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 368 | | | | 8,711 | |
| AMMO, Inc.* (Leisure Products) | | | 237 | | | | 2,320 | |
| AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | | 170 | | | | 16,487 | |
| Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 359 | | | | 1,838 | |
| Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 133 | | | | 2,681 | |
| Ampio Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 685 | | | | 1,144 | |
| Amyris, Inc.* (Oil, Gas & Consumable Fuels) | | | 602 | | | | 9,855 | |
| AnaptysBio, Inc.* (Biotechnology) | | | 69 | | | | 1,789 | |
| Anavex Life Sciences Corp.* (Biotechnology) | | | 224 | | | | 5,121 | |
See accompanying notes to financial statements.
210 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | | Shares | | | | Value | |
| AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | | 133 | | | $ | 3,608 | |
| Angion Biomedica Corp.* (Pharmaceuticals) | | | 21 | | | | 273 | |
| ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 35 | | | | 1,227 | |
| Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | | 52 | | | | 2,251 | |
| Annexon, Inc.* (Biotechnology) | | | 112 | | | | 2,521 | |
| Antares Pharma, Inc.* (Health Care Equipment & Supplies) | | | 601 | | | | 2,620 | |
| Anterix, Inc.* (Diversified Telecommunication Services) | | | 40 | | | | 2,400 | |
| Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 1,031 | | | | 15,496 | |
| Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | | | 537 | | | | 3,603 | |
| Apellis Pharmaceuticals, Inc.* (Biotechnology) | | | 234 | | | | 14,789 | |
| API Group Corp.* (Construction & Engineering) | | | 650 | | | | 13,579 | |
| Apogee Enterprises, Inc. (Building Products) | | | 91 | | | | 3,706 | |
| Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | | 506 | | | | 8,071 | |
| Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | | 131 | | | | 8,228 | |
| Appfolio, Inc.* (Software) | | | 67 | | | | 9,460 | |
| AppHarvest, Inc.*(a) (Food Products) | | | 173 | | | | 2,768 | |
| Appian Corp.* (Software) | | | 142 | | | | 19,561 | |
| Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | | | 757 | | | | 11,552 | |
| Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | | 140 | | | | 12,748 | |
| Applied Molecular Transport, Inc.* (Biotechnology) | | | 89 | | | | 4,071 | |
| Applied Therapeutics, Inc.* (Biotechnology) | | | 64 | | | | 1,330 | |
| Apria, Inc.* (Health Care Providers & Services) | | | 27 | | | | 756 | |
| Apyx Medical Corp.* (Health Care Equipment & Supplies) | | | 112 | | | | 1,155 | |
| AquaBounty Technologies, Inc.* (Biotechnology) | | | 189 | | | | 1,013 | |
| Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 458 | | | | 8,162 | |
| Arbutus Biopharma Corp.* (Biotechnology) | | | 281 | | | | 851 | |
| ArcBest Corp. (Road & Rail) | | | 91 | | | | 5,295 | |
| Arch Resources, Inc.* (Oil, Gas & Consumable Fuels) | | | 54 | | | | 3,077 | |
| Archrock, Inc. (Energy Equipment & Services) | | | 486 | | | | 4,330 | |
| Arcimoto, Inc.*(a) (Automobiles) | | | 99 | | | | 1,702 | |
| Arconic Corp.* (Metals & Mining) | | | 398 | | | | 14,176 | |
| Arcosa, Inc. (Construction & Engineering) | | | 175 | | | | 10,280 | |
| Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | | | 76 | | | | 2,572 | |
| Arcus Biosciences, Inc.* (Biotechnology) | | | 163 | | | | 4,476 | |
| Arcutis Biotherapeutics, Inc.* (Biotechnology) | | | 100 | | | | 2,729 | |
| Ardelyx, Inc.* (Biotechnology) | | | 305 | | | | 2,312 | |
| Arena Pharmaceuticals, Inc.* (Biotechnology) | | | 220 | | | | 15,004 | |
| Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | | | 136 | | | | 1,998 | |
| Argan, Inc. (Construction & Engineering) | | | 54 | | | | 2,581 | |
| Argo Group International Holdings, Ltd. (Insurance) | | | 114 | | | | 5,909 | |
| Arko Corp.* (Specialty Retail) | | | 74 | | | | 680 | |
| Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 293 | | | | 1,984 | |
| Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | | 215 | | | | 2,857 | |
| ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | | 255 | | | | 2,912 | |
| Array Technologies, Inc.* (Electrical Equipment) | | | 460 | | | | 7,176 | |
| Arrow Financial Corp. (Banks) | | | 48 | | | | 1,726 | |
| Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | | 365 | | | | 30,228 | |
| Artesian Resources Corp.—Class A (Water Utilities) | | | 29 | | | | 1,066 | |
| Artisan Partners Asset Management, Inc. (Capital Markets) | | | 211 | | | | 10,723 | |
| Arvinas, Inc.* (Pharmaceuticals) | | | 157 | | | | 12,089 | |
| Asana, Inc.*—Class A (Software) | | | 266 | | | | 16,500 | |
| Asbury Automotive Group, Inc.* (Specialty Retail) | | | 70 | | | | 11,996 | |
| Asensus Surgical, Inc.* (Health Care Equipment & Supplies) | | | 843 | | | | 2,672 | |
| ASGN, Inc.* (Professional Services) | | | 187 | | | | 18,125 | |
| Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts) | | | 395 | | | | 1,801 | |
| Aspen Aerogels, Inc.* (Energy Equipment & Services) | | | 78 | | | | 2,334 | |
| Aspira Women's Health, Inc.* (Health Care Equipment & Supplies) | | | 262 | | | | 1,472 | |
| Assetmark Financial Holdings, Inc.* (Capital Markets) | | | 65 | | | | 1,629 | |
| Associated Banc-Corp. (Banks) | | | 545 | | | | 11,162 | |
| Associated Capital Group, Inc.—Class A (Capital Markets) | | | 6 | | | | 233 | |
| Astec Industries, Inc. (Machinery) | | | 82 | | | | 5,161 | |
| Astronics Corp.* (Aerospace & Defense) | | | 86 | | | | 1,506 | |
| At Home Group, Inc.* (Specialty Retail) | | | 236 | | | | 8,694 | |
| Atara Biotherapeutics, Inc.* (Biotechnology) | | | 298 | | | | 4,634 | |
| Atea Pharmaceuticals, Inc.* (Biotechnology) | | | 233 | | | | 5,005 | |
| Aterian, Inc.*(a) (Household Durables) | | | 71 | | | | 1,039 | |
| Athenex, Inc.* (Biotechnology) | | | 311 | | | | 1,437 | |
| Athersys, Inc.* (Biotechnology) | | | 724 | | | | 1,043 | |
| Athira Pharma, Inc.* (Pharmaceuticals) | | | 116 | | | | 1,188 | |
| Atkore, Inc.* (Electrical Equipment) | | | 169 | | | | 11,999 | |
| Atlantic Capital Bancshares, Inc.* (Banks) | | | 71 | | | | 1,808 | |
| Atlantic Union Bankshares (Banks) | | | 284 | | | | 10,286 | |
| Atlanticus Holdings Corp.* (Consumer Finance) | | | 19 | | | | 754 | |
| Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | | | 104 | | | | 7,083 | |
| Atlas Technical Consultants, Inc.*(Professional Services) | | | 48 | | | | 465 | |
| ATN International, Inc. (Diversified Telecommunication Services) | | | 40 | | | | 1,820 | |
| Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | | | 73 | | | | 1,565 | |
| Atossa Therapeutics, Inc.*(a) (Health Care Equipment & Supplies) | | | 421 | | | | 2,661 | |
| Atreca, Inc.*—Class A (Biotechnology) | | | 94 | | | | 801 | |
| AtriCure, Inc.* (Health Care Equipment & Supplies) | | | 161 | | | | 12,772 | |
| Atrion Corp. (Health Care Equipment & Supplies) | | | 5 | | | | 3,105 | |
| Avanos Medical, Inc.* (Health Care Equipment & Supplies) | | | 173 | | | | 6,292 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 211
Common Stocks, continued
| | | Shares | | | Value | |
| Avaya Holdings Corp.*—Class C (Software) | | | 297 | | | $ | 7,989 | |
| Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | | | 139 | | | | 1,719 | |
| Aviat Networks, Inc.* (Communications Equipment) | | | 35 | | | | 1,147 | |
| Avid Bioservices, Inc.* (Biotechnology) | | | 218 | | | | 5,592 | |
| Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | | | 130 | | | | 5,090 | |
| Avidity Biosciences, Inc.* (Biotechnology) | | | 109 | | | | 2,693 | |
| Avient Corp. (Chemicals) | | | 328 | | | | 16,124 | |
| Avis Budget Group, Inc.* (Road & Rail) | | | 184 | | | | 14,332 | |
| Avista Corp. (Multi-Utilities) | | | 250 | | | | 10,668 | |
| Avita Medical, Inc.* (Biotechnology) | | | 86 | | | | 1,765 | |
| Avrobio, Inc.* (Biotechnology) | | | 131 | | | | 1,165 | |
| Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 120 | | | | 4,850 | |
| AxoGen, Inc.* (Health Care Equipment & Supplies) | | | 137 | | | | 2,961 | |
| Axonics, Inc.* (Health Care Equipment & Supplies) | | | 150 | | | | 9,512 | |
| Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | | | 206 | | | | 9,556 | |
| Axsome Therapeutics, Inc.* (Pharmaceuticals) | | | 100 | | | | 6,746 | |
| AXT, Inc.* (Semiconductors & Semiconductor Equipment) | | | 144 | | | | 1,581 | |
| AZZ, Inc. (Electrical Equipment) | | | 90 | | | | 4,660 | |
| B Riley Financial, Inc. (Capital Markets) | | | 72 | | | | 5,436 | |
| B&G Foods, Inc.(a)—Class A (Food Products) | | | 231 | | | | 7,577 | |
| Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | | | 200 | | | | 1,576 | |
| Badger Meter, Inc. (Electronic Equipment,Instruments & Components) | | | 105 | | | | 10,303 | |
| Balchem Corp. (Chemicals) | | | 116 | | | | 15,226 | |
| Bally's Corp.* (Hotels, Restaurants & Leisure) | | | 118 | | | | 6,385 | |
| Banc of California, Inc. (Banks) | | | 163 | | | | 2,859 | |
| BancFirst Corp. (Banks) | | | 62 | | | | 3,871 | |
| Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | | | 112 | | | | 1,721 | |
| BancorpSouth Bank (Banks) | | | 367 | | | | 10,397 | |
| Bandwidth, Inc.* (Diversified Telecommunication Services) | | | 82 | | | | 11,309 | |
| Bank First Corp. (Banks) | | | 24 | | | | 1,674 | |
| Bank of Marin Bancorp (Banks) | | | 46 | | | | 1,467 | |
| BankUnited, Inc. (Banks) | | | 336 | | | | 14,344 | |
| Banner Corp. (Banks) | | | 125 | | | | 6,776 | |
| Bar Harbor Bankshares (Banks) | | | 53 | | | | 1,517 | |
| Barnes & Noble Education, Inc.* (Specialty Retail) | | | 138 | | | | 995 | |
| Barnes Group, Inc. (Machinery) | | | 171 | | | | 8,764 | |
| Barrett Business Services, Inc. (Professional Services) | | | 27 | | | | 1,960 | |
| Bassett Furniture Industries, Inc. (Household Durables) | | | 34 | | | | 828 | |
| Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | | | 201 | | | | 10,703 | |
| Beam Global* (Electrical Equipment) | | | 32 | | | | 1,226 | |
| Beam Therapeutics, Inc.* (Biotechnology) | | | 169 | | | | 21,752 | |
| Beauty Health Co. (The)* (Personal Products) | | | 167 | | | | 2,806 | |
| Beazer Homes USA, Inc.* (Household Durables) | | | 105 | | | | 2,025 | |
| Bed Bath & Beyond, Inc.* (Specialty Retail) | | | 395 | | | | 13,150 | |
| Belden, Inc. (Electronic Equipment, Instruments & Components) | | | 159 | | | | 8,041 | |
| BellRing Brands, Inc.*—Class A (Personal Products) | | | 143 | | | | 4,482 | |
| Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 129 | | | | 3,671 | |
| Benefitfocus, Inc.* (Software) | | | 90 | | | | 1,269 | |
| Berkeley Lights, Inc.* (Life Sciences Tools & Services) | | | 173 | | | | 7,752 | |
| Berkshire Hills Bancorp, Inc. (Banks) | | | 184 | | | | 5,043 | |
| Berry Corp. (Oil, Gas & Consumable Fuels) | | | 243 | | | | 1,633 | |
| Beyondspring, Inc.* (Biotechnology) | | | 81 | | | | 846 | |
| BGC Partners, Inc.—Class A (Capital Markets) | | | 1,195 | | | | 6,776 | |
| Big 5 Sporting Goods Corp. (Specialty Retail) | | | 75 | | | | 1,926 | |
| Big Lots, Inc. (Multiline Retail) | | | 125 | | | | 8,251 | |
| BigCommerce Holdings, Inc.*—Class I (IT Services) | | | 169 | | | | 10,971 | |
| Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | | | 3 | | | | 478 | |
| BioAtla, Inc.* (Biotechnology) | | | 44 | | | | 1,865 | |
| BioCryst Pharmaceuticals, Inc.* (Biotechnology) | | | 640 | | | | 10,118 | |
| BioDelivery Sciences International, Inc.* (Pharmaceuticals) | | | 335 | | | | 1,199 | |
| Biodesix, Inc.* (Health Care Providers & Services) | | | 44 | | | | 581 | |
| Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | | | 195 | | | | 18,931 | |
| Biolife Solutions, Inc.* (Health Care Equipment & Supplies) | | | 88 | | | | 3,917 | |
| Biomea Fusion, Inc.* (Biotechnology) | | | 31 | | | | 484 | |
| Bionano Genomics, Inc.*(a)(Life Sciences Tools & Services) | | | 1,013 | | | | 7,425 | |
| Bioventus, Inc.*—Class A (Health Care Equipment & Supplies) | | | 30 | | | | 528 | |
| Bioxcel Therapeutics, Inc.* (Biotechnology) | | | 55 | | | | 1,598 | |
| BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | | | 81 | | | | 3,980 | |
| BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | | | 494 | | | | 23,504 | |
| Black Diamond Therapeutics, Inc.* (Biotechnology) | | | 82 | | | | 1,000 | |
| Black Hills Corp. (Multi-Utilities) | | | 227 | | | | 14,898 | |
| Blackbaud, Inc.* (Software) | | | 174 | | | | 13,323 | |
| Blackline, Inc.* (Software) | | | 193 | | | | 21,474 | |
| Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | | 499 | | | | 15,912 | |
| Blink Charging Co.*(a)(Specialty Retail) | | | 132 | | | | 5,434 | |
| Bloom Energy Corp.* (Electrical Equipment) | | | 502 | | | | 13,490 | |
| Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure) | | | 319 | | | | 8,658 | |
| Blucora, Inc.* (Capital Markets) | | | 175 | | | | 3,029 | |
| Blue Bird Corp.* (Machinery) | | | 57 | | | | 1,417 | |
| Blue Ridge Bankshares, Inc. (Banks) | | | 62 | | | | 1,086 | |
| Bluebird Bio, Inc.* (Biotechnology) | | | 243 | | | | 7,771 | |
| Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure) | | | 54 | | | | 972 | |
| BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | | | 32 | | | | 1,609 | |
| Blueprint Medicines Corp.* (Biotechnology) | | | 211 | | | | 18,560 | |
See accompanying notes to financial statements.
212 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| BM Technologies, Inc.* (IT Services) | | | 17 | | | $ | 211 | |
| Boise Cascade Co. (Paper & Forest Products) | | | 142 | | | | 8,286 | |
| Bolt Biotherapeutics, Inc.* (Biotechnology) | | | 42 | | | | 649 | |
| Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 111 | | | | 5,225 | |
| Boot Barn Holdings, Inc.* (Specialty Retail) | | | 104 | | | | 8,741 | |
| Boston Omaha Corp.*—Class A (Media) | | | 63 | | | | 1,998 | |
| Boston Private Financial Holdings, Inc. (Banks) | | | 296 | | | | 4,366 | |
| Bottomline Technologies, Inc.* (Software) | | | 159 | | | | 5,896 | |
| Box, Inc.*—Class A (Software) | | | 530 | | | | 13,542 | |
| Brady Corp.—Class A (Commercial Services & Supplies) | | | 170 | | | | 9,527 | |
| Braemar Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 160 | | | | 994 | |
| Brandywine Realty Trust (Equity Real Estate Investment Trusts) | | | 611 | | | | 8,377 | |
| Bridgebio Pharma, Inc.* (Biotechnology) | | | 388 | | | | 23,652 | |
| Bridgewater Bancshares, Inc.* (Thrifts &Mortgage Finance) | | | 76 | | | | 1,227 | |
| Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | | | 157 | | | | 3,343 | |
| Brightcove, Inc.* (IT Services) | | | 145 | | | | 2,081 | |
| Brightsphere Investment Group, Inc. (Capital Markets) | | | 209 | | | | 4,897 | |
| BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 304 | | | | 2,858 | |
| BrightView Holdings, Inc.* (Commercial Services & Supplies) | | | 148 | | | | 2,386 | |
| Brinker International, Inc.* (Hotels, Restaurants & Leisure) | | | 164 | | | | 10,143 | |
| Bristow Group, Inc.* (Energy Equipment & Services) | | | 23 | | | | 589 | |
| Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 463 | | | | 4,903 | |
| Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts) | | | 513 | | | | 12,009 | |
| Brookdale Senior Living, Inc.* (Health Care Providers & Services) | | | 667 | | | | 5,269 | |
| Brookfield Infrastructure Corp.—Class A (Gas Utilities) | | | 132 | | | | 9,953 | |
| Brookline Bancorp, Inc. (Banks) | | | 277 | | | | 4,141 | |
| Brooklyn ImmunoTherapeutics, Inc.* (Entertainment) | | | 86 | | | | 1,549 | |
| BRP Group, Inc.*—Class A (Insurance) | | | 166 | | | | 4,424 | |
| BRT Apartments Corp. (Equity Real Estate Investment Trusts) | | | 40 | | | | 694 | |
| Bryn Mawr Bank Corp. (Banks) | | | 71 | | | | 2,995 | |
| BTRS Holdings, Inc.* (Software) | | | 171 | | | | 2,158 | |
| Business First Bancshares, Inc. (Banks) | | | 70 | | | | 1,607 | |
| Butterfly Network, Inc.* (Health Care Equipment & Supplies) | | | 117 | | | | 1,694 | |
| Byline Bancorp, Inc. (Banks) | | | 92 | | | | 2,082 | |
| Byrna Technologies, Inc.* (Aerospace & Defense) | | | 38 | | | | 863 | |
| C4 Therapeutics, Inc.* (Biotechnology) | | | 124 | | | | 4,692 | |
| Cabot Corp. (Chemicals) | | | 202 | | | | 11,500 | |
| Cactus, Inc.—Class A (Energy Equipment & Services) | | | 197 | | | | 7,234 | |
| Cadence Bancorp (Banks) | | | 443 | | | | 9,250 | |
| Cadiz, Inc.* (Water Utilities) | | | 72 | | | | 979 | |
| Caesarstone, Ltd. (Building Products) | | | 81 | | | | 1,196 | |
| CAI International, Inc. (Trading Companies & Distributors) | | | 59 | | | | 3,304 | |
| CalAmp Corp.* (Communications Equipment) | | | 126 | | | | 1,603 | |
| Calavo Growers, Inc. (Food Products) | | | 62 | | | | 3,932 | |
| Caleres, Inc. (Specialty Retail) | | | 133 | | | | 3,630 | |
| California Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 303 | | | | 9,132 | |
| California Water Service Group (Water Utilities) | | | 183 | | | | 10,164 | |
| Calix, Inc.* (Communications Equipment) | | | 197 | | | | 9,358 | |
| Callaway Golf Co.* (Leisure Products) | | | 417 | | | | 14,064 | |
| Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | | 144 | | | | 8,307 | |
| Cal-Maine Foods, Inc. (Food Products) | | | 129 | | | | 4,671 | |
| Cambium Networks Corp.* (Communications Equipment) | | | 32 | | | | 1,547 | |
| Cambridge Bancorp (Banks) | | | 25 | | | | 2,075 | |
| Camden National Corp. (Banks) | | | 53 | | | | 2,531 | |
| Camping World Holdings, Inc.—Class A (Specialty Retail) | | | 154 | | | | 6,312 | |
| Cannae Holdings, Inc.* (Diversified Financial Services) | | | 315 | | | | 10,681 | |
| Canoo, Inc.*(a) (Automobiles) | | | 287 | | | | 2,853 | |
| Cantaloupe, Inc.* (IT Services) | | | 210 | | | | 2,491 | |
| Capital Bancorp, Inc.* (Banks) | | | 28 | | | | 573 | |
| Capital City Bank Group, Inc. (Banks) | | | 48 | | | | 1,238 | |
| Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | | 468 | | | | 5,513 | |
| Capstar Financial Holdings, Inc. (Banks) | | | 74 | | | | 1,517 | |
| Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | | 344 | | | | 2,112 | |
| Cara Therapeutics, Inc.* (Biotechnology) | | | 160 | | | | 2,283 | |
| Cardiff Oncology, Inc.* (Biotechnology) | | | 130 | | | | 865 | |
| Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | | 142 | | | | 6,056 | |
| Cardlytics, Inc.* (Media) | | | 115 | | | | 14,597 | |
| CareDx, Inc.* (Biotechnology) | | | 180 | | | | 16,474 | |
| CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | | 348 | | | | 8,084 | |
| Cargurus, Inc.* (Interactive Media & Services) | | | 335 | | | | 8,787 | |
| CarLotz, Inc.* (Specialty Retail) | | | 157 | | | | 857 | |
| CarParts.com, Inc.* (Internet & Direct Marketing Retail) | | | 171 | | | | 3,482 | |
| Carpenter Technology Corp. (Metals & Mining) | | | 172 | | | | 6,918 | |
| Carriage Services, Inc. (Diversified Consumer Services) | | | 60 | | | | 2,218 | |
| Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | | 120 | | | | 721 | |
| Cars.com, Inc.* (Interactive Media & Services) | | | 247 | | | | 3,540 | |
| Carter Bankshares, Inc.* (Banks) | | | 93 | | | | 1,163 | |
| Casa Systems, Inc.* (Communications Equipment) | | | 113 | | | | 1,002 | |
| Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | | | 177 | | | | 11,227 | |
| Casper Sleep, Inc.* (Household Durables) | | | 105 | | | | 865 | |
| Cass Information Systems, Inc. (IT Services) | | | 51 | | | | 2,078 | |
| Cassava Sciences, Inc.* (Pharmaceuticals) | | | 138 | | | | 11,791 | |
| Castle Biosciences, Inc.* (Biotechnology) | | | 77 | | | | 5,646 | |
| Castlight Health, Inc.*—Class B (Health Care Technology) | | | 430 | | | | 1,131 | |
| Catalyst Pharmaceuticals, Inc.* (Biotechnology) | | | 350 | | | | 2,013 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 213
Common Stocks, continued
| | | Shares | | | Value | |
| CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 176 | | | $ | 2,059 | |
| Cathay General Bancorp (Banks) | | | 276 | | | | 10,863 | |
| Cavco Industries, Inc.* (Household Durables) | | | 33 | | | | 7,332 | |
| CBIZ, Inc.* (Professional Services) | | | 180 | | | | 5,899 | |
| CBTX, Inc. (Banks) | | | 66 | | | | 1,802 | |
| CECO Environmental Corp.* (Commercial Services & Supplies) | | | 112 | | | | 802 | |
| Celcuity, Inc.* (Biotechnology) | | | 29 | | | | 696 | |
| Celldex Therapeutics, Inc.* (Biotechnology) | | | 141 | | | | 4,715 | |
| CEL-SCI Corp.* (Biotechnology) | | | 128 | | | | 1,111 | |
| Celsius Holdings, Inc.* (Beverages) | | | 164 | | | | 12,479 | |
| Centennial Resource Development, Inc.*— Class A (Oil, Gas & Consumable Fuels) | | | 652 | | | | 4,421 | |
| Centerspace (Equity Real Estate Investment Trusts) | | | 48 | | | | 3,787 | |
| Central Garden & Pet Co.* (Household Products) | | | 35 | | | | 1,853 | |
| Central Garden & Pet Co.*—Class A (Household Products) | | | 146 | | | | 7,052 | |
| Central Pacific Financial Corp. (Banks) | | | 100 | | | | 2,606 | |
| Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | | | 34 | | | | 863 | |
| Century Aluminum Co.* (Metals & Mining) | | | 185 | | | | 2,385 | |
| Century Bancorp, Inc.—Class A (Banks) | | | 10 | | | | 1,140 | |
| Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | | | 98 | | | | 1,316 | |
| Century Communities, Inc. (Household Durables) | | | 108 | | | | 7,186 | |
| Cerecor, Inc.* (Pharmaceuticals) | | | 191 | | | | 625 | |
| Cerence, Inc.* (Software) | | | 136 | | | | 14,513 | |
| Cerevel Therapeutics Holdings, Inc.*(a) (Biotechnology) | | | 127 | | | | 3,254 | |
| Cerus Corp.* (Health Care Equipment & Supplies) | | | 606 | | | | 3,581 | |
| CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | | | 81 | | | | 3,831 | |
| ChampionX Corp.* (Energy Equipment & Services) | | | 731 | | | | 18,750 | |
| ChannelAdvisor Corp.* (Software) | | | 105 | | | | 2,574 | |
| Chart Industries, Inc.* (Machinery) | | | 132 | | | | 19,313 | |
| Chase Corp. (Chemicals) | | | 27 | | | | 2,770 | |
| Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | | | 172 | | | | 2,214 | |
| Chefs' Warehouse, Inc.* (Food & Staples Retailing) | | | 113 | | | | 3,597 | |
| ChemoCentryx, Inc.* (Biotechnology) | | | 194 | | | | 2,598 | |
| Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | | | 356 | | | | 18,484 | |
| Chesapeake Utilities Corp. (Gas Utilities) | | | 62 | | | | 7,460 | |
| Chicken Soup For The Soul Entertainment, Inc.* (Entertainment) | | | 41 | | | | 1,697 | |
| Chico's FAS, Inc.* (Specialty Retail) | | | 433 | | | | 2,849 | |
| Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 829 | | | | 12,485 | |
| Chimerix, Inc.* (Biotechnology) | | | 263 | | | | 2,104 | |
| Chinook Therapeutics, Inc.* (Biotechnology) | | | 113 | | | | 1,596 | |
| ChromaDex Corp.* (Life Sciences Tools & Services) | | | 169 | | | | 1,666 | |
| Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 72 | | | | 2,683 | |
| Cimpress PLC* (Commercial Services & Supplies) | | | 63 | | | | 6,830 | |
| Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | | 182 | | | | 2,806 | |
| Cinemark Holdings, Inc.* (Entertainment) | | | 389 | | | | 8,539 | |
| CIRCOR International, Inc.* (Machinery) | | | 66 | | | | 2,152 | |
| CIT Group, Inc. (Banks) | | | 358 | | | | 18,469 | |
| Citi Trends, Inc.* (Specialty Retail) | | | 32 | | | | 2,784 | |
| Citius Pharmaceuticals, Inc.*(a) (Pharmaceuticals) | | | 409 | | | | 1,423 | |
| Citizens & Northern Corp. (Banks) | | | 56 | | | | 1,372 | |
| Citizens, Inc.* (Insurance) | | | 180 | | | | 952 | |
| City Holding Co. (Banks) | | | 56 | | | | 4,213 | |
| City Office REIT, Inc. (Equity Real Estate Investment Trusts) | | | 154 | | | | 1,914 | |
| Civista Bancshares, Inc. (Banks) | | | 56 | | | | 1,238 | |
| Clarus Corp. (Leisure Products) | | | 87 | | | | 2,236 | |
| Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | | | 501 | | | | 5,085 | |
| Cleanspark, Inc.* (Software) | | | 118 | | | | 1,964 | |
| Clear Channel Outdoor Holdings, Inc.* (Media) | | | 1,308 | | | | 3,453 | |
| Clearfield, Inc.* (Communications Equipment) | | | 41 | | | | 1,535 | |
| ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies) | | | 68 | | | | 1,298 | |
| Clearwater Paper Corp.* (Paper & Forest Products) | | | 59 | | | | 1,709 | |
| Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | | | 126 | | | | 3,178 | |
| Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | | | 296 | | | | 7,838 | |
| Clene, Inc.* (Biotechnology) | | | 82 | | | | 922 | |
| Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | | | 44 | | | | 323 | |
| Cloudera, Inc.* (Software) | | | 834 | | | | 13,227 | |
| Clovis Oncology, Inc.* (Biotechnology) | | | 359 | | | | 2,082 | |
| CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 105 | | | | 15,828 | |
| CNB Financial Corp. (Banks) | | | 58 | | | | 1,324 | |
| CNO Financial Group, Inc. (Insurance) | | | 473 | | | | 11,172 | |
| CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 788 | | | | 10,764 | |
| Coastal Financial Corp.* (Banks) | | | 34 | | | | 971 | |
| Coca-Cola Consolidated, Inc. (Beverages) | | | 17 | | | | 6,836 | |
| Codexis, Inc.* (Life Sciences Tools & Services) | | | 217 | | | | 4,917 | |
| Codiak Biosciences, Inc.* (Biotechnology) | | | 57 | | | | 1,056 | |
| Coeur Mining, Inc.* (Metals & Mining) | | | 873 | | | | 7,752 | |
| Cogent Biosciences, Inc.* (Biotechnology) | | | 134 | | | | 1,087 | |
| Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | | 154 | | | | 11,841 | |
| Cohen & Steers, Inc. (Capital Markets) | | | 90 | | | | 7,388 | |
| Coherus Biosciences, Inc.* (Biotechnology) | | | 231 | | | | 3,195 | |
| Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | | | 173 | | | | 6,365 | |
| Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | | 127 | | | | 3,002 | |
| Columbia Banking System, Inc. (Banks) | | | 259 | | | | 9,987 | |
| Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | | | 145 | | | | 2,497 | |
See accompanying notes to financial statements.
214 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 413 | | | $ | 7,182 | |
| Columbus McKinnon Corp. (Machinery) | | | 100 | | | | 4,824 | |
| Comfort Systems USA, Inc. (Construction & Engineering) | | | 128 | | | | 10,085 | |
| Commercial Metals Co. (Metals & Mining) | | | 433 | | | | 13,302 | |
| Commercial Vehicle Group, Inc.* (Machinery) | | | 115 | | | | 1,222 | |
| Community Bank System, Inc. (Banks) | | | 193 | | | | 14,600 | |
| Community Health Systems, Inc.* (Health Care Providers & Services) | | | 448 | | | | 6,917 | |
| Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | | | 84 | | | | 3,987 | |
| Community Trust Bancorp, Inc. (Banks) | | | 56 | | | | 2,261 | |
| CommVault Systems, Inc.* (Software) | | | 152 | | | | 11,882 | |
| Compass Minerals International, Inc. (Metals & Mining) | | | 123 | | | | 7,289 | |
| Computer Programs & Systems, Inc. (Health Care Technology) | | | 51 | | | | 1,695 | |
| CompX International, Inc. (Commercial Services & Supplies) | | | 6 | | | | 125 | |
| comScore, Inc.* (Media) | | | 248 | | | | 1,240 | |
| Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | | | 330 | | | | 2,201 | |
| Comtech Telecommunications Corp. (Communications Equipment) | | | 92 | | | | 2,223 | |
| Concrete Pumping Holdings, Inc.* (Construction & Engineering) | | | 93 | | | | 788 | |
| Conduent, Inc.* (IT Services) | | | 603 | | | | 4,523 | |
| CONMED Corp. (Health Care Equipment & Supplies) | | | 105 | | | | 14,430 | |
| ConnectOne Bancorp, Inc. (Banks) | | | 134 | | | | 3,507 | |
| Conn's, Inc.* (Specialty Retail) | | | 64 | | | | 1,632 | |
| CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 123 | | | | 2,272 | |
| Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | | | 263 | | | | 2,312 | |
| Constellation Pharmaceuticals, Inc.* (Biotechnology) | | | 131 | | | | 4,428 | |
| Constellium SE* (Metals & Mining) | | | 442 | | | | 8,376 | |
| Construction Partners, Inc.*—Class A (Construction & Engineering) | | | 103 | | | | 3,234 | |
| Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels) | | | 529 | | | | 2,285 | |
| Cooper-Standard Holding, Inc.* (Auto Components) | | | 61 | | | | 1,769 | |
| Corcept Therapeutics, Inc.* (Pharmaceuticals) | | | 348 | | | | 7,656 | |
| CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | | | 432 | | | | 4,523 | |
| Core-Mark Holding Co., Inc. (Distributors) | | | 161 | | | | 7,246 | |
| CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts) | | | 142 | | | | 1,519 | |
| CorMedix, Inc.* (Pharmaceuticals) | | | 136 | | | | 933 | |
| Cornerstone Building Brands, Inc.* (Building Products) | | | 197 | | | | 3,581 | |
| Cornerstone OnDemand, Inc.* (Software) | | | 227 | | | | 11,709 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 407 | | | | 11,392 | |
| Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | | | 97 | | | | 3,229 | |
| Cortexyme, Inc.* (Biotechnology) | | | 72 | | | | 3,816 | |
| CorVel Corp.* (Health Care Providers & Services) | | | 32 | | | | 4,298 | |
| Costamare, Inc. (Marine) | | | 190 | | | | 2,244 | |
| Coursera, Inc.* (Diversified Consumer Services) | | | 43 | | | | 1,701 | |
| Covanta Holding Corp. (Commercial Services & Supplies) | | | 432 | | | | 7,608 | |
| Covenant Logistics Group, Inc.*—Class A (Road & Rail) | | | 44 | | | | 910 | |
| Covetrus, Inc.* (Health Care Providers & Services) | | | 373 | | | | 10,071 | |
| Cowen, Inc.—Class A (Capital Markets) | | | 94 | | | | 3,859 | |
| CRA International, Inc. (Professional Services) | | | 26 | | | | 2,226 | |
| Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | | 85 | | | | 12,619 | |
| Crawford & Co.—Class A (Insurance) | | | 59 | | | | 535 | |
| Crinetics Pharmaceuticals, Inc.* (Biotechnology) | | | 131 | | | | 2,469 | |
| Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | | 233 | | | | 27,148 | |
| Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | | 129 | | | | 2,130 | |
| CrossFirst Bankshares, Inc.* (Banks) | | | 170 | | | | 2,338 | |
| CryoLife, Inc.* (Health Care Equipment & Supplies) | | | 137 | | | | 3,891 | |
| CryoPort, Inc.* (Health Care Equipment & Supplies) | | | 146 | | | | 9,213 | |
| CSG Systems International, Inc. (IT Services) | | | 117 | | | | 5,520 | |
| CSW Industrials, Inc. (Building Products) | | | 49 | | | | 5,805 | |
| CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts) | | | 21 | | | | 1,124 | |
| CTS Corp. (Electronic Equipment, Instruments & Components) | | | 115 | | | | 4,273 | |
| Cue BioPharma, Inc.* (Biotechnology) | | | 107 | | | | 1,247 | |
| Cullinan Oncology, Inc.* (Biotechnology) | | | 48 | | | | 1,236 | |
| CuriosityStream, Inc.*(a) (Entertainment) | | | 94 | | | | 1,282 | |
| Curis, Inc.* (Biotechnology) | | | 312 | | | | 2,518 | |
| Curo Group Holdings Corp. (Consumer Finance) | | | 76 | | | | 1,292 | |
| Cushman & Wakefield PLC* (Real Estate Management & Development) | | | 423 | | | | 7,390 | |
| Custom Truck One Source, Inc.* (Trading Companies & Distributors) | | | 47 | | | | 447 | |
| Customers Bancorp, Inc. (Banks) | | | 108 | | | | 4,211 | |
| Cutera, Inc.* (Health Care Equipment & Supplies) | | | 63 | | | | 3,089 | |
| CVB Financial Corp. (Banks) | | | 466 | | | | 9,595 | |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 107 | | | | 1,922 | |
| Cymabay Therapeutics, Inc.* (Pharmaceuticals) | | | 250 | | | | 1,090 | |
| Cytokinetics, Inc.* (Biotechnology) | | | 245 | | | | 4,849 | |
| CytomX Therapeutics, Inc.* (Biotechnology) | | | 234 | | | | 1,481 | |
| CytoSorbents Corp.* (Health Care Equipment & Supplies) | | | 149 | | | | 1,125 | |
| Daily Journal Corp.* (Media) | | | 4 | | | | 1,354 | |
| Daktronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 132 | | | | 870 | |
| Dana, Inc. (Auto Components) | | | 524 | | | | 12,450 | |
| Danimer Scientific, Inc.* (Chemicals) | | | 248 | | | | 6,212 | |
| DarioHealth Corp.* (Health Care Equipment & Supplies) | | | 49 | | | | 1,047 | |
| Daseke, Inc.* (Road & Rail) | | | 151 | | | | 978 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 215
Common Stocks, continued
| | | Shares | | | Value | |
| Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 156 | | | $ | 6,334 | |
| Deciphera Pharmaceuticals, Inc.* (Biotechnology) | | | 142 | | | | 5,199 | |
| Del Taco Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 108 | | | | 1,081 | |
| Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | | | 238 | | | | 5,138 | |
| Deluxe Corp. (Commercial Services & Supplies) | | | 152 | | | | 7,261 | |
| Denali Therapeutics, Inc.* (Biotechnology) | | | 328 | | | | 25,727 | |
| Denbury, Inc.* (Oil, Gas & Consumable Fuels) | | | 182 | | | | 13,974 | |
| Denny's Corp.* (Hotels, Restaurants & Leisure) | | | 226 | | | | 3,727 | |
| DermTech, Inc.* (Biotechnology) | | | 85 | | | | 3,533 | |
| Design Therapeutics, Inc.* (Biotechnology) | | | 49 | | | | 975 | |
| Designer Brands, Inc.* (Specialty Retail) | | | 217 | | | | 3,591 | |
| Desktop Metal, Inc.*—Class A (Machinery) | | | 301 | | | | 3,462 | |
| DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | | | 522 | | | | 3,388 | |
| Diamond Hill Investment Group, Inc. (Capital Markets) | | | 11 | | | | 1,840 | |
| Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels) | | | 112 | | | | 1,116 | |
| DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | | | 754 | | | | 7,314 | |
| Dicerna Pharmaceuticals, Inc.* (Biotechnology) | | | 248 | | | | 9,255 | |
| Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | | | 259 | | | | 3,326 | |
| Digi International, Inc.* (Communications Equipment) | | | 122 | | | | 2,453 | |
| Digimarc Corp.* (Software) | | | 46 | | | | 1,541 | |
| Digital Media Solutions, Inc.*—Class A (Media) | | | 11 | | | | 106 | |
| Digital Turbine, Inc.* (Software) | | | 304 | | | | 23,112 | |
| DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts) | | | 1,722 | | | | 13,604 | |
| DigitalOcean Holdings, Inc.* (IT Services) | | | 46 | | | | 2,557 | |
| Dillard's, Inc.—Class A (Multiline Retail) | | | 23 | | | | 4,160 | |
| Dime Community Bancshares, Inc. (Banks) | | | 126 | | | | 4,236 | |
| Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure) | | | 59 | | | | 5,266 | |
| Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | | 157 | | | | 12,524 | |
| Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | | | 855 | | | | 3,574 | |
| DMC Global, Inc.* (Machinery) | | | 67 | | | | 3,766 | |
| Domo, Inc.* (Software) | | | 99 | | | | 8,002 | |
| Domtar Corp.* (Paper & Forest Products) | | | 180 | | | | 9,893 | |
| Donegal Group, Inc.—Class A (Insurance) | | | 52 | | | | 758 | |
| Donnelley Financial Solutions, Inc.* (Capital Markets) | | | 106 | | | | 3,498 | |
| Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 108 | | | | 1,525 | |
| Dorman Products, Inc.* (Auto Components) | | | 96 | | | | 9,952 | |
| Douglas Dynamics, Inc. (Machinery) | | | 81 | | | | 3,296 | |
| Dril-Quip, Inc.* (Energy Equipment & Services) | | | 126 | | | | 4,263 | |
| Drive Shack, Inc.* (Hotels, Restaurants & Leisure) | | | 298 | | | | 986 | |
| DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | | | 81 | | | | 1,199 | |
| Duckhorn Portfolio, Inc. (The)* (Beverages) | | | 73 | | | | 1,610 | |
| Ducommun, Inc.* (Aerospace & Defense) | | | 39 | | | | 2,128 | |
| Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | | | 44 | | | | 909 | |
| Durect Corp.* (Pharmaceuticals) | | | 815 | | | | 1,328 | |
| DXP Enterprises, Inc.* (Trading Companies & Distributors) | | | 64 | | | | 2,131 | |
| Dycom Industries, Inc.* (Construction & Engineering) | | | 108 | | | | 8,049 | |
| Dynavax Technologies Corp.* (Biotechnology) | | | 388 | | | | 3,822 | |
| Dyne Therapeutics, Inc.* (Biotechnology) | | | 108 | | | | 2,272 | |
| Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 110 | | | | 2,053 | |
| DZS, Inc.* (Communications Equipment) | | | 61 | | | | 1,266 | |
| E2open Parent Holdings, Inc.* (Software) | | | 150 | | | | 1,713 | |
| Eagle Bancorp, Inc. (Banks) | | | 114 | | | | 6,393 | |
| Eagle Bulk Shipping, Inc.* (Marine) | | | 30 | | | | 1,420 | |
| Eagle Pharmaceuticals, Inc.* (Biotechnology) | | | 42 | | | | 1,798 | |
| Eargo, Inc.* (Health Care Equipment & Supplies) | | | 70 | | | | 2,794 | |
| Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 86 | | | | 952 | |
| Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | | 304 | | | | 6,408 | |
| Eastern Bankshares, Inc. (Banks) | | | 619 | | | | 12,733 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 143 | | | | 23,515 | |
| Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | | | 162 | | | | 1,348 | |
| Ebix, Inc. (Software) | | | 96 | | | | 3,254 | |
| Echo Global Logistics, Inc.* (Air Freight & Logistics) | | | 95 | | | | 2,920 | |
| EchoStar Corp.*—Class A (Communications Equipment) | | | 149 | | | | 3,619 | |
| Edgewell Personal Care Co. (Personal Products) | | | 196 | | | | 8,604 | |
| Edgewise Therapeutics, Inc.* (Pharmaceuticals) | | | 44 | | | | 939 | |
| Editas Medicine, Inc.* (Biotechnology) | | | 246 | | | | 13,933 | |
| eGain Corp.* (Software) | | | 74 | | | | 850 | |
| eHealth, Inc.* (Insurance) | | | 88 | | | | 5,139 | |
| Eiger Biopharmaceuticals, Inc.* (Biotechnology) | | | 115 | | | | 980 | |
| El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 69 | | | | 1,262 | |
| elf Beauty, Inc.* (Personal Products) | | | 165 | | | | 4,478 | |
| Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | | | 148 | | | | 2,834 | |
| EMCOR Group, Inc. (Construction & Engineering) | | | 195 | | | | 24,021 | |
| EMCORE Corp.* (Communications Equipment) | | | 132 | | | | 1,217 | |
| Emerald Holding, Inc.* (Media) | | | 87 | | | | 469 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 176 | | | | 11,086 | |
| Empire State Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 515 | | | | 6,180 | |
| Employers Holdings, Inc. (Insurance) | | | 103 | | | | 4,408 | |
| Enanta Pharmaceuticals, Inc.* (Biotechnology) | | | 69 | | | | 3,037 | |
| Encore Capital Group, Inc.* (Consumer Finance) | | | 111 | | | | 5,260 | |
| Encore Wire Corp. (Electrical Equipment) | | | 72 | | | | 5,457 | |
| Endo International PLC* (Pharmaceuticals) | | | 826 | | | | 3,866 | |
| Energizer Holdings, Inc. (Household Products) | | | 245 | | | | 10,530 | |
See accompanying notes to financial statements.
216 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels) | | | 508 | | | $ | 3,073 | |
| Energy Recovery, Inc.* (Machinery) | | | 152 | | | | 3,463 | |
| Enerpac Tool Group Corp. (Machinery) | | | 218 | | | | 5,803 | |
| EnerSys (Electrical Equipment) | | | 154 | | | | 15,051 | |
| Ennis, Inc. (Commercial Services & Supplies) | | | 92 | | | | 1,980 | |
| Enova International, Inc.* (Consumer Finance) | | | 131 | | | | 4,482 | |
| EnPro Industries, Inc. (Machinery) | | | 74 | | | | 7,189 | |
| Enstar Group, Ltd.* (Insurance) | | | 50 | | | | 11,946 | |
| Entercom Communications Corp.* (Media) | | | 425 | | | | 1,832 | |
| Enterprise Bancorp, Inc. (Banks) | | | 33 | | | | 1,081 | |
| Enterprise Financial Services Corp. (Banks) | | | 104 | | | | 4,825 | |
| Entravision Communications Corp.—Class A (Media) | | | 214 | | | | 1,430 | |
| Envestnet, Inc.* (Software) | | | 196 | | | | 14,869 | |
| Eos Energy Enterprises, Inc.* (Electrical Equipment) | | | 63 | | | | 1,131 | |
| Epizyme, Inc.* (Biotechnology) | | | 323 | | | | 2,684 | |
| ePlus, Inc.* (Electronic Equipment, Instruments & Components) | | | 48 | | | | 4,161 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 1,473 | | | | 12,535 | |
| Equity Bancshares, Inc.*—Class A (Banks) | | | 49 | | | | 1,494 | |
| Equity Commonwealth (Equity Real Estate Investment Trusts) | | | 423 | | | | 11,083 | |
| Eros STX Global Corp.* (Entertainment) | | | 1,144 | | | | 1,750 | |
| Escalade, Inc. (Leisure Products) | | | 37 | | | | 849 | |
| ESCO Technologies, Inc. (Machinery) | | | 92 | | | | 8,631 | |
| Esperion Therapeutics, Inc.* (Biotechnology) | | | 95 | | | | 2,009 | |
| Esports Technologies, Inc.* (Hotels, Restaurants & Leisure) | | | 9 | | | | 190 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 399 | | | | 17,935 | |
| Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | | | 422 | | | | 11,411 | |
| Ethan Allen Interiors, Inc. (Household Durables) | | | 81 | | | | 2,236 | |
| Evelo Biosciences, Inc.* (Biotechnology) | | | 109 | | | | 1,498 | |
| Eventbrite, Inc.* (Interactive Media & Services) | | | 270 | | | | 5,130 | |
| Everi Holdings, Inc.* (IT Services) | | | 301 | | | | 7,507 | |
| EverQuote, Inc.*—Class A (Interactive Media & Services) | | | 68 | | | | 2,222 | |
| EVERTEC, Inc. (IT Services) | | | 218 | | | | 9,516 | |
| EVI Industries, Inc.* (Trading Companies & Distributors) | | | 21 | | | | 596 | |
| Evo Payments, Inc.* (IT Services) | | | 169 | | | | 4,688 | |
| Evolent Health, Inc.* (Health Care Technology) | | | 279 | | | | 5,892 | |
| Evolus, Inc.* (Pharmaceuticals) | | | 116 | | | | 1,467 | |
| Evoqua Water Technologies Corp.* (Machinery) | | | 417 | | | | 14,086 | |
| Exagen, Inc.* (Health Care Providers & Services) | | | 39 | | | | 585 | |
| ExlService Holdings, Inc.* (IT Services) | | | 118 | | | | 12,539 | |
| eXp World Holdings, Inc.* (Real Estate Management & Development) | | | 224 | | | | 8,684 | |
| Exponent, Inc. (Professional Services) | | | 187 | | | | 16,682 | |
| Extraction Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | | 56 | | | | 3,075 | |
| Extreme Networks, Inc.* (Communications Equipment) | | | 445 | | | | 4,966 | |
| EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 76 | | | | 683 | |
| EZCORP, Inc.*—Class A (Consumer Finance) | | | 178 | | | | 1,073 | |
| Fabrinet* (Electronic Equipment, Instruments & Components) | | | 133 | | | | 12,751 | |
| Falcon Minerals Corp. (Oil, Gas & Consumable Fuels) | | | 143 | | | | 726 | |
| Farmers National Bancorp (Banks) | | | 94 | | | | 1,458 | |
| Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | | | 97 | | | | 1,169 | |
| FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 66 | | | | 5,133 | |
| Fate Therapeutics, Inc.* (Biotechnology) | | | 289 | | | | 25,081 | |
| Fathom Holdings, Inc.* (Real Estate Management & Development) | | | 19 | | | | 623 | |
| FB Financial Corp. (Banks) | | | 120 | | | | 4,478 | |
| Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | | | 33 | | | | 3,264 | |
| Federal Signal Corp. (Machinery) | | | 217 | | | | 8,730 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 341 | | | | 11,563 | |
| Ferro Corp.* (Chemicals) | | | 296 | | | | 6,385 | |
| FibroGen, Inc.* (Biotechnology) | | | 310 | | | | 8,255 | |
| Fidelity D&D Bancorp, Inc. (Banks) | | | 14 | | | | 757 | |
| Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | | 64 | | | | 860 | |
| Finance Of America Cos., Inc.*—Class A (Thrifts & Mortgage Finance) | | | 120 | | | | 916 | |
| Financial Institutions, Inc. (Banks) | | | 56 | | | | 1,680 | |
| Finch Therapeutics Group, Inc.* (Biotechnology) | | | 27 | | | | 380 | |
| First Bancorp (Banks) | | | 776 | | | | 9,250 | |
| First Bancorp (Banks) | | | 101 | | | | 4,132 | |
| First Bancshares, Inc. (Banks) | | | 73 | | | | 2,732 | |
| First Bank/Hamilton NJ (Banks) | | | 56 | | | | 758 | |
| First Busey Corp. (Banks) | | | 183 | | | | 4,513 | |
| First Choice Bancorp (Banks) | | | 38 | | | | 1,157 | |
| First Commonwealth Financial Corp. (Banks) | | | 344 | | | | 4,840 | |
| First Community Bancshares, Inc. (Banks) | | | 62 | | | | 1,851 | |
| First Financial Bancorp (Banks) | | | 347 | | | | 8,200 | |
| First Financial Bankshares, Inc. (Banks) | | | 468 | | | | 22,992 | |
| First Financial Corp. (Banks) | | | 43 | | | | 1,755 | |
| First Foundation, Inc. (Banks) | | | 143 | | | | 3,219 | |
| First Internet Bancorp (Banks) | | | 33 | | | | 1,022 | |
| First Interstate BancSystem — Class A (Banks) | | | 148 | | | | 6,191 | |
| First Merchants Corp. (Banks) | | | 195 | | | | 8,126 | |
| First Mid Bancshares, Inc. (Banks) | | | 60 | | | | 2,431 | |
| First Midwest Bancorp, Inc. (Banks) | | | 410 | | | | 8,130 | |
| First of Long Island Corp. (Banks) | | | 82 | | | | 1,741 | |
| FirstCash, Inc. (Consumer Finance) | | | 145 | | | | 11,084 | |
| Fisker, Inc.*(a) (Automobiles) | | | 572 | | | | 11,028 | |
| Five Star Bancorp* (Banks) | | | 19 | | | | 459 | |
| Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 188 | | | | 7,947 | |
| Flexion Therapeutics, Inc.* (Biotechnology) | | | 173 | | | | 1,424 | |
| Flexsteel Industries, Inc. (Household Durables) | | | 24 | | | | 969 | |
| Fluent, Inc.* (Media) | | | 156 | | | | 457 | |
| Fluidigm Corp.* (Life Sciences Tools & Services) | | | 270 | | | | 1,663 | |
| Fluor Corp.* (Construction & Engineering) | | | 512 | | | | 9,062 | |
| Flushing Financial Corp. (Banks) | | | 106 | | | | 2,272 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 217
Common Stocks, continued
| | | Shares | | | Value | |
| Focus Financial Partners, Inc.* (Capital Markets) | | | 186 | | | $ | 9,021 | |
| Foghorn Therapeutics, Inc.* (Pharmaceuticals) | | | 70 | | | | 747 | |
| Forestar Group, Inc.* (Real Estate Management & Development) | | | 61 | | | | 1,276 | |
| Forian, Inc.* (Health Care Technology) | | | 65 | | | | 817 | |
| Forma Therapeutics Holdings, Inc.* (Biotechnology) | | | 116 | | | | 2,887 | |
| FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | | 280 | | | | 10,209 | |
| Forrester Research, Inc.* (Professional Services) | | | 41 | | | | 1,878 | |
| Forte Biosciences, Inc.* (Biotechnology) | | | 41 | | | | 1,378 | |
| Forterra, Inc.* (Construction Materials) | | | 105 | | | | 2,469 | |
| Fortress Biotech, Inc.* (Biotechnology) | | | 258 | | | | 921 | |
| Forward Air Corp. (Air Freight & Logistics) | | | 98 | | | | 8,796 | |
| Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 170 | | | | 2,428 | |
| Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 274 | | | | 7,565 | |
| Fox Factory Holding Corp.* (Auto Components) | | | 152 | | | | 23,660 | |
| Franchise Group, Inc. (Diversified Consumer Services) | | | 102 | | | | 3,598 | |
| Franklin Covey Co.* (Professional Services) | | | 45 | | | | 1,456 | |
| Franklin Electric Co., Inc. (Machinery) | | | 167 | | | | 13,464 | |
| Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | | 372 | | | | 1,957 | |
| Frank's International N.V.* (Energy Equipment & Services) | | | 598 | | | | 1,812 | |
| Frequency Therapeutics, Inc.* (Biotechnology) | | | 115 | | | | 1,145 | |
| Fresh Del Monte Produce, Inc. (Food Products) | | | 121 | | | | 3,978 | |
| Frontier Group Holdings, Inc.* (Airlines) | | | 125 | | | | 2,130 | |
| Frontline, Ltd. (Oil, Gas & Consumable Fuels) | | | 430 | | | | 3,870 | |
| FRP Holdings, Inc.* (Real Estate Management & Development) | | | 24 | | | | 1,336 | |
| FS Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 13 | | | | 927 | |
| FTC Solar, Inc.* (Electrical Equipment) | | | 69 | | | | 918 | |
| FTS International, Inc.*—Class A (Energy Equipment & Services) | | | 32 | | | | 905 | |
| fuboTV, Inc.* (Software) | | | 474 | | | | 15,220 | |
| FuelCell Energy, Inc.* (Electrical Equipment) | | | 1,171 | | | | 10,422 | |
| Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | | | 80 | | | | 838 | |
| Fulgent Genetics, Inc.* (Health Care Providers & Services) | | | 73 | | | | 6,733 | |
| Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | | | 118 | | | | 1,173 | |
| Fulton Financial Corp. (Banks) | | | 573 | | | | 9,042 | |
| Funko, Inc.* (Distributors) | | | 95 | | | | 2,022 | |
| FutureFuel Corp. (Chemicals) | | | 93 | | | | 893 | |
| G1 Therapeutics, Inc.* (Biotechnology) | | | 141 | | | | 3,094 | |
| GAMCO Investors, Inc.—Class A (Capital Markets) | | | 19 | | | | 477 | |
| GAN, Ltd.* (Hotels, Restaurants & Leisure) | | | 145 | | | | 2,384 | |
| Gannett Co., Inc.* (Media) | | | 507 | | | | 2,783 | |
| Gatos Silver, Inc.* (Metals & Mining) | | | 125 | | | | 2,186 | |
| GATX Corp. (Trading Companies & Distributors) | | | 127 | | | | 11,236 | |
| GCM Grosvenor, Inc.—Class A (Capital Markets) | | | 118 | | | | 1,230 | |
| GCP Applied Technologies, Inc.* (Chemicals) | | | 177 | | | | 4,117 | |
| Gemini Therapeutics, Inc.* (Biotechnology) | | | 79 | | | | 511 | |
| Genco Shipping & Trading, Ltd. (Marine) | | | 116 | | | | 2,190 | |
| Generation Bio Co.* (Biotechnology) | | | 158 | | | | 4,250 | |
| Genesco, Inc.* (Specialty Retail) | | | 53 | | | | 3,375 | |
| Genius Brands International, Inc.* (Leisure Products) | | | 1,017 | | | | 1,871 | |
| Gentherm, Inc.* (Auto Components) | | | 120 | | | | 8,526 | |
| Genworth Financial, Inc.* (Insurance) | | | 1,827 | | | | 7,125 | |
| German American Bancorp, Inc. (Banks) | | | 89 | | | | 3,311 | |
| Geron Corp.* (Biotechnology) | | | 1,086 | | | | 1,531 | |
| Getty Realty Corp. (Equity Real Estate Investment Trusts) | | | 144 | | | | 4,486 | |
| Gevo, Inc.* (Oil, Gas & Consumable Fuels) | | | 703 | | | | 5,111 | |
| Gibraltar Industries, Inc.* (Building Products) | | | 118 | | | | 9,005 | |
| G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | | 159 | | | | 5,225 | |
| Glacier Bancorp, Inc. (Banks) | | | 345 | | | | 19,003 | |
| Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | | | 130 | | | | 2,933 | |
| Gladstone Land Corp. (Equity Real Estate Investment Trusts) | | | 91 | | | | 2,189 | |
| Glatfelter Corp. (Paper & Forest Products) | | | 158 | | | | 2,207 | |
| Glaukos Corp.* (Health Care Equipment & Supplies) | | | 162 | | | | 13,742 | |
| Global Blood Therapeutics, Inc.* (Biotechnology) | | | 216 | | | | 7,564 | |
| Global Industrial Co. (Trading Companies & Distributors) | | | 46 | | | | 1,689 | |
| Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | | | 204 | | | | 3,011 | |
| Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | | 346 | | | | 6,401 | |
| Global Water Resources, Inc. (Water Utilities) | | | 46 | | | | 786 | |
| Globalstar, Inc.*(a) (Diversified Telecommunication Services) | | | 2,187 | | | | 3,893 | |
| GMS, Inc.* (Trading Companies & Distributors) | | | 154 | | | | 7,414 | |
| Gogo, Inc.* (Wireless Telecommunication Services) | | | 213 | | | | 2,424 | |
| Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 370 | | | | 4,903 | |
| Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 61 | | | | 2,733 | |
| Golden Nugget Online Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 115 | | | | 1,467 | |
| Goosehead Insurance, Inc. (Insurance) | | | 64 | | | | 8,147 | |
| GoPro, Inc.*—Class A (Household Durables) | | | 450 | | | | 5,243 | |
| Gorman-Rupp Co. (Machinery) | | | 82 | | | | 2,824 | |
| Gossamer Bio, Inc.* (Biotechnology) | | | 224 | | | | 1,819 | |
| GP Strategies Corp.* (Professional Services) | | | 45 | | | | 707 | |
| GrafTech International, Ltd. (Electrical Equipment) | | | 614 | | | | 7,135 | |
| Graham Holdings Co.—Class B (Diversified Consumer Services) | | | 14 | | | | 8,874 | |
| Granite Construction, Inc. (Construction & Engineering) | | | 165 | | | | 6,852 | |
| Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 197 | | | | 2,906 | |
| Gray Television, Inc. (Media) | | | 308 | | | | 7,207 | |
| Great Ajax Corp. (Mortgage Real Estate Investment Trusts) | | | 78 | | | | 1,012 | |
| Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | | | 233 | | | | 3,404 | |
See accompanying notes to financial statements.
218 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Great Southern Bancorp, Inc. (Banks) | | | 38 | | | $ | 2,048 | |
| Great Western Bancorp, Inc. (Banks) | | | 200 | | | | 6,558 | |
| Green Brick Partners, Inc.* (Household Durables) | | | 111 | | | | 2,524 | |
| Green Dot Corp.*—Class A (Consumer Finance) | | | 193 | | | | 9,042 | |
| Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | | | 154 | | | | 5,177 | |
| GreenBox POS* (IT Services) | | | 63 | | | | 752 | |
| Greenhill & Co., Inc. (Capital Markets) | | | 53 | | | | 825 | |
| Greenlane Holdings, Inc.*—Class A (Distributors) | | | 59 | | | | 264 | |
| Greenlight Capital Re, Ltd.*—Class A (Insurance) | | | 98 | | | | 895 | |
| GreenSky, Inc.*—Class A (IT Services) | | | 258 | | | | 1,432 | |
| Greenwich Lifesciences, Inc.* (Biotechnology) | | | 15 | | | | 674 | |
| Greif, Inc.—Class A (Containers & Packaging) | | | 93 | | | | 5,631 | |
| Greif, Inc.—Class B (Containers & Packaging) | | | 21 | | | | 1,239 | |
| Grid Dynamics Holdings, Inc.* (IT Services) | | | 110 | | | | 1,653 | |
| Griffon Corp. (Building Products) | | | 167 | | | | 4,280 | |
| Gritstone bio, Inc.* (Biotechnology) | | | 145 | | | | 1,324 | |
| Group 1 Automotive, Inc. (Specialty Retail) | | | 63 | | | | 9,729 | |
| Groupon, Inc.* (Internet & Direct Marketing Retail) | | | 84 | | | | 3,625 | |
| GrowGeneration Corp.* (Specialty Retail) | | | 195 | | | | 9,380 | |
| GT Biopharma, Inc.* (Biotechnology) | | | 86 | | | | 1,333 | |
| GTY Technology Holdings, Inc.* (Software) | | | 116 | | | | 825 | |
| Guaranty Bancshares, Inc. (Banks) | | | 29 | | | | 988 | |
| Guess?, Inc. (Specialty Retail) | | | 145 | | | | 3,828 | |
| H&E Equipment Services, Inc. (Trading Companies & Distributors) | | | 116 | | | | 3,859 | |
| H.B. Fuller Co. (Chemicals) | | | 188 | | | | 11,959 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 182 | | | | 12,128 | |
| Hall of Fame Resort & Entertainment Co.*(a) (Hotels, Restaurants & Leisure) | | | 198 | | | | 778 | |
| Halozyme Therapeutics, Inc.* (Biotechnology) | | | 508 | | | | 23,068 | |
| Hamilton Beach Brands Holding Co.— Class A (Household Durables) | | | 27 | | | | 601 | |
| Hamilton Lane, Inc. (Capital Markets) | | | 123 | | | | 11,208 | |
| Hancock Whitney Corp. (Banks) | | | 312 | | | | 13,865 | |
| Hanger, Inc.* (Health Care Providers & Services) | | | 135 | | | | 3,413 | |
| Hanmi Financial Corp. (Banks) | | | 110 | | | | 2,097 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | | | 276 | | | | 15,497 | |
| HarborOne Bancorp, Inc. (Banks) | | | 182 | | | | 2,610 | |
| Harmonic, Inc.* (Communications Equipment) | | | 322 | | | | 2,743 | |
| Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | | | 81 | | | | 2,287 | |
| Harpoon Therapeutics, Inc.* (Biotechnology) | | | 67 | | | | 929 | |
| Harsco Corp.* (Machinery) | | | 282 | | | | 5,758 | |
| Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | | | 139 | | | | 1,158 | |
| Haverty Furniture Cos., Inc. (Specialty Retail) | | | 60 | | | | 2,566 | |
| Hawaiian Holdings, Inc.* (Airlines) | | | 182 | | | | 4,435 | |
| Hawkins, Inc. (Chemicals) | | | 69 | | | | 2,260 | |
| Hawthorn Bancshares, Inc. (Banks) | | | 1 | | | | 20 | |
| Haynes International, Inc. (Metals & Mining) | | | 45 | | | | 1,592 | |
| HBT Financial, Inc. (Banks) | | | 34 | | | | 592 | |
| HC2 Holdings, Inc.* (Construction & Engineering) | | | 171 | | | | 681 | |
| HCI Group, Inc. (Insurance) | | | 20 | | | | 1,989 | |
| Health Catalyst, Inc.* (Health Care Technology) | | | 161 | | | | 8,937 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 510 | | | | 15,402 | |
| Healthcare Services Group, Inc. (Commercial Services & Supplies) | | | 270 | | | | 8,524 | |
| HealthEquity, Inc.* (Health Care Providers & Services) | | | 295 | | | | 23,742 | |
| HealthStream, Inc.* (Health Care Technology) | | | 91 | | | | 2,543 | |
| Heartland Express, Inc. (Road & Rail) | | | 172 | | | | 2,946 | |
| Heartland Financial USA, Inc. (Banks) | | | 145 | | | | 6,814 | |
| Hecla Mining Co. (Metals & Mining) | | | 1,915 | | | | 14,247 | |
| Heidrick & Struggles International, Inc. (Professional Services) | | | 70 | | | | 3,119 | |
| Helen of Troy, Ltd.* (Household Durables) | | | 88 | | | | 20,074 | |
| Helios Technologies, Inc. (Machinery) | | | 116 | | | | 9,054 | |
| Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | | 516 | | | | 2,946 | |
| Helmerich & Payne, Inc. (Energy Equipment & Services) | | | 379 | | | | 12,367 | |
| Hemisphere Media Group, Inc.* (Media) | | | 57 | | | | 673 | |
| Herc Holdings, Inc.* (Trading Companies & Distributors) | | | 90 | | | | 10,086 | |
| Heritage Commerce Corp. (Banks) | | | 211 | | | | 2,348 | |
| Heritage Financial Corp. (Banks) | | | 128 | | | | 3,203 | |
| Heritage Insurance Holdings, Inc. (Insurance) | | | 93 | | | | 798 | |
| Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | | | 56 | | | | 1,662 | |
| Herman Miller, Inc. (Commercial Services & Supplies) | | | 213 | | | | 10,041 | |
| Heron Therapeutics, Inc.* (Biotechnology) | | | 333 | | | | 5,168 | |
| Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | | | 116 | | | | 1,248 | |
| Heska Corp.* (Health Care Equipment & Supplies) | | | 35 | | | | 8,041 | |
| HF Foods Group, Inc.* (Food & Staples Retailing) | | | 130 | | | | 688 | |
| Hibbett, Inc.* (Specialty Retail) | | | 59 | | | | 5,288 | |
| HighPeak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 18 | | | | 184 | |
| Hillenbrand, Inc. (Machinery) | | | 271 | | | | 11,946 | |
| Hilltop Holdings, Inc. (Banks) | | | 233 | | | | 8,481 | |
| Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | | | 308 | | | | 12,748 | |
| Hingham Institution For Savings The (Thrifts & Mortgage Finance) | | | 5 | | | | 1,453 | |
| HireQuest, Inc. (Professional Services) | | | 18 | | | | 333 | |
| HNI Corp. (Commercial Services & Supplies) | | | 157 | | | | 6,903 | |
| Home Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 28 | | | | 1,067 | |
| Home BancShares, Inc. (Banks) | | | 549 | | | | 13,549 | |
| Home Point Capital, Inc.* (Thrifts & Mortgage Finance) | | | 26 | | | | 154 | |
| HomeStreet, Inc. (Thrifts & Mortgage Finance) | | | 75 | | | | 3,056 | |
| HomeTrust Bancshares, Inc. (Banks) | | | 55 | | | | 1,535 | |
| Homology Medicines, Inc.* (Biotechnology) | | | 151 | | | | 1,098 | |
| Honest Co., Inc. (The)* (Personal Products) | | | 89 | | | | 1,441 | |
| Hooker Furniture Corp. (Household Durables) | | | 42 | | | | 1,455 | |
| Hookipa Pharma, Inc.* (Biotechnology) | | | 69 | | | | 632 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 219
Common Stocks, continued
| | | Shares | | | Value | |
| Hope Bancorp, Inc. (Banks) | | | 428 | | | $ | 6,069 | |
| Horace Mann Educators Corp. (Insurance) | | | 150 | | | | 5,613 | |
| Horizon Bancorp, Inc. (Banks) | | | 154 | | | | 2,684 | |
| Hostess Brands, Inc.* (Food Products) | | | 472 | | | | 7,642 | |
| Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | | | 458 | | | | 5,056 | |
| Houlihan Lokey, Inc. (Capital Markets) | | | 187 | | | | 15,294 | |
| Hovnanian Enterprises, Inc.*—Class A (Household Durables) | | | 18 | | | | 1,913 | |
| Howard Bancorp, Inc.* (Banks) | | | 47 | | | | 758 | |
| Hub Group, Inc.*—Class A (Air Freight & Logistics) | | | 119 | | | | 7,852 | |
| Humanigen, Inc.* (Biotechnology) | | | 162 | | | | 2,816 | |
| Huron Consulting Group, Inc.* (Professional Services) | | | 81 | | | | 3,981 | |
| Hydrofarm Holdings Group, Inc.* (Machinery) | | | 41 | | | | 2,424 | |
| Hyliion Holdings Corp.*(a) (Machinery) | | | 422 | | | | 4,916 | |
| HyreCar, Inc.* (Diversified Consumer Services) | | | 63 | | | | 1,318 | |
| Hyster-Yale Materials Handling, Inc. (Machinery) | | | 36 | | | | 2,627 | |
| I3 Verticals, Inc.*—Class A (IT Services) | | | 74 | | | | 2,236 | |
| IBEX, Ltd.* (Commercial Services & Supplies) | | | 20 | | | | 390 | |
| iBio, Inc.* (Biotechnology) | | | 778 | | | | 1,175 | |
| iCAD, Inc.* (Health Care Technology) | | | 79 | | | | 1,367 | |
| ICF International, Inc. (Professional Services) | | | 67 | | | | 5,887 | |
| Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 100 | | | | 5,380 | |
| Ideanomics, Inc.* (Software) | | | 1,472 | | | | 4,180 | |
| Ideaya Biosciences, Inc.* (Biotechnology) | | | 101 | | | | 2,120 | |
| Identiv, Inc.* (Electronic Equipment, Instruments & Components) | | | 74 | | | | 1,258 | |
| IDT Corp.*—Class B (Diversified Telecommunication Services) | | | 72 | | | | 2,661 | |
| IES Holdings, Inc.* (Construction & Engineering) | | | 31 | | | | 1,592 | |
| IGM Biosciences, Inc.* (Biotechnology) | | | 29 | | | | 2,413 | |
| iHeartMedia, Inc.*—Class A (Media) | | | 403 | | | | 10,853 | |
| II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | | 377 | | | | 27,365 | |
| Ikena Oncology, Inc.* (Biotechnology) | | | 33 | | | | 463 | |
| IMAX Corp.* (Entertainment) | | | 180 | | | | 3,870 | |
| Immunic, Inc.* (Biotechnology) | | | 56 | | | | 687 | |
| ImmunityBio, Inc.* (Biotechnology) | | | 241 | | | | 3,441 | |
| ImmunoGen, Inc.* (Biotechnology) | | | 704 | | | | 4,639 | |
| Immunovant, Inc.* (Biotechnology) | | | 135 | | | | 1,427 | |
| Impel Neuropharma, Inc.* (Biotechnology) | | | 19 | | | | 168 | |
| Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | | | 67 | | | | 3,457 | |
| Inari Medical, Inc.* (Health Care Equipment & Supplies) | | | 122 | | | | 11,380 | |
| Independence Holding Co. (Insurance) | | | 15 | | | | 695 | |
| Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 368 | | | | 6,709 | |
| Independent Bank Corp. (Banks) | | | 119 | | | | 8,985 | |
| Independent Bank Corp. (Banks) | | | 75 | | | | 1,628 | |
| Independent Bank Group, Inc. (Banks) | | | 136 | | | | 10,061 | |
| Indus Realty Trust, Inc. (Real Estate Management & Development) | | | 16 | | | | 1,050 | |
| Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | | | 234 | | | | 6,117 | |
| Infinera Corp.* (Communications Equipment) | | | 641 | | | | 6,538 | |
| Infinity Pharmaceuticals, Inc.* (Biotechnology) | | | 315 | | | | 942 | |
| Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering) | | | 75 | | | | 965 | |
| InfuSystem Holdings, Inc.* (Health Care Providers & Services) | | | 65 | | | | 1,351 | |
| Ingevity Corp.* (Chemicals) | | | 145 | | | | 11,797 | |
| Ingles Markets, Inc. (Food & Staples Retailing) | | | 51 | | | | 2,972 | |
| Inhibrx, Inc.* (Biotechnology) | | | 101 | | | | 2,780 | |
| Innospec, Inc. (Chemicals) | | | 88 | | | | 7,974 | |
| Innovage Holding Corp.* (Health Care Providers & Services) | | | 66 | | | | 1,406 | |
| Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | | | 85 | | | | 16,237 | |
| Innoviva, Inc.* (Pharmaceuticals) | | | 228 | | | | 3,057 | |
| Inogen, Inc.* (Health Care Equipment & Supplies) | | | 70 | | | | 4,562 | |
| Inotiv, Inc.* (Life Sciences Tools & Services) | | | 47 | | | | 1,254 | |
| Inovalon Holdings, Inc.* (Health Care Technology) | | | 272 | | | | 9,270 | |
| Inovio Pharmaceuticals, Inc.*(a) (Biotechnology) | | | 745 | | | | 6,906 | |
| Inozyme Pharma, Inc.* (Biotechnology) | | | 52 | | | | 886 | |
| Inseego Corp.* (Communications Equipment) | | | 300 | | | | 3,027 | |
| Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | | 126 | | | | 12,601 | |
| Insmed, Inc.* (Biotechnology) | | | 372 | | | | 10,587 | |
| Insperity, Inc. (Professional Services) | | | 131 | | | | 11,838 | |
| Inspire Medical Systems, Inc.* (Health Care Technology) | | | 97 | | | | 18,746 | |
| Installed Building Products, Inc. (Household Durables) | | | 85 | | | | 10,401 | |
| Insteel Industries, Inc. (Building Products) | | | 67 | | | | 2,154 | |
| Instil Bio, Inc.* (Biotechnology) | | | 63 | | | | 1,217 | |
| Integer Holdings Corp.* (Health Care Equipment & Supplies) | | | 118 | | | | 11,116 | |
| Intellia Therapeutics, Inc.* (Biotechnology) | | | 230 | | | | 37,238 | |
| Intelligent Systems Corp.* (Software) | | | 27 | | | | 849 | |
| Inter Parfums, Inc. (Personal Products) | | | 64 | | | | 4,608 | |
| Intercept Pharmaceuticals, Inc.* (Biotechnology) | | | 101 | | | | 2,017 | |
| InterDigital, Inc. (Communications Equipment) | | | 111 | | | | 8,106 | |
| Interface, Inc. (Commercial Services & Supplies) | | | 209 | | | | 3,198 | |
| International Bancshares Corp. (Banks) | | | 194 | | | | 8,330 | |
| International Game Technology PLC* (Hotels, Restaurants & Leisure) | | | 360 | | | | 8,626 | |
| International Money Express, Inc.* (IT Services) | | | 115 | | | | 1,708 | |
| International Seaways, Inc. (Oil, Gas & Consumable Fuels) | | | 86 | | | | 1,649 | |
| Intersect ENT, Inc.* (Pharmaceuticals) | | | 120 | | | | 2,051 | |
| Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | | | 255 | | | | 10,409 | |
| Intrepid Potash, Inc.* (Chemicals) | | | 36 | | | | 1,147 | |
| Invacare Corp.* (Health Care Equipment & Supplies) | | | 121 | | | | 976 | |
| Invesco Mortgage Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 894 | | | | 3,487 | |
| Investors Bancorp, Inc. (Banks) | | | 824 | | | | 11,750 | |
| Investors Title Co. (Insurance) | | | 5 | | | | 873 | |
| Invitae Corp.* (Biotechnology) | | | 722 | | | | 24,353 | |
| iRadimed Corp.* (Health Care Equipment & Supplies) | | | 23 | | | | 676 | |
See accompanying notes to financial statements.
220 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | | | 106 | | | $ | 7,033 | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 431 | | | | 17,235 | |
| iRobot Corp.* (Household Durables) | | | 101 | | | | 9,432 | |
| Ironwood Pharmaceuticals, Inc.* (Biotechnology) | | | 523 | | | | 6,731 | |
| iStar, Inc. (Equity Real Estate Investment Trusts) | | | 255 | | | | 5,286 | |
| iTeos Therapeutics, Inc.* (Biotechnology) | | | 73 | | | | 1,872 | |
| Iteris, Inc.* (Electronic Equipment, Instruments & Components) | | | 150 | | | | 998 | |
| Itron, Inc.* (Electronic Equipment, Instruments & Components) | | | 163 | | | | 16,296 | |
| IVERIC bio, Inc.* (Biotechnology) | | | 326 | | | | 2,057 | |
| J & J Snack Foods Corp. (Food Products) | | | 53 | | | | 9,244 | |
| j2 Global, Inc.* (Software) | | | 157 | | | | 21,594 | |
| Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | | 83 | | | | 9,250 | |
| James River Group Holdings, Ltd. (Insurance) | | | 129 | | | | 4,840 | |
| JELD-WEN Holding, Inc.* (Building Products) | | | 303 | | | | 7,957 | |
| JFrog, Ltd.* (Software) | | | 186 | | | | 8,467 | |
| JOANN, Inc. (Specialty Retail) | | | 42 | | | | 662 | |
| John B Sanfilippo & Son, Inc. (Food Products) | | | 32 | | | | 2,834 | |
| John Bean Technologies Corp. (Machinery) | | | 113 | | | | 16,116 | |
| John Wiley & Sons, Inc.—Class A (Media) | | | 155 | | | | 9,328 | |
| Johnson Outdoors, Inc.—Class A (Leisure Products) | | | 19 | | | | 2,299 | |
| Jounce Therapeutics, Inc.* (Biotechnology) | | | 119 | | | | 809 | |
| Kadant, Inc. (Machinery) | | | 41 | | | | 7,220 | |
| Kadmon Holdings, Inc.* (Biotechnology) | | | 624 | | | | 2,415 | |
| Kaiser Aluminum Corp. (Metals & Mining) | | | 57 | | | | 7,039 | |
| Kala Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 174 | | | | 922 | |
| Kaleido Biosciences, Inc.* (Pharmaceuticals) | | | 70 | | | | 521 | |
| KalVista Pharmaceuticals, Inc.* (Biotechnology) | | | 72 | | | | 1,725 | |
| Kaman Corp.—Class A (Trading Companies & Distributors) | | | 100 | | | | 5,040 | |
| KAR Auction Services, Inc.* (Commercial Services & Supplies) | | | 448 | | | | 7,862 | |
| Karat Packaging, Inc.* (Trading Companies & Distributors) | | | 17 | | | | 346 | |
| Karuna Therapeutics, Inc.* (Biotechnology) | | | 80 | | | | 9,119 | |
| Karyopharm Therapeutics, Inc.* (Biotechnology) | | | 259 | | | | 2,673 | |
| KB Home (Household Durables) | | | 323 | | | | 13,153 | |
| KBR, Inc. (IT Services) | | | 509 | | | | 19,418 | |
| Kearny Financial Corp. (Thrifts & Mortgage Finance) | | | 263 | | | | 3,143 | |
| Kelly Services, Inc.*—Class A (Professional Services) | | | 127 | | | | 3,044 | |
| KemPharm, Inc.* (Pharmaceuticals) | | | 103 | | | | 1,320 | |
| Kennametal, Inc. (Machinery) | | | 301 | | | | 10,812 | |
| Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | | | 433 | | | | 8,604 | |
| Keros Therapeutics, Inc.* (Biotechnology) | | | 56 | | | | 2,378 | |
| Kezar Life Sciences, Inc.* (Biotechnology) | | | 123 | | | | 668 | |
| Kforce, Inc. (Professional Services) | | | 74 | | | | 4,657 | |
| Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 87 | | | | 1,891 | |
| Kimball International, Inc.—Class B (Commercial Services & Supplies) | | | 130 | | | | 1,710 | |
| Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | | | 105 | | | | 1,463 | |
| Kinnate Biopharma, Inc.* (Biotechnology) | | | 49 | | | | 1,141 | |
| Kinsale Capital Group, Inc. (Insurance) | | | 77 | | | | 12,687 | |
| Kirkland's, Inc.* (Specialty Retail) | | | 50 | | | | 1,144 | |
| Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | | 300 | | | | 6,603 | |
| KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 116 | | | | 2,509 | |
| Knoll, Inc. (Commercial Services & Supplies) | | | 171 | | | | 4,444 | |
| Knowles Corp.* (Electronic Equipment, Instruments & Components) | | | 321 | | | | 6,337 | |
| Kodiak Sciences, Inc.* (Biotechnology) | | | 121 | | | | 11,253 | |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 187 | | | | 10,549 | |
| Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | | 280 | | | | 2,290 | |
| Koppers Holdings, Inc.* (Chemicals) | | | 75 | | | | 2,426 | |
| Korn Ferry (Professional Services) | | | 192 | | | | 13,930 | |
| Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | | | 1,460 | | | | 5,052 | |
| Kraton Corp.* (Chemicals) | | | 113 | | | | 3,649 | |
| Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | | | 442 | | | | 12,593 | |
| Kronos Bio, Inc.* (Chemicals) | | | 140 | | | | 3,353 | |
| Kronos Worldwide, Inc. (Chemicals) | | | 80 | | | | 1,146 | |
| Krystal Biotech, Inc.* (Biotechnology) | | | 65 | | | | 4,420 | |
| Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 221 | | | | 13,525 | |
| Kura Oncology, Inc.* (Biotechnology) | | | 229 | | | | 4,775 | |
| Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 12 | | | | 456 | |
| KVH Industries, Inc.* (Communications Equipment) | | | 55 | | | | 677 | |
| Kymera Therapeutics, Inc.* (Biotechnology) | | | 104 | | | | 5,044 | |
| Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | | | 409 | | | | 4,720 | |
| Laird Superfood, Inc.* (Food Products) | | | 22 | | | | 657 | |
| Lakeland Bancorp, Inc. (Banks) | | | 176 | | | | 3,076 | |
| Lakeland Financial Corp. (Banks) | | | 88 | | | | 5,424 | |
| Lancaster Colony Corp. (Food Products) | | | 68 | | | | 13,159 | |
| Landec Corp.* (Food Products) | | | 94 | | | | 1,058 | |
| Landos Biopharma, Inc.* (Pharmaceuticals) | | | 23 | | | | 266 | |
| Lands' End, Inc.* (Internet & Direct Marketing Retail) | | | 52 | | | | 2,135 | |
| Landsea Homes Corp.* (Household Durables) | | | 22 | | | | 184 | |
| Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | | 243 | | | | 6,717 | |
| Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | | 45 | | | | 4,176 | |
| Latham Group, Inc.* (Leisure Products) | | | 84 | | | | 2,685 | |
| Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 489 | | | | 27,472 | |
| Laureate Education, Inc.*—Class A (Diversified Consumer Services) | | | 381 | | | | 5,528 | |
| Lawson Products, Inc.* (Trading Companies & Distributors) | | | 17 | | | | 910 | |
| La-Z-Boy, Inc. (Household Durables) | | | 166 | | | | 6,149 | |
| Lazydays Holdings, Inc.* (Specialty Retail) | | | 26 | | | | 572 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 221
Common Stocks, continued
| | | Shares | | | Value | |
| LCI Industries (Auto Components) | | | 89 | | | $ | 11,696 | |
| Legacy Housing Corp.* (Household Durables) | | | 29 | | | | 490 | |
| Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | | | 65 | | | | 3,966 | |
| LendingClub Corp.* (Consumer Finance) | | | 348 | | | | 6,309 | |
| LendingTree, Inc.* (Thrifts & Mortgage Finance) | | | 42 | | | | 8,899 | |
| Lexicon Pharmaceuticals, Inc.* (Biotechnology) | | | 245 | | | | 1,125 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 988 | | | | 11,807 | |
| LGI Homes, Inc.* (Household Durables) | | | 80 | | | | 12,955 | |
| LHC Group, Inc.* (Health Care Providers & Services) | | | 110 | | | | 22,029 | |
| Liberty Latin America, Ltd.*—Class A (Media) | | | 154 | | | | 2,134 | |
| Liberty Latin America, Ltd.*—Class C (Media) | | | 557 | | | | 7,854 | |
| Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | | | 36 | | | | 1,016 | |
| Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | | | 132 | | | | 3,666 | |
| Liberty Oilfield Services, Inc.* (Energy Equipment & Services) | | | 312 | | | | 4,418 | |
| Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services) | | | 262 | | | | 1,066 | |
| Lifetime Brands, Inc. (Household Durables) | | | 46 | | | | 689 | |
| Ligand Pharmaceuticals, Inc.* (Biotechnology) | | | 54 | | | | 7,084 | |
| Limelight Networks, Inc.* (IT Services) | | | 450 | | | | 1,418 | |
| Limoneira Co. (Food Products) | | | 57 | | | | 1,000 | |
| Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 111 | | | | 1,777 | |
| Lindsay Corp. (Machinery) | | | 39 | | | | 6,446 | |
| Lineage Cell Therapeutics, Inc.* (Biotechnology) | | | 437 | | | | 1,245 | |
| Lions Gate Entertainment Corp.*—Class A (Entertainment) | | | 210 | | | | 4,347 | |
| Lions Gate Entertainment Corp.*—Class B (Entertainment) | | | 415 | | | | 7,595 | |
| Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | | | 96 | | | | 2,443 | |
| LivaNova PLC* (Health Care Equipment & Supplies) | | | 177 | | | | 14,887 | |
| Live Oak Bancshares, Inc. (Banks) | | | 114 | | | | 6,726 | |
| Livent Corp.* (Chemicals) | | | 530 | | | | 10,261 | |
| LivePerson, Inc.* (Software) | | | 231 | | | | 14,608 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 234 | | | | 10,963 | |
| LiveXLive Media, Inc.* (Entertainment) | | | 191 | | | | 902 | |
| Loral Space & Communications, Inc. (Media) | | | 46 | | | | 1,787 | |
| Lordstown Motors Corp.*(a)—Class A (Automobiles) | | | 404 | | | | 4,468 | |
| LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | | 140 | | | | 5,375 | |
| Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | | 103 | | | | 2,173 | |
| Luminex Corp. (Life Sciences Tools & Services) | | | 164 | | | | 6,035 | |
| Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | | | 110 | | | | 1,191 | |
| Luther Burbank Corp. (Thrifts & Mortgage Finance) | | | 56 | | | | 664 | |
| Luxfer Holdings PLC (Machinery) | | | 102 | | | | 2,270 | |
| Lydall, Inc.* (Machinery) | | | 63 | | | | 3,813 | |
| M.D.C Holdings, Inc. (Household Durables) | | | 206 | | | | 10,424 | |
| M/I Homes, Inc.* (Household Durables) | | | 103 | | | | 6,043 | |
| Macatawa Bank Corp. (Banks) | | | 95 | | | | 831 | |
| Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | | 316 | | | | 5,419 | |
| MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 175 | | | | 11,214 | |
| Macquarie Infrastructure Corp. (Transportation Infrastructure) | | | 266 | | | | 10,180 | |
| MacroGenics, Inc.* (Biotechnology) | | | 212 | | | | 5,694 | |
| Macy's, Inc.* (Multiline Retail) | | | 1,132 | | | | 21,463 | |
| Madison Square Garden Entertainment Corp.* (Entertainment) | | | 68 | | | | 5,710 | |
| Madrigal Pharmaceuticals, Inc.* (Biotechnology) | | | 41 | | | | 3,994 | |
| Magellan Health, Inc.* (Health Care Providers & Services) | | | 86 | | | | 8,101 | |
| Magenta Therapeutics, Inc.* (Biotechnology) | | | 108 | | | | 1,056 | |
| Magnite, Inc.* (Internet & Direct Marketing Retail) | | | 378 | | | | 12,792 | |
| Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels) | | | 502 | | | | 7,846 | |
| Maiden Holdings, Ltd.* (Insurance) | | | 250 | | | | 843 | |
| Malibu Boats, Inc.* (Leisure Products) | | | 75 | | | | 5,500 | |
| MannKind Corp.* (Biotechnology) | | | 889 | | | | 4,845 | |
| ManTech International Corp.—Class A (IT Services) | | | 99 | | | | 8,567 | |
| Marathon Digital Holdings, Inc.* (IT Services) | | | 344 | | | | 10,791 | |
| Marcus & Millichap, Inc.* (Real Estate Management & Development) | | | 86 | | | | 3,343 | |
| Marine Products Corp. (Leisure Products) | | | 29 | | | | 448 | |
| MarineMax, Inc.* (Specialty Retail) | | | 77 | | | | 3,753 | |
| Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 133 | | | | 2,386 | |
| Marlin Business Services Corp. (Diversified Financial Services) | | | 29 | | | | 660 | |
| Marrone Bio Innovations, Inc.* (Chemicals) | | | 361 | | | | 599 | |
| Marten Transport, Ltd. (Road & Rail) | | | 214 | | | | 3,529 | |
| Masonite International Corp.* (Building Products) | | | 88 | | | | 9,838 | |
| MasterCraft Boat Holdings, Inc.* (Leisure Products) | | | 68 | | | | 1,788 | |
| Matador Resources Co. (Oil, Gas & Consumable Fuels) | | | 399 | | | | 14,368 | |
| Materion Corp. (Metals & Mining) | | | 73 | | | | 5,501 | |
| Matrix Service Co.* (Energy Equipment & Services) | | | 94 | | | | 987 | |
| Matson, Inc. (Marine) | | | 155 | | | | 9,920 | |
| Matthews International Corp.—Class A (Commercial Services & Supplies) | | | 111 | | | | 3,992 | |
| MAX Holdings, Inc. (Real Estate Management & Development) | | | 67 | | | | 2,233 | |
| Maxar Technologies, Inc. (Aerospace & Defense) | | | 258 | | | | 10,299 | |
| MAXIMUS, Inc. (IT Services) | | | 221 | | | | 19,441 | |
| MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | | 252 | | | | 10,707 | |
| Mayville Engineering Co., Inc.* (Metals & Mining) | | | 32 | | | | 644 | |
| MBIA, Inc.* (Insurance) | | | 173 | | | | 1,903 | |
See accompanying notes to financial statements.
222 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| McGrath RentCorp (Commercial Services & Supplies) | | | 87 | | | $ | 7,097 | |
| MDC Partners, Inc.*—Class A (Media) | | | 225 | | | | 1,316 | |
| MedAvail Holdings, Inc.* (Food & Staples Retailing) | | | 42 | | | | 515 | |
| MediaAlpha, Inc.*—Class A (Interactive Media & Services) | | | 75 | | | | 3,158 | |
| Medifast, Inc. (Personal Products) | | | 42 | | | | 11,885 | |
| MEDNAX, Inc.* (Health Care Providers & Services) | | | 274 | | | | 8,261 | |
| Medpace Holdings, Inc.* (Life Sciences Tools & Services) | | | 104 | | | | 18,370 | |
| MEI Pharma, Inc.* (Biotechnology) | | | 390 | | | | 1,112 | |
| MeiraGTx Holdings PLC* (Biotechnology) | | | 107 | | | | 1,659 | |
| Mercantile Bank Corp. (Banks) | | | 57 | | | | 1,721 | |
| Merchants Bancorp (Thrifts & Mortgage Finance) | | | 35 | | | | 1,373 | |
| Meredith Corp.* (Media) | | | 144 | | | | 6,255 | |
| Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 168 | | | | 3,437 | |
| Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | | | 154 | | | | 3,416 | |
| Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | | 185 | | | | 11,962 | |
| Meritage Homes Corp.* (Household Durables) | | | 135 | | | | 12,701 | |
| Meritor, Inc.* (Machinery) | | | 253 | | | | 5,925 | |
| Mersana Therapeutics, Inc.* (Biotechnology) | | | 248 | | | | 3,368 | |
| Mesa Air Group, Inc.* (Airlines) | | | 124 | | | | 1,157 | |
| Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | | | 18 | | | | 4,881 | |
| Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | | | 113 | | | | 5,721 | |
| Meta Materials, Inc.* (Oil, Gas & Consumable Fuels) | | | 222 | | | | 1,659 | |
| Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 138 | | | | 6,791 | |
| Metrocity Bankshares, Inc. (Banks) | | | 68 | | | | 1,191 | |
| MetroMile, Inc.* (Insurance) | | | 132 | | | | 1,208 | |
| Metropolitan Bank Holding Corp.* (Banks) | | | 28 | | | | 1,686 | |
| MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | | | 1,595 | | | | 7,321 | |
| MGE Energy, Inc. (Electric Utilities) | | | 131 | | | | 9,752 | |
| MGP Ingredients, Inc. (Beverages) | | | 51 | | | | 3,450 | |
| MicroStrategy, Inc.*—Class A (Software) | | | 28 | | | | 18,606 | |
| MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 570 | | | | 9,548 | |
| Mid Penn Bancorp, Inc. (Banks) | | | 35 | | | | 961 | |
| Middlesex Water Co. (Water Utilities) | | | 62 | | | | 5,067 | |
| Midland States Bancorp, Inc. (Banks) | | | 78 | | | | 2,049 | |
| MidwestOne Financial Group, Inc. (Banks) | | | 52 | | | | 1,496 | |
| Miller Industries, Inc. (Machinery) | | | 40 | | | | 1,578 | |
| Mimecast, Ltd.* (Software) | | | 215 | | | | 11,406 | |
| MiMedx Group, Inc.* (Biotechnology) | | | 400 | | | | 5,004 | |
| Mind Medicine MindMed, Inc.* (Pharmaceuticals) | | | 1,160 | | | | 4,002 | |
| Minerals Technologies, Inc. (Chemicals) | | | 121 | | | | 9,519 | |
| Mirum Pharmaceuticals, Inc.* (Biotechnology) | | | 13 | | | | 225 | |
| Misonix, Inc.* (Health Care Equipment & Supplies) | | | 44 | | | | 976 | |
| Mission Produce, Inc.* (Food Products) | | | 134 | | | | 2,775 | |
| Mistras Group, Inc.* (Professional Services) | | | 72 | | | | 708 | |
| Mitek System, Inc.* (Software) | | | 151 | | | | 2,908 | |
| Model N, Inc.* (Software) | | | 125 | | | | 4,284 | |
| Modine Manufacturing Co.* (Auto Components) | | | 180 | | | | 2,986 | |
| ModivCare, Inc.* (Health Care Providers & Services) | | | 45 | | | | 7,653 | |
| Moelis & Co. (Capital Markets) | | | 220 | | | | 12,516 | |
| Molecular Templates, Inc.* (Biotechnology) | | | 133 | | | | 1,040 | |
| Momentive Global, Inc.* (Software) | | | 462 | | | | 9,734 | |
| Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | | | 47 | | | | 3,110 | |
| MoneyGram International, Inc.* (IT Services) | | | 281 | | | | 2,832 | |
| Monmouth Real Estate Investment Corp.— Class A (Equity Real Estate Investment Trusts) | | | 343 | | | | 6,421 | |
| Monro, Inc. (Specialty Retail) | | | 120 | | | | 7,621 | |
| Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | | | 81 | | | | 4,346 | |
| Moog, Inc.—Class A (Aerospace & Defense) | | | 104 | | | | 8,742 | |
| Morphic Holding, Inc.* (Biotechnology) | | | 75 | | | | 4,304 | |
| Motorcar Parts of America, Inc.* (Auto Components) | | | 68 | | | | 1,526 | |
| Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | | | 57 | | | | 1,794 | |
| MP Materials Corp.* (Metals & Mining) | | | 263 | | | | 9,694 | |
| Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | | | 256 | | | | 8,463 | |
| MRC Global, Inc.* (Trading Companies & Distributors) | | | 290 | | | | 2,726 | |
| MSG Networks, Inc.*—Class A (Media) | | | 109 | | | | 1,589 | |
| Mueller Industries, Inc. (Machinery) | | | 202 | | | | 8,749 | |
| Mueller Water Products, Inc.—Class A (Machinery) | | | 567 | | | | 8,176 | |
| Multiplan Corp.* (Health Care Technology) | | | 1,438 | | | | 13,690 | |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | | 528 | | | | 12,292 | |
| Murphy USA, Inc. (Specialty Retail) | | | 91 | | | | 12,137 | |
| Mustang Bio, Inc.* (Biotechnology) | | | 251 | | | | 833 | |
| MVB Financial Corp. (Banks) | | | 35 | | | | 1,493 | |
| Myers Industries, Inc. (Containers & Packaging) | | | 130 | | | | 2,730 | |
| MYR Group, Inc.* (Construction & Engineering) | | | 59 | | | | 5,364 | |
| Myriad Genetics, Inc.* (Biotechnology) | | | 276 | | | | 8,440 | |
| Nabors Industries, Ltd.* (Energy Equipment & Services) | | | 25 | | | | 2,856 | |
| NanoString Technologies, Inc.* (Life Sciences Tools & Services) | | | 163 | | | | 10,561 | |
| Nanthealth, Inc.* (Health Care Technology) | | | 95 | | | | 220 | |
| Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 52 | | | | 1,891 | |
| Nathan's Famous, Inc. (Hotels, Restaurants & Leisure) | | | 10 | | | | 713 | |
| National Bank Holdings Corp. (Banks) | | | 106 | | | | 4,000 | |
| National Beverage Corp. (Beverages) | | | 85 | | | | 4,015 | |
| National CineMedia, Inc. (Media) | | | 212 | | | | 1,075 | |
| National Energy Services Reunited Corp.* (Energy Equipment & Services) | | | 107 | | | | 1,525 | |
| National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | | 158 | | | | 10,594 | |
| National Healthcare Corp. (Health Care Providers & Services) | | | 45 | | | | 3,146 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 223
Common Stocks, continued
| | | Shares | | | Value | |
| National Presto Industries, Inc. (Aerospace & Defense) | | | 18 | | | $ | 1,830 | |
| National Research Corp. (Health Care Providers & Services) | | | 50 | | | | 2,295 | |
| National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | | 253 | | | | 12,792 | |
| National Vision Holdings, Inc.* (Specialty Retail) | | | 294 | | | | 15,032 | |
| National Western Life Group, Inc.—Class A (Insurance) | | | 9 | | | | 2,020 | |
| Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | | | 33 | | | | 354 | |
| Nature's Sunshine Products, Inc. (Personal Products) | | | 43 | | | | 747 | |
| Natus Medical, Inc.* (Health Care Equipment & Supplies) | | | 122 | | | | 3,170 | |
| Nautilus, Inc.* (Leisure Products) | | | 107 | | | | 1,803 | |
| Navient Corp. (Consumer Finance) | | | 635 | | | | 12,276 | |
| NBT Bancorp, Inc. (Banks) | | | 152 | | | | 5,467 | |
| Neenah, Inc. (Paper & Forest Products) | | | 61 | | | | 3,060 | |
| Nelnet, Inc.—Class A (Consumer Finance) | | | 61 | | | | 4,589 | |
| NEOGAMES SA* (Hotels, Restaurants & Leisure) | | | 20 | | | | 1,229 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 388 | | | | 17,864 | |
| NeoGenomics, Inc.* (Life Sciences Tools & Services) | | | 408 | | | | 18,429 | |
| Neoleukin Therapeutics, Inc.* (Biotechnology) | | | 127 | | | | 1,172 | |
| NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | | | 182 | | | | 1,858 | |
| NETGEAR, Inc.* (Communications Equipment) | | | 109 | | | | 4,177 | |
| NetScout Systems, Inc.* (Communications Equipment) | | | 253 | | | | 7,221 | |
| NETSTREIT Corp. (Equity Real Estate Investment Trusts) | | | 143 | | | | 3,298 | |
| Neuronetics, Inc.* (Health Care Equipment & Supplies) | | | 90 | | | | 1,442 | |
| NeuroPace, Inc.* (Health Care Equipment & Supplies) | | | 25 | | | | 595 | |
| Nevro Corp.* (Health Care Equipment & Supplies) | | | 125 | | | | 20,723 | |
| New Jersey Resources Corp. (Gas Utilities) | | | 348 | | | | 13,770 | |
| New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | | | 295 | | | | 2,590 | |
| New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 1,368 | | | | 6,115 | |
| NewAge, Inc.* (Beverages) | | | 480 | | | | 1,070 | |
| Newmark Group, Inc. (Real Estate Management & Development) | | | 538 | | | | 6,461 | |
| Newpark Resources, Inc.* (Energy Equipment & Services) | | | 321 | | | | 1,111 | |
| NexImmune, Inc.* (Biotechnology) | | | 24 | | | | 392 | |
| Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | | | 80 | | | | 4,398 | |
| NextGen Healthcare, Inc.* (Health Care Technology) | | | 202 | | | | 3,351 | |
| NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | | | 623 | | | | 2,965 | |
| NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | | | 113 | | | | 2,228 | |
| NI Holdings, Inc.* (Insurance) | | | 31 | | | | 589 | |
| Nicolet Bankshares, Inc.* (Banks) | | | 32 | | | | 2,251 | |
| Nikola Corp.* (Machinery) | | | 722 | | | | 13,039 | |
| Nkarta, Inc.* (Biotechnology) | | | 51 | | | | 1,616 | |
| NL Industries, Inc. (Commercial Services & Supplies) | | | 30 | | | | 195 | |
| nLight, Inc.* (Electronic Equipment, Instruments & Components) | | | 153 | | | | 5,551 | |
| NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | | 302 | | | | 6,789 | |
| NN, Inc.* (Machinery) | | | 154 | | | | 1,132 | |
| Noodles & Co.* (Hotels, Restaurants & Leisure) | | | 146 | | | | 1,822 | |
| Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | | | 544 | | | | 1,784 | |
| Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels) | | | 172 | | | | 3,572 | |
| Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 165 | | | | 2,706 | |
| Northrim Bancorp, Inc. (Banks) | | | 22 | | | | 941 | |
| Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | | 441 | | | | 6,015 | |
| Northwest Natural Holding Co. (Gas Utilities) | | | 110 | | | | 5,777 | |
| Northwest Pipe Co.* (Construction & Engineering) | | | 35 | | | | 989 | |
| NorthWestern Corp. (Multi-Utilities) | | | 183 | | | | 11,020 | |
| Novagold Resources, Inc.* (Metals & Mining) | | | 854 | | | | 6,841 | |
| Novanta, Inc.* (Electronic Equipment, Instruments & Components) | | | 127 | | | | 17,114 | |
| NOW, Inc.* (Trading Companies & Distributors) | | | 397 | | | | 3,768 | |
| Nu Skin Enterprises, Inc.—Class A (Personal Products) | | | 179 | | | | 10,140 | |
| Nurix Therapeutics, Inc.* (Biotechnology) | | | 113 | | | | 2,998 | |
| NuVasive, Inc.* (Health Care Equipment & Supplies) | | | 187 | | | | 12,675 | |
| Nuvation Bio, Inc.* (Pharmaceuticals) | | | 128 | | | | 1,192 | |
| NV5 Global, Inc.* (Construction & Engineering) | | | 46 | | | | 4,347 | |
| NVE Corp. (Semiconductors & Semiconductor Equipment) | | | 17 | | | | 1,259 | |
| Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | | | 73 | | | | 7,340 | |
| Oceaneering International, Inc.* (Energy Equipment & Services) | | | 359 | | | | 5,590 | |
| Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | | | 213 | | | | 4,439 | |
| Ocugen, Inc.*(a) (Biotechnology) | | | 665 | | | | 5,340 | |
| Ocular Therapeutix, Inc.* (Pharmaceuticals) | | | 276 | | | | 3,914 | |
| Ocwen Financial Corp.* (Thrifts & Mortgage Finance) | | | 29 | | | | 898 | |
| Office Properties Income Trust (Equity Real Estate Investment Trusts) | | | 173 | | | | 5,071 | |
| OFG Bancorp (Banks) | | | 183 | | | | 4,048 | |
| O-I Glass, Inc.* (Containers & Packaging) | | | 569 | | | | 9,291 | |
| Oil States International, Inc.* (Energy Equipment & Services) | | | 218 | | | | 1,711 | |
| Oil-Dri Corp. of America (Household Products) | | | 19 | | | | 649 | |
| Old National Bancorp (Banks) | | | 595 | | | | 10,478 | |
| Old Second Bancorp, Inc. (Banks) | | | 100 | | | | 1,240 | |
| Olema Pharmaceuticals, Inc.* (Biotechnology) | | | 44 | | | | 1,231 | |
| Olympic Steel, Inc. (Metals & Mining) | | | 34 | | | | 999 | |
| Omega Flex, Inc. (Machinery) | | | 11 | | | | 1,614 | |
| Omeros Corp.* (Pharmaceuticals) | | | 217 | | | | 3,220 | |
| Omnicell, Inc.* (Health Care Technology) | | | 155 | | | | 23,475 | |
See accompanying notes to financial statements.
224 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| ON24, Inc.* (Software) | | | 32 | | | $ | 1,135 | |
| Oncocyte Corp.* (Biotechnology) | | | 255 | | | | 1,464 | |
| Oncorus, Inc.* (Biotechnology) | | | 74 | | | | 1,021 | |
| Oncternal Therapeutics, Inc.* (Biotechnology) | | | 159 | | | | 755 | |
| ONE Gas, Inc. (Gas Utilities) | | | 190 | | | | 14,084 | |
| ONE Group Hospitality, Inc. (The)* (Hotels, Restaurants & Leisure) | | | 70 | | | | 771 | |
| One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | | | 58 | | | | 1,647 | |
| OneSpan, Inc.* (Software) | | | 127 | | | | 3,244 | |
| OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | | | 190 | | | | 1,841 | |
| Onewater Marine, Inc. (Specialty Retail) | | | 37 | | | | 1,555 | |
| Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | | | 175 | | | | 12,782 | |
| Ontrak, Inc.* (Health Care Providers & Services) | | | 31 | | | | 1,007 | |
| Ooma, Inc.* (Diversified Telecommunication Services) | | | 78 | | | | 1,471 | |
| Open Lending Corp.*—Class A (Capital Markets) | | | 376 | | | | 16,201 | |
| OPKO Health, Inc.* (Biotechnology) | | | 1,416 | | | | 5,735 | |
| Oportun Financial Corp.* (Consumer Finance) | | | 75 | | | | 1,502 | |
| Oppenheimer Holdings, Inc.—Class A (Capital Markets) | | | 33 | | | | 1,678 | |
| OptimizeRx Corp.* (Health Care Technology) | | | 61 | | | | 3,776 | |
| Option Care Health, Inc.* (Health Care Providers & Services) | | | 399 | | | | 8,726 | |
| Oramed Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 96 | | | | 1,284 | |
| OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | | 258 | | | | 2,616 | |
| ORBCOMM, Inc.* (Diversified Telecommunication Services) | | | 269 | | | | 3,024 | |
| Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 342 | | | | 1,775 | |
| Organogenesis Holdings, Inc.* (Biotechnology) | | | 137 | | | | 2,277 | |
| ORIC Pharmaceuticals, Inc.* (Biotechnology) | | | 106 | | | | 1,875 | |
| Origin Bancorp, Inc. (Banks) | | | 80 | | | | 3,397 | |
| Orion Engineered Carbons SA* (Chemicals) | | | 218 | | | | 4,140 | |
| Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | | | 163 | | | | 11,333 | |
| Orrstown Financial Services, Inc. (Banks) | | | 39 | | | | 900 | |
| Ortho Clinical Diagnostics Holdings PLC* (Health Care Equipment & Supplies) | | | 319 | | | | 6,830 | |
| Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | | | 68 | | | | 2,727 | |
| OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | | | 50 | | | | 3,159 | |
| OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | | 61 | | | | 6,200 | |
| Otter Tail Corp. (Electric Utilities) | | | 148 | | | | 7,224 | |
| Ouster, Inc.* (Electronic Equipment, Instruments & Components) | | | 105 | | | | 1,311 | |
| Outfront Media, Inc.* (Equity Real Estate Investment Trusts) | | | 524 | | | | 12,592 | |
| Outlook Therapeutics, Inc.* (Biotechnology) | | | 315 | | | | 784 | |
| Outset Medical, Inc.* (Health Care Equipment & Supplies) | | | 165 | | | | 8,247 | |
| Overstock.com, Inc.* (Internet & Direct Marketing Retail) | | | 155 | | | | 14,290 | |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | | | 944 | | | | 29,709 | |
| Owens & Minor, Inc. (Health Care Providers & Services) | | | 261 | | | | 11,048 | |
| Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | | | 58 | | | | 5,733 | |
| Oyster Point Pharma, Inc.* (Biotechnology) | | | 40 | | | | 688 | |
| Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | | | 700 | | | | 24,480 | |
| Pacific Premier Bancorp, Inc. (Banks) | | | 338 | | | | 14,294 | |
| Pacira BioSciences, Inc.* (Pharmaceuticals) | | | 157 | | | | 9,527 | |
| Pactiv Evergreen, Inc. (Containers & Packaging) | | | 155 | | | | 2,336 | |
| PAE, Inc.* (Aerospace & Defense) | | | 250 | | | | 2,225 | |
| PagerDuty, Inc.* (Software) | | | 291 | | | | 12,391 | |
| Palomar Holdings, Inc.* (Insurance) | | | 89 | | | | 6,716 | |
| PAM Transportation Services, Inc.* (Road & Rail) | | | 7 | | | | 369 | |
| Papa John's International, Inc. (Hotels, Restaurants & Leisure) | | | 119 | | | | 12,428 | |
| Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | | 161 | | | | 2,708 | |
| PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | | | 85 | | | | 5,945 | |
| Paramount Group, Inc. (Equity Real Estate Investment Trusts) | | | 673 | | | | 6,777 | |
| Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 165 | | | | 1,125 | |
| Park Aerospace Corp. (Aerospace & Defense) | | | 70 | | | | 1,043 | |
| Park National Corp. (Banks) | | | 52 | | | | 6,106 | |
| Park-Ohio Holdings Corp. (Machinery) | | | 31 | | | | 996 | |
| Parsons Corp.* (Aerospace & Defense) | | | 95 | | | | 3,739 | |
| Party City Holdco, Inc.* (Specialty Retail) | | | 398 | | | | 3,713 | |
| Passage Bio, Inc.* (Biotechnology) | | | 134 | | | | 1,774 | |
| Patrick Industries, Inc. (Building Products) | | | 82 | | | | 5,986 | |
| Patterson Cos., Inc. (Health Care Providers & Services) | | | 309 | | | | 9,391 | |
| Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | | 672 | | | | 6,680 | |
| PAVmed, Inc.* (Health Care Equipment & Supplies) | | | 259 | | | | 1,658 | |
| Paya Holdings, Inc.* (IT Services) | | | 296 | | | | 3,262 | |
| PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 347 | | | | 5,309 | |
| PC Connection, Inc. (Electronic Equipment, Instruments & Components) | | | 40 | | | | 1,851 | |
| PCSB Financial Corp. (Thrifts & Mortgage Finance) | | | 49 | | | | 890 | |
| PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 358 | | | | 16,393 | |
| PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | | 107 | | | | 1,945 | |
| Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | | | 249 | | | | 1,975 | |
| Peapack Gladstone Financial Corp. (Banks) | | | 66 | | | | 2,051 | |
| Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | | 468 | | | | 11,021 | |
| Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | | | 56 | | | | 1,322 | |
| Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | | | 127 | | | | 7,838 | |
| PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | | 353 | | | | 7,434 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 225
Common Stocks, continued
| | | Shares | | | Value | |
| Peoples Bancorp, Inc. (Banks) | | | 65 | | | $ | 1,925 | |
| Peoples Financial Services Corp. (Banks) | | | 25 | | | | 1,065 | |
| Perdoceo Education Corp.* (Diversified Consumer Services) | | | 253 | | | | 3,104 | |
| Perficient, Inc.* (IT Services) | | | 117 | | | | 9,409 | |
| Performance Food Group Co.* (Food & Staples Retailing) | | | 475 | | | | 23,032 | |
| Perpetua Resources Corp.* (Metals & Mining) | | | 97 | | | | 708 | |
| Personalis, Inc.* (Life Sciences Tools & Services) | | | 128 | | | | 3,238 | |
| Petiq, Inc.* (Health Care Providers & Services) | | | 95 | | | | 3,667 | |
| PetMed Express, Inc. (Internet & Direct Marketing Retail) | | | 71 | | | | 2,261 | |
| PGT Innovations, Inc.* (Building Products) | | | 211 | | | | 4,902 | |
| Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 73 | | | | 2,471 | |
| Phibro Animal Health Corp.—Class A (Pharmaceuticals) | | | 74 | | | | 2,137 | |
| Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 222 | | | | 2,933 | |
| Phreesia, Inc.* (Health Care Technology) | | | 137 | | | | 8,398 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 777 | | | | 14,351 | |
| Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 447 | | | | 8,256 | |
| Ping Identity Holding Corp.* (Software) | | | 157 | | | | 3,595 | |
| Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | | | 42 | | | | 505 | |
| Piper Sandler Cos. (Capital Markets) | | | 64 | | | | 8,292 | |
| Pitney Bowes, Inc. (Commercial Services & Supplies) | | | 634 | | | | 5,560 | |
| PJT Partners, Inc.—Class A (Capital Markets) | | | 87 | | | | 6,210 | |
| Plantronics, Inc.* (Communications Equipment) | | | 123 | | | | 5,133 | |
| PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | | | 99 | | | | 980 | |
| PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 39 | | | | 1,517 | |
| Plexus Corp.* (Electronic Equipment, Instruments & Components) | | | 102 | | | | 9,324 | |
| Pliant Therapeutics, Inc.* (Pharmaceuticals) | | | 87 | | | | 2,533 | |
| Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | | | 105 | | | | 2,102 | |
| PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 94 | | | | 3,211 | |
| PNM Resources, Inc. (Electric Utilities) | | | 308 | | | | 15,021 | |
| PolyMet Mining Corp.* (Metals & Mining) | | | 104 | | | | 375 | |
| Porch Group, Inc.* (Internet & Direct Marketing Retail) | | | 57 | | | | 1,102 | |
| Portage Biotech, Inc.* (Biotechnology) | | | 13 | | | | 272 | |
| Portland General Electric Co. (Electric Utilities) | | | 324 | | | | 14,930 | |
| Poseida Therapeutics, Inc.* (Biotechnology) | | | 104 | | | | 1,042 | |
| Postal Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 43 | | | | 784 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 238 | | | | 12,650 | |
| Powell Industries, Inc. (Electrical Equipment) | | | 33 | | | | 1,021 | |
| Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | | 218 | | | | 17,889 | |
| PQ Group Holdings, Inc. (Chemicals) | | | 185 | | | | 2,842 | |
| PRA Group, Inc.* (Consumer Finance) | | | 164 | | | | 6,309 | |
| Praxis Precision Medicines, Inc.* (Biotechnology) | | | 88 | | | | 1,609 | |
| Precigen, Inc.* (Biotechnology) | | | 342 | | | | 2,230 | |
| Precision BioSciences, Inc.* (Biotechnology) | | | 171 | | | | 2,141 | |
| Preferred Apartment Communities, Inc.— Class A (Equity Real Estate Investment Trusts) | | | 181 | | | | 1,765 | |
| Preferred Bank (Banks) | | | 50 | | | | 3,164 | |
| Preformed Line Products Co. (Electrical Equipment) | | | 11 | | | | 816 | |
| Prelude Therapeutics, Inc.* (Biotechnology) | | | 39 | | | | 1,117 | |
| Premier Financial Bancorp, Inc. (Banks) | | | 46 | | | | 775 | |
| Premier Financial Corp. (Thrifts & Mortgage Finance) | | | 133 | | | | 3,779 | |
| Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | | | 180 | | | | 9,378 | |
| PriceSmart, Inc. (Food & Staples Retailing) | �� | | 84 | | | | 7,645 | |
| Primis Financial Corp. (Banks) | | | 87 | | | | 1,328 | |
| Primo Water Corp. (Beverages) | | | 567 | | | | 9,486 | |
| Primoris Services Corp. (Construction & Engineering) | | | 193 | | | | 5,680 | |
| Priority Technology Holdings, Inc.* (IT Services) | | | 36 | | | | 275 | |
| Privia Health Group, Inc.* (Health Care Providers & Services) | | | 71 | | | | 3,150 | |
| ProAssurance Corp. (Insurance) | | | 194 | | | | 4,414 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 242 | | | | 11,647 | |
| Progress Software Corp. (Software) | | | 158 | | | | 7,308 | |
| Progyny, Inc.* (Health Care Providers & Services) | | | 227 | | | | 13,393 | |
| Prometheus Biosciences, Inc.* (Biotechnology) | | | 41 | | | | 1,007 | |
| ProPetro Holding Corp.* (Energy Equipment & Services) | | | 308 | | | | 2,821 | |
| PROS Holdings, Inc.* (Software) | | | 144 | | | | 6,562 | |
| ProSight Global, Inc.* (Insurance) | | | 34 | | | | 434 | |
| Protagonist Therapeutics, Inc.* (Biotechnology) | | | 149 | | | | 6,687 | |
| Prothena Corp. PLC* (Biotechnology) | | | 123 | | | | 6,323 | |
| Proto Labs, Inc.* (Machinery) | | | 100 | | | | 9,180 | |
| Provention Bio, Inc.* (Pharmaceuticals) | | | 200 | | | | 1,686 | |
| Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | | | 57 | | | | 930 | |
| Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | | 273 | | | | 6,249 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 72 | | | | 10,662 | |
| PTC Therapeutics, Inc.* (Biotechnology) | | | 250 | | | | 10,568 | |
| Pulmonx Corp.* (Health Care Equipment & Supplies) | | | 91 | | | | 4,015 | |
| Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | | | 50 | | | | 820 | |
| Puma Biotechnology, Inc.* (Biotechnology) | | | 115 | | | | 1,056 | |
| Pure Cycle Corp.* (Water Utilities) | | | 69 | | | | 954 | |
| PureCycle Technologies, Inc.* (Chemicals) | | | 119 | | | | 2,814 | |
| Purple Innovation, Inc.* (Household Durables) | | | 181 | | | | 4,780 | |
| Pzena Investment Management, Inc.— Class A (Capital Markets) | | | 61 | | | | 672 | |
| Q2 Holdings, Inc.* (Software) | | | 197 | | | | 20,207 | |
| QAD, Inc. (Software) | | | 43 | | | | 3,742 | |
| QCR Holdings, Inc. (Banks) | | | 55 | | | | 2,645 | |
| QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 248 | | | | 19,170 | |
| Quaker Chemical Corp. (Chemicals) | | | 49 | | | | 11,622 | |
| Qualys, Inc.* (Software) | | | 123 | | | | 12,385 | |
| Quanex Building Products Corp. (Building Products) | | | 121 | | | | 3,006 | |
See accompanying notes to financial statements.
226 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Quanterix Corp.* (Life Sciences Tools & Services) | | | 111 | | | $ | 6,511 | |
| Quantum Corp.* (Technology Hardware, Storage & Peripherals) | | | 201 | | | | 1,385 | |
| QuinStreet, Inc.* (Interactive Media & Services) | | | 179 | | | | 3,326 | |
| Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | | | 320 | | | | 3,459 | |
| Quotient, Ltd.* (Health Care Equipment & Supplies) | | | 283 | | | | 1,030 | |
| R. R. Donnelley & Sons Co.* (Commercial Services & Supplies) | | | 255 | | | | 1,601 | |
| R1 RCM, Inc.* (Health Care Providers & Services) | | | 474 | | | | 10,542 | |
| Rackspace Technology, Inc.* (IT Services) | | | 194 | | | | 3,804 | |
| Radian Group, Inc. (Thrifts & Mortgage Finance) | | | 693 | | | | 15,419 | |
| Radiant Logistics, Inc.* (Air Freight & Logistics) | | | 141 | | | | 977 | |
| Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | | | 158 | | | | 2,291 | |
| Radius Health, Inc.* (Biotechnology) | | | 169 | | | | 3,083 | |
| RadNet, Inc.* (Health Care Providers & Services) | | | 161 | | | | 5,424 | |
| Rafael Holdings, Inc.*—Class B (Real Estate Management & Development) | | | 35 | | | | 1,787 | |
| Rain Therapeutics, Inc.* (Biotechnology) | | | 27 | | | | 420 | |
| Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | | 404 | | | | 9,579 | |
| Range Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 861 | | | | 14,430 | |
| Ranpak Holdings Corp.* (Containers & Packaging) | | | 126 | | | | 3,154 | |
| Rapid7, Inc.* (Software) | | | 198 | | | | 18,737 | |
| RAPT Therapeutics, Inc.* (Biotechnology) | | | 65 | | | | 2,066 | |
| Raven Industries, Inc. (Industrial Conglomerates) | | | 128 | | | | 7,405 | |
| Rayonier Advanced Materials, Inc.* (Chemicals) | | | 223 | | | | 1,492 | |
| RBB Bancorp (Banks) | | | 51 | | | | 1,235 | |
| RBC Bearings, Inc.* (Machinery) | | | 89 | | | | 17,748 | |
| RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | | | 30 | | | | 1,986 | |
| Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | | | 208 | | | | 3,301 | |
| Realogy Holdings Corp.* (Real Estate Management & Development) | | | 415 | | | | 7,561 | |
| Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | | | 99 | | | | 14,011 | |
| Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | | | 76 | | | | 2,774 | |
| Red River Bancshares, Inc. (Banks) | | | 16 | | | | 808 | |
| Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | | | 56 | | | | 1,854 | |
| Red Rock Resorts, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 222 | | | | 9,435 | |
| Redfin Corp.* (Real Estate Management & Development) | | | 366 | | | | 23,209 | |
| Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 407 | | | | 4,912 | |
| REGENXBIO, Inc.* (Biotechnology) | | | 142 | | | | 5,517 | |
| Regional Management Corp. (Consumer Finance) | | | 30 | | | | 1,396 | |
| Regis Corp.* (Diversified Consumer Services) | | | 85 | | | | 796 | |
| Rekor Systems, Inc.* (Professional Services) | | | 113 | | | | 1,148 | |
| Relay Therapeutics, Inc.* (Biotechnology) | | | 211 | | | | 7,720 | |
| Reliant Bancorp, Inc. (Banks) | | | 55 | | | | 1,525 | |
| Relmada Therapeutics, Inc.* (Pharmaceuticals) | | | 54 | | | | 1,729 | |
| Renasant Corp. (Banks) | | | 199 | | | | 7,960 | |
| Reneo Pharmaceuticals, Inc.* (Biotechnology) | | | 23 | | | | 215 | |
| Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | | 161 | | | | 10,037 | |
| Rent-A-Center, Inc. (Specialty Retail) | | | 237 | | | | 12,578 | |
| Repay Holdings Corp.* (IT Services) | | | 277 | | | | 6,659 | |
| Replimune Group, Inc.* (Biotechnology) | | | 96 | | | | 3,688 | |
| Republic Bancorp, Inc.—Class A (Banks) | | | 35 | | | | 1,615 | |
| Republic First Bancorp, Inc.* (Banks) | | | 161 | | | | 642 | |
| Resideo Technologies, Inc.* (Building Products) | | | 521 | | | | 15,630 | |
| Resources Connection, Inc. (Professional Services) | | | 114 | | | | 1,637 | |
| Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | | 419 | | | | 7,400 | |
| Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | | | 773 | | | | 8,851 | |
| Retail Value, Inc. (Equity Real Estate Investment Trusts) | | | 63 | | | | 1,370 | |
| Retractable Technologies, Inc.* (Health Care Equipment & Supplies) | | | 62 | | | | 717 | |
| REV Group, Inc. (Machinery) | | | 103 | | | | 1,616 | |
| Revance Therapeutics, Inc.* (Pharmaceuticals) | | | 253 | | | | 7,499 | |
| Revlon, Inc.*—Class A (Personal Products) | | | 26 | | | | 334 | |
| REVOLUTION Medicines, Inc.* (Biotechnology) | | | 214 | | | | 6,792 | |
| Revolve Group, Inc.* (Internet & Direct Marketing Retail) | | | 129 | | | | 8,888 | |
| REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 19 | | | | 1,713 | |
| Rexnord Corp. (Machinery) | | | 432 | | | | 21,616 | |
| Rhythm Pharmaceuticals, Inc.* (Biotechnology) | | | 159 | | | | 3,113 | |
| Ribbon Communications, Inc.* (Communications Equipment) | | | 253 | | | | 1,925 | |
| Rigel Pharmaceuticals, Inc.* (Biotechnology) | | | 615 | | | | 2,669 | |
| Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | | | 32 | | | | 927 | |
| Rimini Street, Inc.* (Software) | | | 158 | | | | 973 | |
| Riot Blockchain, Inc.* (Software) | | | 304 | | | | 11,452 | |
| Rite Aid Corp.* (Food & Staples Retailing) | | | 198 | | | | 3,227 | |
| RLI Corp. (Insurance) | | | 144 | | | | 15,061 | |
| RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | | 590 | | | | 8,986 | |
| Rocket Pharmaceuticals, Inc.* (Biotechnology) | | | 143 | | | | 6,333 | |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 25 | | | | 1,390 | |
| Rogers Corp.* (Electronic Equipment, Instruments & Components) | | | 67 | | | | 13,454 | |
| Romeo Power, Inc.* (Electrical Equipment) | | | 151 | | | | 1,229 | |
| RPC, Inc.* (Energy Equipment & Services) | | | 243 | | | | 1,203 | |
| RPT Realty (Equity Real Estate Investment Trusts) | | | 290 | | | | 3,764 | |
| Rubius Therapeutics, Inc.* (Biotechnology) | | | 162 | | | | 3,954 | |
| Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | | | 152 | | | | 6,572 | |
| Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | | | 24 | | | | 915 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 227
Common Stocks, continued
| | | Shares | | | Value | |
| Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | | | 188 | | | $ | 2,305 | |
| Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure) | | | 121 | | | | 2,787 | |
| Ryerson Holding Corp.* (Metals & Mining) | | | 59 | | | | 861 | |
| Ryman Hospitality Properties, Inc.*—Class I (Equity Real Estate Investment Trusts) | | | 194 | | | | 15,318 | |
| S&T Bancorp, Inc. (Banks) | | | 140 | | | | 4,382 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 777 | | | | 14,141 | |
| Safe Bulkers, Inc.* (Marine) | | | 198 | | | | 794 | |
| Safehold, Inc. (Equity Real Estate Investment Trusts) | | | 64 | | | | 5,024 | |
| Safety Insurance Group, Inc. (Insurance) | | | 52 | | | | 4,071 | |
| Saia, Inc.* (Road & Rail) | | | 96 | | | | 20,112 | |
| Sailpoint Technologies Holding, Inc.* (Software) | | | 326 | | | | 16,649 | |
| Sally Beauty Holdings, Inc.* (Specialty Retail) | | | 406 | | | | 8,960 | |
| Sana Biotechnology, Inc.* (Biotechnology) | | | 97 | | | | 1,907 | |
| Sanderson Farms, Inc. (Food Products) | | | 73 | | | | 13,721 | |
| Sandy Spring Bancorp, Inc. (Banks) | | | 167 | | | | 7,370 | |
| Sangamo Therapeutics, Inc.* (Biotechnology) | | | 423 | | | | 5,063 | |
| Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | | 231 | | | | 9,000 | |
| Sapiens International Corp. N.V. (Software) | | | 111 | | | | 2,916 | |
| Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | | 43 | | | | 1,954 | |
| ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | | 91 | | | | 2,560 | |
| Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | | | 93 | | | | 4,562 | |
| Scholar Rock Holding Corp.* (Biotechnology) | | | 100 | | | | 2,890 | |
| Scholastic Corp. (Media) | | | 105 | | | | 3,978 | |
| Schrodinger, Inc.* (Health Care Technology) | | | 163 | | | | 12,324 | |
| Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | | 113 | | | | 4,563 | |
| Scientific Games Corp.* (Hotels, Restaurants & Leisure) | | | 346 | | | | 26,795 | |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | | | 176 | | | | 3,881 | |
| Sculptor Capital Management, Inc. (Capital Markets) | | | 78 | | | | 1,918 | |
| Seacoast Banking Corp. (Banks) | | | 197 | | | | 6,728 | |
| SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | | | 114 | | | | 2,338 | |
| SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 186 | | | | 9,289 | |
| SecureWorks Corp.*—Class A (Software) | | | 35 | | | | 649 | |
| Seelos Therapeutics, Inc.* (Pharmaceuticals) | | | 273 | | | | 721 | |
| Seer, Inc.* (Life Sciences Tools & Services) | | | 55 | | | | 1,803 | |
| Select Energy Services, Inc.* (Energy Equipment & Services) | | | 213 | | | | 1,287 | |
| Select Medical Holdings Corp. (Health Care Providers & Services) | | | 398 | | | | 16,819 | |
| Selecta Biosciences, Inc.* (Biotechnology) | | | 322 | | | | 1,346 | |
| Selective Insurance Group, Inc. (Insurance) | | | 214 | | | | 17,365 | |
| Selectquote, Inc.* (Insurance) | | | 483 | | | | 9,303 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 233 | | | | 16,030 | |
| Seneca Foods Corp.*—Class A (Food Products) | | | 23 | | | | 1,175 | |
| Sensei Biotherapeutics, Inc.* (Biotechnology) | | | 27 | | | | 264 | |
| Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | | | 1,496 | | | | 5,745 | |
| Sensient Technologies Corp. (Chemicals) | | | 152 | | | | 13,157 | |
| Seres Therapeutics, Inc.* (Biotechnology) | | | 251 | | | | 5,986 | |
| Seritage Growth Properties*—Class A (Equity Real Estate Investment Trusts) | | | 132 | | | | 2,429 | |
| Service Properties Trust (Equity Real Estate Investment Trusts) | | | 591 | | | | 7,447 | |
| ServisFirst Bancshares, Inc. (Banks) | | | 180 | | | | 12,236 | |
| Sesen Bio, Inc.* (Biotechnology) | | | 616 | | | | 2,846 | |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | | | 377 | | | | 2,884 | |
| Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 135 | | | | 14,448 | |
| Sharps Compliance Corp.* (Health Care Providers & Services) | | | 52 | | | | 536 | |
| Shattuck Labs, Inc.* (Biotechnology) | | | 96 | | | | 2,783 | |
| Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | | 174 | | | | 8,441 | |
| Shift Technologies, Inc.* (Specialty Retail) | | | 224 | | | | 1,922 | |
| Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | | | 122 | | | | 23,146 | |
| Shoe Carnival, Inc. (Specialty Retail) | | | 32 | | | | 2,291 | |
| ShotSpotter, Inc.* (Software) | | | 31 | | | | 1,512 | |
| Shutterstock, Inc. (Internet & Direct Marketing Retail) | | | 84 | | | | 8,246 | |
| SI-BONE, Inc.* (Health Care Equipment & Supplies) | | | 116 | | | | 3,651 | |
| Sientra, Inc.* (Health Care Equipment & Supplies) | | | 207 | | | | 1,648 | |
| Sierra Bancorp (Banks) | | | 51 | | | | 1,298 | |
| SIGA Technologies, Inc.* (Pharmaceuticals) | | | 178 | | | | 1,118 | |
| Sigilon Therapeutics, Inc.* (Biotechnology) | | | 27 | | | | 290 | |
| Signet Jewelers, Ltd.* (Specialty Retail) | | | 188 | | | | 15,189 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 160 | | | | 24,520 | |
| Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | | | 122 | | | | 5,839 | |
| Silverback Therapeutics, Inc.* (Biotechnology) | | | 46 | | | | 1,421 | |
| Silvergate Capital Corp.*—Class A (Banks) | | | 82 | | | | 9,292 | |
| Simmons First National Corp.—Class A (Banks) | | | 387 | | | | 11,355 | |
| Simpson Manufacturing Co., Inc. (Building Products) | | | 157 | | | | 17,338 | |
| Simulations Plus, Inc. (Health Care Technology) | | | 55 | | | | 3,020 | |
| Sinclair Broadcast Group, Inc.—Class A (Media) | | | 165 | | | | 5,481 | |
| SiriusPoint, Ltd.* (Insurance) | | | 319 | | | | 3,212 | |
| SITE Centers Corp. (Equity Real Estate Investment Trusts) | | | 624 | | | | 9,397 | |
| SiTime Corp.* (Semiconductors & Semiconductor Equipment) | | | 46 | | | | 5,823 | |
| SJW Corp. (Water Utilities) | | | 100 | | | | 6,330 | |
| Skyline Champion Corp.* (Household Durables) | | | 189 | | | | 10,074 | |
| SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 28 | | | | 802 | |
| SkyWest, Inc.* (Airlines) | | | 179 | | | | 7,710 | |
| Sleep Number Corp.* (Specialty Retail) | | | 86 | | | | 9,456 | |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | | | 420 | | | | 10,345 | |
| SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 51 | | | | 2,432 | |
See accompanying notes to financial statements.
228 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| SmartFinancial, Inc. (Banks) | | | 50 | | | $ | 1,201 | |
| Smith & Wesson Brands, Inc. (Leisure Products) | | | 192 | | | | 6,662 | |
| Smith Micro Software, Inc.* (Software) | | | 160 | | | | 835 | |
| SOC Telemed, Inc.* (Health Care Providers & Services) | | | 147 | | | | 836 | |
| Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | | | 113 | | | | 1,101 | |
| Solid Biosciences, Inc.* (Biotechnology) | | | 215 | | | | 787 | |
| Soliton, Inc.* (Health Care Equipment & Supplies) | | | 33 | | | | 742 | |
| Sonic Automotive, Inc.—Class A (Specialty Retail) | | | 79 | | | | 3,534 | |
| Sonos, Inc.* (Household Durables) | | | 433 | | | | 15,255 | |
| Sorrento Therapeutics, Inc.* (Biotechnology) | | | 982 | | | | 9,516 | |
| South Jersey Industries, Inc. (Gas Utilities) | | | 371 | | | | 9,620 | |
| South Plains Financial, Inc. (Banks) | | | 38 | | | | 879 | |
| South State Corp. (Banks) | | | 255 | | | | 20,849 | |
| Southern First Bancshares, Inc.* (Banks) | | | 27 | | | | 1,381 | |
| Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 28 | | | | 1,259 | |
| Southside Bancshares, Inc. (Banks) | | | 112 | | | | 4,282 | |
| Southwest Gas Holdings, Inc. (Gas Utilities) | | | 209 | | | | 13,834 | |
| Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | | 2,441 | | | | 13,840 | |
| SP Plus Corp.* (Commercial Services & Supplies) | | | 83 | | | | 2,539 | |
| Spark Energy, Inc.—Class A (Electric Utilities) | | | 43 | | | | 487 | |
| SpartanNash Co. (Food & Staples Retailing) | | | 129 | | | | 2,491 | |
| Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | | 557 | | | | 2,089 | |
| Spero Therapeutics, Inc.* (Biotechnology) | | | 87 | | | | 1,215 | |
| Spire, Inc. (Gas Utilities) | | | 183 | | | | 13,225 | |
| Spirit Airlines, Inc.* (Airlines) | | | 354 | | | | 10,775 | |
| Spirit of Texas Bancshares, Inc. (Banks) | | | 46 | | | | 1,051 | |
| Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | | | 157 | | | | 2,790 | |
| SpringWorks Therapeutics, Inc.* (Biotechnology) | | | 105 | | | | 8,653 | |
| Sprout Social, Inc.*—Class A (Software) | | | 159 | | | | 14,218 | |
| Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | | 428 | | | | 10,636 | |
| Spruce Biosciences, Inc.* (Biotechnology) | | | 31 | | | | 348 | |
| SPS Commerce, Inc.* (Software) | | | 130 | | | | 12,981 | |
| SPX Corp.* (Machinery) | | | 158 | | | | 9,651 | |
| SPX FLOW, Inc. (Machinery) | | | 152 | | | | 9,916 | |
| SQZ Biotechnologies Co.* (Biotechnology) | | | 82 | | | | 1,185 | |
| STAAR Surgical Co.* (Health Care Equipment & Supplies) | | | 169 | | | | 25,772 | |
| STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | | | 580 | | | | 21,708 | |
| Stamps.com, Inc.* (Internet & Direct Marketing Retail) | | | 64 | | | | 12,819 | |
| Standard Motor Products, Inc. (Auto Components) | | | 75 | | | | 3,251 | |
| Standex International Corp. (Machinery) | | | 44 | | | | 4,176 | |
| Startek, Inc.* (IT Services) | | | 61 | | | | 435 | |
| State Auto Financial Corp. (Insurance) | | | 64 | | | | 1,096 | |
| Steelcase, Inc.—Class A (Commercial Services & Supplies) | | | 319 | | | | 4,820 | |
| Stem, Inc.* (Electrical Equipment) | | | 226 | | | | 8,138 | |
| Stepan Co. (Chemicals) | | | 78 | | | | 9,381 | |
| StepStone Group, Inc.—Class A (Capital Markets) | | | 134 | | | | 4,610 | |
| Stereotaxis, Inc.* (Health Care Equipment & Supplies) | | | 179 | | | | 1,726 | |
| Sterling Construction Co., Inc.* (Construction & Engineering) | | | 100 | | | | 2,413 | |
| Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | | 296 | | | | 12,953 | |
| Stewart Information Services Corp. (Insurance) | | | 96 | | | | 5,442 | |
| Stitch Fix, Inc.* (Internet & Direct Marketing Retail) | | | 213 | | | | 12,844 | |
| Stock Yards Bancorp, Inc. (Banks) | | | 74 | | | | 3,766 | |
| Stoke Therapeutics, Inc.* (Biotechnology) | | | 69 | | | | 2,323 | |
| StoneMor, Inc.* (Diversified Consumer Services) | | | 116 | | | | 304 | |
| Stoneridge, Inc.* (Auto Components) | | | 94 | | | | 2,773 | |
| StoneX Group, Inc.* (Capital Markets) | | | 60 | | | | 3,640 | |
| Strategic Education, Inc. (Diversified Consumer Services) | | | 88 | | | | 6,693 | |
| Stride, Inc.* (Diversified Consumer Services) | | | 145 | | | | 4,659 | |
| Sturm Ruger & Co., Inc. (Leisure Products) | | | 62 | | | | 5,579 | |
| Summit Financial Group, Inc. (Banks) | | | 41 | | | | 902 | |
| Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | | | 374 | | | | 3,489 | |
| Summit Materials, Inc.*—Class A (Construction Materials) | | | 423 | | | | 14,741 | |
| Summit Therapeutics, Inc.* (Biotechnology) | | | 81 | | | | 604 | |
| Sumo Logic, Inc.* (Software) | | | 294 | | | | 6,071 | |
| Sun Country Airlines Holdings, Inc.* (Airlines) | | | 62 | | | | 2,295 | |
| SunCoke Energy, Inc. (Metals & Mining) | | | 299 | | | | 2,135 | |
| Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | | | 310 | | | | 11,675 | |
| SunPower Corp.* (Semiconductors & Semiconductor Equipment) | | | 288 | | | | 8,415 | |
| Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts) | | | 774 | | | | 9,613 | |
| Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | | | 155 | | | | 5,453 | |
| Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | | | 41 | | | | 980 | |
| Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 177 | | | | 5,450 | |
| Surface Oncology, Inc.* (Biotechnology) | | | 120 | | | | 895 | |
| Surgery Partners, Inc.* (Health Care Providers & Services) | | | 114 | | | | 7,595 | |
| Surmodics, Inc.* (Health Care Equipment & Supplies) | | | 49 | | | | 2,658 | |
| Sutro BioPharma, Inc.* (Biotechnology) | | | 156 | | | | 2,900 | |
| Sykes Enterprises, Inc.* (IT Services) | | | 138 | | | | 7,411 | |
| Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 127 | | | | 19,759 | |
| Syndax Pharmaceuticals, Inc.* (Biotechnology) | | | 162 | | | | 2,782 | |
| Syros Pharmaceuticals, Inc.* (Biotechnology) | | | 207 | | | | 1,128 | |
| Tabula Rasa Healthcare, Inc.* (Health Care Technology) | | | 81 | | | | 4,050 | |
| Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | | | 69 | | | | 3,588 | |
| Talaris Therapeutics, Inc.* (Biotechnology) | | | 32 | | | | 470 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 229
Common Stocks, continued
| | | Shares | | | Value | |
| Talis Biomedical Corp.* (Health Care Equipment & Supplies) | | | 52 | | | $ | 574 | |
| Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 133 | | | | 2,080 | |
| Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | | 357 | | | | 6,729 | |
| Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | | | 90 | | | | 334 | |
| Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 30 | | | | 869 | |
| Tattooed Chef, Inc.*(a) (Food Products) | | | 168 | | | | 3,604 | |
| Taylor Morrison Home Corp.* (Household Durables) | | | 452 | | | | 11,942 | |
| Taysha Gene Therapies, Inc.* (Biotechnology) | | | 80 | | | | 1,696 | |
| TCR2 Therapeutics, Inc.* (Biotechnology) | | | 110 | | | | 1,805 | |
| Team, Inc.* (Commercial Services & Supplies) | | | 95 | | | | 637 | |
| TechTarget, Inc.* (Media) | | | 92 | | | | 7,129 | |
| Teekay Corp.*(a) (Oil, Gas & Consumable Fuels) | | | 250 | | | | 930 | |
| Teekay Tankers, Ltd.*—Class A (Oil, Gas & Consumable Fuels) | | | 86 | | | | 1,240 | |
| TEGNA, Inc. (Media) | | | 797 | | | | 14,953 | |
| Tejon Ranch Co.* (Real Estate Management & Development) | | | 75 | | | | 1,141 | |
| Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | | | 364 | | | | 8,248 | |
| Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | | | 1,142 | | | | 5,310 | |
| Telos Corp.* (Software) | | | 62 | | | | 2,109 | |
| Tenable Holdings, Inc.* (Software) | | | 327 | | | | 13,521 | |
| Tenet Healthcare Corp.* (Health Care Providers & Services) | | | 383 | | | | 25,658 | |
| Tennant Co. (Machinery) | | | 67 | | | | 5,350 | |
| Tenneco, Inc.* (Auto Components) | | | 255 | | | | 4,927 | |
| Terex Corp. (Machinery) | | | 247 | | | | 11,762 | |
| Terns Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 31 | | | | 380 | |
| Terreno Realty Corp. (Equity Real Estate Investment Trusts) | | | 247 | | | | 15,936 | |
| Tetra Tech, Inc. (Commercial Services & Supplies) | | | 194 | | | | 23,675 | |
| TETRA Technologies, Inc.* (Energy Equipment & Services) | | | 442 | | | | 1,918 | |
| Texas Capital Bancshares, Inc.* (Banks) | | | 183 | | | | 11,619 | |
| Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | | 252 | | | | 24,242 | |
| Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | | | 173 | | | | 5,842 | |
| TG Therapeutics, Inc.* (Biotechnology) | | | 462 | | | | 17,921 | |
| The Andersons, Inc. (Food & Staples Retailing) | | | 113 | | | | 3,450 | |
| The Bancorp, Inc.* (Banks) | | | 188 | | | | 4,326 | |
| The Bank of Nt Butterfield & Son, Ltd. (Banks) | | | 181 | | | | 6,416 | |
| The Brink's Co. (Commercial Services & Supplies) | | | 175 | | | | 13,446 | |
| The Buckle, Inc. (Specialty Retail) | | | 107 | | | | 5,323 | |
| The Cato Corp.—Class A (Specialty Retail) | | | 71 | | | | 1,198 | |
| The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure) | | | 156 | | | | 8,452 | |
| The Children's Place, Inc.* (Specialty Retail) | | | 51 | | | | 4,746 | |
| The Container Store Group, Inc.* (Specialty Retail) | | | 115 | | | | 1,500 | |
| The E.W. Scripps Co.—Class A (Media) | | | 206 | | | | 4,200 | |
| The Ensign Group, Inc. (Health Care Providers & Services) | | | 189 | | | | 16,381 | |
| The ExOne Co.* (Machinery) | | | 61 | | | | 1,320 | |
| The First Bancorp, Inc. (Banks) | | | 37 | | | | 1,090 | |
| The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | | 424 | | | | 3,019 | |
| The Goodyear Tire & Rubber Co.* (Auto Components) | | | 996 | | | | 17,081 | |
| The Greenbrier Cos., Inc. (Machinery) | | | 116 | | | | 5,055 | |
| The Hackett Group, Inc. (IT Services) | | | 90 | | | | 1,622 | |
| The Joint Corp.* (Health Care Providers & Services) | | | 49 | | | | 4,112 | |
| The Lovesac Co.* (Household Durables) | | | 46 | | | | 3,670 | |
| The Macerich Co. (Equity Real Estate Investment Trusts) | | | 712 | | | | 12,994 | |
| The Manitowoc Co., Inc.* (Machinery) | | | 124 | | | | 3,038 | |
| The Marcus Corp.* (Entertainment) | | | 82 | | | | 1,739 | |
| The ODP Corp.* (Specialty Retail) | | | 176 | | | | 8,450 | |
| The Pennant Group, Inc.* (Health Care Providers & Services) | | | 92 | | | | 3,763 | |
| The RealReal, Inc.* (Internet & Direct Marketing Retail) | | | 283 | | | | 5,592 | |
| The RMR Group, Inc.—Class A (Real Estate Management & Development) | | | 55 | | | | 2,125 | |
| The Shyft Group, Inc. (Machinery) | | | 124 | | | | 4,639 | |
| The Simply Good Foods Co.* (Food Products) | | | 307 | | | | 11,209 | |
| The St Joe Co. (Real Estate Management & Development) | | | 120 | | | | 5,353 | |
| TherapeuticsMD, Inc.* (Pharmaceuticals) | | | 1,303 | | | | 1,551 | |
| Theravance Biopharma, Inc.* (Pharmaceuticals) | | | 192 | | | | 2,788 | |
| Thermon Group Holdings, Inc.* (Electrical Equipment) | | | 119 | | | | 2,028 | |
| Thryv Holdings, Inc.* (Media) | | | 23 | | | | 823 | |
| Tidewater, Inc.* (Energy Equipment & Services) | | | 146 | | | | 1,759 | |
| Tilly's, Inc.—Class A (Specialty Retail) | | | 82 | | | | 1,310 | |
| TimkenSteel Corp.* (Metals & Mining) | | | 164 | | | | 2,321 | |
| Tiptree, Inc. (Insurance) | | | 82 | | | | 763 | |
| Titan International, Inc.* (Machinery) | | | 182 | | | | 1,543 | |
| Titan Machinery, Inc.* (Trading Companies & Distributors) | | | 70 | | | | 2,166 | |
| Tivity Health, Inc.* (Health Care Providers & Services) | | | 159 | | | | 4,183 | |
| Tompkins Financial Corp. (Banks) | | | 51 | | | | 3,956 | |
| Tonix Pharmaceuticals Holding Corp.* (Biotechnology) | | | 1,177 | | | | 1,306 | |
| Tootsie Roll Industries, Inc. (Food Products) | | | 56 | | | | 1,899 | |
| TowneBank (Banks) | | | 242 | | | | 7,362 | |
| TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | | | 216 | | | | 2,905 | |
| TPI Composites, Inc.* (Electrical Equipment) | | | 129 | | | | 6,246 | |
| Transcat, Inc.* (Trading Companies & Distributors) | | | 25 | | | | 1,413 | |
| Translate Bio, Inc.* (Biotechnology) | | | 241 | | | | 6,637 | |
| TransMedics Group, Inc.* (Health Care Equipment & Supplies) | | | 93 | | | | 3,086 | |
| TravelCenters of America, Inc.* (Specialty Retail) | | | 45 | | | | 1,316 | |
| Travere Therapeutics, Inc.* (Biotechnology) | | | 210 | | | | 3,064 | |
| Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | | | 39 | | | | 1,219 | |
| Trean Insurance Group, Inc.* (Insurance) | | | 64 | | | | 965 | |
| Tredegar Corp. (Chemicals) | | | 94 | | | | 1,294 | |
See accompanying notes to financial statements.
230 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| TreeHouse Foods, Inc.* (Food Products) | | | 187 | | | $ | 8,325 | |
| Trevena, Inc.* (Biotechnology) | | | 589 | | | | 995 | |
| Tri Pointe Homes, Inc.* (Household Durables) | | | 424 | | | | 9,086 | |
| TriCo Bancshares (Banks) | | | 99 | | | | 4,215 | |
| Trillium Therapeutics, Inc.* (Biotechnology) | | | 352 | | | | 3,414 | |
| TriMas Corp.* (Machinery) | | | 156 | | | | 4,731 | |
| TriNet Group, Inc.* (Professional Services) | | | 146 | | | | 10,582 | |
| Trinity Industries, Inc. (Machinery) | | | 313 | | | | 8,417 | |
| Trinseo SA (Chemicals) | | | 140 | | | | 8,378 | |
| Triple-S Management Corp.* (Health Care Providers & Services) | | | 82 | | | | 1,826 | |
| TriState Capital Holdings, Inc.* (Banks) | | | 104 | | | | 2,121 | |
| Triton International, Ltd. (Trading Companies & Distributors) | | | 241 | | | | 12,614 | |
| Triumph Bancorp, Inc.* (Banks) | | | 85 | | | | 6,311 | |
| Triumph Group, Inc.* (Aerospace & Defense) | | | 186 | | | | 3,860 | |
| Tronox Holdings PLC — Class A (Chemicals) | | | 413 | | | | 9,251 | |
| TrueBlue, Inc.* (Professional Services) | | | 126 | | | | 3,542 | |
| TrueCar, Inc.* (Interactive Media & Services) | | | 354 | | | | 2,000 | |
| Trupanion, Inc.* (Insurance) | | | 138 | | | | 15,883 | |
| TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | | 68 | | | | 2,345 | |
| Trustmark Corp. (Banks) | | | 227 | | | | 6,992 | |
| TTEC Holdings, Inc. (IT Services) | | | 67 | | | | 6,907 | |
| TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 386 | | | | 5,520 | |
| Tucows, Inc.* (IT Services) | | | 34 | | | | 2,731 | |
| Tupperware Brands Corp.* (Household Durables) | | | 179 | | | | 4,251 | |
| Turning Point Brands, Inc. (Tobacco) | | | 52 | | | | 2,380 | |
| Turning Point Therapeutics, Inc.* (Biotechnology) | | | 166 | | | | 12,951 | |
| Turtle Beach Corp.* (Household Durables) | | | 54 | | | | 1,724 | |
| Tutor Perini Corp.* (Construction & Engineering) | | | 149 | | | | 2,064 | |
| Twist Bioscience Corp.* (Biotechnology) | | | 170 | | | | 22,653 | |
| Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 987 | | | | 7,462 | |
| U.S. Cellular Corp.* (Wireless Telecommunication Services) | | | 55 | | | | 1,997 | |
| U.S. Concrete, Inc.* (Construction Materials) | | | 58 | | | | 4,280 | |
| U.S. Ecology, Inc.* (Commercial Services & Supplies) | | | 113 | | | | 4,240 | |
| U.S. Lime & Minerals, Inc. (Construction Materials) | | | 7 | | | | 974 | |
| U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | | 46 | | | | 5,330 | |
| U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | | | 265 | | | | 3,063 | |
| UFP Industries, Inc. (Building Products) | | | 217 | | | | 16,132 | |
| UFP Technologies, Inc.* (Containers & Packaging) | | | 25 | | | | 1,436 | |
| Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 157 | | | | 8,434 | |
| UMB Financial Corp. (Banks) | | | 158 | | | | 14,703 | |
| UMH Properties, Inc. (Equity Real Estate Investment Trusts) | | | 146 | | | | 3,186 | |
| Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | | | 48 | | | | 1,169 | |
| UniFirst Corp. (Commercial Services & Supplies) | | | 54 | | | | 12,671 | |
| Unisys Corp.* (IT Services) | | | 236 | | | | 5,973 | |
| United Bankshares, Inc. (Banks) | | | 450 | | | | 16,425 | |
| United Community Banks, Inc. (Banks) | | | 313 | | | | 10,019 | |
| United Fire Group, Inc. (Insurance) | | | 76 | | | | 2,107 | |
| United Insurance Holdings Corp. (Insurance) | | | 73 | | | | 416 | |
| United Natural Foods, Inc.* (Food & Staples Retailing) | | | 201 | | | | 7,433 | |
| Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | | 701 | | | | 7,424 | |
| Unitil Corp. (Multi-Utilities) | | | 53 | | | | 2,807 | |
| Universal Corp. (Tobacco) | | | 87 | | | | 4,956 | |
| Universal Electronics, Inc.* (Household Durables) | | | 48 | | | | 2,328 | |
| Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | | | 46 | | | | 2,831 | |
| Universal Insurance Holdings, Inc. (Insurance) | | | 98 | | | | 1,360 | |
| Universal Logistics Holdings, Inc. (Road & Rail) | | | 28 | | | | 652 | |
| Univest Financial Corp. (Banks) | | | 104 | | | | 2,742 | |
| Upland Software, Inc.* (Software) | | | 103 | | | | 4,241 | |
| Upwork, Inc.* (Professional Services) | | | 420 | | | | 24,481 | |
| Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | | | 765 | | | | 2,035 | |
| Urban Edge Properties (Equity Real Estate Investment Trusts) | | | 417 | | | | 7,965 | |
| Urban Outfitters, Inc.* (Specialty Retail) | | | 247 | | | | 10,181 | |
| Ur-Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 652 | | | | 913 | |
| UroGen Pharma, Ltd.* (Biotechnology) | | | 70 | | | | 1,069 | |
| Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 107 | | | | 2,074 | |
| US Xpress Enterprises, Inc.*—Class A (Road & Rail) | | | 97 | | | | 834 | |
| USANA Health Sciences, Inc.* (Personal Products) | | | 46 | | | | 4,712 | |
| Utah Medical Products, Inc. (Health Care Equipment & Supplies) | | | 12 | | | | 1,020 | |
| Utz Brands, Inc. (Food Products) | | | 212 | | | | 4,619 | |
| Valhi, Inc. (Chemicals) | | | 9 | | | | 219 | |
| Valley National Bancorp (Banks) | | | 1,443 | | | | 19,379 | |
| Value Line, Inc. (Capital Markets) | | | 4 | | | | 124 | |
| Vanda Pharmaceuticals, Inc.* (Biotechnology) | | | 197 | | | | 4,237 | |
| Vapotherm, Inc.* (Health Care Equipment & Supplies) | | | 82 | | | | 1,938 | |
| Varex Imaging Corp.* (Health Care Equipment & Supplies) | | | 138 | | | | 3,701 | |
| Varonis Systems, Inc.* (Software) | | | 382 | | | | 22,010 | |
| Vaxart, Inc.*(a) (Biotechnology) | | | 430 | | | | 3,221 | |
| Vaxcyte, Inc.* (Pharmaceuticals) | | | 143 | | | | 3,219 | |
| VBI Vaccines, Inc.* (Biotechnology) | | | 671 | | | | 2,248 | |
| Vector Group, Ltd. (Tobacco) | | | 517 | | | | 7,311 | |
| Vectrus, Inc.* (Aerospace & Defense) | | | 42 | | | | 1,999 | |
| Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | | 179 | | | | 4,303 | |
| Velocity Financial, Inc.* (Thrifts & Mortgage Finance) | | | 31 | | | | 387 | |
| Velodyne Lidar, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 255 | | | | 2,713 | |
| Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | | | 93 | | | | 1,152 | |
| Veracyte, Inc.* (Biotechnology) | | | 243 | | | | 9,715 | |
| Verastem, Inc.* (Biotechnology) | | | 621 | | | | 2,527 | |
| Vericel Corp.* (Biotechnology) | | | 167 | | | | 8,768 | |
| Verint Systems, Inc.* (Software) | | | 232 | | | | 10,456 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 231
Common Stocks, continued
| | | Shares | | | Value | |
| Veritex Holdings, Inc. (Banks) | | | 171 | | | $ | 6,055 | |
| Veritiv Corp.* (Trading Companies & Distributors) | | | 55 | | | | 3,378 | |
| Veritone, Inc.* (Software) | | | 102 | | | | 2,010 | |
| Verra Mobility Corp.*—Class C (IT Services) | | | 483 | | | | 7,424 | |
| Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 47 | | | | 531 | |
| Verso Corp.—Class A (Paper & Forest Products) | | | 108 | | | | 1,912 | |
| Veru, Inc.* (Personal Products) | | | 228 | | | | 1,840 | |
| Viad Corp.* (Commercial Services & Supplies) | | | 73 | | | | 3,639 | |
| Viant Technology, Inc.*—Class A (Software) | | | 39 | | | | 1,161 | |
| Viavi Solutions, Inc.* (Communications Equipment) | | | 824 | | | | 14,553 | |
| Vicor Corp.* (Electrical Equipment) | | | 76 | | | | 8,036 | |
| Viemed Healthcare, Inc.* (Health Care Providers & Services) | | | 128 | | | | 915 | |
| View, Inc.*(a) (Building Products) | | | 305 | | | | 2,586 | |
| ViewRay, Inc.* (Health Care Equipment & Supplies) | | | 491 | | | | 3,241 | |
| Viking Therapeutics, Inc.* (Biotechnology) | | | 246 | | | | 1,474 | |
| Village Super Market, Inc.—Class A (Food & Staples Retailing) | | | 31 | | | | 729 | |
| Vincerx Pharma, Inc.* (Biotechnology) | | | 17 | | | | 221 | |
| Vine Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 74 | | | | 1,154 | |
| Vir Biotechnology, Inc.* (Biotechnology) | | | 217 | | | | 10,260 | |
| Viracta Therapeutics, Inc.* (Biotechnology) | | | 131 | | | | 1,486 | |
| VirnetX Holding Corp.* (Software) | | | 228 | | | | 974 | |
| Virtus Investment Partners, Inc. (Capital Markets) | | | 26 | | | | 7,222 | |
| Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | | 480 | | | | 10,824 | |
| Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | | | 45 | | | | 1,532 | |
| Vista Outdoor, Inc.* (Leisure Products) | | | 211 | | | | 9,765 | |
| VistaGen Therapeutics, Inc.* (Biotechnology) | | | 689 | | | | 2,170 | |
| Visteon Corp.* (Auto Components) | | | 100 | | | | 12,094 | |
| Vital Farms, Inc.* (Food Products) | | | 88 | | | | 1,756 | |
| Vivint Smart Home, Inc.* (Diversified Consumer Services) | | | 330 | | | | 4,356 | |
| Vocera Communications, Inc.* (Health Care Technology) | | | 123 | | | | 4,902 | |
| Vonage Holdings Corp.* (Diversified Telecommunication Services) | | | 871 | | | | 12,551 | |
| Vor BioPharma, Inc.* (Biotechnology) | | | 41 | | | | 765 | |
| VOXX International Corp.* (Auto Components) | | | 56 | | | | 785 | |
| VSE Corp. (Commercial Services & Supplies) | | | 38 | | | | 1,881 | |
| Vuzix Corp.* (Household Durables) | | | 211 | | | | 3,872 | |
| W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | | | 338 | | | | 1,639 | |
| Wabash National Corp. (Machinery) | | | 185 | | | | 2,960 | |
| Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | | 105 | | | | 10,960 | |
| Warrior Met Coal, Inc. (Metals & Mining) | | | 185 | | | | 3,182 | |
| Washington Federal, Inc. (Thrifts & Mortgage Finance) | | | 260 | | | | 8,263 | |
| Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | | 305 | | | | 7,015 | |
| Washington Trust Bancorp, Inc. (Banks) | | | 62 | | | | 3,184 | |
| Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | | | 78 | | | | 1,533 | |
| Watford Holdings, Ltd.* (Insurance) | | | 64 | | | | 2,239 | |
| Watts Water Technologies, Inc.—Class A (Machinery) | | | 99 | | | | 14,445 | |
| WaVe Life Sciences, Ltd.* (Pharmaceuticals) | | | 135 | | | | 899 | |
| WD-40 Co. (Household Products) | | | 49 | | | | 12,558 | |
| Weis Markets, Inc. (Food & Staples Retailing) | | | 59 | | | | 3,048 | |
| Welbilt, Inc.* (Machinery) | | | 471 | | | | 10,904 | |
| Werewolf Therapeutics, Inc.* (Biotechnology) | | | 27 | | | | 471 | |
| Werner Enterprises, Inc. (Road & Rail) | | | 226 | | | | 10,062 | |
| WesBanco, Inc. (Banks) | | | 235 | | | | 8,373 | |
| WESCO International, Inc.* (Trading Companies & Distributors) | | | 160 | | | | 16,452 | |
| West Bancorp, Inc. (Banks) | | | 58 | | | | 1,610 | |
| Westamerica Bancorp (Banks) | | | 94 | | | | 5,455 | |
| Whitestone REIT (Equity Real Estate Investment Trusts) | | | 144 | | | | 1,188 | |
| Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | | 142 | | | | 7,746 | |
| Whole Earth Brands, Inc.* (Food Products) | | | 135 | | | | 1,958 | |
| WideOpenWest, Inc.* (Media) | | | 189 | | | | 3,914 | |
| Willdan Group, Inc.* (Professional Services) | | | 39 | | | | 1,468 | |
| Willis Lease Finance Corp.* (Trading Companies & Distributors) | | | 10 | | | | 429 | |
| WillScot Mobile Mini Holdings Corp.* (Construction & Engineering) | | | 673 | | | | 18,757 | |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | | | 108 | | | | 17,024 | |
| Winmark Corp. (Specialty Retail) | | | 13 | | | | 2,497 | |
| Winnebago Industries, Inc. (Automobiles) | | | 117 | | | | 7,951 | |
| WisdomTree Investments, Inc. (Capital Markets) | | | 500 | | | | 3,100 | |
| Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | | 293 | | | | 9,857 | |
| Workhorse Group, Inc.* (Auto Components) | | | 445 | | | | 7,383 | |
| Workiva, Inc.* (Software) | | | 151 | | | | 16,811 | |
| World Acceptance Corp.* (Consumer Finance) | | | 16 | | | | 2,564 | |
| World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | | 225 | | | | 7,139 | |
| Worthington Industries, Inc. (Metals & Mining) | | | 125 | | | | 7,648 | |
| WSFS Financial Corp. (Thrifts & Mortgage Finance) | | | 169 | | | | 7,874 | |
| WW International, Inc.* (Diversified Consumer Services) | | | 190 | | | | 6,867 | |
| XBiotech, Inc.* (Biotechnology) | | | 54 | | | | 894 | |
| Xencor, Inc.* (Biotechnology) | | | 204 | | | | 7,036 | |
| Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 411 | | | | 7,698 | |
| XL Fleet Corp.*(a) (Auto Components) | | | 138 | | | | 1,150 | |
| XOMA Corp.* (Biotechnology) | | | 22 | | | | 748 | |
| XPEL, Inc.* (Auto Components) | | | 65 | | | | 5,452 | |
| Xperi Holding Corp. (Software) | | | 378 | | | | 8,407 | |
| Yellow Corp.* (Road & Rail) | | | 181 | | | | 1,178 | |
| Yelp, Inc.* (Interactive Media & Services) | | | 261 | | | | 10,429 | |
| Yext, Inc.* (Software) | | | 400 | | | | 5,716 | |
| Y-mAbs Therapeutics, Inc.* (Biotechnology) | | | 126 | | | | 4,259 | |
| York Water Co. (Water Utilities) | | | 47 | | | | 2,129 | |
| Zentalis Pharmaceuticals, Inc.* (Biotechnology) | | | 120 | | | | 6,384 | |
| ZIOPHARM Oncology, Inc.* (Biotechnology) | | | 755 | | | | 1,993 | |
| Zix Corp.* (Software) | | | 193 | | | | 1,361 | |
| Zogenix, Inc.* (Pharmaceuticals) | | | 202 | | | | 3,491 | |
See accompanying notes to financial statements.
232 :: ProFund VP Small-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Zumiez, Inc.* (Specialty Retail) | | | 79 | | | $ | 3,870 | |
| Zuora, Inc.*—Class A (Software) | | | 378 | | | | 6,521 | |
| Zymergen, Inc.* (Chemicals) | | | 67 | | | | 2,681 | |
| Zynex, Inc.* (Health Care Equipment & Supplies) | | | 70 | | | | 1,087 | |
TOTAL COMMON STOCKS
(Cost $7,708,897) | | | | | | | 10,902,329 | |
Trust (0.0%)
| | | Interest
Units | | | Value | |
| Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | | | 250 | | | $ | — | |
TOTAL TRUST
(Cost $—) | | | | | | | — | |
Contingent Escrow Shares (0.0%)
| | | Shares | | | Value | |
| Wright Medical Group, Inc.*+(b) (Health Care Equipment & Supplies) | | | 385 | | | $ | — | |
TOTAL CONTINGENT ESCROW SHARES
(Cost $—) | | | | | | | — | |
Repurchase Agreements(c)(d) (52.4%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $11,865,000 | | $ | 11,865,000 | | | $ | 11,865,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $11,865,000) | | | | | | | 11,865,000 | |
Collateral for Securities Loaned(e) (0.7%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(f) | | | 167,163 | | | $ | 167,163 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $167,163) | | | | | | | 167,163 | |
TOTAL INVESTMENT SECURITIES
(Cost $19,741,060)—101.2% | | | | | | | 22,934,492 | |
| Net other assets (liabilities)—(1.2)% | | | | | | | (271,819 | ) |
| NET ASSETS—100.0% | | | | | | $ | 22,662,673 | |
| * | Non-income producing security. |
| + | These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2021, these securities represented less than 0.00% of the net assets of the Fund. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $158,649. |
| (b) | On November 12, 2020, Stryker Corp. acquired Wright Medical Group. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to pre-acquisition shareholders of Wright Medical Group. |
| (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, 2021, the aggregate amount held in a segregated account was $1,981,000. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (f) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Russell 2000 Index | | Goldman Sachs International | | 7/27/21 | | | 0.34 | % | | $ | 1,268,492 | | | $ | (6,053 | ) |
| Russell 2000 Index | | UBS AG | | 7/27/21 | | | 0.09 | % | | | 10,487,586 | | | | (49,897 | ) |
| | | | | | | | | | | $ | 11,756,078 | | | $ | (55,950 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 Small-Cap :: 233
ProFund VP Small-Cap invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 77,154 | | | | 0.3 | % |
| Air Freight & Logistics | | | 32,576 | | | | 0.1 | % |
| Airlines | | | 39,172 | | | | 0.2 | % |
| Auto Components | | | 147,076 | | | | 0.6 | % |
| Automobiles | | | 28,002 | | | | 0.1 | % |
| Banks | | | 839,196 | | | | 3.6 | % |
| Beverages | | | 38,946 | | | | 0.2 | % |
| Biotechnology | | | 1,107,112 | | | | 4.9 | % |
| Building Products | | | 127,536 | | | | 0.6 | % |
| Capital Markets | | | 165,109 | | | | 0.7 | % |
| Chemicals | | | 201,370 | | | | 1.0 | % |
| Commercial Services & Supplies | | | 196,496 | | | | 0.9 | % |
| Communications Equipment | | | 89,629 | | | | 0.4 | % |
| Construction & Engineering | | | 141,749 | | | | 0.6 | % |
| Construction Materials | | | 22,464 | | | | 0.1 | % |
| Consumer Finance | | | 79,579 | | | | 0.4 | % |
| Containers & Packaging | | | 25,817 | | | | 0.1 | % |
| Distributors | | | 9,532 | | | | | NM |
| Diversified Consumer Services | | | 65,156 | | | | 0.3 | % |
| Diversified Financial Services | | | 16,071 | | | | 0.1 | % |
| Diversified Telecommunication Services | | | 75,614 | | | | 0.3 | % |
| Electric Utilities | | | 60,640 | | | | 0.2 | % |
| Electrical Equipment | | | 111,480 | | | | 0.5 | % |
| Electronic Equipment, Instruments & Components | | | 238,764 | | | | 1.1 | % |
| Energy Equipment & Services | | | 96,525 | | | | 0.4 | % |
| Entertainment | | | 126,811 | | | | 0.6 | % |
| Equity Real Estate Investment Trusts | | | 658,214 | | | | 2.9 | % |
| Food & Staples Retailing | | | 93,321 | | | | 0.4 | % |
| Food Products | | | 109,561 | | | | 0.5 | % |
| Gas Utilities | | | 87,723 | | | | 0.3 | % |
| Health Care Equipment & Supplies | | | 402,584 | | | | 1.8 | % |
| Health Care Providers & Services | | | 329,931 | | | | 1.5 | % |
| Health Care Technology | | | 155,582 | | | | 0.7 | % |
| Hotels, Restaurants & Leisure | | | 251,467 | | | | 1.2 | % |
| Household Durables | | | 203,893 | | | | 0.9 | % |
| Household Products | | | 32,642 | | | | 0.1 | % |
| Independent Power and Renewable Electricity Producers | | | 34,024 | | | | 0.2 | % |
| Industrial Conglomerates | | | 7,405 | | | | | NM |
| Insurance | | | 206,968 | | | | 0.9 | % |
| Interactive Media & Services | | | 39,658 | | | | 0.2 | % |
| Internet & Direct Marketing Retail | | | 97,947 | | | | 0.4 | % |
| IT Services | | | 201,805 | | | | 0.9 | % |
| Leisure Products | | | 74,984 | | | | 0.3 | % |
| Life Sciences Tools & Services | | | 116,763 | | | | 0.5 | % |
| Machinery | | | 422,064 | | | | 1.9 | % |
| Marine | | | 16,568 | | | | 0.1 | % |
| Media | | | 130,249 | | | | 0.5 | % |
| Metals & Mining | | | 140,303 | | | | 0.6 | % |
| Mortgage Real Estate Investment Trusts | | | 136,193 | | | | 0.6 | % |
| Multiline Retail | | | 33,874 | | | | 0.1 | % |
| Multi-Utilities | | | 39,393 | | | | 0.2 | % |
| Oil, Gas & Consumable Fuels | | | 377,833 | | | | 1.7 | % |
| Paper & Forest Products | | | 31,630 | | | | 0.1 | % |
| Personal Products | | | 56,077 | | | | 0.2 | % |
| Pharmaceuticals | | | 186,943 | | | | 0.8 | % |
| Professional Services | | | 140,950 | | | | 0.6 | % |
| Real Estate Management & Development | | | 93,587 | | | | 0.4 | % |
| Road & Rail | | | 61,197 | | | | 0.3 | % |
| Semiconductors & Semiconductor Equipment | | | 310,883 | | | | 1.4 | % |
| Software | | | 658,487 | | | | 2.8 | % |
| Specialty Retail | | | 290,759 | | | | 1.4 | % |
| Technology Hardware, Storage & Peripherals | | | 37,297 | | | | 0.2 | % |
| Textiles, Apparel & Luxury Goods | | | 81,895 | | | | 0.4 | % |
| Thrifts & Mortgage Finance | | | 176,290 | | | | 0.8 | % |
| Tobacco | | | 17,166 | | | | 0.1 | % |
| Trading Companies & Distributors | | | 129,297 | | | | 0.6 | % |
| Transportation Infrastructure | | | 10,180 | | | | | NM |
| Water Utilities | | | 38,056 | | | | 0.2 | % |
| Wireless Telecommunication Services | | | 21,110 | | | | 0.1 | % |
| Other** | | | 11,760,344 | | | | 51.9 | % |
| Total | | $ | 22,662,673 | | | | 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.
234 :: ProFund VP Small-Cap :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 19,741,060 | |
| Securities, at value(a) | | | 11,069,492 | |
| Repurchase agreements, at value | | | 11,865,000 | |
| Total Investment Securities, at value | | | 22,934,492 | |
| Cash | | | 3,308 | |
| Segregated cash balances for swap agreements with custodian | | | 938 | |
| Dividends receivable | | | 7,804 | |
| Receivable for capital shares issued | | | 464 | |
| Receivable for investments sold | | | 8,030 | |
| Prepaid expenses | | | 360 | |
| TOTAL ASSETS | | | 22,955,396 | |
| LIABILITIES: | | | | |
| Payable for investments purchased | | | 2,193 | |
| Payable for capital shares redeemed | | | 5,287 | |
| Payable for collateral for securities loaned | | | 167,163 | |
| Unrealized depreciation on swap agreements | | | 55,950 | |
| Advisory fees payable | | | 13,368 | |
| Management services fees payable | | | 1,782 | |
| Administration fees payable | | | 1,348 | |
| Administrative services fees payable | | | 12,102 | |
| Distribution fees payable | | | 13,276 | |
| Transfer agency fees payable | | | 2,198 | |
| Fund accounting fees payable | | | 1,355 | |
| Compliance services fees payable | | | 172 | |
| Other accrued expenses | | | 16,529 | |
| TOTAL LIABILITIES | | | 292,723 | |
| NET ASSETS | | $ | 22,662,673 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 17,521,206 | |
| Total distributable earnings (loss) | | | 5,141,467 | |
| NET ASSETS | | $ | 22,662,673 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 507,819 | |
| Net Asset Value (offering and redemption price per share) | | $ | 44.63 | |
| (a) Includes securities on loan valued at: | | $ | 158,649 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Dividends | | $ | 47,784 | |
| Interest | | | 177 | |
| Foreign tax withholding | | | (78 | ) |
| Income from securities lending | | | 676 | |
| TOTAL INVESTMENT INCOME | | | 48,559 | |
| EXPENSES: | | | | |
| Advisory fees | | | 79,880 | |
| Management services fees | | | 10,651 | |
| Administration fees | | | 8,289 | |
| Transfer agency fees | | | 6,846 | |
| Administrative services fees | | | 23,896 | |
| Distribution fees | | | 26,627 | |
| Custody fees | | | 1,733 | |
| Fund accounting fees | | | 8,362 | |
| Trustee fees | | | 267 | |
| Compliance services fees | | | 115 | |
| Other fees | | | 15,742 | |
| Total Gross Expenses before reductions | | | 182,408 | |
| Expenses reduced and reimbursed by the Advisor | | | (3,477 | ) |
| TOTAL NET EXPENSES | | | 178,931 | |
| NET INVESTMENT INCOME (LOSS) | | | (130,372 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 533,482 | |
| Net realized gains (losses) on swap agreements | | | 1,617,321 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 728,036 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 70,782 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 2,949,621 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 2,819,249 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap :: 235
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (130,372 | ) | | $ | (88,561 | ) |
| Net realized gains (losses) on investments | | | 2,150,803 | | | | 857,468 | |
| Change in net unrealized appreciation/depreciation on investments | | | 798,818 | | | | 773,376 | |
| Change in net assets resulting from operations | | | 2,819,249 | | | | 1,542,283 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (767,607 | ) | | | (377,359 | ) |
| Change in net assets resulting from distributions | | | (767,607 | ) | | | (377,359 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 23,381,337 | | | | 26,159,780 | |
| Distributions reinvested | | | 767,607 | | | | 377,359 | |
| Value of shares redeemed | | | (21,923,342 | ) | | | (25,391,616 | ) |
| Change in net assets resulting from capital transactions | | | 2,225,602 | | | | 1,145,523 | |
| Change in net assets | | | 4,277,244 | | | | 2,310,447 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 18,385,429 | | | | 16,074,982 | |
| End of period | | $ | 22,662,673 | | | $ | 18,385,429 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 529,045 | | | | 799,907 | |
| Reinvested | | | 18,600 | | | | 11,716 | |
| Redeemed | | | (501,492 | ) | | | (804,043 | ) |
| Change in shares | | | 46,153 | | | | 7,580 | |
See accompanying notes to financial statements.
236 :: ProFund VP Small-Cap :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 39.82 | | | $ | 35.40 | | | $ | 28.64 | | | $ | 35.03 | | | $ | 35.32 | | | $ | 29.58 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.27 | ) | | | (0.28 | ) | | | 0.01 | | | | (0.04 | ) | | | (0.29 | ) | | | (0.29 | ) |
| Net realized and unrealized gains (losses) on investments | | | 6.75 | | | | 6.01 | | | | 6.75 | | | | (3.99 | ) | | | 4.63 | | | | 6.03 | |
| Total income (loss) from investment activities | | | 6.48 | | | | 5.73 | | | | 6.76 | | | | (4.03 | ) | | | 4.34 | | | | 5.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.02 | ) | | | — | | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (1.67 | ) | | | (1.29 | ) | | | — | | | | (2.36 | ) | | | (4.63 | ) | | | — | |
| Total distributions | | | (1.67 | ) | | | (1.31 | ) | | | — | | | | (2.36 | ) | | | (4.63 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 44.63 | | | $ | 39.82 | | | $ | 35.40 | | | $ | 28.64 | | | $ | 35.03 | | | $ | 35.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 16.62 | % | | | 17.06 | % | | | 23.60 | % | | | (12.89 | )% | | | 12.43 | % | | | 19.44 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.71 | % | | | 1.82 | % | | | 1.74 | % | | | 1.76 | % | | | 1.72 | % | | | 1.76 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (1.22 | )% | | | (0.85 | )% | | | 0.03 | % | | | (0.10 | )% | | | (0.81 | )% | | | (0.94 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 22,663 | | | $ | 18,385 | | | $ | 16,075 | | | $ | 10,303 | | | $ | 14,191 | | | $ | 21,225 | |
| Portfolio turnover rate(b)(d) | | | 18 | % | | | 26 | % | | | 22 | % | | | 18 | % | | | 12 | % | | | 14 | % |
(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 Growth :: 237
Investment Objective: The ProFund VP Small-Cap Growth seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600® Growth Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Omnicell, Inc. | | | 1.3 | % |
| GameStop Corp. | | | 1.1 | % |
| Saia, Inc. | | | 1.1 | % |
| NeoGenomics, Inc. | | | 1.1 | % |
| Chart Industries, Inc. | | | 1.1 | % |
S&P SmallCap 600® Growth Index – Composition
| | | % of Index | |
| Information Technology | | | 22 | % |
| Health Care | | | 18 | % |
| Industrials | | | 17 | % |
| Consumer Discretionary | | | 15 | % |
| Financials | | | 10 | % |
| Real Estate | | | 5 | % |
| Consumer Staples | | | 5 | % |
| Materials | | | 4 | % |
| Energy | | | 2 | % |
| Communication Services | | | 1 | % |
| Utilities | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.5%)
| | | Shares | | | Value | |
| 3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | | 3,303 | | | $ | 132,021 | |
| 8x8, Inc.* (Software) | | | 6,176 | | | | 171,446 | |
| AAON, Inc. (Building Products) | | | 2,298 | | | | 143,831 | |
| Addus Homecare Corp.* (Health Care Providers & Services) | | | 849 | | | | 74,067 | |
| Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,159 | | | | 243,341 | |
| Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense) | | | 1,883 | | | | 90,930 | |
| AeroVironment, Inc.* (Aerospace & Defense) | | | 1,262 | | | | 126,389 | |
| Agilysys, Inc.* (Software) | | | 1,155 | | | | 65,685 | |
| Agree Realty Corp. (Equity Real Estate Investment Trusts) | | | 1,912 | | | | 134,777 | |
| Alamo Group, Inc. (Machinery) | | | 557 | | | | 85,043 | |
| Alarm.com Holdings, Inc.* (Software) | | | 2,543 | | | | 215,392 | |
| Albany International Corp.—Class A (Machinery) | | | 863 | | | | 77,031 | |
| Allegiant Travel Co.* (Airlines) | | | 361 | | | | 70,034 | |
| Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | | 7,933 | | | | 146,840 | |
| Ambac Financial Group, Inc.* (Insurance) | | | 881 | | | | 13,796 | |
| American Public Education, Inc.* (Diversified Consumer Services) | | | 588 | | | | 16,664 | |
| American States Water Co. (Water Utilities) | | | 1,120 | | | | 89,107 | |
| American Vanguard Corp. (Chemicals) | | | 685 | | | | 11,994 | |
| American Woodmark Corp.* (Building Products) | | | 507 | | | | 41,417 | |
| America's Car-Mart, Inc.* (Specialty Retail) | | | 221 | | | | 31,320 | |
| AMERISAFE, Inc. (Insurance) | | | 402 | | | | 23,995 | |
| AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | | 1,672 | | | | 162,150 | |
| Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 1,340 | | | | 27,014 | |
| AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | | 751 | | | | 20,375 | |
| ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 201 | | | | 7,045 | |
| Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | | 323 | | | | 13,983 | |
| Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | | 468 | | | | 29,395 | |
| Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | | 1,333 | | | | 121,383 | |
| Arconic Corp.* (Metals & Mining) | | | 3,081 | | | | 109,746 | |
| Arcosa, Inc. (Construction & Engineering) | | | 1,462 | | | | 85,878 | |
| Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 4,563 | | | | 30,892 | |
| Astec Industries, Inc. (Machinery) | | | 780 | | | | 49,093 | |
| Avanos Medical, Inc.* (Health Care Equipment & Supplies) | | | 2,701 | | | | 98,235 | |
| Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,227 | | | | 49,595 | |
| Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | | | 2,896 | | | | 134,345 | |
| AZZ, Inc. (Electrical Equipment) | | | 787 | | | | 40,751 | |
| B Riley Financial, Inc. (Capital Markets) | | | 676 | | | | 51,038 | |
| B&G Foods, Inc.(a)—Class A (Food Products) | | | 3,639 | | | | 119,359 | |
| Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | | 1,640 | | | | 160,916 | |
| Balchem Corp. (Chemicals) | | | 1,824 | | | | 239,419 | |
| BancFirst Corp. (Banks) | | | 514 | | | | 32,089 | |
| Berkshire Hills Bancorp, Inc. (Banks) | | | 920 | | | | 25,217 | |
| Big Lots, Inc. (Multiline Retail) | | | 1,795 | | | | 118,488 | |
| Blucora, Inc.* (Capital Markets) | | | 1,197 | | | | 20,720 | |
| Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 1,071 | | | | 50,412 | |
| Boot Barn Holdings, Inc.* (Specialty Retail) | | | 986 | | | | 82,873 | |
| Bottomline Technologies, Inc.* (Software) | | | 1,326 | | | | 49,168 | |
See accompanying notes to financial statements.
238 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Brady Corp.—Class A (Commercial Services & Supplies) | | | 1,063 | | | $ | 59,571 | |
| Brightsphere Investment Group, Inc. (Capital Markets) | | | 3,344 | | | | 78,350 | |
| Brinker International, Inc.* (Hotels, Restaurants & Leisure) | | | 1,388 | | | | 85,848 | |
| CalAmp Corp.* (Communications Equipment) | | | 791 | | | | 10,062 | |
| Calavo Growers, Inc. (Food Products) | | | 383 | | | | 24,290 | |
| California Water Service Group (Water Utilities) | | | 1,686 | | | | 93,641 | |
| Cal-Maine Foods, Inc. (Food Products) | | | 1,241 | | | | 44,937 | |
| Cara Therapeutics, Inc.* (Biotechnology) | | | 1,618 | | | | 23,089 | |
| Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | | 1,151 | | | | 49,090 | |
| CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | | 2,774 | | | | 64,440 | |
| Cavco Industries, Inc.* (Household Durables) | | | 279 | | | | 61,991 | |
| Celsius Holdings, Inc.* (Beverages) | | | 1,847 | | | | 140,538 | |
| Centerspace (Equity Real Estate Investment Trusts) | | | 416 | | | | 32,822 | |
| Central Garden & Pet Co.* (Household Products) | | | 334 | | | | 17,679 | |
| Central Garden & Pet Co.*—Class A (Household Products) | | | 1,361 | | | | 65,736 | |
| Century Aluminum Co.* (Metals & Mining) | | | 1,696 | | | | 21,861 | |
| Century Communities, Inc. (Household Durables) | | | 1,649 | | | | 109,724 | |
| CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,283 | | | | 60,686 | |
| Chart Industries, Inc.* (Machinery) | | | 1,999 | | | | 292,494 | |
| Chesapeake Utilities Corp. (Gas Utilities) | | | 503 | | | | 60,526 | |
| Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | | 2,861 | | | | 44,117 | |
| CIRCOR International, Inc.* (Machinery) | | | 410 | | | | 13,366 | |
| City Holding Co. (Banks) | | | 405 | | | | 30,472 | |
| Coca-Cola Consolidated, Inc. (Beverages) | | | 113 | | | | 45,441 | |
| Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | | 1,498 | | | | 115,181 | |
| Coherus Biosciences, Inc.* (Biotechnology) | | | 3,743 | | | | 51,766 | |
| Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,722 | | | | 100,142 | |
| Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | | 1,981 | | | | 46,831 | |
| Comfort Systems USA, Inc. (Construction & Engineering) | | | 2,040 | | | | 160,731 | |
| Community Bank System, Inc. (Banks) | | | 1,421 | | | | 107,499 | |
| Community Health Systems, Inc.* (Health Care Providers & Services) | | | 6,980 | | | | 107,771 | |
| Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | | | 1,289 | | | | 61,176 | |
| Computer Programs & Systems, Inc. (Health Care Technology) | | | 339 | | | | 11,265 | |
| CONMED Corp. (Health Care Equipment & Supplies) | | | 916 | | | | 125,886 | |
| Corcept Therapeutics, Inc.* (Pharmaceuticals) | | | 5,899 | | | | 129,778 | |
| Core Laboratories N.V. (Energy Equipment & Services) | | | 1,042 | | | | 40,586 | |
| CorVel Corp.* (Health Care Providers & Services) | | | 327 | | | | 43,916 | |
| Covetrus, Inc.* (Health Care Providers & Services) | | | 3,362 | | | | 90,774 | |
| CryoLife, Inc.* (Health Care Equipment & Supplies) | | | 1,165 | | | | 33,086 | |
| CSG Systems International, Inc. (IT Services) | | | 924 | | | | 43,594 | |
| CTS Corp. (Electronic Equipment, Instruments & Components) | | | 963 | | | | 35,785 | |
| Cutera, Inc.* (Health Care Equipment & Supplies) | | | 440 | | | | 21,573 | |
| CVB Financial Corp. (Banks) | | | 2,943 | | | | 60,596 | |
| Cytokinetics, Inc.* (Biotechnology) | | | 4,031 | | | | 79,773 | |
| Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | | | 2,065 | | | | 26,515 | |
| Digi International, Inc.* (Communications Equipment) | | | 1,105 | | | | 22,222 | |
| Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure) | | | 965 | | | | 86,126 | |
| Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,382 | | | | 190,012 | |
| DMC Global, Inc.* (Machinery) | | | 1,052 | | | | 59,133 | |
| Donnelley Financial Solutions, Inc.* (Capital Markets) | | | 735 | | | | 24,255 | |
| Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 868 | | | | 12,256 | |
| Dorman Products, Inc.* (Auto Components) | | | 1,604 | | | | 166,287 | |
| DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | | | 657 | | | | 9,724 | |
| Eagle Pharmaceuticals, Inc.* (Biotechnology) | | | 235 | | | | 10,058 | |
| Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | | 2,026 | | | | 42,708 | |
| Ebix, Inc. (Software) | | | 1,321 | | | | 44,782 | |
| Echo Global Logistics, Inc.* (Air Freight & Logistics) | | | 764 | | | | 23,485 | |
| eHealth, Inc.* (Insurance) | | | 1,470 | | | | 85,848 | |
| El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 553 | | | | 10,114 | |
| elf Beauty, Inc.* (Personal Products) | | | 1,133 | | | | 30,750 | |
| Enanta Pharmaceuticals, Inc.* (Biotechnology) | | | 424 | | | | 18,660 | |
| Endo International PLC* (Pharmaceuticals) | | | 7,980 | | | | 37,346 | |
| Enerpac Tool Group Corp. (Machinery) | | | 1,385 | | | | 36,869 | |
| ESCO Technologies, Inc. (Machinery) | | | 864 | | | | 81,052 | |
| Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | | | 6,603 | | | | 178,545 | |
| EVERTEC, Inc. (IT Services) | | | 3,366 | | | | 146,926 | |
| ExlService Holdings, Inc.* (IT Services) | | | 1,880 | | | | 199,770 | |
| Exponent, Inc. (Professional Services) | | | 2,930 | | | | 261,385 | |
| Extreme Networks, Inc.* (Communications Equipment) | | | 3,113 | | | | 34,741 | |
| Fabrinet* (Electronic Equipment, Instruments & Components) | | | 1,285 | | | | 123,193 | |
| FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 592 | | | | 46,040 | |
| Federal Signal Corp. (Machinery) | | | 3,406 | | | | 137,023 | |
| Ferro Corp.* (Chemicals) | | | 1,626 | | | | 35,073 | |
| Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 1,600 | | | | 67,632 | |
| FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | | 4,362 | | | | 159,039 | |
| Forrester Research, Inc.* (Professional Services) | | | 623 | | | | 28,533 | |
| Forward Air Corp. (Air Freight & Logistics) | | | 1,536 | | | | 137,856 | |
| Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,437 | | | | 20,520 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 239
Common Stocks, continued
| | | Shares | | | Value | |
| Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 2,397 | | | $ | 66,181 | |
| Franklin Electric Co., Inc. (Machinery) | | | 2,167 | | | | 174,704 | |
| Fulgent Genetics, Inc.* (Health Care Providers & Services) | | | 992 | | | | 91,492 | |
| FutureFuel Corp. (Chemicals) | | | 608 | | | | 5,837 | |
| GameStop Corp.*—Class A (Specialty Retail) | | | 1,467 | | | | 314,144 | |
| GCP Applied Technologies, Inc.* (Chemicals) | | | 1,413 | | | | 32,866 | |
| Gentherm, Inc.* (Auto Components) | | | 1,228 | | | | 87,249 | |
| Getty Realty Corp. (Equity Real Estate Investment Trusts) | | | 985 | | | | 30,683 | |
| Gibraltar Industries, Inc.* (Building Products) | | | 1,835 | | | | 140,029 | |
| Glaukos Corp.* (Health Care Equipment & Supplies) | | | 1,662 | | | | 140,987 | |
| Great Western Bancorp, Inc. (Banks) | | | 1,054 | | | | 34,561 | |
| Green Dot Corp.*—Class A (Consumer Finance) | | | 3,059 | | | | 143,314 | |
| Greenhill & Co., Inc. (Capital Markets) | | | 493 | | | | 7,671 | |
| H.B. Fuller Co. (Chemicals) | | | 1,498 | | | | 95,288 | |
| Hanger, Inc.* (Health Care Providers & Services) | | | 1,320 | | | | 33,370 | |
| Harmonic, Inc.* (Communications Equipment) | | | 2,724 | | | | 23,208 | |
| Haverty Furniture Cos., Inc. (Specialty Retail) | | | 428 | | | | 18,301 | |
| Hawkins, Inc. (Chemicals) | | | 586 | | | | 19,192 | |
| HCI Group, Inc. (Insurance) | | | 368 | | | | 36,590 | |
| HealthStream, Inc.* (Health Care Technology) | | | 539 | | | | 15,060 | |
| Heartland Express, Inc. (Road & Rail) | | | 1,342 | | | | 22,988 | |
| Heska Corp.* (Health Care Equipment & Supplies) | | | 557 | | | | 127,960 | |
| Hibbett, Inc.* (Specialty Retail) | | | 911 | | | | 81,653 | |
| Hillenbrand, Inc. (Machinery) | | | 2,791 | | | | 123,027 | |
| Hilltop Holdings, Inc. (Banks) | | | 1,280 | | | | 46,592 | |
| Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 789 | | | | 42,448 | |
| Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 2,813 | | | | 51,281 | |
| Independent Bank Corp. (Banks) | | | 668 | | | | 50,434 | |
| Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | | | 1,651 | | | | 43,157 | |
| Innospec, Inc. (Chemicals) | | | 525 | | | | 47,570 | |
| Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,345 | | | | 256,921 | |
| Innoviva, Inc.* (Pharmaceuticals) | | | 3,532 | | | | 47,364 | |
| Inogen, Inc.* (Health Care Equipment & Supplies) | | | 438 | | | | 28,544 | |
| Installed Building Products, Inc. (Household Durables) | | | 1,269 | | | | 155,275 | |
| Insteel Industries, Inc. (Building Products) | | | 446 | | | | 14,339 | |
| Integer Holdings Corp.* (Health Care Equipment & Supplies) | | | 741 | | | | 69,802 | |
| Inter Parfums, Inc. (Personal Products) | | | 438 | | | | 31,536 | |
| Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | | | 5,906 | | | | 23,033 | |
| iRobot Corp.* (Household Durables) | | | 1,579 | | | | 147,463 | |
| Itron, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,318 | | | | 131,773 | |
| J & J Snack Foods Corp. (Food Products) | | | 364 | | | | 63,485 | |
| James River Group Holdings, Ltd. (Insurance) | | | 839 | | | | 31,479 | |
| John Bean Technologies Corp. (Machinery) | | | 1,089 | | | | 155,313 | |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 1,196 | | | | 67,466 | |
| Korn Ferry (Professional Services) | | | 1,214 | | | | 88,076 | |
| Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,708 | | | | 104,530 | |
| La-Z-Boy, Inc. (Household Durables) | | | 1,327 | | | | 49,152 | |
| LCI Industries (Auto Components) | | | 1,419 | | | | 186,485 | |
| Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | | | 961 | | | | 58,640 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 5,615 | | | | 67,099 | |
| LGI Homes, Inc.* (Household Durables) | | | 1,233 | | | | 199,672 | |
| Lindsay Corp. (Machinery) | | | 368 | | | | 60,823 | |
| Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | | | 1,002 | | | | 25,501 | |
| Livent Corp.* (Chemicals) | | | 8,945 | | | | 173,175 | |
| LivePerson, Inc.* (Software) | | | 3,603 | | | | 227,853 | |
| LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | | 863 | | | | 33,131 | |
| Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | | 1,631 | | | | 34,414 | |
| Luminex Corp. (Life Sciences Tools & Services) | | | 2,473 | | | | 91,006 | |
| Lydall, Inc.* (Machinery) | | | 442 | | | | 26,750 | |
| M.D.C Holdings, Inc. (Household Durables) | | | 1,841 | | | | 93,155 | |
| ManTech International Corp.—Class A (IT Services) | | | 1,047 | | | | 90,607 | |
| Marcus & Millichap, Inc.* (Real Estate Management & Development) | | | 623 | | | | 24,216 | |
| MarineMax, Inc.* (Specialty Retail) | | | 1,245 | | | | 60,681 | |
| Marten Transport, Ltd. (Road & Rail) | | | 3,302 | | | | 54,450 | |
| Matador Resources Co. (Oil, Gas & Consumable Fuels) | | | 2,653 | | | | 95,535 | |
| Materion Corp. (Metals & Mining) | | | 435 | | | | 32,777 | |
| Matson, Inc. (Marine) | | | 2,442 | | | | 156,288 | |
| MAX Holdings, Inc. (Real Estate Management & Development) | | | 446 | | | | 14,865 | |
| MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | | 3,855 | | | | 163,799 | |
| Medifast, Inc. (Personal Products) | | | 661 | | | | 187,050 | |
| MEDNAX, Inc.* (Health Care Providers & Services) | | | 1,888 | | | | 56,923 | |
| Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | | | 2,435 | | | | 54,008 | |
| Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | | 2,770 | | | | 179,108 | |
| Meritage Homes Corp.* (Household Durables) | | | 2,128 | | | | 200,203 | |
| Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | | | 275 | | | | 74,572 | |
| Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | | | 1,005 | | | | 50,883 | |
| Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 886 | | | | 43,600 | |
| MGP Ingredients, Inc. (Beverages) | | | 392 | | | | 26,515 | |
| MicroStrategy, Inc.*—Class A (Software) | | | 437 | | | | 290,386 | |
| ModivCare, Inc.* (Health Care Providers & Services) | | | 686 | | | | 116,668 | |
| Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | | | 372 | | | | 24,615 | |
| Moog, Inc.—Class A (Aerospace & Defense) | | | 625 | | | | 52,538 | |
See accompanying notes to financial statements.
240 :: ProFund VP Small-Cap Growth :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | | | 3,824 | | | $ | 126,421 | |
| Mueller Industries, Inc. (Machinery) | | | 1,284 | | | | 55,610 | |
| Myers Industries, Inc. (Containers & Packaging) | | | 790 | | | | 16,590 | |
| MYR Group, Inc.* (Construction & Engineering) | | | 529 | | | | 48,097 | |
| National Bank Holdings Corp. (Banks) | | | 1,090 | | | | 41,137 | |
| National Beverage Corp. (Beverages) | | | 1,309 | | | | 61,824 | |
| NeoGenomics, Inc.* (Life Sciences Tools & Services) | | | 6,627 | | | | 299,342 | |
| Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | | | 724 | | | | 39,806 | |
| NextGen Healthcare, Inc.* (Health Care Technology) | | | 1,468 | | | | 24,354 | |
| NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | | 4,810 | | | | 108,129 | |
| Omnicell, Inc.* (Health Care Technology) | | | 2,428 | | | | 367,720 | |
| OneSpan, Inc.* (Software) | | | 1,901 | | | | 48,552 | |
| Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,756 | | | | 201,298 | |
| OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | | 2,585 | | | | 26,212 | |
| Organogenesis Holdings, Inc.* (Biotechnology) | | | 1,769 | | | | 29,401 | |
| Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | | | 396 | | | | 15,884 | |
| OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | | 498 | | | | 50,617 | |
| Owens & Minor, Inc. (Health Care Providers & Services) | | | 2,196 | | | | 92,957 | |
| Pacira BioSciences, Inc.* (Pharmaceuticals) | | | 2,474 | | | | 150,123 | |
| Palomar Holdings, Inc.* (Insurance) | | | 1,222 | | | | 92,213 | |
| Park Aerospace Corp. (Aerospace & Defense) | | | 409 | | | | 6,094 | |
| Park National Corp. (Banks) | | | 439 | | | | 51,547 | |
| Patrick Industries, Inc. (Building Products) | | | 1,256 | | | | 91,688 | |
| PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,012 | | | | 18,398 | |
| Perdoceo Education Corp.* (Diversified Consumer Services) | | | 1,740 | | | | 21,350 | |
| Perficient, Inc.* (IT Services) | | | 1,858 | | | | 149,420 | |
| PetMed Express, Inc. (Internet & Direct Marketing Retail) | | | 1,140 | | | | 36,309 | |
| PGT Innovations, Inc.* (Building Products) | | | 3,346 | | | | 77,728 | |
| Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,745 | | | | 23,051 | |
| Piper Sandler Cos. (Capital Markets) | | | 503 | | | | 65,169 | |
| Plantronics, Inc.* (Communications Equipment) | | | 1,391 | | | | 58,046 | |
| Plexus Corp.* (Electronic Equipment, Instruments & Components) | | | 916 | | | | 83,732 | |
| Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,409 | | | | 279,742 | |
| PRA Group, Inc.* (Consumer Finance) | | | 2,574 | | | | 99,022 | |
| PriceSmart, Inc. (Food & Staples Retailing) | | | 578 | | | | 52,604 | |
| Progress Software Corp. (Software) | | | 1,608 | | | | 74,370 | |
| Proto Labs, Inc.* (Machinery) | | | 1,557 | | | | 142,933 | |
| Quaker Chemical Corp. (Chemicals) | | | 743 | | | | 176,232 | |
| QuinStreet, Inc.* (Interactive Media & Services) | | | 2,772 | | | | 51,504 | |
| RadNet, Inc.* (Health Care Providers & Services) | | | 1,204 | | | | 40,563 | |
| Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,655 | | | | 62,950 | |
| Range Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 8,302 | | | | 139,142 | |
| Raven Industries, Inc. (Industrial Conglomerates) | | | 848 | | | | 49,057 | |
| Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 2,344 | | | | 28,292 | |
| REGENXBIO, Inc.* (Biotechnology) | | | 1,959 | | | | 76,107 | |
| Regis Corp.* (Diversified Consumer Services) | | | 476 | | | | 4,455 | |
| Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | | 2,670 | | | | 166,447 | |
| Rent-A-Center, Inc. (Specialty Retail) | | | 3,353 | | | | 177,945 | |
| Rogers Corp.* (Electronic Equipment, Instruments & Components) | | | 558 | | | | 112,046 | |
| Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure) | | | 665 | | | | 15,315 | |
| Safehold, Inc. (Equity Real Estate Investment Trusts) | | | 808 | | | | 63,428 | |
| Saia, Inc.* (Road & Rail) | | | 1,480 | | | | 310,046 | |
| Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | | 297 | | | | 13,499 | |
| Select Medical Holdings Corp. (Health Care Providers & Services) | | | 3,091 | | | | 130,626 | |
| Selectquote, Inc.* (Insurance) | | | 1,659 | | | | 31,952 | |
| ServisFirst Bancshares, Inc. (Banks) | | | 2,648 | | | | 180,011 | |
| Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 2,044 | | | | 218,749 | |
| Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | | 1,825 | | | | 88,531 | |
| Shutterstock, Inc. (Internet & Direct Marketing Retail) | | | 1,254 | | | | 123,105 | |
| Simulations Plus, Inc. (Health Care Technology) | | | 860 | | | | 47,223 | |
| Sleep Number Corp.* (Specialty Retail) | | | 1,374 | | | | 151,071 | |
| Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | | 20,818 | | | | 118,038 | |
| Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | | 4,991 | | | | 18,716 | |
| SPS Commerce, Inc.* (Software) | | | 2,015 | | | | 201,198 | |
| SPX Corp.* (Machinery) | | | 1,476 | | | | 90,154 | |
| SPX FLOW, Inc. (Machinery) | | | 901 | | | | 58,781 | |
| Stamps.com, Inc.* (Internet & Direct Marketing Retail) | | | 1,029 | | | | 206,098 | |
| Stepan Co. (Chemicals) | | | 649 | | | | 78,055 | |
| Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | | 1,687 | | | | 73,824 | |
| StoneX Group, Inc.* (Capital Markets) | | | 936 | | | | 56,787 | |
| Sturm Ruger & Co., Inc. (Leisure Products) | | | 613 | | | | 55,158 | |
| Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 2,978 | | | | 91,693 | |
| Surmodics, Inc.* (Health Care Equipment & Supplies) | | | 499 | | | | 27,071 | |
| Tabula Rasa Healthcare, Inc.* (Health Care Technology) | | | 1,271 | | | | 63,550 | |
| Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | | | 1,104 | | | | 57,408 | |
| Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | | 1,983 | | | | 37,380 | |
| TechTarget, Inc.* (Media) | | | 1,330 | | | | 103,062 | |
| Tennant Co. (Machinery) | | | 482 | | | | 38,488 | |
| The Bancorp, Inc.* (Banks) | | | 1,489 | | | | 34,262 | |
| The Buckle, Inc. (Specialty Retail) | | | 665 | | | | 33,084 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Growth :: 241
Common Stocks, continued
| | | Shares | | | Value | |
| The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure) | | | 905 | | | $ | 49,033 | |
| The Ensign Group, Inc. (Health Care Providers & Services) | | | 2,905 | | | | 251,775 | |
| The Joint Corp.* (Health Care Providers & Services) | | | 742 | | | | 62,269 | |
| The Pennant Group, Inc.* (Health Care Providers & Services) | | | 1,432 | | | | 58,569 | |
| The Simply Good Foods Co.* (Food Products) | | | 2,131 | | | | 77,803 | |
| The St Joe Co. (Real Estate Management & Development) | | | 1,751 | | | | 78,112 | |
| Titan International, Inc.* (Machinery) | | | 1,275 | | | | 10,812 | |
| Tivity Health, Inc.* (Health Care Providers & Services) | | | 1,406 | | | | 36,992 | |
| Triumph Bancorp, Inc.* (Banks) | | | 1,273 | | | | 94,520 | |
| Triumph Group, Inc.* (Aerospace & Defense) | | | 1,200 | | | | 24,900 | |
| Trupanion, Inc.* (Insurance) | | | 1,890 | | | | 217,540 | |
| TTEC Holdings, Inc. (IT Services) | | | 1,026 | | | | 105,770 | |
| Tupperware Brands Corp.* (Household Durables) | | | 2,791 | | | | 66,286 | |
| Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 4,453 | | | | 33,665 | |
| U.S. Ecology, Inc.* (Commercial Services & Supplies) | | | 691 | | | | 25,926 | |
| U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | | 399 | | | | 46,232 | |
| UFP Industries, Inc. (Building Products) | | | 1,773 | | | | 131,805 | |
| Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,461 | | | | 132,205 | |
| UniFirst Corp. (Commercial Services & Supplies) | | | 446 | | | | 104,649 | |
| Unisys Corp.* (IT Services) | | | 1,657 | | | | 41,939 | |
| United Natural Foods, Inc.* (Food & Staples Retailing) | | | 1,676 | | | | 61,978 | |
| Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | | 8,395 | | | | 88,903 | |
| Universal Electronics, Inc.* (Household Durables) | | | 317 | | | | 15,375 | |
| Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | | | 331 | | | | 20,373 | |
| USANA Health Sciences, Inc.* (Personal Products) | | | 415 | | | | 42,508 | |
| Vanda Pharmaceuticals, Inc.* (Biotechnology) | | | 1,592 | | | | 34,244 | |
| Vector Group, Ltd. (Tobacco) | | | 3,595 | | | | 50,833 | |
| Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,551 | | | | 37,286 | |
| Vericel Corp.* (Biotechnology) | | | 2,606 | | | | 136,816 | |
| Viad Corp.* (Commercial Services & Supplies) | | | 473 | | | | 23,579 | |
| Viavi Solutions, Inc.* (Communications Equipment) | | | 12,850 | | | | 226,931 | |
| Vicor Corp.* (Electrical Equipment) | | | 1,196 | | | | 126,465 | |
| Virtus Investment Partners, Inc. (Capital Markets) | | | 404 | | | | 112,219 | |
| Vista Outdoor, Inc.* (Leisure Products) | | | 3,241 | | | | 149,993 | |
| Vonage Holdings Corp.* (Diversified Telecommunication Services) | | | 13,280 | | | | 191,364 | |
| Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | | 1,660 | | | | 173,272 | |
| Watts Water Technologies, Inc.—Class A (Machinery) | | | 1,006 | | | | 146,785 | |
| WD-40 Co. (Household Products) | | | 771 | | | | 197,600 | |
| Westamerica Bancorp (Banks) | | | 695 | | | | 40,331 |
| Winnebago Industries, Inc. (Automobiles) | | | 963 | | | | 65,445 |
| WisdomTree Investments, Inc. (Capital Markets) | | | 2,645 | | | | 16,399 |
| Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | | 1,769 | | | | 59,509 |
| World Acceptance Corp.* (Consumer Finance) | | | 151 | | | | 24,196 |
| Xencor, Inc.* (Biotechnology) | | | 3,272 | | | | 112,851 |
| Xperi Holding Corp. (Software) | | | 3,714 | | | | 82,599 |
| Zumiez, Inc.* (Specialty Retail) | | | 665 | | | | 32,578 |
| Zynex, Inc.* (Health Care Equipment & Supplies) | | | 1,096 | | | | 17,021 |
TOTAL COMMON STOCKS
(Cost $17,160,077) | | | | | | | 27,535,884 |
Repurchase Agreements(b) (0.7%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $186,000 | | $ | 186,000 | | | $ | 186,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $186,000) | | | | | | | 186,000 | |
Collateral for Securities Loaned(c) (0.5%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(d) | | | 130,785 | | | $ | 130,785 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $130,785) | | | | | | | 130,785 | |
TOTAL INVESTMENT SECURITIES
(Cost $17,476,862)—100.7% | | | | | | | 27,852,669 | |
| Net other assets (liabilities)—(0.7)% | | | | | | | (188,007 | ) |
| NET ASSETS—100.0% | | | | | | $ | 27,664,662 | |
* Non-income producing security.
(a) All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $127,965.
(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) Securities were purchased with cash collateral held from securities on loan at June 30, 2021.
(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021.
See accompanying notes to financial statements.
242 :: ProFund VP Small-Cap Growth :: Financial Statements
ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 300,851 | | | | 1.1 | % |
| Air Freight & Logistics | | | 161,341 | | | | 0.6 | % |
| Airlines | | | 70,034 | | | | 0.3 | % |
| Auto Components | | | 440,021 | | | | 1.6 | % |
| Automobiles | | | 65,445 | | | | 0.2 | % |
| Banks | | | 829,268 | | | | 2.9 | % |
| Beverages | | | 274,318 | | | | 1.0 | % |
| Biotechnology | | | 591,481 | | | | 2.1 | % |
| Building Products | | | 640,837 | | | | 2.3 | % |
| Capital Markets | | | 432,608 | | | | 1.6 | % |
| Chemicals | | | 914,701 | | | | 3.3 | % |
| Commercial Services & Supplies | | | 213,725 | | | | 0.8 | % |
| Communications Equipment | | | 375,210 | | | | 1.4 | % |
| Construction & Engineering | | | 294,706 | | | | 1.1 | % |
| Consumer Finance | | | 266,532 | | | | 1.0 | % |
| Containers & Packaging | | | 16,590 | | | | 0.1 | % |
| Diversified Consumer Services | | | 42,469 | | | | 0.2 | % |
| Diversified Telecommunication Services | | | 350,662 | | | | 1.2 | % |
| Electrical Equipment | | | 167,216 | | | | 0.6 | % |
| Electronic Equipment, Instruments & Components | | | 893,166 | | | | 3.2 | % |
| Energy Equipment & Services | | | 40,586 | | | | 0.1 | % |
| Equity Real Estate Investment Trusts | | | 1,147,765 | | | | 4.1 | % |
| Food & Staples Retailing | | | 114,582 | | | | 0.4 | % |
| Food Products | | | 329,874 | | | | 1.2 | % |
| Gas Utilities | | | 60,526 | | | | 0.2 | % |
| Health Care Equipment & Supplies | | | 1,164,873 | | | | 4.3 | % |
| Health Care Providers & Services | | | 1,526,509 | | | | 5.6 | % |
| Health Care Technology | | | 676,012 | | | | 2.4 | % |
| Hotels, Restaurants & Leisure | | | 489,800 | | | | 1.8 | % |
| Household Durables | | | 1,098,296 | | | | 4.0 | % |
| Household Products | | | 281,015 | | | | 1.0 | % |
| Industrial Conglomerates | | | 49,057 | | | | 0.2 | % |
| Insurance | | | 533,413 | | | | 1.9 | % |
| Interactive Media & Services | | | 51,504 | | | | 0.2 | % |
| Internet & Direct Marketing Retail | | | 391,013 | | | | 1.4 | % |
| IT Services | | | 778,026 | | | | 2.8 | % |
| Leisure Products | | | 205,151 | | | | 0.7 | % |
| Life Sciences Tools & Services | | | 390,348 | | | | 1.4 | % |
| Machinery | | | 1,915,284 | | | | 6.8 | % |
| Marine | | | 156,288 | | | | 0.6 | % |
| Media | | | 103,062 | | | | 0.4 | % |
| Metals & Mining | | | 164,384 | | | | 0.6 | % |
| Mortgage Real Estate Investment Trusts | | | 84,990 | | | | 0.3 | % |
| Multiline Retail | | | 118,488 | | | | 0.4 | % |
| Oil, Gas & Consumable Fuels | | | 581,830 | | | | 2.1 | % |
| Personal Products | | | 291,844 | | | | 1.1 | % |
| Pharmaceuticals | | | 537,194 | | | | 1.9 | % |
| Professional Services | | | 377,994 | | | | 1.4 | % |
| Real Estate Management & Development | | | 295,738 | | | | 1.1 | % |
| Road & Rail | | | 387,484 | | | | 1.4 | % |
| Semiconductors & Semiconductor Equipment | | | 1,878,246 | | | | 6.7 | % |
| Software | | | 1,471,431 | | | | 5.3 | % |
| Specialty Retail | | | 1,018,064 | | | | 3.7 | % |
| Technology Hardware, Storage & Peripherals | | | 158,536 | | | | 0.6 | % |
| Textiles, Apparel & Luxury Goods | | | 221,319 | | | | 0.8 | % |
| Thrifts & Mortgage Finance | | | 660,682 | | | | 2.4 | % |
| Tobacco | | | 50,833 | | | | 0.2 | % |
| Trading Companies & Distributors | | | 121,383 | | | | 0.4 | % |
| Water Utilities | | | 182,748 | | | | 0.7 | % |
| Wireless Telecommunication Services | | | 88,531 | | | | 0.3 | % |
| Other** | | | 128,778 | | | | 0.5 | % |
| Total | | $ | 27,664,662 | | | | 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 Growth :: 243
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | | |
| Total Investment Securities, at cost | | $ | 17,476,862 | |
| Securities, at value(a) | | | 27,666,669 | |
| Repurchase agreements, at value | | | 186,000 | |
| Total Investment Securities, at value | | | 27,852,669 | |
| Cash | | | 787 | |
| Dividends receivable | | | 17,517 | |
| Prepaid expenses | | | 439 | |
| TOTAL ASSETS | | | 27,871,412 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 18,193 | |
| Payable for collateral for securities loaned | | | 130,785 | |
| Advisory fees payable | | | 16,886 | |
| Management services fees payable | | | 2,251 | |
| Administration fees payable | | | 1,640 | |
| Administrative services fees payable | | | 8,876 | |
| Distribution fees payable | | | 9,912 | |
| Transfer agency fees payable | | | 2,683 | |
| Fund accounting fees payable | | | 994 | |
| Compliance services fees payable | | | 211 | |
| Other accrued expenses | | | 14,319 | |
| TOTAL LIABILITIES | | | 206,750 | |
| NET ASSETS | | $ | 27,664,662 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 17,806,882 | |
| Total distributable earnings (loss) | | | 9,857,780 | |
| NET ASSETS | | $ | 27,664,662 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 704,515 | |
| Net Asset Value (offering and redemption price per share) | | $ | 39.27 | |
| (a) Includes securities on loan valued at: | | $ | 127,965 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Dividends | | $ | 97,129 | |
| Interest | | | 1 | |
| Foreign tax withholding | | | (3 | ) |
| Income from securities lending | | | 2,190 | |
| TOTAL INVESTMENT INCOME | | | 99,317 | |
| EXPENSES: | | | | |
| Advisory fees | | | 99,280 | |
| Management services fees | | | 13,237 | |
| Administration fees | | | 10,041 | |
| Transfer agency fees | | | 8,224 | |
| Administrative services fees | | | 36,076 | |
| Distribution fees | | | 33,094 | |
| Custody fees | | | 2,320 | |
| Fund accounting fees | | | 6,133 | |
| Trustee fees | | | 322 | |
| Compliance services fees | | | 129 | |
| Other fees | | | 14,259 | |
| Total Gross Expenses before reductions | | | 223,115 | |
| Expenses reduced and reimbursed by the Advisor | | | (726 | ) |
| TOTAL NET EXPENSES | | | 222,389 | |
| NET INVESTMENT INCOME (LOSS) | | | (123,072 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 1,055,114 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 2,650,230 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 3,705,344 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 3,582,272 | |
See accompanying notes to financial statements.
244 :: ProFund VP Small-Cap Growth :: Financial Statements
Statements of Changes in Net Assets
| | | | Six Months Ended
June 30, 2021
(unaudited) | | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (123,072 | ) | | $ | (117,692 | ) |
| Net realized gains (losses) on investments | | | 1,055,114 | | | | 1,051,766 | |
| Change in net unrealized appreciation/depreciation on investments | | | 2,650,230 | | | | 2,590,035 | |
| Change in net assets resulting from operations | | | 3,582,272 | | | | 3,524,109 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (1,751,943 | ) | | | (2,419,892 | ) |
| Change in net assets resulting from distributions | | | (1,751,943 | ) | | | (2,419,892 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 18,227,854 | | | | 20,530,573 | |
| Distributions reinvested | | | 1,751,943 | | | | 2,419,892 | |
| Value of shares redeemed | | | (16,675,163 | ) | | | (19,595,112 | ) |
| Change in net assets resulting from capital transactions | | | 3,304,634 | | | | 3,355,353 | |
| Change in net assets | | | 5,134,963 | | | | 4,459,570 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 22,529,699 | | | | 18,070,129 | |
| End of period | | $ | 27,664,662 | | | $ | 22,529,699 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 455,283 | | | | 669,204 | |
| Reinvested | | | 48,104 | | | | 79,733 | |
| Redeemed | | | (415,046 | ) | | | (636,862 | ) |
| Change in shares | | | 88,341 | | | | 112,075 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Small-Cap Growth :: 245
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 36.56 | | | $ | 35.85 | | | $ | 34.55 | | | $ | 39.34 | | | $ | 37.88 | | | $ | 33.35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.19 | ) | | | (0.22 | ) | | | (0.19 | ) | | | (0.32 | ) | | | (0.22 | ) | | | (0.15 | ) |
Net realized and unrealized gains
(losses) on investments | | | 5.67 | | | | 5.52 | | | | 6.37 | | | | (1.42 | ) | | | 5.07 | | | | 6.74 | |
Total income (loss) from
investment activities | | | 5.48 | | | | 5.30 | | | | 6.18 | | | | (1.74 | ) | | | 4.85 | | | | 6.59 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (2.77 | ) | | | (4.59 | ) | | | (4.88 | ) | | | (3.05 | ) | | | (3.39 | ) | | | (2.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 39.27 | | | $ | 36.56 | | | $ | 35.85 | | | $ | 34.55 | | | $ | 39.34 | | | $ | 37.88 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 15.58 | % | | | 17.39 | % | | | 19.12 | % | | | (5.75 | )% | | | 12.97 | % | | | 20.23 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.68 | % | | | 1.74 | % | | | 1.73 | % | | | 1.69 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.93 | )% | | | (0.69 | )% | | | (0.51 | )% | | | (0.78 | )% | | | (0.56 | )% | | | (0.45 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 27,665 | | | $ | 22,530 | | | $ | 18,070 | | | $ | 19,185 | | | $ | 25,788 | | | $ | 30,053 | |
| Portfolio turnover rate(b)(d) | | | 57 | % | | | 148 | % | | | 108 | % | | | 155 | % | | | 134 | % | | | 220 | % |
(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.
246 :: ProFund VP Small-Cap Value :: Financial Statements
Investment Objective: The ProFund VP Small-Cap Value seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600® Value Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| GameStop Corp. | | | 1.1 | % |
| Macy's, Inc. | | | 1.0 | % |
| PDC Energy, Inc. | | | 0.8 | % |
| Resideo Technologies, Inc. | | | 0.8 | % |
| Signet Jewelers, Ltd. | | | 0.7 | % |
S&P SmallCap 600® Value Index – Composition
| | | | % of Index | |
| Financials | | | 22 | % |
| Industrials | | | 17 | % |
| Consumer Discretionary | | | 15 | % |
| Real Estate | | | 10 | % |
| Information Technology | | | 8 | % |
| Health Care | | | 7 | % |
| Energy | | | 7 | % |
| Materials | | | 6 | % |
| Consumer Staples | | | 4 | % |
| Utilities | | | 2 | % |
| Communication Services | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (100.1%)
| | | Shares | | | Value | |
| 3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | | 4,790 | | | $ | 191,457 | |
| AAR Corp.* (Aerospace & Defense) | | | 2,400 | | | | 93,000 | |
| Aaron's Co., Inc. (The) (Specialty Retail) | | | 2,469 | | | | 78,983 | |
| Abercrombie & Fitch Co.*—Class A (Specialty Retail) | | | 4,479 | | | | 207,960 | |
| ABM Industries, Inc. (Commercial Services & Supplies) | | | 4,848 | | | | 215,008 | |
| Acadia Realty Trust (Equity Real Estate Investment Trusts) | | | 6,238 | | | | 136,986 | |
| ADTRAN, Inc. (Communications Equipment) | | | 3,498 | | | | 72,234 | |
| AdvanSix, Inc.* (Chemicals) | | | 2,027 | | | | 60,526 | |
| Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense) | | | 2,960 | | | | 142,938 | |
| Agree Realty Corp. (Equity Real Estate Investment Trusts) | | | 2,461 | | | | 173,476 | |
| Albany International Corp.—Class A (Machinery) | | | 1,109 | | | | 98,989 | |
| Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | | | 5,235 | | | | 95,905 | |
| Allegheny Technologies, Inc.* (Metals & Mining) | | | 9,192 | | | | 191,653 | |
| Allegiance Bancshares, Inc. (Banks) | | | 1,342 | | | | 51,586 | |
| Allegiant Travel Co.* (Airlines) | | | 590 | | | | 114,460 | |
| Ambac Financial Group, Inc.* (Insurance) | | | 2,204 | | | | 34,515 | |
| AMC Networks, Inc.*—Class A (Media) | | | 2,220 | | | | 148,296 | |
| American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | | 3,628 | | | | 135,288 | |
| American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | | 8,238 | | | | 85,263 | |
| American Equity Investment Life Holding Co. (Insurance) | | | 6,206 | | | | 200,578 | |
| American Public Education, Inc.* (Diversified Consumer Services) | | | 594 | | | | 16,834 | |
| American States Water Co. (Water Utilities) | | | 1,227 | | | | 97,620 | |
| American Vanguard Corp. (Chemicals) | | | 1,078 | | | | 18,876 | |
| American Woodmark Corp.* (Building Products) | | | 578 | | | | 47,217 | |
| America's Car-Mart, Inc.* (Specialty Retail) | | | 160 | | | | 22,675 | |
| Ameris Bancorp (Banks) | | | 5,035 | | | | 254,922 | |
| AMERISAFE, Inc. (Insurance) | | | 880 | | | | 52,527 | |
| AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | | 1,264 | | | | 122,583 | |
| Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 928 | | | | 18,708 | |
| AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | | 1,791 | | | | 48,590 | |
| ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 460 | | | | 16,123 | |
| Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | | 624 | | | | 27,013 | |
| Apogee Enterprises, Inc. (Building Products) | | | 1,863 | | | | 75,880 | |
| Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | | 9,300 | | | | 148,335 | |
| Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | | 353 | | | | 22,172 | |
| Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | | 1,096 | | | | 99,802 | |
| Applied Optoelectronics, Inc.* (Communications Equipment) | | | 1,785 | | | | 15,119 | |
| ArcBest Corp. (Road & Rail) | | | 1,835 | | | | 106,779 | |
| Archrock, Inc. (Energy Equipment & Services) | | | 9,353 | | | | 83,335 | |
| Arconic Corp.* (Metals & Mining) | | | 3,114 | | | | 110,921 | |
| Arcosa, Inc. (Construction & Engineering) | | | 1,602 | | | | 94,101 | |
| Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | | 4,359 | | | | 57,931 | |
| ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | | 5,148 | | | | 58,790 | |
| Asbury Automotive Group, Inc.* (Specialty Retail) | | | 1,397 | | | | 239,404 | |
| Assured Guaranty, Ltd. (Insurance) | | | 5,447 | | | | 258,623 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 247
Common Stocks, continued
| | | Shares | | | Value | |
| Astec Industries, Inc. (Machinery) | | | 641 | | | $ | 40,345 | |
| Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | | | 1,992 | | | | 135,675 | |
| ATN International, Inc. (Diversified Telecommunication Services) | | | 794 | | | | 36,119 | |
| Avista Corp. (Multi-Utilities) | | | 5,009 | | | | 213,734 | |
| Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 850 | | | | 34,357 | |
| AZZ, Inc. (Electrical Equipment) | | | 796 | | | | 41,217 | |
| B Riley Financial, Inc. (Capital Markets) | | | 409 | | | | 30,880 | |
| Banc of California, Inc. (Banks) | | | 3,228 | | | | 56,619 | |
| BancFirst Corp. (Banks) | | | 689 | | | | 43,014 | |
| BankUnited, Inc. (Banks) | | | 6,738 | | | | 287,645 | |
| Banner Corp. (Banks) | | | 2,516 | | | | 136,392 | |
| Barnes & Noble Education, Inc.* (Specialty Retail) | | | 2,301 | | | | 16,590 | |
| Barnes Group, Inc. (Machinery) | | | 3,367 | | | | 172,560 | |
| Bed Bath & Beyond, Inc.* (Specialty Retail) | | | 7,703 | | | | 256,434 | |
| Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components) | | | 737 | | | | 10,613 | |
| Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 2,588 | | | | 73,654 | |
| Berkshire Hills Bancorp, Inc. (Banks) | | | 2,516 | | | | 68,964 | |
| BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | | | 1,679 | | | | 82,506 | |
| Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure) | | | 5,849 | | | | 158,741 | |
| Blucora, Inc.* (Capital Markets) | | | 1,959 | | | | 33,910 | |
| BM Technologies, Inc.* (IT Services) | | | 299 | | | | 3,720 | |
| Boise Cascade Co. (Paper & Forest Products) | | | 2,842 | | | | 165,830 | |
| Boot Barn Holdings, Inc.* (Specialty Retail) | | | 846 | | | | 71,106 | |
| Boston Private Financial Holdings, Inc. (Banks) | | | 5,960 | | | | 87,910 | |
| Bottomline Technologies, Inc.* (Software) | | | 1,138 | | | | 42,197 | |
| Brady Corp.—Class A (Commercial Services & Supplies) | | | 2,139 | | | | 119,870 | |
| Brandywine Realty Trust (Equity Real Estate Investment Trusts) | | | 12,348 | | | | 169,291 | |
| Brinker International, Inc.* (Hotels, Restaurants & Leisure) | | | 1,521 | | | | 94,074 | |
| Bristow Group, Inc.* (Energy Equipment & Services) | | | 1,673 | | | | 42,846 | |
| Brookline Bancorp, Inc. (Banks) | | | 5,651 | | | | 84,482 | |
| Cadence Bancorp (Banks) | | | 9,015 | | | | 188,233 | |
| CalAmp Corp.* (Communications Equipment) | | | 1,528 | | | | 19,436 | |
| Calavo Growers, Inc. (Food Products) | | | 709 | | | | 44,965 | |
| Caleres, Inc. (Specialty Retail) | | | 2,769 | | | | 75,566 | |
| California Water Service Group (Water Utilities) | | | 1,506 | | | | 83,643 | |
| Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | | 3,344 | | | | 192,915 | |
| Cal-Maine Foods, Inc. (Food Products) | | | 1,109 | | | | 40,157 | |
| Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | | 9,329 | | | | 109,896 | |
| Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | | 6,999 | | | | 42,974 | |
| Cara Therapeutics, Inc.* (Biotechnology) | | | 1,027 | | | | 14,655 | |
| Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | | 1,423 | | | | 60,691 | |
| CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | | 3,427 | | | | 79,609 | |
| Carpenter Technology Corp. (Metals & Mining) | | | 3,471 | | | | 139,604 | |
| Cavco Industries, Inc.* (Household Durables) | | | 259 | | | | 57,547 | |
| Centerspace (Equity Real Estate Investment Trusts) | | | 403 | | | | 31,797 | |
| Central Garden & Pet Co.* (Household Products) | | | 275 | | | | 14,556 | |
| Central Garden & Pet Co.*—Class A (Household Products) | | | 1,118 | | | | 53,999 | |
| Central Pacific Financial Corp. (Banks) | | | 2,045 | | | | 53,293 | |
| Century Aluminum Co.* (Metals & Mining) | | | 1,456 | | | | 18,768 | |
| Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | | | 3,514 | | | | 45,225 | |
| Chefs' Warehouse, Inc.* (Food & Staples Retailing) | | | 2,355 | | | | 74,960 | |
| Chesapeake Utilities Corp. (Gas Utilities) | | | 620 | | | | 74,605 | |
| Chico's FAS, Inc.* (Specialty Retail) | | | 8,858 | | | | 58,286 | |
| Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 1,444 | | | | 53,803 | |
| CIRCOR International, Inc.* (Machinery) | | | 936 | | | | 30,514 | |
| City Holding Co. (Banks) | | | 612 | | | | 46,047 | |
| Clearwater Paper Corp.* (Paper & Forest Products) | | | 1,206 | | | | 34,938 | |
| Coca-Cola Consolidated, Inc. (Beverages) | | | 192 | | | | 77,209 | |
| Cogent Communications Holdings, Inc. (Diversified Telecommunication Services) | | | 1,131 | | | | 86,963 | |
| Columbia Banking System, Inc. (Banks) | | | 5,184 | | | | 199,895 | |
| Community Bank System, Inc. (Banks) | | | 2,062 | | | | 155,990 | |
| Computer Programs & Systems, Inc. (Health Care Technology) | | | 492 | | | | 16,349 | |
| Comtech Telecommunications Corp. (Communications Equipment) | | | 1,884 | | | | 45,517 | |
| CONMED Corp. (Health Care Equipment & Supplies) | | | 926 | | | | 127,260 | |
| Conn's, Inc.* (Specialty Retail) | | | 1,400 | | | | 35,700 | |
| CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 2,190 | | | | 40,449 | |
| Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | | | 5,317 | | | | 46,736 | |
| Cooper-Standard Holding, Inc.* (Auto Components) | | | 1,224 | | | | 35,496 | |
| Core Laboratories N.V. (Energy Equipment & Services) | | | 2,007 | | | | 78,173 | |
| CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | | | 8,692 | | | | 91,005 | |
| Core-Mark Holding Co., Inc. (Distributors) | | | 3,264 | | | | 146,913 | |
| CorVel Corp.* (Health Care Providers & Services) | | | 237 | | | | 31,829 | |
| Covetrus, Inc.* (Health Care Providers & Services) | | | 2,883 | | | | 77,841 | |
| Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | | 2,532 | | | | 41,803 | |
| CryoLife, Inc.* (Health Care Equipment & Supplies) | | | 1,328 | | | | 37,715 | |
| CSG Systems International, Inc. (IT Services) | | | 1,189 | | | | 56,097 | |
| CTS Corp. (Electronic Equipment, Instruments & Components) | | | 1,099 | | | | 40,839 | |
| Customers Bancorp, Inc. (Banks) | | | 2,145 | | | | 83,634 | |
| Cutera, Inc.* (Health Care Equipment & Supplies) | | | 720 | | | | 35,302 | |
| CVB Financial Corp. (Banks) | | | 5,449 | | | | 112,195 | |
| Daktronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 2,664 | | | | 17,556 | |
| Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 3,452 | | | | 140,151 | |
See accompanying notes to financial statements.
248 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Deluxe Corp. (Commercial Services & Supplies) | | | 3,050 | | | $ | 145,699 | |
| Designer Brands, Inc.* (Specialty Retail) | | | 4,283 | | | | 70,884 | |
| DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | | | 15,194 | | | | 147,382 | |
| Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | | | 2,998 | | | | 38,494 | |
| Digi International, Inc.* (Communications Equipment) | | | 1,031 | | | | 20,733 | |
| Dime Community Bancshares, Inc. (Banks) | | | 2,555 | | | | 85,899 | |
| Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | | | 17,219 | | | | 71,975 | |
| Domtar Corp.* (Paper & Forest Products) | | | 3,631 | | | | 199,559 | |
| Donnelley Financial Solutions, Inc.* (Capital Markets) | | | 1,205 | | | | 39,765 | |
| Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 843 | | | | 11,903 | |
| Dril-Quip, Inc.* (Energy Equipment & Services) | | | 2,560 | | | | 86,605 | |
| DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | | | 781 | | | | 11,559 | |
| DXP Enterprises, Inc.* (Trading Companies & Distributors) | | | 1,277 | | | | 42,524 | |
| Eagle Bancorp, Inc. (Banks) | | | 2,309 | | | | 129,489 | |
| Eagle Pharmaceuticals, Inc.* (Biotechnology) | | | 540 | | | | 23,112 | |
| Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | | 3,455 | | | | 72,831 | |
| Echo Global Logistics, Inc.* (Air Freight & Logistics) | | | 943 | | | | 28,988 | |
| Edgewell Personal Care Co. (Personal Products) | | | 3,929 | | | | 172,483 | |
| El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 658 | | | | 12,035 | |
| elf Beauty, Inc.* (Personal Products) | | | 1,344 | | | | 36,476 | |
| Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | | | 3,161 | | | | 60,533 | |
| Employers Holdings, Inc. (Insurance) | | | 2,061 | | | | 88,211 | |
| Enanta Pharmaceuticals, Inc.* (Biotechnology) | | | 753 | | | | 33,140 | |
| Encore Capital Group, Inc.* (Consumer Finance) | | | 2,241 | | | | 106,200 | |
| Encore Wire Corp. (Electrical Equipment) | | | 1,492 | | | | 113,078 | |
| Endo International PLC* (Pharmaceuticals) | | | 6,562 | | | | 30,710 | |
| Enerpac Tool Group Corp. (Machinery) | | | 2,564 | | | | 68,254 | |
| Enova International, Inc.* (Consumer Finance) | | | 2,651 | | | | 90,691 | |
| EnPro Industries, Inc. (Machinery) | | | 1,489 | | | | 144,656 | |
| ePlus, Inc.* (Electronic Equipment, Instruments & Components) | | | 976 | | | | 84,609 | |
| ESCO Technologies, Inc. (Machinery) | | | 772 | | | | 72,421 | |
| Ethan Allen Interiors, Inc. (Household Durables) | | | 1,585 | | | | 43,746 | |
| Extreme Networks, Inc.* (Communications Equipment) | | | 5,099 | | | | 56,905 | |
| EZCORP, Inc.*—Class A (Consumer Finance) | | | 3,820 | | | | 23,035 | |
| Fabrinet* (Electronic Equipment, Instruments & Components) | | | 1,013 | | | | 97,116 | |
| FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 551 | | | | 42,851 | |
| FB Financial Corp. (Banks) | | | 2,431 | | | | 90,725 | |
| Ferro Corp.* (Chemicals) | | | 3,881 | | | | 83,713 | |
| Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | | 1,281 | | | | 17,204 | |
| First Bancorp (Banks) | | | 2,059 | | | | 84,234 | |
| First Bancorp (Banks) | | | 15,581 | | | | 185,726 | |
| First Commonwealth Financial Corp. (Banks) | | | 6,953 | | | | 97,829 | |
| First Financial Bancorp (Banks) | | | 7,031 | | | | 166,143 | |
| First Hawaiian, Inc. (Banks) | | | 9,421 | | | | 266,991 | |
| First Midwest Bancorp, Inc. (Banks) | | | 8,263 | | | | 163,855 | |
| Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 1,373 | | | | 58,037 | |
| Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,575 | | | | 22,491 | |
| Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 2,422 | | | | 66,871 | |
| Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | | 6,980 | | | | 36,715 | |
| Fresh Del Monte Produce, Inc. (Food Products) | | | 2,198 | | | | 72,270 | |
| FutureFuel Corp. (Chemicals) | | | 1,082 | | | | 10,387 | |
| GameStop Corp.*—Class A (Specialty Retail) | | | 2,126 | | | | 455,263 | |
| Gannett Co., Inc.* (Media) | | | 9,756 | | | | 53,560 | |
| GCP Applied Technologies, Inc.* (Chemicals) | | | 1,678 | | | | 39,030 | |
| Genesco, Inc.* (Specialty Retail) | | | 1,027 | | | | 65,399 | |
| Gentherm, Inc.* (Auto Components) | | | 814 | | | | 57,835 | |
| Genworth Financial, Inc.* (Insurance) | | | 36,534 | | | | 142,483 | |
| Getty Realty Corp. (Equity Real Estate Investment Trusts) | | | 1,429 | | | | 44,513 | |
| G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | | 3,146 | | | | 103,378 | |
| Glatfelter Corp. (Paper & Forest Products) | | | 3,213 | | | | 44,886 | |
| Glaukos Corp.* (Health Care Equipment & Supplies) | | | 1,202 | | | | 101,966 | |
| Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | | 6,894 | | | | 127,539 | |
| GMS, Inc.* (Trading Companies & Distributors) | | | 3,097 | | | | 149,090 | |
| Granite Construction, Inc. (Construction & Engineering) | | | 3,309 | | | | 137,423 | |
| Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 3,983 | | | | 58,749 | |
| Great Western Bancorp, Inc. (Banks) | | | 2,629 | | | | 86,205 | |
| Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | | | 3,064 | | | | 103,012 | |
| Greenhill & Co., Inc. (Capital Markets) | | | 424 | | | | 6,597 | |
| Griffon Corp. (Building Products) | | | 3,278 | | | | 84,015 | |
| Group 1 Automotive, Inc. (Specialty Retail) | | | 1,233 | | | | 190,412 | |
| Guess?, Inc. (Specialty Retail) | | | 2,768 | | | | 73,075 | |
| H.B. Fuller Co. (Chemicals) | | | 1,850 | | | | 117,679 | |
| Hanger, Inc.* (Health Care Providers & Services) | | | 1,086 | | | | 27,454 | |
| Hanmi Financial Corp. (Banks) | | | 2,219 | | | | 42,294 | |
| Harmonic, Inc.* (Communications Equipment) | | | 3,799 | | | | 32,367 | |
| Harsco Corp.* (Machinery) | | | 5,721 | | | | 116,823 | |
| Haverty Furniture Cos., Inc. (Specialty Retail) | | | 673 | | | | 28,777 | |
| Hawaiian Holdings, Inc.* (Airlines) | | | 3,694 | | | | 90,023 | |
| Hawkins, Inc. (Chemicals) | | | 616 | | | | 20,174 | |
| Haynes International, Inc. (Metals & Mining) | | | 917 | | | | 32,443 | |
| HealthStream, Inc.* (Health Care Technology) | | | 1,131 | | | | 31,600 | |
| Heartland Express, Inc. (Road & Rail) | | | 1,796 | | | | 30,765 | |
| Heidrick & Struggles International, Inc. (Professional Services) | | | 1,409 | | | | 62,771 | |
| Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | | 10,239 | | | | 58,465 | |
| Helmerich & Payne, Inc. (Energy Equipment & Services) | | | 7,797 | | | | 254,415 | |
| Heritage Financial Corp. (Banks) | | | 2,601 | | | | 65,077 | |
| Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | | | 2,660 | | | | 28,622 | |
| Hillenbrand, Inc. (Machinery) | | | 1,848 | | | | 81,460 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 249
Common Stocks, continued
| | | Shares | | | Value | |
| Hilltop Holdings, Inc. (Banks) | | | 3,056 | | | $ | 111,238 | |
| HNI Corp. (Commercial Services & Supplies) | | | 3,147 | | | | 138,374 | |
| HomeStreet, Inc. (Thrifts & Mortgage Finance) | | | 1,544 | | | | 62,903 | |
| Hope Bancorp, Inc. (Banks) | | | 8,930 | | | | 126,627 | |
| Horace Mann Educators Corp. (Insurance) | | | 2,998 | | | | 112,185 | |
| Hub Group, Inc.*—Class A (Air Freight & Logistics) | | | 2,440 | | | | 160,991 | |
| Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 1,014 | | | | 54,553 | |
| Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 3,764 | | | | 68,618 | |
| Independent Bank Corp. (Banks) | | | 1,528 | | | | 115,364 | |
| Independent Bank Group, Inc. (Banks) | | | 2,653 | | | | 196,269 | |
| Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | | | 2,596 | | | | 67,859 | |
| Innospec, Inc. (Chemicals) | | | 1,103 | | | | 99,943 | |
| Inogen, Inc.* (Health Care Equipment & Supplies) | | | 779 | | | | 50,767 | |
| Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | | 2,553 | | | | 255,327 | |
| Insteel Industries, Inc. (Building Products) | | | 825 | | | | 26,524 | |
| Integer Holdings Corp.* (Health Care Equipment & Supplies) | | | 1,430 | | | | 134,706 | |
| Inter Parfums, Inc. (Personal Products) | | | 717 | | | | 51,624 | |
| InterDigital, Inc. (Communications Equipment) | | | 2,224 | | | | 162,419 | |
| Interface, Inc. (Commercial Services & Supplies) | | | 4,265 | | | | 65,255 | |
| Invacare Corp.* (Health Care Equipment & Supplies) | | | 2,525 | | | | 20,377 | |
| Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | | | 12,933 | | | | 50,439 | |
| Investors Bancorp, Inc. (Banks) | | | 16,288 | | | | 232,267 | |
| iStar, Inc. (Equity Real Estate Investment Trusts) | | | 5,292 | | | | 109,703 | |
| Itron, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,565 | | | | 156,469 | |
| J & J Snack Foods Corp. (Food Products) | | | 619 | | | | 107,960 | |
| James River Group Holdings, Ltd. (Insurance) | | | 1,615 | | | | 60,595 | |
| John B Sanfilippo & Son, Inc. (Food Products) | | | 642 | | | | 56,862 | |
| John Bean Technologies Corp. (Machinery) | | | 895 | | | | 127,645 | |
| Kaiser Aluminum Corp. (Metals & Mining) | | | 1,146 | | | | 141,520 | |
| Kaman Corp.—Class A (Trading Companies & Distributors) | | | 2,009 | | | | 101,254 | |
| Kelly Services, Inc.*—Class A (Professional Services) | | | 2,420 | | | | 58,007 | |
| Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | | 6,106 | | | | 134,393 | |
| KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 1,971 | | | | 42,633 | |
| Knowles Corp.* (Electronic Equipment, Instruments & Components) | | | 6,705 | | | | 132,357 | |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 1,878 | | | | 105,938 | |
| Koppers Holdings, Inc.* (Chemicals) | | | 1,536 | | | | 49,690 | |
| Korn Ferry (Professional Services) | | | 2,342 | | | | 169,912 | |
| Kraton Corp.* (Chemicals) | | | 2,323 | | | | 75,010 | |
| Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,288 | | | | 140,025 | |
| Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | | 4,879 | | | | 134,855 | |
| Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | | 699 | | | | 64,860 | |
| La-Z-Boy, Inc. (Household Durables) | | | 1,640 | | | | 60,746 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 12,841 | | | | 153,450 | |
| Lindsay Corp. (Machinery) | | | 315 | | | | 52,063 | |
| Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | | | 664 | | | | 16,899 | |
| LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,735 | | | | 66,607 | |
| Lydall, Inc.* (Machinery) | | | 668 | | | | 40,427 | |
| M.D.C Holdings, Inc. (Household Durables) | | | 1,645 | | | | 83,237 | |
| M/I Homes, Inc.* (Household Durables) | | | 2,109 | | | | 123,734 | |
| Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | | 6,230 | | | | 106,845 | |
| Macy's, Inc.* (Multiline Retail) | | | 22,516 | | | | 426,903 | |
| Magellan Health, Inc.* (Health Care Providers & Services) | | | 1,681 | | | | 158,350 | |
| ManTech International Corp.—Class A (IT Services) | | | 633 | | | | 54,780 | |
| Marcus & Millichap, Inc.* (Real Estate Management & Development) | | | 941 | | | | 36,577 | |
| Matador Resources Co. (Oil, Gas & Consumable Fuels) | | | 4,522 | | | | 162,837 | |
| Materion Corp. (Metals & Mining) | | | 914 | | | | 68,870 | |
| Matrix Service Co.* (Energy Equipment & Services) | | | 1,916 | | | | 20,118 | |
| Matthews International Corp.—Class A (Commercial Services & Supplies) | | | 2,288 | | | | 82,276 | |
| MAX Holdings, Inc. (Real Estate Management & Development) | | | 792 | | | | 26,397 | |
| MEDNAX, Inc.* (Health Care Providers & Services) | | | 3,800 | | | | 114,570 | |
| Mercer International, Inc. (Paper & Forest Products) | | | 2,860 | | | | 36,465 | |
| Meredith Corp.* (Media) | | | 2,934 | | | | 127,453 | |
| Meritor, Inc.* (Machinery) | | | 5,245 | | | | 122,838 | |
| Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | | | 1,015 | | | | 51,389 | |
| Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 1,639 | | | | 80,655 | |
| MGP Ingredients, Inc. (Beverages) | | | 447 | | | | 30,235 | |
| Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | | | 460 | | | | 30,438 | |
| Monro, Inc. (Specialty Retail) | | | 2,420 | | | | 153,694 | |
| Moog, Inc.—Class A (Aerospace & Defense) | | | 1,312 | | | | 110,287 | |
| Motorcar Parts of America, Inc.* (Auto Components) | | | 1,377 | | | | 30,900 | |
| Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | | | 1,215 | | | | 38,236 | |
| Mueller Industries, Inc. (Machinery) | | | 2,477 | | | | 107,279 | |
| Myers Industries, Inc. (Containers & Packaging) | | | 1,591 | | | | 33,411 | |
| MYR Group, Inc.* (Construction & Engineering) | | | 535 | | | | 48,642 | |
| Myriad Genetics, Inc.* (Biotechnology) | | | 5,568 | | | | 170,269 | |
| Nabors Industries, Ltd.* (Energy Equipment & Services) | | | 471 | | | | 53,807 | |
| National Bank Holdings Corp. (Banks) | | | 823 | | | | 31,060 | |
| National Presto Industries, Inc. (Aerospace & Defense) | | | 376 | | | | 38,220 | |
| Natus Medical, Inc.* (Health Care Equipment & Supplies) | | | 2,463 | | | | 63,989 | |
| NBT Bancorp, Inc. (Banks) | | | 3,138 | | | | 112,874 | |
See accompanying notes to financial statements.
250 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Neenah, Inc. (Paper & Forest Products) | | | 1,216 | | | $ | 61,007 | |
| NETGEAR, Inc.* (Communications Equipment) | | | 2,202 | | | | 84,381 | |
| New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 27,409 | | | | 122,518 | |
| Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | | | 703 | | | | 38,651 | |
| NextGen Healthcare, Inc.* (Health Care Technology) | | | 2,130 | | | | 35,337 | |
| Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 3,337 | | | | 54,727 | |
| Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | | 9,196 | | | | 125,433 | |
| Northwest Natural Holding Co. (Gas Utilities) | | | 2,216 | | | | 116,384 | |
| NOW, Inc.* (Trading Companies & Distributors) | | | 7,968 | | | | 75,616 | |
| Oceaneering International, Inc.* (Energy Equipment & Services) | | | 7,209 | | | | 112,244 | |
| Office Properties Income Trust (Equity Real Estate Investment Trusts) | | | 3,492 | | | | 102,351 | |
| OFG Bancorp (Banks) | | | 3,732 | | | | 82,552 | |
| O-I Glass, Inc.* (Containers & Packaging) | | | 11,412 | | | | 186,358 | |
| Oil States International, Inc.* (Energy Equipment & Services) | | | 4,425 | | | | 34,736 | |
| Old National Bancorp (Banks) | | | 11,977 | | | | 210,915 | |
| Olympic Steel, Inc. (Metals & Mining) | | | 656 | | | | 19,280 | |
| OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | | 1,872 | | | | 18,982 | |
| Organogenesis Holdings, Inc.* (Biotechnology) | | | 1,336 | | | | 22,204 | |
| Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | | | 905 | | | | 36,300 | |
| OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | | 568 | | | | 57,732 | |
| Owens & Minor, Inc. (Health Care Providers & Services) | | | 2,607 | | | | 110,354 | |
| Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | | | 1,221 | | | | 120,684 | |
| Pacific Premier Bancorp, Inc. (Banks) | | | 6,840 | | | | 289,264 | |
| Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | | 3,218 | | | | 54,127 | |
| Park Aerospace Corp. (Aerospace & Defense) | | | 826 | | | | 12,307 | |
| Park National Corp. (Banks) | | | 463 | | | | 54,365 | |
| Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | | 13,571 | | | | 134,896 | |
| PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 6,944 | | | | 106,243 | |
| PC Connection, Inc. (Electronic Equipment, Instruments & Components) | | | 795 | | | | 36,785 | |
| PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 7,178 | | | | 328,680 | |
| PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | | 832 | | | | 15,126 | |
| Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | | | 1,106 | | | | 26,113 | |
| PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | | 7,078 | | | | 149,062 | |
| Perdoceo Education Corp.* (Diversified Consumer Services) | | | 2,851 | | | | 34,982 | |
| Phibro Animal Health Corp.—Class A (Pharmaceuticals) | | | 1,470 | | | | 42,454 | |
| Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 2,337 | | | | 30,872 | |
| Piper Sandler Cos. (Capital Markets) | | | 396 | | | | 51,306 | |
| Pitney Bowes, Inc. (Commercial Services & Supplies) | | | 12,682 | | | | 111,221 | |
| Plantronics, Inc.* (Communications Equipment) | | | 963 | | | | 40,186 | |
| Plexus Corp.* (Electronic Equipment, Instruments & Components) | | | 889 | | | | 81,263 | |
| Powell Industries, Inc. (Electrical Equipment) | | | 643 | | | | 19,901 | |
| Preferred Bank (Banks) | | | 980 | | | | 62,005 | |
| Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | | | 3,606 | | | | 187,873 | |
| PriceSmart, Inc. (Food & Staples Retailing) | | | 945 | | | | 86,004 | |
| ProAssurance Corp. (Insurance) | | | 3,899 | | | | 88,702 | |
| Progress Software Corp. (Software) | | | 1,113 | | | | 51,476 | |
| ProPetro Holding Corp.* (Energy Equipment & Services) | | | 5,912 | | | | 54,154 | |
| Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | | 5,240 | | | | 119,944 | |
| Quanex Building Products Corp. (Building Products) | | | 2,428 | | | | 60,312 | |
| RadNet, Inc.* (Health Care Providers & Services) | | | 1,611 | | | | 54,275 | |
| Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | | 4,716 | | | | 111,816 | |
| Range Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 8,056 | | | | 135,019 | |
| Raven Industries, Inc. (Industrial Conglomerates) | | | 1,505 | | | | 87,064 | |
| Rayonier Advanced Materials, Inc.*(Chemicals) | | | 4,592 | | | | 30,720 | |
| Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | | | 4,169 | | | | 66,162 | |
| Realogy Holdings Corp.* (Real Estate Management & Development) | | | 8,413 | | | | 153,285 | |
| Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | | | 1,133 | | | | 37,514 | |
| Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 5,137 | | | | 62,004 | |
| Regis Corp.* (Diversified Consumer Services) | | | 1,144 | | | | 10,708 | |
| Renasant Corp. (Banks) | | | 4,069 | | | | 162,760 | |
| Resideo Technologies, Inc.* (Building Products) | | | 10,396 | | | | 311,880 | |
| Resources Connection, Inc. (Professional Services) | | | 2,221 | | | | 31,894 | |
| Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | | 8,584 | | | | 151,593 | |
| Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | | | 15,518 | | | | 177,681 | |
| REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 381 | | | | 34,359 | |
| Rogers Corp.* (Electronic Equipment, Instruments & Components) | | | 636 | | | | 127,709 | |
| RPC, Inc.* (Energy Equipment & Services) | | | 4,209 | | | | 20,835 | |
| RPT Realty (Equity Real Estate Investment Trusts) | | | 5,860 | | | | 76,063 | |
| Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure) | | | 1,455 | | | | 33,509 | |
| S&T Bancorp, Inc. (Banks) | | | 2,844 | | | | 89,017 | |
| Safety Insurance Group, Inc. (Insurance) | | | 1,029 | | | | 80,550 | |
| Sally Beauty Holdings, Inc.* (Specialty Retail) | | | 8,163 | | | | 180,157 | |
| Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | | 4,705 | | | | 183,307 | |
| Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | | 551 | | | | 25,043 | |
| ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | | 1,840 | | | | 51,759 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 251
Common Stocks, continued
| | | Shares | | | Value | |
| Scholastic Corp. (Media) | | | 2,172 | | | $ | 82,297 | |
| Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | | 2,270 | | | | 91,663 | |
| Seacoast Banking Corp. (Banks) | | | 3,996 | | | | 136,463 | |
| Select Medical Holdings Corp. (Health Care Providers & Services) | | | 3,819 | | | | 161,391 | |
| Selectquote, Inc.* (Insurance) | | | 1,051 | | | | 20,242 | |
| Seneca Foods Corp.*—Class A (Food Products) | | | 483 | | | | 24,672 | |
| Service Properties Trust (Equity Real Estate Investment Trusts) | | | 11,911 | | | | 150,079 | |
| Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | | 1,263 | | | | 61,268 | |
| Shoe Carnival, Inc. (Specialty Retail) | | | 625 | | | | 44,744 | |
| Signet Jewelers, Ltd.* (Specialty Retail) | | | 3,784 | | | | 305,710 | |
| Simmons First National Corp.—Class A (Banks) | | | 7,832 | | | | 229,791 | |
| SiriusPoint, Ltd.* (Insurance) | | | 5,489 | | | | 55,274 | |
| SITE Centers Corp. (Equity Real Estate Investment Trusts) | | | 12,201 | | | | 183,746 | |
| SkyWest, Inc.* (Airlines) | | | 3,638 | | | | 156,688 | |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | | | 7,906 | | | | 194,725 | |
| SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 982 | | | | 46,822 | |
| Sonic Automotive, Inc.—Class A (Specialty Retail) | | | 1,688 | | | | 75,521 | |
| South Jersey Industries, Inc. (Gas Utilities) | | | 8,124 | | | | 210,656 | |
| Southside Bancshares, Inc. (Banks) | | | 2,237 | | | | 85,521 | |
| Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | | 20,196 | | | | 114,511 | |
| SpartanNash Co. (Food & Staples Retailing) | | | 2,619 | | | | 50,573 | |
| Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | | 5,253 | | | | 19,699 | |
| Spok Holdings, Inc. (Wireless Telecommunication Services) | | | 1,288 | | | | 12,391 | |
| SPX Corp.* (Machinery) | | | 1,374 | | | | 83,924 | |
| SPX FLOW, Inc. (Machinery) | | | 1,892 | | | | 123,434 | |
| Standard Motor Products, Inc. (Auto Components) | | | 1,443 | | | | 62,554 | |
| Standex International Corp. (Machinery) | | | 885 | | | | 83,995 | |
| Stepan Co. (Chemicals) | | | 711 | | | | 85,512 | |
| Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | | 3,393 | | | | 148,477 | |
| Stewart Information Services Corp. (Insurance) | | | 1,938 | | | | 109,865 | |
| Sturm Ruger & Co., Inc. (Leisure Products) | | | 482 | | | | 43,370 | |
| Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | | | 7,669 | | | | 71,552 | |
| SunCoke Energy, Inc. (Metals & Mining) | | | 5,996 | | | | 42,811 | |
| Surmodics, Inc.* (Health Care Equipment & Supplies) | | | 361 | | | | 19,584 | |
| Sykes Enterprises, Inc.* (IT Services) | | | 2,874 | | | | 154,333 | |
| Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 2,303 | | | | 36,019 | |
| Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | | 4,736 | | | | 89,274 | |
| Team, Inc.* (Commercial Services & Supplies) | | | 2,233 | | | | 14,961 | |
| Tennant Co. (Machinery) | | | 726 | | | | 57,971 | |
| The Andersons, Inc. (Food & Staples Retailing) | | | 2,263 | | | | 69,089 | |
| The Bancorp, Inc.* (Banks) | | | 1,768 | | | | 40,682 | |
| The Buckle, Inc. (Specialty Retail) | | | 1,231 | | | | 61,242 | |
| The Cato Corp.—Class A (Specialty Retail) | | | 1,397 | | | | 23,567 | |
| The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure) | | | 2,166 | | | | 117,354 | |
| The Children's Place, Inc.* (Specialty Retail) | | | 1,060 | | | | 98,644 | |
| The E.W. Scripps Co.—Class A (Media) | | | 4,168 | | | | 84,986 | |
| The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | | 8,790 | | | | 62,585 | |
| The Greenbrier Cos., Inc. (Machinery) | | | 2,372 | | | | 103,372 | |
| The Marcus Corp.* (Entertainment) | | | 1,740 | | | | 36,905 | |
| The ODP Corp.* (Specialty Retail) | | | 3,868 | | | | 185,703 | |
| The Simply Good Foods Co.* (Food Products) | | | 3,349 | | | | 122,272 | |
| TimkenSteel Corp.* (Metals & Mining) | | | 2,774 | | | | 39,252 | |
| Titan International, Inc.* (Machinery) | | | 2,008 | | | | 17,028 | |
| Tivity Health, Inc.* (Health Care Providers & Services) | | | 932 | | | | 24,521 | |
| Tompkins Financial Corp. (Banks) | | | 873 | | | | 67,710 | |
| Tredegar Corp. (Chemicals) | | | 1,874 | | | | 25,805 | |
| Trinseo SA (Chemicals) | | | 2,799 | | | | 167,491 | |
| Triumph Group, Inc.* (Aerospace & Defense) | | | 2,866 | | | | 59,470 | |
| TrueBlue, Inc.* (Professional Services) | | | 2,564 | | | | 72,074 | |
| TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | | 1,394 | | | | 47,919 | |
| TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 7,204 | | | | 103,017 | |
| Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 14,005 | | | | 105,878 | |
| U.S. Concrete, Inc.* (Construction Materials) | | | 1,166 | | | | 86,051 | |
| U.S. Ecology, Inc.* (Commercial Services & Supplies) | | | 1,389 | | | | 52,115 | |
| U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | | 420 | | | | 48,665 | |
| U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | | | 5,373 | | | | 62,112 | |
| UFP Industries, Inc. (Building Products) | | | 2,189 | | | | 162,730 | |
| Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,082 | | | | 26,358 | |
| UniFirst Corp. (Commercial Services & Supplies) | | | 529 | | | | 124,125 | |
| Unisys Corp.* (IT Services) | | | 2,713 | | | | 68,666 | |
| United Community Banks, Inc. (Banks) | | | 6,271 | | | | 200,735 | |
| United Fire Group, Inc. (Insurance) | | | 1,561 | | | | 43,287 | |
| United Insurance Holdings Corp. (Insurance) | | | 1,500 | | | | 8,550 | |
| United Natural Foods, Inc.* (Food & Staples Retailing) | | | 1,911 | | | | 70,669 | |
| Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | | 6,074 | | | | 64,324 | |
| Unitil Corp. (Multi-Utilities) | | | 1,088 | | | | 57,631 | |
| Universal Corp. (Tobacco) | | | 1,772 | | | | 100,950 | |
| Universal Electronics, Inc.* (Household Durables) | | | 587 | | | | 28,470 | |
| Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | | | 500 | | | | 30,775 | |
| Universal Insurance Holdings, Inc. (Insurance) | | | 2,053 | | | | 28,496 | |
| Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 2,176 | | | | 42,171 | |
| USANA Health Sciences, Inc.* (Personal Products) | | | 300 | | | | 30,729 | |
| Vanda Pharmaceuticals, Inc.* (Biotechnology) | | | 1,968 | | | | 42,332 | |
| Varex Imaging Corp.* (Health Care Equipment & Supplies) | | | 2,844 | | | | 76,276 | |
| Vector Group, Ltd. (Tobacco) | | | 4,625 | | | | 65,398 | |
| Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | | 1,631 | | | | 39,209 | |
| Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,604 | | | | 19,874 | |
See accompanying notes to financial statements.
252 :: ProFund VP Small-Cap Value :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Veritex Holdings, Inc. (Banks) | | | 3,575 | | | $ | 126,591 | |
| Veritiv Corp.* (Trading Companies & Distributors) | | | 882 | | | | 54,172 | |
| Viad Corp.* (Commercial Services & Supplies) | | | 874 | | | | 43,569 | |
| Wabash National Corp. (Machinery) | | | 3,747 | | | | 59,952 | |
| Warrior Met Coal, Inc. (Metals & Mining) | | | 3,715 | | | | 63,898 | |
| Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | | 6,113 | | | | 140,599 | |
| Watts Water Technologies, Inc.—Class A (Machinery) | | | 697 | | | | 101,699 | |
| Westamerica Bancorp (Banks) | | | 1,048 | | | | 60,815 | |
| Whitestone REIT (Equity Real Estate Investment Trusts) | | | 2,886 | | | | 23,810 | |
| Winnebago Industries, Inc. (Automobiles) | | | 1,190 | | | | 80,872 | |
| WisdomTree Investments, Inc. (Capital Markets) | | | 4,702 | | | | 29,152 | |
| Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | | 3,711 | | | | 124,837 | |
| World Acceptance Corp.* (Consumer Finance) | | | 90 | | | | 14,422 | |
| WSFS Financial Corp. (Thrifts & Mortgage Finance) | | | 3,435 | | | | 160,036 | |
| Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 8,225 | | | | 154,054 | |
| Xperi Holding Corp. (Software) | | | 2,805 | | | | 62,383 | |
| Zumiez, Inc.* (Specialty Retail) | | | 671 | | | | 32,872 | |
TOTAL COMMON STOCKS
(Cost $29,505,932) | | | | | | | 41,028,232 | |
Repurchase Agreements(b) (0.1%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $27,000 | | $ | 27,000 | | | $ | 27,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $27,000) | | | | | | | 27,000 | |
Collateral for Securities Loaned(c) (0.1%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.03%(d) | | | 46,536 | | | $ | 46,536 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $46,536) | | | | | | | 46,536 | |
TOTAL INVESTMENT SECURITIES
(Cost $29,579,468)—100.3% | | | | | | | 41,101,768 | |
| Net other assets (liabilities)—(0.3)% | | | | | | | (115,185 | ) |
| NET ASSETS—100.0% | | | | | | $ | 40,986,583 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $45,373. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
ProFund VP Small-Cap Value invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 456,222 | | | | 1.1 | % |
| Air Freight & Logistics | | | 325,654 | | | | 0.8 | % |
| Airlines | | | 361,171 | | | | 0.9 | % |
| Auto Components | | | 272,048 | | | | 0.7 | % |
| Automobiles | | | 80,872 | | | | 0.2 | % |
| Banks | | | 6,200,173 | | | | 15.0 | % |
| Beverages | | | 107,444 | | | | 0.3 | % |
| Biotechnology | | | 325,411 | | | | 0.8 | % |
| Building Products | | | 768,558 | | | | 1.9 | % |
| Capital Markets | | | 191,610 | | | | 0.5 | % |
| Chemicals | | | 884,556 | | | | 2.3 | % |
| Commercial Services & Supplies | | | 1,112,473 | | | | 2.7 | % |
| Communications Equipment | | | 549,297 | | | | 1.3 | % |
| Construction & Engineering | | | 280,166 | | | | 0.7 | % |
| Construction Materials | | | 86,051 | | | | 0.2 | % |
| Consumer Finance | | | 234,348 | | | | 0.6 | % |
| Containers & Packaging | | | 219,769 | | | | 0.5 | % |
| Distributors | | | 146,913 | | | | 0.4 | % |
| Diversified Consumer Services | | | 62,524 | | | | 0.2 | % |
| Diversified Telecommunication Services | | | 169,818 | | | | 0.4 | % |
| Electrical Equipment | | | 174,196 | | | | 0.4 | % |
| Electronic Equipment, Instruments & Components | | | 1,633,618 | | | | 4.0 | % |
| Energy Equipment & Services | | | 1,096,741 | | | | 2.7 | % |
| Entertainment | | | 36,905 | | | | 0.1 | % |
| Equity Real Estate Investment Trusts | | | 3,904,787 | | | | 9.6 | % |
| Food & Staples Retailing | | | 351,295 | | | | 0.9 | % |
| Food Products | | | 469,158 | | | | 1.0 | % |
| Gas Utilities | | | 401,645 | | | | 1.0 | % |
| Health Care Equipment & Supplies | | | 994,373 | | | | 2.4 | % |
| Health Care Providers & Services | | | 995,808 | | | | 2.5 | % |
| Health Care Technology | | | 83,286 | | | | 0.2 | % |
| Hotels, Restaurants & Leisure | | | 777,329 | | | | 1.9 | % |
| Household Durables | | | 397,480 | | | | 1.0 | % |
| Household Products | | | 68,555 | | | | 0.2 | % |
| Industrial Conglomerates | | | 87,064 | | | | 0.2 | % |
| Insurance | | | 1,384,683 | | | | 3.4 | % |
| Internet & Direct Marketing Retail | | | 16,899 | | | | NM |
| IT Services | | | 337,596 | | | | 0.8 | % |
| Leisure Products | | | 43,370 | | | | 0.1 | % |
| Machinery | | | 1,907,649 | | | | 4.6 | % |
| Media | | | 496,592 | | | | 1.2 | % |
| Metals & Mining | | | 869,020 | | | | 2.1 | % |
| Mortgage Real Estate Investment Trusts | | | 968,077 | | | | 2.4 | % |
| Multiline Retail | | | 426,903 | | | | 1.0 | % |
| Multi-Utilities | | | 271,365 | | | | 0.7 | % |
| Oil, Gas & Consumable Fuels | | | 1,605,772 | | | | 3.9 | % |
| Paper & Forest Products | | | 634,348 | | | | 1.5 | % |
| Personal Products | | | 291,312 | | | | 0.7 | % |
| Pharmaceuticals | | | 295,868 | | | | 0.7 | % |
| Professional Services | | | 394,658 | | | | 1.0 | % |
| Real Estate Management & Development | | | 216,259 | | | | 0.5 | % |
| Road & Rail | | | 137,544 | | | | 0.3 | % |
| Semiconductors & Semiconductor Equipment | | | 484,339 | | | | 1.2 | % |
| Software | | | 156,056 | | | | 0.4 | % |
| Specialty Retail | | | 3,108,368 | | | | 7.5 | % |
| Technology Hardware, Storage & Peripherals | | | 229,951 | | | | 0.6 | % |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 253
| | | Value | | | % of
Net Assets | |
| Textiles, Apparel & Luxury Goods | | $ | 710,273 | | | | 1.7 | % |
| Thrifts & Mortgage Finance | | | 790,284 | | | | 1.9 | % |
| Tobacco | | | 166,348 | | | | 0.4 | % |
| Trading Companies & Distributors | | | 522,458 | | | | 1.3 | % |
| Water Utilities | | | 181,263 | | | | 0.4 | % |
| Wireless Telecommunication Services | | | 73,659 | | | | 0.2 | % |
| Other** | | | (41,649 | ) | | | (0.1 | )% |
| Total | | $ | 40,986,583 | | | | 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.
254 :: ProFund VP Small-Cap Value :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 29,579,468 | |
| Securities, at value(a) | | | 41,074,768 | |
| Repurchase agreements, at value | | | 27,000 | |
| Total Investment Securities, at value | | | 41,101,768 | |
| Cash | | | 1,424 | |
| Dividends receivable | | | 43,515 | |
| Prepaid expenses | | | 539 | |
| TOTAL ASSETS | | | 41,147,246 | |
| LIABILITIES: | | | | |
| Payable for investments purchased | | | 28 | |
| Payable for capital shares redeemed | | | 15,011 | |
| Payable for collateral for securities loaned | | | 46,536 | |
| Advisory fees payable | | | 25,505 | |
| Management services fees payable | | | 3,401 | |
| Administration fees payable | | | 2,459 | |
| Administrative services fees payable | | | 17,368 | |
| Distribution fees payable | | | 17,227 | |
| Transfer agency fees payable | | | 4,093 | |
| Fund accounting fees payable | | | 1,483 | |
| Compliance services fees payable | | | 257 | |
| Other accrued expenses | | | 27,295 | |
| TOTAL LIABILITIES | | | 160,663 | |
| NET ASSETS | | $ | 40,986,583 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 33,539,627 | |
| Total distributable earnings (loss) | | | 7,446,956 | |
| NET ASSETS | | $ | 40,986,583 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 746,663 | |
| Net Asset Value (offering and redemption price per share) | | $ | 54.89 | |
| (a) Includes securities on loan valued at: | | $ | 45,373 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 264,793 | |
| Interest | | | 1 | |
| Foreign tax withholding | | | (60 | ) |
| Income from securities lending | | | 1,384 | |
| TOTAL INVESTMENT INCOME | | | 266,118 | |
| EXPENSES: | | | | |
| Advisory fees | | | 125,222 | |
| Management services fees | | | 16,696 | |
| Administration fees | | | 13,124 | |
| Transfer agency fees | | | 10,981 | |
| Administrative services fees | | | 44,850 | |
| Distribution fees | | | 41,741 | |
| Custody fees | | | 2,977 | |
| Fund accounting fees | | | 8,228 | |
| Trustee fees | | | 428 | |
| Compliance services fees | | | 191 | |
| Other fees | | | 20,335 | |
| Total Gross Expenses before reductions | | | 284,773 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,275 | ) |
| TOTAL NET EXPENSES | | | 280,498 | |
| NET INVESTMENT INCOME (LOSS) | | | (14,380 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 394,867 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 6,851,889 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 7,246,756 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,232,376 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Small-Cap Value :: 255
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (14,380 | ) | | $ | 32,995 | |
| Net realized gains (losses) on investments | | | 394,867 | | | | (1,687,326 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 6,851,889 | | | | 1,588,065 | |
| Change in net assets resulting from operations | | | 7,232,376 | | | | (66,266 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (29,212 | ) | | | (1,810,228 | ) |
| Change in net assets resulting from distributions | | | (29,212 | ) | | | (1,810,228 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 38,243,678 | | | | 23,838,861 | |
| Distributions reinvested | | | 29,212 | | | | 1,810,228 | |
| Value of shares redeemed | | | (26,278,608 | ) | | | (23,271,785 | ) |
| Change in net assets resulting from capital transactions | | | 11,994,282 | | | | 2,377,304 | |
| Change in net assets | | | 19,197,446 | | | | 500,810 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 21,789,137 | | | | 21,288,327 | |
| End of period | | $ | 40,986,583 | | | $ | 21,789,137 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 744,796 | | | | 629,684 | |
| Reinvested | | | 558 | | | | 52,288 | |
| Redeemed | | | (512,290 | ) | | | (605,754 | ) |
| Change in shares | | | 233,064 | | | | 76,218 | |
See accompanying notes to financial statements.
256 :: ProFund VP Small-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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 42.42 | | | $ | 48.67 | | | $ | 39.71 | | | $ | 50.27 | | | $ | 46.23 | | | $ | 35.90 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.02 | ) | | | 0.09 | | | | 0.03 | | | | (0.01 | ) | | | (0.15 | ) | | | 0.01 | |
| Net realized and unrealized gains (losses) on investments | | | 12.53 | | | | (0.82 | ) | | | 8.93 | | | | (6.21 | ) | | | 4.63 | | | | 10.32 | |
| Total income (loss) from investment activities | | | 12.51 | | | | (0.73 | ) | | | 8.96 | | | | (6.22 | ) | | | 4.48 | | | | 10.33 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.04 | ) | | | (0.01 | ) | | | — | | | | — | | | | (0.01 | ) | | | — | |
| Net realized gains on investments | | | — | | | | (5.51 | ) | | | — | | | | (4.34 | ) | | | (0.43 | ) | | | — | |
| Total distributions | | | (0.04 | ) | | | (5.52 | ) | | | — | | | | (4.34 | ) | | | (0.44 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 54.89 | | | $ | 42.42 | | | $ | 48.67 | | | $ | 39.71 | | | $ | 50.27 | | | $ | 46.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 29.50 | % | | | 1.06 | % | | | 22.56 | % | | | (14.21 | )% | | | 9.71 | % | | | 28.77 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.70 | % | | | 1.78 | % | | | 1.75 | % | | | 1.75 | % | | | 1.73 | % | | | 1.73 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (0.09 | )% | | | 0.23 | % | | | 0.07 | % | | | (0.01 | )% | | | (0.32 | )% | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 40,987 | | | $ | 21,789 | | | $ | 21,288 | | | $ | 16,346 | | | $ | 24,856 | | | $ | 46,346 | |
| Portfolio turnover rate(b)(d) | | | 65 | % | | | 192 | % | | | 147 | % | | | 141 | % | | | 91 | % | | | 191 | % |
| (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 Technology :: 257
Investment Objective: The ProFund VP Technology seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. TechnologySM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 90 | % |
| Swap Agreements | | | 10 | % |
| 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. | | | 16.1 | % |
| Microsoft Corp. | | | 15.3 | % |
| Alphabet, Inc. | | | 10.9 | % |
| Facebook, Inc. | | | 6.3 | % |
| NVIDIA Corp. | | | 3.7 | % |
Dow Jones U.S. TechnologySM Index – Composition
| | | % of Index | |
| Software & Services | | | 36 | % |
| Technology Hardware & Equipment | | | 22 | % |
| Media & Entertainment | | | 21 | % |
| Semiconductors & Semiconductor Equipment | | | 19 | % |
| Retailing | | | 1 | % |
| Health Care Equipment & Services | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (90.2%)
| | | Shares | | | Value | |
| ACI Worldwide, Inc.* (Software) | | | 397 | | | $ | 14,745 | |
| Adobe, Inc.* (Software) | | | 1,613 | | | | 944,637 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 4,099 | | | | 385,019 | |
| Akamai Technologies, Inc.* (IT Services) | | | 550 | | | | 64,130 | |
| Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment) | | | 140 | | | | 3,878 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 1,014 | | | | 2,475,975 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 961 | | | | 2,408,574 | |
| Alteryx, Inc.* (Software) | | | 201 | | | | 17,290 | |
| Amdocs, Ltd. (IT Services) | | | 430 | | | | 33,265 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,244 | | | | 214,167 | |
| Anaplan, Inc.* (Software) | | | 488 | | | | 26,010 | |
| Angi, Inc.* (Interactive Media & Services) | | | 276 | | | | 3,732 | |
| ANSYS, Inc.* (Software) | | | 295 | | | | 102,383 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 52,916 | | | | 7,247,374 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,096 | | | | 440,870 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 186 | | | | 67,390 | |
| Asana, Inc.*—Class A (Software) | | | 92 | | | | 5,707 | |
| Aspen Technology, Inc.* (Software) | | | 230 | | | | 31,634 | |
| Autodesk, Inc.* (Software) | | | 742 | | | | 216,590 | |
| Avalara, Inc.* (Software) | | | 290 | | | | 46,922 | |
| Bentley Systems, Inc.—Class B (Software) | | | 36 | | | | 2,332 | |
| Bill.com Holdings, Inc.* (Software) | | | 211 | | | | 38,651 | |
| Black Knight, Inc.* (IT Services) | | | 532 | | | | 41,485 | |
| Blackbaud, Inc.* (Software) | | | 164 | | | | 12,557 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 1,377 | | | | 656,609 | |
| Bumble, Inc.*—Class A (Interactive Media & Services) | | | 178 | | | | 10,253 | |
| Cadence Design Systems, Inc.* (Software) | | | 939 | | | | 128,474 | |
| Cargurus, Inc.* (Interactive Media & Services) | | | 306 | | | | 8,026 | |
| CDK Global, Inc. (Software) | | | 410 | | | | 20,373 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 472 | | | | 82,435 | |
| Ceridian HCM Holding, Inc.* (Software) | | | 443 | | | | 42,493 | |
| Cerner Corp. (Health Care Technology) | | | 1,015 | | | | 79,332 | |
| Chewy, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 281 | | | | 22,399 | |
| Ciena Corp.* (Communications Equipment) | | | 523 | | | | 29,753 | |
| Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | | 193 | | | | 16,428 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 14,216 | | | | 753,449 | |
| Citrix Systems, Inc. (Software) | | | 418 | | | | 49,019 | |
| Cloudflare, Inc.*—Class A (Software) | | | 648 | | | | 68,584 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 1,779 | | | | 123,214 | |
| Coupa Software, Inc.* (Software) | | | 248 | | | | 65,003 | |
| Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | | 389 | | | | 38,095 | |
| Crowdstrike Holdings, Inc.*—Class A (Software) | | | 672 | | | | 168,880 | |
| Datadog, Inc.*—Class A (Software) | | | 734 | | | | 76,395 | |
| Dell Technologies, Inc.*—Class C (Technology Hardware, Storage & Peripherals) | | | 843 | | | | 84,022 | |
| DocuSign, Inc.* (Software) | | | 656 | | | | 183,398 | |
| Dolby Laboratories, Inc.—Class A (Electronic Equipment, Instruments & Components) | | | 221 | | | | 21,722 | |
| DoorDash, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 119 | | | | 21,221 | |
| Dropbox, Inc.* (Software) | | | 998 | | | | 30,249 | |
| DXC Technology Co.* (IT Services) | | | 859 | | | | 33,449 | |
| Dynatrace, Inc.* (Software) | | | 622 | | | | 36,337 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 2,183 | | | | 153,268 | |
| EchoStar Corp.*—Class A (Communications Equipment) | | | 145 | | | | 3,522 | |
| Elastic NV* (Software) | | | 214 | | | | 31,193 | |
| Enphase Energy, Inc.* (Electrical Equipment) | | | 457 | | | | 83,919 | |
| Entegris, Inc. (Semiconductors & Semiconductor Equipment) | | | 457 | | | | 56,197 | |
See accompanying notes to financial statements.
258 :: ProFund VP Technology :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| EPAM Systems, Inc.* (IT Services) | | | 191 | | | $ | 97,593 | |
| Etsy, Inc.* (Internet & Direct Marketing Retail) | | | 428 | | | | 88,100 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 202 | | | | 37,705 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 8,083 | | | | 2,810,540 | |
| Fair Isaac Corp.* (Software) | | | 97 | | | | 48,760 | |
| Fastly, Inc.*—Class A (IT Services) | | | 292 | | | | 17,403 | |
| FireEye, Inc.* (Software) | | | 804 | | | | 16,257 | |
| Five9, Inc.* (Software) | | | 226 | | | | 41,446 | |
| Fortinet, Inc.* (Software) | | | 457 | | | | 108,853 | |
| Garmin, Ltd. (Household Durables) | | | 505 | | | | 73,043 | |
| Gartner, Inc.* (IT Services) | | | 291 | | | | 70,480 | |
| GoDaddy, Inc.*—Class A (IT Services) | | | 565 | | | | 49,132 | |
| Guidewire Software, Inc.* (Software) | | | 283 | | | | 31,900 | |
| Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | | 4,405 | | | | 64,225 | |
| HP, Inc. (Technology Hardware, Storage & Peripherals) | | | 4,052 | | | | 122,330 | |
| HubSpot, Inc.* (Software) | | | 148 | | | | 86,243 | |
| IAC/InterActiveCorp* (Interactive Media & Services) | | | 282 | | | | 43,476 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 13,622 | | | | 764,739 | |
| International Business Machines Corp. (IT Services) | | | 3,015 | | | | 441,969 | |
| Intuit, Inc. (Software) | | | 922 | | | | 451,937 | |
| j2 Global, Inc.* (Software) | | | 144 | | | | 19,807 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 1,106 | | | | 30,249 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 517 | | | | 167,617 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 480 | | | | 312,336 | |
| Liberty Global PLC*—Class A (Media) | | | 474 | | | | 12,874 | |
| Liberty Global PLC*—Class C (Media) | | | 1,165 | | | | 31,501 | |
| Lumen Technologies, Inc. (Diversified Telecommunication Services) | | | 3,356 | | | | 45,608 | |
| Lumentum Holdings, Inc.* (Communications Equipment) | | | 255 | | | | 20,918 | |
| Manhattan Associates, Inc.* (Software) | | | 215 | | | | 31,141 | |
| Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,763 | | | | 161,166 | |
| Match Group, Inc.* (Interactive Media & Services) | | | 912 | | | | 147,060 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 905 | | | | 95,351 | |
| McAfee Corp.—Class A (Software) | | | 122 | | | | 3,418 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 923 | | | | 138,210 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 3,783 | | | | 321,479 | |
| Microsoft Corp. (Software) | | | 25,408 | | | | 6,883,026 | |
| MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 187 | | | | 33,277 | |
| MongoDB, Inc.* (IT Services) | | | 180 | | | | 65,074 | |
| Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | | 145 | | | | 54,150 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 572 | | | | 124,038 | |
| nCino, Inc.* (Software) | | | 51 | | | | 3,056 | |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | | 751 | | | | 61,447 | |
| New Relic, Inc.* (Software) | | | 184 | | | | 12,322 | |
| NortonLifelock, Inc. (Software) | | | 1,956 | | | | 53,242 | |
| Nuance Communications, Inc.* (Software) | | | 961 | | | | 52,317 | |
| Nutanix, Inc.*—Class A (Software) | | | 689 | | | | 26,334 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 2,101 | | | | 1,681,009 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 931 | | | | 191,525 | |
| Okta, Inc.* (IT Services) | | | 422 | | | | 103,255 | |
| ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 1,440 | | | | 55,123 | |
| Oracle Corp. (Software) | | | 6,128 | | | | 477,004 | |
| Palantir Technologies, Inc.*—Class A (Software) | | | 1,522 | | | | 40,120 | |
| Palo Alto Networks, Inc.* (Communications Equipment) | | | 329 | | | | 122,075 | |
| Paycom Software, Inc.* (Software) | | | 166 | | | | 60,336 | |
| Paylocity Holding Corp.* (Software) | | | 127 | | | | 24,232 | |
| Pegasystems, Inc. (Software) | | | 134 | | | | 18,651 | |
| Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | | 204 | | | | 16,740 | |
| Proofpoint, Inc.* (Software) | | | 194 | | | | 33,709 | |
| PTC, Inc.* (Software) | | | 355 | | | | 50,147 | |
| Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals) | | | 860 | | | | 16,796 | |
| Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | | 381 | | | | 74,543 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,805 | | | | 543,849 | |
| Qualtrics International, Inc.*—Class A (Software) | | | 194 | | | | 7,421 | |
| RingCentral, Inc.*—Class A (Software) | | | 272 | | | | 79,038 | |
| Salesforce.com, Inc.* (Software) | | | 3,124 | | | | 763,099 | |
| Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | | | 672 | | | | 59,089 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 219 | | | | 15,067 | |
| ServiceNow, Inc.* (Software) | | | 666 | | | | 366,000 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 151 | | | | 23,141 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 556 | | | | 106,613 | |
| Slack Technologies, Inc.*—Class A (Software) | | | 1,726 | | | | 76,462 | |
| Smartsheet, Inc.* (Software) | | | 394 | | | | 28,494 | |
| Snap, Inc.* (Interactive Media & Services) | | | 3,165 | | | | 215,663 | |
| Snowflake, Inc.*—Class A (IT Services) | | | 211 | | | | 51,020 | |
| SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 176 | | | | 48,641 | |
| SolarWinds Corp.* (Software) | | | 245 | | | | 4,138 | |
| Splunk, Inc.* (Software) | | | 552 | | | | 79,808 | |
| SS&C Technologies Holdings, Inc. (Software) | | | 750 | | | | 54,045 | |
| SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | | 140 | | | | 17,046 | |
| Synopsys, Inc.* (Software) | | | 515 | | | | 142,032 | |
| Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | | 561 | | | | 75,152 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,116 | | | | 599,207 | |
| Trade Desk, Inc. (The)* (Software) | | | 1,455 | | | | 112,559 | |
| Twilio, Inc.* (IT Services) | | | 547 | | | | 215,606 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Technology :: 259
Common Stocks, continued
| | | Shares | | | Value | |
| Twitter, Inc.* (Interactive Media & Services) | | | 2,693 | | | $ | 185,305 | |
| Tyler Technologies, Inc.* (Software) | | | 137 | | | | 61,975 | |
| Ubiquiti, Inc. (Communications Equipment) | | | 26 | | | | 8,117 | |
| Unity Software, Inc.* (Software) | | | 85 | | | | 9,336 | |
| Universal Display Corp. (Semiconductors & Semiconductor Equipment) | | | 145 | | | | 32,238 | |
| Veeva Systems, Inc.*—Class A (Health Care Technology) | | | 465 | | | | 144,592 | |
| Verint Systems, Inc.* (Software) | | | 219 | | | | 9,870 | |
| VeriSign, Inc.* (IT Services) | | | 335 | | | | 76,276 | |
| Viavi Solutions, Inc.* (Communications Equipment) | | | 771 | | | | 13,616 | |
| Vimeo, Inc.* (Interactive Media & Services) | | | 522 | | | | 25,578 | |
| VMware, Inc.*(a)—Class A (Software) | | | 272 | | | | 43,512 | |
| Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | | | 1,033 | | | | 73,519 | |
| Workday, Inc.*—Class A (Software) | | | 638 | | | | 152,316 | |
| Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | | | 543 | | | | 12,755 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 829 | | | | 119,907 | |
| Zendesk, Inc.* (Software) | | | 399 | | | | 57,592 | |
| Zillow Group, Inc.*—Class A (Interactive Media & Services) | | | 124 | | | | 15,194 | |
| Zillow Group, Inc.*—Class C (Interactive Media & Services) | | | 541 | | | | 66,121 | |
| Zoom Video Communications, Inc.*—Class A (Software) | | | 719 | | | | 278,275 | |
| Zscaler, Inc.* (Software) | | | 252 | | | | 54,447 | |
TOTAL COMMON STOCKS
(Cost $4,275,160) | | | | | | | 40,485,173 | |
Repurchase Agreements(b) (1.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $819,000 | | $ | 819,000 | | | $ | 819,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $819,000) | | | | | | | 819,000 | |
Collateral for Securities Loaned(c) (0.1%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.03%(d) | | | 31,208 | | | $ | 31,208 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $31,208) | | | | | | | 31,208 | |
TOTAL INVESTMENT SECURITIES
(Cost $5,125,368)—92.1% | | | | | | | 41,335,381 | |
| Net other assets (liabilities)—7.9% | | | | | | | 3,566,344 | |
| NET ASSETS—100.0% | | | | | | $ | 44,901,725 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $30,074. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Technology Index | | Goldman Sachs International | | | 7/23/21 | | | | 0.59 | % | | $ | 4,402,211 | | | $ | 14,316 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
260 :: ProFund VP Technology :: Financial Statements
ProFund VP Technology invested in the following industries as of June 30, 2021:
| | | Value | | | % of Net Assets | |
| Communications Equipment | | $ | 1,210,832 | | | | 2.7 | % |
| Diversified Telecommunication Services | | | 45,608 | | | | 0.1 | % |
| Electrical Equipment | | | 83,919 | | | | 0.2 | % |
| Electronic Equipment, Instruments & Components | | | 121,203 | | | | 0.3 | % |
| Health Care Technology | | | 223,924 | | | | 0.5 | % |
| Household Durables | | | 73,043 | | | | 0.2 | % |
| Interactive Media & Services | | | 8,415,497 | | | | 18.7 | % |
| Internet & Direct Marketing Retail | | | 284,988 | | | | 0.6 | % |
| IT Services | | | 1,483,351 | | | | 3.3 | % |
| Media | | | 44,375 | | | | 0.1 | % |
| Semiconductors & Semiconductor Equipment | | | 7,442,343 | | | | 16.6 | % |
| Software | | | 13,314,533 | | | | 29.7 | % |
| Technology Hardware, Storage & Peripherals | | | 7,741,557 | | | | 17.2 | % |
| Other** | | | 4,416,552 | | | | 9.8 | % |
| Total | | $ | 44,901,725 | | | | 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 Technology :: 261
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 5,125,368 | |
| Securities, at value(a) | | | 40,516,381 | |
| Repurchase agreements, at value | | | 819,000 | |
| Total Investment Securities, at value | | | 41,335,381 | |
| Cash | | | 824 | |
| Segregated cash balances for swap agreements with custodian | | | 160,000 | |
| Dividends receivable | | | 4,754 | |
| Unrealized appreciation on swap agreements | | | 14,316 | |
| Receivable for capital shares issued | | | 23,555 | |
| Receivable for investments sold | | | 3,497,917 | |
| Prepaid expenses | | | 777 | |
| TOTAL ASSETS | | | 45,037,524 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 3,154 | |
| Payable for collateral for securities loaned | | | 31,208 | |
| Advisory fees payable | | | 26,615 | |
| Management services fees payable | | | 3,549 | |
| Administration fees payable | | | 2,619 | |
| Administrative services fees payable | | | 14,431 | |
| Distribution fees payable | | | 22,748 | |
| Transfer agency fees payable | | | 4,443 | |
| Fund accounting fees payable | | | 1,474 | |
| Compliance services fees payable | | | 380 | |
| Other accrued expenses | | | 25,178 | |
| TOTAL LIABILITIES | | | 135,799 | |
| NET ASSETS | | $ | 44,901,725 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 4,546,521 | |
| Total distributable earnings (loss) | | | 40,355,204 | |
| NET ASSETS | | $ | 44,901,725 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 558,245 | |
| Net Asset Value (offering and redemption price per share) | | $ | 80.43 | |
| (a) Includes securities on loan at: | | $ | 30,074 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 156,288 | |
| Interest | | | 10 | |
| Foreign tax withholding | | | (169 | ) |
| Income from securities lending | | | 34 | |
| TOTAL INVESTMENT INCOME | | | 156,163 | |
| EXPENSES: | | | | |
| Advisory fees | | | 170,198 | |
| Management services fees | | | 22,693 | |
| Administration fees | | | 17,090 | |
| Transfer agency fees | | | 13,847 | |
| Administrative services fees | | | 44,395 | |
| Distribution fees | | | 56,733 | |
| Custody fees | | | 3,409 | |
| Fund accounting fees | | | 9,620 | |
| Trustee fees | | | 568 | |
| Compliance services fees | | | 197 | |
| Other fees | | | 25,385 | |
| TOTAL NET EXPENSES | | | 364,135 | |
| NET INVESTMENT INCOME (LOSS) | | | (207,972 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 6,107,372 | |
| Net realized gains (losses) on swap agreements | | | 133,750 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,258,581 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 9,329 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 7,509,032 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,301,060 | |
See accompanying notes to financial statements.
262 :: ProFund VP Technology :: Financial Statements
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (207,972 | ) | | $ | (251,380 | ) |
| Net realized gains (losses) on investments | | | 6,241,122 | | | | 3,769,847 | |
| Change in net unrealized appreciation/depreciation on investments | | | 1,267,910 | | | | 10,413,451 | |
| Change in net assets resulting from operations | | | 7,301,060 | | | | 13,931,918 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (3,594,551 | ) | | | (4,191,983 | ) |
| Change in net assets resulting from distributions | | | (3,594,551 | ) | | | (4,191,983 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 30,281,224 | | | | 69,129,678 | |
| Distributions reinvested | | | 3,594,551 | | | | 4,191,983 | |
| Value of shares redeemed | | | (37,941,938 | ) | | | (71,750,735 | ) |
| Change in net assets resulting from capital transactions | | | (4,066,163 | ) | | | 1,570,926 | |
| Change in net assets | | | (359,654 | ) | | | 11,310,861 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 45,261,379 | | | | 33,950,518 | |
| End of period | | $ | 44,901,725 | | | $ | 45,261,379 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 385,300 | | | | 1,111,457 | |
| Reinvested | | | 51,139 | | | | 56,941 | |
| Redeemed | | | (478,894 | ) | | | (1,164,676 | ) |
| Change in shares | | | (42,455 | ) | | | 3,722 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP Technology :: 263
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 75.35 | | | $ | 56.87 | | | $ | 40.10 | | | $ | 42.06 | | | $ | 31.12 | | | $ | 27.71 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss)(a) | | | (0.35 | ) | | | (0.43 | ) | | | (0.20 | ) | | | (0.12 | ) | | | (0.09 | ) | | | 0.03 | |
| Net realized and unrealized gains (losses) on investments | | | 12.08 | | | | 25.75 | | | | 18.09 | | | | (0.66 | ) | | | 11.05 | | | | 3.38 | |
| Total income (loss) from investment activities | | | 11.73 | | | | 25.32 | | | | 17.89 | | | | (0.78 | ) | | | 10.96 | | | | 3.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | — | | | | — | | | | — | | | | (0.02 | ) | | | — | |
| Net realized gains on investments | | | (6.65 | ) | | | (6.84 | ) | | | (1.12 | ) | | | (1.18 | ) | | | — | | | | — | |
| Total distributions | | | (6.65 | ) | | | (6.84 | ) | | | (1.12 | ) | | | (1.18 | ) | | | (0.02 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 80.43 | | | $ | 75.35 | | | $ | 56.87 | | | $ | 40.10 | | | $ | 42.06 | | | $ | 31.12 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 16.84 | % | | | 44.80 | % | | | 45.11 | % | | | (2.25 | )% | | | 35.18 | % | | | 12.34 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.60 | % | | | 1.65 | % | | | 1.62 | % | | | 1.58 | % | | | 1.56 | % | | | 1.62 | % |
| Net expenses(c) | | | 1.60 | % | | | 1.65 | % | | | 1.62 | % | | | 1.58 | % | | | 1.56 | % | | | 1.62 | % |
| Net investment income (loss)(c) | | | (0.92 | )% | | | (0.66 | )% | | | (0.41 | )% | | | (0.27 | )% | | | (0.25 | )% | | | 0.09 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 44,902 | | | $ | 45,261 | | | $ | 33,951 | | | $ | 26,279 | | | $ | 33,731 | | | $ | 19,320 | |
| Portfolio turnover rate(b)(d) | | | 61 | % | | | 187 | % | | | 75 | % | | | 58 | % | | | 86 | % | | | 93 | % |
| (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.
264 :: ProFund VP Telecommunications :: Financial Statements
Investment Objective: The ProFund VP Telecommunications seeks investment results, before fees and expenses, that correspond to the performance of the Dow Jones U.S. Select TelecommunicationsSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 | |
| Verizon Communications, Inc. | | | 22.2 | % |
| Cisco Systems, Inc. | | | 22.2 | % |
| Motorola Solutions, Inc. | | | 4.7 | % |
| Garmin, Ltd. | | | 4.6 | % |
| Arista Networks, Inc. | | | 4.6 | % |
Dow Jones U.S. Select
TelecommunicationsSM Index – Composition
| | | % of Index | |
| Communications Equipment | | | 50 | % |
| Diversified Telecommunication Services | | | 39 | % |
| Wireless Telecommunication Services | | | 6 | % |
| Household Durables | | | 5 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.0%)
| | | Shares | | | Value | |
| ADTRAN, Inc. (Communications Equipment) | | | 975 | | | $ | 20,134 | |
| Anterix, Inc.* (Diversified Telecommunication Services) | | | 238 | | | | 14,278 | |
| Applied Optoelectronics, Inc.* (Communications Equipment) | | | 497 | | | | 4,210 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 847 | | | | 306,877 | |
| AT&T, Inc. (Diversified Telecommunication Services) | | | 10,503 | | | | 302,276 | |
| ATN International, Inc. (Diversified Telecommunication Services) | | | 221 | | | | 10,053 | |
| CalAmp Corp.* (Communications Equipment) | | | 709 | | | | 9,018 | |
| Ciena Corp.* (Communications Equipment) | | | 3,122 | | | | 177,611 | |
| Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | | 1,025 | | | | 15,806 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 28,200 | | | | 1,494,599 | |
| CommScope Holding Co., Inc.* (Communications Equipment) | | | 4,111 | | | | 87,605 | |
| Comtech Telecommunications Corp. (Communications Equipment) | | | 525 | | | | 12,684 | |
| Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | | | 1,481 | | | | 13,018 | |
| EchoStar Corp.*—Class A (Communications Equipment) | | | 869 | | | | 21,108 | |
| Extreme Networks, Inc.* (Communications Equipment) | | | 2,539 | | | | 28,335 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 1,201 | | | | 224,179 | |
| Garmin, Ltd. (Household Durables) | | | 2,143 | | | | 309,964 | |
| Globalstar, Inc.*(a) (Diversified Telecommunication Services) | | | 13,355 | | | | 23,772 | |
| Harmonic, Inc.* (Communications Equipment) | | | 2,035 | | | | 17,338 | |
| Inseego Corp.* (Communications Equipment) | | | 1,345 | | | | 13,571 | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 2,367 | | | | 94,656 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 6,602 | | | | 180,565 | |
| Liberty Global PLC*—Class A (Media) | | | 2,834 | | | | 76,971 | |
| Liberty Global PLC* – Class C (Media) | | | 6,959 | | | | 188,171 | |
| Liberty Latin America, Ltd.*—Class A (Media) | | | 1,001 | | | | 13,874 | |
| Liberty Latin America, Ltd.*—Class C (Media) | | | 3,087 | | | | 43,527 | |
| Lumen Technologies, Inc. (Diversified Telecommunication Services) | | | 19,939 | | | | 270,971 | |
| Lumentum Holdings, Inc.* (Communications Equipment) | | | 1,529 | | | | 125,424 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 1,457 | | | | 315,950 | |
| NETGEAR, Inc.* (Communications Equipment) | | | 614 | | | | 23,528 | |
| NetScout Systems, Inc.* (Communications Equipment) | | | 1,486 | | | | 42,410 | |
| ORBCOMM, Inc.* (Diversified Telecommunication Services) | | | 1,601 | | | | 17,995 | |
| Plantronics, Inc.* (Communications Equipment) | | | 767 | | | | 32,007 | |
| Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | | | 1,233 | | | | 17,879 | |
| Ribbon Communications, Inc.* (Communications Equipment) | | | 2,403 | | | | 18,287 | |
| Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | | 1,006 | | | | 48,801 | |
| Spok Holdings, Inc. (Wireless Telecommunication Services) | | | 358 | | | | 3,444 | |
| Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | | | 2,006 | | | | 45,456 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 2,069 | | | | 299,653 | |
| U.S. Cellular Corp.* (Wireless Telecommunication Services) | | | 299 | | | | 10,857 | |
| Ubiquiti, Inc. (Communications Equipment) | | | 152 | | | | 47,453 | |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | | | 26,703 | | | | 1,496,169 | |
| ViaSat, Inc.* (Communications Equipment) | | | 1,371 | | | | 68,331 | |
| Viavi Solutions, Inc.* (Communications Equipment) | | | 4,606 | | | | 81,342 | |
TOTAL COMMON STOCKS
(Cost $4,577,193) | | | | | | | 6,670,157 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 265
Repurchase Agreements(b) (1.1%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $77,000 | | $ | 77,000 | | | $ | 77,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $77,000) | | | | | | | 77,000 | |
Collateral for Securities Loaned(c) (0.4%)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio–Institutional Shares, 0.03%(d) | | | 24,028 | | | $ | 24,028 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $24,028) | | | | | | | 24,028 | |
TOTAL INVESTMENT SECURITIES
(Cost $4,678,221)—100.5% | | | | | | | 6,771,186 | |
| Net other assets (liabilities)—(0.5)% | | | | | | | (36,256 | ) |
| NET ASSETS—100.0% | | | | | | $ | 6,734,930 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $21,385. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (d) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Select Telecommunications Index | | Goldman Sachs International | | | 7/23/21 | | | | 0.59 | % | | $ | 61,423 | | | $ | 991 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Communications Equipment | | $ | 3,352,566 | | | | 49.7 | % |
| Diversified Telecommunication Services | | | 2,276,873 | | | | 33.8 | % |
| Household Durables | | | 309,964 | | | | 4.6 | % |
| Media | | | 322,543 | | | | 4.8 | % |
| Wireless Telecommunication Services | | | 408,211 | | | | 6.1 | % |
| Other** | | | 64,773 | | | | 1.0 | % |
| Total | | $ | 6,734,930 | | | | 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.
266 :: ProFund VP Telecommunications :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 4,678,221 | |
| Securities, at value(a) | | | 6,694,186 | |
| Repurchase agreements, at value | | | 77,000 | |
| Total Investment Securities, at value | | | 6,771,186 | |
| Cash | | | 1,644 | |
| Dividends receivable | | | 1,230 | |
| Unrealized appreciation on swap agreements | | | 991 | |
| Receivable for capital shares issued | | | 2,153 | |
| Prepaid expenses | | | 119 | |
| TOTAL ASSETS | | | 6,777,323 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 1,677 | |
| Payable for collateral for securities loaned | | | 24,028 | |
| Advisory fees payable | | | 4,259 | |
| Management services fees payable | | | 568 | |
| Administration fees payable | | | 427 | |
| Administrative services fees payable | | | 3,123 | |
| Distribution fees payable | | | 3,021 | |
| Transfer agency fees payable | | | 747 | |
| Fund accounting fees payable | | | 246 | |
| Compliance services fees payable | | | 58 | |
| Other accrued expenses | | | 4,239 | |
| TOTAL LIABILITIES | | | 42,393 | |
| NET ASSETS | | $ | 6,734,930 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 6,367,263 | |
| Total distributable earnings (loss) | | | 367,667 | |
| NET ASSETS | | $ | 6,734,930 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 190,824 | |
| Net Asset Value (offering and redemption price per share) | | $ | 35.29 | |
| (a) Includes securities on loan valued at: | | $ | 21,385 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 114,106 | |
| Interest | | | 1 | |
| Income from securities lending | | | 40 | |
| TOTAL INVESTMENT INCOME | | | 114,147 | |
| EXPENSES: | | | | |
| Advisory fees | | | 26,340 | |
| Management services fees | | | 3,512 | |
| Administration fees | | | 2,789 | |
| Transfer agency fees | | | 2,276 | |
| Administrative services fees | | | 10,236 | |
| Distribution fees | | | 8,780 | |
| Custody fees | | | 632 | |
| Fund accounting fees | | | 1,620 | |
| Trustee fees | | | 93 | |
| Compliance services fees | | | 33 | |
| Other fees | | | 3,933 | |
| Total Gross Expenses before reductions | | | 60,244 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,243 | ) |
| TOTAL NET EXPENSES | | | 59,001 | |
| NET INVESTMENT INCOME (LOSS) | | | 55,146 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 196,215 | |
| Net realized gains (losses) on swap agreements | | | 13,796 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 448,602 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 968 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 659,581 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 714,727 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Telecommunications :: 267
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | 55,146 | | | $ | 81,611 | |
| Net realized gains (losses) on investments | | | 210,011 | | | | (269,701 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 449,570 | | | | 308,313 | |
| Change in net assets resulting from operations | | | 714,727 | | | | 120,223 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (81,611 | ) | | | (61,265 | ) |
| Change in net assets resulting from distributions | | | (81,611 | ) | | | (61,265 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 3,397,764 | | | | 7,913,416 | |
| Distributions reinvested | | | 81,611 | | | | 61,265 | |
| Value of shares redeemed | | | (4,003,586 | ) | | | (7,574,704 | ) |
| Change in net assets resulting from capital transactions | | | (524,211 | ) | | | 399,977 | |
| Change in net assets | | | 108,905 | | | | 458,935 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 6,626,025 | | | | 6,167,090 | |
| End of period | | $ | 6,734,930 | | | $ | 6,626,025 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 98,732 | | | | 268,260 | |
| Reinvested | | | 2,336 | | | | 1,967 | |
| Redeemed | | | (115,726 | ) | | | (260,333 | ) |
| Change in shares | | | (14,658 | ) | | | 9,894 | |
See accompanying notes to financial statements.
268 :: ProFund VP Telecommunications :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 32.25 | | | $ | 31.53 | | | $ | 28.42 | | | $ | 35.52 | | | $ | 40.78 | | | $ | 34.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | 0.27 | | | | 0.41 | | | | 0.28 | | | | 0.94 | | | | 1.29 | | | | 0.99 | |
| Net realized and unrealized gains (losses) on investments | | | 3.16 | | | | 0.57 | | | | 3.87 | | | | (6.22 | ) | | | (2.27 | ) | | | 6.37 | |
| Total income (loss) from investment activities | | | 3.43 | | | | 0.98 | | | | 4.15 | | | | (5.28 | ) | | | (0.98 | ) | | | 7.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.39 | ) | | | (0.26 | ) | | | (1.04 | ) | | | (1.82 | ) | | | (1.92 | ) | | | (0.62 | ) |
| Net realized gains on investments | | | — | | | | — | | | | — | | | | — | | | | (2.36 | ) | | | — | |
| Total distributions | | | (0.39 | ) | | | (0.26 | ) | | | (1.04 | ) | | | (1.82 | ) | | | (4.28 | ) | | | (0.62 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 35.29 | | | $ | 32.25 | | | $ | 31.53 | | | $ | 28.42 | | | $ | 35.52 | | | $ | 40.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 10.64 | % | | | 3.15 | % | | | 14.77 | % | | | (15.10 | )% | | | (2.12 | )% | | | 21.65 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.71 | % | | | 1.77 | % | | | 1.76 | % | | | 1.76 | % | | | 1.72 | % | | | 1.72 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | 1.57 | % | | | 1.36 | % | | | 0.89 | % | | | 2.96 | % | | | 3.43 | % | | | 2.55 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 6,735 | | | $ | 6,626 | | | $ | 6,167 | | | $ | 5,272 | | | $ | 9,372 | | | $ | 15,962 | |
| Portfolio turnover rate(c)(e) | | | 54 | % | | | 107 | % | | | 165 | % | | | 328 | % | | | 388 | % | | | 428 | % |
| (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.
Financial Statements :: ProFund VP UltraBull :: 269
Investment Objective: The ProFund VP UltraBull seeks daily investment results, before fees and expenses, that correspond to two times 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, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 59 | % |
| Futures Contracts | | | 8 | % |
| Swap Agreements | | | 126 | % |
| Total Exposure | | | 193 | % |
"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. | | | 3.5 | % |
| Microsoft Corp. | | | 3.3 | % |
| Amazon.com, Inc. | | | 2.4 | % |
| Alphabet, Inc. | | | 2.4 | % |
| Facebook, Inc. | | | 1.4 | % |
S&P 500® Index – Composition
| | | % of Index | |
| Information Technology | | | 27 | % |
| Health Care | | | 13 | % |
| Consumer Discretionary | | | 12 | % |
| Financials | | | 11 | % |
| Communication Services | | | 11 | % |
| Industrials | | | 9 | % |
| Consumer Staples | | | 6 | % |
| Energy | | | 3 | % |
| Materials | | | 3 | % |
| Real Estate | | | 3 | % |
| Utilities | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (59.1%)
| | | Shares | | | Value | |
| 3M Co. (Industrial Conglomerates) | | | 185 | | | $ | 36,747 | |
| A.O. Smith Corp. (Building Products) | | | 43 | | | | 3,099 | |
| Abbott Laboratories (Health Care Equipment & Supplies) | | | 567 | | | | 65,733 | |
| AbbVie, Inc. (Biotechnology) | | | 564 | | | | 63,529 | |
| ABIOMED, Inc.* (Health Care Equipment & Supplies) | | | 14 | | | | 4,370 | |
| Accenture PLC – Class A (IT Services) | | | 203 | | | | 59,842 | |
| Activision Blizzard, Inc. (Entertainment) | | | 248 | | | | 23,669 | |
| Adobe, Inc.* (Software) | | | 153 | | | | 89,602 | |
| Advance Auto Parts, Inc. (Specialty Retail) | | | 21 | | | | 4,308 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 388 | | | | 36,445 | |
| Aflac, Inc. (Insurance) | | | 202 | | | | 10,839 | |
| Agilent Technologies, Inc. (Life Sciences Tools & Services) | | | 97 | | | | 14,338 | |
| Air Products & Chemicals, Inc. (Chemicals) | | | 71 | | | | 20,425 | |
| Akamai Technologies, Inc.* (IT Services) | | | 52 | | | | 6,063 | |
| Alaska Air Group, Inc.* (Airlines) | | | 40 | | | | 2,412 | |
| Albemarle Corp. (Chemicals) | | | 37 | | | | 6,233 | |
| Alexandria Real Estate Equities, Inc. (Equity Real Estate Investment Trusts) | | | 44 | | | | 8,005 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 71 | | | | 13,043 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 23 | | | | 14,053 | |
| Allegion PLC (Building Products) | | | 29 | | | | 4,040 | |
| Alliant Energy Corp. (Electric Utilities) | | | 80 | | | | 4,461 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 96 | | | | 234,412 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 91 | | | | 228,075 | |
| Altria Group, Inc. (Tobacco) | | | 591 | | | | 28,179 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 137 | | | | 471,303 | |
| Amcor PLC (Containers & Packaging) | | | 492 | | | | 5,638 | |
| Ameren Corp. (Multi-Utilities) | | | 82 | | | | 6,563 | |
| American Airlines Group, Inc.* (Airlines) | | | 205 | | | | 4,348 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 159 | | | | 13,450 | |
| American Express Co. (Consumer Finance) | | | 208 | | | | 34,368 | |
| American International Group, Inc. (Insurance) | | | 274 | | | | 13,042 | |
| American Tower Corp. (Equity Real Estate Investment Trusts) | | | 145 | | | | 39,171 | |
| American Water Works Co., Inc. (Water Utilities) | | | 58 | | | | 8,940 | |
| Ameriprise Financial, Inc. (Capital Markets) | | | 37 | | | | 9,209 | |
| AmerisourceBergen Corp. (Health Care Providers & Services) | | | 47 | | | | 5,381 | |
| AMETEK, Inc. (Electrical Equipment) | | | 74 | | | | 9,879 | |
| Amgen, Inc. (Biotechnology) | | | 183 | | | | 44,606 | |
| Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components) | | | 191 | | | | 13,067 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 118 | | | | 20,315 | |
| ANSYS, Inc.* (Software) | | | 28 | | | | 9,718 | |
| Anthem, Inc. (Health Care Providers & Services) | | | 78 | | | | 29,780 | |
| Aon PLC (Insurance) | | | 72 | | | | 17,191 | |
| APA Corp. (Oil, Gas & Consumable Fuels) | | | 121 | | | | 2,617 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 5,006 | | | | 685,621 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 293 | | | | 41,723 | |
| Aptiv PLC* (Auto Components) | | | 86 | | | | 13,530 | |
| Archer-Daniels-Midland Co. (Food Products) | | | 178 | | | | 10,787 | |
| Arista Networks, Inc.* (Communications Equipment) | | | 18 | | | | 6,522 | |
See accompanying notes to financial statements.
270 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Arthur J. Gallagher & Co. (Insurance) | | | 65 | | | $ | 9,105 | |
| Assurant, Inc. (Insurance) | | | 19 | | | | 2,967 | |
| AT&T, Inc. (Diversified Telecommunication Services) | | | 2,279 | | | | 65,590 | |
| Atmos Energy Corp. (Gas Utilities) | | | 42 | | | | 4,037 | |
| Autodesk, Inc.* (Software) | | | 70 | | | | 20,433 | |
| Automatic Data Processing, Inc. (IT Services) | | | 136 | | | | 27,012 | |
| AutoZone, Inc.* (Specialty Retail) | | | 7 | | | | 10,446 | |
| AvalonBay Communities, Inc. (Equity Real Estate Investment Trusts) | | | 45 | | | | 9,391 | |
| Avery Dennison Corp. (Containers & Packaging) | | | 26 | | | | 5,466 | |
| Baker Hughes Co.—Class A (Energy Equipment & Services) | | | 232 | | | | 5,306 | |
| Ball Corp. (Containers & Packaging) | | | 105 | | | | 8,507 | |
| Bank of America Corp. (Banks) | | | 2,407 | | | | 99,240 | |
| Baxter International, Inc. (Health Care Equipment & Supplies) | | | 160 | | | | 12,880 | |
| Becton, Dickinson & Co. (Health Care Equipment & Supplies) | | | 93 | | | | 22,617 | |
| Berkshire Hathaway, Inc.*—Class B (Diversified Financial Services) | | | 605 | | | | 168,142 | |
| Best Buy Co., Inc. (Specialty Retail) | | | 71 | | | | 8,164 | |
| Biogen, Inc.* (Biotechnology) | | | 48 | | | | 16,621 | |
| Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services) | | | 7 | | | | 4,510 | |
| BlackRock, Inc.—Class A (Capital Markets) | | | 45 | | | | 39,374 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 13 | | | | 28,446 | |
| BorgWarner, Inc. (Auto Components) | | | 77 | | | | 3,738 | |
| Boston Properties, Inc. (Equity Real Estate Investment Trusts) | | | 45 | | | | 5,157 | |
| Boston Scientific Corp.* (Health Care Equipment & Supplies) | | | 453 | | | | 19,370 | |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | | | 713 | | | | 47,643 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 130 | | | | 61,989 | |
| Broadridge Financial Solutions, Inc. (IT Services) | | | 37 | | | | 5,977 | |
| Brown-Forman Corp.—Class B (Beverages) | | | 58 | | | | 4,347 | |
| C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | | | 42 | | | | 3,934 | |
| Cabot Oil & Gas Corp. (Oil, Gas & Consumable Fuels) | | | 128 | | | | 2,235 | |
| Cadence Design Systems, Inc.* (Software) | | | 89 | | | | 12,177 | |
| Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 67 | | | | 6,951 | |
| Campbell Soup Co. (Food Products) | | | 65 | | | | 2,963 | |
| Capital One Financial Corp. (Consumer Finance) | | | 144 | | | | 22,275 | |
| Cardinal Health, Inc. (Health Care Providers & Services) | | | 93 | | | | 5,309 | |
| CarMax, Inc.* (Specialty Retail) | | | 52 | | | | 6,716 | |
| Carnival Corp.*—Class A (Hotels, Restaurants & Leisure) | | | 255 | | | | 6,722 | |
| Carrier Global Corp. (Building Products) | | | 261 | | | | 12,685 | |
| Catalent, Inc.* (Pharmaceuticals) | | | 54 | | | | 5,838 | |
| Caterpillar, Inc. (Machinery) | | | 175 | | | | 38,086 | |
| Cboe Global Markets, Inc. (Capital Markets) | | | 34 | | | | 4,048 | |
| CBRE Group, Inc.*—Class A (Real Estate Management & Development) | | | 107 | | | | 9,173 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 45 | | | | 7,859 | |
| Celanese Corp.—Series A (Chemicals) | | | 36 | | | | 5,458 | |
| Centene Corp.* (Health Care Providers & Services) | | | 186 | | | | 13,565 | |
| CenterPoint Energy, Inc. (Multi-Utilities) | | | 185 | | | | 4,536 | |
| Cerner Corp. (Health Care Technology) | | | 96 | | | | 7,503 | |
| CF Industries Holdings, Inc. (Chemicals) | | | 68 | | | | 3,499 | |
| Charles River Laboratories International, Inc.* (Life Sciences Tools & Services) | | | 16 | | | | 5,919 | |
| Charter Communications, Inc.*—Class A (Media) | | | 44 | | | | 31,744 | |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | | | 618 | | | | 64,730 | |
| Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure) | | | 9 | | | | 13,953 | |
| Chubb, Ltd. (Insurance) | | | 144 | | | | 22,888 | |
| Church & Dwight Co., Inc. (Household Products) | | | 78 | | | | 6,647 | |
| Cigna Corp. (Health Care Providers & Services) | | | 109 | | | | 25,841 | |
| Cincinnati Financial Corp. (Insurance) | | | 48 | | | | 5,598 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 28 | | | | 10,696 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 1,345 | | | | 71,284 | |
| Citigroup, Inc. (Banks) | | | 660 | | | | 46,695 | |
| Citizens Financial Group, Inc. (Banks) | | | 136 | | | | 6,238 | |
| Citrix Systems, Inc. (Software) | | | 40 | | | | 4,691 | |
| CME Group, Inc. (Capital Markets) | | | 115 | | | | 24,458 | |
| CMS Energy Corp. (Multi-Utilities) | | | 92 | | | | 5,435 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 168 | | | | 11,636 | |
| Colgate-Palmolive Co. (Household Products) | | | 270 | | | | 21,965 | |
| Comcast Corp.—Class A (Media) | | | 1,463 | | | | 83,419 | |
| Comerica, Inc. (Banks) | | | 45 | | | | 3,210 | |
| Conagra Brands, Inc. (Food Products) | | | 153 | | | | 5,566 | |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | | | 431 | | | | 26,248 | |
| Consolidated Edison, Inc. (Multi-Utilities) | | | 109 | | | | 7,817 | |
| Constellation Brands, Inc.—Class A (Beverages) | | | 54 | | | | 12,630 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 66 | | | | 8,701 | |
| Corning, Inc. (Electronic Equipment, Instruments & Components) | | | 247 | | | | 10,102 | |
| Corteva, Inc. (Chemicals) | | | 235 | | | | 10,422 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 141 | | | | 55,789 | |
| Crown Castle International Corp. (Equity Real Estate Investment Trusts) | | | 138 | | | | 26,924 | |
| CSX Corp. (Road & Rail) | | | 726 | | | | 23,290 | |
| Cummins, Inc. (Machinery) | | | 47 | | | | 11,459 | |
| CVS Health Corp. (Health Care Providers & Services) | | | 420 | | | | 35,045 | |
| Danaher Corp. (Health Care Equipment & Supplies) | | | 203 | | | | 54,477 | |
| Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 42 | | | | 6,132 | |
| DaVita, Inc.* (Health Care Providers & Services) | | | 22 | | | | 2,649 | |
| Deere & Co. (Machinery) | | | 100 | | | | 35,271 | |
| Delta Air Lines, Inc.* (Airlines) | | | 204 | | | | 8,825 | |
| DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies) | | | 70 | | | | 4,428 | |
| Devon Energy Corp. (Oil, Gas & Consumable Fuels) | | | 190 | | | | 5,546 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 31 | | | | 13,237 | |
| Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 58 | | | | 5,446 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 271
Common Stocks, continued
| | | Shares | | | Value | |
| Digital Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 90 | | | $ | 13,541 | |
| Discover Financial Services (Consumer Finance) | | | 97 | | | | 11,474 | |
| Discovery, Inc.*(a) (Media) | | | 54 | | | | 1,657 | |
| Discovery, Inc.*—Class C (Media) | | | 96 | | | | 2,782 | |
| DISH Network Corp.*—Class A (Media) | | | 79 | | | | 3,302 | |
| Dollar General Corp. (Multiline Retail) | | | 75 | | | | 16,229 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 74 | | | | 7,363 | |
| Dominion Energy, Inc. (Multi-Utilities) | | | 257 | | | | 18,908 | |
| Domino's Pizza, Inc. (Hotels, Restaurants & Leisure) | | | 12 | | | | 5,598 | |
| Dover Corp. (Machinery) | | | 46 | | | | 6,928 | |
| Dow, Inc. (Chemicals) | | | 238 | | | | 15,061 | |
| DR Horton, Inc. (Household Durables) | | | 105 | | | | 9,488 | |
| DTE Energy Co. (Multi-Utilities) | | | 62 | | | | 8,035 | |
| Duke Energy Corp. (Electric Utilities) | | | 246 | | | | 24,285 | |
| Duke Realty Corp. (Equity Real Estate Investment Trusts) | | | 120 | | | | 5,682 | |
| DuPont de Nemours, Inc. (Chemicals) | | | 170 | | | | 13,160 | |
| DXC Technology Co.* (IT Services) | | | 81 | | | | 3,154 | |
| Eastman Chemical Co. (Chemicals) | | | 44 | | | | 5,137 | |
| Eaton Corp. PLC (Electrical Equipment) | | | 127 | | | | 18,819 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 207 | | | | 14,533 | |
| Ecolab, Inc. (Chemicals) | | | 79 | | | | 16,272 | |
| Edison International (Electric Utilities) | | | 121 | | | | 6,996 | |
| Edwards Lifesciences Corp.* (Health Care Equipment & Supplies) | | | 198 | | | | 20,507 | |
| Electronic Arts, Inc. (Entertainment) | | | 91 | | | | 13,089 | |
| Eli Lilly & Co. (Pharmaceuticals) | | | 254 | | | | 58,298 | |
| Emerson Electric Co. (Electrical Equipment) | | | 191 | | | | 18,382 | |
| Enphase Energy, Inc.* (Electrical Equipment) | | | 43 | | | | 7,896 | |
| Entergy Corp. (Electric Utilities) | | | 64 | | | | 6,381 | |
| EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | | | 186 | | | | 15,520 | |
| Equifax, Inc. (Professional Services) | | | 39 | | | | 9,341 | |
| Equinix, Inc. (Equity Real Estate Investment Trusts) | | | 29 | | | | 23,275 | |
| Equity Residential (Equity Real Estate Investment Trusts) | | | 110 | | | | 8,470 | |
| Essex Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 21 | | | | 6,300 | |
| Etsy, Inc.* (Internet & Direct Marketing Retail) | | | 41 | | | | 8,439 | |
| Everest Re Group, Ltd. (Insurance) | | | 13 | | | | 3,276 | |
| Evergy, Inc. (Electric Utilities) | | | 73 | | | | 4,411 | |
| Eversource Energy (Electric Utilities) | | | 110 | | | | 8,826 | |
| Exelon Corp. (Electric Utilities) | | | 312 | | | | 13,825 | |
| Expedia Group, Inc.* (Internet & Direct Marketing Retail) | | | 45 | | | | 7,367 | |
| Expeditors International of Washington, Inc. (Air Freight & Logistics) | | | 54 | | | | 6,836 | |
| Extra Space Storage, Inc. (Equity Real Estate Investment Trusts) | | | 43 | | | | 7,044 | |
| Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | | | 1,351 | | | | 85,222 | |
| F5 Networks, Inc.* (Communications Equipment) | | | 19 | | | | 3,547 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 765 | | | | 265,998 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 183 | | | | 9,516 | |
| Federal Realty Investment Trust (Equity Real Estate Investment Trusts) | | | 23 | | | | 2,695 | |
| FedEx Corp. (Air Freight & Logistics) | | | 78 | | | | 23,270 | |
| Fidelity National Information Services, Inc. (IT Services) | | | 198 | | | | 28,051 | |
| Fifth Third Bancorp (Banks) | | | 225 | | | | 8,602 | |
| First Horizon Corp. (Banks) | | | — | (b) | | | 5 | |
| First Republic Bank (Banks) | | | 56 | | | | 10,482 | |
| FirstEnergy Corp. (Electric Utilities) | | | 174 | | | | 6,475 | |
| Fiserv, Inc.* (IT Services) | | | 190 | | | | 20,309 | |
| FleetCor Technologies, Inc.* (IT Services) | | | 27 | | | | 6,914 | |
| FMC Corp. (Chemicals) | | | 41 | | | | 4,436 | |
| Ford Motor Co.* (Automobiles) | | | 1,251 | | | | 18,590 | |
| Fortinet, Inc.* (Software) | | | 43 | | | | 10,242 | |
| Fortive Corp. (Machinery) | | | 108 | | | | 7,532 | |
| Fortune Brands Home & Security, Inc. (Building Products) | | | 44 | | | | 4,383 | |
| Fox Corp.—Class A (Media) | | | 104 | | | | 3,862 | |
| Fox Corp.—Class B (Media) | | | 48 | | | | 1,690 | |
| Franklin Resources, Inc. (Capital Markets) | | | 87 | | | | 2,783 | |
| Freeport-McMoRan, Inc. (Metals & Mining) | | | 468 | | | | 17,368 | |
| Garmin, Ltd. (Household Durables) | | | 48 | | | | 6,943 | |
| Gartner, Inc.* (IT Services) | | | 27 | | | | 6,539 | |
| Generac Holdings, Inc.* (Electrical Equipment) | | | 20 | | | | 8,303 | |
| General Dynamics Corp. (Aerospace & Defense) | | | 73 | | | | 13,743 | |
| General Electric Co. (Industrial Conglomerates) | | | 2,802 | | | | 37,715 | |
| General Mills, Inc. (Food Products) | | | 195 | | | | 11,882 | |
| General Motors Co.* (Automobiles) | | | 407 | | | | 24,082 | |
| Genuine Parts Co. (Distributors) | | | 46 | | | | 5,818 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 400 | | | | 27,544 | |
| Global Payments, Inc. (IT Services) | | | 94 | | | | 17,629 | |
| Globe Life, Inc. (Insurance) | | | 30 | | | | 2,858 | |
| Halliburton Co. (Energy Equipment & Services) | | | 284 | | | | 6,566 | |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | | | 111 | | | | 2,072 | |
| Hartford Financial Services Group, Inc. (Insurance) | | | 114 | | | | 7,065 | |
| Hasbro, Inc. (Leisure Products) | | | 41 | | | | 3,875 | |
| HCA Healthcare, Inc. (Health Care Providers & Services) | | | 84 | | | | 17,366 | |
| Healthpeak Properties, Inc. (Equity Real Estate Investment Trusts) | | | 172 | | | | 5,726 | |
| Henry Schein, Inc.* (Health Care Providers & Services) | | | 45 | | | | 3,339 | |
| Hess Corp. (Oil, Gas & Consumable Fuels) | | | 88 | | | | 7,684 | |
| Hewlett Packard Enterprises Co. (Technology Hardware, Storage & Peripherals) | | | 417 | | | | 6,080 | |
| Hilton Worldwide Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 89 | | | | 10,735 | |
| Hologic, Inc.* (Health Care Equipment & Supplies) | | | 82 | | | | 5,471 | |
| Honeywell International, Inc. (Industrial Conglomerates) | | | 222 | | | | 48,695 | |
| Hormel Foods Corp. (Food Products) | | | 90 | | | | 4,298 | |
| Host Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 225 | | | | 3,845 | |
| Howmet Aerospace, Inc.* (Aerospace & Defense) | | | 125 | | | | 4,309 | |
| HP, Inc. (Technology Hardware, Storage & Peripherals) | | | 383 | | | | 11,563 | |
| Humana, Inc. (Health Care Providers & Services) | | | 41 | | | | 18,152 | |
| Huntington Bancshares, Inc. (Banks) | | | 470 | | | | 6,707 | |
| Huntington Ingalls Industries, Inc. (Aerospace & Defense) | | | 13 | | | | 2,740 | |
See accompanying notes to financial statements.
272 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| IDEX Corp. (Machinery) | | | 24 | | | $ | 5,281 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 27 | | | | 17,052 | |
| IHS Markit, Ltd. (Professional Services) | | | 120 | | | | 13,520 | |
| Illinois Tool Works, Inc. (Machinery) | | | 92 | | | | 20,568 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 47 | | | | 22,241 | |
| Incyte Corp.* (Biotechnology) | | | 60 | | | | 5,048 | |
| Ingersoll Rand, Inc.* (Machinery) | | | 119 | | | | 5,808 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 1,289 | | | | 72,364 | |
| Intercontinental Exchange, Inc. (Capital Markets) | | | 180 | | | | 21,366 | |
| International Business Machines Corp. (IT Services) | | | 285 | | | | 41,778 | |
| International Flavors & Fragrances, Inc. (Chemicals) | | | 79 | | | | 11,803 | |
| International Paper Co. (Containers & Packaging) | | | 125 | | | | 7,664 | |
| Intuit, Inc. (Software) | | | 87 | | | | 42,645 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 38 | | | | 34,946 | |
| Invesco, Ltd. (Capital Markets) | | | 121 | | | | 3,234 | |
| IPG Photonics Corp.* (Electronic Equipment, Instruments & Components) | | | 11 | | | | 2,318 | |
| IQVIA Holdings, Inc.* (Life Sciences Tools & Services) | | | 61 | | | | 14,782 | |
| Iron Mountain, Inc. (Equity Real Estate Investment Trusts) | | | 92 | | | | 3,893 | |
| J.B. Hunt Transport Services, Inc. (Road & Rail) | | | 27 | | | | 4,400 | |
| Jack Henry & Associates, Inc. (IT Services) | | | 24 | | | | 3,924 | |
| Jacobs Engineering Group, Inc. (Construction & Engineering) | | | 42 | | | | 5,604 | |
| Johnson & Johnson (Pharmaceuticals) | | | 840 | | | | 138,382 | |
| Johnson Controls International PLC (Building Products) | | | 229 | | | | 15,715 | |
| JPMorgan Chase & Co. (Banks) | | | 966 | | | | 150,251 | |
| Juniper Networks, Inc. (Communications Equipment) | | | 105 | | | | 2,872 | |
| Kansas City Southern (Road & Rail) | | | 29 | | | | 8,218 | |
| Kellogg Co. (Food Products) | | | 80 | | | | 5,146 | |
| KeyCorp (Banks) | | | 310 | | | | 6,402 | |
| Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 59 | | | | 9,110 | |
| Kimberly-Clark Corp. (Household Products) | | | 108 | | | | 14,448 | |
| Kimco Realty Corp. (Equity Real Estate Investment Trusts) | | | 138 | | | | 2,877 | |
| Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | | | 622 | | | | 11,339 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 49 | | | | 15,886 | |
| L Brands, Inc. (Specialty Retail) | | | 75 | | | | 5,405 | |
| L3Harris Technologies, Inc. (Aerospace & Defense) | | | 65 | | | | 14,050 | |
| Laboratory Corp. of America Holdings* (Health Care Providers & Services) | | | 31 | | | | 8,551 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 46 | | | | 29,932 | |
| Lamb Weston Holding, Inc. (Food Products) | | | 47 | | | | 3,791 | |
| Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure) | | | 105 | | | | 5,532 | |
| Leggett & Platt, Inc. (Household Durables) | | | 43 | | | | 2,228 | |
| Leidos Holdings, Inc. (IT Services) | | | 42 | | | | 4,246 | |
| Lennar Corp.—Class A (Household Durables) | | | 88 | | | | 8,743 | |
| Lincoln National Corp. (Insurance) | | | 57 | | | | 3,582 | |
| Linde PLC (Chemicals) | | | 166 | | | | 47,990 | |
| Live Nation Entertainment, Inc.* (Entertainment) | | | 46 | | | | 4,029 | |
| LKQ Corp.* (Distributors) | | | 89 | | | | 4,381 | |
| Lockheed Martin Corp. (Aerospace & Defense) | | | 78 | | | | 29,511 | |
| Loews Corp. (Insurance) | | | 71 | | | | 3,880 | |
| Lowe's Cos., Inc. (Specialty Retail) | | | 226 | | | | 43,836 | |
| Lumen Technologies, Inc. (Diversified Telecommunication Services) | | | 317 | | | | 4,308 | |
| LyondellBasell Industries N.V.—Class A (Chemicals) | | | 82 | | | | 8,435 | |
| M&T Bank Corp. (Banks) | | | 41 | | | | 5,958 | |
| Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | | | 252 | | | | 3,432 | |
| Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 208 | | | | 12,567 | |
| MarketAxess Holdings, Inc. (Capital Markets) | | | 12 | | | | 5,563 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 85 | | | | 11,639 | |
| Marsh & McLennan Cos., Inc. (Insurance) | | | 162 | | | | 22,791 | |
| Martin Marietta Materials, Inc. (Construction Materials) | | | 20 | | | | 7,036 | |
| Masco Corp. (Building Products) | | | 81 | | | | 4,772 | |
| Mastercard, Inc.—Class A (IT Services) | | | 279 | | | | 101,860 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 86 | | | | 9,061 | |
| McCormick & Co., Inc. (Food Products) | | | 79 | | | | 6,977 | |
| McDonald's Corp. (Hotels, Restaurants & Leisure) | | | 238 | | | | 54,975 | |
| McKesson Corp. (Health Care Providers & Services) | | | 50 | | | | 9,562 | |
| Medtronic PLC (Health Care Equipment & Supplies) | | | 429 | | | | 53,252 | |
| Merck & Co., Inc. (Pharmaceuticals) | | | 808 | | | | 62,838 | |
| MetLife, Inc. (Insurance) | | | 237 | | | | 14,184 | |
| Mettler-Toledo International, Inc.* (Life Sciences Tools & Services) | | | 7 | | | | 9,697 | |
| MGM Resorts International (Hotels, Restaurants & Leisure) | | | 130 | | | | 5,545 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 87 | | | | 13,027 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 358 | | | | 30,423 | |
| Microsoft Corp. (Software) | | | 2,404 | | | | 651,243 | |
| Mid-America Apartment Communities, Inc. (Equity Real Estate Investment Trusts) | | | 37 | | | | 6,232 | |
| Mohawk Industries, Inc.* (Household Durables) | | | 19 | | | | 3,652 | |
| Molson Coors Beverage Co.*—Class B (Beverages) | | | 60 | | | | 3,221 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 448 | | | | 27,974 | |
| Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment) | | | 14 | | | | 5,228 | |
| Monster Beverage Corp.* (Beverages) | | | 118 | | | | 10,779 | |
| Moody's Corp. (Capital Markets) | | | 51 | | | | 18,481 | |
| Morgan Stanley (Capital Markets) | | | 476 | | | | 43,643 | |
| Motorola Solutions, Inc. (Communications Equipment) | | | 54 | | | | 11,710 | |
| MSCI, Inc.—Class A (Capital Markets) | | | 26 | | | | 13,860 | |
| Nasdaq, Inc. (Capital Markets) | | | 37 | | | | 6,505 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 273
Common Stocks, continued
| | | Shares | | | Value | |
| NetApp, Inc. (Technology Hardware, Storage & Peripherals) | | | 71 | | | $ | 5,809 | |
| Netflix, Inc.* (Entertainment) | | | 142 | | | | 75,006 | |
| Newell Brands, Inc. (Household Durables) | | | 121 | | | | 3,324 | |
| Newmont Corp. (Metals & Mining) | | | 256 | | | | 16,225 | |
| News Corp.—Class A (Media) | | | 125 | | | | 3,221 | |
| News Corp.—Class B (Media) | | | 39 | | | | 950 | |
| NextEra Energy, Inc. (Electric Utilities) | | | 626 | | | | 45,873 | |
| Nielsen Holdings PLC (Professional Services) | | | 114 | | | | 2,812 | |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods) | | | 407 | | | | 62,877 | |
| NiSource, Inc. (Multi-Utilities) | | | 125 | | | | 3,063 | |
| Norfolk Southern Corp. (Road & Rail) | | | 80 | | | | 21,233 | |
| Northern Trust Corp. (Capital Markets) | | | 66 | | | | 7,631 | |
| Northrop Grumman Corp. (Aerospace & Defense) | | | 48 | | | | 17,445 | |
| NortonLifelock, Inc. (Software) | | | 185 | | | | 5,036 | |
| Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure) | | | 118 | | | | 3,470 | |
| NOV, Inc.* (Energy Equipment & Services) | | | 125 | | | | 1,915 | |
| NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | | | 78 | | | | 3,143 | |
| Nucor Corp. (Metals & Mining) | | | 95 | | | | 9,113 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 199 | | | | 159,221 | |
| NVR, Inc.* (Household Durables) | | | 1 | | | | 4,973 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 88 | | | | 18,103 | |
| Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | | | 268 | | | | 8,380 | |
| Old Dominion Freight Line, Inc. (Road & Rail) | | | 30 | | | | 7,614 | |
| Omnicom Group, Inc. (Media) | | | 69 | | | | 5,519 | |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | | | 142 | | | | 7,901 | |
| Oracle Corp. (Software) | | | 580 | | | | 45,147 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 22 | | | | 12,457 | |
| Organon & Co.* (Pharmaceuticals) | | | 81 | | | | 2,451 | |
| Otis Worldwide Corp. (Machinery) | | | 129 | | | | 10,548 | |
| PACCAR, Inc. (Machinery) | | | 111 | | | | 9,907 | |
| Packaging Corp. of America (Containers & Packaging) | | | 30 | | | | 4,063 | |
| Parker-Hannifin Corp. (Machinery) | | | 41 | | | | 12,592 | |
| Paychex, Inc. (IT Services) | | | 102 | | | | 10,945 | |
| Paycom Software, Inc.* (Software) | | | 16 | | | | 5,816 | |
| PayPal Holdings, Inc.* (IT Services) | | | 375 | | | | 109,305 | |
| Penn National Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 47 | | | | 3,595 | |
| Pentair PLC (Machinery) | | | 53 | | | | 3,577 | |
| People's United Financial, Inc. (Banks) | | | 136 | | | | 2,331 | |
| PepsiCo, Inc. (Beverages) | | | 441 | | | | 65,343 | |
| PerkinElmer, Inc. (Life Sciences Tools & Services) | | | 36 | | | | 5,559 | |
| Perrigo Co. PLC (Pharmaceuticals) | | | 43 | | | | 1,972 | |
| Pfizer, Inc. (Pharmaceuticals) | | | 1,786 | | | | 69,940 | |
| Philip Morris International, Inc. (Tobacco) | | | 497 | | | | 49,258 | |
| Phillips 66 (Oil, Gas & Consumable Fuels) | | | 140 | | | | 12,015 | |
| Pinnacle West Capital Corp. (Electric Utilities) | | | 36 | | | | 2,951 | |
| Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | | | 74 | | | | 12,026 | |
| Pool Corp. (Distributors) | | | 13 | | | | 5,962 | |
| PPG Industries, Inc. (Chemicals) | | | 76 | | | | 12,903 | |
| PPL Corp. (Electric Utilities) | | | 246 | | | | 6,881 | |
| Principal Financial Group, Inc. (Insurance) | | | 81 | | | | 5,118 | |
| Prologis, Inc. (Equity Real Estate Investment Trusts) | | | 236 | | | | 28,209 | |
| Prudential Financial, Inc. (Insurance) | | | 126 | | | | 12,911 | |
| PTC, Inc.* (Software) | | | 34 | | | | 4,803 | |
| Public Service Enterprise Group, Inc. (Multi-Utilities) | | | 161 | | | | 9,618 | |
| Public Storage (Equity Real Estate Investment Trusts) | | | 49 | | | | 14,734 | |
| PulteGroup, Inc. (Household Durables) | | | 84 | | | | 4,584 | |
| PVH Corp.* (Textiles, Apparel & Luxury Goods) | | | 23 | | | | 2,475 | |
| Qorvo, Inc.* (Semiconductors & Semiconductor Equipment) | | | 36 | | | | 7,043 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 360 | | | | 51,455 | |
| Quanta Services, Inc. (Construction & Engineering) | | | 44 | | | | 3,985 | |
| Quest Diagnostics, Inc. (Health Care Providers & Services) | | | 42 | | | | 5,543 | |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | | | 15 | | | | 1,767 | |
| Raymond James Financial, Inc. (Capital Markets) | | | 39 | | | | 5,066 | |
| Raytheon Technologies Corp. (Aerospace & Defense) | | | 484 | | | | 41,290 | |
| Realty Income Corp. (Equity Real Estate Investment Trusts) | | | 119 | | | | 7,942 | |
| Regency Centers Corp. (Equity Real Estate Investment Trusts) | | | 50 | | | | 3,204 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 33 | | | | 18,432 | |
| Regions Financial Corp. (Banks) | | | 307 | | | | 6,195 | |
| Republic Services, Inc.—Class A (Commercial Services & Supplies) | | | 67 | | | | 7,371 | |
| ResMed, Inc. (Health Care Equipment & Supplies) | | | 46 | | | | 11,340 | |
| Robert Half International, Inc. (Professional Services) | | | 36 | | | | 3,203 | |
| Rockwell Automation, Inc. (Electrical Equipment) | | | 37 | | | | 10,583 | |
| Rollins, Inc. (Commercial Services & Supplies) | | | 71 | | | | 2,428 | |
| Roper Technologies, Inc. (Industrial Conglomerates) | | | 34 | | | | 15,987 | |
| Ross Stores, Inc. (Specialty Retail) | | | 114 | | | | 14,136 | |
| Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure) | | | 70 | | | | 5,970 | |
| S&P Global, Inc. (Capital Markets) | | | 77 | | | | 31,605 | |
| Salesforce.com, Inc.* (Software) | | | 296 | | | | 72,304 | |
| SBA Communications Corp. (Equity Real Estate Investment Trusts) | | | 35 | | | | 11,155 | |
| Schlumberger, Ltd. (Energy Equipment & Services) | | | 446 | | | | 14,276 | |
| Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals) | | | 64 | | | | 5,628 | |
| Sealed Air Corp. (Containers & Packaging) | | | 49 | | | | 2,903 | |
| Sempra Energy (Multi-Utilities) | | | 101 | | | | 13,381 | |
| ServiceNow, Inc.* (Software) | | | 63 | | | | 34,622 | |
| Simon Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 105 | | | | 13,700 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 53 | | | | 10,163 | |
| Snap-on, Inc. (Machinery) | | | 17 | | | | 3,798 | |
| Southwest Airlines Co.* (Airlines) | | | 189 | | | | 10,034 | |
See accompanying notes to financial statements.
274 :: ProFund VP UltraBull :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Stanley Black & Decker, Inc. (Machinery) | | | 52 | | | $ | 10,659 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 376 | | | | 42,041 | |
| State Street Corp. (Capital Markets) | | | 111 | | | | 9,133 | |
| STERIS PLC (Health Care Equipment & Supplies) | | | 31 | | | | 6,395 | |
| Stryker Corp. (Health Care Equipment & Supplies) | | | 105 | | | | 27,272 | |
| SVB Financial Group* (Banks) | | | 17 | | | | 9,459 | |
| Synchrony Financial (Consumer Finance) | | | 173 | | | | 8,394 | |
| Synopsys, Inc.* (Software) | | | 49 | | | | 13,514 | |
| Sysco Corp. (Food & Staples Retailing) | | | 163 | | | | 12,673 | |
| T. Rowe Price Group, Inc. (Capital Markets) | | | 72 | | | | 14,254 | |
| Take-Two Interactive Software, Inc.* (Entertainment) | | | 37 | | | | 6,550 | |
| Tapestry, Inc.* (Textiles, Apparel & Luxury Goods) | | | 89 | | | | 3,870 | |
| Target Corp. (Multiline Retail) | | | 158 | | | | 38,195 | |
| TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components) | | | 105 | | | | 14,198 | |
| Teledyne Technologies, Inc.* (Aerospace & Defense) | | | 15 | | | | 6,282 | |
| Teleflex, Inc. (Health Care Equipment & Supplies) | | | 15 | | | | 6,027 | |
| Teradyne, Inc. (Semiconductors & Semiconductor Equipment) | | | 53 | | | | 7,100 | |
| Tesla, Inc.* (Automobiles) | | | 246 | | | | 167,206 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 295 | | | | 56,729 | |
| Textron, Inc. (Aerospace & Defense) | | | 72 | | | | 4,951 | |
| The AES Corp. (Independent Power and Renewable Electricity Producers) | | | 213 | | | | 5,553 | |
| The Allstate Corp. (Insurance) | | | 96 | | | | 12,522 | |
| The Bank of New York Mellon Corp. (Capital Markets) | | | 257 | | | | 13,166 | |
| The Boeing Co.* (Aerospace & Defense) | | | 175 | | | | 41,923 | |
| The Charles Schwab Corp. (Capital Markets) | | | 479 | | | | 34,876 | |
| The Clorox Co. (Household Products) | | | 40 | | | | 7,196 | |
| The Coca-Cola Co. (Beverages) | | | 1,238 | | | | 66,988 | |
| The Cooper Cos., Inc. (Health Care Equipment & Supplies) | | | 16 | | | | 6,340 | |
| The Estee Lauder Co., Inc. (Personal Products) | | | 74 | | | | 23,538 | |
| The Gap, Inc. (Specialty Retail) | | | 66 | | | | 2,221 | |
| The Goldman Sachs Group, Inc. (Capital Markets) | | | 109 | | | | 41,369 | |
| The Hershey Co. (Food Products) | | | 47 | | | | 8,186 | |
| The Home Depot, Inc. (Specialty Retail) | | | 339 | | | | 108,103 | |
| The Interpublic Group of Cos., Inc. (Media) | | | 126 | | | | 4,094 | |
| The JM Smucker Co.—Class A (Food Products) | | | 35 | | | | 4,535 | |
| The Kraft Heinz Co. (Food Products) | | | 207 | | | | 8,441 | |
| The Kroger Co. (Food & Staples Retailing) | | | 242 | | | | 9,271 | |
| The Mosaic Co. (Chemicals) | | | 110 | | | | 3,510 | |
| The PNC Financial Services Group, Inc. (Banks) | | | 135 | | | | 25,753 | |
| The Procter & Gamble Co. (Household Products) | | | 781 | | | | 105,381 | |
| The Progressive Corp. (Insurance) | | | 187 | | | | 18,365 | |
| The Sherwin-Williams Co. (Chemicals) | | | 76 | | | | 20,705 | |
| The Southern Co. (Electric Utilities) | | | 338 | | | | 20,452 | |
| The TJX Cos., Inc. (Specialty Retail) | | | 385 | | | | 25,957 | |
| The Travelers Cos., Inc. (Insurance) | | | 80 | | | | 11,977 | |
| The Walt Disney Co.* (Entertainment) | | | 580 | | | | 101,946 | |
| The Western Union Co. (IT Services) | | | 131 | | | | 3,009 | |
| The Williams Cos., Inc. (Oil, Gas & Consumable Fuels) | | | 388 | | | | 10,301 | |
| Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services) | | | 125 | | | | 63,058 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 187 | | | | 27,083 | |
| Tractor Supply Co. (Specialty Retail) | | | 37 | | | | 6,884 | |
| Trane Technologies PLC (Building Products) | | | 76 | | | | 13,994 | |
| TransDigm Group, Inc.* (Aerospace & Defense) | | | 18 | | | | 11,651 | |
| Trimble, Inc.* (Electronic Equipment, Instruments & Components) | | | 80 | | | | 6,546 | |
| Truist Financial Corp. (Banks) | | | 429 | | | | 23,810 | |
| Twitter, Inc.* (Interactive Media & Services) | | | 255 | | | | 17,547 | |
| Tyler Technologies, Inc.* (Software) | | | 13 | | | | 5,881 | |
| Tyson Foods, Inc.—Class A (Food Products) | | | 94 | | | | 6,933 | |
| U.S. Bancorp (Banks) | | | 433 | | | | 24,668 | |
| UDR, Inc. (Equity Real Estate Investment Trusts) | | | 95 | | | | 4,653 | |
| Ulta Beauty, Inc.* (Specialty Retail) | | | 17 | | | | 5,878 | |
| Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 60 | | | | 1,269 | |
| Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods) | | | 63 | | | | 1,170 | |
| Union Pacific Corp. (Road & Rail) | | | 212 | | | | 46,624 | |
| United Airlines Holdings , Inc.* (Airlines) | | | 103 | | | | 5,386 | |
| United Parcel Service, Inc.—Class B (Air Freight & Logistics) | | | 231 | | | | 48,041 | |
| United Rentals, Inc.* (Trading Companies & Distributors) | | | 23 | | | | 7,337 | |
| UnitedHealth Group, Inc. (Health Care Providers & Services) | | | 301 | | | | 120,532 | |
| Universal Health Services, Inc.—Class B (Health Care Providers & Services) | | | 25 | | | | 3,661 | |
| Unum Group (Insurance) | | | 65 | | | | 1,846 | |
| Valero Energy Corp. (Oil, Gas & Consumable Fuels) | | | 130 | | | | 10,150 | |
| Ventas, Inc. (Equity Real Estate Investment Trusts) | | | 120 | | | | 6,852 | |
| VeriSign, Inc.* (IT Services) | | | 32 | | | | 7,286 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 52 | | | | 9,085 | |
| Verizon Communications, Inc. (Diversified Telecommunication Services) | | | 1,321 | | | | 74,015 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 83 | | | | 16,735 | |
| VF Corp. (Textiles, Apparel & Luxury Goods) | | | 103 | | | | 8,450 | |
| ViacomCBS, Inc.—Class B (Media) | | | 193 | | | | 8,724 | |
| Viatris, Inc. (Pharmaceuticals) | | | 386 | | | | 5,516 | |
| Visa, Inc.—Class A (IT Services) | | | 540 | | | | 126,263 | |
| Vornado Realty Trust (Equity Real Estate Investment Trusts) | | | 50 | | | | 2,334 | |
| Vulcan Materials Co. (Construction Materials) | | | 42 | | | | 7,311 | |
| W.R. Berkley Corp. (Insurance) | | | 45 | | | | 3,349 | |
| W.W. Grainger, Inc. (Trading Companies & Distributors) | | | 14 | | | | 6,132 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 229 | | | | 12,048 | |
| Walmart, Inc. (Food & Staples Retailing) | | | 438 | | | | 61,767 | |
| Waste Management, Inc. (Commercial Services & Supplies) | | | 124 | | | | 17,373 | |
| Waters Corp.* (Life Sciences Tools & Services) | | | 20 | | | | 6,912 | |
| WEC Energy Group, Inc. (Multi-Utilities) | | | 101 | | | | 8,984 | |
| Wells Fargo & Co. (Banks) | | | 1,319 | | | | 59,737 | |
| Welltower, Inc. (Equity Real Estate Investment Trusts) | | | 133 | | | | 11,052 | |
| West Pharmaceutical Services, Inc. (Health Care Equipment & Supplies) | | | 24 | | | | 8,618 | |
| Western Digital Corp.* (Technology Hardware, Storage & Peripherals) | | | 98 | | | | 6,975 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 275
Common Stocks, continued
| | | Shares | | | Value | |
| Westinghouse Air Brake Technologies Corp. (Machinery) | | | 57 | | | $ | 4,691 | |
| WestRock Co. (Containers & Packaging) | | | 85 | | | | 4,524 | |
| Weyerhaeuser Co. (Equity Real Estate Investment Trusts) | | | 239 | | | | 8,226 | |
| Whirlpool Corp. (Household Durables) | | | 20 | | | | 4,360 | |
| Willis Towers Watson PLC (Insurance) | | | 41 | | | | 9,431 | |
| Wynn Resorts, Ltd.* (Hotels, Restaurants & Leisure) | | | 34 | | | | 4,158 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 172 | | | | 11,331 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 78 | | | | 11,282 | |
| Xylem, Inc. (Machinery) | | | 57 | | | | 6,838 | |
| Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | | | 95 | | | | 10,928 | |
| Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components) | | | 17 | | | | 9,001 | |
| Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies) | | | 67 | | | | 10,775 | |
| Zions Bancorp (Banks) | | | 52 | | | | 2,749 | |
| Zoetis, Inc. (Pharmaceuticals) | | | 152 | | | | 28,327 | |
TOTAL COMMON STOCKS
(Cost $3,210,265) | | | | | | | 11,595,637 | |
Repurchase Agreements(c)(d) (37.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due7/1/21, total to be received $7,315,000 | | $ | 7,315,000 | | | $ | 7,315,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $7,315,000) | | | | | | | 7,315,000 | |
Collateral for Securities Loaned(NM)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(f) | | | 1,333 | | | $ | 1,333 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $1,333) | | | | | | | 1,333 | |
TOTAL INVESTMENT SECURITIES
(Cost $10,526,598)—96.4% | | | | | | | 18,911,970 | |
| Net other assets (liabilities)—3.6% | | | | | | | 702,037 | |
| NET ASSETS—100.0% | | | | | | $ | 19,614,007 | |
| * | Non-income producing security. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $1,319. |
| (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, 2021, the aggregate amount held in a segregated account was $3,350,000. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (f) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Futures Contracts Purchased
| | | Number
of
Contracts | | | Expiration
Date | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| E-Mini S&P 500 Futures Contracts | | | 7 | | | 9/20/21 | | $ | 1,501,010 | | | $ | 24,169 | |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P 500 | | Goldman Sachs International | | | 7/27/21 | | | | 0.64 | % | | $ | 9,329,873 | | | $ | 15,711 | |
| SPDR S&P 500 ETF | | Goldman Sachs International | | | 7/27/21 | | | | 0.54 | % | | | 1,736,066 | | | | 2,339 | |
| | | | | | | | | | | | | $ | 11,065,939 | | | $ | 18,050 | |
| | | | | | | | | | | | | | | | | | | |
| S&P 500 | | UBS AG | | | 7/27/21 | | | | 0.59 | % | | $ | 6,867,405 | | | $ | 11,583 | |
| SPDR S&P 500 ETF | | UBS AG | | | 7/27/21 | | | | 0.19 | % | | | 6,856,050 | | | | 9,370 | |
| | | | | | | | | | | | | $ | 13,723,455 | | | $ | 20,953 | |
| | | | | | | | | | | | | $ | 24,789,394 | | | $ | 39,003 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
276 :: ProFund VP UltraBull :: Financial Statements
ProFund VP UltraBull invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 187,895 | | | | 1.0 | % |
| Air Freight & Logistics | | | 82,081 | | | | 0.4 | % |
| Airlines | | | 31,005 | | | | 0.2 | % |
| Auto Components | | | 17,268 | | | | 0.1 | % |
| Automobiles | | | 209,878 | | | | 1.1 | % |
| Banks | | | 498,492 | | | | 2.5 | % |
| Beverages | | | 163,308 | | | | 0.9 | % |
| Biotechnology | | | 205,558 | | | | 1.0 | % |
| Building Products | | | 58,688 | | | | 0.3 | % |
| Capital Markets | | | 349,624 | | | | 1.8 | % |
| Chemicals | | | 205,449 | | | | 1.0 | % |
| Commercial Services & Supplies | | | 46,569 | | | | 0.2 | % |
| Communications Equipment | | | 95,935 | | | | 0.5 | % |
| Construction & Engineering | | | 9,589 | | | | NM |
| Construction Materials | | | 14,347 | | | | 0.1 | % |
| Consumer Finance | | | 76,511 | | | | 0.4 | % |
| Containers & Packaging | | | 38,765 | | | | 0.2 | % |
| Distributors | | | 16,161 | | | | 0.1 | % |
| Diversified Financial Services | | | 168,142 | | | | 0.9 | % |
| Diversified Telecommunication Services | | | 143,913 | | | | 0.7 | % |
| Electric Utilities | | | 176,598 | | | | 1.0 | % |
| Electrical Equipment | | | 73,862 | | | | 0.4 | % |
| Electronic Equipment, Instruments & Components | | | 72,201 | | | | 0.4 | % |
| Energy Equipment & Services | | | 28,063 | | | | 0.1 | % |
| Entertainment | | | 224,289 | | | | 1.1 | % |
| Equity Real Estate Investment Trusts | | | 290,289 | | | | 1.5 | % |
| Food & Staples Retailing | | | 151,548 | | | | 0.8 | % |
| Food Products | | | 107,479 | | | | 0.5 | % |
| Gas Utilities | | | 4,037 | | | | NM |
| Health Care Equipment & Supplies | | | 419,160 | | | | 2.1 | % |
| Health Care Providers & Services | | | 304,276 | | | | 1.6 | % |
| Health Care Technology | | | 7,503 | | | | NM |
| Hotels, Restaurants & Leisure | | | 197,944 | | | | 1.0 | % |
| Household Durables | | | 48,295 | | | | 0.2 | % |
| Household Products | | | 155,637 | | | | 0.8 | % |
| Independent Power and Renewable Electricity Producers | | | 8,696 | | | | NM |
| Industrial Conglomerates | | | 139,144 | | | | 0.7 | % |
| Insurance | | | 214,785 | | | | 1.1 | % |
| Interactive Media & Services | | | 746,032 | | | | 3.9 | % |
| Internet & Direct Marketing Retail | | | 530,088 | | | | 2.8 | % |
| IT Services | | | 601,742 | | | | 3.1 | % |
| Leisure Products | | | 3,875 | | | | NM |
| Life Sciences Tools & Services | | | 147,016 | | | | 0.7 | % |
| Machinery | | | 193,543 | | | | 1.0 | % |
| Media | | | 150,964 | | | | 0.8 | % |
| Metals & Mining | | | 42,706 | | | | 0.2 | % |
| Multiline Retail | | | 61,787 | | | | 0.3 | % |
| Multi-Utilities | | | 86,340 | | | | 0.5 | % |
| Oil, Gas & Consumable Fuels | | | 303,359 | | | | 1.6 | % |
| Personal Products | | | 23,538 | | | | 0.1 | % |
| Pharmaceuticals | | | 421,205 | | | | 2.2 | % |
| Professional Services | | | 37,961 | | | | 0.2 | % |
| Real Estate Management & Development | | | 9,173 | | | | NM |
| Road & Rail | | | 111,379 | | | | 0.6 | % |
| Semiconductors & Semiconductor Equipment | | | 657,489 | | | | 3.4 | % |
| Software | | | 1,027,874 | | | | 5.1 | % |
| Specialty Retail | | | 254,511 | | | | 1.3 | % |
| Technology Hardware, Storage & Peripherals | | | 721,676 | | | | 3.6 | % |
| Textiles, Apparel & Luxury Goods | | | 83,950 | | | | 0.4 | % |
| Tobacco | | | 77,437 | | | | 0.4 | % |
| Trading Companies & Distributors | | | 22,985 | | | | 0.1 | % |
| Water Utilities | | | 8,940 | | | | NM |
| Wireless Telecommunication Services | | | 27,083 | | | | 0.1 | % |
| Other** | | | 8,018,370 | | | | 40.9 | % |
| Total | | $ | 19,614,007 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
| NM | Not meaningful, amount is less than 0.05%. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraBull :: 277
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 10,526,598 | |
| Securities, at value(a) | | | 11,596,970 | |
| Repurchase agreements, at value | | | 7,315,000 | |
| Total Investment Securities, at value | | | 18,911,970 | |
| Cash | | | 1,161 | |
| Segregated cash balances for futures contracts with brokers | | | 84,700 | |
| Dividends receivable | | | 6,730 | |
| Unrealized appreciation on swap agreements | | | 39,003 | |
| Receivable for capital shares issued | | | 642,725 | |
| Variation margin on futures contracts | | | 2,310 | |
| Prepaid expenses | | | 321 | |
| TOTAL ASSETS | | | 19,688,920 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 27,001 | |
| Payable for collateral for securities loaned | | | 1,333 | |
| Advisory fees payable | | | 11,935 | |
| Management services fees payable | | | 1,591 | |
| Administration fees payable | | | 1,146 | |
| Administrative services fees payable | | | 6,693 | |
| Distribution fees payable | | | 7,277 | |
| Transfer agency fees payable | | | 1,921 | |
| Fund accounting fees payable | | | 778 | |
| Compliance services fees payable | | | 147 | |
| Other accrued expenses | | | 15,091 | |
| TOTAL LIABILITIES | | | 74,913 | |
| NET ASSETS | | $ | 19,614,007 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 25,540,198 | |
| Total distributable earnings (loss) | | | (5,926,191 | ) |
| NET ASSETS | | $ | 19,614,007 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 514,409 | |
| Net Asset Value (offering and redemption price per share) | | $ | 38.13 | |
| (a) Includes securities on loan valued at: | | $ | 1,319 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: |
| Dividends | | $ | 83,292 | |
| Interest | | | 54 | |
| Income from securities lending | | | 117 | |
| TOTAL INVESTMENT INCOME | | | 83,463 | |
| EXPENSES: | | | | |
| Advisory fees | | | 65,647 | |
| Management services fees | | | 8,753 | |
| Administration fees | | | 7,438 | |
| Transfer agency fees | | | 6,085 | |
| Administrative services fees | | | 24,151 | |
| Distribution fees | | | 21,882 | |
| Custody fees | | | 1,563 | |
| Fund accounting fees | | | 5,083 | |
| Trustee fees | | | 249 | |
| Compliance services fees | | | 93 | |
| Other fees | | | 12,415 | |
| Total Gross Expenses before reductions | | | 153,359 | |
| Expenses reduced and reimbursed by the Advisor | | | (605 | ) |
| TOTAL NET EXPENSES | | | 152,754 | |
| NET INVESTMENT INCOME (LOSS) | | | (69,291 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 304,112 | |
| Net realized gains (losses) on futures contracts | | | 130,405 | |
| Net realized gains (losses) on swap agreements | | | 2,939,575 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,255,853 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (5,428 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (72,610 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 4,551,907 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,482,616 | |
See accompanying notes to financial statements.
278 :: ProFund VP UltraBull :: Financial Statements
| Statements of Changes in Net Assets |
| | | Six Months
Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31,
2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | (69,291 | ) | | $ | (28,046 | ) |
| Net realized gains (losses) on investments | | | 3,374,092 | | | | (8,922,300 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 1,177,815 | | | | 1,827,277 | |
| Change in net assets resulting from operations | | | 4,482,616 | | | | (7,123,069 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (9,919,111 | ) |
| Change in net assets resulting from distributions | | | — | | | | (9,919,111 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 46,131,146 | | | | 336,763,515 | |
| Distributions reinvested | | | — | | | | 9,919,111 | |
| Value of shares redeemed | | | (48,072,000 | ) | | | (342,855,065 | ) |
| Change in net assets resulting from capital transactions | | | (1,940,854 | ) | | | 3,827,561 | |
| Change in net assets | | | 2,541,762 | | | | (13,214,619 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 17,072,245 | | | | 30,286,864 | |
| End of period | | $ | 19,614,007 | | | $ | 17,072,245 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 1,396,996 | | | | 6,053,018 | (a) |
| Reinvested | | | — | | | | 369,015 | (a) |
| Redeemed | | | (1,464,045 | ) | | | (6,307,705 | )(a) |
| Change in shares | | | (67,049 | ) | | | 114,328 | |
(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraBull :: 279
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020(a) | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 29.36 | | | $ | 64.84 | | | $ | 40.60 | | | $ | 59.07 | | | $ | 53.91 | | | $ | 55.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.13 | ) | | | (0.07 | ) | | | 0.20 | | | | 0.20 | | | | (0.08 | ) | | | (0.12 | ) |
| Net realized and unrealized gains (losses) on investments | | | 8.90 | | | | 8.84 | (c) | | | 24.20 | | | | (7.07 | ) | | | 20.72 | | | | 9.95 | |
| Total income (loss) from investment activities | | | 8.77 | | | | 8.77 | | | | 24.40 | | | | (6.87 | ) | | | 20.64 | | | | 9.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.49 | ) | | | (0.16 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | (43.76 | ) | | | — | | | | (11.60 | ) | | | (15.48 | ) | | | (11.76 | ) |
| Total distributions | | | — | | | | (44.25 | ) | | | (0.16 | ) | | | (11.60 | ) | | | (15.48 | ) | | | (11.76 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 38.13 | | | $ | 29.36 | | | $ | 64.84 | | | $ | 40.60 | | | $ | 59.07 | | | $ | 53.91 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(d) | | | 29.87 | % | | | 19.83 | % | | | 60.17 | % | | | (15.50 | )% | | | 41.02 | % | | | 18.60 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(e) | | | 1.75 | % | | | 1.69 | % | | | 1.62 | % | | | 1.53 | % | | | 1.60 | % | | | 1.68 | % |
| Net expenses(e) | | | 1.74 | %(f) | | | 1.69 | %(f) | | | 1.62 | % | | | 1.53 | % | | | 1.60 | % | | | 1.68 | % |
| Net investment income (loss)(e) | | | (0.79 | )% | | | (0.16 | )% | | | 0.41 | % | | | 0.37 | % | | | (0.12 | )% | | | (0.20 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 19,614 | | | $ | 17,072 | | | $ | 30,287 | | | $ | 23,465 | | | $ | 34,995 | | | $ | 53,752 | |
| Portfolio turnover rate(d)(g) | | | 97 | % | | | 1,415 | % | | | 2,393 | % | | | 3,297 | % | | | 2,993 | % | | | 2,888 | % |
| (a) | As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020. |
| (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). 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.
280 :: ProFund VP UltraMid-Cap :: Financial Statements
Investment Objective: The ProFund VP UltraMid-Cap seeks daily investment results, before fees and expenses, that correspond to two times the return of the S&P MidCap 400® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 65 | % |
| Swap Agreements | | | 134 | % |
| Total Exposure | | | 199 | % |
"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 | |
| Bio-Techne Corp. | | | 0.5 | % |
| Cognex Corp. | | | 0.4 | % |
| Molina Healthcare, Inc. | | | 0.4 | % |
| Fair Isaac Corp. | | | 0.4 | % |
| SolarEdge Technologies, Inc. | | | 0.4 | % |
S&P MidCap 400® Index – Composition
| | | % of Index | |
| Industrials | | | 19 | % |
| Financials | | | 15 | % |
| Consumer Discretionary | | | 15 | % |
| Information Technology | | | 14 | % |
| Health Care | | | 11 | % |
| Real Estate | | | 10 | % |
| Materials | | | 6 | % |
| Consumer Staples | | | 3 | % |
| Utilities | | | 3 | % |
| Energy | | | 2 | % |
| Communication Services | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (65.3%)
| | | Shares | | | Value | |
| Acadia Healthcare Co., Inc.* (Health Care Providers & Services) | | | 527 | | | $ | 33,069 | |
| ACI Worldwide, Inc.* (Software) | | | 694 | | | | 25,775 | |
| Acuity Brands, Inc. (Electrical Equipment) | | | 210 | | | | 39,276 | |
| Adient PLC* (Auto Components) | | | 553 | | | | 24,996 | |
| Adtalem Global Education, Inc.* (Diversified Consumer Services) | | | 290 | | | | 10,336 | |
| AECOM* (Construction & Engineering) | | | 860 | | | | 54,456 | |
| Affiliated Managers Group, Inc. (Capital Markets) | | | 245 | | | | 37,781 | |
| AGCO Corp. (Machinery) | | | 363 | | | | 47,328 | |
| Alleghany Corp.* (Insurance) | | | 82 | | | | 54,700 | |
| ALLETE, Inc. (Electric Utilities) | | | 307 | | | | 21,484 | |
| Alliance Data Systems Corp. (IT Services) | | | 292 | | | | 30,423 | |
| Amedisys, Inc.* (Health Care Providers & Services) | | | 191 | | | | 46,782 | |
| American Campus Communities, Inc. (Equity Real Estate Investment Trusts) | | | 810 | | | | 37,843 | |
| American Eagle Outfitters, Inc. (Specialty Retail) | | | 887 | | | | 33,289 | |
| American Financial Group, Inc. (Insurance) | | | 405 | | | | 50,512 | |
| Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 631 | | | | 14,936 | |
| Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 1,682 | | | | 17,476 | |
| Apartment Income REIT Corp. (Equity Real Estate Investment Trusts) | | | 921 | | | | 43,683 | |
| AptarGroup, Inc. (Containers & Packaging) | | | 386 | | | | 54,364 | |
| Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 436 | | | | 49,630 | |
| Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | | 610 | | | | 50,520 | |
| ASGN, Inc.* (Professional Services) | | | 312 | | | | 30,242 | |
| Ashland Global Holdings, Inc. (Chemicals) | | | 321 | | | | 28,088 | |
| Aspen Technology, Inc.* (Software) | | | 400 | | | | 55,016 | |
| Associated Banc-Corp. (Banks) | | | 898 | | | | 18,391 | |
| AutoNation, Inc.* (Specialty Retail) | | | 317 | | | | 30,055 | |
| Avient Corp. (Chemicals) | | | 536 | | | | 26,350 | |
| Avis Budget Group, Inc.* (Road & Rail) | | | 304 | | | | 23,679 | |
| Avnet, Inc. (Electronic Equipment, Instruments & Components) | | | 584 | | | | 23,407 | |
| Axon Enterprise, Inc.* (Aerospace & Defense) | | | 380 | | | | 67,185 | |
| BancorpSouth Bank (Banks) | | | 567 | | | | 16,063 | |
| Bank of Hawaii Corp. (Banks) | | | 237 | | | | 19,960 | |
| Bank OZK (Banks) | | | 710 | | | | 29,934 | |
| Belden, Inc. (Electronic Equipment, Instruments & Components) | | | 262 | | | | 13,249 | |
| Bio-Techne Corp. (Life Sciences Tools & Services) | | | 228 | | | | 102,659 | |
| BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | | | 805 | | | | 38,302 | |
| Black Hills Corp. (Multi-Utilities) | | | 369 | | | | 24,217 | |
| Blackbaud, Inc.* (Software) | | | 287 | | | | 21,976 | |
| Boyd Gaming Corp.* (Hotels, Restaurants & Leisure) | | | 474 | | | | 29,146 | |
| Brighthouse Financial, Inc.* (Insurance) | | | 504 | | | | 22,952 | |
| Brixmor Property Group, Inc. (Equity Real Estate Investment Trusts) | | | 1,743 | | | | 39,897 | |
| Brooks Automation, Inc. (Semiconductors & Semiconductor Equipment) | | | 436 | | | | 41,542 | |
| Brown & Brown, Inc. (Insurance) | | | 1,374 | | | | 73,015 | |
| Brunswick Corp. (Leisure Products) | | | 458 | | | | 45,626 | |
| Builders FirstSource, Inc.* (Building Products) | | | 1,216 | | | | 51,875 | |
| Cable One, Inc. (Media) | | | 32 | | | | 61,210 | |
| Cabot Corp. (Chemicals) | | | 333 | | | | 18,958 | |
| CACI International, Inc.*—Class A (IT Services) | | | 138 | | | | 35,207 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 281
Common Stocks, continued
| | | Shares | | | Value | |
| Callaway Golf Co.* (Leisure Products) | | | 683 | | | $ | 23,038 | |
| Camden Property Trust (Equity Real Estate Investment Trusts) | | | 574 | | | | 76,154 | |
| Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods) | | | 889 | | | | 50,842 | |
| Carlisle Cos., Inc. (Industrial Conglomerates) | | | 307 | | | | 58,754 | |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | | | 258 | | | | 26,618 | |
| Casey's General Stores, Inc. (Food & Staples Retailing) | | | 217 | | | | 42,237 | |
| Cathay General Bancorp (Banks) | | | 440 | | | | 17,318 | |
| CDK Global, Inc. (Software) | | | 715 | | | | 35,528 | |
| Ceridian HCM Holding, Inc.* (Software) | | | 771 | | | | 73,954 | |
| ChampionX Corp.* (Energy Equipment & Services) | | | 1,100 | | | | 28,215 | |
| Chemed Corp. (Health Care Providers & Services) | | | 94 | | | | 44,603 | |
| Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | | | 170 | | | | 20,206 | |
| Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | | | 204 | | | | 40,445 | |
| Ciena Corp.* (Communications Equipment) | | | 910 | | | | 51,770 | |
| Cimarex Energy Co. (Oil, Gas & Consumable Fuels) | | | 604 | | | | 43,760 | |
| Cinemark Holdings, Inc.* (Entertainment) | | | 639 | | | | 14,026 | |
| Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment) | | | 338 | | | | 28,771 | |
| CIT Group, Inc. (Banks) | | | 582 | | | | 30,025 | |
| Clean Harbors, Inc.* (Commercial Services & Supplies) | | | 295 | | | | 27,476 | |
| Cleveland-Cliffs, Inc.* (Metals & Mining) | | | 2,699 | | | | 58,190 | |
| CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 172 | | | | 25,927 | |
| CNO Financial Group, Inc. (Insurance) | | | 773 | | | | 18,258 | |
| CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 1,294 | | | | 17,676 | |
| Cognex Corp. (Electronic Equipment, Instruments & Components) | | | 1,037 | | | | 87,161 | |
| Coherent, Inc.* (Electronic Equipment, Instruments & Components) | | | 144 | | | | 38,065 | |
| Colfax Corp.* (Machinery) | | | 693 | | | | 31,746 | |
| Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | | | 180 | | | | 17,705 | |
| Commerce Bancshares, Inc. (Banks) | | | 619 | | | | 46,153 | |
| Commercial Metals Co. (Metals & Mining) | | | 708 | | | | 21,750 | |
| CommVault Systems, Inc.* (Software) | | | 270 | | | | 21,106 | |
| Compass Minerals International, Inc. (Metals & Mining) | | | 200 | | | | 11,852 | |
| Concentrix Corp.* (IT Services) | | | 245 | | | | 39,396 | |
| CoreSite Realty Corp. (Equity Real Estate Investment Trusts) | | | 252 | | | | 33,919 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 660 | | | | 18,473 | |
| Coty, Inc.*—Class A (Personal Products) | | | 1,665 | | | | 15,551 | |
| Cousins Properties, Inc. (Equity Real Estate Investment Trusts) | | | 873 | | | | 32,109 | |
| Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | | 139 | | | | 20,636 | |
| Crane Co. (Machinery) | | | 292 | | | | 26,972 | |
| Cree, Inc.* (Semiconductors & Semiconductor Equipment) | | | 678 | | | | 66,397 | |
| Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | | 383 | | | | 44,627 | |
| Cullen/Frost Bankers, Inc. (Banks) | | | 332 | | | | 37,184 | |
| Curtiss-Wright Corp. (Aerospace & Defense) | | | 240 | | | | 28,502 | |
| CyrusOne, Inc. (Equity Real Estate Investment Trusts) | | | 720 | | | | 51,494 | |
| Dana, Inc. (Auto Components) | | | 853 | | | | 20,267 | |
| Darling Ingredients, Inc.* (Food Products) | | | 958 | | | | 64,664 | |
| Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods) | | | 163 | | | | 62,603 | |
| Dick's Sporting Goods, Inc. (Specialty Retail) | | | 385 | | | | 38,573 | |
| Donaldson Co., Inc. (Machinery) | | | 741 | | | | 47,076 | |
| Douglas Emmett, Inc. (Equity Real Estate Investment Trusts) | | | 969 | | | | 32,578 | |
| Dycom Industries, Inc.* (Construction & Engineering) | | | 181 | | | | 13,490 | |
| Eagle Materials, Inc. (Construction Materials) | | | 249 | | | | 35,385 | |
| East West Bancorp, Inc. (Banks) | | | 833 | | | | 59,718 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 235 | | | | 38,646 | |
| EMCOR Group, Inc. (Construction & Engineering) | | | 320 | | | | 39,421 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 267 | | | | 16,818 | |
| Encompass Health Corp. (Health Care Providers & Services) | | | 585 | | | | 45,648 | |
| Energizer Holdings, Inc. (Household Products) | | | 341 | | | | 14,656 | |
| EnerSys (Electrical Equipment) | | | 252 | | | | 24,628 | |
| Envestnet, Inc.* (Software) | | | 320 | | | | 24,275 | |
| Envista Holdings Corp.* (Health Care Equipment & Supplies) | | | 944 | | | | 40,790 | |
| EPR Properties* (Equity Real Estate Investment Trusts) | | | 439 | | | | 23,127 | |
| EQT Corp.* (Oil, Gas & Consumable Fuels) | | | 1,639 | | | | 36,484 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 2,388 | | | | 20,322 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 663 | | | | 29,802 | |
| Essential Utilities, Inc. (Water Utilities) | | | 1,313 | | | | 60,004 | |
| Evercore Partners, Inc.—Class A (Capital Markets) | | | 241 | | | | 33,926 | |
| Exelixis, Inc.* (Biotechnology) | | | 1,842 | | | | 33,561 | |
| F.N.B. Corp. (Banks) | | | 1,876 | | | | 23,131 | |
| FactSet Research Systems, Inc. (Capital Markets) | | | 222 | | | | 74,504 | |
| Fair Isaac Corp.* (Software) | | | 169 | | | | 84,953 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 550 | | | | 18,651 | |
| First American Financial Corp. (Insurance) | | | 645 | | | | 40,216 | |
| First Financial Bankshares, Inc. (Banks) | | | 836 | | | | 41,073 | |
| First Horizon Corp. (Banks) | | | 3,245 | | | | 56,074 | |
| First Industrial Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 758 | | | | 39,590 | |
| First Solar, Inc.* (Semiconductors & Semiconductor Equipment) | | | 499 | | | | 45,164 | |
| FirstCash, Inc. (Consumer Finance) | | | 241 | | | | 18,422 | |
| Five Below, Inc.* (Specialty Retail) | | | 329 | | | | 63,586 | |
| Flowers Foods, Inc. (Food Products) | | | 1,157 | | | | 27,999 | |
| Flowserve Corp. (Machinery) | | | 765 | | | | 30,845 | |
| Fluor Corp.* (Construction & Engineering) | | | 739 | | | | 13,080 | |
| Foot Locker, Inc. (Specialty Retail) | | | 606 | | | | 37,348 | |
| Fox Factory Holding Corp.* (Auto Components) | | | 246 | | | | 38,292 | |
| FTI Consulting, Inc.* (Professional Services) | | | 201 | | | | 27,459 | |
See accompanying notes to financial statements.
282 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Fulton Financial Corp. (Banks) | | | 955 | | | $ | 15,070 | |
| GATX Corp. (Trading Companies & Distributors) | | | 208 | | | | 18,402 | |
| Genpact, Ltd. (IT Services) | | | 1,023 | | | | 46,475 | |
| Gentex Corp. (Auto Components) | | | 1,419 | | | | 46,955 | |
| Glacier Bancorp, Inc. (Banks) | | | 561 | | | | 30,900 | |
| Globus Medical, Inc.*—Class A (Health Care Equipment & Supplies) | | | 456 | | | | 35,354 | |
| Graco, Inc. (Machinery) | | | 995 | | | | 75,321 | |
| Graham Holdings Co.—Class B (Diversified Consumer Services) | | | 24 | | | | 15,214 | |
| Grand Canyon Education, Inc.* (Diversified Consumer Services) | | | 272 | | | | 24,472 | |
| Greif, Inc.—Class A (Containers & Packaging) | | | 156 | | | | 9,446 | |
| Grocery Outlet Holding Corp.* (Food & Staples Retailing) | | | 512 | | | | 17,746 | |
| H&R Block, Inc. (Diversified Consumer Services) | | | 1,066 | | | | 25,030 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 299 | | | | 19,925 | |
| Halozyme Therapeutics, Inc.* (Biotechnology) | | | 786 | | | | 35,692 | |
| Hancock Whitney Corp. (Banks) | | | 510 | | | | 22,664 | |
| Harley-Davidson, Inc. (Automobiles) | | | 903 | | | | 41,375 | |
| Hawaiian Electric Industries, Inc. (Electric Utilities) | | | 641 | | | | 27,101 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 832 | | | | 25,126 | |
| Healthcare Services Group, Inc. (Commercial Services & Supplies) | | | 439 | | | | 13,859 | |
| HealthEquity, Inc.* (Health Care Providers & Services) | | | 490 | | | | 39,435 | |
| Helen of Troy, Ltd.* (Household Durables) | | | 144 | | | | 32,849 | |
| Herman Miller, Inc. (Commercial Services & Supplies) | | | 347 | | | | 16,358 | |
| Hexcel Corp.* (Aerospace & Defense) | | | 492 | | | | 30,701 | |
| Highwoods Properties, Inc. (Equity Real Estate Investment Trusts) | | | 611 | | | | 27,599 | |
| Hill-Rom Holdings, Inc. (Health Care Equipment & Supplies) | | | 390 | | | | 44,300 | |
| HollyFrontier Corp. (Oil, Gas & Consumable Fuels) | | | 878 | | | | 28,886 | |
| Home BancShares, Inc. (Banks) | | | 891 | | | | 21,990 | |
| Hubbell, Inc. (Electrical Equipment) | | | 319 | | | | 59,602 | |
| Hudson Pacific Properties, Inc. (Equity Real Estate Investment Trusts) | | | 887 | | | | 24,676 | |
| IAA, Inc.* (Commercial Services & Supplies) | | | 792 | | | | 43,197 | |
| ICU Medical, Inc.* (Health Care Equipment & Supplies) | | | 116 | | | | 23,873 | |
| IDACORP, Inc. (Electric Utilities) | | | 297 | | | | 28,958 | |
| II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | | 616 | | | | 44,715 | |
| Ingevity Corp.* (Chemicals) | | | 235 | | | | 19,120 | |
| Ingredion, Inc. (Food Products) | | | 393 | | | | 35,567 | |
| Insperity, Inc. (Professional Services) | | | 211 | | | | 19,068 | |
| Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies) | | | 417 | | | | 28,456 | |
| Interactive Brokers Group, Inc. (Capital Markets) | | | 475 | | | | 31,222 | |
| International Bancshares Corp. (Banks) | | | 328 | | | | 14,084 | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 690 | | | | 27,593 | |
| ITT, Inc. (Machinery) | | | 506 | | | | 46,345 | |
| j2 Global, Inc.* (Software) | | | 249 | | | | 34,250 | |
| Jabil, Inc. (Electronic Equipment, Instruments & Components) | | | 787 | | | | 45,740 | |
| Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | | 131 | | | | 14,599 | |
| Janus Henderson Group PLC (Capital Markets) | | | 1,002 | | | | 38,888 | |
| Jazz Pharmaceuticals PLC* (Pharmaceuticals) | | | 353 | | | | 62,707 | |
| JBG Smith Properties (Equity Real Estate Investment Trusts) | | | 649 | | | | 20,450 | |
| Jefferies Financial Group, Inc. (Diversified Financial Services) | | | 1,175 | | | | 40,185 | |
| JetBlue Airways Corp.* (Airlines) | | | 1,860 | | | | 31,211 | |
| John Wiley & Sons, Inc.—Class A (Media) | | | 256 | | | | 15,406 | |
| Jones Lang LaSalle, Inc.* (Real Estate Management & Development) | | | 301 | | | | 58,833 | |
| KAR Auction Services, Inc.* (Commercial Services & Supplies) | | | 733 | | | | 12,864 | |
| KB Home (Household Durables) | | | 522 | | | | 21,256 | |
| KBR, Inc. (IT Services) | | | 830 | | | | 31,665 | |
| Kemper Corp. (Insurance) | | | 356 | | | | 26,308 | |
| Kennametal, Inc. (Machinery) | | | 491 | | | | 17,637 | |
| Kilroy Realty Corp. (Equity Real Estate Investment Trusts) | | | 622 | | | | 43,316 | |
| Kinsale Capital Group, Inc. (Insurance) | | | 126 | | | | 20,761 | |
| Kirby Corp.* (Marine) | | | 353 | | | | 21,406 | |
| Knight-Swift Transportation Holdings, Inc. (Road & Rail) | | | 719 | | | | 32,686 | |
| Kohl's Corp. (Multiline Retail) | | | 918 | | | | 50,592 | |
| Lamar Advertising Co.—Class A (Equity Real Estate Investment Trusts) | | | 509 | | | | 53,150 | |
| Lancaster Colony Corp. (Food Products) | | | 115 | | | | 22,254 | |
| Landstar System, Inc. (Road & Rail) | | | 226 | | | | 35,712 | |
| Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 802 | | | | 45,056 | |
| Lear Corp. (Auto Components) | | | 321 | | | | 56,265 | |
| LendingTree, Inc.* (Thrifts & Mortgage Finance) | | | 65 | | | | 13,772 | |
| Lennox International, Inc. (Building Products) | | | 202 | | | | 70,861 | |
| LHC Group, Inc.* (Health Care Providers & Services) | | | 186 | | | | 37,248 | |
| Life Storage, Inc. (Equity Real Estate Investment Trusts) | | | 452 | | | | 48,522 | |
| Ligand Pharmaceuticals, Inc.* (Biotechnology) | | | 98 | | | | 12,857 | |
| Lincoln Electric Holdings, Inc. (Machinery) | | | 350 | | | | 46,099 | |
| Lithia Motors, Inc.—Class A (Specialty Retail) | | | 175 | | | | 60,137 | |
| Littelfuse, Inc. (Electronic Equipment, Instruments & Components) | | | 144 | | | | 36,690 | |
| LivaNova PLC* (Health Care Equipment & Supplies) | | | 287 | | | | 24,140 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 402 | | | | 18,834 | |
| Louisiana-Pacific Corp. (Paper & Forest Products) | | | 601 | | | | 36,234 | |
| Lumentum Holdings, Inc.* (Communications Equipment) | | | 446 | | | | 36,585 | |
| Manhattan Associates, Inc.* (Software) | | | 374 | | | | 54,170 | |
| ManpowerGroup, Inc. (Professional Services) | | | 320 | | | | 38,051 | |
| Marriott Vacations Worldwide Corp.* (Hotels, Restaurants & Leisure) | | | 251 | | | | 39,984 | |
| Masimo Corp.* (Health Care Equipment & Supplies) | | | 297 | | | | 72,008 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 283
Common Stocks, continued
| | | Shares | | | Value | |
| MasTec, Inc.* (Construction & Engineering) | | | 332 | | | $ | 35,225 | |
| Mattel, Inc.* (Leisure Products) | | | 2,049 | | | | 41,185 | |
| MAXIMUS, Inc. (IT Services) | | | 361 | | | | 31,757 | |
| MDU Resources Group, Inc. (Multi-Utilities) | | | 1,182 | | | | 37,044 | |
| Medical Properties Trust, Inc. (Equity Real Estate Investment Trusts) | | | 3,451 | | | | 69,365 | |
| Medpace Holdings, Inc.* (Life Sciences Tools & Services) | | | 163 | | | | 28,791 | |
| Mercury General Corp. (Insurance) | | | 156 | | | | 10,132 | |
| Mercury Systems, Inc.* (Aerospace & Defense) | | | 330 | | | | 21,872 | |
| MGIC Investment Corp. (Thrifts & Mortgage Finance) | | | 1,993 | | | | 27,105 | |
| Minerals Technologies, Inc. (Chemicals) | | | 198 | | | | 15,577 | |
| MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 325 | | | | 57,834 | |
| Molina Healthcare, Inc.* (Health Care Providers & Services) | | | 343 | | | | 86,799 | |
| MSA Safety, Inc. (Commercial Services & Supplies) | | | 214 | | | | 35,434 | |
| MSC Industrial Direct Co., Inc. (Trading Companies & Distributors) | | | 276 | | | | 24,765 | |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | | 852 | | | | 19,835 | |
| Murphy USA, Inc. (Specialty Retail) | | | 147 | | | | 19,605 | |
| National Fuel Gas Co. (Gas Utilities) | | | 536 | | | | 28,006 | |
| National Instruments Corp. (Electronic Equipment, Instruments & Components) | | | 773 | | | | 32,682 | |
| National Retail Properties, Inc. (Equity Real Estate Investment Trusts) | | | 1,031 | | | | 48,333 | |
| National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | | 405 | | | | 20,477 | |
| Navient Corp. (Consumer Finance) | | | 1,054 | | | | 20,374 | |
| NCR Corp.* (Technology Hardware, Storage & Peripherals) | | | 769 | | | | 35,074 | |
| Nektar Therapeutics* (Pharmaceuticals) | | | 1,071 | | | | 18,378 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 631 | | | | 29,051 | |
| NetScout Systems, Inc.* (Communications Equipment) | | | 433 | | | | 12,358 | |
| Neurocrine Biosciences, Inc.* (Biotechnology) | | | 555 | | | | 54,013 | |
| New Jersey Resources Corp. (Gas Utilities) | | | 566 | | | | 22,397 | |
| New York Community Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 2,732 | | | | 30,106 | |
| NewMarket Corp. (Chemicals) | | | 43 | | | | 13,845 | |
| Nordson Corp. (Machinery) | | | 317 | | | | 69,584 | |
| Nordstrom, Inc.* (Multiline Retail) | | | 639 | | | | 23,368 | |
| NorthWestern Corp. (Multi-Utilities) | | | 298 | | | | 17,946 | |
| Nu Skin Enterprises, Inc.—Class A (Personal Products) | | | 294 | | | | 16,655 | |
| NuVasive, Inc.* (Health Care Equipment & Supplies) | | | 303 | | | | 20,537 | |
| nVent Electric PLC (Electrical Equipment) | | | 985 | | | | 30,771 | |
| OGE Energy Corp. (Electric Utilities) | | | 1,176 | | | | 39,572 | |
| Old Republic International Corp. (Insurance) | | | 1,665 | | | | 41,475 | |
| Olin Corp. (Chemicals) | | | 842 | | | | 38,951 | |
| Ollie's Bargain Outlet Holdings, Inc.* (Multiline Retail) | | | 333 | | | | 28,015 | |
| Omega Healthcare Investors, Inc. (Equity Real Estate Investment Trusts) | | | 1,382 | | | | 50,153 | |
| ONE Gas, Inc. (Gas Utilities) | | | 313 | | | | 23,200 | |
| Oshkosh Corp. (Machinery) | | | 403 | | | | 50,230 | |
| Owens Corning (Building Products) | | | 614 | | | | 60,111 | |
| PacWest Bancorp (Banks) | | | 687 | | | | 28,277 | |
| Papa John's International, Inc. (Hotels, Restaurants & Leisure) | | | 194 | | | | 20,261 | |
| Park Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 1,389 | | | | 28,627 | |
| Patterson Cos., Inc. (Health Care Providers & Services) | | | 511 | | | | 15,529 | |
| Paylocity Holding Corp.* (Software) | | | 221 | | | | 42,167 | |
| Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | | 772 | | | | 18,181 | |
| Penumbra, Inc.* (Health Care Equipment & Supplies) | | | 199 | | | | 54,538 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 1,266 | | | | 23,383 | |
| Pilgrim's Pride Corp.* (Food Products) | | | 286 | | | | 6,343 | |
| Pinnacle Financial Partners, Inc. (Banks) | | | 447 | | | | 39,466 | |
| PNM Resources, Inc. (Electric Utilities) | | | 504 | | | | 24,580 | |
| Polaris, Inc. (Leisure Products) | | | 338 | | | | 46,292 | |
| Post Holdings, Inc.* (Food Products) | | | 348 | | | | 37,748 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 394 | | | | 20,941 | |
| PRA Health Sciences, Inc.* (Life Sciences Tools & Services) | | | 381 | | | | 62,945 | |
| Primerica, Inc. (Insurance) | | | 232 | | | | 35,528 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 396 | | | | 19,059 | |
| Progyny, Inc.* (Health Care Providers & Services) | | | 218 | | | | 12,862 | |
| Prosperity Bancshares, Inc. (Banks) | | | 546 | | | | 39,203 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 118 | | | | 17,473 | |
| Qualys, Inc.* (Software) | | | 198 | | | | 19,937 | |
| Quidel Corp.* (Health Care Equipment & Supplies) | | | 227 | | | | 29,083 | |
| R1 RCM, Inc.* (Health Care Providers & Services) | | | 812 | | | | 18,059 | |
| Rayonier, Inc. (Equity Real Estate Investment Trusts) | | | 817 | | | | 29,355 | |
| Regal Beloit Corp. (Electrical Equipment) | | | 239 | | | | 31,909 | |
| Reinsurance Group of America, Inc. (Insurance) | | | 399 | | | | 45,486 | |
| Reliance Steel & Aluminum Co. (Metals & Mining) | | | 374 | | | | 56,437 | |
| RenaissanceRe Holdings, Ltd. (Insurance) | | | 292 | | | | 43,455 | |
| Repligen Corp.* (Biotechnology) | | | 300 | | | | 59,886 | |
| Rexford Industrial Realty, Inc. (Equity Real Estate Investment Trusts) | | | 787 | | | | 44,820 | |
| RH* (Specialty Retail) | | | 99 | | | | 67,221 | |
| RLI Corp. (Insurance) | | | 234 | | | | 24,474 | |
| Royal Gold, Inc. (Metals & Mining) | | | 385 | | | | 43,929 | |
| RPM International, Inc. (Chemicals) | | | 761 | | | | 67,484 | |
| Ryder System, Inc. (Road & Rail) | | | 316 | | | | 23,488 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,268 | | | | 23,078 | |
| Sabre Corp.* (IT Services) | | | 1,875 | | | | 23,400 | |
| Sailpoint Technologies Holding, Inc.* (Software) | | | 542 | | | | 27,680 | |
| Sanderson Farms, Inc. (Food Products) | | | 117 | | | | 21,992 | |
| Science Applications International Corp. (IT Services) | | | 340 | | | | 29,828 | |
| Scientific Games Corp.* (Hotels, Restaurants & Leisure) | | | 333 | | | | 25,788 | |
See accompanying notes to financial statements.
284 :: ProFund VP UltraMid-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| SEI Investments Co. (Capital Markets) | | | 696 | | | $ | 43,131 | |
| Selective Insurance Group, Inc. (Insurance) | | | 352 | | | | 28,565 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 381 | | | | 26,213 | |
| Sensient Technologies Corp. (Chemicals) | | | 248 | | | | 21,467 | |
| Service Corp. International (Diversified Consumer Services) | | | 988 | | | | 52,946 | |
| Signature Bank (Banks) | | | 338 | | | | 83,029 | |
| Silgan Holdings, Inc. (Containers & Packaging) | | | 460 | | | | 19,090 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 263 | | | | 40,305 | |
| Simpson Manufacturing Co., Inc. (Building Products) | | | 255 | | | | 28,162 | |
| Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure) | | | 446 | | | | 19,303 | |
| Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods) | | | 788 | | | | 39,266 | |
| SL Green Realty Corp. (Equity Real Estate Investment Trusts) | | | 407 | | | | 32,560 | |
| SLM Corp. (Consumer Finance) | | | 1,896 | | | | 39,703 | |
| SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 305 | | | | 84,293 | |
| Sonoco Products Co. (Containers & Packaging) | | | 591 | | | | 39,538 | |
| Southwest Gas Holdings, Inc. (Gas Utilities) | | | 341 | | | | 22,571 | |
| Spire, Inc. (Gas Utilities) | | | 304 | | | | 21,970 | |
| Spirit Realty Capital, Inc. (Equity Real Estate Investment Trusts) | | | 675 | | | | 32,292 | |
| Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | | 694 | | | | 17,246 | |
| STAAR Surgical Co.* (Health Care Equipment & Supplies) | | | 275 | | | | 41,938 | |
| Steel Dynamics, Inc. (Metals & Mining) | | | 1,179 | | | | 70,268 | |
| Stericycle, Inc.* (Commercial Services & Supplies) | | | 539 | | | | 38,565 | |
| Sterling Bancorp (Banks) | | | 1,131 | | | | 28,037 | |
| Stifel Financial Corp. (Capital Markets) | | | 617 | | | | 40,019 | |
| STORE Capital Corp. (Equity Real Estate Investment Trusts) | | | 1,430 | | | | 49,349 | |
| Strategic Education, Inc. (Diversified Consumer Services) | | | 145 | | | | 11,029 | |
| Sunrun, Inc.* (Electrical Equipment) | | | 946 | | | | 52,768 | |
| Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 207 | | | | 32,205 | |
| Syneos Health, Inc.* (Life Sciences Tools & Services) | | | 595 | | | | 53,247 | |
| SYNNEX Corp. (Electronic Equipment, Instruments & Components) | | | 244 | | | | 29,709 | |
| Synovus Financial Corp. (Banks) | | | 873 | | | | 38,307 | |
| Targa Resources Corp. (Oil, Gas & Consumable Fuels) | | | 1,343 | | | | 59,696 | |
| Taylor Morrison Home Corp.* (Household Durables) | | | 757 | | | | 20,000 | |
| TEGNA, Inc. (Media) | | | 1,297 | | | | 24,332 | |
| Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | | | 585 | | | | 13,256 | |
| Tempur Sealy International, Inc. (Household Durables) | | | 1,076 | | | | 42,169 | |
| Tenet Healthcare Corp.* (Health Care Providers & Services) | | | 627 | | | | 42,003 | |
| Teradata Corp.* (IT Services) | | | 644 | | | | 32,181 | |
| Terex Corp. (Machinery) | | | 410 | | | | 19,524 | |
| Tetra Tech, Inc. (Commercial Services & Supplies) | | | 318 | | | | 38,809 | |
| Texas Capital Bancshares, Inc.* (Banks) | | | 297 | | | | 18,857 | |
| Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | | 385 | | | | 37,037 | |
| The Boston Beer Co., Inc.*—Class A (Beverages) | | | 55 | | | | 56,144 | |
| The Brink's Co. (Commercial Services & Supplies) | | | 292 | | | | 22,437 | |
| The Chemours Co. (Chemicals) | | | 972 | | | | 33,826 | |
| The Goodyear Tire & Rubber Co.* (Auto Components) | | | 1,639 | | | | 28,109 | |
| The Hain Celestial Group, Inc.* (Food Products) | | | 480 | | | | 19,258 | |
| The Hanover Insurance Group, Inc. (Insurance) | | | 211 | | | | 28,620 | |
| The Macerich Co. (Equity Real Estate Investment Trusts) | | | 983 | | | | 17,940 | |
| The Middleby Corp.* (Machinery) | | | 327 | | | | 56,656 | |
| The New York Times Co.—Class A (Media) | | | 853 | | | | 37,148 | |
| The Scotts Miracle-Gro Co.—Class A (Chemicals) | | | 239 | | | | 45,869 | |
| The Timken Co. (Machinery) | | | 402 | | | | 32,397 | |
| The Toro Co. (Machinery) | | | 629 | | | | 69,114 | |
| The Wendy's Co. (Hotels, Restaurants & Leisure) | | | 1,040 | | | | 24,357 | |
| Thor Industries, Inc. (Automobiles) | | | 325 | | | | 36,725 | |
| Toll Brothers, Inc. (Household Durables) | | | 659 | | | | 38,097 | |
| Tootsie Roll Industries, Inc. (Food Products) | | | 103 | | | | 3,493 | |
| TopBuild Corp.* (Household Durables) | | | 194 | | | | 38,369 | |
| Travel + Leisure Co. (Hotels, Restaurants & Leisure) | | | 506 | | | | 30,082 | |
| TreeHouse Foods, Inc.* (Food Products) | | | 330 | | | | 14,692 | |
| Trex Co., Inc.* (Building Products) | | | 678 | | | | 69,298 | |
| Tri Pointe Homes, Inc.* (Household Durables) | | | 696 | | | | 14,915 | |
| Trinity Industries, Inc. (Machinery) | | | 475 | | | | 12,773 | |
| TripAdvisor, Inc.* (Interactive Media & Services) | | | 576 | | | | 23,212 | |
| Trustmark Corp. (Banks) | | | 372 | | | | 11,458 | |
| UGI Corp. (Gas Utilities) | | | 1,226 | | | | 56,775 | |
| UMB Financial Corp. (Banks) | | | 255 | | | | 23,730 | |
| Umpqua Holdings Corp. (Banks) | | | 1,296 | | | | 23,911 | |
| United Bankshares, Inc. (Banks) | | | 788 | | | | 28,762 | |
| United States Steel Corp. (Metals & Mining) | | | 1,584 | | | | 38,016 | |
| United Therapeutics Corp.* (Biotechnology) | | | 263 | | | | 47,185 | |
| Univar Solutions, Inc.* (Trading Companies & Distributors) | | | 996 | | | | 24,282 | |
| Universal Display Corp. (Semiconductors & Semiconductor Equipment) | | | 252 | | | | 56,027 | |
| Urban Edge Properties (Equity Real Estate Investment Trusts) | | | 646 | | | | 12,339 | |
| Urban Outfitters, Inc.* (Specialty Retail) | | | 404 | | | | 16,653 | |
| Valley National Bancorp (Banks) | | | 2,384 | | | | 32,017 | |
| Valmont Industries, Inc. (Construction & Engineering) | | | 125 | | | | 29,506 | |
| Valvoline, Inc. (Chemicals) | | | 1,064 | | | | 34,537 | |
| ViaSat, Inc.* (Communications Equipment) | | | 400 | | | | 19,936 | |
| Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | | 780 | | | | 17,589 | |
| Visteon Corp.* (Auto Components) | | | 164 | | | | 19,834 | |
| Vontier Corp. (Electronic Equipment, Instruments & Components) | | | 991 | | | | 32,287 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 285
Common Stocks, continued
| | | Shares | | | Value | |
| Washington Federal, Inc. (Thrifts & Mortgage Finance) | | | 425 | | | $ | 13,507 | |
| Watsco, Inc. (Trading Companies & Distributors) | | | 193 | | | | 55,322 | |
| Webster Financial Corp. (Banks) | | | 531 | | | | 28,324 | |
| Weingarten Realty Investors (Equity Real Estate Investment Trusts) | | | 705 | | | | 22,609 | |
| Werner Enterprises, Inc. (Road & Rail) | | | 335 | | | | 14,914 | |
| WEX, Inc.* (IT Services) | | | 263 | | | | 50,995 | |
| Williams-Sonoma, Inc. (Specialty Retail) | | | 448 | | | | 71,522 | |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | | | 175 | | | | 27,585 | |
| Wintrust Financial Corp. (Banks) | | | 335 | | | | 25,336 | |
| Woodward, Inc. (Machinery) | | | 344 | | | | 42,271 | |
| World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | | 371 | | | | 11,772 | |
| World Wrestling Entertainment, Inc.—Class A (Entertainment) | | | 266 | | | | 15,399 | |
| Worthington Industries, Inc. (Metals & Mining) | | | 205 | | | | 12,542 | |
| WW International, Inc.* (Diversified Consumer Services) | | | 282 | | | | 10,191 | |
| Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | | | 548 | | | | 39,615 | |
| Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals) | | | 947 | | | | 22,245 | |
| XPO Logistics, Inc.* (Air Freight & Logistics) | | | 597 | | | | 83,514 | |
| Yelp, Inc.* (Interactive Media & Services) | | | 411 | | | | 16,424 | |
| YETI Holdings, Inc.* (Leisure Products) | | | 441 | | | | 40,493 | |
TOTAL COMMON STOCKS
(Cost $9,102,479) | | | | | | | 13,778,497 | |
Repurchase Agreements(a)(b) (34.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $7,241,000 | | $ | 7,241,000 | | | $ | 7,241,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $7,241,000) | | | | | | | 7,241,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $16,343,479)—99.6% | | | | | | | 21,019,497 | |
| Net other assets (liabilities)—0.4% | | | | | | | 91,852 | |
| NET ASSETS—100.0% | | | | | | $ | 21,111,349 | |
| * | Non-income producing security. |
| (a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2021, the aggregate amount held in a segregated account was $3,725,000. |
| (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(1) | | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| S&P MidCap 400 | | Goldman Sachs International | | | 7/27/21 | | | | 0.54 | % | | $ | 14,985,035 | | | $ | (15,643 | ) |
| SPDR S&P MidCap 400 ETF | | Goldman Sachs International | | | 7/27/21 | | | | 0.29 | % | | | 3,663,666 | | | | (3,042 | ) |
| | | | | | | | | | | | | $ | 18,648,701 | | | $ | (18,685 | ) |
| | | | | | | | | | | | | | | | | | | |
| S&P MidCap 400 | | UBS AG | | | 7/27/21 | | | | 0.44 | % | | $ | 5,332,925 | | | $ | (5,537 | ) |
| SPDR S&P MidCap 400 ETF | | UBS AG | | | 7/27/21 | | | | 0.39 | % | | | 4,218,500 | | | | (3,527 | ) |
| | | | | | | | | | | | | $ | 9,551,425 | | | $ | (9,064 | ) |
| | | | | | | | | | | | | $ | 28,200,126 | | | $ | (27,749 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
286 :: ProFund VP UltraMid-Cap :: Financial Statements
ProFund VP UltraMid-Cap invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 148,260 | | | | 0.7 | % |
| Air Freight & Logistics | | | 83,514 | | | | 0.4 | % |
| Airlines | | | 31,211 | | | | 0.1 | % |
| Auto Components | | | 234,718 | | | | 1.1 | % |
| Automobiles | | | 78,100 | | | | 0.4 | % |
| Banks | | | 948,446 | | | | 4.5 | % |
| Beverages | | | 56,144 | | | | 0.3 | % |
| Biotechnology | | | 310,532 | | | | 1.5 | % |
| Building Products | | | 280,307 | | | | 1.4 | % |
| Capital Markets | | | 318,122 | | | | 1.5 | % |
| Chemicals | | | 364,072 | | | | 1.6 | % |
| Commercial Services & Supplies | | | 248,999 | | | | 1.2 | % |
| Communications Equipment | | | 120,649 | | | | 0.6 | % |
| Construction & Engineering | | | 185,178 | | | | 0.9 | % |
| Construction Materials | | | 35,385 | | | | 0.2 | % |
| Consumer Finance | | | 97,558 | | | | 0.5 | % |
| Containers & Packaging | | | 122,438 | | | | 0.6 | % |
| Diversified Consumer Services | | | 149,218 | | | | 0.7 | % |
| Diversified Financial Services | | | 40,185 | | | | 0.2 | % |
| Diversified Telecommunication Services | | | 27,593 | | | | 0.1 | % |
| Electric Utilities | | | 141,695 | | | | 0.7 | % |
| Electrical Equipment | | | 238,954 | | | | 1.1 | % |
| Electronic Equipment, Instruments & Components | | | 450,924 | | | | 2.1 | % |
| Energy Equipment & Services | | | 28,215 | | | | 0.1 | % |
| Entertainment | | | 29,425 | | | | 0.1 | % |
| Equity Real Estate Investment Trusts | | | 1,271,627 | | | | 6.0 | % |
| Food & Staples Retailing | | | 115,531 | | | | 0.5 | % |
| Food Products | | | 254,010 | | | | 1.1 | % |
| Gas Utilities | | | 174,919 | | | | 0.8 | % |
| Health Care Equipment & Supplies | | | 463,993 | | | | 2.1 | % |
| Health Care Providers & Services | | | 422,037 | | | | 2.0 | % |
| Hotels, Restaurants & Leisure | | | 389,044 | | | | 1.8 | % |
| Household Durables | | | 207,655 | | | | 1.0 | % |
| Household Products | | | 14,656 | | | | 0.1 | % |
| Industrial Conglomerates | | | 58,754 | | | | 0.3 | % |
| Insurance | | | 564,457 | | | | 2.7 | % |
| Interactive Media & Services | | | 39,636 | | | | 0.2 | % |
| IT Services | | | 370,161 | | | | 1.8 | % |
| Leisure Products | | | 196,634 | | | | 0.9 | % |
| Life Sciences Tools & Services | | | 247,642 | | | | 1.2 | % |
| Machinery | | | 721,918 | | | | 3.5 | % |
| Marine | | | 21,406 | | | | 0.1 | % |
| Media | | | 138,096 | | | | 0.7 | % |
| Metals & Mining | | | 312,984 | | | | 1.5 | % |
| Multiline Retail | | | 101,975 | | | | 0.5 | % |
| Multi-Utilities | | | 79,207 | | | | 0.4 | % |
| Oil, Gas & Consumable Fuels | | | 255,907 | | | | 1.2 | % |
| Paper & Forest Products | | | 36,234 | | | | 0.2 | % |
| Personal Products | | | 32,206 | | | | 0.2 | % |
| Pharmaceuticals | | | 81,085 | | | | 0.4 | % |
| Professional Services | | | 114,820 | | | | 0.5 | % |
| Real Estate Management & Development | | | 58,833 | | | | 0.3 | % |
| Road & Rail | | | 130,479 | | | | 0.6 | % |
| Semiconductors & Semiconductor Equipment | | | 564,670 | | | | 2.6 | % |
| Software | | | 520,787 | | | | 2.5 | % |
| Specialty Retail | | | 437,989 | | | | 2.1 | % |
| Technology Hardware, Storage & Peripherals | | | 57,319 | | | | 0.3 | % |
| Textiles, Apparel & Luxury Goods | | | 241,661 | | | | 1.1 | % |
| Thrifts & Mortgage Finance | | | 114,292 | | | | 0.5 | % |
| Trading Companies & Distributors | | | 122,771 | | | | 0.6 | % |
| Water Utilities | | | 60,004 | | | | 0.3 | % |
| Wireless Telecommunication Services | | | 13,256 | | | | 0.1 | % |
| Other** | | | 7,332,852 | | | | 34.7 | % |
| Total | | $ | 21,111,349 | | | | 100.0 | % |
| ** | Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed. |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraMid-Cap :: 287
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 16,343,479 | |
| Securities, at value | | | 13,778,497 | |
| Repurchase agreements, at value | | | 7,241,000 | |
| Total Investment Securities, at value | | | 21,019,497 | |
| Cash | | | 984 | |
| Dividends receivable | | | 10,941 | |
| Receivable for capital shares issued | | | 170,843 | |
| Prepaid expenses | | | 302 | |
| TOTAL ASSETS | | | 21,202,567 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 16,024 | |
| Unrealized depreciation on swap agreements | | | 27,749 | |
| Advisory fees payable | | | 12,717 | |
| Management services fees payable | | | 1,696 | |
| Administration fees payable | | | 1,279 | |
| Administrative services fees payable | | | 8,412 | |
| Distribution fees payable | | | 6,565 | |
| Transfer agency fees payable | | | 2,147 | |
| Fund accounting fees payable | | | 818 | |
| Compliance services fees payable | | | 142 | |
| Other accrued expenses | | | 13,669 | |
| TOTAL LIABILITIES | | | 91,218 | |
| NET ASSETS | | $ | 21,111,349 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 14,052,030 | |
| Total distributable earnings (loss) | | | 7,059,319 | |
| NET ASSETS | | $ | 21,111,349 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 312,637 | |
| Net Asset Value (offering and redemption price per share) | | $ | 67.53 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 78,986 | |
| Interest | | | 99 | |
| Income from securities lending | | | 64 | |
| TOTAL INVESTMENT INCOME | | | 79,149 | |
| EXPENSES: | | | | |
| Advisory fees | | | 70,283 | |
| Management services fees | | | 9,371 | |
| Administration fees | | | 7,389 | |
| Transfer agency fees | | | 6,142 | |
| Administrative services fees | | | 27,615 | |
| Distribution fees | | | 23,428 | |
| Custody fees | | | 1,538 | |
| Fund accounting fees | | | 4,859 | |
| Trustee fees | | | 239 | |
| Compliance services fees | | | 102 | |
| Other fees | | | 10,669 | |
| Total Gross Expenses before reductions | | | 161,635 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,201 | ) |
| TOTAL NET EXPENSES | | | 157,434 | |
| NET INVESTMENT INCOME (LOSS) | | | (78,285 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 436,175 | |
| Net realized gains (losses) on futures contracts | | | 12,856 | |
| Net realized gains (losses) on swap agreements | | | 3,423,856 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 1,210,158 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (6,694 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 5,076,351 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 4,998,066 | |
See accompanying notes to financial statements.
288 :: ProFund VP UltraMid-Cap :: Financial Statements
| Statements of Changes in Net Assets |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (78,285 | ) | | $ | (49,610 | ) |
| Net realized gains (losses) on investments | | | 3,872,887 | | | | (69,724 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | 1,203,464 | | | | (1,186,176 | ) |
| Change in net assets resulting from operations | | | 4,998,066 | | | | (1,305,510 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | — | | | | (2,119,595 | ) |
| Change in net assets resulting from distributions | | | — | | | | (2,119,595 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 34,905,108 | | | | 81,827,082 | |
| Distributions reinvested | | | — | | | | 2,119,595 | |
| Value of shares redeemed | | | (31,513,744 | ) | | | (82,675,100 | ) |
| Change in net assets resulting from capital transactions | | | 3,391,364 | | | | 1,271,577 | |
| Change in net assets | | | 8,389,430 | | | | (2,153,528 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 12,721,919 | | | | 14,875,447 | |
| End of period | | $ | 21,111,349 | | | $ | 12,721,919 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 570,755 | | | | 1,577,682 | |
| Reinvested | | | — | | | | 57,147 | |
| Redeemed | | | (510,438 | ) | | | (1,624,356 | ) |
| Change in shares | | | 60,317 | | | | 10,473 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraMid-Cap :: 289
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 50.42 | | | $ | 61.51 | | | $ | 41.62 | | | $ | 79.70 | | | $ | 68.60 | | | $ | 49.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.26 | ) | | | (0.21 | ) | | | 0.06 | | | | (0.06 | ) | | | (0.32 | ) | | | (0.28 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized and unrealized gains (losses) on investments | | | 17.37 | | | | (0.36 | ) | | | 19.83 | | | | (13.41 | ) | | | 19.39 | | | | 19.13 | |
| Total income (loss) from investment activities | | | 17.11 | | | | (0.57 | ) | | | 19.89 | | | | (13.47 | ) | | | 19.07 | | | | 18.85 | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.12 | ) | | | — | | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | — | | | | (10.40 | ) | | | — | | | | (24.61 | ) | | | (7.97 | ) | | | — | |
| Total distributions | | | — | | | | (10.52 | ) | | | — | | | | (24.61 | ) | | | (7.97 | ) | | | — | |
| Net Asset Value, End of Period | | $ | 67.53 | | | $ | 50.42 | | | $ | 61.51 | | | $ | 41.62 | | | $ | 79.70 | | | $ | 68.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 33.93 | % | | | 5.22 | % | | | 47.79 | % | | | (26.77 | )% | | | 28.86 | % | | | 37.91 | % |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.72 | % | | | 1.79 | % | | | 1.71 | % | | | 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) | | | (0.83 | )% | | | (0.48 | )% | | | 0.11 | % | | | (0.10 | )% | | | (0.43 | )% | | | (0.50 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 21,111 | | | $ | 12,722 | | | $ | 14,875 | | | $ | 14,676 | | | $ | 25,815 | | | $ | 37,569 | |
| Portfolio turnover rate(b)(d) | | | 53 | % | | | 488 | % | | | 603 | % | | | 617 | % | | | 594 | % | | | 547 | % |
| (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.
290 :: ProFund VP UltraNasdaq-100 :: Financial Statements
Investment Objective: The ProFund VP UltraNasdaq-100 seeks daily investment results, before fees and expenses, that correspond to two times the return of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 75 | % |
| Futures Contracts | | | — | (a) |
| Swap Agreements | | | 125 | % |
| 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.
* Amount is less than 0.5%
Largest Equity Holdings
| Company | | % of Net Assets | |
| Apple, Inc. | | | 8.3 | % |
| Microsoft Corp. | | | 7.4 | % |
| Amazon.com, Inc. | | | 6.3 | % |
| Alphabet, Inc. | | | 5.6 | % |
| Facebook, Inc. | | | 3.0 | % |
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 (75.2%)
| | | Shares | | | Value | |
| Activision Blizzard, Inc. (Entertainment) | | | 10,228 | | | $ | 976,160 | |
| Adobe, Inc.* (Software) | | | 6,292 | | | | 3,684,847 | |
| Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment) | | | 15,995 | | | | 1,502,410 | |
| Alexion Pharmaceuticals, Inc.* (Biotechnology) | | | 2,909 | | | | 534,412 | |
| Align Technology, Inc.* (Health Care Equipment & Supplies) | | | 1,042 | | | | 636,662 | |
| Alphabet, Inc.*—Class A (Interactive Media & Services) | | | 2,601 | | | | 6,351,096 | |
| Alphabet, Inc.*—Class C (Interactive Media & Services) | | | 2,799 | | | | 7,015,190 | |
| Amazon.com, Inc.* (Internet & Direct Marketing Retail) | | | 4,362 | | | | 15,005,977 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 6,578 | | | | 556,433 | |
| Amgen, Inc. (Biotechnology) | | | 7,563 | | | | 1,843,482 | |
| Analog Devices, Inc. (Semiconductors & Semiconductor Equipment) | | | 4,855 | | | | 835,837 | |
| ANSYS, Inc.* (Software) | | | 1,147 | | | | 398,078 | |
| Apple, Inc. (Technology Hardware, Storage & Peripherals) | | | 144,349 | | | | 19,770,039 | |
| Applied Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 12,029 | | | | 1,712,930 | |
| ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment) | | | 1,046 | | | | 722,619 | |
| Atlassian Corp. PLC*—Class A (Software) | | | 1,781 | | | | 457,468 | |
| Autodesk, Inc.* (Software) | | | 2,897 | | | | 845,634 | |
| Automatic Data Processing, Inc. (IT Services) | | | 5,601 | | | | 1,112,471 | |
| Baidu, Inc.*ADR (Interactive Media & Services) | | | 3,411 | | | | 695,503 | |
| Biogen, Inc.* (Biotechnology) | | | 1,982 | | | | 686,307 | |
| Booking Holdings, Inc.* (Internet & Direct Marketing Retail) | | | 540 | | | | 1,181,568 | |
| Broadcom, Inc. (Semiconductors & Semiconductor Equipment) | | | 5,374 | | | | 2,562,537 | |
| Cadence Design Systems, Inc.* (Software) | | | 3,663 | | | | 501,172 | |
| CDW Corp. (Electronic Equipment, Instruments & Components) | | | 1,845 | | | | 322,229 | |
| Cerner Corp. (Health Care Technology) | | | 3,966 | | | | 309,983 | |
| Charter Communications, Inc.*—Class A (Media) | | | 2,484 | | | | 1,792,082 | |
| Check Point Software Technologies, Ltd.* (Software) | | | 1,781 | | | | 206,828 | |
| Cintas Corp. (Commercial Services & Supplies) | | | 1,383 | | | | 528,306 | |
| Cisco Systems, Inc. (Communications Equipment) | | | 55,471 | | | | 2,939,963 | |
| Cognizant Technology Solutions Corp.—Class A (IT Services) | | | 6,942 | | | | 480,803 | |
| Comcast Corp.—Class A (Media) | | | 60,350 | | | | 3,441,157 | |
| Copart, Inc.* (Commercial Services & Supplies) | | | 3,114 | | | | 410,519 | |
| Costco Wholesale Corp. (Food & Staples Retailing) | | | 5,825 | | | | 2,304,777 | |
| CSX Corp. (Road & Rail) | | | 29,913 | | | | 959,609 | |
| DexCom, Inc.* (Health Care Equipment & Supplies) | | | 1,273 | | | | 543,571 | |
| DocuSign, Inc.* (Software) | | | 2,560 | | | | 715,699 | |
| Dollar Tree, Inc.* (Multiline Retail) | | | 3,053 | | | | 303,774 | |
| eBay, Inc. (Internet & Direct Marketing Retail) | | | 8,967 | | | | 629,573 | |
| Electronic Arts, Inc. (Entertainment) | | | 3,767 | | | | 541,808 | |
| Exelon Corp. (Electric Utilities) | | | 12,863 | | | | 569,959 | |
| Facebook, Inc.*—Class A (Interactive Media & Services) | | | 20,723 | | | | 7,205,594 | |
| Fastenal Co. (Trading Companies & Distributors) | | | 7,562 | | | | 393,224 | |
| Fiserv, Inc.* (IT Services) | | | 8,777 | | | | 938,174 | |
| Fox Corp.—Class A (Media) | | | 4,303 | | | | 159,770 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraNasdaq-100 :: 291
Common Stocks, continued
| | | Shares | | | Value | |
| Fox Corp.—Class B (Media) | | | 3,334 | | | $ | 117,357 | |
| Gilead Sciences, Inc. (Biotechnology) | | | 16,506 | | | | 1,136,603 | |
| IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies) | | | 1,123 | | | | 709,231 | |
| Illumina, Inc.* (Life Sciences Tools & Services) | | | 1,922 | | | | 909,510 | |
| Incyte Corp.* (Biotechnology) | | | 2,895 | | | | 243,556 | |
| Intel Corp. (Semiconductors & Semiconductor Equipment) | | | 53,152 | | | | 2,983,952 | |
| Intuit, Inc. (Software) | | | 3,597 | | | | 1,763,141 | |
| Intuitive Surgical, Inc.* (Health Care Equipment & Supplies) | | | 1,559 | | | | 1,433,718 | |
| JD.com, Inc.*ADR (Internet & Direct Marketing Retail) | | | 10,607 | | | | 846,545 | |
| Keurig Dr Pepper, Inc. (Beverages) | | | 18,657 | | | | 657,473 | |
| KLA Corp. (Semiconductors & Semiconductor Equipment) | | | 2,018 | | | | 654,256 | |
| Lam Research Corp. (Semiconductors & Semiconductor Equipment) | | | 1,877 | | | | 1,221,364 | |
| Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods) | | | 1,647 | | | | 601,106 | |
| Marriott International, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 4,286 | | | | 585,125 | |
| Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 10,784 | | | | 629,031 | |
| Match Group, Inc.* (Interactive Media & Services) | | | 3,558 | | | | 573,728 | |
| Maxim Integrated Products, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,532 | | | | 372,132 | |
| Mercadolibre, Inc.* (Internet & Direct Marketing Retail) | | | 656 | | | | 1,021,910 | |
| Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,600 | | | | 539,064 | |
| Micron Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 14,761 | | | | 1,254,390 | |
| Microsoft Corp. (Software) | | | 65,149 | | | | 17,648,864 | |
| Moderna, Inc.* (Biotechnology) | | | 5,282 | | | | 1,241,165 | |
| Mondelez International, Inc.—Class A (Food Products) | | | 18,493 | | | | 1,154,703 | |
| Monster Beverage Corp.* (Beverages) | | | 6,957 | | | | 635,522 | |
| NetEase, Inc.ADR (Entertainment) | | | 3,966 | | | | 457,082 | |
| Netflix, Inc.* (Entertainment) | | | 5,836 | | | | 3,082,633 | |
| NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | | | 8,199 | | | | 6,560,019 | |
| NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment) | | | 3,630 | | | | 746,764 | |
| Okta, Inc.* (IT Services) | | | 1,646 | | | | 402,743 | |
| O'Reilly Automotive, Inc.* (Specialty Retail) | | | 918 | | | | 519,781 | |
| PACCAR, Inc. (Machinery) | | | 4,571 | | | | 407,962 | |
| Paychex, Inc. (IT Services) | | | 4,743 | | | | 508,924 | |
| PayPal Holdings, Inc.* (IT Services) | | | 15,463 | | | | 4,507,154 | |
| Peloton Interactive, Inc.*—Class A (Leisure Products) | | | 3,534 | | | | 438,287 | |
| PepsiCo, Inc. (Beverages) | | | 18,186 | | | | 2,694,620 | |
| Pinduoduo, Inc.*ADR (Internet & Direct Marketing Retail) | | | 4,980 | | | | 632,560 | |
| Qualcomm, Inc. (Semiconductors & Semiconductor Equipment) | | | 14,848 | | | | 2,122,225 | |
| Regeneron Pharmaceuticals, Inc.* (Biotechnology) | | | 1,378 | | | | 769,668 | |
| Ross Stores, Inc. (Specialty Retail) | | | 4,695 | | | | 582,180 | |
| Seagen, Inc.* (Biotechnology) | | | 2,389 | | | | 377,175 | |
| Sirius XM Holdings, Inc. (Media) | | | 53,847 | | | | 352,159 | |
| Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment) | | | 2,173 | | | | 416,673 | |
| Splunk, Inc.* (Software) | | | 2,157 | | | | 311,859 | |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | | | 15,510 | | | | 1,734,173 | |
| Synopsys, Inc.* (Software) | | | 2,009 | | | | 554,062 | |
| Tesla, Inc.* (Automobiles) | | | 10,314 | | | | 7,010,425 | |
| Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment) | | | 12,156 | | | | 2,337,599 | |
| The Kraft Heinz Co. (Food Products) | | | 16,100 | | | | 656,558 | |
| T-Mobile US, Inc.* (Wireless Telecommunication Services) | | | 16,412 | | | | 2,376,950 | |
| Trip.com Group, Ltd.*ADR (Internet & Direct Marketing Retail) | | | 6,935 | | | | 245,915 | |
| VeriSign, Inc.* (IT Services) | | | 1,482 | | | | 337,437 | |
| Verisk Analytics, Inc.—Class A (Professional Services) | | | 2,134 | | | | 372,852 | |
| Vertex Pharmaceuticals, Inc.* (Biotechnology) | | | 3,407 | | | | 686,953 | |
| Walgreens Boots Alliance, Inc. (Food & Staples Retailing) | | | 11,378 | | | | 598,597 | |
| Workday, Inc.*—Class A (Software) | | | 2,488 | | | | 593,985 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 7,087 | | | | 466,892 | |
| Xilinx, Inc. (Semiconductors & Semiconductor Equipment) | | | 3,236 | | | | 468,055 | |
| Zoom Video Communications, Inc.*—Class A (Software) | | | 3,110 | | | | 1,203,663 | |
TOTAL COMMON STOCKS
(Cost $94,356,412) | | | | | | | 179,754,264 | |
Repurchase Agreements(a)(b) (25.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $61,770,000 | | $ | 61,770,000 | | | $ | 61,770,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $61,770,000) | | | | | | | 61,770,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $156,126,412)—101.0% | | | | | | | 241,524,264 | |
| Net other assets (liabilities)—(1.0)% | | | | | | | (2,331,805 | ) |
| NET ASSETS—100.0% | | | | | | $ | 239,192,459 | |
| * | Non-income producing security. |
| (a) | A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2021, the aggregate amount held in a segregated account was $37,605,000. |
See accompanying notes to financial statements.
292 :: ProFund VP UltraNasdaq-100 :: Financial Statements
| (b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
| ADR | American Depositary Receipt |
| NYS | New York Shares |
Futures Contracts Purchased
| | | Number
of
Contracts | | | Expiration
Date | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| E-Mini Nasdaq-100 Futures Contracts | | | 1 | | | 9/20/21 | | $ | 290,980 | | | $ | 14,946 | |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Invesco QQQ Trust, Series 1 ETF | | Goldman Sachs International | | 7/27/21 | | | 0.44 | % | | $ | 34,095,632 | | | $ | 68,440 | |
| Nasdaq-100 Index | | Goldman Sachs International | | 7/27/21 | | | 0.64 | % | | | 150,540,296 | | | | 311,727 | |
| | | | | | | | | | | $ | 184,635,928 | | | $ | 380,167 | |
| | | | | | | | | | | | | | | | | |
| Invesco QQQ Trust, Series 1 ETF | | UBS AG | | 7/27/21 | | | 0.49 | % | | $ | 28,478,197 | | | $ | 57,085 | |
| Nasdaq-100 Index | | UBS AG | | 7/27/21 | | | 0.89 | % | | | 85,407,566 | | | | 175,186 | |
| | | | | | | | | | | $ | 113,885,763 | | | $ | 232,271 | |
| | | | | | | | | | | $ | 298,521,691 | | | $ | 612,438 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation). |
ProFund VP UltraNasdaq-100 invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Automobiles | | $ | 7,010,425 | | | | 2.9 | % |
| Beverages | | | 3,987,615 | | | | 1.6 | % |
| Biotechnology | | | 7,519,321 | | | | 3.1 | % |
| Commercial Services & Supplies | | | 938,825 | | | | 0.4 | % |
| Communications Equipment | | | 2,939,963 | | | | 1.2 | % |
| Electric Utilities | | | 1,593,284 | | | | 0.7 | % |
| Electronic Equipment, Instruments & Components | | | 322,229 | | | | 0.1 | % |
| Entertainment | | | 5,057,683 | | | | 2.1 | % |
| Food & Staples Retailing | | | 2,903,374 | | | | 1.2 | % |
| Food Products | | | 1,811,261 | | | | 0.8 | % |
| Health Care Equipment & Supplies | | | 3,323,182 | | | | 1.4 | % |
| Health Care Technology | | | 309,983 | | | | 0.1 | % |
| Hotels, Restaurants & Leisure | | | 2,319,298 | | | | 1.0 | % |
| Interactive Media & Services | | | 21,841,111 | | | | 9.1 | % |
| Internet & Direct Marketing Retail | | | 19,564,048 | | | | 8.1 | % |
| IT Services | | | 8,287,706 | | | | 3.5 | % |
| Leisure Products | | | 438,287 | | | | 0.2 | % |
| Life Sciences Tools & Services | | | 909,510 | | | | 0.4 | % |
| Machinery | | | 407,962 | | | | 0.2 | % |
| Media | | | 5,862,525 | | | | 2.5 | % |
| Multiline Retail | | | 303,774 | | | | 0.1 | % |
| Professional Services | | | 372,852 | | | | 0.2 | % |
| Road & Rail | | | 959,609 | | | | 0.3 | % |
| Semiconductors & Semiconductor Equipment | | | 27,641,857 | | | | 11.6 | % |
| Software | | | 28,885,300 | | | | 12.1 | % |
| Specialty Retail | | | 1,101,961 | | | | 0.5 | % |
| Technology Hardware, Storage & Peripherals | | | 19,770,039 | | | | 8.3 | % |
| Textiles, Apparel & Luxury Goods | | | 601,106 | | | | 0.3 | % |
| Trading Companies & Distributors | | | 393,224 | | | | 0.2 | % |
| Wireless Telecommunication Services | | | 2,376,950 | | | | 1.0 | % |
| Other** | | | 59,438,195 | | | | 24.8 | % |
| Total | | $ | 239,192,459 | | | | 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 :: 293
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 156,126,412 | |
| Securities, at value | | | 179,754,264 | |
| Repurchase agreements, at value | | | 61,770,000 | |
| Total Investment Securities, at value | | | 241,524,264 | |
| Cash | | | 1,013 | |
| Segregated cash balances for futures contracts with brokers | | | 17,600 | |
| Segregated cash balances for swap agreements with custodian | | | 902 | |
| Dividends receivable | | | 24,515 | |
| Unrealized appreciation on swap agreements | | | 612,438 | |
| Receivable for capital shares issued | | | 756,600 | |
| Prepaid expenses | | | 3,122 | |
| TOTAL ASSETS | | | 242,940,454 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 3,202,029 | |
| Variation margin on futures contracts | | | 280 | |
| Advisory fees payable | | | 136,611 | |
| Management services fees payable | | | 18,215 | |
| Administration fees payable | | | 13,635 | |
| Administrative services fees payable | | | 102,855 | |
| Distribution fees payable | | | 104,672 | |
| Transfer agency fees payable | | | 22,382 | |
| Fund accounting fees payable | | | 7,454 | |
| Compliance services fees payable | | | 1,713 | |
| Other accrued expenses | | | 138,149 | |
| TOTAL LIABILITIES | | | 3,747,995 | |
| NET ASSETS | | $ | 239,192,459 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 126,445,285 | |
| Total distributable earnings (loss) | | | 112,747,174 | |
| NET ASSETS | | $ | 239,192,459 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 2,966,425 | |
| Net Asset Value (offering and redemption price per share) | | $ | 80.63 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 500,849 | |
| Interest | | | 1,567 | |
| Foreign tax withholding | | | (333 | ) |
| Income from securities lending | | | 96 | |
| TOTAL INVESTMENT INCOME | | | 502,179 | |
| EXPENSES: | | | | |
| Advisory fees | | | 788,325 | |
| Management services fees | | | 105,109 | |
| Administration fees | | | 82,273 | |
| Transfer agency fees | | | 67,288 | |
| Administrative services fees | | | 284,518 | |
| Distribution fees | | | 262,775 | |
| Custody fees | | | 17,315 | |
| Fund accounting fees | | | 45,506 | |
| Trustee fees | | | 2,774 | |
| Compliance services fees | | | 1,031 | |
| Other fees | | | 138,652 | |
| Total Gross Expenses before reductions | | | 1,795,566 | |
| Expenses reduced and reimbursed by the Advisor | | | (29,713 | ) |
| TOTAL NET EXPENSES | | | 1,765,853 | |
| NET INVESTMENT INCOME (LOSS) | | | (1,263,674 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (41,839 | ) |
| Net realized gains (losses) on futures contracts | | | 1,529,827 | |
| Net realized gains (losses) on swap agreements | | | 28,433,125 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 19,034,821 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (255,257 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (515,985 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 48,184,692 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 46,921,018 | |
See accompanying notes to financial statements.
294 :: ProFund VP UltraNasdaq-100 :: Financial Statements
| Statements of Changes in Net Assets |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (1,263,674 | ) | | $ | (1,416,614 | ) |
| Net realized gains (losses) on investments | | | 29,921,113 | | | | 57,704,632 | |
| Change in net unrealized appreciation/depreciation on investments | | | 18,263,579 | | | | 19,828,872 | |
| Change in net assets resulting from operations | | | 46,921,018 | | | | 76,116,890 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (55,696,682 | ) | | | (33,497,262 | ) |
| Change in net assets resulting from distributions | | | (55,696,682 | ) | | | (33,497,262 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 399,700,280 | | | | 830,545,450 | |
| Distributions reinvested | | | 55,664,279 | | | | 33,497,262 | |
| Value of shares redeemed | | | (413,976,514 | ) | | | (819,603,334 | ) |
| Change in net assets resulting from capital transactions | | | 41,388,045 | | | | 44,439,378 | |
| Change in net assets | | | 32,612,381 | | | | 87,059,006 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 206,580,078 | | | | 119,521,072 | |
| End of period | | $ | 239,192,459 | | | $ | 206,580,078 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 4,542,746 | | | | 12,101,786 | (a) |
| Reinvested | | | 861,676 | | | | 376,649 | (a) |
| Redeemed | | | (4,662,465 | ) | | | (12,210,243 | )(a) |
| Change in shares | | | 741,957 | | | | 268,192 | |
| (a) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 11, 2020. |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraNasdaq-100 :: 295
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020(a) | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a) | | | Year Ended
Dec. 31, 2016(a) | |
| Net Asset Value, Beginning of Period | | $ | 92.87 | | | $ | 61.10 | | | $ | 34.00 | | | $ | 56.77 | | | $ | 34.50 | | | $ | 34.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(b) | | | (0.53 | ) | | | (0.76 | ) | | | (0.12 | ) | | | (0.21 | ) | | | (0.33 | ) | | | (0.25 | ) |
| Net realized and unrealized gains (losses) on investments | | | 15.81 | | | | 52.59 | | | | 27.22 | | | | 1.11 | | | | 23.75 | | | | 3.25 | |
| Total income (loss) from investment activities | | | 15.28 | | | | 51.83 | | | | 27.10 | | | | 0.90 | | | | 23.42 | | | | 3.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net realized gains on investments | | | (27.52 | ) | | | (20.06 | ) | | | — | | | | (23.67 | ) | | | (1.15 | ) | | | (3.34 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 80.63 | | | $ | 92.87 | | | $ | 61.10 | | | $ | 34.00 | | | $ | 56.77 | | | $ | 34.50 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(c) | | | 23.81 | % | | | 86.30 | % | | | 79.66 | % | | | (9.63 | )% | | | 68.33 | % | | | 8.62 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(d) | | | 1.71 | % | | | 1.74 | % | | | 1.76 | % | | | 1.74 | % | | | 1.69 | % | | | 1.71 | % |
| Net expenses(d) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(d) | | | (1.20 | )% | | | (1.05 | )% | | | (0.25 | )% | | | (0.40 | )% | | | (0.68 | )% | | | (0.75 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 239,192 | | | $ | 206,580 | | | $ | 119,521 | | | $ | 82,454 | | | $ | 131,438 | | | $ | 93,226 | |
| Portfolio turnover rate(c)(e) | | | 1 | % | | | 55 | % | | | 44 | % | | | 29 | % | | | 4 | % | | | 33 | % |
| (a) | As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020. |
| (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.
296 :: ProFund VP UltraShort Dow 30 :: Financial Statements
Investment Objective: The ProFund VP UltraShort Dow 30 seeks daily investment results, before fees and expenses, that correspond to two times the inverse of the return of the Dow Jones Industrial Average® for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Swap Agreements | | | (199 | )% |
| Total Exposure | | | (199 | )% |
"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 | | | 23 | % |
| Health Care | | | 17 | % |
| Industrials | | | 17 | % |
| Financials | | | 16 | % |
| Consumer Discretionary | | | 13 | % |
| Consumer Staples | | | 7 | % |
| Communication Services | | | 4 | % |
| Energy | | | 2 | % |
| Materials | | | 1 | % |
Schedule of Portfolio Investments (unaudited)
Repurchase Agreements(a) (83.3%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $4,000 | | $ | 4,000 | | | $ | 4,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $4,000) | | | | | | | 4,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $4,000)—83.3% | | | | | | | 4,000 | |
| Net other assets (liabilities)—16.7% | | | | | | | 804 | |
| NET ASSETS—100.0% | | | | | | $ | 4,804 | |
| (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 – Short
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones Industrial Average | | Goldman Sachs International | | 7/27/21 | | | (0.29 | )% | | $ | (6,912 | ) | | $ | (45 | ) |
| Dow Jones Industrial Average | | UBS AG | | 7/27/21 | | | (0.29 | )% | | | (2,667 | ) | | | (17 | ) |
| | | | | | | | | | | $ | (9,579 | ) | | $ | (62 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 297
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 4,000 | |
| Repurchase agreements, at value | | | 4,000 | |
| Total Investment Securities, at value | | | 4,000 | |
| Cash | | | 891 | |
| TOTAL ASSETS | | | 4,891 | |
| LIABILITIES: | | | | |
| Unrealized depreciation on swap agreements | | | 62 | |
| Advisory fees payable | | | 8 | |
| Management services fees payable | | | 1 | |
| Administration fees payable | | | 1 | |
| Administrative services fees payable | | | — | (a) |
| Distribution fees payable | | | 5 | |
| Transfer agency fees payable | | | 1 | |
| Fund accounting fees payable | | | — | (a) |
| Compliance services fees payable | | | — | (a) |
| Other accrued expenses | | | 9 | |
| TOTAL LIABILITIES | | | 87 | |
| NET ASSETS | | $ | 4,804 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 966,059 | |
| Total distributable earnings (loss) | | | (961,255 | ) |
| NET ASSETS | | $ | 4,804 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 1,113 | |
| Net Asset Value (offering and redemption price per share) | | $ | 4.32 | |
| (a) | Amount is less than $0.50. |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Interest | | $ | — | (a) |
| EXPENSES: | | | | |
| Advisory fees | | | 54 | |
| Management services fees | | | 7 | |
| Administration fees | | | 6 | |
| Transfer agency fees | | | 5 | |
| Administrative services fees | | | 1 | |
| Distribution fees | | | 18 | |
| Custody fees | | | 1 | |
| Fund accounting fees | | | 3 | |
| Trustee fees | | | — | (a) |
| Compliance services fees | | | — | (a) |
| Audit fees | | | 7 | |
| Other fees | | | 5 | |
| TOTAL NET EXPENSES | | | 107 | |
| NET INVESTMENT INCOME (LOSS) | | | (107 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (6,159 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 26 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (6,133 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (6,240 | ) |
| (a) | Amount is less than $0.50. |
See accompanying notes to financial statements.
298 :: ProFund VP UltraShort Dow 30 :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (107 | ) | | $ | (238 | ) |
| Net realized gains (losses) on investments | | | (6,159 | ) | | | 111,234 | |
| Change in net unrealized appreciation/depreciation on investments | | | 26 | | | | (114 | ) |
| Change in net assets resulting from operations | | | (6,240 | ) | | | 110,882 | |
| DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | | | (109,160 | ) | | | (185 | ) |
| Change in net assets resulting from distributions | | | (109,160 | ) | | | (185 | ) |
| CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | | | 1,272,447 | | | | 4,315,564 | |
| Distributions reinvested | | | 4,415 | | | | 185 | |
| Value of shares redeemed | | | (1,163,122 | ) | | | (4,423,377 | ) |
| Change in net assets resulting from capital transactions | | | 113,740 | | | | (107,628 | ) |
| Change in net assets | | | (1,660 | ) | | | 3,069 | |
| NET ASSETS: |
| Beginning of period | | | 6,464 | | | | 3,395 | |
| End of period | | $ | 4,804 | | | $ | 6,464 | |
| SHARE TRANSACTIONS: |
| Issued | | | 69,489 | | | | 39,938 | (a) |
| Reinvested | | | 1,027 | | | | 2 | (a) |
| Redeemed | | | (69,491 | ) | | | (39,875 | ) (a) |
| Change in shares | | | 1,025 | | | | 65 | |
(a) As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020.
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraShort Dow 30 :: 299
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020(a) | | | Year Ended
Dec. 31, 2019(a)(b) | | | Year Ended
Dec. 31, 2018(a)(b) | | | Year Ended
Dec. 31, 2017(a)(b) | | | Year Ended
Dec. 31, 2016(a)(b) | |
| Net Asset Value, Beginning of Period | | $ | 73.45 | | | $ | 147.61 | | | $ | 256.37 | | | $ | 250.06 | | | $ | 415.83 | | | $ | 609.78 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(c) | | | (0.13 | ) | | | (1.40 | ) | | | 1.60 | | | | 1.34 | | | | (3.45 | ) | | | (7.60 | ) |
| Net realized and unrealized gains (losses) on investments | | | (18.36 | ) | | | (64.52 | )(d) | | | (95.56 | ) | | | 4.97 | (b) | | | (162.32 | ) | | | (186.35 | ) |
| Total income (loss) from investment activities | | | (18.49 | ) | | | (65.92 | ) | | | (93.96 | ) | | | 6.31 | | | | (165.77 | ) | | | (193.95 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (8.24 | ) | | | (6.30 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (50.64 | ) | | | — | | | | (8.50 | ) | | | — | | | | — | | | | — | |
| Total distributions | | | (50.64 | ) | | | (8.24 | ) | | | (14.80 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 4.32 | | | $ | 73.45 | | | $ | 147.61 | | | $ | 256.37 | | | $ | 250.06 | | | $ | 415.83 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(e) | | | (24.64 | )% | | | (45.44 | )% | | | (37.95 | )% | | | 2.56 | % | | | (39.90 | )% | | | (31.76 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(f) | | | 1.56 | % | | | 1.46 | % | | | 1.48 | % | | | 1.61 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(f) | | | 1.56 | % | | | 1.46 | % | | | 1.45 | % | | | 1.26 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(f) | | | (1.56 | )% | | | (1.28 | )% | | | 0.83 | % | | | 0.59 | % | | | (0.99 | )% | | | (1.43 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 5 | | | $ | 6 | | | $ | 3 | | | $ | 6 | | | $ | 8 | | | $ | 18 | |
| Portfolio turnover rate(g) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| (a) | As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020. |
| (b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019. |
| (c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (d) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (e) | Not annualized for periods less than one year. |
| (f) | Annualized for periods less than one year. |
| (g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
300 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements
Investment Objective: The ProFund VP UltraShort Nasdaq-100 seeks daily investment results, before fees and expenses, that correspond to two times the inverse of the return of the Nasdaq-100® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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 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) (86.8%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $460,000 | | $ | 460,000 | | | $ | 460,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $460,000) | | | | | | | 460,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $460,000)—86.8% | | | | | | | 460,000 | |
| Net other assets (liabilities)—13.2% | | | | | | | 70,006 | |
| NET ASSETS—100.0% | | | | | | $ | 530,006 | |
| | | | | | | | | |
| (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, 2021, the aggregate amount held in a segregated account was $206,000. |
| (b) | The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase. |
Total Return Swap Agreements – Short
| | | | | Termination | | Rate Paid | | | Notional | | | Value and
Unrealized
Appreciation/ | |
| Underlying Instrument | | Counterparty | | Date(1) | | (Received)(2) | | | Amount | | | (Depreciation) | |
| Nasdaq-100 Index | | Goldman Sachs International | | 7/27/21 | | | (0.39 | )% | | $ | (213,683 | ) | | $ | (133 | ) |
| Nasdaq-100 Index | | UBS AG | | 7/27/21 | | | (0.24 | )% | | | (844,860 | ) | | | (1,764 | ) |
| | | | | | | | | | | $ | (1,058,543 | ) | | $ | (1,897 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 :: 301
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 460,000 | |
| Repurchase agreements, at value | | | 460,000 | |
| Total Investment Securities, at value | | | 460,000 | |
| Cash | | | 31 | |
| Receivable for capital shares issued | | | 72,776 | |
| Receivable from Advisor under an expense limitation agreement | | | 40 | |
| Prepaid expenses | | | 51 | |
| TOTAL ASSETS | | | 532,898 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 47 | |
| Unrealized depreciation on swap agreements | | | 1,897 | |
| Administration fees payable | | | 20 | |
| Administrative services fees payable | | | 366 | |
| Distribution fees payable | | | 466 | |
| Transfer agency fees payable | | | 60 | |
| Fund accounting fees payable | | | 11 | |
| Compliance services fees payable | | | 15 | |
| Other accrued expenses | | | 10 | |
| TOTAL LIABILITIES | | | 2,892 | |
| NET ASSETS | | $ | 530,006 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 5,891,775 | |
| Total distributable earnings (loss) | | | (5,361,769 | ) |
| NET ASSETS | | $ | 530,006 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 36,996 | |
| Net Asset Value (offering and redemption price per share) | | $ | 14.33 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Interest | | $ | 47 | |
| EXPENSES: | | | | |
| Advisory fees | | | 5,841 | |
| Management services fees | | | 779 | |
| Administration fees | | | 529 | |
| Transfer agency fees | | | 429 | |
| Administrative services fees | | | 1,543 | |
| Distribution fees | | | 1,947 | |
| Custody fees | | | 414 | |
| Fund accounting fees | | | 291 | |
| Trustee fees | | | 16 | |
| Compliance services fees | | | 4 | |
| Other fees | | | 213 | |
| Recoupment of prior expenses reduced by the Advisor | | | 1,388 | |
| Total Gross Expenses before reductions | | | 13,394 | |
| Expenses reduced and reimbursed by the Advisor | | | (320 | ) |
| TOTAL NET EXPENSES | | | 13,074 | |
| NET INVESTMENT INCOME (LOSS) | | | (13,027 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on swap agreements | | | (306,950 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (316 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (307,266 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (320,293 | ) |
See accompanying notes to financial statements.
302 :: ProFund VP UltraShort Nasdaq-100 :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (13,027 | ) | | $ | (27,761 | ) |
| Net realized gains (losses) on investments | | | (306,950 | ) | | | 3,208,340 | |
| Change in net unrealized appreciation/depreciation on investments | | | (316 | ) | | | (10,802 | ) |
| Change in net assets resulting from operations | | | (320,293 | ) | | | 3,169,777 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,439,139 | ) | | | (6,414 | ) |
| Change in net assets resulting from distributions | | | (2,439,139 | ) | | | (6,414 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 134,258,380 | | | | 271,425,451 | |
| Distributions reinvested | | | 2,439,139 | | | | 6,414 | |
| Value of shares redeemed | | | (133,644,952 | ) | | | (275,384,534 | ) |
| Change in net assets resulting from capital transactions | | | 3,052,567 | | | | (3,952,669 | ) |
| Change in net assets | | | 293,135 | | | | (789,306 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 236,871 | | | | 1,026,177 | |
| End of period | | $ | 530,006 | | | $ | 236,871 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 6,657,514 | | | | 6,970,122 | (a) |
| Reinvested | | | 134,218 | | | | 256 | (a) |
| Redeemed | | | (6,765,790 | ) | | | (6,972,814 | )(a) |
| Change in shares | | | 25,942 | | | | (2,436 | ) |
(a) As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraShort Nasdaq-100 :: 303
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020(a) | | | Year Ended
Dec. 31, 2019(a) | | | Year Ended
Dec. 31, 2018(a) | | | Year Ended
Dec. 31, 2017(a)(b) | | | Year Ended
Dec. 31, 2016(a)(b) | |
| Net Asset Value, Beginning of Period | | $ | 21.43 | | | $ | 76.07 | | | $ | 155.01 | | | $ | 175.32 | | | $ | 318.37 | | | $ | 398.74 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(c) | | | (0.16 | ) | | | (0.59 | ) | | | 0.52 | | | | 0.52 | | | | (1.96 | ) | | | (5.42 | ) |
| Net realized and unrealized gains (losses) on investments | | | (4.20 | ) | | | (53.72 | )(d) | | | (78.58 | ) | | | (20.83 | ) | | | (141.09 | ) | | | (74.95 | ) |
| Total income (loss) from investment activities | | | (4.36 | ) | | | (54.31 | ) | | | (78.06 | ) | | | (20.31 | ) | | | (143.05 | ) | | | (80.37 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.33 | ) | | | (0.88 | ) | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (2.74 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (2.74 | ) | | | (0.33 | ) | | | (0.88 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 14.33 | | | $ | 21.43 | | | $ | 76.07 | | | $ | 155.01 | | | $ | 175.32 | | | $ | 318.37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(e) | | | (23.06 | )% | | | (71.46 | )% | | | (50.50 | )% | | | (11.59 | )% | | | (44.94 | )% | | | (20.21 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(f) | | | 1.72 | % | | | 1.78 | % | | | 1.68 | % | | | 1.66 | % | | | 1.68 | % | | | 1.68 | % |
| Net expenses(f) | | | 1.68 | % | | | 1.68 | % | | | 1.67 | % | | | 1.66 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(f) | | | (1.67 | )% | | | (1.49 | )% | | | 0.50 | % | | | 0.40 | % | | | (0.88 | )% | | | (1.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 530 | | | $ | 237 | | | $ | 1,026 | | | $ | 666 | | | $ | 324 | | | $ | 909 | |
| 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 14, 2020. |
| (b) | As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on December 11, 2017. |
| (c) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (d) | The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period. |
| (e) | Not annualized for periods less than one year. |
| (f) | Annualized for periods less than one year. |
| (g) | Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). |
See accompanying notes to financial statements.
304 :: ProFund VP UltraSmall-Cap :: Financial Statements
Investment Objective: The ProFund VP UltraSmall-Cap seeks daily investment results, before fees and expenses, that correspond to two times the return of the Russell 2000® Index for a single day, not for any other period.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| Equity Securities | | | 41 | % |
| Swap Agreements | | | 158 | % |
| Total Exposure | | | 199 | % |
"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 | |
| AMC Entertainment Holdings, Inc. | | | 0.3 | % |
| Intellia Therapeutics, Inc. | | | 0.1 | % |
| Arrowhead Pharmaceuticals, Inc. | | | 0.1 | % |
| Ovintiv, Inc. | | | 0.1 | % |
| Lattice Semiconductor Corp. | | | 0.1 | % |
Russell 2000® Index – Composition
| | | % of Index | |
| Health Care | | | 21 | % |
| Financials | | | 15 | % |
| Industrials | | | 14 | % |
| Information Technology | | | 14 | % |
| Consumer Discretionary | | | 12 | % |
| Real Estate | | | 7 | % |
| Energy | | | 4 | % |
| Materials | | | 4 | % |
| Communication Services | | | 4 | % |
| Consumer Staples | | | 3 | % |
| Utilities | | | 2 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (41.2%)
| | | Shares | | | Value | |
| 1-800-Flowers.com, Inc.*—Class A (Internet & Direct Marketing Retail) | | | 131 | | | $ | 4,175 | |
| 1Life Healthcare, Inc.* (Health Care Providers & Services) | | | 574 | | | | 18,976 | |
| 1st Source Corp. (Banks) | | | 84 | | | | 3,903 | |
| 22nd Century Group, Inc.* (Tobacco) | | | 744 | | | | 3,445 | |
| 2U, Inc.* (Software) | | | 354 | | | | 14,751 | |
| 3D Systems Corp.* (Technology Hardware, Storage & Peripherals) | | | 598 | | | | 23,901 | |
| 4D Molecular Therapeutics, Inc.* (Biotechnology) | | | 48 | | | | 1,156 | |
| 89bio, Inc.* (Biotechnology) | | | 48 | | | | 898 | |
| 8x8, Inc.* (Software) | | | 525 | | | | 14,574 | |
| 9 Meters Biopharma, Inc.* (Pharmaceuticals) | | | 1,047 | | | | 1,152 | |
| 908 Devices, Inc.* (Electronic Equipment, Instruments & Components) | | | 36 | | | | 1,395 | |
| A10 Networks, Inc.* (Software) | | | 296 | | | | 3,333 | |
| AAON, Inc. (Building Products) | | | 207 | | | | 12,956 | |
| AAR Corp.* (Aerospace & Defense) | | | 168 | | | | 6,510 | |
| Aaron's Co., Inc. (The) (Specialty Retail) | | | 167 | | | | 5,342 | |
| Abercrombie & Fitch Co.*—Class A (Specialty Retail) | | | 302 | | | | 14,022 | |
| ABM Industries, Inc. (Commercial Services & Supplies) | | | 332 | | | | 14,724 | |
| Acacia Research Corp.* (Professional Services) | | | 242 | | | | 1,636 | |
| Academy Sports & Outdoors, Inc.* (Leisure Products) | | | 305 | | | | 12,578 | |
| ACADIA Pharmaceuticals, Inc.* (Biotechnology) | | | 590 | | | | 14,390 | |
| Acadia Realty Trust (Equity Real Estate Investment Trusts) | | | 418 | | | | 9,179 | |
| Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 278 | | | | 3,300 | |
| Accelerate Diagnostics, Inc.* (Life Sciences Tools & Services) | | | 163 | | | | 1,314 | |
| ACCO Brands Corp. (Commercial Services & Supplies) | | | 459 | | | | 3,961 | |
| Accolade, Inc.* (Health Care Technology) | | | 248 | | | | 13,469 | |
| Accuray, Inc.* (Health Care Equipment & Supplies) | | | 456 | | | | 2,061 | |
| ACI Worldwide, Inc.* (Software) | | | 582 | | | | 21,615 | |
| Aclaris Therapeutics, Inc.* (Pharmaceuticals) | | | 214 | | | | 3,758 | |
| Acushnet Holdings Corp. (Leisure Products) | | | 169 | | | | 8,349 | |
| Acutus Medical, Inc.* (Health Care Equipment & Supplies) | | | 77 | | | | 1,307 | |
| AdaptHealth Corp.* (Health Care Providers & Services) | | | 388 | | | | 10,635 | |
| Addus Homecare Corp.* (Health Care Providers & Services) | | | 76 | | | | 6,630 | |
| Adicet Bio, Inc.* (Pharmaceuticals) | | | 103 | | | | 1,060 | |
| Adient PLC* (Auto Components) | | | 467 | | | | 21,108 | |
| Adtalem Global Education, Inc.* (Diversified Consumer Services) | | | 244 | | | | 8,696 | |
| ADTRAN, Inc. (Communications Equipment) | | | 238 | | | | 4,915 | |
| Advanced Energy Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 190 | | | | 21,415 | |
| AdvanSix, Inc.* (Chemicals) | | | 135 | | | | 4,031 | |
| Advantage Solutions, Inc.* (Media) | | | 376 | | | | 4,057 | |
| Advent Technologies Holdings, Inc.* (Electrical Equipment) | | | 84 | | | | 810 | |
| Adverum Biotechnologies, Inc.* (Biotechnology) | | | 428 | | | | 1,498 | |
| Aeglea BioTherapeutics, Inc.* (Biotechnology) | | | 199 | | | | 1,385 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 305
Common Stocks, continued
| | | Shares | | | Value | |
| Aemetis, Inc.* (Oil, Gas & Consumable Fuels) | | | 114 | | | $ | 1,273 | |
| Aerie Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 209 | | | | 3,346 | |
| Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense) | | | 369 | | | | 17,818 | |
| AeroVironment, Inc.* (Aerospace & Defense) | | | 111 | | | | 11,117 | |
| AerSale Corp.* (Aerospace & Defense) | | | 45 | | | | 561 | |
| Aeva Technologies, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 122 | | | | 1,290 | |
| AFC Gamma, Inc. (Mortgage Real Estate Investment Trusts) | | | 36 | | | | 743 | |
| Affimed NV* (Biotechnology) | | | 572 | | | | 4,862 | |
| AgEagle Aerial Systems, Inc.* (Machinery) | | | 329 | | | | 1,734 | |
| Agenus, Inc.* (Biotechnology) | | | 971 | | | | 5,331 | |
| Agiliti, Inc.* (Health Care Providers & Services) | | | 111 | | | | 2,428 | |
| Agilysys, Inc.* (Software) | | | 94 | | | | 5,346 | |
| Agios Pharmaceuticals, Inc.* (Biotechnology) | | | 304 | | | | 16,753 | |
| Agree Realty Corp. (Equity Real Estate Investment Trusts) | | | 331 | | | | 23,332 | |
| Air Transport Services Group, Inc.* (Air Freight & Logistics) | | | 291 | | | | 6,760 | |
| Akebia Therapeutics, Inc.* (Biotechnology) | | | 787 | | | | 2,983 | |
| Akero Therapeutics, Inc.* (Biotechnology) | | | 127 | | | | 3,151 | |
| Akouos, Inc.* (Biotechnology) | | | 118 | | | | 1,481 | |
| Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 214 | | | | 2,292 | |
| Akoya Biosciences, Inc.* (Life Sciences Tools & Services) | | | 38 | | | | 735 | |
| Alamo Group, Inc. (Machinery) | | | 49 | | | | 7,481 | |
| Alarm.com Holdings, Inc.* (Software) | | | 233 | | | | 19,735 | |
| Albany International Corp.—Class A (Machinery) | | | 152 | | | | 13,568 | |
| Albireo Pharma, Inc.* (Biotechnology) | | | 83 | | | | 2,920 | |
| Aldeyra Therapeutics, Inc.* (Biotechnology) | | | 239 | | | | 2,708 | |
| Alector, Inc.* (Biotechnology) | | | 284 | | | | 5,916 | |
| Alerus Financial Corp. (Diversified Financial Services) | | | 74 | | | | 2,147 | |
| Alexander & Baldwin, Inc. (Equity Real Estate Investment Trusts) | | | 358 | | | | 6,559 | |
| Alexander's, Inc. (Equity Real Estate Investment Trusts) | | | 11 | | | | 2,947 | |
| Alignment Healthcare, Inc.* (Health Care Providers & Services) | | | 130 | | | | 3,038 | |
| Aligos Therapeutics, Inc.* (Biotechnology) | | | 92 | | | | 1,875 | |
| Alkami Technology, Inc.* (Software) | | | 34 | | | | 1,213 | |
| Alkermes PLC* (Biotechnology) | | | 791 | | | | 19,395 | |
| Allakos, Inc.* (Biotechnology) | | | 172 | | | | 14,684 | |
| Allegheny Technologies, Inc.* (Metals & Mining) | | | 628 | | | | 13,094 | |
| Allegiance Bancshares, Inc. (Banks) | | | 94 | | | | 3,613 | |
| Allegiant Travel Co.* (Airlines) | | | 75 | | | | 14,550 | |
| ALLETE, Inc. (Electric Utilities) | | | 259 | | | | 18,125 | |
| Allied Motion Technologies, Inc. (Electrical Equipment) | | | 57 | | | | 1,968 | |
| Allogene Therapeutics, Inc.* (Biotechnology) | | | 335 | | | | 8,737 | |
| Allovir, Inc.* (Biotechnology) | | | 145 | | | | 2,862 | |
| Allscripts Healthcare Solutions, Inc.* (Health Care Technology) | | | 690 | | | | 12,772 | |
| Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 104 | | | | 3,161 | |
| Alphatec Holdings, Inc.* (Health Care Equipment & Supplies) | | | 339 | | | | 5,193 | |
| Alpine Immune Sciences, Inc.* (Biotechnology) | | | 57 | | | | 513 | |
| Alta Equipment Group, Inc.* (Trading Companies & Distributors) | | | 93 | | | | 1,236 | |
| Altabancorp (Banks) | | | 89 | | | | 3,855 | |
| Altair Engineering, Inc.*—Class A (Software) | | | 224 | | | | 15,449 | |
| Altimmune, Inc.* (Biotechnology) | | | 160 | | | | 1,576 | |
| Alto Ingredients, Inc.* (Oil, Gas & Consumable Fuels) | | | 352 | | | | 2,151 | |
| Altra Industrial Motion Corp. (Machinery) | | | 319 | | | | 20,741 | |
| Altus Midstream Co.—Class A (Oil, Gas & Consumable Fuels) | | | 16 | | | | 1,080 | |
| ALX Oncology Holdings, Inc.* (Biotechnology) | | | 87 | | | | 4,757 | |
| Amalgamated Financial Corp. (Banks) | | | 67 | | | | 1,047 | |
| A-Mark Precious Metals, Inc. (Diversified Financial Services) | | | 43 | | | | 2,000 | |
| Ambac Financial Group, Inc.* (Insurance) | | | 224 | | | | 3,508 | |
| Ambarella, Inc.* (Semiconductors & Semiconductor Equipment) | | | 172 | | | | 18,340 | |
| AMC Entertainment Holdings, Inc.*(a)—Class A (Entertainment) | | | 2,007 | | | | 113,757 | |
| AMC Networks, Inc.*—Class A (Media) | | | 143 | | | | 9,552 | |
| Amerant Bancorp, Inc.* (Banks) | | | 103 | | | | 2,202 | |
| Ameresco, Inc.*—Class A (Construction & Engineering) | | | 152 | | | | 9,533 | |
| American Assets Trust, Inc. (Equity Real Estate Investment Trusts) | | | 246 | | | | 9,173 | |
| American Axle & Manufacturing Holdings, Inc.* (Auto Components) | | | 556 | | | | 5,755 | |
| American Eagle Outfitters, Inc. (Specialty Retail) | | | 750 | | | | 28,149 | |
| American Equity Investment Life Holding Co. (Insurance) | | | 421 | | | | 13,607 | |
| American Finance Trust, Inc. (Equity Real Estate Investment Trusts) | | | 539 | | | | 4,571 | |
| American National Bankshares, Inc. (Banks) | | | 52 | | | | 1,617 | |
| American National Group, Inc. (Insurance) | | | 37 | | | | 5,496 | |
| American Outdoor Brands, Inc.* (Leisure Products) | | | 69 | | | | 2,425 | |
| American Public Education, Inc.* (Diversified Consumer Services) | | | 92 | | | | 2,607 | |
| American Software, Inc.—Class A (Software) | | | 152 | | | | 3,338 | |
| American States Water Co. (Water Utilities) | | | 182 | | | | 14,479 | |
| American Superconductor Corp.* (Electrical Equipment) | | | 133 | | | | 2,313 | |
| American Vanguard Corp. (Chemicals) | | | 145 | | | | 2,539 | |
| American Well Corp.*—Class A (Health Care Technology) | | | 959 | | | | 12,064 | |
| American Woodmark Corp.* (Building Products) | | | 84 | | | | 6,862 | |
| America's Car-Mart, Inc.* (Specialty Retail) | | | 30 | | | | 4,252 | |
| Ameris Bancorp (Banks) | | | 328 | | | | 16,607 | |
| AMERISAFE, Inc. (Insurance) | | | 94 | | | | 5,611 | |
| Amicus Therapeutics, Inc.* (Biotechnology) | | | 1,296 | | | | 12,493 | |
See accompanying notes to financial statements.
306 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment) | | | 503 | | | $ | 11,906 | |
| AMMO, Inc.* (Leisure Products) | | | 325 | | | | 3,182 | |
| AMN Healthcare Services, Inc.* (Health Care Providers & Services) | | | 232 | | | | 22,499 | |
| Amneal Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 491 | | | | 2,514 | |
| Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 182 | | | | 3,669 | |
| Ampio Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 937 | | | | 1,565 | |
| Amyris, Inc.* (Oil, Gas & Consumable Fuels) | | | 824 | | | | 13,489 | |
| AnaptysBio, Inc.* (Biotechnology) | | | 95 | | | | 2,463 | |
| Anavex Life Sciences Corp.* (Biotechnology) | | | 306 | | | | 6,995 | |
| AngioDynamics, Inc.* (Health Care Equipment & Supplies) | | | 182 | | | | 4,938 | |
| Angion Biomedica Corp.* (Pharmaceuticals) | | | 29 | | | | 378 | |
| ANI Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 48 | | | | 1,682 | |
| Anika Therapeutics, Inc.* (Health Care Equipment & Supplies) | | | 71 | | | | 3,074 | |
| Annexon, Inc.* (Biotechnology) | | | 154 | | | | 3,467 | |
| Antares Pharma, Inc.* (Health Care Equipment & Supplies) | | | 823 | | | | 3,588 | |
| Anterix, Inc.* (Diversified Telecommunication Services) | | | 55 | | | | 3,299 | |
| Antero Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 1,410 | | | | 21,192 | |
| Apartment Investment and Management Co. (Equity Real Estate Investment Trusts) | | | 734 | | | | 4,925 | |
| Apellis Pharmaceuticals, Inc.* (Biotechnology) | | | 320 | | | | 20,224 | |
| API Group Corp.* (Construction & Engineering) | | | 889 | | | | 18,571 | |
| Apogee Enterprises, Inc. (Building Products) | | | 125 | | | | 5,091 | |
| Apollo Commercial Real Estate Finance, Inc. (Mortgage Real Estate Investment Trusts) | | | 692 | | | | 11,037 | |
| Apollo Medical Holdings, Inc.* (Health Care Providers & Services) | | | 179 | | | | 11,243 | |
| Appfolio, Inc.* (Software) | | | 92 | | | | 12,990 | |
| AppHarvest, Inc.*(a) (Food Products) | | | 236 | | | | 3,776 | |
| Appian Corp.* (Software) | | | 194 | | | | 26,724 | |
| Apple Hospitality REIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,035 | | | | 15,794 | |
| Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | | | 191 | | | | 17,392 | |
| Applied Molecular Transport, Inc.* (Biotechnology) | | | 121 | | | | 5,535 | |
| Applied Therapeutics, Inc.* (Biotechnology) | | | 87 | | | | 1,808 | |
| Apria, Inc.* (Health Care Providers & Services) | | | 37 | | | | 1,036 | |
| Apyx Medical Corp.* (Health Care Equipment & Supplies) | | | 154 | | | | 1,588 | |
| AquaBounty Technologies, Inc.* (Biotechnology) | | | 259 | | | | 1,388 | |
| Arbor Realty Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 627 | | | | 11,173 | |
| Arbutus Biopharma Corp.* (Biotechnology) | | | 385 | | | | 1,167 | |
| ArcBest Corp. (Road & Rail) | | | 125 | | | | 7,274 | |
| Arch Resources, Inc.* (Oil, Gas & Consumable Fuels) | | | 75 | | | | 4,274 | |
| Archrock, Inc. (Energy Equipment & Services) | | | 665 | | | | 5,925 | |
| Arcimoto, Inc.*(a) (Automobiles) | | | 135 | | | | 2,321 | |
| Arconic Corp.* (Metals & Mining) | | | 544 | | | | 19,376 | |
| Arcosa, Inc. (Construction & Engineering) | | | 239 | | | | 14,039 | |
| Arcturus Therapeutics Holdings, Inc.* (Biotechnology) | | | 104 | | | | 3,519 | |
| Arcus Biosciences, Inc.* (Biotechnology) | | | 223 | | | | 6,124 | |
| Arcutis Biotherapeutics, Inc.* (Biotechnology) | | | 136 | | | | 3,711 | |
| Ardelyx, Inc.* (Biotechnology) | | | 417 | | | | 3,161 | |
| Arena Pharmaceuticals, Inc.* (Biotechnology) | | | 301 | | | | 20,528 | |
| Ares Commercial Real Estate Corp. (Mortgage Real Estate Investment Trusts) | | | 186 | | | | 2,732 | |
| Argan, Inc. (Construction & Engineering) | | | 74 | | | | 3,536 | |
| Argo Group International Holdings, Ltd. (Insurance) | | | 156 | | | | 8,085 | |
| Arko Corp.* (Specialty Retail) | | | 101 | | | | 928 | |
| Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 401 | | | | 2,715 | |
| Armada Hoffler Properties, Inc. (Equity Real Estate Investment Trusts) | | | 294 | | | | 3,907 | |
| ARMOUR Residential REIT, Inc. (Mortgage Real Estate Investment Trusts) | | | 349 | | | | 3,986 | |
| Array Technologies, Inc.* (Electrical Equipment) | | | 629 | | | | 9,812 | |
| Arrow Financial Corp. (Banks) | | | 66 | | | | 2,373 | |
| Arrowhead Pharmaceuticals, Inc.* (Biotechnology) | | | 500 | | | | 41,409 | |
| Artesian Resources Corp.—Class A (Water Utilities) | | | 40 | | | | 1,471 | |
| Artisan Partners Asset Management, Inc. (Capital Markets) | | | 288 | | | | 14,636 | |
| Arvinas, Inc.* (Pharmaceuticals) | | | 215 | | | | 16,556 | |
| Asana, Inc.*—Class A (Software) | | | 364 | | | | 22,579 | |
| Asbury Automotive Group, Inc.* (Specialty Retail) | | | 95 | | | | 16,280 | |
| Asensus Surgical, Inc.* (Health Care Equipment & Supplies) | | | 1,153 | | | | 3,655 | |
| ASGN, Inc.* (Professional Services) | | | 256 | | | | 24,813 | |
| Ashford Hospitality Trust, Inc.* (Equity Real Estate Investment Trusts) | | | 540 | | | | 2,462 | |
| Aspen Aerogels, Inc.* (Energy Equipment & Services) | | | 106 | | | | 3,172 | |
| Aspira Women's Health, Inc.* (Health Care Equipment & Supplies) | | | 358 | | | | 2,012 | |
| Assetmark Financial Holdings, Inc.* (Capital Markets) | | | 88 | | | | 2,205 | |
| Associated Banc-Corp. (Banks) | | | 746 | | | | 15,278 | |
| Associated Capital Group, Inc.—Class A (Capital Markets) | | | 8 | | | | 311 | |
| Astec Industries, Inc. (Machinery) | | | 112 | | | | 7,049 | |
| Astronics Corp.* (Aerospace & Defense) | | | 118 | | | | 2,066 | |
| At Home Group, Inc.* (Specialty Retail) | | | 324 | | | | 11,936 | |
| Atara Biotherapeutics, Inc.* (Biotechnology) | | | 407 | | | | 6,329 | |
| Atea Pharmaceuticals, Inc.* (Biotechnology) | | | 318 | | | | 6,831 | |
| Aterian, Inc.*(a) (Household Durables) | | | 98 | | | | 1,434 | |
| Athenex, Inc.* (Biotechnology) | | | 426 | | | | 1,968 | |
| Athersys, Inc.* (Biotechnology) | | | 991 | | | | 1,427 | |
| Athira Pharma, Inc.* (Pharmaceuticals) | | | 159 | | | | 1,628 | |
| Atkore, Inc.* (Electrical Equipment) | | | 232 | | | | 16,472 | |
| Atlantic Capital Bancshares, Inc.* (Banks) | | | 97 | | | | 2,470 | |
| Atlantic Union Bankshares (Banks) | | | 388 | | | | 14,053 | |
| Atlanticus Holdings Corp.* (Consumer Finance) | | | 26 | | | | 1,032 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 307
Common Stocks, continued
| | | Shares | | | Value | |
| Atlas Air Worldwide Holdings, Inc.* (Air Freight & Logistics) | | | 142 | | | $ | 9,672 | |
| Atlas Technical Consultants, Inc.* (Professional Services) | | | 66 | | | | 639 | |
| ATN International, Inc. (Diversified Telecommunication Services) | | | 55 | | | | 2,502 | |
| Atomera, Inc.* (Semiconductors & Semiconductor Equipment) | | | 100 | | | | 2,144 | |
| Atossa Therapeutics, Inc.*(a) (Health Care Equipment & Supplies) | | | 577 | | | | 3,647 | |
| Atreca, Inc.*—Class A (Biotechnology) | | | 128 | | | | 1,091 | |
| AtriCure, Inc.* (Health Care Equipment & Supplies) | | | 221 | | | | 17,532 | |
| Atrion Corp. (Health Care Equipment & Supplies) | | | 7 | | | | 4,347 | |
| Avanos Medical, Inc.* (Health Care Equipment & Supplies) | | | 237 | | | | 8,620 | |
| Avaya Holdings Corp.*—Class C (Software) | | | 407 | | | | 10,948 | |
| Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services) | | | 190 | | | | 2,350 | |
| Aviat Networks, Inc.* (Communications Equipment) | | | 48 | | | | 1,573 | |
| Avid Bioservices, Inc.* (Biotechnology) | | | 298 | | | | 7,644 | |
| Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals) | | | 178 | | | | 6,969 | |
| Avidity Biosciences, Inc.* (Biotechnology) | | | 149 | | | | 3,682 | |
| Avient Corp. (Chemicals) | | | 449 | | | | 22,074 | |
| Avis Budget Group, Inc.* (Road & Rail) | | | 252 | | | | 19,628 | |
| Avista Corp. (Multi-Utilities) | | | 342 | | | | 14,593 | |
| Avita Medical, Inc.* (Biotechnology) | | | 118 | | | | 2,421 | |
| Avrobio, Inc.* (Biotechnology) | | | 179 | | | | 1,591 | |
| Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment) | | | 164 | | | | 6,629 | |
| AxoGen, Inc.* (Health Care Equipment & Supplies) | | | 188 | | | | 4,063 | |
| Axonics, Inc.* (Health Care Equipment & Supplies) | | | 205 | | | | 12,999 | |
| Axos Financial, Inc.*—Class I (Thrifts & Mortgage Finance) | | | 281 | | | | 13,036 | |
| Axsome Therapeutics, Inc.* (Pharmaceuticals) | | | 137 | | | | 9,242 | |
| AXT, Inc.* (Semiconductors & Semiconductor Equipment) | | | 197 | | | | 2,163 | |
| AZZ, Inc. (Electrical Equipment) | | | 123 | | | | 6,369 | |
| B Riley Financial, Inc. (Capital Markets) | | | 98 | | | | 7,399 | |
| B&G Foods, Inc.(a)—Class A (Food Products) | | | 316 | | | | 10,365 | |
| Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment) | | | 274 | | | | 2,159 | |
| Badger Meter, Inc. (Electronic Equipment, Instruments & Components) | | | 144 | | | | 14,129 | |
| Balchem Corp. (Chemicals) | | | 159 | | | | 20,871 | |
| Bally's Corp.* (Hotels, Restaurants & Leisure) | | | 161 | | | | 8,712 | |
| Banc of California, Inc. (Banks) | | | 223 | | | | 3,911 | |
| BancFirst Corp. (Banks) | | | 85 | | | | 5,307 | |
| Banco Latinoamericano de Comercio Exterior S.A.—Class E (Diversified Financial Services) | | | 153 | | | | 2,352 | |
| BancorpSouth Bank (Banks) | | | 502 | | | | 14,222 | |
| Bandwidth, Inc.* (Diversified Telecommunication Services) | | | 113 | | | | 15,585 | |
| Bank First Corp. (Banks) | | | 33 | | | | 2,302 | |
| Bank of Marin Bancorp (Banks) | | | 63 | | | | 2,010 | |
| BankUnited, Inc. (Banks) | | | 459 | | | | 19,595 | |
| Banner Corp. (Banks) | | | 171 | | | | 9,270 | |
| Bar Harbor Bankshares (Banks) | | | 73 | | | | 2,089 | |
| Barnes & Noble Education, Inc.* (Specialty Retail) | | | 189 | | | | 1,363 | |
| Barnes Group, Inc. (Machinery) | | | 233 | | | | 11,941 | |
| Barrett Business Services, Inc. (Professional Services) | | | 37 | | | | 2,687 | |
| Bassett Furniture Industries, Inc. (Household Durables) | | | 46 | | | | 1,120 | |
| Beacon Roofing Supply, Inc.* (Trading Companies & Distributors) | | | 275 | | | | 14,644 | |
| Beam Global* (Electrical Equipment) | | | 43 | | | | 1,647 | |
| Beam Therapeutics, Inc.* (Biotechnology) | | | 232 | | | | 29,861 | |
| Beauty Health Co. (The)* (Personal Products) | | | 229 | | | | 3,847 | |
| Beazer Homes USA, Inc.* (Household Durables) | | | 144 | | | | 2,778 | |
| Bed Bath & Beyond, Inc.* (Specialty Retail) | | | 541 | | | | 18,010 | |
| Belden, Inc. (Electronic Equipment, Instruments & Components) | | | 218 | | | | 11,024 | |
| BellRing Brands, Inc.*—Class A (Personal Products) | | | 196 | | | | 6,143 | |
| Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 176 | | | | 5,009 | |
| Benefitfocus, Inc.* (Software) | | | 123 | | | | 1,734 | |
| Berkeley Lights, Inc.* (Life Sciences Tools & Services) | | | 236 | | | | 10,575 | |
| Berkshire Hills Bancorp, Inc. (Banks) | | | 251 | | | | 6,880 | |
| Berry Corp. (Oil, Gas & Consumable Fuels) | | | 332 | | | | 2,231 | |
| Beyondspring, Inc.* (Biotechnology) | | | 110 | | | | 1,148 | |
| BGC Partners, Inc.—Class A (Capital Markets) | | | 1,635 | | | | 9,270 | |
| Big 5 Sporting Goods Corp. (Specialty Retail) | | | 103 | | | | 2,645 | |
| Big Lots, Inc. (Multiline Retail) | | | 171 | | | | 11,288 | |
| BigCommerce Holdings, Inc.*—Class I (IT Services) | | | 232 | | | | 15,061 | |
| Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure) | | | 4 | | | | 638 | |
| BioAtla, Inc.* (Biotechnology) | | | 60 | | | | 2,543 | |
| BioCryst Pharmaceuticals, Inc.* (Biotechnology) | | | 876 | | | | 13,850 | |
| BioDelivery Sciences International, Inc.* (Pharmaceuticals) | | | 459 | | | | 1,643 | |
| Biodesix, Inc.* (Health Care Providers & Services) | | | 61 | | | | 806 | |
| Biohaven Pharmaceutical Holding Co., Ltd.* (Biotechnology) | | | 266 | | | | 25,823 | |
| Biolife Solutions, Inc.* (Health Care Equipment & Supplies) | | | 120 | | | | 5,341 | |
| Biomea Fusion, Inc.* (Biotechnology) | | | 43 | | | | 671 | |
| Bionano Genomics, Inc.*(a) (Life Sciences Tools & Services) | | | 1,386 | | | | 10,159 | |
| Bioventus, Inc.*—Class A (Health Care Equipment & Supplies) | | | 41 | | | | 722 | |
| Bioxcel Therapeutics, Inc.* (Biotechnology) | | | 75 | | | | 2,180 | |
| BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure) | | | 111 | | | | 5,455 | |
| BJ's Wholesale Club Holdings, Inc.* (Food & Staples Retailing) | | | 676 | | | | 32,163 | |
| Black Diamond Therapeutics, Inc.* (Biotechnology) | | | 112 | | | | 1,365 | |
See accompanying notes to financial statements.
308 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Black Hills Corp. (Multi-Utilities) | | | 311 | | | $ | 20,411 | |
| Blackbaud, Inc.* (Software) | | | 239 | | | | 18,300 | |
| Blackline, Inc.* (Software) | | | 264 | | | | 29,376 | |
| Blackstone Mortgage Trust, Inc.—Class A (Mortgage Real Estate Investment Trusts) | | | 683 | | | | 21,782 | |
| Blink Charging Co.*(a) (Specialty Retail) | | | 180 | | | | 7,411 | |
| Bloom Energy Corp.* (Electrical Equipment) | | | 686 | | | | 18,433 | |
| Bloomin' Brands, Inc.* (Hotels, Restaurants & Leisure) | | | 437 | | | | 11,860 | |
| Blucora, Inc.* (Capital Markets) | | | 240 | | | | 4,154 | |
| Blue Bird Corp.* (Machinery) | | | 78 | | | | 1,939 | |
| Blue Ridge Bankshares, Inc. (Banks) | | | 85 | | | | 1,489 | |
| Bluebird Bio, Inc.* (Biotechnology) | | | 333 | | | | 10,649 | |
| Bluegreen Vacations Holding Corp.* (Hotels, Restaurants & Leisure) | | | 75 | | | | 1,350 | |
| BlueLinx Holdings, Inc.* (Trading Companies & Distributors) | | | 44 | | | | 2,212 | |
| Blueprint Medicines Corp.* (Biotechnology) | | | 288 | | | | 25,332 | |
| BM Technologies, Inc.* (IT Services) | | | 23 | | | | 286 | |
| Boise Cascade Co. (Paper & Forest Products) | | | 194 | | | | 11,319 | |
| Bolt Biotherapeutics, Inc.* (Biotechnology) | | | 57 | | | | 881 | |
| Bonanza Creek Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 152 | | | | 7,155 | |
| Boot Barn Holdings, Inc.* (Specialty Retail) | | | 142 | | | | 11,935 | |
| Boston Omaha Corp.*—Class A (Media) | | | 86 | | | | 2,727 | |
| Boston Private Financial Holdings, Inc. (Banks) | | | 405 | | | | 5,974 | |
| Bottomline Technologies, Inc.* (Software) | | | 218 | | | | 8,083 | |
| Box, Inc.*—Class A (Software) | | | 726 | | | | 18,549 | |
| Brady Corp.—Class A (Commercial Services & Supplies) | | | 232 | | | | 13,001 | |
| Braemar Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 219 | | | | 1,360 | |
| Brandywine Realty Trust (Equity Real Estate Investment Trusts) | | | 836 | | | | 11,462 | |
| Bridgebio Pharma, Inc.* (Biotechnology) | | | 530 | | | | 32,308 | |
| Bridgewater Bancshares, Inc.* (Thrifts & Mortgage Finance) | | | 104 | | | | 1,680 | |
| Brigham Minerals, Inc. (Oil, Gas & Consumable Fuels) | | | 215 | | | | 4,577 | |
| Brightcove, Inc.* (IT Services) | | | 198 | | | | 2,841 | |
| Brightsphere Investment Group, Inc. (Capital Markets) | | | 286 | | | | 6,701 | |
| BrightSpire Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 416 | | | | 3,910 | |
| BrightView Holdings, Inc.* (Commercial Services & Supplies) | | | 202 | | | | 3,256 | |
| Brinker International, Inc.* (Hotels, Restaurants & Leisure) | | | 224 | | | | 13,854 | |
| Bristow Group, Inc.* (Energy Equipment & Services) | | | 32 | | | | 820 | |
| Broadmark Realty Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 633 | | | | 6,703 | |
| Broadstone Net Lease, Inc. (Equity Real Estate Investment Trusts) | | | 701 | | | | 16,410 | |
| Brookdale Senior Living, Inc.* (Health Care Providers & Services) | | | 912 | | | | 7,205 | |
| Brookfield Infrastructure Corp.—Class A (Gas Utilities) | | | 180 | | | | 13,572 | |
| Brookline Bancorp, Inc. (Banks) | | | 378 | | | | 5,651 | |
| Brooklyn ImmunoTherapeutics, Inc.*(a) (Entertainment) | | | 117 | | | | 2,107 | |
| BRP Group, Inc.*—Class A (Insurance) | | | 227 | | | | 6,050 | |
| BRT Apartments Corp. (Equity Real Estate Investment Trusts) | | | 54 | | | | 936 | |
| Bryn Mawr Bank Corp. (Banks) | | | 98 | | | | 4,135 | |
| BTRS Holdings, Inc.* (Software) | | | 234 | | | | 2,953 | |
| Business First Bancshares, Inc. (Banks) | | | 96 | | | | 2,203 | |
| Butterfly Network, Inc.* (Health Care Equipment & Supplies) | | | 160 | | | | 2,317 | |
| Byline Bancorp, Inc. (Banks) | | | 126 | | | | 2,851 | |
| Byrna Technologies, Inc.* (Aerospace & Defense) | | | 52 | | | | 1,181 | |
| C4 Therapeutics, Inc.* (Biotechnology) | | | 170 | | | | 6,433 | |
| Cabot Corp. (Chemicals) | | | 277 | | | | 15,770 | |
| Cactus, Inc.—Class A (Energy Equipment & Services) | | | 269 | | | | 9,877 | |
| Cadence Bancorp (Banks) | | | 606 | | | | 12,653 | |
| Cadiz, Inc.* (Water Utilities) | | | 98 | | | | 1,333 | |
| Caesarstone, Ltd. (Building Products) | | | 111 | | | | 1,638 | |
| CAI International, Inc. (Trading Companies & Distributors) | | | 80 | | | | 4,480 | |
| CalAmp Corp.* (Communications Equipment) | | | 172 | | | | 2,188 | |
| Calavo Growers, Inc. (Food Products) | | | 84 | | | | 5,327 | |
| Caleres, Inc. (Specialty Retail) | | | 182 | | | | 4,967 | |
| California Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 414 | | | | 12,478 | |
| California Water Service Group (Water Utilities) | | | 250 | | | | 13,885 | |
| Calix, Inc.* (Communications Equipment) | | | 269 | | | | 12,777 | |
| Callaway Golf Co.* (Leisure Products) | | | 570 | | | | 19,226 | |
| Callon Petroleum Co.* (Oil, Gas & Consumable Fuels) | | | 197 | | | | 11,365 | |
| Cal-Maine Foods, Inc. (Food Products) | | | 176 | | | | 6,373 | |
| Cambium Networks Corp.* (Communications Equipment) | | | 44 | | | | 2,127 | |
| Cambridge Bancorp (Banks) | | | 34 | | | | 2,822 | |
| Camden National Corp. (Banks) | | | 73 | | | | 3,486 | |
| Camping World Holdings, Inc.—Class A (Specialty Retail) | | | 210 | | | | 8,608 | |
| Cannae Holdings, Inc.* (Diversified Financial Services) | | | 431 | | | | 14,614 | |
| Canoo, Inc.*(a) (Automobiles) | | | 393 | | | | 3,906 | |
| Cantaloupe, Inc.* (IT Services) | | | 287 | | | | 3,404 | |
| Capital Bancorp, Inc.* (Banks) | | | 38 | | | | 777 | |
| Capital City Bank Group, Inc. (Banks) | | | 66 | | | | 1,702 | |
| Capitol Federal Financial, Inc. (Thrifts & Mortgage Finance) | | | 640 | | | | 7,539 | |
| Capstar Financial Holdings, Inc. (Banks) | | | 101 | | | | 2,071 | |
| Capstead Mortgage Corp. (Mortgage Real Estate Investment Trusts) | | | 470 | | | | 2,886 | |
| Cara Therapeutics, Inc.* (Biotechnology) | | | 219 | | | | 3,125 | |
| Cardiff Oncology, Inc.* (Biotechnology) | | | 178 | | | | 1,184 | |
| Cardiovascular Systems, Inc.* (Health Care Equipment & Supplies) | | | 194 | | | | 8,274 | |
| Cardlytics, Inc.* (Media) | | | 158 | | | | 20,056 | |
| CareDx, Inc.* (Biotechnology) | | | 247 | | | | 22,605 | |
| CareTrust REIT, Inc. (Equity Real Estate Investment Trusts) | | | 476 | | | | 11,057 | |
| Cargurus, Inc.* (Interactive Media & Services) | | | 458 | | | | 12,013 | |
| CarLotz, Inc.* (Specialty Retail) | | | 214 | | | | 1,168 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 309
Common Stocks, continued
| | | Shares | | | Value | |
| CarParts.com, Inc.* (Internet & Direct Marketing Retail) | | | 233 | | | $ | 4,744 | |
| Carpenter Technology Corp. (Metals & Mining) | | | 235 | | | | 9,452 | |
| Carriage Services, Inc. (Diversified Consumer Services) | | | 82 | | | | 3,032 | |
| Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | | 165 | | | | 992 | |
| Cars.com, Inc.* (Interactive Media & Services) | | | 337 | | | | 4,829 | |
| Carter Bankshares, Inc.* (Banks) | | | 128 | | | | 1,601 | |
| Casa Systems, Inc.* (Communications Equipment) | | | 155 | | | | 1,375 | |
| Casella Waste Systems, Inc.*—Class A (Commercial Services & Supplies) | | | 242 | | | | 15,350 | |
| Casper Sleep, Inc.* (Household Durables) | | | 143 | | | | 1,178 | |
| Cass Information Systems, Inc. (IT Services) | | | 70 | | | | 2,853 | |
| Cassava Sciences, Inc.* (Pharmaceuticals) | | | 189 | | | | 16,149 | |
| Castle Biosciences, Inc.* (Biotechnology) | | | 105 | | | | 7,700 | |
| Castlight Health, Inc.*—Class B (Health Care Technology) | | | 589 | | | | 1,549 | |
| Catalyst Pharmaceuticals, Inc.* (Biotechnology) | | | 478 | | | | 2,749 | |
| CatchMark Timber Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 241 | | | | 2,820 | |
| Cathay General Bancorp (Banks) | | | 377 | | | | 14,839 | |
| Cavco Industries, Inc.* (Household Durables) | | | 46 | | | | 10,221 | |
| CBIZ, Inc.* (Professional Services) | | | 247 | | | | 8,094 | |
| CBTX, Inc. (Banks) | | | 91 | | | | 2,485 | |
| CECO Environmental Corp.* (Commercial Services & Supplies) | | | 153 | | | | 1,095 | |
| Celcuity, Inc.* (Biotechnology) | | | 39 | | | | 936 | |
| Celldex Therapeutics, Inc.* (Biotechnology) | | | 193 | | | | 6,454 | |
| CEL-SCI Corp.* (Biotechnology) | | | 175 | | | | 1,519 | |
| Celsius Holdings, Inc.* (Beverages) | | | 224 | | | | 17,043 | |
| Centennial Resource Development, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 892 | | | | 6,048 | |
| Centerspace (Equity Real Estate Investment Trusts) | | | 65 | | | | 5,129 | |
| Central Garden & Pet Co.* (Household Products) | | | 49 | | | | 2,594 | |
| Central Garden & Pet Co.*—Class A (Household Products) | | | 199 | | | | 9,612 | |
| Central Pacific Financial Corp. (Banks) | | | 136 | | | | 3,544 | |
| Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels) | | | 47 | | | | 1,193 | |
| Century Aluminum Co.* (Metals & Mining) | | | 253 | | | | 3,261 | |
| Century Bancorp, Inc.—Class A (Banks) | | | 13 | | | | 1,482 | |
| Century Casinos, Inc.* (Hotels, Restaurants & Leisure) | | | 134 | | | | 1,800 | |
| Century Communities, Inc. (Household Durables) | | | 148 | | | | 9,848 | |
| Cerecor, Inc.* (Pharmaceuticals) | | | 261 | | | | 853 | |
| Cerence, Inc.* (Software) | | | 186 | | | | 19,848 | |
| Cerevel Therapeutics Holdings, Inc.*(a) (Biotechnology) | | | 174 | | | | 4,458 | |
| Cerus Corp.* (Health Care Equipment & Supplies) | | | 829 | | | | 4,899 | |
| CEVA, Inc.* (Semiconductors & Semiconductor Equipment) | | | 111 | | | | 5,250 | |
| ChampionX Corp.* (Energy Equipment & Services) | | | 1,000 | | | | 25,649 | |
| ChannelAdvisor Corp.* (Software) | | | 144 | | | | 3,529 | |
| Chart Industries, Inc.* (Machinery) | | | 180 | | | | 26,337 | |
| Chase Corp. (Chemicals) | | | 37 | | | | 3,797 | |
| Chatham Lodging Trust* (Equity Real Estate Investment Trusts) | | | 236 | | | | 3,037 | |
| Chefs' Warehouse, Inc.* (Food & Staples Retailing) | | | 155 | | | | 4,934 | |
| ChemoCentryx, Inc.* (Biotechnology) | | | 266 | | | | 3,562 | |
| Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | | | 487 | | | | 25,285 | |
| Chesapeake Utilities Corp. (Gas Utilities) | | | 85 | | | | 10,228 | |
| Chicken Soup For The Soul Entertainment, Inc.* (Entertainment) | | | 57 | | | | 2,360 | |
| Chico's FAS, Inc.* (Specialty Retail) | | | 593 | | | | 3,902 | |
| Chimera Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 1,135 | | | | 17,093 | |
| Chimerix, Inc.* (Biotechnology) | | | 360 | | | | 2,880 | |
| Chinook Therapeutics, Inc.* (Biotechnology) | | | 155 | | | | 2,189 | |
| ChromaDex Corp.* (Life Sciences Tools & Services) | | | 231 | | | | 2,278 | |
| Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 98 | | | | 3,651 | |
| Cimpress PLC* (Commercial Services & Supplies) | | | 86 | | | | 9,323 | |
| Cincinnati Bell, Inc.* (Diversified Telecommunication Services) | | | 249 | | | | 3,840 | |
| Cinemark Holdings, Inc.* (Entertainment) | | | 533 | | | | 11,699 | |
| CIRCOR International, Inc.* (Machinery) | | | 91 | | | | 2,967 | |
| CIT Group, Inc. (Banks) | | | 489 | | | | 25,228 | |
| Citi Trends, Inc.* (Specialty Retail) | | | 44 | | | | 3,828 | |
| Citius Pharmaceuticals, Inc.*(a) (Pharmaceuticals) | | | 560 | | | | 1,949 | |
| Citizens & Northern Corp. (Banks) | | | 77 | | | | 1,887 | |
| Citizens, Inc.* (Insurance) | | | 246 | | | | 1,301 | |
| City Holding Co. (Banks) | | | 76 | | | | 5,718 | |
| City Office REIT, Inc. (Equity Real Estate Investment Trusts) | | | 211 | | | | 2,623 | |
| Civista Bancshares, Inc. (Banks) | | | 77 | | | | 1,702 | |
| Clarus Corp. (Leisure Products) | | | 119 | | | | 3,058 | |
| Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels) | | | 685 | | | | 6,953 | |
| Cleanspark, Inc.* (Software) | | | 161 | | | | 2,679 | |
| Clear Channel Outdoor Holdings, Inc.* (Media) | | | 1,790 | | | | 4,726 | |
| Clearfield, Inc.* (Communications Equipment) | | | 56 | | | | 2,097 | |
| ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies) | | | 93 | | | | 1,775 | |
| Clearwater Paper Corp.* (Paper & Forest Products) | | | 81 | | | | 2,347 | |
| Clearway Energy, Inc.—Class A (Independent Power and Renewable Electricity Producers) | | | 172 | | | | 4,338 | |
| Clearway Energy, Inc.—Class C (Independent Power and Renewable Electricity Producers) | | | 404 | | | | 10,698 | |
| Clene, Inc.* (Biotechnology) | | | 113 | | | | 1,270 | |
| Clipper Realty, Inc. (Equity Real Estate Investment Trusts) | | | 60 | | | | 441 | |
| Cloudera, Inc.* (Software) | | | 1,141 | | | | 18,096 | |
| Clovis Oncology, Inc.* (Biotechnology) | | | 491 | | | | 2,848 | |
| CMC Materials, Inc. (Semiconductors & Semiconductor Equipment) | | | 144 | | | | 21,707 | |
| CNB Financial Corp. (Banks) | | | 79 | | | | 1,803 | |
See accompanying notes to financial statements.
310 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| CNO Financial Group, Inc. (Insurance) | | | 647 | | | $ | 15,282 | |
| CNX Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 1,078 | | | | 14,725 | |
| Coastal Financial Corp.* (Banks) | | | 47 | | | | 1,342 | |
| Coca-Cola Consolidated, Inc. (Beverages) | | | 23 | | | | 9,249 | |
| Codexis, Inc.* (Life Sciences Tools & Services) | | | 297 | | | | 6,730 | |
| Codiak Biosciences, Inc.* (Biotechnology) | | | 77 | | | | 1,427 | |
| Coeur Mining, Inc.* (Metals & Mining) | | | 1,195 | | | | 10,612 | |
| Cogent Biosciences, Inc.* (Biotechnology) | | | 183 | | | | 1,484 | |
Cogent Communications Holdings, Inc.
(Diversified Telecommunication Services) | | | 210 | | | | 16,147 | |
| Cohen & Steers, Inc. (Capital Markets) | | | 123 | | | | 10,097 | |
| Coherus Biosciences, Inc.* (Biotechnology) | | | 316 | | | | 4,370 | |
| Cohu, Inc.* (Semiconductors & Semiconductor Equipment) | | | 236 | | | | 8,682 | |
| Collegium Pharmaceutical, Inc.* (Pharmaceuticals) | | | 173 | | | | 4,090 | |
| Columbia Banking System, Inc. (Banks) | | | 355 | | | | 13,689 | |
| Columbia Financial, Inc.* (Thrifts & Mortgage Finance) | | | 198 | | | | 3,410 | |
| Columbia Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 565 | | | | 9,825 | |
| Columbus McKinnon Corp. (Machinery) | | | 137 | | | | 6,609 | |
| Comfort Systems USA, Inc. (Construction & Engineering) | | | 176 | | | | 13,867 | |
| Commercial Metals Co. (Metals & Mining) | | | 592 | | | | 18,185 | |
| Commercial Vehicle Group, Inc.* (Machinery) | | | 158 | | | | 1,680 | |
| Community Bank System, Inc. (Banks) | | | 264 | | | | 19,972 | |
| Community Health Systems, Inc.* (Health Care Providers & Services) | | | 612 | | | | 9,449 | |
| Community Healthcare Trust, Inc. (Equity Real Estate Investment Trusts) | | | 115 | | | | 5,458 | |
| Community Trust Bancorp, Inc. (Banks) | | | 77 | | | | 3,109 | |
| CommVault Systems, Inc.* (Software) | | | 208 | | | | 16,259 | |
| Compass Minerals International, Inc. (Metals & Mining) | | | 169 | | | | 10,015 | |
| Computer Programs & Systems, Inc. (Health Care Technology) | | | 69 | | | | 2,293 | |
| CompX International, Inc. (Commercial Services & Supplies) | | | 8 | | | | 166 | |
| comScore, Inc.* (Media) | | | 339 | | | | 1,695 | |
| Comstock Resources, Inc.* (Oil, Gas & Consumable Fuels) | | | 451 | | | | 3,008 | |
| Comtech Telecommunications Corp. (Communications Equipment) | | | 126 | | | | 3,044 | |
| Concrete Pumping Holdings, Inc.* (Construction & Engineering) | | | 127 | | | | 1,076 | |
| Conduent, Inc.* (IT Services) | | | 826 | | | | 6,195 | |
| CONMED Corp. (Health Care Equipment & Supplies) | | | 143 | | | | 19,652 | |
| ConnectOne Bancorp, Inc. (Banks) | | | 184 | | | | 4,815 | |
| Conn's, Inc.* (Specialty Retail) | | | 88 | | | | 2,244 | |
| CONSOL Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 169 | | | | 3,121 | |
| Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services) | | | 359 | | | | 3,156 | |
| Constellation Pharmaceuticals, Inc.* (Biotechnology) | | | 179 | | | | 6,050 | |
| Constellium SE* (Metals & Mining) | | | 605 | | | | 11,465 | |
| Construction Partners, Inc.*—Class A (Construction & Engineering) | | | 140 | | | | 4,396 | |
| Contango Oil & Gas Co.* (Oil, Gas & Consumable Fuels) | | | 724 | | | | 3,128 | |
| Cooper-Standard Holding, Inc.* (Auto Components) | | | 83 | | | | 2,407 | |
| Corcept Therapeutics, Inc.* (Pharmaceuticals) | | | 476 | | | | 10,472 | |
| CoreCivic, Inc.* (Equity Real Estate Investment Trusts) | | | 591 | | | | 6,188 | |
| Core-Mark Holding Co., Inc. (Distributors) | | | 220 | | | | 9,901 | |
| CorePoint Lodging, Inc.* (Equity Real Estate Investment Trusts) | | | 194 | | | | 2,076 | |
| CorMedix, Inc.* (Pharmaceuticals) | | | 187 | | | | 1,283 | |
| Cornerstone Building Brands, Inc.* (Building Products) | | | 270 | | | | 4,909 | |
| Cornerstone OnDemand, Inc.* (Software) | | | 310 | | | | 15,990 | |
| Corporate Office Properties Trust (Equity Real Estate Investment Trusts) | | | 557 | | | | 15,590 | |
| Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals) | | | 133 | | | | 4,428 | |
| Cortexyme, Inc.* (Biotechnology) | | | 98 | | | | 5,194 | |
| CorVel Corp.* (Health Care Providers & Services) | | | 43 | | | | 5,775 | |
| Costamare, Inc. (Marine) | | | 260 | | | | 3,071 | |
| Coursera, Inc.* (Diversified Consumer Services) | | | 59 | | | | 2,334 | |
| Covanta Holding Corp. (Commercial Services & Supplies) | | | 590 | | | | 10,390 | |
| Covenant Logistics Group, Inc.*—Class A (Road & Rail) | | | 61 | | | | 1,261 | |
| Covetrus, Inc.* (Health Care Providers & Services) | | | 510 | | | | 13,770 | |
| Cowen, Inc.—Class A (Capital Markets) | | | 128 | | | | 5,254 | |
| CRA International, Inc. (Professional Services) | | | 35 | | | | 2,996 | |
| Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | | | 117 | | | | 17,370 | |
| Crawford & Co.—Class A (Insurance) | | | 80 | | | | 726 | |
| Crinetics Pharmaceuticals, Inc.* (Biotechnology) | | | 180 | | | | 3,393 | |
| Crocs, Inc.* (Textiles, Apparel & Luxury Goods) | | | 318 | | | | 37,054 | |
| Cross Country Healthcare, Inc.* (Health Care Providers & Services) | | | 177 | | | | 2,922 | |
| CrossFirst Bankshares, Inc.* (Banks) | | | 233 | | | | 3,204 | |
| CryoLife, Inc.* (Health Care Equipment & Supplies) | | | 187 | | | | 5,311 | |
| CryoPort, Inc.* (Health Care Equipment & Supplies) | | | 200 | | | | 12,620 | |
| CSG Systems International, Inc. (IT Services) | | | 160 | | | | 7,549 | |
| CSW Industrials, Inc. (Building Products) | | | 67 | | | | 7,937 | |
| CTO Realty Growth, Inc. (Equity Real Estate Investment Trusts) | | | 29 | | | | 1,552 | |
| CTS Corp. (Electronic Equipment, Instruments & Components) | | | 157 | | | | 5,834 | |
| Cue BioPharma, Inc.* (Biotechnology) | | | 147 | | | | 1,713 | |
| Cullinan Oncology, Inc.* (Biotechnology) | | | 65 | | | | 1,674 | |
| CuriosityStream, Inc.*(a) (Entertainment) | | | 128 | | | | 1,746 | |
| Curis, Inc.* (Biotechnology) | | | 427 | | | | 3,446 | |
| Curo Group Holdings Corp. (Consumer Finance) | | | 104 | | | | 1,768 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 311
Common Stocks, continued
| | | Shares | | | Value | |
| Cushman & Wakefield PLC* (Real Estate Management & Development) | | | 578 | | | $ | 10,098 | |
| Custom Truck One Source, Inc.* (Trading Companies & Distributors) | | | 64 | | | | 609 | |
| Customers Bancorp, Inc. (Banks) | | | 147 | | | | 5,732 | |
| Cutera, Inc.* (Health Care Equipment & Supplies) | | | 87 | | | | 4,266 | |
| CVB Financial Corp. (Banks) | | | 637 | | | | 13,116 | |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 146 | | | | 2,622 | |
| Cymabay Therapeutics, Inc.* (Pharmaceuticals) | | | 342 | | | | 1,491 | |
| Cytokinetics, Inc.* (Biotechnology) | | | 336 | | | | 6,649 | |
| CytomX Therapeutics, Inc.* (Biotechnology) | | | 320 | | | | 2,026 | |
| CytoSorbents Corp.* (Health Care Equipment & Supplies) | | | 203 | | | | 1,533 | |
| Daily Journal Corp.* (Media) | | | 6 | | | | 2,031 | |
| Daktronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 181 | | | | 1,193 | |
| Dana, Inc. (Auto Components) | | | 716 | | | | 17,012 | |
| Danimer Scientific, Inc.* (Chemicals) | | | 339 | | | | 8,492 | |
| DarioHealth Corp.* (Health Care Equipment & Supplies) | | | 66 | | | | 1,410 | |
| Daseke, Inc.* (Road & Rail) | | | 207 | | | | 1,341 | |
| Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 213 | | | | 8,648 | |
| Deciphera Pharmaceuticals, Inc.* (Biotechnology) | | | 194 | | | | 7,102 | |
| Del Taco Restaurants, Inc. (Hotels, Restaurants & Leisure) | | | 147 | | | | 1,471 | |
| Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels) | | | 325 | | | | 7,025 | |
| Deluxe Corp. (Commercial Services & Supplies) | | | 208 | | | | 9,936 | |
| Denali Therapeutics, Inc.* (Biotechnology) | | | 448 | | | | 35,140 | |
| Denbury, Inc.* (Oil, Gas & Consumable Fuels) | | | 249 | | | | 19,118 | |
| Denny's Corp.* (Hotels, Restaurants & Leisure) | | | 309 | | | | 5,095 | |
| DermTech, Inc.* (Biotechnology) | | | 117 | | | | 4,864 | |
| Design Therapeutics, Inc.* (Biotechnology) | | | 66 | | | | 1,313 | |
| Designer Brands, Inc.* (Specialty Retail) | | | 296 | | | | 4,899 | |
| Desktop Metal, Inc.*—Class A (Machinery) | | | 412 | | | | 4,738 | |
| DHT Holdings, Inc. (Oil, Gas & Consumable Fuels) | | | 714 | | | | 4,634 | |
| Diamond Hill Investment Group, Inc. (Capital Markets) | | | 15 | | | | 2,510 | |
| Diamond S Shipping, Inc.* (Oil, Gas & Consumable Fuels) | | | 154 | | | | 1,534 | |
| DiamondRock Hospitality Co.* (Equity Real Estate Investment Trusts) | | | 1,031 | | | | 10,001 | |
| Dicerna Pharmaceuticals, Inc.* (Biotechnology) | | | 339 | | | | 12,651 | |
| Diebold Nixdorf, Inc.* (Technology Hardware, Storage & Peripherals) | | | 355 | | | | 4,558 | |
| Digi International, Inc.* (Communications Equipment) | | | 167 | | | | 3,358 | |
| Digimarc Corp.* (Software) | | | 63 | | | | 2,111 | |
| Digital Media Solutions, Inc.*—Class A (Media) | | | 15 | | | | 145 | |
| Digital Turbine, Inc.* (Software) | | | 416 | | | | 31,629 | |
| DigitalBridge Group, Inc.* (Equity Real Estate Investment Trusts) | | | 2,357 | | | | 18,620 | |
| DigitalOcean Holdings, Inc.* (IT Services) | | | 64 | | | | 3,558 | |
| Dillard's, Inc.—Class A (Multiline Retail) | | | 31 | | | | 5,607 | |
| Dime Community Bancshares, Inc. (Banks) | | | 173 | | | | 5,816 | |
| Dine Brands Global, Inc.* (Hotels, Restaurants & Leisure) | | | 80 | | | | 7,140 | |
| Diodes, Inc.* (Semiconductors & Semiconductor Equipment) | | | 215 | | | | 17,151 | |
| Diversified Healthcare Trust (Equity Real Estate Investment Trusts) | | | 1,170 | | | | 4,891 | |
| DMC Global, Inc.* (Machinery) | | | 92 | | | | 5,171 | |
| Domo, Inc.* (Software) | | | 136 | | | | 10,993 | |
| Domtar Corp.* (Paper & Forest Products) | | | 246 | | | | 13,519 | |
| Donegal Group, Inc.—Class A (Insurance) | | | 72 | | | | 1,049 | |
| Donnelley Financial Solutions, Inc.* (Capital Markets) | | | 145 | | | | 4,785 | |
| Dorian LPG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 147 | | | | 2,076 | |
| Dorman Products, Inc.* (Auto Components) | | | 132 | | | | 13,684 | |
| Douglas Dynamics, Inc. (Machinery) | | | 111 | | | | 4,517 | |
| Dril-Quip, Inc.* (Energy Equipment & Services) | | | 173 | | | | 5,853 | |
| Drive Shack, Inc.* (Hotels, Restaurants & Leisure) | | | 407 | | | | 1,347 | |
| DSP Group, Inc.* (Semiconductors & Semiconductor Equipment) | | | 111 | | | | 1,643 | |
| Duckhorn Portfolio, Inc. (The)* (Beverages) | | | 99 | | | | 2,184 | |
| Ducommun, Inc.* (Aerospace & Defense) | | | 54 | | | | 2,946 | |
| Duluth Holdings, Inc.*—Class B (Internet & Direct Marketing Retail) | | | 60 | | | | 1,239 | |
| Durect Corp.* (Pharmaceuticals) | | | 1,115 | | | | 1,817 | |
| DXP Enterprises, Inc.* (Trading Companies & Distributors) | | | 88 | | | | 2,930 | |
| Dycom Industries, Inc.* (Construction & Engineering) | | | 147 | | | | 10,956 | |
| Dynavax Technologies Corp.* (Biotechnology) | | | 531 | | | | 5,230 | |
| Dyne Therapeutics, Inc.* (Biotechnology) | | | 148 | | | | 3,114 | |
| Dynex Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 150 | | | | 2,799 | |
| DZS, Inc.* (Communications Equipment) | | | 83 | | | | 1,722 | |
| E2open Parent Holdings, Inc.* (Software) | | | 206 | | | | 2,353 | |
| Eagle Bancorp, Inc. (Banks) | | | 156 | | | | 8,748 | |
| Eagle Bulk Shipping, Inc.* (Marine) | | | 42 | | | | 1,987 | |
| Eagle Pharmaceuticals, Inc.* (Biotechnology) | | | 57 | | | | 2,440 | |
| Eargo, Inc.* (Health Care Equipment & Supplies) | | | 95 | | | | 3,791 | |
| Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 118 | | | | 1,306 | |
| Easterly Government Properties, Inc. (Equity Real Estate Investment Trusts) | | | 416 | | | | 8,769 | |
| Eastern Bankshares, Inc. (Banks) | | | 847 | | | | 17,423 | |
| EastGroup Properties, Inc. (Equity Real Estate Investment Trusts) | | | 196 | | | | 32,231 | |
| Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals) | | | 221 | | | | 1,839 | |
| Ebix, Inc. (Software) | | | 131 | | | | 4,441 | |
| Echo Global Logistics, Inc.* (Air Freight & Logistics) | | | 130 | | | | 3,996 | |
| EchoStar Corp.*—Class A (Communications Equipment) | | | 204 | | | | 4,955 | |
See accompanying notes to financial statements.
312 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Edgewell Personal Care Co. (Personal Products) | | | 268 | | | $ | 11,765 | |
| Edgewise Therapeutics, Inc.* (Pharmaceuticals) | | | 61 | | | | 1,301 | |
| Editas Medicine, Inc.* (Biotechnology) | | | 337 | | | | 19,088 | |
| eGain Corp.* (Software) | | | 101 | | | | 1,159 | |
| eHealth, Inc.* (Insurance) | | | 120 | | | | 7,008 | |
| Eiger Biopharmaceuticals, Inc.* (Biotechnology) | | | 158 | | | | 1,346 | |
| El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 94 | | | | 1,719 | |
| elf Beauty, Inc.* (Personal Products) | | | 225 | | | | 6,107 | |
| Ellington Financial, Inc. (Mortgage Real Estate Investment Trusts) | | | 202 | | | | 3,868 | |
| EMCOR Group, Inc. (Construction & Engineering) | | | 267 | | | | 32,891 | |
| EMCORE Corp.* (Communications Equipment) | | | 180 | | | | 1,660 | |
| Emerald Holding, Inc.* (Media) | | | 119 | | | | 641 | |
| Emergent BioSolutions, Inc.* (Biotechnology) | | | 241 | | | | 15,181 | |
| Empire State Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 705 | | | | 8,460 | |
| Employers Holdings, Inc. (Insurance) | | | 140 | | | | 5,992 | |
| Enanta Pharmaceuticals, Inc.* (Biotechnology) | | | 95 | | | | 4,181 | |
| Encore Capital Group, Inc.* (Consumer Finance) | | | 152 | | | | 7,203 | |
| Encore Wire Corp. (Electrical Equipment) | | | 99 | | | | 7,503 | |
| Endo International PLC* (Pharmaceuticals) | | | 1,130 | | | | 5,288 | |
| Energizer Holdings, Inc. (Household Products) | | | 335 | | | | 14,398 | |
| Energy Fuels, Inc.*(a) (Oil, Gas & Consumable Fuels) | | | 695 | | | | 4,205 | |
| Energy Recovery, Inc.* (Machinery) | | | 208 | | | | 4,738 | |
| Enerpac Tool Group Corp. (Machinery) | | | 298 | | | | 7,933 | |
| EnerSys (Electrical Equipment) | | | 211 | | | | 20,621 | |
| Ennis, Inc. (Commercial Services & Supplies) | | | 126 | | | | 2,712 | |
| Enova International, Inc.* (Consumer Finance) | | | 179 | | | | 6,124 | |
| EnPro Industries, Inc. (Machinery) | | | 102 | | | | 9,909 | |
| Enstar Group, Ltd.* (Insurance) | | | 68 | | | | 16,247 | |
| Entercom Communications Corp.* (Media) | | | 581 | | | | 2,504 | |
| Enterprise Bancorp, Inc. (Banks) | | | 46 | | | | 1,507 | |
| Enterprise Financial Services Corp. (Banks) | | | 142 | | | | 6,587 | |
| Entravision Communications Corp.—Class A (Media) | | | 293 | | | | 1,957 | |
| Envestnet, Inc.* (Software) | | | 268 | | | | 20,330 | |
| Eos Energy Enterprises, Inc.* (Electrical Equipment) | | | 87 | | | | 1,563 | |
| Epizyme, Inc.* (Biotechnology) | | | 442 | | | | 3,673 | |
| ePlus, Inc.* (Electronic Equipment, Instruments & Components) | | | 66 | | | | 5,722 | |
| Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | | | 2,016 | | | | 17,156 | |
| Equity Bancshares, Inc.*—Class A (Banks) | | | 67 | | | | 2,043 | |
| Equity Commonwealth (Equity Real Estate Investment Trusts) | | | 578 | | | | 15,144 | |
| Eros STX Global Corp.* (Entertainment) | | | 1,565 | | | | 2,394 | |
| Escalade, Inc. (Leisure Products) | | | 50 | | | | 1,148 | |
| ESCO Technologies, Inc. (Machinery) | | | 126 | | | | 11,820 | |
| Esperion Therapeutics, Inc.* (Biotechnology) | | | 129 | | | | 2,728 | |
| Esports Technologies, Inc.* (Hotels, Restaurants & Leisure) | | | 12 | | | | 253 | |
| Essent Group, Ltd. (Thrifts & Mortgage Finance) | | | 546 | | | | 24,542 | |
| Essential Properties Realty Trust, Inc. (Real Estate Management & Development) | | | 577 | | | | 15,602 | |
| Ethan Allen Interiors, Inc. (Household Durables) | | | 111 | | | | 3,064 | |
| Evelo Biosciences, Inc.* (Biotechnology) | | | 150 | | | | 2,061 | |
| Eventbrite, Inc.* (Interactive Media & Services) | | | 370 | | | | 7,030 | |
| Everi Holdings, Inc.* (IT Services) | | | 412 | | | | 10,275 | |
| EverQuote, Inc.*—Class A (Interactive Media & Services) | | | 93 | | | | 3,039 | |
| EVERTEC, Inc. (IT Services) | | | 299 | | | | 13,051 | |
| EVI Industries, Inc.* (Trading Companies & Distributors) | | | 28 | | | | 795 | |
| Evo Payments, Inc.* (IT Services) | | | 231 | | | | 6,408 | |
| Evolent Health, Inc.* (Health Care Technology) | | | 382 | | | | 8,068 | |
| Evolus, Inc.* (Pharmaceuticals) | | | 159 | | | | 2,011 | |
| Evoqua Water Technologies Corp.* (Machinery) | | | 570 | | | | 19,255 | |
| Exagen, Inc.* (Health Care Providers & Services) | | | 53 | | | | 794 | |
| ExlService Holdings, Inc.* (IT Services) | | | 162 | | | | 17,214 | |
| eXp World Holdings, Inc.* (Real Estate Management & Development) | | | 306 | | | | 11,864 | |
| Exponent, Inc. (Professional Services) | | | 256 | | | | 22,838 | |
| Extraction Oil & Gas, Inc.* (Oil, Gas & Consumable Fuels) | | | 77 | | | | 4,228 | |
| Extreme Networks, Inc.* (Communications Equipment) | | | 608 | | | | 6,785 | |
| EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 104 | | | | 935 | |
| EZCORP, Inc.*—Class A (Consumer Finance) | | | 243 | | | | 1,465 | |
| Fabrinet* (Electronic Equipment, Instruments & Components) | | | 182 | | | | 17,448 | |
| Falcon Minerals Corp. (Oil, Gas & Consumable Fuels) | | | 196 | | | | 996 | |
| Farmers National Bancorp (Banks) | | | 128 | | | | 1,985 | |
| Farmland Partners, Inc. (Equity Real Estate Investment Trusts) | | | 132 | | | | 1,591 | |
| FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 90 | | | | 6,999 | |
| Fate Therapeutics, Inc.* (Biotechnology) | | | 395 | | | | 34,281 | |
| Fathom Holdings, Inc.* (Real Estate Management & Development) | | | 25 | | | | 820 | |
| FB Financial Corp. (Banks) | | | 164 | | | | 6,120 | |
| Federal Agricultural Mortgage Corp. (Thrifts & Mortgage Finance) | | | 45 | | | | 4,451 | |
| Federal Signal Corp. (Machinery) | | | 297 | | | | 11,948 | |
| Federated Hermes, Inc.—Class B (Capital Markets) | | | 467 | | | | 15,836 | |
| Ferro Corp.* (Chemicals) | | | 405 | | | | 8,736 | |
| FibroGen, Inc.* (Biotechnology) | | | 424 | | | | 11,291 | |
| Fidelity D&D Bancorp, Inc. (Banks) | | | 20 | | | | 1,082 | |
| Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure) | | | 87 | | | | 1,168 | |
| Finance Of America Cos., Inc.*—Class A (Thrifts & Mortgage Finance) | | | 165 | | | | 1,259 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 313
Common Stocks, continued
| | | Shares | | | Value | |
| Financial Institutions, Inc. (Banks) | | | 77 | | | $ | 2,310 | |
| Finch Therapeutics Group, Inc.* (Biotechnology) | | | 37 | | | | 521 | |
| First Bancorp (Banks) | | | 139 | | | | 5,686 | |
| First Bancorp (Banks) | | | 1,062 | | | | 12,659 | |
| First Bancshares, Inc. (Banks) | | | 100 | | | | 3,743 | |
| First Bank/Hamilton NJ (Banks) | | | 77 | | | | 1,043 | |
| First Busey Corp. (Banks) | | | 250 | | | | 6,165 | |
| First Choice Bancorp (Banks) | | | 52 | | | | 1,583 | |
| First Commonwealth Financial Corp. (Banks) | | | 470 | | | | 6,613 | |
| First Community Bancshares, Inc. (Banks) | | | 85 | | | | 2,537 | |
| First Financial Bancorp (Banks) | | | 474 | | | | 11,201 | |
| First Financial Bankshares, Inc. (Banks) | | | 640 | | | | 31,442 | |
| First Financial Corp. (Banks) | | | 59 | | | | 2,408 | |
| First Foundation, Inc. (Banks) | | | 196 | | | | 4,412 | |
| First Internet Bancorp (Banks) | | | 46 | | | | 1,425 | |
| First Interstate BancSystem—Class A (Banks) | | | 202 | | | | 8,450 | |
| First Merchants Corp. (Banks) | | | 267 | | | | 11,126 | |
| First Mid Bancshares, Inc. (Banks) | | | 82 | | | | 3,322 | |
| First Midwest Bancorp, Inc. (Banks) | | | 561 | | | | 11,125 | |
| First of Long Island Corp. (Banks) | | | 113 | | | | 2,399 | |
| FirstCash, Inc. (Consumer Finance) | | | 198 | | | | 15,135 | |
| Fisker, Inc.*(a) (Automobiles) | | | 782 | | | | 15,077 | |
| Five Star Bancorp* (Banks) | | | 26 | | | | 628 | |
| Flagstar Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 257 | | | | 10,863 | |
| Flexion Therapeutics, Inc.* (Biotechnology) | | | 237 | | | | 1,951 | |
| Flexsteel Industries, Inc. (Household Durables) | | | 33 | | | | 1,333 | |
| Fluent, Inc.* (Media) | | | 214 | | | | 627 | |
| Fluidigm Corp.* (Life Sciences Tools & Services) | | | 370 | | | | 2,279 | |
| Fluor Corp.* (Construction & Engineering) | | | 700 | | | | 12,390 | |
| Flushing Financial Corp. (Banks) | | | 145 | | | | 3,107 | |
| Focus Financial Partners, Inc.* (Capital Markets) | | | 255 | | | | 12,368 | |
| Foghorn Therapeutics, Inc.* (Pharmaceuticals) | | | 96 | | | | 1,024 | |
| Forestar Group, Inc.* (Real Estate Management & Development) | | | 84 | | | | 1,756 | |
| Forian, Inc.* (Health Care Technology) | | | 89 | | | | 1,119 | |
| Forma Therapeutics Holdings, Inc.* (Biotechnology) | | | 158 | | | | 3,933 | |
| FormFactor, Inc.* (Semiconductors & Semiconductor Equipment) | | | 383 | | | | 13,964 | |
| Forrester Research, Inc.* (Professional Services) | | | 56 | | | | 2,565 | |
| Forte Biosciences, Inc.* (Biotechnology) | | | 56 | | | | 1,883 | |
| Forterra, Inc.* (Construction Materials) | | | 143 | | | | 3,362 | |
| Fortress Biotech, Inc.* (Biotechnology) | | | 353 | | | | 1,260 | |
| Forward Air Corp. (Air Freight & Logistics) | | | 134 | | | | 12,026 | |
| Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 232 | | | | 3,313 | |
| Four Corners Property Trust, Inc. (Equity Real Estate Investment Trusts) | | | 375 | | | | 10,354 | |
| Fox Factory Holding Corp.* (Auto Components) | | | 208 | | | | 32,378 | |
| Franchise Group, Inc. (Diversified Consumer Services) | | | 140 | | | | 4,938 | |
| Franklin Covey Co.* (Professional Services) | | | 61 | | | | 1,973 | |
| Franklin Electric Co., Inc. (Machinery) | | | 229 | | | | 18,462 | |
| Franklin Street Properties Corp. (Equity Real Estate Investment Trusts) | | | 509 | | | | 2,677 | |
| Frank's International N.V.* (Energy Equipment & Services) | | | 819 | | | | 2,482 | |
| Frequency Therapeutics, Inc.* (Biotechnology) | | | 158 | | | | 1,574 | |
| Fresh Del Monte Produce, Inc. (Food Products) | | | 165 | | | | 5,425 | |
| Frontier Group Holdings, Inc.* (Airlines) | | | 172 | | | | 2,931 | |
| Frontline, Ltd. (Oil, Gas & Consumable Fuels) | | | 589 | | | | 5,301 | |
| FRP Holdings, Inc.* (Real Estate Management & Development) | | | 33 | | | | 1,837 | |
| FS Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 18 | | | | 1,283 | |
| FTC Solar, Inc.* (Electrical Equipment) | | | 94 | | | | 1,251 | |
| FTS International, Inc.*—Class A (Energy Equipment & Services) | | | 44 | | | | 1,245 | |
| fuboTV, Inc.* (Software) | | | 648 | | | | 20,807 | |
| FuelCell Energy, Inc.* (Electrical Equipment) | | | 1,603 | | | | 14,267 | |
| Fulcrum Therapeutics, Inc.* (Pharmaceuticals) | | | 109 | | | | 1,142 | |
| Fulgent Genetics, Inc.* (Health Care Providers & Services) | | | 100 | | | | 9,223 | |
| Full House Resorts, Inc.* (Hotels, Restaurants & Leisure) | | | 161 | | | | 1,600 | |
| Fulton Financial Corp. (Banks) | | | 784 | | | | 12,372 | |
| Funko, Inc.* (Distributors) | | | 131 | | | | 2,788 | |
| FutureFuel Corp. (Chemicals) | | | 127 | | | | 1,219 | |
| G1 Therapeutics, Inc.* (Biotechnology) | | | 193 | | | | 4,234 | |
| GAMCO Investors, Inc.—Class A (Capital Markets) | | | 26 | | | | 653 | |
| GAN, Ltd.* (Hotels, Restaurants & Leisure) | | | 198 | | | | 3,255 | |
| Gannett Co., Inc.* (Media) | | | 693 | | | | 3,805 | |
| Gatos Silver, Inc.* (Metals & Mining) | | | 171 | | | | 2,991 | |
| GATX Corp. (Trading Companies & Distributors) | | | 174 | | | | 15,394 | |
| GCM Grosvenor, Inc.—Class A (Capital Markets) | | | 161 | | | | 1,678 | |
| GCP Applied Technologies, Inc.* (Chemicals) | | | 242 | | | | 5,629 | |
| Gemini Therapeutics, Inc.* (Biotechnology) | | | 108 | | | | 699 | |
| Genco Shipping & Trading, Ltd. (Marine) | | | 158 | | | | 2,983 | |
| Generation Bio Co.* (Biotechnology) | | | 216 | | | | 5,810 | |
| Genesco, Inc.* (Specialty Retail) | | | 72 | | | | 4,585 | |
| Genius Brands International, Inc.* (Leisure Products) | | | 1,391 | | | | 2,559 | |
| Gentherm, Inc.* (Auto Components) | | | 164 | | | | 11,652 | |
| Genworth Financial, Inc.* (Insurance) | | | 2,499 | | | | 9,746 | |
| German American Bancorp, Inc. (Banks) | | | 122 | | | | 4,538 | |
| Geron Corp.* (Biotechnology) | | | 1,486 | | | | 2,095 | |
| Getty Realty Corp. (Equity Real Estate Investment Trusts) | | | 196 | | | | 6,105 | |
| Gevo, Inc.* (Oil, Gas & Consumable Fuels) | | | 962 | | | | 6,994 | |
| Gibraltar Industries, Inc.* (Building Products) | | | 162 | | | | 12,362 | |
| G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods) | | | 218 | | | | 7,163 | |
| Glacier Bancorp, Inc. (Banks) | | | 472 | | | | 25,997 | |
| Gladstone Commercial Corp. (Equity Real Estate Investment Trusts) | | | 178 | | | | 4,016 | |
| Gladstone Land Corp. (Equity Real Estate Investment Trusts) | | | 124 | | | | 2,983 | |
| Glatfelter Corp. (Paper & Forest Products) | | | 216 | | | | 3,018 | |
| Glaukos Corp.* (Health Care Equipment & Supplies) | | | 221 | | | | 18,747 | |
See accompanying notes to financial statements.
314 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Global Blood Therapeutics, Inc.* (Biotechnology) | | | 295 | | | $ | 10,331 | |
| Global Industrial Co. (Trading Companies & Distributors) | | | 63 | | | | 2,313 | |
| Global Medical REIT, Inc. (Equity Real Estate Investment Trusts) | | | 279 | | | | 4,118 | |
| Global Net Lease, Inc. (Equity Real Estate Investment Trusts) | | | 473 | | | | 8,751 | |
| Global Water Resources, Inc. (Water Utilities) | | | 62 | | | | 1,059 | |
| Globalstar, Inc.*(a) (Diversified Telecommunication Services) | | | 2,992 | | | | 5,326 | |
| GMS, Inc.* (Trading Companies & Distributors) | | | 211 | | | | 10,158 | |
| Gogo, Inc.* (Wireless Telecommunication Services) | | | 291 | | | | 3,312 | |
| Golar LNG, Ltd.* (Oil, Gas & Consumable Fuels) | | | 507 | | | | 6,718 | |
| Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 83 | | | | 3,718 | |
| Golden Nugget Online Gaming, Inc.* (Hotels, Restaurants & Leisure) | | | 157 | | | | 2,003 | |
| Goosehead Insurance, Inc. (Insurance) | | | 87 | | | | 11,075 | |
| GoPro, Inc.*—Class A (Household Durables) | | | 615 | | | | 7,165 | |
| Gorman-Rupp Co. (Machinery) | | | 112 | | | | 3,857 | |
| Gossamer Bio, Inc.* (Biotechnology) | | | 306 | | | | 2,485 | |
| GP Strategies Corp.* (Professional Services) | | | 62 | | | | 975 | |
| GrafTech International, Ltd. (Electrical Equipment) | | | 840 | | | | 9,761 | |
| Graham Holdings Co.—Class B (Diversified Consumer Services) | | | 19 | | | | 12,044 | |
| Granite Construction, Inc. (Construction & Engineering) | | | 225 | | | | 9,344 | |
| Granite Point Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 270 | | | | 3,983 | |
| Gray Television, Inc. (Media) | | | 421 | | | | 9,851 | |
| Great Ajax Corp. (Mortgage Real Estate Investment Trusts) | | | 107 | | | | 1,389 | |
| Great Lakes Dredge & Dock Corp.* (Construction & Engineering) | | | 319 | | | | 4,661 | |
| Great Southern Bancorp, Inc. (Banks) | | | 52 | | | | 2,803 | |
| Great Western Bancorp, Inc. (Banks) | | | 273 | | | | 8,952 | |
| Green Brick Partners, Inc.* (Household Durables) | | | 152 | | | | 3,456 | |
| Green Dot Corp.*—Class A (Consumer Finance) | | | 264 | | | | 12,368 | |
| Green Plains, Inc.* (Oil, Gas & Consumable Fuels) | | | 211 | | | | 7,094 | |
| GreenBox POS* (IT Services) | | | 86 | | | | 1,026 | |
| Greenhill & Co., Inc. (Capital Markets) | | | 72 | | | | 1,120 | |
| Greenlane Holdings, Inc.*—Class A (Distributors) | | | 80 | | | | 358 | |
| Greenlight Capital Re, Ltd.*—Class A (Insurance) | | | 134 | | | | 1,223 | |
| GreenSky, Inc.*—Class A (IT Services) | | | 354 | | | | 1,965 | |
| Greenwich Lifesciences, Inc.* (Biotechnology) | | | 20 | | | | 899 | |
| Greif, Inc.—Class A (Containers & Packaging) | | | 127 | | | | 7,690 | |
| Greif, Inc.—Class B (Containers & Packaging) | | | 29 | | | | 1,711 | |
| Grid Dynamics Holdings, Inc.* (IT Services) | | | 151 | | | | 2,270 | |
| Griffon Corp. (Building Products) | | | 229 | | | | 5,869 | |
| Gritstone bio, Inc.* (Biotechnology) | | | 199 | | | | 1,817 | |
| Group 1 Automotive, Inc. (Specialty Retail) | | | 87 | | | | 13,435 | |
| Groupon, Inc.* (Internet & Direct Marketing Retail) | | | 115 | | | | 4,963 | |
| GrowGeneration Corp.* (Specialty Retail) | | | 267 | | | | 12,843 | |
| GT Biopharma, Inc.* (Biotechnology) | | | 118 | | | | 1,829 | |
| GTY Technology Holdings, Inc.* (Software) | | | 159 | | | | 1,130 | |
| Guaranty Bancshares, Inc. (Banks) | | | 39 | | | | 1,329 | |
| Guess?, Inc. (Specialty Retail) | | | 198 | | | | 5,227 | |
| H&E Equipment Services, Inc. (Trading Companies & Distributors) | | | 159 | | | | 5,290 | |
| H.B. Fuller Co. (Chemicals) | | | 257 | | | | 16,348 | |
| Haemonetics Corp.* (Health Care Equipment & Supplies) | | | 249 | | | | 16,593 | |
| Hall of Fame Resort & Entertainment Co.*(a) (Hotels, Restaurants & Leisure) | | | 271 | | | | 1,065 | |
| Halozyme Therapeutics, Inc.* (Biotechnology) | | | 695 | | | | 31,559 | |
| Hamilton Beach Brands Holding Co.—Class A (Household Durables) | | | 37 | | | | 824 | |
| Hamilton Lane, Inc. (Capital Markets) | | | 168 | | | | 15,308 | |
| Hancock Whitney Corp. (Banks) | | | 426 | | | | 18,931 | |
| Hanger, Inc.* (Health Care Providers & Services) | | | 185 | | | | 4,677 | |
| Hanmi Financial Corp. (Banks) | | | 150 | | | | 2,859 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.—Class I (Mortgage Real Estate Investment Trusts) | | | 378 | | | | 21,226 | |
| HarborOne Bancorp, Inc. (Banks) | | | 249 | | | | 3,571 | |
| Harmonic, Inc.* (Communications Equipment) | | | 440 | | | | 3,749 | |
| Harmony Biosciences Holdings, Inc.* (Pharmaceuticals) | | | 110 | | | | 3,105 | |
| Harpoon Therapeutics, Inc.* (Biotechnology) | | | 92 | | | | 1,276 | |
| Harsco Corp.* (Machinery) | | | 386 | | | | 7,882 | |
| Harvard Bioscience, Inc.* (Life Sciences Tools & Services) | | | 190 | | | | 1,583 | |
| Haverty Furniture Cos., Inc. (Specialty Retail) | | | 82 | | | | 3,506 | |
| Hawaiian Holdings, Inc.* (Airlines) | | | 249 | | | | 6,068 | |
| Hawkins, Inc. (Chemicals) | | | 95 | | | | 3,111 | |
| Hawthorn Bancshares, Inc. (Banks) | | | — | (b) | | | 5 | |
| Haynes International, Inc. (Metals & Mining) | | | 62 | | | | 2,194 | |
| HBT Financial, Inc. (Banks) | | | 47 | | | | 818 | |
| HC2 Holdings, Inc.* (Construction & Engineering) | | | 233 | | | | 927 | |
| HCI Group, Inc. (Insurance) | | | 28 | | | | 2,784 | |
| Health Catalyst, Inc.* (Health Care Technology) | | | 220 | | | | 12,212 | |
| Healthcare Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 698 | | | | 21,080 | |
| Healthcare Services Group, Inc. (Commercial Services & Supplies) | | | 369 | | | | 11,649 | |
| HealthEquity, Inc.* (Health Care Providers & Services) | | | 403 | | | | 32,434 | |
| HealthStream, Inc.* (Health Care Technology) | | | 125 | | | | 3,493 | |
| Heartland Express, Inc. (Road & Rail) | | | 235 | | | | 4,026 | |
| Heartland Financial USA, Inc. (Banks) | | | 199 | | | | 9,351 | |
| Hecla Mining Co. (Metals & Mining) | | | 2,620 | | | | 19,492 | |
| Heidrick & Struggles International, Inc. (Professional Services) | | | 95 | | | | 4,232 | |
| Helen of Troy, Ltd.* (Household Durables) | | | 121 | | | | 27,604 | |
| Helios Technologies, Inc. (Machinery) | | | 159 | | | | 12,410 | |
| Helix Energy Solutions Group, Inc.* (Energy Equipment & Services) | | | 705 | | | | 4,026 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 315
Common Stocks, continued
| | | Shares | | | Value | |
| Helmerich & Payne, Inc. (Energy Equipment & Services) | | | 519 | | | $ | 16,934 | |
| Hemisphere Media Group, Inc.* (Media) | | | 78 | | | | 920 | |
| Herc Holdings, Inc.* (Trading Companies & Distributors) | | | 123 | | | | 13,785 | |
| Heritage Commerce Corp. (Banks) | | | 288 | | | | 3,205 | |
| Heritage Financial Corp. (Banks) | | | 175 | | | | 4,379 | |
| Heritage Insurance Holdings, Inc. (Insurance) | | | 127 | | | | 1,090 | |
| Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies) | | | 77 | | | | 2,285 | |
| Herman Miller, Inc. (Commercial Services & Supplies) | | | 291 | | | | 13,718 | |
| Heron Therapeutics, Inc.* (Biotechnology) | | | 455 | | | | 7,062 | |
| Hersha Hospitality Trust* (Equity Real Estate Investment Trusts) | | | 159 | | | | 1,711 | |
| Heska Corp.* (Health Care Equipment & Supplies) | | | 47 | | | | 10,797 | |
| HF Foods Group, Inc.* (Food & Staples Retailing) | | | 178 | | | | 942 | |
| Hibbett, Inc.* (Specialty Retail) | | | 80 | | | | 7,170 | |
| HighPeak Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 25 | | | | 256 | |
| Hillenbrand, Inc. (Machinery) | | | 370 | | | | 16,310 | |
| Hilltop Holdings, Inc. (Banks) | | | 318 | | | | 11,575 | |
| Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure) | | | 422 | | | | 17,467 | |
| Hingham Institution For Savings The (Thrifts & Mortgage Finance) | | | 7 | | | | 2,034 | |
| HireQuest, Inc. (Professional Services) | | | 25 | | | | 463 | |
| HNI Corp. (Commercial Services & Supplies) | | | 215 | | | | 9,454 | |
| Home Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 38 | | | | 1,448 | |
| Home BancShares, Inc. (Banks) | | | 752 | | | | 18,559 | |
| Home Point Capital, Inc.* (Thrifts & Mortgage Finance) | | | 36 | | | | 213 | |
| HomeStreet, Inc. (Thrifts & Mortgage Finance) | | | 102 | | | | 4,155 | |
| HomeTrust Bancshares, Inc. (Banks) | | | 75 | | | | 2,093 | |
| Homology Medicines, Inc.* (Biotechnology) | | | 207 | | | | 1,505 | |
| Honest Co., Inc. (The)* (Personal Products) | | | 122 | | | | 1,975 | |
| Hooker Furniture Corp. (Household Durables) | | | 58 | | | | 2,009 | |
| Hookipa Pharma, Inc.* (Biotechnology) | | | 95 | | | | 870 | |
| Hope Bancorp, Inc. (Banks) | | | 586 | | | | 8,309 | |
| Horace Mann Educators Corp. (Insurance) | | | 206 | | | | 7,709 | |
| Horizon Bancorp, Inc. (Banks) | | | 211 | | | | 3,678 | |
| Hostess Brands, Inc.* (Food Products) | | | 646 | | | | 10,459 | |
| Houghton Mifflin Harcourt Co.* (Diversified Consumer Services) | | | 627 | | | | 6,922 | |
| Houlihan Lokey, Inc. (Capital Markets) | | | 256 | | | | 20,937 | |
| Hovnanian Enterprises, Inc.*—Class A (Household Durables) | | | 25 | | | | 2,657 | |
| Howard Bancorp, Inc.* (Banks) | | | 65 | | | | 1,048 | |
| Hub Group, Inc.*—Class A (Air Freight & Logistics) | | | 163 | | | | 10,755 | |
| Humanigen, Inc.* (Biotechnology) | | | 221 | | | | 3,841 | |
| Huron Consulting Group, Inc.* (Professional Services) | | | 110 | | | | 5,407 | |
| Hydrofarm Holdings Group, Inc.* (Machinery) | | | 56 | | | | 3,310 | |
| Hyliion Holdings Corp.*(a) (Machinery) | | | 578 | | | | 6,734 | |
| HyreCar, Inc.* (Diversified Consumer Services) | | | 86 | | | | 1,799 | |
| Hyster-Yale Materials Handling, Inc. (Machinery) | | | 49 | | | | 3,576 | |
| I3 Verticals, Inc.*—Class A (IT Services) | | | 102 | | | | 3,082 | |
| IBEX, Ltd.* (Commercial Services & Supplies) | | | 28 | | | | 547 | |
| iBio, Inc.* (Biotechnology) | | | 1,065 | | | | 1,608 | |
| iCAD, Inc.* (Health Care Technology) | | | 108 | | | | 1,869 | |
| ICF International, Inc. (Professional Services) | | | 91 | | | | 7,995 | |
| Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment) | | | 137 | | | | 7,371 | |
| Ideanomics, Inc.* (Software) | | | 2,013 | | | | 5,717 | |
| Ideaya Biosciences, Inc.* (Biotechnology) | | | 138 | | | | 2,897 | |
| Identiv, Inc.* (Electronic Equipment, Instruments & Components) | | | 102 | | | | 1,734 | |
| IDT Corp.*—Class B (Diversified Telecommunication Services) | | | 99 | | | | 3,659 | |
| IES Holdings, Inc.* (Construction & Engineering) | | | 43 | | | | 2,208 | |
| IGM Biosciences, Inc.* (Biotechnology) | | | 40 | | | | 3,328 | |
| iHeartMedia, Inc.*—Class A (Media) | | | 552 | | | | 14,865 | |
| II-VI, Inc.* (Electronic Equipment, Instruments & Components) | | | 516 | | | | 37,457 | |
| Ikena Oncology, Inc.* (Biotechnology) | | | 45 | | | | 632 | |
| IMAX Corp.* (Entertainment) | | | 246 | | | | 5,289 | |
| Immunic, Inc.* (Biotechnology) | | | 76 | | | | 932 | |
| ImmunityBio, Inc.* (Biotechnology) | | | 330 | | | | 4,712 | |
| ImmunoGen, Inc.* (Biotechnology) | | | 963 | | | | 6,346 | |
| Immunovant, Inc.* (Biotechnology) | | | 185 | | | | 1,955 | |
| Impel Neuropharma, Inc.* (Biotechnology) | | | 27 | | | | 239 | |
| Impinj, Inc.* (Semiconductors & Semiconductor Equipment) | | | 92 | | | | 4,746 | |
| Inari Medical, Inc.* (Health Care Equipment & Supplies) | | | 168 | | | | 15,671 | |
| Independence Holding Co. (Insurance) | | | 21 | | | | 973 | |
| Independence Realty Trust, Inc. (Equity Real Estate Investment Trusts) | | | 504 | | | | 9,188 | |
| Independent Bank Corp. (Banks) | | | 103 | | | | 2,236 | |
| Independent Bank Corp. (Banks) | | | 162 | | | | 12,231 | |
| Independent Bank Group, Inc. (Banks) | | | 186 | | | | 13,760 | |
| Indus Realty Trust, Inc. (Real Estate Management & Development) | | | 22 | | | | 1,444 | |
| Industrial Logistics Properties Trust (Equity Real Estate Investment Trusts) | | | 320 | | | | 8,365 | |
| Infinera Corp.* (Communications Equipment) | | | 877 | | | | 8,945 | |
| Infinity Pharmaceuticals, Inc.* (Biotechnology) | | | 431 | | | | 1,289 | |
| Infrastructure and Energy Alternatives, Inc.* (Construction & Engineering) | | | 103 | | | | 1,325 | |
| InfuSystem Holdings, Inc.* (Health Care Providers & Services) | | | 88 | | | | 1,830 | |
| Ingevity Corp.* (Chemicals) | | | 198 | | | | 16,109 | |
| Ingles Markets, Inc. (Food & Staples Retailing) | | | 69 | | | | 4,021 | |
| Inhibrx, Inc.* (Biotechnology) | | | 138 | | | | 3,798 | |
| Innospec, Inc. (Chemicals) | | | 121 | | | | 10,964 | |
| Innovage Holding Corp.* (Health Care Providers & Services) | | | 90 | | | | 1,918 | |
| Innovative Industrial Properties, Inc. (Equity Real Estate Investment Trusts) | | | 117 | | | | 22,349 | |
| Innoviva, Inc.* (Pharmaceuticals) | | | 312 | | | | 4,184 | |
| Inogen, Inc.* (Health Care Equipment & Supplies) | | | 96 | | | | 6,256 | |
See accompanying notes to financial statements.
316 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Inotiv, Inc.* (Life Sciences Tools & Services) | | | 64 | | | $ | 1,708 | |
| Inovalon Holdings, Inc.* (Health Care Technology) | | | 372 | | | | 12,678 | |
| Inovio Pharmaceuticals, Inc.*(a) (Biotechnology) | | | 1,019 | | | | 9,446 | |
| Inozyme Pharma, Inc.* (Biotechnology) | | | 71 | | | | 1,210 | |
| Inseego Corp.* (Communications Equipment) | | | 411 | | | | 4,147 | |
| Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components) | | | 172 | | | | 17,202 | |
| Insmed, Inc.* (Biotechnology) | | | 509 | | | | 14,486 | |
| Insperity, Inc. (Professional Services) | | | 179 | | | | 16,176 | |
| Inspire Medical Systems, Inc.* (Health Care Technology) | | | 133 | | | | 25,704 | |
| Installed Building Products, Inc. (Household Durables) | | | 117 | | | | 14,316 | |
| Insteel Industries, Inc. (Building Products) | | | 92 | | | | 2,958 | |
| Instil Bio, Inc.* (Biotechnology) | | | 86 | | | | 1,662 | |
| Integer Holdings Corp.* (Health Care Equipment & Supplies) | | | 162 | | | | 15,260 | |
| Intellia Therapeutics, Inc.* (Biotechnology) | | | 315 | | | | 51,001 | |
| Intelligent Systems Corp.* (Software) | | | 36 | | | | 1,133 | |
| Inter Parfums, Inc. (Personal Products) | | | 88 | | | | 6,336 | |
| Intercept Pharmaceuticals, Inc.* (Biotechnology) | | | 138 | | | | 2,756 | |
| InterDigital, Inc. (Communications Equipment) | | | 152 | | | | 11,101 | |
| Interface, Inc. (Commercial Services & Supplies) | | | 286 | | | | 4,376 | |
| International Bancshares Corp. (Banks) | | | 265 | | | | 11,379 | |
| International Game Technology PLC* (Hotels, Restaurants & Leisure) | | | 493 | | | | 11,812 | |
| International Money Express, Inc.* (IT Services) | | | 158 | | | | 2,346 | |
| International Seaways, Inc. (Oil, Gas & Consumable Fuels) | | | 118 | | | | 2,263 | |
| Intersect ENT, Inc.* (Pharmaceuticals) | | | 164 | | | | 2,803 | |
| Intra-Cellular Therapies, Inc.* (Pharmaceuticals) | | | 348 | | | | 14,205 | |
| Intrepid Potash, Inc.* (Chemicals) | | | 49 | | | | 1,561 | |
| Invacare Corp.* (Health Care Equipment & Supplies) | | | 166 | | | | 1,340 | |
| Invesco Mortgage Capital, Inc.(a) (Mortgage Real Estate Investment Trusts) | | | 1,223 | | | | 4,770 | |
| Investors Bancorp, Inc. (Banks) | | | 1,128 | | | | 16,085 | |
| Investors Title Co. (Insurance) | | | 6 | | | | 1,048 | |
| Invitae Corp.* (Biotechnology) | | | 988 | | | | 33,324 | |
| iRadimed Corp.* (Health Care Equipment & Supplies) | | | 31 | | | | 912 | |
| iRhythm Technologies, Inc.* (Health Care Equipment & Supplies) | | | 145 | | | | 9,621 | |
| Iridium Communications, Inc.* (Diversified Telecommunication Services) | | | 589 | | | | 23,554 | |
| iRobot Corp.* (Household Durables) | | | 138 | | | | 12,888 | |
| Ironwood Pharmaceuticals, Inc.* (Biotechnology) | | | 716 | | | | 9,215 | |
| iStar, Inc. (Equity Real Estate Investment Trusts) | | | 349 | | | | 7,235 | |
| iTeos Therapeutics, Inc.* (Biotechnology) | | | 100 | | | | 2,565 | |
| Iteris, Inc.* (Electronic Equipment, Instruments & Components) | | | 206 | | | | 1,370 | |
| Itron, Inc.* (Electronic Equipment, Instruments & Components) | | | 223 | | | | 22,296 | |
| IVERIC bio, Inc.* (Biotechnology) | | | 446 | | | | 2,814 | |
| J & J Snack Foods Corp. (Food Products) | | | 73 | | | | 12,732 | |
| j2 Global, Inc.* (Software) | | | 214 | | | | 29,437 | |
| Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | | | 113 | | | | 12,593 | |
| James River Group Holdings, Ltd. (Insurance) | | | 176 | | | | 6,604 | |
| JELD-WEN Holding, Inc.* (Building Products) | | | 414 | | | | 10,872 | |
| JFrog, Ltd.* (Software) | | | 254 | | | | 11,562 | |
| JOANN, Inc. (Specialty Retail) | | | 57 | | | | 898 | |
| John B Sanfilippo & Son, Inc. (Food Products) | | | 44 | | | | 3,897 | |
| John Bean Technologies Corp. (Machinery) | | | 155 | | | | 22,106 | |
| John Wiley & Sons, Inc.—Class A (Media) | | | 213 | | | | 12,818 | |
| Johnson Outdoors, Inc.—Class A (Leisure Products) | | | 26 | | | | 3,146 | |
| Jounce Therapeutics, Inc.* (Biotechnology) | | | 162 | | | | 1,102 | |
| Kadant, Inc. (Machinery) | | | 57 | | | | 10,037 | |
| Kadmon Holdings, Inc.* (Biotechnology) | | | 854 | | | | 3,305 | |
| Kaiser Aluminum Corp. (Metals & Mining) | | | 78 | | | | 9,632 | |
| Kala Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 238 | | | | 1,261 | |
| Kaleido Biosciences, Inc.* (Pharmaceuticals) | | | 95 | | | | 707 | |
| KalVista Pharmaceuticals, Inc.* (Biotechnology) | | | 98 | | | | 2,348 | |
| Kaman Corp.—Class A (Trading Companies & Distributors) | | | 136 | | | | 6,854 | |
| KAR Auction Services, Inc.* (Commercial Services & Supplies) | | | 613 | | | | 10,758 | |
| Karat Packaging, Inc.* (Trading Companies & Distributors) | | | 23 | | | | 469 | |
| Karuna Therapeutics, Inc.* (Biotechnology) | | | 109 | | | | 12,425 | |
| Karyopharm Therapeutics, Inc.* (Biotechnology) | | | 355 | | | | 3,664 | |
| KB Home (Household Durables) | | | 442 | | | | 17,998 | |
| KBR, Inc. (IT Services) | | | 697 | | | | 26,592 | |
| Kearny Financial Corp. (Thrifts & Mortgage Finance) | | | 360 | | | | 4,302 | |
| Kelly Services, Inc.*—Class A (Professional Services) | | | 174 | | | | 4,171 | |
| KemPharm, Inc.* (Pharmaceuticals) | | | 141 | | | | 1,808 | |
| Kennametal, Inc. (Machinery) | | | 412 | | | | 14,799 | |
| Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development) | | | 592 | | | | 11,763 | |
| Keros Therapeutics, Inc.* (Biotechnology) | | | 77 | | | | 3,270 | |
| Kezar Life Sciences, Inc.* (Biotechnology) | | | 169 | | | | 918 | |
| Kforce, Inc. (Professional Services) | | | 101 | | | | 6,356 | |
| Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components) | | | 119 | | | | 2,587 | |
| Kimball International, Inc.—Class B (Commercial Services & Supplies) | | | 178 | | | | 2,341 | |
| Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology) | | | 144 | | | | 2,006 | |
| Kinnate Biopharma, Inc.* (Biotechnology) | | | 67 | | | | 1,560 | |
| Kinsale Capital Group, Inc. (Insurance) | | | 106 | | | | 17,466 | |
| Kirkland's, Inc.* (Specialty Retail) | | | 69 | | | | 1,579 | |
| Kite Realty Group Trust (Equity Real Estate Investment Trusts) | | | 411 | | | | 9,046 | |
| KKR Real Estate Finance Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 159 | | | | 3,439 | |
| Knoll, Inc. (Commercial Services & Supplies) | | | 235 | | | | 6,108 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 317
Common Stocks, continued
| | | Shares | | | Value | |
| Knowles Corp.* (Electronic Equipment, Instruments & Components) | | | 439 | | | $ | 8,666 | |
| Kodiak Sciences, Inc.* (Biotechnology) | | | 165 | | | | 15,345 | |
| Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 256 | | | | 14,441 | |
| Kopin Corp.* (Semiconductors & Semiconductor Equipment) | | | 382 | | | | 3,125 | |
| Koppers Holdings, Inc.* (Chemicals) | | | 102 | | | | 3,300 | |
| Korn Ferry (Professional Services) | | | 263 | | | | 19,081 | |
| Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels) | | | 1,997 | | | | 6,910 | |
| Kraton Corp.* (Chemicals) | | | 155 | | | | 5,005 | |
| Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense) | | | 605 | | | | 17,236 | |
| Kronos Bio, Inc.* (Chemicals) | | | 191 | | | | 4,574 | |
| Kronos Worldwide, Inc. (Chemicals) | | | 110 | | | | 1,575 | |
| Krystal Biotech, Inc.* (Biotechnology) | | | 88 | | | | 5,984 | |
| Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment) | | | 302 | | | | 18,482 | |
| Kura Oncology, Inc.* (Biotechnology) | | | 313 | | | | 6,526 | |
| Kura Sushi USA, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 17 | | | | 646 | |
| KVH Industries, Inc.* (Communications Equipment) | | | 75 | | | | 923 | |
| Kymera Therapeutics, Inc.* (Biotechnology) | | | 142 | | | | 6,887 | |
| Ladder Capital Corp. (Mortgage Real Estate Investment Trusts) | | | 560 | | | | 6,462 | |
| Laird Superfood, Inc.* (Food Products) | | | 31 | | | | 926 | |
| Lakeland Bancorp, Inc. (Banks) | | | 241 | | | | 4,213 | |
| Lakeland Financial Corp. (Banks) | | | 120 | | | | 7,397 | |
| Lancaster Colony Corp. (Food Products) | | | 94 | | | | 18,190 | |
| Landec Corp.* (Food Products) | | | 129 | | | | 1,451 | |
| Landos Biopharma, Inc.* (Pharmaceuticals) | | | 32 | | | | 370 | |
| Lands' End, Inc.* (Internet & Direct Marketing Retail) | | | 71 | | | | 2,915 | |
| Landsea Homes Corp.* (Household Durables) | | | 30 | | | | 251 | |
| Lantheus Holdings, Inc.* (Health Care Equipment & Supplies) | | | 332 | | | | 9,176 | |
| Laredo Petroleum, Inc.* (Oil, Gas & Consumable Fuels) | | | 62 | | | | 5,753 | |
| Latham Group, Inc.* (Leisure Products) | | | 114 | | | | 3,643 | |
| Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment) | | | 669 | | | | 37,584 | |
| Laureate Education, Inc.*—Class A (Diversified Consumer Services) | | | 521 | | | | 7,560 | |
| Lawson Products, Inc.* (Trading Companies & Distributors) | | | 23 | | | | 1,231 | |
| La-Z-Boy, Inc. (Household Durables) | | | 227 | | | | 8,408 | |
| Lazydays Holdings, Inc.* (Specialty Retail) | | | 36 | | | | 792 | |
| LCI Industries (Auto Components) | | | 122 | | | | 16,033 | |
| Legacy Housing Corp.* (Household Durables) | | | 40 | | | | 676 | |
| Lemaitre Vascular, Inc. (Health Care Equipment & Supplies) | | | 88 | | | | 5,370 | |
| LendingClub Corp.* (Consumer Finance) | | | 476 | | | | 8,630 | |
| LendingTree, Inc.* (Thrifts & Mortgage Finance) | | | 57 | | | | 12,077 | |
| Lexicon Pharmaceuticals, Inc.* (Biotechnology) | | | 335 | | | | 1,538 | |
| Lexington Realty Trust (Equity Real Estate Investment Trusts) | | | 1,352 | | | | 16,156 | |
| LGI Homes, Inc.* (Household Durables) | | | 109 | | | | 17,651 | |
| LHC Group, Inc.* (Health Care Providers & Services) | | | 151 | | | | 30,239 | |
| Liberty Latin America, Ltd.*—Class A (Media) | | | 211 | | | | 2,924 | |
| Liberty Latin America, Ltd.*—Class C (Media) | | | 762 | | | | 10,744 | |
| Liberty Media Corp-Liberty Braves*—Class A (Entertainment) | | | 49 | | | | 1,383 | |
| Liberty Media Corp-Liberty Braves*—Class C (Entertainment) | | | 180 | | | | 4,999 | |
| Liberty Oilfield Services, Inc.* (Energy Equipment & Services) | | | 427 | | | | 6,046 | |
| Liberty TripAdvisor Holdings, Inc.*—Class A (Interactive Media & Services) | | | 359 | | | | 1,461 | |
| Lifetime Brands, Inc. (Household Durables) | | | 62 | | | | 928 | |
| Ligand Pharmaceuticals, Inc.* (Biotechnology) | | | 74 | | | | 9,708 | |
| Limelight Networks, Inc.* (IT Services) | | | 616 | | | | 1,940 | |
| Limoneira Co. (Food Products) | | | 77 | | | | 1,351 | |
| Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure) | | | 151 | | | | 2,418 | |
| Lindsay Corp. (Machinery) | | | 54 | | | | 8,925 | |
| Lineage Cell Therapeutics, Inc.* (Biotechnology) | | | 598 | | | | 1,704 | |
| Lions Gate Entertainment Corp.*—Class A (Entertainment) | | | 287 | | | | 5,941 | |
| Lions Gate Entertainment Corp.*—Class B (Entertainment) | | | 568 | | | | 10,394 | |
| Liquidity Services, Inc.* (Internet & Direct Marketing Retail) | | | 131 | | | | 3,334 | |
| LivaNova PLC* (Health Care Equipment & Supplies) | | | 242 | | | | 20,355 | |
| Live Oak Bancshares, Inc. (Banks) | | | 155 | | | | 9,145 | |
| Livent Corp.* (Chemicals) | | | 725 | | | | 14,036 | |
| LivePerson, Inc.* (Software) | | | 316 | | | | 19,984 | |
| LiveRamp Holdings, Inc.* (IT Services) | | | 321 | | | | 15,039 | |
| LiveXLive Media, Inc.* (Entertainment) | | | 261 | | | | 1,232 | |
| Loral Space & Communications, Inc. (Media) | | | 63 | | | | 2,448 | |
| Lordstown Motors Corp.*(a)—Class A (Automobiles) | | | 553 | | | | 6,116 | |
| LTC Properties, Inc. (Equity Real Estate Investment Trusts) | | | 192 | | | | 7,371 | |
| Lumber Liquidators Holdings, Inc.* (Specialty Retail) | | | 141 | | | | 2,975 | |
| Luminex Corp. (Life Sciences Tools & Services) | | | 225 | | | | 8,280 | |
| Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components) | | | 150 | | | | 1,625 | |
| Luther Burbank Corp. (Thrifts & Mortgage Finance) | | | 77 | | | | 913 | |
| Luxfer Holdings PLC (Machinery) | | | 140 | | | | 3,115 | |
| Lydall, Inc.* (Machinery) | | | 86 | | | | 5,205 | |
| M.D.C Holdings, Inc. (Household Durables) | | | 282 | | | | 14,269 | |
| M/I Homes, Inc.* (Household Durables) | | | 141 | | | | 8,272 | |
| Macatawa Bank Corp. (Banks) | | | 129 | | | | 1,129 | |
| Mack-Cali Realty Corp. (Equity Real Estate Investment Trusts) | | | 433 | | | | 7,426 | |
| MACOM Technology Solutions Holdings,Inc.* (Semiconductors & Semiconductor Equipment) | | | 240 | | | | 15,379 | |
See accompanying notes to financial statements.
318 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Macquarie Infrastructure Corp. (Transportation Infrastructure) | | | 364 | | | $ | 13,930 | |
| MacroGenics, Inc.* (Biotechnology) | | | 291 | | | | 7,816 | |
| Macy's, Inc.* (Multiline Retail) | | | 1,548 | | | | 29,350 | |
| Madison Square Garden Entertainment Corp.* (Entertainment) | | | 93 | | | | 7,809 | |
| Madrigal Pharmaceuticals, Inc.* (Biotechnology) | | | 56 | | | | 5,455 | |
| Magellan Health, Inc.* (Health Care Providers & Services) | | | 117 | | | | 11,021 | |
| Magenta Therapeutics, Inc.* (Biotechnology) | | | 147 | | | | 1,438 | |
| Magnite, Inc.* (Internet & Direct Marketing Retail) | | | 518 | | | | 17,529 | |
| Magnolia Oil & Gas Corp.* (Oil, Gas & Consumable Fuels) | | | 686 | | | | 10,722 | |
| Maiden Holdings, Ltd.* (Insurance) | | | 343 | | | | 1,156 | |
| Malibu Boats, Inc.* (Leisure Products) | | | 102 | | | | 7,480 | |
| MannKind Corp.* (Biotechnology) | | | 1,217 | | | | 6,633 | |
| ManTech International Corp.—Class A (IT Services) | | | 135 | | | | 11,683 | |
| Marathon Digital Holdings, Inc.* (IT Services) | | | 470 | | | | 14,744 | |
| Marcus & Millichap, Inc.* (Real Estate Management & Development) | | | 117 | | | | 4,548 | |
| Marine Products Corp. (Leisure Products) | | | 40 | | | | 618 | |
| MarineMax, Inc.* (Specialty Retail) | | | 106 | | | | 5,166 | |
| Marinus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 182 | | | | 3,265 | |
| Marlin Business Services Corp. (Diversified Financial Services) | | | 40 | | | | 910 | |
| Marrone Bio Innovations, Inc.* (Chemicals) | | | 494 | | | | 820 | |
| Marten Transport, Ltd. (Road & Rail) | | | 293 | | | | 4,832 | |
| Masonite International Corp.* (Building Products) | | | 121 | | | | 13,527 | |
| MasterCraft Boat Holdings, Inc.* (Leisure Products) | | | 93 | | | | 2,445 | |
| Matador Resources Co. (Oil, Gas & Consumable Fuels) | | | 546 | | | | 19,661 | |
| Materion Corp. (Metals & Mining) | | | 100 | | | | 7,535 | |
| Matrix Service Co.* (Energy Equipment & Services) | | | 128 | | | | 1,344 | |
| Matson, Inc. (Marine) | | | 212 | | | | 13,568 | |
| Matthews International Corp.—Class A (Commercial Services & Supplies) | | | 152 | | | | 5,466 | |
| MAX Holdings, Inc. (Real Estate Management & Development) | | | 91 | | | | 3,033 | |
| Maxar Technologies, Inc. (Aerospace & Defense) | | | 353 | | | | 14,092 | |
| MAXIMUS, Inc. (IT Services) | | | 302 | | | | 26,567 | |
| MaxLinear, Inc.*—Class A (Semiconductors & Semiconductor Equipment) | | | 345 | | | | 14,659 | |
| Mayville Engineering Co., Inc.* (Metals & Mining) | | | 44 | | | | 885 | |
| MBIA, Inc.* (Insurance) | | | 236 | | | | 2,596 | |
| McGrath RentCorp (Commercial Services & Supplies) | | | 119 | | | | 9,707 | |
| MDC Partners, Inc.*—Class A (Media) | | | 308 | | | | 1,802 | |
| MedAvail Holdings, Inc.* (Food & Staples Retailing) | | | 58 | | | | 711 | |
| MediaAlpha, Inc.*—Class A (Interactive Media & Services) | | | 102 | | | | 4,294 | |
| Medifast, Inc. (Personal Products) | | | 57 | | | | 16,131 | |
| MEDNAX, Inc.* (Health Care Providers & Services) | | | 375 | | | | 11,306 | |
| Medpace Holdings, Inc.* (Life Sciences Tools & Services) | | | 143 | | | | 25,258 | |
| MEI Pharma, Inc.* (Biotechnology) | | | 534 | | | | 1,522 | |
| MeiraGTx Holdings PLC* (Biotechnology) | | | 147 | | | | 2,279 | |
| Mercantile Bank Corp. (Banks) | | | 78 | | | | 2,356 | |
| Merchants Bancorp (Thrifts & Mortgage Finance) | | | 49 | | | | 1,923 | |
| Meredith Corp.* (Media) | | | 197 | | | | 8,558 | |
| Meridian Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 230 | | | | 4,706 | |
| Meridian Bioscience, Inc.* (Health Care Equipment & Supplies) | | | 210 | | | | 4,658 | |
| Merit Medical Systems, Inc.* (Health Care Equipment & Supplies) | | | 253 | | | | 16,359 | |
| Meritage Homes Corp.* (Household Durables) | | | 185 | | | | 17,405 | |
| Meritor, Inc.* (Machinery) | | | 346 | | | | 8,103 | |
| Mersana Therapeutics, Inc.* (Biotechnology) | | | 339 | | | | 4,604 | |
| Mesa Air Group, Inc.* (Airlines) | | | 169 | | | | 1,577 | |
| Mesa Laboratories, Inc. (Electronic Equipment, Instruments & Components) | | | 24 | | | | 6,508 | |
| Meta Financial Group, Inc. (Thrifts & Mortgage Finance) | | | 155 | | | | 7,848 | |
| Meta Materials, Inc.* (Oil, Gas & Consumable Fuels) | | | 303 | | | | 2,269 | |
| Methode Electronics, Inc. (Electronic Equipment, Instruments & Components) | | | 188 | | | | 9,251 | |
| Metrocity Bankshares, Inc. (Banks) | | | 94 | | | | 1,646 | |
| MetroMile, Inc.* (Insurance) | | | 181 | | | | 1,656 | |
| Metropolitan Bank Holding Corp.* (Banks) | | | 38 | | | | 2,288 | |
| MFA Financial, Inc. (Mortgage Real Estate Investment Trusts) | | | 2,182 | | | | 10,015 | |
| MGE Energy, Inc. (Electric Utilities) | | | 180 | | | | 13,399 | |
| MGP Ingredients, Inc. (Beverages) | | | 70 | | | | 4,735 | |
| MicroStrategy, Inc.*—Class A (Software) | | | 39 | | | | 25,916 | |
| MicroVision, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 780 | | | | 13,065 | |
| Mid Penn Bancorp, Inc. (Banks) | | | 48 | | | | 1,318 | |
| Middlesex Water Co. (Water Utilities) | | | 85 | | | | 6,947 | |
| Midland States Bancorp, Inc. (Banks) | | | 107 | | | | 2,811 | |
| MidwestOne Financial Group, Inc. (Banks) | | | 71 | | | | 2,043 | |
| Miller Industries, Inc. (Machinery) | | | 55 | | | | 2,169 | |
| Mimecast, Ltd.* (Software) | | | 294 | | | | 15,597 | |
| MiMedx Group, Inc.* (Biotechnology) | | | 547 | | | | 6,843 | |
| Mind Medicine MindMed, Inc.* (Pharmaceuticals) | | | 1,587 | | | | 5,475 | |
| Minerals Technologies, Inc. (Chemicals) | | | 166 | | | | 13,059 | |
| Mirum Pharmaceuticals, Inc.* (Biotechnology) | | | 18 | | | | 311 | |
| Misonix, Inc.* (Health Care Equipment & Supplies) | | | 60 | | | | 1,331 | |
| Mission Produce, Inc.* (Food Products) | | | 183 | | | | 3,790 | |
| Mistras Group, Inc.* (Professional Services) | | | 98 | | | | 963 | |
| Mitek System, Inc.* (Software) | | | 207 | | | | 3,987 | |
| Model N, Inc.* (Software) | | | 171 | | | | 5,860 | |
| Modine Manufacturing Co.* (Auto Components) | | | 247 | | | | 4,098 | |
| ModivCare, Inc.* (Health Care Providers & Services) | | | 61 | | | | 10,374 | |
| Moelis & Co. (Capital Markets) | | | 301 | | | | 17,124 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 319
Common Stocks, continued
| | | Shares | | | Value | |
| Molecular Templates, Inc.* (Biotechnology) | | | 182 | | | $ | 1,423 | |
| Momentive Global, Inc.* (Software) | | | 631 | | | | 13,295 | |
| Monarch Casino & Resort, Inc.* (Hotels, Restaurants & Leisure) | | | 64 | | | | 4,235 | |
| MoneyGram International, Inc.* (IT Services) | | | 384 | | | | 3,871 | |
| Monmouth Real Estate Investment Corp.—Class A (Equity Real Estate Investment Trusts) | | | 470 | | | | 8,798 | |
| Monro, Inc. (Specialty Retail) | | | 164 | | | | 10,416 | |
| Montrose Environmental Group, Inc.* (Commercial Services & Supplies) | | | 110 | | | | 5,903 | |
| Moog, Inc.—Class A (Aerospace & Defense) | | | 143 | | | | 12,021 | |
| Morphic Holding, Inc.* (Biotechnology) | | | 102 | | | | 5,854 | |
| Motorcar Parts of America, Inc.* (Auto Components) | | | 93 | | | | 2,087 | |
| Movado Group, Inc. (Textiles, Apparel & Luxury Goods) | | | 77 | | | | 2,423 | |
| MP Materials Corp.* (Metals & Mining) | | | 360 | | | | 13,270 | |
| Mr. Cooper Group, Inc.* (Thrifts & Mortgage Finance) | | | 350 | | | | 11,571 | |
| MRC Global, Inc.* (Trading Companies & Distributors) | | | 397 | | | | 3,732 | |
| MSG Networks, Inc.*—Class A (Media) | | | 149 | | | | 2,172 | |
| Mueller Industries, Inc. (Machinery) | | | 277 | | | | 11,997 | |
| Mueller Water Products, Inc.—Class A (Machinery) | | | 776 | | | | 11,190 | |
| Multiplan Corp.* (Health Care Technology) | | | 1,967 | | | | 18,726 | |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | | | 722 | | | | 16,808 | |
| Murphy USA, Inc. (Specialty Retail) | | | 124 | | | | 16,538 | |
| Mustang Bio, Inc.* (Biotechnology) | | | 343 | | | | 1,139 | |
| MVB Financial Corp. (Banks) | | | 48 | | | | 2,048 | |
| Myers Industries, Inc. (Containers & Packaging) | | | 178 | | | | 3,738 | |
| MYR Group, Inc.* (Construction & Engineering) | | | 81 | | | | 7,365 | |
| Myriad Genetics, Inc.* (Biotechnology) | | | 377 | | | | 11,529 | |
| Nabors Industries, Ltd.* (Energy Equipment & Services) | | | 35 | | | | 3,998 | |
| NanoString Technologies, Inc.* (Life Sciences Tools & Services) | | | 224 | | | | 14,513 | |
| Nanthealth, Inc.* (Health Care Technology) | | | 131 | | | | 304 | |
| Napco Security Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 71 | | | | 2,582 | |
| Nathan's Famous, Inc. (Hotels, Restaurants & Leisure) | | | 14 | | | | 998 | |
| National Bank Holdings Corp. (Banks) | | | 146 | | | | 5,510 | |
| National Beverage Corp. (Beverages) | | | 116 | | | | 5,479 | |
| National CineMedia, Inc. (Media) | | | 290 | | | | 1,470 | |
| National Energy Services Reunited Corp.* (Energy Equipment & Services) | | | 147 | | | | 2,095 | |
| National Health Investors, Inc. (Equity Real Estate Investment Trusts) | | | 216 | | | | 14,483 | |
| National Healthcare Corp. (Health Care Providers & Services) | | | 62 | | | | 4,334 | |
| National Presto Industries, Inc. (Aerospace & Defense) | | | 25 | | | | 2,541 | |
| National Research Corp. (Health Care Providers & Services) | | | 69 | | | | 3,167 | |
| National Storage Affiliates Trust (Equity Real Estate Investment Trusts) | | | 346 | | | | 17,494 | |
| National Vision Holdings, Inc.* (Specialty Retail) | | | 402 | | | | 20,554 | |
| National Western Life Group, Inc.—Class A (Insurance) | | | 13 | | | | 2,917 | |
| Natural Grocers by Vitamin Cottage, Inc. (Food & Staples Retailing) | | | 45 | | | | 483 | |
| Nature's Sunshine Products, Inc. (Personal Products) | | | 58 | | | | 1,007 | |
| Natus Medical, Inc.* (Health Care Equipment & Supplies) | | | 166 | | | | 4,313 | |
| Nautilus, Inc.* (Leisure Products) | | | 147 | | | | 2,477 | |
| Navient Corp. (Consumer Finance) | | | 869 | | | | 16,799 | |
| NBT Bancorp, Inc. (Banks) | | | 208 | | | | 7,482 | |
| Neenah, Inc. (Paper & Forest Products) | | | 83 | | | | 4,164 | |
| Nelnet, Inc.—Class A (Consumer Finance) | | | 84 | | | | 6,319 | |
| NEOGAMES SA* (Hotels, Restaurants & Leisure) | | | 27 | | | | 1,660 | |
| Neogen Corp.* (Health Care Equipment & Supplies) | | | 531 | | | | 24,446 | |
| NeoGenomics, Inc.* (Life Sciences Tools & Services) | | | 559 | | | | 25,250 | |
| Neoleukin Therapeutics, Inc.* (Biotechnology) | | | 174 | | | | 1,606 | |
| NeoPhotonics Corp.* (Semiconductors & Semiconductor Equipment) | | | 249 | | | | 2,542 | |
| NETGEAR, Inc.* (Communications Equipment) | | | 149 | | | | 5,710 | |
| NetScout Systems, Inc.* (Communications Equipment) | | | 346 | | | | 9,875 | |
| NETSTREIT Corp. (Equity Real Estate Investment Trusts) | | | 196 | | | | 4,520 | |
| Neuronetics, Inc.* (Health Care Equipment & Supplies) | | | 123 | | | | 1,970 | |
| NeuroPace, Inc.* (Health Care Equipment & Supplies) | | | 34 | | | | 809 | |
| Nevro Corp.* (Health Care Equipment & Supplies) | | | 171 | | | | 28,349 | |
| New Jersey Resources Corp. (Gas Utilities) | | | 476 | | | | 18,835 | |
| New Senior Investment Group, Inc. (Equity Real Estate Investment Trusts) | | | 404 | | | | 3,547 | |
| New York Mortgage Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 1,871 | | | | 8,363 | |
| NewAge, Inc.* (Beverages) | | | 656 | | | | 1,463 | |
| Newmark Group, Inc. (Real Estate Management & Development) | | | 735 | | | | 8,827 | |
| Newpark Resources, Inc.* (Energy Equipment & Services) | | | 440 | | | | 1,522 | |
| NexImmune, Inc.* (Biotechnology) | | | 33 | | | | 539 | |
| Nexpoint Residential Trust, Inc. (Equity Real Estate Investment Trusts) | | | 110 | | | | 6,048 | |
| NextGen Healthcare, Inc.* (Health Care Technology) | | | 277 | | | | 4,595 | |
| NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services) | | | 852 | | | | 4,056 | |
| NGM Biopharmaceuticals, Inc.* (Pharmaceuticals) | | | 155 | | | | 3,057 | |
| NI Holdings, Inc.* (Insurance) | | | 42 | | | | 798 | |
| Nicolet Bankshares, Inc.* (Banks) | | | 44 | | | | 3,095 | |
| Nikola Corp.* (Machinery) | | | 988 | | | | 17,843 | |
| Nkarta, Inc.* (Biotechnology) | | | 70 | | | | 2,218 | |
See accompanying notes to financial statements.
320 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| NL Industries, Inc. (Commercial Services & Supplies) | | | 41 | | | $ | 267 | |
| nLight, Inc.* (Electronic Equipment, Instruments & Components) | | | 210 | | | | 7,619 | |
| NMI Holdings, Inc.*—Class A (Thrifts & Mortgage Finance) | | | 414 | | | | 9,307 | |
| NN, Inc.* (Machinery) | | | 211 | | | | 1,551 | |
| Noodles & Co.* (Hotels, Restaurants & Leisure) | | | 200 | | | | 2,496 | |
| Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels) | | | 744 | | | | 2,440 | |
| Northern Oil And Gas, Inc. (Oil, Gas & Consumable Fuels) | | | 236 | | | | 4,902 | |
| Northfield Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 225 | | | | 3,690 | |
| Northrim Bancorp, Inc. (Banks) | | | 30 | | | | 1,283 | |
| Northwest Bancshares, Inc. (Thrifts & Mortgage Finance) | | | 603 | | | | 8,225 | |
| Northwest Natural Holding Co. (Gas Utilities) | | | 150 | | | | 7,878 | |
| Northwest Pipe Co.* (Construction & Engineering) | | | 48 | | | | 1,356 | |
| NorthWestern Corp. (Multi-Utilities) | | | 250 | | | | 15,055 | |
| Novagold Resources, Inc.* (Metals & Mining) | | | 1,169 | | | | 9,364 | |
| Novanta, Inc.* (Electronic Equipment, Instruments & Components) | | | 174 | | | | 23,448 | |
| NOW, Inc.* (Trading Companies & Distributors) | | | 543 | | | | 5,153 | |
| Nu Skin Enterprises, Inc.—Class A (Personal Products) | | | 245 | | | | 13,879 | |
| Nurix Therapeutics, Inc.* (Biotechnology) | | | 154 | | | | 4,086 | |
| NuVasive, Inc.* (Health Care Equipment & Supplies) | | | 255 | | | | 17,284 | |
| Nuvation Bio, Inc.* (Pharmaceuticals) | | | 175 | | | | 1,629 | |
| NV5 Global, Inc.* (Construction & Engineering) | | | 63 | | | | 5,954 | |
| NVE Corp. (Semiconductors & Semiconductor Equipment) | | | 23 | | | | 1,703 | |
| Oasis Petroleum, Inc. (Oil, Gas & Consumable Fuels) | | | 99 | | | | 9,954 | |
| Oceaneering International, Inc.* (Energy Equipment & Services) | | | 491 | | | | 7,645 | |
| Oceanfirst Financial Corp. (Thrifts & Mortgage Finance) | | | 291 | | | | 6,064 | |
| Ocugen, Inc.*(a) (Biotechnology) | | | 910 | | | | 7,307 | |
| Ocular Therapeutix, Inc.* (Pharmaceuticals) | | | 378 | | | | 5,360 | |
| Ocwen Financial Corp.* (Thrifts & Mortgage Finance) | | | 40 | | | | 1,239 | |
| Office Properties Income Trust (Equity Real Estate Investment Trusts) | | | 236 | | | | 6,917 | |
| OFG Bancorp (Banks) | | | 251 | | | | 5,552 | |
| O-I Glass, Inc.* (Containers & Packaging) | | | 779 | | | | 12,721 | |
| Oil States International, Inc.* (Energy Equipment & Services) | | | 299 | | | | 2,347 | |
| Oil-Dri Corp. of America (Household Products) | | | 26 | | | | 889 | |
| Old National Bancorp (Banks) | | | 815 | | | | 14,352 | |
| Old Second Bancorp, Inc. (Banks) | | | 137 | | | | 1,699 | |
| Olema Pharmaceuticals, Inc.* (Biotechnology) | | | 60 | | | | 1,679 | |
| Olympic Steel, Inc. (Metals & Mining) | | | 46 | | | | 1,352 | |
| Omega Flex, Inc. (Machinery) | | | 15 | | | | 2,201 | |
| Omeros Corp.* (Pharmaceuticals) | | | 297 | | | | 4,407 | |
| Omnicell, Inc.* (Health Care Technology) | | | 212 | | | | 32,107 | |
| ON24, Inc.* (Software) | | | 44 | | | | 1,561 | |
| Oncocyte Corp.* (Biotechnology) | | | 349 | | | | 2,003 | |
| Oncorus, Inc.* (Biotechnology) | | | 101 | | | | 1,394 | |
| Oncternal Therapeutics, Inc.* (Biotechnology) | | | 218 | | | | 1,036 | |
| ONE Gas, Inc. (Gas Utilities) | | | 260 | | | | 19,272 | |
| ONE Group Hospitality, Inc. (The)* (Hotels, Restaurants & Leisure) | | | 96 | | | | 1,058 | |
| One Liberty Properties, Inc. (Equity Real Estate Investment Trusts) | | | 79 | | | | 2,243 | |
| OneSpan, Inc.* (Software) | | | 174 | | | | 4,444 | |
| OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services) | | | 260 | | | | 2,519 | |
| Onewater Marine, Inc. (Specialty Retail) | | | 51 | | | | 2,144 | |
| Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment) | | | 240 | | | | 17,530 | |
| Ontrak, Inc.* (Health Care Providers & Services) | | | 42 | | | | 1,364 | |
| Ooma, Inc.* (Diversified Telecommunication Services) | | | 107 | | | | 2,018 | |
| Open Lending Corp.*—Class A (Capital Markets) | | | 514 | | | | 22,147 | |
| OPKO Health, Inc.* (Biotechnology) | | | 1,937 | | | | 7,845 | |
| Oportun Financial Corp.* (Consumer Finance) | | | 103 | | | | 2,063 | |
| Oppenheimer Holdings, Inc.—Class A (Capital Markets) | | | 46 | | | | 2,339 | |
| OptimizeRx Corp.* (Health Care Technology) | | | 83 | | | | 5,138 | |
| Option Care Health, Inc.* (Health Care Providers & Services) | | | 545 | | | | 11,919 | |
| Oramed Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 132 | | | | 1,766 | |
| OraSure Technologies, Inc.* (Health Care Equipment & Supplies) | | | 353 | | | | 3,579 | |
| ORBCOMM, Inc.* (Diversified Telecommunication Services) | | | 368 | | | | 4,136 | |
| Orchid Island Capital, Inc. (Mortgage Real Estate Investment Trusts) | | | 467 | | | | 2,424 | |
| Organogenesis Holdings, Inc.* (Biotechnology) | | | 188 | | | | 3,125 | |
| ORIC Pharmaceuticals, Inc.* (Biotechnology) | | | 145 | | | | 2,565 | |
| Origin Bancorp, Inc. (Banks) | | | 109 | | | | 4,628 | |
| Orion Engineered Carbons SA* (Chemicals) | | | 299 | | | | 5,678 | |
| Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers) | | | 223 | | | | 15,505 | |
| Orrstown Financial Services, Inc. (Banks) | | | 54 | | | | 1,246 | |
| Ortho Clinical Diagnostics Holdings PLC* (Health Care Equipment & Supplies) | | | 436 | | | | 9,335 | |
| Orthofix Medical, Inc.* (Health Care Equipment & Supplies) | | | 93 | | | | 3,730 | |
| OrthoPediatrics Corp.* (Health Care Equipment & Supplies) | | | 68 | | | | 4,296 | |
| OSI Systems, Inc.* (Electronic Equipment, Instruments & Components) | | | 83 | | | | 8,436 | |
| Otter Tail Corp. (Electric Utilities) | | | 203 | | | | 9,908 | |
| Ouster, Inc.* (Electronic Equipment, Instruments & Components) | | | 143 | | | | 1,786 | |
| Outfront Media, Inc.* (Equity Real Estate Investment Trusts) | | | 717 | | | | 17,230 | |
| Outlook Therapeutics, Inc.* (Biotechnology) | | | 432 | | | | 1,076 | |
| Outset Medical, Inc.* (Health Care Equipment & Supplies) | | | 225 | | | | 11,246 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 321
Common Stocks, continued
| | | Shares | | | Value | |
| Overstock.com, Inc.* (Internet & Direct Marketing Retail) | | | 212 | | | $ | 19,546 | |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | | | 1,292 | | | | 40,660 | |
| Owens & Minor, Inc. (Health Care Providers & Services) | | | 357 | | | | 15,112 | |
| Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | | | 79 | | | | 7,808 | |
| Oyster Point Pharma, Inc.* (Biotechnology) | | | 55 | | | | 945 | |
| Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services) | | | 958 | | | | 33,500 | |
| Pacific Premier Bancorp, Inc. (Banks) | | | 462 | | | | 19,538 | |
| Pacira BioSciences, Inc.* (Pharmaceuticals) | | | 215 | | | | 13,046 | |
| Pactiv Evergreen, Inc. (Containers & Packaging) | | | 212 | | | | 3,195 | |
| PAE, Inc.* (Aerospace & Defense) | | | 342 | | | | 3,044 | |
| PagerDuty, Inc.* (Software) | | | 398 | | | | 16,947 | |
| Palomar Holdings, Inc.* (Insurance) | | | 121 | | | | 9,131 | |
| PAM Transportation Services, Inc.* (Road & Rail) | | | 9 | | | | 475 | |
| Papa John's International, Inc. (Hotels, Restaurants & Leisure) | | | 163 | | | | 17,024 | |
| Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels) | | | 221 | | | | 3,717 | |
| PAR Technology Corp.* (Electronic Equipment, Instruments & Components) | | | 117 | | | | 8,183 | |
| Paramount Group, Inc. (Equity Real Estate Investment Trusts) | | | 920 | | | | 9,264 | |
| Paratek Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 226 | | | | 1,541 | |
| Park Aerospace Corp. (Aerospace & Defense) | | | 96 | | | | 1,430 | |
| Park National Corp. (Banks) | | | 71 | | | | 8,337 | |
| Park-Ohio Holdings Corp. (Machinery) | | | 42 | | | | 1,350 | |
| Parsons Corp.* (Aerospace & Defense) | | | 130 | | | | 5,117 | |
| Party City Holdco, Inc.* (Specialty Retail) | | | 545 | | | | 5,085 | |
| Passage Bio, Inc.* (Biotechnology) | | | 183 | | | | 2,423 | |
| Patrick Industries, Inc. (Building Products) | | | 112 | | | | 8,176 | |
| Patterson Cos., Inc. (Health Care Providers & Services) | | | 422 | | | | 12,825 | |
| Patterson-UTI Energy, Inc. (Energy Equipment & Services) | | | 919 | | | | 9,135 | |
| PAVmed, Inc.* (Health Care Equipment & Supplies) | | | 354 | | | | 2,266 | |
| Paya Holdings, Inc.* (IT Services) | | | 405 | | | | 4,463 | |
| PBF Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 475 | | | | 7,268 | |
| PC Connection, Inc. (Electronic Equipment, Instruments & Components) | | | 55 | | | | 2,545 | |
| PCSB Financial Corp. (Thrifts & Mortgage Finance) | | | 67 | | | | 1,217 | |
| PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | | | 490 | | | | 22,437 | |
| PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment) | | | 146 | | | | 2,654 | |
| Peabody Energy Corp.* (Oil, Gas & Consumable Fuels) | | | 341 | | | | 2,704 | |
| Peapack Gladstone Financial Corp. (Banks) | | | 90 | | | | 2,796 | |
| Pebblebrook Hotel Trust (Equity Real Estate Investment Trusts) | | | 641 | | | | 15,096 | |
| Penn Virginia Corp.* (Oil, Gas & Consumable Fuels) | | | 76 | | | | 1,794 | |
| Pennymac Financial Services, Inc. (Thrifts & Mortgage Finance) | | | 174 | | | | 10,739 | |
| PennyMac Mortgage Investment Trust (Mortgage Real Estate Investment Trusts) | | | 483 | | | | 10,172 | |
| Peoples Bancorp, Inc. (Banks) | | | 89 | | | | 2,636 | |
| Peoples Financial Services Corp. (Banks) | | | 35 | | | | 1,491 | |
| Perdoceo Education Corp.* (Diversified Consumer Services) | | | 347 | | | | 4,258 | |
| Perficient, Inc.* (IT Services) | | | 160 | | | | 12,867 | |
| Performance Food Group Co.* (Food & Staples Retailing) | | | 650 | | | | 31,519 | |
| Perpetua Resources Corp.* (Metals & Mining) | | | 132 | | | | 964 | |
| Personalis, Inc.* (Life Sciences Tools & Services) | | | 175 | | | | 4,428 | |
| Petiq, Inc.* (Health Care Providers & Services) | | | 130 | | | | 5,018 | |
| PetMed Express, Inc. (Internet & Direct Marketing Retail) | | | 97 | | | | 3,089 | |
| PGT Innovations, Inc.* (Building Products) | | | 288 | | | | 6,690 | |
| Phathom Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 100 | | | | 3,385 | |
| Phibro Animal Health Corp.—Class A (Pharmaceuticals) | | | 101 | | | | 2,917 | |
| Photronics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 304 | | | | 4,016 | |
| Phreesia, Inc.* (Health Care Technology) | | | 188 | | | | 11,524 | |
| Physicians Realty Trust (Equity Real Estate Investment Trusts) | | | 1,063 | | | | 19,634 | |
| Piedmont Office Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 611 | | | | 11,285 | |
| Ping Identity Holding Corp.* (Software) | | | 214 | | | | 4,901 | |
| Pioneer Bancorp, Inc.* (Thrifts & Mortgage Finance) | | | 57 | | | | 685 | |
| Piper Sandler Cos. (Capital Markets) | | | 87 | | | | 11,272 | |
| Pitney Bowes, Inc. (Commercial Services & Supplies) | | | 867 | | | | 7,604 | |
| PJT Partners, Inc.—Class A (Capital Markets) | | | 118 | | | | 8,423 | |
| Plantronics, Inc.* (Communications Equipment) | | | 168 | | | | 7,011 | |
| PlayAGS, Inc.* (Hotels, Restaurants & Leisure) | | | 135 | | | | 1,337 | |
| PLBY Group, Inc.* (Textiles, Apparel & Luxury Goods) | | | 53 | | | | 2,061 | |
| Plexus Corp.* (Electronic Equipment, Instruments & Components) | | | 140 | | | | 12,797 | |
| Pliant Therapeutics, Inc.* (Pharmaceuticals) | | | 119 | | | | 3,465 | |
| Plymouth Industrial REIT, Inc. (Equity Real Estate Investment Trusts) | | | 144 | | | | 2,883 | |
| PMV Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 129 | | | | 4,407 | |
| PNM Resources, Inc. (Electric Utilities) | | | 422 | | | | 20,581 | |
| PolyMet Mining Corp.* (Metals & Mining) | | | 142 | | | | 513 | |
| Porch Group, Inc.* (Internet & Direct Marketing Retail) | | | 78 | | | | 1,509 | |
| Portage Biotech, Inc.* (Biotechnology) | | | 18 | | | | 377 | |
| Portland General Electric Co. (Electric Utilities) | | | 444 | | | | 20,460 | |
| Poseida Therapeutics, Inc.* (Biotechnology) | | | 142 | | | | 1,423 | |
| Postal Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 59 | | | | 1,076 | |
| PotlatchDeltic Corp. (Equity Real Estate Investment Trusts) | | | 326 | | | | 17,327 | |
| Powell Industries, Inc. (Electrical Equipment) | | | 45 | | | | 1,393 | |
See accompanying notes to financial statements.
322 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Power Integrations, Inc. (Semiconductors & Semiconductor Equipment) | | | 298 | | | $ | 24,454 | |
| PQ Group Holdings, Inc. (Chemicals) | | | 253 | | | | 3,886 | |
| PRA Group, Inc.* (Consumer Finance) | | | 224 | | | | 8,617 | |
| Praxis Precision Medicines, Inc.* (Biotechnology) | | | 120 | | | | 2,194 | |
| Precigen, Inc.* (Biotechnology) | | | 467 | | | | 3,045 | |
| Precision BioSciences, Inc.* (Biotechnology) | | | 234 | | | | 2,930 | |
| Preferred Apartment Communities, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 247 | | | | 2,408 | |
| Preferred Bank (Banks) | | | 68 | | | | 4,302 | |
| Preformed Line Products Co. (Electrical Equipment) | | | 15 | | | | 1,113 | |
| Prelude Therapeutics, Inc.* (Biotechnology) | | | 53 | | | | 1,517 | |
| Premier Financial Bancorp, Inc. (Banks) | | | 62 | | | | 1,045 | |
| Premier Financial Corp. (Thrifts & Mortgage Finance) | | | 182 | | | | 5,171 | |
| Prestige Consumer Healthcare, Inc.* (Pharmaceuticals) | | | 247 | | | | 12,869 | |
| PriceSmart, Inc. (Food & Staples Retailing) | | | 115 | | | | 10,466 | |
| Primis Financial Corp. (Banks) | | | 119 | | | | 1,816 | |
| Primo Water Corp. (Beverages) | | | 775 | | | | 12,966 | |
| Primoris Services Corp. (Construction & Engineering) | | | 264 | | | | 7,770 | |
| Priority Technology Holdings, Inc.* (IT Services) | | | 49 | | | | 374 | |
| Privia Health Group, Inc.* (Health Care Providers & Services) | | | 97 | | | | 4,304 | |
| ProAssurance Corp. (Insurance) | | | 265 | | | | 6,029 | |
| PROG Holdings, Inc.* (Consumer Finance) | | | 331 | | | | 15,932 | |
| Progress Software Corp. (Software) | | | 217 | | | | 10,036 | |
| Progyny, Inc.* (Health Care Providers & Services) | | | 311 | | | | 18,349 | |
| Prometheus Biosciences, Inc.* (Biotechnology) | | | 56 | | | | 1,375 | |
| ProPetro Holding Corp.* (Energy Equipment & Services) | | | 421 | | | | 3,856 | |
| PROS Holdings, Inc.* (Software) | | | 197 | | | | 8,977 | |
| ProSight Global, Inc.* (Insurance) | | | 46 | | | | 587 | |
| Protagonist Therapeutics, Inc.* (Biotechnology) | | | 204 | | | | 9,156 | |
| Prothena Corp. PLC* (Biotechnology) | | | 168 | | | | 8,637 | |
| Proto Labs, Inc.* (Machinery) | | | 137 | | | | 12,577 | |
| Provention Bio, Inc.* (Pharmaceuticals) | | | 273 | | | | 2,301 | |
| Provident BanCorp, Inc. (Thrifts & Mortgage Finance) | | | 78 | | | | 1,272 | |
| Provident Financial Services, Inc. (Thrifts & Mortgage Finance) | | | 374 | | | | 8,561 | |
| PS Business Parks, Inc. (Equity Real Estate Investment Trusts) | | | 99 | | | | 14,660 | |
| PTC Therapeutics, Inc.* (Biotechnology) | | | 342 | | | | 14,456 | |
| Pulmonx Corp.* (Health Care Equipment & Supplies) | | | 125 | | | | 5,515 | |
| Pulse Biosciences, Inc.* (Health Care Equipment & Supplies) | | | 69 | | | | 1,132 | |
| Puma Biotechnology, Inc.* (Biotechnology) | | | 157 | | | | 1,441 | |
| Pure Cycle Corp.* (Water Utilities) | | | 95 | | | | 1,313 | |
| PureCycle Technologies, Inc.* (Chemicals) | | | 162 | | | | 3,831 | |
| Purple Innovation, Inc.* (Household Durables) | | | 248 | | | | 6,550 | |
| Pzena Investment Management, Inc.—Class A (Capital Markets) | | | 83 | | | | 914 | |
| Q2 Holdings, Inc.* (Software) | | | 269 | | | | 27,594 | |
| QAD, Inc. (Software) | | | 59 | | | | 5,134 | |
| QCR Holdings, Inc. (Banks) | | | 76 | | | | 3,655 | |
| QTS Realty Trust, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 339 | | | | 26,204 | |
| Quaker Chemical Corp. (Chemicals) | | | 66 | | | | 15,655 | |
| Qualys, Inc.* (Software) | | | 168 | | | | 16,916 | |
| Quanex Building Products Corp. (Building Products) | | | 165 | | | | 4,099 | |
| Quanterix Corp.* (Life Sciences Tools & Services) | | | 152 | | | | 8,916 | |
| Quantum Corp.* (Technology Hardware, Storage & Peripherals) | | | 275 | | | | 1,895 | |
| QuinStreet, Inc.* (Interactive Media & Services) | | | 245 | | | | 4,552 | |
| Quotient Technology, Inc.* (Internet & Direct Marketing Retail) | | | 438 | | | | 4,735 | |
| Quotient, Ltd.* (Health Care Equipment & Supplies) | | | 387 | | | | 1,409 | |
| R. R. Donnelley & Sons Co.* (Commercial Services & Supplies) | | | 349 | | | | 2,192 | |
| R1 RCM, Inc.* (Health Care Providers & Services) | | | 649 | | | | 14,434 | |
| Rackspace Technology, Inc.* (IT Services) | | | 265 | | | | 5,197 | |
| Radian Group, Inc. (Thrifts & Mortgage Finance) | | | 948 | | | | 21,092 | |
| Radiant Logistics, Inc.* (Air Freight & Logistics) | | | 193 | | | | 1,337 | |
| Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services) | | | 217 | | | | 3,147 | |
| Radius Health, Inc.* (Biotechnology) | | | 231 | | | | 4,213 | |
| RadNet, Inc.* (Health Care Providers & Services) | | | 221 | | | | 7,445 | |
| Rafael Holdings, Inc.*—Class B (Real Estate Management & Development) | | | 48 | | | | 2,450 | |
| Rain Therapeutics, Inc.* (Biotechnology) | | | 37 | | | | 575 | |
| Rambus, Inc.* (Semiconductors & Semiconductor Equipment) | | | 552 | | | | 13,088 | |
| Range Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 1,178 | | | | 19,743 | |
| Ranpak Holdings Corp.* (Containers & Packaging) | | | 172 | | | | 4,305 | |
| Rapid7, Inc.* (Software) | | | 271 | | | | 25,645 | |
| RAPT Therapeutics, Inc.* (Biotechnology) | | | 89 | | | | 2,829 | |
| Raven Industries, Inc. (Industrial Conglomerates) | | | 176 | | | | 10,182 | |
| Rayonier Advanced Materials, Inc.* (Chemicals) | | | 305 | | | | 2,040 | |
| RBB Bancorp (Banks) | | | 70 | | | | 1,695 | |
| RBC Bearings, Inc.* (Machinery) | | | 122 | | | | 24,329 | |
| RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure) | | | 41 | | | | 2,714 | |
| Ready Capital Corp. (Mortgage Real Estate Investment Trusts) | | | 285 | | | | 4,523 | |
| Realogy Holdings Corp.* (Real Estate Management & Development) | | | 568 | | | | 10,349 | |
| Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals) | | | 135 | | | | 19,108 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 323
Common Stocks, continued
| | | Shares | | | Value | |
| Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology) | | | 104 | | | $ | 3,796 | |
| Red River Bancshares, Inc. (Banks) | | | 22 | | | | 1,111 | |
| Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure) | | | 77 | | | | 2,549 | |
| Red Rock Resorts, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 304 | | | | 12,920 | |
| Redfin Corp.* (Real Estate Management & Development) | | | 501 | | | | 31,769 | |
| Redwood Trust, Inc. (Mortgage Real Estate Investment Trusts) | | | 557 | | | | 6,723 | |
| REGENXBIO, Inc.* (Biotechnology) | | | 195 | | | | 7,576 | |
| Regional Management Corp. (Consumer Finance) | | | 41 | | | | 1,908 | |
| Regis Corp.* (Diversified Consumer Services) | | | 116 | | | | 1,086 | |
| Rekor Systems, Inc.* (Professional Services) | | | 155 | | | | 1,575 | |
| Relay Therapeutics, Inc.* (Biotechnology) | | | 288 | | | | 10,538 | |
| Reliant Bancorp, Inc. (Banks) | | | 75 | | | | 2,080 | |
| Relmada Therapeutics, Inc.* (Pharmaceuticals) | | | 74 | | | | 2,369 | |
| Renasant Corp. (Banks) | | | 272 | | | | 10,880 | |
| Reneo Pharmaceuticals, Inc.* (Biotechnology) | | | 31 | | | | 289 | |
| Renewable Energy Group, Inc.* (Oil, Gas & Consumable Fuels) | | | 221 | | | | 13,777 | |
| Rent-A-Center, Inc. (Specialty Retail) | | | 325 | | | | 17,248 | |
| Repay Holdings Corp.* (IT Services) | | | 379 | | | | 9,111 | |
| Replimune Group, Inc.* (Biotechnology) | | | 132 | | | | 5,071 | |
| Republic Bancorp, Inc.—Class A (Banks) | | | 47 | | | | 2,168 | |
| Republic First Bancorp, Inc.* (Banks) | | | 220 | | | | 878 | |
| Resideo Technologies, Inc.* (Building Products) | | | 713 | | | | 21,390 | |
| Resources Connection, Inc. (Professional Services) | | | 155 | | | | 2,226 | |
| Retail Opportunity Investments Corp. (Equity Real Estate Investment Trusts) | | | 573 | | | | 10,119 | |
| Retail Properties of America, Inc. (Equity Real Estate Investment Trusts) | | | 1,057 | | | | 12,103 | |
| Retail Value, Inc. (Equity Real Estate Investment Trusts) | | | 86 | | | | 1,871 | |
| Retractable Technologies, Inc.* (Health Care Equipment & Supplies) | | | 85 | | | | 983 | |
| REV Group, Inc. (Machinery) | | | 140 | | | | 2,197 | |
| Revance Therapeutics, Inc.* (Pharmaceuticals) | | | 346 | | | | 10,255 | |
| Revlon, Inc.*—Class A (Personal Products) | | | 35 | | | | 449 | |
| REVOLUTION Medicines, Inc.* (Biotechnology) | | | 293 | | | | 9,300 | |
| Revolve Group, Inc.* (Internet & Direct Marketing Retail) | | | 177 | | | | 12,195 | |
| REX American Resources Corp.* (Oil, Gas & Consumable Fuels) | | | 26 | | | | 2,345 | |
| Rexnord Corp. (Machinery) | | | 591 | | | | 29,573 | |
| Rhythm Pharmaceuticals, Inc.* (Biotechnology) | | | 217 | | | | 4,249 | |
| Ribbon Communications, Inc.* (Communications Equipment) | | | 347 | | | | 2,641 | |
| Rigel Pharmaceuticals, Inc.* (Biotechnology) | | | 842 | | | | 3,654 | |
| Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels) | | | 43 | | | | 1,246 | |
| Rimini Street, Inc.* (Software) | | | 216 | | | | 1,331 | |
| Riot Blockchain, Inc.* (Software) | | | 416 | | | | 15,671 | |
| Rite Aid Corp.* (Food & Staples Retailing) | | | 271 | | | | 4,417 | |
| RLI Corp. (Insurance) | | | 197 | | | | 20,603 | |
| RLJ Lodging Trust (Equity Real Estate Investment Trusts) | | | 807 | | | | 12,291 | |
| Rocket Pharmaceuticals, Inc.* (Biotechnology) | | | 196 | | | | 8,681 | |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods) | | | 34 | | | | 1,890 | |
| Rogers Corp.* (Electronic Equipment, Instruments & Components) | | | 92 | | | | 18,474 | |
| Romeo Power, Inc.* (Electrical Equipment) | | | 206 | | | | 1,677 | |
| RPC, Inc.* (Energy Equipment & Services) | | | 333 | | | | 1,648 | |
| RPT Realty (Equity Real Estate Investment Trusts) | | | 397 | | | | 5,153 | |
| Rubius Therapeutics, Inc.* (Biotechnology) | | | 222 | | | | 5,419 | |
| Rush Enterprises, Inc.—Class A (Trading Companies & Distributors) | | | 208 | | | | 8,994 | |
| Rush Enterprises, Inc.—Class B (Trading Companies & Distributors) | | | 32 | | | | 1,220 | |
| Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure) | | | 258 | | | | 3,163 | |
| Ruth's Hospitality Group, Inc.* (Hotels, Restaurants & Leisure) | | | 166 | | | | 3,823 | |
| Ryerson Holding Corp.* (Metals & Mining) | | | 81 | | | | 1,183 | |
| Ryman Hospitality Properties, Inc.*—Class I (Equity Real Estate Investment Trusts) | | | 265 | | | | 20,924 | |
| S&T Bancorp, Inc. (Banks) | | | 191 | | | | 5,978 | |
| Sabra Health Care REIT, Inc. (Equity Real Estate Investment Trusts) | | | 1,063 | | | | 19,347 | |
| Safe Bulkers, Inc.* (Marine) | | | 271 | | | | 1,087 | |
| Safehold, Inc. (Equity Real Estate Investment Trusts) | | | 88 | | | | 6,908 | |
| Safety Insurance Group, Inc. (Insurance) | | | 71 | | | | 5,558 | |
| Saia, Inc.* (Road & Rail) | | | 131 | | | | 27,443 | |
| Sailpoint Technologies Holding, Inc.* (Software) | | | 446 | | | | 22,777 | |
| Sally Beauty Holdings, Inc.* (Specialty Retail) | | | 555 | | | | 12,249 | |
| Sana Biotechnology, Inc.* (Biotechnology) | | | 132 | | | | 2,595 | |
| Sanderson Farms, Inc. (Food Products) | | | 100 | | | | 18,796 | |
| Sandy Spring Bancorp, Inc. (Banks) | | | 229 | | | | 10,106 | |
| Sangamo Therapeutics, Inc.* (Biotechnology) | | | 579 | | | | 6,931 | |
| Sanmina Corp.* (Electronic Equipment, Instruments & Components) | | | 317 | | | | 12,350 | |
| Sapiens International Corp. N.V. (Software) | | | 152 | | | | 3,993 | |
| Saul Centers, Inc. (Equity Real Estate Investment Trusts) | | | 58 | | | | 2,636 | |
| ScanSource, Inc.* (Electronic Equipment, Instruments & Components) | | | 124 | | | | 3,488 | |
| Schnitzer Steel Industries, Inc.—Class A (Metals & Mining) | | | 128 | | | | 6,278 | |
| Scholar Rock Holding Corp.* (Biotechnology) | | | 136 | | | | 3,930 | |
| Scholastic Corp. (Media) | | | 143 | | | | 5,418 | |
| Schrodinger, Inc.* (Health Care Technology) | | | 223 | | | | 16,861 | |
| Schweitzer-Mauduit International, Inc. (Paper & Forest Products) | | | 154 | | | | 6,219 | |
| Scientific Games Corp.* (Hotels, Restaurants & Leisure) | | | 474 | | | | 36,707 | |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | | | 240 | | | | 5,292 | |
| Sculptor Capital Management, Inc. (Capital Markets) | | | 106 | | | | 2,607 | |
See accompanying notes to financial statements.
324 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Seacoast Banking Corp. (Banks) | | | 269 | | | $ | 9,186 | |
| SeaSpine Holdings Corp.* (Health Care Equipment & Supplies) | | | 156 | | | | 3,200 | |
| SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure) | | | 254 | | | | 12,685 | |
| SecureWorks Corp.*—Class A (Software) | | | 47 | | | | 871 | |
| Seelos Therapeutics, Inc.* (Pharmaceuticals) | | | 374 | | | | 987 | |
| Seer, Inc.* (Life Sciences Tools & Services) | | | 75 | | | | 2,459 | |
| Select Energy Services, Inc.* (Energy Equipment & Services) | | | 291 | | | | 1,758 | |
| Select Medical Holdings Corp. (Health Care Providers & Services) | | | 545 | | | | 23,032 | |
| Selecta Biosciences, Inc.* (Biotechnology) | | | 440 | | | | 1,839 | |
| Selective Insurance Group, Inc. (Insurance) | | | 293 | | | | 23,776 | |
| Selectquote, Inc.* (Insurance) | | | 661 | | | | 12,731 | |
| Semtech Corp.* (Semiconductors & Semiconductor Equipment) | | | 319 | | | | 21,947 | |
| Seneca Foods Corp.*—Class A (Food Products) | | | 32 | | | | 1,635 | |
| Sensei Biotherapeutics, Inc.* (Biotechnology) | | | 38 | | | | 371 | |
| Senseonics Holdings, Inc.* (Health Care Equipment & Supplies) | | | 2,047 | | | | 7,860 | |
| Sensient Technologies Corp. (Chemicals) | | | 208 | | | | 18,004 | |
| Seres Therapeutics, Inc.* (Biotechnology) | | | 343 | | | | 8,181 | |
| Seritage Growth Properties*—Class A (Equity Real Estate Investment Trusts) | | | 180 | | | | 3,312 | |
| Service Properties Trust (Equity Real Estate Investment Trusts) | | | 809 | | | | 10,193 | |
| ServisFirst Bancshares, Inc. (Banks) | | | 246 | | | | 16,723 | |
| Sesen Bio, Inc.* (Biotechnology) | | | 842 | | | | 3,890 | |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | | | 515 | | | | 3,940 | |
| Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure) | | | 184 | | | | 19,692 | |
| Sharps Compliance Corp.* (Health Care Providers & Services) | | | 71 | | | | 731 | |
| Shattuck Labs, Inc.* (Biotechnology) | | | 131 | | | | 3,798 | |
| Shenandoah Telecommunications Co. (Wireless Telecommunication Services) | | | 238 | | | | 11,545 | |
| Shift Technologies, Inc.* (Specialty Retail) | | | 306 | | | | 2,625 | |
| Shockwave Medical, Inc.* (Health Care Equipment & Supplies) | | | 166 | | | | 31,494 | |
| Shoe Carnival, Inc. (Specialty Retail) | | | 44 | | | | 3,150 | |
| ShotSpotter, Inc.* (Software) | | | 42 | | | | 2,048 | |
| Shutterstock, Inc. (Internet & Direct Marketing Retail) | | | 115 | | | | 11,290 | |
| SI-BONE, Inc.* (Health Care Equipment & Supplies) | | | 158 | | | | 4,972 | |
| Sientra, Inc.* (Health Care Equipment & Supplies) | | | 283 | | | | 2,253 | |
| Sierra Bancorp (Banks) | | | 69 | | | | 1,756 | |
| SIGA Technologies, Inc.* (Pharmaceuticals) | | | 244 | | | | 1,532 | |
| Sigilon Therapeutics, Inc.* (Biotechnology) | | | 36 | | | | 386 | |
| Signet Jewelers, Ltd.* (Specialty Retail) | | | 257 | | | | 20,763 | |
| Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment) | | | 219 | | | | 33,562 | |
| Silk Road Medical, Inc.* (Health Care Equipment & Supplies) | | | 167 | | | | 7,993 | |
| Silverback Therapeutics, Inc.* (Biotechnology) | | | 63 | | | | 1,946 | |
| Silvergate Capital Corp.*—Class A (Banks) | | | 113 | | | | 12,805 | |
| Simmons First National Corp.—Class A (Banks) | | | 529 | | | | 15,521 | |
| Simpson Manufacturing Co., Inc. (Building Products) | | | 215 | | | | 23,744 | |
| Simulations Plus, Inc. (Health Care Technology) | | | 75 | | | | 4,118 | |
| Sinclair Broadcast Group, Inc.—Class A (Media) | | | 226 | | | | 7,508 | |
| SiriusPoint, Ltd.* (Insurance) | | | 436 | | | | 4,391 | |
| SITE Centers Corp. (Equity Real Estate Investment Trusts) | | | 854 | | | | 12,861 | |
| SiTime Corp.* (Semiconductors & Semiconductor Equipment) | | | 63 | | | | 7,975 | |
| SJW Corp. (Water Utilities) | | | 136 | | | | 8,609 | |
| Skyline Champion Corp.* (Household Durables) | | | 259 | | | | 13,805 | |
| SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment) | | | 39 | | | | 1,117 | |
| SkyWest, Inc.* (Airlines) | | | 245 | | | | 10,552 | |
| Sleep Number Corp.* (Specialty Retail) | | | 118 | | | | 12,974 | |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | | | 575 | | | | 14,162 | |
| SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 70 | | | | 3,338 | |
| SmartFinancial, Inc. (Banks) | | | 68 | | | | 1,633 | |
| Smith & Wesson Brands, Inc. (Leisure Products) | | | 262 | | | | 9,091 | |
| Smith Micro Software, Inc.* (Software) | | | 219 | | | | 1,143 | |
| SOC Telemed, Inc.* (Health Care Providers & Services) | | | 202 | | | | 1,149 | |
| Solaris Oilfield Infrastructure, Inc. (Energy Equipment & Services) | | | 154 | | | | 1,500 | |
| Solid Biosciences, Inc.* (Biotechnology) | | | 294 | | | | 1,076 | |
| Soliton, Inc.* (Health Care Equipment & Supplies) | | | 46 | | | | 1,035 | |
| Sonic Automotive, Inc.—Class A (Specialty Retail) | | | 108 | | | | 4,832 | |
| Sonos, Inc.* (Household Durables) | | | 593 | | | | 20,891 | |
| Sorrento Therapeutics, Inc.* (Biotechnology) | | | 1,344 | | | | 13,023 | |
| South Jersey Industries, Inc. (Gas Utilities) | | | 508 | | | | 13,172 | |
| South Plains Financial, Inc. (Banks) | | | 52 | | | | 1,203 | |
| South State Corp. (Banks) | | | 349 | | | | 28,533 | |
| Southern First Bancshares, Inc.* (Banks) | | | 37 | | | | 1,893 | |
| Southern Missouri Bancorp, Inc. (Thrifts & Mortgage Finance) | | | 38 | | | | 1,708 | |
| Southside Bancshares, Inc. (Banks) | | | 154 | | | | 5,887 | |
| Southwest Gas Holdings, Inc. (Gas Utilities) | | | 286 | | | | 18,930 | |
| Southwestern Energy Co.* (Oil, Gas & Consumable Fuels) | | | 3,340 | | | | 18,938 | |
| SP Plus Corp.* (Commercial Services & Supplies) | | | 114 | | | | 3,487 | |
| Spark Energy, Inc.—Class A (Electric Utilities) | | | 59 | | | | 668 | |
| SpartanNash Co. (Food & Staples Retailing) | | | 176 | | | | 3,399 | |
| Spectrum Pharmaceuticals, Inc.* (Biotechnology) | | | 762 | | | | 2,858 | |
| Spero Therapeutics, Inc.* (Biotechnology) | | | 119 | | | | 1,661 | |
| Spire, Inc. (Gas Utilities) | | | 250 | | | | 18,068 | |
| Spirit Airlines, Inc.* (Airlines) | | | 485 | | | | 14,763 | |
| Spirit of Texas Bancshares, Inc. (Banks) | | | 63 | | | | 1,439 | |
| Sportsman's Warehouse Holdings, Inc.* (Specialty Retail) | | | 215 | | | | 3,821 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 325
Common Stocks, continued
| | | Shares | | | Value | |
| SpringWorks Therapeutics, Inc.* (Biotechnology) | | | 144 | | | $ | 11,867 | |
| Sprout Social, Inc.*—Class A (Software) | | | 218 | | | | 19,494 | |
| Sprouts Farmers Market, Inc.* (Food & Staples Retailing) | | | 585 | | | | 14,537 | |
| Spruce Biosciences, Inc.* (Biotechnology) | | | 43 | | | | 482 | |
| SPS Commerce, Inc.* (Software) | | | 178 | | | | 17,773 | |
| SPX Corp.* (Machinery) | | | 216 | | | | 13,193 | |
| SPX FLOW, Inc. (Machinery) | | | 208 | | | | 13,570 | |
| SQZ Biotechnologies Co.* (Biotechnology) | | | 112 | | | | 1,618 | |
| STAAR Surgical Co.* (Health Care Equipment & Supplies) | | | 232 | | | | 35,379 | |
| STAG Industrial, Inc. (Equity Real Estate Investment Trusts) | | | 793 | | | | 29,681 | |
| Stamps.com, Inc.* (Internet & Direct Marketing Retail) | | | 88 | | | | 17,626 | |
| Standard Motor Products, Inc. (Auto Components) | | | 103 | | | | 4,465 | |
| Standex International Corp. (Machinery) | | | 60 | | | | 5,695 | |
| Startek, Inc.* (IT Services) | | | 83 | | | | 592 | |
| State Auto Financial Corp. (Insurance) | | | 87 | | | | 1,489 | |
| Steelcase, Inc.—Class A (Commercial Services & Supplies) | | | 437 | | | | 6,603 | |
| Stem, Inc.* (Electrical Equipment) | | | 309 | | | | 11,127 | |
| Stepan Co. (Chemicals) | | | 106 | | | | 12,749 | |
| StepStone Group, Inc.—Class A (Capital Markets) | | | 184 | | | | 6,330 | |
| Stereotaxis, Inc.* (Health Care Equipment & Supplies) | | | 245 | | | | 2,362 | |
| Sterling Construction Co., Inc.* (Construction & Engineering) | | | 137 | | | | 3,306 | |
| Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods) | | | 404 | | | | 17,679 | |
| Stewart Information Services Corp. (Insurance) | | | 132 | | | | 7,483 | |
| Stitch Fix, Inc.* (Internet & Direct Marketing Retail) | | | 291 | | | | 17,547 | |
| Stock Yards Bancorp, Inc. (Banks) | | | 102 | | | | 5,191 | |
| Stoke Therapeutics, Inc.* (Biotechnology) | | | 94 | | | | 3,164 | |
| StoneMor, Inc.* (Diversified Consumer Services) | | | 159 | | | | 417 | |
| Stoneridge, Inc.* (Auto Components) | | | 129 | | | | 3,806 | |
| StoneX Group, Inc.* (Capital Markets) | | | 83 | | | | 5,036 | |
| Strategic Education, Inc. (Diversified Consumer Services) | | | 120 | | | | 9,127 | |
| Stride, Inc.* (Diversified Consumer Services) | | | 199 | | | | 6,394 | |
| Sturm Ruger & Co., Inc. (Leisure Products) | | | 85 | | | | 7,648 | |
| Summit Financial Group, Inc. (Banks) | | | 56 | | | | 1,233 | |
| Summit Hotel Properties, Inc.* (Equity Real Estate Investment Trusts) | | | 511 | | | | 4,768 | |
| Summit Materials, Inc.*—Class A (Construction Materials) | | | 578 | | | | 20,143 | |
| Summit Therapeutics, Inc.* (Biotechnology) | | | 111 | | | | 828 | |
| Sumo Logic, Inc.* (Software) | | | 402 | | | | 8,301 | |
| Sun Country Airlines Holdings, Inc.* (Airlines) | | | 85 | | | | 3,146 | |
| SunCoke Energy, Inc. (Metals & Mining) | | | 410 | | | | 2,927 | |
| Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers) | | | 424 | | | | 15,968 | |
| SunPower Corp.* (Semiconductors & Semiconductor Equipment) | | | 394 | | | | 11,513 | |
| Sunstone Hotel Investors, Inc.* (Equity Real Estate Investment Trusts) | | | 1,059 | | | | 13,153 | |
| Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals) | | | 213 | | | | 7,493 | |
| Superior Group of Cos., Inc. (Textiles, Apparel & Luxury Goods) | | | 57 | | | | 1,363 | |
| Supernus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 242 | | | | 7,451 | |
| Surface Oncology, Inc.* (Biotechnology) | | | 164 | | | | 1,223 | |
| Surgery Partners, Inc.* (Health Care Providers & Services) | | | 156 | | | | 10,393 | |
| Surmodics, Inc.* (Health Care Equipment & Supplies) | | | 67 | | | | 3,635 | |
| Sutro BioPharma, Inc.* (Biotechnology) | | | 214 | | | | 3,978 | |
| Sykes Enterprises, Inc.* (IT Services) | | | 189 | | | | 10,149 | |
| Synaptics, Inc.* (Semiconductors & Semiconductor Equipment) | | | 174 | | | | 27,071 | |
| Syndax Pharmaceuticals, Inc.* (Biotechnology) | | | 222 | | | | 3,812 | |
| Syros Pharmaceuticals, Inc.* (Biotechnology) | | | 284 | | | | 1,548 | |
| Tabula Rasa Healthcare, Inc.* (Health Care Technology) | | | 111 | | | | 5,550 | |
| Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies) | | | 95 | | | | 4,940 | |
| Talaris Therapeutics, Inc.* (Biotechnology) | | | 44 | | | | 646 | |
| Talis Biomedical Corp.* (Health Care Equipment & Supplies) | | | 71 | | | | 783 | |
| Talos Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 182 | | | | 2,846 | |
| Tanger Factory Outlet Centers, Inc. (Equity Real Estate Investment Trusts) | | | 489 | | | | 9,218 | |
| Target Hospitality Corp.* (Hotels, Restaurants & Leisure) | | | 123 | | | | 456 | |
| Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 42 | | | | 1,217 | |
| Tattooed Chef, Inc.*(a) (Food Products) | | | 230 | | | | 4,934 | |
| Taylor Morrison Home Corp.* (Household Durables) | | | 619 | | | | 16,354 | |
| Taysha Gene Therapies, Inc.* (Biotechnology) | | | 110 | | | | 2,332 | |
| TCR2 Therapeutics, Inc.* (Biotechnology) | | | 150 | | | | 2,462 | |
| Team, Inc.* (Commercial Services & Supplies) | | | 130 | | | | 871 | |
| TechTarget, Inc.* (Media) | | | 126 | | | | 9,764 | |
| Teekay Corp.*(a) (Oil, Gas & Consumable Fuels) | | | 342 | | | | 1,272 | |
| Teekay Tankers, Ltd.*—Class A (Oil, Gas & Consumable Fuels) | | | 118 | | | | 1,702 | |
| TEGNA, Inc. (Media) | | | 1,090 | | | | 20,449 | |
| Tejon Ranch Co.* (Real Estate Management & Development) | | | 103 | | | | 1,567 | |
| Telephone and Data Systems, Inc. (Wireless Telecommunication Services) | | | 498 | | | | 11,285 | |
| Tellurian, Inc.* (Oil, Gas & Consumable Fuels) | | | 1,562 | | | | 7,263 | |
| Telos Corp.* (Software) | | | 85 | | | | 2,891 | |
| Tenable Holdings, Inc.* (Software) | | | 447 | | | | 18,483 | |
| Tenet Healthcare Corp.* (Health Care Providers & Services) | | | 523 | | | | 35,037 | |
| Tennant Co. (Machinery) | | | 91 | | | | 7,266 | |
| Tenneco, Inc.* (Auto Components) | | | 348 | | | | 6,723 | |
| Terex Corp. (Machinery) | | | 337 | | | | 16,048 | |
| Terns Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 43 | | | | 527 | |
See accompanying notes to financial statements.
326 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Terreno Realty Corp. (Equity Real Estate Investment Trusts) | | | 338 | | | $ | 21,808 | |
| Tetra Tech, Inc. (Commercial Services & Supplies) | | | 266 | | | | 32,462 | |
| TETRA Technologies, Inc.* (Energy Equipment & Services) | | | 605 | | | | 2,626 | |
| Texas Capital Bancshares, Inc.* (Banks) | | | 250 | | | | 15,873 | |
| Texas Roadhouse, Inc.—Class A (Hotels, Restaurants & Leisure) | | | 345 | | | | 33,189 | |
| Textainer Group Holdings, Ltd.* (Trading Companies & Distributors) | | | 236 | | | | 7,970 | |
| TG Therapeutics, Inc.* (Biotechnology) | | | 632 | | | | 24,515 | |
| The Andersons, Inc. (Food & Staples Retailing) | | | 155 | | | | 4,732 | |
| The Bancorp, Inc.* (Banks) | | | 258 | | | | 5,937 | |
| The Bank of Nt Butterfield & Son, Ltd. (Banks) | | | 247 | | | | 8,756 | |
The Brink's Co. (Commercial Services & Supplies) | | | 240 | | | | 18,441 | |
| The Buckle, Inc. (Specialty Retail) | | | 147 | | | | 7,313 | |
| The Cato Corp.—Class A (Specialty Retail) | | | 98 | | | | 1,653 | |
| The Cheesecake Factory, Inc.* (Hotels, Restaurants & Leisure) | | | 213 | | | | 11,540 | |
| The Children's Place, Inc.* (Specialty Retail) | | | 69 | | | | 6,421 | |
| The Container Store Group, Inc.* (Specialty Retail) | | | 157 | | | | 2,047 | |
| The E.W. Scripps Co.—Class A (Media) | | | 282 | | | | 5,750 | |
| The Ensign Group, Inc. (Health Care Providers & Services) | | | 259 | | | | 22,448 | |
| The ExOne Co.* (Machinery) | | | 84 | | | | 1,818 | |
| The First Bancorp, Inc. (Banks) | | | 51 | | | | 1,502 | |
| The GEO Group, Inc. (Equity Real Estate Investment Trusts) | | | 581 | | | | 4,137 | |
| The Goodyear Tire & Rubber Co.* (Auto Components) | | | 1,362 | | | | 23,358 | |
| The Greenbrier Cos., Inc. (Machinery) | | | 159 | | | | 6,929 | |
| The Hackett Group, Inc. (IT Services) | | | 123 | | | | 2,216 | |
| The Joint Corp.* (Health Care Providers & Services) | | | 67 | | | | 5,623 | |
| The Lovesac Co.* (Household Durables) | | | 63 | | | | 5,027 | |
| The Macerich Co. (Equity Real Estate Investment Trusts) | | | 974 | | | | 17,776 | |
| The Manitowoc Co., Inc.* (Machinery) | | | 169 | | | | 4,141 | |
| The Marcus Corp.* (Entertainment) | | | 113 | | | | 2,397 | |
| The ODP Corp.* (Specialty Retail) | | | 241 | | | | 11,570 | |
| The Pennant Group, Inc.* (Health Care Providers & Services) | | | 126 | | | | 5,153 | |
| The RealReal, Inc.* (Internet & Direct Marketing Retail) | | | 388 | | | | 7,667 | |
| The RMR Group, Inc.—Class A (Real Estate Management & Development) | | | 75 | | | | 2,898 | |
| The Shyft Group, Inc. (Machinery) | | | 170 | | | | 6,360 | |
| The Simply Good Foods Co.* (Food Products) | | | 420 | | | | 15,334 | |
| The St Joe Co. (Real Estate Management & Development) | | | 164 | | | | 7,316 | |
| TherapeuticsMD, Inc.* (Pharmaceuticals) | | | 1,782 | | | | 2,121 | |
| Theravance Biopharma, Inc.* (Pharmaceuticals) | | | 263 | | | | 3,819 | |
| Thermon Group Holdings, Inc.* (Electrical Equipment) | | | 162 | | | | 2,760 | |
| Thryv Holdings, Inc.* (Media) | | | 32 | | | | 1,145 | |
| Tidewater, Inc.* (Energy Equipment & Services) | | | 200 | | | | 2,410 | |
| Tilly's, Inc.—Class A (Specialty Retail) | | | 112 | | | | 1,790 | |
| TimkenSteel Corp.* (Metals & Mining) | | | 224 | | | | 3,170 | |
| Tiptree, Inc. (Insurance) | | | 112 | | | | 1,042 | |
| Titan International, Inc.* (Machinery) | | | 249 | | | | 2,112 | |
| Titan Machinery, Inc.* (Trading Companies & Distributors) | | | 95 | | | | 2,939 | |
| Tivity Health, Inc.* (Health Care Providers & Services) | | | 217 | | | | 5,709 | |
| Tompkins Financial Corp. (Banks) | | | 70 | | | | 5,429 | |
| Tonix Pharmaceuticals Holding Corp.* (Biotechnology) | | | 1,610 | | | | 1,787 | |
| Tootsie Roll Industries, Inc. (Food Products) | | | 77 | | | | 2,611 | |
| TowneBank (Banks) | | | 331 | | | | 10,069 | |
| TPG RE Finance Trust, Inc.—Class T (Mortgage Real Estate Investment Trusts) | | | 296 | | | | 3,981 | |
| TPI Composites, Inc.* (Electrical Equipment) | | | 176 | | | | 8,522 | |
| Transcat, Inc.* (Trading Companies & Distributors) | | | 35 | | | | 1,978 | |
| Translate Bio, Inc.* (Biotechnology) | | | 330 | | | | 9,088 | |
| TransMedics Group, Inc.* (Health Care Equipment & Supplies) | | | 128 | | | | 4,247 | |
| TravelCenters of America, Inc.* (Specialty Retail) | | | 62 | | | | 1,813 | |
| Travere Therapeutics, Inc.* (Biotechnology) | | | 287 | | | | 4,187 | |
| Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies) | | | 54 | | | | 1,688 | |
| Trean Insurance Group, Inc.* (Insurance) | | | 87 | | | | 1,312 | |
| Tredegar Corp. (Chemicals) | | | 129 | | | | 1,776 | |
| TreeHouse Foods, Inc.* (Food Products) | | | 256 | | | | 11,397 | |
| Trevena, Inc.* (Biotechnology) | | | 806 | | | | 1,362 | |
| Tri Pointe Homes, Inc.* (Household Durables) | | | 580 | | | | 12,429 | |
| TriCo Bancshares (Banks) | | | 136 | | | | 5,791 | |
| Trillium Therapeutics, Inc.* (Biotechnology) | | | 482 | | | | 4,675 | |
| TriMas Corp.* (Machinery) | | | 213 | | | | 6,460 | |
| TriNet Group, Inc.* (Professional Services) | | | 200 | | | | 14,496 | |
| Trinity Industries, Inc. (Machinery) | | | 428 | | | | 11,509 | |
| Trinseo SA (Chemicals) | | | 192 | | | | 11,489 | |
| Triple-S Management Corp.* (Health Care Providers & Services) | | | 112 | | | | 2,494 | |
| TriState Capital Holdings, Inc.* (Banks) | | | 143 | | | | 2,916 | |
| Triton International, Ltd. (Trading Companies & Distributors) | | | 329 | | | | 17,220 | |
| Triumph Bancorp, Inc.* (Banks) | | | 116 | | | | 8,613 | |
| Triumph Group, Inc.* (Aerospace & Defense) | | | 254 | | | | 5,271 | |
| Tronox Holdings PLC—Class A (Chemicals) | | | 565 | | | | 12,656 | |
| TrueBlue, Inc.* (Professional Services) | | | 172 | | | | 4,835 | |
| TrueCar, Inc.* (Interactive Media & Services) | | | 485 | | | | 2,740 | |
| Trupanion, Inc.* (Insurance) | | | 188 | | | | 21,638 | |
| TrustCo Bank Corp. (Thrifts & Mortgage Finance) | | | 93 | | | | 3,211 | |
| Trustmark Corp. (Banks) | | | 311 | | | | 9,579 | |
| TTEC Holdings, Inc. (IT Services) | | | 91 | | | | 9,381 | |
| TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components) | | | 528 | | | | 7,550 | |
| Tucows, Inc.* (IT Services) | | | 46 | | | | 3,695 | |
| Tupperware Brands Corp.* (Household Durables) | | | 244 | | | | 5,795 | |
| Turning Point Brands, Inc. (Tobacco) | | | 72 | | | | 3,295 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 327
Common Stocks, continued
| | | Shares | | | Value | |
| Turning Point Therapeutics, Inc.* (Biotechnology) | | | 227 | | | $ | 17,711 | |
| Turtle Beach Corp.* (Household Durables) | | | 74 | | | | 2,362 | |
| Tutor Perini Corp.* (Construction & Engineering) | | | 203 | | | | 2,812 | |
| Twist Bioscience Corp.* (Biotechnology) | | | 233 | | | | 31,047 | |
| Two Harbors Investment Corp. (Mortgage Real Estate Investment Trusts) | | | 1,350 | | | | 10,206 | |
| U.S. Cellular Corp.* (Wireless Telecommunication Services) | | | 75 | | | | 2,723 | |
| U.S. Concrete, Inc.* (Construction Materials) | | | 80 | | | | 5,904 | |
| U.S. Ecology, Inc.* (Commercial Services & Supplies) | | | 155 | | | | 5,816 | |
| U.S. Lime & Minerals, Inc. (Construction Materials) | | | 10 | | | | 1,391 | |
| U.S. Physical Therapy, Inc. (Health Care Providers & Services) | | | 63 | | | | 7,300 | |
| U.S. Silica Holdings, Inc.* (Energy Equipment & Services) | | | 362 | | | | 4,185 | |
| UFP Industries, Inc. (Building Products) | | | 297 | | | | 22,079 | |
| UFP Technologies, Inc.* (Containers & Packaging) | | | 34 | | | | 1,952 | |
| Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment) | | | 214 | | | | 11,496 | |
| UMB Financial Corp. (Banks) | | | 216 | | | | 20,101 | |
| UMH Properties, Inc. (Equity Real Estate Investment Trusts) | | | 199 | | | | 4,342 | |
| Unifi, Inc.* (Textiles, Apparel & Luxury Goods) | | | 65 | | | | 1,583 | |
| UniFirst Corp. (Commercial Services & Supplies) | | | 74 | | | | 17,362 | |
| Unisys Corp.* (IT Services) | | | 324 | | | | 8,200 | |
| United Bankshares, Inc. (Banks) | | | 616 | | | | 22,484 | |
| United Community Banks, Inc. (Banks) | | | 429 | | | | 13,732 | |
| United Fire Group, Inc. (Insurance) | | | 104 | | | | 2,884 | |
| United Insurance Holdings Corp. (Insurance) | | | 100 | | | | 570 | |
| United Natural Foods, Inc.* (Food & Staples Retailing) | | | 275 | | | | 10,170 | |
| Uniti Group, Inc. (Equity Real Estate Investment Trusts) | | | 959 | | | | 10,156 | |
| Unitil Corp. (Multi-Utilities) | | | 73 | | | | 3,867 | |
| Universal Corp. (Tobacco) | | | 119 | | | | 6,779 | |
| Universal Electronics, Inc.* (Household Durables) | | | 66 | | | | 3,201 | |
| Universal Health Realty Income Trust (Equity Real Estate Investment Trusts) | | | 63 | | | | 3,878 | |
| Universal Insurance Holdings, Inc. (Insurance) | | | 134 | | | | 1,860 | |
| Universal Logistics Holdings, Inc. (Road & Rail) | | | 38 | | | | 885 | |
| Univest Financial Corp. (Banks) | | | 143 | | | | 3,771 | |
| Upland Software, Inc.* (Software) | | | 141 | | | | 5,805 | |
| Upwork, Inc.* (Professional Services) | | | 575 | | | | 33,516 | |
| Uranium Energy Corp.* (Oil, Gas & Consumable Fuels) | | | 1,046 | | | | 2,782 | |
| Urban Edge Properties (Equity Real Estate Investment Trusts) | | | 571 | | | | 10,906 | |
| Urban Outfitters, Inc.* (Specialty Retail) | | | 338 | | | | 13,932 | |
| Ur-Energy, Inc.* (Oil, Gas & Consumable Fuels) | | | 892 | | | | 1,249 | |
| UroGen Pharma, Ltd.* (Biotechnology) | | | 96 | | �� | | 1,466 | |
| Urstadt Biddle Properties, Inc.—Class A (Equity Real Estate Investment Trusts) | | | 147 | | | | 2,849 | |
| US Xpress Enterprises, Inc.*—Class A (Road & Rail) | | | 133 | | | | 1,144 | |
| USANA Health Sciences, Inc.* (Personal Products) | | | 63 | | | | 6,453 | |
| Utah Medical Products, Inc. (Health Care Equipment & Supplies) | | | 17 | | | | 1,446 | |
| Utz Brands, Inc. (Food Products) | | | 291 | | | | 6,341 | |
| Valhi, Inc. (Chemicals) | | | 12 | | | | 292 | |
| Valley National Bancorp (Banks) | | | 1,974 | | | | 26,510 | |
| Value Line, Inc. (Capital Markets) | | | 5 | | | | 155 | |
| Vanda Pharmaceuticals, Inc.* (Biotechnology) | | | 270 | | | | 5,808 | |
| Vapotherm, Inc.* (Health Care Equipment & Supplies) | | | 112 | | | | 2,648 | |
| Varex Imaging Corp.* (Health Care Equipment & Supplies) | | | 189 | | | | 5,069 | |
| Varonis Systems, Inc.* (Software) | | | 522 | | | | 30,079 | |
| Vaxart, Inc.*(a) (Biotechnology) | | | 589 | | | | 4,412 | |
| Vaxcyte, Inc.* (Pharmaceuticals) | | | 196 | | | | 4,412 | |
| VBI Vaccines, Inc.*(a) (Biotechnology) | | | 918 | | | | 3,075 | |
| Vector Group, Ltd. (Tobacco) | | | 708 | | | | 10,012 | |
| Vectrus, Inc.* (Aerospace & Defense) | | | 57 | | | | 2,713 | |
| Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment) | | | 245 | | | | 5,890 | |
| Velocity Financial, Inc.* (Thrifts & Mortgage Finance) | | | 42 | | | | 525 | |
| Velodyne Lidar, Inc.*(a) (Electronic Equipment, Instruments & Components) | | | 348 | | | | 3,703 | |
| Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods) | | | 127 | | | | 1,574 | |
| Veracyte, Inc.* (Biotechnology) | | | 332 | | | | 13,273 | |
| Verastem, Inc.* (Biotechnology) | | | 849 | | | | 3,455 | |
| Vericel Corp.* (Biotechnology) | | | 229 | | | | 12,023 | |
| Verint Systems, Inc.* (Software) | | | 318 | | | | 14,332 | |
| Veritex Holdings, Inc. (Banks) | | | 234 | | | | 8,286 | |
| Veritiv Corp.* (Trading Companies & Distributors) | | | 76 | | | | 4,668 | |
| Veritone, Inc.* (Software) | | | 140 | | | | 2,759 | |
| Verra Mobility Corp.*—Class C (IT Services) | | | 661 | | | | 10,160 | |
| Verrica Pharmaceuticals, Inc.* (Pharmaceuticals) | | | 65 | | | | 735 | |
| Verso Corp.—Class A (Paper & Forest Products) | | | 148 | | | | 2,620 | |
| Veru, Inc.* (Personal Products) | | | 311 | | | | 2,510 | |
| Viad Corp.* (Commercial Services & Supplies) | | | 100 | | | | 4,985 | |
| Viant Technology, Inc.*—Class A (Software) | | | 53 | | | | 1,578 | |
| Viavi Solutions, Inc.* (Communications Equipment) | | | 1,127 | | | | 19,902 | |
| Vicor Corp.* (Electrical Equipment) | | | 104 | | | | 10,997 | |
| Viemed Healthcare, Inc.* (Health Care Providers & Services) | | | 174 | | | | 1,244 | |
| View, Inc.*(a) (Building Products) | | | 418 | | | | 3,545 | |
| ViewRay, Inc.* (Health Care Equipment & Supplies) | | | 671 | | | | 4,429 | |
| Viking Therapeutics, Inc.* (Biotechnology) | | | 337 | | | | 2,019 | |
| Village Super Market, Inc.—Class A (Food & Staples Retailing) | | | 42 | | | | 987 | |
| Vincerx Pharma, Inc.* (Biotechnology) | | | 23 | | | | 299 | |
| Vine Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels) | | | 102 | | | | 1,590 | |
See accompanying notes to financial statements.
328 :: ProFund VP UltraSmall-Cap :: Financial Statements
Common Stocks, continued
| | | Shares | | | Value | |
| Vir Biotechnology, Inc.* (Biotechnology) | | | 296 | | | $ | 13,995 | |
| Viracta Therapeutics, Inc.* (Biotechnology) | | | 179 | | | | 2,030 | |
| VirnetX Holding Corp.* (Software) | | | 313 | | | | 1,337 | |
| Virtus Investment Partners, Inc. (Capital Markets) | | | 36 | | | | 10,000 | |
| Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components) | | | 657 | | | | 14,815 | |
| Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components) | | | 61 | | | | 2,076 | |
| Vista Outdoor, Inc.* (Leisure Products) | | | 288 | | | | 13,329 | |
| VistaGen Therapeutics, Inc.* (Biotechnology) | | | 943 | | | | 2,970 | |
| Visteon Corp.* (Auto Components) | | | 137 | | | | 16,569 | |
| Vital Farms, Inc.* (Food Products) | | | 121 | | | | 2,415 | |
| Vivint Smart Home, Inc.* (Diversified Consumer Services) | | | 452 | | | | 5,966 | |
| Vocera Communications, Inc.* (Health Care Technology) | | | 168 | | | | 6,695 | |
| Vonage Holdings Corp.* (Diversified Telecommunication Services) | | | 1,191 | | | | 17,162 | |
| Vor BioPharma, Inc.* (Biotechnology) | | | 56 | | | | 1,044 | |
| VOXX International Corp.* (Auto Components) | | | 77 | | | | 1,079 | |
| VSE Corp. (Commercial Services & Supplies) | | | 52 | | | | 2,575 | |
| Vuzix Corp.* (Household Durables) | | | 289 | | | | 5,303 | |
| W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels) | | | 462 | | | | 2,241 | |
| Wabash National Corp. (Machinery) | | | 254 | | | | 4,064 | |
| Walker & Dunlop, Inc. (Thrifts & Mortgage Finance) | | | 144 | | | | 15,031 | |
| Warrior Met Coal, Inc. (Metals & Mining) | | | 254 | | | | 4,369 | |
| Washington Federal, Inc. (Thrifts & Mortgage Finance) | | | 356 | | | | 11,314 | |
| Washington Real Estate Investment Trust (Equity Real Estate Investment Trusts) | | | 417 | | | | 9,591 | |
| Washington Trust Bancorp, Inc. (Banks) | | | 84 | | | | 4,313 | |
| Waterstone Financial, Inc. (Thrifts & Mortgage Finance) | | | 107 | | | | 2,104 | |
| Watford Holdings, Ltd.* (Insurance) | | | 87 | | | | 3,044 | |
| Watts Water Technologies, Inc.—Class A (Machinery) | | | 136 | | | | 19,844 | |
| WaVe Life Sciences, Ltd.* (Pharmaceuticals) | | | 185 | | | | 1,232 | |
| WD-40 Co. (Household Products) | | | 67 | | | | 17,171 | |
| Weis Markets, Inc. (Food & Staples Retailing) | | | 81 | | | | 4,184 | |
| Welbilt, Inc.* (Machinery) | | | 644 | | | | 14,909 | |
| Werewolf Therapeutics, Inc.* (Biotechnology) | | | 37 | | | | 645 | |
| Werner Enterprises, Inc. (Road & Rail) | | | 309 | | | | 13,757 | |
| WesBanco, Inc. (Banks) | | | 322 | | | | 11,473 | |
| WESCO International, Inc.* (Trading Companies & Distributors) | | | 220 | | | | 22,620 | |
| West Bancorp, Inc. (Banks) | | | 79 | | | | 2,192 | |
| Westamerica Bancorp (Banks) | | | 128 | | | | 7,428 | |
| Whitestone REIT (Equity Real Estate Investment Trusts) | | | 197 | | | | 1,625 | |
| Whiting Petroleum Corp.* (Oil, Gas & Consumable Fuels) | | | 194 | | | | 10,583 | |
| Whole Earth Brands, Inc.* (Food Products) | | | 184 | | | | 2,668 | |
| WideOpenWest, Inc.* (Media) | | | 258 | | | | 5,343 | |
| Willdan Group, Inc.* (Professional Services) | | | 54 | | | | 2,033 | |
| Willis Lease Finance Corp.* (Trading Companies & Distributors) | | | 14 | | | | 600 | |
| WillScot Mobile Mini Holdings Corp.* (Construction & Engineering) | | | 921 | | | | 25,668 | |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | | | 147 | | | | 23,172 | |
| Winmark Corp. (Specialty Retail) | | | 17 | | | | 3,265 | |
| Winnebago Industries, Inc. (Automobiles) | | | 159 | | | | 10,806 | |
| WisdomTree Investments, Inc. (Capital Markets) | | | 684 | | | | 4,241 | |
| Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | | | 401 | | | | 13,490 | |
| Workhorse Group, Inc.* (Auto Components) | | | 609 | | | | 10,103 | |
| Workiva, Inc.* (Software) | | | 207 | | | | 23,045 | |
| World Acceptance Corp.* (Consumer Finance) | | | 22 | | | | 3,525 | |
| World Fuel Services Corp. (Oil, Gas & Consumable Fuels) | | | 307 | | | | 9,741 | |
| Worthington Industries, Inc. (Metals & Mining) | | | 171 | | | | 10,462 | |
| WSFS Financial Corp. (Thrifts & Mortgage Finance) | | | 232 | | | | 10,809 | |
| WW International, Inc.* (Diversified Consumer Services) | | | 260 | | | | 9,396 | |
| XBiotech, Inc.* (Biotechnology) | | | 74 | | | | 1,225 | |
| Xencor, Inc.* (Biotechnology) | | | 279 | | | | 9,623 | |
| Xenia Hotels & Resorts, Inc.* (Equity Real Estate Investment Trusts) | | | 562 | | | | 10,526 | |
| XL Fleet Corp.*(a) (Auto Components) | | | 189 | | | | 1,574 | |
| XOMA Corp.* (Biotechnology) | | | 30 | | | | 1,020 | |
| XPEL, Inc.* (Auto Components) | | | 88 | | | | 7,381 | |
| Xperi Holding Corp. (Software) | | | 517 | | | | 11,498 | |
| Yellow Corp.* (Road & Rail) | | | 248 | | | | 1,614 | |
| Yelp, Inc.* (Interactive Media & Services) | | | 357 | | | | 14,267 | |
| Yext, Inc.* (Software) | | | 547 | | | | 7,817 | |
| Y-mAbs Therapeutics, Inc.* (Biotechnology) | | | 172 | | | | 5,814 | |
| York Water Co. (Water Utilities) | | | 64 | | | | 2,899 | |
| Zentalis Pharmaceuticals, Inc.* (Biotechnology) | | | 164 | | | | 8,725 | |
| ZIOPHARM Oncology, Inc.* (Biotechnology) | | | 1,033 | | | | 2,727 | |
| Zix Corp.* (Software) | | | 264 | | | | 1,861 | |
| Zogenix, Inc.* (Pharmaceuticals) | | | 276 | | | | 4,769 | |
| Zumiez, Inc.* (Specialty Retail) | | | 108 | | | | 5,291 | |
| Zuora, Inc.*—Class A (Software) | | | 517 | | | | 8,918 | |
| Zymergen, Inc.* (Chemicals) | | | 92 | | | | 3,681 | |
| Zynex, Inc.* (Health Care Equipment & Supplies) | | | 96 | | | | 1,491 | |
TOTAL COMMON STOCKS
(Cost $10,605,627) | | | | | | | 14,916,547 | |
Trust (0.0%)
| | | Interest
Units | | | Value | |
| Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining) | | | 510 | | | $ | — | |
TOTAL TRUST
(Cost $—) | | | | | | | — | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP UltraSmall-Cap :: 329
Contingent Escrow Shares (0.0%)
| | | Shares | | | Value | |
| Wright Medical Group, Inc.*+(b) (Health Care Equipment & Supplies) | | | 442 | | | $ | — | |
TOTAL CONTINGENT ESCROW SHARES
(Cost $—) | | | | | | | — | |
Repurchase Agreements(c)(d) (59.6%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $21,581,000 | | $ | 21,581,000 | | | $ | 21,581,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $21,581,000) | | | | | | | 21,581,000 | |
Collateral for Securities Loaned (0.7%)(e)
| | | Shares | | | Value | |
| BlackRock Liquidity Funds FedFund Portfolio—Institutional Shares, 0.03%(f) | | | 247,441 | | | $ | 247,441 | |
TOTAL COLLATERAL FOR SECURITIES LOANED
(Cost $247,441) | | | | | | | 247,441 | |
TOTAL INVESTMENT SECURITIES
(Cost $32,434,068)—101.5% | | | | | | | 36,744,988 | |
| Net other assets (liabilities)—(1.5)% | | | | | | | (531,477 | ) |
| NET ASSETS—100.0% | | | | | | $ | 36,213,511 | |
| * | Non-income producing security. |
| + | These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2021, these securities represented less than 0.00% of the net assets of the Fund. |
| (a) | All or part of this security was on loan as of June 30, 2021. The total value of securities on loan as of June 30, 2021 was $234,299. |
| (b) | On November 12, 2020, Stryker Corp. acquired Wright Medical Group. As part of the acquisition, $1.85 per acquired share was allocated 1:1 to Escrow Shares, contingent on whether the $1.85 per share is determined to be payable to the Dutch Government; otherwise, the value of the Escrow Shares will be remitted to pre-acquisition shareholders of Wright Medical Group. |
| (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, 2021, the aggregate amount held in a segregated account was $7,673,000. |
| (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) | Securities were purchased with cash collateral held from securities on loan at June 30, 2021. |
| (f) | Rate periodically changes. Rate disclosed is the daily yield on June 30, 2021. |
Total Return Swap Agreements – Long
| Underlying Instrument | | Counterparty | | Termination
Date(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| iShares Russell 2000 ETF | | Goldman Sachs International | | 7/27/21 | | | 0.14 | % | | $ | 14,959,698 | | | $ | (69,902 | ) |
| Russell 2000 Index | | Goldman Sachs International | | 7/27/21 | | | 0.34 | % | | | 16,735,314 | | | | (88,109 | ) |
| | | | | | | | | | | $ | 31,695,012 | | | $ | (158,011 | ) |
| iShares Russell 2000 ETF | | UBS AG | | 7/27/21 | | | (0.11 | )% | | $ | 9,897,779 | | | $ | (46,111 | ) |
| Russell 2000 Index | | UBS AG | | 7/27/21 | | | 0.09 | % | | | 15,720,982 | | | | (74,796 | ) |
| | | | | | | | | | | $ | 25,618,761 | | | $ | (120,907 | ) |
| | | | | | | | | | | $ | 57,313,773 | | | $ | (278,918 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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.
330 :: ProFund VP UltraSmall-Cap :: Financial Statements
ProFund VP UltraSmall-Cap invested in the following industries as of June 30, 2021:
| | | Value | | | % of
Net Assets | |
| Aerospace & Defense | | $ | 105,664 | | | | 0.3 | % |
| Air Freight & Logistics | | | 44,546 | | | | 0.1 | % |
| Airlines | | | 53,587 | | | | 0.1 | % |
| Auto Components | | | 201,272 | | | | 0.6 | % |
| Automobiles | | | 38,226 | | | | 0.1 | % |
| Banks | | | 1,147,955 | | | | 3.1 | % |
| Beverages | | | 53,119 | | | | 0.1 | % |
| Biotechnology | | | 1,514,278 | | | | 4.3 | % |
| Building Products | | | 174,704 | | | | 0.5 | % |
| Capital Markets | | | 225,810 | | | | 0.6 | % |
| Chemicals | | | 275,357 | | | | 0.8 | % |
| Commercial Services & Supplies | | | 268,891 | | | | 0.8 | % |
| Communications Equipment | | | 122,580 | | | | 0.3 | % |
| Construction & Engineering | | | 193,951 | | | | 0.5 | % |
| Construction Materials | | | 30,800 | | | | 0.1 | % |
| Consumer Finance | | | 108,888 | | | | 0.3 | % |
| Containers & Packaging | | | 35,312 | | | | 0.1 | % |
| Distributors | | | 13,047 | | | | NM | |
| Diversified Consumer Services | | | 89,095 | | | | 0.2 | % |
| Diversified Financial Services | | | 22,023 | | | | 0.1 | % |
| Diversified Telecommunication Services | | | 103,531 | | | | 0.3 | % |
| Electric Utilities | | | 83,141 | | | | 0.3 | % |
| Electrical Equipment | | | 152,538 | | | | 0.4 | % |
| Electronic Equipment, Instruments & Components | | | 326,663 | | | | 0.9 | % |
| Energy Equipment & Services | | | 132,154 | | | | 0.4 | % |
| Entertainment | | | 173,507 | | | | 0.5 | % |
| Equity Real Estate Investment Trusts | | | 900,700 | | | | 2.4 | % |
| Food & Staples Retailing | | | 127,665 | | | | 0.4 | % |
| Food Products | | | 150,193 | | | | 0.4 | % |
| Gas Utilities | | | 119,955 | | | | 0.4 | % |
| Health Care Equipment & Supplies | | | 550,567 | | | | 1.5 | % |
| Health Care Providers & Services | | | 451,162 | | | | 1.2 | % |
| Health Care Technology | | | 212,908 | | | | 0.6 | % |
| Hotels, Restaurants & Leisure | | | 343,818 | | | | 0.9 | % |
| Household Durables | | | 279,470 | | | | 0.8 | % |
| Household Products | | | 44,664 | | | | 0.1 | % |
| Independent Power and Renewable Electricity Producers | | | 46,509 | | | | 0.1 | % |
| Industrial Conglomerates | | | 10,182 | | | | NM | |
| Insurance | | | 282,931 | | | | 0.8 | % |
| Interactive Media & Services | | | 54,225 | | | | 0.1 | % |
| Internet & Direct Marketing Retail | | | 134,103 | | | | 0.4 | % |
| IT Services | | | 276,225 | | | | 0.8 | % |
| Leisure Products | | | 102,402 | | | | 0.3 | % |
| Life Sciences Tools & Services | | | 159,965 | | | | 0.4 | % |
| Machinery | | | 577,801 | | | | 1.7 | % |
| Marine | | | 22,696 | | | | 0.1 | % |
| Media | | | 178,472 | | | | 0.5 | % |
| Metals & Mining | | | 192,041 | | | | 0.5 | % |
| Mortgage Real Estate Investment Trusts | | | 186,388 | | | | 0.5 | % |
| Multiline Retail | | | 46,245 | | | | 0.1 | % |
| Multi-Utilities | | | 53,926 | | | | 0.1 | % |
| Oil, Gas & Consumable Fuels | | | 516,963 | | | | 1.4 | % |
| Paper & Forest Products | | | 43,206 | | | | 0.1 | % |
| Personal Products | | | 76,602 | | | | 0.2 | % |
| Pharmaceuticals | | | 255,865 | | | | 0.7 | % |
| Professional Services | | | 192,741 | | | | 0.5 | % |
| Real Estate Management & Development | | | 127,941 | | | | 0.4 | % |
| Road & Rail | | | 83,680 | | | | 0.2 | % |
| Semiconductors & Semiconductor Equipment | | | 425,397 | | | | 1.2 | % |
| Software | | | 901,392 | | | | 2.5 | % |
| Specialty Retail | | | 397,559 | | | | 1.2 | % |
| Technology Hardware, Storage & Peripherals | | | 51,083 | | | | 0.1 | % |
| Textiles, Apparel & Luxury Goods | | | 111,842 | | | | 0.3 | % |
| Thrifts & Mortgage Finance | | | 241,217 | | | | 0.7 | % |
| Tobacco | | | 23,531 | | | | 0.1 | % |
| Trading Companies & Distributors | | | 176,886 | | | | 0.5 | % |
| Transportation Infrastructure | | | 13,930 | | | | NM | |
| Water Utilities | | | 51,995 | | | | 0.1 | % |
| Wireless Telecommunication Services | | | 28,865 | | | | 0.1 | % |
| Other** | | | 21,296,964 | | | | 58.8 | % |
| Total | | $ | 36,213,511 | | | | 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 UltraSmall-Cap :: 331
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 32,434,068 | |
| Securities, at value(a) | | | 15,163,988 | |
| Repurchase agreements, at value | | | 21,581,000 | |
| Total Investment Securities, at value | | | 36,744,988 | |
| Cash | | | 3,432 | |
| Segregated cash balances for swap agreements with custodian | | | 740 | |
| Dividends receivable | | | 10,651 | |
| Receivable for capital shares issued | | | 111,708 | |
| Receivable for investments sold | | | 11,718 | |
| Prepaid expenses | | | 464 | |
| TOTAL ASSETS | | | 36,883,701 | |
| LIABILITIES: |
| Payable for investments purchased | | | 3,000 | |
| Payable for capital shares redeemed | | | 54,357 | |
| Payable for collateral for securities loaned | | | 247,441 | |
| Unrealized depreciation on swap agreements | | | 278,918 | |
| Advisory fees payable | | | 20,323 | |
| Management services fees payable | | | 2,710 | |
| Administration fees payable | | | 2,067 | |
| Administrative services fees payable | | | 16,178 | |
| Distribution fees payable | | | 16,029 | |
| Transfer agency fees payable | | | 3,275 | |
| Fund accounting fees payable | | | 1,746 | |
| Compliance services fees payable | | | 230 | |
| Other accrued expenses | | | 23,916 | |
| TOTAL LIABILITIES | | | 670,190 | |
| NET ASSETS | | $ | 36,213,511 | |
| NET ASSETS CONSIST OF: |
| Capital | | $ | 26,379,389 | |
| Total distributable earnings (loss) | | | 9,834,122 | |
| NET ASSETS | | $ | 36,213,511 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 1,276,694 | |
| Net Asset Value (offering and redemption price per share) | | $ | 28.37 | |
| (a) Includes securities on loan valued at: | | $ | 234,299 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: |
| Dividends | | $ | 64,678 | |
| Interest | | | 209 | |
| Foreign tax withholding | | | (101 | ) |
| Income from securities lending | | | 941 | |
| TOTAL INVESTMENT INCOME | | | 65,727 | |
| EXPENSES: |
| Advisory fees | | | 109,998 | |
| Management services fees | | | 14,666 | |
| Administration fees | | | 11,585 | |
| Transfer agency fees | | | 9,593 | |
| Administrative services fees | | | 39,731 | |
| Distribution fees | | | 36,666 | |
| Custody fees | | | 2,433 | |
| Fund accounting fees | | | 9,973 | |
| Trustee fees | | | 382 | |
| Compliance services fees | | | 163 | |
| Other fees | | | 22,014 | |
| Total Gross Expenses before reductions | | | 257,204 | |
| Expenses reduced and reimbursed by the Advisor | | | (10,809 | ) |
| TOTAL NET EXPENSES | | | 246,395 | |
| NET INVESTMENT INCOME (LOSS) | | | (180,668 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | | | 681,885 | |
| Net realized gains (losses) on futures contracts | | | 59,805 | |
| Net realized gains (losses) on swap agreements | | | 5,400,144 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | 980,094 | |
| Change in net unrealized appreciation/depreciation on futures contracts | | | (21,246 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 96,389 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 7,197,071 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 7,016,403 | |
See accompanying notes to financial statements.
332 :: ProFund VP UltraSmall-Cap :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (180,668 | ) | | $ | (129,194 | ) |
| Net realized gains (losses) on investments | | | 6,141,834 | | | | 2,490,386 | |
| Change in net unrealized appreciation/depreciation on investments | | | 1,055,237 | | | | (256,056 | ) |
| Change in net assets resulting from operations | | | 7,016,403 | | | | 2,105,136 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,253,812 | ) | | | (2,142,018 | ) |
| Change in net assets resulting from distributions | | | (2,253,812 | ) | | | (2,142,018 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 47,769,596 | | | | 84,978,342 | |
| Distributions reinvested | | | 2,244,959 | | | | 2,142,018 | |
| Value of shares redeemed | | | (39,671,857 | ) | | | (86,084,727 | ) |
| Change in net assets resulting from capital transactions | | | 10,342,698 | | | | 1,035,633 | |
| Change in net assets | | | 15,105,289 | | | | 998,751 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 21,108,222 | | | | 20,109,471 | |
| End of period | | $ | 36,213,511 | | | $ | 21,108,222 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 1,683,070 | | | | 5,043,750 | |
| Reinvested | | | 92,461 | | | | 139,545 | |
| Redeemed | | | (1,408,306 | ) | | | (5,121,528 | ) |
| Change in shares | | | 367,225 | | | | 61,767 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP UltraSmall-Cap :: 333
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 23.21 | | | $ | 23.72 | | | $ | 16.10 | | | $ | 28.59 | | | $ | 25.21 | | | $ | 18.07 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.17 | ) | | | (0.15 | ) | | | 0.01 | | | | (0.02 | ) | | | (0.20 | ) | | | (0.15 | ) |
| Net realized and unrealized gains (losses) on investments | | | 7.52 | | | | 2.55 | | | | 7.61 | | | | (4.67 | ) | | | 6.48 | | | | 7.29 | |
| Total income (loss) from investment activities | | | 7.35 | | | | 2.40 | | | | 7.62 | | | | (4.69 | ) | | | 6.28 | | | | 7.14 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.03 | ) | | | — | | | | — | | | | — | | | | — | |
| Net realized gains on investments | | | (2.19 | ) | | | (2.88 | ) | | | — | | | | (7.80 | ) | | | (2.90 | ) | | | — | |
| Total distributions | | | (2.19 | ) | | | (2.91 | ) | | | — | | | | (7.80 | ) | | | (2.90 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 28.37 | | | $ | 23.21 | | | $ | 23.72 | | | $ | 16.10 | | | $ | 28.59 | | | $ | 25.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 33.26 | % | | | 16.39 | % | | | 47.33 | % | | | (26.95 | )% | | | 25.20 | % | | | 39.51 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.75 | % | | | 1.86 | % | | | 1.76 | % | | | 1.74 | % | | | 1.72 | % | | | 1.78 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | (1.23 | )% | | | (0.91 | )% | | | 0.07 | % | | | (0.09 | )% | | | (0.74 | )% | | | (0.79 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 36,214 | | | $ | 21,108 | | | $ | 20,109 | | | $ | 16,736 | | | $ | 31,873 | | | $ | 26,775 | |
| Portfolio turnover rate(b)(d) | | | 18 | % | | | 34 | % | | | 66 | % | | | 18 | % | | | 27 | % | | | 32 | % |
| (a) | Per share net investment income (loss) has been calculated using the average daily shares method. |
| (b) | Not annualized for periods less than one year. |
| (c) | Annualized for periods less than one year. |
| (d) | 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.
334 :: ProFund VP U.S. Government Plus :: Financial Statements
Investment Objective: The ProFund VP U.S. Government Plus seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times 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 & Index Composition (unaudited) :: June 30, 2021
Market Exposure
| Investment Type | | % of Net Assets | |
| U.S. Treasury Obligation | | | 46 | % |
| Swap Agreements | | | 79 | % |
| 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 (45.5%)
| | | Principal
Amount | | | Value | |
| U.S. Treasury Bond, 2.38%, 5/15/51 | | $ | 6,740,000 | | | $ | 7,197,056 | |
TOTAL U.S. TREASURY OBLIGATION
(Cost $6,777,808) | | | | | | | 7,197,056 | |
Repurchase Agreements(a)(b) (52.9%)
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $8,365,000 | | | 8,365,000 | | | | 8,365,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $8,365,000) | | | | | | | 8,365,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $15,142,808)—98.4% | | | | | | | 15,562,056 | |
| Net other assets (liabilities)—1.6% | | | | | | | 258,583 | |
| NET ASSETS—100.0% | | | | | | $ | 15,820,639 | |
| (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, 2021, the aggregate amount held in a segregated account was $205,000. |
| (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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| 30-Year U.S. Treasury Bond, 2.375% due on 5/15/51 | | Citibank North America | | 7/15/21 | | | 0.15 | % | | $ | 5,937,038 | | | $ | 148,994 | |
| 30-Year U.S. Treasury Bond, 2.375% due on 5/15/51 | | Societe' Generale | | 7/15/21 | | | 0.22 | % | | | 6,620,438 | | | | 179,773 | |
| | | | | | | | | | | $ | 12,557,476 | | | $ | 328,767 | |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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 U.S. Government Plus :: 335
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: | | | |
| Total Investment Securities, at cost | | $ | 15,142,808 | |
| Securities, at value | | | 7,197,056 | |
| Repurchase agreements, at value | | | 8,365,000 | |
| Total Investment Securities, at value | | | 15,562,056 | |
| Cash | | | 632 | |
| Interest receivable | | | 20,444 | |
| Unrealized appreciation on swap agreements | | | 328,767 | |
| Receivable for capital shares issued | | | 119 | |
| Prepaid expenses | | | 345 | |
| TOTAL ASSETS | | | 15,912,363 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 56,041 | |
| Advisory fees payable | | | 6,084 | |
| Management services fees payable | | | 1,217 | |
| Administration fees payable | | | 919 | |
| Administrative services fees payable | | | 6,300 | |
| Distribution fees payable | | | 7,163 | |
| Transfer agency fees payable | | | 1,525 | |
| Fund accounting fees payable | | | 500 | |
| Compliance services fees payable | | | 159 | |
| Other accrued expenses | | | 11,816 | |
| TOTAL LIABILITIES | | | 91,724 | |
| NET ASSETS | | $ | 15,820,639 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 18,549,486 | |
| Total distributable earnings (loss) | | | (2,728,847 | ) |
| NET ASSETS | | $ | 15,820,639 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 733,840 | |
| Net Asset Value (offering and redemption price per share) | | $ | 21.56 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | |
| Interest | | $ | 73,516 | |
| EXPENSES: | | | | |
| Advisory fees | | | 42,194 | |
| Management services fees | | | 8,439 | |
| Administration fees | | | 6,884 | |
| Transfer agency fees | | | 5,389 | |
| Administrative services fees | | | 21,177 | |
| Distribution fees | | | 21,097 | |
| Custody fees | | | 1,321 | |
| Fund accounting fees | | | 3,635 | |
| Trustee fees | | | 234 | |
| Compliance services fees | | | 58 | |
| Other fees | | | 7,917 | |
| Total Gross Expenses before reductions | | | 118,345 | |
| Expenses reduced and reimbursed by the Advisor | | | (1,889 | ) |
| TOTAL NET EXPENSES | | | 116,456 | |
| NET INVESTMENT INCOME (LOSS) | | | (42,940 | ) |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | (1,183,958 | ) |
| Net realized gains (losses) on swap agreements | | | (2,249,964 | ) |
| Change in net unrealized appreciation/depreciation on investment securities | | | 379,278 | |
| Change in net unrealized appreciation/depreciation on swap agreements | | | 270,007 | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | (2,784,637 | ) |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | (2,827,577 | ) |
See accompanying notes to financial statements.
336 :: ProFund VP U.S. Government Plus :: Financial Statements
| Statements of Changes in Net Assets |
| |
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: |
| Net investment income (loss) | | $ | (42,940 | ) | | $ | (213,996 | ) |
| Net realized gains (losses) on investments | | | (3,433,922 | ) | | | 3,075,680 | |
| Change in net unrealized appreciation/depreciation on investments | | | 649,285 | | | | 473,796 | |
| Change in net assets resulting from operations | | | (2,827,577 | ) | | | 3,335,480 | |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (2,851,086 | ) | | | (1,890,196 | ) |
| Change in net assets resulting from distributions | | | (2,851,086 | ) | | | (1,890,196 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 9,846,381 | | | | 121,388,592 | |
| Distributions reinvested | | | 2,851,086 | | | | 1,890,196 | |
| Value of shares redeemed | | | (13,593,579 | ) | | | (121,724,663 | ) |
| Change in net assets resulting from capital transactions | | | (896,112 | ) | | | 1,554,125 | |
| Change in net assets | | | (6,574,775 | ) | | | 2,999,409 | |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 22,395,414 | | | | 19,396,005 | |
| End of period | | $ | 15,820,639 | | | $ | 22,395,414 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 388,385 | | | | 3,561,171 | |
| Reinvested | | | 144,652 | | | | 56,986 | |
| Redeemed | | | (532,177 | ) | | | (3,599,595 | ) |
| Change in shares | | | 860 | | | | 18,562 | |
See accompanying notes to financial statements.
Financial Highlights :: ProFund VP U.S. Government Plus :: 337
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, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 30.55 | | | $ | 27.15 | | | $ | 23.16 | | | $ | 24.73 | | | $ | 22.68 | | | $ | 22.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | (0.06 | ) | | | (0.25 | ) | | | 0.22 | | | | 0.21 | | | | 0.10 | | | | (0.11 | ) |
| Net realized and unrealized gains (losses) on investments | | | (4.06 | ) | | | 6.06 | | | | 3.99 | | | | (1.57 | ) | | | 2.06 | | | | 0.04 | |
| Total income (loss) from investment activities | | | (4.12 | ) | | | 5.81 | | | | 4.21 | | | | (1.36 | ) | | | 2.16 | | | | (0.07 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | — | | | | (0.02 | ) | | | (0.22 | ) | | | (0.21 | ) | | | (0.11 | ) | | | — | |
| Net realized gains on investments | | | (4.87 | ) | | | (2.39 | ) | | | — | | | | — | | | | — | | | | — | |
| Total distributions | | | (4.87 | ) | | | (2.41 | ) | | | (0.22 | ) | | | (0.21 | ) | | | (0.11 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 21.56 | | | $ | 30.55 | | | $ | 27.15 | | | $ | 23.16 | | | $ | 24.73 | | | $ | 22.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | (11.98 | )% | | | 20.69 | % | | | 18.22 | % | | | (5.42 | )% | | | 9.49 | % | | | (0.31 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.40 | % | | | 1.48 | % | | | 1.44 | % | | | 1.45 | % | | | 1.43 | % | | | 1.42 | % |
| Net expenses(c) | | | 1.38 | % | | | 1.38 | % | | | 1.38 | % | | | 1.38 | % | | | 1.38 | % | | | 1.38 | % |
| Net investment income (loss)(c) | | | (0.51 | )% | | | (0.75 | )% | | | 0.84 | % | | | 0.92 | % | | | 0.43 | % | | | (0.42 | )% |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 15,821 | | | $ | 22,395 | | | $ | 19,396 | | | $ | 15,853 | | | $ | 19,008 | | | $ | 26,162 | |
| Portfolio turnover rate(b)(d) | | | 194 | % | | | 398 | % | | | 402 | % | | | 437 | % | | | 397 | % | | | 400 | % |
| (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.
338 :: ProFund VP Utilities :: Financial Statements
Investment Objective: The ProFund VP Utilities seeks investment results that, before fees and expenses, correspond to the performance of the Dow Jones U.S. UtilitiesSM Index.
Allocation of Portfolio Holdings & Index Composition (unaudited) :: June 30, 2021
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.
Largest Equity Holdings
| Company | | % of Net Assets | |
| NextEra Energy, Inc. | | | 14.3 | % |
| Duke Energy Corp. | | | 7.5 | % |
| The Southern Co. | | | 6.4 | % |
| Dominion Energy, Inc. | | | 5.9 | % |
| Exelon Corp. | | | 4.3 | % |
Dow Jones U.S. UtilitiesSM Index – Composition
| | | % of Index | |
| Electric Utilities | | | 60 | % |
| Multi-Utilities | | | 29 | % |
| Gas Utilities | | | 4 | % |
| Water Utilities | | | 4 | % |
| Independent Power and Renewable Electricity Producers | | | 3 | % |
Schedule of Portfolio Investments (unaudited)
Common Stocks (99.0%)
| | | Shares | | | Value | |
| ALLETE, Inc. (Electric Utilities) | | | 1,596 | | | $ | 111,688 | |
| Alliant Energy Corp. (Electric Utilities) | | | 7,648 | | | | 426,452 | |
| Ameren Corp. (Multi-Utilities) | | | 7,815 | | | | 625,513 | |
| American Electric Power Co., Inc. (Electric Utilities) | | | 15,283 | | | | 1,292,789 | |
| American Water Works Co., Inc. (Water Utilities) | | | 5,550 | | | | 855,421 | |
| Atmos Energy Corp. (Gas Utilities) | | | 3,996 | | | | 384,056 | |
| Avangrid, Inc. (Electric Utilities) | | | 2,131 | | | | 109,597 | |
| Avista Corp. (Multi-Utilities) | | | 2,119 | | | | 90,418 | |
| Black Hills Corp. (Multi-Utilities) | | | 1,922 | | | | 126,141 | |
| CenterPoint Energy, Inc. (Multi-Utilities) | | | 17,751 | | | | 435,255 | |
| CMS Energy Corp. (Multi-Utilities) | | | 8,852 | | | | 522,976 | |
| Consolidated Edison, Inc. (Multi-Utilities) | | | 10,484 | | | | 751,912 | |
| Dominion Energy, Inc. (Multi-Utilities) | | | 24,664 | | | | 1,814,529 | |
| DTE Energy Co. (Multi-Utilities) | | | 5,924 | | | | 767,750 | |
| Duke Energy Corp. (Electric Utilities) | | | 23,523 | | | | 2,322,191 | |
| Edison International (Electric Utilities) | | | 11,604 | | | | 670,943 | |
| Entergy Corp. (Electric Utilities) | | | 6,136 | | | | 611,759 | |
| Essential Utilities, Inc. (Water Utilities) | | | 6,835 | | | | 312,360 | |
| Evergy, Inc. (Electric Utilities) | | | 7,011 | | | | 423,675 | |
| Eversource Energy (Electric Utilities) | | | 10,504 | | | | 842,841 | |
| Exelon Corp. (Electric Utilities) | | | 29,882 | | | | 1,324,071 | |
| FirstEnergy Corp. (Electric Utilities) | | | 16,633 | | | | 618,914 | |
| Hawaiian Electric Industries, Inc. (Electric Utilities) | | | 3,338 | | | | 141,131 | |
| IDACORP, Inc. (Electric Utilities) | | | 1,545 | | | | 150,638 | |
| MDU Resources Group, Inc. (Multi-Utilities) | | | 6,153 | | | | 192,835 | |
| National Fuel Gas Co. (Gas Utilities) | | | 2,788 | | | | 145,673 | |
| New Jersey Resources Corp. (Gas Utilities) | | | 2,946 | | | | 116,573 | |
| NextEra Energy, Inc. (Electric Utilities) | | | 59,983 | | | | 4,395,555 | |
| NiSource, Inc. (Multi-Utilities) | | | 11,995 | | | | 293,878 | |
| NorthWestern Corp. (Multi-Utilities) | | | 1,551 | | | | 93,401 | |
| NRG Energy, Inc. (Independent Power and Renewable Electricity Producers) | | | 7,485 | | | | 301,646 | |
| ONE Gas, Inc. (Gas Utilities) | | | 1,628 | | | | 120,667 | |
| PG&E Corp.* (Electric Utilities) | | | 45,531 | | | | 463,050 | |
| Pinnacle West Capital Corp. (Electric Utilities) | | | 3,448 | | | | 282,633 | |
| PNM Resources, Inc. (Electric Utilities) | | | 2,624 | | | | 127,972 | |
| Portland General Electric Co. (Electric Utilities) | | | 2,739 | | | | 126,213 | |
| PPL Corp. (Electric Utilities) | | | 23,530 | | | | 658,134 | |
| Public Service Enterprise Group, Inc. (Multi-Utilities) | | | 15,447 | | | | 922,804 | |
| Sempra Energy (Multi-Utilities) | | | 9,635 | | | | 1,276,445 | |
| Southwest Gas Holdings, Inc. (Gas Utilities) | | | 1,774 | | | | 117,421 | |
| Spire, Inc. (Gas Utilities) | | | 1,581 | | | | 114,259 | |
| The AES Corp. (Independent Power and Renewable Electricity Producers) | | | 20,374 | | | | 531,149 | |
| The Southern Co. (Electric Utilities) | | | 32,374 | | | | 1,958,951 | |
| UGI Corp. (Gas Utilities) | | | 6,382 | | | | 295,550 | |
| Vistra Corp. (Independent Power and Renewable Electricity Producers) | | | 14,741 | | | | 273,446 | |
| WEC Energy Group, Inc. (Multi-Utilities) | | | 9,647 | | | | 858,101 | |
| Xcel Energy, Inc. (Electric Utilities) | | | 16,459 | | | | 1,084,319 | |
TOTAL COMMON STOCKS
(Cost $14,250,072) | | | | | | | 30,483,695 | |
Repurchase Agreements(a) (0.9%)
| | | Principal
Amount | | | Value | |
| Repurchase Agreements with various counterparties, 0.00%, dated 6/30/21, due 7/1/21, total to be received $291,000 | | $ | 291,000 | | | $ | 291,000 | |
TOTAL REPURCHASE AGREEMENTS
(Cost $291,000) | | | | | | | 291,000 | |
TOTAL INVESTMENT SECURITIES
(Cost $14,541,072)—99.9% | | | | | | | 30,774,695 | |
| Net other assets (liabilities)—0.1% | | | | | | | 37,547 | |
| NET ASSETS—100.0% | | | | | | $ | 30,812,242 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 339
| * | 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(1) | | Rate Paid
(Received)(2) | | | Notional
Amount | | | Value and
Unrealized
Appreciation/
(Depreciation) | |
| Dow Jones U.S. Utilities Index | | Goldman Sachs International | | 7/23/21 | | | 0.59 | % | | $ | 232,626 | | | $ | (187 | ) |
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate, as of June 30, 2021, 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, 2021:
| | | Value | | | % of
Net Assets | |
| Electric Utilities | | $ | 18,143,516 | | | | 58.9 | % |
| Gas Utilities | | | 1,294,199 | | | | 4.2 | % |
| Independent Power and Renewable Electricity Producers | | | 1,106,241 | | | | 3.6 | % |
| Multi-Utilities | | | 8,771,958 | | | | 28.5 | % |
| Water Utilities | | | 1,167,781 | | | | 3.8 | % |
| Other** | | | 328,547 | | | | 1.0 | % |
| Total | | $ | 30,812,242 | | | | 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.
340 :: ProFund VP Utilities :: Financial Statements
Statement of Assets and Liabilities (unaudited)
June 30, 2021
| ASSETS: |
| Total Investment Securities, at cost | | $ | 14,541,072 | |
| Securities, at value | | | 30,483,695 | |
| Repurchase agreements, at value | | | 291,000 | |
| Total Investment Securities, at value | | | 30,774,695 | |
| Cash | | | 971 | |
| Segregated cash balances for swap agreements with custodian | | | 80,000 | |
| Dividends receivable | | | 32,758 | |
| Receivable for capital shares issued | | | 5,331 | |
| Prepaid expenses | | | 605 | |
| TOTAL ASSETS | | | 30,894,360 | |
| LIABILITIES: | | | | |
| Payable for capital shares redeemed | | | 5,979 | |
| Unrealized depreciation on swap agreements | | | 187 | |
| Advisory fees payable | | | 18,949 | |
| Management services fees payable | | | 2,527 | |
| Administration fees payable | | | 1,920 | |
| Administrative services fees payable | | | 14,418 | |
| Distribution fees payable | | | 13,960 | |
| Transfer agency fees payable | | | 3,315 | |
| Fund accounting fees payable | | | 1,059 | |
| Compliance services fees payable | | | 272 | |
| Other accrued expenses | | | 19,532 | |
| TOTAL LIABILITIES | | | 82,118 | |
| NET ASSETS | | $ | 30,812,242 | |
| NET ASSETS CONSIST OF: | | | | |
| Capital | | $ | 16,851,865 | |
| Total distributable earnings (loss) | | | 13,960,377 | |
| NET ASSETS | | $ | 30,812,242 | |
| Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value) | | | 822,670 | |
| Net Asset Value (offering and redemption price per share) | | $ | 37.45 | |
Statement of Operations (unaudited)
For the Six Months Ended June 30, 2021
| INVESTMENT INCOME: | | | | |
| Dividends | | $ | 492,073 | |
| Interest | | | 4 | |
| TOTAL INVESTMENT INCOME | | | 492,077 | |
| EXPENSES: | | | | |
| Advisory fees | | | 122,161 | |
| Management services fees | | | 16,288 | |
| Administration fees | | | 12,900 | |
| Transfer agency fees | | | 10,379 | |
| Administrative services fees | | | 47,167 | |
| Distribution fees | | | 40,720 | |
| Custody fees | | | 2,572 | |
| Fund accounting fees | | | 7,091 | |
| Trustee fees | | | 421 | |
| Compliance services fees | | | 144 | |
| Other fees | | | 17,810 | |
| Total Gross Expenses before reductions | | | 277,653 | |
| Expenses reduced and reimbursed by the Advisor | | | (4,012 | ) |
| TOTAL NET EXPENSES | | | 273,641 | |
| NET INVESTMENT INCOME (LOSS) | | | 218,436 | |
| REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS: | | | | |
| Net realized gains (losses) on investment securities | | | 512,651 | |
| Net realized gains (losses) on swap agreements | | | 24,433 | |
| Change in net unrealized appreciation/depreciation on investment securities | | | (125,477 | ) |
| Change in net unrealized appreciation/depreciation on swap agreements | | | (10,080 | ) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS | | | 401,527 | |
| CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | | $ | 619,963 | |
See accompanying notes to financial statements.
Financial Statements :: ProFund VP Utilities :: 341
Statements of Changes in Net Assets
| | | Six Months Ended
June 30, 2021
(unaudited) | | | Year Ended
December 31, 2020 | |
| FROM INVESTMENT ACTIVITIES: | | | | | | | | |
| OPERATIONS: | | | | | | | | |
| Net investment income (loss) | | $ | 218,436 | | | $ | 464,820 | |
| Net realized gains (losses) on investments | | | 537,084 | | | | (798,890 | ) |
| Change in net unrealized appreciation/depreciation on investments | | | (135,557 | ) | | | (2,122,950 | ) |
| Change in net assets resulting from operations | | | 619,963 | | | | (2,457,020 | ) |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | | |
| Total distributions | | | (492,934 | ) | | | (7,985,139 | ) |
| Change in net assets resulting from distributions | | | (492,934 | ) | | | (7,985,139 | ) |
| CAPITAL TRANSACTIONS: | | | | | | | | |
| Proceeds from shares issued | | | 9,235,301 | | | | 26,708,658 | |
| Distributions reinvested | | | 492,934 | | | | 7,985,139 | |
| Value of shares redeemed | | | (11,585,746 | ) | | | (35,984,865 | ) |
| Change in net assets resulting from capital transactions | | | (1,857,511 | ) | | | (1,291,068 | ) |
| Change in net assets | | | (1,730,482 | ) | | | (11,733,227 | ) |
| NET ASSETS: | | | | | | | | |
| Beginning of period | | | 32,542,724 | | | | 44,275,951 | |
| End of period | | $ | 30,812,242 | | | $ | 32,542,724 | |
| SHARE TRANSACTIONS: | | | | | | | | |
| Issued | | | 243,396 | | | | 599,643 | |
| Reinvested | | | 13,016 | | | | 225,314 | |
| Redeemed | | | (304,640 | ) | | | (831,816 | ) |
| Change in shares | | | (48,228 | ) | | | (6,859 | ) |
See accompanying notes to financial statements.
342 :: ProFund VP Utilities :: Financial Highlights
ProFunds Financial Highlights FOR THE PERIODS INDICATED
Selected data for a share of beneficial interest outstanding throughout the periods indicated.
| | | Six Months Ended
Jun. 30, 2021
(unaudited) | | | Year Ended
Dec. 31, 2020 | | | Year Ended
Dec. 31, 2019 | | | Year Ended
Dec. 31, 2018 | | | Year Ended
Dec. 31, 2017 | | | Year Ended
Dec. 31, 2016 | |
| Net Asset Value, Beginning of Period | | $ | 37.37 | | | $ | 50.44 | | | $ | 44.33 | | | $ | 45.65 | | | $ | 43.68 | | | $ | 39.63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Investment Activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss)(a) | | | 0.25 | | | | 0.57 | | | | 0.67 | | | | 0.79 | | | | 0.76 | | | | 0.74 | |
| Net realized and unrealized gains (losses) on investments | | | 0.42 | | | | (2.39 | ) | | | 9.18 | | | | 0.39 | | | | 3.89 | | | | 5.26 | |
| Total income (loss) from investment activities | | | 0.67 | | | | (1.82 | ) | | | 9.85 | | | | 1.18 | | | | 4.65 | | | | 6.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions to Shareholders From: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income | | | (0.59 | ) | | | (0.75 | ) | | | (0.79 | ) | | | (1.00 | ) | | | (1.02 | ) | | | (0.68 | ) |
| Net realized gains on investments | | | — | | | | (10.50 | ) | | | (2.95 | ) | | | (1.50 | ) | | | (1.66 | ) | | | (1.27 | ) |
| Total distributions | | | (0.59 | ) | | | (11.25 | ) | | | (3.74 | ) | | | (2.50 | ) | | | (2.68 | ) | | | (1.95 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, End of Period | | $ | 37.45 | | | $ | 37.37 | | | $ | 50.44 | | | $ | 44.33 | | | $ | 45.65 | | | $ | 43.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Total Return(b) | | | 1.77 | % | | | (2.40 | )% | | | 22.88 | % | | | 2.89 | % | | | 10.64 | % | | | 15.07 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios to Average Net Assets: | | | | | | | | | | | | | | | | | | | | | | | | |
| Gross expenses(c) | | | 1.70 | % | | | 1.75 | % | | | 1.74 | % | | | 1.79 | % | | | 1.72 | % | | | 1.71 | % |
| Net expenses(c) | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % | | | 1.68 | % |
| Net investment income (loss)(c) | | | 1.34 | % | | | 1.31 | % | | | 1.38 | % | | | 1.78 | % | | | 1.62 | % | | | 1.68 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000's) | | $ | 30,812 | | | $ | 32,543 | | | $ | 44,276 | | | $ | 40,952 | | | $ | 38,464 | | | $ | 40,197 | |
| Portfolio turnover rate(b)(d) | | | 8 | % | | | 50 | % | | | 209 | % | | | 108 | % | | | 60 | % | | | 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) | 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.
Notes to Financial Statements
344 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
1. Organization
ProFunds (the "Trust") consists of 115 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.
On December 10, 2020, the Trust's Board of Trustees approved an agreement and plan of reorganization and termination pursuant to which the Access VP High Yield Fund (now named the ProFund Access VP High Yield) would reorganize into a corresponding newly created series within ProFunds (an affiliated trust). That transaction occurred on April 26, 2021.
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 Access VP High Yield
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, 2021 (unaudited) :: Notes to Financial Statements :: 345
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 ProFund 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 the 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, 2021, 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
0.00%
dated 6/30/21,
due 7/1/21(1) | | | Credit
Agricole CIB,
0.00%
dated 6/30/21,
due 7/1/21(2) | | | HSBC Securities
(USA), Inc.,
0.00%
dated 6/30/21,
Due7/1/21(3) | | | RBC Capital
Markets, LLC,
0.00%
dated 6/30/21,
due 7/1/21(4) | | | Societe'
Generale,
0.00%
dated 6/30/21,
due 7/1/21(5) | | | UMB Bank N.A.,
0.00%
dated 6/30/21,
due 7/1/21(6) | |
| ProFund Access VP High Yield | | $ | 409,000 | | | $ | 1,639,000 | | | $ | 4,049,000 | | | $ | 819,000 | | | $ | 2,049,000 | | | $ | 442,000 | |
| ProFund VP Banks | | | 8,000 | | | | 33,000 | | | | 82,000 | | | | 16,000 | | | | 41,000 | | | | 11,000 | |
| ProFund VP Basic Materials | | | 6,000 | | | | 27,000 | | | | 66,000 | | | | 13,000 | | | | 33,000 | | | | 10,000 | |
| ProFund VP Bear | | | 63,000 | | | | 259,000 | | | | 642,000 | | | | 128,000 | | | | 325,000 | | | | 76,000 | |
| ProFund VP Biotechnology | | | 19,000 | | | | 76,000 | | | | 188,000 | | | | 38,000 | | | | 95,000 | | | | 21,000 | |
| ProFund VP Bull | | | 887,000 | | | | 3,553,000 | | | | 8,778,000 | | | | 1,776,000 | | | | 4,442,000 | | | | 959,000 | |
| ProFund VP Consumer Goods | | | 24,000 | | | | 96,000 | | | | 238,000 | | | | 48,000 | | | | 120,000 | | | | 27,000 | |
| ProFund VP Consumer Services | | | 32,000 | | | | 129,000 | | | | 320,000 | | | | 64,000 | | | | 162,000 | | | | 37,000 | |
| ProFund VP Dow 30 | | | 108,000 | | | | 434,000 | | | | 1,074,000 | | | | 216,000 | | | | 543,000 | | | | 122,000 | |
| ProFund VP Emerging Markets | | | 48,000 | | | | 201,000 | | | | 498,000 | | | | 99,000 | | | | 251,000 | | | | 64,000 | |
| ProFund VP Falling U.S. Dollar | | | 34,000 | | | | 140,000 | | | | 350,000 | | | | 69,000 | | | | 176,000 | | | | 47,000 | |
| ProFund VP Financials | | | 12,000 | | | | 48,000 | | | | 119,000 | | | | 24,000 | | | | 60,000 | | | | 15,000 | |
| ProFund VP Government Money Market | | | 1,152,000 | | | | 4,611,000 | | | | 11,391,000 | | | | 2,305,000 | | | | 5,764,000 | | | | 1,237,000 | |
346 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
| Fund Name | | Canadian
Imperial Bank of
Canada
0.00%
dated 6/30/21,
due 7/1/21(1) | | | Credit
Agricole CIB,
0.00%
dated 6/30/21,
due 7/1/21(2) | | | HSBC Securities
(USA), Inc.,
0.00%
dated 6/30/21,
due 7/1/21(3) | | | RBC Capital
Markets, LLC,
0.00%
dated 6/30/21,
due 7/1/21(4) | | | Societe'
Generale,
0.00%
dated 6/30/21,
due 7/1/21(5) | | | UMB Bank N.A.,
0.00%
dated 6/30/21,
due 7/1/21(6) | |
| ProFund VP Health Care | | $ | 62,000 | | | $ | 248,000 | | | $ | 613,000 | | | $ | 124,000 | | | $ | 310,000 | | | $ | 68,000 | |
| ProFund VP Industrials | | | 25,000 | | | | 100,000 | | | | 249,000 | | | | 50,000 | | | | 126,000 | | | | 29,000 | |
| ProFund VP International | | | 551,000 | | | | 2,208,000 | | | | 5,458,000 | | | | 1,104,000 | | | | 2,761,000 | | | | 600,000 | |
| ProFund VP Internet | | | 36,000 | | | | 146,000 | | | | 360,000 | | | | 73,000 | | | | 182,000 | | | | 41,000 | |
| ProFund VP Japan | | | 316,000 | | | | 1,266,000 | | | | 3,128,000 | | | | 633,000 | | | | 1,583,000 | | | | 340,000 | |
| ProFund VP Large-Cap Growth | | | 5,000 | | | | 22,000 | | | | 54,000 | | | | 11,000 | | | | 27,000 | | | | 8,000 | |
| ProFund VP Mid-Cap | | | 791,000 | | | | 3,168,000 | | | | 7,825,000 | | | | 1,584,000 | | | | 3,959,000 | | | | 854,000 | |
| ProFund VP Mid-Cap Growth | | | 8,000 | | | | 33,000 | | | | 83,000 | | | | 16,000 | | | | 42,000 | | | | 13,000 | |
| ProFund VP Mid-Cap Value | | | 1,000 | | | | 6,000 | | | | 15,000 | | | | 3,000 | | | | 8,000 | | | | 4,000 | |
| ProFund VP Nasdaq-100 | | | 1,406,000 | | | | 5,626,000 | | | | 13,899,000 | | | | 2,812,000 | | | | 7,033,000 | | | | 1,511,000 | |
| ProFund VP Oil & Gas | | | 27,000 | | | | 108,000 | | | | 266,000 | | | | 54,000 | | | | 135,000 | | | | 30,000 | |
| ProFund VP Pharmaceuticals | | | 13,000 | | | | 52,000 | | | | 129,000 | | | | 26,000 | | | | 65,000 | | | | 15,000 | |
| ProFund VP Precious Metals | | | 1,400,000 | | | | 5,608,000 | | | | 13,853,000 | | | | 2,803,000 | | | | 7,011,000 | | | | 1,507,000 | |
| ProFund VP Real Estate | | | 11,000 | | | | 44,000 | | | | 108,000 | | | | 22,000 | | | | 55,000 | | | | 13,000 | |
ProFund VP Rising Rates
Opportunity | | | 240,000 | | | | 964,000 | | | | 2,386,000 | | | | 481,000 | | | | 1,206,000 | | | | 267,000 | |
| ProFund VP Semiconductor | | | 8,000 | | | | 35,000 | | | | 86,000 | | | | 17,000 | | | | 43,000 | | | | 12,000 | |
| ProFund VP Short Dow 30 | | | — | | | | — | | | | 2,000 | | | | — | | | | — | | | | 5,000 | |
| ProFund VP Short Emerging Markets | | | 10,000 | | | | 44,000 | | | | 111,000 | | | | 21,000 | | | | 54,000 | | | | 20,000 | |
| ProFund VP Short International | | | 17,000 | | | | 72,000 | | | | 181,000 | | | | 35,000 | | | | 91,000 | | | | 27,000 | |
| ProFund VP Short Mid-Cap | | | 1,000 | | | | 8,000 | | | | 20,000 | | | | 3,000 | | | | 9,000 | | | | 8,000 | |
| ProFund VP Short Nasdaq-100 | | | 66,000 | | | | 271,000 | | | | 672,000 | | | | 134,000 | | | | 339,000 | | | | 82,000 | |
| ProFund VP Short Small-Cap | | | 59,000 | | | | 240,000 | | | | 595,000 | | | | 120,000 | | | | 300,000 | | | | 73,000 | |
| ProFund VP Small-Cap | | | 515,000 | | | | 2,066,000 | | | | 5,107,000 | | | | 1,032,000 | | | | 2,583,000 | | | | 562,000 | |
| ProFund VP Small-Cap Growth | | | 8,000 | | | | 32,000 | | | | 80,000 | | | | 16,000 | | | | 40,000 | | | | 10,000 | |
| ProFund VP Small-Cap Value | | | 1,000 | | | | 4,000 | | | | 11,000 | | | | 2,000 | | | | 5,000 | | | | 4,000 | |
| ProFund VP Technology | | | 35,000 | | | | 142,000 | | | | 352,000 | | | | 71,000 | | | | 178,000 | | | | 41,000 | |
| ProFund VP Telecommunications | | | 3,000 | | | | 13,000 | | | | 33,000 | | | | 6,000 | | | | 16,000 | | | | 6,000 | |
| ProFund VP UltraBull | | | 317,000 | | | | 1,273,000 | | | | 3,149,000 | | | | 635,000 | | | | 1,592,000 | | | | 349,000 | |
| ProFund VP UltraMid-Cap | | | 315,000 | | | | 1,260,000 | | | | 3,115,000 | | | | 630,000 | | | | 1,576,000 | | | | 345,000 | |
| ProFund VP UltraNasdaq-100 | | | 2,689,000 | | | | 10,764,000 | | | | 26,591,000 | | | | 5,381,000 | | | | 13,455,000 | | | | 2,890,000 | |
| ProFund VP UltraShort Dow 30 | | | — | | | | — | | | | 1,000 | | | | — | | | | — | | | | 3,000 | |
| ProFund VP UltraShort Nasdaq-100 | | | 19,000 | | | | 79,000 | | | | 197,000 | | | | 39,000 | | | | 99,000 | | | | 27,000 | |
| ProFund VP UltraSmall-Cap | | | 939,000 | | | | 3,760,000 | | | | 9,290,000 | | | | 1,879,000 | | | | 4,700,000 | | | | 1,013,000 | |
| ProFund VP U.S. Government Plus | | | 363,000 | | | | 1,457,000 | | | | 3,600,000 | | | | 728,000 | | | | 1,821,000 | | | | 396,000 | |
| ProFund VP Utilities | | | 12,000 | | | | 50,000 | | | | 125,000 | | | | 25,000 | | | | 63,000 | | | | 16,000 | |
| | | $ | 13,071,000 | | | $ | 52,415,000 | | | $ | 129,539,000 | | | $ | 26,185,000 | | | $ | 65,528,000 | | | $ | 14,257,000 | |
Each repurchase agreement was fully collateralized by U.S. government and/or agency securities as of June 30, 2021 as follows:
| (1) | U.S. Treasury Notes, 2.875%, due 4/30/25, total value $13,336,710. |
| (2) | U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, due 4/15/22, U.S. Treasury Notes, 3.125%, due 11/15/28, which had an aggregate value of $53,513,933. |
| (3) | U.S. Treasury Separate Trading of Registered Interest and Principal of Securities (STRIPS), effective yield or interest rate in effect at June 30, 2021, 0.544% to 1.656%, due 11/15/27 to 8/15/48, which had an aggregate value of $132,165,032. |
| (4) | U.S. Treasury Inflation-Protected Securities (TIPS), 0.125%, due 4/15/22, total value $26,714,447. |
| (5) | U.S. Treasury Notes, 2.25% to 2.625%, due 12/31/23 to 11/15/27, which had an aggregate value of $66,843,098. |
| (6) | U.S. Treasury Notes, 1.125% to 2.25%, due 1/31/24 to 2/15/31, Federal Farm Credit Banks, 2.37% to 2.875%, due 12/21/23 to 2/27/24, Federal Home Loan Banks, 1.875% to 3.375%, due 12/8/23 to 3/8/24, which had an aggregate value of $14,589,493. |
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"
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 347
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.
Real Estate Investment Trusts
Each ProFund (other than the Non-Equity ProFunds) 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, 2021, were utilized to gain exposure or inverse exposure to each ProFund VP's benchmark (e.g., index, etc.) to meet its investment objective.
The ProFund Access VP High Yield maintains exposure to the high yield market (i.e., U.S. corporate high yield debt market), regardless of market conditions. This means ProFund Access VP High Yield does not adopt defensive positions in cash or other instruments in anticipation of an adverse market climate. The ProFund Access VP High Yield invests primarily in derivatives, money market instruments, and U.S. Treasury obligations that the Advisor believes, in combination, should provide investment results that correspond to the high yield market. During the period ended June 30, 2021, the ProFund Access VP High Yield held credit default swap agreements for credit exposure to the high yield market and futures contracts and/or treasury notes for interest rate exposure to meet the ProFund Access VP High Yield 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, 2021. 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 was 10% based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2021.
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
348 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.
Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund VP's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.
Upon entering into a futures contract, each ProFund VP will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund VP upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund VP may elect to close its position by taking an opposite position, which will operate to terminate the ProFund VP's existing position in the contract.
The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund VP intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund VP to substantial losses. If trading is not possible, or if a ProFund VP determines not to close a futures position in anticipation of adverse price movements, the ProFund VP will be required to make daily cash payments of variation margin. The risk that the ProFund VP will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund VP.
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
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 349
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, 2021, there was no collateral posted by counterparties.
Credit Default Swap ("CDS") Agreements
As of June 30, 2021, the ProFund Access VP High Yield invested in centrally cleared CDS as a substitute for investing directly in bonds in order to gain credit exposure to the high yield market.
In a CDS, the agreement will reference one or more debt securities or reference entities. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference entity has occurred. If a credit event occurs, the seller generally must pay the buyer: a) the full notional value of the swap; or b) the difference between the notional value of the defaulted reference entity and the recovery price/rate for the defaulted reference entity. CDS are designed to reflect changes in credit quality, including events of default. A CDS may require premium (discount) payments as well as daily payments (receipts) related to the interest leg of the swap or to the default or change in price of a reference entity.
The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because, generally, a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the ProFund Access VP High Yield.
If the ProFund Access VP High Yield is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund Access VP High Yield would be required to pay the par (or other agreed upon) value of a referenced obligation to the counterparty in the event of a default or other credit event. In return, the ProFund Access VP High Yield would receive from the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the ProFund Access VP High Yield would keep the stream of payments and would have no payment obligations. As the seller, the ProFund Access VP High Yield would be subject to investment exposure on the notional amount of the swap.
If the ProFund Access VP High Yield is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund Access VP High Yield would have the right to deliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the event of a default or other credit event (such as a credit downgrade). In return, the ProFund Access VP High Yield would pay the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the ProFund Access VP High Yield.
The ProFund Access VP High Yield enters into a CDS with multiple reference entities, in which case payments and settlements in respect of any defaulting reference entity would typically be dealt with separately from the other reference entities.
Upon entering into a centrally cleared CDS, the ProFund Access VP High Yield may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 3% to 6% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the CDS and is returned to the ProFund Access VP High Yield upon termination of the CDS, 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 CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream.
Swap Agreements (other than CDS)
Each non-money market ProFund VP may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.
On a typical long swap, the counterparty will generally agree to pay the ProFund VP the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund VP will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund VP on any swap agreement should be the gain or loss on the notional amount plus
350 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
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, 2021, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.
The use of swaps, including CDS, is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund VP's transactions in swap agreements.
Offsetting Assets and Liabilities
The ProFunds VP are subject to master netting agreements for swap agreements (other than centrally cleared CDS) 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.
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 351
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, 2021.
| | | 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 | |
| Credit Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund Access VP High Yield | | $ | — | | | $ | 238,355 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund VP Banks | | | — | | | | 3,839 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Basic Materials | | | — | | | | 2,181 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Bear | | | — | | | | — | | | | — | | | | 3,617 | | | | 2,206 | | | | — | |
| ProFund VP Biotechnology | | | — | | | | 11,577 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Bull | | | 104,781 | | | | 24,424 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Consumer Goods | | | — | | | | 8,566 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Consumer Services | | | — | | | | 2,309 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Dow 30 | | | — | | | | 15,756 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Emerging Markets | | | — | | | | 1,379 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Financials | | | — | | | | 6,523 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Health Care | | | — | | | | 15,156 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Industrials | | | — | | | | 4,913 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP International | | | — | | | | — | | | | — | | | | — | | | | 92,892 | | | | — | |
| ProFund VP Internet | | | — | | | | 8,476 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Japan | | | — | | | | — | | | | — | | | | 95,464 | | | | 428 | | | | — | |
| ProFund VP Mid-Cap | | | — | | | | — | | | | — | | | | 40,575 | | | | 16,828 | | | | — | |
| ProFund VP Nasdaq-100 | | | 14,946 | | | | 58,903 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Oil & Gas | | | — | | | | — | | | | — | | | | — | | | | 8,242 | | | | — | |
| ProFund VP Pharmaceuticals | | | — | | | | 608 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Precious Metals | | | — | | | | — | | | | — | | | | — | | | | 273,924 | | | | — | |
| ProFund VP Real Estate | | | — | | | | — | | | | — | | | | — | | | | 2,313 | | | | — | |
| ProFund VP Semiconductor | | | — | | | | 15,184 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Short Dow 30 | | | — | | | | — | | | | — | | | | — | | | | 46 | | | | — | |
| ProFund VP Short Emerging Markets | | | — | | | | — | | | | — | | | | — | | | | 149 | | | | — | |
| ProFund VP Short International | | | — | | | | 3,074 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Short Mid-Cap | | | — | | | | 50 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Short Nasdaq-100 | | | — | | | | — | | | | — | | | | 14,950 | | | | 2,697 | | | | — | |
| ProFund VP Short Small-Cap | | | 1,538 | | | | 5,949 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Small-Cap | | | — | | | | — | | | | — | | | | — | | | | 55,950 | | | | — | |
| ProFund VP Technology | | | — | | | | 14,316 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Telecommunications | | | — | | | | 991 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP UltraBull | | | 24,169 | | | | 39,003 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP UltraMid-Cap | | | — | | | | — | | | | — | | | | — | | | | 27,749 | | | | — | |
| ProFund VP UltraNasdaq-100 | | | 14,946 | | | | 612,438 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP UltraShort Dow 30 | | | — | | | | — | | | | — | | | | — | | | | 62 | | | | — | |
| ProFund VP UltraShort Nasdaq-100 | | | — | | | | — | | | | — | | | | — | | | | 1,897 | | | | — | |
| ProFund VP UltraSmall-Cap | | | — | | | | — | | | | — | | | | — | | | | 278,918 | | | | — | |
| ProFund VP Utilities | | | — | | | | — | | | | — | | | | — | | | | 187 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign Exchange Rate Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund VP Falling U.S. Dollar | | | — | | | | — | | | | 348 | | | | — | | | | — | | | | 21,941 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Rate Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund Access VP High Yield | | | — | | | | — | | | | — | | | | 12,271 | | | | — | | | | — | |
| ProFund VP Rising Rates Opportunity | | | — | | | | — | | | | — | | | | — | | | | 214,898 | | | | — | |
| ProFund VP U.S. Government Plus | | | — | | | | 328,767 | | | | — | | | | — | | | | — | | | | — | |
| * | 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. |
352 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
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, 2021.
| | | Realized Gain (Loss) on Derivatives | | | Change in Net Unrealized Appreciation/
Depreciation on Derivatives | |
| | | Recognized as a Result from Operations | | | 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 | |
| Credit Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund Access VP High Yield | | $ | — | | | $ | 956,778 | | | $ | — | | | $ | — | | | $ | (452,431 | ) | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Equity Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund VP Banks | | | — | | | | 44,461 | | | | — | | | | — | | | | 2,974 | | | | — | |
| ProFund VP Basic Materials | | | — | | | | 52,773 | | | | — | | | | — | | | | (2,796 | ) | | | — | |
| ProFund VP Bear | | | (51,421 | ) | | | (266,542 | ) | | | — | | | | 9,078 | | | | 8,091 | | | | — | |
| ProFund VP Biotechnology | | | — | | | | 70,441 | | | | — | | | | — | | | | 20,746 | | | | — | |
| ProFund VP Bull | | | 1,300,716 | | | | 1,837,121 | | | | — | | | | (119,310 | ) | | | (62,064 | ) | | | — | |
| ProFund VP Consumer Goods | | | — | | | | 1,202 | | | | — | | | | — | | | | 1,117 | | | | — | |
| ProFund VP Consumer Services | | | — | | | | (6,682 | ) | | | — | | | | — | | | | (6,208 | ) | | | — | |
| ProFund VP Dow 30 | | | — | | | | 50,794 | | | | — | | | | — | | | | 9,370 | | | | — | |
| ProFund VP Emerging Markets | | | — | | | | (13,361 | ) | | | — | | | | — | | | | (7,725 | ) | | | — | |
| ProFund VP Financials | | | — | | | | 141,730 | | | | — | | | | — | | | | (5,231 | ) | | | — | |
| ProFund VP Health Care | | | — | | | | 106,967 | | | | — | | | | — | | | | (10,655 | ) | | | — | |
| ProFund VP Industrials | | | — | | | | 41,522 | | | | — | | | | — | | | | 3,061 | | | | — | |
| ProFund VP International | | | — | | | | 984,860 | | | | — | | | | — | | | | (86,073 | ) | | | — | |
| ProFund VP Internet | | | — | | | | 44,130 | | | | — | | | | — | | | | 13,936 | | | | — | |
| ProFund VP Japan | | | 901,644 | | | | 3,360 | | | | — | | | | (368,565 | ) | | | (2,522 | ) | | | — | |
| ProFund VP Mid-Cap | | | 332,993 | | | | 2,005,195 | | | | — | | | | (57,531 | ) | | | (6,036 | ) | | | — | |
| ProFund VP Nasdaq-100 | | | 736,757 | | | | 4,010,711 | | | | — | | | | (192,903 | ) | | | (113,641 | ) | | | — | |
| ProFund VP Oil & Gas | | | — | | | | 188,537 | | | | — | | | | — | | | | (5,104 | ) | | | — | |
| ProFund VP Pharmaceuticals | | | — | | | | 27,315 | | | | — | | | | — | | | | (7,934 | ) | | | — | |
| ProFund VP Precious Metals | | | — | | | | (703,788 | ) | | | — | | | | — | | | | (282,372 | ) | | | — | |
| ProFund VP Real Estate | | | — | | | | 38,804 | | | | — | | | | — | | | | (3,823 | ) | | | — | |
| ProFund VP Semiconductor | | | — | | | | 121,456 | | | | — | | | | — | | | | 6,354 | | | | — | |
| ProFund VP Short Dow 30 | | | — | | | | (1,221 | ) | | | — | | | | — | | | | 61 | | | | — | |
| ProFund VP Short Emerging Markets | | | — | | | | (100,059 | ) | | | — | | | | — | | | | 13,493 | | | | — | |
| ProFund VP Short International | | | — | | | | (61,121 | ) | | | — | | | | — | | | | 2,248 | | | | — | |
| ProFund VP Short Mid-Cap | | | — | | | | (17,959 | ) | | | — | | | | — | | | | 130 | | | | — | |
| ProFund VP Short Nasdaq-100 | | | (122,876 | ) | | | (188,146 | ) | | | — | | | | 47,532 | | | | 11,075 | | | | — | |
| ProFund VP Short Small-Cap | | | (22,174 | ) | | | (185,049 | ) | | | — | | | | 5,202 | | | | (147 | ) | | | — | |
| ProFund VP Small-Cap | | | — | | | | 1,617,321 | | | | — | | | | — | | | | 70,782 | | | | — | |
| ProFund VP Technology | | | — | | | | 133,750 | | | | — | | | | — | | | | 9,329 | | | | — | |
| ProFund VP Telecommunications | | | — | | | | 13,796 | | | | — | | | | — | | | | 968 | | | | — | |
| ProFund VP UltraBull | | | 130,405 | | | | 2,939,575 | | | | — | | | | (5,428 | ) | | | (72,610 | ) | | | — | |
| ProFund VP UltraMid-Cap | | | 12,856 | | | | 3,423,856 | | | | — | | | | — | | | | (6,694 | ) | | | — | |
| ProFund VP UltraNasdaq-100 | | | 1,529,827 | | | | 28,433,125 | | | | — | | | | (255,257 | ) | | | (515,985 | ) | | | — | |
| ProFund VP UltraShort Dow 30 | | | — | | | | (6,159 | ) | | | — | | | | — | | | | 26 | | | | — | |
| ProFund VP UltraShort Nasdaq-100 | | | — | | | | (306,950 | ) | | | — | | | | — | | | | (316 | ) | | | — | |
| ProFund VP UltraSmall-Cap | | | 59,805 | | | | 5,400,144 | | | | — | | | | (21,246 | ) | | | 96,389 | | | | — | |
| ProFund VP Utilities | | | — | | | | 24,433 | | | | — | | | | — | | | | (10,080 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Foreign Exchange Rate Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund VP Falling U.S. Dollar | | | — | | | | — | | | | (5,972 | ) | | | — | | | | — | | | | 35,362 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest Rate Risk Exposure: | | | | | | | | | | | | | | | | | | | | | | | | |
| ProFund Access VP High Yield | | | (7,913 | ) | | | — | | | | — | | | | (15,602 | ) | | | — | | | | — | |
| ProFund VP Rising Rates Opportunity | | | (1,866 | ) | | | 581,717 | | | | — | | | | — | | | | (195,124 | ) | | | — | |
| ProFund VP U.S. Government Plus | | | — | | | | (2,249,964 | ) | | | — | | | | — | | | | 270,007 | | | | — | |
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements (other than centrally cleared CDS) and forward currency contracts as of June 30, 2021. 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
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 353
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 | | $ | 3,839 | | | $ | — | | | $ | — | | | $ | 3,839 | |
| ProFund VP Basic Materials | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 2,181 | | | | — | | | | — | | | | 2,181 | |
| ProFund VP Bear | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (25 | ) | | | 25 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (2,181 | ) | | | 2,181 | | | | — | | | | — | |
| ProFund VP Biotechnology | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 11,577 | | | | — | | | | — | | | | 11,577 | |
| ProFund VP Bull | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 6,832 | | | | — | | | | — | | | | 6,832 | |
| Swap Agreements — UBS AG | | | 17,592 | | | | — | | | | — | | | | 17,592 | |
| ProFund VP Consumer Goods | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 8,566 | | | | — | | | | — | | | | 8,566 | |
| ProFund VP Consumer Services | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 2,309 | | | | — | | | | — | | | | 2,309 | |
| ProFund VP Dow 30 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 15,011 | | | | — | | | | — | | | | 15,011 | |
| Swap Agreements — UBS AG | | | 745 | | | | — | | | | — | | | | 745 | |
| ProFund VP Emerging Markets | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 196 | | | | — | | | | — | | | | 196 | |
| Swap Agreements — UBS AG | | | 1,183 | | | | — | | | | — | | | | 1,183 | |
| ProFund VP Financials | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 6,523 | | | | — | | | | — | | | | 6,523 | |
| ProFund VP Falling U.S. Dollar | | | | | | | | | | | | | | | | |
| Forward Currency Contracts — Goldman Sachs International | | | | | | | | | | | | | | | | |
| Appreciation | | | 348 | | | | | | | | | | | | | |
| (Depreciation) | | | (11,667 | ) | | | | | | | | | | | | |
| Net (Depreciation) | | | (11,319 | ) | | | 11,319 | | | | — | | | | — | |
| Forward Currency Contracts — UBS AG | | | (10,274 | ) | | | 10,274 | | | | — | | | | — | |
| ProFund VP Health Care | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 15,156 | | | | — | | | | — | | | | 15,156 | |
| ProFund VP Industrials | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 4,913 | | | | — | | | | — | | | | 4,913 | |
| ProFund VP International | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (44,187 | ) | | | 44,187 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (48,705 | ) | | | 48,705 | | | | — | | | | — | |
| ProFund VP Internet | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 8,476 | | | | — | | | | — | | | | 8,476 | |
| ProFund VP Japan | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (428 | ) | | | — | | | | — | | | | (428 | ) |
| ProFund VP Mid-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (5,295 | ) | | | 5,295 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (11,533 | ) | | | 11,533 | | | | — | | | | — | |
| ProFund VP Nasdaq-100 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 9,882 | | | | (1,198 | ) | | | — | | | | 8,684 | |
| Swap Agreements — UBS AG | | | 49,021 | | | | — | | | | (49,021 | ) | | | — | |
| ProFund VP Oil & Gas | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (8,242 | ) | | | — | | | | 8,242 | | | | — | |
| ProFund VP Pharmaceuticals | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 608 | | | | — | | | | — | | | | 608 | |
| ProFund VP Precious Metals | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (131,734 | ) | | | 131,734 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (142,190 | ) | | | 142,190 | | | | — | | | | — | |
354 :: Notes to Financial Statements :: June 30, 2021 (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 Real Estate | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | $ | (2,313 | ) | | $ | — | | | $ | — | | | $ | (2,313 | ) |
| ProFund VP Rising Rates Opportunity | | | | | | | | | | | | | | | | |
| Swap Agreements — Citibank North America | | | (179,874 | ) | | | 68,000 | | | | — | | | | (111,874 | ) |
| Swap Agreements — Societe' Generale | | | (35,024 | ) | | | 10,000 | | | | — | | | | (25,024 | ) |
| ProFund VP Semiconductor | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 15,184 | | | | — | | | | — | | | | 15,184 | |
| ProFund VP Short Dow 30 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (12 | ) | | | — | | | | — | | | | (12 | ) |
| Swap Agreements — UBS AG | | | (34 | ) | | | 34 | | | | — | | | | — | |
| ProFund VP Short Emerging Markets | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (89 | ) | | | 89 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (60 | ) | | | 60 | | | | — | | | | — | |
| ProFund VP Short International | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 2,687 | | | | — | | | | — | | | | 2,687 | |
| Swap Agreements — UBS AG | | | 387 | | | | — | | | | — | | | | 387 | |
| ProFund VP Short Mid-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 10 | | | | — | | | | — | | | | 10 | |
| Swap Agreements — UBS AG | | | 40 | | | | — | | | | — | | | | 40 | |
| ProFund VP Short Nasdaq-100 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (1,865 | ) | | | 1,865 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (832 | ) | | | 832 | | | | — | | | | — | |
| ProFund VP Short Small-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 364 | | | | — | | | | — | | | | 364 | |
| Swap Agreements — UBS AG | | | 5,585 | | | | — | | | | — | | | | 5,585 | |
| ProFund VP Small-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (6,053 | ) | | | 6,053 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (49,897 | ) | | | 49,897 | | | | — | | | | — | |
| ProFund VP Technology | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 14,316 | | | | — | | | | — | | | | 14,316 | |
| ProFund VP Telecommunications | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 991 | | | | — | | | | — | | | | 991 | |
| ProFund VP UltraBull | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 18,050 | | | | (9,982 | ) | | | — | | | | 8,068 | |
| Swap Agreements — UBS AG | | | 20,953 | | | | — | | | | (20,953 | ) | | | — | |
| ProFund VP UltraMid-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (18,685 | ) | | | 18,685 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (9,064 | ) | | | 9,064 | | | | — | | | | — | |
| ProFund VP UltraNasdaq-100 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | 380,167 | | | | (380,167 | ) | | | — | | | | — | |
| Swap Agreements — UBS AG | | | 232,271 | | | | — | | | | (232,271 | ) | | | — | |
| ProFund VP UltraShort Dow 30 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (45 | ) | | | — | | | | — | | | | (45 | ) |
| Swap Agreements — UBS AG | | | (17 | ) | | | — | | | | — | | | | (17 | ) |
| ProFund VP UltraShort Nasdaq-100 | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (133 | ) | | | 133 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (1,764 | ) | | | 1,764 | | | | — | | | | — | |
| ProFund VP UltraSmall-Cap | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (158,011 | ) | | | 158,011 | | | | — | | | | — | |
| Swap Agreements — UBS AG | | | (120,907 | ) | | | 120,907 | | | | — | | | | — | |
| ProFund VP U.S. Government Plus | | | | | | | | | | | | | | | | |
| Swap Agreements — Citibank North America | | | 148,994 | | | | — | | | | — | | | | 148,994 | |
| Swap Agreements — Societe' Generale | | | 179,773 | | | | — | | | | (140,000 | ) | | | 39,773 | |
| ProFund VP Utilities | | | | | | | | | | | | | | | | |
| Swap Agreements — Goldman Sachs International | | | (187 | ) | | | — | | | | 187 | | | | — | |
| * | The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities. |
| ** | Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral. |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 355
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.
The following table is a summary of the ProFunds VP securities lending transactions as of June 30, 2021:
| | | Value
of
Securities on Loan | | | Value
of Cash
Collateral Received* | |
| ProFund VP Asia 30 | | $ | 2,756,853 | | | $ | 2,880,471 | |
| ProFund VP Bull | | | 6,995 | | | | 7,068 | |
| ProFund VP Consumer Services | | | 29,160 | | | | 29,649 | |
| ProFund VP Europe 30 | | | 592,540 | | | | 614,900 | |
| ProFund VP Large-Cap Value | | | 4,080 | | | | 4,123 | |
| ProFund VP Small-Cap | | | 158,649 | | | | 167,163 | |
| ProFund VP Small-Cap Growth | | | 127,965 | | | | 130,785 | |
| ProFund VP Small-Cap Value | | | 45,373 | | | | 46,536 | |
| ProFund VP Technology | | | 30,074 | | | | 31,208 | |
| ProFund VP Telecommunications | | | 21,385 | | | | 24,028 | |
| ProFund VP UltraBull | | | 1,319 | | | | 1,333 | |
| ProFund VP UltraSmall-Cap | | | 234,299 | | | | 247,441 | |
| * | 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.
356 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
Allocations
Expenses directly attributable to a ProFund VP are charged to that ProFund VP, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.
Distributions to Shareholders
Each of the ProFunds VP (except ProFund VP Government Money Market, ProFund VP Real Estate, and ProFund VP U.S. Government Plus) intends to declare and distribute net investment income at least annually, if any. ProFund VP Government Money Market and ProFund VP U.S. Government Plus declare dividends from net investment income daily, if any, and pay dividends on a monthly basis. ProFund VP Real Estate declares and pays dividends from net investment income quarterly, if any. Net realized capital gains, if any, will be distributed annually.
The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require a reclassification. The ProFunds VP may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.
Federal Income Taxes
Each of the ProFunds VP intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds VP intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds VP have a calendar tax year end.
Management of the ProFunds VP has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds VP are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
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' VP 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' VP 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' VP own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.
Security prices are generally valued at their market value using information provided by a third party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market ProFund VP, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as a 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
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 357
of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.
Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.
When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund VP's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons 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, 2021, 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, 2021, 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 Access VP High Yield | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Obligation | | $ | — | | | $ | — | | | $ | 9,595,342 | | | $ | — | | | $ | 9,595,342 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 9,407,000 | | | | — | | | | 9,407,000 | | | | — | |
| Futures Contracts | | | — | | | | (12,271 | ) | | | — | | | | — | | | | — | | | | (12,271 | ) |
| Credit Default Swap Agreements | | | — | | | | — | | | | — | | | | 238,355 | | | | — | | | | 238,355 | |
| Total | | $ | — | | | $ | (12,271 | ) | | $ | 19,002,342 | | | $ | 238,355 | | | $ | 19,002,342 | | | $ | 226,084 | |
| ProFund VP Asia 30 | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 34,631,230 | | | $ | — | | | $ | — | | | $ | — | | | $ | 34,631,230 | | | $ | — | |
| Collateral for Securities Loaned | | | 2,880,471 | | | | — | | | | — | | | | — | | | | 2,880,471 | | | | — | |
| Total | | $ | 37,511,701 | | | $ | — | | | $ | — | | | $ | — | | | $ | 37,511,701 | | | $ | — | |
| ProFund VP Banks | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 7,144,232 | | | $ | — | | | $ | — | | | $ | — | | | $ | 7,144,232 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 191,000 | | | | — | | | | 191,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 3,839 | | | | — | | | | 3,839 | |
| Total | | $ | 7,144,232 | | | $ | — | | | $ | 191,000 | | | $ | 3,839 | | | $ | 7,335,232 | | | $ | 3,839 | |
| ProFund VP Basic Materials | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 19,159,828 | | | $ | — | | | $ | — | | | $ | — | | | $ | 19,159,828 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 155,000 | | | | — | | | | 155,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 2,181 | | | | — | | | | 2,181 | |
| Total | | $ | 19,159,828 | | | $ | — | | | $ | 155,000 | | | $ | 2,181 | | | $ | 19,314,828 | | | $ | 2,181 | |
| ProFund VP Bear | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 1,493,000 | | | $ | — | | | $ | 1,493,000 | | | $ | — | |
| Futures Contracts | | | — | | | | (3,617 | ) | | | — | | | | — | | | | — | | | | (3,617 | ) |
| Swap Agreements | | | — | | | | — | | | | — | | | | (2,206 | ) | | | — | | | | (2,206 | ) |
| Total | | $ | — | | | $ | (3,617 | ) | | $ | 1,493,000 | | | $ | (2,206 | ) | | $ | 1,493,000 | | | $ | (5,823 | ) |
358 :: Notes to Financial Statements :: June 30, 2021 (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 Biotechnology | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 64,806,056 | | | $ | — | | | $ | — | | | $ | — | | | $ | 64,806,056 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 437,000 | | | | — | | | | 437,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 11,577 | | | | — | | | | 11,577 | |
| Total | | $ | 64,806,056 | | | $ | — | | | $ | 437,000 | | | $ | 11,577 | | | $ | 65,243,056 | | | $ | 11,577 | |
| ProFund VP Bull | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 55,740,451 | | | $ | — | | | $ | — | | | $ | — | | | $ | 55,740,451 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 20,395,000 | | | | — | | | | 20,395,000 | | | | — | |
| Collateral for Securities Loaned | | | 7,068 | | | | — | | | | — | | | | — | | | | 7,068 | | | | — | |
| Futures Contracts | | | — | | | | 104,781 | | | | — | | | | — | | | | — | | | | 104,781 | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 24,424 | | | | — | | | | 24,424 | |
| Total | | $ | 55,747,519 | | | $ | 104,781 | | | $ | 20,395,000 | | | $ | 24,424 | | | $ | 76,142,519 | | | $ | 129,205 | |
| ProFund VP Consumer Goods | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 20,877,291 | | | $ | — | | | $ | — | | | $ | — | | | $ | 20,877,291 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 553,000 | | | | — | | | | 553,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 8,566 | | | | — | | | | 8,566 | |
| Total | | $ | 20,877,291 | | | $ | — | | | $ | 553,000 | | | $ | 8,566 | | | $ | 21,430,291 | | | $ | 8,566 | |
| ProFund VP Consumer Services | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 29,258,722 | | | $ | — | | | $ | — | | | $ | — | | | $ | 29,258,722 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 744,000 | | | | — | | | | 744,000 | | | | — | |
| Collateral for Securities Loaned | | | 29,649 | | | | — | | | | — | | | | — | | | | 29,649 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 2,309 | | | | — | | | | 2,309 | |
| Total | | $ | 29,288,371 | | | $ | — | | | $ | 744,000 | | | $ | 2,309 | | | $ | 30,032,371 | | | $ | 2,309 | |
| ProFund VP Dow 30 | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 2,497,000 | | | $ | — | | | $ | 2,497,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 15,756 | | | | — | | | | 15,756 | |
| Total | | $ | — | | | $ | — | | | $ | 2,497,000 | | | $ | 15,756 | | | $ | 2,497,000 | | | $ | 15,756 | |
| ProFund VP Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 27,744,814 | | | $ | — | | | $ | — | | | $ | — | | | $ | 27,744,814 | | | $ | — | |
| Preferred Stocks | | | 397,985 | | | | — | | | | — | | | | — | | | | 397,985 | | | | — | |
| Repurchase Agreements | | | — | | | | — | | | | 1,161,000 | | | | — | | | | 1,161,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 1,379 | | | | — | | | | 1,379 | |
| Total | | $ | 28,142,799 | | | $ | — | | | $ | 1,161,000 | | | $ | 1,379 | | | $ | 29,303,799 | | | $ | 1,379 | |
| ProFund VP Europe 30 | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 19,693,487 | | | $ | — | | | $ | — | | | $ | — | | | $ | 19,693,487 | | | $ | — | |
| Collateral for Securities Loaned | | | 614,900 | | | | — | | | | — | | | | — | | | | 614,900 | | | | — | |
| Total | | $ | 20,308,387 | | | $ | — | | | $ | — | | | $ | — | | | $ | 20,308,387 | | | $ | — | |
| ProFund VP Falling U.S. Dollar | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 816,000 | | | $ | — | | | $ | 816,000 | | | $ | — | |
| Forward Currency Contracts | | | — | | | | — | | | | — | | | | (21,593 | ) | | | — | | | | (21,593 | ) |
| Total | | $ | — | | | $ | — | | | $ | 816,000 | | | $ | (21,593 | ) | | $ | 816,000 | | | $ | (21,593 | ) |
| ProFund VP Financials | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 40,570,277 | | | $ | — | | | $ | — | | | $ | — | | | $ | 40,570,277 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 278,000 | | | | — | | | | 278,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 6,523 | | | | — | | | | 6,523 | |
| Total | | $ | 40,570,277 | | | $ | — | | | $ | 278,000 | | | $ | 6,523 | | | $ | 40,848,277 | | | $ | 6,523 | |
| ProFund VP Government Money Market | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Obligations | | $ | — | | | $ | — | | | $ | 11,998,801 | | | $ | — | | | $ | 11,998,801 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 26,460,000 | | | | — | | | | 26,460,000 | | | | — | |
| Total | | $ | — | | | $ | — | | | $ | 38,458,801 | | | $ | — | | | $ | 38,458,801 | | | $ | — | |
June 30, 2021 (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 Health Care | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 51,007,076 | | | $ | — | | | $ | — | | | $ | — | | | $ | 51,007,076 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 1,425,000 | | | | — | | | | 1,425,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 15,156 | | | | — | | | | 15,156 | |
| Total | | $ | 51,007,076 | | | $ | — | | | $ | 1,425,000 | | | $ | 15,156 | | | $ | 52,432,076 | | | $ | 15,156 | |
| ProFund Industrials | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 22,138,444 | | | $ | — | | | $ | — | | | $ | — | | | $ | 5,138 444 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 579,000 | | | | — | | | | 579,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 4,913 | | | | — | | | | 4,913 | |
| Total | | $ | 22,138,444 | | | $ | — | | | $ | 579,000 | | | $ | 4,913 | | | $ | 22,717,444 | | | $ | 4,913 | |
| ProFund VP International | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 12,682,000 | | | $ | — | | | $ | 12,682,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (92,892 | ) | | | — | | | | (92,892 | ) |
| Total | | $ | — | | | $ | — | | | $ | 12,682,000 | | | $ | (92,892 | ) | | $ | 12,682,000 | | | $ | (92,892 | ) |
| ProFund VP Internet | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 24,729,039 | | | $ | — | | | $ | — | | | $ | — | | | $ | 24,729,039 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 838,000 | | | | — | | | | 838,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 8,476 | | | | — | | | | 8,476 | |
| Total | | $ | 24,729,039 | | | $ | — | | | $ | 838,000 | | | $ | 8,476 | | | $ | 25,567,039 | | | $ | 8,476 | |
| ProFund VP Japan | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 7,266,000 | | | $ | — | | | $ | 7,266,000 | | | $ | — | |
| Futures Contracts | | | — | | | | (95,464 | ) | | | — | | | | — | | | | — | | | | (95,464 | ) |
| Swap Agreements | | | — | | | | — | | | | — | | | | (428 | ) | | | — | | | | (428 | ) |
| Total | | $ | — | | | $ | (95,464 | ) | | $ | 7,266,000 | | | $ | (428 | ) | | $ | 7,266,000 | | | $ | (95,892 | ) |
| ProFund VP Large-Cap Growth | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 28,656,494 | | | $ | — | | | $ | — | | | $ | — | | | $ | 28,656,494 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 127,000 | | | | — | | | | 127,000 | | | | — | |
| Total | | $ | 28,656,494 | | | $ | — | | | $ | 127,000 | | | $ | — | | | $ | 28,783,494 | | | $ | — | |
| ProFund VP Large-Cap Value | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 15,580,687 | | | $ | — | | | $ | — | | | $ | — | | | $ | 15,580,687 | | | $ | — | |
| Collateral for Securities Loaned | | | 4,123 | | | | — | | | | — | | | | — | | | | 4,123 | | | | — | |
| Total | | $ | 15,584,810 | | | $ | — | | | $ | — | | | $ | — | | | $ | 15,584,810 | | | $ | — | |
| ProFund VP Mid-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 18,181,000 | | | $ | — | | | $ | 18,181,000 | | | $ | — | |
| Futures Contracts | | | — | | | | (40,575 | ) | | | — | | | | — | | | | — | | | | (40,575 | ) |
| Swap Agreements | | | — | | | | — | | | | — | | | | (16,828 | ) | | | — | | | | (16,828 | ) |
| Total | | $ | — | | | $ | (40,575 | ) | | $ | 18,181,000 | | | $ | (16,828 | ) | | $ | 18,181,000 | | | $ | (57,403 | ) |
| ProFund VP Mid-Cap Growth | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 20,060,756 | | | $ | — | | | $ | — | | | $ | — | | | $ | 20,060,756 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 195,000 | | | | — | | | | 195,000 | | | | — | |
| Total | | $ | 20,060,756 | | | $ | — | | | $ | 195,000 | | | $ | — | | | $ | 20,255,756 | | | $ | — | |
| ProFund VP Mid-Cap Value | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 23,808,770 | | | $ | — | | | $ | — | | | $ | — | | | $ | 23,808,770 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 37,000 | | | | — | | | | 37,000 | | | | — | |
| Total | | $ | 23,808,770 | | | $ | — | | | $ | 37,000 | | | $ | — | | | $ | 23,845,770 | | | $ | — | |
| ProFund VP Nasdaq-100 | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 119,618,878 | | | $ | — | | | $ | — | | | $ | — | | | $ | 119,618,878 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 32,287,000 | | | | — | | | | 32,287,000 | | | | — | |
| Futures Contracts | | | — | | | | 14,946 | | | | — | | | | — | | | | — | | | | 14,946 | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 58,903 | | | | — | | | | 58,903 | |
| Total | | $ | 119,618,878 | | | $ | 14,946 | | | $ | 32,287,000 | | | $ | 58,903 | | | $ | 151,905,878 | | | $ | 73,849 | |
360 :: Notes to Financial Statements :: June 30, 2021 (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 Oil & Gas | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 31,917,135 | | | $ | — | | | $ | — | | | $ | — | | | $ | 31,917,135 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 620,000 | | | | — | | | | 620,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (8,242 | ) | | | — | | | | (8,242 | ) |
| Total | | $ | 31,917,135 | | | $ | — | | | $ | 620,000 | | | $ | (8,242 | ) | | $ | 32,537,135 | | | $ | (8,242 | ) |
| ProFund VP Pharmaceuticals | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 15,581,559 | | | $ | — | | | $ | — | | | $ | — | | | $ | 15,581,559 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 300,000 | | | | — | | | | 300,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 608 | | | | — | | | | 608 | |
| Total | | $ | 15,581,559 | | | $ | — | | | $ | 300,000 | | | $ | 608 | | | $ | 15,881,559 | | | $ | 608 | |
| ProFund VP Precious Metals | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 32,182,000 | | | $ | — | | | $ | 32,182,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (273,924 | ) | | | — | | | | (273,924 | ) |
| Total | | $ | — | | | $ | — | | | $ | 32,182,000 | | | $ | (273,924 | ) | | $ | 32,182,000 | | | $ | (273,924 | ) |
| ProFund VP Real Estate | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 12,257,848 | | | $ | — | | | $ | — | | | $ | — | | | $ | 12,257,848 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 253,000 | | | | — | | | | 253,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (2,313 | ) | | | — | | | | (2,313 | ) |
| Total | | $ | 12,257,848 | | | $ | — | | | $ | 253,000 | | | $ | (2,313 | ) | | $ | 12,510,848 | | | $ | (2,313 | ) |
| ProFund VP Rising Rates Opportunity | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 5,544,000 | | | $ | — | | | $ | 5,544,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (214,898 | ) | | | — | | | | (214,898 | ) |
| Total | | $ | — | | | $ | — | | | $ | 5,544,000 | | | $ | (214,898 | ) | | $ | 5,544,000 | | | $ | (214,898 | ) |
| ProFund VP Semiconductor | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 13,525,129 | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,525,129 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 201,000 | | | | — | | | | 201,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 15,184 | | | | — | | | | 15,184 | |
| Total | | $ | 13,525,129 | | | $ | — | | | $ | 201,000 | | | $ | 15,184 | | | $ | 13,726,129 | | | $ | 15,184 | |
| ProFund VP Short Dow 30 | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 7,000 | | | $ | — | | | $ | 7,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (46 | ) | | | — | | | | (46 | ) |
| Total | | $ | — | | | $ | — | | | $ | 7,000 | | | $ | (46 | ) | | $ | 7,000 | | | $ | (46 | ) |
| ProFund VP Short Emerging Markets | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 260,000 | | | $ | — | | | $ | 260,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (149 | ) | | | — | | | | (149 | ) |
| Total | | $ | — | | | $ | — | | | $ | 260,000 | | | $ | (149 | ) | | $ | 260,000 | | | $ | (149 | ) |
| ProFund VP Short International | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 423,000 | | | $ | — | | | $ | 423,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 3,074 | | | | — | | | | 3,074 | |
| Total | | $ | — | | | $ | — | | | $ | 423,000 | | | $ | 3,074 | | | $ | 423,000 | | | $ | 3,074 | |
| ProFund VP Short Mid-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 49,000 | | | $ | — | | | $ | 49,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 50 | | | | — | | | | 50 | |
| Total | | $ | — | | | $ | — | | | $ | 49,000 | | | $ | 50 | | | $ | 49,000 | | | $ | 50 | |
| ProFund VP Short Nasdaq-100 | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 1,564,000 | | | $ | — | | | $ | 1,564,000 | | | $ | — | |
| Futures Contracts | | | — | | | | (14,950 | ) | | | — | | | | — | | | | — | | | | (14,950 | ) |
| Swap Agreements | | | — | | | | — | | | | — | | | | (2,697 | ) | | | — | | | | (2,697 | ) |
| Total | | $ | — | | | $ | (14,950 | ) | | $ | 1,564,000 | | | $ | (2,697 | ) | | $ | 1,564,000 | | | $ | (17,647 | ) |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 361
| | | 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 Small-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 1,387,000 | | | $ | — | | | $ | 1,387,000 | | | $ | — | |
| Futures Contracts | | | — | | | | 1,538 | | | | — | | | | — | | | | — | | | | 1,538 | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 5,949 | | | | — | | | | 5,949 | |
| Total | | $ | — | | | $ | 1,538 | | | $ | 1,387,000 | | | $ | 5,949 | | | $ | 1,387,000 | | | $ | 7,487 | |
| ProFund VP Small-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 10,902,329 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10,902,329 | | | $ | — | |
| Trust* | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Contingent Escrow Shares** | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Repurchase Agreements | | | — | | | | — | | | | 11,865,000 | | | | — | | | | 11,865,000 | | | | — | |
| Collateral for Securities Loaned | | | 167,163 | | | | — | | | | — | | | | — | | | | 167,163 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (55,950 | ) | | | — | | | | (55,950 | ) |
| Total | | $ | 11,069,492 | | | $ | — | | | $ | 11,865,000 | | | $ | (55,950 | ) | | $ | 22,934,492 | | | $ | (55,950 | ) |
| ProFund VP Small-Cap Growth | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 27,535,884 | | | $ | — | | | $ | — | | | $ | — | | | $ | 27,535,884 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 186,000 | | | | — | | | | 186,000 | | | | — | |
| Collateral for Securities Loaned | | | 130,785 | | | | — | | | | — | | | | — | | | | 130,785 | | | | — | |
| Total | | $ | 27,666,669 | | | $ | — | | | $ | 186,000 | | | $ | — | | | $ | 27,852,669 | | | $ | — | |
| ProFund VP Small-Cap Value | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 41,028,232 | | | $ | — | | | $ | — | | | $ | — | | | $ | 41,028,232 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 27,000 | | | | — | | | | 27,000 | | | | — | |
| Collateral for Securities Loaned | | | 46,536 | | | | — | | | | — | | | | — | | | | 46,536 | | | | — | |
| Total | | $ | 41,074,768 | | | $ | — | | | $ | 27,000 | | | $ | — | | | $ | 41,101,768 | | | $ | — | |
| ProFund VP Technology | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 40,485,173 | | | $ | — | | | $ | — | | | $ | — | | | $ | 40,485,173 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 819,000 | | | | — | | | | 819,000 | | | | — | |
| Collateral for Securities Loaned | | | 31,208 | | | | — | | | | — | | | | — | | | | 31,208 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 14,316 | | | | — | | | | 14,316 | |
| Total | | $ | 40,516,381 | | | $ | — | | | $ | 819,000 | | | $ | 14,316 | | | $ | 41,335,381 | | | $ | 14,316 | |
| ProFund VP Telecommunications | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 6,670,157 | | | $ | — | | | $ | — | | | $ | — | | | $ | 6,670,157 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 77,000 | | | | — | | | | 77,000 | | | | — | |
| Collateral for Securities Loaned | | | 24,028 | | | | — | | | | — | | | | — | | | | 24,028 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 991 | | | | — | | | | 991 | |
| Total | | $ | 6,694,185 | | | $ | — | | | $ | 77,000 | | | $ | 991 | | | $ | 6,771,185 | | | $ | 991 | |
| ProFund VP UltraBull | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 11,595,637 | | | $ | — | | | $ | — | | | $ | — | | | $ | 11,595,637 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 7,315,000 | | | | — | | | | 7,315,000 | | | | — | |
| Collateral for Securities Loaned | | | 1,333 | | | | — | | | | — | | | | — | | | | 1,333 | | | | — | |
| Futures Contracts | | | — | | | | 24,169 | | | | — | | | | — | | | | — | | | | 24,169 | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 39,003 | | | | — | | | | 39,003 | |
| Total | | $ | 11,596,970 | | | $ | 24,169 | | | $ | 7,315,000 | | | $ | 39,003 | | | $ | 18,911,970 | | | $ | 63,172 | |
| ProFund VP UltraMid-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 13,778,497 | | | $ | — | | | $ | — | | | $ | — | | | $ | 13,778,497 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 7,241,000 | | | | — | | | | 7,241,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (27,749 | ) | | | — | | | | (27,749 | ) |
| Total | | $ | 13,778,497 | | | $ | — | | | $ | 7,241,000 | | | $ | (27,749 | ) | | $ | 21,019,497 | | | $ | (27,749 | ) |
| ProFund VP UltraNasdaq-100 | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 179,754,264 | | | $ | — | | | $ | — | | | $ | — | | | $ | 179,754,264 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 61,770,000 | | | | — | | | | 61,770,000 | | | | — | |
| Futures Contracts | | | — | | | | 14,946 | | | | — | | | | — | | | | — | | | | 14,946 | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 612,438 | | | | — | | | | 612,438 | |
| Total | | $ | 179,754,264 | | | $ | 14,946 | | | $ | 61,770,000 | | | $ | 612,438 | | | $ | 241,524,264 | | | $ | 627,384 | |
362 :: Notes to Financial Statements :: June 30, 2021 (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 UltraShort Dow 30 | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 4,000 | | | $ | — | | | $ | 4,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (62 | ) | | | — | | | | (62 | ) |
| Total | | $ | — | | | $ | — | | | $ | 4,000 | | | $ | (62 | ) | | $ | 4,000 | | | $ | (62 | ) |
| ProFund VP UltraShort Nasdaq-100 | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase Agreements | | $ | — | | | $ | — | | | $ | 460,000 | | | $ | — | | | $ | 460,000 | | | $ | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (1,897 | ) | | | — | | | | (1,897 | ) |
| Total | | $ | — | | | $ | — | | | $ | 460,000 | | | $ | (1,897 | ) | | $ | 460,000 | | | $ | (1,897 | ) |
| ProFund VP UltraSmall-Cap | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 14,916,547 | | | $ | — | | | $ | — | | | $ | — | | | $ | 14,916,547 | | | $ | — | |
| Trust* | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Contingent Escrow Shares** | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| Repurchase Agreements | | | — | | | | — | | | | 21,581,000 | | | | — | | | | 21,581,000 | | | | — | |
| Collateral for Securities Loaned | | | 247,441 | | | | — | | | | — | | | | — | | | | 247,441 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (278,918 | ) | | | — | | | | (278,918 | ) |
| Total | | $ | 15,163,988 | | | $ | — | | | $ | 21,581,000 | | | $ | (278,918 | ) | | $ | 36,744,988 | | | $ | (278,918 | ) |
| ProFund VP U.S. Government Plus | | | | | | | | | | | | | | | | | | | | | | | | |
| U.S. Treasury Obligation | | $ | — | | | $ | — | | | $ | 7,197,056 | | | $ | — | | | $ | 7,197,056 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 8,365,000 | | | | — | | | | 8,365,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | 328,767 | | | | — | | | | 328,767 | |
| Total | | $ | — | | | $ | — | | | $ | 15,562,056 | | | $ | 328,767 | | | $ | 15,562,056 | | | $ | 328,767 | |
| ProFund VP Utilities | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stocks | | $ | 30,483,695 | | | $ | — | | | $ | — | | | $ | — | | | $ | 30,483,695 | | | $ | — | |
| Repurchase Agreements | | | — | | | | — | | | | 291,000 | | | | — | | | | 291,000 | | | | — | |
| Swap Agreements | | | — | | | | — | | | | — | | | | (187 | ) | | | — | | | | (187 | ) |
| Total | | $ | 30,483,695 | | | $ | — | | | $ | 291,000 | | | $ | (187 | ) | | $ | 30,774,695 | | | $ | (187 | ) |
| ^ | 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. |
| ** | Wright Medical Group, Inc. contingent escrow shares were valued at $0 and categorized as Level 2 within the fair value hierarchy. |
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 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, 2021, 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 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 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.
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 363
Distribution Fees were suspended throughout the period ended June 30, 2021 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 $53,003 for the period ended June 30, 2021. 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, 2021, 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 $43,975 for the period ended June 30, 2021. 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, 2021, 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, 2022.
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 "Recoupment of prior expenses reduced by the Advisor." As of June 30, 2021, the recoupments that may potentially be made by the ProFunds VP are as follows:
| | | Expires
4/30/22 | | | Expires
4/30/23 | | | Expires
4/30/24 | | | Expires
4/30/25 | | | Total | |
| ProFund Access VP High Yield | | $ | — | | | $ | 18,232 | | | $ | 31,437 | | | $ | 1,641 | | | $ | 51,310 | |
| ProFund VP Asia 30 | | | — | | | | 2,489 | | | | — | | | | — | | | | 2,489 | |
| ProFund VP Banks | | | 4,733 | | | | 1,693 | | | | 2,494 | | | | — | | | | 8,920 | |
| ProFund VP Basic Materials | | | — | | | | 3,103 | | | | 3,206 | | | | — | | | | 6,309 | |
| ProFund VP Bear | | | — | | | | 3,486 | | | | 3,281 | | | | 227 | | | | 6,994 | |
| ProFund VP Bull | | | — | | | | — | | | | 5,945 | | | | — | | | | 5,945 | |
| ProFund VP Consumer Goods | | | 8,850 | | | | 4,224 | | | | 10,988 | | | | 1,018 | | | | 25,080 | |
| ProFund VP Consumer Services | | | — | | | | 7,673 | | | | 15,776 | | | | 472 | | | | 23,921 | |
| ProFund VP Emerging Markets | | | — | | | | 15,518 | | | | 1,418 | | | | — | | | | 16,936 | |
| ProFund VP Europe 30 | | | — | | | | 16,387 | | | | 10,334 | | �� | | — | | | | 26,721 | |
| ProFund VP Falling U.S. Dollar | | | 19,462 | | | | 18,517 | | | | 5,761 | | | | 835 | | | | 44,575 | |
| ProFund VP Financials | | | — | | | | 3,681 | | | | 13,574 | | | | — | | | | 17,255 | |
| ProFund VP Health Care | | | 9,809 | | | | 15,276 | | | | 24,319 | | | | 1,535 | | | | 50,939 | |
| ProFund VP Industrials | | | 4,776 | | | | 3,818 | | | | 8,851 | | | | 503 | | | | 17,948 | |
| ProFund VP Internet | | | — | | | | 1,924 | | | | 2,386 | | | | — | | | | 4,310 | |
| ProFund VP Japan | | | — | | | | 1,507 | | | | 4,408 | | | | — | | | | 5,915 | |
| ProFund VP Large-Cap Growth | | | 9,112 | | | | 12,749 | | | | 17,250 | | | | 2,143 | | | | 41,254 | |
| ProFund VP Large-Cap Value | | | 5,713 | | | | 11,285 | | | | 13,431 | | | | 1,701 | | | | 32,130 | |
| ProFund VP Mid-Cap Growth | | | 12,517 | | | | 10,197 | | | | 17,143 | | | | 2,284 | | | | 42,141 | |
| ProFund VP Mid-Cap Value | | | 4,250 | | | | 12,202 | | | | 11,427 | | | | 1,457 | | | | 29,336 | |
| ProFund VP Nasdaq-100 | | | — | | | | 28,125 | | | | 56,024 | | | | — | | | | 84,149 | |
| ProFund VP Oil & Gas | | | — | | | | 2,652 | | | | 13,096 | | | | — | | | | 15,748 | |
| ProFund VP Pharmaceuticals | | | — | | | | 2,852 | | | | 3,392 | | | | — | | | | 6,244 | |
| ProFund VP Precious Metals | | | — | | | | 6,776 | | | | 18,138 | | | | — | | | | 24,914 | |
364 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
| | | Expires
4/30/22 | | | Expires
4/30/23 | | | Expires
4/30/24 | | | Expires
4/30/25 | | | Total | |
| ProFund VP Real Estate | | $ | 2,890 | | | $ | 5,955 | | | $ | 7,742 | | | $ | 744 | | | $ | 17,331 | |
| ProFund VP Rising Rates Opportunity | | | — | | | | 281 | | | | — | | | | — | | | | 281 | |
| ProFund VP Short Dow 30 | | | — | | | | — | | | | 60 | | | | — | | | | 60 | |
| ProFund VP Short Emerging Markets | | | — | | | | — | | | | 307 | | | | — | | | | 307 | |
| ProFund VP Short Mid-Cap | | | — | | | | — | | | | 218 | | | | — | | | | 218 | |
| ProFund VP Short Nasdaq-100 | | | — | | | | 4,396 | | | | — | | | | 35 | | | | 4,431 | |
| ProFund VP Short Small-Cap | | | — | | | | 917 | | | | 2,179 | | | | — | | | | 3,096 | |
| ProFund VP Small-Cap | | | — | | | | 4,240 | | | | 14,995 | | | | 503 | | | | 19,738 | |
| ProFund VP Small-Cap Growth | | | 4,569 | | | | 9,699 | | | | 8,803 | | | | — | | | | 23,071 | |
| ProFund VP Small-Cap Value | | | — | | | | 5,909 | | | | 14,210 | | | | — | | | | 20,119 | |
| ProFund VP Telecommunications | | | — | | | | 2,261 | | | | 4,957 | | | | 237 | | | | 7,455 | |
| ProFund VP UltraBull | | | — | | | | — | | | | 605 | | | | — | | | | 605 | |
| ProFund VP UltraMid-Cap | | | 2,156 | | | | 8,112 | | | | 10,517 | | | | 1,127 | | | | 21,912 | |
| ProFund VP UltraNasdaq-100 | | | 14,643 | | | | 85,731 | | | | 95,642 | | | | 3,789 | | | | 199,805 | |
| ProFund VP UltraShort Nasdaq-100 | | | — | | | | 626 | | | | — | | | | 320 | | | | 946 | |
| ProFund VP UltraSmall-Cap | | | — | | | | 7,809 | | | | 31,072 | | | | 1,824 | | | | 40,705 | |
| ProFund VP U.S. Government Plus | | | — | | | | 8,716 | | | | 26,056 | | | | 439 | | | | 35,211 | |
| ProFund VP Utilities | | | — | | | | 13,574 | | | | 21,102 | | | | 1,570 | | | | 36,246 | |
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, 2022 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, 2021, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:
| | | Expires
4/30/23 | | | Expires
4/30/24 | | | Expires
4/30/25 | | | Total | |
| ProFund VP Government Money Market | | $ | 201,617 | | | $ | 520,249 | | | $ | 72,726 | | | $ | 794,592 | |
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, 2021 were as follows:
| | | Purchases | | | Sales | |
| ProFund VP Asia 30 | | $ | 16,304,583 | | | $ | 14,340,464 | |
| ProFund VP Banks | | | 20,737,495 | | | | 18,738,930 | |
| ProFund VP Basic Materials | | | 14,808,114 | | | | 11,882,461 | |
| ProFund VP Biotechnology | | | 9,222,695 | | | | 12,142,966 | |
| ProFund VP Bull | | | 8,532,076 | | | | 428,034 | |
| ProFund VP Consumer Goods | | | 9,250,610 | | | | 7,421,783 | |
| ProFund VP Consumer Services | | | 5,547,244 | | | | 7,528,376 | |
| ProFund VP Emerging Markets | | | 12,183,287 | | | | 8,753,764 | |
| ProFund VP Europe 30 | | | 10,895,826 | | | | 8,831,012 | |
| ProFund VP Financials | | | 14,323,412 | | | | 6,685,940 | |
| ProFund VP Health Care | | | 1,151,235 | | | | 5,749,833 | |
| ProFund VP Industrials | | | 8,900,191 | | | | 5,811,336 | |
| ProFund VP Internet | | | 7,280,327 | | | | 12,055,158 | |
| ProFund VP Large-Cap Growth | | | 5,764,751 | | | | 10,041,070 | |
| ProFund VP Large-Cap Value | | | 4,063,003 | | | | 5,194,521 | |
| ProFund VP Mid-Cap Growth | | | 10,797,279 | | | | 13,826,627 | |
| ProFund VP Mid-Cap Value | | | 21,623,655 | | | | 13,350,316 | |
| ProFund VP Nasdaq-100 | | | 6,789,294 | | | | 695,905 | |
| ProFund VP Oil & Gas | | | 15,634,119 | | | | 10,300,193 | |
| ProFund VP Pharmaceuticals | | | 5,141,625 | | | | 5,865,384 | |
| ProFund VP Real Estate | | | 8,209,047 | | | | 7,302,162 | |
| ProFund VP Semiconductor | | | 15,859,142 | | | | 14,988,259 | |
| ProFund VP Small-Cap | | | 4,106,839 | | | | 1,757,540 | |
| ProFund VP Small-Cap Growth | | | 16,252,714 | | | | 15,033,917 | |
| ProFund VP Small-Cap Value | | | 33,842,810 | | | | 21,699,201 | |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 365
| | | Purchases | | | Sales | |
| ProFund VP Technology | | $ | 26,721,880 | | | $ | 35,182,658 | |
| ProFund VP Telecommunications | | | 3,689,510 | | | | 4,176,545 | |
| ProFund VP UltraBull | | | 11,144,159 | | | | 13,130,368 | |
| ProFund VP UltraMid-Cap | | | 10,069,970 | | | | 6,080,129 | |
| ProFund VP UltraNasdaq-100 | | | 62,136,104 | | | | 1,040,185 | |
| ProFund VP UltraSmall-Cap | | | 7,296,677 | | | | 2,401,573 | |
| ProFund VP Utilities | | | 2,476,810 | | | | 4,584,540 | |
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, 2021were as follows:
| | | Purchases | | | Sales | |
| ProFund Access VP High Yield | | $ | 67,028,783 | | | $ | 66,086,295 | |
| ProFund VP U.S. Government Plus | | | 14,003,353 | | | | 14,012,256 | |
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 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
366 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
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.
Active Management Risk
ProFund Access VP High Yield Fund is actively managed, and its performance reflects the investment decisions that ProFund Advisors makes for the Fund. ProFund Advisors' judgements about the Fund's investments may prove to be incorrect. If the investments selected and strategies employed by the Fund fail to produce the intended results, the Fund could underperform or have negative returns as compared to other funds with a similar investment objective and/ or strategies.
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 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
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 367
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. In the case of cleared swaps, customers of a FCM in bankruptcy are entitled to recover assets specifically attributable to them pursuant to new CFTC regulations, but may nevertheless risk loss of some or all of their assets due to accounting or operational issues or due to legal risk in connection with the application of bankruptcy law to cleared swaps.
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 investment advisor 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. 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.
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.
368 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
High Yield Risk
Investment in or exposure to high yield (lower rated) debt instruments (also known as "junk bonds") may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish a ProFund VP's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. High yield debt instruments may also present risks based on payment expectations. For example, these instruments may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the ProFund VP would have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect a ProFund VP's performance.
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, 2020 | | | Year Ended December 31, 2019 | |
| | | Distributions
Paid from
Ordinary
Income | | | Distributions
Paid from
Net Long-Term
Gains | | | Tax Return
of Capital | | | Total
Distributions
Paid | | | Distributions
Paid from
Ordinary
Income | | | Distributions
Paid from
Net Long-Term
Gains | | | Tax Return
of Capital | | | Total
Distributions
Paid | |
| ProFund Access VP High Yield | | $ | 842,012 | | | $ | — | | | $ | — | | | $ | 842,012 | | | $ | 1,712,917 | | | $ | — | | | $ | — | | | $ | 1,712,917 | |
| ProFund VP Asia 30 | | | 627,243 | | | | 1,892,592 | | | | — | | | | 2,519,835 | | | | 54,139 | | | | — | | | | — | | | | 54,139 | |
| ProFund VP Banks | | | 92,909 | | | | — | | | | — | | | | 92,909 | | | | 67,297 | | | | — | | | | — | | | | 67,297 | |
| ProFund VP Basic Materials | | | 177,560 | | | | 771,840 | | | | — | | | | 949,400 | | | | 39,914 | | | | 348,798 | | | | — | | | | 388,712 | |
| ProFund VP Bear | | | 18,942 | | | | — | | | | — | | | | 18,942 | | | | 3,463 | | | | — | | | | — | | | | 3,463 | |
| ProFund VP Biotechnology | | | 666,520 | | | | 3,430,329 | | | | — | | | | 4,096,849 | | | | 107,521 | | | | 108,138 | | | | — | | | | 215,659 | |
| ProFund VP Bull | | | 1,255,932 | | | | 1,897,120 | | | | — | | | | 3,153,052 | | | | 160,881 | | | | 1,044,941 | | | | — | | | | 1,205,822 | |
| ProFund VP Consumer Goods | | | 255,626 | | | | 2,182 | | | | — | | | | 257,808 | | | | 159,669 | | | | 1,689,044 | | | | — | | | | 1,848,713 | |
| ProFund VP Consumer Services | | | 13,651 | | | | 9,125,605 | | | | — | | | | 9,139,256 | | | | — | | | | 1,296,563 | | | | — | | | | 1,296,563 | |
| ProFund VP Dow 30 | | | 111,280 | | | | — | | | | — | | | | 111,280 | | | | 837 | | | | — | | | | — | | | | 837 | |
| ProFund VP Emerging Markets | | | 117,347 | | | | — | | | | — | | | | 117,347 | | | | 84,945 | | | | — | | | | — | | | | 84,945 | |
| ProFund VP Europe 30 | | | 395,173 | | | | — | | | | — | | | | 395,173 | | | | 507,890 | | | | — | | | | — | | | | 507,890 | |
| ProFund VP Falling U.S. Dollar | | | 1,949 | | | | — | | | | — | | | | 1,949 | | | | 214 | | | | — | | | | — | | | | 214 | |
| ProFund VP Financials | | | 440,539 | | | | 1,689,299 | | | | — | | | | 2,129,838 | | | | 177,294 | | | | 1,665,605 | | | | — | | | | 1,842,899 | |
| ProFund VP Government Money Market | | | 55,902 | | | | — | | | | — | | | | 55,902 | | | | 1,278,580 | | | | — | | | | — | | | | 1,278,580 | |
| ProFund VP Health Care | | | — | | | | 6,154,240 | | | | — | | | | 6,154,240 | | | | — | | | | 5,775,400 | | | | — | | | | 5,775,400 | |
| ProFund VP Industrials | | | 220,540 | | | | 48,389 | | | | — | | | | 268,929 | | | | — | | | | 2,486,434 | | | | — | | | | 2,486,434 | |
| ProFund VP International | | | 26,163 | | | | — | | | | — | | | | 26,163 | | | | 16,547 | | | | — | | | | — | | | | 16,547 | |
| ProFund VP Internet | | | — | | | | 2,716,437 | | | | — | | | | 2,716,437 | | | | — | | | | 491,896 | | | | — | | | | 491,896 | |
| ProFund VP Japan | | | 18,886 | | | | — | | | | — | | | | 18,886 | | | | 9,941 | | | | — | | | | — | | | | 9,941 | |
| ProFund VP Large-Cap Growth | | | 479,817 | | | | 2,242,710 | | | | — | | | | 2,722,527 | | | | — | | | | 6,298,722 | | | | — | | | | 6,298,722 | |
| ProFund VP Large-Cap Value | | | 1,707,270 | | | | 161,730 | | | | — | | | | 1,869,000 | | | | 148,635 | | | | 1,537,460 | | | | — | | | | 1,686,095 | |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 369
| | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | |
| | | Distributions
Paid from
Ordinary
Income | | | Distributions
Paid from
Net Long-Term
Gains | | | Tax Return
of Capital | | | Total
Distributions
Paid | | | Distributions
Paid from
Ordinary
Income | | | Distributions
Paid from
Net Long-Term
Gains | | | Tax Return
of Capital | | | Total
Distributions
Paid | |
| ProFund VP Mid-Cap | | $ | 2,072,210 | | | $ | 183,573 | | | $ | — | | | $ | 2,255,783 | | | $ | 15,907 | | | $ | — | | | $ | — | | | $ | 15,907 | |
| ProFund VP Mid-Cap Growth | | | 97,983 | | | | 1,725,066 | | | | — | | | | 1,823,049 | | | | — | | | | 1,641,985 | | | | — | | | | 1,641,985 | |
| ProFund VP Mid-Cap Value | | | 703,529 | | | | 221,502 | | | | — | | | | 925,031 | | | | 25,745 | | | | 426,732 | | | | — | | | | 452,477 | |
| ProFund VP Nasdaq-100 | | | 5,808,861 | | | | 3,687,764 | | | | — | | | | 9,496,625 | | | | — | | | | 709,177 | | | | — | | | | 709,177 | |
| ProFund VP Oil & Gas | | | 421,336 | | | | 186,316 | | | | — | | | | 607,652 | | | | 348,572 | | | | 826,398 | | | | — | | | | 1,174,970 | |
| ProFund VP Pharmaceuticals | | | 15,201 | | | | — | | | | — | | | | 15,201 | | | | 105,596 | | | | 1,538,932 | | | | — | | | | 1,644,528 | |
| ProFund VP Precious Metals | | | 89,778 | | | | — | | | | — | | | | 89,778 | | | | 8,874 | | | | — | | | | — | | | | 8,874 | |
| ProFund VP Real Estate | | | 404,416 | | | | — | | | | 28,104 | | | | 432,520 | | | | 277,060 | | | | 774,042 | | | | — | | | | 1,051,102 | |
| ProFund VP Rising Rates Opportunity | | | 37,790 | | | | — | | | | — | | | | 37,790 | | | | 336,149 | | | | — | | | | — | | | | 336,149 | |
| ProFund VP Semiconductor | | | 649,890 | | | | 46,276 | | | | — | | | | 696,166 | | | | 21,450 | | | | 624,936 | | | | — | | | | 646,386 | |
| ProFund VP Short Dow 30 | | | 43 | | | | — | | | | — | | | | 43 | | | | 5 | | | | — | | | | — | | | | 5 | |
| ProFund VP Short Emerging Markets | | | 5,130 | | | | — | | | | — | | | | 5,130 | | | | 96,628 | | | | — | | | | — | | | | 96,628 | |
| ProFund VP Short International | | | 3,789 | | | | — | | | | — | | | | 3,789 | | | | 22,231 | | | | — | | | | — | | | | 22,231 | |
| ProFund VP Short Mid-Cap | | | 1,287 | | | | — | | | | — | | | | 1,287 | | | | 411 | | | | — | | | | — | | | | 411 | |
| ProFund VP Short Nasdaq-100 | | | 11,485 | | | | — | | | | — | | | | 11,485 | | | | 2,407 | | | | — | | | | — | | | | 2,407 | |
| ProFund VP Short Small-Cap | | | 9,164 | | | | — | | | | — | | | | 9,164 | | | | 165,393 | | | | 13,490 | | | | — | | | | 178,883 | |
| ProFund VP Small-Cap | | | 288,536 | | | | 88,823 | | | | — | | | | 377,359 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Small-Cap Growth | | | 321,868 | | | | 2,098,024 | | | | — | | | | 2,419,892 | | | | — | | | | 2,319,685 | | | | — | | | | 2,319,685 | |
| ProFund VP Small-Cap Value | | | 1,201,769 | | | | 608,459 | | | | — | | �� | | 1,810,228 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP Technology | | | 359,646 | | | | 3,832,337 | | | | — | | | | 4,191,983 | | | | — | | | | 686,328 | | | | — | | | | 686,328 | |
| ProFund VP Telecommunications | | | 61,265 | | | | — | | | | — | | | | 61,265 | | | | 199,221 | | | | — | | | | — | | | | 199,221 | |
| ProFund VP UltraBull | | | 9,177,447 | | | | 741,664 | | | | — | | | | 9,919,111 | | | | 111,007 | | | | — | | | | — | | | | 111,007 | |
| ProFund VP UltraMid-Cap | | | 2,119,595 | | | | — | | | | — | | | | 2,119,595 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP UltraNasdaq-100 | | | 30,350,127 | | | | 3,147,135 | | | | — | | | | 33,497,262 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP UltraShort Dow 30 | | | 185 | | | | — | | | | — | | | | 185 | | | | 323 | | | | — | | | | — | | | | 323 | |
| ProFund VP UltraShort Nasdaq-100 | | | 6,414 | | | | — | | | | — | | | | 6,414 | | | | 2,753 | | | | — | | | | — | | | | 2,753 | |
| ProFund VP UltraSmall-Cap | | | 2,142,018 | | | | — | | | | — | | | | 2,142,018 | | | | — | | | | — | | | | — | | | | — | |
| ProFund VP U.S. Government Plus | | | 1,890,196 | | | | — | | | | — | | | | 1,890,196 | | | | 175,989 | | | | — | | | | — | | | | 175,989 | |
| ProFund VP Utilities | | | 1,733,161 | | | | 6,251,978 | | | | — | | | | 7,985,139 | | | | 596,222 | | | | 2,238,652 | | | | — | | | | 2,834,874 | |
As of the latest tax year ended December 31, 2020, 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 Access VP High Yield | | $ | 490,299 | | | $ | — | | | $ | — | | | $ | (2,520,367 | ) | | $ | 35,928 | | | $ | (1,994,140 | ) |
| ProFund VP Asia 30 | | | 177,658 | | | | 4,210,724 | | | | — | | | | — | | | | 12,701,829 | | | | 17,090,211 | |
| ProFund VP Banks | | | 82,428 | | | | — | | | | — | | | | (2,586,089 | ) | | | 270,227 | | | | (2,233,434 | ) |
| ProFund VP Basic Materials | | | 254,692 | | | | 295,399 | | | | — | | | | — | | | | 5,557,108 | | | | 6,107,199 | |
| ProFund VP Bear | | | 20,675 | | | | 1,179 | | | | — | | | | (22,002,974 | ) | | | (10,297 | ) | | | (21,991,417 | ) |
| ProFund VP Biotechnology | | | 384,376 | | | | — | | | | — | | | | — | | | | 33,027,270 | | | | 33,411,646 | |
| ProFund VP Bull | | | 1,729,175 | | | | 2,972,784 | | | | — | | | | — | | | | 29,022,465 | | | | 33,724,424 | |
| ProFund VP Consumer Goods | | | 297,850 | | | | 765,184 | | | | — | | | | — | | | | 10,152,591 | | | | 11,215,625 | |
| ProFund VP Consumer Services | | | 930,518 | | | | 1,515,070 | | | | — | | | | — | | | | 11,914,326 | | | | 14,359,914 | |
| ProFund VP Dow 30 | | | 55,117 | | | | — | | | | — | | | | (1,631,269 | ) | | | 6,386 | | | | (1,569,766 | ) |
| ProFund VP Emerging Markets | | | — | | | | — | | | | — | | | | (6,161,193 | ) | | | 11,299,128 | | | | 5,137,935 | |
| ProFund VP Europe 30 | | | 163,002 | | | | — | | | | — | | | | (350,784 | ) | | | (637,035 | ) | | | (824,817 | ) |
| ProFund VP Falling U.S. Dollar | | | 1,014 | | | | 14,881 | | | | — | | | | (277,517 | ) | | | — | | | | (261,622 | ) |
| ProFund VP Financials | | | 385,586 | | | | 2,309,072 | | | | — | | | | — | | | | 11,682,218 | | | | 14,376,876 | |
| ProFund VP Government Money Market | | | — | | | | — | | | | — | | | | (54,195 | ) | | | — | | | | (54,195 | ) |
| ProFund VP Health Care | | | 499,530 | | | | 3,738,460 | | | | — | | | | — | | | | 31,199,917 | | | | 35,437,907 | |
| ProFund VP Industrials | | | 40,951 | | | | 1,131,228 | | | | — | | | | — | | | | 9,080,273 | | | | 10,252,452 | |
| ProFund VP International | | | — | | | | — | | | | — | | | | (1,530,488 | ) | | | (6,819 | ) | | | (1,537,307 | ) |
| ProFund VP Internet | | | 769,851 | | | | 2,812,110 | | | | — | | | | — | | | | 13,302,997 | | | | 16,884,958 | |
| ProFund VP Japan | | | 387,548 | | | | 718,980 | | | | — | | | | — | | | | 2,094 | | | | 1,108,622 | |
| ProFund VP Large-Cap Growth | | | 670,296 | | | | 3,262,142 | | | | — | | | | — | | | | 16,076,604 | | | | 20,009,042 | |
370 :: Notes to Financial Statements :: June 30, 2021 (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 Large-Cap Value | | $ | 149,251 | | | $ | — | | | $ | — | | | $ | (763,765 | ) | | $ | 2,082,971 | | | $ | 1,468,457 | |
| ProFund VP Mid-Cap | | | 607,067 | | | | — | | | | — | | | | (416,523 | ) | | | (10,792 | ) | | | 179,752 | |
| ProFund VP Mid-Cap Growth | | | 272,599 | | | | 1,442,049 | | | | — | | | | — | | | | 5,987,208 | | | | 7,701,856 | |
| ProFund VP Mid-Cap Value | | | 64,783 | | | | — | | | | — | | | | (50,255 | ) | | | 1,012,369 | | | | 1,026,897 | |
| ProFund VP Nasdaq-100 | | | 13,205,052 | | | | 5,754,778 | | | | — | | | | — | | | | 73,574,883 | | | | 92,534,713 | |
| ProFund VP Oil & Gas | | | 534,439 | | | | — | | | | — | | | | (865,020 | ) | | | 1,582,662 | | | | 1,252,081 | |
| ProFund VP Pharmaceuticals | | | 236,560 | | | | — | | | | — | | | | — | | | | 3,872,279 | | | | 4,108,839 | |
| ProFund VP Precious Metals | | | — | | | | — | | | | — | | | | (58,924,381 | ) | | | 8,448 | | | | (58,915,933 | ) |
| ProFund VP Real Estate | | | — | | | | — | | | | — | | | | (358,469 | ) | | | 4,358,773 | | | | 4,000,304 | |
| ProFund VP Rising Rates Opportunity | | | — | | | | — | | | | — | | | | (28,467,715 | ) | | | (19,774 | ) | | | (28,487,489 | ) |
| ProFund VP Semiconductor | | | 743,393 | | | | 312,175 | | | | — | | | | — | | | | 6,542,556 | | | | 7,598,124 | |
| ProFund VP Short Dow 30 | | | — | | | | — | | | | — | | | | (117,677 | ) | | | (107 | ) | | | (117,784 | ) |
| ProFund VP Short Emerging Markets | | | — | | | | — | | | | — | | | | (2,609,913 | ) | | | (13,642 | ) | | | (2,623,555 | ) |
| ProFund VP Short International | | | — | | | | — | | | | — | | | | (2,241,687 | ) | | | 826 | | | | (2,240,861 | ) |
| ProFund VP Short Mid-Cap | | | 139,495 | | | | — | | | | — | | | | (2,506,408 | ) | | | (80 | ) | | | (2,366,993 | ) |
| ProFund VP Short Nasdaq-100 | | | 148,178 | | | | 76,706 | | | | — | | | | (13,723,571 | ) | | | (13,772 | ) | | | (13,512,459 | ) |
| ProFund VP Short Small-Cap | | | — | | | | — | | | | — | | | | (5,680,679 | ) | | | 6,096 | | | | (5,674,583 | ) |
| ProFund VP Small-Cap | | | 496,870 | | | | 274,208 | | | | — | | | | — | | | | 2,318,747 | | | | 3,089,825 | |
| ProFund VP Small-Cap Growth | | | 484,973 | | | | 1,268,843 | | | | — | | | | — | | | | 6,273,635 | | | | 8,027,451 | |
| ProFund VP Small-Cap Value | | | 51,121 | | | | — | | | | — | | | | (322,272 | ) | | | 514,943 | | | | 243,792 | |
| ProFund VP Technology | | | 1,784,843 | | | | 1,809,709 | | | | — | | | | — | | | | 33,054,143 | | | | 36,648,695 | |
| ProFund VP Telecommunications | | | 81,611 | | | | — | | | | — | | | | (982,551 | ) | | | 635,491 | | | | (265,449 | ) |
| ProFund VP UltraBull | | | — | | | | — | | | | — | | | | (17,087,694 | ) | | | 6,678,887 | | | | (10,408,807 | ) |
| ProFund VP UltraMid-Cap | | | — | | | | — | | | | — | | | | (884,334 | ) | | | 2,945,587 | | | | 2,061,253 | |
| ProFund VP UltraNasdaq-100 | | | 49,379,390 | | | | 6,317,290 | | | | — | | | | — | | | | 65,826,158 | | | | 121,522,838 | |
| ProFund VP UltraShort Dow 30 | | | 109,160 | | | | — | | | | — | | | | (954,927 | ) | | | (88 | ) | | | (845,855 | ) |
| ProFund VP UltraShort Nasdaq-100 | | | 2,439,139 | | | | — | | | | — | | | | (5,039,895 | ) | | | (1,581 | ) | | | (2,602,337 | ) |
| ProFund VP UltraSmall-Cap | | | 2,077,510 | | | | 180,902 | | | | — | | | | — | | | | 2,813,119 | | | | 5,071,531 | |
| ProFund VP U.S. Government Plus | | | 2,851,086 | | | | — | | | | — | | | | — | | | | 98,730 | | | | 2,949,816 | |
| ProFund VP Utilities | | | 497,212 | | | | — | | | | — | | | | (766,372 | ) | | | 14,102,508 | | | | 13,833,348 | |
As of the latest tax year ended December 31, 2020, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.
| | | No Expiration
Date | |
| ProFund Access VP High Yield | | $ | 2,520,367 | * |
| ProFund VP Banks | | | 2,586,089 | |
| ProFund VP Bear | | | 22,002,974 | * |
| ProFund VP Dow 30 | | | 1,631,269 | * |
| ProFund VP Emerging Markets | | | 6,161,193 | * |
| ProFund VP Europe 30 | | | 350,784 | |
| ProFund VP Falling U.S. Dollar | | | 277,517 | * |
| ProFund VP Government Money Market | | | 54,195 | * |
| ProFund VP International | | | 1,530,488 | * |
| ProFund VP Large-Cap Value | | | 763,765 | |
| ProFund VP Mid-Cap | | | 416,523 | * |
| ProFund VP Mid-Cap Value | | | 50,255 | |
| ProFund VP Oil & Gas | | | 865,020 | |
| ProFund VP Precious Metals | | | 58,924,381 | |
| ProFund VP Real Estate | | | 358,469 | |
| ProFund VP Rising Rates Opportunity | | | 28,467,715 | * |
| ProFund VP Short Dow 30 | | | 117,677 | * |
| ProFund VP Short Emerging Markets | | | 2,609,913 | * |
| ProFund VP Short International | | | 2,241,687 | * |
| ProFund VP Short Mid-Cap | | | 2,506,408 | * |
| ProFund VP Short Nasdaq-100 | | | 13,723,571 | * |
| ProFund VP Short Small-Cap | | | 5,680,679 | * |
| ProFund VP Small-Cap Value | | | 322,272 | |
| ProFund VP Telecommunications | | | 982,551 | |
| ProFund VP UltraBull | | | 17,087,694 | * |
June 30, 2021 (unaudited) :: Notes to Financial Statements :: 371
| | | No Expiration
Date | |
| ProFund VP UltraMid-Cap | | $ | 884,334 | |
| ProFund VP UltraShort Dow 30 | | | 954,927 | * |
| ProFund VP UltraShort Nasdaq-100 | | | 5,039,895 | * |
| ProFund VP Utilities | | | 766,372 | |
* All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years.
Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distribution paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax year. The Board does not intend to authorize a distribution of any realized gain for a ProFund VP until any applicable CLCF has been offset or expires.
As of December 31, 2020, 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 Access VP High Yield | | $ | 19,005,980 | | | $ | 35,928 | | | $ | — | | | $ | 35,928 | |
| ProFund VP Asia 30 | | | 16,665,767 | | | | 13,959,268 | | | | (1,257,439 | ) | | | 12,701,829 | |
| ProFund VP Banks | | | 3,487,676 | | | | 2,724,429 | | | | (2,454,202 | ) | | | 270,227 | |
| ProFund VP Basic Materials | | | 10,228,479 | | | | 7,660,134 | | | | (2,103,026 | ) | | | 5,557,108 | |
| ProFund VP Bear | | | 2,322,305 | | | | — | | | | (10,297 | ) | | | (10,297 | ) |
| ProFund VP Biotechnology | | | 27,909,404 | | | | 37,375,464 | | | | (4,348,194 | ) | | | 33,027,270 | |
| ProFund VP Bull | | | 37,518,288 | | | | 32,753,028 | | | | (3,730,563 | ) | | | 29,022,465 | |
| ProFund VP Consumer Goods | | | 8,236,531 | | | | 11,431,649 | | | | (1,279,058 | ) | | | 10,152,591 | |
| ProFund VP Consumer Services | | | 17,034,352 | | | | 13,230,495 | | | | (1,316,169 | ) | | | 11,914,326 | |
| ProFund VP Dow 30 | | | 632,000 | | | | 6,386 | | | | — | | | | 6,386 | |
| ProFund VP Emerging Markets | | | 14,916,394 | | | | 13,108,777 | | | | (1,809,649 | ) | | | 11,299,128 | |
| ProFund VP Europe 30 | | | 15,587,167 | | | | 4,499,582 | | | | (5,136,617 | ) | | | (637,035 | ) |
| ProFund VP Falling U.S. Dollar | | | 1,339,769 | | | | — | | | | — | | | | — | |
| ProFund VP Financials | | | 15,572,787 | | | | 18,694,488 | | | | (7,012,270 | ) | | | 11,682,218 | |
| ProFund VP Government Money Market | | | 47,434,381 | | | | — | | | | — | | | | — | |
| ProFund VP Health Care | | | 20,405,320 | | | | 34,097,110 | | | | (2,897,193 | ) | | | 31,199,917 | |
| ProFund VP Industrials | | | 7,844,851 | | | | 10,311,283 | | | | (1,231,010 | ) | | | 9,080,273 | |
| ProFund VP International | | | 5,554,000 | | | | — | | | | (6,819 | ) | | | (6,819 | ) |
| ProFund VP Internet | | | 13,130,562 | | | | 14,559,512 | | | | (1,256,515 | ) | | | 13,302,997 | |
| ProFund VP Japan | | | 11,069,101 | | | | 2,094 | | | | — | | | | 2,094 | |
| ProFund VP Large-Cap Growth | | | 13,684,825 | | | | 16,868,902 | | | | (792,298 | ) | | | 16,076,604 | |
| ProFund VP Large-Cap Value | | | 12,571,095 | | | | 4,623,732 | | | | (2,540,761 | ) | | | 2,082,971 | |
| ProFund VP Mid-Cap | | | 10,884,956 | | | | — | | | | (10,792 | ) | | | (10,792 | ) |
| ProFund VP Mid-Cap Growth | | | 15,095,696 | | | | 7,321,187 | | | | (1,333,979 | ) | | | 5,987,208 | |
| ProFund VP Mid-Cap Value | | | 11,656,378 | | | | 3,345,834 | | | | (2,333,465 | ) | | | 1,012,369 | |
| ProFund VP Nasdaq-100 | | | 77,323,643 | | | | 75,791,195 | | | | (2,216,312 | ) | | | 73,574,883 | |
| ProFund VP Oil & Gas | | | 16,906,877 | | | | 7,544,273 | | | | (5,961,611 | ) | | | 1,582,662 | |
| ProFund VP Pharmaceuticals | | | 12,258,856 | | | | 5,640,323 | | | | (1,768,044 | ) | | | 3,872,279 | |
| ProFund VP Precious Metals | | | 36,076,000 | | | | 8,448 | | | | — | | | | 8,448 | |
| ProFund VP Real Estate | | | 5,199,845 | | | | 5,434,047 | | | | (1,075,274 | ) | | | 4,358,773 | |
| ProFund VP Rising Rates Opportunity | | | 4,333,000 | | | | — | | | | (19,774 | ) | | | (19,774 | ) |
| ProFund VP Semiconductor | | | 4,158,800 | | | | 6,937,168 | | | | (394,612 | ) | | | 6,542,556 | |
| ProFund VP Short Dow 30 | | | 16,000 | | | | — | | | | (107 | ) | | | (107 | ) |
| ProFund VP Short Emerging Markets | | | 376,000 | | | | — | | | | (13,642 | ) | | | (13,642 | ) |
| ProFund VP Short International | | | 666,000 | | | | 826 | | | | — | | | | 826 | |
| ProFund VP Short Mid-Cap | | | 89,000 | | | | — | | | | (80 | ) | | | (80 | ) |
| ProFund VP Short Nasdaq-100 | | | 4,985,518 | | | | — | | | | (13,772 | ) | | | (13,772 | ) |
| ProFund VP Short Small-Cap | | | 1,107,336 | | | | 6,096 | | | | — | | | | 6,096 | |
| ProFund VP Small-Cap | | | 16,152,025 | | | | 2,843,329 | | | | (524,582 | ) | | | 2,318,747 | |
| ProFund VP Small-Cap Growth | | | 16,571,220 | | | | 7,793,799 | | | | (1,520,164 | ) | | | 6,273,635 | |
| ProFund VP Small-Cap Value | | | 21,478,941 | | | | 4,752,700 | | | | (4,237,757 | ) | | | 514,943 | |
| ProFund VP Technology | | | 8,955,842 | | | | 34,998,313 | | | | (1,944,170 | ) | | | 33,054,143 | |
| ProFund VP Telecommunications | | | 5,993,449 | | | | 1,679,728 | | | | (1,044,237 | ) | | | 635,491 | |
| ProFund VP UltraBull | | | 10,363,124 | | | | 7,242,591 | | | | (563,704 | ) | | | 6,678,887 | |
| ProFund VP UltraMid-Cap | | | 10,726,393 | | | | 3,493,766 | | | | (548,179 | ) | | | 2,945,587 | |
| ProFund VP UltraNasdaq-100 | | | 143,671,832 | | | | 67,621,982 | | | | (1,795,824 | ) | | | 65,826,158 | |
| ProFund VP UltraShort Dow 30 | | | 6,000 | | | | — | | | | (88 | ) | | | (88 | ) |
| ProFund VP UltraShort Nasdaq-100 | | | 205,000 | | | | — | | | | (1,581 | ) | | | (1,581 | ) |
372 :: Notes to Financial Statements :: June 30, 2021 (unaudited)
| | | Tax Cost | | | Tax
Unrealized
Appreciation | | | Tax
Unrealized
Depreciation | | | Net Unrealized
Appreciation/
(Depreciation) | |
| ProFund VP UltraSmall-Cap | | $ | 19,161,809 | | | $ | 3,617,566 | | | $ | (804,447 | ) | | $ | 2,813,119 | |
| ProFund VP U.S. Government Plus | | | 22,080,624 | | | | 98,730 | | | | — | | | | 98,730 | |
| ProFund VP Utilities | | | 18,325,917 | | | | 16,372,010 | | | | (2,269,502 | ) | | | 14,102,508 | |
8. Share Splits and Reverse Share Splits
Effective December 14, 2020, the ProFund VP UltraNasdaq-100 underwent a 2-for-1 share split, the ProFund VP Short Small-Cap, ProFund VP UltraBull, ProFund VP UltraShort Nasdaq-100 each underwent a 1-for-4 reverse share split and the ProFund VP UltraShort Dow 30 underwent a 1-for-5 reverse share split.
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 1940Act. As of June 30, 2021, the Advisor was deemed a significant shareholder of each of ProFund VP Short Dow, and ProFund VP UltraShort Dow as the Advisor's ownership of total shares outstanding of each ProFund VP was 64%, and 87% respectively.
10. Subsequent Events
On July 28, 2021, the Bitcoin Strategy ProFund commenced operations, increasing the number of separate investment portfolios in the Trust to 116. 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 additional subsequent events to report that would have a material impact on the ProFunds VP' financial statements.
June 30, 2021 (unaudited) :: Board Approval of Liquidity Risk Management Program :: 373
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 September 14 – 15, 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 "Liquidity Report"). The Liquidity Report, which covered the period from January 1, 2020 through June 30, 2020, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. This Liquidity Report supplemented a report provided on March 12, 2020 for the June 1, 2019 through December 31, 2019 period; future reports will cover a full June – June period.
The 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 Liquidity Report also affirmed that there have been no material changes to the operation of the Liquidity Program since its initial approval and that no material changes were being recommended at that time.
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Expense Examples
376 :: Expense Examples (unaudited)
As a ProFund VP shareholder, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution fees; and other ProFund VP expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a ProFund VP and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, 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.
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, 2021.
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, 2021.
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
1/1/21 | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period(1) | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period(1) | |
| ProFund Access VP High Yield | | | 1.68 | % | | $ | 1,000.00 | | | $ | 1,007.60 | | | $ | 8.36 | | | $ | 1,016.46 | | | $ | 8.40 | |
| ProFund VP Asia 30 | | | 1.67 | % | | | 1,000.00 | | | | 1,127.80 | | | | 8.81 | | | | 1,016.51 | | | | 8.35 | |
| ProFund VP Banks | | | 1.68 | % | | | 1,000.00 | | | | 1,285.80 | | | | 9.52 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Basic Materials | | | 1.68 | % | | | 1,000.00 | | | | 1,149.30 | | | | 8.95 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Bear | | | 1.68 | % | | | 1,000.00 | | | | 854.20 | | | | 7.72 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Biotechnology | | | 1.61 | % | | | 1,000.00 | | | | 1,139.30 | | | | 8.54 | | | | 1,016.81 | | | | 8.05 | |
| ProFund VP Bull | | | 1.68 | % | | | 1,000.00 | | | | 1,141.80 | | | | 8.92 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Consumer Goods | | | 1.68 | % | | | 1,000.00 | | | | 1,058.00 | | | | 8.57 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Consumer Services | | | 1.68 | % | | | 1,000.00 | | | | 1,082.60 | | | | 8.68 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Dow 30 | | | 1.50 | % | | | 1,000.00 | | | | 1,120.00 | | | | 7.88 | | | | 1,017.36 | | | | 7.50 | |
| ProFund VP Emerging Markets | | | 1.68 | % | | | 1,000.00 | | | | 1,028.10 | | | | 8.45 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Europe 30 | | | 1.68 | % | | | 1,000.00 | | | | 1,199.60 | | | | 9.16 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Falling U.S. Dollar | | | 1.68 | % | | | 1,000.00 | | | | 963.00 | | | | 8.18 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Financials | | | 1.68 | % | | | 1,000.00 | | | | 1,211.00 | | | | 9.21 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Government Money Market | | | — | %(2) | | | 1,000.00 | | | | 1,000.10 | | | | — | (3) | | | 1,024.79 | | | | — | (3) |
| ProFund VP Health Care | | | 1.68 | % | | | 1,000.00 | | | | 1,109.70 | | | | 8.79 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Industrials | | | 1.68 | % | | | 1,000.00 | | | | 1,140.40 | | | | 8.92 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP International | | | 1.63 | % | | | 1,000.00 | | | | 1,082.80 | | | | 8.42 | | | | 1,016.71 | | | | 8.15 | |
| ProFund VP Internet | | | 1.68 | % | | | 1,000.00 | | | | 1,147.20 | | | | 8.94 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Japan | | | 1.68 | % | | | 1,000.00 | | | | 1,041.10 | | | | 8.50 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Large-Cap Growth | | | 1.68 | % | | | 1,000.00 | | | | 1,133.80 | | | | 8.89 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Large-Cap Value | | | 1.68 | % | | | 1,000.00 | | | | 1,154.00 | | | | 8.97 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Mid-Cap | | | 1.64 | % | | | 1,000.00 | | | | 1,163.40 | | | | 8.80 | | | | 1,016.66 | | | | 8.20 | |
| ProFund VP Mid-Cap Growth | | | 1.68 | % | | | 1,000.00 | | | | 1,114.10 | | | | 8.81 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Mid-Cap Value | | | 1.68 | % | | | 1,000.00 | | | | 1,219.90 | | | | 9.25 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Nasdaq-100 | | | 1.68 | % | | | 1,000.00 | | | | 1,121.30 | | | | 8.84 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Oil & Gas | | | 1.68 | % | | | 1,000.00 | | | | 1,445.10 | | | | 10.19 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Pharmaceuticals | | | 1.68 | % | | | 1,000.00 | | | | 1,033.70 | | | | 8.47 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Precious Metals | | | 1.68 | % | | | 1,000.00 | | | | 960.50 | | | | 8.17 | | | | 1,016.46 | | | | 8.40 | |
Expense Examples (unaudited) :: 377
| | | | | | | | | Actual | | | Hypothetical
(5% return before expenses) | |
| | | Annualized
Expense Ratio
During Period | | | Beginning
Account Value
1/1/21 | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period(1) | | | Ending
Account Value
6/30/21 | | | Expenses
Paid During
Period(1) | |
| ProFund VP Real Estate | | | 1.68 | % | | $ | 1,000.00 | | | $ | 1,192.80 | | | $ | 9.13 | | | $ | 1,016.46 | | | $ | 8.40 | |
| ProFund VP Rising Rates Opportunity | | | 1.68 | % | | | 1,000.00 | | | | 1,095.80 | | | | 8.73 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Semiconductor | | | 1.67 | % | | | 1,000.00 | | | | 1,209.30 | | | | 9.15 | | | | 1,016.51 | | | | 8.35 | |
| ProFund VP Short Dow 30 | | | 1.67 | % | | | 1,000.00 | | | | 866.40 | | | | 7.73 | | | | 1,016.51 | | | | 8.35 | |
| ProFund VP Short Emerging Markets | | | 1.68 | % | | | 1,000.00 | | | | 924.10 | | | | 8.01 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Short International | | | 1.68 | % | | | 1,000.00 | | | | 896.00 | | | | 7.90 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Short Mid-Cap | | | 1.68 | % | | | 1,000.00 | | | | 830.40 | | | | 7.62 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Short Nasdaq-100 | | | 1.68 | % | | | 1,000.00 | | | | 859.20 | | | | 7.74 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Short Small-Cap | | | 1.68 | % | | | 1,000.00 | | | | 817.50 | | | | 7.57 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Small-Cap | | | 1.68 | % | | | 1,000.00 | | | | 1,166.20 | | | | 9.02 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Small-Cap Growth | | | 1.68 | % | | | 1,000.00 | | | | 1,155.80 | | | | 8.98 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Small-Cap Value | | | 1.68 | % | | | 1,000.00 | | | | 1,295.00 | | | | 9.56 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP Technology | | | 1.60 | % | | | 1,000.00 | | | | 1,168.40 | | | | 8.60 | | | | 1,016.86 | | | | 8.00 | |
| ProFund VP Telecommunications | | | 1.68 | % | | | 1,000.00 | | | | 1,106.40 | | | | 8.77 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP UltraBull | | | 1.74 | % | | | 1,000.00 | | | | 1,298.70 | | | | 9.92 | | | | 1,016.17 | | | | 8.70 | |
| ProFund VP UltraMid-Cap | | | 1.68 | % | | | 1,000.00 | | | | 1,339.30 | | | | 9.74 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP UltraNasdaq-100 | | | 1.68 | % | | | 1,000.00 | | | | 1,238.10 | | | | 9.32 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP UltraShort Dow 30 | | | 1.56 | % | | | 1,000.00 | | | | 753.60 | | | | 6.78 | | | | 1,017.06 | | | | 7.80 | |
| ProFund VP UltraShort Nasdaq-100 | | | 1.68 | % | | | 1,000.00 | | | | 769.40 | | | | 7.37 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP UltraSmall-Cap | | | 1.68 | % | | | 1,000.00 | | | | 1,332.60 | | | | 9.72 | | | | 1,016.46 | | | | 8.40 | |
| ProFund VP U.S. Government Plus | | | 1.38 | % | | | 1,000.00 | | | | 880.20 | | | | 6.43 | | | | 1,017.95 | | | | 6.90 | |
| ProFund VP Utilities | | | 1.68 | % | | | 1,000.00 | | | | 1,017.70 | | | | 8.40 | | | | 1,016.46 | | | | 8.40 | |
| (1) | Expenses are equal to the average account value, multiplied by the ProFund VP's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year). |
| (2) | Amount is less than 0.005%. |
| (3) | Amount is less than $0.005. |
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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 files complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q (and successor Forms). Following the Form N-Q filing for the first quarter of 2019, the ProFund VP Government Money Market will no longer be required to file Form N-Q. Effective March 31, 2019, Form N-PORT replaced Form N-Q for all ProFunds VP (except the ProFund VP Government Money Market), and includes complete Schedules of Portfolio Holdings for the first and third fiscal quarters. 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.
06/21
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 27, 2021
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, 2021
By (Signature and Title)* /s/ Christopher E. Sabato ______________________________
Christopher E. Sabato, Treasurer and Principal Financial Officer
Date August 27, 2021
* Print the name and title of each signing officer under his or her signature.
