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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-08239

ProFunds

(Exact name of registrant as specified in charter)

7272 Wisconsin Avenue, 21^st Floor	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:

 July 31

Date of reporting period:

January 31, 2024

Item 1. Reports to Stockholders.

Semiannual Report

JANUARY 31, 2024

Bitcoin Strategy ProFund	BTCFX
Short Bitcoin Strategy ProFund	BITIX

Table of Contents

1		Message from the Chairman
3		Allocation of Portfolio Holdings and Index Composition
5		Expense Examples

		Consolidated Schedules of Portfolio Investments
8		Bitcoin Strategy ProFund
9		Short Bitcoin Strategy ProFund
11		Consolidated Statements of Assets and Liabilities
13		Consolidated Statements of Operations
15		Consolidated Statements of Changes in Net Assets
17		Consolidated Statements of Cash Flows
19		Consolidated Financial Highlights
21		Notes to Consolidated Financial Statements
34		Board Approval of Investment Advisory Agreement
38		Liquidity Risk Management Program

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Message from the Chairman

Dear Shareholder:

Given the promise and potential of innovations like cryptocurrencies, ProFunds is committed to providing you, our investors, with products and services designed to help you meet your investment objectives. The following is the ProFunds Bitcoin Strategies Semiannual Report for the six months ended January 31, 2024.

ProFunds Designed for Capturing Bitcoin-Linked Returns

Whether prices are going up or down, ProFunds bitcoin-linked strategies enable investors to target the performance of the world’s largest cryptocurrency. The Bitcoin Strategy ProFund (BTCFX) provides a convenient way for investors to gain exposure to bitcoin-linked returns through investments in bitcoin futures. The Short Bitcoin Strategy ProFund (BITIX) gives investors an opportunity to profit on days when the price of bitcoin falls. BITIX seeks daily investment results that correspond to the inverse (-1x) of the return of the S&P CME Bitcoin Futures Index.

Fall Rally Drives Strong Performance

Bitcoin, and bitcoin futures, experienced strong performance over the reporting period. Following a generally quiet summer during which bitcoin traded within a relatively narrow range, pricing appreciated dramatically beginning in October, with the rally continuing into the new year. The bitcoin futures market rose 37.57% for the full six-month reporting period, as measured by the S&P CME Bitcoin Futures Index.

A number of factors contributed to the rally, including a reduction in the industry turmoil that followed the collapse of crypto exchange FTX. In particular, investor anticipation that federal regulators could be warming to digital assets, which would broaden investor access to cryptocurrencies, generated excitement around the asset. Moderating inflation and declining bond yields also provided a boost to a number of asset classes, including cryptocurrencies.

Increasing Crypto Market Adoption, Despite Challenges

Underscoring the performance of crypto-linked assets during the reporting period have been at least two competing forces. On the one hand, cryptocurrencies are increasingly becoming integrated into the financial services industry and our day-to-day lives. They are part of a broader transformation of the infrastructure supporting our financial system that includes the growing use of the blockchain and other emerging technologies.

On the other hand, the challenges of spot cryptocurrency markets over the past couple of years must not be overlooked. In particular, there has been heightened concern over the practices of several largely unregulated cryptocurrency exchanges and other third-party service providers. Lingering questions over whether cryptocurrency brokerage accounts are segregated in the event of bankruptcy, among other issues, suggest that the financial infrastructure supporting the spot cryptocurrency market is still developing.

Regulated Solutions for Targeting Bitcoin-Linked Returns

ProFunds’ bitcoin-linked strategies, BTCFX and BITIX, invest in regulated futures that trade on regulated exchanges. Our strategies also have stringent custodial protocols and independent boards with a fiduciary duty to shareholders. These multiple layers of regulation should provide ProFunds investors with confidence as they navigate the uncertainties and challenges of the cryptocurrency space.

ProFunds has a long and successful history of pioneering some of the industry’s most innovative mutual funds. Our bitcoin strategies build on this tradition, providing investors with a breadth of choices that allows them to adapt their investments to their latest market views. We thank you for the trust and confidence you have placed in us by choosing ProFunds, and we appreciate the opportunity to continue serving your investment needs.

Sincerely,

Michael L. Sapir

Chairman of the Board of Trustees

Allocation of Portfolio Holdings and Index Composition

4 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Bitcoin Strategy ProFund

Investment Objective: The Bitcoin Strategy ProFund seeks investment results, before fees and expenses, that correspond to Bitcoin returns. The Fund currently seeks to achieve this objective primarily through investments in Bitcoin futures contracts. The Fund does not invest directly in Bitcoin.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		100	%
Total Exposure		100	%

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

Holdings

The Bitcoin Strategy ProFund primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements, and U.S. Government securities.

Short Bitcoin Strategy ProFund

Investment Objective: The Short Bitcoin Strategy ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P CME Bitcoin Futures Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day. The Fund does not invest directly in Bitcoin nor does it directly short Bitcoin.

Market Exposure

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

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

Holdings

The Short Bitcoin Strategy ProFund primarily invests in non-equity securities, which may include: futures contracts, Canadian Exchange Traded Funds, repurchase agreements and reverse repurchase agreements, and U.S. Government securities.

Expense Examples

6 :: Expense Examples (unaudited)

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 services (12b-1) fees; and other ProFund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a 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 transaction costs. If these transaction costs were included, your costs would have been higher. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds.

Actual Expenses

The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended January 31, 2024.

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 through the period ended January 31, 2024.

The columns below under the heading entitled “Hypothetical” provide information about hypothetical account values and hypothetical expenses based on each ProFund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 your 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 expenses)
	Annualized Expense Ratio		Beginning Account Value 8/1/23		Ending Account Value 01/31/24		Expenses Paid During the Period*		Ending Account Value 01/31/24		Expenses Paid During the Period*
Bitcoin Strategy ProFund – Investor	1.37	%	$	1,000.00	$	1,390.60	$	8.23	$	1,018.25	$	6.95
Short Bitcoin Strategy ProFund – Investor	1.38	%		1,000.00		646.50		5.71		1,018.20		7.00

*	Expenses are equal to the average account value multiplied by the ProFund’s annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Consolidated Schedules of Portfolio Investments

8 :: Bitcoin Strategy ProFund :: Consolidated Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

U.S. Treasury Obligation (58.0%)

	Principal Amount		Value
U.S. Treasury Bills, 5.19%⁺, 2/8/24^{^}	$	63,000,000	$	62,936,664
TOTAL U.S. TREASURY OBLIGATION (Cost $62,936,545)				62,936,664

Repurchase Agreement^(a) (14.5%)
Repurchase Agreement with UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24, total to be received $15,702,720 (Collateralized by U.S. Treasury Bills, effective yield or interest rate in effect at January 31, 2024, 5.26%, due 2/20/24, total value $16,014,604)		15,700,496		15,700,496
TOTAL REPURCHASE AGREEMENTS (Cost $15,700,496)				15,700,496
TOTAL INVESTMENT SECURITIES (Cost $78,637,041)—72.5%				78,637,160
Reverse Repurchase Agreements including accrued interest—(41.4)%				(44,961,756	)
Net other assets (liabilities)—68.9%				74,860,102
NET ASSETS—100.0%			$	108,535,506

⁺	Reflects the effective yield or interest rate in effect at January 31, 2024.
^{^}	$44,955,000 of this security has been pledged as collateral for reverse repurchase agreements.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements.

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
CME Bitcoin Futures Contracts	250	4/1/24	$	53,975,000	$	3,223,245
CME Bitcoin Futures Contracts	253	2/26/24		54,160,975		(1,990,576	)
			$	108,135,975	$	1,232,669

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Consolidated Schedule of Portfolio Investments :: Short Bitcoin Strategy ProFund :: 9

U.S. Treasury Obligation (54.3%)

	Principal Amount		Value
U.S. Treasury Bills, 5.19%⁺, 2/8/24^{^}	$	350,000	$	349,648
TOTAL U.S. TREASURY OBLIGATION (Cost $349,650)				349,648
TOTAL INVESTMENT SECURITIES (Cost $349,650)—54.3%				349,648
Reverse Repurchase Agreements including accrued interest—(46.6)%				(299,745	)
Net other assets (liabilities)—92.3%				593,888
NET ASSETS—100.0%			$	643,791

⁺	Reflects the effective yield or interest rate in effect at January 31, 2024.
^{^}	$299,700 of this security has been pledged as collateral for reverse repurchase agreements.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
CME Bitcoin Futures Contracts	2	2/26/24	$	(428,150	)	$	(28,632	)
CME Micro Bitcoin Futures Contracts	50	2/26/24		(214,075	)		552
			$	(642,225	)	$	(28,080	)

See accompanying notes to the financial statements.

This Page Intentionally Left Blank

Consolidated Statements of Assets and Liabilities

12 :: Consolidated Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	Bitcoin Strategy ProFund		Short Bitcoin Strategy ProFund
ASSETS:
Total Investment Securities, at cost	$	78,637,041	$	349,650
Securities, at value		62,936,664		349,648
Repurchase agreements, at value		15,700,496		—
Total Investment Securities, at value		78,637,160		349,648
Cash		50,251,767		373,288
Segregated cash balances for futures contracts with brokers		27,174,601		135,828
Interest receivable		2,369		16
Receivable for capital shares issued		1,256,671		73,393
Due from Advisor under an expense limitation agreement		—		4,494
Variation margin on futures contracts		—		13,495
Prepaid expenses		21,013		2,704
TOTAL ASSETS		157,343,581		952,866
LIABILITIES:
Reverse repurchase agreements, including accrued interest		44,961,756		299,745
Futures commission merchant (FCM) fees payable		18,103		148
Payable for capital shares redeemed		1,024,732		245
Variation margin on futures contracts		2,691,125		—
Advisory fees payable		38,007		—
Management services fees payable		12,669		—
Administration fees payable		7,634		56
Transfer agency fees payable		6,273		81
Fund accounting fees payable		5,541		1,282
Compliance services fees payable		381		2
Service fees payable		485		4
Other accrued expenses		41,369		7,512
TOTAL LIABILITIES		48,808,075		309,075
Commitments and contingencies (Note 4)
NET ASSETS	$	108,535,506	$	643,791
NET ASSETS CONSIST OF:
Capital	$	83,569,455	$	729,745
Total distributable earnings (loss)		24,966,051		(85,954	)
NET ASSETS	$	108,535,506	$	643,791
NET ASSETS:
Investor Class	$	108,535,506	$	643,791
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		5,439,349		83,286
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	19.95	$	7.73

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Consolidated Statements of Operations

14 :: Consolidated Statements of Operations :: For the Periods Indicated (unaudited)

	Bitcoin Strategy ProFund			Short Bitcoin Strategy ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Interest	$	1,577,775		$	8,406
TOTAL INVESTMENT INCOME		1,577,775			8,406
EXPENSES:
Advisory fees		167,644			1,117
Management services fees		55,881			372
Administration fees		20,538			214
Transfer agency fees		15,758			374
Administrative services fees		89,655			427
Registration and filing fees		16,033			14,833
Custody fees		9,282			183
Fund accounting fees		27,078			9,322
Trustee fees		1,084			10
Compliance services fees		408			3
Service fees		2,339			23
Futures commission merchant (FCM) fees		80,199			565
Interest expense		21,563			180
Other fees		46,712			333
Total Gross Expenses before reductions		554,174			27,956
Expenses reduced and reimbursed by the Advisor		(37,997	)		(24,520	)^(a)
Fees paid indirectly		(4,620	)		(26	)
TOTAL NET EXPENSES		511,557			3,410
NET INVESTMENT INCOME (LOSS)		1,066,218			4,996
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(1,574	)		(8	)
Net realized gains (losses) on futures contracts		19,347,978			(109,666	)
Change in net unrealized appreciation/depreciation on investment securities		2,757			19
Change in net unrealized appreciation/depreciation on futures contracts		2,671,765			(29,709	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		22,020,926			(139,364	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	23,087,144		$	(134,368	)

^(a)Amount includes $14,208 of contractual expense reductions and an additional $10,312 of voluntary expense reductions.

See accompanying notes to the financial statements.

Consolidated Statements of Changes in Net Assets

16 :: Consolidated Statements of Changes in Net Assets :: For the Periods Indicated

	Bitcoin Strategy ProFund						Short Bitcoin Strategy ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	1,066,218		$	147,950		$	4,996		$	(508	)
Net realized gains (losses) on investments		19,346,404			9,392,913			(109,674	)		(280,629	)
Change in net unrealized appreciation/depreciation on investments		2,674,522			(3,174,180	)		(29,690	)		2,745
Change in net assets resulting from operations		23,087,144			6,366,683			(134,368	)		(278,392	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(1,441,534	)		(5,177,130	)		(1,707	)		—
Change in net assets resulting from distributions		(1,441,534	)		(5,177,130	)		(1,707	)		—
Change in net assets resulting from capital transactions		31,721,595			30,431,043			(82,328	)		735,177
Change in net assets		53,367,205			31,620,596			(218,403	)		456,785
NET ASSETS:
Beginning of period		55,168,301			23,547,705			862,194			405,409
End of period	$	108,535,506		$	55,168,301		$	643,791		$	862,194
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	94,591,920		$	85,049,343		$	8,643,611		$	13,846,028
Distributions reinvested		1,433,767			5,134,918			1,707			—
Value of shares redeemed		(64,304,092	)		(59,753,218	)		(8,727,646	)		(13,110,851	)
Change in net assets resulting from capital transactions	$	31,721,595		$	30,431,043		$	(82,328	)	$	735,177
SHARE TRANSACTIONS:
Investor Class
Issued		5,310,028			6,201,731			862,794			798,103
Reinvested		91,422			337,455			217			—
Redeemed		(3,719,857	)		(4,464,986	)		(851,335	)		(746,122	)
Change in shares		1,681,593			2,074,200			11,676			51,981

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Consolidated Statements of Cash Flows

18 :: Consolidated Statements of Cash Flows :: For the Periods Indicated (unaudited)

	Bitcoin Strategy ProFund			Short Bitcoin Strategy ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
Cash Flows from Operating Activities:
Change in net assets resulting from operations	$	23,087,144		$	(134,368	)
Less: Net realized gains (losses) on investment securities		1,574			8
Less: Change in net unrealized appreciation/depreciation on investment securities		(2,757	)		(19	)
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities
Proceeds from (purchase of) short-term investments, net		(44,231,747	)		1,592
Amortization (accretion) of premiums and discounts, net		(483,565	)		(2,046	)
(Increase) decrease in:
Due from Advisor under an expense limitation agreement		—			(4,494	)
Interest receivable		(2,369	)		(16	)
Variation margin receivable on futures contracts		—			(6,345	)
Prepaid expenses		(1,640	)		8,908
Increase (decrease) in:
Interest payable (on reverse repurchase agreements)		1,668			(7	)
Futures commission merchant (FCM) fees payable		12,124			96
Variation margin payable on futures contracts		2,227,675			—
Advisor fees payable		20,161			(2,036	)
Management fees payable		6,721			(679	)
Administration fees payable		3,482			21
Transfer agency fees payable		2,664			(39	)
Fund accounting fees payable		1,941			12
Compliance services fees payable		168			(2	)
Service fees payable		142			1
Other accrued expenses		349			(4,907	)
Net cash provided by (used in) operating activities	$	(19,356,265	)	$	(144,320	)
Cash Flows from Financing Activities:
Proceeds from reverse repurchase agreements		143,800,720			1,198,250
(Repayments of) reverse repurchase agreements		(132,765,820	)		(1,247,727	)
Proceeds from capital shares issued		93,519,660			8,577,120
Cash paid for capital shares redeemed		(63,308,759	)		(8,727,401	)
Cash distributions paid to shareholders		(7,767	)		—
Net cash provided by (used in) financing activities	$	41,238,034		$	(199,758	)
Net Increase (Decrease) in Cash and Segregated Cash Balances for Futures Contracts with Brokers		21,881,769			(344,078	)
Cash and segregated cash balances for futures contracts with brokers at the beginning of period		55,544,599			853,194
Cash and segregated cash balances for futures contracts with brokers at the end of period	$	77,426,368		$	509,116
The following table provides a reconciliation of cash and segregated cash balances for futures contracts with brokers to the consolidated statements of assets and liabilities:
Cash		50,251,767			373,288
Segregated cash balances for futures contracts with brokers		27,174,601			135,828
Total cash and segregated cash balances for futures contracts with brokers	$	77,426,368		$	509,116
Supplemental Disclosure of Cash Flow Information
Cash paid for interest (excluding costs)	$	19,895		$	187
Non-cash financing activities not included herein consists of reinvestments of distributions		1,433,767			1,707

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Consolidated Financial Highlights

20 :: Consolidated Financial Highlights

ProFunds Consolidated 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions
Bitcoin Strategy ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	14.68	0.24		5.39		5.63		(0.36	)	(0.36	)
Year Ended July 31, 2023	$	13.99	0.06		2.46		2.52		(1.83	)	(1.83	)
Year Ended July 31, 2022	$	24.70	(0.27	)	(10.44	)	(10.71	)	—		—
July 28, 2021 through July 31, 2021^(g)	$	25.00	—	^(h)	(0.30	)	(0.30	)	—		—
Short Bitcoin Strategy ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	12.04	0.10		(4.36	)	(4.26	)	(0.05	)	(0.05	)
Year Ended July 31, 2023	$	20.65	(0.02	)	(8.59	)	(8.61	)	—		—
June 21, 2022 through July 31, 2022^(g)	$	25.00	(0.04	)	(4.31	)	(4.35	)	—		—

						Ratios to Average Net Assets							Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)(d)			Net Expenses^(c)(d)			Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(e)


$	19.95		39.06	%		1.49	%		1.37	%^(f)	2.86	%	$	108,536		—
$	14.68		18.23	%		1.61	%		1.35	%^(f)	0.46	%	$	55,168		—
$	13.99		(43.36	)%		1.93	%		1.25	%^(f)	(1.17	)%	$	23,548		—
$	24.70		(1.20	)%		24.80	%		1.30	%^(f)	(1.28	)%	$	524		—


$	7.73		(35.35	)%		11.30	%		1.38	%^(i)(j)	2.02	%	$	644		—
$	12.04		(41.69	)%		13.36	%		1.35	%^(i)(j)	(0.10	)%	$	862		—
$	20.65		(17.40	)%		17.68	%		1.88	%^(i)(k)	(1.39	)%	$	405		—

	(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 ratios reflect all interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts.
	(e)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including futures contracts).
	(f)	Excluding interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, the net expense ratio would have been 1.10%, 1.04%, 0.84% and 0.84% for the period ended January 31, 2024, the years ended July 31, 2023 and July 31, 2022, and the period ended July 31, 2021, respectively.
	(g)	Period from commencement of operations.
	(h)	Amount is less than $0.005.
	(i)	Excluding interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, the net expense ratio would have been 1.08%,1.06% and 1.26% for the period ended January 31, 2024, the year ended July 31, 2023 and the period ended July 31, 2022, respectively.
	(j)	For the period August 1, 2023 through November 30, 2023, and for the year ended July 31, 2023, the Advisor voluntarily waived fees and expenses to limit the expense ratio, including interest expense and other costs related to reverse repurchase agreements and trading of Bitcoin futures contracts, to 1.35%.
	(k)	For the period June 21, 2022 through July 31, 2022, the Advisor voluntarily waived fees and expenses to limit the expense ratio (excluding interest expense and certain other costs) to 1.26%.

See accompanying notes to the financial statements.

Notes to Consolidated Financial Statements

22 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

1. Organization

ProFunds (the “Trust”) consists of 116 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the “1940 Act”) and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.

These accompanying consolidated financial statements (“financial statements”) relate to the following portfolios of the Trust included in this report (collectively, the “ProFunds” and individually, a “ProFund”):

Digital Assets ProFunds:

Bitcoin Strategy ProFund

Short Bitcoin Strategy ProFund

Each ProFund is classified as non-diversified under the 1940 Act and has one class of shares: an Investor Class.

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’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by each ProFund 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.

Basis of Consolidation

The accompanying Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statements of Cash Flows, and Consolidated Financial Highlights of Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund include the accounts of the ProFunds Bitcoin Strategy Portfolio and ProFunds Short Bitcoin Strategy Portfolio, respectively (each a “Subsidiary”) Each Subsidiary is a wholly-owned subsidiary of the Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund, respectively, organized under the laws of the Cayman Islands, and primarily invests in Bitcoin related instruments. Each Subsidiary enables the respective ProFund to hold these Bitcoin-related instruments and satisfy “regulated investment company” (“RIC”) tax requirements. Each of the Digital Assets ProFunds will invest a significant portion of its’ total assets in its respective Subsidiary. As of January 31, 2024, the net assets of ProFund Bitcoin Strategy Portfolio were 19.2% of the adjusted net assets of Bitcoin Strategy ProFund and the net assets of ProFunds Short Bitcoin Strategy Portfolio were 18.1% of the adjusted net assets of Short Bitcoin Strategy ProFund (as adjusted for reverse repurchase agreements). Intercompany accounts and transactions, if any, have been eliminated. Each Subsidiary is subject to the same investment policies and restrictions that apply to Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund, respectively, except that each Subsidiary may invest without limitation in Bitcoin-related instruments.

Investment in a Subsidiary

The Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund intend to achieve commodity exposure through investment in their respective Subsidiary. The Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund’s investment in its Subsidiary is intended to provide each ProFund with exposure to commodity and financial markets in accordance with applicable rules and regulations. The Subsidiaries may invest in derivatives, including futures, forwards, options and other investments intended to serve as margin or collateral or otherwise support the Subsidiary’s derivatives positions. The Subsidiaries are not registered under the 1940 Act, and will not have all of the protections offered to investors in RICs. The Board, however, has oversight responsibility for the investment activities of the ProFunds, including its investment in its respective Subsidiary, and each ProFund’s role as the sole shareholder of its respective Subsidiary. Changes in the laws of the United States and/or the Cayman Islands, under which the ProFunds and the Subsidiaries are organized, respectively, could result in the inability of the ProFunds and/or its Subsidiary to operate as described in the ProFunds Statement of Additional Information and could negatively affect the ProFunds and its’ shareholders. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on a Subsidiary. If Cayman Islands law changes such that a Subsidiary must pay Cayman Islands taxes, ProFunds shareholders would likely suffer decreased investment returns. In this report, the financial statements of each Subsidiary have been consolidated with the financial statements of the respective ProFund by which it is wholly-owned.

Investment Valuation

The ProFunds 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.

Cash

Cash is held at major financial institutions and is subject to credit risk to the extent those balances exceed applicable Federal Deposit Insurance Corporation (FDIC) or Securities Investor Protection Corporation (SIPC) limitations.

Repurchase Agreements

Each ProFund may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as “cover” for

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 23

the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds as short-term investments for cash positions. Under a repurchase agreement, a ProFund 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 typically greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.

The ProFunds 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. ProFunds within the Trust invest in repurchase agreements jointly. Each ProFund, 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. The collateral underlying the repurchase agreement is held by the ProFund’s custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund 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 could suffer a loss. A ProFund also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund 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 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, amounts to more than 15% of the ProFund’s total net assets. The investments of each of the ProFunds 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 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 on a ProFund’s Consolidated Schedule of Portfolio Investments.

Reverse Repurchase Agreements

The Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund may each enter into reverse repurchase agreements as part of its investment strategy, which may be viewed as a form of borrowing. Reverse repurchase agreements involve sales by the ProFunds of portfolio assets for cash concurrently with an agreement by the ProFunds to repurchase those same assets at a later date at a fixed price. Generally, the effect of such a transaction is that the ProFunds can recover all or most of the cash invested in the portfolio securities involved during the term of the reverse repurchase agreement, while the ProFunds will be able to keep the interest income associated with those portfolio securities. Such transactions are advantageous only if the interest cost to the ProFunds of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Opportunities to achieve this advantage may not always be available, and the ProFunds intend to use the reverse repurchase technique only when it will be to the ProFunds advantage to do so. The ProFunds will each segregate with its custodian bank cash or liquid instruments equal in value to each ProFund’s obligations with respect to reverse repurchase agreements.

As of January 31, 2024, the ProFunds’ outstanding balances on reverse repurchase agreements were as follows:

	Counterparty	Interest Rate			Principal Amount			Maturity	Value			Value & Accrued Interest
Bitcoin Strategy ProFund	UMB Bank N.A.		5.41	%	$	(44,955,000	)	2/1/2023	$	(44,955,000	)	$	(44,961,756	)
Short Bitcoin Strategy ProFund	UMB Bank N.A.		5.41	%		(299,700	)	2/1/2023		(299,700	)		(299,745	)

For the period ended January 31, 2024, the average daily balance outstanding and average interest rate on the ProFunds’ reverse repurchase agreements were as follows:

Bitcoin Strategy ProFund
Average daily balance outstanding	$	(28,760,144	)
Average interest rate		5.40	%
Short Bitcoin Strategy ProFund
Average daily balance outstanding	$	(239,650	)
Average interest rate		5.40	%

24 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

The following table presents the reverse repurchase agreements subject to netting agreements and the collateral delivered related to those reverse repurchase agreements.

	Counterparty	Reverse Repurchase Agreements⁽¹⁾			Collateral Pledged to Counterparty
Bitcoin Strategy ProFund	UMB Bank N.A.	$	(44,961,756	)	$	44,955,000
Short Bitcoin Strategy ProFund	UMB Bank N.A.		(299,745	)		299,700

⁽¹⁾

Represents gross value and accrued interest for the counterparty as reported in the preceding table.

Derivative Instruments

In seeking to achieve Short Bitcoin Strategy ProFund’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. The Short Bitcoin Strategy ProFund may obtain investment exposure through derivative instruments, such as futures contracts, that the ProFund should hold to approximate the inverse (-1x) of the daily performance of its benchmark. All derivative instruments held during the period ended January 31, 2024, were utilized to gain inverse exposure to the ProFund’s benchmark (e.g., index, etc.) to meet its investment objective. The Short Bitcoin Strategy ProFund does not seek to achieve its investment objective over a period of time greater than a single day.

Bitcoin Strategy ProFund is actively managed, in that the Advisor selects investments and makes investment decisions that it believes are suited to achieving the Bitcoin Strategy ProFund’s investment objective. Accordingly, the Bitcoin Strategy ProFund may also obtain investment exposure through derivative instruments, such as futures contracts.

All open derivative positions at period end are reflected on each respective ProFund’s Consolidated Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund 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’s investment objective.

The ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended January 31, 2024. The notional amount of open derivative positions relative to each ProFund’s net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

In connection with its management of both series of the Trust included in this report (Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund (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, including certain risks related to each instrument type.

Futures Contracts

Each ProFund 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 generally engages in closing or offsetting transactions before final settlement of a futures contract, wherein a second identical futures contract is sold to offset a long position (or bought to offset a short position). In such cases, the obligation is to deliver (or take delivery of) cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the price of the offsetting transaction and the price at which the original contract was entered into. If the original position entered into is a long position (futures contract purchased), there will be a gain (loss) if the offsetting sell transaction is carried out at a higher (lower) price, inclusive of commissions. If the original position entered into is a short position (futures contract sold), there will be a gain (loss) if the offsetting buy transaction is carried out at a lower (higher) price, inclusive of commissions.

Whether a ProFund 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’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 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.

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 25

Upon entering into a futures contract, each ProFund 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 (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 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 may elect to close its position by taking an opposite position, which will operate to terminate the ProFund’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 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 to substantial losses. If trading is not possible, or if a ProFund determines not to close a futures position in anticipation of adverse price movements, the ProFund will be required to make daily cash payments of variation margin. The risk that the ProFund 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.

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund’s Consolidated Statement of Assets and Liabilities, categorized by risk exposure, as of January 31, 2024.

	Assets		Liabilities
Fund	Variation Margin on Futures Contracts*		Variation Margin on Futures Contracts*
Commodity Risk Exposure:
Bitcoin Strategy ProFund	$	1,232,669	$	—
Short Bitcoin Strategy ProFund		—		28,080

Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedules of Portfolio Investments. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities.

The following table presents the effect of derivative instruments on the ProFund’s Consolidated Statement of Operations, categorized by risk exposure, for the period ended January 31, 2024.

Fund	Net Realized Gains (Losses) on Futures Contracts as a Result from Operations			Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts Recognized as a Result from Operations
Commodity Risk Exposure:
Bitcoin Strategy ProFund	$	19,347,978		$	2,671,765
Short Bitcoin Strategy ProFund		(109,666	)		(29,709	)

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. Gains or losses from class action settlements are recorded when such information becomes known or can be reasonably estimated; for non-recurring class action settlements, this generally occurs with the receipt or payment of cash consistent with the terms of such settlement.

Allocations

Expenses directly attributable to a ProFund are charged to that 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.

26 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

Distributions to Shareholders

Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund intend to declare and distribute net investment income at least monthly, 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 and mark-to-market on derivative instruments) do not require a reclassification. The ProFunds 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. Distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. 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 intends to continue to qualify each year as a Regulated Investment Company (“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 intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund have an October 31st tax year end.

Management of the ProFunds 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 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.”

3. Investment Valuation Summary

Pursuant to Rule 2a-5 (the “Rule”), the Trust’s Board of Trustees designated the Advisor the “Valuation Designee” as contemplated by the Rule. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board of Trustees, and overseeing pricing services utilized in valuing the Trust’s security holdings, among other responsibilities outlined in the Rule. 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 the pricing and valuation guidelines. 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’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 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 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, as described below.

The valuation techniques employed by the ProFunds, 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 (observable inputs) and the ProFunds’ 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’ 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’ 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.

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 27

(“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 above.

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. 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.

For the period ended January 31, 2024, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers in or out of Level 3 investments for the period.

A summary of the valuations as of January 31, 2024, based upon the three levels defined above, is included in the table below for each ProFund:

	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^
Bitcoin Strategy ProFund
U.S. Treasury Obligation	$	—	$	—		$	62,936,664	$	—	$	62,936,664	$	—
Repurchase Agreements		—		—			15,700,496		—		15,700,496		—
Futures Contracts		—		1,232,669			—		—		—		1,232,669
Total	$	—	$	1,232,669		$	78,637,160	$	—	$	78,637,160	$	1,232,669
Short Bitcoin Strategy ProFund
U.S. Treasury Obligation	$	—	$	—		$	349,648	$	—	$	349,648	$	—
Futures Contracts		—		(28,080	)		—		—		—		(28,080	)
Total	$	—	$	(28,080	)	$	349,648	$	—	$	349,648	$	(28,080	)

Other financial instruments include any derivative instruments not reflected in the Consolidated Schedule of Portfolio Investments as Investment Securities, such as futures contracts. These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

4. Fees and Transactions with Affiliates and Other Parties

The ProFunds have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund each pay the advisor a fee at an annualized rate of 0.45% of their 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: 0.025% of the ProFund’s daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund’s daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund’s net assets in excess of $2 billion. During the period ended January 31, 2024, no ProFund’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 paid 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, account and service charges, and reimbursement of certain expenses.

28 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

ProFunds Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of the Advisor, serves as the Trust’s distributor. Under a Distribution Plan, adopted by the Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund may pay financial intermediaries such as broker-dealers, investment advisors, and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets attributable to Investor Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Investor Class shares. For the period ended January 31, 2024, no payments were made under this plan by either ProFund.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds. For these services, each ProFund pays the Advisor a fee at the annual rate of 0.15% of its average daily net assets.

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 Consolidated Statements of Operations as “Service fees.”

The ProFunds pay fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Consolidated Statements 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 ProFunds for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for their services at an annual rate of $325,000, inclusive of all meetings. During the period ended January 31, 2024, actual Trustee compensation was $487,500 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 reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Consolidated 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 for the periods listed below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, Futures Commission Merchant fees, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) as follows:

	For the Period December 1, 2023 through November 30, 2024	For the Period December 1, 2022 through November 30, 2023
Bitcoin Strategy ProFund	1.10%	1.10%
Short Bitcoin Strategy ProFund	1.10%	No contractual limitation

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 Consolidated Statement of Operations as “Recoupment of prior expenses reduced by the Advisor.” As of January 31, 2024, the recoupments that may potentially be made by the ProFunds are as shown in the table below. As of January 31, 2024, no commitment or contingent liability is expected.

	Expires 11/30/24		Expires 11/30/25		Expires 11/30/26		Expires 11/30/27		Total
Bitcoin Strategy ProFund	$	37,042	$	187,791	$	64,595	$	10,993	$	300,421
Short Bitcoin Strategy ProFund		—		—		—		14,208		14,208

Prior to December 1, 2023, the Advisor had voluntarily agreed to waive advisory and management services fees, and reimburse certain other expenses of the Short Bitcoin Strategy ProFund, as consolidated with its Subsidiary, inclusive of interest expense on reverse repurchase agreements and Futures Commission Merchant fees (but exclusive of brokerage costs, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) in order to limit the annualized operating expenses of the consolidated ProFund to 1.35%. Amounts waived voluntarily are not subject to recoupment at a future date. This voluntary waiver was discontinued on December 1, 2023 and replaced by the contractual expense limitation detailed above.

5. Securities Transactions

The Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund generally invest in U.S. Government securities maturing less than one year from acquisition.

6. Investment Risks

Some risks apply to all ProFunds, while others are specific to the investment strategy of certain ProFunds. Each ProFund may be subject to other risks in addition to these identified risks. This section discusses certain common principal risks encountered by the ProFunds. 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.

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 29

Risks Associated with the Use of Derivatives

The ProFunds will obtain exposure to bitcoin through derivatives (i.e., bitcoin futures contracts). Investing in derivatives may be considered aggressive and may expose the ProFunds to risks different from, or possibly greater than, the risks associated with investing directly in the reference asset(s) underlying the derivative. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. The risks of using derivatives include: 1) the risk that there may be imperfect correlation between the price of the financial instruments and movements in the prices of the reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount a ProFund expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and the ProFund will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to adjust each ProFund’s position in a particular instrument when desired. Each of these factors may prevent the ProFunds from achieving their respective investment objectives and may increase the volatility (i.e., fluctuations) of each ProFund’s returns. Because derivatives often require limited initial investment, the use of derivatives also may expose the ProFunds to losses in excess of those amounts initially invested.

Holding Period Risk

The Short Bitcoin Strategy ProFund is a “geared” fund (“Geared Fund”) in the sense that the ProFund has an investment objective to match the inverse of the daily performance of a benchmark. A Geared Fund does not seek to achieve the stated inverse of the daily performance of its underlying benchmark (the “Daily Target”) for any period other than a day. The performance of a Geared Fund over periods other than a day may be higher or lower than the Daily Target, and this difference may be significant. Factors that contribute to returns that are worse than the Daily Target include smaller index gains or losses and higher index volatility, as well as longer holding periods when these factors apply. Factors that contribute to returns that are better than the Daily Target include larger index gains or losses and lower index volatility, as well as longer holding periods when these factors apply. The more extreme these factors are, and the more they occur together, the more returns will tend to deviate from the Daily Target.

Bitcoin Risk

The Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund do not invest directly in Bitcoin. The ProFunds invest primarily in Bitcoin futures.

Bitcoin is a relatively new innovation and the market for Bitcoin is subject to rapid price swings, changes and uncertainty. The further development of the Bitcoin Network and the acceptance and use of Bitcoin are subject to a variety of factors that are difficult to evaluate. The slowing, stopping or reversing of the development of the Bitcoin Network or the acceptance of Bitcoin may adversely affect the price of Bitcoin. Bitcoin is subject to the risk of fraud, theft, manipulation or security failures, operational or other problems that impact Bitcoin trading venues. Additionally, if one or a coordinated group of miners were to gain control of 51% of the Bitcoin Network, they would have the ability to manipulate transactions, halt payments and fraudulently obtain Bitcoin. A significant portion of Bitcoin is held by a small number of holders sometimes referred to as “whales”. These holders have the ability to manipulate the price of Bitcoin. Unlike the exchanges for more traditional assets, such as equity securities and futures contracts, Bitcoin and Bitcoin trading venues are largely unregulated. As a result of the lack of regulation, individuals or groups may engage in fraud or market manipulation and investors may be more exposed to the risk of theft, fraud and market manipulation than when investing in more traditional asset classes. Over the past several years, a number of Bitcoin trading venues have been closed due to fraud, failure or security breaches. Investors in Bitcoin may have little or no recourse should such theft, fraud or manipulation occur and could suffer significant losses. Legal or regulatory changes may negatively impact the operation of the Bitcoin Network or restrict the use of Bitcoin. The realization of any of these risks could result in a decline in the acceptance of Bitcoin and consequently a reduction in the value of Bitcoin, Bitcoin futures, and the ProFund. The Bitcoin Network is collectively maintained by (1) a decentralized group of participants who run computer software that results in the recording and validation of transactions (commonly referred to as “miners”), (2) developers who propose improvements to the Bitcoin Protocol and the software that enforces the protocol and (3) users who choose which version of the bitcoin software to run. From time to time, the developers suggest changes to the bitcoin software. If a sufficient number of users and miners elect not to adopt the changes, a new digital asset, operating on the earlier version of the bitcoin software, may be created. This is often referred to as a “fork.” The creation of a “fork” or a substantial giveaway of Bitcoin (sometimes referred to as an “air drop”) may result in a significant and unexpected declines in the value of Bitcoin, Bitcoin futures, and the ProFunds.

Bitcoin Futures Risk

The market for Bitcoin futures may be less developed, and potentially less liquid and more volatile, than more established futures markets. While the Bitcoin futures market has grown substantially since Bitcoin futures commenced trading, there can be no assurance that this growth will continue. Bitcoin futures are subject to collateral requirements and daily limits that may limit a ProFund’s ability to achieve the desired exposure. If a ProFund is unable to meet its investment objective, a ProFund’s returns may be lower than expected. Additionally, these collateral requirements may require a ProFund to liquidate its position when it otherwise would not do so.

When a Bitcoin futures contract is nearing expiration, a ProFund will generally sell it and use the proceeds to buy a Bitcoin futures contract with a later expiration date. This is commonly referred to as “rolling”. The costs associated with rolling Bitcoin futures typically are substantially higher than the costs associated with other futures contracts and may have a significant adverse impact on the performance of a ProFund.

Borrowing Risk

The ProFunds may borrow for investment purposes using reverse repurchase agreements. Borrowing may cause the ProFunds to

30 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

liquidate positions to under adverse market conditions to satisfy its repayment obligations. Borrowing increases the risk of loss and may increase the volatility of the ProFunds.

Correlation Risk

The Short Bitcoin Strategy ProFund is subject to correlation risk. A number of factors may affect the ProFund’s ability to achieve a high degree of inverse correlation with the Index, and there is no guarantee that the ProFund will achieve a high degree of inverse correlation. Failure to achieve a high degree of correlation may prevent a ProFund from achieving its investment objective, and the percentage change of the ProFund’s NAV each day may differ, perhaps significantly, from the inverse (-1x) of the percentage change of the Index on such day. In order to achieve a high degree of correlation with the Index, the ProFund 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 from achieving a high degree of inverse correlation with the Index. Market disruptions or closures, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the ProFunds invests, and other factors will adversely affect the ProFund’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 will have perfect inverse (-1x) exposure during the day or 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, particularly when the Index is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund’s correlation with its benchmark, including 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 invests. The ProFund may not have investment exposure to all of the financial instruments in the Index, or its weighting of investment exposure to financial instruments may be different from that of the Index.In addition, the ProFund may invest in financial instruments not included in the Index. The ProFund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the ProFund’s correlation with the Index. The ProFund may also be subject to large movements of assets into and out of the ProFund, potentially resulting in the ProFund being under- or overexposed to the Index and may be impacted by Index reconstitutions and Index rebalancing events. Additionally, Bitcoin and Bitcoin futures contracts may trade on markets that may not be open at the same time or on the same day as the ProFund. In particular, Bitcoin trades 24 hours per day, seven days per week. These differences in trading hours may cause differences between the performance of the ProFund and the performance of the Index. Any of these factors could decrease correlation between the performance of the ProFund and the Index and may hinder the ProFund’s ability to meet its daily investment objective.

Counterparty Risk

The ProFunds will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount a ProFund expects to receive from counterparties to financial instruments (including derivatives) entered into by the ProFund. The ProFunds generally structure the agreements such that either party can terminate the contract without penalty prior to the termination date. If a counterparty terminates a contract, a ProFund may not be able to invest in other derivatives to achieve the desired exposure, or achieving such exposure may be more expensive. A ProFund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations under such an agreement.

Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund invests, the ProFund 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 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 from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

The market for the Bitcoin futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to find a counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets may cause losses, which could be significant. The large size of the positions which the ProFund may acquire increases the risk of illiquidity, may make its positions more difficult to liquidate, and increase the losses incurred while trying to do so.

Inflation Risk

Inflation risk is the risk that the value of assets or income from a ProFund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a ProFund’s portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the ProFund’s investments may not keep pace with inflation, which may result in losses to ProFund investors or adversely affect the real value of shareholders’ investments in a ProFund. Inflation has recently increased and it cannot be predicted whether it may decline.

Subsidiary Investment Risk

Changes in the laws of the United States and/or the Cayman Islands, under which each ProFund and each Subsidiary are organized, respectively, could result in the inability of the ProFunds to operate as intended and could negatively affect the ProFunds and their shareholders. Each ProFund complies with the provisions of the 1940 Act governing investment policies, capital structure, and leverage on an aggregate basis with its respective Subsidiary.

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 31

Active Management Risk

Bitcoin Strategy ProFund is actively managed. The performance of an actively managed fund reflects, in part, the ability of the Advisor to select investments and make investment decisions that are suited to achieving the ProFund’s investment objective. The Advisor’s judgements about the ProFund’s investments may prove to be incorrect. If the investments selected and strategies employed by the Bitcoin Strategy ProFund fails to produce the intended results, the ProFund could underperform or have negative returns as compared to other funds with similar investment objectives and/or strategies.

Short Sale Exposure Risk

The Short Bitcoin Strategy ProFund seeks to obtain inverse or “short” exposure to bitcoin futures contracts. The risks of short exposure include, under certain market conditions, an increase in the volatility and decrease in the liquidity of Bitcoin futures contracts. To the extent that, at any particular point in time, Bitcoin futures contracts may be thinly traded or have a limited market, the ProFund may be unable to meet its investment objective due to a lack of available financial instruments or counterparties. During such periods, the Short Bitcoin Strategy ProFund’s ability to achieve its investment objective may be adversely affected. Obtaining inverse exposure through Bitcoin futures contracts may be considered an aggressive investment technique.

Bitcoin Futures Capacity Risk

If the ProFunds’ ability to obtain exposure to Bitcoin futures contracts consistent with its investment objective is disrupted for any reason including, limited liquidity in the Bitcoin futures market, a disruption to the Bitcoin futures market, or as a result of margin requirements or position limits imposed by the ProFunds’ futures commission merchants (“FCMs”), the listing exchanges, or the CFTC, the ProFunds would not be able to achieve their investment objective and may experience significant losses. In such circumstances, the Adviser intends to take such action as it believes appropriate and in the best interest of each ProFund. Any disruption in a ProFund’s ability to obtain exposure to Bitcoin futures contracts will cause the ProFund’s performance to deviate from the performance of Bitcoin and Bitcoin futures. Additionally, the ability of the ProFund to obtain exposure to Bitcoin futures contracts is limited by certain tax rules that limit the amount the ProFund can invest in its wholly-owned subsidiary as of the end of each tax quarter.

Market and Volatility Risk

The prices of Bitcoin and Bitcoin futures have historically been highly volatile. The value of the Short Bitcoin Strategy ProFund’s inverse exposure to bitcoin futures – and therefore the value of an investment in the ProFund – could decline significantly and without warning, including to zero.

Rolling Futures Contract Risk

Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund (through through their investments in their respective Subsidiaries) have exposure to futures contracts and are subject to risks related to “rolling” of such contracts. Each ProFund does not intend to hold futures contracts through their expiration date, but instead intends to “roll” its futures positions. Rolling occurs when a ProFund closes out of futures contracts as they near their expiration date and is replaced with contracts that have a later expiration date. When the market for these futures contracts is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher futures contract prices for longer expiration contracts is often referred to as “contango.” Alternatively, when the market for futures contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the rolling process of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher futures prices for shorter expiration futures contracts is referred to as “backwardation.” Extended periods of contango or backwardation have occurred in the past and can in the future cause significant losses for a ProFund. The Advisor will utilize active management techniques to seek to mitigate the negative impact or, in certain cases, benefit from the contango or backwardation present in the various futures contract markets, but there can be no guarantee that it will be successful in doing so.

Cybersecurity Risk

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, each ProFund, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related “cyber” risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of a ProFund’s third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund’s ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund information, impede trading, cause reputational damage, and subject the ProFund to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. A ProFund and its shareholders could be negatively impacted as a result. While a ProFund or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified,

32 :: Notes to Consolidated Financial Statements :: January 31, 2024 (unaudited)

in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which a ProFund invests, which could result in material adverse consequences for such issuers, and may cause the ProFund’s investments in such securities to lose value. In addition, cyber attacks involving a counterparty to a ProFund could affect such a counterparty’s ability to meets it obligations to the ProFund, which may result in losses to the ProFund and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund.

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 ProFund 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 ProFund 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 ProFund’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 ProFund’s investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund 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 ProFund’s performance, resulting in losses to your investment.

Risk of Global Economic Shock

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund and its investments. Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia’s recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia’s military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the ProFund’s investments, even beyond any direct exposure the ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the ProFund performance and the value of an investment in the ProFund.

Risks of Government Regulation

The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products” – which could include the cryptocurrency (such as Bitcoin) funds offered by ProFund Advisors. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy the ProFunds.

7. Federal Income Tax Information

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

	Year Ended 2023								Year End 2022
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
October 31
Bitcoin Strategy ProFund	$	6,230,808	$	—	$	—	$	6,230,808	$	—	$	—	$	—	$	—

January 31, 2024 (unaudited) :: Notes to Consolidated Financial Statements :: 33

As of the latest tax year ended October 31, 2023, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
Bitcoin Strategy ProFund	$	11,242	$	—	$	(9,889	)	$	(8,027,159	)	$	(8,025,806	)
Short Bitcoin Strategy ProFund		459		—		(70	)		(452,379	)		(451,990	)

As of the latest tax year ended October 31, 2023, the following ProFunds have capital loss carry forwards (“CLCFs”) as summarized in the table below.

Fund	No Expiration Date
Bitcoin Strategy ProFund	$	9,889
Short Bitcoin Strategy ProFund		70

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distributions 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 years. The Trust’s Board of Trustees does not intend to authorize a distribution of any realized gain for a ProFund until any applicable CLCF has been offset or expires.

As of October 31, 2023, the cost of securities, including derivatives, 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)
Bitcoin Strategy ProFund	$	55,134,595	$	12,166,350	$	(20,193,509	)	$	(8,027,159	)
Short Bitcoin Strategy ProFund		722,194		—		(452,379	)		(452,379	)

8. Subsequent Events

On February 28, 2024, the Board of Trustees approved a change to the Short Bitcoin Strategy ProFund’s underlying index from the S&P CME Bitcoin Futures Index to the Bloomberg Galaxy Bitcoin Index, which resulted in a change to the ProFund’s investment objective. This change became effective on March 15, 2024.

Following this change, the ProFund’s investment objective became: Short Bitcoin Strategy ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Bloomberg Galaxy Bitcoin Index. The Fund does not directly short Bitcoin. In this manner, the Fund seeks daily returns that correspond to the inverse (-1x) of the price of Bitcoin. The ProFund seeks to achieve its stated investment objective for a single day, not for any other period of time.

The ProFunds 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’ financial statements.

34 :: Board Approval of Investment Advisory Agreement :: January 31, 2024 (unaudited)

At a meeting held on September 11-12, 2023, the Board of Trustees (the “Board”) of ProFunds (the “Trust”) considered the renewal of the Investment Advisory Agreement between ProFund Advisors LLC (the “Advisor”) and the Trust, on behalf of each of its operational series (each a “Fund” and collectively the “Funds”) (the “Advisory Agreement”). Certain Funds are designed to match, before fees and expenses, the performance of an underlying index both on a single day and over time (each a “Matching Fund” and, collectively, the “Matching Funds”). Certain other Funds are actively managed and are designed to meet a specified investment objective (each an “Active Fund” and, collectively, the “Active Funds”). Certain other Funds are “geared” funds that are designed to seek daily investment results, before fees and expenses, that correspond to the inverse (-1x), a multiple (i.e., 1.25x, 1.50x or 2x), or an inverse multiple (i.e., -1.25x or -2x) of the daily performance of an index or security (each a “Geared Fund” and, collectively, the “Geared Funds”).

The Board did not identify any particular information that was most relevant to its consideration to approve the continuation of the Advisory Agreement and each Trustee may have afforded different weight to the various factors.

The Board received a memorandum from independent legal counsel to the Independent Trustees regarding the Board’s responsibilities under state and federal law with respect to the Board’s consideration of the renewal or approval of investment advisory agreements. The Independent Trustees were advised by their independent legal counsel throughout the process, including about the legal standards applicable to their review.

In response to a request from the Independent Trustees, the Advisor provided information for the Board to consider relating to the continuation of the Advisory Agreement, including information that addressed, among other things:

	(i)	the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;
	(ii)	the costs of the services to be provided and the profits realized by the Advisor;
	(iii)	the investment performance of the Funds and the Advisor;
	(iv)	the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and

(v)

other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

It was noted that the Independent Trustees requested, and received, information from the Advisor concerning the Funds. In response to the request from the Independent Trustees, the Advisor provided information and reports relevant to the continuation of the Advisory Agreement, including, among other things:

	●	information about the advisory services that were being provided by the Advisor with respect to the Funds;
	●	the Advisor’s Form ADV;
	●	biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;
	●	information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;
	●	information regarding advisory fees earned versus advisory fees waived for previous periods;
	●	performance information for prior periods;
	●	comparative industry fee data;
	●	information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;
	●	information regarding the Advisor’s trade allocation and best execution policies and procedures;
	●	information about the financial condition of the Advisor;
	●	information regarding how the Advisor monitors each Fund’s compliance with regulatory requirements and Trust procedures; and
	●	the Advisor’s reputation, expertise and resources.

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the “Peer Group”) with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund- by-Fund basis, and its determinations were made separately with respect to each Fund.

In addition to the information provided and discussions that occurred at the meeting at which the Board took action regarding the renewal of the Advisory Agreement, the Board also considered information they received throughout the year as part of its regular oversight of the Funds.

Nature, Extent and Quality of the Advisor’s Services

The Board reviewed the nature, extent and quality of the investment advisory services performed by the Advisor. The Board noted there were expected to be no significant differences between the scope of services provided by the Advisor in the past year and those to be provided in the upcoming year. The Board focused on the quality of the personnel and operations at the Advisor and the systems and processes required to manage the Funds effectively. In particular, the Board considered the following:

	●	the investment objective of each Fund, the Advisor’s description of the skills needed to manage each Fund and the Advisor’s success in achieving the investment objectives of each Fund;
	●	the key features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds;
	●	with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund’s daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional index funds;
	●	the size and experience of the Advisor’s portfolio staff and the Advisor’s ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;
	●	the structure of the portfolio Advisor’s staff compensation program and the incentives it is intended to provide;

January 31, 2024 (unaudited) :: Board Approval of Investment Advisory Agreement :: 35

	●	the collateral, credit and cash management functions at the Advisor and enhancements made in these areas in recent years;
	●	the Advisor’s development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds’ ability to meet their stated investment objectives and minimize counterparty risk;
	●	the Advisor’s ability to monitor compliance with the Securities and Exchange Commission’s liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;
	●	a continued investment in personnel and technology by the Advisor that would generally improve capacity and efficiency as well as improvements related to remote and hybrid working conditions;
	●	for certain Bitcoin-linked Funds, the Advisor’s familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, the Advisor’s familiarity with the market for Bitcoin futures and its ability to manage the Funds and obtain appropriate exposure in that market, and the potential benefits of a futures-based approach; and
	●	information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor’s ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds.

The Board considered that the Advisor oversees the operations of the Funds and provides compliance services to the Funds. The Board also reviewed the Advisor’s compliance program, including specific activities associated with the Funds. The Board discussed the compliance program with the Funds’ Chief Compliance Officer (the “CCO”). The Board and the CCO discussed the CCO’s evaluation of the operation of the Advisor’s compliance program, and efforts with respect to the Funds, changes made to the Advisor’s compliance program since the CCO’s last annual report to the Board, and whether the CCO believed additional enhancements to the compliance program were warranted. The Board discussed compliance issues reported to the Board during the prior year and the remediation of such issues. The Board discussed key risk areas identified by the CCO and how such risks are addressed by the compliance program.

Based upon its review, the Board, including all of the Independent Trustees, concluded with respect to each Fund that (i) the investment advisory services provided by the Advisor with respect to the Fund were of high quality, (ii) the Advisor achieved the investment goals of the Fund, (iii) the Advisor’s services benefited the Fund’s shareholders, particularly in light of the nature of the Fund and the services required to support each such Fund, and (iv) they were generally satisfied with the nature, quality and extent of services provided to the Fund by the Advisor.

Comparison of Services and Fees

The Advisor presented information about the fairness and reasonableness of the investment advisory fees payable to the Advisor in light of the investment advisory services provided, the costs of these services and the comparability to the fees paid by other investment companies, including mutual funds or other investment vehicles offering strategies similar in nature and extent to the Funds. The Board discussed the methodology used to prepare the comparative fee data for each Fund and the potential limitations of such data. The Board discussed the difficulty in compiling the comparative data and Peer Group information because, by design, many of the Funds are unique and few, if any, funds offering substantially similar investment objectives and strategies exist. The Board considered the Advisor’s representation that it found the Peer Group compiled by the independent consultant to be appropriate but acknowledged the existence of certain differences between certain Funds and their peers. The Board noted that the methodology used to compile the Peer Group and comparative data was identical to that used in prior years and is continually re-evaluated. Notwithstanding the challenge associated with Peer Group and data compilation, the Board found the comparative information it received to be useful in its evaluation of the reasonableness of the Advisor’s fees. The Advisor presented information about the significant drivers of cost and also examined the costs to investors to achieve the objectives of the Funds on their own and noted that it would be more expensive or impractical to do so.

The Board also considered the fee waiver and/or expense reimbursement arrangements currently in place for each Fund and considered the net advisory fees paid by the Funds after taking waivers and reimbursements into account.

The Board considered and discussed the sub-advisory fees charged and the services provided by the Advisor to the one mutual fund it serves as sub-adviser. The Board recognized that the scope of services provided by the Advisor to the mutual fund is narrower than the services provided to the Funds for several reasons, including that the Advisor performs only services delegated to it by the investment adviser to the mutual fund and does not provide other services like daily cash management, securities lending, marketing, client services, collateral management and counterparty management. The Board noted that for these reasons it is difficult to make comparisons of fees charged to the sub-advised mutual fund and the Funds.

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.

The Board, including all of the Independent Trustees, concluded that, with respect to the Funds, the investment advisory fees and any other compensation payable to the Advisor were reasonable in relation to the nature and quality of the services provided and that the continuation of the Advisory Agreement was in the best interests of the shareholders of the Funds.

Investment Performance of the Funds and the Advisor

The Board considered total return information for each Fund and focused on the correlation of returns to benchmark information for each Geared Fund for the 3-month, 1-year, 5-year, 10-year and since inception periods ended June 30, 2023, as applicable. The Board also considered performance information provided at regular Board meetings throughout the year. The Board noted that correlation of returns for each Geared Fund remained strong during the applicable periods and that Geared Fund performance versus target performance was generally within expected ranges. The Board further noted that Matching Fund performance versus

36 :: Board Approval of Investment Advisory Agreement :: January 31, 2024 (unaudited)

benchmark index performance was also generally within expected ranges during the applicable periods. The Board noted that, given the nature of the Funds that are Matching Funds or Geared Funds, the correlation of such Fund’s performance with the performance of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund’s total return.

With regard to the Active Funds, the Board considered that the Access Flex High Yield ProFund outperformed its Peer Group and index for the one-year and five-year periods ended June 30, 2023, and underperformed its Peer Group and index for the three-year and ten-year periods ended June 30, 2023. In regard to the Access Flex Bear High Yield ProFund, the Board considered that for each of the one-year, three-year, five-year and ten-year periods ended June 30, 2023, the Fund underperformed its Peer Group and benchmark index.

With regard to the Access VP High Yield Fund, the Board noted that for three-year and five-year periods ended June 30, 2023, the Fund outperformed its Peer Group and underperformed its Peer Group for the one-year and ten-year periods ended June 30, 2023. The Fund underperformed its benchmark index for the one-year, three-year, five-year and ten-year periods.

With regard to the Bitcoin Strategy ProFund, the Board noted that for the one-year period ended June 30, 2023, the Fund closely tracked its benchmark index and outperformed its Peer Group average and universe average.

After reviewing the performance of the Funds, the Board, including the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

With regard to the VP Government Money Market Fund, the Board considered that the Advisor has contractually undertaken to waive fees and/or reimburse expenses to maintain a minimum yield floor limit at 0.02% and has also contractually agreed to waive total operating expenses to 0.90% where previously it had been contractually capped at 1.35%. The Advisor had voluntarily reduced the prior contractual cap to 0.90%. The Board noted that under the minimum yield agreement there have been no payments or deferred fee or reimbursed expenses from the Fund since March 4, 2020. The Advisor also confirmed it will not recoup any amounts of fees previously waived or expenses previously reimbursed without first notifying the Independent Trustees.

Profitability

The Board considered and discussed with representatives of the Advisor the significant drivers of cost incurred by or expected to be incurred by the Advisor in managing the Funds, including, but not limited to, intellectual capital, regulatory compliance, daily portfolio rebalancing of the Geared Funds, and entrepreneurial risk, and considered the costs that investors likely would incur if they independently sought to achieve the objectives of the Funds. The Board considered and discussed with representatives of the Advisor the profitability to the Advisor of its management of each of the Funds. The Board also discussed the Advisor’s profit margin, including the expense allocation methodology used in the Advisor’s profitability analysis. It was noted that the methodology for determining profitability was conducted in a similar fashion as the prior year.

The Independent Trustees met in executive session to discuss and evaluate the information provided by the Advisor and the independent consultant. Among other things, the Independent Trustees reviewed information regarding the financial condition and profitability of the Advisor, including the methodologies involved in calculating profitability.

Based on its review, the Board, including all of the Independent Trustees, concluded that the profitability to the Advisor of the Advisory Agreement was reasonable in light of the services and benefits provided to each Fund.

Economies of Scale

The Board discussed with representatives of the Advisor potential economies of scale in connection with the management and operation of each Fund as well as the effect of the contractual expense limitations undertaken by the Advisor. The Board considered that each Fund covered by the Advisory Agreement pays the Advisor an annual investment advisory fee of 0.75% of average daily net assets (other than the Ultra Japan ProFund and the UltraShort Japan ProFund, each of which pay 0.90%, the Nasdaq-100 ProFund which pays 0.70%, the ProFund V.P. U.S. Government Plus, which pays 0.50% and the Bitcoin Strategy ProFund and Short Bitcoin Strategy ProFund which each pay 0.45%).

The Board considered that, 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 reduce each Fund’s annual investment advisory fee by 0.025% on non-money market mutual fund net assets in excess of $500 million up to $1 billion, 0.05% on assets in excess of $1 billion up to $2 billion and 0.075% on assets in excess of $2 billion. The Board considered that for the periods presented, none of the Funds were subject to advisory fee reductions as a result of breakpoint fee reductions.

The Board indicated to the Advisor that it will continue to consider and evaluate on an ongoing basis potential economies of scale and how Fund shareholders might benefit from those economies of scale.

Other Benefits

The Board also considered the Advisor’s non-advisory services, including those performed under a separate Management Services Agreement. The Board considered the fact that the Geared Funds’ shareholders, and the shareholders of certain Matching Funds, tend to be active traders, which adds a level of complexity to the management of those Funds as the Advisor needs to account for significant asset flows in and out of the Funds. The Board also considered any indirect, or “fall-out,” benefits that the Advisor or its affiliates derived from their relationship to the Funds but concluded that such benefits were relatively insignificant.

The Board considered that ProFund Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Funds for providing services under a Distribution and Shareholder Services Plan.

January 31, 2024 (unaudited) :: Board Approval of Investment Advisory Agreement :: 37

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent Trustees, determined that the Agreement for the Funds is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor’s expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreement was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.

38 :: Liquidity Risk Management Program :: January 31, 2024 (unaudited)

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 11-12, 2023, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust’s Liquidity Program (the “Annual Liquidity Report”). The Annual Liquidity Report, which covered the period from July 1, 2022 through June 30, 2023, addressed the operation of the Trust’s Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program’s implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund’s liquidity risk; (2) each Fund’s liquidity risk continues to be appropriate in light of the Fund’s investment objective and strategies and each Fund’s investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

P.O. Box 182800

Columbus, OH 43218-2800

ProFunds^®

Post Office Mailing Address for Investments

P.O. Box 182800
Columbus, OH 43218-2800

Phone Numbers

For Individual Investors Only: 888-776-3637 Or: 614-470-8122
Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552
Fax Number: (800) 782-4797
Website Address: ProFunds.com

This report is submitted for the general information of the shareholders of the ProFunds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. To receive the most recent month end performance information for each Fund, please call toll-free 888-776-5717.

A description of the policies and procedures that the ProFunds uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll-free 888-776-3637; and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the ProFund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available. (i) without change by calling toll-free 888-776-3637; (ii) on the ProFunds’ website at ProFunds.com; and (iii) on the Commission’s website at sec.gov.

ProFunds files complete lists of portfolio holdings with the Commission for the first and third quarters of each fiscal year on Form N-PORT (and successor Forms). Schedules of Portfolio Holding for the Funds in this report are available without charge on the Commission’s website at sec.gov, or may be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

01/24

Semiannual Report

JANUARY 31, 2024

	Investor	Service
Access Flex Bear High Yield ProFund	AFBIX	AFBSX
Access Flex High Yield ProFund	FYAIX	FYASX
Banks UltraSector ProFund	BKPIX	BKPSX
Bear ProFund	BRPIX	BRPSX
Biotechnology UltraSector ProFund	BIPIX	BIPSX
Bull ProFund	BLPIX	BLPSX
Communication Services UltraSector ProFund	WCPIX	WCPSX
Consumer Discretionary UltraSector ProFund	CYPIX	CYPSX
Consumer Staples UltraSector ProFund	CNPIX	CNPSX
Energy UltraSector ProFund	ENPIX	ENPSX
Europe 30 ProFund	UEPIX	UEPSX
Falling U.S. Dollar ProFund	FDPIX	FDPSX
Financials UltraSector ProFund	FNPIX	FNPSX
Health Care UltraSector ProFund	HCPIX	HCPSX
Industrials UltraSector ProFund	IDPIX	IDPSX
Internet UltraSector ProFund	INPIX	INPSX
Large-Cap Growth ProFund	LGPIX	LGPSX
Large-Cap Value ProFund	LVPIX	LVPSX
Materials UltraSector ProFund	BMPIX	BMPSX
Mid-Cap Growth ProFund	MGPIX	MGPSX
Mid-Cap ProFund	MDPIX	MDPSX
Mid-Cap Value ProFund	MLPIX	MLPSX
Nasdaq-100 ProFund	OTPIX	OTPSX
Oil & Gas Equipment & Services UltraSector ProFund	OEPIX	OEPSX
Pharmaceuticals UltraSector ProFund	PHPIX	PHPSX
Precious Metals UltraSector ProFund	PMPIX	PMPSX
Real Estate UltraSector ProFund	REPIX	REPSX
Rising Rates Opportunity ProFund	RRPIX	RRPSX
Rising Rates Opportunity 10 ProFund	RTPIX	RTPSX
Rising U.S. Dollar ProFund	RDPIX	RDPSX
Semiconductor UltraSector ProFund	SMPIX	SMPSX
Short Energy ProFund	SNPIX	SNPSX
Short Nasdaq-100 ProFund	SOPIX	SOPSX
Short Precious Metals ProFund	SPPIX	SPPSX
Short Real Estate ProFund	SRPIX	SRPSX
Short Small-Cap ProFund	SHPIX	SHPSX
Small-Cap Growth ProFund	SGPIX	SGPSX
Small-Cap ProFund	SLPIX	SLPSX
Small-Cap Value ProFund	SVPIX	SVPSX
Technology UltraSector ProFund	TEPIX	TEPSX
UltraBear ProFund	URPIX	URPSX
UltraBull ProFund	ULPIX	ULPSX
UltraChina ProFund	UGPIX	UGPSX
UltraDow 30 ProFund	UDPIX	UDPSX
UltraEmerging Markets ProFund	UUPIX	UUPSX
UltraInternational ProFund	UNPIX	UNPSX
UltraJapan ProFund	UJPIX	UJPSX
UltraLatin America ProFund	UBPIX	UBPSX
UltraMid-Cap ProFund	UMPIX	UMPSX
UltraNasdaq-100 ProFund	UOPIX	UOPSX
UltraShort China ProFund	UHPIX	UHPSX
UltraShort Dow 30 ProFund	UWPIX	UWPSX
UltraShort Emerging Markets ProFund	UVPIX	UVPSX
UltraShort International ProFund	UXPIX	UXPSX
UltraShort Japan ProFund	UKPIX	UKPSX
UltraShort Latin America ProFund	UFPIX	UFPSX
UltraShort Mid-Cap ProFund	UIPIX	UIPSX
UltraShort Nasdaq-100 ProFund	USPIX	USPSX
UltraShort Small-Cap ProFund	UCPIX	UCPSX
UltraSmall-Cap ProFund	UAPIX	UAPSX
U.S. Government Plus ProFund	GVPIX	GVPSX
Utilities UltraSector ProFund	UTPIX	UTPSX

Table of Contents

1		Message from the Chairman
3		Allocation of Portfolio Holdings and Index Composition
25		Expense Examples

		Schedules of Portfolio Investments
32		Access Flex Bear High Yield ProFund
33		Access Flex High Yield ProFund
34		Banks UltraSector ProFund
36		Bear ProFund
37		Biotechnology UltraSector ProFund
40		Bull ProFund
43		Communication Services UltraSector ProFund
45		Consumer Discretionary UltraSector ProFund
47		Consumer Staples UltraSector ProFund
49		Energy UltraSector ProFund
51		Europe 30 ProFund
53		Falling U.S. Dollar ProFund
54		Financials UltraSector ProFund
56		Health Care UltraSector ProFund
58		Industrials UltraSector ProFund
60		Internet UltraSector ProFund
62		Large-Cap Growth ProFund
66		Large-Cap Value ProFund
72		Materials UltraSector ProFund
74		Mid-Cap Growth ProFund
78		Mid-Cap ProFund
84		Mid-Cap Value ProFund
89		Nasdaq-100 ProFund
92		Oil & Gas Equipment & Services UltraSector ProFund
94		Pharmaceuticals UltraSector ProFund
96		Precious Metals UltraSector ProFund
98		Real Estate UltraSector ProFund
100		Rising Rates Opportunity ProFund
101		Rising Rates Opportunity 10 ProFund
102		Rising U.S. Dollar ProFund
103		Semiconductor UltraSector ProFund
105		Short Energy ProFund
106		Short Nasdaq-100 ProFund
107		Short Precious Metals ProFund
108		Short Real Estate ProFund
109		Short Small-Cap ProFund
110		Small-Cap Growth ProFund
115		Small-Cap ProFund
118		Small-Cap Value ProFund
125		Technology UltraSector ProFund
127		UltraBear ProFund
128		UltraBull ProFund
131		UltraChina ProFund
133		UltraDow 30 ProFund
135		UltraEmerging Markets ProFund
137		UltraInternational ProFund
138		UltraJapan ProFund
139		UltraLatin America ProFund
141		UltraMid-Cap ProFund
148		UltraNasdaq-100 ProFund
151		UltraShort China ProFund
152		UltraShort Dow 30 ProFund
153		UltraShort Emerging Markets ProFund
154		UltraShort International ProFund
155		UltraShort Japan ProFund
156		UltraShort Latin America ProFund
157		UltraShort Mid-Cap ProFund
158		UltraShort Nasdaq-100 ProFund
159		UltraShort Small-Cap ProFund
160		UltraSmall-Cap ProFund
163		U.S. Government Plus ProFund
164		Utilities UltraSector ProFund
165		Statements of Assets and Liabilities
179		Statements of Operations
193		Statements of Changes in Net Assets
219		Financial Highlights
251		Notes to Financial Statements
289		Board Approval of Investment Advisory Agreement
293		Liquidity Risk Management Program

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Message from the Chairman

Dear Shareholder,

Economic and market sentiments were generally more positive during the reporting period, though concern about inflation, the potential for recession, and other market forces continued to linger. ProFunds is committed to helping you, our investors, meet this challenging environment by providing an innovative array of products and services designed to help you meet your objectives under a range of conditions. Following is the ProFunds Semiannual Report to Shareholders for the six months ending January 31, 2024.

Interest Rates Remain High, Despite Moderating Inflation

Combating elevated inflation and avoiding a recession were the dominant themes of economic policymaking during the past six months. Just before the start of the reporting period, at its July meeting, the Federal Reserve increased short-term rates to a target range of between 5.25% and 5.5%. The Fed has not changed rates since. Inflationary pressures have moderated, with minor fluctuations leaving the Consumer Price Index at just 3.4% by December. Chairman Jerome Powell also communicated that the Fed will “let the data reveal the appropriate path” before it decides when to begin lowering rates.

The picture was similar outside the United States. The European Central Bank (ECB) and Bank of England raised interest rates during the summer, but have since left them on hold. ECB President Christine Lagarde has commented that rates will stay high for “as long as necessary” to beat back inflation. The Bank of Japan, which continued to hold its short-term rate at -0.1% during the period, remains the lone exception in the developed world.

A Tale of Two Markets: Volatility, Then Recovery

In terms of market performance, the reporting period can be divided roughly in half. Most U.S. asset classes and financial markets experienced volatility through the end of October 2023, as investors tried to navigate elevated rates, high bond yields, uncertainty regarding the path of inflation, and a resilient U.S. labor market. Many markets rallied during the second half of the period, however, resulting in positive returns over the full six months. In the United States, gains were particularly strong among larger companies and technology firms. The Dow Jones Industrial Average^® gained 8.4%, the S&P 500^® rose 6.4%, and the tech-heavy Nasdaq-100 Index^® gained 9.2%. Mid- and small-cap firms saw mixed results: The S&P MidCap 400^® increased by 1.0%, and the small-cap Russell 2000 Index^® lost 2.0%. Across the major sectors, technology, communications, and financials were the best performers, up 11.4%, 10.9%, and 10.8%, respectively. Of the sectors that fell, the weakest performer was utilities, which declined 6.8%.

Despite concerns over the impact of persistently elevated interest rates, a feared recession never materialized, and the potential for a much-hoped-for “soft landing” grew as the period progressed. U.S. real gross domestic product growth

came in strong for the third quarter, at 4.9%, and the government’s advance estimate put fourth-quarter growth at 3.3%. While the U.S. unemployment rate ticked up slightly through the fall, it remained a low 3.7%. The Bloomberg Dollar Spot Index rose 1.6% for the period.

International Equities Post Mixed Results Moving into 2024

The influence of elevated interest rates, combined with weaker growth figures relative to U.S. markets, produced mixed results for international equities. The MSCI EAFE Index^®, which tracks developed markets outside North America, rose 3.2%, while the MSCI Europe Index^® gained 2.3%. The strongest non-U.S. performer in the developed world was Japan, with the Nikkei ending the period up 7.2%. The S&P Emerging 50 ADR Index lost 4.7% overall, but within emerging markets, the S&P Latin America 35 ADR Index gained 3.7%. Weakness was most pronounced in China: The S&P China Select ADR Index lost 21.3% during the period.

Fixed Income Navigates a Challenging Policy Picture

U.S. bond markets generated modest returns amid continued interest rate uncertainty during the period. Corporate debt slightly outperformed U.S. government debt. The Bloomberg U.S. Aggregate Total Return Index^® gained 3.2%. Returns were marginally higher on the short end of the curve, with the S&P U.S. Treasury Bond Current 10-Year Total Return Index^® rising 1.8% while its 30-year counterpart lost 1.9%. The iBoxx $ Liquid High Yield Index^® rose 5.9%, and the iBoxx $ Liquid Investment Grade Index^® gained 4.8%.

ProFunds Trust Results Seek to Mirror the Markets

ProFunds’ index-based mutual funds offer many advantages, such as unlimited trading without fees or restrictions, access to diverse asset classes and segments, and a range of exposures from 2x to -2x that investors can use to express their market views. Reflecting the market conditions over the past six months, ProFunds investors saw opportunities to gain across a variety of equity strategies, particularly those focused on large-cap U.S. companies, the tech sector, and Japan.

No matter what direction the market takes, ProFunds mutual funds offer an extensive lineup of strategies designed to meet your investment goals, help manage risk, and potentially enhance returns. We appreciate the trust and confidence you have placed in ProFunds, and we look forward to continuing to serve your investment needs.

Sincerely,

Michael L. Sapir

Chairman of the Board of Trustees

Allocation of Portfolio Holdings and Index Composition

4 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Access Flex Bear High Yield ProFund

Investment Objective: The Access Flex Bear High Yield ProFund seeks to provide investment results that correspond generally to the inverse (-1x) of the total return of the high yield market, consistent with maintaining reasonable liquidity.

Market Exposure

Investment Type	% of Net Assets
Credit Default Swap Agreements		(96	)%
Futures Contracts		(85	)%

“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 Access Flex Bear High Yield ProFund 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	)%
Communications		(12	)%
Financial		(10	)%
Industrials		(9	)%
Energy		(8	)%
Basic Materials		(7	)%
Technology		(5	)%
Utilities		(4	)%

Access Flex High Yield ProFund

Investment Objective: The Access Flex High Yield ProFund seeks to provide investment results that correspond generally to the total return of the high yield market, consistent with maintaining reasonable liquidity.

Market Exposure

Investment Type	% of Net Assets
Credit Default Swap Agreements		84	%
Futures Contracts		8	%
U.S. Treasury Obligation		61	%

“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 Access Flex High Yield ProFund 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	%
Communications		12	%
Financial		10	%
Industrials		9	%
Energy		8	%
Basic Materials		7	%
Technology		5	%
Utilities		4	%

Banks UltraSector ProFund

Investment Objective: The Banks Ultrasector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Banks Select Industry Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		80	%
Swap Agreements		71	%
Total Exposure		151	%

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

Largest Equity Holdings

Company	% of Net Assets
Corebridge Financial, Inc.		1.6	%
Citigroup, Inc.		1.5	%
The Bank of New York Mellon Corp.		1.5	%
Western Alliance Bancorp		1.5	%
Citizens Financial Group, Inc.		1.5	%

S&P Banks Select Industry Index – Composition

	% of Index
Regional Banks		65	%
Diversified Banks		17	%
Other Diversified Financial Services		8	%
Commercial & Residential Mortgage Finance		7	%
Asset Management & Custody Banks		3	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 5

Bear ProFund

Investment Objective: The Bear ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P 500^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(6	)%
Swap Agreements		(93	)%
Total Exposure		(99	)%

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

Holdings

The Bear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P 500^® – Composition

	% of Index
Information Technology		30	%
Financials		13	%
Health Care		13	%
Consumer Discretionary		10	%
Communication Services		9	%
Industrials		9	%
Consumer Staples		6	%
Energy		4	%
Real Estate		2	%
Materials		2	%
Utilities		2	%

Biotechnology UltraSector ProFund

Investment Objective: The Biotechnology UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Biotechnology Select Industry Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		76	%
Swap Agreements		75	%
Total Exposure		151	%

Largest Equity Holdings

Company	% of Net Assets
Cytokinetics, Inc.		2.1	%
Karuna Therapeutics, Inc.		1.4	%
Sarepta Therapeutics, Inc.		1.2	%
Biohaven, Ltd.		1.2	%
Ardelyx, Inc.		1.2	%

S&P Biotechnology Select Industry Index – Composition

		% of Index
Biotechnology			100	%

Bull ProFund

Investment Objective: The Bull ProFund seeks investment results, before fees and expenses, that correspond to the performance of the S&P 500^®.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		68	%
Futures Contracts		3	%
Swap Agreements		28	%
Total Exposure		99	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		5.0	%
Apple, Inc.		4.5	%
Alphabet, Inc.		2.6	%
NVIDIA Corp.		2.6	%
Amazon.com, Inc.		2.4	%

S&P 500^® – Composition

	% of Index
Information Technology		30	%
Financials		13	%
Health Care		13	%
Consumer Discretionary		10	%
Communication Services		9	%
Industrials		9	%
Consumer Staples		6	%
Energy		4	%
Real Estate		2	%
Materials		2	%
Utilities		2	%

6 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Communication Services UltraSector ProFund

Investment Objective: The Communication Services UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Communication Services Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		87	%
Swap Agreements		63	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Meta Platforms, Inc.		21.6	%
Alphabet, Inc.		19.1	%
Netflix, Inc.		4.5	%
Verizon Communications, Inc.		4.0	%
Comcast Corp.		4.0	%

S&P Communication Services Select Sector Index – Composition

	% of Index
Interactive Media & Services		48	%
Entertainment		22	%
Media		17	%
Diversified Telecommunication Services		9	%
Wireless Telecommunication Services		4	%

Consumer Discretionary UltraSector ProFund

Investment Objective: The Consumer Discretionary UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Consumer Discretionary Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		75	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Amazon.com, Inc.		18.4	%
Tesla, Inc.		10.6	%
The Home Depot, Inc.		3.6	%
McDonald’s Corp.		3.5	%
NIKE, Inc.		2.9	%

S&P Consumer Discretionary Select Sector Index – Composition

	% of Index
Retailing		46	%
Consumer Services		25	%
Automobiles & Components		18	%
Consumer Durables & Apparel		11	%

Consumer Staples UltraSector ProFund

Investment Objective: The Consumer Staples UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Consumer Staples Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		73	%
Swap Agreements		77	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
The Procter & Gamble Co.		10.8	%
Costco Wholesale Corp.		9.0	%
PepsiCo, Inc.		6.7	%
The Coca-Cola Co.		6.7	%
Walmart, Inc.		3.4	%

S&P Consumer Staples Select Sector Index – Composition

	% of Index
Food, Beverage & Tobacco		50	%
Food & Staples Retailing		26	%
Household & Personal Products		24	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 7

Energy UltraSector ProFund

Investment Objective: The Energy UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Energy Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		76	%
Total Exposure		151	%

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

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		17.4	%
Chevron Corp.		13.1	%
ConocoPhillips		6.7	%
EOG Resources, Inc.		3.4	%
Schlumberger N.V.		3.3	%

S&P Energy Select Sector Index – Composition

	% of Index
Oil, Gas & Consumable Fuels		91	%
Energy Equipment & Services		9	%

Europe 30 ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
ASML Holding N.V.		6.3	%
SAP SE		6.1	%
Shell PLC		5.6	%
TotalEnergies SE		4.8	%
HSBC Holdings PLC		4.7	%

ProFunds Europe 30 Index – Composition

Industry Breakdown	% of Index
Energy		20	%
Information Technology		20	%
Health Care		19	%
Consumer Staples		14	%
Financials		10	%
Materials		6	%
Industrials		6	%
Utilities		3	%
Communication Services		2	%

Country Composition
United Kingdom	46	%
France	12	%
Netherlands	11	%
Germany	8	%
Other	23	%

Falling U.S. Dollar ProFund

Investment Objective: The Falling U.S. Dollar ProFund seeks investment results, before fees and expenses, that correspond to the daily performance of the basket of non-U.S currencies included in the ICE^® U.S. Dollar Index^®.

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 instruments used for cash management.

Holdings

The Falling U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

ICE^® U.S. Dollar Index^® – Composition

	% of Index
Euro		57	%
Japanese yen		14	%
British pound		12	%
Canadian dollar		9	%
Swedish krona		4	%
Swiss franc		4	%

8 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Financials UltraSector ProFund

Investment Objective: The Financials UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Financial Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		72	%
Swap Agreements		78	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		9.4	%
JPMorgan Chase & Co.		6.8	%
Visa, Inc.		5.8	%
Mastercard, Inc.		5.0	%
Bank of America Corp.		3.1	%

S&P Financial Select Sector Index – Composition

	% of Index
Diversified Financials		59	%
Banks		25	%
Insurance		16	%

Health Care UltraSector ProFund

Investment Objective: The Health Care UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Health Care Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		72	%
Swap Agreements		78	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Eli Lilly & Co.		7.1	%
UnitedHealth Group, Inc.		6.6	%
Johnson & Johnson		5.3	%
Merck & Co., Inc.		4.2	%
AbbVie, Inc.		4.0	%

S&P Health Care Select Sector Index – Composition

	% of Index
Pharmaceuticals		30	%
Health Care Providers & Services		23	%
Health Care Equipment & Supplies		20	%
Biotechnology		16	%
Life Sciences Tools & Services		11	%

Industrials UltraSector ProFund

Investment Objective: the Industrials UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Industrials Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		63	%
Swap Agreements		87	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Caterpillar, Inc.		2.8	%
Union Pacific Corp.		2.7	%
General Electric Co.		2.6	%
Uber Technologies, Inc.		2.4	%
Honeywell International, Inc.		2.4	%

S&P Industrials Select Sector Index – Composition

	% of Index
Capital Goods		66	%
Transportation		20	%
Commercial & Professional Services		14	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 9

Internet UltraSector ProFund

Investment Objective: The Internet UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half (1.5x) the daily performance of the Dow Jones Internet Composite Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		73	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Alphabet, Inc.		7.4	%
Amazon.com, Inc.		7.1	%
Meta Platforms, Inc.		6.4	%
Netflix, Inc.		4.1	%
Salesforce, Inc.		4.0	%

Dow Jones Internet CompositeIndex – Composition

	% of Index
Interactive Media & Services		22	%
Software		22	%
Multiline Retail		13	%
IT Services		11	%
Communications Equipment		11	%
Entertainment		7	%
Hotels, Restaurants & Leisure		7	%
Diversified Financial Services		3	%
Health Care Technology		3	%
Specialty Retail		1	%

Large-Cap Growth ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		13.4	%
Apple, Inc.		12.2	%
Alphabet, Inc.		7.0	%
NVIDIA Corp.		6.9	%
Amazon.com, Inc.		6.4	%

S&P 500^® Growth Index – Composition

	% of Index
Information Technology		49	%
Consumer Discretionary		14	%
Communication Services		12	%
Health Care		7	%
Industrials		6	%
Financials		5	%
Consumer Staples		3	%
Energy		2	%
Materials		1	%
Real Estate		1	%

Large-Cap Value ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		3.7	%
JPMorgan Chase & Co.		2.7	%
Exxon Mobil Corp.		2.2	%
Johnson & Johnson		2.0	%
UnitedHealth Group, Inc.		1.6	%

S&P 500^® Value Index – Composition

	% of Index
Financials		23	%
Health Care		19	%
Industrials		11	%
Consumer Staples		10	%
Information Technology		8	%
Energy		6	%
Consumer Discretionary		6	%
Communication Services		5	%
Utilities		5	%
Real Estate		4	%
Materials		3	%

10 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Materials UltraSector ProFund

Investment Objective: The Materials UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Materials Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		80	%
Swap Agreements		71	%
Total Exposure		151	%

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

Largest Equity Holdings

Company	% of Net Assets
Linde PLC		16.9	%
The Sherwin-Williams Co.		6.2	%
Freeport-McMoRan, Inc.		4.9	%
Air Products and Chemicals, Inc.		4.9	%
Ecolab, Inc.		4.3	%

S&P Materials Select Sector Index – Composition

	% of Index
Chemicals		67	%
Metals & Mining		17	%
Containers & Packaging		9	%
Construction Materials		7	%

Mid-Cap Growth ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		1.9	%
Deckers Outdoor Corp.		1.5	%
Reliance Steel & Aluminum Co.		1.3	%
Carlisle Cos., Inc.		1.2	%
GoDaddy, Inc.		1.2	%

S&P MidCap 400^® Growth Index – Composition

	% of Index
Industrials		26	%
Consumer Discretionary		18	%
Information Technology		14	%
Health Care		9	%
Financials		9	%
Materials		6	%
Energy		6	%
Real Estate		5	%
Consumer Staples		4	%
Utilities		2	%
Communication Services		1	%

Mid-Cap ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		23	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.8	%
Deckers Outdoor Corp.		0.6	%
Reliance Steel & Aluminum Co.		0.5	%
Carlisle Cos., Inc.		0.5	%
GoDaddy, Inc.		0.5	%

S&P MidCap 400^® – Composition

	% of Index
Industrials		22	%
Financials		17	%
Consumer Discretionary		15	%
Information Technology		10	%
Health Care		8	%
Real Estate		7	%
Materials		7	%
Energy		5	%
Consumer Staples		4	%
Utilities		3	%
Communication Services		2	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 11

Mid-Cap Value ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		100	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
WP Carey, Inc.		1.1	%
Fidelity National Financial, Inc.		1.1	%
Reinsurance Group of America, Inc.		1.0	%
Performance Food Group Co.		0.9	%
United States Steel Corp.		0.9	%

S&P MidCap 400^® Value Index – Composition

	% of Index
Financials		26	%
Industrials		15	%
Consumer Discretionary		12	%
Real Estate		10	%
Materials		8	%
Information Technology		7	%
Health Care		6	%
Consumer Staples		5	%
Utilities		5	%
Energy		4	%
Communication Services		2	%

Nasdaq-100 ProFund

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		50	%
Futures Contracts		3	%
Swap Agreements		47	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		4.5	%
Apple, Inc.		4.4	%
Alphabet, Inc.		2.5	%
Amazon.com, Inc.		2.4	%
NVIDIA Corp.		2.3	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		51	%
Communication Services		15	%
Consumer Discretionary		13	%
Health Care		7	%
Consumer Staples		7	%
Industrials		5	%
Utilities		1	%
Financials		1	%

Oil & Gas Equipment & Services UltraSector ProFund

Investment Objective: The Oil & Gas Equipment & Services UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Oil & Gas Equipment & Services Select Industry Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		73	%
Swap Agreements		77	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Liberty Energy, Inc.		3.4	%
Tidewater, Inc.		3.4	%
Helmerich & Payne, Inc.		3.3	%
Oceaneering International, Inc.		3.2	%
Nabors Industries, Ltd.		3.1	%

S&P Oil & Gas Equipment & Services Select Industry Index – Composition

	% of Index
Oil & Gas Equipment & Services		72	%
Oil & Gas Drilling		28	%

12 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Pharmaceuticals UltraSector ProFund

Investment Objective: The Pharmaceuticals UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Pharmaceuticals Select Industry Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Swap Agreements		74	%
Total Exposure		151	%

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

Largest Equity Holdings

Company	% of Net Assets
Organon & Co.		4.7	%
Catalent, Inc.		4.3	%
Axsome Therapeutics, Inc.		4.0	%
Viatris, Inc.		3.7	%
Merck & Co., Inc.		3.6	%

S&P Pharmaceuticals Select Industry Index – Composition

	% of Index
Pharmaceuticals		100	%

Precious Metals UltraSector ProFund

Investment Objective: The Precious Metals UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the Dow Jones Precious Metals^SM Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		74	%
Swap Agreements		76	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Newmont Corp.		13.9	%
Barrick Gold Corp.		9.6	%
Agnico Eagle Mines, Ltd.		8.6	%
Wheaton Precious Metals Corp.		7.4	%
Franco-Nevada Corp.		7.3	%

Dow Jones Precious Metals^SM Index – Composition

	% of Index
Gold		92	%
Silver		6	%
Precious Metals & Minerals		2	%

Real Estate UltraSector ProFund

Investment Objective: The Real Estate UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Real Estate Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Swap Agreements		76	%
Total Exposure		151	%

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

Largest Equity Holdings

Company	% of Net Assets
Prologis, Inc.		9.0	%
American Tower Corp.		7.0	%
Equinix, Inc.		6.0	%
Welltower, Inc.		3.7	%
Crown Castle, Inc.		3.6	%

S&P Real Estate Select Sector Index – Composition

	% of Index
Specialized REITs		46	%
Industrial REITs		12	%
Residential REITs		12	%
Retail REITs		12	%
Health Care REITs		8	%
Real Estate Management & Development		6	%
Office REITs		3	%
Hotel & Resort REITs		1	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 13

Rising Rates Opportunity ProFund

Investment Objective: The Rising Rates Opportunity ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily performance of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(124	)%
Total Exposure		(124	)%

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

Holdings

The Rising Rates Opportunity ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Rising Rates Opportunity 10 ProFund

Investment Objective: The Rising Rates Opportunity 10 ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the most recently issued 10-year U.S. Treasury Note for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(99	)%
Total Exposure		(99	)%

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

Holdings

The Rising Rates Opportunity 10 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Rising U.S. Dollar ProFund

Investment Objective: The Rising U.S. Dollar ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the basket of non-U.S. currencies included in the ICE^® U.S. Dollar Index^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

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 instruments used for cash management.

Holdings

The Rising U.S. Dollar ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

ICE^® U.S. Dollar Index^®– Composition

	% of Index
Euro		57	%
Japanese yen		14	%
British pound		12	%
Canadian dollar		9	%
Swedish krona		4	%
Swiss franc		4	%

14 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Semiconductor UltraSector ProFund

Investment Objective: The Semiconductor UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the Dow Jones U.S. Semiconductors^SM Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		58	%
Swap Agreements		92	%
Total Exposure		150	%

Largest Equity Holdings

Company	% of Net Assets
NVIDIA Corp.		24.1	%
Broadcom, Inc.		8.2	%
Advanced Micro Devices, Inc.		4.3	%
Intel Corp.		2.9	%
QUALCOMM, Inc.		2.6	%

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

	% of Index
Semiconductors & Semiconductor Equipment		100	%

Short Energy ProFund

Investment Objective: The Short Energy ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Energy Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(101	)%
Total Exposure		(101	)%

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

Holdings

The Short Energy ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P Energy Select Sector Index – Composition

	% of Index
Oil, Gas & Consumable Fuels		91	%
Energy Equipment & Services		9	%

Short Nasdaq-100 ProFund

Investment Objective: The Short Nasdaq-100 ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

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 instruments used for cash management.

Holdings

The Short Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		51	%
Communication Services		15	%
Consumer Discretionary		13	%
Health Care		7	%
Consumer Staples		7	%
Industrials		5	%
Utilities		1	%
Financials		1	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 15

Short Precious Metals ProFund

Investment Objective: The Short Precious Metals ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones Precious Metals^SM Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

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

Holdings

The Short Precious Metals ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones Precious Metals^SM Index – Composition

	% of Index
Gold		92	%
Silver		6	%
Precious Metals & Minerals		2	%

Short Real Estate ProFund

Investment Objective: The Short Real Estate ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P Real Estate Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

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

Holdings

The Short Real Estate ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P Real Estate Select Sector Index – Composition

	% of Index
Specialized REITs		46	%
Industrial REITs		12	%
Residential REITs		12	%
Retail REITs		12	%
Health Care REITs		8	%
Real Estate Management & Development		6	%
Office REITs		3	%
Hotel & Resort REITs		1	%

Short Small-Cap ProFund

Investment Objective: The Short Small-Cap ProFund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(100	)%
Total Exposure		(100	)%

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

Holdings

The Short Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Financials		17	%
Health Care		16	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		4	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

16 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

Small-Cap Growth ProFund

Investment Objective: The Small-Cap Growth ProFund seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Growth Index.

Market Exposure

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

Largest Equity Holdings

Company	% of Net Assets
Fabrinet		1.4	%
Applied Industrial Technologies, Inc.		1.2	%
SPS Commerce, Inc.		1.2	%
The Ensign Group, Inc.		1.2	%
Meritage Homes Corp.		1.1	%

S&P SmallCap 600^® Growth Index – Composition

	% of Index
Industrials		22	%
Consumer Discretionary		16	%
Information Technology		14	%
Health Care		11	%
Financials		11	%
Energy		6	%
Materials		6	%
Real Estate		5	%
Communication Services		4	%
Consumer Staples		3	%
Utilities		2	%

Small-Cap ProFund

Investment Objective: The Small-Cap ProFund seeks investment results, before fees and expenses, that correspond to the performance of the Russell 2000^® Index.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		51	%
Futures Contracts		5	%
Swap Agreements		44	%
Total Exposure		100	%

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.5	%
elf Beauty, Inc.		0.2	%
Onto Innovation, Inc.		0.2	%
Fabrinet		0.2	%
Simpson Manufacturing Co., Inc.		0.2	%

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Financials		17	%
Health Care		16	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		4	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

Small-Cap Value ProFund

Investment Objective: The Small-Cap Value ProFund seeks investment results, before fees and expenses, that correspond to the performance of the S&P SmallCap 600^® Value Index.

Market Exposure

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

Largest Equity Holdings

Company	% of Net Assets
Academy Sports & Outdoors, Inc.		0.9	%
Lincoln National Corp.		0.9	%
Alaska Air Group, Inc.		0.8	%
Mr. Cooper Group, Inc.		0.8	%
Organon & Co.		0.8	%

S&P SmallCap 600^® Value Index – Composition

	% of Index
Financials		26	%
Industrials		15	%
Consumer Discretionary		13	%
Health Care		10	%
Information Technology		10	%
Real Estate		10	%
Materials		5	%
Consumer Staples		4	%
Energy		3	%
Utilities		2	%
Communication Services		2	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 17

Technology UltraSector ProFund

Investment Objective: The Technology UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Technology Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		78	%
Swap Agreements		72	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		17.9	%
Apple, Inc.		15.9	%
NVIDIA Corp.		4.3	%
Broadcom, Inc.		4.1	%
Adobe, Inc.		2.3	%

S&P Technology Select Sector Index – Composition

	% of Index
Software & Services		45	%
Technology Hardware & Equipment		29	%
Semiconductors & Semiconductor Equipment		26	%

UltraBear ProFund

Investment Objective: the UltraBear ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P 500^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(9	)%
Swap Agreements		(191	)%
Total Exposure		(200	)%

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

Holdings

The UltraBear ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P 500^® – Composition

	% of Index
Information Technology		30	%
Financials		13	%
Health Care		13	%
Consumer Discretionary		10	%
Communication Services		9	%
Industrials		9	%
Consumer Staples		6	%
Energy		4	%
Real Estate		2	%
Materials		2	%
Utilities		2	%

UltraBull ProFund

Investment Objective: The UltraBull ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P 500^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		66	%
Futures Contracts		8	%
Swap Agreements		126	%
Total Exposure		200	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		4.8	%
Apple, Inc.		4.4	%
Alphabet, Inc.		2.5	%
NVIDIA Corp.		2.5	%
Amazon.com, Inc.		2.3	%

S&P 500^® – Composition

	% of Index
Information Technology		30	%
Financials		13	%
Health Care		13	%
Consumer Discretionary		10	%
Communication Services		9	%
Industrials		9	%
Consumer Staples		6	%
Energy		4	%
Real Estate		2	%
Materials		2	%
Utilities		2	%

18 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

UltraChina ProFund

Investment Objective: The UltraChina ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P China Select ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		81	%
Swap Agreements		119	%
Total Exposure		200	%

Largest Equity Holdings

Company	% of Net Assets
Alibaba Group Holding, Ltd.		17.7	%
PDD Holdings, Inc.		15.6	%
Trip.com Group, Ltd.		4.4	%
NetEase, Inc.		4.2	%
New Oriental Education & Technology Group, Inc.		3.9	%

S&P China Select ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		68	%
Communication Services		17	%
Industrials		5	%
Real Estate		4	%
Health Care		4	%
Financials		1	%
Information Technology		1	%

Country Composition
China			100	%

UltraDow 30 ProFund

Investment Objective: The UltraDow 30 ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones Industrial Average^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day^.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		73	%
Futures Contracts		10	%
Swap Agreements		118	%
Total Exposure		201	%

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

Largest Equity Holdings

Company	% of Net Assets
UnitedHealth Group, Inc.		6.4	%
Microsoft Corp.		5.0	%
The Goldman Sachs Group, Inc.		4.8	%
The Home Depot, Inc.		4.4	%
Amgen, Inc.		3.9	%

Dow Jones Industrial Average^® – Composition

	% of Index
Financials		21	%
Information Technology		20	%
Health Care		19	%
Industrials		14	%
Consumer Discretionary		13	%
Consumer Staples		7	%
Energy		3	%
Communication Services		2	%
Materials		1	%

UltraEmerging Markets ProFund

Investment Objective: The UltraEmerging Markets ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Emerging 50 ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		84	%
Swap Agreements		117	%
Total Exposure		201	%

Largest Equity Holdings

Company	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		19.0	%
Alibaba Group Holding, Ltd.		7.9	%
HDFC Bank, Ltd.		6.1	%
PDD Holdings, Inc.		5.2	%
Petroleo Brasileiro S.A.		4.2	%

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

Industry Breakdown	% of Index
Information Technology		32	%
Consumer Discretionary		21	%
Financials		18	%
Materials		8	%
Communication Services		8	%
Energy		5	%
Consumer Staples		3	%
Industrials		2	%
Health Care		1	%
Utilities		1	%
Real Estate		1	%

Country Composition
China	29	%
Taiwan	26	%
India	18	%
Brazil	15	%
Other	12	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 19

UltraInternational ProFund

Investment Objective: The UltraInternational ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		200	%
Total Exposure		200	%

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

Holdings

The UltraInternational ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

MSCI EAFE Index – Composition

Industry Breakdown	% of Index
Financials		21	%
Industrials		16	%
Health Care		13	%
Consumer Discretionary		12	%
Consumer Staples		9	%
Information Technology		9	%
Materials		7	%
Energy		4	%
Communication Services		4	%
Utilities		3	%
Real Estate		2	%

Country Composition
Japan	23	%
United Kingdom	15	%
France	12	%
Switzerland	10	%
Germany	8	%
Other	32	%

UltraJapan ProFund

Investment Objective: The UltraJapan ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nikkei 225 Stock Average for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		199	%
Swap Agreements		1	%
Total Exposure		200	%

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

Holdings

The UltraJapan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nikkei 225 Stock Average – Composition

	% of Index
Information Technology		24	%
Consumer Discretionary		22	%
Industrials		19	%
Health Care		10	%
Communication Services		9	%
Materials		6	%
Consumer Staples		5	%
Financials		3	%
Real Estate		2	%

20 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

UltraLatin America ProFund

Investment Objective: The UltraLatin America ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Latin America 35 ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		85	%
Swap Agreements		115	%
Total Exposure		200	%

Largest Equity Holdings

Company	% of Net Assets
Petroleo Brasileiro S.A.		15.4	%
Vale S.A.		11.0	%
Itau Unibanco Holding S.A.		7.1	%
Fomento Economico Mexicano S.A.B. de C.V.		5.5	%
Cemex S.A.B. de C.V.		3.7	%

S&P Latin America 35 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Energy		24	%
Materials		23	%
Financials		17	%
Consumer Staples		15	%
Industrials		8	%
Utilities		7	%
Communication Services		6	%

Country Composition
Brazil	69	%
Mexico	22	%
Chile	5	%
Colombia	2	%
Peru	1	%
Argentina	1	%

UltraMid-Cap ProFund

Investment Objective: The UltraMid-Cap ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P MidCap 400^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		67	%
Futures Contracts		7	%
Swap Agreements		127	%
Total Exposure		201	%

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.7	%
Deckers Outdoor Corp.		0.5	%
Reliance Steel & Aluminum Co.		0.4	%
Carlisle Cos., Inc.		0.4	%
GoDaddy, Inc.		0.4	%

S&P MidCap 400^® – Composition

	% of Index
Industrials		22	%
Financials		17	%
Consumer Discretionary		15	%
Information Technology		10	%
Health Care		8	%
Real Estate		7	%
Materials		7	%
Energy		5	%
Consumer Staples		4	%
Utilities		3	%
Communication Services		2	%

UltraNasdaq-100 ProFund

Investment Objective: The UltraNasdaq-100 ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq-100^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		75	%
Futures Contracts		7	%
Swap Agreements		118	%
Total Exposure		200	%

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		6.7	%
Apple, Inc.		6.5	%
Alphabet, Inc.		3.7	%
Amazon.com, Inc.		3.6	%
NVIDIA Corp.		3.5	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		51	%
Communication Services		15	%
Consumer Discretionary		13	%
Health Care		7	%
Consumer Staples		7	%
Industrials		5	%
Utilities		1	%
Financials		1	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 21

UltraShort China ProFund

Investment Objective: The UltraShort China ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P China Select ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort China ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P China Select ADR Index (USD) – Composition

Industry Breakdown	% of Index
Consumer Discretionary		68	%
Communication Services		17	%
Industrials		5	%
Real Estate		4	%
Health Care		4	%
Financials		1	%
Information Technology		1	%

Country Composition
China		100	%

UltraShort Dow 30 ProFund

Investment Objective: The UltraShort Dow 30 ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(201	)%
Total Exposure		(201	)%

“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 UltraShort Dow 30 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Dow Jones Industrial Average^® – Composition

	% of Index
Financials		21	%
Information Technology		20	%
Health Care		19	%
Industrials		14	%
Consumer Discretionary		13	%
Consumer Staples		7	%
Energy		3	%
Communication Services		2	%
Materials		1	%

UltraShort Emerging Markets ProFund

Investment Objective: The UltraShort Emerging Markets ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Emerging 50 ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort Emerging Markets ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

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

Industry Breakdown	% of Index
Information Technology		32	%
Consumer Discretionary		21	%
Financials		18	%
Materials		8	%
Communication Services		8	%
Energy		5	%
Consumer Staples		3	%
Industrials		2	%
Health Care		1	%
Utilities		1	%
Real Estate		1	%

Country Composition
China	29	%
Taiwan	26	%
India	18	%
Brazil	15	%
Other	12	%

22 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

UltraShort International ProFund

Investment Objective: The UltraShort International ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort International ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

MSCI EAFE Index – Composition

Industry Breakdown	% of Index
Financials		21	%
Industrials		16	%
Health Care		13	%
Consumer Discretionary		12	%
Consumer Staples		9	%
Information Technology		9	%
Materials		7	%
Energy		4	%
Communication Services		4	%
Utilities		3	%
Real Estate		2	%

Country Composition
Japan	23	%
United Kingdom	15	%
France	12	%
Switzerland	10	%
Germany	8	%
Other	32	%

UltraShort Japan ProFund

Investment Objective: The UltraShort Japan ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nikkei 225 Stock Average for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(142	)%
Swap Agreements		(58	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort Japan ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nikkei 225 Stock Average – Composition

	% of Index
Information Technology		24	%
Consumer Discretionary		22	%
Industrials		19	%
Health Care		10	%
Communication Services		9	%
Materials		6	%
Consumer Staples		5	%
Financials		3	%
Real Estate		2	%

UltraShort Latin America ProFund

Investment Objective: The UltraShort Latin America ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Latin America 35 ADR Index (USD) for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort Latin America ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P Latin America 35 ADR Index (USD) – Composition

Industry Breakdown	% of Index
Energy		24	%
Materials		23	%
Financials		17	%
Consumer Staples		15	%
Industrials		8	%
Utilities		7	%
Communication Services		6	%

Country Composition
Brazil	69	%
Mexico	22	%
Chile	5	%
Colombia	2	%
Peru	1	%
Argentina	1	%

Allocation of Portfolio Holdings and Index Composition (unaudited) :: 23

UltraShort Mid-Cap ProFund

Investment Objective: the UltraShort Mid-Cap ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P MidCap 400^® for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(200	)%
Total Exposure		(200	)%

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

Holdings

The UltraShort Mid-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

S&P MidCap 400^® – Composition

	% of Index
Industrials		22	%
Financials		17	%
Consumer Discretionary		15	%
Information Technology		10	%
Health Care		8	%
Real Estate		7	%
Materials		7	%
Energy		5	%
Consumer Staples		4	%
Utilities		3	%
Communication Services		2	%

UltraShort Nasdaq-100 ProFund

Investment Objective: The UltraShort Nasdaq-100 ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(8	)%
Swap Agreements		(193	)%
Total Exposure		(201	)%

“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 UltraShort Nasdaq-100 ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		51	%
Communication Services		15	%
Consumer Discretionary		13	%
Health Care		7	%
Consumer Staples		7	%
Industrials		5	%
Utilities		1	%
Financials		1	%

UltraShort Small-Cap ProFund

Investment Objective: The UltraShort Small-Cap ProFund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Russell 2000^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(13	)%
Swap Agreements		(189	)%
Total Exposure		(202	)%

“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 UltraShort Small-Cap ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Financials		17	%
Health Care		16	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		4	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

24 :: Allocation of Portfolio Holdings and Index Composition (unaudited)

UltraSmall-Cap ProFund

Investment Objective: The UltraSmall-Cap ProFund seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Russell 2000^® Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		77	%
Futures Contracts		6	%
Swap Agreements		117	%
Total Exposure		200	%

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

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.8	%
elf Beauty, Inc.		0.3	%
Fabrinet		0.2	%
Onto Innovation, Inc.		0.2	%
Simpson Manufacturing Co., Inc.		0.2	%

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Financials		17	%
Health Care		16	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		4	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

U.S. Government Plus ProFund

Investment Objective: The U.S. Government Plus ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times (1.25x) the daily movement of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

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 instruments used for cash management.

Holdings

The U.S. Government Plus ProFund primarily invests in non-equity securities, which may include: swap agreements, futures contracts, options, forward contracts, repurchase agreements and U.S. Government securities.

Utilities UltraSector ProFund

Investment Objective: The Utilities UltraSector ProFund seeks daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P Utilities Select Sector Index for a single day, not for any other period. The Fund does not seek to achieve its stated investment objective over a period of time greater than a single day.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		72	%
Swap Agreements		78	%
Total Exposure		150	%

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

Largest Equity Holdings

Company	% of Net Assets
NextEra Energy, Inc.		9.6	%
The Southern Co.		6.0	%
Duke Energy Corp.		5.9	%
Sempra		3.6	%
American Electric Power Co., Inc.		3.3	%

S&P Utilities Select Sector Index – Composition

	% of Index
Electric Utilities		66	%
Multi-Utilities		28	%
Water Utilities		3	%
Gas Utilities		2	%
Independent Power and Renewable Electricity Producers		1	%

Expense Examples

26 :: Expense Examples (unaudited)

Actual Expenses

The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held through the period ended January 31, 2024.

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 through the period ended January 31, 2024.

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 8/1/23		Ending Account Value 01/31/24		Expenses Paid During the Period*		Ending Account Value 01/31/24		Expenses Paid During the Period*
Access Flex Bear High Yield ProFund – Investor		1.78	%	$	1,000.00	$	965.30	$	8.79	$	1,016.19	$	9.02
Access Flex Bear High Yield ProFund – Service		2.78	%		1,000.00		959.90		13.75		1,011.11		14.10
Access Flex High Yield ProFund – Investor		1.78	%		1,000.00		1,059.20		9.21		1,016.19		9.02
Access Flex High Yield ProFund – Service		2.78	%		1,000.00		1,053.80		14.35		1,011.16		14.05
Banks UltraSector ProFund – Investor		2.05	%		1,000.00		1,088.80		10.76		1,014.83		10.38
Banks UltraSector ProFund – Service		3.05	%		1,000.00		1,083.30		16.02		1,009.75		15.46
Bear ProFund – Investor		1.94	%		1,000.00		975.00		9.63		1,015.38		9.83
Bear ProFund – Service		2.94	%		1,000.00		969.10		14.90		1,010.00		15.21
Biotechnology UltraSector ProFund – Investor		1.55	%		1,000.00		1,020.80		7.87		1,017.34		7.86
Biotechnology UltraSector ProFund – Service		2.55	%		1,000.00		1,015.70		12.97		1,012.27		12.95
Bull ProFund – Investor		1.52	%		1,000.00		1,054.80		7.85		1,017.50		7.71
Bull ProFund – Service		2.52	%		1,000.00		1,049.80		12.88		1,012.57		12.65
Communication Services UltraSector ProFund – Investor		1.78	%		1,000.00		1,134.90		9.55		1,016.19		9.02
Communication Services UltraSector ProFund – Service		2.78	%		1,000.00		1,129.20		14.93		1,011.11		14.10
Consumer Discretionary UltraSector ProFund – Investor		1.65	%		1,000.00		953.30		8.10		1,016.84		8.36
Consumer Discretionary UltraSector ProFund – Service		2.65	%		1,000.00		948.50		13.03		1,011.76		13.45
Consumer Staples UltraSector ProFund – Investor		1.78	%		1,000.00		939.40		8.68		1,016.19		9.02

Expense Examples (unaudited) :: 27

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 8/1/23		Ending Account Value 01/31/24		Expenses Paid During the Period*		Ending Account Value 01/31/24		Expenses Paid During the Period*
Consumer Staples UltraSector ProFund – Service		2.77	%	$	1,000.00	$	934.60	$	13.47	$	1,011.16	$	14.05
Energy UltraSector ProFund – Investor		1.59	%		1,000.00		926.90		7.70		1,017.14		8.06
Energy UltraSector ProFund – Service		2.59	%		1,000.00		922.50		12.52		1,012.12		13.10
Europe 30 ProFund – Investor		1.78	%		1,000.00		1,066.90		9.25		1,016.19		9.02
Europe 30 ProFund – Service		2.77	%		1,000.00		1,061.10		14.35		1,011.16		14.05
Falling U.S. Dollar ProFund – Investor		1.78	%		1,000.00		989.70		8.90		1,016.19		9.02
Falling U.S. Dollar ProFund – Service		2.78	%		1,000.00		987.50		13.89		1,011.11		14.10
Financials UltraSector ProFund – Investor		1.85	%		1,000.00		1,133.00		9.92		1,015.84		9.37
Financials UltraSector ProFund – Service		2.85	%		1,000.00		1,126.30		15.45		1,010.61		14.61
Health Care UltraSector ProFund – Investor		1.72	%		1,000.00		1,057.30		8.89		1,016.49		8.72
Health Care UltraSector ProFund – Service		2.72	%		1,000.00		1,051.90		14.08		1,011.41		13.80
Industrials UltraSector ProFund – Investor		1.78	%		1,000.00		1,020.20		9.04		1,016.19		9.02
Industrials UltraSector ProFund – Service		2.78	%		1,000.00		1,014.80		14.13		1,011.11		14.10
Internet UltraSector ProFund – Investor		1.52	%		1,000.00		1,125.30		8.12		1,017.50		7.71
Internet UltraSector ProFund – Service		2.52	%		1,000.00		1,119.50		13.43		1,012.47		12.75
Large-Cap Growth ProFund – Investor		1.73	%		1,000.00		1,060.10		8.96		1,016.44		8.77
Large-Cap Growth ProFund – Service		2.72	%		1,000.00		1,054.80		14.20		1,011.31		13.90
Large-Cap Value ProFund – Investor		1.81	%		1,000.00		1,046.20		9.26		1,016.09		9.12
Large-Cap Value ProFund – Service		2.81	%		1,000.00		1,040.80		14.83		1,010.61		14.61
Materials UltraSector ProFund – Investor		1.78	%		1,000.00		930.40		8.64		1,016.19		9.02
Materials UltraSector ProFund – Service		2.78	%		1,000.00		925.80		13.46		1,011.11		14.10
Mid-Cap Growth ProFund – Investor		1.78	%		1,000.00		1,011.40		9.05		1,016.14		9.07
Mid-Cap Growth ProFund – Service		2.78	%		1,000.00		1,006.00		14.07		1,011.11		14.10
Mid-Cap ProFund – Investor		1.78	%		1,000.00		999.30		8.95		1,016.19		9.02
Mid-Cap ProFund – Service		2.78	%		1,000.00		994.20		13.99		1,011.11		14.10
Mid-Cap Value ProFund – Investor		1.78	%		1,000.00		989.80		8.90		1,016.19		9.02
Mid-Cap Value ProFund – Service		2.78	%		1,000.00		984.80		13.92		1,011.11		14.10
Nasdaq-100 ProFund – Investor		1.57	%		1,000.00		1,080.70		8.21		1,017.24		7.96
Nasdaq-100 ProFund – Service		2.57	%		1,000.00		1,075.10		13.41		1,012.22		13.00
Oil & Gas Equipment & Services UltraSector ProFund – Investor		1.68	%		1,000.00		779.60		7.52		1,016.69		8.52
Oil & Gas Equipment & Services UltraSector ProFund – Service		2.68	%		1,000.00		775.80		12.10		1,011.51		13.70
Pharmaceuticals UltraSector ProFund – Investor		1.78	%		1,000.00		923.10		8.65		1,016.14		9.07
Pharmaceuticals UltraSector ProFund – Service		2.78	%		1,000.00		918.00		13.45		1,011.11		14.10
Precious Metals UltraSector ProFund – Investor		1.63	%		1,000.00		810.50		7.42		1,016.94		8.26
Precious Metals UltraSector ProFund – Service		2.63	%		1,000.00		806.60		11.99		1,011.86		13.35
Real Estate UltraSector ProFund – Investor		1.89	%		1,000.00		994.40		9.48		1,015.63		9.58
Real Estate UltraSector ProFund – Service		2.89	%		1,000.00		989.50		14.50		1,010.56		14.66

28 :: Expense Examples (unaudited)

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 8/1/23		Ending Account Value 01/31/24		Expenses Paid During the Period*		Ending Account Value 01/31/24		Expenses Paid During the Period*
Rising Rates Opportunity ProFund – Investor		1.73	%	$	1,000.00	$	1,050.30	$	8.86	$	1,016.49	$	8.72
Rising Rates Opportunity ProFund – Service		2.73	%		1,000.00		1,045.40		14.19		1,011.26		13.95
Rising Rates Opportunity 10 ProFund – Investor		1.78	%		1,000.00		1,020.70		9.04		1,016.19		9.02
Rising Rates Opportunity 10 ProFund – Service		2.78	%		1,000.00		1,015.20		14.08		1,011.11		14.10
Rising U.S. Dollar ProFund – Investor		1.78	%		1,000.00		1,040.70		9.13		1,016.19		9.02
Rising U.S. Dollar ProFund – Service		2.78	%		1,000.00		1,036.60		14.28		1,011.11		14.10
Semiconductor UltraSector ProFund – Investor		1.54	%		1,000.00		1,265.90		8.77		1,017.39		7.81
Semiconductor UltraSector ProFund – Service		2.54	%		1,000.00		1,259.60		14.43		1,012.37		12.85
Short Energy ProFund – Investor		1.78	%		1,000.00		1,054.20		9.19		1,016.19		9.02
Short Energy ProFund – Service		2.78	%		1,000.00		1,049.20		14.37		1,011.11		14.10
Short Nasdaq-100 ProFund – Investor		1.83	%		1,000.00		943.40		8.94		1,015.94		9.27
Short Nasdaq-100 ProFund – Service		2.83	%		1,000.00		939.00		13.99		1,010.71		14.51
Short Precious Metals ProFund – Investor		1.78	%		1,000.00		1,124.60		9.51		1,016.19		9.02
Short Precious Metals ProFund – Service		2.78	%		1,000.00		1,120.10		14.82		1,011.16		14.05
Short Real Estate ProFund – Investor		1.78	%		1,000.00		1,005.20		8.97		1,016.19		9.02
Short Real Estate ProFund – Service		2.78	%		1,000.00		1,000.40		14.03		1,011.11		14.10
Short Small-Cap ProFund – Investor		1.78	%		1,000.00		1,042.50		9.14		1,016.19		9.02
Short Small-Cap ProFund – Service		2.78	%		1,000.00		1,037.60		14.29		1,011.11		14.10
Small-Cap Growth ProFund – Investor		1.78	%		1,000.00		1,007.00		8.98		1,016.19		9.02
Small-Cap Growth ProFund – Service		2.78	%		1,000.00		1,001.90		14.04		1,011.11		14.10
Small-Cap ProFund – Investor		1.78	%		1,000.00		970.00		8.81		1,016.19		9.02
Small-Cap ProFund – Service		2.78	%		1,000.00		965.10		13.78		1,011.11		14.10
Small-Cap Value ProFund – Investor		1.88	%		1,000.00		966.40		9.29		1,015.69		9.53
Small-Cap Value ProFund – Service		2.88	%		1,000.00		961.50		14.30		1,010.56		14.66
Technology UltraSector ProFund – Investor		1.57	%		1,000.00		1,142.80		8.46		1,017.24		7.96
Technology UltraSector ProFund – Service		2.57	%		1,000.00		1,137.00		13.81		1,012.22		13.00
UltraBear ProFund – Investor		1.78	%		1,000.00		930.40		8.64		1,016.19		9.02
UltraBear ProFund – Service		2.78	%		1,000.00		926.10		13.46		1,011.11		14.10
UltraBull ProFund – Investor		1.51	%		1,000.00		1,081.20		7.90		1,017.55		7.66
UltraBull ProFund – Service		2.51	%		1,000.00		1,075.90		13.05		1,012.57		12.65
UltraChina ProFund – Investor		1.85	%		1,000.00		571.70		7.31		1,015.84		9.37
UltraChina ProFund – Service		2.85	%		1,000.00		568.90		11.24		1,010.81		14.41
UltraDow 30 ProFund – Investor		1.59	%		1,000.00		1,125.40		8.49		1,017.14		8.06
UltraDow 30 ProFund – Service		2.57	%		1,000.00		1,119.90		13.69		1,012.22		13.00
UltraEmerging Markets ProFund – Investor		1.78	%		1,000.00		859.90		8.32		1,016.19		9.02
UltraEmerging Markets ProFund – Service		2.78	%		1,000.00		855.30		12.96		1,011.11		14.10
UltraInternational ProFund – Investor		1.78	%		1,000.00		992.60		8.92		1,016.19		9.02
UltraInternational ProFund – Service		2.78	%		1,000.00		986.10		13.93		1,011.11		14.10
UltraJapan ProFund – Investor		1.78	%		1,000.00		1,178.60		9.75		1,016.19		9.02
UltraJapan ProFund – Service		2.74	%		1,000.00		1,172.60		14.96		1,011.41		13.80
UltraLatin America ProFund – Investor		1.87	%		1,000.00		1,013.40		9.46		1,015.74		9.48
UltraLatin America ProFund – Service		2.87	%		1,000.00		1,008.80		14.29		1,010.91		14.30
UltraMid-Cap ProFund – Investor		1.60	%		1,000.00		967.40		7.91		1,017.09		8.11

Expense Examples (unaudited) :: 29

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 8/1/23		Ending Account Value 01/31/24		Expenses Paid During the Period*		Ending Account Value 01/31/24		Expenses Paid During the Period*
UltraMid-Cap ProFund – Service		2.60	%	$	1,000.00	$	962.50	$	12.83	$	1,012.07	$	13.15
UltraNasdaq-100 ProFund – Investor		1.52	%		1,000.00		1,131.50		8.14		1,017.50		7.71
UltraNasdaq-100 ProFund – Service		2.52	%		1,000.00		1,125.80		13.41		1,012.52		12.70
UltraShort China ProFund – Investor		1.78	%		1,000.00		1,519.40		11.27		1,016.19		9.02
UltraShort China ProFund – Service		2.72	%		1,000.00		1,510.50		17.29		1,011.36		13.85
UltraShort Dow 30 ProFund – Investor		1.78	%		1,000.00		901.80		8.51		1,016.19		9.02
UltraShort Dow 30 ProFund – Service		2.78	%		1,000.00		896.70		13.25		1,011.11		14.10
UltraShort Emerging Markets ProFund – Investor		1.78	%		1,000.00		1,117.00		9.47		1,016.19		9.02
UltraShort Emerging Markets ProFund – Service		2.78	%		1,000.00		1,110.30		14.75		1,011.10		14.10
UltraShort International ProFund – Investor		1.78	%		1,000.00		999.10		8.94		1,016.19		9.02
UltraShort International ProFund – Service		2.78	%		1,000.00		993.50		13.98		1,011.11		14.10
UltraShort Japan ProFund – Investor		1.78	%		1,000.00		843.70		8.25		1,016.19		9.02
UltraShort Japan ProFund – Service		2.78	%		1,000.00		842.10		12.87		1,011.11		14.10
UltraShort Latin America ProFund – Investor		1.78	%		1,000.00		933.90		8.65		1,016.19		9.02
UltraShort Latin America ProFund – Service		2.78	%		1,000.00		929.90		13.53		1,011.11		14.10
UltraShort Mid-Cap ProFund – Investor		1.78	%		1,000.00		1,010.30		8.99		1,016.19		9.02
UltraShort Mid-Cap ProFund – Service		2.78	%		1,000.00		1,004.80		14.06		1,011.11		14.10
UltraShort Nasdaq-100 ProFund – Investor		1.82	%		1,000.00		865.10		8.53		1,015.99		9.22
UltraShort Nasdaq-100 ProFund – Service		2.75	%		1,000.00		861.30		12.73		1,011.46		13.75
UltraShort Small-Cap ProFund – Investor		1.78	%		1,000.00		1,046.00		9.15		1,016.19		9.02
UltraShort Small-Cap ProFund – Service		2.78	%		1,000.00		1,042.10		14.32		1,011.11		14.10
UltraSmall-Cap ProFund – Investor		1.74	%		1,000.00		904.80		8.33		1,016.39		8.82
UltraSmall-Cap ProFund – Service		2.74	%		1,000.00		900.20		13.04		1,011.41		13.80
U.S. Government Plus ProFund – Investor		1.72	%		1,000.00		959.20		8.52		1,016.44		8.77
U.S. Government Plus ProFund – Service		2.72	%		1,000.00		953.80		13.21		1,011.61		13.60
Utilities UltraSector ProFund – Investor		1.90	%		1,000.00		872.90		8.94		1,015.58		9.63
Utilities UltraSector ProFund – Service		2.90	%		1,000.00		868.60		13.72		1,010.46		14.76

*	Expenses are equal to the average account value multiplied by the ProFund’s annualized expense ratio multiplied by 184/366 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

This Page Intentionally Left Blank

Schedules of Portfolio Investments

32 :: Access Flex Bear High Yield ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a) (75.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,351,194	$	1,351,000	$	1,351,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,351,000)				1,351,000
TOTAL INVESTMENT SECURITIES (Cost $1,351,000)—75.8%				1,351,000
Net other assets (liabilities)—24.2%				432,213
NET ASSETS—100.0%			$	1,783,213

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the 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)
5-Year U.S. Treasury Note Futures Contracts		14		4/1/24		$	(1,518,891	)		$	(26,664	)

Centrally Cleared Swap Agreements

Credit Default Swap Agreements—Buy Protection⁽¹⁾

Underlying Instrument*		Payment Frequency		Fixed Deal Pay Rate			Maturity Date		Implied Credit Spread at January 31, 2024⁽²⁾				Notional Amount⁽³⁾				Value				Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)				Variation Margin
CDX North America High Yield Index Swap Agreement, Series 41		Daily		5.00	%		12/20/28			3.57	%		$	1,706,760	**		$	(94,408	)		$	(18,641	)		$	(75,767	)		$	7,837

*	As of January 31, 2024, the CDX North America High Yield Index included securities which had defaulted and represented 1% of the Index.
**	Reflects the notional amount after the default of securities.
⁽¹⁾	When a credit event occurs as defined under the terms of the swap agreement, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value.
⁽²⁾	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.
⁽³⁾	The notional amount represents the maximum potential amount the Fund may receive as a buyer 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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Access Flex High Yield ProFund :: 33

U.S. Treasury Obligation (61.3%)

	Principal Amount		Value
U.S. Treasury Notes, 3.75%, 12/31/28	$	11,805,000	$	11,739,058
TOTAL U.S. TREASURY OBLIGATION (Cost $11,694,004)				11,739,058

Repurchase Agreements^(a) (33.2%)
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $6,362,913		6,362,000		6,362,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,362,000)				6,362,000
TOTAL INVESTMENT SECURITIES (Cost $18,056,004)—94.5%				18,101,058
Net other assets (liabilities)—5.5%				1,052,237
NET ASSETS—100.0%			$	19,153,295

^(a)

The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the 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		14		4/1/24		$	1,518,891			$	27,352

Centrally Cleared Swap Agreements

Credit Default Swap Agreements—Sell Protection⁽¹⁾

Underlying Instrument*		Payment Frequency		Fixed Deal Pay Rate			Maturity Date		Implied Credit Spread at January 31, 2024⁽²⁾				Notional Amount⁽³⁾				Value				Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)				Variation Margin
CDX North America High Yield Index Swap Agreement, Series 41		Daily		5.00	%		12/20/28			3.59	%		$	16,072,650	**		$	889,049			$	175,769			$	713,280			$	(74,527	)

*	As of January 31, 2024, the CDX North America High Yield Index included securities which had defaulted and represented 1% of the Index.
**	Reflects the notional amount after the default of securities.
⁽¹⁾	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.
⁽²⁾	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.
⁽³⁾	The notional amount represents the maximum potential amount the Fund could be required to 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 the financial statements.

34 :: Banks UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (79.7%)

	Shares		Value
Ameris Bancorp (Banks)		1,158	$	57,483
Apollo Global Management, Inc. (Financial Services)		1,450		145,580
Associated Banc-Corp. (Banks)		5,409		113,643
Atlantic Union Bankshares Corp. (Banks)		1,119		38,225
Axos Financial, Inc.* (Banks)		1,998		110,749
Bank of America Corp. (Banks)		4,310		146,583
Bank of Hawaii Corp.^(a) (Banks)		1,132		71,576
Bank OZK (Banks)		2,429		109,572
BankUnited, Inc. (Banks)		2,199		62,144
Banner Corp. (Banks)		554		25,805
BOK Financial Corp. (Banks)		651		54,580
Cadence Bank (Banks)		4,075		108,477
Cathay General Bancorp (Banks)		1,190		48,992
Citigroup, Inc. (Banks)		2,730		153,343
Citizens Financial Group, Inc. (Banks)		4,507		147,379
Columbia Banking System, Inc. (Banks)		4,251		85,700
Comerica, Inc. (Banks)		2,671		140,441
Commerce Bancshares, Inc. (Banks)		1,858		96,839
Community Bank System, Inc. (Banks)		954		43,665
Corebridge Financial, Inc. (Financial Services)		6,557		158,481
Cullen/Frost Bankers, Inc. (Banks)		1,302		138,168
CVB Financial Corp. (Banks)		2,638		44,239
East West Bancorp, Inc. (Banks)		1,944		141,543
Eastern Bankshares, Inc. (Banks)		2,550		35,598
Equitable Holdings, Inc. (Financial Services)		4,155		135,827
Essent Group, Ltd. (Financial Services)		1,592		87,815
F.N.B. Corp. (Banks)		6,573		86,632
Fifth Third Bancorp (Banks)		4,270		146,205
First Bancorp (Banks)		3,228		53,843
First Citizens BancShares, Inc.—Class A (Banks)		92		138,920
First Financial Bancorp (Banks)		898		20,133
First Financial Bankshares, Inc. (Banks)		1,795		56,058
First Hawaiian, Inc. (Banks)		2,953		64,051
First Horizon Corp. (Banks)		9,791		139,430
First Interstate BancSystem, Inc.—Class A (Banks)		1,795		49,398
First Merchants Corp. (Banks)		517		17,480
Fulton Financial Corp. (Banks)		3,320		51,759
Glacier Bancorp, Inc. (Banks)		2,055		79,446
Hancock Whitney Corp. (Banks)		1,858		83,814
Hilltop Holdings, Inc. (Banks)		864		27,207
Home BancShares, Inc. (Banks)		3,076		72,101
Huntington Bancshares, Inc. (Banks)		11,129		141,672
Independent Bank Corp. (Banks)		658		36,907
Independent Bank Group, Inc. (Banks)		717		34,667
International Bancshares Corp. (Banks)		602		31,822
Jackson Financial, Inc.—Class A (Financial Services)		2,565		128,430
JPMorgan Chase & Co. (Banks)		842		146,811
KeyCorp (Banks)		10,064		146,230
Lakeland Financial Corp. (Banks)		340		22,766
M&T Bank Corp. (Banks)		1,005		138,791
MGIC Investment Corp. (Financial Services)		5,943		117,909
Mr. Cooper Group, Inc.* (Financial Services)		1,739		117,139
New York Community Bancorp, Inc. (Banks)		13,700		88,639
NMI Holdings, Inc.*—Class A (Financial Services)		1,747		55,764
Northern Trust Corp. (Capital Markets)		1,660		132,202
Old National Bancorp (Banks)		5,575		91,820
Pacific Premier Bancorp, Inc. (Banks)		1,419		36,000
PennyMac Financial Services, Inc. (Financial Services)		738		64,368
Pinnacle Financial Partners, Inc. (Banks)		1,362		120,374
Popular, Inc. (Banks)		1,099		93,910
Prosperity Bancshares, Inc. (Banks)		1,930		123,346
Radian Group, Inc. (Financial Services)		4,325		125,339
Regions Financial Corp. (Banks)		7,652		142,863
Renasant Corp. (Banks)		633		20,022
Seacoast Banking Corp. of Florida (Banks)		1,284		31,535
ServisFirst Bancshares, Inc. (Banks)		595		39,948
Simmons First National Corp.—Class A (Banks)		1,651		31,386
SouthState Corp. (Banks)		1,276		106,036
Synovus Financial Corp. (Banks)		3,721		140,133
Texas Capital Bancshares, Inc.* (Banks)		1,511		92,171
The Bancorp, Inc.* (Banks)		907		39,581
The Bank of New York Mellon Corp. (Capital Markets)		2,720		150,852
The PNC Financial Services Group, Inc. (Banks)		948		143,347
Triumph Financial, Inc.* (Banks)		437		30,874
Truist Financial Corp. (Banks)		3,886		144,015
Trustmark Corp. (Banks)		837		22,591
U.S. Bancorp (Banks)		3,300		137,082
UMB Financial Corp. (Banks)		871		71,858
United Bankshares, Inc. (Banks)		1,886		67,613
United Community Banks, Inc. (Banks)		1,937		52,958
Valley National Bancorp (Banks)		9,961		95,825
Voya Financial, Inc. (Financial Services)		1,835		132,799
WaFd, Inc. (Banks)		1,079		31,334
Walker & Dunlop, Inc. (Financial Services)		562		54,284
Webster Financial Corp. (Banks)		2,785		137,802
Wells Fargo & Co. (Banks)		2,893		145,171
WesBanco, Inc. (Banks)		484		14,201
Western Alliance Bancorp (Banks)		2,358		150,817
Wintrust Financial Corp. (Banks)		1,072		103,963
WSFS Financial Corp. (Banks)		723		32,181
Zions Bancorp NA (Banks)		3,427		143,591
TOTAL COMMON STOCKS (Cost $6,052,937)				8,090,663

Repurchase Agreements^(b)(c) (23.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $2,356,338	$	2,356,000	$	2,356,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,356,000)				2,356,000

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Banks UltraSector ProFund :: 35

Collateral for Securities Loaned^(d) (0.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		41,513	$	41,513
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $41,513)				41,513
TOTAL INVESTMENT SECURITIES (Cost $8,450,450)—103.3%				10,488,176
Net other assets (liabilities)—(3.3)%				(333,968	)
NET ASSETS—100.0%			$	10,154,208

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $38,886.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,077,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Banks Select Industry Index	Goldman Sachs International	2/23/24		5.93	%	$	4,161,287	$	(81,757	)
S&P Banks Select Industry Index	UBS AG	2/23/24		5.78	%		3,048,707		(80,046	)
						$	7,209,994	$	(161,803	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Banks UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Banks	$	6,483,874		63.9	%
Capital Markets		283,054		2.8	%
Financial Services		1,323,735		13.0	%
Other**		2,063,545		20.3	%
Total	$	10,154,208		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 the financial statements.

36 :: Bear ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (92.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $7,114,021	$	7,113,000	$	7,113,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,113,000)				7,113,000
TOTAL INVESTMENT SECURITIES (Cost $7,113,000)—92.7%				7,113,000
Net other assets (liabilities)—7.3%				556,464
NET ASSETS—100.0%			$	7,669,464

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,128,000.

Futures Contracts Sold

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		2		3/18/24		$	(487,050	)		$	(24,529	)

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	2/27/24		(5.68	)%	$	(2,912,235	)	$	36,525
S&P 500	UBS AG	2/27/24		(5.48	)%		(4,249,635	)		72,994
						$	(7,161,870	)	$	109,519

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Biotechnology UltraSector ProFund :: 37

Common Stocks (75.8%)

	Shares		Value
4D Molecular Therapeutics, Inc.* (Biotechnology)		9,092	$	156,837
89bio, Inc.* (Biotechnology)		48,266		477,833
AbbVie, Inc. (Biotechnology)		6,398		1,051,831
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		45,528		1,179,630
ADMA Biologics, Inc.* (Biotechnology)		57,912		300,563
Agios Pharmaceuticals, Inc.* (Biotechnology)		16,323		369,226
Akero Therapeutics, Inc.* (Biotechnology)		48,072		1,038,836
Alector, Inc.* (Biotechnology)		20,311		121,054
Alkermes PLC* (Biotechnology)		36,910		998,416
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		5,617		971,235
Alpine Immune Sciences, Inc.* (Biotechnology)		8,528		226,930
Amgen, Inc. (Biotechnology)		3,549		1,115,309
Amicus Therapeutics, Inc.* (Biotechnology)		84,619		1,051,814
Anavex Life Sciences Corp.*^(a) (Biotechnology)		24,686		147,375
Apellis Pharmaceuticals, Inc.* (Biotechnology)		15,209		962,578
Arcellx, Inc.* (Biotechnology)		11,910		736,514
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		12,040		396,959
Arcus Biosciences, Inc.* (Biotechnology)		26,748		404,965
Ardelyx, Inc.* (Biotechnology)		146,342		1,277,565
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		38,843		1,246,860
Avid Bioservices, Inc.* (Biotechnology)		40,552		274,537
Avidity Biosciences, Inc.* (Biotechnology)		20,877		255,326
Beam Therapeutics, Inc.* (Biotechnology)		36,143		881,889
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		101,664		538,819
Biogen, Inc.* (Biotechnology)		3,992		984,667
Biohaven, Ltd.* (Biotechnology)		28,892		1,285,115
BioMarin Pharmaceutical, Inc.* (Biotechnology)		10,279		905,374
Biomea Fusion, Inc.*^(a) (Biotechnology)		10,818		195,589
Bluebird Bio, Inc.* (Biotechnology)		138,785		141,561
Blueprint Medicines Corp.* (Biotechnology)		12,911		1,026,812
Bridgebio Pharma, Inc.* (Biotechnology)		29,372		1,007,166
Cabaletta Bio, Inc.* (Biotechnology)		22,266		456,008
CareDx, Inc.* (Biotechnology)		20,258		173,408
Caribou Biosciences, Inc.* (Biotechnology)		40,622		249,013
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		37,469		539,554
Celldex Therapeutics, Inc.* (Biotechnology)		15,748		554,645
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		15,053		630,721
Cogent Biosciences, Inc.* (Biotechnology)		30,713		136,059
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		25,991		948,152
CRISPR Therapeutics AG* (Biotechnology)		14,801		931,723
Cytokinetics, Inc.* (Biotechnology)		28,011		2,188,498
Day One Biopharmaceuticals, Inc.* (Biotechnology)		25,147		378,462
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		14,852		212,681
Denali Therapeutics, Inc.* (Biotechnology)		34,254		548,407
Disc Medicine, Inc.* (Biotechnology)		4,241		278,846
Dynavax Technologies Corp.* (Biotechnology)		57,486		742,719
Dyne Therapeutics, Inc.* (Biotechnology)		17,451		373,451
Editas Medicine, Inc.* (Biotechnology)		37,872		266,240
Exact Sciences Corp.* (Biotechnology)		14,773		966,154
Exelixis, Inc.* (Biotechnology)		43,418		944,776
Geron Corp.* (Biotechnology)		177,576		326,740
Gilead Sciences, Inc. (Biotechnology)		12,088		946,007
Halozyme Therapeutics, Inc.* (Biotechnology)		23,909		809,320
Ideaya Biosciences, Inc.* (Biotechnology)		20,573		895,543
ImmunityBio, Inc.*^(a) (Biotechnology)		78,707		264,456
ImmunoGen, Inc.* (Biotechnology)		32,702		958,823
Immunovant, Inc.* (Biotechnology)		24,373		887,421
Incyte Corp.* (Biotechnology)		17,462		1,026,242
Inhibrx, Inc.* (Biotechnology)		10,984		423,214
Insmed, Inc.* (Biotechnology)		34,162		949,704
Intellia Therapeutics, Inc.* (Biotechnology)		32,926		784,297
Ionis Pharmaceuticals, Inc.* (Biotechnology)		19,602		1,007,347
Iovance Biotherapeutics, Inc.* (Biotechnology)		132,727		1,025,980
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		74,664		1,059,482
Karuna Therapeutics, Inc.* (Biotechnology)		4,649		1,457,089
Keros Therapeutics, Inc.* (Biotechnology)		6,945		384,475
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		10,199		179,808
Krystal Biotech, Inc.* (Biotechnology)		8,939		994,464
Kura Oncology, Inc.* (Biotechnology)		16,097		324,194
Kymera Therapeutics, Inc.* (Biotechnology)		12,787		419,158
MacroGenics, Inc.* (Biotechnology)		10,078		144,115
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		4,585		993,615
MannKind Corp.* (Biotechnology)		86,934		290,360
MiMedx Group, Inc.* (Biotechnology)		19,329		149,606
Mirum Pharmaceuticals, Inc.* (Biotechnology)		13,868		366,947
Moderna, Inc.* (Biotechnology)		11,956		1,208,154
Morphic Holding, Inc.* (Biotechnology)		21,569		683,522
Myriad Genetics, Inc.* (Biotechnology)		18,227		389,876
Natera, Inc.* (Biotechnology)		16,425		1,083,065
Neurocrine Biosciences, Inc.* (Biotechnology)		8,144		1,138,287
Novavax, Inc.*^(a) (Biotechnology)		171,484		685,936
Nuvalent, Inc.*—Class A (Biotechnology)		13,519		1,016,223
Protagonist Therapeutics, Inc.* (Biotechnology)		17,868		446,879
Prothena Corp. PLC* (Biotechnology)		22,067		626,482
PTC Therapeutics, Inc.* (Biotechnology)		36,158		943,362
RAPT Therapeutics, Inc.* (Biotechnology)		9,742		241,115
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology)		107,412		1,010,747
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		1,137		1,071,941
REGENXBIO, Inc.* (Biotechnology)		12,824		157,992
Relay Therapeutics, Inc.* (Biotechnology)		34,951		323,297
Replimune Group, Inc.* (Biotechnology)		49,241		382,110
REVOLUTION Medicines, Inc.* (Biotechnology)		38,846		1,077,977
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		12,974		572,283

See accompanying notes to the financial statements.

38 :: Biotechnology UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Rocket Pharmaceuticals, Inc.* (Biotechnology)		22,214	$	638,208
Roivant Sciences, Ltd.* (Biotechnology)		97,169		971,690
Sage Therapeutics, Inc.* (Biotechnology)		32,653		837,223
Sana Biotechnology, Inc.* (Biotechnology)		46,098		253,078
Sarepta Therapeutics, Inc.* (Biotechnology)		10,975		1,305,914
Scholar Rock Holding Corp.* (Biotechnology)		11,459		159,853
Soleno Therapeutics, Inc.* (Biotechnology)		5,520		255,852
SpringWorks Therapeutics, Inc.* (Biotechnology)		15,378		678,631
Syndax Pharmaceuticals, Inc.* (Biotechnology)		42,853		878,058
TG Therapeutics, Inc.* (Biotechnology)		60,762		986,775
Travere Therapeutics, Inc.* (Biotechnology)		45,656		407,708
Twist Bioscience Corp.* (Biotechnology)		24,428		791,467
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		23,609		1,041,393
uniQure N.V.* (Biotechnology)		39,233		218,135
United Therapeutics Corp.* (Biotechnology)		3,953		849,025
Vaxcyte, Inc.* (Biotechnology)		16,855		1,203,784
Vera Therapeutics, Inc.* (Biotechnology)		18,169		661,715
Veracyte, Inc.* (Biotechnology)		16,967		424,514
Vericel Corp.* (Biotechnology)		11,257		483,826
Vertex Pharmaceuticals, Inc.* (Biotechnology)		2,727		1,181,827
Verve Therapeutics, Inc.* (Biotechnology)		32,446		351,066
Viking Therapeutics, Inc.* (Biotechnology)		43,971		1,061,460
Vir Biotechnology, Inc.* (Biotechnology)		42,445		398,983
Viridian Therapeutics, Inc.* (Biotechnology)		21,543		414,703
Xencor, Inc.* (Biotechnology)		12,748		238,388
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		38,314		454,021
TOTAL COMMON STOCKS (Cost $71,258,565)				80,523,654

Repurchase Agreements^(b)(c) (26.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $27,919,007	$	27,915,000	$	27,915,000
TOTAL REPURCHASE AGREEMENTS (Cost $27,915,000)				27,915,000

Collateral for Securities Loaned^(d) (1.2%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		1,303,074	$	1,303,074
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,303,074)				1,303,074
TOTAL INVESTMENT SECURITIES (Cost $100,476,639)—103.2%				109,741,728
Net other assets (liabilities)—(3.2)%				(3,355,076	)
NET ASSETS—100.0%			$	106,386,652

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $1,219,128.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $15,754,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Biotechnology Select Industry Index	Goldman Sachs International	2/23/24		5.93	%	$	39,065,242	$	(921,867	)
S&P Biotechnology Select Industry Index	UBS AG	2/23/24		5.93	%		40,251,103		(944,025	)
						$	79,316,345	$	(1,865,892	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Biotechnology UltraSector ProFund :: 39

Biotechnology UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Biotechnology	$	80,523,654		75.8	%
Other**		25,862,998		24.2	%
Total	$	106,386,652		100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

40 :: Bull ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (68.3%)

	Percentage of Net Assets			Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		0.3	%		1,494	$	169,047
AbbVie, Inc. (Biotechnology)		0.5	%		1,521		250,052
Accenture PLC—Class A (IT Services)		0.4	%		541		196,859
Adobe, Inc.* (Software)		0.5	%		392		242,170
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		0.5	%		1,389		232,921
Alphabet, Inc.—Class C* (Interactive Media & Services)		1.2	%		4,287		607,897
Alphabet, Inc.—Class A* (Interactive Media & Services)		1.4	%		5,094		713,668
Amazon.com, Inc.* (Broadline Retail)		2.4	%		7,828		1,214,906
Amgen, Inc. (Biotechnology)		0.3	%		461		144,874
Apple, Inc. (Technology Hardware, Storage & Peripherals)		4.5	%		12,583		2,320,305
Bank of America Corp. (Banks)		0.4	%		5,925		201,509
Berkshire Hathaway, Inc.—Class B* (Financial Services)		1.2	%		1,566		600,937
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		0.9	%		377		444,860
Chevron Corp. (Oil, Gas & Consumable Fuels)		0.4	%		1,511		222,766
Cisco Systems, Inc. (Communications Equipment)		0.3	%		3,488		175,027
Comcast Corp.—Class A (Media)		0.3	%		3,457		160,888
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		0.5	%		382		265,444
Danaher Corp. (Life Sciences Tools & Services)		0.3	%		564		135,309
Eli Lilly & Co. (Pharmaceuticals)		0.9	%		686		442,887
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		0.7	%		3,449		354,591
Intel Corp. (Semiconductors & Semiconductor Equipment)		0.3	%		3,630		156,380
International Business Machines Corp. (IT Services)		0.3	%		784		143,989
Intuit, Inc. (Software)		0.3	%		243		153,413
Johnson & Johnson (Pharmaceuticals)		0.6	%		2,071		329,082
JPMorgan Chase & Co. (Banks)		0.8	%		2,489		433,983
Linde PLC (Chemicals)		0.3	%		418		169,218
Mastercard, Inc.—Class A (Financial Services)		0.6	%		712		319,852
McDonald’s Corp. (Hotels, Restaurants & Leisure)		0.4	%		625		182,950
Merck & Co., Inc. (Pharmaceuticals)		0.5	%		2,181		263,421
Meta Platforms, Inc.—Class A* (Interactive Media & Services)		1.5	%		1,911		745,557
Microsoft Corp. (Software)		5.0	%		6,399		2,544,114
Netflix, Inc.* (Entertainment)		0.4	%		376		212,106
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2.6	%		2,127		1,308,680
Oracle Corp. (Software)		0.3	%		1,368		152,806
PepsiCo, Inc. (Beverages)		0.4	%		1,182		199,202
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		958		142,273
Salesforce, Inc.* (Software)		0.5	%		836		234,991
ServiceNow, Inc.* (Software)		0.3	%		178		136,241
Tesla, Inc.* (Automobiles)		0.9	%		2,379		445,563
The Coca-Cola Co. (Beverages)		0.4	%		3,350		199,293
The Home Depot, Inc. (Specialty Retail)		0.6	%		858		302,840
The Procter & Gamble Co. (Household Products)		0.6	%		2,028		318,680
The Walt Disney Co. (Entertainment)		0.3	%		1,576		151,375
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		0.3	%		332		178,942
UnitedHealth Group, Inc. (Health Care Providers & Services)		0.8	%		797		407,857
Verizon Communications, Inc. (Diversified Telecommunication Services)		0.3	%		3,617		153,180
Visa, Inc.—Class A (Financial Services)		0.7	%		1,374		375,459
Walmart, Inc. (Consumer Staples Distribution & Retail)		0.4	%		1,230		203,258
Wells Fargo & Co. (Banks)		0.3	%		3,128		156,963
Other Common Stocks		29.4	%		168,757		15,196,901
TOTAL COMMON STOCKS (Cost $15,751,696)							35,015,486

Repurchase Agreements^(a)(b) (29.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $15,211,183	$	15,209,000	$	15,209,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,209,000)				15,209,000
TOTAL INVESTMENT SECURITIES (Cost $30,960,696)—98.0%				50,224,486
Net other assets (liabilities)—2.0%				1,040,433
NET ASSETS—100.0%			$	51,264,919

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Summary Schedule of Portfolio Investments :: Bull ProFund :: 41

*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,409,000.

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		7		3/18/24		$	1,704,675			$	85,806

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	2/27/24		5.93	%	$	13,933,666	$	(222,079	)
S&P 500	UBS AG	2/27/24		5.83	%		600,861		(10,333	)
						$	14,534,527	$	(232,412	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

42 :: Bull ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Bull ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	545,808		1.1	%
Air Freight & Logistics		160,889		0.3	%
Automobile Components		26,889		0.1	%
Automobiles		530,957		1.0	%
Banks		1,141,915		2.2	%
Beverages		513,201		1.0	%
Biotechnology		729,062		1.4	%
Broadline Retail		1,240,212		2.4	%
Building Products		169,629		0.3	%
Capital Markets		1,013,311		2.0	%
Chemicals		532,067		1.0	%
Commercial Services & Supplies		195,278		0.4	%
Communications Equipment		296,614		0.6	%
Construction & Engineering		24,450		^NM
Construction Materials		54,180		0.1	%
Consumer Finance		180,545		0.4	%
Consumer Staples Distribution & Retail		647,846		1.3	%
Containers & Packaging		73,092		0.1	%
Distributors		40,187		0.1	%
Diversified Telecommunication Services		262,027		0.5	%
Electric Utilities		518,381		1.0	%
Electrical Equipment		209,030		0.4	%
Electronic Equipment, Instruments & Components		214,073		0.4	%
Energy Equipment & Services		112,041		0.2	%
Entertainment		444,997		0.9	%
Financial Services		1,516,201		3.0	%
Food Products		300,459		0.6	%
Gas Utilities		14,470		^NM
Ground Transportation		394,225		0.8	%
Health Care Equipment & Supplies		921,353		1.8	%
Health Care Providers & Services		975,539		1.9	%
Health Care REITs		66,144		0.1	%
Hotel & Resort REITs		11,667		^NM
Hotels, Restaurants & Leisure		744,795		1.5	%
Household Durables		128,658		0.3	%
Household Products		450,460		0.9	%
Independent Power and Renewable Electricity Producers		9,608		^NM
Industrial Conglomerates		283,778		0.6	%
Industrial REITs		100,972		0.2	%
Insurance		753,669		1.5	%
Interactive Media & Services		2,076,066		4.0	%
IT Services		450,158		0.9	%
Leisure Products		5,580		^NM
Life Sciences Tools & Services		498,566		1.0	%
Machinery		615,237		1.2	%
Media		246,423		0.5	%
Metals & Mining		138,846		0.3	%
Multi-Utilities		218,699		0.4	%
Office REITs		24,568		^NM
Oil, Gas & Consumable Fuels		1,220,613		2.4	%
Passenger Airlines		56,686		0.1	%
Personal Care Products		57,296		0.1	%
Pharmaceuticals		1,346,591		2.6	%
Professional Services		249,770		0.5	%
Real Estate Management & Development		51,915		0.1	%
Residential REITs		100,103		0.2	%
Retail REITs		104,821		0.2	%
Semiconductors & Semiconductor Equipment		3,053,255		6.0	%
Software		3,917,942		7.6	%
Specialized REITs		372,457		0.7	%
Specialty Retail		708,981		1.4	%
Technology Hardware, Storage & Peripherals		2,404,781		4.7	%
Textiles, Apparel & Luxury Goods		168,317		0.3	%
Tobacco		182,569		0.4	%
Trading Companies & Distributors		105,398		0.2	%
Water Utilities		20,711		^NM
Wireless Telecommunication Services		70,458		0.1	%
Other**		16,249,433		31.7	%
Total	$	51,264,919		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%.
^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Communication Services UltraSector ProFund :: 43

Common Stocks (86.6%)

	Shares		Value
Alphabet, Inc.*—Class A (Interactive Media & Services)		5,405	$	757,241
Alphabet, Inc.*—Class C (Interactive Media & Services)		4,550		645,190
AT&T, Inc. (Diversified Telecommunication Services)		15,624		276,389
Charter Communications, Inc.*—Class A (Media)		719		266,540
Comcast Corp.—Class A (Media)		6,281		292,318
Electronic Arts, Inc. (Entertainment)		1,929		265,392
Fox Corp.—Class A (Media)		2,024		65,375
Fox Corp.—Class B (Media)		1,080		32,411
Live Nation Entertainment, Inc.* (Entertainment)		1,162		103,244
Match Group, Inc.* (Interactive Media & Services)		2,226		85,434
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		4,062		1,584,748
Netflix, Inc.* (Entertainment)		583		328,877
News Corp.—Class A (Media)		3,115		76,754
News Corp.—Class B (Media)		940		24,036
Omnicom Group, Inc. (Media)		1,619		146,325
Paramount Global—Class B (Media)		3,948		57,601
Take-Two Interactive Software, Inc.* (Entertainment)		1,295		213,584
The Interpublic Group of Cos., Inc. (Media)		3,135		103,424
The Walt Disney Co. (Entertainment)		2,848		273,550
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		1,691		272,640
Verizon Communications, Inc. (Diversified Telecommunication Services)		6,913		292,765
Warner Bros. Discovery, Inc.* (Entertainment)		18,163		181,993
TOTAL COMMON STOCKS (Cost $4,470,210)				6,345,831

Repurchase Agreements^(a)(b) (22.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,623,233	$	1,623,000	$	1,623,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,623,000)				1,623,000
TOTAL INVESTMENT SECURITIES (Cost $6,093,210)—108.7%				7,968,831
Net other assets (liabilities)—(8.7)%				(637,963	)
NET ASSETS—100.0%			$	7,330,868

*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $723,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Communication Services Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	2,667,061	$	6,130
S&P Communication Services Select Sector Index	UBS AG	2/23/24		5.68	%		1,981,857		(1,249	)
						$	4,648,918	$	4,881

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

44 :: Communication Services UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Communication Services UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Diversified Telecommunication Services	$	569,154		7.8	%
Entertainment		1,366,640		18.6	%
Interactive Media & Services		3,072,613		42.0	%
Media		1,064,784		14.5	%
Wireless Telecommunication Services		272,640		3.7	%
Other**		985,037		13.4	%
Total	$	7,330,868		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Consumer Discretionary UltraSector ProFund :: 45

Common Stocks (74.9%)

	Shares		Value
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		3,184	$	458,942
Amazon.com, Inc.* (Broadline Retail)		37,763		5,860,818
Aptiv PLC* (Automobile Components)		2,072		168,516
AutoZone, Inc.* (Specialty Retail)		130		359,077
Bath & Body Works, Inc. (Specialty Retail)		1,665		71,029
Best Buy Co., Inc. (Specialty Retail)		1,417		102,718
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		256		897,912
BorgWarner, Inc. (Automobile Components)		1,721		58,342
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,580		69,315
CarMax, Inc.* (Specialty Retail)		1,161		82,640
Carnival Corp.* (Hotels, Restaurants & Leisure)		7,380		122,360
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		202		486,572
D.R. Horton, Inc. (Household Durables)		2,207		315,402
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		881		143,233
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		256		109,112
eBay, Inc. (Broadline Retail)		3,802		156,148
Etsy, Inc.* (Broadline Retail)		876		58,307
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		976		144,770
Ford Motor Co. (Automobiles)		28,801		337,548
Garmin, Ltd. (Household Durables)		1,121		133,948
General Motors Co. (Automobiles)		10,032		389,242
Genuine Parts Co. (Distributors)		1,026		143,875
Hasbro, Inc. (Leisure Products)		954		46,698
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		1,879		358,814
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		2,705		132,329
Lennar Corp.—Class A (Household Durables)		1,832		274,525
LKQ Corp. (Distributors)		1,959		91,427
Lowe’s Cos., Inc. (Specialty Retail)		4,227		899,675
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		842		382,116
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1,807		433,227
McDonald’s Corp. (Hotels, Restaurants & Leisure)		3,831		1,121,411
MGM Resorts International (Hotels, Restaurants & Leisure)		2,001		86,783
Mohawk Industries, Inc.* (Household Durables)		386		40,241
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		8,967		910,419
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		3,116		55,465
NVR, Inc.* (Household Durables)		23		162,732
O’Reilly Automotive, Inc.* (Specialty Retail)		433		442,981
Pool Corp. (Distributors)		283		105,064
PulteGroup, Inc. (Household Durables)		1,579		165,100
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		291		41,808
Ross Stores, Inc. (Specialty Retail)		2,479		347,754
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		1,726		220,065
Starbucks Corp. (Hotels, Restaurants & Leisure)		8,368		778,475
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		1,678		65,090
Tesla, Inc.* (Automobiles)		18,013		3,373,654
The Home Depot, Inc. (Specialty Retail)		3,263		1,151,707
The TJX Cos., Inc. (Specialty Retail)		8,380		795,346
Tractor Supply Co. (Specialty Retail)		791		177,659
Ulta Beauty, Inc.* (Specialty Retail)		360		180,738
VF Corp. (Textiles, Apparel & Luxury Goods)		2,419		39,817
Whirlpool Corp. (Household Durables)		401		43,918
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		701		66,195
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		2,054		265,972
TOTAL COMMON STOCKS (Cost $11,219,267)				23,927,031

Repurchase Agreements^(a)(b) (26.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $8,443,212	$	8,442,000	$	8,442,000
TOTAL REPURCHASE AGREEMENTS (Cost $8,442,000)				8,442,000
TOTAL INVESTMENT SECURITIES (Cost $19,661,267)—101.4%				32,369,031
Net other assets (liabilities)—(1.4)%				(453,696	)
NET ASSETS—100.0%			$	31,915,335

	*	Non-income producing security.
	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $4,658,000.

See accompanying notes to the financial statements.

46 :: Consumer Discretionary UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Consumer Discretionary Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	15,245,691	$	(269,879	)
S&P Consumer Discretionary Select Sector Index	UBS AG	2/23/24		5.68	%		8,714,291		(137,409	)
						$	23,959,982	$	(407,288	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Consumer Discretionary UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Automobile Components	$	226,858		0.7	%
Automobiles		4,100,444		12.8	%
Broadline Retail		6,075,272		19.0	%
Distributors		340,366		1.1	%
Hotels, Restaurants & Leisure		5,950,952		18.6	%
Household Durables		1,135,866		3.6	%
Leisure Products		46,698		0.1	%
Specialty Retail		4,611,325		14.5	%
Textiles, Apparel & Luxury Goods		1,439,250		4.5	%
Other**		7,988,304		25.1	%
Total	$	31,915,335		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Consumer Staples UltraSector ProFund :: 47

Common Stocks (72.5%)

	Shares		Value
Altria Group, Inc. (Tobacco)		2,010	$	80,641
Archer-Daniels-Midland Co. (Food Products)		606		33,681
Brown-Forman Corp.—Class B (Beverages)		208		11,419
Bunge Global SA (Food Products)		165		14,535
Campbell Soup Co. (Food Products)		223		9,952
Church & Dwight Co., Inc. (Household Products)		280		27,958
Colgate-Palmolive Co. (Household Products)		936		78,811
Conagra Brands, Inc. (Food Products)		543		15,828
Constellation Brands, Inc.—Class A (Beverages)		184		45,095
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		438		304,357
Dollar General Corp. (Consumer Staples Distribution & Retail)		250		33,018
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		237		30,957
General Mills, Inc. (Food Products)		661		42,906
Hormel Foods Corp. (Food Products)		328		9,961
Kellanova (Food Products)		300		16,428
Kenvue, Inc. (Personal Care Products)		1,959		40,669
Keurig Dr Pepper, Inc. (Beverages)		1,144		35,967
Kimberly-Clark Corp. (Household Products)		384		46,452
Lamb Weston Holding, Inc. (Food Products)		165		16,903
McCormick & Co., Inc. (Food Products)		286		19,494
Molson Coors Beverage Co.—Class B (Beverages)		211		13,038
Mondelez International, Inc.—Class A (Food Products)		1,496		112,605
Monster Beverage Corp.* (Beverages)		840		46,217
PepsiCo, Inc. (Beverages)		1,358		228,863
Philip Morris International, Inc. (Tobacco)		1,165		105,840
Sysco Corp. (Consumer Staples Distribution & Retail)		573		46,373
Target Corp. (Consumer Staples Distribution & Retail)		524		72,878
The Clorox Co. (Household Products)		141		20,480
The Coca-Cola Co. (Beverages)		3,844		228,680
The Estee Lauder Cos., Inc. (Personal Care Products)		264		34,845
The Hershey Co. (Food Products)		171		33,095
The JM Smucker Co. (Food Products)		120		15,786
The Kraft Heinz Co. (Food Products)		906		33,640
The Kroger Co. (Consumer Staples Distribution & Retail)		752		34,697
The Procter & Gamble Co. (Household Products)		2,329		365,980
Tyson Foods, Inc.—Class A (Food Products)		324		17,742
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		814		18,372
Walmart, Inc. (Consumer Staples Distribution & Retail)		704		116,336
TOTAL COMMON STOCKS (Cost $1,522,159)				2,460,499

Repurchase Agreements^(a)(b) (29.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,015,146	$	1,015,000	$	1,015,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,015,000)				1,015,000
TOTAL INVESTMENT SECURITIES (Cost $2,537,159)—102.4%				3,475,499
Net other assets (liabilities)—(2.4)%				(80,132	)
NET ASSETS—100.0%			$	3,395,367

	*	Non-income producing security.
	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $552,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Consumer Staples Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	584,667	$	6,171
S&P Consumer Staples Select Sector Index	UBS AG	2/23/24		5.68	%		2,039,347		4,073
						$	2,624,014	$	10,244

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

48 :: Consumer Staples UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Consumer Staples UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Beverages	$	609,279		17.9	%
Consumer Staples Distribution & Retail		656,988		19.4	%
Food Products		392,556		11.6	%
Household Products		539,681		15.9	%
Personal Care Products		75,514		2.2	%
Tobacco		186,481		5.5	%
Other**		934,868		27.5	%
Total	$	3,395,367		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Energy UltraSector ProFund :: 49

Common Stocks (74.8%)

	Shares		Value
APA Corp. (Oil, Gas & Consumable Fuels)		4,662	$	146,060
Baker Hughes Co. (Energy Equipment & Services)		15,289		435,737
Chevron Corp. (Oil, Gas & Consumable Fuels)		26,477		3,903,504
ConocoPhillips (Oil, Gas & Consumable Fuels)		17,907		2,003,256
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		11,429		284,354
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		9,735		409,065
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		2,719		418,019
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		8,795		1,000,783
EQT Corp. (Oil, Gas & Consumable Fuels)		6,250		221,250
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		50,538		5,195,812
Halliburton Co. (Energy Equipment & Services)		13,601		484,876
Hess Corp. (Oil, Gas & Consumable Fuels)		4,201		590,367
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		29,385		497,194
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		8,892		203,182
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		5,769		955,346
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		10,033		577,600
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		8,850		604,013
Phillips 66 (Oil, Gas & Consumable Fuels)		6,690		965,434
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		3,545		814,747
Schlumberger N.V. (Energy Equipment & Services)		20,164		981,986
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		3,388		287,844
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		18,484		640,655
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		5,172		718,391
TOTAL COMMON STOCKS (Cost $7,999,972)				22,339,475

Repurchase Agreements^(a)(b) (22.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $6,646,954	$	6,646,000	$	6,646,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,646,000)				6,646,000
TOTAL INVESTMENT SECURITIES (Cost $14,645,972)—97.1%				28,985,475
Net other assets (liabilities)—2.9%				880,703
NET ASSETS—100.0%			$	29,866,178

	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $4,111,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Energy Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	11,681,906	$	381,869
S&P Energy Select Sector Index	UBS AG	2/23/24		5.63	%		10,897,851		291,552
						$	22,579,757	$	673,421

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

50 :: Energy UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Energy UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Energy Equipment & Services	$	1,902,599		6.4	%
Oil, Gas & Consumable Fuels		20,436,876		68.4	%
Other**		7,526,703		25.2	%
Total	$	29,866,178		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Europe 30 ProFund :: 51

Common Stocks (100.0%)

	Shares		Value
Anheuser-Busch InBev S.A./N.V.^ADR(a) (Beverages)		1,074	$	66,309
ArcelorMittal SA^NYS (Metals & Mining)		1,400		38,458
Argenx SE*^ADR (Biotechnology)		96		36,529
Ascendis Pharma A/S*^ADR (Biotechnology)		288		37,420
ASML Holding N.V.^NYS (Semiconductors & Semiconductor Equipment)		115		100,029
AstraZeneca PLC^ADR (Pharmaceuticals)		709		47,248
Barclays PLC^ADR (Banks)		5,273		39,758
BioNTech SE*^ADR (Biotechnology)		383		36,400
BP PLC^ADR (Oil, Gas & Consumable Fuels)		1,745		61,250
British American Tobacco PLC^ADR (Tobacco)		1,764		52,214
Diageo PLC^ADR (Beverages)		383		55,278
Equinor ASA^ADR(a) (Oil, Gas & Consumable Fuels)		1,898		54,416
GSK PLC^ADR (Pharmaceuticals)		1,476		58,213
Haleon PLC^ADR(a) (Personal Care Products)		5,311		43,550
HSBC Holdings PLC^ADR(a) (Banks)		1,898		74,649
ING Groep N.V.^ADR (Banks)		3,221		45,738
National Grid PLC^ADR(a) (Multi-Utilities)		690		46,596
Nokia Oyj^ADR (Communications Equipment)		11,428		41,141
Novo Nordisk A/S^ADR (Pharmaceuticals)		115		13,195
RELX PLC^ADR (Professional Services)		1,381		57,104
Rio Tinto PLC^ADR (Metals & Mining)		920		63,728
Ryanair Holdings PLC^ADR (Passenger Airlines)		307		41,015
Sanofi S.A.^ADR (Pharmaceuticals)		1,381		68,912
SAP SE^ADR(a) (Software)		556		96,244
Shell PLC^ADR (Oil, Gas & Consumable Fuels)		1,419		89,270
STMicroelectronics N.V.^NYS (Semiconductors & Semiconductor Equipment)		920		40,590
Telefonaktiebolaget LM Ericsson^ADR (Communications Equipment)		6,193		34,123
Tenaris S.A.^ADR (Energy Equipment & Services)		1,112		35,373
TotalEnergies SEADR (Oil, Gas & Consumable Fuels)		1,170		76,261
Vodafone Group PLC^ADR (Wireless Telecommunication Services)		4,583		39,414
TOTAL COMMON STOCKS (Cost $988,172)				1,590,425

Repurchase Agreements^(b) (0.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $9,001	$	9,000	$	9,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,000)				9,000

Collateral for Securities Loaned^(c) (29.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(d)		467,692	$	467,692
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $467,692)				467,692
TOTAL INVESTMENT SECURITIES (Cost $1,464,864)—130.0%				2,067,117
Net other assets (liabilities)—(30.0)%				(477,060	)
NET ASSETS—100.0%			$	1,590,057

	*	Non-income producing security.
	^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $320,312.
	^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the 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 January 31, 2024.
	^(d)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
	^ADR	American Depositary Receipt
	^NYS	New York Shares

Europe 30 ProFund invested in the following industries as of January 31, 2024:

	Value			% of Net Assets
Banks	$	160,145			10.1	%
Beverages		121,587			7.6	%
Biotechnology		110,349			6.9	%
Communications Equipment		75,264			4.7	%
Energy Equipment & Services		35,373			2.2	%
Metals & Mining		102,187			6.4	%
Multi-Utilities		46,596			2.9	%
Oil, Gas & Consumable Fuels		281,195			17.8	%
Passenger Airlines		41,015			2.6	%
Personal Care Products		43,550			2.7	%
Pharmaceuticals		187,568			11.8	%
Professional Services		57,104			3.6	%
Semiconductors & Semiconductor Equipment		140,620			8.8	%
Software		96,244			6.1	%
Tobacco		52,214			3.3	%
Wireless Telecommunication Services		39,414			2.5	%
Other**		(368	)		^NM
Total	$	1,590,057			100.0	%

See accompanying notes to the financial statements.

52 :: Europe 30 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Europe 30 ProFund invested in securities with exposure to the following countries as of January 31, 2024:

	Value			% of Net Assets
Belgium	$	66,309			4.2	%
Denmark		50,615			3.2	%
Finland		41,141			2.6	%
France		185,763			11.7	%
Germany		132,644			8.3	%
Ireland		41,015			2.6	%
Luxembourg		73,831			4.6	%
Netherlands		182,296			11.5	%
Norway		54,416			3.4	%
Sweden		34,123			2.1	%
United Kingdom		728,272			45.8	%
Other**		(368	)		^NM
Total	$	1,590,057			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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Falling U.S. Dollar ProFund :: 53

Repurchase Agreements^(a)(b) (99.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,286,185	$	1,286,000	$	1,286,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,286,000)				1,286,000
TOTAL INVESTMENT SECURITIES (Cost $1,286,000)—99.6%				1,286,000
Net other assets (liabilities)—0.4%				5,678
NET ASSETS—100.0%			$	1,291,678

	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $15,000.

As of January 31, 2024, the Falling U.S. Dollar ProFund’s forward currency contracts with Goldman Sachs International, were as follows:

Description and amount of currency purchased		Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)

Long:
British pound	83,204	U.S. dollar	$	105,383	2/16/24	$	105,441	$	58
Canadian dollar	132,163	U.S. dollar		97,833	2/16/24		98,335		502
Euro	378,045	U.S. dollar		410,940	2/16/24		408,787		(2,153	)
Japanese yen	12,192,793	U.S. dollar		82,512	2/16/24		83,070		558
Swedish krona	251,246	U.S. dollar		23,979	2/16/24		24,167		188
Swiss franc	26,082	U.S. dollar		30,167	2/16/24		30,287		120
Total Long Contracts			$	750,814		$	750,087	$	(727	)

As of January 31, 2024, the Falling U.S. Dollar ProFund’s forward currency contracts with UBS AG, were as follows:

Description and amount of currency purchased			Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)

Short:
U.S. dollar	$	35,634	British pound		28,066	2/16/24	$	35,567	$	67
U.S. dollar		28,154	Canadian dollar		37,781	2/16/24		28,111		43
U.S. dollar		168,507	Euro		155,272	2/16/24		167,899		608
U.S. dollar		39,533	Japanese yen		5,824,577	2/16/24		39,683		(150	)
U.S. dollar		12,663	Swedish krona		131,812	2/16/24		12,679		(16	)
U.S. dollar		10,612	Swiss franc		9,140	2/16/24		10,614		(2	)
Total Short Contracts	$	295,103					$	294,553	$	550
Long:
British pound		66,055	U.S. dollar	$	83,667	2/16/24	$	83,709	$	42
Canadian dollar		63,136	U.S. dollar		46,768	2/16/24		46,976		208
Euro		463,423	U.S. dollar		503,725	2/16/24		501,108		(2,617	)
Japanese yen		19,506,943	U.S. dollar		131,966	2/16/24		132,901		935
Swedish krona		444,832	U.S. dollar		42,454	2/16/24		42,789		335
Swiss franc		23,081	U.S. dollar		26,670	2/16/24		26,802		132
Total Long Contracts				$	835,250		$	834,285	$	(965	)
Total unrealized appreciation									$	3,796
Total unrealized (depreciation)										(4,938	)
Total net unrealized appreciation/(depreciation)									$	(1,142	)

See accompanying notes to the financial statements.

54 :: Financials UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (71.8%)

	Shares		Value
Aflac, Inc. (Insurance)		492	$	41,495
American Express Co. (Consumer Finance)		533		106,994
American International Group, Inc. (Insurance)		651		45,251
Ameriprise Financial, Inc. (Capital Markets)		93		35,975
Aon PLC—Class A (Insurance)		186		55,508
Arch Capital Group, Ltd.* (Insurance)		346		28,521
Arthur J. Gallagher & Co. (Insurance)		200		46,432
Assurant, Inc. (Insurance)		49		8,230
Bank of America Corp. (Banks)		6,375		216,814
Berkshire Hathaway, Inc.*—Class B (Financial Services)		1,684		646,219
BlackRock, Inc. (Capital Markets)		129		99,886
Blackstone, Inc. (Capital Markets)		659		82,013
Brown & Brown, Inc. (Insurance)		220		17,063
Capital One Financial Corp. (Consumer Finance)		353		47,768
Cboe Global Markets, Inc. (Capital Markets)		97		17,833
Chubb, Ltd. (Insurance)		378		92,610
Cincinnati Financial Corp. (Insurance)		146		16,177
Citigroup, Inc. (Banks)		1,772		99,533
Citizens Financial Group, Inc. (Banks)		432		14,126
CME Group, Inc. (Capital Markets)		333		68,545
Comerica, Inc. (Banks)		122		6,415
Discover Financial Services (Consumer Finance)		232		24,481
Everest Group, Ltd. (Insurance)		41		15,784
FactSet Research Systems, Inc. (Capital Markets)		35		16,657
Fidelity National Information Services, Inc. (Financial Services)		550		34,243
Fifth Third Bancorp (Banks)		631		21,605
First Horizon Corp. (Banks)		1		10
Fiserv, Inc.* (Financial Services)		556		78,880
FleetCor Technologies, Inc.* (Financial Services)		67		19,425
Franklin Resources, Inc. (Capital Markets)		262		6,977
Global Payments, Inc. (Financial Services)		241		32,108
Globe Life, Inc. (Insurance)		80		9,826
Huntington Bancshares, Inc. (Banks)		1,342		17,084
Intercontinental Exchange, Inc. (Capital Markets)		530		67,485
Invesco, Ltd. (Capital Markets)		418		6,617
Jack Henry & Associates, Inc. (Financial Services)		68		11,276
JPMorgan Chase & Co. (Banks)		2,677		466,763
KeyCorp (Banks)		867		12,598
Loews Corp. (Insurance)		170		12,386
M&T Bank Corp. (Banks)		154		21,267
MarketAxess Holdings, Inc. (Capital Markets)		35		7,893
Marsh & McLennan Cos., Inc. (Insurance)		456		88,391
Mastercard, Inc.—Class A (Financial Services)		767		344,559
MetLife, Inc. (Insurance)		576		39,928
Moody’s Corp. (Capital Markets)		145		56,846
Morgan Stanley (Capital Markets)		1,170		102,071
MSCI, Inc. (Capital Markets)		73		43,699
Nasdaq, Inc. (Capital Markets)		316		18,255
Northern Trust Corp. (Capital Markets)		192		15,291
PayPal Holdings, Inc.* (Financial Services)		999		61,289
Principal Financial Group, Inc. (Insurance)		204		16,136
Prudential Financial, Inc. (Insurance)		334		35,047
Raymond James Financial, Inc. (Capital Markets)		175		19,282
Regions Financial Corp. (Banks)		861		16,075
S&P Global, Inc. (Capital Markets)		299		134,056
State Street Corp. (Capital Markets)		286		21,127
Synchrony Financial (Consumer Finance)		383		14,887
T. Rowe Price Group, Inc. (Capital Markets)		208		22,558
The Allstate Corp. (Insurance)		243		37,726
The Bank of New York Mellon Corp. (Capital Markets)		712		39,488
The Charles Schwab Corp. (Capital Markets)		1,378		86,704
The Goldman Sachs Group, Inc. (Capital Markets)		302		115,970
The Hartford Financial Services Group, Inc. (Insurance)		278		24,175
The PNC Financial Services Group, Inc. (Banks)		369		55,796
The Progressive Corp. (Insurance)		542		96,611
The Travelers Cos., Inc. (Insurance)		211		44,597
Truist Financial Corp. (Banks)		1,236		45,806
U.S. Bancorp (Banks)		1,441		59,859
Visa, Inc.—Class A (Financial Services)		1,475		403,059
W.R. Berkley Corp. (Insurance)		189		15,475
Wells Fargo & Co. (Banks)		3,363		168,755
Willis Towers Watson PLC (Insurance)		96		23,645
Zions Bancorp NA (Banks)		139		5,824
TOTAL COMMON STOCKS (Cost $1,993,727)				4,949,760

Repurchase Agreements^(a)(b) (26.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,794,257	$	1,794,000	$	1,794,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,794,000)				1,794,000
TOTAL INVESTMENT SECURITIES (Cost $3,787,727)—97.8%				6,743,760
Net other assets (liabilities)—2.2%				153,780
NET ASSETS—100.0%			$	6,897,540

Non-income producing security.

^(a)

^(b)

A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,049,000.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Financials UltraSector ProFund :: 55

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Financial Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	4,123,069	$	56,580
S&P Financial Select Sector Index	UBS AG	2/23/24		5.98	%		1,278,486		213,890
						$	5,401,555	$	270,470

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Financials UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Banks	$	1,228,330		17.8	%
Capital Markets		1,085,228		15.7	%
Consumer Finance		194,130		2.8	%
Financial Services		1,631,058		23.7	%
Insurance		811,014		11.8	%
Other**		1,947,780		28.2	%
Total	$	6,897,540		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 the financial statements.

56 :: Health Care UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (72.0%)

	Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		3,976	$	449,885
AbbVie, Inc. (Biotechnology)		4,045		664,999
Agilent Technologies, Inc. (Life Sciences Tools & Services)		670		87,167
Align Technology, Inc.* (Health Care Equipment & Supplies)		163		43,573
Amgen, Inc. (Biotechnology)		1,226		385,283
Baxter International, Inc. (Health Care Equipment & Supplies)		1,162		44,958
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		665		158,809
Biogen, Inc.* (Biotechnology)		332		81,891
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		48		15,403
Bio-Techne Corp. (Life Sciences Tools & Services)		362		25,456
Boston Scientific Corp.* (Health Care Equipment & Supplies)		3,355		212,237
Bristol-Myers Squibb Co. (Pharmaceuticals)		4,662		227,832
Cardinal Health, Inc. (Health Care Providers & Services)		565		61,692
Catalent, Inc.* (Pharmaceuticals)		413		21,327
Cencora, Inc. (Health Care Providers & Services)		382		88,884
Centene Corp.* (Health Care Providers & Services)		1,224		92,179
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		118		25,521
CVS Health Corp. (Health Care Providers & Services)		2,943		218,871
Danaher Corp. (Life Sciences Tools & Services)		1,507		361,544
DaVita, Inc.* (Health Care Providers & Services)		123		13,304
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		485		16,854
Dexcom, Inc.* (Health Care Equipment & Supplies)		885		107,395
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		1,390		109,073
Elevance Health, Inc. (Health Care Providers & Services)		538		265,471
Eli Lilly & Co. (Pharmaceuticals)		1,827		1,179,529
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		897		65,804
Gilead Sciences, Inc. (Biotechnology)		2,855		223,432
HCA Healthcare, Inc. (Health Care Providers & Services)		454		138,425
Henry Schein, Inc.* (Health Care Providers & Services)		299		22,377
Hologic, Inc.* (Health Care Equipment & Supplies)		561		41,761
Humana, Inc. (Health Care Providers & Services)		282		106,613
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		190		97,865
Illumina, Inc.* (Life Sciences Tools & Services)		364		52,056
Incyte Corp.* (Biotechnology)		426		25,036
Insulet Corp.* (Health Care Equipment & Supplies)		160		30,539
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		807		305,224
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		420		87,457
Johnson & Johnson (Pharmaceuticals)		5,516		876,492
Laboratory Corp. of America Holdings (Health Care Providers & Services)		195		43,349
McKesson Corp. (Health Care Providers & Services)		305		152,466
Medtronic PLC (Health Care Equipment & Supplies)		3,049		266,909
Merck & Co., Inc. (Pharmaceuticals)		5,805		701,128
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		50		59,860
Moderna, Inc.* (Biotechnology)		764		77,202
Molina Healthcare, Inc.* (Health Care Providers & Services)		134		47,763
Pfizer, Inc. (Pharmaceuticals)		12,938		350,361
Quest Diagnostics, Inc. (Health Care Providers & Services)		257		33,007
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		245		230,981
ResMed, Inc. (Health Care Equipment & Supplies)		337		64,097
Revvity, Inc. (Life Sciences Tools & Services)		283		30,332
STERIS PLC (Health Care Equipment & Supplies)		226		49,483
Stryker Corp. (Health Care Equipment & Supplies)		775		259,997
Teleflex, Inc. (Health Care Equipment & Supplies)		108		26,226
The Cigna Group (Health Care Providers & Services)		670		201,637
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		113		42,152
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		885		476,996
UnitedHealth Group, Inc. (Health Care Providers & Services)		2,119		1,084,376
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		140		22,233
Vertex Pharmaceuticals, Inc.* (Biotechnology)		590		255,694
Viatris, Inc. (Pharmaceuticals)		2,749		32,356
Waters Corp.* (Life Sciences Tools & Services)		135		42,891
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		170		63,415
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		479		60,162
Zoetis, Inc. (Pharmaceuticals)		1,052		197,576
TOTAL COMMON STOCKS (Cost $3,100,383)				11,904,867

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Health Care UltraSector ProFund :: 57

Repurchase Agreements^(a)(b) (22.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $3,777,542	$	3,777,000	$	3,777,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,777,000)				3,777,000
TOTAL INVESTMENT SECURITIES (Cost $6,877,383)—94.8%				15,681,867
Net other assets (liabilities)—5.2%				864,322
NET ASSETS—100.0%			$	16,546,189

Non-income producing security.

^(a)

^(b)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Health Care Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	6,519,419	$	9,995
S&P Health Care Select Sector Index	UBS AG	2/23/24		5.68	%		6,413,055		3,976
						$	12,932,474	$	13,971

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

Health Care UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Biotechnology	$	1,944,517		11.8	%
Health Care Equipment & Supplies		2,453,003		14.8	%
Health Care Providers & Services		2,592,647		15.7	%
Life Sciences Tools & Services		1,328,098		8.0	%
Pharmaceuticals		3,586,602		21.7	%
Other**		4,641,322		28.0	%
Total	$	16,546,189		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 the financial statements.

58 :: Industrials UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (63.0%)

	Shares		Value
3M Co. (Industrial Conglomerates)		537	$	50,666
AO. Smith Corp. (Building Products)		120		9,313
Allegion PLC (Building Products)		85		10,531
American Airlines Group, Inc.* (Passenger Airlines)		635		9,036
AMETEK, Inc. (Electrical Equipment)		224		36,299
Automatic Data Processing, Inc. (Professional Services)		400		98,311
Axon Enterprise, Inc.* (Aerospace & Defense)		68		16,936
Broadridge Financial Solutions, Inc. (Professional Services)		114		23,279
Builders FirstSource, Inc.* (Building Products)		120		20,848
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		113		9,502
Carrier Global Corp. (Building Products)		815		44,589
Caterpillar, Inc. (Machinery)		497		149,254
Cintas Corp. (Commercial Services & Supplies)		83		50,179
Copart, Inc.* (Commercial Services & Supplies)		850		40,834
CSX Corp. (Ground Transportation)		1,921		68,580
Cummins, Inc. (Machinery)		138		33,023
Dayforce, Inc.* (Professional Services)		152		10,567
Deere & Co. (Machinery)		260		102,331
Delta Air Lines, Inc. (Passenger Airlines)		627		24,541
Dover Corp. (Machinery)		137		20,520
Eaton Corp. PLC (Electrical Equipment)		388		95,480
Emerson Electric Co. (Electrical Equipment)		554		50,818
Equifax, Inc. (Professional Services)		120		29,321
Expeditors International of Washington, Inc. (Air Freight & Logistics)		141		17,813
Fastenal Co. (Trading Companies & Distributors)		555		37,868
FedEx Corp. (Air Freight & Logistics)		225		54,290
Fortive Corp. (Machinery)		342		26,738
Generac Holdings, Inc.* (Electrical Equipment)		60		6,820
General Dynamics Corp. (Aerospace & Defense)		220		58,298
General Electric Co. (Industrial Conglomerates)		1,057		139,968
Honeywell International, Inc. (Industrial Conglomerates)		641		129,649
Howmet Aerospace, Inc. (Aerospace & Defense)		381		21,435
Hubbell, Inc. (Electrical Equipment)		52		17,450
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		38		9,839
IDEX Corp. (Machinery)		73		15,440
Illinois Tool Works, Inc. (Machinery)		266		69,399
Ingersoll Rand, Inc. (Machinery)		393		31,385
J.B. Hunt Transport Services, Inc. (Ground Transportation)		79		15,877
Jacobs Solutions, Inc. (Professional Services)		123		16,577
Johnson Controls International PLC (Building Products)		661		34,828
L3Harris Technologies, Inc. (Aerospace & Defense)		184		38,349
Leidos Holdings, Inc. (Professional Services)		133		14,693
Lockheed Martin Corp. (Aerospace & Defense)		215		92,323
Masco Corp. (Building Products)		217		14,602
Nordson Corp. (Machinery)		53		13,341
Norfolk Southern Corp. (Ground Transportation)		220		51,753
Northrop Grumman Corp. (Aerospace & Defense)		138		61,653
Old Dominion Freight Line, Inc. (Ground Transportation)		87		34,019
Otis Worldwide Corp. (Machinery)		397		35,111
PACCAR, Inc. (Machinery)		508		50,998
Parker-Hannifin Corp. (Machinery)		124		57,598
Paychex, Inc. (Professional Services)		312		37,979
Paycom Software, Inc. (Professional Services)		48		9,132
Pentair PLC (Machinery)		161		11,780
Quanta Services, Inc. (Construction & Engineering)		141		27,361
Republic Services, Inc. (Commercial Services & Supplies)		198		33,882
Robert Half, Inc. (Professional Services)		102		8,113
Rockwell Automation, Inc. (Electrical Equipment)		112		28,367
Rollins, Inc. (Commercial Services & Supplies)		273		11,824
RTX Corp. (Aerospace & Defense)		1,398		127,385
Snap-on, Inc. (Machinery)		51		14,786
Southwest Airlines Co. (Passenger Airlines)		580		17,336
Stanley Black & Decker, Inc. (Machinery)		150		13,995
Textron, Inc. (Aerospace & Defense)		191		16,180
The Boeing Co.* (Aerospace & Defense)		553		116,705
Trane Technologies PLC (Building Products)		222		55,954
TransDigm Group, Inc. (Aerospace & Defense)		54		59,005
Uber Technologies, Inc.* (Ground Transportation)		2,001		130,605
Union Pacific Corp. (Ground Transportation)		592		144,406
United Airlines Holdings, Inc.* (Passenger Airlines)		319		13,200
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		703		99,756
United Rentals, Inc. (Trading Companies & Distributors)		66		41,276
Veralto Corp. (Commercial Services & Supplies)		212		16,258
Verisk Analytics, Inc. (Professional Services)		141		34,056
W.W. Grainger, Inc. (Trading Companies & Distributors)		43		38,513
Waste Management, Inc. (Commercial Services & Supplies)		356		66,084
Westinghouse Air Brake Technologies Corp. (Machinery)		174		22,893
Xylem, Inc. (Machinery)		234		26,311
TOTAL COMMON STOCKS (Cost $1,813,241)				3,396,014

Repurchase Agreements^(a)(b) (34.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,857,267	$	1,857,000	$	1,857,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,857,000)				1,857,000
TOTAL INVESTMENT SECURITIES (Cost $3,670,241)—97.4%				5,253,014
Net other assets (liabilities)—2.6%				141,949
NET ASSETS—100.0%			$	5,394,963

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Industrials UltraSector ProFund :: 59

Non-income producing security.

^(a)

^(b)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Industrials Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	2,642,642	$	10,153
S&P Industrials Select Sector Index	UBS AG	2/23/24		5.68	%		2,058,299		49,047
						$	4,700,941	$	59,200

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

Industrials UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	618,108		11.4	%
Air Freight & Logistics		181,361		3.4	%
Building Products		190,665		3.5	%
Commercial Services & Supplies		219,061		4.1	%
Construction & Engineering		27,361		0.5	%
Electrical Equipment		235,234		4.4	%
Ground Transportation		445,241		8.3	%
Industrial Conglomerates		320,283		5.9	%
Machinery		694,902		12.9	%
Passenger Airlines		64,113		1.2	%
Professional Services		282,028		5.2	%
Trading Companies & Distributors		117,657		2.2	%
Other**		1,998,949		37.0	%
Total	$	5,394,963		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 the financial statements.

60 :: Internet UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (76.9%)

	Shares		Value
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		15,075	$	2,172,910
Akamai Technologies, Inc.* (IT Services)		10,341		1,274,321
Alphabet, Inc.*—Class A (Interactive Media & Services)		27,428		3,842,663
Alphabet, Inc.*—Class C (Interactive Media & Services)		23,086		3,273,595
Amazon.com, Inc.* (Broadline Retail)		44,009		6,830,197
Arista Networks, Inc.* (Communications Equipment)		9,167		2,371,320
Atlassian Corp.*—Class A (Software)		7,992		1,996,161
Box, Inc.*—Class A (Software)		23,802		618,376
Carvana Co.* (Specialty Retail)		16,017		689,692
Ciena Corp.* (Communications Equipment)		16,919		896,707
Cisco Systems, Inc. (Communications Equipment)		65,006		3,262,001
Cloudflare, Inc.*—Class A (IT Services)		17,520		1,384,956
CommScope Holding Co., Inc.* (Communications Equipment)		156,147		362,261
Confluent, Inc.*—Class A (Software)		29,324		655,685
Datadog, Inc.*—Class A (Software)		14,224		1,770,035
DocuSign, Inc.* (Software)		19,164		1,167,471
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure)		15,620		1,627,604
DraftKings, Inc.* (Hotels, Restaurants & Leisure)		32,435		1,266,587
Dropbox, Inc.*—Class A (Software)		28,639		907,284
eBay, Inc. (Broadline Retail)		31,607		1,298,099
Etsy, Inc.* (Broadline Retail)		11,355		755,789
Fastly, Inc.*—Class A (IT Services)		26,895		541,127
GoDaddy, Inc.*—Class A (IT Services)		10,612		1,131,876
Juniper Networks, Inc. (Communications Equipment)		30,826		1,139,329
Match Group, Inc.* (Interactive Media & Services)		26,677		1,023,863
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		15,656		6,108,032
Netflix, Inc.* (Entertainment)		6,979		3,936,924
Nutanix, Inc.*—Class A (Software)		21,460		1,206,052
Okta, Inc.* (IT Services)		13,364		1,104,535
PayPal Holdings, Inc.* (Financial Services)		35,680		2,188,968
Pinterest, Inc.*—Class A (Interactive Media & Services)		37,497		1,405,013
ROBLOX Corp.*—Class A (Entertainment)		31,330		1,215,917
Salesforce, Inc.* (Software)		13,773		3,871,452
Smartsheet, Inc.*—Class A (Software)		16,433		738,992
Snap, Inc.*—Class A (Interactive Media & Services)		75,808		1,204,589
Snowflake, Inc.*—Class A (IT Services)		11,219		2,194,886
Teladoc Health, Inc.* (Health Care Technology)		28,814		559,856
Veeva Systems, Inc.*—Class A (Health Care Technology)		8,022		1,663,843
Workday, Inc.*—Class A (Software)		7,416		2,158,574
Zoom Video Communications, Inc.*— Class A (Software)		17,030		1,100,308
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		41,878		671,723
TOTAL COMMON STOCKS (Cost $40,287,086)				73,589,573

Repurchase Agreements^(a)(b) (25.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $23,996,444	$	23,993,000	$	23,993,000
TOTAL REPURCHASE AGREEMENTS (Cost $23,993,000)				23,993,000
TOTAL INVESTMENT SECURITIES (Cost $64,280,086)—102.0%				97,582,573
Net other assets (liabilities)—(2.0)%				(1,913,821	)
NET ASSETS—100.0%			$	95,668,752

Non-income producing security.

^(a)

^(b)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Composite Internet Index	Goldman Sachs International	2/23/24		5.93	%	$	35,244,454	$	(357,402	)
Dow Jones Composite Internet Index	UBS AG	2/23/24		5.68	%		34,636,234		(486,260	)
						$	69,880,688	$	(843,662	)

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Internet UltraSector ProFund :: 61

Internet UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Broadline Retail	$	8,884,085		9.3	%
Communications Equipment		8,031,618		8.4	%
Entertainment		5,152,841		5.4	%
Financial Services		2,188,968		2.3	%
Health Care Technology		2,223,699		2.3	%
Hotels, Restaurants & Leisure		5,067,101		5.3	%
Interactive Media & Services		17,529,478		18.3	%
IT Services		7,631,700		8.0	%
Software		16,190,391		16.9	%
Specialty Retail		689,692		0.7	%
Other**		22,079,179		23.1	%
Total	$	95,668,752		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 the financial statements.

62 :: Large-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (99.8%)

	Shares		Value
A.O. Smith Corp. (Building Products)		69	$	5,355
AbbVie, Inc. (Biotechnology)		594		97,654
Accenture PLC—Class A (IT Services)		309		112,439
Adobe, Inc.* (Software)		415		256,379
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,469		246,337
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		197		28,396
Akamai Technologies, Inc.* (IT Services)		66		8,133
Align Technology, Inc.* (Health Care Equipment & Supplies)		35		9,356
Allegion PLC (Building Products)		33		4,088
Alphabet, Inc.*—Class A (Interactive Media & Services)		5,389		754,999
Alphabet, Inc.*—Class C (Interactive Media & Services)		4,533		642,779
Amazon.com, Inc.* (Broadline Retail)		8,280		1,285,055
American Express Co. (Consumer Finance)		368		73,873
American Tower Corp. (Specialized REITs)		175		34,239
Ameriprise Financial, Inc. (Capital Markets)		48		18,568
AMETEK, Inc. (Electrical Equipment)		102		16,529
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		305		30,835
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		267		51,360
ANSYS, Inc.* (Software)		45		14,752
Aon PLC—Class A (Insurance)		93		27,754
APA Corp. (Oil, Gas & Consumable Fuels)		280		8,772
Apple, Inc. (Technology Hardware, Storage & Peripherals)		13,309		2,454,179
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		761		125,032
Arch Capital Group, Ltd.* (Insurance)		342		28,191
Arista Networks, Inc.* (Communications Equipment)		228		58,979
Arthur J. Gallagher & Co. (Insurance)		102		23,680
Autodesk, Inc.* (Software)		102		25,889
Automatic Data Processing, Inc. (Professional Services)		147		36,129
AutoZone, Inc.* (Specialty Retail)		11		30,383
Axon Enterprise, Inc.* (Aerospace & Defense)		64		15,940
Blackstone, Inc. (Capital Markets)		467		58,118
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		32		112,238
Boston Scientific Corp.* (Health Care Equipment & Supplies)		732		46,306
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		399		470,820
Broadridge Financial Solutions, Inc. (Professional Services)		61		12,456
Brown & Brown, Inc. (Insurance)		169		13,108
Builders FirstSource, Inc.* (Building Products)		113		19,631
Cadence Design Systems, Inc.* (Software)		247		71,250
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		116		5,089
Carnival Corp.* (Hotels, Restaurants & Leisure)		653		10,827
Carrier Global Corp. (Building Products)		367		20,079
Caterpillar, Inc. (Machinery)		268		80,484
Cboe Global Markets, Inc. (Capital Markets)		61		11,215
CDW Corp. (Electronic Equipment, Instruments & Components)		50		11,336
Celanese Corp. (Chemicals)		93		13,605
CF Industries Holdings, Inc. (Chemicals)		95		7,173
Charter Communications, Inc.*—Class A (Media)		42		15,570
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		25		60,219
Church & Dwight Co., Inc. (Household Products)		101		10,085
Cintas Corp. (Commercial Services & Supplies)		44		26,601
CME Group, Inc. (Capital Markets)		121		24,907
Colgate-Palmolive Co. (Household Products)		291		24,502
ConocoPhillips (Oil, Gas & Consumable Fuels)		744		83,230
Constellation Energy Corp. (Electric Utilities)		130		15,860
Copart, Inc.* (Commercial Services & Supplies)		796		38,239
CoStar Group, Inc.* (Real Estate Management & Development)		159		13,273
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		171		118,824
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		454		11,296
CSX Corp. (Ground Transportation)		903		32,237
D.R. Horton, Inc. (Household Durables)		272		38,871
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		58		9,430
DaVita, Inc.* (Health Care Providers & Services)		29		3,137
Dayforce, Inc.* (Professional Services)		79		5,492
Deere & Co. (Machinery)		140		55,101
Delta Air Lines, Inc. (Passenger Airlines)		331		12,955
Dexcom, Inc.* (Health Care Equipment & Supplies)		214		25,969
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		164		25,213
Digital Realty Trust, Inc. (Specialized REITs)		115		16,153
Discover Financial Services (Consumer Finance)		122		12,873
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		12		5,115
Eaton Corp. PLC (Electrical Equipment)		226		55,614
Ecolab, Inc. (Chemicals)		121		23,985
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		205		16,086
Electronic Arts, Inc. (Entertainment)		99		13,620
Eli Lilly & Co. (Pharmaceuticals)		726		468,712
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		45		4,686
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		350		39,826
EPAM Systems, Inc.* (IT Services)		20		5,562
Equifax, Inc. (Professional Services)		44		10,751
Equinix, Inc. (Specialized REITs)		40		33,191
Etsy, Inc.* (Broadline Retail)		47		3,128
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		123		18,245
Expeditors International of Washington, Inc. (Air Freight & Logistics)		53		6,695

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Large-Cap Growth ProFund :: 63

Common Stocks, continued

	Shares		Value
FactSet Research Systems, Inc. (Capital Markets)		15	$	7,139
Fair Isaac Corp.* (Software)		21		25,175
Fastenal Co. (Trading Companies & Distributors)		259		17,672
First Horizon Corp. (Banks)		1		11
Fiserv, Inc.* (Financial Services)		282		40,007
FleetCor Technologies, Inc.* (Financial Services)		66		19,135
Fortinet, Inc.* (Software)		581		37,469
Fortive Corp. (Machinery)		320		25,018
Freeport-McMoRan, Inc. (Metals & Mining)		653		25,918
Garmin, Ltd. (Household Durables)		77		9,201
Gartner, Inc.* (IT Services)		72		32,936
Generac Holdings, Inc.* (Electrical Equipment)		35		3,978
General Electric Co. (Industrial Conglomerates)		426		56,411
HCA Healthcare, Inc. (Health Care Providers & Services)		87		26,526
Hess Corp. (Oil, Gas & Consumable Fuels)		250		35,133
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		234		44,685
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		385		7,400
Howmet Aerospace, Inc. (Aerospace & Defense)		207		11,646
Hubbell, Inc. (Electrical Equipment)		21		7,047
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		42		21,633
Illinois Tool Works, Inc. (Machinery)		117		30,525
Ingersoll Rand, Inc. (Machinery)		283		22,600
Insulet Corp.* (Health Care Equipment & Supplies)		24		4,581
Intuit, Inc. (Software)		255		160,989
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		213		80,561
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		65		13,535
Iron Mountain, Inc. (Specialized REITs)		136		9,183
Jabil, Inc. (Electronic Equipment, Instruments & Components)		65		8,144
KLA Corp. (Semiconductors & Semiconductor Equipment)		126		74,849
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		122		100,671
Lamb Weston Holding, Inc. (Food Products)		85		8,707
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		207		10,126
Lennar Corp.—Class A (Household Durables)		129		19,331
Linde PLC (Chemicals)		228		92,302
Live Nation Entertainment, Inc.* (Entertainment)		130		11,551
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		105		47,651
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		282		6,444
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		190		31,464
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		225		53,868
Marsh & McLennan Cos., Inc. (Insurance)		234		45,359
Martin Marietta Materials, Inc. (Construction Materials)		36		18,303
Masco Corp. (Building Products)		112		7,536
Mastercard, Inc.—Class A (Financial Services)		544		244,382
McDonald’s Corp. (Hotels, Restaurants & Leisure)		289		84,596
Merck & Co., Inc. (Pharmaceuticals)		923		111,480
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		2,021		788,473
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		8		9,578
MGM Resorts International (Hotels, Restaurants & Leisure)		172		7,460
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		290		24,702
Microsoft Corp. (Software)		6,765		2,689,628
Molina Healthcare, Inc.* (Health Care Providers & Services)		32		11,406
Mondelez International, Inc.—Class A (Food Products)		524		39,442
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		44		26,520
Monster Beverage Corp.* (Beverages)		405		22,283
Moody’s Corp. (Capital Markets)		68		26,659
Motorola Solutions, Inc. (Communications Equipment)		89		28,436
MSCI, Inc. (Capital Markets)		42		25,142
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		69		6,017
Netflix, Inc.* (Entertainment)		399		225,080
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		479		48,633
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		390		6,942
Nucor Corp. (Metals & Mining)		143		26,730
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,247		1,382,511
NVR, Inc.* (Household Durables)		3		21,225
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		178		37,481
Old Dominion Freight Line, Inc. (Ground Transportation)		82		32,064
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		175		12,448
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		330		22,523
Oracle Corp. (Software)		1,448		161,742
O’Reilly Automotive, Inc.* (Specialty Retail)		40		40,922
Otis Worldwide Corp. (Machinery)		144		12,735
PACCAR, Inc. (Machinery)		349		35,036
Palo Alto Networks, Inc.* (Software)		282		95,460
Parker-Hannifin Corp. (Machinery)		91		42,270
Paychex, Inc. (Professional Services)		115		13,999
Paycom Software, Inc. (Professional Services)		19		3,615
Pentair PLC (Machinery)		107		7,829

See accompanying notes to the financial statements.

64 :: Large-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
PepsiCo, Inc. (Beverages)		450	$	75,839
Philip Morris International, Inc. (Tobacco)		523		47,515
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		106		24,362
Pool Corp. (Distributors)		20		7,425
PTC, Inc.* (Software)		66		11,923
Public Storage (Specialized REITs)		60		16,991
PulteGroup, Inc. (Household Durables)		194		20,285
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		527		78,265
Quanta Services, Inc. (Construction & Engineering)		91		17,659
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		19		2,730
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		58		54,681
Republic Services, Inc. (Commercial Services & Supplies)		106		18,139
Rockwell Automation, Inc. (Electrical Equipment)		49		12,411
Rollins, Inc. (Commercial Services & Supplies)		113		4,894
Roper Technologies, Inc. (Software)		42		22,554
Ross Stores, Inc. (Specialty Retail)		308		43,206
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		214		27,285
S&P Global, Inc. (Capital Markets)		132		59,181
Salesforce, Inc.* (Software)		888		249,608
SBA Communications Corp. (Specialized REITs)		40		8,954
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		72		6,169
ServiceNow, Inc.* (Software)		186		142,364
Simon Property Group, Inc. (Retail REITs)		110		15,247
Snap-on, Inc. (Machinery)		20		5,799
Starbucks Corp. (Hotels, Restaurants & Leisure)		615		57,213
Steel Dynamics, Inc. (Metals & Mining)		85		10,259
STERIS PLC (Health Care Equipment & Supplies)		49		10,729
Stryker Corp. (Health Care Equipment & Supplies)		199		66,761
Synopsys, Inc.* (Software)		139		74,136
Take-Two Interactive Software, Inc.* (Entertainment)		73		12,040
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		204		17,332
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		111		15,783
Tesla, Inc.* (Automobiles)		2,519		471,784
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		308		49,317
The Boeing Co.* (Aerospace & Defense)		227		47,906
The Coca-Cola Co. (Beverages)		1,385		82,393
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		19		7,088
The Hershey Co. (Food Products)		50		9,677
The Home Depot, Inc. (Specialty Retail)		337		118,949
The Procter & Gamble Co. (Household Products)		836		131,369
The Progressive Corp. (Insurance)		266		47,414
The Sherwin-Williams Co. (Chemicals)		109		33,177
The TJX Cos., Inc. (Specialty Retail)		678		64,349
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		433		15,008
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		135		72,762
Tractor Supply Co. (Specialty Retail)		42		9,433
Trane Technologies PLC (Building Products)		146		36,800
TransDigm Group, Inc. (Aerospace & Defense)		49		53,541
Tyler Technologies, Inc.* (Software)		37		15,642
Uber Technologies, Inc.* (Ground Transportation)		1,871		122,120
Ulta Beauty, Inc.* (Specialty Retail)		29		14,559
Union Pacific Corp. (Ground Transportation)		248		60,495
United Rentals, Inc. (Trading Companies & Distributors)		61		38,149
UnitedHealth Group, Inc. (Health Care Providers & Services)		320		163,757
VeriSign, Inc.* (IT Services)		37		7,359
Verisk Analytics, Inc. (Professional Services)		73		17,632
Vertex Pharmaceuticals, Inc.* (Biotechnology)		151		65,440
Visa, Inc.—Class A (Financial Services)		959		262,057
Vulcan Materials Co. (Construction Materials)		78		17,629
W.W. Grainger, Inc. (Trading Companies & Distributors)		31		27,765
Waste Management, Inc. (Commercial Services & Supplies)		158		29,330
Waters Corp.* (Life Sciences Tools & Services)		19		6,036
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		68		25,366
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		86		8,121
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		118		15,280
Zoetis, Inc. (Pharmaceuticals)		228		42,821
TOTAL COMMON STOCKS (Cost $13,637,876)				19,991,175

Repurchase Agreements^(a) (0.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $87,012	$	87,000	$	87,000
TOTAL REPURCHASE AGREEMENTS (Cost $87,000)				87,000
TOTAL INVESTMENT SECURITIES (Cost $13,724,876)—100.2%				20,078,175
Net other assets (liabilities)—(0.2)%				(43,114	)
NET ASSETS—100.0%			$	20,035,061

Non-income producing security.

^(a)

The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Large-Cap Growth ProFund :: 65

Large-Cap Growth ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	129,033		0.7	%
Air Freight & Logistics		6,696		^NM
Automobiles		471,784		2.4	%
Banks		11		^NM
Beverages		180,515		0.9	%
Biotechnology		217,775		1.1	%
Broadline Retail		1,288,184		6.4	%
Building Products		93,489		0.5	%
Capital Markets		230,929		1.2	%
Chemicals		170,242		0.9	%
Commercial Services & Supplies		117,203		0.6	%
Communications Equipment		87,415		0.4	%
Construction & Engineering		17,659		0.1	%
Construction Materials		35,932		0.2	%
Consumer Finance		86,746		0.4	%
Consumer Staples Distribution & Retail		118,825		0.6	%
Distributors		7,425		^NM
Electric Utilities		15,860		0.1	%
Electrical Equipment		95,579		0.5	%
Electronic Equipment, Instruments & Components		66,098		0.3	%
Entertainment		262,291		1.3	%
Financial Services		565,580		2.8	%
Food Products		57,826		0.3	%
Ground Transportation		246,916		1.2	%
Health Care Equipment & Supplies		289,070		1.4	%
Health Care Providers & Services		204,826		1.0	%
Hotel & Resort REITs		7,400		^NM
Hotels, Restaurants & Leisure		565,135		2.8	%
Household Durables		108,913		0.6	%
Household Products		165,956		0.8	%
Industrial Conglomerates		56,411		0.3	%
Insurance		185,506		0.9	%
Interactive Media & Services		2,186,251		10.9	%
IT Services		166,429		0.8	%
Life Sciences Tools & Services		127,277		0.6	%
Machinery		317,396		1.6	%
Media		15,570		0.1	%
Metals & Mining		62,907		0.3	%
Oil, Gas & Consumable Fuels		320,603		1.6	%
Passenger Airlines		12,955		0.1	%
Pharmaceuticals		623,013		3.1	%
Professional Services		100,074		0.5	%
Real Estate Management & Development		13,273		0.1	%
Retail REITs		15,247		0.1	%
Semiconductors & Semiconductor Equipment		2,684,999		13.4	%
Software		4,054,959		20.3	%
Specialized REITs		118,711		0.6	%
Specialty Retail		321,801		1.6	%
Technology Hardware, Storage & Peripherals		2,466,365		12.3	%
Textiles, Apparel & Luxury Goods		99,014		0.5	%
Tobacco		47,515		0.2	%
Trading Companies & Distributors		83,586		0.4	%
Other**		43,886		0.2	%
Total	$	20,035,061		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%.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

66 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (99.6%)

	Shares		Value
3M Co. (Industrial Conglomerates)		1,739	$	164,075
A.O. Smith Corp. (Building Products)		143		11,098
Abbott Laboratories (Health Care Equipment & Supplies)		5,464		618,251
AbbVie, Inc. (Biotechnology)		3,502		575,729
Accenture PLC—Class A (IT Services)		909		330,767
Aflac, Inc. (Insurance)		1,675		141,270
Agilent Technologies, Inc. (Life Sciences Tools & Services)		921		119,822
Air Products and Chemicals, Inc. (Chemicals)		699		178,741
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		684		98,592
Akamai Technologies, Inc.* (IT Services)		252		31,054
Albemarle Corp. (Chemicals)		369		42,339
Alexandria Real Estate Equities, Inc. (Office REITs)		493		59,603
Align Technology, Inc.* (Health Care Equipment & Supplies)		101		26,999
Allegion PLC (Building Products)		172		21,309
Alliant Energy Corp. (Electric Utilities)		803		39,074
Altria Group, Inc. (Tobacco)		5,569		223,428
Amcor PLC (Containers & Packaging)		4,552		42,925
Ameren Corp. (Multi-Utilities)		827		57,534
American Airlines Group, Inc.* (Passenger Airlines)		2,057		29,271
American Electric Power Co., Inc. (Electric Utilities)		1,656		129,400
American Express Co. (Consumer Finance)		543		109,002
American International Group, Inc. (Insurance)		2,210		153,617
American Tower Corp. (Specialized REITs)		866		169,433
American Water Works Co., Inc. (Water Utilities)		613		76,024
Ameriprise Financial, Inc. (Capital Markets)		150		58,025
AMETEK, Inc. (Electrical Equipment)		378		61,255
Amgen, Inc. (Biotechnology)		1,686		529,842
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		828		83,711
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		643		123,687
ANSYS, Inc.* (Software)		117		38,356
Aon PLC—Class A (Insurance)		309		92,215
Aptiv PLC* (Automobile Components)		891		72,465
Archer-Daniels-Midland Co. (Food Products)		1,679		93,319
Arthur J. Gallagher & Co. (Insurance)		333		77,309
Assurant, Inc. (Insurance)		166		27,880
AT&T, Inc. (Diversified Telecommunication Services)		22,513		398,255
Atmos Energy Corp. (Gas Utilities)		468		53,324
Autodesk, Inc.* (Software)		323		81,981
Automatic Data Processing, Inc. (Professional Services)		790		194,167
AutoZone, Inc.* (Specialty Retail)		17		46,956
AvalonBay Communities, Inc. (Residential REITs)		448		80,196
Avery Dennison Corp. (Containers & Packaging)		254		50,660
Baker Hughes Co. (Energy Equipment & Services)		3,168		90,288
Ball Corp. (Containers & Packaging)		993		55,062
Bank of America Corp. (Banks)		21,678		737,269
Bath & Body Works, Inc. (Specialty Retail)		716		30,545
Baxter International, Inc. (Health Care Equipment & Supplies)		1,597		61,788
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		913		218,034
Berkshire Hathaway, Inc.*—Class B (Financial Services)		5,729		2,198,448
Best Buy Co., Inc. (Specialty Retail)		610		44,219
Biogen, Inc.* (Biotechnology)		457		112,724
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		67		21,500
Bio-Techne Corp. (Life Sciences Tools & Services)		498		35,019
BlackRock, Inc. (Capital Markets)		440		340,696
Blackstone, Inc. (Capital Markets)		626		77,906
BorgWarner, Inc. (Automobile Components)		739		25,052
Boston Properties, Inc. (Office REITs)		455		30,258
Boston Scientific Corp.* (Health Care Equipment & Supplies)		2,075		131,265
Bristol-Myers Squibb Co. (Pharmaceuticals)		6,407		313,110
Broadridge Financial Solutions, Inc. (Professional Services)		160		32,672
Brown & Brown, Inc. (Insurance)		164		12,720
Brown-Forman Corp.—Class B (Beverages)		576		31,622
Bunge Global SA (Food Products)		458		40,345
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		368		30,945
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		285		12,503
Camden Property Trust (Residential REITs)		336		31,530
Campbell Soup Co. (Food Products)		618		27,581
Capital One Financial Corp. (Consumer Finance)		1,199		162,248
Cardinal Health, Inc. (Health Care Providers & Services)		776		84,731
CarMax, Inc.* (Specialty Retail)		500		35,590
Carnival Corp.* (Hotels, Restaurants & Leisure)		920		15,254
Carrier Global Corp. (Building Products)		1,374		75,172
Catalent, Inc.* (Pharmaceuticals)		568		29,332
Caterpillar, Inc. (Machinery)		674		202,408
Cboe Global Markets, Inc. (Capital Markets)		119		21,878
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		961		82,944
CDW Corp. (Electronic Equipment, Instruments & Components)		244		55,320
Cencora, Inc. (Health Care Providers & Services)		524		121,924
Centene Corp.* (Health Care Providers & Services)		1,682		126,671
CenterPoint Energy, Inc. (Multi-Utilities)		1,987		55,517
CF Industries Holdings, Inc. (Chemicals)		277		20,916
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		162		35,037
Charter Communications, Inc.*—Class A (Media)		171		63,391
Chevron Corp. (Oil, Gas & Consumable Fuels)		5,529		815,141
Chubb, Ltd. (Insurance)		1,284		314,579
Church & Dwight Co., Inc. (Household Products)		419		41,837
Cincinnati Financial Corp. (Insurance)		494		54,735
Cintas Corp. (Commercial Services & Supplies)		122		73,758
Cisco Systems, Inc. (Communications Equipment)		12,753		639,945
Citigroup, Inc. (Banks)		6,026		338,480
Citizens Financial Group, Inc. (Banks)		1,467		47,971
CME Group, Inc. (Capital Markets)		725		149,234

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 67

Common Stocks, continued

	Shares		Value
CMS Energy Corp. (Multi-Utilities)		919	$	52,530
Cognizant Technology Solutions Corp.— Class A (IT Services)		1,579		121,772
Colgate-Palmolive Co. (Household Products)		1,581		133,120
Comcast Corp.—Class A (Media)		12,643		588,406
Comerica, Inc. (Banks)		415		21,821
Conagra Brands, Inc. (Food Products)		1,504		43,842
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,159		129,657
Consolidated Edison, Inc. (Multi-Utilities)		1,087		98,808
Constellation Brands, Inc.—Class A (Beverages)		509		124,746
Constellation Energy Corp. (Electric Utilities)		553		67,466
Corning, Inc. (Electronic Equipment, Instruments & Components)		2,417		78,528
Corteva, Inc. (Chemicals)		2,219		100,920
CoStar Group, Inc.* (Real Estate Management & Development)		732		61,107
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		809		562,158
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		805		20,028
Crown Castle, Inc. (Specialized REITs)		1,367		147,978
CSX Corp. (Ground Transportation)		3,110		111,027
Cummins, Inc. (Machinery)		446		106,728
CVS Health Corp. (Health Care Providers & Services)		4,045		300,827
Danaher Corp. (Life Sciences Tools & Services)		2,071		496,854
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		182		29,590
DaVita, Inc.* (Health Care Providers & Services)		76		8,220
Dayforce, Inc.* (Professional Services)		220		15,294
Deere & Co. (Machinery)		363		142,870
Delta Air Lines, Inc. (Passenger Airlines)		892		34,913
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		667		23,178
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		2,017		84,754
Dexcom, Inc.* (Health Care Equipment & Supplies)		475		57,641
Digital Realty Trust, Inc. (Specialized REITs)		563		79,079
Discover Financial Services (Consumer Finance)		363		38,304
Dollar General Corp. (Consumer Staples Distribution & Retail)		691		91,260
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		659		86,079
Dominion Energy, Inc. (Multi-Utilities)		2,635		120,472
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		67		28,557
Dover Corp. (Machinery)		440		65,903
Dow, Inc. (Chemicals)		2,208		118,349
DTE Energy Co. (Multi-Utilities)		650		68,523
Duke Energy Corp. (Electric Utilities)		2,427		232,579
DuPont de Nemours, Inc. (Chemicals)		1,355		83,739
Eastman Chemical Co. (Chemicals)		373		31,164
Eaton Corp. PLC (Electrical Equipment)		478		117,626
eBay, Inc. (Broadline Retail)		1,634		67,109
Ecolab, Inc. (Chemicals)		391		77,504
Edison International (Electric Utilities)		1,207		81,448
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		1,203		94,399
Electronic Arts, Inc. (Entertainment)		431		59,297
Elevance Health, Inc. (Health Care Providers & Services)		739		364,652
Emerson Electric Co. (Electrical Equipment)		1,795		164,655
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		271		28,219
Entergy Corp. (Electric Utilities)		666		66,440
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		624		71,005
EPAM Systems, Inc.* (IT Services)		109		30,314
EQT Corp. (Oil, Gas & Consumable Fuels)		1,295		45,843
Equifax, Inc. (Professional Services)		236		57,664
Equinix, Inc. (Specialized REITs)		157		130,274
Equity Residential (Residential REITs)		1,088		65,487
Essex Property Trust, Inc. (Residential REITs)		202		47,121
Etsy, Inc.* (Broadline Retail)		211		14,044
Everest Group, Ltd. (Insurance)		136		52,356
Evergy, Inc. (Electric Utilities)		723		36,707
Eversource Energy (Electric Utilities)		1,099		59,588
Exelon Corp. (Electric Utilities)		3,134		109,095
Expeditors International of Washington, Inc. (Air Freight & Logistics)		288		36,383
Extra Space Storage, Inc. (Specialized REITs)		665		96,053
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		12,613		1,296,744
F5, Inc.* (Communications Equipment)		188		34,536
FactSet Research Systems, Inc. (Capital Markets)		64		30,459
Fastenal Co. (Trading Companies & Distributors)		900		61,407
Federal Realty Investment Trust (Retail REITs)		231		23,500
FedEx Corp. (Air Freight & Logistics)		728		175,659
Fidelity National Information Services, Inc. (Financial Services)		1,865		116,115
Fifth Third Bancorp (Banks)		2,144		73,411
First Horizon Corp. (Banks)		1		12
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		336		49,157
FirstEnergy Corp. (Electric Utilities)		1,626		59,642
Fiserv, Inc.* (Financial Services)		907		128,676
FMC Corp. (Chemicals)		393		22,087
Ford Motor Co. (Automobiles)		12,381		145,105
Fox Corp.—Class A (Media)		778		25,129
Fox Corp.—Class B (Media)		414		12,424
Franklin Resources, Inc. (Capital Markets)		887		23,621
Freeport-McMoRan, Inc. (Metals & Mining)		2,257		89,580
Garmin, Ltd. (Household Durables)		222		26,527
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		1,233		90,453
Gen Digital, Inc. (Software)		1,774		41,654
Generac Holdings, Inc.* (Electrical Equipment)		75		8,525
General Dynamics Corp. (Aerospace & Defense)		713		188,938
General Electric Co. (Industrial Conglomerates)		1,954		258,749
General Mills, Inc. (Food Products)		1,830		118,785
General Motors Co. (Automobiles)		4,311		167,267
Genuine Parts Co. (Distributors)		441		61,842
Gilead Sciences, Inc. (Biotechnology)		3,923		307,014
Global Payments, Inc. (Financial Services)		819		109,115
Globe Life, Inc. (Insurance)		270		33,161
Halliburton Co. (Energy Equipment & Services)		2,817		100,426
Hasbro, Inc. (Leisure Products)		410		20,070
HCA Healthcare, Inc. (Health Care Providers & Services)		324		98,788

See accompanying notes to the financial statements.

68 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Healthpeak Properties, Inc. (Health Care REITs)		1,722	$	31,857
Henry Schein, Inc.* (Health Care Providers & Services)		411		30,759
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		4,039		61,756
Hologic, Inc.* (Health Care Equipment & Supplies)		772		57,468
Honeywell International, Inc. (Industrial Conglomerates)		2,076		419,891
Hormel Foods Corp. (Food Products)		911		27,667
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		888		17,067
Howmet Aerospace, Inc. (Aerospace & Defense)		517		29,086
HP, Inc. (Technology Hardware, Storage & Peripherals)		2,738		78,609
Hubbell, Inc. (Electrical Equipment)		91		30,537
Humana, Inc. (Health Care Providers & Services)		387		146,309
Huntington Bancshares, Inc. (Banks)		4,559		58,036
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		125		32,365
IDEX Corp. (Machinery)		237		50,126
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		115		59,234
Illinois Tool Works, Inc. (Machinery)		466		121,579
Illumina, Inc.* (Life Sciences Tools & Services)		500		71,505
Incyte Corp.* (Biotechnology)		586		34,439
Ingersoll Rand, Inc. (Machinery)		293		23,399
Insulet Corp.* (Health Care Equipment & Supplies)		136		25,958
Intel Corp. (Semiconductors & Semiconductor Equipment)		13,275		571,886
Intercontinental Exchange, Inc. (Capital Markets)		1,802		229,449
International Business Machines Corp. (IT Services)		2,876		528,206
International Flavors & Fragrances, Inc. (Chemicals)		804		64,867
International Paper Co. (Containers & Packaging)		1,089		39,019
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		377		142,589
Invesco, Ltd. (Capital Markets)		1,415		22,399
Invitation Homes, Inc. (Residential REITs)		1,810		59,603
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		358		74,546
Iron Mountain, Inc. (Specialized REITs)		451		30,452
J.B. Hunt Transport Services, Inc. (Ground Transportation)		257		51,652
Jabil, Inc. (Electronic Equipment, Instruments & Components)		186		23,304
Jack Henry & Associates, Inc. (Financial Services)		229		37,975
Jacobs Solutions, Inc. (Professional Services)		396		53,369
Johnson & Johnson (Pharmaceuticals)		7,580		1,204,462
Johnson Controls International PLC (Building Products)		2,142		112,862
JPMorgan Chase & Co. (Banks)		9,103		1,587,199
Juniper Networks, Inc. (Communications Equipment)		1,004		37,108
Kellanova (Food Products)		830		45,451
Kenvue, Inc. (Personal Care Products)		5,426		112,643
Keurig Dr Pepper, Inc. (Beverages)		3,170		99,665
KeyCorp (Banks)		2,948		42,834
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		559		85,673
Kimberly-Clark Corp. (Household Products)		1,065		128,833
Kimco Realty Corp. (Retail REITs)		2,093		42,279
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		6,089		103,026
L3Harris Technologies, Inc. (Aerospace & Defense)		597		124,427
Laboratory Corp. of America Holdings (Health Care Providers & Services)		267		59,354
Lamb Weston Holding, Inc. (Food Products)		156		15,981
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		454		22,210
Leidos Holdings, Inc. (Professional Services)		433		47,834
Lennar Corp.—Class A (Household Durables)		346		51,848
Linde PLC (Chemicals)		732		296,335
LKQ Corp. (Distributors)		842		39,296
Lockheed Martin Corp. (Aerospace & Defense)		695		298,440
Loews Corp. (Insurance)		577		42,040
Lowe's Cos., Inc. (Specialty Retail)		1,817		386,729
LyondellBasell Industries N.V.—Class A (Chemicals)		807		75,955
M&T Bank Corp. (Banks)		522		72,088
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		865		19,765
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		537		88,927
MarketAxess Holdings, Inc. (Capital Markets)		119		26,836
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1		154
Marsh & McLennan Cos., Inc. (Insurance)		746		144,605
Martin Marietta Materials, Inc. (Construction Materials)		67		34,064
Masco Corp. (Building Products)		325		21,869
Mastercard, Inc.—Class A (Financial Services)		730		327,938
Match Group, Inc.* (Interactive Media & Services)		856		32,853
McCormick & Co., Inc. (Food Products)		792		53,983
McDonald's Corp. (Hotels, Restaurants & Leisure)		1,279		374,388
McKesson Corp. (Health Care Providers & Services)		419		209,454
Medtronic PLC (Health Care Equipment & Supplies)		4,190		366,793
Merck & Co., Inc. (Pharmaceuticals)		4,787		578,174
MetLife, Inc. (Insurance)		1,958		135,729
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		42		50,282
MGM Resorts International (Hotels, Restaurants & Leisure)		275		11,927
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		698		59,456
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		3,458		296,524
Mid-America Apartment Communities, Inc. (Residential REITs)		368		46,508
Moderna, Inc.* (Biotechnology)		1,045		105,597
Mohawk Industries, Inc.* (Household Durables)		167		17,410

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 69

Common Stocks, continued

	Shares		Value
Molina Healthcare, Inc.* (Health Care Providers & Services)		75	$	26,733
Molson Coors Beverage Co.—Class B (Beverages)		583		36,024
Mondelez International, Inc.—Class A (Food Products)		2,484		186,971
Monster Beverage Corp.* (Beverages)		930		51,169
Moody's Corp. (Capital Markets)		263		103,107
Morgan Stanley (Capital Markets)		3,979		347,128
Motorola Solutions, Inc. (Communications Equipment)		220		70,290
MSCI, Inc. (Capital Markets)		107		64,052
Nasdaq, Inc. (Capital Markets)		1,072		61,929
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		414		36,101
Newmont Corp. (Metals & Mining)		3,629		125,237
News Corp.—Class A (Media)		1,197		29,494
News Corp.—Class B (Media)		361		9,231
NextEra Energy, Inc. (Electric Utilities)		6,460		378,750
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		2,197		223,062
NiSource, Inc. (Multi-Utilities)		1,300		33,761
Nordson Corp. (Machinery)		171		43,044
Norfolk Southern Corp. (Ground Transportation)		712		167,491
Northern Trust Corp. (Capital Markets)		653		52,005
Northrop Grumman Corp. (Aerospace & Defense)		446		199,255
NRG Energy, Inc. (Electric Utilities)		711		37,711
Nucor Corp. (Metals & Mining)		286		53,462
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		203		42,746
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		2,079		119,688
Omnicom Group, Inc. (Media)		623		56,307
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		760		54,059
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		697		47,570
O'Reilly Automotive, Inc.* (Specialty Retail)		51		52,176
Otis Worldwide Corp. (Machinery)		786		69,514
PACCAR, Inc. (Machinery)		444		44,573
Packaging Corp. of America (Containers & Packaging)		282		46,778
Paramount Global—Class B (Media)		1,519		22,162
Parker-Hannifin Corp. (Machinery)		89		41,341
Paychex, Inc. (Professional Services)		607		73,890
Paycom Software, Inc. (Professional Services)		88		16,741
PayPal Holdings, Inc.* (Financial Services)		3,395		208,283
Pentair PLC (Machinery)		157		11,488
PepsiCo, Inc. (Beverages)		2,770		466,827
Pfizer, Inc. (Pharmaceuticals)		17,778		481,428
PG&E Corp. (Electric Utilities)		6,718		113,333
Philip Morris International, Inc. (Tobacco)		3,079		279,727
Phillips 66 (Oil, Gas & Consumable Fuels)		1,386		200,014
Pinnacle West Capital Corp. (Electric Utilities)		358		24,666
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		368		84,577
Pool Corp. (Distributors)		53		19,676
PPG Industries, Inc. (Chemicals)		742		104,652
PPL Corp. (Electric Utilities)		2,320		60,784
Principal Financial Group, Inc. (Insurance)		690		54,579
Prologis, Inc. (Industrial REITs)		2,909		368,541
Prudential Financial, Inc. (Insurance)		1,136		119,200
PTC, Inc.* (Software)		150		27,098
Public Service Enterprise Group, Inc. (Multi-Utilities)		1,569		90,986
Public Storage (Specialized REITs)		289		81,842
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		306		30,520
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		1,683		249,942
Quanta Services, Inc. (Construction & Engineering)		141		27,361
Quest Diagnostics, Inc. (Health Care Providers & Services)		355		45,593
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		57		8,189
Raymond James Financial, Inc. (Capital Markets)		592		65,227
Realty Income Corp. (Retail REITs)		2,618		142,393
Regency Centers Corp. (Retail REITs)		517		32,400
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		134		126,333
Regions Financial Corp. (Banks)		2,928		54,666
Republic Services, Inc. (Commercial Services & Supplies)		277		47,400
ResMed, Inc. (Health Care Equipment & Supplies)		464		88,253
Revvity, Inc. (Life Sciences Tools & Services)		388		41,586
Robert Half, Inc. (Professional Services)		333		26,487
Rockwell Automation, Inc. (Electrical Equipment)		188		47,617
Rollins, Inc. (Commercial Services & Supplies)		503		21,785
Roper Technologies, Inc. (Software)		192		103,103
RTX Corp. (Aerospace & Defense)		4,528		412,592
S&P Global, Inc. (Capital Markets)		571		256,008
SBA Communications Corp. (Specialized REITs)		204		45,667
Schlumberger N.V. (Energy Equipment & Services)		4,497		219,004
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		362		31,016
Sempra (Multi-Utilities)		1,982		141,833
Simon Property Group, Inc. (Retail REITs)		648		89,819
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		502		52,439
Snap-on, Inc. (Machinery)		91		26,384
Southwest Airlines Co. (Passenger Airlines)		1,877		56,104
Stanley Black & Decker, Inc. (Machinery)		483		45,064
Starbucks Corp. (Hotels, Restaurants & Leisure)		1,475		137,218
State Street Corp. (Capital Markets)		971		71,728
Steel Dynamics, Inc. (Metals & Mining)		178		21,483
STERIS PLC (Health Care Equipment & Supplies)		136		29,777
Stryker Corp. (Health Care Equipment & Supplies)		383		128,489
Synchrony Financial (Consumer Finance)		1,303		50,648
Sysco Corp. (Consumer Staples Distribution & Retail)		1,587		128,436
T. Rowe Price Group, Inc. (Capital Markets)		703		76,240
Take-Two Interactive Software, Inc.* (Entertainment)		249		41,068
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		721		27,968
Target Corp. (Consumer Staples Distribution & Retail)		1,454		202,222
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		597		84,887

See accompanying notes to the financial statements.

70 :: Large-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		148	$	61,934
Teleflex, Inc. (Health Care Equipment & Supplies)		147		35,696
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		482		46,556
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,802		288,536
Textron, Inc. (Aerospace & Defense)		617		52,266
The AES Corp. (Independent Power and Renewable Electricity Producers)		2,108		35,161
The Allstate Corp. (Insurance)		823		127,771
The Bank of New York Mellon Corp. (Capital Markets)		2,421		134,269
The Boeing Co.* (Aerospace & Defense)		1,002		211,462
The Charles Schwab Corp. (Capital Markets)		4,685		294,780
The Cigna Group (Health Care Providers & Services)		921		277,175
The Clorox Co. (Household Products)		390		56,648
The Coca-Cola Co. (Beverages)		7,473		444,569
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		90		33,573
The Estee Lauder Cos., Inc. (Personal Care Products)		731		96,485
The Goldman Sachs Group, Inc. (Capital Markets)		1,026		393,993
The Hartford Financial Services Group, Inc. (Insurance)		948		82,438
The Hershey Co. (Food Products)		293		56,707
The Home Depot, Inc. (Specialty Retail)		1,984		700,272
The Interpublic Group of Cos., Inc. (Media)		1,205		39,753
The JM Smucker Co. (Food Products)		334		43,938
The Kraft Heinz Co. (Food Products)		2,510		93,196
The Kroger Co. (Consumer Staples Distribution & Retail)		2,084		96,156
The Mosaic Co. (Chemicals)		1,028		31,570
The PNC Financial Services Group, Inc. (Banks)		1,255		189,769
The Procter & Gamble Co. (Household Products)		4,527		711,373
The Progressive Corp. (Insurance)		921		164,168
The Sherwin-Williams Co. (Chemicals)		371		112,925
The Southern Co. (Electric Utilities)		3,435		238,801
The TJX Cos., Inc. (Specialty Retail)		1,261		119,681
The Travelers Cos., Inc. (Insurance)		719		151,968
The Walt Disney Co. (Entertainment)		5,761		553,343
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		2,337		81,000
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		755		406,930
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		1,602		258,290
Tractor Supply Co. (Specialty Retail)		198		44,471
Trane Technologies PLC (Building Products)		222		55,955
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		783		39,823
Truist Financial Corp. (Banks)		4,198		155,578
Tyson Foods, Inc.—Class A (Food Products)		898		49,174
U.S. Bancorp (Banks)		4,901		203,588
UDR, Inc. (Residential REITs)		953		34,327
Ulta Beauty, Inc.* (Specialty Retail)		54		27,111
Union Pacific Corp. (Ground Transportation)		1,056		257,590
United Airlines Holdings, Inc.* (Passenger Airlines)		1,032		42,704
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		2,278		323,248
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,806		924,203
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		192		30,492
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		1,072		148,901
Ventas, Inc. (Health Care REITs)		1,267		58,776
Veralto Corp. (Commercial Services & Supplies)		690		52,916
VeriSign, Inc.* (IT Services)		145		28,838
Verisk Analytics, Inc. (Professional Services)		206		49,755
Verizon Communications, Inc. (Diversified Telecommunication Services)		13,237		560,588
Vertex Pharmaceuticals, Inc.* (Biotechnology)		292		126,547
VF Corp. (Textiles, Apparel & Luxury Goods)		1,040		17,118
Viatris, Inc. (Pharmaceuticals)		3,777		44,455
VICI Properties, Inc. (Specialized REITs)		3,257		98,101
Visa, Inc.—Class A (Financial Services)		1,706		466,182
Vulcan Materials Co. (Construction Materials)		151		34,128
W.R. Berkley Corp. (Insurance)		641		52,485
W.W. Grainger, Inc. (Trading Companies & Distributors)		35		31,347
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		2,257		50,940
Walmart, Inc. (Consumer Staples Distribution & Retail)		4,492		742,304
Warner Bros. Discovery, Inc.* (Entertainment)		6,986		70,000
Waste Management, Inc. (Commercial Services & Supplies)		612		113,605
Waters Corp.* (Life Sciences Tools & Services)		117		37,172
WEC Energy Group, Inc. (Multi-Utilities)		993		80,195
Wells Fargo & Co. (Banks)		11,434		573,758
Welltower, Inc. (Health Care REITs)		1,743		150,787
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		1,021		58,452
Westinghouse Air Brake Technologies Corp. (Machinery)		564		74,205
Westrock Co. (Containers & Packaging)		807		32,490
Weyerhaeuser Co. (Specialized REITs)		2,298		75,305
Whirlpool Corp. (Household Durables)		173		18,947
Willis Towers Watson PLC (Insurance)		325		80,048
Xcel Energy, Inc. (Electric Utilities)		1,738		104,054
Xylem, Inc. (Machinery)		760		85,454
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		477		61,767
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		162		38,807
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		659		82,770
Zions Bancorp NA (Banks)		466		19,525
Zoetis, Inc. (Pharmaceuticals)		651		122,264
TOTAL COMMON STOCKS (Cost $56,204,881)				58,986,101
TOTAL INVESTMENT SECURITIES (Cost $56,204,881)—99.6%				58,986,101
Net other assets (liabilities)—0.4%				233,445
NET ASSETS—100.0%			$	59,219,546

Non-income producing security.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Large-Cap Value ProFund :: 71

Large-Cap Value ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	1,548,830		2.6	%
Air Freight & Logistics		566,236		1.0	%
Automobile Components		97,517		0.2	%
Automobiles		312,372		0.5	%
Banks		4,176,005		7.1	%
Beverages		1,254,622		2.1	%
Biotechnology		1,918,225		3.2	%
Broadline Retail		81,153		0.1	%
Building Products		298,265		0.5	%
Capital Markets		2,900,969		4.9	%
Chemicals		1,362,063		2.3	%
Commercial Services & Supplies		309,464		0.5	%
Communications Equipment		781,879		1.3	%
Construction & Engineering		27,361		^NM
Construction Materials		68,192		0.1	%
Consumer Finance		360,202		0.6	%
Consumer Staples Distribution & Retail		1,959,554		3.3	%
Containers & Packaging		266,934		0.5	%
Distributors		120,814		0.2	%
Diversified Telecommunication Services		958,842		1.6	%
Electric Utilities		1,839,538		3.1	%
Electrical Equipment		430,215		0.7	%
Electronic Equipment, Instruments & Components		551,987		0.9	%
Energy Equipment & Services		409,718		0.7	%
Entertainment		723,708		1.2	%
Financial Services		3,592,732		6.1	%
Food Products		896,940		1.5	%
Gas Utilities		53,324		0.1	%
Ground Transportation		587,760		1.0	%
Health Care Equipment & Supplies		2,372,608		4.0	%
Health Care Providers & Services		2,855,885		4.8	%
Health Care REITs		241,420		0.4	%
Hotel & Resort REITs		17,067		^NM
Hotels, Restaurants & Leisure		792,160		1.3	%
Household Durables		114,732		0.2	%
Household Products		1,071,811		1.8	%
Independent Power and Renewable Electricity Producers		35,161		0.1	%
Industrial Conglomerates		842,715		1.4	%
Industrial REITs		368,541		0.6	%
Insurance		2,114,873		3.6	%
Interactive Media & Services		32,853		0.1	%
IT Services		1,070,951		1.8	%
Leisure Products		20,070		^NM
Life Sciences Tools & Services		1,390,253		2.3	%
Machinery		1,154,080		1.9	%
Media		846,297		1.4	%
Metals & Mining		289,762		0.5	%
Multi-Utilities		800,159		1.4	%
Office REITs		89,861		0.2	%
Oil, Gas & Consumable Fuels		3,356,640		5.7	%
Passenger Airlines		162,992		0.3	%
Personal Care Products		209,128		0.4	%
Pharmaceuticals		2,773,225		4.7	%
Professional Services		567,873		1.0	%
Real Estate Management & Development		144,051		0.2	%
Residential REITs		364,772		0.6	%
Retail REITs		330,391		0.6	%
Semiconductors & Semiconductor Equipment		1,893,729		3.2	%
Software		292,192		0.5	%
Specialized REITs		954,183		1.6	%
Specialty Retail		1,487,751		2.5	%
Technology Hardware, Storage & Peripherals		265,934		0.5	%
Textiles, Apparel & Luxury Goods		276,337		0.5	%
Tobacco		503,155		0.9	%
Trading Companies & Distributors		92,754		0.2	%
Water Utilities		76,024		0.1	%
Wireless Telecommunication Services		258,290		0.4	%
Other**		233,445		0.4	%
Total	$	59,219,546		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%.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

72 :: Materials UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (79.9%)

	Shares		Value
Air Products and Chemicals, Inc. (Chemicals)		928	$	237,299
Albemarle Corp. (Chemicals)		495		56,796
Amcor PLC (Containers & Packaging)		6,087		57,400
Avery Dennison Corp. (Containers & Packaging)		338		67,414
Ball Corp. (Containers & Packaging)		1,328		73,638
Celanese Corp. (Chemicals)		420		61,442
CF Industries Holdings, Inc. (Chemicals)		805		60,786
Corteva, Inc. (Chemicals)		2,968		134,985
Dow, Inc. (Chemicals)		2,953		158,281
DuPont de Nemours, Inc. (Chemicals)		1,811		111,920
Eastman Chemical Co. (Chemicals)		500		41,775
Ecolab, Inc. (Chemicals)		1,059		209,915
FMC Corp. (Chemicals)		525		29,505
Freeport-McMoRan, Inc. (Metals & Mining)		5,988		237,664
International Flavors & Fragrances, Inc. (Chemicals)		1,074		86,650
International Paper Co. (Containers & Packaging)		1,459		52,276
Linde PLC (Chemicals)		2,024		819,375
LyondellBasell Industries N.V.—Class A (Chemicals)		1,078		101,461
Martin Marietta Materials, Inc. (Construction Materials)		260		132,189
Newmont Corp. (Metals & Mining)		4,414		152,327
Nucor Corp. (Metals & Mining)		1,036		193,659
Packaging Corp. of America (Containers & Packaging)		376		62,371
PPG Industries, Inc. (Chemicals)		992		139,912
Steel Dynamics, Inc. (Metals & Mining)		640		77,242
The Mosaic Co. (Chemicals)		1,379		42,349
The Sherwin-Williams Co. (Chemicals)		983		299,206
Vulcan Materials Co. (Construction Materials)		560		126,566
Westrock Co. (Containers & Packaging)		1,082		43,561
TOTAL COMMON STOCKS (Cost $1,578,013)				3,867,964

Repurchase Agreements^(a)(b) (17.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $859,123	$	859,000	$	859,000
TOTAL REPURCHASE AGREEMENTS (Cost $859,000)				859,000
TOTAL INVESTMENT SECURITIES (Cost $2,437,013)—97.7%				4,726,964
Net other assets (liabilities)—2.3%				111,478
NET ASSETS—100.0%			$	4,838,442

^(a)

^(b)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Materials Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	2,379,140	$	(19,445	)
S&P Materials Select Sector Index	UBS AG	2/23/24		5.68	%		1,037,979		(6,449	)
						$	3,417,119	$	(25,894	)

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Materials UltraSector ProFund :: 73

Materials UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Chemicals	$	2,591,657		53.5	%
Construction Materials		258,755		5.3	%
Containers & Packaging		356,660		7.4	%
Metals & Mining		660,892		13.7	%
Other**		970,478		20.1	%
Total	$	4,838,442		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 the financial statements.

74 :: Mid-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (100.0%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		258	$	21,192
Acuity Brands, Inc. (Electrical Equipment)		44		10,479
Advanced Drainage Systems, Inc. (Building Products)		191		24,910
AECOM (Construction & Engineering)		177		15,610
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		70		1,816
Amedisys, Inc.* (Health Care Providers & Services)		39		3,677
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		551		6,744
AptarGroup, Inc. (Containers & Packaging)		108		14,027
Arcadium Lithium PLC* (Chemicals)		1,747		8,543
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		342		10,978
Aspen Technology, Inc.* (Software)		39		7,488
Autoliv, Inc. (Automobile Components)		125		13,390
Avis Budget Group, Inc. (Ground Transportation)		52		8,513
Axalta Coating Systems, Ltd.* (Chemicals)		613		19,873
Azenta, Inc.* (Life Sciences Tools & Services)		107		6,976
Bank OZK (Banks)		153		6,902
BellRing Brands, Inc.* (Personal Care Products)		194		10,722
Blackbaud, Inc.* (Software)		74		5,988
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		193		12,254
Brixmor Property Group, Inc. (Retail REITs)		370		8,303
Bruker Corp. (Life Sciences Tools & Services)		155		11,084
Brunswick Corp. (Leisure Products)		117		9,440
Burlington Stores, Inc.* (Specialty Retail)		108		20,644
BWX Technologies, Inc. (Aerospace & Defense)		255		20,777
Cabot Corp. (Chemicals)		102		7,354
CACI International, Inc.*—Class A (Professional Services)		23		7,906
Calix, Inc.* (Communications Equipment)		80		2,654
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		156		7,603
Carlisle Cos., Inc. (Building Products)		135		42,426
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail)		104		28,221
Celsius Holdings, Inc.* (Beverages)		412		20,559
ChampionX Corp. (Energy Equipment & Services)		364		9,977
Chart Industries, Inc.* (Machinery)		117		13,656
Chemed Corp. (Health Care Providers & Services)		26		15,413
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		34		4,118
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		114		17,529
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		189		22,863
Ciena Corp.* (Communications Equipment)		169		8,957
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		86		6,639
Civitas Resources, Inc.^(a) (Oil, Gas & Consumable Fuels)		238		15,425
Clean Harbors, Inc.* (Commercial Services & Supplies)		140		23,514
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		444		8,969
Coca-Cola Consolidated, Inc. (Beverages)		13		11,198
Cognex Corp. (Electronic Equipment, Instruments & Components)		211		7,626
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		47		3,725
Comfort Systems USA, Inc. (Construction & Engineering)		99		21,530
Commerce Bancshares, Inc. (Banks)		136		7,088
CommVault Systems, Inc.* (Software)		73		6,693
COPT Defense Properties (Office REITs)		123		2,898
Core & Main, Inc.*—Class A (Trading Companies & Distributors)		267		11,030
Coty, Inc.*—Class A (Personal Care Products)		1,044		12,612
Crane Co. (Machinery)		136		16,879
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		169		17,150
Crown Holdings, Inc. (Containers & Packaging)		158		13,983
CubeSmart (Specialized REITs)		345		14,911
Cullen/Frost Bankers, Inc. (Banks)		75		7,959
Curtiss-Wright Corp. (Aerospace & Defense)		69		15,357
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		71		53,516
Dick’s Sporting Goods, Inc. (Specialty Retail)		90		13,416
Dolby Laboratories, Inc.—Class A (Software)		94		7,819
Donaldson Co., Inc. (Machinery)		192		12,401
Doximity, Inc.*—Class A (Health Care Technology)		165		4,447
Dropbox, Inc.*—Class A (Software)		714		22,620
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		170		9,127
Dynatrace, Inc.* (Software)		664		37,848
Eagle Materials, Inc. (Construction Materials)		97		21,949
East West Bancorp, Inc. (Banks)		212		15,436
EastGroup Properties, Inc. (Industrial REITs)		80		14,194
elf Beauty, Inc.* (Personal Care Products)		152		24,249
EMCOR Group, Inc. (Construction & Engineering)		131		29,882
Encompass Health Corp. (Health Care Providers & Services)		125		8,880
EnerSys (Electrical Equipment)		49		4,683
EPR Properties (Specialized REITs)		130		5,755
Equitable Holdings, Inc. (Financial Services)		470		15,364
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		495		5,044
Equity LifeStyle Properties, Inc. (Residential REITs)		332		22,473
Erie Indemnity Co.—Class A (Insurance)		41		14,179
Esab Corp. (Machinery)		158		13,586
Essential Utilities, Inc. (Water Utilities)		336		12,049
Euronet Worldwide, Inc.* (Financial Services)		66		6,577
Evercore, Inc. (Capital Markets)		66		11,334
Exelixis, Inc.* (Biotechnology)		866		18,844
ExlService Holdings, Inc.* (Professional Services)		262		8,195
Exponent, Inc. (Professional Services)		72		6,350
First Financial Bankshares, Inc. (Banks)		143		4,466
First Industrial Realty Trust, Inc. (Industrial REITs)		177		9,119
FirstCash Holdings, Inc. (Consumer Finance)		102		11,706
Five Below, Inc.* (Specialty Retail)		155		27,816
Floor & Decor Holdings, Inc.*—Class A (Specialty Retail)		296		29,766
Flowserve Corp. (Machinery)		165		6,588
Fortune Brands Innovations, Inc. (Building Products)		141		10,940

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap Growth ProFund :: 75

Common Stocks, continued

	Shares		Value
Fox Factory Holding Corp.* (Automobile Components)		46	$	2,900
FTI Consulting, Inc.* (Professional Services)		98		18,778
Gaming and Leisure Properties, Inc. (Specialized REITs)		320		14,608
GATX Corp. (Trading Companies & Distributors)		37		4,538
Gentex Corp. (Automobile Components)		416		13,782
GoDaddy, Inc.*—Class A (IT Services)		393		41,917
Graco, Inc. (Machinery)		470		40,090
Grand Canyon Education, Inc.* (Diversified Consumer Services)		82		10,708
GXO Logistics, Inc.* (Air Freight & Logistics)		209		11,365
H&R Block, Inc. (Diversified Consumer Services)		401		18,783
Haemonetics Corp.* (Health Care Equipment & Supplies)		85		6,499
Halozyme Therapeutics, Inc.* (Biotechnology)		367		12,423
Hancock Whitney Corp. (Banks)		125		5,639
HealthEquity, Inc.* (Health Care Providers & Services)		121		9,145
Hexcel Corp. (Aerospace & Defense)		114		7,568
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		123		5,129
Houlihan Lokey, Inc. (Capital Markets)		144		17,248
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure)		123		15,790
IDACORP, Inc. (Electric Utilities)		56		5,184
Inari Medical, Inc.* (Health Care Equipment & Supplies)		80		4,556
Ingredion, Inc. (Food Products)		65		6,992
Insperity, Inc. (Professional Services)		50		5,735
Interactive Brokers Group, Inc. (Capital Markets)		176		15,620
International Bancshares Corp. (Banks)		64		3,383
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		38		3,720
Iridium Communications, Inc. (Diversified Telecommunication Services)		173		6,273
ITT, Inc. (Machinery)		229		27,659
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		74		9,081
KB Home (Household Durables)		106		6,317
KBR, Inc. (Professional Services)		174		9,067
Kinsale Capital Group, Inc. (Insurance)		61		24,252
Kirby Corp.* (Marine Transportation)		69		5,428
Knife River Corp.* (Construction Materials)		112		7,335
Lamar Advertising Co.—Class A (Specialized REITs)		142		14,865
Lancaster Colony Corp. (Food Products)		27		4,962
Landstar System, Inc. (Ground Transportation)		68		13,037
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		190		9,867
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		385		23,430
Lennox International, Inc. (Building Products)		89		38,106
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		251		20,175
Lincoln Electric Holdings, Inc. (Machinery)		159		35,333
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		49		11,853
LivaNova PLC* (Health Care Equipment & Supplies)		56		2,726
Louisiana-Pacific Corp. (Paper & Forest Products)		116		7,720
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		94		8,106
Manhattan Associates, Inc.* (Software)		172		41,720
Masimo Corp.* (Health Care Equipment & Supplies)		77		9,928
Matador Resources Co. (Oil, Gas & Consumable Fuels)		308		16,906
Mattel, Inc.* (Leisure Products)		434		7,764
Maximus, Inc. (Professional Services)		124		10,059
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		65		18,953
MGIC Investment Corp. (Financial Services)		294		5,833
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		86		9,155
Morningstar, Inc. (Capital Markets)		73		20,390
MP Materials Corp.* (Metals & Mining)		162		2,561
MSA Safety, Inc. (Commercial Services & Supplies)		102		16,833
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		70		6,908
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		177		6,850
Murphy USA, Inc. (Specialty Retail)		55		19,389
National Storage Affiliates Trust (Specialized REITs)		106		3,959
Neurocrine Biosciences, Inc.* (Biotechnology)		274		38,297
NewMarket Corp. (Chemicals)		19		10,598
NNN REIT, Inc. (Retail REITs)		189		7,624
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		59		9,118
nVent Electric PLC (Electrical Equipment)		462		27,738
Olin Corp. (Chemicals)		140		7,290
Ollie’s Bargain Outlet Holdings, Inc.* (Broadline Retail)		173		12,444
Omega Healthcare Investors, Inc. (Health Care REITs)		281		8,149
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		137		22,126
Option Care Health, Inc.* (Health Care Providers & Services)		272		8,497
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		707		29,991
Owens Corning (Building Products)		248		37,579
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)		586		8,837
Paylocity Holding Corp.* (Professional Services)		120		19,009
Penumbra, Inc.* (Health Care Equipment & Supplies)		107		26,984
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		1,160		15,637
Pinnacle Financial Partners, Inc. (Banks)		88		7,777
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		238		16,127
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		79		5,922
Primerica, Inc. (Insurance)		97		22,714
Progyny, Inc.* (Health Care Providers & Services)		232		8,837
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals)		817		32,672
Qualys, Inc.* (Software)		102		19,295
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		299		20,490

See accompanying notes to the financial statements.

76 :: Mid-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Range Resources Corp. (Oil, Gas & Consumable Fuels)		672	$	19,515
Rayonier, Inc. (Specialized REITs)		144		4,363
RBC Bearings, Inc.* (Machinery)		81		21,752
Reliance Steel & Aluminum Co. (Metals & Mining)		161		45,953
RenaissanceRe Holdings, Ltd. (Insurance)		81		18,535
Repligen Corp.* (Life Sciences Tools & Services)		145		27,464
Rexford Industrial Realty, Inc. (Industrial REITs)		230		12,096
RH* (Specialty Retail)		19		4,816
RLI Corp. (Insurance)		73		9,955
Royal Gold, Inc. (Metals & Mining)		94		10,753
RPM International, Inc. (Chemicals)		194		20,692
Saia, Inc.* (Ground Transportation)		74		33,343
Science Applications International Corp. (Professional Services)		52		6,638
SEI Investments Co. (Capital Markets)		139		8,790
Selective Insurance Group, Inc. (Insurance)		92		9,647
Service Corp. International (Diversified Consumer Services)		210		14,095
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		102		23,078
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		89		10,979
Simpson Manufacturing Co., Inc. (Building Products)		118		21,357
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		373		23,290
SLM Corp. (Consumer Finance)		254		5,050
Sotera Health Co.* (Life Sciences Tools & Services)		277		4,077
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		3,072		19,814
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		116		5,843
STAG Industrial, Inc. (Industrial REITs)		253		9,346
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		129		68,321
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		46		4,913
Tempur Sealy International, Inc. (Household Durables)		480		23,947
Teradata Corp.* (Software)		272		12,561
Terex Corp. (Machinery)		105		6,450
Tetra Tech, Inc. (Commercial Services & Supplies)		149		23,569
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		186		23,384
The Boston Beer Co., Inc.*—Class A (Beverages)		12		4,191
The Brink’s Co. (Commercial Services & Supplies)		125		10,105
The Carlyle Group, Inc. (Capital Markets)		290		11,606
The Middleby Corp.* (Machinery)		75		10,580
The New York Times Co.—Class A (Media)		455		22,094
The Scotts Miracle-Gro Co. (Chemicals)		44		2,475
The Timken Co. (Machinery)		70		5,734
The Toro Co. (Machinery)		139		12,855
The Wendy’s Co. (Hotels, Restaurants & Leisure)		253		4,827
TKO Group Holdings, Inc. (Entertainment)		72		6,026
Toll Brothers, Inc. (Household Durables)		298		29,606
TopBuild Corp.* (Household Durables)		89		32,853
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		141		5,699
Trex Co., Inc.* (Building Products)		302		24,607
UFP Industries, Inc. (Building Products)		173		19,627
United Therapeutics Corp.* (Biotechnology)		59		12,672
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		121		20,542
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		70		15,540
Valaris, Ltd.* (Energy Equipment & Services)		175		10,827
Valvoline, Inc. (Specialty Retail)		386		14,085
Visteon Corp.* (Automobile Components)		35		4,035
Vistra Corp. (Independent Power and Renewable Electricity Producers)		936		38,405
Vontier Corp. (Electronic Equipment, Instruments & Components)		430		14,874
Voya Financial, Inc. (Financial Services)		116		8,395
Watsco, Inc. (Trading Companies & Distributors)		94		36,752
Watts Water Technologies, Inc.—Class A (Machinery)		77		15,247
Weatherford International PLC* (Energy Equipment & Services)		201		18,000
Westlake Corp. (Chemicals)		90		12,452
WEX, Inc.* (Financial Services)		119		24,322
Williams-Sonoma, Inc. (Specialty Retail)		178		34,423
Wingstop, Inc. (Hotels, Restaurants & Leisure)		82		23,051
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		165		5,371
Woodward, Inc. (Aerospace & Defense)		169		23,284
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		153		11,923
XPO, Inc.* (Ground Transportation)		152		12,987
YETI Holdings, Inc.* (Leisure Products)		155		6,815
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		273		4,379
TOTAL COMMON STOCKS (Cost $2,560,115)				3,569,674

Repurchase Agreement^(b)(NM)

	Principal Amount		Value
Repurchase Agreement with UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24, total to be received $1,000	$	1,000	$	1,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,000)				1,000

Collateral for Securities Loaned^(c) (0.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(d)		15,469	$	15,469
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $15,469)				15,469
TOTAL INVESTMENT SECURITIES (Cost $2,576,584)—100.4%				3,586,143
Net other assets (liabilities)—(0.4)%				(14,456	)
NET ASSETS—100.0%			$	3,571,687

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap Growth ProFund :: 77

	*	Non-income producing security.
	^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $14,582.
	^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the 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 January 31, 2024.
	^(d)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
	^NM	Not meaningful, amount is less than 0.05%.
	^REIT	Real Estate Investment Trust

Mid-Cap Growth ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	66,986		1.9	%
Air Freight & Logistics		11,365		0.3	%
Automobile Components		34,107		1.0	%
Banks		58,650		1.6	%
Beverages		35,948		1.0	%
Biotechnology		93,214		2.6	%
Broadline Retail		12,444		0.4	%
Building Products		219,552		6.1	%
Capital Markets		84,988		2.4	%
Chemicals		89,278		2.5	%
Commercial Services & Supplies		74,021		2.1	%
Communications Equipment		11,611		0.3	%
Construction & Engineering		67,022		1.9	%
Construction Materials		29,284		0.8	%
Consumer Finance		16,756		0.5	%
Consumer Staples Distribution & Retail		34,064		1.0	%
Containers & Packaging		28,010		0.8	%
Diversified Consumer Services		43,586		1.2	%
Diversified Telecommunication Services		6,273		0.2	%
Electric Utilities		5,184		0.1	%
Electrical Equipment		42,900		1.2	%
Electronic Equipment, Instruments & Components		47,191		1.3	%
Energy Equipment & Services		38,804		1.1	%
Entertainment		6,026		0.2	%
Financial Services		60,491		1.7	%
Food Products		11,954		0.3	%
Ground Transportation		67,880		1.9	%
Health Care Equipment & Supplies		83,638		2.3	%
Health Care Providers & Services		75,641		2.1	%
Health Care REITs		8,149		0.2	%
Health Care Technology		4,447		0.1	%
Hotel & Resort REITs		8,837		0.2	%
Hotels, Restaurants & Leisure		180,881		5.1	%
Household Durables		92,723		2.6	%
Independent Power and Renewable Electricity Producers		38,404		1.1	%
Industrial REITs		44,755		1.3	%
Insurance		99,282		2.8	%
Interactive Media & Services		4,379		0.1	%
IT Services		41,917		1.2	%
Leisure Products		24,019		0.7	%
Life Sciences Tools & Services		68,554		1.9	%
Machinery		238,811		6.7	%
Marine Transportation		5,428		0.2	%
Media		22,095		0.6	%
Metals & Mining		59,266		1.7	%
Office REITs		2,898		0.1	%
Oil, Gas & Consumable Fuels		171,551		4.8	%
Paper & Forest Products		7,720		0.2	%
Personal Care Products		47,582		1.3	%
Pharmaceuticals		9,081		0.3	%
Professional Services		91,737		2.6	%
Residential REITs		22,473		0.6	%
Retail REITs		15,927		0.4	%
Semiconductors & Semiconductor Equipment		139,489		3.9	%
Software		162,031		4.5	%
Specialized REITs		58,461		1.6	%
Specialty Retail		164,356		4.6	%
Technology Hardware, Storage & Peripherals		100,991		2.8	%
Textiles, Apparel & Luxury Goods		105,284		3.0	%
Trading Companies & Distributors		59,228		1.7	%
Water Utilities		12,049		0.3	%
Other**		2,014		^NM
Total	$	3,571,687		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%.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

78 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (76.8%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		367	$	30,145
Acuity Brands, Inc. (Electrical Equipment)		123		29,294
Adient PLC* (Automobile Components)		375		13,016
Advanced Drainage Systems, Inc. (Building Products)		274		35,735
AECOM (Construction & Engineering)		554		48,858
Affiliated Managers Group, Inc. (Capital Markets)		136		20,242
AGCO Corp. (Machinery)		248		30,338
Agree Realty Corp. (Retail REITs)		402		23,963
Alcoa Corp. (Metals & Mining)		714		21,242
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		285		7,393
ALLETE, Inc. (Electric Utilities)		229		13,536
Ally Financial, Inc. (Consumer Finance)		1,085		39,797
Amedisys, Inc.* (Health Care Providers & Services)		130		12,255
American Financial Group, Inc. (Insurance)		261		31,424
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		413		13,076
Annaly Capital Management, Inc. (Mortgage REITs)		2,000		38,380
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		1,361		16,659
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		1,130		25,244
Apartment Income REIT Corp. (Residential REITs)		587		19,189
AptarGroup, Inc. (Containers & Packaging)		264		34,288
Aramark (Hotels, Restaurants & Leisure)		1,043		30,330
Arcadium Lithium PLC* (Chemicals)		4,118		20,137
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		216		24,008
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		493		15,825
ASGN, Inc.* (Professional Services)		188		17,450
Ashland, Inc. (Chemicals)		205		19,192
Aspen Technology, Inc.* (Software)		111		21,311
Associated Banc-Corp. (Banks)		595		12,501
Autoliv, Inc. (Automobile Components)		299		32,029
AutoNation, Inc.* (Specialty Retail)		103		14,385
Avient Corp. (Chemicals)		365		13,217
Avis Budget Group, Inc. (Ground Transportation)		73		11,951
Avnet, Inc. (Electronic Equipment, Instruments & Components)		361		16,353
Axalta Coating Systems, Ltd.* (Chemicals)		880		28,530
Azenta, Inc.* (Life Sciences Tools & Services)		239		15,583
Bank OZK (Banks)		419		18,901
Belden, Inc. (Electronic Equipment, Instruments & Components)		166		12,314
BellRing Brands, Inc.* (Personal Care Products)		526		29,072
Berry Global Group, Inc. (Containers & Packaging)		472		30,897
BJ’s Wholesale Club Holdings, Inc.* (Household Products)		534		34,358
Black Hills Corp. (Multi-Utilities)		271		14,027
Blackbaud, Inc.* (Software)		171		13,837
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		278		17,650
Brighthouse Financial, Inc.* (Insurance)		256		13,253
Brixmor Property Group, Inc. (Retail REITs)		1,201		26,950
Bruker Corp. (Life Sciences Tools & Services)		369		26,387
Brunswick Corp. (Leisure Products)		276		22,268
Burlington Stores, Inc.* (Specialty Retail)		259		49,507
BWX Technologies, Inc. (Aerospace & Defense)		366		29,822
Cable One, Inc. (Media)		18		9,881
Cabot Corp. (Chemicals)		219		15,790
CACI International, Inc.*—Class A (Professional Services)		90		30,937
Cadence Bank (Banks)		730		19,433
Calix, Inc.* (Communications Equipment)		235		7,797
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		464		22,615
Carlisle Cos., Inc. (Building Products)		195		61,281
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)		148		11,195
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail)		150		40,704
Celsius Holdings, Inc.* (Beverages)		592		29,541
ChampionX Corp. (Energy Equipment & Services)		777		21,298
Chart Industries, Inc.* (Machinery)		168		19,609
Chemed Corp. (Health Care Providers & Services)		60		35,568
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		446		34,391
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		100		12,112
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		166		25,524
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		271		32,783
Ciena Corp.* (Communications Equipment)		592		31,376
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		216		16,675
Civitas Resources, Inc.^(a) (Oil, Gas & Consumable Fuels)		341		22,100
Clean Harbors, Inc.* (Commercial Services & Supplies)		201		33,761
Cleveland-Cliffs, Inc.* (Metals & Mining)		2,016		40,421
CNO Financial Group, Inc. (Insurance)		448		12,177
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		636		12,847
Coca-Cola Consolidated, Inc. (Beverages)		18		15,505
Cognex Corp. (Electronic Equipment, Instruments & Components)		687		24,828
Coherent Corp.* (Electronic Equipment, Instruments & Components)		526		25,006
Columbia Banking System, Inc. (Banks)		834		16,813
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		138		10,938
Comfort Systems USA, Inc. (Construction & Engineering)		141		30,663
Commerce Bancshares, Inc. (Banks)		474		24,705
Commercial Metals Co. (Metals & Mining)		467		24,387
CommVault Systems, Inc.* (Software)		176		16,136
Concentrix Corp. (Professional Services)		190		16,885
COPT Defense Properties (Office REITs)		450		10,602
Core & Main, Inc.*—Class A (Trading Companies & Distributors)		674		27,843

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 79

Common Stocks, continued

	Shares		Value
Coty, Inc.*—Class A (Personal Care Products)		1,498	$	18,096
Cousins Properties, Inc. (Office REITs)		606		13,883
Crane Co. (Machinery)		196		24,326
Crane NXT Co. (Electronic Equipment, Instruments & Components)		195		11,365
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		241		24,457
Crown Holdings, Inc. (Containers & Packaging)		482		42,656
CubeSmart (Specialized REITs)		900		38,898
Cullen/Frost Bankers, Inc. (Banks)		256		27,167
Curtiss-Wright Corp. (Aerospace & Defense)		151		33,607
Darling Ingredients, Inc.* (Food Products)		637		27,582
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		101		76,126
Dick’s Sporting Goods, Inc. (Specialty Retail)		246		36,671
Dolby Laboratories, Inc.—Class A (Software)		238		19,797
Donaldson Co., Inc. (Machinery)		482		31,132
Doximity, Inc.*—Class A (Health Care Technology)		473		12,747
Dropbox, Inc.*—Class A (Software)		1,023		32,409
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		388		20,832
Dynatrace, Inc.* (Software)		953		54,321
Eagle Materials, Inc. (Construction Materials)		140		31,679
East West Bancorp, Inc. (Banks)		564		41,066
EastGroup Properties, Inc. (Industrial REITs)		186		33,002
elf Beauty, Inc.* (Personal Care Products)		219		34,937
EMCOR Group, Inc. (Construction & Engineering)		188		42,885
Encompass Health Corp. (Health Care Providers & Services)		399		28,345
EnerSys (Electrical Equipment)		161		15,387
Enovis Corp.* (Health Care Equipment & Supplies)		198		11,623
Envista Holdings Corp.* (Health Care Equipment & Supplies)		686		16,121
EPR Properties (Specialized REITs)		301		13,325
Equitable Holdings, Inc. (Financial Services)		1,271		41,550
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,732		17,649
Equity LifeStyle Properties, Inc. (Residential REITs)		745		50,429
Erie Indemnity Co.—Class A (Insurance)		100		34,583
Esab Corp. (Machinery)		226		19,434
Essent Group, Ltd. (Financial Services)		426		23,498
Essential Utilities, Inc. (Water Utilities)		1,003		35,968
Euronet Worldwide, Inc.* (Financial Services)		176		17,538
Evercore, Inc. (Capital Markets)		138		23,699
Exelixis, Inc.* (Biotechnology)		1,243		27,048
ExlService Holdings, Inc.* (Professional Services)		659		20,614
Exponent, Inc. (Professional Services)		201		17,726
F.N.B. Corp. (Banks)		1,434		18,900
Federated Hermes, Inc. (Capital Markets)		345		12,061
Fidelity National Financial, Inc. (Insurance)		1,033		51,682
First American Financial Corp. (Insurance)		412		24,864
First Financial Bankshares, Inc. (Banks)		514		16,052
First Horizon Corp. (Banks)		2,233		31,798
First Industrial Realty Trust, Inc. (Industrial REITs)		527		27,151
FirstCash Holdings, Inc. (Consumer Finance)		148		16,986
Five Below, Inc.* (Specialty Retail)		221		39,661
Floor & Decor Holdings, Inc.*—Class A (Specialty Retail)		426		42,839
Flowers Foods, Inc. (Food Products)		767		17,488
Flowserve Corp. (Machinery)		524		20,923
Fluor Corp.* (Construction & Engineering)		682		25,718
Fortune Brands Innovations, Inc. (Building Products)		504		39,105
Fox Factory Holding Corp.* (Automobile Components)		170		10,717
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services)		884		21,773
FTI Consulting, Inc.* (Professional Services)		141		27,017
GameStop Corp.*^(a)—Class A (Specialty Retail)		1,074		15,283
Gaming and Leisure Properties, Inc. (Specialized REITs)		1,068		48,755
GATX Corp. (Trading Companies & Distributors)		141		17,294
Genpact, Ltd. (Professional Services)		667		23,945
Gentex Corp. (Automobile Components)		932		30,877
Glacier Bancorp, Inc. (Banks)		444		17,165
Globus Medical, Inc.* (Health Care Equipment & Supplies)		462		24,389
GoDaddy, Inc.*—Class A (IT Services)		564		60,156
Graco, Inc. (Machinery)		673		57,406
Graham Holdings Co.—Class B (Diversified Consumer Services)		13		9,365
Grand Canyon Education, Inc.* (Diversified Consumer Services)		118		15,410
Graphic Packaging Holding Co. (Containers & Packaging)		1,223		31,199
Greif, Inc.—Class A (Containers & Packaging)		101		6,324
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail)		396		9,813
GXO Logistics, Inc.* (Air Freight & Logistics)		476		25,885
H&R Block, Inc. (Diversified Consumer Services)		575		26,933
Haemonetics Corp.* (Health Care Equipment & Supplies)		201		15,368
Halozyme Therapeutics, Inc.* (Biotechnology)		528		17,873
Hancock Whitney Corp. (Banks)		344		15,518
Harley-Davidson, Inc. (Automobiles)		506		16,420
Healthcare Realty Trust, Inc. (Health Care REITs)		1,521		24,503
HealthEquity, Inc.* (Health Care Providers & Services)		341		25,773
Helen of Troy, Ltd.* (Household Durables)		93		10,649
Hertz Global Holdings, Inc.* (Ground Transportation)		531		4,434
Hexcel Corp. (Aerospace & Defense)		336		22,307
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		625		35,306
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		285		11,885
Home BancShares, Inc. (Banks)		751		17,603
Houlihan Lokey, Inc. (Capital Markets)		206		24,675
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure)		176		22,593
IDACORP, Inc. (Electric Utilities)		201		18,609
Inari Medical, Inc.* (Health Care Equipment & Supplies)		205		11,675
Independence Realty Trust, Inc. (Residential REITs)		897		13,177
Ingredion, Inc. (Food Products)		259		27,861
Insperity, Inc. (Professional Services)		141		16,171

See accompanying notes to the financial statements.

80 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		271	$	10,881
Interactive Brokers Group, Inc. (Capital Markets)		427		37,896
International Bancshares Corp. (Banks)		215		11,365
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		118		11,551
Iridium Communications, Inc. (Diversified Telecommunication Services)		496		17,985
ITT, Inc. (Machinery)		328		39,616
Janus Henderson Group PLC (Capital Markets)		529		15,214
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		251		30,803
Jefferies Financial Group, Inc. (Capital Markets)		674		27,472
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		190		33,641
KB Home (Household Durables)		306		18,235
KBR, Inc. (Professional Services)		539		28,087
Kemper Corp. (Insurance)		239		14,340
Kilroy Realty Corp. (Office REITs)		426		15,234
Kinsale Capital Group, Inc. (Insurance)		88		34,986
Kirby Corp.* (Marine Transportation)		236		18,564
Kite Realty Group Trust (Retail REITs)		877		18,768
Knife River Corp.* (Construction Materials)		226		14,801
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		644		36,953
Kyndryl Holdings, Inc.* (IT Services)		917		18,817
Lamar Advertising Co.—Class A (Specialized REITs)		349		36,533
Lancaster Colony Corp. (Food Products)		81		14,886
Landstar System, Inc. (Ground Transportation)		145		27,799
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		274		14,229
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		552		33,594
Lear Corp. (Automobile Components)		231		30,700
Leggett & Platt, Inc. (Household Durables)		535		12,417
Lennox International, Inc. (Building Products)		128		54,804
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		359		28,856
Lincoln Electric Holdings, Inc. (Machinery)		228		50,665
Lithia Motors, Inc. (Specialty Retail)		110		32,434
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		100		24,190
LivaNova PLC* (Health Care Equipment & Supplies)		216		10,515
Louisiana-Pacific Corp. (Paper & Forest Products)		256		17,037
Lumentum Holdings, Inc.* (Communications Equipment)		268		14,724
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		216		18,626
Macy’s, Inc. (Broadline Retail)		1,094		20,009
Manhattan Associates, Inc.* (Software)		246		59,670
ManpowerGroup, Inc. (Professional Services)		196		14,531
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		131		10,990
Masimo Corp.* (Health Care Equipment & Supplies)		178		22,951
MasTec, Inc.* (Construction & Engineering)		241		15,826
Matador Resources Co. (Oil, Gas & Consumable Fuels)		444		24,371
Mattel, Inc.* (Leisure Products)		1,411		25,242
Maximus, Inc. (Professional Services)		244		19,793
MDU Resources Group, Inc. (Construction & Engineering)		814		15,881
Medical Properties Trust, Inc.^(a) (Health Care REITs)		2,398		7,434
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		93		27,117
MGIC Investment Corp. (Financial Services)		1,110		22,022
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		251		26,719
Morningstar, Inc. (Capital Markets)		103		28,768
MP Materials Corp.* (Metals & Mining)		576		9,107
MSA Safety, Inc. (Commercial Services & Supplies)		148		24,424
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		186		18,354
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		586		22,678
Murphy USA, Inc. (Specialty Retail)		78		27,497
National Fuel Gas Co. (Gas Utilities)		368		17,355
National Storage Affiliates Trust (Specialized REITs)		308		11,504
Neogen Corp.* (Health Care Equipment & Supplies)		788		12,214
Neurocrine Biosciences, Inc.* (Biotechnology)		391		54,649
New Jersey Resources Corp. (Gas Utilities)		389		15,883
New York Community Bancorp, Inc. (Banks)		2,886		18,672
NewMarket Corp. (Chemicals)		28		15,619
Nexstar Media Group, Inc. (Media)		128		22,747
NNN REIT, Inc. (Retail REITs)		730		29,449
Nordstrom, Inc. (Broadline Retail)		388		7,042
Northwestern Energy Group, Inc. (Multi-Utilities)		245		11,789
NOV, Inc. (Energy Equipment & Services)		1,576		30,747
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		145		22,410
nVent Electric PLC (Electrical Equipment)		663		39,807
OGE Energy Corp. (Electric Utilities)		800		26,592
Old National Bancorp (Banks)		1,170		19,270
Old Republic International Corp. (Insurance)		1,042		29,218
Olin Corp. (Chemicals)		489		25,462
Ollie’s Bargain Outlet Holdings, Inc.* (Broadline Retail)		246		17,695
Omega Healthcare Investors, Inc. (Health Care REITs)		980		28,420
ONE Gas, Inc. (Gas Utilities)		221		13,563
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		196		31,654
Option Care Health, Inc.* (Health Care Providers & Services)		707		22,087
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		215		13,906
Oshkosh Corp. (Machinery)		261		28,736
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		1,013		42,972
Owens Corning (Building Products)		356		53,945
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)		841		12,682
Paylocity Holding Corp.* (Professional Services)		175		27,722

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 81

Common Stocks, continued

	Shares		Value
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		434	$	21,921
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure)		606		13,665
Penske Automotive Group, Inc. (Specialty Retail)		78		11,573
Penumbra, Inc.* (Health Care Equipment & Supplies)		155		39,090
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		622		45,207
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		1,662		22,404
Perrigo Co. PLC (Pharmaceuticals)		543		17,419
Physicians Realty Trust (Health Care REITs)		954		11,677
Pilgrim’s Pride Corp.* (Food Products)		160		4,347
Pinnacle Financial Partners, Inc. (Banks)		306		27,044
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		341		23,106
PNM Resources, Inc. (Electric Utilities)		345		12,499
Polaris, Inc. (Leisure Products)		211		18,982
Portland General Electric Co. (Electric Utilities)		404		16,536
Post Holdings, Inc.* (Food Products)		205		19,038
PotlatchDeltic Corp. (Specialized REITs)		318		14,224
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		228		17,091
Primerica, Inc. (Insurance)		140		32,782
Progyny, Inc.* (Health Care Providers & Services)		335		12,760
Prosperity Bancshares, Inc. (Banks)		374		23,902
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals)		1,168		46,708
PVH Corp. (Textiles, Apparel & Luxury Goods)		241		28,983
Qualys, Inc.* (Software)		148		27,997
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		198		13,565
R1 RCM, Inc.* (Health Care Providers & Services)		789		8,079
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		429		29,399
Range Resources Corp. (Oil, Gas & Consumable Fuels)		963		27,966
Rayonier, Inc. (Specialized REITs)		546		16,544
RBC Bearings, Inc.* (Machinery)		116		31,151
Regal Rexnord Corp. (Electrical Equipment)		266		35,500
Reinsurance Group of America, Inc. (Insurance)		264		45,907
Reliance Steel & Aluminum Co. (Metals & Mining)		229		65,360
RenaissanceRe Holdings, Ltd. (Insurance)		210		48,055
Repligen Corp.* (Life Sciences Tools & Services)		208		39,395
Rexford Industrial Realty, Inc. (Industrial REITs)		843		44,333
RH* (Specialty Retail)		62		15,716
RLI Corp. (Insurance)		160		21,819
Royal Gold, Inc. (Metals & Mining)		261		29,856
RPM International, Inc. (Chemicals)		515		54,929
Ryder System, Inc. (Ground Transportation)		178		20,215
Sabra Health Care REIT, Inc. (Health Care REITs)		924		12,326
Saia, Inc.* (Ground Transportation)		106		47,762
Science Applications International Corp. (Professional Services)		211		26,936
SEI Investments Co. (Capital Markets)		399		25,233
Selective Insurance Group, Inc. (Insurance)		241		25,271
Sensata Technologies Holding PLC (Electrical Equipment)		606		21,919
Service Corp. International (Diversified Consumer Services)		589		39,534
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		148		33,485
Silgan Holdings, Inc. (Containers & Packaging)		324		14,885
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		128		15,790
Simpson Manufacturing Co., Inc. (Building Products)		170		30,768
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		534		33,343
SLM Corp. (Consumer Finance)		904		17,972
Sonoco Products Co. (Containers & Packaging)		391		22,248
Sotera Health Co.* (Life Sciences Tools & Services)		397		5,844
SouthState Corp. (Banks)		304		25,262
Southwest Gas Holdings, Inc. (Gas Utilities)		239		14,025
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		4,400		28,380
Spire, Inc. (Gas Utilities)		210		11,922
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		406		20,450
STAG Industrial, Inc. (Industrial REITs)		725		26,782
Starwood Property Trust, Inc. (Mortgage REITs)		1,190		24,193
Stericycle, Inc.* (Commercial Services & Supplies)		369		17,712
Stifel Financial Corp. (Capital Markets)		407		29,691
Sunrun, Inc.* (Electrical Equipment)		867		12,554
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		186		98,508
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		156		16,662
Synovus Financial Corp. (Banks)		584		21,993
Taylor Morrison Home Corp.* (Household Durables)		429		22,368
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components)		206		20,596
TEGNA, Inc. (Media)		788		12,285
Tempur Sealy International, Inc. (Household Durables)		687		34,274
Tenet Healthcare Corp.* (Health Care Providers & Services)		406		33,592
Teradata Corp.* (Software)		391		18,056
Terex Corp. (Machinery)		269		16,525
Tetra Tech, Inc. (Commercial Services & Supplies)		211		33,376
Texas Capital Bancshares, Inc.* (Banks)		191		11,651
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		268		33,694
The Boston Beer Co., Inc.*—Class A (Beverages)		38		13,272
The Brink’s Co. (Commercial Services & Supplies)		180		14,551
The Carlyle Group, Inc. (Capital Markets)		865		34,617
The Chemours Co. (Chemicals)		594		17,921
The Gap, Inc. (Specialty Retail)		857		16,017
The Goodyear Tire & Rubber Co.* (Automobile Components)		1,133		15,794
The Hanover Insurance Group, Inc. (Insurance)		141		18,613
The Middleby Corp.* (Machinery)		215		30,330
The New York Times Co.—Class A (Media)		654		31,758
The Scotts Miracle-Gro Co. (Chemicals)		166		9,339

See accompanying notes to the financial statements.

82 :: Mid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
The Timken Co. (Machinery)		259	$	21,215
The Toro Co. (Machinery)		416		38,472
The Wendy’s Co. (Hotels, Restaurants & Leisure)		668		12,745
The Western Union Co. (Financial Services)		1,456		18,302
Thor Industries, Inc. (Automobiles)		215		24,299
TKO Group Holdings, Inc. (Entertainment)		239		20,002
Toll Brothers, Inc. (Household Durables)		429		42,621
TopBuild Corp.* (Household Durables)		128		47,249
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		290		11,722
Trex Co., Inc.* (Building Products)		434		35,362
UFP Industries, Inc. (Building Products)		248		28,136
UGI Corp. (Gas Utilities)		837		18,530
UMB Financial Corp. (Banks)		175		14,438
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		754		5,745
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		775		5,735
United Bankshares, Inc. (Banks)		539		19,323
United States Steel Corp. (Metals & Mining)		891		41,894
United Therapeutics Corp.* (Biotechnology)		188		40,379
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		175		29,710
Unum Group (Insurance)		733		35,433
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		903		41,547
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		151		33,522
Valaris, Ltd.* (Energy Equipment & Services)		249		15,406
Valley National Bancorp (Banks)		1,705		16,402
Valmont Industries, Inc. (Construction & Engineering)		83		18,734
Valvoline, Inc. (Specialty Retail)		554		20,215
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		505		10,974
Visteon Corp.* (Automobile Components)		111		12,797
Vistra Corp. (Independent Power and Renewable Electricity Producers)		1,342		55,062
Vontier Corp. (Electronic Equipment, Instruments & Components)		617		21,342
Vornado Realty Trust (Office REITs)		639		17,375
Voya Financial, Inc. (Financial Services)		417		30,178
Watsco, Inc. (Trading Companies & Distributors)		136		53,173
Watts Water Technologies, Inc.—Class A (Machinery)		110		21,781
Weatherford International PLC* (Energy Equipment & Services)		288		25,790
Webster Financial Corp. (Banks)		687		33,994
Werner Enterprises, Inc. (Ground Transportation)		255		10,085
WESCO International, Inc. (Trading Companies & Distributors)		176		30,540
Westlake Corp. (Chemicals)		128		17,709
WEX, Inc.* (Financial Services)		170		34,746
Williams-Sonoma, Inc. (Specialty Retail)		256		49,507
Wingstop, Inc. (Hotels, Restaurants & Leisure)		118		33,171
Wintrust Financial Corp. (Banks)		244		23,663
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		503		16,373
Woodward, Inc. (Aerospace & Defense)		241		33,203
WP Carey, Inc. (Diversified REITs)		873		54,091
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		331		25,795
XPO, Inc.* (Ground Transportation)		464		39,644
YETI Holdings, Inc.* (Leisure Products)		348		15,302
Ziff Davis, Inc.* (Interactive Media & Services)		185		12,469
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		1,183		18,975
TOTAL COMMON STOCKS (Cost $8,393,921)				9,937,871

Repurchase Agreements^(b)(c) (23.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $3,034,435	$	3,034,000	$	3,034,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,034,000)				3,034,000

Collateral for Securities Loaned^(d) (0.2%)

	Shares		Value
Invesco Government & Agency Portfolio— Institutional Shares, 5.24%^(e)		24,900	$	24,900
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $24,900)				24,900
TOTAL INVESTMENT SECURITIES (Cost $11,452,821)—100.5%				12,996,771
Net other assets (liabilities)—(0.5)%				(67,211	)
NET ASSETS—100.0%			$	12,929,560

	*	Non-income producing security.
	^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $23,571.
	^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $371,000.
	^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
	^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap ProFund :: 83

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	2/27/24		5.83	%	$	2,447,596	$	(51,630	)
S&P MidCap 400	UBS AG	2/27/24		5.68	%		509,552		(10,744	)
						$	2,957,148	$	(62,374	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Mid-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	118,939		0.9	%
Air Freight & Logistics		25,885		0.2	%
Automobile Components		145,930		1.1	%
Automobiles		40,719		0.3	%
Banks		544,600		4.2	%
Beverages		58,318		0.5	%
Biotechnology		155,774		1.2	%
Broadline Retail		44,746		0.4	%
Building Products		339,137		2.6	%
Capital Markets		279,568		2.2	%
Chemicals		237,845		1.8	%
Commercial Services & Supplies		123,824		1.0	%
Communications Equipment		53,897		0.4	%
Construction & Engineering		198,565		1.5	%
Construction Materials		46,480		0.4	%
Consumer Finance		74,755		0.6	%
Consumer Staples Distribution & Retail		157,721		1.2	%
Containers & Packaging		182,497		1.4	%
Diversified Consumer Services		91,241		0.7	%
Diversified REITs		54,091		0.4	%
Diversified Telecommunication Services		39,758		0.3	%
Electric Utilities		87,772		0.7	%
Electrical Equipment		154,461		1.2	%
Electronic Equipment, Instruments & Components		224,937		1.7	%
Energy Equipment & Services		93,241		0.7	%
Entertainment		20,002		0.2	%
Financial Services		187,834		1.5	%
Food Products		111,202		0.9	%
Gas Utilities		91,278		0.7	%
Ground Transportation		198,843		1.5	%
Health Care Equipment & Supplies		236,105		1.8	%
Health Care Providers & Services		208,604		1.6	%
Health Care REITs		84,360		0.7	%
Health Care Technology		12,747		0.1	%
Hotel & Resort REITs		12,682		0.1	%
Hotels, Restaurants & Leisure		354,619		2.7	%
Household Durables		187,813		1.5	%
Household Products		34,358		0.3	%
Independent Power and Renewable Electricity Producers		68,968		0.5	%
Industrial REITs		131,268		1.0	%
Insurance		474,407		3.7	%
Interactive Media & Services		31,444		0.3	%
IT Services		78,973		0.6	%
Leisure Products		81,794		0.6	%
Life Sciences Tools & Services		114,326		0.9	%
Machinery		481,660		3.7	%
Marine Transportation		18,564		0.1	%
Media		76,671		0.6	%
Metals & Mining		232,267		1.8	%
Mortgage REITs		62,573		0.5	%
Multi-Utilities		25,816		0.2	%
Office REITs		57,094		0.4	%
Oil, Gas & Consumable Fuels		401,244		3.1	%
Paper & Forest Products		17,037		0.1	%
Personal Care Products		82,105		0.6	%
Pharmaceuticals		48,222		0.4	%
Professional Services		287,814		2.2	%
Real Estate Management & Development		33,641		0.3	%
Residential REITs		82,795		0.6	%
Retail REITs		99,130		0.8	%
Semiconductors & Semiconductor Equipment		272,762		2.1	%
Software		263,534		2.0	%
Specialized REITs		179,783		1.4	%
Specialty Retail		371,306		2.9	%
Technology Hardware, Storage & Peripherals		145,216		1.1	%
Textiles, Apparel & Luxury Goods		219,137		1.7	%
Trading Companies & Distributors		147,204		1.1	%
Water Utilities		35,968		0.3	%
Other**		2,991,689		23.2	%
Total	$	12,929,560		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.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

84 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (99.7%)

	Shares		Value
Acuity Brands, Inc. (Electrical Equipment)		35	$	8,336
Adient PLC* (Automobile Components)		214		7,428
AECOM (Construction & Engineering)		172		15,169
Affiliated Managers Group, Inc. (Capital Markets)		77		11,461
AGCO Corp. (Machinery)		143		17,494
Agree Realty Corp. (Retail REITs)		231		13,770
Alcoa Corp. (Metals & Mining)		409		12,168
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		106		2,750
ALLETE, Inc. (Electric Utilities)		132		7,803
Ally Financial, Inc. (Consumer Finance)		623		22,851
Amedisys, Inc.* (Health Care Providers & Services)		43		4,054
American Financial Group, Inc. (Insurance)		150		18,060
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		236		7,472
Annaly Capital Management, Inc. (Mortgage REITs)		1,146		21,992
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		327		4,002
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		647		14,454
Apartment Income REIT Corp. (Residential REITs)		337		11,017
AptarGroup, Inc. (Containers & Packaging)		62		8,053
Aramark (Hotels, Restaurants & Leisure)		598		17,391
Arcadium Lithium PLC* (Chemicals)		916		4,479
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		124		13,783
ASGN, Inc.* (Professional Services)		108		10,025
Ashland, Inc. (Chemicals)		117		10,954
Aspen Technology, Inc.* (Software)		32		6,144
Associated Banc-Corp. (Banks)		341		7,164
Autoliv, Inc. (Automobile Components)		69		7,391
AutoNation, Inc.* (Specialty Retail)		60		8,380
Avient Corp. (Chemicals)		210		7,604
Avnet, Inc. (Electronic Equipment, Instruments & Components)		208		9,422
Azenta, Inc.* (Life Sciences Tools & Services)		49		3,195
Bank OZK (Banks)		116		5,233
Belden, Inc. (Electronic Equipment, Instruments & Components)		96		7,121
BellRing Brands, Inc.* (Personal Care Products)		142		7,848
Berry Global Group, Inc. (Containers & Packaging)		271		17,739
BJ’s Wholesale Club Holdings, Inc.* (Household Products)		307		19,752
Black Hills Corp. (Multi-Utilities)		157		8,126
Blackbaud, Inc.* (Software)		37		2,994
Brighthouse Financial, Inc.* (Insurance)		148		7,662
Brixmor Property Group, Inc. (Retail REITs)		386		8,662
Bruker Corp. (Life Sciences Tools & Services)		85		6,078
Brunswick Corp. (Leisure Products)		62		5,002
Burlington Stores, Inc.* (Specialty Retail)		60		11,469
Cable One, Inc. (Media)		11		6,038
Cabot Corp. (Chemicals)		41		2,956
CACI International, Inc.*—Class A (Professional Services)		32		10,998
Cadence Bank (Banks)		419		11,154
Calix, Inc.* (Communications Equipment)		69		2,289
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		139		6,775
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)		84		6,354
ChampionX Corp. (Energy Equipment & Services)		148		4,057
Chemed Corp. (Health Care Providers & Services)		14		8,299
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		256		19,740
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		29		3,512
Ciena Corp.* (Communications Equipment)		200		10,600
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		53		4,092
Cleveland-Cliffs, Inc.* (Metals & Mining)		1,157		23,198
CNO Financial Group, Inc. (Insurance)		257		6,985
Cognex Corp. (Electronic Equipment, Instruments & Components)		221		7,987
Coherent Corp.* (Electronic Equipment, Instruments & Components)		303		14,404
Columbia Banking System, Inc. (Banks)		478		9,636
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		41		3,250
Commerce Bancshares, Inc. (Banks)		161		8,391
Commercial Metals Co. (Metals & Mining)		268		13,995
CommVault Systems, Inc.* (Software)		40		3,667
Concentrix Corp. (Professional Services)		108		9,598
COPT Defense Properties (Office REITs)		157		3,699
Core & Main, Inc.*—Class A (Trading Companies & Distributors)		165		6,816
Cousins Properties, Inc. (Office REITs)		348		7,973
Crane NXT Co. (Electronic Equipment, Instruments & Components)		111		6,469
Crown Holdings, Inc. (Containers & Packaging)		147		13,010
CubeSmart (Specialized REITs)		232		10,027
Cullen/Frost Bankers, Inc. (Banks)		85		9,020
Curtiss-Wright Corp. (Aerospace & Defense)		31		6,899
Darling Ingredients, Inc.* (Food Products)		366		15,847
Dick’s Sporting Goods, Inc. (Specialty Retail)		67		9,988
Dolby Laboratories, Inc.—Class A (Software)		59		4,908
Donaldson Co., Inc. (Machinery)		118		7,622
Doximity, Inc.*—Class A (Health Care Technology)		135		3,638
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		82		4,403
East West Bancorp, Inc. (Banks)		149		10,849
EastGroup Properties, Inc. (Industrial REITs)		40		7,097
Encompass Health Corp. (Health Care Providers & Services)		126		8,951
EnerSys (Electrical Equipment)		53		5,065
Enovis Corp.* (Health Care Equipment & Supplies)		114		6,692
Envista Holdings Corp.* (Health Care Equipment & Supplies)		393		9,235
EPR Properties (Specialized REITs)		66		2,922
Equitable Holdings, Inc. (Financial Services)		343		11,213
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		585		5,961

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap Value ProFund :: 85

Common Stocks, continued

	Shares		Value
Equity LifeStyle Properties, Inc. (Residential REITs)		154	$	10,424
Erie Indemnity Co.—Class A (Insurance)		24		8,300
Essent Group, Ltd. (Financial Services)		245		13,514
Essential Utilities, Inc. (Water Utilities)		300		10,758
Euronet Worldwide, Inc.* (Financial Services)		46		4,584
Evercore, Inc. (Capital Markets)		25		4,293
ExlService Holdings, Inc.* (Professional Services)		163		5,099
Exponent, Inc. (Professional Services)		57		5,027
F.N.B. Corp. (Banks)		821		10,821
Federated Hermes, Inc. (Capital Markets)		198		6,922
Fidelity National Financial, Inc. (Insurance)		593		29,668
First American Financial Corp. (Insurance)		237		14,303
First Financial Bankshares, Inc. (Banks)		176		5,496
First Horizon Corp. (Banks)		1,280		18,227
First Industrial Realty Trust, Inc. (Industrial REITs)		158		8,140
Flowers Foods, Inc. (Food Products)		440		10,032
Flowserve Corp. (Machinery)		165		6,588
Fluor Corp.* (Construction & Engineering)		391		14,745
Fortune Brands Innovations, Inc. (Building Products)		174		13,501
Fox Factory Holding Corp.* (Automobile Components)		60		3,782
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services)		506		12,463
GameStop Corp.*^(a)—Class A (Specialty Retail)		614		8,737
Gaming and Leisure Properties, Inc. (Specialized REITs)		350		15,977
GATX Corp. (Trading Companies & Distributors)		51		6,255
Genpact, Ltd. (Professional Services)		383		13,749
Gentex Corp. (Automobile Components)		192		6,361
Glacier Bancorp, Inc. (Banks)		254		9,820
Globus Medical, Inc.* (Health Care Equipment & Supplies)		264		13,936
Graham Holdings Co.—Class B (Diversified Consumer Services)		9		6,484
Graphic Packaging Holding Co. (Containers & Packaging)		702		17,907
Greif, Inc.—Class A (Containers & Packaging)		59		3,694
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail)		227		5,625
GXO Logistics, Inc.* (Air Freight & Logistics)		102		5,547
Haemonetics Corp.* (Health Care Equipment & Supplies)		46		3,517
Hancock Whitney Corp. (Banks)		95		4,285
Harley-Davidson, Inc. (Automobiles)		291		9,443
Healthcare Realty Trust, Inc. (Health Care REITs)		873		14,064
HealthEquity, Inc.* (Health Care Providers & Services)		97		7,331
Helen of Troy, Ltd.* (Household Durables)		54		6,183
Hertz Global Holdings, Inc.* (Ground Transportation)		302		2,522
Hexcel Corp. (Aerospace & Defense)		99		6,573
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		359		20,281
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		62		2,585
Home BancShares, Inc. (Banks)		430		10,079
IDACORP, Inc. (Electric Utilities)		70		6,481
Inari Medical, Inc.* (Health Care Equipment & Supplies)		50		2,848
Independence Realty Trust, Inc. (Residential REITs)		515		7,565
Ingredion, Inc. (Food Products)		96		10,327
Insperity, Inc. (Professional Services)		40		4,588
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		157		6,304
Interactive Brokers Group, Inc. (Capital Markets)		101		8,964
International Bancshares Corp. (Banks)		70		3,700
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		37		3,622
Iridium Communications, Inc. (Diversified Telecommunication Services)		142		5,149
Janus Henderson Group PLC (Capital Markets)		303		8,714
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		84		10,308
Jefferies Financial Group, Inc. (Capital Markets)		386		15,733
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		109		19,300
KB Home (Household Durables)		88		5,244
KBR, Inc. (Professional Services)		167		8,702
Kemper Corp. (Insurance)		138		8,280
Kilroy Realty Corp. (Office REITs)		244		8,725
Kirby Corp.* (Marine Transportation)		78		6,135
Kite Realty Group Trust (Retail REITs)		502		10,743
Knife River Corp.* (Construction Materials)		37		2,423
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		370		21,231
Kyndryl Holdings, Inc.* (IT Services)		526		10,794
Lamar Advertising Co.—Class A (Specialized REITs)		84		8,793
Lancaster Colony Corp. (Food Products)		24		4,411
Landstar System, Inc. (Ground Transportation)		26		4,985
Lear Corp. (Automobile Components)		134		17,809
Leggett & Platt, Inc. (Household Durables)		305		7,079
Lithia Motors, Inc. (Specialty Retail)		63		18,576
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		18		4,354
LivaNova PLC* (Health Care Equipment & Supplies)		78		3,797
Louisiana-Pacific Corp. (Paper & Forest Products)		51		3,394
Lumentum Holdings, Inc.* (Communications Equipment)		154		8,461
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		46		3,967
Macy’s, Inc. (Broadline Retail)		626		11,450
ManpowerGroup, Inc. (Professional Services)		112		8,304
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		75		6,292
Masimo Corp.* (Health Care Equipment & Supplies)		38		4,900
MasTec, Inc.* (Construction & Engineering)		139		9,128
Mattel, Inc.* (Leisure Products)		453		8,104
Maximus, Inc. (Professional Services)		37		3,001
MDU Resources Group, Inc. (Construction & Engineering)		467		9,111
Medical Properties Trust, Inc.^(a) (Health Care REITs)		1,371		4,250
MGIC Investment Corp. (Financial Services)		393		7,797

See accompanying notes to the financial statements.

86 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		73	$	7,770
MP Materials Corp.* (Metals & Mining)		196		3,099
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		49		4,835
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		192		7,430
National Fuel Gas Co. (Gas Utilities)		210		9,904
National Storage Affiliates Trust (Specialized REITs)		91		3,399
Neogen Corp.* (Health Care Equipment & Supplies)		451		6,991
New Jersey Resources Corp. (Gas Utilities)		224		9,146
New York Community Bancorp, Inc. (Banks)		1,655		10,708
Nexstar Media Group, Inc. (Media)		74		13,151
NNN REIT, Inc. (Retail REITs)		263		10,609
Nordstrom, Inc. (Broadline Retail)		221		4,011
Northwestern Energy Group, Inc. (Multi-Utilities)		140		6,737
NOV, Inc. (Energy Equipment & Services)		903		17,617
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		35		5,409
OGE Energy Corp. (Electric Utilities)		459		15,256
Old National Bancorp (Banks)		670		11,035
Old Republic International Corp. (Insurance)		597		16,740
Olin Corp. (Chemicals)		166		8,644
Omega Healthcare Investors, Inc. (Health Care REITs)		331		9,599
ONE Gas, Inc. (Gas Utilities)		127		7,794
Option Care Health, Inc.* (Health Care Providers & Services)		182		5,686
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		123		7,956
Oshkosh Corp. (Machinery)		150		16,515
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		249		12,577
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure)		348		7,847
Penske Automotive Group, Inc. (Specialty Retail)		44		6,528
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		357		25,947
Perrigo Co. PLC (Pharmaceuticals)		310		9,945
Physicians Realty Trust (Health Care REITs)		546		6,683
Pilgrim’s Pride Corp.* (Food Products)		92		2,500
Pinnacle Financial Partners, Inc. (Banks)		105		9,280
PNM Resources, Inc. (Electric Utilities)		197		7,137
Polaris, Inc. (Leisure Products)		121		10,885
Portland General Electric Co. (Electric Utilities)		232		9,496
Post Holdings, Inc.* (Food Products)		117		10,866
PotlatchDeltic Corp. (Specialized REITs)		182		8,141
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		66		4,947
Prosperity Bancshares, Inc. (Banks)		215		13,741
PVH Corp. (Textiles, Apparel & Luxury Goods)		139		16,715
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		113		7,742
R1 RCM, Inc.* (Health Care Providers & Services)		451		4,618
Rayonier, Inc. (Specialized REITs)		194		5,878
Regal Rexnord Corp. (Electrical Equipment)		153		20,419
Reinsurance Group of America, Inc. (Insurance)		152		26,431
RenaissanceRe Holdings, Ltd. (Insurance)		54		12,357
Rexford Industrial Realty, Inc. (Industrial REITs)		296		15,567
RH* (Specialty Retail)		20		5,070
RLI Corp. (Insurance)		32		4,364
Royal Gold, Inc. (Metals & Mining)		72		8,236
RPM International, Inc. (Chemicals)		136		14,506
Ryder System, Inc. (Ground Transportation)		102		11,584
Sabra Health Care REIT, Inc. (Health Care REITs)		528		7,044
Science Applications International Corp. (Professional Services)		79		10,085
SEI Investments Co. (Capital Markets)		115		7,273
Selective Insurance Group, Inc. (Insurance)		63		6,606
Sensata Technologies Holding PLC (Electrical Equipment)		348		12,587
Service Corp. International (Diversified Consumer Services)		166		11,142
Silgan Holdings, Inc. (Containers & Packaging)		185		8,499
SLM Corp. (Consumer Finance)		311		6,183
Sonoco Products Co. (Containers & Packaging)		225		12,803
SouthState Corp. (Banks)		174		14,459
Southwest Gas Holdings, Inc. (Gas Utilities)		138		8,098
Spire, Inc. (Gas Utilities)		120		6,812
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		137		6,901
STAG Industrial, Inc. (Industrial REITs)		209		7,720
Starwood Property Trust, Inc. (Mortgage REITs)		682		13,865
Stericycle, Inc.* (Commercial Services & Supplies)		212		10,176
Stifel Financial Corp. (Capital Markets)		234		17,070
Sunrun, Inc.* (Electrical Equipment)		497		7,197
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		53		5,661
Synovus Financial Corp. (Banks)		335		12,616
Taylor Morrison Home Corp.* (Household Durables)		246		12,826
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components)		117		11,698
TEGNA, Inc. (Media)		451		7,031
Tenet Healthcare Corp.* (Health Care Providers & Services)		233		19,278
Terex Corp. (Machinery)		68		4,177
Texas Capital Bancshares, Inc.* (Banks)		110		6,710
The Boston Beer Co., Inc.*—Class A (Beverages)		12		4,191
The Carlyle Group, Inc. (Capital Markets)		257		10,285
The Chemours Co. (Chemicals)		341		10,288
The Gap, Inc. (Specialty Retail)		491		9,177
The Goodyear Tire & Rubber Co.* (Automobile Components)		650		9,061
The Hanover Insurance Group, Inc. (Insurance)		82		10,825
The Middleby Corp.* (Machinery)		62		8,746
The Scotts Miracle-Gro Co. (Chemicals)		59		3,319
The Timken Co. (Machinery)		91		7,454
The Toro Co. (Machinery)		123		11,375
The Wendy’s Co. (Hotels, Restaurants & Leisure)		176		3,358
The Western Union Co. (Financial Services)		835		10,496
Thor Industries, Inc. (Automobiles)		122		13,788
TKO Group Holdings, Inc. (Entertainment)		78		6,528
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		50		2,021
UGI Corp. (Gas Utilities)		481		10,649
UMB Financial Corp. (Banks)		101		8,333

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Mid-Cap Value ProFund :: 87

Common Stocks, continued

	Shares		Value
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		431	$	3,284
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		442		3,271
United Bankshares, Inc. (Banks)		309		11,078
United States Steel Corp. (Metals & Mining)		512		24,074
United Therapeutics Corp.* (Biotechnology)		59		12,672
Unum Group (Insurance)		421		20,351
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		519		23,879
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		30		6,660
Valley National Bancorp (Banks)		976		9,389
Valmont Industries, Inc. (Construction & Engineering)		48		10,834
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		289		6,280
Visteon Corp.* (Automobile Components)		35		4,035
Vornado Realty Trust (Office REITs)		366		9,952
Voya Financial, Inc. (Financial Services)		144		10,421
Webster Financial Corp. (Banks)		395		19,546
Werner Enterprises, Inc. (Ground Transportation)		146		5,774
WESCO International, Inc. (Trading Companies & Distributors)		101		17,526
Wintrust Financial Corp. (Banks)		140		13,577
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		153		4,980
WP Carey, Inc. (Diversified REITs)		501		31,042
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		65		5,065
XPO, Inc.* (Ground Transportation)		141		12,047
YETI Holdings, Inc.* (Leisure Products)		71		3,122
Ziff Davis, Inc.* (Interactive Media & Services)		105		7,077
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		455		7,298
TOTAL COMMON STOCKS (Cost $2,237,768)				2,767,409

Repurchase Agreement^(b)(NM)

	Principal Amount		Value
Repurchase Agreement with UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24, total to be received $1,000	$	1,000	$	1,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,000)				1,000

Collateral for Securities Loaned^(c) (0.5%)

	Shares		Value
Invesco Government & Agency Portfolio— Institutional Shares, 5.24%^(d)		12,958	$	12,958
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $12,958)				12,958
TOTAL INVESTMENT SECURITIES (Cost $2,251,726)—100.2%				2,781,367
Net other assets (liabilities)—(0.2)%				(6,763	)
NET ASSETS—100.0%			$	2,774,604

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $12,315.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the 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 January 31, 2024.
^(d)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
^NM	Not meaningful, amount is less than 0.05%.
^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

88 :: Mid-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Mid-Cap Value ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	13,472		0.5	%
Air Freight & Logistics		5,547		0.2	%
Automobile Components		55,867		2.0	%
Automobiles		23,231		0.8	%
Banks		264,346		9.5	%
Beverages		4,191		0.2	%
Biotechnology		12,672		0.5	%
Broadline Retail		15,461		0.6	%
Building Products		13,501		0.5	%
Capital Markets		90,715		3.3	%
Chemicals		62,750		2.3	%
Commercial Services & Supplies		10,176		0.4	%
Communications Equipment		21,350		0.8	%
Construction & Engineering		58,987		2.1	%
Construction Materials		2,423		0.1	%
Consumer Finance		29,034		1.0	%
Consumer Staples Distribution & Retail		62,352		2.3	%
Containers & Packaging		81,705		2.9	%
Diversified Consumer Services		17,626		0.6	%
Diversified REITs		31,042		1.1	%
Diversified Telecommunication Services		17,612		0.6	%
Electric Utilities		46,173		1.7	%
Electrical Equipment		53,604		1.9	%
Electronic Equipment, Instruments & Components		90,550		3.3	%
Energy Equipment & Services		21,674		0.8	%
Entertainment		6,528		0.2	%
Financial Services		58,025		2.1	%
Food Products		53,983		1.9	%
Gas Utilities		52,403		1.9	%
Ground Transportation		58,143		2.1	%
Health Care Equipment & Supplies		65,961		2.4	%
Health Care Providers & Services		58,217		2.1	%
Health Care REITs		41,640		1.5	%
Health Care Technology		3,638		0.1	%
Hotels, Restaurants & Leisure		54,731		2.0	%
Household Durables		31,332		1.1	%
Household Products		19,752		0.7	%
Independent Power and Renewable Electricity Producers		7,956		0.3	%
Industrial REITs		38,524		1.4	%
Insurance		190,932		6.9	%
Interactive Media & Services		14,375		0.5	%
IT Services		10,794		0.4	%
Leisure Products		27,113		1.0	%
Life Sciences Tools & Services		9,273		0.3	%
Machinery		79,971		2.9	%
Marine Transportation		6,136		0.2	%
Media		26,220		0.9	%
Metals & Mining		84,770		3.1	%
Mortgage REITs		35,857		1.3	%
Multi-Utilities		14,863		0.5	%
Office REITs		30,349		1.1	%
Oil, Gas & Consumable Fuels		88,848		3.2	%
Paper & Forest Products		3,394		0.1	%
Personal Care Products		7,848		0.3	%
Pharmaceuticals		20,253		0.7	%
Professional Services		89,177		3.2	%
Real Estate Management & Development		19,300		0.7	%
Residential REITs		29,006		1.0	%
Retail REITs		43,784		1.6	%
Semiconductors & Semiconductor Equipment		41,639		1.5	%
Software		17,713		0.6	%
Specialized REITs		55,137		2.0	%
Specialty Retail		77,924		2.8	%
Textiles, Apparel & Luxury Goods		39,649		1.4	%
Trading Companies & Distributors		35,432		1.3	%
Water Utilities		10,758		0.4	%
Other**		7,195		0.3	%
Total	$	2,774,604		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.
^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Nasdaq-100 ProFund :: 89

Common Stocks (50.4%)

	Shares		Value
Adobe, Inc.* (Software)		2,537	$	1,567,308
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		9,002		1,509,545
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,421		348,963
Alphabet, Inc.*—Class A (Interactive Media & Services)		12,767		1,788,657
Alphabet, Inc.*—Class C (Interactive Media & Services)		12,350		1,751,230
Amazon.com, Inc.* (Broadline Retail)		22,293		3,459,874
American Electric Power Co., Inc. (Electric Utilities)		2,932		229,107
Amgen, Inc. (Biotechnology)		2,982		937,124
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,764		531,683
ANSYS, Inc.* (Software)		484		158,670
Apple, Inc. (Technology Hardware, Storage & Peripherals)		33,552		6,186,989
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		4,661		765,802
ASML Holding N.V.^NYS (Semiconductors & Semiconductor Equipment)		489		425,342
AstraZeneca PLC^ADR (Pharmaceuticals)		3,245		216,247
Atlassian Corp.*—Class A (Software)		865		216,051
Autodesk, Inc.* (Software)		1,191		302,288
Automatic Data Processing, Inc. (Professional Services)		2,292		563,329
Baker Hughes Co. (Energy Equipment & Services)		5,608		159,828
Biogen, Inc.* (Biotechnology)		806		198,808
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		194		680,449
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,602		3,070,360
Cadence Design Systems, Inc.* (Software)		1,516		437,305
CDW Corp. (Electronic Equipment, Instruments & Components)		746		169,133
Charter Communications, Inc.*—Class A (Media)		825		305,836
Cintas Corp. (Commercial Services & Supplies)		567		342,791
Cisco Systems, Inc. (Communications Equipment)		22,640		1,136,075
Coca-Cola Europacific Partners PLC (Beverages)		2,546		175,419
Cognizant Technology Solutions Corp.— Class A (IT Services)		2,794		215,474
Comcast Corp.—Class A (Media)		22,374		1,041,286
Constellation Energy Corp. (Electric Utilities)		1,781		217,282
Copart, Inc.* (Commercial Services & Supplies)		5,350		257,014
CoStar Group, Inc.* (Real Estate Management & Development)		2,277		190,084
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		2,466		1,713,574
Crowdstrike Holdings, Inc.*—Class A (Software)		1,269		371,183
CSX Corp. (Ground Transportation)		11,011		393,093
Datadog, Inc.*—Class A (Software)		1,684		209,557
Dexcom, Inc.* (Health Care Equipment & Supplies)		2,153		261,267
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		997		153,279
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		1,215		158,703
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,065		215,173
Electronic Arts, Inc. (Entertainment)		1,498		206,095
Exelon Corp. (Electric Utilities)		5,546		193,056
Fastenal Co. (Trading Companies & Distributors)		3,184		217,244
Fortinet, Inc.* (Software)		4,280		276,017
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		2,537		186,114
Gilead Sciences, Inc. (Biotechnology)		6,944		543,437
GLOBALFOUNDRIES, Inc.*^(a) (Semiconductors & Semiconductor Equipment)		3,051		167,744
Honeywell International, Inc. (Industrial Conglomerates)		3,674		743,103
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		462		237,967
Illumina, Inc.* (Life Sciences Tools & Services)		885		126,564
Intel Corp. (Semiconductors & Semiconductor Equipment)		23,490		1,011,949
Intuit, Inc. (Software)		1,562		986,137
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		1,961		741,689
Keurig Dr Pepper, Inc. (Beverages)		7,794		245,043
KLA Corp. (Semiconductors & Semiconductor Equipment)		758		450,282
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		735		606,500
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		677		307,236
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1,636		392,198
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		4,807		325,434
MercadoLibre, Inc.* (Broadline Retail)		282		482,730
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		7,618		2,972,086
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		3,014		256,733
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		6,150		527,363
Microsoft Corp. (Software)		16,034		6,374,798
Moderna, Inc.* (Biotechnology)		2,125		214,731
Mondelez International, Inc.—Class A (Food Products)		7,582		570,697
MongoDB, Inc.* (IT Services)		397		159,006
Monster Beverage Corp.* (Beverages)		5,798		319,006
Netflix, Inc.* (Entertainment)		2,439		1,375,864
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		5,328		3,278,158
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,435		302,168

See accompanying notes to the financial statements.

90 :: Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Old Dominion Freight Line, Inc. (Ground Transportation)		608	$	237,740
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,401		170,783
O’Reilly Automotive, Inc.* (Specialty Retail)		329		336,584
PACCAR, Inc. (Machinery)		2,914		292,536
Palo Alto Networks, Inc.* (Software)		1,756		594,424
Paychex, Inc. (Professional Services)		2,014		245,164
PayPal Holdings, Inc.* (Financial Services)		6,008		368,591
PDD Holdings, Inc.*^ADR (Broadline Retail)		3,722		472,210
PepsiCo, Inc. (Beverages)		7,659		1,290,772
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		6,201		920,911
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		597		562,840
Roper Technologies, Inc. (Software)		595		319,515
Ross Stores, Inc. (Specialty Retail)		1,886		264,568
Sirius XM Holdings, Inc.^(a) (Media)		21,391		108,880
Splunk, Inc.* (Software)		938		143,861
Starbucks Corp. (Hotels, Restaurants & Leisure)		6,334		589,252
Synopsys, Inc.* (Software)		848		452,281
Take-Two Interactive Software, Inc.* (Entertainment)		948		156,354
Tesla, Inc.* (Automobiles)		10,380		1,944,070
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		5,061		810,367
The Kraft Heinz Co. (Food Products)		6,833		253,709
The Trade Desk, Inc.*—Class A (Media)		2,487		170,185
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		6,444		1,038,966
Verisk Analytics, Inc. (Professional Services)		806		194,673
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,435		621,900
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		4,815		108,675
Warner Bros. Discovery, Inc.* (Entertainment)		13,588		136,152
Workday, Inc.*—Class A (Software)		1,164		338,805
Xcel Energy, Inc. (Electric Utilities)		3,075		184,100
Zscaler, Inc.* (Software)		827		194,899
TOTAL COMMON STOCKS (Cost $35,953,042)				71,352,098

Repurchase Agreements^(b)(c) (51.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $72,952,469	$	72,942,000	$	72,942,000
TOTAL REPURCHASE AGREEMENTS (Cost $72,942,000)				72,942,000

Collateral for Securities Loaned^(d) (0.2%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		260,237	$	260,237
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $260,237)				260,237
TOTAL INVESTMENT SECURITIES (Cost $109,155,279)—102.0%				144,554,335
Net other assets (liabilities)—(2.0)%				(2,768,583	)
NET ASSETS—100.0%			$	141,785,752

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $249,621.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $7,556,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
^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		11			3/18/24		$	3,793,295			$	248,694

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Nasdaq-100 ProFund :: 91

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	2/27/24		5.93	%	$	64,116,414	$	(1,748,822	)
Nasdaq-100 Index	UBS AG	2/27/24		6.13	%		2,484,900		(67,156	)
						$	66,601,314	$	(1,815,978	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Nasdaq-100 ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Automobiles	$	1,944,070		1.4	%
Beverages		2,030,240		1.4	%
Biotechnology		3,078,840		2.2	%
Broadline Retail		4,414,814		3.1	%
Commercial Services & Supplies		599,805		0.4	%
Communications Equipment		1,136,075		0.8	%
Consumer Staples Distribution & Retail		1,980,952		1.4	%
Electric Utilities		823,545		0.6	%
Electronic Equipment, Instruments & Components		169,133		0.1	%
Energy Equipment & Services		159,828		0.1	%
Entertainment		1,874,465		1.3	%
Financial Services		368,591		0.3	%
Food Products		824,406		0.6	%
Ground Transportation		630,833		0.4	%
Health Care Equipment & Supplies		1,427,037		1.0	%
Hotels, Restaurants & Leisure		2,226,035		1.6	%
Industrial Conglomerates		743,103		0.5	%
Interactive Media & Services		6,511,973		4.6	%
IT Services		374,480		0.3	%
Life Sciences Tools & Services		126,564		0.1	%
Machinery		292,536		0.2	%
Media		1,626,187		1.2	%
Oil, Gas & Consumable Fuels		153,279		0.1	%
Pharmaceuticals		216,247		0.2	%
Professional Services		1,003,165		0.7	%
Real Estate Management & Development		190,084		0.1	%
Semiconductors & Semiconductor Equipment		15,131,125		10.7	%
Software		12,943,099		9.1	%
Specialty Retail		601,152		0.4	%
Technology Hardware, Storage & Peripherals		6,186,989		4.4	%
Textiles, Apparel & Luxury Goods		307,236		0.2	%
Trading Companies & Distributors		217,244		0.2	%
Wireless Telecommunication Services		1,038,966		0.7	%
Other**		70,433,654		49.6	%
Total	$	141,785,752		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 the financial statements.

92 :: Oil & Gas Equipment & Services UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (73.1%)

	Shares		Value
Archrock, Inc. (Energy Equipment & Services)		20,961	$	342,503
Atlas Energy Solutions, Inc. (Energy Equipment & Services)		15,794		274,342
Baker Hughes Co. (Energy Equipment & Services)		16,352		466,032
Bristow Group, Inc.* (Energy Equipment & Services)		2,558		67,480
Cactus, Inc.—Class A (Energy Equipment & Services)		12,707		539,285
ChampionX Corp. (Energy Equipment & Services)		18,079		495,545
Core Laboratories, Inc. (Energy Equipment & Services)		9,179		144,753
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services)		36,637		446,971
DMC Global, Inc.* (Energy Equipment & Services)		5,534		94,189
Dril-Quip, Inc.* (Energy Equipment & Services)		6,448		129,411
Expro Group Holdings N.V.* (Energy Equipment & Services)		28,213		496,549
Halliburton Co. (Energy Equipment & Services)		15,092		538,030
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		55,611		522,743
Helmerich & Payne, Inc. (Energy Equipment & Services)		14,669		590,574
Liberty Energy, Inc. (Energy Equipment & Services)		29,519		613,699
Nabors Industries, Ltd.* (Energy Equipment & Services)		6,628		560,596
Newpark Resources, Inc.* (Energy Equipment & Services)		18,286		118,676
Noble Corp. PLC (Energy Equipment & Services)		12,393		546,903
NOV, Inc. (Energy Equipment & Services)		27,864		543,627
Oceaneering International, Inc.* (Energy Equipment & Services)		27,217		565,569
Oil States International, Inc.* (Energy Equipment & Services)		14,216		87,713
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		48,611		539,096
ProPetro Holding Corp.* (Energy Equipment & Services)		39,231		331,894
RPC, Inc. (Energy Equipment & Services)		37,967		277,539
Schlumberger N.V. (Energy Equipment & Services)		10,798		525,863
Select Water Solutions, Inc. (Energy Equipment & Services)		18,301		142,199
TechnipFMC PLC (Energy Equipment &Services)		27,864		538,890
TETRA Technologies, Inc.* (Energy Equipment & Services)		54,127		226,792
Tidewater, Inc.* (Energy Equipment & Services)		8,967		602,493
Transocean, Ltd.* (Energy Equipment & Services)		90,120		492,055
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		19,023		203,927
Valaris, Ltd.* (Energy Equipment & Services)		8,093		500,714
Weatherford International PLC* (Energy Equipment & Services)		6,116		547,688
TOTAL COMMON STOCKS (Cost $8,786,947)				13,114,340

Repurchase Agreements^(a)(b) (30.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $5,494,789	$	5,494,000	$	5,494,000
TOTAL REPURCHASE AGREEMENTS (Cost $5,494,000)				5,494,000
TOTAL INVESTMENT SECURITIES (Cost $14,280,947)—103.8%				18,608,340
Net other assets (liabilities)—(3.8)%				(685,216	)
NET ASSETS—100.0%			$	17,923,124

*	Non-income producing security.

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $2,726,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Oil & Gas Equipment & Services Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	5,760,668	$	(20,923	)
S&P Oil & Gas Equipment & Services Select Sector Index	UBS AG	2/23/24		5.73	%		8,030,844		3,306
						$	13,791,512	$	(17,617	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Oil & Gas Equipment & Services UltraSector ProFund :: 93

Oil & Gas Equipment & Services UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Energy Equipment & Services	$	13,114,340		73.1	%
Other**		4,808,784		26.9	%
Total	$	17,923,124		100.0	%

**	Includes any non-equity securities and net other assets (liabilities), which includes any receivable for capital shares issued and payable for capital shares redeemed.

See accompanying notes to the financial statements.

94 :: Pharmaceuticals UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (76.9%)

	Shares		Value
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		2,919	$	15,617
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		897		47,864
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		4,526		72,416
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		523		29,194
Arvinas, Inc.* (Pharmaceuticals)		749		31,084
Axsome Therapeutics, Inc.* (Pharmaceuticals)		1,441		129,733
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,010		98,229
Cassava Sciences, Inc.* (Pharmaceuticals)		2,196		52,594
Catalent, Inc.* (Pharmaceuticals)		2,721		140,512
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		696		22,940
Corcept Therapeutics, Inc.* (Pharmaceuticals)		2,077		43,825
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		4,552		107,018
Elanco Animal Health, Inc.* (Pharmaceuticals)		7,906		116,534
Eli Lilly & Co. (Pharmaceuticals)		168		108,462
Evolus, Inc.* (Pharmaceuticals)		1,212		15,380
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		1,821		57,434
Innoviva, Inc.* (Pharmaceuticals)		1,676		27,151
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		1,678		112,997
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		840		103,085
Johnson & Johnson (Pharmaceuticals)		655		104,080
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		277		20,249
Merck & Co., Inc. (Pharmaceuticals)		975		117,761
Organon & Co. (Pharmaceuticals)		9,184		152,914
Pacira BioSciences, Inc.* (Pharmaceuticals)		1,519		49,504
Perrigo Co. PLC (Pharmaceuticals)		3,412		109,457
Pfizer, Inc. (Pharmaceuticals)		3,516		95,213
Pliant Therapeutics, Inc.* (Pharmaceuticals)		1,644		29,460
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		678		41,724
Revance Therapeutics, Inc.* (Pharmaceuticals)		7,063		35,527
Royalty Pharma PLC—Class A (Pharmaceuticals)		3,542		100,557
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		1,231		34,074
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		1,251		34,077
Theravance Biopharma, Inc.* (Pharmaceuticals)		1,100		10,428
Viatris, Inc. (Pharmaceuticals)		10,294		121,160
Zoetis, Inc. (Pharmaceuticals)		548		102,920
TOTAL COMMON STOCKS (Cost $1,758,755)				2,491,174

Repurchase Agreements^(a)(b) (27.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $873,125	$	873,000	$	873,000
TOTAL REPURCHASE AGREEMENTS (Cost $873,000)				873,000
TOTAL INVESTMENT SECURITIES (Cost $2,631,755)—103.9%				3,364,174
Net other assets (liabilities)—(3.9)%				(125,096	)
NET ASSETS—100.0%			$	3,239,078

*	Non-income producing security.

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $362,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Pharmaceuticals Select Industry Index	Goldman Sachs International	2/23/24		5.93	%	$	1,104,898	$	(10,805	)
S&P Pharmaceuticals Select Industry Index	UBS AG	2/23/24		5.68	%		1,278,593		(1,838	)
						$	2,383,491	$	(12,643	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Pharmaceuticals UltraSector ProFund :: 95

Pharmaceuticals UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Pharmaceuticals	$	2,491,174		76.9	%
Other**		747,904		23.1	%
Total	$	3,239,078		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 the financial statements.

96 :: Precious Metals UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (74.3%)

	Shares		Value
Agnico Eagle Mines, Ltd. (Metals & Mining)		39,433	$	1,938,526
Alamos Gold, Inc. (Metals & Mining)		31,491		381,356
Anglogold Ashanti PLC* (Metals & Mining)		33,343		587,504
B2Gold Corp. (Metals & Mining)		103,326		289,313
Barrick Gold Corp. (Metals & Mining)		139,491		2,176,060
Cia de Minas Buenaventura S.A.A^ADR (Metals & Mining)		19,003		288,276
Coeur Mining, Inc.* (Metals & Mining)		30,402		81,781
Eldorado Gold Corp.* (Metals & Mining)		16,243		198,327
Endeavour Silver Corp.* (Metals & Mining)		16,411		24,781
Equinox Gold Corp.* (Metals & Mining)		22,631		99,576
First Majestic Silver Corp. (Metals & Mining)		22,799		105,331
Fortuna Silver Mines, Inc.* (Metals & Mining)		24,351		73,784
Franco-Nevada Corp. (Metals & Mining)		15,265		1,652,436
Gold Fields, Ltd.^ADR (Metals & Mining)		70,999		1,050,785
Harmony Gold Mining Co., Ltd.^ADR (Metals & Mining)		43,218		267,519
Hecla Mining Co. (Metals & Mining)		45,055		171,660
IAMGOLD Corp.* (Metals & Mining)		36,320		86,442
Kinross Gold Corp. (Metals & Mining)		97,551		537,506
MAG Silver Corp.* (Metals & Mining)		7,362		66,405
New Gold, Inc.* (Metals & Mining)		54,390		66,356
Newmont Corp. (Metals & Mining)		91,575		3,160,253
Osisko Gold Royalties, Ltd. (Metals & Mining)		14,713		214,221
Pan American Silver Corp. (Metals & Mining)		28,939		391,255
Royal Gold, Inc. (Metals & Mining)		5,220		597,116
Sandstorm Gold, Ltd. (Metals & Mining)		19,533		89,070
Seabridge Gold, Inc.* (Metals & Mining)		5,601		58,867
Sibanye Stillwater, Ltd.^ADR (Metals & Mining)		56,213		272,071
SilverCrest Metals, Inc.* (Metals & Mining)		11,586		63,955
SSR Mining, Inc. (Metals & Mining)		16,201		152,775
Wheaton Precious Metals Corp. (Metals & Mining)		35,994		1,687,039
TOTAL COMMON STOCKS (Cost $9,610,356)				16,830,346

Repurchase Agreements^(a)(b) (28.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $6,450,926	$	6,450,000	$	6,450,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,450,000)				6,450,000
TOTAL INVESTMENT SECURITIES (Cost $16,060,356)—102.7%				23,280,346
Net other assets (liabilities)—(2.7)%				(606,651	)
NET ASSETS—100.0%			$	22,673,695

*	Non-income producing security.

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $2,850,000.

^ADR	American Depositary Receipt

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	2/23/24		5.93	%	$	8,367,608	$	(117,292	)
Dow Jones Precious Metals Index	UBS AG	2/23/24		6.08	%		8,827,213		(124,400	)
						$	17,194,821	$	(241,692	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Precious Metals UltraSector ProFund :: 97

Precious Metals UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Metals & Mining	$	16,830,346		74.3	%
Other**		5,843,349		25.7	%
Total	$	22,673,695		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 the financial statements.

98 :: Real Estate UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (74.6%)

	Shares		Value
Alexandria Real Estate Equities, Inc. (Office REITs)		571	$	69,033
American Tower Corp. (Specialized REITs)		1,700		332,604
AvalonBay Communities, Inc. (Residential REITs)		518		92,727
Boston Properties, Inc. (Office REITs)		527		35,046
Camden Property Trust (Residential REITs)		390		36,598
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		1,111		95,890
CoStar Group, Inc.* (Real Estate Management & Development)		1,489		124,302
Crown Castle, Inc. (Specialized REITs)		1,583		171,360
Digital Realty Trust, Inc. (Specialized REITs)		1,104		155,068
Equinix, Inc. (Specialized REITs)		342		283,780
Equity Commonwealth (Office REITs)		1		10
Equity Residential (Residential REITs)		1,260		75,839
Essex Property Trust, Inc. (Residential REITs)		234		54,585
Extra Space Storage, Inc. (Specialized REITs)		770		111,219
Federal Realty Investment Trust (Retail REITs)		268		27,264
Healthpeak Properties, Inc. (Health Care REITs)		1,996		36,926
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		2,573		49,453
Invitation Homes, Inc. (Residential REITs)		2,099		69,120
Iron Mountain, Inc. (Specialized REITs)		1,065		71,909
Kimco Realty Corp. (Retail REITs)		2,423		48,945
Mid-America Apartment Communities, Inc. (Residential REITs)		425		53,712
Prologis, Inc. (Industrial REITs)		3,369		426,819
Public Storage (Specialized REITs)		577		163,401
Realty Income Corp. (Retail REITs)		3,014		163,931
Regency Centers Corp. (Retail REITs)		599		37,539
SBA Communications Corp. (Specialized REITs)		393		87,977
Simon Property Group, Inc. (Retail REITs)		1,190		164,946
UDR, Inc. (Residential REITs)		1,104		39,766
Ventas, Inc. (Health Care REITs)		1,467		68,054
VICI Properties, Inc. (Specialized REITs)		3,773		113,643
Welltower, Inc. (Health Care REITs)		2,018		174,577
Weyerhaeuser Co. (Specialized REITs)		2,663		87,267
TOTAL COMMON STOCKS (Cost $1,722,230)				3,523,310

Repurchase Agreements^(a)(b) (23.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,090,156	$	1,090,000	$	1,090,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,090,000)				1,090,000
TOTAL INVESTMENT SECURITIES (Cost $2,812,230)—97.7%				4,613,310
Net other assets (liabilities)—2.3%				107,649
NET ASSETS—100.0%			$	4,720,959

*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $656,000.
^REIT	Real Estate Investment Trust

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Real Estate Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	2,123,020	$	(30,679	)
S&P Real Estate Select Sector Index	UBS AG	2/23/24		5.58	%		1,468,889		(19,912	)
						$	3,591,909	$	(50,591	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Real Estate UltraSector ProFund :: 99

Real Estate UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Health Care REITs	$	279,557		5.9	%
Hotel & Resort REITs		49,453		1.1	%
Industrial REITs		426,819		9.0	%
Office REITs		104,089		2.2	%
Real Estate Management & Development		220,192		4.7	%
Residential REITs		422,347		9.0	%
Retail REITs		442,625		9.4	%
Specialized REITs		1,578,228		33.3	%
Other**		1,197,649		25.4	%
Total	$	4,720,959		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.
^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

100 :: Rising Rates Opportunity ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (55.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $13,247,901	$	13,246,000	$	13,246,000
TOTAL REPURCHASE AGREEMENTS (Cost $13,246,000)				13,246,000
TOTAL INVESTMENT SECURITIES (Cost $13,246,000)—55.4%				13,246,000
Net other assets (liabilities)—44.6%				10,661,604
NET ASSETS—100.0%			$	23,907,604

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $60,000.

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, 4.75%, due 11/15/53	Citibank North America	2/15/24		(5.25	)%	$	(23,035,266	)	$	(214,930	)
30-Year U.S. Treasury Bond, 4.75%, due 11/15/53	Societe’ Generale	2/15/24		(5.13	)%		(6,593,981	)		(96,919	)
						$	(29,629,247	)	$	(311,849	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Rising Rates Opportunity 10 ProFund :: 101

Repurchase Agreements^(a)(b) (99.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,171,168	$	1,171,000	$	1,171,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,171,000)				1,171,000
TOTAL INVESTMENT SECURITIES (Cost $1,171,000)—99.3%				1,171,000
Net other assets (liabilities)—0.7%				8,288
NET ASSETS—100.0%			$	1,179,288

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $64,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
10-Year U.S. Treasury Note, 4.50%, due 11/15/33	Citibank North America	2/15/24		(5.20	)%	$	(396,952	)	$	(3,766	)
10-Year U.S. Treasury Note, 4.50%, due 11/15/33	Societe’ Generale	2/15/24		(5.11	)%		(773,011	)		(6,778	)
						$	(1,169,963	)	$	(10,544	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

102 :: Rising U.S. Dollar ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (91.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $9,642,384	$	9,641,000	$	9,641,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,641,000)				9,641,000
TOTAL INVESTMENT SECURITIES (Cost $9,641,000)—91.9%				9,641,000
Net other assets (liabilities)—8.1%				849,235
NET ASSETS—100.0%			$	10,490,235

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $126,000.

As of January 31, 2024, the Rising U.S. Dollar ProFund’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	$	178,685	British pound		141,063	2/16/24	$	178,764	$	(79	)
U.S. dollar		499,005	Canadian dollar		674,017	2/16/24		501,497		(2,492	)
U.S. dollar		3,644,697	Euro		3,353,782	2/16/24		3,626,509		18,188
U.S. dollar		562,559	Japanese yen		83,104,757	2/16/24		566,194		(3,635	)
U.S. dollar		279,396	Swedish krona		2,926,897	2/16/24		281,541		(2,145	)
U.S. dollar		311,661	Swiss franc		269,433	2/16/24		312,874		(1,213	)
Total Short Contracts	$	5,476,003					$	5,467,379	$	8,624
Long:
British pound		28,654		$	36,423	2/16/24	$	36,312	$	(111	)
Canadian dollar		39,077			28,996	2/16/24		29,075		79
Euro		156,040			170,007	2/16/24		168,729		(1,278	)
Japanese yen		6,152,785			41,711	2/16/24		41,919		208
Swedish krona		121,313			11,605	2/16/24		11,669		64
Swiss franc		7,774			8,970	2/16/24		9,027		57
Total Long Contracts				$	297,712		$	296,731	$	(981	)

As of January 31, 2024, the Rising U.S. Dollar ProFund’s forward currency contracts with UBS AG, were as follows:

Description and amount of currency purchased			Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)

Short:
U.S. dollar	$	1,287,025	British pound		1,016,546	2/16/24	$	1,288,228	$	(1,203	)
U.S. dollar		612,013	Canadian dollar		826,620	2/16/24		615,040		(3,027	)
U.S. dollar		3,460,117	Euro		3,183,008	2/16/24		3,441,848		18,269
U.S. dollar		1,093,517	Japanese yen		161,644,053	2/16/24		1,101,284		(7,767	)
U.S. dollar		230,912	Swedish krona		2,419,482	2/16/24		232,732		(1,820	)
U.S. dollar		126,003	Swiss franc		108,967	2/16/24		126,536		(533	)
Total Short Contracts	$	6,809,587					$	6,805,668	$	3,919
Long:
British pound		141,874		$	180,018	2/16/24	$	179,791	$	(227	)
Canadian dollar		177,911			131,732	2/16/24		132,373		641
Euro		781,813			851,967	2/16/24		845,389		(6,578	)
Japanese yen		28,645,528			194,196	2/16/24		195,162		966
Swedish krona		640,837			61,439	2/16/24		61,643		204
Swiss franc		44,654			51,811	2/16/24		51,854		43
Total Long Contracts				$	1,471,163		$	1,466,212	$	(4,951	)
Total unrealized appreciation									$	38,719
Total unrealized (depreciation)										(32,108	)
Total net unrealized appreciation/(depreciation)									$	6,611

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Semiconductor UltraSector ProFund :: 103

Common Stocks (58.2%)

	Shares		Value
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		50,165	$	8,412,169
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		2,211		57,353
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		3,204		101,439
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		15,469		2,975,617
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		25,967		4,266,378
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		1,017		132,261
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		13,626		16,078,680
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		1,673		129,156
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		4,239		441,407
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		4,661		548,600
GLOBALFOUNDRIES, Inc.*^(a) (Semiconductors & Semiconductor Equipment)		2,577		141,683
Intel Corp. (Semiconductors & Semiconductor Equipment)		130,878		5,638,224
KLA Corp. (Semiconductors & Semiconductor Equipment)		4,220		2,506,849
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		4,091		3,375,770
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		4,285		260,785
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		26,784		1,813,277
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		16,800		1,431,024
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		34,090		2,923,218
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,952		207,790
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		1,487		896,245
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		76,677		47,177,058
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		8,002		1,684,981
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		13,370		951,008
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		1,765		132,304
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		3,022		301,414
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		34,551		5,131,169
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		3,338		228,753
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		987		121,756
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		4,947		516,764
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		1,764		117,306
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		4,746		458,416
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		28,194		4,514,423
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		1,353		229,699
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		3,889		126,587
TOTAL COMMON STOCKS (Cost $35,497,487)				114,029,563

Repurchase Agreements^(b)(c) (32.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $64,074,195	$	64,065,000	$	64,065,000
TOTAL REPURCHASE AGREEMENTS (Cost $64,065,000)				64,065,000

Collateral for Securities Loaned^(d) (0.1%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		163,664	$	163,664
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $163,664)				163,664
TOTAL INVESTMENT SECURITIES (Cost $99,726,151)—91.0%				178,258,227
Net other assets (liabilities)—9.0%				17,652,747
NET ASSETS—100.0%			$	195,910,974

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $141,683.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $30,181,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

See accompanying notes to the financial statements.

104 :: Semiconductor UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

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	2/23/24		5.93	%	$	78,908,786	$	(1,483,073	)
Dow Jones U.S. Semiconductors Index	UBS AG	2/23/24		5.68	%		100,932,731		(1,600,759	)
						$	179,841,517	$	(3,083,832	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Semiconductor UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Semiconductors & Semiconductor Equipment	$	114,029,563		58.2	%
Other**		81,881,411		41.8	%
Total	$	195,910,974		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Short Energy ProFund :: 105

Repurchase Agreements^(a)(b) (114.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $721,103	$	721,000	$	721,000
TOTAL REPURCHASE AGREEMENTS (Cost $721,000)				721,000
TOTAL INVESTMENT SECURITIES (Cost $721,000)—114.9%				721,000
Net other assets (liabilities)—(14.9)%				(93,556	)
NET ASSETS—100.0%			$	627,444

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $147,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P Energy Select Sector Index	Goldman Sachs International	2/23/24		(5.43	)%	$	(266,614	)	$	(8,205	)
S&P Energy Select Sector Index	UBS AG	2/23/24		(5.13	)%		(364,840	)		(14,738	)
						$	(631,454	)	$	(22,943	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

106 :: Short Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (91.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $2,617,376	$	2,617,000	$	2,617,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,617,000)				2,617,000
TOTAL INVESTMENT SECURITIES (Cost $2,617,000)—91.5%				2,617,000
Net other assets (liabilities)—8.5%				243,556
NET ASSETS—100.0%			$	2,860,556

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $440,000.

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts	1	3/18/24	$	(344,845	)	$	(22,610	)

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	2/27/24		(5.68	)%	$	(494,411	)	$	3,599
Nasdaq-100 Index	UBS AG	2/27/24		(5.48	)%		(2,022,194	)		54,576
						$	(2,516,605	)	$	58,175

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Short Precious Metals ProFund :: 107

Repurchase Agreements^(a)(b) (99.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $4,852,696	$	4,852,000	$	4,852,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,852,000)				4,852,000
TOTAL INVESTMENT SECURITIES (Cost $4,852,000)—99.1%				4,852,000
Net other assets (liabilities)—0.9%				43,453
NET ASSETS—100.0%			$	4,895,453

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $974,000.

Total Return Swap Agreements—Short

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	2/23/24		(5.43	)%	$	(2,237,352	)	$	9,969
Dow Jones Precious Metals Index	UBS AG	2/23/24		(5.08	)%		(2,635,648	)		33,201
						$	(4,873,000	)	$	43,170

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

108 :: Short Real Estate ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (91.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,916,275	$	1,916,000	$	1,916,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,916,000)				1,916,000
TOTAL INVESTMENT SECURITIES (Cost $1,916,000)—91.3%				1,916,000
Net other assets (liabilities)—8.7%				182,127
NET ASSETS—100.0%			$	2,098,127

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $320,000.

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P Real Estate Select Sector Index	Goldman Sachs International	2/23/24		(5.43	)%	$	(1,302,826	)	$	17,617
S&P Real Estate Select Sector Index	UBS AG	2/23/24		(4.98	)%		(798,639	)		9,652
						$	(2,101,465	)	$	27,269

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Short Small-Cap ProFund :: 109

Repurchase Agreements^(a)(b) (86.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,098,158	$	1,098,000	$	1,098,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,098,000)				1,098,000
TOTAL INVESTMENT SECURITIES (Cost $1,098,000)—86.0%				1,098,000
Net other assets (liabilities)—14.0%				179,360
NET ASSETS—100.0%			$	1,277,360

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $233,000.

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	2/27/24		(5.33	)%	$	(329,100	)	$	7,455
Russell 2000 Index	UBS AG	2/27/24		(4.83	)%		(946,407	)		31,341
						$	(1,275,507	)	$	38,796

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

110 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (100.8%)

	Shares		Value
A10 Networks, Inc. (Software)		257	$	3,436
AAON, Inc. (Building Products)		537		37,675
AAR Corp.* (Aerospace & Defense)		192		11,677
Abercrombie & Fitch Co.* (Specialty Retail)		400		40,759
ACI Worldwide, Inc.* (Software)		543		16,328
Addus HomeCare Corp.* (Health Care Providers & Services)		53		4,590
Adeia, Inc. (Software)		335		4,067
Adtalem Global Education, Inc.* (Diversified Consumer Services)		316		15,952
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		184		19,169
AeroVironment, Inc.* (Aerospace & Defense)		210		25,334
Agilysys, Inc.* (Software)		161		13,477
Alamo Group, Inc. (Machinery)		83		17,619
Alarm.com Holdings, Inc.* (Software)		398		24,206
Albany International Corp. (Machinery)		119		10,580
Alkermes PLC* (Biotechnology)		848		22,938
Alpha Metallurgical Resources, Inc. (Metals & Mining)		96		38,327
Ambac Financial Group, Inc.* (Insurance)		356		5,785
American Eagle Outfitters, Inc. (Specialty Retail)		1,473		29,195
American Equity Investment Life Holding Co. (Insurance)		327		18,054
American States Water Co. (Water Utilities)		156		11,637
American Woodmark Corp.* (Building Products)		74		6,755
AMERISAFE, Inc. (Insurance)		67		3,339
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		162		11,990
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		297		15,848
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		120		6,698
Apogee Enterprises, Inc. (Building Products)		81		4,278
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		638		7,120
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		331		11,502
Apple Hospitality REIT, Inc. (Hotel & Resort REITs)		1,688		27,110
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		308		54,349
ArcBest Corp. (Ground Transportation)		190		22,634
Archrock, Inc. (Energy Equipment & Services)		1,088		17,779
Arcosa, Inc. (Construction & Engineering)		228		17,848
Arcus Biosciences, Inc.* (Biotechnology)		173		2,619
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		747		6,633
Armada Hoffler Properties, Inc. (Diversified REITs)		224		2,679
ARMOUR Residential REIT, Inc. (Mortgage REITs)		266		5,067
Armstrong World Industries, Inc. (Building Products)		350		34,724
Artisan Partners Asset Management, Inc. — Class A (Capital Markets)		305		12,780
Artivion, Inc.* (Health Care Equipment & Supplies)		165		2,759
Asbury Automotive Group, Inc.* (Specialty Retail)		81		16,934
Assured Guaranty, Ltd. (Insurance)		258		20,933
ATI, Inc.* (Metals & Mining)		1,014		41,442
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		259		33,683
Axos Financial, Inc.* (Banks)		256		14,190
AZZ, Inc. (Building Products)		201		12,552
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		232		33,406
Balchem Corp. (Chemicals)		144		20,182
BancFirst Corp. (Banks)		72		6,373
Bank of Hawaii Corp. (Banks)		127		8,030
Berkshire Hills Bancorp, Inc. (Banks)		165		3,960
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		164		2,788
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure)		338		8,998
Boise Cascade Co. (Trading Companies & Distributors)		315		42,670
Boot Barn Holdings, Inc.* (Specialty Retail)		240		17,218
Brady Corp. — Class A (Commercial Services & Supplies)		231		13,913
Brightsphere Investment Group, Inc. (Capital Markets)		152		3,362
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		148		6,333
California Resources Corp. (Oil, Gas & Consumable Fuels)		514		24,508
California Water Service Group (Water Utilities)		184		8,330
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		442		14,197
Cal-Maine Foods, Inc. (Food Products)		324		17,956
CareTrust REIT, Inc. (Health Care REITs)		595		12,447
Cargurus, Inc.* (Interactive Media & Services)		680		15,803
Carpenter Technology Corp. (Metals & Mining)		391		24,082
Cars.com, Inc.* (Interactive Media & Services)		486		8,471
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		877		12,629
Cathay General Bancorp (Banks)		271		11,157
Cavco Industries, Inc.* (Household Durables)		63		20,911
Century Communities, Inc. (Household Durables)		114		9,884
Certara, Inc.* (Health Care Technology)		490		7,918
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		77		1,478
Chesapeake Utilities Corp. (Gas Utilities)		78		7,900
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure)		81		2,739
Cinemark Holdings, Inc.* (Entertainment)		839		11,603
City Holding Co. (Banks)		72		7,359
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		342		26,402
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		153		4,875
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		258		8,504
Community Healthcare Trust, Inc. (Health Care REITs)		78		1,996
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		367		2,866
CONMED Corp. (Health Care Equipment & Supplies)		243		23,231

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Small-Cap Growth ProFund :: 111

Common Stocks, continued

	Shares		Value
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		221	$	20,907
Corcept Therapeutics, Inc.* (Pharmaceuticals)		465		9,812
Core Laboratories, Inc. (Energy Equipment & Services)		161		2,539
CorVel Corp.* (Health Care Providers & Services)		73		17,180
CSG Systems International, Inc. (Professional Services)		112		5,635
CTS Corp. (Electronic Equipment, Instruments & Components)		138		5,666
Customers Bancorp, Inc.* (Banks)		224		11,971
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		126		4,250
Cytokinetics, Inc.* (Biotechnology)		349		27,268
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure)		272		14,560
DiamondRock Hospitality Co. (Hotel & Resort REITs)		1,660		15,172
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		53		2,472
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		221		14,878
Donnelley Financial Solutions, Inc.* (Capital Markets)		197		12,238
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)		271		10,146
Dorman Products, Inc.* (Automobile Components)		156		12,700
DoubleVerify Holdings, Inc.* (Software)		1,107		44,291
Dynavax Technologies Corp.* (Biotechnology)		1,025		13,243
Ellington Financial, Inc. (Mortgage REITs)		621		7,582
Encore Wire Corp. (Electrical Equipment)		126		28,413
Energizer Holdings, Inc. (Household Products)		242		7,652
Enerpac Tool Group Corp. (Machinery)		289		9,025
Enpro, Inc. (Machinery)		76		11,353
Envestnet, Inc.* (Software)		166		8,483
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		131		9,896
ESCO Technologies, Inc. (Machinery)		206		20,985
Essential Properties Realty Trust, Inc. (Diversified REITs)		643		16,017
Ethan Allen Interiors, Inc. (Household Durables)		76		2,214
EVERTEC, Inc. (Financial Services)		524		21,043
eXp World Holdings, Inc.^(a) (Real Estate Management & Development)		608		7,527
Extreme Networks, Inc.* (Communications Equipment)		615		8,308
Fabrinet* (Electronic Equipment, Instruments & Components)		289		61,704
Federal Signal Corp. (Machinery)		484		37,258
First Bancorp (Banks)		1,369		22,834
First Commonwealth Financial Corp. (Banks)		370		5,184
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		618		23,960
Four Corners Property Trust, Inc. (Specialized REITs)		316		7,397
Franklin Electric Co., Inc. (Machinery)		315		29,692
Frontdoor, Inc.* (Diversified Consumer Services)		633		20,737
Gentherm, Inc.* (Automobile Components)		120		5,778
Getty Realty Corp. (Retail REITs)		162		4,481
Gibraltar Industries, Inc.* (Building Products)		241		19,502
Glaukos Corp.* (Health Care Equipment & Supplies)		386		34,366
GMS, Inc.* (Trading Companies & Distributors)		322		27,100
Gogo, Inc.* (Wireless Telecommunication Services)		225		1,991
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure)		106		4,068
Goosehead Insurance, Inc.* — Class A (Insurance)		196		15,131
Granite Construction, Inc. (Construction & Engineering)		180		8,120
Green Brick Partners, Inc.* (Household Durables)		203		10,591
Griffon Corp. (Building Products)		220		12,817
Group 1 Automotive, Inc. (Specialty Retail)		111		28,867
Guess?, Inc. (Specialty Retail)		216		4,825
H.B. Fuller Co. (Chemicals)		212		16,063
Harmonic, Inc.* (Communications Equipment)		478		5,593
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		112		3,532
Hawkins, Inc. (Chemicals)		150		9,986
Haynes International, Inc. (Metals & Mining)		58		3,229
HCI Group, Inc. (Insurance)		47		4,214
HealthStream, Inc. (Health Care Technology)		98		2,609
Heartland Express, Inc. (Ground Transportation)		197		2,551
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		1,121		10,537
Helmerich & Payne, Inc. (Energy Equipment & Services)		426		17,151
HNI Corp. (Commercial Services & Supplies)		221		8,999
Innospec, Inc. (Chemicals)		125		14,514
Innovative Industrial Properties, Inc. (Industrial REITs)		122		11,374
Innoviva, Inc.* (Pharmaceuticals)		222		3,596
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		143		26,418
Installed Building Products, Inc. (Household Durables)		188		36,632
Insteel Industries, Inc. (Building Products)		98		3,394
Integer Holdings Corp.* (Health Care Equipment & Supplies)		264		26,748
Inter Parfums, Inc. (Personal Care Products)		143		19,898
InterDigital, Inc. (Software)		206		21,640
iRobot Corp.*^(a) (Household Durables)		72		979
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		617		8,755
Itron, Inc.* (Electronic Equipment, Instruments & Components)		179		12,913
J & J Snack Foods Corp. (Food Products)		122		19,427
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		160		12,475
John B Sanfilippo & Son, Inc. (Food Products)		37		3,964
John Bean Technologies Corp. (Machinery)		152		15,012
Knowles Corp.* (Electronic Equipment, Instruments & Components)		290		4,730
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		398		23,331
Koppers Holdings, Inc. (Chemicals)		89		4,551

See accompanying notes to the financial statements.

112 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Korn Ferry (Professional Services)		242	$	14,198
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		281		14,140
Lakeland Financial Corp. (Banks)		97		6,495
La-Z-Boy, Inc. (Household Durables)		183		6,370
LCI Industries (Automobile Components)		127		14,133
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)		157		9,112
LGI Homes, Inc.* (Household Durables)		98		11,565
Liberty Energy, Inc. (Energy Equipment & Services)		1,217		25,302
Lindsay Corp. (Machinery)		43		5,595
Liquidity Services, Inc.* (Commercial Services & Supplies)		176		3,071
LiveRamp Holdings, Inc.* (Software)		522		20,609
LTC Properties, Inc. (Health Care REITs)		140		4,364
M/I Homes, Inc.* (Household Durables)		220		28,032
Madison Square Garden Sports Corp.* (Entertainment)		133		24,619
Marcus & Millichap, Inc. (Real Estate Management & Development)		78		2,971
Marten Transport, Ltd. (Ground Transportation)		215		3,978
Materion Corp. (Metals & Mining)		165		19,300
Matson, Inc. (Marine Transportation)		277		31,032
Matthews International Corp. — Class A (Commercial Services & Supplies)		153		5,034
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		365		7,599
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		270		21,141
Meritage Homes Corp. (Household Durables)		292		48,358
MGP Ingredients, Inc. (Beverages)		73		6,201
Middlesex Water Co. (Water Utilities)		66		3,694
Minerals Technologies, Inc. (Chemicals)		130		8,496
Mister Car Wash, Inc.* (Diversified Consumer Services)		329		2,731
Moelis & Co. — Class A (Capital Markets)		286		15,720
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)		107		7,376
Moog, Inc. — Class A (Aerospace & Defense)		228		31,875
Mueller Industries, Inc. (Machinery)		903		43,345
Myers Industries, Inc. (Containers & Packaging)		140		2,625
MYR Group, Inc.* (Construction & Engineering)		133		19,132
Myriad Genetics, Inc.* (Biotechnology)		345		7,380
N-able, Inc.* (Software)		351		4,556
National Beverage Corp.* (Beverages)		104		4,809
National HealthCare Corp. (Health Care Providers & Services)		51		4,745
National Presto Industries, Inc. (Aerospace & Defense)		18		1,425
NeoGenomics, Inc.* (Health Care Providers & Services)		1,011		15,013
New York Mortgage Trust, Inc. (Mortgage REITs)		715		5,606
NMI Holdings, Inc.* — Class A (Financial Services)		418		13,343
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)		726		24,321
Oceaneering International, Inc.* (Energy Equipment & Services)		798		16,582
OFG Bancorp (Banks)		373		13,715
Oil States International, Inc.* (Energy Equipment & Services)		244		1,505
Olympic Steel, Inc. (Metals & Mining)		38		2,568
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		579		4,267
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		125		16,004
Otter Tail Corp. (Electric Utilities)		331		29,929
Outfront Media, Inc. (Specialized REITs)		481		6,263
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		116		11,012
Palomar Holdings, Inc.* (Insurance)		197		11,794
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)		122		8,965
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		443		16,209
Park National Corp. (Banks)		46		6,011
Pathward Financial, Inc. (Banks)		209		10,822
Patrick Industries, Inc. (Automobile Components)		165		16,564
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		1,401		15,537
Payoneer Global, Inc.* (Financial Services)		823		3,852
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		242		7,550
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		394		10,520
Perdoceo Education Corp. (Diversified Consumer Services)		290		5,249
Perficient, Inc.* (IT Services)		168		11,446
PGT Innovations, Inc.* (Building Products)		454		18,714
Phillips Edison & Co., Inc. (Retail REITs)		485		16,834
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		346		10,110
Piper Sandler Cos. (Capital Markets)		60		10,409
PJT Partners, Inc. — Class A (Capital Markets)		103		9,906
Plexus Corp.* (Electronic Equipment, Instruments & Components)		97		9,188
Powell Industries, Inc. (Electrical Equipment)		74		8,771
Preferred Bank (Banks)		100		7,184
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		191		11,754
Privia Health Group, Inc.* (Health Care Providers & Services)		816		16,451
PROG Holdings, Inc.* (Consumer Finance)		355		10,877
Progress Software Corp. (Software)		346		19,656
Proto Labs, Inc.* (Machinery)		133		4,800
Quaker Chemical Corp. (Chemicals)		58		11,017
Quanex Building Products Corp. (Building Products)		181		5,651
Radian Group, Inc. (Financial Services)		669		19,388
RadNet, Inc.* (Health Care Providers & Services)		480		17,746
Redwood Trust, Inc. (Mortgage REITs)		939		6,301
REGENXBIO, Inc.* (Biotechnology)		136		1,676
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		121		5,008
Rogers Corp.* (Electronic Equipment, Instruments & Components)		90		10,374
RPC, Inc. (Energy Equipment & Services)		671		4,905

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Small-Cap Growth ProFund :: 113

Common Stocks, continued

	Shares		Value
Rush Enterprises, Inc. — Class A (Trading Companies & Distributors)		219	$	9,835
RXO, Inc.* (Ground Transportation)		425		8,840
S&T Bancorp, Inc. (Banks)		159		5,301
Sabre Corp.* (Hotels, Restaurants & Leisure)		1,593		6,531
Saul Centers, Inc. (Retail REITs)		51		1,951
Schrodinger, Inc.* (Health Care Technology)		242		6,401
Sealed Air Corp. (Containers & Packaging)		459		15,858
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		229		4,543
Sensient Technologies Corp. (Chemicals)		145		8,994
ServisFirst Bancshares, Inc. (Banks)		181		12,152
Shake Shack, Inc.* — Class A (Hotels, Restaurants & Leisure)		297		22,441
Shenandoah Telecommunications Co. (Diversified Telecommunication Services)		396		8,114
Shutterstock, Inc. (Interactive Media & Services)		98		4,603
Signet Jewelers, Ltd. (Specialty Retail)		356		35,415
Simulations Plus, Inc. (Health Care Technology)		76		2,880
SiriusPoint, Ltd.* (Insurance)		715		8,437
SITE Centers Corp. (Retail REITs)		668		8,898
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		81		8,632
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		569		14,344
SJW Group (Water Utilities)		100		5,954
SkyWest, Inc.* (Passenger Airlines)		176		9,374
SM Energy Co. (Oil, Gas & Consumable Fuels)		924		34,261
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		167		3,282
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		177		11,771
Southside Bancshares, Inc. (Banks)		90		2,817
SPS Commerce, Inc.* (Software)		292		53,670
SPX Technologies, Inc.* (Machinery)		362		36,432
STAAR Surgical Co.* (Health Care Equipment & Supplies)		236		6,610
Standex International Corp. (Machinery)		96		14,175
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		558		23,369
Strategic Education, Inc. (Diversified Consumer Services)		73		6,866
Stride, Inc.* (Diversified Consumer Services)		316		18,944
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		431		2,793
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		138		1,878
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)		1,627		17,360
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		172		4,761
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies)		237		5,404
Tanger, Inc. (Retail REITs)		837		22,515
TechTarget, Inc.* (Media)		120		4,100
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		389		7,473
Tennant Co. (Machinery)		149		14,083
The Andersons, Inc. (Consumer Staples Distribution & Retail)		134		7,063
The Bancorp, Inc.* (Banks)		426		18,591
The Buckle, Inc. (Specialty Retail)		147		5,467
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		169		5,809
The Ensign Group, Inc. (Health Care Providers & Services)		448		50,722
The Marcus Corp. (Entertainment)		100		1,358
The Simply Good Foods Co.* (Food Products)		454		17,161
The St Joe Co. (Real Estate Management & Development)		281		15,511
TimkenSteel Corp.* (Metals & Mining)		172		3,535
Tootsie Roll Industries, Inc. (Food Products)		85		2,770
Tri Pointe Homes, Inc.* (Household Durables)		470		16,229
Trinity Industries, Inc. (Machinery)		325		8,171
TripAdvisor, Inc.* (Interactive Media & Services)		856		18,490
Triumph Financial, Inc.* (Banks)		173		12,222
Trupanion, Inc.*^(a) (Insurance)		135		3,672
Two Harbors Investment Corp. (Mortgage REITs)		760		9,470
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		67		6,181
UFP Technologies, Inc.* (Health Care Equipment & Supplies)		56		9,437
UniFirst Corp. (Commercial Services & Supplies)		50		8,471
Uniti Group, Inc. (Specialized REITs)		981		5,160
Unitil Corp. (Multi-Utilities)		59		2,804
Universal Health Realty Income Trust (Health Care REITs)		49		1,951
Upbound Group, Inc. (Specialty Retail)		197		6,540
Urban Edge Properties (Retail REITs)		550		9,499
Urban Outfitters, Inc.* (Specialty Retail)		450		17,100
Vector Group, Ltd. (Tobacco)		469		4,910
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		448		14,282
Vericel Corp.* (Biotechnology)		378		16,246
Veris Residential, Inc. (Residential REITs)		251		3,828
Verra Mobility Corp.* (Professional Services)		1,320		31,561
Vestis Corp. (Commercial Services & Supplies)		549		11,749
Viad Corp.* (Commercial Services & Supplies)		165		5,455
Vicor Corp.* (Electrical Equipment)		97		3,654
Virtus Investment Partners, Inc. (Capital Markets)		33		7,792
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		96		4,208
Walker & Dunlop, Inc. (Financial Services)		114		11,011
Warrior Met Coal, Inc. (Metals & Mining)		414		26,566
WD-40 Co. (Household Products)		108		27,971
Westamerica Bancorp (Banks)		130		6,204
Whitestone REIT (Retail REITs)		180		2,326
Winnebago Industries, Inc. (Automobiles)		133		8,741
WisdomTree, Inc. (Capital Markets)		875		5,924
World Acceptance Corp.* (Consumer Finance)		28		3,677
Worthington Enterprises, Inc. (Household Durables)		167		9,526
Worthington Steel, Inc.* (Metals & Mining)		165		4,942
WSFS Financial Corp. (Banks)		216		9,614
Xencor, Inc.* (Biotechnology)		250		4,675

See accompanying notes to the financial statements.

114 :: Small-Cap Growth ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		494	$	6,585
XPEL, Inc.* (Automobile Components)		169		9,033
Xperi, Inc.* (Software)		169		1,805
Yelp, Inc.* (Interactive Media & Services)		545		23,833
TOTAL COMMON STOCKS (Cost $3,286,446)				4,428,232

Collateral for Securities Loaned^(b) (0.2%)

Invesco Government & Agency Portfolio — Institutional Shares, 5.24%^(c)		8,759		8,759
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $8,759)				8,759
TOTAL INVESTMENT SECURITIES (Cost $3,295,205) — 101.0%				4,436,991
Net other assets (liabilities) — (1.0)%				(45,314	)
NET ASSETS — 100.0%			$	4,391,677

*	Non-income producing security.

^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $8,302.

^(b)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.

^(c)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

^REIT

Real Estate Investment Trust

Small-Cap Growth ProFund invested in the following industries as of January 31, 2024:

	Value			% of Net Assets
Aerospace & Defense	$	70,311			1.6	%
Automobile Components		58,208			1.3	%
Automobiles		8,741			0.2	%
Banks		202,187			4.6	%
Beverages		11,010			0.2	%
Biotechnology		117,429			2.7	%
Building Products		156,062			3.5	%
Capital Markets		78,131			1.8	%
Chemicals		93,803			2.1	%
Commercial Services & Supplies		56,692			1.3	%
Communications Equipment		13,901			0.3	%
Construction & Engineering		45,100			1.0	%
Consumer Finance		14,554			0.3	%
Consumer Staples Distribution & Retail		7,063			0.2	%
Containers & Packaging		18,483			0.4	%
Diversified Consumer Services		70,479			1.6	%
Diversified REITs		18,696			0.4	%
Diversified Telecommunication Services		34,516			0.8	%
Electric Utilities		29,929			0.7	%
Electrical Equipment		40,838			0.9	%
Electronic Equipment, Instruments & Components		216,101			4.9	%
Energy Equipment & Services		111,836			2.5	%
Entertainment		37,580			0.9	%
Financial Services		68,637			1.6	%
Food Products		61,277			1.4	%
Gas Utilities		7,900			0.2	%
Ground Transportation		38,003			0.9	%
Health Care Equipment & Supplies		143,075			3.3	%
Health Care Providers & Services		156,120			3.5	%
Health Care REITs		20,758			0.5	%
Health Care Technology		19,808			0.4	%
Hotel & Resort REITs		69,020			1.6	%
Hotels, Restaurants & Leisure		117,111			2.7	%
Household Durables		201,291			4.6	%
Household Products		35,622			0.8	%
Industrial REITs		11,374			0.3	%
Insurance		91,359			2.1	%
Interactive Media & Services		71,200			1.6	%
IT Services		11,446			0.3	%
Life Sciences Tools & Services		2,788			0.1	%
Machinery		278,125			6.3	%
Marine Transportation		31,032			0.7	%
Media		4,100			0.1	%
Metals & Mining		163,991			3.7	%
Mortgage REITs		41,146			0.9	%
Multi-Utilities		2,804			0.1	%
Oil, Gas & Consumable Fuels		171,402			3.9	%
Passenger Airlines		11,252			0.3	%
Personal Care Products		19,898			0.4	%
Pharmaceuticals		64,505			1.5	%
Professional Services		51,394			1.2	%
Real Estate Management & Development		26,009			0.6	%
Residential REITs		3,828			0.1	%
Retail REITs		66,504			1.5	%
Semiconductors & Semiconductor Equipment		160,783			3.7	%
Software		236,224			5.4	%
Specialized REITs		18,820			0.4	%
Specialty Retail		202,321			4.6	%
Textiles, Apparel & Luxury Goods		57,712			1.3	%
Tobacco		4,910			0.1	%
Trading Companies & Distributors		133,954			3.0	%
Water Utilities		29,615			0.7	%
Wireless Telecommunication Services		9,464			0.2	%
Other**		(36,555	)		(0.8	)%
Total	$	4,391,677			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.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Summary Schedule of Portfolio Investments :: Small-Cap ProFund :: 115

Common Stocks (51.4%)

	Percentage of Net Assets			Shares		Value
API Group Corp.* (Construction & Engineering)		0.1	%		189	$	5,957
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		0.1	%		35		6,175
ATI, Inc.* (Metals & Mining)		0.1	%		117		4,782
Atkore, Inc.* (Electrical Equipment)		0.1	%		34		5,185
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)*		0.1	%		57		4,725
BellRing Brands, Inc.* (Personal Care Products)		0.3	%		119		6,577
Boise Cascade Co. (Trading Companies & Distributors)		0.1	%		36		4,876
ChampionX Corp. (Energy Equipment & Services)		0.1	%		177		4,852
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		0.2	%		38		5,842
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)^(a)		0.1	%		73		4,731
Comfort Systems USA, Inc. (Construction & Engineering)		0.2	%		32		6,960
Commercial Metals Co. (Metals & Mining)		0.1	%		106		5,536
Cytokinetics, Inc.* (Biotechnology)		0.2	%		84		6,562
elf Beauty, Inc.* (Personal Care Products)		0.2	%		49		7,817
Essent Group, Ltd. (Financial Services)		0.1	%		95		5,241
Fabrinet* (Electronic Equipment, Instruments & Components)		0.3	%		33		7,045
Fluor Corp.* (Construction & Engineering)		0.2	%		129		4,865
FTAI Aviation, Ltd. (Trading Companies & Distributors)		0.1	%		90		4,856
HealthEquity, Inc.* (Health Care Providers & Services)		0.1	%		76		5,745
ImmunoGen, Inc.* (Biotechnology)		0.1	%		217		6,361
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		0.1	%		26		4,802
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		0.1	%		85		5,723
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		0.2	%		83		6,672
Matador Resources Co. (Oil, Gas & Consumable Fuels)		0.1	%		103		5,653
Meritage Homes Corp. (Household Durables)		0.1	%		33		5,464
MicroStrategy, Inc.* (Software)		0.1	%		11		5,513
Mueller Industries, Inc. (Machinery)		0.1	%		101		4,847
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		0.1	%		135		5,225
NEXTracker, Inc. — Class A* (Electrical Equipment)		0.1	%		114		5,161
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		0.1	%		32		4,945
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		0.2	%		44		7,106
Option Care Health, Inc.* (Health Care Providers & Services)		0.1	%		152		4,749
PBF Energy, Inc. — Class A (Oil, Gas & Consumable Fuels)		0.1	%		101		5,102
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		0.1	%		353		4,758
Qualys, Inc.* (Software)		0.2	%		34		6,431
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		0.2	%		99		6,784
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		0.1	%		53		5,824
Selective Insurance Group, Inc. (Insurance)		0.1	%		55		5,768
Simpson Manufacturing Co., Inc. (Building Products)		0.2	%		39		7,059
SouthState Corp. (Banks)		0.1	%		69		5,735
SPS Commerce, Inc.* (Software)		0.1	%		33		6,064
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		0.5	%		42		22,244
Taylor Morrison Home Corp.* (Household Durables)		0.1	%		94		4,901
Tenable Holdings, Inc.* (Software)		0.1	%		103		4,851
The Ensign Group, Inc. (Health Care Providers & Services)		0.1	%		49		5,549
UFP Industries, Inc. (Building Products)		0.1	%		54		6,126
Vaxcyte, Inc.* (Biotechnology)		0.1	%		85		6,070
Watts Water Technologies, Inc. — Class A (Machinery)		0.1	%		25		4,949
Weatherford International PLC* (Energy Equipment & Services)		0.1	%		64		5,731
Other Common Stocks^(a)		44.7	%		105,888		1,912,457
TOTAL COMMON STOCKS (Cost $1,320,681)							2,206,953

Rights^(NM)

Cartesian Therapeutics, Inc., CVR*⁺ (Pharmaceuticals)					98		18
Chinook Therapeutics CVR*⁺ (Health Care Providers & Services)					56		—
TOTAL RIGHTS (Cost $ — )							18

See accompanying notes to the financial statements.

116 :: Small-Cap ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*⁺ (Metals & Mining)		290	$	—
TOTAL TRUST (Cost $ — )				—

Repurchase Agreements^(b)(c) (28.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,203,173	$	1,203,000	$	1,203,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,203,000)				1,203,000

Collateral for Securities Loaned^(d) (0.7%)

	Shares		Value
Invesco Government & Agency Portfolio — Institutional Shares, 5.24%^(e)		28,993	$	28,993
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $28,993)				28,993
TOTAL INVESTMENT SECURITIES (Cost $2,552,674) — 80.1%				3,438,964
Net other assets (liabilities) — 19.9%				852,457
NET ASSETS — 100.0%			$	4,291,421

*	Non-income producing security.

⁺	These securities were fair valued based on procedures approved by the Board of Trustees. As of January 31, 2024, these securities represented less than 0.005% of the net assets of the Fund.

^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $26,835.

^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $138,000.

^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.

^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

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

^CVR	Contingent Value Rights

^REIT

Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts	2	3/18/24	$	195,590	$	7,621

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	2/27/24		5.73	%	$	1,476,084	$	(42,482	)
Russell 2000 Index	UBS AG	2/27/24		5.33	%		403,099		(13,361	)
						$	1,879,183	$	(55,843	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Summary Schedule of Portfolio Investments :: Small-Cap ProFund :: 117

Small-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	19,102		0.4	%
Air Freight & Logistics		4,548		0.1	%
Automobile Components		29,267		0.7	%
Automobiles		2,079		^NM
Banks		203,739		4.8	%
Beverages		8,572		0.2	%
Biotechnology		169,359		3.9	%
Broadline Retail		1,834		^NM
Building Products		44,833		1.0	%
Capital Markets		31,070		0.7	%
Chemicals		41,368		1.0	%
Commercial Services & Supplies		34,006		0.8	%
Communications Equipment		11,879		0.3	%
Construction & Engineering		36,950		0.9	%
Construction Materials		7,765		0.2	%
Consumer Finance		17,509		0.4	%
Consumer Staples Distribution & Retail		12,924		0.3	%
Containers & Packaging		5,987		0.1	%
Distributors		161		^NM
Diversified Consumer Services		25,844		0.6	%
Diversified REITs		13,332		0.3	%
Diversified Telecommunication Services		10,957		0.3	%
Electric Utilities		15,474		0.4	%
Electrical Equipment		31,091		0.7	%
Electronic Equipment, Instruments & Components		60,415		1.4	%
Energy Equipment & Services		53,329		1.2	%
Entertainment		8,400		0.2	%
Financial Services		53,603		1.3	%
Food Products		22,121		0.5	%
Gas Utilities		19,706		0.5	%
Ground Transportation		9,962		0.2	%
Health Care Equipment & Supplies		61,930		1.4	%
Health Care Providers & Services		55,693		1.3	%
Health Care REITs		12,779		0.3	%
Health Care Technology		9,573		0.2	%
Hotel & Resort REITs		19,631		0.5	%
Hotels, Restaurants & Leisure		48,098		1.1	%
Household Durables		52,410		1.2	%
Household Products		7,331		0.2	%
Independent Power and Renewable Electricity Producers		4,842		0.1	%
Industrial Conglomerates		551		^NM
Industrial REITs		10,078		0.2	%
Insurance		40,955		1.0	%
Interactive Media & Services		15,685		0.4	%
IT Services		11,881		0.3	%
Leisure Products		8,588		0.2	%
Life Sciences Tools & Services		6,655		0.2	%
Machinery		78,027		1.8	%
Marine Transportation		6,923		0.2	%
Media		14,333		0.3	%
Metals & Mining		40,082		0.9	%
Mortgage REITs		25,277		0.6	%
Multi-Utilities		8,864		0.2	%
Office REITs		15,985		0.4	%
Oil, Gas & Consumable Fuels		101,351		2.4	%
Paper & Forest Products		2,038		^NM
Passenger Airlines		8,131		0.2	%
Personal Care Products		22,045		0.5	%
Pharmaceuticals		38,979		0.9	%
Professional Services		56,875		1.3	%
Real Estate Management & Development		16,452		0.4	%
Residential REITs		8,665		0.2	%
Retail REITs		26,449		0.6	%
Semiconductors & Semiconductor Equipment		67,822		1.6	%
Software		127,662		3.0	%
Specialized REITs		9,768		0.2	%
Specialty Retail		55,910		1.3	%
Technology Hardware, Storage & Peripherals		26,905		0.6	%
Textiles, Apparel & Luxury Goods		11,842		0.3	%
Tobacco		3,197		0.1	%
Trading Companies & Distributors		47,884		1.1	%
Water Utilities		9,114		0.2	%
Wireless Telecommunication Services		2,525		0.1	%
Other**		2,084,450		48.6	%
Total	$	4,291,421		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%.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

118 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (99.2%)

	Shares		Value
3D Systems Corp.* (Machinery)		525	$	2,515
A10 Networks, Inc. (Software)		145		1,939
AAR Corp.* (Aerospace & Defense)		37		2,250
ABM Industries, Inc. (Commercial Services & Supplies)		258		10,523
Academy Sports & Outdoors, Inc. (Specialty Retail)		293		18,381
Acadia Realty Trust (Retail REITs)		375		6,398
ACI Worldwide, Inc.* (Software)		158		4,751
AdaptHealth Corp.* (Health Care Providers & Services)		322		2,325
Addus HomeCare Corp.* (Health Care Providers & Services)		37		3,204
Adeia, Inc. (Software)		253		3,071
ADTRAN Holdings, Inc. (Communications Equipment)		279		1,748
Advance Auto Parts, Inc. (Specialty Retail)		234		15,643
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		56		5,834
AdvanSix, Inc. (Chemicals)		106		2,690
Agiliti, Inc.* (Health Care Providers & Services)		138		978
Alaska Air Group, Inc.* (Passenger Airlines)		504		18,059
Albany International Corp. (Machinery)		64		5,690
Alexander & Baldwin, Inc. (Diversified REITs)		285		4,936
Alkermes PLC* (Biotechnology)		236		6,384
Allegiant Travel Co. (Passenger Airlines)		59		4,626
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		89		2,284
AMC Networks, Inc.* — Class A (Media)		120		2,171
American Assets Trust, Inc. (Diversified REITs)		191		4,284
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)		460		3,721
American Equity Investment Life Holding Co. (Insurance)		83		4,582
American States Water Co. (Water Utilities)		68		5,073
American Woodmark Corp.* (Building Products)		28		2,556
America’s Car-Mart, Inc.* (Specialty Retail)		23		1,400
Ameris Bancorp (Banks)		255		12,658
AMERISAFE, Inc. (Insurance)		43		2,143
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		68		5,033
Anywhere Real Estate, Inc.* (Real Estate Management & Development)		435		3,097
Apogee Enterprises, Inc. (Building Products)		48		2,535
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		194		2,165
Arbor Realty Trust, Inc.^(a) (Mortgage REITs)		741		9,855
Arcosa, Inc. (Construction & Engineering)		79		6,184
Arcus Biosciences, Inc.* (Biotechnology)		125		1,893
Armada Hoffler Properties, Inc. (Diversified REITs)		151		1,806
ARMOUR Residential REIT, Inc. (Mortgage REITs)		60		1,143
Artisan Partners Asset Management, Inc. — Class A (Capital Markets)		118		4,944
Artivion, Inc.* (Health Care Equipment & Supplies)		71		1,187
Asbury Automotive Group, Inc.* (Specialty Retail)		41		8,571
Assured Guaranty, Ltd. (Insurance)		86		6,977
Astec Industries, Inc. (Machinery)		89		3,168
Atlantic Union Bankshares Corp. (Banks)		295		10,077
ATN International, Inc. (Diversified Telecommunication Services)		41		1,513
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		184		3,531
Avista Corp. (Multi-Utilities)		304		10,339
Axos Financial, Inc.* (Banks)		75		4,157
B Riley Financial, Inc.^(a) (Capital Markets)		65		1,522
B&G Foods, Inc. (Food Products)		309		3,109
Balchem Corp. (Chemicals)		56		7,850
Banc of California, Inc. (Banks)		514		7,083
BancFirst Corp. (Banks)		22		1,947
Bank of Hawaii Corp. (Banks)		94		5,944
BankUnited, Inc. (Banks)		293		8,280
Banner Corp. (Banks)		135		6,288
Barnes Group, Inc. (Machinery)		199		6,589
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		140		3,797
Berkshire Hills Bancorp, Inc. (Banks)		86		2,064
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		55		935
BJ’s Restaurants, Inc.* (Hotels, Restaurants & Leisure)		91		3,150
Blackstone Mortgage Trust, Inc.^(a) — Class A (Mortgage REITs)		678		13,383
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure)		174		4,632
Brady Corp. — Class A (Commercial Services & Supplies)		62		3,734
Brandywine Realty Trust (Office REITs)		677		3,209
Bread Financial Holdings, Inc. (Consumer Finance)		194		7,037
Brightsphere Investment Group, Inc. (Capital Markets)		51		1,128
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		101		4,322
Bristow Group, Inc.* (Energy Equipment & Services)		94		2,480
Brookline Bancorp, Inc. (Banks)		349		3,776
Calavo Growers, Inc. (Food Products)		70		1,826
Caleres, Inc. (Specialty Retail)		131		4,109
California Water Service Group (Water Utilities)		136		6,157
Capitol Federal Financial, Inc. (Banks)		497		3,151
CareTrust REIT, Inc. (Health Care REITs)		173		3,619
Cathay General Bancorp (Banks)		151		6,217
Centerspace (Residential REITs)		59		3,231
Central Garden & Pet Co.* (Household Products)		37		1,735
Central Garden & Pet Co.* — Class A (Household Products)		161		6,647
Central Pacific Financial Corp. (Banks)		106		2,043
Century Aluminum Co.* (Metals & Mining)		204		2,275
Century Communities, Inc. (Household Durables)		54		4,682
Cerence, Inc.* (Software)		159		3,183
Certara, Inc.* (Health Care Technology)		177		2,860
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		53		1,018

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 119

Common Stocks, continued

	Shares		Value
Chatham Lodging Trust (Hotel & Resort REITs)		192	$	2,016
Chesapeake Utilities Corp. (Gas Utilities)		47		4,760
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure)		29		980
City Holding Co. (Banks)		23		2,351
Clearwater Paper Corp.* (Paper & Forest Products)		65		2,143
Clearway Energy, Inc. — Class A (Independent Power and Renewable Electricity Producers)		136		3,055
Clearway Energy, Inc. — Class C (Independent Power and Renewable Electricity Producers)		324		7,853
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		110		3,505
Community Bank System, Inc. (Banks)		210		9,612
Community Healthcare Trust, Inc. (Health Care REITs)		60		1,535
Compass Minerals International, Inc. (Metals & Mining)		133		2,991
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		177		1,382
Consensus Cloud Solutions, Inc.* (Software)		70		1,522
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		293		1,272
Corcept Therapeutics, Inc.* (Pharmaceuticals)		124		2,616
Core Laboratories, Inc. (Energy Equipment & Services)		103		1,624
CoreCivic, Inc.* (Commercial Services & Supplies)		447		6,355
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		170		2,164
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		87		6,728
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		130		2,763
CSG Systems International, Inc. (Professional Services)		57		2,868
CTS Corp. (Electronic Equipment, Instruments & Components)		54		2,217
Cushman & Wakefield PLC* (Real Estate Management & Development)		661		6,954
CVB Financial Corp. (Banks)		521		8,737
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		52		1,754
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)		389		2,937
Cytokinetics, Inc.* (Biotechnology)		212		16,563
Dana, Inc. (Automobile Components)		505		6,848
Deluxe Corp. (Commercial Services & Supplies)		172		3,253
Designer Brands, Inc. — Class A (Specialty Retail)		172		1,474
Digi International, Inc.* (Communications Equipment)		141		3,428
Digital Turbine, Inc.* (Software)		359		1,935
Dime Community Bancshares, Inc. (Banks)		137		3,125
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		35		1,633
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		70		4,712
DNOW, Inc.* (Trading Companies & Distributors)		418		4,218
Dorman Products, Inc.* (Automobile Components)		35		2,849
Douglas Emmett, Inc. (Office REITs)		656		8,889
Dril-Quip, Inc.* (Energy Equipment & Services)		134		2,689
DXC Technology Co.* (IT Services)		762		16,611
DXP Enterprises, Inc.* (Trading Companies & Distributors)		52		1,675
Dycom Industries, Inc.* (Construction & Engineering)		115		12,846
Eagle Bancorp, Inc. (Banks)		118		2,925
Easterly Government Properties, Inc. (Office REITs)		374		4,593
EchoStar Corp.* — Class A (Diversified Telecommunication Services)		474		6,346
Edgewell Personal Care Co. (Personal Care Products)		200		7,410
Elme Communities (Residential REITs)		345		4,995
Embecta Corp. (Health Care Equipment & Supplies)		225		3,857
Employers Holdings, Inc. (Insurance)		101		4,214
Encore Capital Group, Inc.* (Consumer Finance)		93		4,657
Energizer Holdings, Inc. (Household Products)		141		4,458
Enerpac Tool Group Corp. (Machinery)		71		2,217
Enhabit, Inc.* (Health Care Providers & Services)		197		1,988
Enova International, Inc.* (Consumer Finance)		117		6,368
Enpro, Inc. (Machinery)		45		6,722
Envestnet, Inc.* (Software)		113		5,774
Enviri Corp.* (Commercial Services & Supplies)		314		2,704
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		41		3,097
Essential Properties Realty Trust, Inc. (Diversified REITs)		295		7,348
Ethan Allen Interiors, Inc. (Household Durables)		53		1,544
Extreme Networks, Inc.* (Communications Equipment)		204		2,756
EZCORP, Inc.* — Class A (Consumer Finance)		205		1,763
FB Financial Corp. (Banks)		138		5,141
First Bancorp (Banks)		162		5,599
First Commonwealth Financial Corp. (Banks)		217		3,040
First Financial Bancorp (Banks)		374		8,385
First Hawaiian, Inc. (Banks)		502		10,888
Foot Locker, Inc. (Specialty Retail)		322		9,068
Forrester Research, Inc.* (Professional Services)		45		1,147
Fortrea Holdings, Inc.* (Life Sciences Tools & Services)		349		10,805
Forward Air Corp. (Air Freight & Logistics)		101		4,477
Four Corners Property Trust, Inc. (Specialized REITs)		199		4,659
Franklin BSP Realty Trust, Inc. (Mortgage REITs)		323		4,141
Fresh Del Monte Produce, Inc. (Food Products)		132		3,245
Fulgent Genetics, Inc.* (Health Care Providers & Services)		79		1,943
Fulton Financial Corp. (Banks)		646		10,071
Gentherm, Inc.* (Automobile Components)		70		3,371

See accompanying notes to the financial statements.

120 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Genworth Financial, Inc.* (Insurance)		1,774	$	10,946
Getty Realty Corp. (Retail REITs)		108		2,987
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		160		4,814
Global Net Lease, Inc. (Diversified REITs)		770		6,507
Gogo, Inc.* (Wireless Telecommunication Services)		129		1,142
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure)		33		1,267
Granite Construction, Inc. (Construction & Engineering)		85		3,834
Green Dot Corp.* — Class A (Consumer Finance)		177		1,595
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		253		5,245
Griffon Corp. (Building Products)		52		3,030
H.B. Fuller Co. (Chemicals)		108		8,184
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		1,377		6,197
Hanmi Financial Corp. (Banks)		120		2,010
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs)		437		10,396
Harmonic, Inc.* (Communications Equipment)		203		2,375
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		74		2,334
Haverty Furniture Cos., Inc. (Specialty Retail)		52		1,763
Haynes International, Inc. (Metals & Mining)		22		1,225
Hayward Holdings, Inc.* (Building Products)		496		6,210
Healthcare Services Group, Inc. (Commercial Services & Supplies)		290		2,738
HealthStream, Inc. (Health Care Technology)		44		1,171
Heartland Express, Inc. (Ground Transportation)		81		1,049
Heidrick & Struggles International, Inc. (Professional Services)		79		2,368
Helmerich & Payne, Inc. (Energy Equipment & Services)		180		7,247
Heritage Financial Corp. (Banks)		137		2,761
Hibbett, Inc. (Specialty Retail)		49		3,266
Highwoods Properties, Inc. (Office REITs)		416		9,556
Hillenbrand, Inc. (Machinery)		275		12,808
Hilltop Holdings, Inc. (Banks)		182		5,731
HNI Corp. (Commercial Services & Supplies)		73		2,973
Hope Bancorp, Inc. (Banks)		472		5,230
Horace Mann Educators Corp. (Insurance)		161		5,930
Hub Group, Inc.* — Class A (Air Freight & Logistics)		245		11,094
Hudson Pacific Properties, Inc. (Office REITs)		499		4,087
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		116		4,199
ICU Medical, Inc.* (Health Care Equipment & Supplies)		80		7,322
Independent Bank Corp. (Banks)		172		9,647
Independent Bank Group, Inc. (Banks)		141		6,817
Ingevity Corp.* (Chemicals)		133		5,793
Innospec, Inc. (Chemicals)		36		4,180
Innovative Industrial Properties, Inc. (Industrial REITs)		50		4,662
Innoviva, Inc.* (Pharmaceuticals)		111		1,798
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		38		7,020
Insteel Industries, Inc. (Building Products)		28		970
Interface, Inc. (Commercial Services & Supplies)		229		2,842
iRobot Corp.*^(a) (Household Durables)		72		979
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		232		3,292
Itron, Inc.* (Electronic Equipment, Instruments & Components)		91		6,565
Jackson Financial, Inc. — Class A (Financial Services)		278		13,919
JBG SMITH Properties (Office REITs)		342		5,472
JetBlue Airways Corp.* (Passenger Airlines)		1,311		6,961
John B Sanfilippo & Son, Inc. (Food Products)		17		1,821
John Bean Technologies Corp. (Machinery)		50		4,938
John Wiley & Sons, Inc. — Class A (Media)		167		5,652
Kaiser Aluminum Corp. (Metals & Mining)		63		4,088
Kaman Corp. (Aerospace & Defense)		111		5,001
Kelly Services, Inc. — Class A (Professional Services)		126		2,589
Kennametal, Inc. (Machinery)		313		7,675
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		466		4,870
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)		229		2,803
Knowles Corp.* (Electronic Equipment, Instruments & Components)		209		3,409
Kohl’s Corp. (Broadline Retail)		435		11,206
Koppers Holdings, Inc. (Chemicals)		38		1,943
Korn Ferry (Professional Services)		87		5,104
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		82		4,126
Lakeland Financial Corp. (Banks)		53		3,549
La-Z-Boy, Inc. (Household Durables)		78		2,715
LCI Industries (Automobile Components)		37		4,117
Leslie’s, Inc.* (Specialty Retail)		724		4,858
LGI Homes, Inc.* (Household Durables)		32		3,776
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		64		4,678
Lincoln National Corp. (Insurance)		667		18,309
Lindsay Corp. (Machinery)		22		2,862
LTC Properties, Inc. (Health Care REITs)		93		2,899
Lumen Technologies, Inc.* (Diversified Telecommunication Services)		3,968		4,841
LXP Industrial Trust (Industrial REITs)		1,151		10,462
M.D.C Holdings, Inc. (Household Durables)		235		14,707
Marcus & Millichap, Inc. (Real Estate Management & Development)		55		2,095
MarineMax, Inc.* (Specialty Retail)		78		2,184
Marten Transport, Ltd. (Ground Transportation)		120		2,220
Masterbrand, Inc.* (Building Products)		499		7,021
Mativ Holdings, Inc. (Chemicals)		213		2,562
Matthews International Corp. — Class A (Commercial Services & Supplies)		43		1,415
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		111		2,311
Medifast, Inc. (Personal Care Products)		43		2,350
Mercer International, Inc. (Paper & Forest Products)		173		1,464
Mercury General Corp. (Insurance)		105		4,205
Mercury Systems, Inc.* (Aerospace & Defense)		205		6,081

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 121

Common Stocks, continued

	Shares		Value
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		93	$	7,282
Mesa Laboratories, Inc. (Life Sciences Tools & Services)		20		1,832
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		142		2,948
MGP Ingredients, Inc. (Beverages)		26		2,209
Middlesex Water Co. (Water Utilities)		38		2,127
MillerKnoll, Inc. (Commercial Services & Supplies)		289		7,684
Minerals Technologies, Inc. (Chemicals)		64		4,182
Mister Car Wash, Inc.* (Diversified Consumer Services)		193		1,602
ModivCare, Inc.* (Health Care Providers & Services)		49		1,949
Moelis & Co. — Class A (Capital Markets)		121		6,651
Monro, Inc. (Specialty Retail)		124		3,951
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		62		1,710
Mr. Cooper Group, Inc.* (Financial Services)		259		17,446
Myers Industries, Inc. (Containers & Packaging)		74		1,388
Myriad Genetics, Inc.* (Biotechnology)		178		3,807
N-able, Inc.* (Software)		98		1,272
Nabors Industries, Ltd.* (Energy Equipment & Services)		35		2,960
National Bank Holdings Corp. — Class A (Banks)		149		5,215
National Beverage Corp.* (Beverages)		41		1,896
National HealthCare Corp. (Health Care Providers & Services)		28		2,605
National Presto Industries, Inc. (Aerospace & Defense)		12		950
National Vision Holdings, Inc.* (Specialty Retail)		308		5,855
Navient Corp. (Consumer Finance)		333		5,734
NBT Bancorp, Inc. (Banks)		185		6,580
NCR Atleos Corp.* (Financial Services)		263		5,889
NCR Voyix Corp.* (Software)		528		7,762
NetScout Systems, Inc.* (Communications Equipment)		279		6,001
New York Mortgage Trust, Inc. (Mortgage REITs)		1		6
Newell Brands, Inc. (Household Durables)		1,499		12,472
NexPoint Residential Trust, Inc. (Residential REITs)		90		2,750
NMI Holdings, Inc.* — Class A (Financial Services)		112		3,575
Northfield Bancorp, Inc. (Banks)		156		1,877
Northwest Bancshares, Inc. (Banks)		500		6,185
Northwest Natural Holding Co. (Gas Utilities)		145		5,345
Nu Skin Enterprises, Inc. — Class A (Personal Care Products)		194		3,601
NV5 Global, Inc.* (Professional Services)		50		5,244
O-I Glass, Inc.* (Containers & Packaging)		610		8,882
Oil States International, Inc.* (Energy Equipment & Services)		128		790
Olympic Steel, Inc. (Metals & Mining)		20		1,352
Omnicell, Inc.* (Health Care Equipment & Supplies)		179		5,758
OPENLANE, Inc.* (Commercial Services & Supplies)		425		5,984
Organon & Co. (Pharmaceuticals)		1,005		16,733
Outfront Media, Inc. (Specialized REITs)		331		4,310
Owens & Minor, Inc.* (Health Care Providers & Services)		301		5,933
Pacific Premier Bancorp, Inc. (Banks)		377		9,564
Pacira BioSciences, Inc.* (Pharmaceuticals)		183		5,964
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)		68		4,997
Park National Corp. (Banks)		33		4,312
Patterson Cos., Inc. (Health Care Providers & Services)		335		10,003
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		569		6,310
Payoneer Global, Inc.* (Financial Services)		615		2,878
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		44		2,838
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		238		6,355
Pebblebrook Hotel Trust (Hotel & Resort REITs)		474		7,215
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)		326		3,051
PennyMac Mortgage Investment Trust (Mortgage REITs)		341		4,890
Perdoceo Education Corp. (Diversified Consumer Services)		114		2,063
Perficient, Inc.* (IT Services)		53		3,611
Phibro Animal Health Corp. — Class A (Pharmaceuticals)		80		865
Phillips Edison & Co., Inc. (Retail REITs)		230		7,983
Phinia, Inc. (Automobile Components)		184		5,564
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		74		2,162
Piper Sandler Cos. (Capital Markets)		30		5,205
Pitney Bowes, Inc. (Commercial Services & Supplies)		603		2,478
PJT Partners, Inc. — Class A (Capital Markets)		38		3,654
Plexus Corp.* (Electronic Equipment, Instruments & Components)		61		5,778
PRA Group, Inc.* (Consumer Finance)		154		3,507
Premier, Inc. — Class A (Health Care Providers & Services)		471		10,183
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		101		6,216
PriceSmart, Inc. (Consumer Staples Distribution & Retail)		98		7,450
ProAssurance Corp. (Insurance)		200		2,692
ProPetro Holding Corp.* (Energy Equipment & Services)		334		2,826
Proto Labs, Inc.* (Machinery)		35		1,263
Provident Financial Services, Inc. (Banks)		297		4,915
Quaker Chemical Corp. (Chemicals)		26		4,938
Quanex Building Products Corp. (Building Products)		40		1,249
QuinStreet, Inc.* (Interactive Media & Services)		204		2,584
Radian Group, Inc. (Financial Services)		271		7,854
Ready Capital Corp. (Mortgage REITs)		623		5,838
REGENXBIO, Inc.* (Biotechnology)		91		1,121
Renasant Corp. (Banks)		221		6,990

See accompanying notes to the financial statements.

122 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Resideo Technologies, Inc.* (Building Products)		574	$	9,625
Resources Connection, Inc. (Professional Services)		126		1,696
Retail Opportunity Investments Corp. (Retail REITs)		496		6,741
Rogers Corp.* (Electronic Equipment, Instruments & Components)		22		2,536
Rush Enterprises, Inc. — Class A (Trading Companies & Distributors)		109		4,895
RXO, Inc.* (Ground Transportation)		248		5,158
S&T Bancorp, Inc. (Banks)		71		2,367
Sabre Corp.* (Hotels, Restaurants & Leisure)		701		2,874
Safehold, Inc. (Specialized REITs)		176		3,495
Safety Insurance Group, Inc. (Insurance)		58		4,832
Sally Beauty Holdings, Inc.* (Specialty Retail)		424		5,224
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		225		13,460
Saul Centers, Inc. (Retail REITs)		26		995
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		98		3,847
Scholastic Corp. (Media)		107		4,113
Schrodinger, Inc.* (Health Care Technology)		95		2,513
Seacoast Banking Corp. of Florida (Banks)		335		8,228
Sealed Air Corp. (Containers & Packaging)		341		11,781
Select Medical Holdings Corp. (Health Care Providers & Services)		413		10,733
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		139		2,758
Sensient Technologies Corp. (Chemicals)		95		5,893
Service Properties Trust (Hotel & Resort REITs)		652		5,040
ServisFirst Bancshares, Inc. (Banks)		104		6,983
Shoe Carnival, Inc. (Specialty Retail)		71		1,811
Shutterstock, Inc. (Interactive Media & Services)		46		2,161
Simmons First National Corp. — Class A (Banks)		492		9,353
Simulations Plus, Inc. (Health Care Technology)		26		985
SITE Centers Corp. (Retail REITs)		375		4,995
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		29		3,091
SJW Group (Water Utilities)		65		3,870
SkyWest, Inc.* (Passenger Airlines)		74		3,941
SL Green Realty Corp. (Office REITs)		253		11,371
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		120		2,358
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		136		9,044
Sonic Automotive, Inc. — Class A (Specialty Retail)		58		2,932
Sonos, Inc.* (Household Durables)		504		7,852
Southside Bancshares, Inc. (Banks)		69		2,160
SpartanNash Co. (Consumer Staples Distribution & Retail)		136		3,050
STAAR Surgical Co.* (Health Care Equipment & Supplies)		75		2,101
Standard Motor Products, Inc. (Automobile Components)		73		2,946
Stellar Bancorp, Inc. (Banks)		184		4,606
Stepan Co. (Chemicals)		84		7,499
Stewart Information Services Corp. (Insurance)		108		6,659
StoneX Group, Inc.* (Capital Markets)		105		6,905
Strategic Education, Inc. (Diversified Consumer Services)		51		4,797
Sturm Ruger & Co., Inc. (Leisure Products)		70		3,056
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		207		1,341
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		84		1,143
SunCoke Energy, Inc. (Metals & Mining)		329		3,372
SunPower Corp.*^(a) (Electrical Equipment)		338		1,024
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		129		3,571
Sylvamo Corp. (Paper & Forest Products)		139		6,453
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		515		6,680
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies)		138		3,146
TechTarget, Inc.* (Media)		43		1,469
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		194		3,726
The Andersons, Inc. (Consumer Staples Distribution & Retail)		59		3,110
The Buckle, Inc. (Specialty Retail)		44		1,636
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		99		3,403
The Chefs’ Warehouse, Inc.* (Consumer Staples Distribution & Retail)		139		4,423
The E.W. Scripps Co.* — Class A (Media)		232		1,849
The GEO Group, Inc.* (Commercial Services & Supplies)		480		5,338
The Greenbrier Cos., Inc. (Machinery)		122		5,546
The Hain Celestial Group, Inc.* (Food Products)		353		3,781
The Macerich Co. (Retail REITs)		847		13,375
The Marcus Corp. (Entertainment)		46		625
The ODP Corp.* (Specialty Retail)		131		6,699
The Simply Good Foods Co.* (Food Products)		132		4,990
Thryv Holdings, Inc.* (Media)		122		2,494
TimkenSteel Corp.* (Metals & Mining)		65		1,336
Titan International, Inc.* (Machinery)		199		2,937
Tompkins Financial Corp. (Banks)		49		2,420
Tootsie Roll Industries, Inc. (Food Products)		26		847
Topgolf Callaway Brands Corp.* (Leisure Products)		559		7,362
TreeHouse Foods, Inc.* (Food Products)		198		8,335
Tri Pointe Homes, Inc.* (Household Durables)		149		5,145
Trinity Industries, Inc. (Machinery)		161		4,048
Triumph Group, Inc.* (Aerospace & Defense)		302		4,892
TrueBlue, Inc.* (Professional Services)		122		1,681
Trupanion, Inc.*^(a) (Insurance)		73		1,986
TrustCo Bank Corp. (Banks)		75		2,168
Trustmark Corp. (Banks)		240		6,478
TTEC Holdings, Inc. (Professional Services)		75		1,529
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		402		5,592
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		27		2,491
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		303		3,248
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		176		6,723

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Small-Cap Value ProFund :: 123

Common Stocks, continued

	Shares		Value
UniFirst Corp. (Commercial Services & Supplies)		35	$	5,930
United Community Banks, Inc. (Banks)		468		12,794
United Fire Group, Inc. (Insurance)		83		1,860
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)		234		3,489
Uniti Group, Inc. (Specialized REITs)		451		2,372
Unitil Corp. (Multi-Utilities)		35		1,663
Universal Corp. (Tobacco)		97		5,621
Universal Health Realty Income Trust (Health Care REITs)		26		1,035
Upbound Group, Inc. (Specialty Retail)		77		2,556
Urban Edge Properties (Retail REITs)		190		3,281
USANA Health Sciences, Inc.* (Personal Care Products)		44		2,060
Varex Imaging Corp.* (Health Care Equipment & Supplies)		159		3,064
Vector Group, Ltd. (Tobacco)		287		3,005
Veradigm, Inc.* (Health Care Technology)		430		3,927
Veris Residential, Inc. (Residential REITs)		189		2,882
Veritex Holdings, Inc. (Banks)		214		4,496
Vestis Corp. (Commercial Services & Supplies)		242		5,179
Viasat, Inc.* (Communications Equipment)		294		6,536
Viavi Solutions, Inc.* (Communications Equipment)		875		8,601
Vicor Corp.* (Electrical Equipment)		42		1,582
Victoria’s Secret & Co.* (Specialty Retail)		304		7,919
Vir Biotechnology, Inc.* (Biotechnology)		339		3,187
Virtus Investment Partners, Inc. (Capital Markets)		10		2,361
Vista Outdoor, Inc.* (Leisure Products)		228		6,400
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		51		2,235
Wabash National Corp. (Machinery)		181		4,579
WaFd, Inc. (Banks)		255		7,405
Walker & Dunlop, Inc. (Financial Services)		75		7,244
Westamerica Bancorp (Banks)		41		1,957
Whitestone REIT (Retail REITs)		94		1,214
Winnebago Industries, Inc. (Automobiles)		52		3,417
WK Kellogg Co. (Food Products)		259		3,364
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		313		2,617
World Kinect Corp. (Oil, Gas & Consumable Fuels)		237		5,349
Worthington Enterprises, Inc. (Household Durables)		37		2,110
Worthington Steel, Inc.* (Metals & Mining)		37		1,108
WSFS Financial Corp. (Banks)		131		5,831
Xencor, Inc.* (Biotechnology)		115		2,151
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		171		2,279
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		445		8,215
Xperi, Inc.* (Software)		85		908
TOTAL COMMON STOCKS (Cost $1,744,027)				2,135,751

Collateral for Securities Loaned^(b) (1.3%)

Invesco Government & Agency Portfolio — Institutional Shares, 5.24%^(c)		27,806		27,806
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $27,806)				27,806
TOTAL INVESTMENT SECURITIES (Cost $1,771,833) — 100.5%				2,163,557
Net other assets (liabilities) — (0.5)%				(11,805	)
NET ASSETS — 100.0%			$	2,151,752

*	Non-income producing security.

^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $25,532.

^(b)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.

^(c)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

124 :: Small-Cap Value ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Small-Cap Value ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	19,174		0.9	%
Air Freight & Logistics		15,571		0.7	%
Automobile Components		29,416		1.4	%
Automobiles		3,417		0.2	%
Banks		302,189		14.0	%
Beverages		4,105		0.2	%
Biotechnology		38,398		1.8	%
Broadline Retail		11,206		0.5	%
Building Products		33,196		1.5	%
Capital Markets		32,370		1.5	%
Chemicals		55,714		2.6	%
Commercial Services & Supplies		69,130		3.2	%
Communications Equipment		31,445		1.5	%
Construction & Engineering		22,864		1.1	%
Consumer Finance		30,661		1.4	%
Consumer Staples Distribution & Retail		21,522		1.0	%
Containers & Packaging		22,051		1.0	%
Diversified Consumer Services		8,462		0.4	%
Diversified REITs		24,881		1.2	%
Diversified Telecommunication Services		13,972		0.7	%
Electrical Equipment		2,606		0.1	%
Electronic Equipment, Instruments & Components		68,938		3.2	%
Energy Equipment & Services		30,174		1.4	%
Entertainment		625		^NM
Financial Services		58,805		2.7	%
Food Products		31,318		1.5	%
Gas Utilities		10,105		0.5	%
Ground Transportation		8,427		0.4	%
Health Care Equipment & Supplies		37,248		1.7	%
Health Care Providers & Services		65,182		3.0	%
Health Care REITs		9,088		0.4	%
Health Care Technology		11,456		0.5	%
Hotel & Resort REITs		17,891		0.8	%
Hotels, Restaurants & Leisure		33,986		1.6	%
Household Durables		55,982		2.6	%
Household Products		12,840		0.6	%
Independent Power and Renewable Electricity Producers		10,908		0.5	%
Industrial REITs		15,124		0.7	%
Insurance		75,335		3.5	%
Interactive Media & Services		4,745		0.2	%
IT Services		20,223		0.9	%
Leisure Products		16,818		0.8	%
Life Sciences Tools & Services		16,509		0.8	%
Machinery		73,557		3.4	%
Media		17,747		0.8	%
Metals & Mining		17,747		0.8	%
Mortgage REITs		54,620		2.5	%
Multi-Utilities		12,002		0.6	%
Office REITs		47,177		2.2	%
Oil, Gas & Consumable Fuels		29,000		1.4	%
Paper & Forest Products		10,060		0.5	%
Passenger Airlines		34,730		1.6	%
Personal Care Products		15,421		0.7	%
Pharmaceuticals		44,775		2.1	%
Professional Services		24,226		1.1	%
Real Estate Management & Development		17,016		0.8	%
Residential REITs		13,858		0.6	%
Retail REITs		47,968		2.2	%
Semiconductors & Semiconductor Equipment		48,291		2.3	%
Software		32,117		1.5	%
Specialized REITs		14,836		0.7	%
Specialty Retail		109,300		5.1	%
Technology Hardware, Storage & Peripherals		10,379		0.5	%
Textiles, Apparel & Luxury Goods		15,338		0.7	%
Tobacco		8,626		0.4	%
Trading Companies & Distributors		10,788		0.5	%
Water Utilities		17,227		0.8	%
Wireless Telecommunication Services		4,868		0.2	%
Other**		16,001		0.8	%
Total	$	2,151,752		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%.

^REIT

Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: Technology UltraSector ProFund :: 125

Common Stocks (77.8%)

	Shares		Value
Accenture PLC—Class A (IT Services)		3,428	$	1,247,380
Adobe, Inc.* (Software)		2,487		1,536,419
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		8,825		1,479,864
Akamai Technologies, Inc.* (IT Services)		822		101,295
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		3,268		330,396
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,722		523,604
ANSYS, Inc.* (Software)		475		155,719
Apple, Inc. (Technology Hardware, Storage & Peripherals)		57,106		10,530,347
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		4,569		750,687
Arista Networks, Inc.* (Communications Equipment)		1,377		356,202
Autodesk, Inc.* (Software)		1,168		296,450
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,315		2,731,700
Cadence Design Systems, Inc.* (Software)		1,486		428,652
CDW Corp. (Electronic Equipment, Instruments & Components)		731		165,732
Cisco Systems, Inc. (Communications Equipment)		22,125		1,110,233
Cognizant Technology Solutions Corp.— Class A (IT Services)		2,738		211,155
Corning, Inc. (Electronic Equipment, Instruments & Components)		4,193		136,231
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		745		77,577
EPAM Systems, Inc.* (IT Services)		316		87,883
F5, Inc.* (Communications Equipment)		326		59,886
Fair Isaac Corp.* (Software)		135		161,842
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		584		85,439
Fortinet, Inc.* (Software)		3,481		224,490
Gartner, Inc.* (IT Services)		427		195,327
Gen Digital, Inc. (Software)		3,078		72,271
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		7,007		107,137
HP, Inc. (Technology Hardware, Storage & Peripherals)		4,748		136,315
Intel Corp. (Semiconductors & Semiconductor Equipment)		23,029		992,089
International Business Machines Corp. (IT Services)		4,988		916,096
Intuit, Inc. (Software)		1,531		966,566
Jabil, Inc. (Electronic Equipment, Instruments & Components)		698		87,452
Juniper Networks, Inc. (Communications Equipment)		1,741		64,347
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		970		148,662
KLA Corp. (Semiconductors & Semiconductor Equipment)		744		441,966
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		719		593,297
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		2,955		251,707
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		5,996		514,157
Microsoft Corp. (Software)		29,864		11,873,329
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		263		158,515
Motorola Solutions, Inc. (Communications Equipment)		906		289,467
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		1,138		99,234
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		4,604		2,832,702
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,408		296,483
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,351		167,227
Oracle Corp. (Software)		8,677		969,221
Palo Alto Networks, Inc.* (Software)		1,698		574,790
PTC, Inc.* (Software)		649		117,242
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		532		53,062
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		6,078		902,644
Roper Technologies, Inc. (Software)		584		313,608
Salesforce, Inc.* (Software)		5,315		1,493,993
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		1,061		90,906
ServiceNow, Inc.* (Software)		1,119		856,483
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		870		90,880
Synopsys, Inc.* (Software)		830		442,681
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		1,697		241,296
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		258		107,965
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		835		80,653
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		4,961		794,355
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		1,357		69,017
Tyler Technologies, Inc.* (Software)		232		98,078
VeriSign, Inc.* (IT Services)		485		96,457
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		1,769		101,275
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		280		67,074
TOTAL COMMON STOCKS (Cost $19,266,503)				51,555,209

See accompanying notes to the financial statements.

126 :: Technology UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (24.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $16,469,363	$	16,467,000	$	16,467,000
TOTAL REPURCHASE AGREEMENTS (Cost $16,467,000)				16,467,000
TOTAL INVESTMENT SECURITIES (Cost $35,733,503)—102.7%				68,022,209
Net other assets (liabilities)—(2.7)%				(1,776,533	)
NET ASSETS—100.0%			$	66,245,676

*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $9,325,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Technology Select Sector Index	Goldman Sachs International	2/23/24		5.93	%	$	25,550,236	$	(539,136	)
S&P Technology Select Sector Index	UBS AG	2/23/24		5.78	%		22,383,592		(499,351	)
						$	47,933,828	$	(1,038,487	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Technology UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Communications Equipment	$	1,880,135		2.8	%
Electronic Equipment, Instruments & Components		1,353,825		2.0	%
IT Services		2,855,593		4.3	%
Semiconductors & Semiconductor Equipment		13,818,608		20.9	%
Software		20,581,834		31.1	%
Technology Hardware, Storage & Peripherals		11,065,214		16.7	%
Other**		14,690,467		22.2	%
Total	$	66,245,676		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraBear ProFund :: 127

Repurchase Agreements^(a)(b) (80.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $6,758,970	$	6,758,000	$	6,758,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,758,000)				6,758,000
TOTAL INVESTMENT SECURITIES (Cost $6,758,000)—80.3%				6,758,000
Net other assets (liabilities)—19.7%				1,662,396
NET ASSETS—100.0%			$	8,420,396

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $2,008,000.

Futures Contracts Sold

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		3		3/18/24		$	(730,575	)		$	(36,794	)

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	2/27/24		(5.68	)%	$	(9,545,931	)	$	105,417
S&P 500	UBS AG	2/27/24		(5.48	)%		(6,502,862	)		111,698
						$	(16,048,793	)	$	217,115

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

128 :: UltraBull ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (66.2%)

	Percentage of Net Assets			Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		0.3	%		3,373	$	381,656
AbbVie, Inc. (Biotechnology)		0.5	%		3,430		563,893
Accenture PLC—Class A (IT Services)		0.4	%		1,219		443,571
Adobe, Inc.* (Software)*		0.5	%		884		546,118
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)*		0.4	%		3,139		526,379
Alphabet, Inc.—Class A* (Interactive Media & Services)*		1.3	%		11,497		1,610,730
Alphabet, Inc.—Class C* (Interactive Media & Services)*		1.1	%		9,675		1,371,915
Amazon.com, Inc.* (Broadline Retail)*		2.3	%		17,667		2,741,918
Amgen, Inc. (Biotechnology)		0.3	%		1,040		326,831
Apple, Inc. (Technology Hardware, Storage & Peripherals)		4.4	%		28,400		5,236,961
Bank of America Corp. (Banks)		0.4	%		13,379		455,020
Berkshire Hathaway, Inc.— Class B* (Financial Services)*		1.1	%		3,535		1,356,520
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		0.8	%		853		1,006,540
Chevron Corp. (Oil, Gas & Consumable Fuels)		0.4	%		3,410		502,736
Cisco Systems, Inc. (Communications Equipment)		0.3	%		7,871		394,966
Comcast Corp.—Class A (Media)		0.3	%		7,804		363,198
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		0.5	%		859		596,902
Danaher Corp. (Life Sciences Tools & Services)		0.3	%		1,277		306,365
Eli Lilly & Co. (Pharmaceuticals)		0.8	%		1,550		1,000,695
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		0.7	%		7,780		799,861
Intel Corp. (Semiconductors & Semiconductor Equipment)		0.3	%		8,190		352,825
International Business Machines Corp. (IT Services)		0.3	%		1,774		325,813
Intuit, Inc. (Software)		0.3	%		544		343,444
Johnson & Johnson (Pharmaceuticals)		0.6	%		4,677		743,175
JPMorgan Chase & Co. (Banks)		0.8	%		5,617		979,380
Linde PLC (Chemicals)		0.3	%		943		381,754
Mastercard, Inc.—Class A (Financial Services)		0.6	%		1,609		722,811
McDonald’s Corp. (Hotels, Restaurants & Leisure)		0.3	%		1,408		412,149
Merck & Co., Inc. (Pharmaceuticals)		0.5	%		4,923		594,600
Meta Platforms, Inc.— Class A* (Interactive Media & Services)*		1.4	%		4,312		1,682,283
Microsoft Corp. (Software)		4.8	%		14,440		5,741,054
Netflix, Inc.* (Entertainment)*		0.4	%		851		480,057
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2.5	%		4,799		2,952,680
Oracle Corp. (Software)		0.3	%		3,086		344,706
PepsiCo, Inc. (Beverages)		0.4	%		2,671		450,144
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		0.3	%		2,162		321,079
Salesforce, Inc.* (Software)*		0.4	%		1,890		531,260
ServiceNow, Inc.* (Software)*		0.3	%		399		305,395
Tesla, Inc.* (Automobiles)*		0.8	%		5,372		1,006,122
The Coca-Cola Co. (Beverages)		0.4	%		7,559		449,685
The Home Depot, Inc. (Specialty Retail)		0.6	%		1,942		685,448
The Procter & Gamble Co. (Household Products)		0.6	%		4,579		719,544
The Walt Disney Co. (Entertainment)		0.3	%		3,556		341,554
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		0.3	%		751		404,774
UnitedHealth Group, Inc. (Health Care Providers & Services)		0.8	%		1,796		919,084
Verizon Communications, Inc. (Diversified Telecommunication Services)		0.3	%		8,171		346,042
Visa, Inc.—Class A (Financial Services)		0.7	%		3,097		846,286
Walmart, Inc. (Consumer Staples Distribution & Retail)		0.4	%		2,772		458,073
Wells Fargo & Co. (Banks)		0.3	%		7,058		354,170
Other Common Stocks		28.8	%		381,086		34,304,212
TOTAL COMMON STOCKS (Cost $23,796,845)							79,032,378

Repurchase Agreements^(a)(b) (35.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $42,730,132	$	42,724,000	$	42,724,000
TOTAL REPURCHASE AGREEMENTS (Cost $42,724,000)				42,724,000
TOTAL INVESTMENT SECURITIES (Cost $66,520,845)—102.0%				121,756,378
Net other assets (liabilities)—(2.0)%				(2,343,688	)
NET ASSETS—100.0%			$	119,412,690

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Summary Schedule of Portfolio Investments :: UltraBull ProFund :: 129

*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $19,571,000.
^REIT	Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	40	3/18/24	$	9,741,000	$	410,464

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	2/27/24		5.93	%	$	59,330,138	$	(1,050,405	)
SPDR S&P 500 ETF	Goldman Sachs International	2/27/24		5.84	%		34,194,216		(641,504	)
						$	93,524,354	$	(1,691,909	)

S&P 500	UBS AG	2/27/24		5.83	%	$	48,389,145	$	(832,122	)
SPDR S&P 500 ETF	UBS AG	2/27/24		5.43	%		8,437,963		(149,195	)
						$	56,827,108	$	(981,317	)
						$	150,351,462	$	(2,673,226	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

130 :: UltraBull ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

UltraBull ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	1,234,072		1.0	%
Air Freight & Logistics		362,522		0.3	%
Automobile Components		60,312		0.1	%
Automobiles		1,199,073		1.0	%
Banks		2,577,856		2.2	%
Beverages		1,159,344		1.0	%
Biotechnology		1,648,112		1.4	%
Broadline Retail		2,798,908		2.3	%
Building Products		381,384		0.3	%
Capital Markets		2,280,778		1.9	%
Chemicals		1,203,716		1.0	%
Commercial Services & Supplies		441,304		0.4	%
Communications Equipment		669,070		0.6	%
Construction & Engineering		54,722		0.1	%
Construction Materials		119,321		0.1	%
Consumer Finance		407,215		0.3	%
Consumer Staples Distribution & Retail		1,459,247		1.2	%
Containers & Packaging		165,069		0.1	%
Distributors		90,673		0.1	%
Diversified Telecommunication Services		591,827		0.5	%
Electric Utilities		1,169,718		1.0	%
Electrical Equipment		469,664		0.4	%
Electronic Equipment, Instruments & Components		481,305		0.4	%
Energy Equipment & Services		253,061		0.2	%
Entertainment		1,005,492		0.8	%
Financial Services		3,422,919		2.9	%
Food Products		678,173		0.6	%
Gas Utilities		33,043		^NM
Ground Transportation		890,321		0.8	%
Health Care Equipment & Supplies		2,080,384		1.7	%
Health Care Providers & Services		2,197,285		1.8	%
Health Care REITs		149,043		0.1	%
Hotel & Resort REITs		26,408		^NM
Hotels, Restaurants & Leisure		1,688,636		1.4	%
Household Durables		293,452		0.3	%
Household Products		1,016,636		0.9	%
Independent Power and Renewable Electricity Producers		21,767		^NM
Industrial Conglomerates		640,066		0.5	%
Industrial REITs		227,409		0.2	%
Insurance		1,699,705		1.4	%
Interactive Media & Services		4,685,346		3.9	%
IT Services		1,016,224		0.9	%
Leisure Products		12,482		^NM
Life Sciences Tools & Services		1,125,072		0.9	%
Machinery		1,389,400		1.2	%
Media		557,007		0.5	%
Metals & Mining		313,104		0.3	%
Multi-Utilities		494,305		0.4	%
Office REITs		55,440		0.1	%
Oil, Gas & Consumable Fuels		2,755,558		2.3	%
Passenger Airlines		128,276		0.1	%
Personal Care Products		129,247		0.1	%
Pharmaceuticals		3,042,148		2.6	%
Professional Services		563,418		0.5	%
Real Estate Management & Development		117,295		0.1	%
Residential REITs		225,156		0.2	%
Retail REITs		235,761		0.2	%
Semiconductors & Semiconductor Equipment		6,894,710		5.8	%
Software		8,838,265		7.4	%
Specialized REITs		841,587		0.7	%
Specialty Retail		1,600,830		1.3	%
Technology Hardware, Storage & Peripherals		5,427,602		4.5	%
Textiles, Apparel & Luxury Goods		381,635		0.3	%
Tobacco		412,067		0.3	%
Trading Companies & Distributors		235,381		0.2	%
Water Utilities		46,755		^NM
Wireless Telecommunication Services		159,295		0.1	%
Other**		40,380,312		33.8	%
Total	$	119,412,690		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%.
^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraChina ProFund :: 131

Common Stocks (81.2%)

	Shares		Value
Alibaba Group Holding, Ltd.^ADR (Broadline Retail)		52,501	$	3,788,996
Autohome, Inc.^ADR (Interactive Media & Services)		4,698		118,390
Baidu, Inc.*^ADR (Interactive Media & Services)		7,449		784,453
BeiGene, Ltd.*^ADR (Biotechnology)		4,498		666,739
Bilibili, Inc.*^ADR(a) (Entertainment)		18,402		166,906
Dada Nexus, Ltd.*^ADR (Consumer Staples Distribution & Retail)		5,772		10,909
Daqo New Energy Corp.*^ADR (Semiconductors & Semiconductor Equipment)		1,467		26,479
EHang Holdings, Ltd.*^ADR(a) (Aerospace & Defense)		3,160		32,106
FinVolution Group^ADR (Consumer Finance)		15,234		73,276
Full Truck Alliance Co., Ltd.*^ADR (Ground Transportation)		53,981		339,001
GDS Holdings, Ltd.*^ADR (IT Services)		12,257		66,433
H World Group, Ltd.^ADR (Hotels, Restaurants & Leisure)		10,696		339,812
Hello Group, Inc.^ADR (Interactive Media & Services)		4,823		28,311
iQIYI, Inc.*^ADR (Entertainment)		35,813		119,974
JD.com, Inc.^ADR (Broadline Retail)		31,749		715,940
JinkoSolar Holding Co., Ltd.^ADR (Semiconductors & Semiconductor Equipment)		1,922		50,414
JOYY, Inc.^ADR (Interactive Media & Services)		3,959		121,383
KE Holdings, Inc.^ADR (Real Estate Management & Development)		54,839		777,069
Kingsoft Cloud Holdings, Ltd.*^ADR (IT Services)		7,209		18,743
MINISO Group Holding, Ltd.^ADR (Broadline Retail)		6,983		118,432
NetEase, Inc.^ADR (Entertainment)		9,292		907,270
New Oriental Education & Technology Group, Inc.*^ADR (Diversified Consumer Services)		10,819		829,385
NIO, Inc.*^ADR(a) (Automobiles)		108,971		612,417
PDD Holdings, Inc.*^ADR (Broadline Retail)		26,332		3,340,741
Qifu Technology, Inc.^ADR (Consumer Finance)		10,249		147,073
TAL Education Group*^ADR (Diversified Consumer Services)		37,983		404,139
Tencent Music Entertainment Group*^ADR (Entertainment)		69,914		657,192
Trip.com Group, Ltd.*^ADR (Hotels, Restaurants & Leisure)		25,779		942,480
Up Fintech Holding, Ltd.*^ADR (Capital Markets)		6,420		23,947
Vipshop Holdings, Ltd.*^ADR (Broadline Retail)		26,620		422,992
Vnet Group, Inc.*^ADR (IT Services)		6,463		10,987
Weibo Corp.^ADR (Interactive Media & Services)		5,545		44,915
Zai Lab, Ltd.*^ADR (Biotechnology)		3,511		75,732
ZTO Express Cayman, Inc.^ADR (Air Freight & Logistics)		34,290		560,984
TOTAL COMMON STOCKS (Cost $13,511,564)				17,344,020

Repurchase Agreements^(b)(c) (22.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $4,786,687	$	4,786,000	$	4,786,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,786,000)				4,786,000

Collateral for Securities Loaned^(d) (3.8%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		811,040	$	811,040
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $811,040)				811,040
TOTAL INVESTMENT SECURITIES (Cost $19,108,604)—107.4%				22,941,060
Net other assets (liabilities)—(7.4)%				(1,575,244	)
NET ASSETS—100.0%			$	21,365,816

*	Non-income producing security.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $766,394.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,375,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
^ADR	American Depositary Receipt

See accompanying notes to the financial statements.

132 :: UltraChina ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P China Select ADR Index (USD)	Goldman Sachs International	2/27/24		5.93	%	$	5,469,494	$	(138,221	)
S&P China Select ADR Index (USD)	UBS AG	2/27/24		5.58	%		19,889,627		(498,942	)
						$	25,359,121	$	(637,163	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

UltraChina ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	32,106		0.1	%
Air Freight & Logistics		560,984		2.6	%
Automobiles		612,417		2.9	%
Biotechnology		742,471		3.5	%
Broadline Retail		8,387,101		39.3	%
Capital Markets		23,947		0.1	%
Consumer Finance		220,349		1.0	%
Consumer Staples Distribution & Retail		10,909		0.1	%
Diversified Consumer Services		1,233,524		5.8	%
Entertainment		1,851,342		8.7	%
Ground Transportation		339,001		1.6	%
Hotels, Restaurants & Leisure		1,282,292		6.0	%
Interactive Media & Services		1,097,452		5.1	%
IT Services		96,163		0.4	%
Real Estate Management & Development		777,069		3.6	%
Semiconductors & Semiconductor Equipment		76,893		0.4	%
Other**		4,021,796		18.8	%
Total	$	21,365,816		100.0	%

UltraChina ProFund invested in securities with exposure to the following countries as of January 31, 2024:

	Value		% of Net Assets
China	$	14,003,279		65.6	%
Ireland		3,340,741		15.6	%
Other**		4,021,796		18.8	%
Total	$	21,365,816		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraDow 30 ProFund :: 133

Common Stocks (72.7%)

	Shares		Value
3M Co. (Industrial Conglomerates)		4,135	$	390,137
American Express Co. (Consumer Finance)		4,135		830,060
Amgen, Inc. (Biotechnology)		4,134		1,299,151
Apple, Inc. (Technology Hardware, Storage & Peripherals)		4,135		762,494
Caterpillar, Inc. (Machinery)		4,134		1,241,482
Chevron Corp. (Oil, Gas & Consumable Fuels)		4,135		609,623
Cisco Systems, Inc. (Communications Equipment)		4,136		207,544
Dow, Inc. (Chemicals)		4,136		221,690
Honeywell International, Inc. (Industrial Conglomerates)		4,135		836,345
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,137		178,222
International Business Machines Corp. (IT Services)		4,135		759,434
Johnson & Johnson (Pharmaceuticals)		4,135		657,052
JPMorgan Chase & Co. (Banks)		4,135		720,979
McDonald’s Corp. (Hotels, Restaurants & Leisure)		4,134		1,210,104
Merck & Co., Inc. (Pharmaceuticals)		4,135		499,425
Microsoft Corp. (Software)		4,134		1,643,596
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		4,136		419,928
Salesforce, Inc.* (Software)		4,134		1,162,026
The Boeing Co.* (Aerospace & Defense)		4,135		872,650
The Coca-Cola Co. (Beverages)		4,136		246,051
The Goldman Sachs Group, Inc. (Capital Markets)		4,134		1,587,496
The Home Depot, Inc. (Specialty Retail)		4,134		1,459,137
The Procter & Gamble Co. (Household Products)		4,135		649,774
The Travelers Cos., Inc. (Insurance)		4,135		873,974
The Walt Disney Co. (Entertainment)		4,136		397,263
UnitedHealth Group, Inc. (Health Care Providers & Services)		4,134		2,115,533
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,137		175,202
Visa, Inc.—Class A (Financial Services)		4,134		1,129,657
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		4,138		93,395
Walmart, Inc. (Consumer Staples Distribution & Retail)		4,135		683,308
TOTAL COMMON STOCKS (Cost $7,737,980)				23,932,732

Repurchase Agreements^(a)(b) (27.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $8,980,289	$	8,979,000	$	8,979,000
TOTAL REPURCHASE AGREEMENTS (Cost $8,979,000)				8,979,000
TOTAL INVESTMENT SECURITIES (Cost $16,716,980)—100.0%				32,911,732
Net other assets (liabilities)—^NM				(14,828	)
NET ASSETS—100.0%			$	32,896,904

*	Non-income producing security.

^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $5,060,000.

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

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Dow Jones Futures Contracts	17	3/18/24	$	3,253,800	$	147,609

See accompanying notes to the financial statements.

134 :: UltraDow 30 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

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	2/27/24		5.93	%	$	16,140,312	$	(86,304	)
SPDR Dow Jones Industrial Average ETF	Goldman Sachs International	2/27/24		5.77	%		6,238,617		(33,737	)
						$	22,378,929	$	(120,041	)

Dow Jones Industrial Average	UBS AG	2/27/24		5.48	%	$	12,775,849	$	(65,242	)
SPDR Dow Jones Industrial Average ETF	UBS AG	2/27/24		5.63	%		3,644,993		(19,683	)
						$	16,420,842	$	(84,925	)
						$	38,799,771	$	(204,966	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

UltraDow 30 ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	872,650		2.7	%
Banks		720,979		2.2	%
Beverages		246,051		0.7	%
Biotechnology		1,299,151		4.0	%
Capital Markets		1,587,497		4.8	%
Chemicals		221,690		0.7	%
Communications Equipment		207,544		0.6	%
Consumer Finance		830,060		2.5	%
Consumer Staples Distribution & Retail		776,703		2.4	%
Diversified Telecommunication Services		175,202		0.5	%
Entertainment		397,263		1.2	%
Financial Services		1,129,657		3.4	%
Health Care Providers & Services		2,115,533		6.4	%
Hotels, Restaurants & Leisure		1,210,104		3.7	%
Household Products		649,774		2.0	%
Industrial Conglomerates		1,226,482		3.7	%
Insurance		873,974		2.7	%
IT Services		759,434		2.3	%
Machinery		1,241,481		3.8	%
Oil, Gas & Consumable Fuels		609,623		1.9	%
Pharmaceuticals		1,156,477		3.5	%
Semiconductors & Semiconductor Equipment		178,222		0.5	%
Software		2,805,622		8.5	%
Specialty Retail		1,459,137		4.4	%
Technology Hardware, Storage & Peripherals		762,494		2.3	%
Textiles, Apparel & Luxury Goods		419,928		1.3	%
Other**		8,964,172		27.3	%
Total	$	32,896,904		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraEmerging Markets ProFund :: 135

Common Stocks (81.5%)

	Shares		Value
Alibaba Group Holding, Ltd.^ADR (Broadline Retail)		6,125	$	442,040
Ambev S.A.^ADR (Beverages)		14,827		38,847
America Movil S.A.B. de C.V.^ADR (Wireless Telecommunication Services)		3,478		62,778
ASE Technology Holding Co., Ltd.^ADR(Semiconductors & Semiconductor Equipment)		5,742		53,343
Baidu, Inc.*^ADR (Interactive Media & Services)		954		100,466
Banco Bradesco S.A.^ADR (Banks)		17,855		55,351
Banco de Chile^ADR (Banks)		730		16,221
BeiGene, Ltd.*^ADR (Biotechnology)		205		30,387
Cemex S.A.B. de C.V.*^ADR (Construction Materials)		5,088		42,129
Centrais Eletricas Brasileiras S.A.^ADR(a) (Electric Utilities)		3,475		28,704
Chunghwa Telecom Co., Ltd.^ADR (Diversified Telecommunication Services)		1,278		48,027
Cia de Saneamento Basico do Estado de Sao Paulo SABESP^ADR (Water Utilities)		1,149		18,304
Coca-Cola Femsa S.A.B. de C.V.^ADR (Beverages)		177		16,804
Cosan S.A.^ADR (Oil, Gas & Consumable Fuels)		976		14,425
Dr. Reddy’s Laboratories, Ltd.^ADR(Pharmaceuticals)		409		29,428
Fomento Economico Mexicano S.A.B. de C.V.^ADR (Beverages)		617		83,629
Full Truck Alliance Co., Ltd.*^ADR (Ground Transportation)		2,246		14,105
Gerdau S.A.^ADR (Metals & Mining)		3,887		16,442
Gold Fields, Ltd.^ADR (Metals & Mining)		3,003		44,444
Grupo Aeroportuario del Pacifico S.A.B. de C.V.^ADR(a) (Transportation Infrastructure)		132		20,577
H World Group, Ltd.^ADR (Hotels, Restaurants & Leisure)		472		14,995
HDFC Bank, Ltd.^ADR (Banks)		6,174		342,595
ICICI Bank, Ltd.^ADR (Banks)		8,616		210,230
Infosys, Ltd.^ADR(a) (IT Services)		11,687		232,104
Itau Unibanco Holding S.A.^ADR (Banks)		16,288		107,500
JD.com, Inc.^ADR (Broadline Retail)		4,131		93,154
KB Financial Group, Inc.^ADR (Banks)		1,261		53,302
KE Holdings, Inc.^ADR (Real Estate Management & Development)		2,263		32,067
NetEase, Inc.^ADR (Entertainment)		1,171		114,337
New Oriental Education & Technology Group, Inc.*^ADR (Diversified Consumer Services)		503		38,560
NIO, Inc.*^ADR(a) (Automobiles)		4,699		26,408
PDD Holdings, Inc.*^ADR (Broadline Retail)		2,278		289,010
Petroleo Brasileiro S.A.^ADR (Oil, Gas & Consumable Fuels)		6,254		106,756
POSCO Holdings, Inc.^ADR (Metals & Mining)		1,001		78,078
PT Telekomunikasi Indonesia Tbk^ADR(Diversified Telecommunication Services)		1,598		40,206
Sasol, Ltd.^ADR (Chemicals)		1,940		16,587
Shinhan Financial Group Co., Ltd.^ADR (Banks)		1,646		50,516
Sociedad Quimica y Minera de Chile S.A.^ADR(Electrical Equipment)		480		20,193
Suzano S.A.^ADR (Paper & Forest Products)		2,492		25,917
Taiwan Semiconductor Manufacturing Co., Ltd.^ADR (Semiconductors & Semiconductor Equipment)		9,391		1,060,807
TAL Education Group*^ADR (Diversified Consumer Services)		1,551		16,503
Tencent Music Entertainment Group*^ADR(Entertainment)		2,168		20,379
Trip.com Group, Ltd.*^ADR (Hotels, Restaurants & Leisure)		1,868		68,295
United Microelectronics Corp.^ADR(a)(Semiconductors & Semiconductor Equipment)		7,817		60,269
Vale S.A.^ADR (Metals & Mining)		12,205		167,085
Vipshop Holdings, Ltd.*^ADR (Broadline Retail)		946		15,032
Wipro, Ltd.^ADR (IT Services)		4,739		26,823
Woori Financial Group, Inc.^ADR (Banks)		750		23,258
ZTO Express Cayman, Inc.^ADR (Air Freight & Logistics)		1,433		23,444
TOTAL COMMON STOCKS (Cost $2,101,897)				4,550,861

Preferred Stock (2.3%)

Petroleo Brasileiro S.A.^ADR (Oil, Gas & Consumable Fuels)			7,720				126,608
TOTAL PREFERRED STOCK (Cost $13,895)							126,608

Repurchase Agreements^(b)(c) (17.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $951,136	$	951,000	$	951,000
TOTAL REPURCHASE AGREEMENTS (Cost $951,000)				951,000

Collateral for Securities Loaned^(d) (6.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		356,385	$	356,385
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $356,385)				356,385
TOTAL INVESTMENT SECURITIES (Cost $3,423,177)—107.2%				5,984,854
Net other assets (liabilities)—(7.2)%				(401,673	)
NET ASSETS—100.0%			$	5,583,181

*	Non-income producing security.

^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $344,140.

^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $228,000.

^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.

^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

^ADR	American Depositary Receipt

See accompanying notes to the financial statements.

136 :: UltraEmerging Markets ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Emerging 50 ADR Index (USD)	Goldman Sachs International	2/27/24		5.93	%	$	3,073,885	$	(55,923	)
S&P Emerging 50 ADR Index (USD)	UBS AG	2/27/24		5.83	%		3,440,367		(63,132	)
						$	6,514,252	$	(119,055	)

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

UltraEmerging Markets ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Air Freight & Logistics	$	23,444		0.4	%
Automobiles		26,408		0.5	%
Banks		858,973		15.4	%
Beverages		139,279		2.5	%
Biotechnology		30,387		0.5	%
Broadline Retail		839,237		15.0	%
Chemicals		16,587		0.3	%
Construction Materials		42,129		0.8	%
Diversified Consumer Services		55,063		1.0	%
Diversified Telecommunication Services		88,233		1.6	%
Electric Utilities		28,703		0.5	%
Electrical Equipment		20,194		0.4	%
Entertainment		134,716		2.4	%
Ground Transportation		14,105		0.3	%
Hotels, Restaurants & Leisure		83,289		1.5	%
Interactive Media & Services		100,466		1.8	%
IT Services		258,926		4.6	%
Metals & Mining		306,051		5.5	%
Oil, Gas & Consumable Fuels		247,789		4.4	%
Paper & Forest Products		25,917		0.5	%
Pharmaceuticals		29,427		0.5	%
Real Estate Management & Development		32,067		0.6	%
Semiconductors & Semiconductor Equipment		1,174,420		21.0	%
Transportation Infrastructure		20,577		0.4	%
Water Utilities		18,304		0.3	%
Wireless Telecommunication Services		62,778		1.1	%
Other**		905,712		16.2	%
Total	$	5,583,181		100.0	%

UltraEmerging Markets ProFund invested in securities with exposure to the following countries as of January 31, 2024:

	Value		% of Net Assets
Brazil	$	705,939		12.6	%
Chile		36,414		0.7	%
China		1,050,172		18.8	%
India		841,180		15.1	%
Indonesia		40,206		0.7	%
Ireland		289,010		5.2	%
Mexico		225,917		4.0	%
South Africa		61,031		1.1	%
South Korea		205,154		3.7	%
Taiwan		1,222,446		21.9	%
Other**		905,712		16.2	%
Total	$	5,583,181		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraInternational ProFund :: 137

Repurchase Agreements^(a)(b) (113.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $3,664,526	$	3,664,000	$	3,664,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,664,000)				3,664,000
TOTAL INVESTMENT SECURITIES (Cost $3,664,000)—113.8%				3,664,000
Net other assets (liabilities)—(13.8)%				(444,691	)
NET ASSETS—100.0%			$	3,219,309

	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $168,000.

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	2/27/24		5.83	%	$	3,220,461	$	(23,336	)
MSCI EAFE Index	UBS AG	2/27/24		6.13	%		3,218,424		(25,848	)
						$	6,438,885	$	(49,184	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

138 :: UltraJapan ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a) (90.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $21,473,081	$	21,470,000	$	21,470,000
TOTAL REPURCHASE AGREEMENTS (Cost $21,470,000)				21,470,000
TOTAL INVESTMENT SECURITIES (Cost $21,470,000)—90.6%				21,470,000
Net other assets (liabilities)—9.4%				2,230,548
NET ASSETS—100.0%			$	23,700,548

^(a)

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Futures Contracts		263		3/8/24		$	47,215,075			$	2,622,205

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		2/27/24			5.78	%		$	143,089			$	(1,404	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraLatin America ProFund :: 139

Common Stocks (76.3%)

	Shares		Value
Ambev S.A.^ADR (Beverages)		124,434	$	326,017
America Movil S.A.B. de C.V.^ADR (Wireless Telecommunication Services)		19,115		345,026
Banco Bradesco S.A.^ADR (Banks)		107,700		333,870
Banco de Chile^ADR (Banks)		6,127		136,142
Banco Santander Brasil S.A.^ADR (Banks)		10,576		60,495
Banco Santander Chile^ADR (Banks)		4,386		80,176
Bancolombia S.A.^ADR (Banks)		3,189		100,326
BRF S.A.*^ADR (Food Products)		24,680		69,104
Cemex S.A.B. de C.V.*^ADR (Construction Materials)		42,702		353,573
Centrais Eletricas Brasileiras S.A.^ADR(a) (Electric Utilities)		29,162		240,878
Cia de Minas Buenaventura S.A.A^ADR (Metals & Mining)		6,746		102,337
Cia de Saneamento Basico do Estado de Sao Paulo SABESP^ADR (Water Utilities)		9,641		153,581
Cia Energetica de Minas Gerais^ADR (Electric Utilities)		41,342		94,260
Cia Paranaense de Energia^ADR(a) (Electric Utilities)		10,434		84,828
Coca-Cola Femsa S.A.B. de C.V.^ADR (Beverages)		1,482		140,701
Companhia Paranaense de Energia*^ADR (Electric Utilities)		2,608		18,960
Cosan S.A.^ADR (Oil, Gas & Consumable Fuels)		8,194		121,107
Ecopetrol S.A.^ADR(a) (Oil, Gas & Consumable Fuels)		6,959		83,717
Embraer SA*^ADR (Aerospace & Defense)		4,909		90,375
Fomento Economico Mexicano S.A.B. de C.V.^ADR (Beverages)		3,948		535,111
Gerdau S.A.^ADR (Metals & Mining)		32,625		138,004
Grupo Aeroportuario del Centro Norte S.A.B. de C.V.^ADR (Transportation Infrastructure)		972		71,452
Grupo Aeroportuario del Pacifico S.A.B. de C.V.^ADR(a) (Transportation Infrastructure)		1,106		172,415
Grupo Aeroportuario del Sureste S.A.B. de C.V.^ADR (Transportation Infrastructure)		516		150,847
Itau Unibanco Holding S.A.^ADR (Banks)		104,137		687,304
Natura & Co. Holding S.A.*^ADR (Personal Care Products)		11,932		76,484
Petroleo Brasileiro S.A.^ADR (Oil, Gas & Consumable Fuels)		39,984		682,527
Sendas Distribuidora S.A.^ADR(a) (Consumer Staples Distribution & Retail)		7,626		105,925
Sociedad Quimica y Minera de Chile S.A.^ADR (Electrical Equipment)		4,029		169,500
Suzano S.A.^ADR (Paper & Forest Products)		20,917		217,537
Telefonica Brasil S.A.^ADR (Diversified Telecommunication Services)		9,855		101,704
TIM S.A.^ADR (Wireless Telecommunication Services)		4,507		79,233
Ultrapar Participacoes S.A.^ADR (Oil, Gas & Consumable Fuels)		20,449		116,764
Vale S.A.^ADR (Metals & Mining)		78,034		1,068,285
YPF S.A.*^ADR (Oil, Gas & Consumable Fuels)		5,436		93,934
TOTAL COMMON STOCKS (Cost $4,140,133)				7,402,499

Preferred Stock (8.4%)

	Shares		Value
Petroleo Brasileiro S.A.^ADR (Oil, Gas & Consumable Fuels)		49,359	$	809,488
TOTAL PREFERRED STOCK (Cost $206,839)				809,488

Repurchase Agreements^(b)(c) (12.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,237,178	$	1,237,000	$	1,237,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,237,000)				1,237,000

Collateral for Securities Loaned^(d) (5.3%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		512,934	$	512,934
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $512,934)				512,934
TOTAL INVESTMENT SECURITIES (Cost $6,096,906)—102.8%				9,961,921
Net other assets (liabilities)—(2.8)%				(274,721	)
NET ASSETS—100.0%			$	9,687,200

	*	Non-income producing security.
	^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $494,316.
	^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $361,000.
	^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
	^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
	^ADR	American Depositary Receipt

See accompanying notes to the financial statements.

140 :: UltraLatin America ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Latin America 35 ADR Index (USD)	Goldman Sachs International	2/27/24		5.93	%	$	5,261,988	$	(46,142	)
S&P Latin America 35 ADR Index (USD)	UBS AG	2/27/24		5.83	%		5,901,607		(48,772	)
						$	11,163,595	$	(94,914	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

UltraLatin America ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	90,375		0.9	%
Banks		1,398,313		14.4	%
Beverages		1,001,830		10.3	%
Construction Materials		353,573		3.7	%
Consumer Staples Distribution & Retail		105,925		1.1	%
Diversified Telecommunication Services		101,704		1.0	%
Electric Utilities		438,926		4.5	%
Electrical Equipment		169,500		1.7	%
Food Products		69,104		0.7	%
Metals & Mining		1,308,626		13.5	%
Oil, Gas & Consumable Fuels		1,907,536		19.7	%
Paper & Forest Products		217,537		2.3	%
Personal Care Products		76,484		0.8	%
Transportation Infrastructure		394,713		4.1	%
Water Utilities		153,581		1.6	%
Wireless Telecommunication Services		424,259		4.4	%
Other**		1,475,214		15.3	%
Total	$	9,687,200		100.0	%

UltraLatin America ProFund invested in securities with exposure to the following countries as of January 31, 2024:

	Value		% of Net Assets
Argentina	$	93,934		1.0	%
Brazil		5,676,729		58.5	%
Chile		385,818		4.0	%
Colombia		184,043		1.9	%
Mexico		1,769,125		18.2	%
Peru		102,337		1.1	%
Other**		1,475,214		15.3	%
Total	$	9,687,200		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 141

Common Stocks (66.9%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		1,009	$	82,879
Acuity Brands, Inc. (Electrical Equipment)		339		80,736
Adient PLC* (Automobile Components)		1,026		35,612
Advanced Drainage Systems, Inc. (Building Products)		752		98,076
AECOM (Construction & Engineering)		1,520		134,048
Affiliated Managers Group, Inc. (Capital Markets)		371		55,220
AGCO Corp. (Machinery)		680		83,184
Agree Realty Corp. (Retail REITs)		1,101		65,631
Alcoa Corp. (Metals & Mining)		1,955		58,161
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		779		20,207
ALLETE, Inc. (Electric Utilities)		628		37,121
Ally Financial, Inc. (Consumer Finance)		2,972		109,012
Amedisys, Inc.* (Health Care Providers & Services)		356		33,560
American Financial Group, Inc. (Insurance)		716		86,206
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,131		35,807
Annaly Capital Management, Inc. (Mortgage REITs)		5,476		105,084
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		3,733		45,692
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		3,095		69,142
Apartment Income REIT Corp. (Residential REITs)		1,609		52,598
AptarGroup, Inc. (Containers & Packaging)		720		93,514
Aramark (Hotels, Restaurants & Leisure)		2,858		83,111
Arcadium Lithium PLC* (Chemicals)		11,272		55,120
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		593		65,912
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		1,348		43,271
ASGN, Inc.* (Professional Services)		516		47,895
Ashland, Inc. (Chemicals)		561		52,521
Aspen Technology, Inc.* (Software)		308		59,133
Associated Banc-Corp. (Banks)		1,628		34,204
Autoliv, Inc. (Automobile Components)		821		87,945
AutoNation, Inc.* (Specialty Retail)		283		39,524
Avient Corp. (Chemicals)		998		36,138
Avis Budget Group, Inc. (Ground Transportation)		203		33,233
Avnet, Inc. (Electronic Equipment, Instruments & Components)		990		44,847
Axalta Coating Systems, Ltd.* (Chemicals)		2,409		78,100
Azenta, Inc.* (Life Sciences Tools & Services)		659		42,967
Bank OZK (Banks)		1,152		51,967
Belden, Inc. (Electronic Equipment, Instruments & Components)		456		33,826
BellRing Brands, Inc.* (Personal Care Products)		1,438		79,478
Berry Global Group, Inc. (Containers & Packaging)		1,292		84,574
BJ’s Wholesale Club Holdings, Inc.* (Household Products)		1,465		94,258
Black Hills Corp. (Multi-Utilities)		745		38,562
Blackbaud, Inc.* (Software)		473		38,275
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		761		48,316
Brighthouse Financial, Inc.* (Insurance)		702		36,343
Brixmor Property Group, Inc. (Retail REITs)		3,291		73,850
Bruker Corp. (Life Sciences Tools & Services)		1,014		72,511
Brunswick Corp. (Leisure Products)		754		60,833
Burlington Stores, Inc.* (Specialty Retail)		710		135,717
BWX Technologies, Inc. (Aerospace & Defense)		1,001		81,561
Cable One, Inc. (Media)		50		27,447
Cabot Corp. (Chemicals)		604		43,548
CACI International, Inc.*—Class A (Professional Services)		243		83,526
Cadence Bank (Banks)		2,001		53,267
Calix, Inc.* (Communications Equipment)		642		21,302
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		1,273		62,046
Carlisle Cos., Inc. (Building Products)		533		167,502
Carter’s, Inc. (Textiles, Apparel & Luxury Goods)		403		30,483
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail)		407		110,444
Celsius Holdings, Inc.* (Beverages)		1,623		80,987
ChampionX Corp. (Energy Equipment & Services)		2,132		58,438
Chart Industries, Inc.* (Machinery)		459		53,574
Chemed Corp. (Health Care Providers & Services)		165		97,811
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels)		1,219		93,997
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		273		33,066
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		452		69,500
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		742		89,760
Ciena Corp.* (Communications Equipment)		1,617		85,701
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		591		45,625
Civitas Resources, Inc.^(a) (Oil, Gas & Consumable Fuels)		934		60,533
Clean Harbors, Inc.* (Commercial Services & Supplies)		551		92,546
Cleveland-Cliffs, Inc.* (Metals & Mining)		5,529		110,856
CNO Financial Group, Inc. (Insurance)		1,229		33,404
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		1,740		35,148
Coca-Cola Consolidated, Inc. (Beverages)		51		43,931
Cognex Corp. (Electronic Equipment, Instruments & Components)		1,884		68,088
Coherent Corp.* (Electronic Equipment, Instruments & Components)		1,442		68,552
Columbia Banking System, Inc. (Banks)		2,285		46,066
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		378		29,960
Comfort Systems USA, Inc. (Construction & Engineering)		391		85,031
Commerce Bancshares, Inc. (Banks)		1,301		67,808
Commercial Metals Co. (Metals & Mining)		1,280		66,842
CommVault Systems, Inc.* (Software)		480		44,006
Concentrix Corp. (Professional Services)		517		45,946
COPT Defense Properties (Office REITs)		1,233		29,049
Core & Main, Inc.*—Class A (Trading Companies & Distributors)		1,841		76,052

See accompanying notes to the financial statements.

142 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Coty, Inc.*—Class A (Personal Care Products)		4,101	$	49,540
Cousins Properties, Inc. (Office REITs)		1,664		38,122
Crane Co. (Machinery)		535		66,399
Crane NXT Co. (Electronic Equipment, Instruments & Components)		529		30,830
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		663		67,281
Crown Holdings, Inc. (Containers & Packaging)		1,321		116,908
CubeSmart (Specialized REITs)		2,463		106,451
Cullen/Frost Bankers, Inc. (Banks)		702		74,496
Curtiss-Wright Corp. (Aerospace & Defense)		419		93,257
Darling Ingredients, Inc.* (Food Products)		1,747		75,645
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		281		211,798
Dick’s Sporting Goods, Inc. (Specialty Retail)		672		100,175
Dolby Laboratories, Inc.—Class A (Software)		653		54,317
Donaldson Co., Inc. (Machinery)		1,321		85,323
Doximity, Inc.*—Class A (Health Care Technology)		1,294		34,873
Dropbox, Inc.*—Class A (Software)		2,805		88,862
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		1,059		56,858
Dynatrace, Inc.* (Software)		2,610		148,770
Eagle Materials, Inc. (Construction Materials)		382		86,439
East West Bancorp, Inc. (Banks)		1,543		112,345
EastGroup Properties, Inc. (Industrial REITs)		507		89,957
elf Beauty, Inc.* (Personal Care Products)		603		96,197
EMCOR Group, Inc. (Construction & Engineering)		515		117,477
Encompass Health Corp. (Health Care Providers & Services)		1,098		78,002
EnerSys (Electrical Equipment)		443		42,338
Enovis Corp.* (Health Care Equipment & Supplies)		545		31,992
Envista Holdings Corp.* (Health Care Equipment & Supplies)		1,878		44,133
EPR Properties (Specialized REITs)		825		36,523
Equitable Holdings, Inc. (Financial Services)		3,483		113,859
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		4,747		48,372
Equity LifeStyle Properties, Inc. (Residential REITs)		2,041		138,156
Erie Indemnity Co.—Class A (Insurance)		273		94,412
Esab Corp. (Machinery)		619		53,228
Essent Group, Ltd. (Financial Services)		1,169		64,482
Essential Utilities, Inc. (Water Utilities)		2,751		98,651
Euronet Worldwide, Inc.* (Financial Services)		480		47,832
Evercore, Inc. (Capital Markets)		380		65,257
Exelixis, Inc.* (Biotechnology)		3,405		74,093
ExlService Holdings, Inc.* (Professional Services)		1,806		56,492
Exponent, Inc. (Professional Services)		554		48,857
F.N.B. Corp. (Banks)		3,930		51,797
Federated Hermes, Inc. (Capital Markets)		944		33,002
Fidelity National Financial, Inc. (Insurance)		2,830		141,584
First American Financial Corp. (Insurance)		1,130		68,196
First Financial Bankshares, Inc. (Banks)		1,407		43,941
First Horizon Corp. (Banks)		6,120		87,149
First Industrial Realty Trust, Inc. (Industrial REITs)		1,448		74,601
FirstCash Holdings, Inc. (Consumer Finance)		405		46,482
Five Below, Inc.* (Specialty Retail)		610		109,471
Floor & Decor Holdings, Inc.*—Class A (Specialty Retail)		1,166		117,253
Flowers Foods, Inc. (Food Products)		2,106		48,017
Flowserve Corp. (Machinery)		1,436		57,339
Fluor Corp.* (Construction & Engineering)		1,866		70,367
Fortune Brands Innovations, Inc. (Building Products)		1,381		107,152
Fox Factory Holding Corp.* (Automobile Components)		463		29,188
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services)		2,424		59,703
FTI Consulting, Inc.* (Professional Services)		388		74,345
GameStop Corp.*^(a) —Class A (Specialty Retail)		2,943		41,879
Gaming and Leisure Properties, Inc. (Specialized REITs)		2,923		133,435
GATX Corp. (Trading Companies & Distributors)		388		47,588
Genpact, Ltd. (Professional Services)		1,826		65,553
Gentex Corp. (Automobile Components)		2,555		84,647
Glacier Bancorp, Inc. (Banks)		1,214		46,933
Globus Medical, Inc.* (Health Care Equipment & Supplies)		1,263		66,674
GoDaddy, Inc.*—Class A (IT Services)		1,541		164,363
Graco, Inc. (Machinery)		1,849		157,721
Graham Holdings Co.—Class B (Diversified Consumer Services)		40		28,816
Grand Canyon Education, Inc.* (Diversified Consumer Services)		324		42,311
Graphic Packaging Holding Co. (Containers & Packaging)		3,351		85,484
Greif, Inc.—Class A (Containers & Packaging)		279		17,468
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail)		1,087		26,936
GXO Logistics, Inc.* (Air Freight & Logistics)		1,303		70,857
H&R Block, Inc. (Diversified Consumer Services)		1,576		73,820
Haemonetics Corp.* (Health Care Equipment & Supplies)		555		42,435
Halozyme Therapeutics, Inc.* (Biotechnology)		1,446		48,947
Hancock Whitney Corp. (Banks)		943		42,539
Harley-Davidson, Inc. (Automobiles)		1,387		45,008
Healthcare Realty Trust, Inc. (Health Care REITs)		4,172		67,211
HealthEquity, Inc.* (Health Care Providers & Services)		937		70,818
Helen of Troy, Ltd.* (Household Durables)		260		29,770
Hertz Global Holdings, Inc.* (Ground Transportation)		1,451		12,116
Hexcel Corp. (Aerospace & Defense)		921		61,145
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		1,714		96,823
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		780		32,526
Home BancShares, Inc. (Banks)		2,056		48,193
Houlihan Lokey, Inc. (Capital Markets)		564		67,556
Hyatt Hotels Corp.—Class A (Hotels, Restaurants & Leisure)		485		62,259
IDACORP, Inc. (Electric Utilities)		554		51,289
Inari Medical, Inc.* (Health Care Equipment & Supplies)		560		31,892
Independence Realty Trust, Inc. (Residential REITs)		2,463		36,181

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 143

Common Stocks, continued

	Shares		Value
Ingredion, Inc. (Food Products)		713	$	76,697
Insperity, Inc. (Professional Services)		388		44,500
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		745		29,912
Interactive Brokers Group, Inc. (Capital Markets)		1,170		103,838
International Bancshares Corp. (Banks)		585		30,923
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		324		31,716
Iridium Communications, Inc. (Diversified Telecommunication Services)		1,357		49,205
ITT, Inc. (Machinery)		898		108,461
Janus Henderson Group PLC (Capital Markets)		1,453		41,788
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		690		84,677
Jefferies Financial Group, Inc. (Capital Markets)		1,844		75,161
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		520		92,071
KB Home (Household Durables)		838		49,936
KBR, Inc. (Professional Services)		1,478		77,019
Kemper Corp. (Insurance)		660		39,600
Kilroy Realty Corp. (Office REITs)		1,168		41,768
Kinsale Capital Group, Inc. (Insurance)		240		95,417
Kirby Corp.* (Marine Transportation)		647		50,893
Kite Realty Group Trust (Retail REITs)		2,403		51,424
Knife River Corp.* (Construction Materials)		619		40,538
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		1,765		101,276
Kyndryl Holdings, Inc.* (IT Services)		2,513		51,567
Lamar Advertising Co.—Class A (Specialized REITs)		957		100,179
Lancaster Colony Corp. (Food Products)		222		40,799
Landstar System, Inc. (Ground Transportation)		393		75,346
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		751		38,999
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		1,510		91,900
Lear Corp. (Automobile Components)		638		84,790
Leggett & Platt, Inc. (Household Durables)		1,461		33,910
Lennox International, Inc. (Building Products)		349		149,428
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		986		79,255
Lincoln Electric Holdings, Inc. (Machinery)		626		139,111
Lithia Motors, Inc. (Specialty Retail)		301		88,750
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		273		66,039
LivaNova PLC* (Health Care Equipment & Supplies)		591		28,770
Louisiana-Pacific Corp. (Paper & Forest Products)		702		46,718
Lumentum Holdings, Inc.* (Communications Equipment)		733		40,271
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		593		51,134
Macy’s, Inc. (Broadline Retail)		2,997		54,815
Manhattan Associates, Inc.* (Software)		673		163,242
ManpowerGroup, Inc. (Professional Services)		535		39,665
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		362		30,368
Masimo Corp.* (Health Care Equipment & Supplies)		486		62,665
MasTec, Inc.* (Construction & Engineering)		662		43,474
Matador Resources Co. (Oil, Gas & Consumable Fuels)		1,213		66,582
Mattel, Inc.* (Leisure Products)		3,869		69,215
Maximus, Inc. (Professional Services)		665		53,945
MDU Resources Group, Inc. (Construction & Engineering)		2,230		43,507
Medical Properties Trust, Inc.^(a) (Health Care REITs)		6,561		20,339
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		256		74,644
MGIC Investment Corp. (Financial Services)		3,038		60,274
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		687		73,131
Morningstar, Inc. (Capital Markets)		285		79,601
MP Materials Corp.* (Metals & Mining)		1,578		24,948
MSA Safety, Inc. (Commercial Services & Supplies)		404		66,672
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		508		50,129
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		1,606		62,152
Murphy USA, Inc. (Specialty Retail)		212		74,734
National Fuel Gas Co. (Gas Utilities)		1,005		47,396
National Storage Affiliates Trust (Specialized REITs)		845		31,561
Neogen Corp.* (Health Care Equipment & Supplies)		2,157		33,434
Neurocrine Biosciences, Inc.* (Biotechnology)		1,077		150,532
New Jersey Resources Corp. (Gas Utilities)		1,068		43,606
New York Community Bancorp, Inc. (Banks)		7,914		51,204
NewMarket Corp. (Chemicals)		75		41,836
Nexstar Media Group, Inc. (Media)		352		62,554
NNN REIT, Inc. (Retail REITs)		1,996		80,518
Nordstrom, Inc. (Broadline Retail)		1,064		19,312
Northwestern Energy Group, Inc. (Multi-Utilities)		670		32,240
NOV, Inc. (Energy Equipment & Services)		4,314		84,166
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		391		60,429
nVent Electric PLC (Electrical Equipment)		1,816		109,032
OGE Energy Corp. (Electric Utilities)		2,193		72,895
Old National Bancorp (Banks)		3,205		52,786
Old Republic International Corp. (Insurance)		2,855		80,054
Olin Corp. (Chemicals)		1,340		69,774
Ollie’s Bargain Outlet Holdings, Inc.* (Broadline Retail)		674		48,481
Omega Healthcare Investors, Inc. (Health Care REITs)		2,683		77,807
ONE Gas, Inc. (Gas Utilities)		607		37,252
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		536		86,565
Option Care Health, Inc.* (Health Care Providers & Services)		1,939		60,574
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		589		38,097
Oshkosh Corp. (Machinery)		717		78,942
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		2,780		117,927
Owens Corning (Building Products)		974		147,590

See accompanying notes to the financial statements.

144 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)		2,301	$	34,699
Paylocity Holding Corp.* (Professional Services)		475		75,245
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		1,191		60,157
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,663		37,501
Penske Automotive Group, Inc. (Specialty Retail)		214		31,751
Penumbra, Inc.* (Health Care Equipment & Supplies)		423		106,675
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		1,704		123,847
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		4,556		61,415
Perrigo Co. PLC (Pharmaceuticals)		1,484		47,607
Physicians Realty Trust (Health Care REITs)		2,613		31,983
Pilgrim’s Pride Corp.* (Food Products)		441		11,982
Pinnacle Financial Partners, Inc. (Banks)		839		74,151
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		936		63,423
PNM Resources, Inc. (Electric Utilities)		940		34,056
Polaris, Inc. (Leisure Products)		582		52,357
Portland General Electric Co. (Electric Utilities)		1,107		45,310
Post Holdings, Inc.* (Food Products)		556		51,636
PotlatchDeltic Corp. (Specialized REITs)		869		38,870
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		622		46,625
Primerica, Inc. (Insurance)		384		89,917
Progyny, Inc.* (Health Care Providers & Services)		913		34,776
Prosperity Bancshares, Inc. (Banks)		1,026		65,572
Pure Storage, Inc.*—Class A (Technology Hardware, Storage & Peripherals)		3,197		127,848
PVH Corp. (Textiles, Apparel & Luxury Goods)		662		79,612
Qualys, Inc.* (Software)		403		76,236
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		542		37,132
R1 RCM, Inc.* (Health Care Providers & Services)		2,160		22,118
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		1,176		80,591
Range Resources Corp. (Oil, Gas & Consumable Fuels)		2,642		76,724
Rayonier, Inc. (Specialized REITs)		1,494		45,268
RBC Bearings, Inc.* (Machinery)		319		85,664
Regal Rexnord Corp. (Electrical Equipment)		726		96,892
Reinsurance Group of America, Inc. (Insurance)		722		125,549
Reliance Steel & Aluminum Co. (Metals & Mining)		628		179,244
RenaissanceRe Holdings, Ltd. (Insurance)		573		131,120
Repligen Corp.* (Life Sciences Tools & Services)		567		107,391
Rexford Industrial Realty, Inc. (Industrial REITs)		2,311		121,535
RH* (Specialty Retail)		169		42,838
RLI Corp. (Insurance)		440		60,003
Royal Gold, Inc. (Metals & Mining)		719		82,246
RPM International, Inc. (Chemicals)		1,412		150,604
Ryder System, Inc. (Ground Transportation)		486		55,195
Sabra Health Care REIT, Inc. (Health Care REITs)		2,534		33,804
Saia, Inc.* (Ground Transportation)		290		130,668
Science Applications International Corp. (Professional Services)		581		74,170
SEI Investments Co. (Capital Markets)		1,095		69,248
Selective Insurance Group, Inc. (Insurance)		663		69,522
Sensata Technologies Holding PLC (Electrical Equipment)		1,657		59,934
Service Corp. International (Diversified Consumer Services)		1,616		108,466
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		404		91,405
Silgan Holdings, Inc. (Containers & Packaging)		885		40,657
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		347		42,806
Simpson Manufacturing Co., Inc. (Building Products)		466		84,341
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		1,463		91,350
SLM Corp. (Consumer Finance)		2,479		49,283
Sonoco Products Co. (Containers & Packaging)		1,072		60,997
Sotera Health Co.* (Life Sciences Tools & Services)		1,088		16,015
SouthState Corp. (Banks)		833		69,222
Southwest Gas Holdings, Inc. (Gas Utilities)		658		38,611
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		12,064		77,813
Spire, Inc. (Gas Utilities)		574		32,586
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		1,112		56,011
STAG Industrial, Inc. (Industrial REITs)		1,988		73,437
Starwood Property Trust, Inc. (Mortgage REITs)		3,260		66,276
Stericycle, Inc.* (Commercial Services & Supplies)		1,011		48,528
Stifel Financial Corp. (Capital Markets)		1,115		81,339
Sunrun, Inc.* (Electrical Equipment)		2,379		34,448
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		508		269,042
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		429		45,821
Synovus Financial Corp. (Banks)		1,601		60,294
Taylor Morrison Home Corp.* (Household Durables)		1,176		61,317
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components)		561		56,089
TEGNA, Inc. (Media)		2,158		33,643
Tempur Sealy International, Inc. (Household Durables)		1,885		94,043
Tenet Healthcare Corp.* (Health Care Providers & Services)		1,111		91,925
Teradata Corp.* (Software)		1,070		49,413
Terex Corp. (Machinery)		736		45,212
Tetra Tech, Inc. (Commercial Services & Supplies)		584		92,377
Texas Capital Bancshares, Inc.* (Banks)		527		32,147
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		731		91,901
The Boston Beer Co., Inc.*—Class A (Beverages)		103		35,975
The Brink’s Co. (Commercial Services & Supplies)		493		39,854
The Carlyle Group, Inc. (Capital Markets)		2,370		94,847

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 145

Common Stocks, continued

	Shares		Value
The Chemours Co. (Chemicals)		1,626	$	49,056
The Gap, Inc. (Specialty Retail)		2,350		43,922
The Goodyear Tire & Rubber Co.* (Automobile Components)		3,106		43,298
The Hanover Insurance Group, Inc. (Insurance)		391		51,616
The Middleby Corp.* (Machinery)		588		82,949
The New York Times Co.—Class A (Media)		1,792		87,019
The Scotts Miracle-Gro Co. (Chemicals)		454		25,542
The Timken Co. (Machinery)		710		58,156
The Toro Co. (Machinery)		1,138		105,242
The Wendy’s Co. (Hotels, Restaurants & Leisure)		1,831		34,935
The Western Union Co. (Financial Services)		3,991		50,167
Thor Industries, Inc. (Automobiles)		584		66,004
TKO Group Holdings, Inc. (Entertainment)		657		54,984
Toll Brothers, Inc. (Household Durables)		1,176		116,836
TopBuild Corp.* (Household Durables)		347		128,087
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		792		32,013
Trex Co., Inc.* (Building Products)		1,190		96,961
UFP Industries, Inc. (Building Products)		676		76,692
UGI Corp. (Gas Utilities)		2,294		50,789
UMB Financial Corp. (Banks)		479		39,518
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		2,071		15,781
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		2,120		15,688
United Bankshares, Inc. (Banks)		1,477		52,950
United States Steel Corp. (Metals & Mining)		2,441		114,776
United Therapeutics Corp.* (Biotechnology)		513		110,182
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		478		81,150
Unum Group (Insurance)		2,007		97,018
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		2,476		113,921
Vail Resorts, Inc. (Hotels, Restaurants & Leisure)		418		92,796
Valaris, Ltd.* (Energy Equipment & Services)		686		42,443
Valley National Bancorp (Banks)		4,673		44,954
Valmont Industries, Inc. (Construction & Engineering)		229		51,688
Valvoline, Inc. (Specialty Retail)		1,519		55,428
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		1,384		30,074
Visteon Corp.* (Automobile Components)		306		35,279
Vistra Corp. (Independent Power and Renewable Electricity Producers)		3,680		150,990
Vontier Corp. (Electronic Equipment, Instruments & Components)		1,691		58,492
Vornado Realty Trust (Office REITs)		1,749		47,555
Voya Financial, Inc. (Financial Services)		1,143		82,719
Watsco, Inc. (Trading Companies & Distributors)		373		145,836
Watts Water Technologies, Inc.—Class A (Machinery)		299		59,205
Weatherford International PLC* (Energy Equipment & Services)		789		70,655
Webster Financial Corp. (Banks)		1,883		93,171
Werner Enterprises, Inc. (Ground Transportation)		695		27,487
WESCO International, Inc. (Trading Companies & Distributors)		483		83,810
Westlake Corp. (Chemicals)		350		48,423
WEX, Inc.* (Financial Services)		466		95,246
Williams-Sonoma, Inc. (Specialty Retail)		702		135,759
Wingstop, Inc. (Hotels, Restaurants & Leisure)		322		90,517
Wintrust Financial Corp. (Banks)		670		64,977
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		1,372		44,659
Woodward, Inc. (Aerospace & Defense)		661		91,066
WP Carey, Inc. (Diversified REITs)		2,393		148,270
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		907		70,683
XPO, Inc.* (Ground Transportation)		1,269		108,423
YETI Holdings, Inc.* (Leisure Products)		949		41,728
Ziff Davis, Inc.* (Interactive Media & Services)		503		33,902
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		3,245		52,050
TOTAL COMMON STOCKS (Cost $17,576,807)				27,233,294

Repurchase Agreements^(b)(c) (34.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $14,223,041	$	14,221,000	$	14,221,000
TOTAL REPURCHASE AGREEMENTS (Cost $14,185,625)				14,221,000

Collateral for Securities Loaned^(d) (0.3%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		123,073	$	123,073
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $123,073)				123,073
TOTAL INVESTMENT SECURITIES (Cost $31,885,505)—102.1%				41,577,367
Net other assets (liabilities)—(2.1)%				(869,936	)
NET ASSETS—100.0%			$	40,707,431

	*	Non-income producing security.
	^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $116,496.
	^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $7,024,000.
	^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
	^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

146 :: UltraMid-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P MidCap 400 Futures Contracts	10	3/18/24	$	2,743,300	$	102,099

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	2/27/24		5.83	%	$	22,532,543	$	(483,414	)
SPDR S&P MidCap 400 ETF	Goldman Sachs International	2/27/24		5.60	%		7,603,994		(176,215	)
						$	30,136,537	$	(659,629	)

S&P MidCap 400	UBS AG	2/27/24		5.68	%	$	14,937,443	$	(314,962	)
SPDR S&P MidCap 400 ETF	UBS AG	2/27/24		5.63	%		6,615,782		(143,840	)
						$	21,553,225	$	(458,802	)
						$	51,689,762	$	(1,118,431	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraMid-Cap ProFund :: 147

UltraMid-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	327,029		0.8	%
Air Freight & Logistics		70,857		0.2	%
Automobile Components		400,759		1.0	%
Automobiles		111,012		0.3	%
Banks		1,492,573		3.7	%
Beverages		160,893		0.4	%
Biotechnology		427,025		1.0	%
Broadline Retail		122,608		0.3	%
Building Products		927,741		2.3	%
Capital Markets		766,857		1.9	%
Chemicals		650,661		1.6	%
Commercial Services & Supplies		339,977		0.8	%
Communications Equipment		147,274		0.4	%
Construction & Engineering		545,592		1.3	%
Construction Materials		126,977		0.3	%
Consumer Finance		204,777		0.5	%
Consumer Staples Distribution & Retail		431,158		1.1	%
Containers & Packaging		499,602		1.2	%
Diversified Consumer Services		253,413		0.6	%
Diversified REITs		148,270		0.4	%
Diversified Telecommunication Services		108,908		0.3	%
Electric Utilities		240,671		0.6	%
Electrical Equipment		423,380		1.0	%
Electronic Equipment, Instruments & Components		614,895		1.5	%
Energy Equipment & Services		255,702		0.6	%
Entertainment		54,984		0.1	%
Financial Services		514,579		1.3	%
Food Products		304,776		0.7	%
Gas Utilities		250,240		0.6	%
Ground Transportation		543,745		1.3	%
Health Care Equipment & Supplies		646,119		1.6	%
Health Care Providers & Services		572,463		1.4	%
Health Care REITs		231,144		0.6	%
Health Care Technology		34,873		0.1	%
Hotel & Resort REITs		34,699		0.1	%
Hotels, Restaurants & Leisure		972,430		2.4	%
Household Durables		513,899		1.3	%
Household Products		94,258		0.2	%
Independent Power and Renewable Electricity Producers		189,087		0.5	%
Industrial REITs		359,530		0.9	%
Insurance		1,299,961		3.2	%
Interactive Media & Services		85,952		0.2	%
IT Services		215,930		0.5	%
Leisure Products		224,133		0.5	%
Life Sciences Tools & Services		313,528		0.8	%
Machinery		1,319,709		3.2	%
Marine Transportation		50,893		0.1	%
Media		210,663		0.5	%
Metals & Mining		637,074		1.6	%
Mortgage REITs		171,360		0.4	%
Multi-Utilities		70,802		0.2	%
Office REITs		156,495		0.4	%
Oil, Gas & Consumable Fuels		1,098,835		2.7	%
Paper & Forest Products		46,718		0.1	%
Personal Care Products		225,215		0.6	%
Pharmaceuticals		132,284		0.3	%
Professional Services		787,158		1.9	%
Real Estate Management & Development		92,071		0.2	%
Residential REITs		226,935		0.6	%
Retail REITs		271,424		0.7	%
Semiconductors & Semiconductor Equipment		746,021		1.8	%
Software		722,254		1.8	%
Specialized REITs		492,287		1.2	%
Specialty Retail		1,017,201		2.5	%
Technology Hardware, Storage & Peripherals		396,890		1.0	%
Textiles, Apparel & Luxury Goods		603,999		1.5	%
Trading Companies & Distributors		403,415		1.0	%
Water Utilities		98,651		0.2	%
Other**		13,474,136		33.1	%
Total	$	40,707,431		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.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

148 :: UltraNasdaq-100 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (75.2%)

	Shares		Value
Adobe, Inc.* (Software)		22,707	$	14,027,929
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		80,568		13,510,448
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		21,682		3,125,243
Alphabet, Inc.*—Class A (Interactive Media & Services)		114,272		16,009,507
Alphabet, Inc.*—Class C (Interactive Media & Services)		110,544		15,675,139
Amazon.com, Inc.* (Broadline Retail)		199,539		30,968,452
American Electric Power Co., Inc. (Electric Utilities)		26,227		2,049,378
Amgen, Inc. (Biotechnology)		26,689		8,387,286
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		24,747		4,760,333
ANSYS, Inc.* (Software)		4,332		1,420,160
Apple, Inc. (Technology Hardware, Storage & Peripherals)		300,315		55,378,086
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		41,720		6,854,596
ASML Holding N.V.^NYS (Semiconductors & Semiconductor Equipment)		4,379		3,808,942
AstraZeneca PLC^ADR (Pharmaceuticals)		29,044		1,935,492
Atlassian Corp.*—Class A (Software)		7,731		1,930,972
Autodesk, Inc.* (Software)		10,659		2,705,361
Automatic Data Processing, Inc. (Professional Services)		20,516		5,042,422
Baker Hughes Co. (Energy Equipment & Services)		50,185		1,430,272
Biogen, Inc.* (Biotechnology)		7,228		1,782,858
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		1,740		6,102,998
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		23,295		27,488,100
Cadence Design Systems, Inc.* (Software)		13,569		3,914,114
CDW Corp. (Electronic Equipment, Instruments & Components)		6,680		1,514,490
Charter Communications, Inc.*—Class A (Media)		7,376		2,734,357
Cintas Corp. (Commercial Services & Supplies)		5,079		3,070,611
Cisco Systems, Inc. (Communications Equipment)		202,656		10,169,278
Coca-Cola Europacific Partners PLC (Beverages)		22,782		1,569,680
Cognizant Technology Solutions Corp.— Class A (IT Services)		25,007		1,928,540
Comcast Corp.—Class A (Media)		200,270		9,320,566
Constellation Energy Corp. (Electric Utilities)		15,930		1,943,460
Copart, Inc.* (Commercial Services & Supplies)		47,891		2,300,684
CoStar Group, Inc.* (Real Estate Management & Development)		20,367		1,700,237
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		22,081		15,343,645
Crowdstrike Holdings, Inc.*—Class A (Software)		11,352		3,320,460
CSX Corp. (Ground Transportation)		98,556		3,518,449
Datadog, Inc.*—Class A (Software)		15,070		1,875,311
Dexcom, Inc.* (Health Care Equipment & Supplies)		19,270		2,338,415
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		8,925		1,372,130
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		10,866		1,419,317
DoorDash, Inc.*—Class A (Hotels, Restaurants & Leisure)		18,490		1,926,658
Electronic Arts, Inc. (Entertainment)		13,422		1,846,599
Exelon Corp. (Electric Utilities)		49,646		1,728,177
Fastenal Co. (Trading Companies & Distributors)		28,498		1,944,419
Fortinet, Inc.* (Software)		38,304		2,470,225
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		22,706		1,665,712
Gilead Sciences, Inc. (Biotechnology)		62,145		4,863,468
GLOBALFOUNDRIES, Inc.*^(a) (Semiconductors & Semiconductor Equipment)		27,318		1,501,944
Honeywell International, Inc. (Industrial Conglomerates)		32,880		6,650,309
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		4,141		2,132,946
Illumina, Inc.* (Life Sciences Tools & Services)		7,921		1,132,782
Intel Corp. (Semiconductors & Semiconductor Equipment)		210,263		9,058,130
Intuit, Inc. (Software)		13,960		8,813,367
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		17,557		6,640,408
Keurig Dr Pepper, Inc. (Beverages)		69,740		2,192,626
KLA Corp. (Semiconductors & Semiconductor Equipment)		6,779		4,026,997
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		6,572		5,423,017
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		6,058		2,749,242
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		14,647		3,511,325
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		43,030		2,913,131
MercadoLibre, Inc.* (Broadline Retail)		2,521		4,315,473
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		68,183		26,600,915
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		26,984		2,298,497
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		55,047		4,720,280
Microsoft Corp. (Software)		143,509		57,056,307
Moderna, Inc.* (Biotechnology)		19,015		1,921,466
Mondelez International, Inc.—Class A (Food Products)		67,873		5,108,801
MongoDB, Inc.* (IT Services)		3,559		1,425,451
Monster Beverage Corp.* (Beverages)		51,891		2,855,043
Netflix, Inc.* (Entertainment)		21,829		12,313,958
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		47,692		29,343,457
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		12,854		2,706,667

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraNasdaq-100 ProFund :: 149

Common Stocks, continued

	Shares		Value
Old Dominion Freight Line, Inc. (Ground Transportation)		5,441	$	2,127,540
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		21,480		1,527,872
O’Reilly Automotive, Inc.* (Specialty Retail)		2,951		3,019,021
PACCAR, Inc. (Machinery)		26,087		2,618,874
Palo Alto Networks, Inc.* (Software)		15,725		5,323,070
Paychex, Inc. (Professional Services)		18,016		2,193,088
PayPal Holdings, Inc.* (Financial Services)		53,771		3,298,851
PDD Holdings, Inc.*^ADR (Broadline Retail)		33,311		4,226,167
PepsiCo, Inc. (Beverages)		68,566		11,555,427
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		55,508		8,243,493
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		5,343		5,037,274
Roper Technologies, Inc. (Software)		5,326		2,860,062
Ross Stores, Inc. (Specialty Retail)		16,886		2,368,768
Sirius XM Holdings, Inc.^(a) (Media)		191,455		974,506
Splunk, Inc.* (Software)		8,405		1,289,075
Starbucks Corp. (Hotels, Restaurants & Leisure)		56,691		5,273,964
Synopsys, Inc.* (Software)		7,585		4,045,460
Take-Two Interactive Software, Inc.* (Entertainment)		8,481		1,398,771
Tesla, Inc.* (Automobiles)		92,910		17,401,114
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		45,294		7,252,475
The Kraft Heinz Co. (Food Products)		61,172		2,271,316
The Trade Desk, Inc.*—Class A (Media)		22,258		1,523,115
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		57,677		9,299,263
Verisk Analytics, Inc. (Professional Services)		7,233		1,746,986
Vertex Pharmaceuticals, Inc.* (Biotechnology)		12,851		5,569,366
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		43,086		972,451
Warner Bros. Discovery, Inc.* (Entertainment)		121,615		1,218,582
Workday, Inc.*—Class A (Software)		10,423		3,033,823
Xcel Energy, Inc. (Electric Utilities)		27,521		1,647,682
Zscaler, Inc.* (Software)		7,397		1,743,251
TOTAL COMMON STOCKS (Cost $257,368,613)				638,666,222

Repurchase Agreements^(b)(c) (27.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $237,191,038	$	237,157,000	$	237,157,000
TOTAL REPURCHASE AGREEMENTS (Cost $237,157,000)				237,157,000

Collateral for Securities Loaned^(d) (0.3%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.24%^(e)		2,406,133	$	2,406,133
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,406,133)				2,406,133
TOTAL INVESTMENT SECURITIES (Cost $496,931,746)—103.4%				878,229,355
Net other assets (liabilities)—(3.4)%				(28,573,089	)
NET ASSETS—100.0%			$	849,656,266

Non-income producing security.

^(a)

All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $2,307,422.

^(b)

^(c)

^(d)

Securities were purchased with cash collateral held from securities on loan at January 31, 2024.

^(e)

Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.

^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		165		3/18/24		$	56,899,425			$	1,762,344

See accompanying notes to the financial statements.

150 :: UltraNasdaq-100 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

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	2/27/24		5.73	%	$	109,170,701	$	(3,672,113	)
Nasdaq-100 Index	Goldman Sachs International	2/27/24		5.93	%		544,402,818		(15,062,146	)
						$	653,573,519	$	(18,734,259	)

Invesco QQQ Trust, Series 1 ETF	UBS AG	2/27/24		5.73	%	$	118,320,961	$	(3,211,127	)
Nasdaq-100 Index	UBS AG	2/27/24		6.13	%		234,740,772		(6,344,862	)
						$	353,061,733	$	(9,555,989	)
						$	1,006,635,252	$	(28,290,248	)

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

UltraNasdaq-100 ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Automobiles	$	17,401,114		2.0	%
Beverages		18,172,776		2.1	%
Biotechnology		27,561,717		3.2	%
Broadline Retail		39,510,092		4.7	%
Commercial Services & Supplies		5,371,295		0.6	%
Communications Equipment		10,169,278		1.2	%
Consumer Staples Distribution & Retail		17,735,413		2.1	%
Electric Utilities		7,368,697		0.9	%
Electronic Equipment, Instruments & Components		1,514,490		0.2	%
Energy Equipment & Services		1,430,272		0.2	%
Entertainment		16,777,910		2.0	%
Financial Services		3,298,851		0.4	%
Food Products		7,380,117		0.9	%
Ground Transportation		5,645,989		0.7	%
Health Care Equipment & Supplies		12,777,481		1.5	%
Hotels, Restaurants & Leisure		19,940,188		2.3	%
Industrial Conglomerates		6,650,309		0.8	%
Interactive Media & Services		58,285,562		6.9	%
IT Services		3,353,991		0.4	%
Life Sciences Tools & Services		1,132,782		0.1	%
Machinery		2,618,874		0.3	%
Media		14,552,544		1.7	%
Oil, Gas & Consumable Fuels		1,372,129		0.2	%
Pharmaceuticals		1,935,492		0.2	%
Professional Services		8,982,497		1.1	%
Real Estate Management & Development		1,700,237		0.2	%
Semiconductors & Semiconductor Equipment		135,438,379		16.0	%
Software		115,828,947		13.6	%
Specialty Retail		5,387,789		0.6	%
Technology Hardware, Storage & Peripherals		55,378,086		6.5	%
Textiles, Apparel & Luxury Goods		2,749,242		0.3	%
Trading Companies & Distributors		1,944,419		0.2	%
Wireless Telecommunication Services		9,299,263		1.1	%
Other**		210,990,044		24.8	%
Total	$	849,656,266		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 the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraShort China ProFund :: 151

Repurchase Agreements^(a)(b) (70.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,586,228	$	1,586,000	$	1,586,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,586,000)				1,586,000
TOTAL INVESTMENT SECURITIES (Cost $1,586,000)—70.3%				1,586,000
Net other assets (liabilities)—29.7%				670,828
NET ASSETS—100.0%			$	2,256,828

^(a)

^(b)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P China Select ADR Index (USD)	Goldman Sachs International	2/27/24		(4.83	)%	$	(1,262,627	)	$	44,013
S&P China Select ADR Index (USD)	UBS AG	2/27/24		(4.08	)%		(3,244,779	)		50,223
						$	(4,507,406	)	$	94,236

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

152 :: UltraShort Dow 30 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (87.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $2,245,322	$	2,245,000	$	2,245,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,245,000)				2,245,000
TOTAL INVESTMENT SECURITIES (Cost $2,245,000)—87.7%				2,245,000
Net other assets (liabilities)—12.3%				313,901
NET ASSETS—100.0%			$	2,558,901

^(a)

^(b)

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	2/27/24		(5.68	)%	$	(1,642,828	)	$	6,306
Dow Jones Industrial Average	UBS AG	2/27/24		(5.18	)%		(3,494,148	)		17,785
						$	(5,136,976	)	$	24,091

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraShort Emerging Markets ProFund :: 153

Repurchase Agreements^(a)(b) (106.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $424,061	$	424,000	$	424,000
TOTAL REPURCHASE AGREEMENTS (Cost $424,000)				424,000
TOTAL INVESTMENT SECURITIES (Cost $424,000)—106.6%				424,000
Net other assets (liabilities)—(6.6)%				(26,120	)
NET ASSETS—100.0%			$	397,880

^(a)

^(b)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P Emerging 50 ADR Index (USD)	Goldman Sachs International	2/27/24		(4.98	)%	$	(380,349	)	$	6,657
S&P Emerging 50 ADR Index (USD)	UBS AG	2/27/24		(4.83	)%		(415,155	)		7,828
						$	(795,504	)	$	14,485

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

154 :: UltraShort International ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (100.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,909,274	$	1,909,000	$	1,909,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,909,000)				1,909,000
TOTAL INVESTMENT SECURITIES (Cost $1,909,000)—100.8%				1,909,000
Net other assets (liabilities)—(0.8)%				(14,803	)
NET ASSETS—100.0%			$	1,894,197

^(a)

^(b)

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	2/27/24		(5.13	)%	$	(2,206,463	)	$	15,352
MSCI EAFE Index	UBS AG	2/27/24		(5.03	)%		(1,587,206	)		10,658
						$	(3,793,669	)	$	26,010

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraShort Japan ProFund :: 155

Repurchase Agreements^(a) (63.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $798,115	$	798,000	$	798,000
TOTAL REPURCHASE AGREEMENTS (Cost $798,000)				798,000
TOTAL INVESTMENT SECURITIES (Cost $798,000)—63.0%				798,000
Net other assets (liabilities)—37.0%				468,917
NET ASSETS—100.0%			$	1,266,917

^(a)

Futures Contracts Sold

		Number of Contracts			Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Futures Contracts		10			3/8/24		$	(1,795,250	)		$	(10,132	)

Total Return Swap Agreements—Short

Underlying Instrument		Counterparty		Termination Date⁽¹⁾			Rate Paid (Received)⁽²⁾				Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Stock Average		Goldman Sachs International		2/27/24				(5.58	)%		$	(739,345	)		$	5,773

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

156 :: UltraShort Latin America ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (96.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,190,171	$	1,190,000	$	1,190,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,190,000)				1,190,000
TOTAL INVESTMENT SECURITIES (Cost $1,190,000)—96.2%				1,190,000
Net other assets (liabilities)—3.8%				47,048
NET ASSETS—100.0%			$	1,237,048

^(a)

^(b)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date⁽¹⁾	Rate Paid (Received)⁽²⁾			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P Latin America 35 ADR Index (USD)	Goldman Sachs International	2/27/24		(4.83	)%	$	(1,331,145	)	$	11,265
S&P Latin America 35 ADR Index (USD)	UBS AG	2/27/24		(4.83	)%		(1,140,732	)		9,063
						$	(2,471,877	)	$	20,328

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraShort Mid-Cap ProFund :: 157

Repurchase Agreements^(a)(b) (89.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $690,099	$	690,000	$	690,000
TOTAL REPURCHASE AGREEMENTS (Cost $690,000)				690,000
TOTAL INVESTMENT SECURITIES (Cost $690,000)—89.0%				690,000
Net other assets (liabilities)—11.0%				84,992
NET ASSETS—100.0%			$	774,992

^(a)

^(b)

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	2/27/24		(5.43	)%	$	(1,001,344	)	$	17,799
S&P MidCap 400	UBS AG	2/27/24		(5.33	)%		(547,529	)		11,534
						$	(1,548,873	)	$	29,333

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

158 :: UltraShort Nasdaq-100 ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Repurchase Agreements^(a)(b) (92.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $15,515,226	$	15,513,000	$	15,513,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,513,000)				15,513,000
TOTAL INVESTMENT SECURITIES (Cost $15,513,000)—92.6%				15,513,000
Net other assets (liabilities)—7.4%				1,232,647
NET ASSETS—100.0%			$	16,745,647

^(a)

^(b)

Futures Contracts Sold

		Number of Contracts			Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		4			3/18/24		$	(1,379,380	)		$	(90,439	)

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	2/27/24		(5.68	)%	$	(8,140,192	)	$	134,737
Nasdaq-100 Index	UBS AG	2/27/24		(5.48	)%		(24,112,097	)		650,750
						$	(32,252,289	)	$	785,487

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: UltraShort Small-Cap ProFund :: 159

Repurchase Agreements^(a)(b) (64.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $2,984,428	$	2,984,000	$	2,984,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,984,000)				2,984,000
TOTAL INVESTMENT SECURITIES (Cost $2,984,000)—64.0%				2,984,000
Net other assets (liabilities)—36.0%				1,681,012
NET ASSETS—100.0%			$	4,665,012

^(a)

^(b)

Futures Contracts Sold

		Number of Contracts			Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		6			3/18/24		$	(586,770	)		$	(14,949	)

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	2/27/24		(5.33	)%	$	(3,509,106	)	$	10,401
Russell 2000 Index	UBS AG	2/27/24		(4.83	)%		(5,287,028	)		175,084
						$	(8,796,134	)	$	185,485

⁽¹⁾

Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾

See accompanying notes to the financial statements.

160 :: UltraSmall-Cap ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (76.5%)

	Percentage of Net Assets			Shares		Value
API Group Corp.* (Construction & Engineering)		0.2	%		2,794	$	88,067
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		0.2	%		515		90,876
ATI, Inc.* (Metals & Mining)		0.2	%		1,722		70,379
Atkore, Inc.* (Electrical Equipment)		0.2	%		506		77,180
Beacon Roofing Supply,Inc.* (Trading Companies & Distributors)		0.2	%		844		69,959
BellRing Brands, Inc.* (Personal Care Products)		0.2	%		1,762		97,386
Boise Cascade Co. (Trading Companies & Distributors)		0.2	%		530		71,793
ChampionX Corp. (Energy Equipment & Services)		0.2	%		2,615		71,676
Chord Energy Corp. (Oil,Gas & Consumable Fuels)		0.2	%		559		85,953
Civitas Resources, Inc. (Oil,Gas & Consumable Fuels)		0.2	%		1,080		69,995
Comfort Systems USA,Inc. (Construction & Engineering)		0.2	%		473		102,863
Commercial Metals Co. (Metals & Mining)		0.2	%		1,565		81,725
Cytokinetics, Inc.* (Biotechnology)		0.2	%		1,243		97,115
elf Beauty, Inc.* (Personal Care Products)		0.3	%		721		115,020
Essent Group, Ltd. (Financial Services)		0.2	%		1,399		77,168
Fabrinet* (Electronic Equipment, Instruments & Components)		0.2	%		492		105,048
Fluor Corp.* (Construction & Engineering)		0.2	%		1,905		71,838
FTAI Aviation, Ltd. (Trading Companies & Distributors)		0.2	%		1,329		71,700
HealthEquity, Inc.* (Health Care Providers & Services)		0.2	%		1,122		84,800
ImmunoGen, Inc.* (Biotechnology)		0.2	%		3,199		93,794
Insight Enterprises, Inc.* (Electronic Equipment,Instruments & Components)		0.2	%		383		70,755
Intra-Cellular Therapies,Inc.* (Pharmaceuticals)		0.2	%		1,250		84,176
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		0.2	%		1,220		98,065
Matador Resources Co. (Oil, Gas & Consumable Fuels)		0.2	%		1,513		83,049
Meritage Homes Corp. (Household Durables)		0.2	%		486		80,485
MicroStrategy, Inc.* (Software)		0.2	%		163		81,696
Mueller Industries, Inc. (Machinery)		0.2	%		1,497		71,855
Murphy Oil Corp. (Oil,Gas & Consumable Fuels)		0.2	%		1,985		76,820
NEXTracker, Inc.—Class A* (Electrical Equipment)		0.2	%		1,680		76,054
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		0.2	%		478		73,875
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		0.2	%		654		105,620
Option Care Health, Inc.* (Health Care Providers & Services)		0.2	%		2,238		69,915
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		0.2	%		1,490		75,260
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		0.2	%		5,214		70,285
Qualys, Inc.* (Software)		0.2	%		497		94,016
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		0.2	%		1,456		99,780
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		0.2	%		779		85,613
Selective Insurance Group,Inc. (Insurance)		0.2	%		804		84,306
Simpson Manufacturing Co., Inc. (Building Products)		0.2	%		573		103,708
SouthState Corp. (Banks)		0.2	%		1,017		84,513
SPS Commerce, Inc.* (Software)		0.2	%		490		90,061
Super Micro Computer,Inc.* (Technology Hardware, Storage & Peripherals)		0.8	%		619		327,828
Taylor Morrison Home Corp.* (Household Durables)		0.2	%		1,384		72,162
Tenable Holdings, Inc.* (Software)		0.2	%		1,525		71,828
The Ensign Group, Inc. (Health Care Providers & Services)		0.2	%		728		82,424
UFP Industries, Inc. (Building Products)		0.1	%		802		90,988
Vaxcyte, Inc.* (Biotechnology)		0.1	%		1,252		89,417
Watts Water Technologies,Inc.—Class A (Machinery)		0.1	%		365		72,273

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Summary Schedule of Portfolio Investments :: UltraSmall-Cap ProFund :: 161

Common Stocks, continued

	Percentage of Net Assets			Shares		Value
Weatherford International PLC* (Energy Equipment & Services)		0.2	%		951	$	85,161
Other Common Stocks		66.3	%		1,563,001		28,234,509
TOTAL COMMON STOCKS (Cost $21,072,925)							32,580,832

Rights^(NM)

Cartesian Therapeutics, Inc., CVR*⁺ (Pharmaceuticals)	1,656	298
Chinook Therapeutics CVR*⁺(Health Care Providers & Services)	750	—
TOTAL RIGHTS (Cost $—)		298

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*⁺ (Metals & Mining)		1,320	$	—
TOTAL TRUST (Cost $—)				—

Repurchase Agreements^(a)(b) (28.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $12,312,767	$	12,311,000	$	12,311,000
TOTAL REPURCHASE AGREEMENTS (Cost $12,311,000)				12,311,000
TOTAL INVESTMENT SECURITIES (Cost $33,383,925)—105.4%				44,892,130
Net other assets (liabilities)—(5.4)%				(2,279,702	)
NET ASSETS—100.0%			$	42,612,428

	*	Non-income producing security.
	⁺	These securities were fair valued based on procedures approved by the Board of Trustees. As of January 31, 2024, these securities represented less than 0.005% of the net assets of the Fund.
	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $7,125,000.
	^NM	Not meaningful, amount is less than 0.05%.
	^CVR	Contingent Value Rights
	^REIT	Real Estate Investment Trust

Futures Contracts Purchased

		Number of Contracts				Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts			28			3/18/24		$	2,738,260			$	(60,997	)

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	2/27/24		5.38	%	$	5,822,027	$	(194,141	)
Russell 2000 Index	Goldman Sachs International	2/27/24		5.73	%		28,020,276		(1,049,124	)
						$	33,842,303	$	(1,243,265	)

iShares Russell 2000 ETF	UBS AG	2/27/24		5.13	%	$	6,891,705	$	(235,364	)
Russell 2000 Index	UBS AG	2/27/24		5.33	%		9,158,340		(303,549	)
						$	16,050,045	$	(538,913	)
						$	49,892,348	$	(1,782,178	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

162 :: UltraSmall-Cap ProFund :: Summary Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

UltraSmall-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	280,267		0.7	%
Air Freight & Logistics		67,923		0.2	%
Automobile Components		431,693		1.0	%
Automobiles		31,018		0.1	%
Banks		3,008,245		7.1	%
Beverages		131,422		0.3	%
Biotechnology		2,500,611		5.9	%
Broadline Retail		27,869		0.1	%
Building Products		661,795		1.6	%
Capital Markets		460,922		1.1	%
Chemicals		608,670		1.4	%
Commercial Services & Supplies		500,521		1.2	%
Communications Equipment		175,294		0.4	%
Construction & Engineering		546,525		1.3	%
Construction Materials		114,202		0.3	%
Consumer Finance		257,646		0.6	%
Consumer Staples Distribution & Retail		190,446		0.4	%
Containers & Packaging		87,891		0.2	%
Distributors		2,537		^NM
Diversified Consumer Services		385,950		0.9	%
Diversified REITs		196,651		0.5	%
Diversified Telecommunication Services		161,045		0.4	%
Electric Utilities		228,840		0.5	%
Electrical Equipment		459,741		1.1	%
Electronic Equipment, Instruments & Components		892,784		2.1	%
Energy Equipment & Services		787,439		1.8	%
Entertainment		123,947		0.3	%
Financial Services		792,773		1.9	%
Food Products		324,413		0.8	%
Gas Utilities		290,248		0.7	%
Ground Transportation		146,037		0.3	%
Health Care Equipment & Supplies		915,585		2.1	%
Health Care Providers & Services		822,892		1.9	%
Health Care REITs		188,234		0.4	%
Health Care Technology		141,178		0.3	%
Hotel & Resort REITs		289,304		0.7	%
Hotels, Restaurants & Leisure		709,364		1.7	%
Household Durables		772,921		1.8	%
Household Products		109,186		0.3	%
Independent Power and Renewable Electricity Producers		71,857		0.2	%
Industrial Conglomerates		7,971		^NM
Industrial REITs		149,137		0.3	%
Insurance		602,886		1.4	%
Interactive Media & Services		231,622		0.5	%
IT Services		175,533		0.4	%
Leisure Products		126,874		0.3	%
Life Sciences Tools & Services		97,794		0.2	%
Machinery		1,148,196		2.7	%
Marine Transportation		102,899		0.2	%
Media		212,466		0.5	%
Metals & Mining		594,785		1.4	%
Mortgage REITs		372,293		0.9	%
Multi-Utilities		131,187		0.3	%
Office REITs		235,658		0.5	%
Oil, Gas & Consumable Fuels		1,494,096		3.5	%
Paper & Forest Products		30,238		0.1	%
Passenger Airlines		120,156		0.3	%
Personal Care Products		324,287		0.8	%
Pharmaceuticals		577,139		1.4	%
Professional Services		839,781		2.0	%
Real Estate Management & Development		243,189		0.6	%
Residential REITs		127,619		0.3	%
Retail REITs		389,335		0.9	%
Semiconductors & Semiconductor Equipment		999,807		2.3	%
Software		1,885,669		4.4	%
Specialized REITs		143,879		0.3	%
Specialty Retail		825,658		1.9	%
Technology Hardware, Storage & Peripherals		396,510		0.9	%
Textiles, Apparel & Luxury Goods		174,224		0.4	%
Tobacco		47,152		0.1	%
Trading Companies & Distributors		706,191		1.7	%
Water Utilities		133,880		0.3	%
Wireless Telecommunication Services		37,133		0.1	%
Other**		10,031,298		23.5	%
Total	$	42,612,428		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%.
	^REIT	Real Estate Investment Trust

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Schedule of Portfolio Investments :: U.S. Government Plus ProFund :: 163

Repurchase Agreements^(a)(b) (464.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $15,223,185	$	15,221,000	$	15,221,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,221,000)				15,221,000
TOTAL INVESTMENT SECURITIES (Cost $15,221,000)—464.9%				15,221,000
Net other assets (liabilities)—(364.9)%^(c)				(11,947,077	)
NET ASSETS—100.0%			$	3,273,923

	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $555,000.
	^(c)	Amount includes $11,936,065 of net payable for capital shares redeemed.

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,4.75%, due 11/15/53	Citibank North America		2/15/24		5.55	%	$	2,052,431	$	(67,628	)
30-Year U.S. Treasury Bond, 4.75%, due 11/15/53	Societe’ Generale		2/15/24		5.57	%		1,986,928		28,842
							$	4,039,359	$	(38,786	)

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

See accompanying notes to the financial statements.

164 :: Utilities UltraSector ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (72.4%)

	Shares		Value
Alliant Energy Corp. (Electric Utilities)		1,373	$	66,810
Ameren Corp. (Multi-Utilities)		1,415		98,442
American Electric Power Co., Inc. (Electric Utilities)		2,830		221,136
American Water Works Co., Inc. (Water Utilities)		1,048		129,973
Atmos Energy Corp. (Gas Utilities)		799		91,038
CenterPoint Energy, Inc. (Multi-Utilities)		3,397		94,912
CMS Energy Corp. (Multi-Utilities)		1,570		89,741
Consolidated Edison, Inc. (Multi-Utilities)		1,858		168,892
Constellation Energy Corp. (Electric Utilities)		1,719		209,718
Dominion Energy, Inc. (Multi-Utilities)		4,503		205,877
DTE Energy Co. (Multi-Utilities)		1,110		117,016
Duke Energy Corp. (Electric Utilities)		4,148		397,503
Edison International (Electric Utilities)		2,063		139,211
Entergy Corp. (Electric Utilities)		1,138		113,527
Evergy, Inc. (Electric Utilities)		1,236		62,752
Eversource Energy (Electric Utilities)		1,880		101,934
Exelon Corp. (Electric Utilities)		5,357		186,477
FirstEnergy Corp. (Electric Utilities)		2,779		101,934
NextEra Energy, Inc. (Electric Utilities)		11,042		647,392
NiSource, Inc. (Multi-Utilities)		2,224		57,757
NRG Energy, Inc. (Electric Utilities)		1,215		64,444
PG&E Corp. (Electric Utilities)		11,482		193,701
Pinnacle West Capital Corp. (Electric Utilities)		610		42,029
PPL Corp. (Electric Utilities)		3,967		103,935
Public Service Enterprise Group, Inc. (Multi-Utilities)		2,682		155,529
Sempra (Multi-Utilities)		3,387		242,375
The AES Corp. (Independent Power and Renewable Electricity Producers)		3,604		60,115
The Southern Co. (Electric Utilities)		5,869		408,013
WEC Energy Group, Inc. (Multi-Utilities)		1,698		137,130
Xcel Energy, Inc. (Electric Utilities)		2,970		177,814
TOTAL COMMON STOCKS (Cost $1,733,770)				4,887,127

Repurchase Agreements(a)(b) (24.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%–5.19%, dated 1/31/24, due 2/1/24, total to be received $1,655,238	$	1,655,000	$	1,655,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,655,000)				1,655,000
TOTAL INVESTMENT SECURITIES (Cost $3,388,770)—96.9%				6,542,127
Net other assets (liabilities)—3.1%				208,067
NET ASSETS—100.0%			$	6,750,194

	^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
	^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $1,188,000.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date⁽¹⁾		Rate Paid (Received)⁽²⁾			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Utilities Select Sector Index	Goldman Sachs International		2/23/24		5.93	%	$	2,201,344	$	14,624
S&P Utilities Select Sector Index	UBS AG		2/23/24		5.68	%		3,061,846		28,451
							$	5,263,190	$	43,075

	⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Utilities UltraSector ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Electric Utilities	$	3,238,330		47.9	%
Gas Utilities		91,038		1.4	%
Independent Power and Renewable Electricity Producers		60,115		0.9	%
Multi-Utilities		1,367,671		20.3	%
Water Utilities		129,973		1.9	%
Other**		1,863,067		27.6	%
Total	$	6,750,194		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 the financial statements.

Statements of Assets and Liabilities

166 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	Access Flex Bear High Yield ProFund			Access Flex High Yield ProFund			Banks UltraSector ProFund			Bear ProFund
ASSETS:
Total Investment Securities, at cost	$	1,351,000		$	18,056,004		$	8,450,450		$	7,113,000
Securities, at value^(a)		—			11,739,058			8,132,176			—
Repurchase agreements, at value		1,351,000			6,362,000			2,356,000			7,113,000
Total Investment Securities, at value		1,351,000			18,101,058			10,488,176			7,113,000
Cash		4,135			549			347			1,251
Segregated cash balances for futures contracts with brokers		21,560			21,560			—			25,960
Segregated cash balances for credit default swap agreements with brokers		90,174			1,309,164			—			—
Segregated cash balances for swap agreements with custodian		—			—			455			151
Dividends and interest receivable		194			39,831			5,394			1,021
Receivable for capital shares issued		216			101,590			174,305			431,414
Receivable for closed swap agreements		3,602			—			—			—
Due from Advisor under a Receivables Agreement		292,998			—			—			—
Due from Advisor under an expense limitation agreement		240			—			—			—
Unrealized appreciation on swap agreements		—			—			—			109,519
Variation margin on futures contracts		—			8,531			—			8,050
Variation margin on credit default swap agreements		7,837			—			—			—
Prepaid expenses		21,105			17,551			10,482			18,886
TOTAL ASSETS		1,793,061			19,599,834			10,679,159			7,709,252
LIABILITIES:
Payable for collateral for securities loaned		—			—			41,513			—
Payable for capital shares redeemed		—			330,622			300,470			16,933
Unrealized depreciation on swap agreements		—			—			161,803			—
Variation margin on futures contracts		8,531			—			—			—
Variation margin on credit default swap agreements		—			74,527			—			—
Advisory fees payable		—			12,313			6,627			9,423
Management services fees payable		—			2,463			1,326			1,885
Administration fees payable		129			1,389			359			649
Distribution and services fees payable—Service Class		16			1,664			293			449
Transfer agency fees payable		129			1,683			924			1,054
Fund accounting fees payable		72			781			457			663
Compliance services fees payable		10			117			40			40
Service fees payable		8			88			49			75
Other accrued expenses		953			20,892			11,090			8,617
TOTAL LIABILITIES		9,848			446,539			524,951			39,788
Commitments and contingencies (Note 4)
NET ASSETS	$	1,783,213		$	19,153,295		$	10,154,208		$	7,669,464
NET ASSETS CONSIST OF:
Capital	$	7,199,415		$	20,177,656		$	12,489,080		$	77,433,717
Total distributable earnings (loss)		(5,416,202	)		(1,024,361	)		(2,334,872	)		(69,764,253	)
NET ASSETS	$	1,783,213		$	19,153,295		$	10,154,208		$	7,669,464
NET ASSETS:
Investor Class	$	1,764,462		$	17,182,610		$	9,665,611		$	7,146,166
Service Class		18,751			1,970,685			488,597			523,298
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		58,777			564,033			215,252			529,853
Service Class		745			65,145			11,979			43,172
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	30.02		$	30.46		$	44.90		$	13.49
Service Class		25.17			30.25			40.79			12.12
^(a) Includes securities on loan valued at:	$	—		$	—		$	38,886		$	—

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 167

Biotechnology UltraSector ProFund		Bull ProFund		Communication Services UltraSector ProFund		Consumer Discretionary UltraSector ProFund		Consumer Staples UltraSector ProFund		Energy UltraSector ProFund

$	100,476,639	$	30,960,696	$	6,093,210	$	19,661,267	$	2,537,159	$	14,645,972
	81,826,728		35,015,486		6,345,831		23,927,031		2,460,499		22,339,475
	27,915,000		15,209,000		1,623,000		8,442,000		1,015,000		6,646,000
	109,741,728		50,224,486		7,968,831		32,369,031		3,475,499		28,985,475
	37		281		36		142		734		408
	—		90,860		—		—		—		—
	—		—		—		—		—		—
	1,371		844		317		603		198		400,124
	24,869		22,424		7,497		12,191		3,628		27,278
	126,080		1,734,842		69,737		181,532		165,930		379,814
	—		—		—		—		—		—
	—		—		—		—		—		—
	—		—		—		—		—		—
	—		—		6,130		—		10,244		673,421
	—		—		—		—		—		—
	—		—		—		—		—		—
	19,912		22,327		12,328		21,661		17,981		10,664
	109,913,997		52,096,064		8,064,876		32,585,160		3,674,214		30,477,184

	1,303,074		—		—		—		—		—
	175,751		491,103		720,969		187,503		274,705		535,164
	1,865,892		232,412		1,249		407,288		—		—
	—		28,175		—		—		—		—
	—		—		—		—		—		—
	71,365		30,545		3,587		26,735		745		27,339
	14,273		6,109		718		5,347		149		5,468
	3,776		1,901		248		1,413		110		1,446
	2,885		6,521		266		987		127		824
	7,752		7,045		601		2,772		283		3,677
	4,543		2,091		303		1,707		143		1,738
	515		281		33		184		17		207
	511		219		34		191		15		196
	77,008		24,743		6,000		35,698		2,553		34,947
	3,527,345		831,145		734,008		669,825		278,847		611,006

$	106,386,652	$	51,264,919	$	7,330,868	$	31,915,335	$	3,395,367	$	29,866,178

$	69,455,607	$	32,558,532	$	7,180,573	$	17,437,543	$	3,047,395	$	18,701,791
	36,931,045		18,706,387		150,295		14,477,792		347,972		11,164,387
$	106,386,652	$	51,264,919	$	7,330,868	$	31,915,335	$	3,395,367	$	29,866,178

$	103,194,511	$	47,272,348	$	7,090,236	$	30,677,068	$	3,242,669	$	28,740,867
	3,192,141		3,992,571		240,632		1,238,267		152,698		1,125,311

	1,733,908		772,230		52,359		593,612		48,007		732,549
	84,993		85,348		2,243		29,882		2,596		33,664

$	59.52	$	61.22	$	135.42	$	51.68	$	67.55	$	39.23
	37.56		46.78		107.28		41.44		58.82		33.43
$	1,219,128	$	—	$	—	$	—	$	—	$	—

See accompanying notes to the financial statements.

168 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	Europe 30 ProFund			Falling U.S. Dollar ProFund			Financials UltraSector ProFund		Health Care UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	1,464,864		$	1,286,000		$	3,787,727	$	6,877,383
Securities, at value^(a)		2,058,117			—			4,949,760		11,904,867
Repurchase agreements, at value		9,000			1,286,000			1,794,000		3,777,000
Total Investment Securities, at value		2,067,117			1,286,000			6,743,760		15,681,867
Cash		628			460			892		963
Segregated cash balances for swap agreements with custodian		—			901			11,527		10,468
Dividends and interest receivable		4,906			185			6,994		19,722
Receivable for investments sold		884,207			—			—		—
Receivable for capital shares issued		1,650			1,787			183,621		838,726
Due from Advisor under an expense limitation agreement		—			2,309			—		—
Unrealized appreciation on forward currency contracts		—			3,796			—		—
Unrealized appreciation on swap agreements		—			—			270,470		13,971
Prepaid expenses		10,376			10,820			16,590		10,309
Receivable for tax reclaims		4,953			—			—		—
TOTAL ASSETS		2,973,837			1,306,258			7,233,854		16,576,026
LIABILITIES:
Payable for investments purchased		—			—			—		—
Payable for collateral for securities loaned		467,692			—			—		—
Payable for capital shares redeemed		907,177			—			308,806		2,559
Unrealized depreciation on forward currency contracts		—			4,938			—		—
Unrealized depreciation on swap agreements		—			—			—		—
Advisory fees payable		1,180			—			9,986		9,919
Management services fees payable		236			—			1,997		1,984
Administration fees payable		112			58			549		526
Distribution and services fees payable—Service Class		416			10			334		822
Transfer agency fees payable		290			125			1,016		1,356
Fund accounting fees payable		123			59			680		649
Compliance services fees payable		11			6			41		75
Service fees payable		13			7			74		71
Other accrued expenses		6,530			9,377			12,831		11,876
TOTAL LIABILITIES		1,383,780			14,580			336,314		29,837
Commitments and contingencies (Note 4)
NET ASSETS	$	1,590,057		$	1,291,678		$	6,897,540	$	16,546,189
NET ASSETS CONSIST OF:
Capital	$	5,793,403		$	3,969,249		$	4,568,178	$	10,178,191
Total distributable earnings (loss)		(4,203,346	)		(2,677,571	)		2,329,362		6,367,998
NET ASSETS	$	1,590,057		$	1,291,678		$	6,897,540	$	16,546,189
NET ASSETS:
Investor Class	$	1,101,078		$	1,284,760		$	6,524,757	$	15,582,347
Service Class		488,979			6,918			372,783		963,842
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		74,180			92,670			208,197		149,530
Service Class		30,270			560			14,669		11,580
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	14.84		$	13.86		$	31.34	$	104.21
Service Class		16.15			12.35			25.41		83.23
(a) Includes securities on loan valued at:	$	320,312		$	—		$	—	$	—

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 169

Industrials UltraSector ProFund		Internet UltraSector ProFund		Large-Cap Growth ProFund		Large-Cap Value ProFund		Materials UltraSector ProFund		Mid-Cap Growth ProFund

$	3,670,241	$	64,280,086	$	13,724,876	$	56,204,881	$	2,437,013	$	2,576,584
	3,396,014		73,589,573		19,991,175		58,986,101		3,867,964		3,585,143
	1,857,000		23,993,000		87,000		—		859,000		1,000
	5,253,014		97,582,573		20,078,175		58,986,101		4,726,964		3,586,143
	588		47		175		3,758		277		546
	289		213		—		—		554		—
	4,330		3,446		4,137		58,189		3,436		974
	—		—		—		399,115		—		—
	283,761		73,110		9,457		37,889		182,438		—
	—		—		—		—		—		—
	—		—		—		—		—		—
	59,200		—		—		—		—		—
	19,280		19,530		15,611		30,796		10,078		11,209
	—		—		—		—		—		—
	5,620,462		97,678,919		20,107,555		59,515,848		4,923,747		3,598,872

	—		—		—		5,625		—		—
	—		—		—		—		—		15,469
	200,504		1,008,762		44,480		191,418		51,282		5,946
	—		—		—		—		—		—
	—		843,662		—		—		25,894		—
	8,215		58,231		9,411		32,597		2,395		1,511
	1,643		11,646		1,882		6,519		479		302
	472		3,087		585		1,817		161		165
	211		3,845		1,301		1,934		606		466
	806		6,983		1,521		4,281		616		495
	588		3,708		668		1,974		201		245
	38		426		80		154		29		21
	64		419		67		209		22		19
	12,958		69,398		12,499		49,774		3,620		2,546
	225,499		2,010,167		72,494		296,302		85,305		27,185

$	5,394,963	$	95,668,752	$	20,035,061	$	59,219,546	$	4,838,442	$	3,571,687

$	2,867,357	$	94,631,690	$	13,333,939	$	56,120,477	$	4,797,030	$	2,757,052
	2,527,606		1,037,062		6,701,122		3,099,069		41,412		814,635
$	5,394,963	$	95,668,752	$	20,035,061	$	59,219,546	$	4,838,442	$	3,571,687

$	5,147,044	$	87,959,473	$	18,486,121	$	56,882,428	$	4,130,486	$	3,019,498
	247,919		7,709,279		1,548,940		2,337,118		707,956		552,189

	95,959		2,161,989		131,943		575,697		40,950		32,313
	5,576		294,979		14,178		27,484		8,165		8,062

$	53.64	$	40.68	$	140.11	$	98.81	$	100.87	$	93.45
	44.46		26.14		109.25		85.04		86.71		68.49
$	—	$	—	$	—	$	—	$	—	$	14,582

See accompanying notes to the financial statements.

170 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	Mid-Cap ProFund			Mid-Cap Value ProFund		Nasdaq-100 ProFund		Oil & Gas Equipment & Services UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	11,452,821		$	2,251,726	$	109,155,279	$	14,280,947
Securities, at value^(a)		9,962,771			2,780,367		71,612,335		13,114,340
Repurchase agreements, at value		3,034,000			1,000		72,942,000		5,494,000
Total Investment Securities, at value		12,996,771			2,781,367		144,554,335		18,608,340
Cash		354			637		438		879
Segregated cash balances for futures contracts with brokers		—			—		428,340		—
Segregated cash balances for swap agreements with custodian		320			—		355		1,379
Dividends and interest receivable		2,547			772		21,451		789
Receivable for capital shares issued		28,486			450		1,679,493		124,673
Receivable for closed forward currency contracts		—			—		—		—
Due from Advisor under a Receivables Agreement		—			—		—		—
Due from Advisor under an expense limitation agreement		—			—		—		—
Unrealized appreciation on forward currency contracts		—			—		—		—
Unrealized appreciation on swap agreements		—			—		—		3,306
Prepaid expenses		15,568			10,710		53,372		11,412
TOTAL ASSETS		13,044,046			2,793,936		146,737,784		18,750,778
LIABILITIES:
Payable for collateral for securities loaned		24,900			12,958		260,237		—
Payable for capital shares redeemed		7,622			4,056		2,541,581		783,144
Unrealized depreciation on forward currency contracts		—			—		—		—
Unrealized depreciation on swap agreements		62,374			—		1,815,978		20,923
Variation margin on futures contracts		—			—		76,175		—
Advisory fees payable		6,007			225		76,893		9,032
Management services fees payable		1,201			45		16,477		1,807
Administration fees payable		397			114		5,127		477
Distribution and services fees payable—Service Class		1,713			475		6,978		1,694
Transfer agency fees payable		1,032			351		12,937		1,510
Fund accounting fees payable		527			206		5,256		581
Compliance services fees payable		34			14		654		84
Service fees payable		46			13		590		65
Other accrued expenses		8,633			875		133,149		8,337
TOTAL LIABILITIES		114,486			19,332		4,952,032		827,654
Commitments and contingencies (Note 4)
NET ASSETS	$	12,929,560		$	2,774,604	$	141,785,752	$	17,923,124
NET ASSETS CONSIST OF:
Capital	$	12,932,293		$	2,652,053	$	95,564,151	$	34,186,921
Total distributable earnings (loss)		(2,733	)		122,551		46,221,601		(16,263,797	)
NET ASSETS	$	12,929,560		$	2,774,604	$	141,785,752	$	17,923,124
NET ASSETS:
Investor Class	$	8,606,039		$	2,269,527	$	133,911,411	$	15,940,582
Service Class		4,323,521			505,077		7,874,341		1,982,542
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		77,994			22,543		899,095		164,659
Service Class		50,295			6,390		68,394		23,480
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	110.34		$	100.68	$	148.94	$	96.81
Service Class		85.96			79.04		115.13		84.44
^(a) Includes securities on loan valued at:	$	23,571		$	12,315	$	249,621	$	—

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 171

Pharmaceuticals UltraSector ProFund			Precious Metals UltraSector ProFund			Real Estate UltraSector ProFund			Rising Rates Opportunity ProFund			Rising Rates Opportunity 10 ProFund			Rising U.S. Dollar ProFund

$	2,631,755		$	16,060,356		$	2,812,230		$	13,246,000		$	1,171,000		$	9,641,000
	2,491,174			16,830,346			3,523,310			—			—			—
	873,000			6,450,000			1,090,000			13,246,000			1,171,000			9,641,000
	3,364,174			23,280,346			4,613,310			13,246,000			1,171,000			9,641,000
	389			687			258			724			852			6,085
	—			—			—			—			—			—
	855			171			323			—			—			—
	4,426			942			4,054			1,901			168			1,384
	129,588			131,719			174,880			10,971,660			445			223,305
	—			—			—			—			—			8,314
	—			—			—			—			—			676,323
	—			—			—			—			617			—
	—			—			—			—			—			38,719
	—			—			—			—			—			—
	9,304			14,809			10,344			25,759			19,998			21,023
	3,508,736			23,428,674			4,803,169			24,246,044			1,193,080			10,616,153

	—			—			—			—			—			—
	252,101			474,617			26,069			8,725			1,833			87,187
	—			—			—			—			—			32,108
	12,643			241,692			50,591			311,849			10,544			—
	—			—			—			—			—			—
	990			14,349			1,901			6,696			—			2,233
	198			2,870			380			1,339			—			447
	109			756			173			355			43			415
	229			1,029			229			1,137			132			57
	305			2,215			483			1,466			169			1,582
	142			914			217			425			51			423
	16			110			22			95			13			51
	15			102			23			48			6			48
	2,910			16,325			2,122			6,305			1,001			1,367
	269,658			754,979			82,210			338,440			13,792			125,918

$	3,239,078		$	22,673,695		$	4,720,959		$	23,907,604		$	1,179,288		$	10,490,235

$	4,038,623		$	85,946,317		$	7,607,568		$	64,947,483		$	4,693,270		$	12,687,617
	(799,545	)		(63,272,622	)		(2,886,609	)		(41,039,879	)		(3,513,982	)		(2,197,382	)
$	3,239,078		$	22,673,695		$	4,720,959		$	23,907,604		$	1,179,288		$	10,490,235

$	3,054,973		$	21,516,599		$	4,485,986		$	19,397,202		$	1,045,438		$	10,409,010
	184,105			1,157,096			234,973			4,510,402			133,850			81,225

	122,854			569,957			117,848			498,769			71,774			351,275
	8,938			36,717			6,651			128,828			9,922			3,208

$	24.87		$	37.75		$	38.07		$	38.89		$	14.57		$	29.63
	20.60			31.51			35.33			35.01			13.49			25.32
$	—		$	—		$	—		$	—		$	—		$	—

See accompanying notes to the financial statements.

172 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	Semiconductor UltraSector ProFund		Short Energy ProFund			Short Nasdaq-100 ProFund			Short Precious Metals ProFund
ASSETS:
Total Investment Securities, at cost	$	99,726,151	$	721,000		$	2,617,000		$	4,852,000
Securities, at value^(a)		114,193,227		—			—			—
Repurchase agreements, at value		64,065,000		721,000			2,617,000			4,852,000
Total Investment Securities, at value		178,258,227		721,000			2,617,000			4,852,000
Cash		222		932			2,453			884
Segregated cash balances for futures contracts with brokers		—		—			38,940			—
Segregated cash balances for swap agreements with custodian		1,195		445			825			376
Dividends and interest receivable		57,217		103			376			696
Receivable for investments sold		18,515,084		—			—			—
Receivable for capital shares issued		4,913,316		158,841			157,760			31,757
Due from Advisor under an expense limitation agreement		—		2,891			—			7,541
Unrealized appreciation on swap agreements		—		—			58,175			43,170
Variation margin on futures contracts		—		—			6,925			—
Prepaid expenses		19,855		12,783			42,184			13,173
TOTAL ASSETS		201,765,116		896,995			2,924,638			4,949,597
LIABILITIES:
Cash overdraft		—		—			—			—
Payable for investments purchased		—		—			—			—
Payable for collateral for securities loaned		163,664		—			—			—
Payable for capital shares redeemed		2,282,598		246,166			58,822			44,515
Unrealized depreciation on swap agreements		3,083,832		22,943			—			—
Variation margin on futures contracts		—		—			—			—
Advisory fees payable		112,272		—			1,248			—
Management services fees payable		22,455		—			250			—
Administration fees payable		5,969		27			295			128
Distribution and services fees payable—Service Class		8,404		30			155			53
Transfer agency fees payable		13,072		94			436			260
Fund accounting fees payable		7,155		33			302			154
Compliance services fees payable		702		4			19			17
Service fees payable		807		4			34			17
Other accrued expenses		153,212		250			2,521			9,000
TOTAL LIABILITIES		5,854,142		269,551			64,082			54,144
Commitments and contingencies (Note 4)
NET ASSETS	$	195,910,974	$	627,444		$	2,860,556		$	4,895,453
NET ASSETS CONSIST OF:
Capital	$	90,602,456	$	2,807,178		$	22,299,597		$	14,669,265
Total distributable earnings (loss)		105,308,518		(2,179,734	)		(19,439,041	)		(9,773,812	)
NET ASSETS	$	195,910,974	$	627,444		$	2,860,556		$	4,895,453
NET ASSETS:
Investor Class	$	188,793,337	$	583,295		$	2,647,456		$	4,863,249
Service Class		7,117,637		44,149			213,100			32,204
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		931,115		38,423			49,356			369,220
Service Class		48,457		3,188			4,554			2,520
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	202.76	$	15.18		$	53.64		$	13.17
Service Class		146.89		13.85			46.79			12.78
^(a) Includes securities on loan valued at:	$	141,683	$	—		$	—		$	—

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 173

Short Real Estate ProFund			Short Small-Cap ProFund			Small-Cap Growth ProFund		Small-Cap ProFund		Small-Cap Value ProFund			Technology UltraSector ProFund

$	1,916,000		$	1,098,000		$	3,295,205	$	2,552,674	$	1,771,833		$	35,733,503
	—			—			4,436,991		2,235,964		2,163,557			51,555,209
	1,916,000			1,098,000			—		1,203,000		—			16,467,000
	1,916,000			1,098,000			4,436,991		3,438,964		2,163,557			68,022,209
	39			240			429		575		—			176
	—			—			—		28,600		—			—
	106			67,360			—		1,113		—			1,772
	275			158			1,201		772		2,077			15,592
	—			—			—		35		—			—
	166,498			40,750			—		1,150,275		11,051			98,583
	390			6,368			—		—		—			—
	27,269			38,796			—		—		—			—
	—			—			—		—		—			—
	9,692			27,183			12,079		13,021		11,505			19,637
	2,120,269			1,278,855			4,450,700		4,633,355		2,188,190			68,157,969

	—			—			—		—		2,385			—
	—			—			354		—		—			—
	—			—			8,759		28,993		27,806			—
	20,261			—			45,512		245,767		3,584			718,007
	—			—			—		55,843		—			1,038,487
	—			—			—		5,000		—			—
	—			—			1,252		1,029		731			56,207
	—			—			250		206		146			11,242
	65			64			176		194		148			2,982
	77			52			647		284		423			5,570
	158			154			454		716		450			6,953
	77			65			284		799		291			3,589
	10			50			20		18		19			347
	9			7			20		22		17			403
	1,485			1,103			1,295		3,063		438			68,506
	22,142			1,495			59,023		341,934		36,438			1,912,293

$	2,098,127		$	1,277,360		$	4,391,677	$	4,291,421	$	2,151,752		$	66,245,676

$	7,043,648		$	14,530,182		$	3,252,600	$	3,183,754	$	2,588,006		$	23,529,304
	(4,945,521	)		(13,252,822	)		1,139,077		1,107,667		(436,254	)		42,716,372
$	2,098,127		$	1,277,360		$	4,391,677	$	4,291,421	$	2,151,752		$	66,245,676

$	2,013,101		$	1,210,542		$	3,630,905	$	3,960,727	$	1,686,205		$	61,086,200
	85,026			66,818			760,772		330,694		465,547			5,159,476

	226,447			39,477			35,983		39,449		16,938			460,827
	11,114			2,355			10,026		4,122		5,957			49,726

$	8.89		$	30.66		$	100.91	$	100.40	$	99.55		$	132.56
	7.65			28.37			75.88		80.23		78.15			103.76
$	—		$	—		$	8,302	$	26,835	$	25,532		$	—

See accompanying notes to the financial statements.

174 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	UltraBear ProFund			UltraBull ProFund		UltraChina ProFund			UltraDow 30 ProFund
ASSETS:
Total Investment Securities, at cost	$	6,758,000		$	66,520,845	$	19,108,604		$	16,716,980
Securities, at value^(a)		—			79,032,378		18,155,060			23,932,732
Repurchase agreements, at value		6,758,000			42,724,000		4,786,000			8,979,000
Total Investment Securities, at value		6,758,000			121,756,378		22,941,060			32,911,732
Cash		930			671		433			10,810
Segregated cash balances for futures contracts with brokers		38,940			519,200		—			314,160
Segregated cash balances for swap agreements with custodian		—			672		667			359
Dividends and interest receivable		970			58,661		7,512			16,567
Receivable for capital shares issued		1,586,030			849,580		214,235			273,224
Unrealized appreciation on swap agreements		217,115			—		—			—
Variation margin on futures contracts		12,075			—		—			—
Prepaid expenses		15,511			61,384		24,734			13,985
Receivable for tax reclaims		—			—		—			—
TOTAL ASSETS		8,629,571			123,246,546		23,188,641			33,540,837
LIABILITIES:
Payable for collateral for securities loaned		—			—		811,040			—
Payable for capital shares redeemed		197,428			813,368		321,567			350,587
Unrealized depreciation on swap agreements		—			2,673,226		637,163			204,966
Variation margin on futures contracts		—			161,000		—			28,220
Advisory fees payable		4,832			72,864		15,152			21,750
Management services fees payable		966			14,573		3,031			4,350
Administration fees payable		323			4,536		935			1,354
Distribution and services fees payable—Service Class		84			2,541		571			1,115
Transfer agency fees payable		793			11,599		2,095			3,414
Fund accounting fees payable		330			4,776		964			1,389
Compliance services fees payable		48			616		122			163
Service fees payable		37			522		108			156
Other accrued expenses		4,334			74,235		30,077			26,469
TOTAL LIABILITIES		209,175			3,833,856		1,822,825			643,933
Commitments and contingencies (Note 4)
NET ASSETS	$	8,420,396		$	119,412,690	$	21,365,816		$	32,896,904
NET ASSETS CONSIST OF:
Capital	$	110,492,022		$	80,608,818	$	72,671,163		$	17,951,522
Total distributable earnings (loss)		(102,071,626	)		38,803,872		(51,305,347	)		14,945,382
NET ASSETS	$	8,420,396		$	119,412,690	$	21,365,816		$	32,896,904
NET ASSETS:
Investor Class	$	8,309,265		$	116,731,712	$	20,823,614		$	31,407,202
Service Class		111,131			2,680,978		542,202			1,489,702
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		565,141			1,146,200		1,052,645			460,838
Service Class		8,575			35,482		31,679			26,246
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	14.70		$	101.84	$	19.78		$	68.15
Service Class		12.96			75.56		17.12			56.76
^(a) Includes securities on loan valued at:	$	—		$	—	$	766,394		$	—

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 175

UltraEmerging Markets ProFund			UltraInternational ProFund		UltraJapan ProFund		UltraLatin America ProFund			UltraMid-Cap ProFund		UltraNasdaq-100 ProFund

$	3,423,177		$	3,664,000	$	21,470,000	$	6,096,906		$	31,885,505	$	496,931,746
	5,033,854			—		—		8,724,921			27,356,367		641,072,355
	951,000			3,664,000		21,470,000		1,237,000			14,221,000		237,157,000
	5,984,854			3,664,000		21,470,000		9,961,921			41,577,367		878,229,355
	606			510		210		762			885		2,842,120
	—			—		3,255,120		—			166,100		6,425,100
	348			399		—		683			8,422		293,407
	15,692			526		3,081		87,627			9,497		133,966
	187,734			135,904		2,826		306,858			308,627		2,956,400
	—			—		—		—			—		—
	—			—		—		—			—		—
	23,755			22,230		21,312		13,987			23,175		186,466
	325			—		—		—			—		—
	6,213,314			3,823,569		24,752,549		10,371,838			42,094,073		891,066,814

	356,385			—		—		512,934			123,073		2,406,133
	144,167			550,158		936,734		59,409			26,462		8,045,637
	119,055			49,184		1,404		94,914			1,118,431		28,290,248
	—			—		75,935		—			52,600		1,142,625
	3,014			932		15,688		6,508			24,679		533,571
	603			187		2,615		1,302			4,936		106,715
	239			124		817		404			1,533		33,220
	89			108		269		202			1,787		14,796
	661			327		2,372		1,959			3,225		82,622
	259			148		833		422			1,685		33,888
	35			19		95		55			181		4,222
	28			17		94		46			177		3,825
	5,598			3,056		15,145		6,483			27,873		713,046
	630,133			604,260		1,052,001		684,638			1,386,642		41,410,548

$	5,583,181		$	3,219,309	$	23,700,548	$	9,687,200		$	40,707,431	$	849,656,266

$	11,058,346		$	3,196,636	$	19,263,352	$	37,365,763		$	35,765,238	$	592,862,686
	(5,475,165	)		22,673		4,437,196		(27,678,563	)		4,942,193		256,793,580
$	5,583,181		$	3,219,309	$	23,700,548	$	9,687,200		$	40,707,431	$	849,656,266

$	5,484,178		$	3,007,328	$	23,552,183	$	9,504,837		$	36,489,609	$	832,185,771
	99,003			211,981		148,365		182,363			4,217,822		17,470,495

	133,016			172,061		495,015		510,543			660,741		9,969,801
	2,668			14,184		3,928		10,115			98,778		302,737

$	41.23		$	17.48	$	47.58	$	18.62		$	55.23	$	83.47
	37.11			14.95		37.77		18.03			42.70		57.71
$	344,140		$	—	$	—	$	494,316		$	116,496	$	2,307,422

See accompanying notes to the financial statements.

176 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	UltraShort China ProFund			UltraShort Dow 30 ProFund			UltraShort Emerging Markets ProFund			UltraShort International ProFund
ASSETS:
Total Investment Securities, at cost	$	1,586,000		$	2,245,000		$	424,000		$	1,909,000
Securities, at value		—			—			—			—
Repurchase agreements, at value		1,586,000			2,245,000			424,000			1,909,000
Total Investment Securities, at value		1,586,000			2,245,000			424,000			1,909,000
Cash		976			650			724			986
Segregated cash balances for futures contracts with brokers		—			—			—			—
Segregated cash balances for swap agreements with custodian		943			154			333			797
Dividends and interest receivable		228			322			61			274
Receivable for investments sold		—			—			—			—
Receivable for capital shares issued		611,764			448,118			2,540			2,964
Due from Advisor under an expense limitation agreement		2,416			—			1,099			219
Unrealized appreciation on swap agreements		94,236			24,091			14,485			26,010
Variation margin on futures contracts		—			—			—			—
Prepaid expenses		19,206			9,200			22,550			20,734
TOTAL ASSETS		2,315,769			2,727,535			465,792			1,960,984
LIABILITIES:
Payable for capital shares redeemed		57,288			166,497			66,121			65,565
Unrealized depreciation on swap agreements		—			—			—			—
Variation margin on futures contracts		—			—			—			—
Advisory fees payable		—			27			—			—
Management services fees payable		—			6			—			—
Administration fees payable		56			103			30			72
Distribution and services fees payable—Service Class		15			78			12			6
Transfer agency fees payable		178			266			98			164
Fund accounting fees payable		67			105			36			86
Compliance services fees payable		11			14			4			11
Service fees payable		8			12			4			10
Other accrued expenses		1,318			1,526			1,607			873
TOTAL LIABILITIES		58,941			168,634			67,912			66,787
Commitments and contingencies (Note 4)
NET ASSETS	$	2,256,828		$	2,558,901		$	397,880		$	1,894,197
NET ASSETS CONSIST OF:
Capital	$	11,833,851		$	27,336,277		$	13,546,479		$	20,355,816
Total distributable earnings (loss)		(9,577,023	)		(24,777,376	)		(13,148,599	)		(18,461,619	)
NET ASSETS	$	2,256,828		$	2,558,901		$	397,880		$	1,894,197
NET ASSETS:
Investor Class	$	2,233,293		$	2,451,575		$	382,285		$	1,889,904
Service Class		23,535			107,326			15,595			4,293
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		278,748			162,812			18,710			99,601
Service Class		3,391			8,322			851			256
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	8.01		$	15.06		$	20.43		$	18.97
Service Class		6.94			12.90			18.33			16.77

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

January 31, 2024 (unaudited) :: Statements of Assets and Liabilities :: 177

UltraShort Japan ProFund			UltraShort Latin America ProFund			UltraShort Mid-Cap ProFund			UltraShort Nasdaq-100 ProFund			UltraShort Small-Cap ProFund			UltraSmall-Cap ProFund

$	798,000		$	1,190,000		$	690,000		$	15,513,000		$	2,984,000		$	33,383,925
	—			—			—			—			—			32,581,130
	798,000			1,190,000			690,000			15,513,000			2,984,000			12,311,000
	798,000			1,190,000			690,000			15,513,000			2,984,000			44,892,130
	6,178			700			158			10,012			6,026			233
	71,280			—			—			155,760			85,800			400,400
	—			—			—			96,616			13,859			91,373
	114			171			99			2,227			428			9,611
	—			—			—			—			—			514
	370,089			31,525			39,000			1,252,279			1,401,113			321,024
	—			2,360			1,084			—			—			—
	5,773			20,328			29,333			785,487			185,485			—
	1,437			—			—			27,700			15,000			—
	17,934			12,941			19,939			47,750			19,941			31,642
	1,270,805			1,258,025			779,613			17,890,831			4,711,652			45,746,927

	2,662			20,503			2,275			1,121,127			39,595			1,180,182
	—			—			—			—			—			1,782,178
	—			—			—			—			—			70,000
	3			—			—			10,352			2,015			29,076
	—			—			—			2,070			403			5,815
	42			54			38			657			216			1,803
	48			25			23			53			179			182
	90			153			99			1,623			559			4,475
	43			65			39			670			221			2,439
	5			9			5			100			26			255
	5			7			4			76			25			208
	990			161			2,138			8,456			3,401			57,886
	3,888			20,977			4,621			1,145,184			46,640			3,134,499

$	1,266,917		$	1,237,048		$	774,992		$	16,745,647		$	4,665,012		$	42,612,428

$	12,372,455		$	18,675,389		$	12,020,109		$	115,279,829		$	59,599,502		$	63,862,098
	(11,105,538	)		(17,438,341	)		(11,245,117	)		(98,534,182	)		(54,934,490	)		(21,249,670	)
$	1,266,917		$	1,237,048		$	774,992		$	16,745,647		$	4,665,012		$	42,612,428

$	1,266,355		$	1,214,509		$	748,086		$	16,686,938		$	4,501,068		$	42,273,281
	562			22,539			26,906			58,709			163,944			339,147

	225,275			268,313			19,109			422,130			694,430			755,993
	113			5,666			792			1,591			27,926			7,639

$	5.62		$	4.53		$	39.15		$	39.53		$	6.48		$	55.92
	4.97			3.98			33.97			36.90			5.87			44.40

See accompanying notes to the financial statements.

178 :: Statements of Assets and Liabilities :: January 31, 2024 (unaudited)

	U.S. Government Plus ProFund			Utilities UltraSector ProFund
ASSETS:
Total Investment Securities, at cost	$	15,221,000		$	3,388,770
Securities, at value		—			4,887,127
Repurchase agreements, at value		15,221,000			1,655,000
Total Investment Securities, at value		15,221,000			6,542,127
Cash		841			498
Segregated cash balances for swap agreements with custodian		—			788
Dividends and interest receivable		2,185			2,550
Receivable for capital shares issued		102,409			301,635
Unrealized appreciation on swap agreements		28,842			43,075
Prepaid expenses		34,636			12,072
TOTAL ASSETS		15,389,913			6,902,745
LIABILITIES:
Payable for capital shares redeemed		12,038,474			142,719
Unrealized depreciation on swap agreements		67,628			—
Advisory fees payable		3,992			3,682
Management services fees payable		1,198			736
Administration fees payable		372			222
Distribution and services fees payable—Service Class		1,365			257
Transfer agency fees payable		1,032			653
Fund accounting fees payable		379			274
Compliance services fees payable		48			37
Service fees payable		43			30
Other accrued expenses		1,459			3,941
TOTAL LIABILITIES		12,115,990			152,551
Commitments and contingencies (Note 4)
NET ASSETS	$	3,273,923		$	6,750,194
NET ASSETS CONSIST OF:
Capital	$	10,837,353		$	12,406,279
Total distributable earnings (loss)		(7,563,430	)		(5,656,085	)
NET ASSETS	$	3,273,923		$	6,750,194
NET ASSETS:
Investor Class	$	3,164,957		$	6,296,548
Service Class		108,966			453,646
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):
Investor Class		84,761			123,093
Service Class		3,255			9,537
NET ASSET VALUE (offering and redemption price per share):
Investor Class	$	37.34		$	51.15
Service Class		33.48			47.57

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Statements of Operations

180 :: Statements of Operations :: For the Periods Indicated (unaudited)

	Access Flex Bear High Yield ProFund			Access Flex High Yield ProFund			Banks UltraSector ProFund			Bear ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	—		$	—		$	110,881		$	—
Interest		45,702			460,286			45,023			263,370
Foreign tax withholding		—			—			—			—
Net income from securities lending		—			—			98			—
TOTAL INVESTMENT INCOME		45,702			460,286			156,002			263,370
EXPENSES:
Advisory fees		7,759			74,198			29,372			37,304
Management services fees		1,552			14,840			5,874			7,461
Administration fees		692			7,011			4,115			4,527
Distribution and services fees—Service Class		98			10,077			1,334			3,456
Transfer agency fees		519			6,513			2,774			2,921
Administrative services fees		2,856			28,526			11,192			11,590
Registration and filing fees		16,926			21,506			16,700			26,168
Custody fees		187			5,062			774			773
Fund accounting fees		525			5,780			2,454			2,416
Trustee fees		26			317			99			89
Compliance services fees		11			133			52			44
Service fees		69			748			288			311
Other fees		1,896			11,736			7,644			6,971
Total Gross Expenses before reductions		33,116			186,447			82,672			104,031
Expenses reduced and reimbursed by the Advisor		(14,526	)		—			(881	)		(4,063	)
Fees paid indirectly		(76	)		(272	)		(140	)		(192	)
TOTAL NET EXPENSES		18,514			186,175			81,651			99,776
NET INVESTMENT INCOME (LOSS)		27,188			274,111			74,351			163,594
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			(7,965	)		347,711			—
Net realized gains (losses) on futures contracts		41,696			(54,514	)		—			(19,322	)
Net realized gains (losses) on swap agreements		(84,684	)		309,778			578,607			(1,121,046	)
Change in net unrealized appreciation/depreciation on investment securities		—			(120,888	)		(105,026	)		—
Change in net unrealized appreciation/depreciation on futures contracts		(54,992	)		44,136			—			3,620
Change in net unrealized appreciation/depreciation on swap agreements		1,500			(73,420	)		(343,855	)		178,189
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(96,480	)		97,127			477,437			(958,559	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(69,292	)	$	371,238		$	551,788		$	(794,965	)

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 181

Biotechnology UltraSector ProFund			Bull ProFund			Communication Services UltraSector ProFund			Consumer Discretionary UltraSector ProFund			Consumer Staples UltraSector ProFund			Energy UltraSector ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	46,580		$	287,924		$	28,283		$	110,070		$	42,890		$	517,313
	952,044			442,802			43,032			208,952			20,070			233,128
	—			(82	)		—			—			—			—
	47,999			2			5			—			—			—
	1,046,623			730,646			71,320			319,022			62,960			750,441

	372,508			193,585			25,804			136,228			12,546			148,036
	74,502			38,717			5,161			27,246			2,509			29,607
	43,764			22,122			3,149			16,675			1,611			16,675
	13,823			44,440			2,599			5,821			813			5,901
	23,580			21,826			2,103			8,725			1,051			11,241
	128,700			40,164			8,406			48,668			4,036			46,341
	18,683			20,629			16,108			20,426			18,228			21,121
	9,196			9,372			721			2,986			323			4,352
	24,233			13,316			1,784			9,239			953			9,419
	1,015			511			75			383			37			352
	534			286			39			198			19			207
	3,081			1,600			223			1,173			114			1,220
	71,562			28,700			5,100			27,397			3,383			27,890
	785,181			435,268			71,272			305,165			45,623			322,362
	—			—			(7,323	)		—			(14,955	)		—
	(1,756	)		(396	)		(108	)		(282	)		(68	)		(2,936	)
	783,425			434,872			63,841			304,883			30,600			319,426
	263,198			295,774			7,479			14,139			32,360			431,015

	(4,686,780	)		4,390,483			14,752			1,567,823			(23,878	)		588,907
	—			67,476			—			—			—			—
	11,047,080			1,765,232			424,899			(1,016,685	)		(167,062	)		(2,585,208	)
	(3,651,322	)		(2,214,260	)		409,480			(2,466,499	)		(92,452	)		(2,303,861	)
	—			(12,670	)		—			—			—			—
	(2,597,619	)		(381,240	)		(213,026	)		(745,979	)		17,275			225,460
	111,359			3,615,021			636,105			(2,661,340	)		(266,117	)		(4,074,702	)
$	374,557		$	3,910,795		$	643,584		$	(2,647,201	)	$	(233,757	)	$	(3,643,687	)

See accompanying notes to the financial statements.

182 :: Statements of Operations :: For the Periods Indicated (unaudited)

	Europe 30 ProFund			Falling U.S. Dollar ProFund			Financials UltraSector ProFund			Health Care UltraSector ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	48,717		$	—		$	53,790		$	97,773
Interest		1,464			30,563			49,168			96,753
Foreign tax withholding		(4,144	)		—			—			—
Net income from securities lending		1,002			—			—			—
TOTAL INVESTMENT INCOME		47,039			30,563			102,958			194,526
EXPENSES:
Advisory fees		9,848			4,428			30,610			56,191
Management services fees		1,970			886			6,122			11,238
Administration fees		2,755			853			3,864			6,760
Distribution and services fees—Service Class		1,443			50			1,876			4,709
Transfer agency fees		2,309			562			2,300			4,494
Administrative services fees		4,511			1,961			11,562			17,339
Registration and filing fees		24,178			23,328			16,159			15,803
Custody fees		5,122			7,505			619			1,021
Fund accounting fees		1,683			475			2,323			3,858
Trustee fees		73			20			90			156
Compliance services fees		33			11			51			82
Licensing fees		—			4,829			1,907			3,411
Service fees		199			60			273			481
Other fees		1,076			2,048			5,263			8,090
Recoupment of prior expenses reduced by the Advisor		—			—			—			—
Total Gross Expenses before reductions		55,200			47,016			83,019			133,633
Expenses reduced and reimbursed by the Advisor		(30,378	)		(36,456	)		(5,507	)		—
TOTAL NET EXPENSES		24,822			10,560			77,512			133,633
NET INVESTMENT INCOME (LOSS)		22,217			20,003			25,446			60,893
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		373,847			—			501,223			16,345
Net realized gains (losses) on swap agreements		—			—			585,494			3,120
Net realized gains (losses) on forward currency contracts		—			(44,221	)		—			—
Change in net unrealized appreciation/depreciation on investment securities		(274,038	)		—			508,707			511,462
Change in net unrealized appreciation/depreciation on swap agreements		—			—			304,247			190,282
Change in net unrealized appreciation/depreciation on forward currency contracts		—			16,735			—			—
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		99,809			(27,486	)		1,899,671			721,209
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	122,026		$	(7,483	)	$	1,925,117		$	782,102

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 183

Industrials UltraSector ProFund			Internet UltraSector ProFund			Large-Cap Growth ProFund			Large-Cap Value ProFund			Materials UltraSector ProFund			Mid-Cap Growth ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	44,935		$	74,135		$	89,485		$	256,135		$	45,415		$	31,830
	48,755			458,798			2,759			1,524			32,671			238
	—			—			(31	)		(52	)		—			—
	—			182			—			—			—			6
	93,690			533,115			92,213			257,607			78,086			32,074

	27,821			307,431			61,534			89,595			21,329			17,852
	5,564			61,486			12,307			17,919			4,266			3,570
	3,639			36,342			8,096			12,284			2,546			1,883
	1,185			21,252			6,305			12,052			4,258			2,597
	2,043			21,077			5,918			8,549			2,228			1,682
	11,370			96,657			18,253			36,766			5,448			3,137
	18,492			17,366			17,180			17,187			18,438			16,585
	645			6,139			2,883			2,486			479			792
	2,229			20,296			4,847			7,678			1,476			1,526
	88			863			185			345			59			48
	48			459			99			190			31			21
	1,853			8,255			643			304			1,270			263
	260			2,577			565			863			185			138
	4,880			41,949			9,302			14,450			3,396			1,872
	—			—			—			7,078			—			—
	80,117			642,149			148,117			227,746			65,409			51,966
	(12,904	)		—			—			—			(10,529	)		(7,001	)
	67,213			642,149			148,117			227,746			54,880			44,965
	26,477			(109,034	)		(55,904	)		29,861			23,206			(12,891	)

	309,212			1,044,871			1,336,174			3,087,201			11,135			837,106
	169,944			6,516,998			—			—			(147,763	)		—
	—			—			—			—			—			—
	(53,509	)		5,373,464			26,122			82,873			(300,805	)		(1,223,673	)
	27,836			(2,829,497	)		—			—			(160,876	)		—
	—			—			—			—			—			—
	453,483			10,105,836			1,362,296			3,170,074			(598,309	)		(386,567	)
$	479,960		$	9,996,802		$	1,306,392		$	3,199,935		$	(575,103	)	$	(399,458	)

See accompanying notes to the financial statements.

184 :: Statements of Operations :: For the Periods Indicated (unaudited)

	Mid-Cap ProFund			Mid-Cap Value ProFund			Nasdaq-100 ProFund			Oil & Gas Equipment & Services UltraSector ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	35,133		$	26,777		$	290,487		$	70,259
Interest		57,335			38			1,740,486			112,921
Foreign tax withholding		—			—			(363	)		—
Net income from securities lending		78			110			11,710			—
TOTAL INVESTMENT INCOME		92,546			26,925			2,042,320			183,180
EXPENSES:
Advisory fees		23,811			9,976			432,121			63,677
Management services fees		4,762			1,995			92,598			12,735
Administration fees		3,144			1,232			56,369			7,342
Distribution and services fees—Service Class		6,512			2,736			39,722			13,022
Transfer agency fees		2,610			1,059			40,877			5,807
Administrative services fees		7,565			2,702			147,067			16,480
Registration and filing fees		14,000			15,577			61,040			17,237
Custody fees		549			485			9,804			2,039
Fund accounting fees		2,383			1,216			31,708			4,081
Trustee fees		84			28			1,332			168
Compliance services fees		44			15			724			87
Licensing fees		384			113			25,631			3,790
Service fees		221			87			4,024			521
Other fees		4,008			2,425			64,467			8,393
Total Gross Expenses before reductions		70,077			39,646			1,007,484			155,379
Expenses reduced and reimbursed by the Advisor		(7,053	)		(13,235	)		—			—
TOTAL NET EXPENSES		63,024			26,411			1,007,484			155,379
NET INVESTMENT INCOME (LOSS)		29,522			514			1,034,836			27,801
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		71,774			290,274			600,927			128,782
Net realized gains (losses) on futures contracts		—			—			482,925			—
Net realized gains (losses) on swap agreements		(5,645	)		—			5,828,997			(2,393,833	)
Net realized gains (losses) on forward currency contracts		—			—			—			—
Change in net unrealized appreciation/depreciation on investment securities		86,569			(353,971	)		6,186,677			(2,559,454	)
Change in net unrealized appreciation/depreciation on futures contracts		—			—			112,348			—
Change in net unrealized appreciation/depreciation on swap agreements		(78,216	)		—			(3,213,461	)		(401,000	)
Change in net unrealized appreciation/depreciation on forward currency contracts		—			—			—			—
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		74,482			(63,697	)		9,998,413			(5,225,505	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	104,004		$	(63,183	)	$	11,033,249		$	(5,197,704	)

Amounts designated as ” – ” are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 185

Pharmaceuticals UltraSector ProFund			Precious Metals UltraSector ProFund			Real Estate UltraSector ProFund			Rising Rates Opportunity ProFund			Rising Rates Opportunity 10 ProFund			Rising U.S. Dollar ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	17,976		$	193,116		$	30,704		$	—		$	—		$	—
	18,090			141,979			26,466			518,879			72,809			263,232
	—			(19,923	)		—			—			—			—
	5,869			251			—			—			—			—
	41,935			315,423			57,170			518,879			72,809			263,232

	11,810			82,210			16,183			74,672			10,540			40,060
	2,362			16,442			3,237			14,934			2,108			8,012
	1,573			9,888			1,935			7,890			1,195			4,373
	1,376			6,484			1,378			6,945			2,061			347
	1,084			7,056			1,378			5,888			1,017			4,866
	3,868			21,884			4,761			21,395			2,873			5,404
	16,820			17,709			15,974			28,847			18,117			15,670
	331			3,032			409			2,227			433			4,199
	946			5,473			1,134			4,684			693			2,370
	37			224			45			179			24			93
	19			119			24			97			12			50
	812			2,063			943			—			—			31,798
	112			696			138			621			95			307
	2,508			11,314			4,174			10,045			2,455			5,557
	43,658			184,594			51,713			178,424			41,623			123,106
	(14,252	)		—			(9,693	)		—			(14,547	)		(27,685	)
	29,406			184,594			42,020			178,424			27,076			95,421
	12,529			130,829			15,150			340,455			45,733			167,811

	(61,481	)		(1,030,808	)		(78,212	)		—			—			—
	—			—			—			—			—			—
	(73,111	)		(2,349,910	)		(131,813	)		(490,101	)		46,913			—
	—			—			—			—			—			277,353
	(40,706	)		(1,686,261	)		39,473			—			—			—
	—			—			—			—			—			—
	(109,706	)		(205,222	)		61,431			(513,169	)		(37,847	)		—
	—			—			—			—			—			(73,677	)
	(285,004	)		(5,272,201	)		(109,121	)		(1,003,270	)		9,066			203,676
$	(272,475	)	$	(5,141,372	)	$	(93,971	)	$	(662,815	)	$	54,799		$	371,487

See accompanying notes to the financial statements.

186 :: Statements of Operations :: For the Periods Indicated (unaudited)

	Semiconductor UltraSector ProFund			Short Energy ProFund			Short Nasdaq-100 ProFund			Short Precious Metals ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	472,946		$	—		$	—		$	—
Interest		892,728			19,099			174,525			79,859
Foreign tax withholding		(2,750	)		—			—			—
Net income from securities lending		411			—			—			—
TOTAL INVESTMENT INCOME		1,363,335			19,099			174,525			79,859
EXPENSES:
Advisory fees		524,060			2,811			25,819			11,798
Management services fees		104,813			562			5,164			2,360
Administration fees		65,108			350			2,918			2,049
Distribution and services fees—Service Class		34,560			155			622			241
Transfer agency fees		39,242			303			1,444			1,317
Administrative services fees		182,862			907			8,377			7,030
Registration and filing fees		19,984			16,599			31,714			21,593
Custody fees		13,180			207			396			462
Fund accounting fees		36,449			200			1,472			1,267
Trustee fees		1,614			8			60			57
Compliance services fees		838			4			19			30
Licensing fees		15,744			16			1,353			572
Service fees		4,582			26			197			159
Other fees		70,889			1,362			3,737			3,599
Total Gross Expenses before reductions		1,113,925			23,510			83,292			52,534
Expenses reduced and reimbursed by the Advisor		—			(16,658	)		(19,726	)		(24,239	)
Fees paid indirectly		(3,507	)		(25	)		(141	)		(52	)
TOTAL NET EXPENSES		1,110,418			6,827			63,425			28,243
NET INVESTMENT INCOME (LOSS)		252,917			12,272			111,100			51,616
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,231,024			—			—			—
Net realized gains (losses) on futures contracts		—			—			(19,409	)		—
Net realized gains (losses) on swap agreements		25,146,906			22,224			(2,299,780	)		510,896
Change in net unrealized appreciation/depreciation on investment securities		18,820,328			—			—			(183,268	)
Change in net unrealized appreciation/depreciation on futures contracts		—			—			(346	)		—
Change in net unrealized appreciation/depreciation on swap agreements		(7,412,329	)		(2,664	)		137,045			303,343
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		37,785,929			19,560			(2,182,490	)		630,971
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	38,038,846		$	31,832		$	(2,071,390	)	$	682,587

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 187

Short Real Estate ProFund			Short Small-Cap ProFund			Small-Cap Growth ProFund			Small-Cap ProFund			Small-Cap Value ProFund			Technology UltraSector ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	—		$	—		$	29,788		$	16,625		$	42,486		$	235,488
	62,466			190,867			98			50,561			85			392,821
	—			—			—			(17	)		—			(497	)
	—			—			72			564			400			—
	62,466			190,867			29,958			67,733			42,971			627,812

	8,913			28,476			14,966			15,112			12,549			253,026
	1,783			5,695			2,993			3,022			2,510			50,606
	986			3,544			1,767			1,792			1,172			30,227
	487			326			2,516			1,620			2,430			25,590
	649			1,952			1,344			2,040			1,044			19,063
	2,973			9,723			3,901			2,269			2,663			80,693
	16,613			20,283			14,097			17,584			15,366			20,673
	218			673			412			402			456			5,733
	582			1,923			1,530			4,553			1,493			16,950
	22			24			40			42			25			697
	12			45			21			21			16			377
	158			4,478			203			1,907			265			14,977
	76			277			122			127			88			2,143
	1,954			4,873			2,612			2,563			2,164			34,099
	35,426			82,292			46,524			53,054			42,241			554,854
	(13,697	)		(13,815	)		(8,484	)		(15,465	)		(8,384	)		—
	(88	)		(568	)		(3	)		(102	)		(9	)		(851	)
	21,641			67,909			38,037			37,487			33,848			554,003
	40,825			122,958			(8,079	)		30,246			9,123			73,809

	—			—			546,238			(135,937	)		493,677			2,062,299
	—			—			—			(10,934	)		—			—
	(104,599	)		2,157,122			—			378,837			—			5,898,617
	—			—			(534,508	)		13,804			(623,346	)		4,152,952
	—			—			—			1,255			—			—
	(9,292	)		82,209			—			(71,196	)		—			(1,614,898	)
	(113,891	)		2,239,331			11,730			175,829			(129,669	)		10,498,970
$	(73,066	)	$	2,362,289		$	3,651		$	206,075		$	(120,546	)	$	10,572,779

See accompanying notes to the financial statements.

188 :: Statements of Operations :: For the Periods Indicated (unaudited)

	UltraBear ProFund			UltraBull ProFund			UltraChina ProFund			UltraDow 30 ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	—		$	646,814		$	116,647		$	250,121
Interest		264,111			851,988			113,707			192,077
Foreign tax withholding		—			(166	)		(297	)		—
Net income from securities lending		—			2			6,227			—
TOTAL INVESTMENT INCOME		264,111			1,498,638			236,284			442,198
EXPENSES:
Advisory fees		37,201			425,096			87,398			118,432
Management services fees		7,440			85,019			17,480			23,686
Administration fees		4,563			48,979			11,030			13,748
Distribution and services fees—Service Class		435			15,852			3,664			5,791
Transfer agency fees		3,155			33,692			7,198			10,127
Administrative services fees		10,154			110,860			30,934			32,777
Registration and filing fees		20,932			46,036			25,427			18,602
Custody fees		836			12,108			12,382			2,903
Fund accounting fees		2,414			28,469			6,264			7,738
Trustee fees		92			1,152			247			318
Compliance services fees		48			637			139			173
Service fees		317			3,537			801			985
Other fees		7,129			61,771			15,844			21,773
Total Gross Expenses before reductions		94,716			873,208			218,808			257,053
Expenses reduced and reimbursed by the Advisor		(5,428	)		—			—			—
Fees paid indirectly		(299	)		(2,262	)		(561	)		(866	)
TOTAL NET EXPENSES		88,989			870,946			218,247			256,187
NET INVESTMENT INCOME (LOSS)		175,122			627,692			18,037			186,011
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			3,164,745			(1,462,049	)		172,002
Net realized gains (losses) on futures contracts		(28,982	)		322,492			—			156,361
Net realized gains (losses) on swap agreements		(738,984	)		9,778,326			(6,045,197	)		2,620,671
Change in net unrealized appreciation/depreciation on investment securities		—			1,226,377			(3,478,019	)		1,670,413
Change in net unrealized appreciation/depreciation on futures contracts		5,430			(45,189	)		—			38,092
Change in net unrealized appreciation/depreciation on swap agreements		434,308			(4,137,302	)		(921,782	)		(468,026	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(328,228	)		10,309,449			(11,907,047	)		4,189,513
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(153,106	)	$	10,937,141		$	(11,889,010	)	$	4,375,524

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 189

UltraEmerging Markets ProFund			UltraInternational ProFund			UltraJapan ProFund			UltraLatin America ProFund			UltraMid-Cap ProFund			UltraNasdaq-100 ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	91,275		$	—		$	—		$	314,075		$	220,640		$	2,781,392
	26,703			104,922			495,444			41,570			243,571			5,924,436
	(9,576	)		—			—			(25,286	)		—			(3,676	)
	2,670			—			—			3,486			514			111,920
	111,072			104,922			495,444			333,845			464,725			8,814,072

	25,687			14,801			87,187			39,092			131,357			2,965,427
	5,137			2,960			14,531			7,819			26,272			593,089
	3,055			1,740			9,352			4,758			15,923			344,831
	571			323			1,697			1,073			6,488			83,313
	2,156			1,230			8,349			6,183			9,905			242,162
	7,722			4,797			17,552			3,909			42,610			879,900
	19,917			20,143			17,853			17,870			18,497			137,164
	3,734			441			2,298			7,323			3,346			75,385
	1,754			1,038			5,108			2,704			9,563			193,758
	66			43			223			106			378			8,089
	35			22			112			58			200			4,449
	216			135			650			341			1,130			24,761
	4,529			2,835			10,930			7,222			20,855			547,383
	74,579			50,508			175,842			98,458			286,524			6,099,711
	(12,913	)		(14,998	)		(445	)		—			—			—
	(132	)		(60	)		(1,163	)		(276	)		(999	)		(27,736	)
	61,534			35,450			174,234			98,182			285,525			6,071,975
	49,538			69,472			321,210			235,663			179,200			2,742,097

	72,789			—			—			706,929			1,590,362			(1,512,893	)
	—			—			1,633,875			—			100,082			1,185,929
	(217,850	)		(142,062	)		30,431			398,889			613,731			112,422,465
	(508,426	)		—			—			(726,178	)		(2,000,641	)		53,982,026
	—			—			1,028,815			—			(203,200	)		(458,013	)
	(377,637	)		(110,610	)		(12,979	)		(342,209	)		(1,660,591	)		(46,161,875	)
	(1,031,124	)		(252,672	)		2,680,142			37,431			(1,560,257	)		119,457,639
$	(981,586	)	$	(183,200	)	$	3,001,352		$	273,094		$	(1,381,057	)	$	122,199,736

See accompanying notes to the financial statements.

190 :: Statements of Operations :: For the Periods Indicated (unaudited)

	UltraShort China ProFund			UltraShort Dow 30 ProFund			UltraShort Emerging Markets ProFund			UltraShort International ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	—		$	—		$	—		$	—
Interest		53,485			70,873			25,476			62,674
Foreign tax withholding		—			—			—			—
TOTAL INVESTMENT INCOME		53,485			70,873			25,476			62,674
EXPENSES:
Advisory fees		7,810			9,979			3,611			8,914
Management services fees		1,562			1,996			722			1,783
Administration fees		941			1,191			551			967
Distribution and services fees—Service Class		88			391			79			41
Transfer agency fees		818			819			485			609
Administrative services fees		2,122			2,885			1,405			2,779
Registration and filing fees		19,583			17,504			14,983			17,222
Custody fees		207			201			112			190
Fund accounting fees		562			656			335			579
Trustee fees		23			25			11			23
Compliance services fees		12			14			7			12
Licensing fees		4			445			86			—
Service fees		73			85			45			76
Other fees		2,366			2,081			2,259			2,023
Total Gross Expenses before reductions		36,171			38,272			24,691			35,218
Expenses reduced and reimbursed by the Advisor		(17,392	)		(14,077	)		(16,015	)		(13,954	)
Fees paid indirectly		(105	)		(65	)		(27	)		(67	)
TOTAL NET EXPENSES		18,674			24,130			8,649			21,197
NET INVESTMENT INCOME (LOSS)		34,811			46,743			16,827			41,477
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			—			—			—
Net realized gains (losses) on futures contracts		—			—			—			—
Net realized gains (losses) on swap agreements		563,482			(293,093	)		(87,209	)		9,286
Change in net unrealized appreciation/depreciation on investment securities		—			—			—			—
Change in net unrealized appreciation/depreciation on futures contracts		—			—			—			—
Change in net unrealized appreciation/depreciation on swap agreements		578,370			70,683			50,776			61,390
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		1,141,852			(222,410	)		(36,433	)		70,676
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,176,663		$	(175,667	)	$	(19,606	)	$	112,153

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated (unaudited) :: Statements of Operations :: 191

UltraShort Japan ProFund			UltraShort Latin America ProFund			UltraShort Mid-Cap ProFund			UltraShort Nasdaq-100 ProFund			UltraShort Small-Cap ProFund			UltraSmall-Cap ProFund
Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024			Six Months Ended January 31, 2024

$	—		$	—		$	—		$	—		$	—		$	249,056
	23,355			43,990			29,923			518,835			147,880			367,968
	—			—			—			—			—			(259	)
	23,355			43,990			29,923			518,835			147,880			616,765

	4,224			6,271			4,269			73,545			21,272			167,444
	704			1,254			854			14,709			4,254			33,489
	530			643			813			7,751			2,421			19,588
	91			151			176			392			1,004			1,169
	323			475			647			4,298			1,854			12,309
	1,525			1,936			1,848			21,015			5,093			55,982
	19,203			17,523			15,803			38,955			20,819			31,651
	110			248			132			1,845			506			6,866
	298			390			434			4,159			1,310			14,769
	12			14			16			160			49			452
	7			9			8			87			26			260
	—			88			4			3,611			2,458			23,595
	37			51			57			543			172			1,426
	1,646			1,831			2,748			8,993			3,066			22,190
	28,710			30,884			27,809			180,063			64,304			391,190
	(20,209	)		(15,803	)		(17,465	)		(267	)		(12,435	)		—
	(56	)		(48	)		(37	)		(1,416	)		(379	)		(2,659	)
	8,445			15,033			10,307			178,380			51,490			388,531
	14,910			28,957			19,616			340,455			96,390			228,234

	—			—			—			—			—			(415,674	)
	(101,647	)		—			(9,454	)		(77,636	)		(32,136	)		(57,592	)
	(31,427	)		84,854			(56,162	)		(7,045,387	)		(233,822	)		4,502,162
	—			—			—			—			—			(14,743	)
	(19,110	)		—			18,792			(1,382	)		17,296			(95,145	)
	19,112			92,443			51,766			1,393,773			449,061			(3,276,829	)
	(133,072	)		177,297			4,942			(5,730,632	)		200,399			642,179
$	(118,162	)	$	206,254		$	24,558		$	(5,390,177	)	$	296,789		$	870,413

See accompanying notes to the financial statements.

192 :: Statements of Operations :: For the Periods Indicated (unaudited)

	U.S. Government Plus ProFund			Utilities UltraSector ProFund
	Six Months Ended January 31, 2024			Six Months Ended January 31, 2024
INVESTMENT INCOME:
Dividends	$	—		$	96,896
Interest		202,975			44,654
TOTAL INVESTMENT INCOME		202,975			141,550
EXPENSES:
Advisory fees		18,793			26,926
Management services fees		5,638			5,385
Administration fees		2,713			3,103
Distribution and services fees—Service Class		6,243			1,925
Transfer agency fees		2,176			2,284
Administrative services fees		6,561			7,112
Registration and filing fees		21,356			16,300
Custody fees		1,563			707
Fund accounting fees		1,548			1,773
Trustee fees		56			68
Compliance services fees		37			38
Service fees		200			223
Other fees		3,992			5,695
Total Gross Expenses before reductions		70,876			71,539
Expenses reduced and reimbursed by the Advisor		—			(1,504	)
TOTAL NET EXPENSES		70,876			70,035
NET INVESTMENT INCOME (LOSS)		132,099			71,515
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			(13,197	)
Net realized gains (losses) on futures contracts		112,482			—
Net realized gains (losses) on swap agreements		(979,360	)		(665,215	)
Change in net unrealized appreciation/depreciation on investment securities		—			(411,850	)
Change in net unrealized appreciation/depreciation on swap agreements		175,658			150,458
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(691,220	)		(939,804	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(559,121	)	$	(868,289	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Statements of Changes in Net Assets

194 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Access Flex Bear High Yield ProFund						Access Flex High Yield ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	27,188		$	32,592		$	274,111		$	373,567
Net realized gains (losses) on investments		(42,988	)		(56,733	)		247,299			416,140
Change in net unrealized appreciation/depreciation on investments		(53,492	)		(34,427	)		(150,172	)		905,558
Change in net assets resulting from operations		(69,292	)		(58,568	)		371,238			1,695,265
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			(1,012,232	)		(863,165	)
Service Class		—			—			(70,642	)		(49,746	)
Change in net assets resulting from distributions		—			—			(1,082,874	)		(912,911	)
Change in net assets resulting from capital transactions		(520,376	)		214,191			(9,266,137	)		15,270,263
Change in net assets		(589,668	)		155,623			(9,977,773	)		16,052,617
NET ASSETS:
Beginning of period		2,372,881			2,217,258			29,131,068			13,078,451
End of period	$	1,783,213		$	2,372,881		$	19,153,295		$	29,131,068
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	1,462,462		$	8,111,301		$	25,762,178		$	91,243,957
Distributions reinvested		—			—			1,008,999			862,322
Value of shares redeemed		(1,985,155	)		(7,910,392	)		(35,760,064	)		(75,849,433	)
Service Class
Proceeds from shares issued		15,000			358,898			63,428			958,803
Distributions reinvested		—			—			70,642			49,746
Value of shares redeemed		(12,683	)		(345,616	)		(411,320	)		(1,995,132	)
Change in net assets resulting from capital transactions	$	(520,376	)	$	214,191		$	(9,266,137	)	$	15,270,263
SHARE TRANSACTIONS:
Investor Class
Issued		46,409			251,247			884,376			3,132,509
Reinvested		—			—			35,547			29,977
Redeemed		(63,366	)		(244,564	)		(1,251,024	)		(2,596,007	)
Service Class
Issued		557			12,615			2,268			32,849
Reinvested		—			—			2,506			1,755
Redeemed		(481	)		(12,980	)		(14,726	)		(70,710	)
Change in shares		(16,881	)		6,318			(341,053	)		530,373

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 195

Banks UltraSector ProFund						Bear ProFund						Biotechnology UltraSector ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	74,351		$	109,830		$	163,594		$	382,546		$	263,198		$	103,717
	926,318			2,206,991			(1,140,368	)		(1,151,114	)		6,360,300			45,544,412
	(448,881	)		(2,490,676	)		181,809			320,184			(6,248,941	)		(34,366,487	)
	551,788			(173,855	)		(794,965	)		(448,384	)		374,557			11,281,642


	(156,828	)		(20,726	)		(353,591	)		—			(6,891,091	)		—
	(816	)		—			(22,605	)		—			(327,100	)		—
	(157,644	)		(20,726	)		(376,196	)		—			(7,218,191	)		—
	(1,832,252	)		3,546,832			2,082,405			(5,482,900	)		(4,335,866	)		(17,241,296	)
	(1,438,108	)		3,352,251			911,244			(5,931,284	)		(11,179,500	)		(5,959,654	)

	11,592,316			8,240,065			6,758,220			12,689,504			117,566,152			123,525,806
$	10,154,208		$	11,592,316		$	7,669,464		$	6,758,220		$	106,386,652		$	117,566,152


$	21,439,804		$	36,483,087		$	87,788,642		$	261,525,454		$	22,945,077		$	31,482,654
	152,163			20,323			308,767			—			6,812,289			—
	(23,329,400	)		(33,164,596	)		(85,978,483	)		(267,129,566	)		(34,508,266	)		(47,741,320	)

	1,889,686			5,132,292			932,309			7,652,173			3,597,939			5,945,444
	815			—			22,538			—			325,237			—
	(1,985,320	)		(4,924,274	)		(991,368	)		(7,530,961	)		(3,508,142	)		(6,928,074	)
$	(1,832,252	)	$	3,546,832		$	2,082,405		$	(5,482,900	)	$	(4,335,866	)	$	(17,241,296	)


	518,798			926,135			6,159,174			16,000,350			410,654			525,897
	3,170			468			22,720			—			123,523			—
	(569,767	)		(835,318	)		(6,074,878	)		(16,334,751	)		(628,548	)		(808,739	)

	49,635			150,746			69,651			511,599			105,377			149,918
	19			—			1,844			—			9,335			—
	(52,761	)		(146,646	)		(72,748	)		(506,264	)		(101,884	)		(176,464	)
	(50,906	)		95,385			105,763			(329,066	)		(81,543	)		(309,388	)

See accompanying notes to the financial statements.

196 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Bull ProFund						Communication Services UltraSector ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	295,774		$	241,321		$	7,479		$	(5,000	)
Net realized gains (losses) on investments		6,223,191			1,521,654			439,651			54,138
Change in net unrealized appreciation/depreciation on investments		(2,608,170	)		1,577,291			196,454			1,179,568
Change in net assets resulting from operations		3,910,795			3,340,266			643,584			1,228,706
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(13,512	)		(324,756	)		—			—
Service Class		—			(45,933	)		—			—
Change in net assets resulting from distributions		(13,512	)		(370,689	)		—			—
Change in net assets resulting from capital transactions		(5,808,506	)		6,369,861			(163,573	)		893,260
Change in net assets		(1,911,223	)		9,339,438			480,011			2,121,966
NET ASSETS:
Beginning of period		53,176,142			43,836,704			6,850,857			4,728,891
End of period	$	51,264,919		$	53,176,142		$	7,330,868		$	6,850,857
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	204,508,458		$	320,088,363		$	20,007,992		$	19,655,214
Distributions reinvested		13,167			313,091			—			—
Value of shares redeemed		(202,573,962	)		(314,571,416	)		(19,705,941	)		(19,208,282	)
Service Class
Proceeds from shares issued		72,201,115			86,927,473			3,782,632			5,975,697
Distributions reinvested		—			45,913			—			—
Value of shares redeemed		(79,957,284	)		(86,433,563	)		(4,248,256	)		(5,529,369	)
Change in net assets resulting from capital transactions	$	(5,808,506	)	$	6,369,861		$	(163,573	)	$	893,260
SHARE TRANSACTIONS:
Investor Class
Issued		3,600,274			6,274,865			167,945			210,742
Reinvested		218			6,470			—			—
Redeemed		(3,546,780	)		(6,189,984	)		(167,249	)		(208,601	)
Service Class
Issued		1,671,285			2,219,056			40,312			82,312
Reinvested		—			1,229			—			—
Redeemed		(1,843,165	)		(2,222,691	)		(45,297	)		(76,493	)
Change in shares		(118,168	)		88,945			(4,289	)		7,960

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 197

Consumer Discretionary UltraSector ProFund						Consumer Staples UltraSector ProFund						Energy UltraSector ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	14,139		$	8,658		$	32,360		$	35,879		$	431,015		$	946,375
	551,138			9,090,223			(190,940	)		721,592			(1,996,301	)		5,647,587
	(3,212,478	)		(1,888,207	)		(75,177	)		(1,243,247	)		(2,078,401	)		(3,024,808	)
	(2,647,201	)		7,210,674			(233,757	)		(485,776	)		(3,643,687	)		3,569,154


	—			—			(46,205	)		—			(433,234	)		(1,360,935	)
	—			—			(854	)		—			—			(44,061	)
	—			—			(47,059	)		—			(433,234	)		(1,404,996	)
	(22,396,118	)		18,622,934			(134,205	)		90,032			195,277			(13,454,996	)
	(25,043,319	)		25,833,608			(415,021	)		(395,744	)		(3,881,644	)		(11,290,838	)

	56,958,654			31,125,046			3,810,388			4,206,132			33,747,822			45,038,660
$	31,915,335		$	56,958,654		$	3,395,367		$	3,810,388		$	29,866,178		$	33,747,822


$	28,043,150		$	47,298,290		$	8,173,084		$	20,625,500		$	75,977,335		$	218,946,677
	—			—			45,452			—			428,557			1,279,436
	(50,599,827	)		(29,089,836	)		(8,227,501	)		(20,608,297	)		(76,311,554	)		(232,336,617	)

	3,588,705			4,457,029			893,516			2,057,028			4,830,267			7,946,110
	—			—			854			—			—			43,879
	(3,428,146	)		(4,042,549	)		(1,019,610	)		(1,984,199	)		(4,729,328	)		(9,334,481	)
$	(22,396,118	)	$	18,622,934		$	(134,205	)	$	90,032		$	195,277		$	(13,454,996	)


	532,948			1,018,479			124,272			286,298			1,854,639			5,006,109
	—			—			685			—			10,741			29,985
	(969,328	)		(654,016	)		(125,096	)		(285,782	)		(1,896,090	)		(5,390,213	)

	88,313			119,651			15,926			32,502			135,056			231,330
	—			—			15			—			—			1,217
	(84,174	)		(110,382	)		(17,969	)		(31,182	)		(133,519	)		(270,662	)
	(432,241	)		373,732			(2,167	)		1,836			(29,173	)		(392,234	)

See accompanying notes to the financial statements.

198 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Europe 30 ProFund						Falling U.S. Dollar ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	22,217		$	53,367		$	20,003		$	32,261
Net realized gains (losses) on investments		373,847			32,528			(44,221	)		91,366
Change in net unrealized appreciation/depreciation on investments		(274,038	)		29,444			16,735			(27,505	)
Change in net assets resulting from operations		122,026			115,339			(7,483	)		96,122
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			(111,834	)		(33,375	)		—
Service Class		—			(8,782	)		(271	)		—
Change in net assets resulting from distributions		—			(120,616	)		(33,646	)		—
Change in net assets resulting from capital transactions		(3,169,888	)		(83,715	)		(91,700	)		575,280
Change in net assets		(3,047,862	)		(88,992	)		(132,829	)		671,402
NET ASSETS:
Beginning of period		4,637,919			4,726,911			1,424,507			753,105
End of period	$	1,590,057		$	4,637,919		$	1,291,678		$	1,424,507
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	8,252,041		$	19,978,867		$	3,988,141		$	12,202,303
Distributions reinvested		—			111,613			33,055			—
Value of shares redeemed		(11,691,892	)		(20,161,613	)		(4,117,600	)		(11,625,470	)
Service Class
Proceeds from shares issued		1,950,171			4,115,577			362,909			972,384
Distributions reinvested		—			8,782			271			—
Value of shares redeemed		(1,680,208	)		(4,136,941	)		(358,476	)		(973,937	)
Change in net assets resulting from capital transactions	$	(3,169,888	)	$	(83,715	)	$	(91,700	)	$	575,280
SHARE TRANSACTIONS:
Investor Class
Issued		585,011			1,497,443			282,380			884,201
Reinvested		—			8,236			2,333			—
Redeemed		(829,244	)		(1,537,099	)		(291,088	)		(839,460	)
Service Class
Issued		124,641			291,279			29,122			78,701
Reinvested		—			629			21			—
Redeemed		(107,989	)		(291,573	)		(28,784	)		(78,736	)
Change in shares		(227,581	)		(31,085	)		(6,016	)		44,706

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 199

Financials UltraSector ProFund						Health Care UltraSector ProFund						Industrials UltraSector ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	25,446		$	19,869		$	60,893		$	69,262		$	26,477		$	15,872
	1,086,717			663,755			19,465			838,850			479,156			587,709
	812,954			(591,502	)		701,744			(1,790,847	)		(25,673	)		(107,874	)
	1,925,117			92,122			782,102			(882,735	)		479,960			495,707


	(30,422	)		—			(36,523	)		—			—			—
	—			—			—			—			—			—
	(30,422	)		—			(36,523	)		—			—			—
	239,826			(1,075,341	)		1,417,744			(2,440,357	)		(3,844,120	)		4,633,617
	2,134,521			(983,219	)		2,163,323			(3,323,092	)		(3,364,160	)		5,129,324

	4,763,019			5,746,238			14,382,866			17,705,958			8,759,123			3,629,799
$	6,897,540		$	4,763,019		$	16,546,189		$	14,382,866		$	5,394,963		$	8,759,123


$	29,567,842		$	14,312,440		$	10,241,846		$	37,907,403		$	29,141,239		$	28,096,123
	29,843			—			35,950			—			—			—
	(29,335,134	)		(15,197,078	)		(8,614,342	)		(40,458,679	)		(32,988,914	)		(23,402,007	)

	1,552,687			2,085,642			1,262,078			3,430,839			221,941			1,252,418
	—			—			—			—			—			—
	(1,575,412	)		(2,276,345	)		(1,507,788	)		(3,319,920	)		(218,386	)		(1,312,917	)
$	239,826		$	(1,075,341	)	$	1,417,744		$	(2,440,357	)	$	(3,844,120	)	$	4,633,617


	1,032,041			556,491			104,138			386,406			566,068			598,622
	987			—			359			—			—			—
	(984,505	)		(590,211	)		(88,842	)		(419,179	)		(632,061	)		(508,248	)

	70,716			101,414			16,341			44,372			5,622			30,987
	—			—			—			—			—			—
	(70,881	)		(110,768	)		(19,339	)		(43,110	)		(5,618	)		(32,416	)
	48,358			(43,074	)		12,657			(31,511	)		(65,989	)		88,945

See accompanying notes to the financial statements.

200 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Internet UltraSector ProFund						Large-Cap Growth ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(109,034	)	$	(370,573	)	$	(55,904	)	$	(74,528	)
Net realized gains (losses) on investments		7,561,869			8,027,085			1,336,174			2,230,334
Change in net unrealized appreciation/depreciation on investments		2,543,967			8,976,495			26,122			(1,294,463	)
Change in net assets resulting from operations		9,996,802			16,633,007			1,306,392			861,343
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			(239,315	)		(151,026	)
Service Class		—			—			(27,918	)		(31,903	)
Change in net assets resulting from distributions		—			—			(267,233	)		(182,929	)
Change in net assets resulting from capital transactions		(2,532,167	)		(8,833,339	)		4,960,601			1,074,727
Change in net assets		7,464,635			7,799,668			5,999,760			1,753,141
NET ASSETS:
Beginning of period		88,204,117			80,404,449			14,035,301			12,282,160
End of period	$	95,668,752		$	88,204,117		$	20,035,061		$	14,035,301
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	16,611,747		$	44,714,414		$	95,182,208		$	35,701,426
Distributions reinvested		—			—			238,789			150,495
Value of shares redeemed		(22,138,672	)		(53,274,504	)		(90,772,569	)		(34,703,445	)
Service Class
Proceeds from shares issued		10,556,281			5,820,039			535,503			327,267
Distributions reinvested		—			—			27,918			31,903
Value of shares redeemed		(7,561,523	)		(6,093,288	)		(251,248	)		(432,919	)
Change in net assets resulting from capital transactions	$	(2,532,167	)	$	(8,833,339	)	$	4,960,601		$	1,074,727
SHARE TRANSACTIONS:
Investor Class
Issued		473,043			1,637,548			735,639			295,209
Reinvested		—			—			1,771			1,381
Redeemed		(636,622	)		(1,996,088	)		(701,234	)		(286,364	)
Service Class
Issued		451,307			319,329			5,156			3,699
Reinvested		—			—			265			370
Redeemed		(333,405	)		(337,545	)		(2,403	)		(4,866	)
Change in shares		(45,677	)		(376,756	)		39,194			9,429

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 201

Large-Cap Value ProFund						Materials UltraSector ProFund						Mid-Cap Growth ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	29,861		$	(4,967	)	$	23,206		$	34,620		$	(12,891	)	$	(41,386	)
	3,087,201			1,707,051			(136,628	)		327,262			837,106			(445,615	)
	82,873			189,469			(461,681	)		167,008			(1,223,673	)		1,380,273
	3,199,935			1,891,553			(575,103	)		528,890			(399,458	)		893,272


	—			(47,656	)		(45,189	)		—			—			(85,347	)
	—			—			(344	)		—			—			(20,558	)
	—			(47,656	)		(45,533	)		—			—			(105,905	)
	48,009,609			(13,813,415	)		(4,037,130	)		3,805,113			(24,959,730	)		24,914,003
	51,209,544			(11,969,518	)		(4,657,768	)		4,334,003			(25,359,188	)		25,701,370

	8,010,002			19,979,520			9,496,210			5,162,207			28,930,875			3,229,505
$	59,219,546		$	8,010,002		$	4,838,442		$	9,496,210		$	3,571,687		$	28,930,875


$	112,934,828		$	80,497,999		$	5,606,368		$	30,276,914		$	7,907,144		$	45,868,660
	—			46,571			43,476			—			—			83,860
	(64,596,395	)		(94,776,972	)		(9,510,085	)		(26,820,172	)		(32,871,614	)		(21,048,163	)

	2,394,374			4,988,435			987,330			3,728,009			44,255			48,823
	—			—			344			—			—			20,558
	(2,723,198	)		(4,569,448	)		(1,164,565	)		(3,379,638	)		(39,515	)		(59,735	)
$	48,009,609		$	(13,813,415	)	$	(4,037,132	)	$	3,805,113		$	(24,959,730	)	$	24,914,003


	1,188,056			970,275			55,051			302,095			87,341			519,415
	—			563			402			—			—			1,037
	(670,267	)		(1,133,913	)		(92,487	)		(274,517	)		(362,243	)		(243,830	)

	30,104			68,049			11,670			42,953			691			768
	—			—			4			—			—			343
	(33,716	)		(61,781	)		(13,767	)		(39,085	)		(610	)		(967	)
	514,177			(156,807	)		(39,127	)		31,446			(274,821	)		276,766

See accompanying notes to the financial statements.

202 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Mid-Cap ProFund						Mid-Cap Value ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	29,522		$	8,955		$	514		$	(3,303	)
Net realized gains (losses) on investments		66,129			(1,301,955	)		290,274			644,259
Change in net unrealized appreciation/depreciation on investments		8,353			277,519			(353,971	)		(1,178,205	)
Change in net assets resulting from operations		104,004			(1,015,481	)		(63,183	)		(537,249	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(177	)		—			—			—
Change in net assets resulting from distributions		(177	)		—			—			—
Change in net assets resulting from capital transactions		8,469,537			1,471,388			(60,500	)		(18,924,746	)
Change in net assets		8,573,364			455,907			(123,683	)		(19,461,995	)
NET ASSETS:
Beginning of period		4,356,196			3,900,289			2,898,287			22,360,282
End of period	$	12,929,560		$	4,356,196		$	2,774,604		$	2,898,287
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	14,540,570		$	36,353,220		$	1,327,783		$	45,206,960
Distributions reinvested		175			—			—			—
Value of shares redeemed		(9,778,719	)		(35,056,358	)		(1,325,127	)		(64,051,384	)
Service Class
Proceeds from shares issued		13,292,281			27,742,194			298,311			2,819,408
Value of shares redeemed		(9,584,770	)		(27,567,668	)		(361,467	)		(2,899,730	)
Change in net assets resulting from capital transactions	$	8,469,537		$	1,471,388		$	(60,500	)	$	(18,924,746	)
SHARE TRANSACTIONS:
Investor Class
Issued		137,657			355,582			13,809			474,078
Reinvested		2			—			—			—
Redeemed		(92,047	)		(353,645	)		(14,083	)		(684,310	)
Service Class
Issued		155,556			344,814			4,309			37,858
Redeemed		(114,290	)		(345,637	)		(5,111	)		(39,012	)
Change in shares		86,878			1,114			(1,076	)		(211,386	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 203

Nasdaq-100 ProFund						Oil & Gas Equipment & Services UltraSector ProFund						Pharmaceuticals UltraSector ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	1,034,836		$	1,245,650		$	27,801		$	(12,468	)	$	12,529		$	25,894
	6,912,849			12,751,441			(2,265,051	)		8,217,119			(134,592	)		(1,124,404	)
	3,085,564			2,784,929			(2,960,454	)		1,282,902			(150,412	)		80,962
	11,033,249			16,782,020			(5,197,704	)		9,487,553			(272,475	)		(1,017,548	)


	—			—			—			—			(14,006	)		—
	—			—			—			—			(14,006	)		—
	(2,873,230	)		61,497,727			5,190,526			(5,824,075	)		(385,316	)		811,535
	8,160,019			78,279,747			(7,178	)		3,663,478			(671,797	)		(206,013	)

	133,625,733			55,345,986			17,930,302			14,266,824			3,910,875			4,116,888
$	141,785,752		$	133,625,733		$	17,923,124		$	17,930,302		$	3,239,078		$	3,910,875


$	815,963,396		$	2,576,146,235		$	46,374,342		$	85,095,944		$	6,681,334		$	23,227,458
	—			—			—			—			13,775			—
	(817,985,059	)		(2,514,192,471	)		(41,133,642	)		(89,791,232	)		(6,799,256	)		(22,618,856	)

	29,692,277			73,043,465			9,608,857			31,825,801			2,837,994			4,269,354
	(30,543,844	)		(73,499,502	)		(9,659,031	)		(32,954,588	)		(3,119,163	)		(4,066,421	)
$	(2,873,230	)	$	61,497,727		$	5,190,526		$	(5,824,075	)	$	(385,316	)	$	811,535


	6,035,495			23,487,808			418,183			924,619			285,823			873,238
	—			—			—			—			555			—
	(6,048,236	)		(22,996,111	)		(371,967	)		(974,639	)		(291,004	)		(878,398	)

	290,796			901,335			94,061			406,886			144,912			199,269
	(296,735	)		(904,033	)		(100,187	)		(395,507	)		(156,468	)		(190,758	)
	(18,680	)		488,999			40,090			(38,641	)		(16,182	)		3,351

See accompanying notes to the financial statements.

204 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Precious Metals UltraSector ProFund						Real Estate UltraSector ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	130,829		$	230,491		$	15,150		$	8,043
Net realized gains (losses) on investments		(3,380,718	)		2,340,816			(210,025	)		(74,672	)
Change in net unrealized appreciation/depreciation on investments		(1,891,483	)		1,067,248			100,904			(1,351,434	)
Change in net assets resulting from operations		(5,141,372	)		3,638,555			(93,971	)		(1,418,063	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(297,411	)		(654	)		(50,099	)		(193,738	)
Service Class		(7,693	)		—			(2,195	)		(9,906	)
Change in net assets resulting from distributions		(305,104	)		(654	)		(52,294	)		(203,644	)
Change in net assets resulting from capital transactions		1,372,422			3,373,886			(47,430	)		(790,800	)
Change in net assets		(4,074,054	)		7,011,787			(193,695	)		(2,412,507	)
NET ASSETS:
Beginning of period		26,747,749			19,735,962			4,914,654			7,327,161
End of period	$	22,673,695		$	26,747,749		$	4,720,959		$	4,914,654
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	83,057,474		$	183,608,886		$	7,227,835		$	17,448,506
Distributions reinvested		290,474			647			47,899			183,427
Value of shares redeemed		(82,294,665	)		(179,856,354	)		(7,284,832	)		(18,265,142	)
Service Class
Proceeds from shares issued		3,894,931			9,186,016			1,866,136			1,177,207
Distributions reinvested		7,692			—			2,195			9,906
Value of shares redeemed		(3,583,484	)		(9,565,309	)		(1,906,663	)		(1,344,704	)
Change in net assets resulting from capital transactions	$	1,372,422		$	3,373,886		$	(47,430	)	$	(790,800	)
SHARE TRANSACTIONS:
Investor Class
Issued		2,051,487			4,171,036			191,861			436,394
Reinvested		6,488			14			1,211			4,934
Redeemed		(2,032,115	)		(4,084,196	)		(194,991	)		(456,026	)
Service Class
Issued		114,039			235,514			59,238			31,073
Reinvested		206			—			56			287
Redeemed		(104,940	)		(245,827	)		(60,317	)		(34,999	)
Change in shares		35,165			76,541			(2,942	)		(18,337	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 205

Rising Rates Opportunity ProFund						Rising Rates Opportunity 10 ProFund						Rising U.S. Dollar ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	340,455		$	482,853		$	45,733		$	87,207		$	167,811		$	390,593
	(490,101	)		6,274,162			46,913			93,083			277,353			(1,865,719	)
	(513,169	)		725,454			(37,847	)		149,840			(73,677	)		684,217
	(662,815	)		7,482,469			54,799			330,130			371,487			(790,909	)


	(515,586	)		—			(77,619	)		—			(420,636	)		(605,829	)
	—			—			(4,774	)		—			(2,359	)		(2,557	)
	(515,586	)		—			(82,393	)		—			(422,995	)		(608,386	)
	12,220,924			(40,664,372	)		(1,355,706	)		(1,462,136	)		1,347,075			(36,282,913	)
	11,042,523			(33,181,903	)		(1,383,300	)		(1,132,006	)		1,295,567			(37,682,208	)

	12,865,081			46,046,984			2,562,588			3,694,594			9,194,668			46,876,876
$	23,907,604		$	12,865,081		$	1,179,288		$	2,562,588		$	10,490,235		$	9,194,668


$	106,358,291		$	189,120,426		$	2,717,022		$	22,202,362		$	26,124,638		$	33,062,418
	502,557			—			77,240			—			411,698			601,997
	(97,650,204	)		(229,906,215	)		(3,762,279	)		(23,333,719	)		(25,173,095	)		(69,871,693	)

	25,230,700			19,337,759			815,902			1,021,285			644,996			3,111,743
	—			—			4,774			—			1,956			2,519
	(22,220,420	)		(19,216,342	)		(1,208,365	)		(1,352,064	)		(663,118	)		(3,189,897	)
$	12,220,924		$	(40,664,372	)	$	(1,355,706	)	$	(1,462,136	)	$	1,347,075		$	(36,282,913	)


	2,432,259			5,181,734			170,770			1,507,923			851,171			1,063,636
	13,553			—			5,368			—			14,285			20,297
	(2,237,056	)		(6,319,587	)		(237,961	)		(1,592,351	)		(819,182	)		(2,302,444	)

	698,832			597,764			57,425			78,232			24,779			115,941
	—			—			358			—			79			99
	(617,556	)		(593,090	)		(86,261	)		(101,980	)		(25,466	)		(119,091	)
	290,032			(1,133,179	)		(90,301	)		(108,176	)		45,666			(1,221,562	)

See accompanying notes to the financial statements.

206 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Semiconductor UltraSector ProFund						Short Energy ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	252,917		$	289,642		$	12,272		$	33,223
Net realized gains (losses) on investments		26,377,930			28,154,950			22,224			(270,933	)
Change in net unrealized appreciation/depreciation on investments		11,407,999			24,154,994			(2,664	)		179,605
Change in net assets resulting from operations		38,038,846			52,599,586			31,832			(58,105	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			(30,431	)		—
Service Class		—			—			(918	)		—
Change in net assets resulting from distributions		—			—			(31,349	)		—
Change in net assets resulting from capital transactions		23,704,824			13,001,321			(9,903	)		(1,452,178	)
Change in net assets		61,743,670			65,600,907			(9,420	)		(1,510,283	)
NET ASSETS:
Beginning of period		134,167,304			68,566,397			636,864			2,147,147
End of period	$	195,910,974		$	134,167,304		$	627,444		$	636,864
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	253,213,623		$	269,719,560		$	8,189,352		$	31,792,424
Distributions reinvested		—			—			26,685			—
Value of shares redeemed		(227,714,284	)		(256,485,675	)		(8,268,705	)		(33,243,121	)
Service Class
Proceeds from shares issued		11,086,702			8,581,630			906,068			1,179,424
Distributions reinvested		—			—			918			—
Value of shares redeemed		(12,881,217	)		(8,814,194	)		(864,221	)		(1,180,905	)
Change in net assets resulting from capital transactions	$	23,704,824		$	13,001,321		$	(9,903	)	$	(1,452,178	)
SHARE TRANSACTIONS:
Investor Class
Issued		1,625,747			2,687,451			542,834			1,992,146
Reinvested		—			—			1,778			—
Redeemed		(1,490,763	)		(2,583,300	)		(548,660	)		(2,071,168	)
Service Class
Issued		98,276			117,274			65,776			80,808
Reinvested		—			—			67			—
Redeemed		(106,822	)		(122,508	)		(62,783	)		(81,448	)
Change in shares		126,438			98,917			(988	)		(79,662	)

^(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 207

Short Nasdaq-100 ProFund						Short Precious Metals ProFund						Short Real Estate ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	111,100		$	314,995		$	51,616		$	97,759		$	40,825		$	41,721
	(2,319,189	)		(5,099,838	)		510,896			(1,218,536	)		(104,599	)		(116,640	)
	136,699			2,166,440			120,075			183,268			(9,292	)		138,411
	(2,071,390	)		(2,618,403	)		682,587			(937,509	)		(73,066	)		63,492


	(149,475	)		—			(100,288	)		—			(55,021	)		—
	(8,916	)		—			(2,108	)		—			(1,514	)		—
	(158,391	)		—			(102,396	)		—			(56,535	)		—
	1,954,210			(74,282,980	)		1,060,277			2,103,568			298,726			(23,671	)
	(275,571	)		(76,901,383	)		1,640,468			1,166,059			169,125			39,821

	3,136,127			80,037,510			3,254,985			2,088,926			1,929,002			1,889,181
$	2,860,556		$	3,136,127		$	4,895,453		$	3,254,985		$	2,098,127		$	1,929,002


$	285,955,413		$	1,304,698,470		$	25,664,381		$	104,413,738		$	10,791,098		$	22,506,456
	148,574			—			54,168			—			54,938			—
	(284,294,444	)		(1,378,822,752	)		(24,666,020	)		(102,323,769	)		(10,517,432	)		(22,632,591	)

	656,609			6,510,218			721,638			927,020			544,412			371,780
	8,916			—			2,108			—			1,514			—
	(520,858	)		(6,668,916	)		(715,998	)		(913,421	)		(575,804	)		(269,316	)
$	1,954,210		$	(74,282,980	)	$	1,060,277		$	2,103,568		$	298,726		$	(23,671	)


	4,775,517			16,702,331	^(a)		1,788,691			6,741,464			1,104,770			2,426,080
	2,745			—			4,594			—			6,595			—
	(4,779,173	)		(17,729,973	)^(a)		(1,654,567	)		(6,629,693	)		(1,083,756	)		(2,458,798	)

	12,497			94,912	^(a)		52,139			63,157			67,197			46,344
	189			—			184			—			211			—
	(9,756	)		(97,011	)^(a)		(51,245	)		(62,713	)		(70,547	)		(34,086	)
	2,019			(1,029,741	)		139,796			112,215			24,470			(20,460	)

See accompanying notes to the financial statements.

208 :: Statements of Changes in Net Assets :: For the Periods Indicated

	Short Small-Cap ProFund						Small-Cap Growth ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	122,958		$	127,758		$	(8,079	)	$	(27,806	)
Net realized gains (losses) on investments		2,157,122			55,114			546,238			604,404
Change in net unrealized appreciation/depreciation on investments		82,209			5,267			(534,508	)		(422,942	)
Change in net assets resulting from operations		2,362,289			188,139			3,651			153,656
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(198,606	)		—			(29,247	)		(132,621	)
Service Class		(7,648	)		—			(5,090	)		(20,965	)
Change in net assets resulting from distributions		(206,254	)		—			(34,337	)		(153,586	)
Change in net assets resulting from capital transactions		(2,653,118	)		12,419			119,979			(6,519,187	)
Change in net assets		(497,083	)		200,558			89,293			(6,519,117	)
NET ASSETS:
Beginning of period		1,774,443			1,573,885			4,302,384			10,821,501
End of period	$	1,277,360		$	1,774,443		$	4,391,677		$	4,302,384
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	81,625,741		$	116,826,162		$	1,256,899		$	10,808,628
Distributions reinvested		198,338			—			29,136			130,088
Value of shares redeemed		(84,506,889	)		(116,699,787	)		(1,454,814	)		(16,794,406	)
Service Class
Proceeds from shares issued		323,082			170,451			375,868			35,505
Distributions reinvested		7,648			—			5,090			20,965
Value of shares redeemed		(301,038	)		(284,407	)		(92,200	)		(719,967	)
Change in net assets resulting from capital transactions	$	(2,653,118	)	$	12,419		$	119,979		$	(6,519,187	)
SHARE TRANSACTIONS:
Investor Class
Issued		2,110,932			3,078,988	^(a)		13,036			112,995
Reinvested		6,861			—			286			1,438
Redeemed		(2,128,407	)		(3,067,009	)^(a)		(15,138	)		(170,228	)
Service Class
Issued		9,886			4,711	^(a)		4,879			483
Reinvested		286			—			66			304
Redeemed		(9,279	)		(7,901	)^(a)		(1,250	)		(10,027	)
Change in shares		(9,721	)		8,789			1,879			(65,035	)

^(a) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 6, 2023.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 209

Small-Cap ProFund						Small-Cap Value ProFund						Technology UltraSector ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	30,246		$	21,501		$	9,123		$	(31,388	)	$	73,809		$	12,235
	231,966			42,768			493,677			656,989			7,960,916			16,565,988
	(56,137	)		117,373			(623,346	)		(1,361,604	)		2,538,054			(2,070,478	)
	206,075			181,642			(120,546	)		(736,003	)		10,572,779			14,507,745


	—			—			—			(192,356	)		(319,590	)		—
	—			—			—			(12,798	)		(26,930	)		—
	—			—			—			(205,154	)		(346,520	)		—
	(1,633,349	)		2,590,205			(1,012,708	)		(5,005,457	)		(23,726,306	)		17,657,512
	(1,427,274	)		2,771,847			(1,133,254	)		(5,946,614	)		(13,500,047	)		32,165,257

	5,718,695			2,946,848			3,285,006			9,231,620			79,745,723			47,580,466
$	4,291,421		$	5,718,695		$	2,151,752		$	3,285,006		$	66,245,676		$	79,745,723


$	110,970,836		$	166,422,618		$	6,314,115		$	38,535,477		$	65,949,679		$	84,883,260
	—			—			—			183,015			316,303			—
	(112,598,761	)		(163,848,115	)		(7,291,855	)		(43,500,739	)		(89,293,880	)		(67,016,903	)

	9,571			38,684			20,051			2,320,501			17,101,069			52,896,660
	—			—			—			12,798			26,929			—
	(14,995	)		(22,982	)		(55,019	)		(2,556,509	)		(17,826,406	)		(53,105,505	)
$	(1,633,349	)	$	2,590,205		$	(1,012,708	)	$	(5,005,457	)	$	(23,726,306	)	$	17,657,512


	1,161,298			1,756,604			64,108			389,608			561,064			937,089
	—			—			—			1,991			2,523			—
	(1,173,736	)		(1,731,520	)		(74,017	)		(448,627	)		(746,307	)		(782,096	)

	121			477			268			29,770			180,601			798,404
	—			—			—			175			274			—
	(188	)		(308	)		(703	)		(33,371	)		(183,655	)		(793,064	)
	(12,505	)		25,253			(10,344	)		(60,454	)		(185,500	)		160,333

See accompanying notes to the financial statements.

210 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraBear ProFund						UltraBull ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	175,122		$	343,854		$	627,692		$	647,314
Net realized gains (losses) on investments		(767,966	)		(3,886,511	)		13,265,563			5,751,145
Change in net unrealized appreciation/depreciation on investments		439,738			340,429			(2,956,114	)		6,920,899
Change in net assets resulting from operations		(153,106	)		(3,202,228	)		10,937,141			13,319,358
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(216,087	)		—			—			(8,950,394	)
Service Class		(2,561	)		—			—			(218,038	)
Change in net assets resulting from distributions		(218,648	)		—			—			(9,168,432	)
Change in net assets resulting from capital transactions		(684,228	)		1,478,339			(9,590,981	)		10,165,865
Change in net assets		(1,055,982	)		(1,723,889	)		1,346,160			14,316,791
NET ASSETS:
Beginning of period		9,476,378			11,200,267			118,066,530			103,749,739
End of period	$	8,420,396		$	9,476,378		$	119,412,690		$	118,066,530
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	86,161,945		$	243,142,863		$	431,548,192		$	407,848,658
Distributions reinvested		208,989			—			—			8,675,427
Value of shares redeemed		(87,165,338	)		(241,579,278	)		(439,786,142	)		(407,894,452	)
Service Class
Proceeds from shares issued		555,178			10,550,856			18,039,749			7,997,365
Distributions reinvested		2,561			—			—			218,038
Value of shares redeemed		(447,563	)		(10,636,102	)		(19,392,780	)		(6,679,171	)
Change in net assets resulting from capital transactions	$	(684,228	)	$	1,478,339		$	(9,590,981	)	$	10,165,865
SHARE TRANSACTIONS:
Investor Class
Issued		5,054,496			11,742,269			4,769,335			5,167,401
Reinvested		13,970			—			—			128,007
Redeemed		(5,084,082	)		(11,702,119	)		(4,836,757	)		(5,211,542	)
Service Class
Issued		35,527			523,258			267,009			131,892
Reinvested		194			—			—			4,293
Redeemed		(28,698	)		(522,233	)		(284,980	)		(111,851	)
Change in shares		(8,593	)		41,175			(85,393	)		108,200

^(a) As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 211

UltraChina ProFund						UltraDow 30 ProFund						UltraEmerging Markets ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	18,037		$	(128,661	)	$	186,011		$	272,041		$	49,538		$	139,472
	(7,507,246	)		(5,365,634	)		2,949,034			1,716,512			(145,061	)		939,712
	(4,399,801	)		5,743,696			1,240,479			1,845,405			(886,063	)		1,190,486
	(11,889,010	)		249,401			4,375,524			3,833,958			(981,586	)		2,269,670


	(870,345	)		—			(327,266	)		—			(125,967	)		(103,933	)
	(16,214	)		—			(5,006	)		—			(940	)		—
	(886,559	)		—			(332,272	)		—			(126,907	)		(103,933	)
	8,805,460			8,947,011			(2,268,949	)		(5,524,811	)		(1,631,037	)		396,613
	(3,970,109	)		9,196,412			1,774,303			(1,690,853	)		(2,739,530	)		2,562,350

	25,335,925			16,139,513			31,122,601			32,813,454			8,322,711			5,760,361
$	21,365,816		$	25,335,925		$	32,896,904		$	31,122,601		$	5,583,181		$	8,322,711


$	74,391,780		$	136,341,718		$	31,251,016		$	56,541,569		$	13,097,945		$	44,207,261
	854,732			—			324,041			—			120,901			102,872
	(66,249,830	)		(128,805,443	)		(34,041,806	)		(62,363,297	)		(14,844,331	)		(43,903,544	)

	2,874,955			16,491,379			2,921,394			4,377,590			1,025,858			3,634,529
	16,214			—			5,006			—			940			—
	(3,082,391	)		(15,080,643	)		(2,728,600	)		(4,080,673	)		(1,032,350	)		(3,644,505	)
$	8,805,460		$	8,947,011		$	(2,268,949	)	$	(5,524,811	)	$	(1,631,037	)	$	396,613


	2,974,129			4,651,574	^(a)		528,194			1,052,986			323,495			1,081,318
	33,757			—			4,837			—			2,687			2,700
	(2,630,121	)		(4,423,833	)^(a)		(562,810	)		(1,149,345	)		(361,217	)		(1,051,565	)

	129,317			649,371	^(a)		56,767			95,151			26,420			102,627
	739			—			90			—			23			—
	(137,614	)		(636,516	)^(a)		(52,842	)		(88,997	)		(26,596	)		(102,330	)
	370,207			240,596			(25,764	)		(90,205	)		(35,188	)		32,750

See accompanying notes to the financial statements.

212 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraInternational ProFund						UltraJapan ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	69,472		$	102,156		$	321,210		$	324,491
Net realized gains (losses) on investments		(142,062	)		959,323			1,664,306			4,924,096
Change in net unrealized appreciation/depreciation on investments		(110,610	)		(30,733	)		1,015,836			1,128,552
Change in net assets resulting from operations		(183,200	)		1,030,746			3,001,352			6,377,139
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		—			—			—			—
Service Class		—			—			—			—
Change in net assets resulting from distributions		—			—			—			—
Change in net assets resulting from capital transactions		(2,013,463	)		2,038,838			(1,186,413	)		2,644,136
Change in net assets		(2,196,663	)		3,069,584			1,814,939			9,021,275
NET ASSETS:
Beginning of period		5,415,972			2,346,388			21,885,609			12,864,334
End of period	$	3,219,309		$	5,415,972		$	23,700,548		$	21,885,609
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	10,895,720		$	29,059,468		$	23,723,302		$	29,507,261
Distributions reinvested		—			—			—			—
Value of shares redeemed		(12,891,362	)		(27,185,764	)		(24,348,332	)		(27,383,027	)
Service Class
Proceeds from shares issued		1,654,151			5,507,974			4,149,628			6,411,726
Distributions reinvested		—			—			—			—
Value of shares redeemed		(1,671,972	)		(5,342,840	)		(4,711,011	)		(5,891,824	)
Change in net assets resulting from capital transactions	$	(2,013,463	)	$	2,038,838		$	(1,186,413	)	$	2,644,136
SHARE TRANSACTIONS:
Investor Class
Issued		661,559			1,905,217			582,248			918,241
Reinvested		—			—			—			—
Redeemed		(783,850	)		(1,768,751	)		(612,651	)		(847,372	)
Service Class
Issued		113,356			418,597			131,981			250,476
Reinvested		—			—			—			—
Redeemed		(114,491	)		(405,203	)		(148,996	)		(234,613	)
Change in shares		(123,426	)		149,860			(47,418	)		86,732

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 213

UltraLatin America ProFund						UltraMid-Cap ProFund						UltraNasdaq-100 ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			July 31, 2023 Year Ended


$	235,663		$	782,716		$	179,200		$	185,732		$	2,742,097		$	1,924,271
	1,105,818			2,027,518			2,304,175			2,948,832			112,095,501			143,168,580
	(1,068,387	)		1,060,013			(3,864,432	)		553,113			7,362,138			19,623,480
	273,094			3,870,247			(1,381,057	)		3,687,677			122,199,736			164,716,331


	(523,218	)		(917,134	)		(225,341	)		—			—			(26,964,771	)
	(19,315	)		(8,866	)		(22,007	)		—			—			(667,988	)
	(542,533	)		(926,000	)		(247,348	)		—			—			(27,632,759	)
	(1,621,752	)		(1,056,632	)		3,394,128			(9,365,326	)		(64,837,463	)		71,545,328
	(1,891,191	)		1,887,615			1,765,723			(5,677,649	)		57,362,273			208,628,900

	11,578,391			9,690,776			38,941,708			44,619,357			792,293,993			583,665,093
$	9,687,200		$	11,578,391		$	40,707,431		$	38,941,708		$	849,656,266		$	792,293,993


$	16,932,035		$	36,726,365		$	24,854,085		$	50,638,059		$	1,768,522,559		$	3,499,350,532
	521,160			896,181			220,734			—			—			22,723,389
	(19,178,586	)		(38,633,563	)		(25,150,201	)		(59,926,444	)		(1,830,457,008	)		(3,451,391,804	)

	4,557,291			6,491,236			11,717,749			1,997,913			23,556,333			20,330,563
	19,315			8,866			22,007			—			—			666,385
	(4,472,967	)		(6,545,717	)		(8,270,246	)		(2,074,854	)		(26,459,347	)		(20,133,737	)
$	(1,621,752	)	$	(1,056,632	)	$	3,394,128		$	(9,365,326	)	$	(64,837,463	)	$	71,545,328


	981,649			2,401,000			477,904			1,015,649			24,847,019			70,651,970
	25,435			64,473			3,757			—			—			588,082
	(1,094,339	)		(2,520,298	)		(484,556	)		(1,185,978	)		(25,367,254	)		(70,455,158	)

	269,929			422,535			280,568			47,672			524,590			612,630
	972			653			484			—			—			24,663
	(267,346	)		(424,251	)		(200,937	)		(49,868	)		(582,225	)		(612,184	)
	(83,700	)		(55,888	)		77,220			(172,525	)		(577,870	)		810,003

See accompanying notes to the financial statements.

214 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraShort China ProFund							UltraShort Dow 30 ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	34,811		$	57,847		$	46,743		$	63,957
Net realized gains (losses) on investments		563,482			(1,247,748	)		(293,093	)		(749,310	)
Change in net unrealized appreciation/depreciation on investments		578,370			(614,664	)		70,683			64,093
Change in net assets resulting from operations		1,176,663			(1,804,565	)		(175,667	)		(621,260	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(52,912	)		—			(64,768	)		—
Service Class		(681	)		—			(1,475	)		—
Change in net assets resulting from distributions		(53,593	)		—			(66,243	)		—
Change in net assets resulting from capital transactions		(1,939,783	)		3,398,715			(244,427	)		1,019,660
Change in net assets		(816,713	)		1,594,150			(486,337	)		398,400
NET ASSETS:
Beginning of period		3,073,541			1,479,391			3,045,238			2,646,838
End of period	$	2,256,828		$	3,073,541		$	2,558,901		$	3,045,238
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	33,847,765		$	59,804,133		$	9,436,343		$	29,194,482
Distributions reinvested		52,520			—			60,719			—
Value of shares redeemed		(35,868,442	)		(56,457,162	)		(9,826,595	)		(28,067,336	)
Service Class
Proceeds from shares issued		747,900			1,039,016			563,481			1,048,860
Distributions reinvested		681			—			1,475			—
Value of shares redeemed		(720,207	)		(987,272	)		(479,850	)		(1,156,346	)
Change in net assets resulting from capital transactions	$	(1,939,783	)	$	3,398,715		$	(244,427	)	$	1,019,660
SHARE TRANSACTIONS:
Investor Class
Issued		4,802,726			6,797,523			544,273			1,493,741
Reinvested		8,219			—			3,979			—
Redeemed		(5,096,072	)		(6,349,919	)		(561,110	)		(1,440,379	)
Service Class
Issued		118,390			119,617			37,110			61,352
Reinvested		123			—			113			—
Redeemed		(115,735	)		(119,869	)		(31,917	)		(67,194	)
Change in shares		(282,349	)		447,352			(7,552	)		47,520

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 215

UltraShort Emerging Markets ProFund						UltraShort International ProFund						UltraShort Japan ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	16,827		$	27,964		$	41,477		$	65,865		$	14,910		$	11,272
	(87,209	)		(555,387	)		9,286			(1,459,015	)		(133,074	)		(354,674	)
	50,776			(45,964	)		61,390			71,873			2			(2,803	)
	(19,606	)		(573,387	)		112,153			(1,321,277	)		(118,162	)		(346,205	)


	(26,345	)		—			(71,316	)		—			(15,820	)		—
	(669	)		—			(110	)		—			—			—
	(27,014	)		—			(71,426	)		—			(15,820	)		—
	119,549			(379,571	)		(719,810	)		1,248,193			439,214			1,107,476
	72,929			(952,958	)		(679,083	)		(73,084	)		305,232			761,271

	324,951			1,277,909			2,573,280			2,646,364			961,685			200,414
$	397,880		$	324,951		$	1,894,197		$	2,573,280		$	1,266,917		$	961,685


$	14,538,202		$	16,684,806		$	10,693,450		$	35,306,242		$	8,982,185		$	9,264,106
	26,048			—			71,219			—			15,809			—
	(14,446,040	)		(17,022,594	)		(11,485,373	)		(34,060,968	)		(8,582,441	)		(8,227,689	)

	17,186			857,465			136,319			61,909			1,886,777			747,671
	669			—			108			—			—			—
	(16,516	)		(899,248	)		(135,533	)		(58,990	)		(1,863,116	)		(676,612	)
$	119,549		$	(379,571	)	$	(719,810	)	$	1,248,193		$	439,214		$	1,107,476


	634,405			588,527			498,300			1,311,956			1,322,147			1,017,725
	1,381			—			3,819			—			2,432			—
	(632,956	)		(615,736	)		(532,650	)		(1,281,390	)		(1,241,330	)		(895,287	)

	871			33,415			6,935			3,063			320,493			88,960
	40			—			7			—			—			—
	(829	)		(33,858	)		(6,944	)		(3,062	)		(320,493	)		(88,960	)
	2,912			(27,652	)		(30,533	)		30,567			83,249			122,438

See accompanying notes to the financial statements.

216 :: Statements of Changes in Net Assets :: For the Periods Indicated

	UltraShort Latin America ProFund						UltraShort Mid-Cap ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	28,957		$	33,612		$	19,616		$	35,784
Net realized gains (losses) on investments		84,854			(1,092,792	)		(65,616	)		(307,267	)
Change in net unrealized appreciation/depreciation on investments		92,443			22,091			70,558			30,367
Change in net assets resulting from operations		206,254			(1,037,089	)		24,558			(241,116	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(47,078	)		—			(34,612	)		—
Service Class		—			—			(926	)		—
Change in net assets resulting from distributions		(47,078	)		—			(35,538	)		—
Change in net assets resulting from capital transactions		(646,878	)		957,891			(230,360	)		(219,816	)
Change in net assets		(487,702	)		(79,198	)		(241,340	)		(460,932	)
NET ASSETS:
Beginning of period		1,724,750			1,803,948			1,016,332			1,477,264
End of period	$	1,237,048		$	1,724,750		$	774,992		$	1,016,332
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	12,176,432		$	25,570,307		$	11,072,153		$	22,094,905
Distributions reinvested		47,070			—			29,881			—
Value of shares redeemed		(12,895,745	)		(24,610,387	)		(11,315,203	)		(22,314,717	)
Service Class
Proceeds from shares issued		604,743			671,178			35			—
Distributions reinvested		—			—			926			—
Value of shares redeemed		(579,378	)		(673,207	)		(18,152	)		(4	)
Change in net assets resulting from capital transactions	$	(646,878	)	$	957,891		$	(230,360	)	$	(219,816	)
SHARE TRANSACTIONS:
Investor Class
Issued		2,297,397			3,589,381			237,673			449,444	^(a)
Reinvested		11,397			—			811			—
Redeemed		(2,386,176	)		(3,439,459	)		(243,374	)		(453,242	)^(a)
Service Class
Issued		133,638			107,103			1			—	^(a)
Reinvested		—			—			29			—
Redeemed		(128,778	)		(107,248	)		(421	)		—	^(a)(b)
Change in shares		(72,522	)		149,777			(5,281	)		(3,798	)

^(a) As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.

^(b) Amount is less than 0.5 share.

^(c) As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 217

UltraShort Nasdaq-100 ProFund						UltraShort Small-Cap ProFund						UltraSmall-Cap ProFund
Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023


$	340,455		$	718,865		$	96,390		$	161,525		$	228,234		$	248,883
	(7,123,023	)		(33,776,998	)		(265,958	)		(734,913	)		4,028,896			(2,889,383	)
	1,392,391			5,379,633			466,357			(115,625	)		(3,386,717	)		3,750,634
	(5,390,177	)		(27,678,500	)		296,789			(689,013	)		870,413			1,110,134


	(778,671	)		(6,401	)		(168,696	)		—			(374,677	)		—
	(2,986	)		—			(4,993	)		—			(640	)		—
	(781,657	)		(6,401	)		(173,689	)		—			(375,317	)		—
	6,432,972			(56,823,508	)		(587,668	)		1,465,644			(8,409,714	)		(3,395,851	)
	261,138			(84,508,409	)		(464,568	)		776,631			(7,914,618	)		(2,285,717	)

	16,484,509			100,992,918			5,129,580			4,352,949			50,527,046			52,812,763
$	16,745,647		$	16,484,509		$	4,665,012		$	5,129,580		$	42,612,428		$	50,527,046


$	389,628,973		$	1,630,429,401		$	60,717,692		$	166,543,096		$	177,569,012		$	561,298,460
	760,206			6,284			162,261			—			363,176			—
	(383,957,213	)		(1,687,197,089	)		(61,499,368	)		(165,081,179	)		(186,530,699	)		(564,625,967	)

	281,659			534,919			578,960			712,311			4,797,366			4,557,256
	2,986			—			4,986			—			640			—
	(283,639	)		(597,023	)		(552,199	)		(708,584	)		(4,609,209	)		(4,625,600	)
$	6,432,972		$	(56,823,508	)	$	(587,668	)	$	1,465,644		$	(8,409,714	)	$	(3,395,851	)


	8,129,296			19,406,580	^(c)		8,022,308			21,077,282			3,449,039			10,358,169
	18,784			127			28,024			—			5,752			—
	(8,065,122	)		(20,344,113	)^(c)		(8,126,908	)		(20,826,551	)		(3,507,650	)		(10,424,395	)

	5,785			7,442	^(c)		88,390			97,622			114,967			99,673
	79			—			950			—			13			—
	(5,820	)		(8,174	)^(c)		(81,916	)		(98,677	)		(111,039	)		(100,859	)
	83,002			(938,138	)		(69,152	)		249,676			(48,918	)		(67,412	)

See accompanying notes to the financial statements.

218 :: Statements of Changes in Net Assets :: For the Periods Indicated

	U.S. Government Plus ProFund						Utilities UltraSector ProFund
	Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023			Six Months Ended January 31, 2024 (unaudited)			Year Ended July 31, 2023
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	132,099		$	163,660		$	71,515		$	110,423
Net realized gains (losses) on investments		(866,878	)		(1,586,404	)		(678,412	)		(468,540	)
Change in net unrealized appreciation/depreciation on investments		175,658			(378,073	)		(261,392	)		(1,600,132	)
Change in net assets resulting from operations		(559,121	)		(1,800,817	)		(868,289	)		(1,958,249	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions
Investor Class		(114,587	)		(133,040	)		(105,818	)		(83,764	)
Service Class		(17,521	)		(17,780	)		(436	)		—
Change in net assets resulting from distributions		(132,108	)		(150,820	)		(106,254	)		(83,764	)
Change in net assets resulting from capital transactions		(4,631,204	)		1,696,922			883,173			(4,703,607	)
Change in net assets		(5,322,433	)		(254,715	)		(91,370	)		(6,745,620	)
NET ASSETS:
Beginning of period		8,596,356			8,851,071			6,841,564			13,587,184
End of period	$	3,273,923		$	8,596,356		$	6,750,194		$	6,841,564
CAPITAL TRANSACTIONS:
Investor Class
Proceeds from shares issued	$	180,210,842		$	228,090,992		$	20,192,156		$	30,773,200
Distributions reinvested		113,433			131,903			105,043			83,548
Value of shares redeemed		(185,005,956	)		(226,039,640	)		(19,624,909	)		(34,919,308	)
Service Class
Proceeds from shares issued		21,050,616			19,514,518			2,896,862			4,145,217
Distributions reinvested		17,499			17,780			436			—
Value of shares redeemed		(21,017,638	)		(20,018,631	)		(2,686,415	)		(4,786,264	)
Change in net assets resulting from capital transactions	$	(4,631,204	)	$	1,696,922		$	883,173		$	(4,703,607	)
SHARE TRANSACTIONS:
Investor Class
Issued		5,014,686			5,258,999			380,819			490,062
Reinvested		3,154			3,267			1,948			1,270
Redeemed		(5,146,614	)		(5,211,670	)		(369,608	)		(559,789	)
Service Class
Issued		632,977			527,906			59,964			71,210
Reinvested		533			480			9			—
Redeemed		(633,676	)		(537,881	)		(55,700	)		(82,485	)
Change in shares		(128,940	)		41,101			17,432			(79,732	)

Amounts designated as " – " are $0 or have been rounded to $0.

See accompanying notes to the financial statements.

Financial Highlights

220 :: 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
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		In excess of net Investment Income		Return of Capital		Total Distributions
Access Flex Bear High Yield ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	31.10	0.42		(1.50	)	(1.08	)	—		—		—		—
Year Ended July 31, 2023	$	31.71	0.44		(1.05	)	(0.61	)	—		—		—		—
Year Ended July 31, 2022	$	29.93	(0.43	)	2.21		1.78		—		—		—		—
Nine Months Ended July 31, 2021	$	33.20	(0.41	)	(2.86	)	(3.27	)	—		—		—		—
Year Ended October 31, 2020	$	33.78	(0.53	)	(0.05	)	(0.58	)	—		—		—		—
Year Ended October 31, 2019	$	37.85	(0.21	)	(3.86	)	(4.07	)	—		—		—		—
Year Ended October 31, 2018	$	38.27	(0.35	)	(0.07	)	(0.42	)	—		—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	26.19	0.28		(1.30	)	(1.02	)	—		—		—		—
Year Ended July 31, 2023	$	26.94	0.16		(0.91	)	(0.75	)	—		—		—		—
Year Ended July 31, 2022	$	25.68	(0.69	)	1.95		1.26		—		—		—		—
Nine Months Ended July 31, 2021	$	28.71	(0.61	)	(2.42	)	(3.03	)	—		—		—		—
Year Ended October 31, 2020	$	29.49	(0.82	)	0.04		(0.78	)	—		—		—		—
Year Ended October 31, 2019	$	33.40	(0.53	)	(3.38	)	(3.91	)	—		—		—		—
Year Ended October 31, 2018	$	34.11	(0.69	)	(0.02	)	(0.71	)	—		—		—		—
Access Flex High Yield ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	30.05	0.43		1.25		1.68		(0.43	)	(0.84	)	—		(1.27	)
Year Ended July 31, 2023	$	29.88	0.53		0.84		1.37		(0.53	)	(0.67	)	—		(1.20	)
Year Ended July 31, 2022	$	32.91	(0.25	)	(2.65	)	(2.90	)	—		(0.13	)	—		(0.13	)
Nine Months Ended July 31, 2021	$	31.65	(0.34	)	2.41		2.07		—		(0.81	)	—		(0.81	)
Year Ended October 31, 2020	$	34.28	(0.39	)	(0.98	)	(1.37	)	—		(1.14	)	(0.12	)	(1.26	)
Year Ended October 31, 2019	$	32.40	0.06		3.20		3.26		(0.06	)	(1.32	)	—		(1.38	)
Year Ended October 31, 2018	$	33.54	0.11		(0.18	)	(0.07	)	(0.11	)	(0.69	)	(0.27	)	(1.07	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	29.68	0.28		1.25		1.53		(0.28	)	(0.68	)	—		(0.96	)
Year Ended July 31, 2023	$	29.31	0.24		0.86		1.10		(0.24	)	(0.49	)	—		(0.73	)
Year Ended July 31, 2022	$	32.53	(0.56	)	(2.61	)	(3.17	)	—		(0.05	)	—		(0.05	)
Nine Months Ended July 31, 2021	$	31.33	(0.59	)	2.40		1.81		—		(0.61	)	—		(0.61	)
Year Ended October 31, 2020	$	33.80	(0.71	)	(0.96	)	(1.67	)	—		(0.72	)	(0.08	)	(0.80	)
Year Ended October 31, 2019	$	32.03	(0.27	)	3.15		2.88		—		(1.11	)	—		(1.11	)
Year Ended October 31, 2018	$	32.80	(0.21	)	(0.17	)	(0.38	)	—		(0.29	)	(0.10	)	(0.39	)

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	30.02	(3.47	)%	3.20	%	1.78	%	2.64	%	$	1,764	—
$	31.10	(1.92	)%	2.53	%	1.78	%	1.38	%	$	2,355	—
$	31.71	5.95	%	3.15	%	1.78	%	(1.36	)%	$	2,189	—
$	29.93	(9.80	)%	9.92	%	1.78	%	(1.78	)%	$	445	—
$	33.20	(1.72	)%	5.56	%	1.78	%	(1.56	)%	$	845	—
$	33.78	(10.75	)%	5.99	%	1.78	%	(0.60	)%	$	807	—
$	37.85	(1.10	)%	5.42	%	1.78	%	(0.92	)%	$	591	—

$	25.17	(4.01	)%	4.20	%	2.78	%	1.64	%	$	19	—
$	26.19	(2.78	)%	3.53	%	2.78	%	0.38	%	$	18	—
$	26.94	4.86	%	4.15	%	2.78	%	(2.36	)%	$	28	—
$	25.68	(10.45	)%	10.92	%	2.78	%	(2.78	)%	$	11	—
$	28.71	(2.64	)%	6.56	%	2.78	%	(2.56	)%	$	14	—
$	29.49	(11.70	)%	6.99	%	2.78	%	(1.60	)%	$	33	—
$	33.40	(2.05	)%	6.42	%	2.78	%	(1.92	)%	$	38	—


$	30.46	5.92	%	1.79	%	1.78	%	2.88	%	$	17,183	578	%
$	30.05	4.86	%	1.80	%	1.78	%	1.78	%	$	26,902	1,510	%
$	29.88	(8.85	)%	1.78	%	1.78	%	(0.81	)%	$	9,819	1,259	%
$	32.91	6.63	%	1.97	%	1.78	%	(1.39	)%	$	13,252	944	%
$	31.65	(4.05	)%	2.07	%	1.88	%	(1.17	)%	$	17,557	1,534	%
$	34.28	10.26	%	1.90	%	1.90	%	0.19	%	$	19,823	1,362	%
$	32.40	(0.21	)%	1.77	%	1.77	%	0.35	%	$	25,909	1,334	%

$	30.25	5.38	%	2.79	%	2.78	%	1.88	%	$	1,971	578	%
$	29.68	3.85	%	2.80	%	2.78	%	0.78	%	$	2,229	1,510	%
$	29.31	(9.77	)%	2.78	%	2.78	%	(1.81	)%	$	3,259	1,259	%
$	32.53	5.81	%	2.97	%	2.78	%	(2.39	)%	$	3,527	944	%
$	31.33	(4.98	)%	3.07	%	2.88	%	(2.17	)%	$	2,806	1,534	%
$	33.80	9.12	%	2.90	%	2.90	%	(0.81	)%	$	4,820	1,362	%
$	32.03	(1.15	)%	2.77	%	2.77	%	(0.65	)%	$	2,648	1,334	%

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See accompanying notes to the financial statements.

Financial Highlights :: 221

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
		Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions
Banks UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	41.90		0.39		3.38		3.77		(0.77	)	(0.77	)
Year Ended July 31, 2023	$	45.34		0.54		(3.86	)	(3.32	)	(0.12	)	(0.12	)
Year Ended July 31, 2022	$	56.72		0.08		(11.46	)	(11.38	)	—		—
Year Ended July 31, 2021	$	28.48		0.23		28.01		28.24		—		—
Year Ended July 31, 2020	$	50.38		0.47		(22.14	)	(21.67	)	(0.23	)	(0.23	)
Year Ended July 31, 2019	$	54.83		0.42		(4.28	)	(3.86	)	(0.59	)	(0.59	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	37.76		0.21		2.94		3.15		(0.12	)	(0.12	)
Year Ended July 31, 2023	$	41.14		0.18		(3.56	)	(3.38	)	—		—
Year Ended July 31, 2022	$	51.99		(0.48	)	(10.37	)	(10.85	)	—		—
Year Ended July 31, 2021	$	26.38		(0.19	)	25.80		25.61		—		—
Year Ended July 31, 2020	$	46.98		0.13		(20.73	)	(20.60	)	—		—
Year Ended July 31, 2019	$	50.85		(0.03	)	(3.84	)	(3.87	)	—		—
Bear ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	14.61		0.25		(0.61	)	(0.36	)	(0.76	)	(0.76	)
Year Ended July 31, 2023	$	16.01		0.32		(1.72	)	(1.40	)	—		—
Year Ended July 31, 2022	$	16.01		(0.18	)	0.18		—	^(g)	—		—
Year Ended July 31, 2021	$	22.67		(0.33	)	(6.32	)	(6.65	)	(0.01	)	(0.01	)
Year Ended July 31, 2020	$	28.37		(0.25	)	(5.38	)	(5.63	)	(0.07	)	(0.07	)
Year Ended July 31, 2019	$	30.45		0.14		(2.22	)	(2.08	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	13.06		0.18		(0.58	)	(0.40	)	(0.54	)	(0.54	)
Year Ended July 31, 2023	$	14.42		0.17		(1.53	)	(1.36	)	—		—
Year Ended July 31, 2022	$	14.56		(0.33	)	0.19		(0.14	)	—		—
Year Ended July 31, 2021	$	20.82		(0.51	)	(5.75	)	(6.26	)	—		—
Year Ended July 31, 2020	$	26.23		(0.50	)	(4.91	)	(5.41	)	—		—
Year Ended July 31, 2019	$	28.44		(0.14	)	(2.07	)	(2.21	)	—		—

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)			Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	44.90	8.88	%		2.08	%	2.05	%^(e)	1.94	%	$	9,666	101	%
$	41.90	(7.34	)%		1.94	%	1.94	%	1.35	%	$	11,023	150	%
$	45.34	(20.05	)%		1.71	%	1.71	%	0.13	%	$	7,788	73	%
$	56.72	99.16	%		1.53	%	1.53	%	0.43	%	$	122,655	144	%
$	28.48	(43.26	)%		1.72	%	1.72	%	1.00	%	$	7,348	260	%
$	50.38	(6.69	)%		1.80	%	1.80	%	0.88	%	$	9,484	75	%

$	40.79	8.33	%		3.08	%	3.05	%^(e)	0.94	%	$	489	101	%
$	37.76	(8.24	)%		2.94	%	2.94	%	0.35	%	$	570	150	%
$	41.14	(20.85	)%		2.71	%	2.71	%	(0.87	)%	$	452	73	%
$	51.99	97.08	%		2.53	%	2.53	%	(0.57	)%	$	925	144	%
$	26.38	(43.34	)%		2.72	%	2.72	%	—	%^(f)	$	300	260	%
$	46.98	(7.63	)%		2.80	%	2.80	%	(0.12	)%	$	769	75	%


$	13.49	(2.50	)%		2.03	%	1.94	%	3.37	%	$	7,146	—
$	14.61	(8.74	)%		1.86	%	1.86	%	1.95	%	$	6,178	—
$	16.01	—	%^(f)		1.64	%	1.64	%	(1.13	)%	$	12,126	—
$	16.01	(29.33	)%		1.74	%	1.74	%	(1.73	)%	$	9,799	—
$	22.67	(19.87	)%		1.86	%	1.86	%	(0.95	)%	$	15,698	—
$	28.37	(6.83	)%		1.77	%	1.77	%	0.48	%	$	19,388	—

$	12.12	(3.09	)%		3.03	%	2.94	%	2.37	%	$	523	—
$	13.06	(9.43	)%		2.86	%	2.86	%	0.95	%	$	580	—
$	14.42	(0.96	)%		2.64	%	2.64	%	(2.13	)%	$	564	—
$	14.56	(30.07	)%		2.74	%	2.74	%	(2.73	)%	$	789	—
$	20.82	(20.63	)%		2.86	%	2.86	%	(1.95	)%	$	677	—
$	26.23	(7.77	)%		2.77	%	2.77	%	(0.52	)%	$	761	—

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 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)	Amount is less than 0.005%.
	(g)	Amount is less than $0.005.

See accompanying notes to the financial statements.

222 :: 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
		Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Biotechnology UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	62.67		0.15		0.83		0.98		—		(4.13	)	(4.13	)
Year Ended July 31, 2023	$	56.74		0.07		5.86		5.93		—		—		—
Year Ended July 31, 2022	$	85.26		(0.24	)	(15.49	)	(15.73	)	—		(12.79	)	(12.79	)
Year Ended July 31, 2021	$	72.23		(0.27	)	21.37		21.10		—		(8.07	)	(8.07	)
Year Ended July 31, 2020	$	51.90		(0.06	)	22.42		22.36		—		(2.03	)	(2.03	)
Year Ended July 31, 2019	$	66.16		0.11		(11.50	)	(11.39	)	—		(2.87	)	(2.87	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	41.36		(0.03	)	0.36		0.33		—		(4.13	)	(4.13	)
Year Ended July 31, 2023	$	37.83		(0.32	)	3.85		3.53		—		—		—
Year Ended July 31, 2022	$	61.86		(0.71	)	(10.53	)	(11.24	)	—		(12.79	)	(12.79	)
Year Ended July 31, 2021	$	55.00		(0.80	)	15.73		14.93		—		(8.07	)	(8.07	)
Year Ended July 31, 2020	$	40.29		(0.52	)	17.26		16.74		—		(2.03	)	(2.03	)
Year Ended July 31, 2019	$	52.66		(0.35	)	(9.15	)	(9.50	)	—		(2.87	)	(2.87	)
Bull ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	58.06		0.36		2.82		3.18		(0.02	)	—		(0.02	)
Year Ended July 31, 2023	$	52.89		0.39		5.26		5.65		—		(0.48	)	(0.48	)
Year Ended July 31, 2022	$	61.91		(0.27	)	(3.27	)	(3.54	)	—		(5.48	)	(5.48	)
Year Ended July 31, 2021	$	48.91		(0.24	)	16.31		16.07		(0.16	)	(2.91	)	(3.07	)
Year Ended July 31, 2020^(e)	$	45.33		(0.01	)	4.39		4.38		(0.18	)	(0.62	)	(0.80	)
Year Ended July 31, 2019^(e)	$	42.99		0.23		2.35		2.58		—		(0.24	)	(0.24	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	44.56		0.14		2.08		2.22		—		—		—
Year Ended July 31, 2023	$	41.09		(0.01	)	3.96		3.95		—		(0.48	)	(0.48	)
Year Ended July 31, 2022	$	49.77		(0.72	)	(2.48	)	(3.20	)	—		(5.48	)	(5.48	)
Year Ended July 31, 2021	$	40.09		(0.68	)	13.27		12.59		—		(2.91	)	(2.91	)
Year Ended July 31, 2020^(e)	$	37.50		(0.38	)	3.59		3.21		—		(0.62	)	(0.62	)
Year Ended July 31, 2019^(e)	$	35.96		(0.12	)	1.90		1.78		—		(0.24	)	(0.24	)

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	59.52	2.08	%	1.56	%	1.55	%	0.56	%	$	103,195	150	%
$	62.67	10.43	%	1.54	%	1.54	%	0.11	%	$	114,581	91	%
$	56.74	(20.96	)%	1.49	%	1.49	%	(0.37	)%	$	119,791	28	%
$	85.26	32.02	%	1.55	%	1.55	%	(0.37	)%	$	168,280	62	%
$	72.23	43.62	%	1.61	%	1.61	%	(0.10	)%	$	188,065	52	%
$	51.90	(17.10	)%	1.52	%	1.52	%	0.19	%	$	161,970	23	%

$	37.56	1.57	%	2.56	%	2.55	%	(0.44	)%	$	3,192	150	%
$	41.36	9.30	%	2.54	%	2.54	%	(0.89	)%	$	2,985	91	%
$	37.83	(21.75	)%	2.49	%	2.49	%	(1.37	)%	$	3,734	28	%
$	61.86	30.74	%	2.54	%	2.54	%	(1.36	)%	$	5,358	62	%
$	55.00	42.20	%	2.60	%	2.60	%	(1.09	)%	$	5,999	52	%
$	40.29	(17.93	)%	2.52	%	2.52	%	(0.80	)%	$	5,559	23	%


$	61.22	5.48	%	1.52	%	1.52	%	1.32	%	$	47,272	91	%
$	58.06	10.86	%	1.58	%	1.58	%	0.80	%	$	41,714	112	%
$	52.89	(6.39	)%	1.50	%	1.50	%	(0.49	)%	$	33,168	58	%
$	61.91	34.03	%	1.55	%	1.55	%	(0.45	)%	$	56,064	15	%
$	48.91	9.68	%	1.63	%	1.63	%	(0.01	)%	$	72,210	84	%
$	45.33	5.99	%	1.54	%	1.54	%	0.54	%	$	61,121	3	%

$	46.78	4.98	%	2.52	%	2.52	%	0.32	%	$	3,993	91	%
$	44.56	9.81	%	2.58	%	2.58	%	(0.20	)%	$	11,462	112	%
$	41.09	(7.32	)%	2.50	%	2.50	%	(1.49	)%	$	10,669	58	%
$	49.77	32.73	%	2.55	%	2.55	%	(1.45	)%	$	7,148	15	%
$	40.09	8.57	%	2.63	%	2.63	%	(1.01	)%	$	5,327	84	%
$	37.50	4.93	%	2.54	%	2.54	%	(0.45	)%	$	4,232	3	%

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

Financial Highlights :: 223

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
Communication Services UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	119.32		0.17			15.93			16.10			—			—			—
Year Ended July 31, 2023	$	93.36		(0.03	)		25.99			25.96			—			—			—
Year Ended July 31, 2022	$	172.73		(1.45	)		(76.75	)		(78.20	)		—			(1.17	)^(e)		(1.17	)
Year Ended July 31, 2021	$	104.67		(1.61	)		69.67			68.06			—			—			—
Year Ended July 31, 2020	$	92.86		(0.99	)		15.68			14.69			(2.88	)		—			(2.88	)
Year Ended July 31, 2019	$	72.76		2.15			17.95			20.10			—			—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	95.00		(0.30	)		12.58			12.28			—			—			—
Year Ended July 31, 2023	$	75.03		(0.79	)		20.76			19.97			—			—			—
Year Ended July 31, 2022	$	140.52		(2.58	)		(61.74	)		(64.32	)		—			(1.17	)^(e)		(1.17	)
Year Ended July 31, 2021	$	85.98		(2.72	)		57.26			54.54			—			—			—
Year Ended July 31, 2020	$	76.53		(1.74	)		12.99			11.25			(1.80	)		—			(1.80	)
Year Ended July 31, 2019	$	60.55		1.45			14.53			15.98			—			—			—
Consumer Discretionary UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	54.21		0.03			(2.56	)		(2.53	)		—			—			—
Year Ended July 31, 2023	$	45.84		0.02			8.35			8.37			—			—			—
Year Ended July 31, 2022	$	72.77		(0.53	)		(20.66	)		(21.19	)		—			(5.74	)		(5.74	)
Year Ended July 31, 2021	$	54.08		(0.64	)		21.74			21.10			—			(2.41	)		(2.41	)
Year Ended July 31, 2020^(g)	$	46.43		(0.24	)		7.89			7.65			—			—			—
Year Ended July 31, 2019^(g)	$	43.14		(0.06	)		5.21			5.15			—			(1.86	)		(1.86	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	43.69		(0.18	)		(2.07	)		(2.25	)		—			—			—
Year Ended July 31, 2023	$	37.32		(0.34	)		6.71			6.37			—			—			—
Year Ended July 31, 2022	$	60.86		(1.04	)		(16.76	)		(17.80	)		—			(5.74	)		(5.74	)
Year Ended July 31, 2021	$	45.99		(1.19	)		18.47			17.28			—			(2.41	)		(2.41	)
Year Ended July 31, 2020^(g)	$	39.89		(0.63	)		6.73			6.10			—			—			—
Year Ended July 31, 2019^(g)	$	37.73		(0.43	)		4.45			4.02			—			(1.86	)		(1.86	)

				Ratios to Average Net Assets							Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	135.42	13.49	%	2.00	%	1.78	%		0.29	%	$	7,090	96	%
$	119.32	27.80	%	2.22	%	1.78	%		(0.03	)%	$	6,164	107	%
$	93.36	(45.54	)%	1.94	%	1.78	%		(1.04	)%	$	4,623	63	%
$	172.73	65.05	%	1.91	%	1.82	%		(1.17	)%	$	11,327	138	%
$	104.67	16.07	%	2.37	%	2.11	%^(f)		(1.08	)%	$	5,587	82	%
$	92.86	27.62	%	1.62	%	1.62	%		2.51	%	$	10,109	805	%

$	107.28	12.92	%	3.00	%	2.78	%		(0.71	)%	$	241	96	%
$	95.00	26.58	%	3.22	%	2.78	%		(1.03	)%	$	687	107	%
$	75.03	(46.09	)%	2.94	%	2.78	%		(2.04	)%	$	106	63	%
$	140.52	63.43	%	2.91	%	2.82	%		(2.17	)%	$	205	138	%
$	85.98	14.89	%	3.37	%	3.11	%^(f)		(2.08	)%	$	153	82	%
$	76.53	26.35	%	2.62	%	2.62	%		1.51	%	$	166	805	%


$	51.68	(4.67	)%	1.65	%	1.65	%		0.11	%	$	30,677	67	%
$	54.21	18.23	%	1.63	%	1.63	%		0.04	%	$	55,834	83	%
$	45.84	(31.68	)%	1.54	%	1.54	%		(0.86	)%	$	30,510	31	%
$	72.77	39.66	%	1.56	%	1.56	%		(0.97	)%	$	76,287	130	%
$	54.08	16.47	%	1.67	%	1.67	%		(0.53	)%	$	44,827	80	%
$	46.43	13.46	%	1.57	%	1.57	%		(0.13	)%	$	90,523	106	%

$	41.44	(5.15	)%	2.65	%	2.65	%		(0.89	)%	$	1,238	67	%
$	43.69	17.07	%	2.63	%	2.63	%		(0.96	)%	$	1,125	83	%
$	37.32	(32.37	)%	2.54	%	2.54	%		(1.86	)%	$	615	31	%
$	60.86	38.29	%	2.56	%	2.56	%		(1.97	)%	$	1,594	130	%
$	45.99	15.30	%	2.67	%	2.67	%		(1.53	)%	$	1,595	80	%
$	39.89	12.34	%	2.57	%	2.57	%		(1.13	)%	$	2,524	106	%

	(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
	(b)	Not annualized for periods less than one year.
	(c)	Annualized for periods less than one year.
	(d)	Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	Subsequent to the issuance of the July 31, 2022 financial statements, $0.12 of the distribution was determined to be a return of capital.
	(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 November 30th of each year, instead of coinciding with the July 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)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

224 :: 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
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Consumer Staples UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	73.06	0.65		(5.10	)	(4.45	)	(1.06	)	—		(1.06	)
Year Ended July 31, 2023	$	83.25	0.70		(10.89	)	(10.19	)	—		—		—
Year Ended July 31, 2022	$	91.85	(0.44	)	(3.77	)	(4.21	)	—		(4.39	)	(4.39	)
Year Ended July 31, 2021^(e)	$	59.24	(0.31	)	32.92		32.61		—		—		—
Year Ended July 31, 2020^(e)	$	53.09	0.23		7.52		7.75		—		(1.60	)	(1.60	)
Year Ended July 31, 2019^(e)	$	51.20	0.07		2.51		2.58		(0.69	)	—		(0.69	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	63.32	0.37		(4.53	)	(4.16	)	(0.34	)	—		(0.34	)
Year Ended July 31, 2023	$	72.87	0.08		(9.63	)	(9.55	)	—		—		—
Year Ended July 31, 2022	$	81.66	(1.27	)	(3.13	)	(4.40	)	—		(4.39	)	(4.39	)
Year Ended July 31, 2021^(e)	$	53.19	(1.01	)	29.48		28.47		—		—		—
Year Ended July 31, 2020^(e)	$	48.29	(0.25	)	6.75		6.50		—		(1.60	)	(1.60	)
Year Ended July 31, 2019^(e)	$	46.44	(0.37	)	2.36		1.99		(0.14	)	—		(0.14	)
Energy UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	42.69	0.46		(3.57	)	(3.11	)	(0.35	)	—		(0.35	)
Year Ended July 31, 2023	$	38.26	0.87		4.76		5.63		(0.77	)	(0.43	)	(1.20	)
Year Ended July 31, 2022	$	19.35	0.44		18.84		19.28		(0.37	)	—		(0.37	)
Year Ended July 31, 2021	$	11.97	0.23		7.38		7.61		(0.23	)	—		(0.23	)
Year Ended July 31, 2020	$	29.28	0.29		(17.22	)	(16.93	)	(0.38	)	—		(0.38	)
Year Ended July 31, 2019	$	42.24	0.37		(12.87	)	(12.50	)	(0.46	)	—		(0.46	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	36.24	0.28		(3.09	)	(2.81	)	—		—		—
Year Ended July 31, 2023	$	32.52	0.52		3.89		4.41		(0.26	)	(0.43	)	(0.69	)
Year Ended July 31, 2022	$	16.49	0.18		16.02		16.20		(0.17	)	—		(0.17	)
Year Ended July 31, 2021	$	10.27	0.09		6.27		6.36		(0.14	)	—		(0.14	)
Year Ended July 31, 2020	$	25.07	0.14		(14.88	)	(14.74	)	(0.06	)	—		(0.06	)
Year Ended July 31, 2019	$	36.03	0.08		(10.96	)	(10.88	)	(0.08	)	—		(0.08	)

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	67.55	(6.06	)%	2.68	%	1.78	%	1.99	%	$	3,243	50	%
$	73.06	(12.25	)%	2.41	%	1.78	%	0.98	%	$	3,518	173	%
$	83.25	(5.34	)%	1.88	%	1.78	%	(0.48	)%	$	3,965	142	%
$	91.85	55.06	%	1.88	%	1.78	%	(0.40	)%	$	4,950	209	%
$	59.24	14.68	%	2.08	%	1.78	%	0.44	%	$	7,596	162	%
$	53.09	5.40	%	2.11	%	1.91	%	0.15	%	$	4,495	46	%

$	58.82	(6.54	)%	3.67	%	2.77	%	1.00	%	$	153	50	%
$	63.32	(13.12	)%	3.40	%	2.77	%	(0.01	)%	$	293	173	%
$	72.87	(6.25	)%	2.88	%	2.78	%	(1.48	)%	$	241	142	%
$	81.66	53.53	%	2.88	%	2.78	%	(1.40	)%	$	441	209	%
$	53.19	13.53	%	3.08	%	2.78	%	(0.56	)%	$	457	162	%
$	48.29	4.38	%	3.09	%	2.89	%	(0.83	)%	$	391	46	%


$	39.23	(7.31	)%	1.61	%	1.59	%	2.22	%	$	28,741	89	%
$	42.69	14.73	%	1.58	%	1.58	%	2.13	%	$	32,584	208	%
$	38.26	100.88	%	1.51	%	1.51	%	1.47	%	$	42,754	117	%
$	19.35	64.47	%	1.64	%	1.64	%	1.36	%	$	29,753	239	%
$	11.97	(58.57	)%	1.87	%	1.87	%	1.61	%	$	11,544	40	%
$	29.28	(29.45	)%	1.74	%	1.74	%	1.11	%	$	13,402	53	%

$	33.43	(7.75	)%	2.61	%	2.59	%	1.22	%	$	1,125	89	%
$	36.24	13.56	%	2.58	%	2.58	%	1.13	%	$	1,164	208	%
$	32.52	98.87	%	2.51	%	2.51	%	0.47	%	$	2,284	117	%
$	16.49	62.71	%	2.64	%	2.64	%	0.36	%	$	1,395	239	%
$	10.27	(58.92	)%	2.87	%	2.87	%	0.61	%	$	626	40	%
$	25.07	(30.16	)%	2.74	%	2.74	%	0.11	%	$	730	53	%

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

Financial Highlights :: 225

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
		Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities			Net Investment Income		Total Distributions
Europe 30 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	13.91		0.13		0.80		0.93			—		—
Year Ended July 31, 2023	$	12.98		0.28		1.12		1.40			(0.47	)	(0.47	)
Year Ended July 31, 2022	$	13.97		0.23		(1.10	)	(0.87	)		(0.12	)	(0.12	)
Year Ended July 31, 2021	$	10.91		0.13		3.23		3.36			(0.30	)	(0.30	)
Year Ended July 31, 2020	$	12.56		0.16		(1.70	)	(1.54	)		(0.11	)	(0.11	)
Year Ended July 31, 2019	$	14.58		0.25		(0.86	)	(0.61	)		(1.41	)	(1.41	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	15.22		0.05		0.88		0.93			—		—
Year Ended July 31, 2023	$	14.05		0.14		1.22		1.36			(0.19	)	(0.19	)
Year Ended July 31, 2022	$	15.25		0.08		(1.16	)	(1.08	)		(0.12	)	(0.12	)
Year Ended July 31, 2021	$	11.90		(0.01	)	3.54		3.53			(0.18	)	(0.18	)
Year Ended July 31, 2020	$	13.74		0.03		(1.87	)	(1.84	)		—		—
Year Ended July 31, 2019	$	15.32		0.11		(0.83	)	(0.72	)		(0.86	)	(0.86	)
Falling U.S. Dollar ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	14.36		0.24		(0.38	)	(0.14	)		(0.36	)	(0.36	)
Year Ended July 31, 2023	$	13.81		0.33		0.22		0.55			—		—
Year Ended July 31, 2022	$	16.23		(0.23	)	(2.19	)	(2.42	)		—		—
Year Ended July 31, 2021	$	16.41		(0.29	)	0.11		(0.18	)		—		—
Year Ended July 31, 2020	$	15.97		(0.12	)	0.56		0.44			—		—
Year Ended July 31, 2019	$	17.03		0.08		(1.14	)	(1.06	)		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	12.76		0.18		(0.33	)	(0.15	)		(0.26	)	(0.26	)
Year Ended July 31, 2023	$	12.44		0.21		0.11		0.32			—		—
Year Ended July 31, 2022	$	14.71		(0.37	)	(1.90	)	(2.27	)		—		—
Year Ended July 31, 2021	$	15.05		(0.44	)	0.10		(0.34	)		—		—
Year Ended July 31, 2020	$	14.81		(0.27	)	0.51		0.24			—		—
Year Ended July 31, 2019	$	15.93		(0.08	)	(1.04	)	(1.12	)		—		—

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)			Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	14.84	6.69	%		4.10	%	1.78	%	1.81	%	$	1,101	304	%
$	13.91	10.95	%		2.85	%	1.78	%	2.12	%	$	4,431	716	%
$	12.98	(6.25	)%		2.32	%	1.78	%	1.68	%	$	4,540	954	%
$	13.97	31.39	%		2.15	%	1.78	%	1.03	%	$	3,190	522	%
$	10.91	(12.42	)%		2.20	%	1.78	%	1.35	%	$	4,306	1,122	%
$	12.56	(3.95	)%^(e)		2.23	%	1.78	%	1.96	%	$	4,997	1,311	%

$	16.15	6.11	%		5.09	%	2.77	%	0.82	%	$	489	304	%
$	15.22	9.82	%		3.85	%	2.78	%	1.12	%	$	207	716	%
$	14.05	(7.11	)%		3.32	%	2.78	%	0.68	%	$	187	954	%
$	15.25	30.05	%		3.15	%	2.78	%	0.03	%	$	212	522	%
$	11.90	(13.46	)%		3.20	%	2.78	%	0.35	%	$	159	1,122	%
$	13.74	(4.80	)%^(e)		3.23	%	2.78	%	0.96	%	$	265	1,311	%


$	13.86	(1.03	)%		7.97	%	1.78	%	3.40	%	$	1,285	—
$	14.36	3.91	%		4.53	%	1.78	%	2.37	%	$	1,422	—
$	13.81	(14.85	)%		4.94	%	1.78	%	(1.53	)%	$	750	—
$	16.23	(1.10	)%		3.20	%	1.78	%	(1.77	)%	$	1,240	—
$	16.41	2.76	%		5.66	%	1.78	%	(0.78	)%	$	1,230	—
$	15.97	(6.22	)%		2.98	%	1.78	%	0.48	%	$	1,000	—

$	12.35	(1.25	)%		8.97	%	2.78	%	2.40	%	$	7	—
$	12.76	2.82	%		5.53	%	2.78	%	1.37	%	$	3	—
$	12.44	(15.80	)%		5.94	%	2.78	%	(2.53	)%	$	3	—
$	14.71	(2.12	)%		4.20	%	2.78	%	(2.77	)%	$	2	—
$	15.05	1.82	%		6.66	%	2.78	%	(1.78	)%	$	2	—
$	14.81	(7.09	)%		3.98	%	2.78	%	(0.52	)%	$	7	—

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	During the year ended July 31, 2019, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 2.65%.

See accompanying notes to the financial statements.

226 :: 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
		Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities			Net Investment Income		Net Realized Gains on Investments		Total Distributions
Financials UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	27.73		0.09		3.60		3.69			(0.08	)	—		(0.08	)
Year Ended July 31, 2023	$	26.94		0.12		0.67		0.79			—		—		—
Year Ended July 31, 2022	$	32.99		(0.13	)	(3.52	)	(3.65	)		—		(2.40	)^(f)	(2.40	)
Year Ended July 31, 2021	$	19.18		(0.11	)	13.92		13.81			—		—		—
Year Ended July 31, 2020	$	24.82		0.03		(5.21	)	(5.18	)		(0.46	)	—		(0.46	)
Year Ended July 31, 2019	$	23.18		0.13		1.51		1.64			—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	22.56		(0.02	)	2.87		2.85			—		—		—
Year Ended July 31, 2023	$	22.14		(0.09	)	0.51		0.42			—		—		—
Year Ended July 31, 2022	$	27.76		(0.40	)	(2.82	)	(3.22	)		—		(2.40	)^(f)	(2.40	)
Year Ended July 31, 2021	$	16.31		(0.33	)	11.78		11.45			—		—		—
Year Ended July 31, 2020	$	21.11		(0.16	)	(4.48	)	(4.64	)		(0.16	)	—		(0.16	)
Year Ended July 31, 2019	$	19.91		(0.07	)	1.27		1.20			—		—		—
Health Care UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	98.82		0.42		5.23		5.65			(0.26	)	—		(0.26	)
Year Ended July 31, 2023	$	99.80		0.46		(1.44	)	(0.98	)		—		—		—
Year Ended July 31, 2022	$	106.01		(0.51	)	(5.70	)	(6.21	)		—		—		—
Year Ended July 31, 2021	$	75.52		(0.50	)	30.99		30.49			—		—		—
Year Ended July 31, 2020	$	61.57		(0.19	)	14.17		13.98			(0.03	)	—		(0.03	)
Year Ended July 31, 2019	$	60.66		0.10		0.83		0.93			(0.02	)	—		(0.02	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	79.12		0.03		4.08		4.11			—		—		—
Year Ended July 31, 2023	$	80.71		(0.32	)	(1.27	)	(1.59	)		—		—		—
Year Ended July 31, 2022	$	86.59		(1.35	)	(4.53	)	(5.88	)		—		—		—
Year Ended July 31, 2021	$	62.29		(1.19	)	25.49		24.30			—		—		—
Year Ended July 31, 2020	$	51.25		(0.73	)	11.77		11.04			—		—		—
Year Ended July 31, 2019	$	50.97		(0.40	)	0.68		0.28			—		—		—

				Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, End of Period	Total Return^(b)			Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)	Portfolio Turnover Rate^(b)(d)


$	31.34	13.30	%		1.99	%	1.85	%	0.67	%	$	6,525	289	%
$	27.73	2.89	%^(e)		2.18	%	1.89	%	0.49	%	$	4,428	68	%
$	26.94	(12.30	)%		1.73	%	1.72	%	(0.41	)%	$	5,211	306	%
$	32.99	72.00	%		1.79	%	1.75	%	(0.38	)%	$	11,499	650	%
$	19.18	(21.40	)%		1.87	%	1.84	%	0.13	%	$	4,239	271	%
$	24.82	7.07	%		1.72	%	1.72	%	0.56	%	$	39,881	394	%

$	25.41	12.63	%		2.99	%	2.85	%	(0.33	)%	$	373	289	%
$	22.56	1.90	%^(e)		3.18	%	2.89	%	(0.51	)%	$	335	68	%
$	22.14	(13.15	)%		2.73	%	2.72	%	(1.41	)%	$	535	306	%
$	27.76	70.20	%		2.79	%	2.75	%	(1.38	)%	$	675	650	%
$	16.31	(22.20	)%		2.87	%	2.84	%	(0.87	)%	$	443	271	%
$	21.11	5.97	%		2.72	%	2.72	%	(0.44	)%	$	1,326	394	%


$	104.21	5.73	%		1.72	%	1.72	%	0.88	%	$	15,582	10	%
$	98.82	(0.99	)%^(g)		1.73	%	1.73	%	0.48	%	$	13,229	77	%
$	99.80	(5.85	)%		1.61	%	1.61	%	(0.50	)%	$	16,631	110	%
$	106.01	40.37	%		1.73	%	1.73	%	(0.59	)%	$	40,753	226	%
$	75.52	22.71	%		1.78	%	1.78	%	(0.28	)%	$	46,004	201	%
$	61.57	1.54	%		1.58	%	1.58	%	0.16	%	$	14,650	226	%

$	83.23	5.19	%		2.72	%	2.72	%	(0.12	)%	$	964	10	%
$	79.12	(1.98	)%^(g)		2.73	%	2.73	%	(0.52	)%	$	1,153	77	%
$	80.71	(6.79	)%		2.61	%	2.61	%	(1.50	)%	$	1,075	110	%
$	86.59	39.03	%		2.71	%	2.71	%	(1.57	)%	$	1,213	226	%
$	62.29	21.54	%		2.74	%	2.74	%	(1.24	)%	$	1,180	201	%
$	51.25	0.55	%		2.55	%	2.55	%	(0.81	)%	$	1,328	226	%

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.97%. 1.94%
	(f)	Subsequent to the issuance of the July 31, 2022 financial statements, less than $0.005 of the distribution was determined to be a return of capital.
	(g)	During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.05%. 0.10%

See accompanying notes to the financial statements.

Financial Highlights :: 227

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains on Investments		Total Distributions
Industrials UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	52.58	0.19		0.87		1.06		—		—
Year Ended July 31, 2023	$	46.85	0.19		5.54		5.73		—		—
Year Ended July 31, 2022	$	61.05	(0.40	)	(11.73	)	(12.13	)	(2.07	)^(e)	(2.07	)
Year Ended July 31, 2021	$	36.50	(0.44	)	24.99		24.55		—		—
Year Ended July 31, 2020^(f)	$	39.16	(0.09	)	(2.57	)	(2.66	)	—		—
Year Ended July 31, 2019^(f)	$	36.86	(0.04	)	2.34		2.30		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	43.81	(0.02	)	0.67		0.65		—		—
Year Ended July 31, 2023	$	39.45	(0.19	)	4.55		4.36		—		—
Year Ended July 31, 2022	$	52.23	(0.85	)	(9.86	)	(10.71	)	(2.07	)^(e)	(2.07	)
Year Ended July 31, 2021	$	31.55	(0.89	)	21.57		20.68		—		—
Year Ended July 31, 2020^(f)	$	34.18	(0.42	)	(2.21	)	(2.63	)	—		—
Year Ended July 31, 2019^(f)	$	32.50	(0.35	)	2.03		1.68		—		—
Internet UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	36.15	(0.04	)	4.57		4.53		—		—
Year Ended July 31, 2023	$	28.60	(0.13	)	7.68		7.55		—		—
Year Ended July 31, 2022	$	79.79	(0.68	)	(39.88	)	(40.56	)	(10.63	)	(10.63	)
Year Ended July 31, 2021^(g)	$	66.20	(0.95	)	28.88		27.93		(14.34	)	(14.34	)
Year Ended July 31, 2020^(g)	$	49.72	(0.46	)	17.00		16.54		(0.06	)	(0.06	)
Year Ended July 31, 2019^(g)	$	46.29	(0.34	)	3.78		3.43		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	23.34	(0.15	)	2.95		2.80		—		—
Year Ended July 31, 2023	$	18.65	(0.30	)	4.99		4.69		—		—
Year Ended July 31, 2022	$	56.65	(1.05	)	(26.32	)	(27.37	)	(10.63	)	(10.63	)
Year Ended July 31, 2021^(g)	$	50.74	(1.49	)	21.74		20.25		(14.34	)	(14.34	)
Year Ended July 31, 2020^(g)	$	38.50	(0.83	)	13.13		12.30		(0.06	)	(0.06	)
Year Ended July 31, 2019^(g)	$	36.20	(0.70	)	3.00		2.30		—		—

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	53.64	2.02	%	2.13	%	1.78	%	0.75	%	$	5,147	314	%
$	52.58	12.21	%	2.30	%	1.78	%	0.42	%	$	8,515	264	%
$	46.85	(20.49	)%	1.88	%	1.75	%	(0.70	)%	$	3,354	174	%
$	61.05	67.26	%	1.86	%	1.78	%	(0.84	)%	$	19,362	427	%
$	36.50	(6.78	)%	2.12	%	1.87	%	(0.23	)%	$	4,033	57	%
$	39.16	6.22	%	1.84	%	1.84	%	(0.10	)%	$	9,520	485	%

$	44.46	1.48	%	3.13	%	2.78	%	(0.25	)%	$	248	314	%
$	43.81	11.05	%	3.30	%	2.78	%	(0.58	)%	$	244	264	%
$	39.45	(21.29	)%	2.88	%	2.75	%	(1.70	)%	$	276	174	%
$	52.23	65.58	%	2.86	%	2.78	%	(1.84	)%	$	404	427	%
$	31.55	(7.69	)%	3.12	%	2.87	%	(1.23	)%	$	226	57	%
$	34.18	5.16	%	2.84	%	2.84	%	(1.10	)%	$	962	485	%


$	40.68	12.53	%	1.52	%	1.52	%	(0.21	)%	$	87,959	18	%
$	36.15	26.40	%	1.55	%	1.55	%	(0.47	)%	$	84,071	24	%
$	28.60	(57.90	)%	1.48	%	1.48	%	(1.28	)%	$	76,762	26	%
$	79.79	45.51	%	1.52	%	1.52	%	(1.34	)%	$	224,716	55	%
$	66.20	33.31	%	1.60	%	1.60	%	(0.97	)%	$	206,228	59	%
$	49.72	7.43	%	1.50	%	1.50	%	(0.75	)%	$	209,745	61	%

$	26.14	11.95	%	2.52	%	2.52	%	(1.21	)%	$	7,709	18	%
$	23.34	25.15	%	2.55	%	2.55	%	(1.47	)%	$	4,133	24	%
$	18.65	(58.32	)%	2.48	%	2.48	%	(2.28	)%	$	3,642	26	%
$	56.65	44.07	%	2.52	%	2.52	%	(2.34	)%	$	14,190	55	%
$	50.74	32.01	%	2.60	%	2.60	%	(1.97	)%	$	9,906	59	%
$	38.50	6.35	%	2.50	%	2.50	%	(1.75	)%	$	10,311	61	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(e)

Subsequent to the issuance of the July 31, 2022 financial statements, less than $0.005 of the distribution was determined to be a return of capital.

(f)

As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

(g)

As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

228 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Large-Cap Growth ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	134.24	(0.39	)	8.38		7.99		—		(2.12	)	(2.12	)
Year Ended July 31, 2023	$	129.16	(0.70	)	7.93		7.23		—		(2.15	)	(2.15	)
Year Ended July 31, 2022	$	146.04	(1.19	)	(14.13	)	(15.32	)	—		(1.56	)	(1.56	)
Year Ended July 31, 2021	$	111.89	(0.81	)	39.10		38.29		—		(4.14	)	(4.14	)
Year Ended July 31, 2020	$	95.94	(0.33	)	20.61		20.28		—		(4.33	)	(4.33	)
Year Ended July 31, 2019	$	90.85	(0.12	)	6.68		6.56		—		(1.47	)	(1.47	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	105.66	(0.91	)	6.62		5.71		—		(2.12	)	(2.12	)
Year Ended July 31, 2023	$	103.18	(1.63	)	6.26		4.63		—		(2.15	)	(2.15	)
Year Ended July 31, 2022	$	118.11	(2.33	)	(11.04	)	(13.37	)	—		(1.56	)	(1.56	)
Year Ended July 31, 2021	$	92.09	(1.83	)	31.99		30.16		—		(4.14	)	(4.14	)
Year Ended July 31, 2020	$	80.47	(1.14	)	17.09		15.95		—		(4.33	)	(4.33	)
Year Ended July 31, 2019	$	77.22	(0.89	)	5.61		4.72		—		(1.47	)	(1.47	)
Large-Cap Value ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	94.45	0.17		4.19		4.36		—		—		—
Year Ended July 31, 2023	$	82.34	0.15		12.10		12.25		(0.14	)	—		(0.14	)
Year Ended July 31, 2022	$	84.34	0.38		(1.79	)	(1.41	)	(0.59	)	—		(0.59	)
Year Ended July 31, 2021	$	63.28	0.47		20.59		21.06		—		—		—
Year Ended July 31, 2020	$	66.30	0.64		(3.66	)	(3.02	)	—		—		—
Year Ended July 31, 2019	$	66.02	0.45		2.05		2.50		—		(2.22	)	(2.22	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	81.71	(0.24	)	3.57		3.33		—		—		—
Year Ended July 31, 2023	$	71.84	(0.58	)	10.45		9.87		—		—		—
Year Ended July 31, 2022	$	73.84	(0.36	)	(1.64	)	(2.00	)	—		—		—
Year Ended July 31, 2021	$	55.95	(0.19	)	18.08		17.89		—		—		—
Year Ended July 31, 2020	$	59.23	0.05		(3.33	)	(3.28	)	—		—		—
Year Ended July 31, 2019	$	59.82	(0.12	)	1.75		1.63		—		(2.22	)	(2.22	)

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	140.11	6.01	%	1.73	%	1.73	%	(0.61	)%	$	18,486	485	%
$	134.24	5.98	%	1.82	%	1.82	%	(0.60	)%	$	12,856	322	%
$	129.16	(10.69	)%^(e)	1.57	%	1.57	%	(0.84	)%	$	11,048	756	%
$	146.04	34.95	%	1.59	%	1.59	%	(0.66	)%	$	31,409	297	%
$	111.89	21.78	%	1.69	%	1.69	%	(0.34	)%	$	50,145	358	%
$	95.94	7.56	%	1.61	%	1.61	%	(0.14	)%	$	22,113	536	%

$	109.25	5.48	%	2.72	%	2.72	%	(1.60	)%	$	1,549	485	%
$	105.66	4.94	%	2.81	%	2.81	%	(1.59	)%	$	1,179	322	%
$	103.18	(11.56	)%^(e)	2.56	%	2.56	%	(1.83	)%	$	1,234	756	%
$	118.11	33.61	%	2.58	%	2.58	%	(1.66	)%	$	1,467	297	%
$	92.09	20.53	%	2.69	%	2.69	%	(1.34	)%	$	1,014	358	%
$	80.47	6.50	%	2.61	%	2.61	%	(1.14	)%	$	3,894	536	%


$	98.81	4.62	%	1.81	%	1.81	%	0.35	%	$	56,882	440	%
$	94.45	14.90	%	1.94	%	1.87	%	0.19	%	$	5,469	647	%
$	82.34	(1.72	)%	1.65	%	1.65	%	0.45	%	$	18,196	1,059	%
$	84.34	33.28	%	1.71	%	1.71	%	0.63	%	$	4,334	769	%
$	63.28	(4.55	)%	1.75	%	1.75	%	0.94	%	$	4,704	481	%
$	66.30	4.38	%	1.80	%	1.77	%	0.71	%	$	11,810	1,011	%

$	85.04	4.08	%	2.81	%	2.81	%	(0.65	)%	$	2,337	440	%
$	81.71	13.72	%	2.94	%	2.87	%	(0.81	)%	$	2,541	647	%
$	71.84	(2.69	)%	2.65	%	2.65	%	(0.55	)%	$	1,784	1,059	%
$	73.84	31.97	%	2.71	%	2.71	%	(0.37	)%	$	1,855	769	%
$	55.95	(5.54	)%	2.75	%	2.75	%	(0.06	)%	$	1,421	481	%
$	59.23	3.37	%	2.80	%	2.77	%	(0.29	)%	$	1,233	1,011	%

(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)

(e)

During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

See accompanying notes to the financial statements.

Financial Highlights :: 229

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Materials UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	109.45	0.48		(8.03	)	(7.55	)	(1.03	)	—		(1.03	)
Year Ended July 31, 2023	$	92.29	0.69		16.47		17.16		—		—		—
Year Ended July 31, 2022	$	101.46	(0.29	)	(8.88	)	(9.17	)	—		—		—
Year Ended July 31, 2021	$	63.17	(0.16	)	38.67		38.51		(0.01	)	(0.21	)	(0.22	)
Year Ended July 31, 2020	$	63.98	0.08		(0.89	)	(0.81	)	—		—		—
Year Ended July 31, 2019	$	74.26	0.12		(10.40	)	(10.28	)	—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	93.71	0.05		(7.01	)	(6.96	)	(0.04	)	—		(0.04	)
Year Ended July 31, 2023	$	79.82	(0.15	)	14.04		13.89		—		—		—
Year Ended July 31, 2022	$	88.60	(1.18	)	(7.60	)	(8.78	)	—		—		—
Year Ended July 31, 2021	$	55.74	(0.92	)	33.99		33.07		—		(0.21	)	(0.21	)
Year Ended July 31, 2020	$	57.02	(0.44	)	(0.84	)	(1.28	)	—		—		—
Year Ended July 31, 2019	$	66.85	(0.45	)	(9.38	)	(9.83	)	—		—		—
Mid-Cap Growth ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	92.40	(0.19	)	1.24	^(f)	1.05		—		—		—
Year Ended July 31, 2023	$	88.50	(0.60	)	7.15		6.55		—		(2.65	)	(2.65	)
Year Ended July 31, 2022	$	128.38	(1.19	)	(11.75	)	(12.94	)	—		(26.94	)	(26.94	)
Year Ended July 31, 2021	$	96.99	(0.78	)	35.25		34.47		—		(3.08	)	(3.08	)
Year Ended July 31, 2020	$	94.01	(0.79	)	3.77		2.98		—		—		—
Year Ended July 31, 2019	$	93.83	(0.40	)	0.58		0.18		—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	68.08	(0.52	)	0.93	^(f)	0.41		—		—		—
Year Ended July 31, 2023	$	66.59	(1.24	)	5.38		4.14		—		(2.65	)	(2.65	)
Year Ended July 31, 2022	$	104.06	(2.01	)	(8.52	)	(10.53	)	—		(26.94	)	(26.94	)
Year Ended July 31, 2021	$	79.88	(1.74	)	29.00		27.26		—		(3.08	)	(3.08	)
Year Ended July 31, 2020	$	78.22	(1.56	)	3.22		1.66		—		—		—
Year Ended July 31, 2019	$	78.84	(1.15	)	0.53		(0.62	)	—		—		—

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	100.87	(6.96	)%	2.16	%	1.78	%	0.97	%	$	4,130	23	%
$	109.45	18.58	%	2.07	%	1.82	%	0.72	%	$	8,535	188	%
$	92.29	(9.03	)%	1.93	%	1.89	%	(0.28	)%	$	4,652	194	%
$	101.46	61.04	%	1.82	%	1.78	%	(0.19	)%	$	10,709	698	%
$	63.17	(1.25	)%	2.43	%	1.85	%	0.15	%	$	2,897	62	%
$	63.98	(13.84	)%	2.15	%	2.05	%^(e)	0.19	%	$	4,637	179	%

$	86.71	(7.42	)%	3.16	%	2.78	%	(0.03	)%	$	708	23	%
$	93.71	17.37	%	3.07	%	2.82	%	(0.28	)%	$	961	188	%
$	79.82	(9.91	)%	2.93	%	2.89	%	(1.28	)%	$	510	194	%
$	88.60	59.44	%	2.82	%	2.78	%	(1.19	)%	$	983	698	%
$	55.74	(2.24	)%	3.43	%	2.85	%	(0.85	)%	$	278	62	%
$	57.02	(14.72	)%	3.15	%	3.05	%^(e)	(0.81	)%	$	316	179	%


$	93.45	1.14	%	2.08	%	1.78	%	(0.43	)%	$	3,019	116	%
$	92.40	7.83	%	2.20	%	1.82	%	(0.71	)%	$	28,388	382	%
$	88.50	(13.02	)%	2.35	%	2.04	%^(e)	(1.19	)%	$	2,708	197	%
$	128.38	35.95	%	1.69	%	1.69	%	(0.74	)%	$	3,719	233	%
$	96.99	3.17	%	1.77	%	1.77	%	(0.88	)%	$	38,215	457	%
$	94.01	0.19	%	1.73	%	1.73	%	(0.44	)%	$	17,792	385	%

$	68.49	0.60	%	3.08	%	2.78	%	(1.43	)%	$	552	116	%
$	68.08	6.77	%	3.20	%	2.82	%	(1.71	)%	$	543	382	%
$	66.59	(13.90	)%	3.35	%	3.04	%^(e)	(2.19	)%	$	522	197	%
$	104.06	34.61	%	2.69	%	2.69	%	(1.74	)%	$	782	233	%
$	79.88	2.12	%	2.77	%	2.77	%	(1.88	)%	$	780	457	%
$	78.22	(0.79	)%	2.73	%	2.73	%	(1.44	)%	$	2,315	385	%

(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)

(e)

The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 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)

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.

See accompanying notes to the financial statements.

230 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Mid-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	110.42	0.58		(0.66	)^(e)	(0.08	)	—	^(f)	—		—	^(f)
Year Ended July 31, 2023	$	102.00	0.42		8.00	^(e)	8.42		—		—		—
Year Ended July 31, 2022	$	112.82	(0.80	)	(7.51	)	(8.31	)	—		(2.51	)	(2.51	)
Year Ended July 31, 2021	$	78.62	(1.05	)	35.48		34.43		—		(0.23	)	(0.23	)
Year Ended July 31, 2020	$	87.39	(0.41	)	(4.01	)	(4.42	)	(0.08	)	(4.27	)	(4.35	)
Year Ended July 31, 2019	$	91.18	0.02		(1.59	)	(1.57	)	(0.05	)	(2.17	)	(2.22	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	86.45	0.16		(0.65	)^(e)	(0.49	)	—		—		—
Year Ended July 31, 2023	$	80.67	(0.38	)	6.16	^(e)	5.78		—		—		—
Year Ended July 31, 2022	$	90.61	(1.66	)	(5.77	)	(7.43	)	—		(2.51	)	(2.51	)
Year Ended July 31, 2021	$	63.84	(1.86	)	28.86		27.00		—		(0.23	)	(0.23	)
Year Ended July 31, 2020	$	72.34	(1.07	)	(3.16	)	(4.23	)	—		(4.27	)	(4.27	)
Year Ended July 31, 2019	$	76.62	(0.69	)	(1.42	)	(2.11	)	—		(2.17	)	(2.17	)
Mid-Cap Value ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	101.72	0.11		(1.15	)	(1.04	)	—		—		—
Year Ended July 31, 2023	$	93.28	0.06		8.38	^(e)	8.44		—		—		—
Year Ended July 31, 2022	$	95.91	0.19		(1.93	)	(1.74	)	—		(0.89	)	(0.89	)
Year Ended July 31, 2021	$	62.48	0.10		33.50		33.60		(0.17	)	—		(0.17	)
Year Ended July 31, 2020	$	73.65	0.20		(11.06	)	(10.86	)	(0.31	)^(l)	—		(0.31	)
Year Ended July 31, 2019	$	78.08	0.08		(2.04	)	(1.96	)	(0.11	)	(2.36	)	(2.47	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	80.26	(0.27	)	(0.95	)	(1.22	)	—		—		—
Year Ended July 31, 2023	$	74.33	(0.68	)	6.61	^(e)	5.93		—		—		—
Year Ended July 31, 2022	$	77.37	(0.57	)	(1.58	)	(2.15	)	—		(0.89	)	(0.89	)
Year Ended July 31, 2021	$	50.79	(0.57	)	27.15		26.58		—		—		—
Year Ended July 31, 2020	$	60.23	(0.36	)	(9.08	)	(9.44	)	—		—		—
Year Ended July 31, 2019	$	64.88	(0.52	)	(1.77	)	(2.29	)	—		(2.36	)	(2.36	)

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	110.34	(0.07	)%	2.01	%	1.78	%	1.14	%	$	8,606	228	%
$	110.42	8.24	%^(g)	1.92	%	1.78	%	0.45	%	$	3,576	767	%
$	102.00	(7.57	)%^(h)	1.95	%	1.82	%	(0.76	)%	$	3,106	18	%
$	112.82	43.91	%	1.83	%	1.83	%	(1.06	)%	$	6,198	107	%
$	78.62	(5.52	)%	1.97	%	1.97	%⁽ⁱ⁾	(0.52	)%	$	4,207	238	%
$	87.39	(1.25	)%	1.67	%	1.67	%	0.03	%	$	7,025	43	%

$	85.96	(0.58	)%	3.01	%	2.78	%	0.14	%	$	4,324	228	%
$	86.45	7.16	%^(g)	2.92	%	2.78	%	(0.55	)%	$	781	767	%
$	80.67	(8.47	)%^(h)	2.95	%	2.82	%	(1.76	)%	$	795	18	%
$	90.61	42.47	%	2.83	%	2.83	%	(2.06	)%	$	816	107	%
$	63.84	(6.45	)%	2.97	%	2.97	%⁽ⁱ⁾	(1.52	)%	$	556	238	%
$	72.34	(2.23	)%	2.67	%	2.67	%	(0.97	)%	$	2,655	43	%


$	100.68	(1.02	)%	2.78	%	1.78	%	0.24	%	$	2,270	87	%
$	101.72	9.04	%^(j)	2.09	%	1.78	%	0.07	%	$	2,321	495	%
$	93.28	(1.86	)%^(k)	1.85	%	1.78	%	0.21	%	$	21,740	512	%
$	95.91	53.86	%	1.86	%	1.78	%	0.13	%	$	4,856	772	%
$	62.48	(14.82	)%^(m)	2.10	%	1.78	%	0.29	%	$	4,189	322	%
$	73.65	(1.94	)%	1.78	%	1.78	%	0.11	%	$	5,554	708	%

$	79.04	(1.52	)%	3.78	%	2.78	%	(0.76	)%	$	505	87	%
$	80.26	7.96	%^(j)	3.09	%	2.78	%	(0.93	)%	$	577	495	%
$	74.33	(2.84	)%^(k)	2.85	%	2.78	%	(0.79	)%	$	620	512	%
$	77.37	52.35	%	2.86	%	2.78	%	(0.87	)%	$	649	772	%
$	50.79	(15.67	)%^(m)	3.10	%	2.78	%	(0.71	)%	$	417	322	%
$	60.23	(2.89	)%	2.78	%	2.78	%	(0.89	)%	$	587	708	%

(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)

(e)

(f)

Amount is less than $0.005.

(g)

During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

(h)

During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.04%.

(i)

(j)

During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

(k)

During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.

(l)

Subsequent to the issuance of the July 31, 2020 financial statements, $0.05 of the distribution was determined to be a return of capital.

(m)

During the year ended July 31, 2020, the ProFund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.22%.

See accompanying notes to the financial statements.

Financial Highlights :: 231

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Nasdaq-100 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	137.82	1.18		9.94		11.12		—		—		—
Year Ended July 31, 2023	$	115.16	1.45		21.21		22.66		—		—		—
Year Ended July 31, 2022	$	139.20	(1.27	)	(19.08	)	(20.35	)	—		(3.69	)	(3.69	)
Year Ended July 31, 2021	$	104.21	(1.20	)	37.52		36.32		—		(1.33	)	(1.33	)
Year Ended July 31, 2020	$	76.83	(0.54	)	28.66		28.12		—		(0.74	)	(0.74	)
Year Ended July 31, 2019	$	71.37	0.02		5.44		5.46		—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	107.09	0.65		7.39		8.04		—		—		—
Year Ended July 31, 2023	$	90.41	0.58		16.10		16.68		—		—		—
Year Ended July 31, 2022	$	111.10	(2.30	)	(14.70	)	(17.00	)	—		(3.69	)	(3.69	)
Year Ended July 31, 2021	$	84.23	(2.15	)	30.35		28.20		—		(1.33	)	(1.33	)
Year Ended July 31, 2020	$	62.84	(1.22	)	23.35		22.13		—		(0.74	)	(0.74	)
Year Ended July 31, 2019	$	58.96	(0.56	)	4.44		3.88		—		—		—
Oil & Gas Equipment & Services UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	124.18	0.26		(27.63	)	(27.37	)	—		—		—
Year Ended July 31, 2023	$	77.29	0.11		46.78		46.89		—		—		—
Year Ended July 31, 2022	$	61.47	(0.51	)	16.33		15.82		—		—		—
Year Ended July 31, 2021^(e)	$	36.47	(0.47	)	25.55		25.08		(0.08	)	—		(0.08	)
Year Ended July 31, 2020^(e)(f)	$	166.00	0.20		(129.73	)	(129.53	)	—		—		—
Year Ended July 31, 2019^(e)(f)	$	403.70	(1.28	)	(232.26	)	(233.54	)	(4.16	)	—		(4.16	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	108.85	(0.22	)	(24.19	)	(24.41	)	—		—		—
Year Ended July 31, 2023	$	68.41	(0.71	)	41.15		40.44		—		—		—
Year Ended July 31, 2022	$	54.96	(1.20	)	14.65		13.45		—		—		—
Year Ended July 31, 2021^(e)	$	32.90	(0.95	)	23.01		22.06		—		—		—
Year Ended July 31, 2020^(e)(f)	$	151.47	(0.04	)	(118.53	)	(118.57	)	—		—		—
Year Ended July 31, 2019^(e)(f)	$	362.87	(3.20	)	(208.20	)	(211.40	)	—	^(h)	—		—	^(h)

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	148.94	8.07	%	1.57	%	1.57	%	1.74	%	$	133,911	43	%
$	137.82	19.68	%	1.52	%	1.52	%	1.32	%	$	125,665	136	%
$	115.16	(15.20	)%	1.46	%	1.46	%	(0.97	)%	$	48,382	635	%
$	139.20	35.07	%	1.48	%	1.48	%	(1.01	)%	$	153,313	440	%
$	104.21	36.83	%	1.56	%	1.56	%	(0.65	)%	$	108,633	39	%
$	76.83	7.65	%	1.52	%	1.52	%	0.03	%	$	101,799	15	%

$	115.13	7.51	%	2.57	%	2.57	%	0.74	%	$	7,874	43	%
$	107.09	18.44	%	2.52	%	2.52	%	0.32	%	$	7,960	136	%
$	90.41	(16.03	)%	2.46	%	2.46	%	(1.97	)%	$	6,964	635	%
$	111.10	33.74	%	2.48	%	2.48	%	(2.01	)%	$	7,473	440	%
$	84.23	35.48	%	2.55	%	2.55	%	(1.64	)%	$	8,412	39	%
$	62.84	6.58	%	2.51	%	2.51	%	(0.96	)%	$	5,884	15	%


$	96.81	(22.04	)%	1.68	%	1.68	%	0.48	%	$	15,941	137	%
$	124.18	60.67	%	1.68	%	1.68	%	0.12	%	$	14,708	255	%
$	77.29	25.74	%	1.65	%	1.65	%	(0.69	)%	$	13,020	218	%
$	61.47	68.77	%	1.73	%	1.71	%	(0.80	)%	$	15,229	727	%
$	36.47	(78.03	)%	2.12	%	1.86	%	0.73	%	$	9,408	396	%
$	166.00	(57.83	)%	2.09	%	2.09	%^(g)	(0.61	)%	$	6,205	248	%

$	84.44	(22.42	)%	2.68	%	2.68	%	(0.52	)%	$	1,983	137	%
$	108.85	59.09	%	2.68	%	2.68	%	(0.88	)%	$	3,223	255	%
$	68.41	24.49	%	2.65	%	2.65	%	(1.69	)%	$	1,247	218	%
$	54.96	67.15	%	2.73	%	2.71	%	(1.80	)%	$	621	727	%
$	32.90	(78.28	)%	3.12	%	2.86	%	(0.27	)%	$	353	396	%
$	151.47	(58.27	)%	3.09	%	3.09	%^(g)	(1.61	)%	$	373	248	%

(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)

(e)

As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

(f)

As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.

(g)

(h)

Amount is less than $0.005.

See accompanying notes to the financial statements.

232 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Pharmaceuticals UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	27.07	0.10		(2.18	)	(2.08	)	(0.12	)	—		(0.12	)
Year Ended July 31, 2023	$	28.86	0.16		(1.95	)	(1.79	)	—		—		—
Year Ended July 31, 2022	$	30.56	(0.06	)	(0.41	)	(0.47	)	—		(1.23	)	(1.23	)
Year Ended July 31, 2021	$	22.94	(0.09	)	7.81		7.72		—		(0.10	)	(0.10	)
Year Ended July 31, 2020	$	20.75	(0.04	)	2.23		2.19		—		—		—
Year Ended July 31, 2019	$	26.29	0.01		(4.71	)	(4.70	)	(0.04	)	(0.80	)	(0.84	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	22.44	0.01		(1.85	)	(1.84	)	—		—		—
Year Ended July 31, 2023	$	24.14	(0.06	)	(1.64	)	(1.70	)	—		—		—
Year Ended July 31, 2022	$	26.02	(0.31	)	(0.34	)	(0.65	)	—		(1.23	)	(1.23	)
Year Ended July 31, 2021	$	19.74	(0.32	)	6.70		6.38		—		(0.10	)	(0.10	)
Year Ended July 31, 2020	$	18.03	(0.23	)	1.94		1.71		—		—		—
Year Ended July 31, 2019	$	23.16	(0.20	)	(4.13	)	(4.33	)	—		(0.80	)	(0.80	)
Precious Metals UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	47.18	0.26		(9.11	)	(8.85	)	(0.58	)	—		(0.58	)
Year Ended July 31, 2023	$	40.36	0.49		6.33		6.82		—	^(e)	—		—	^(e)
Year Ended July 31, 2022	$	65.60	0.19		(25.43	)	(25.24	)	—		—		—
Year Ended July 31, 2021	$	89.95	(0.28	)	(24.07	)	(24.35	)	—		—		—
Year Ended July 31, 2020	$	41.21	(0.38	)	49.12		48.74		—		—		—
Year Ended July 31, 2019	$	32.32	(0.02	)	8.91		8.89		—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	39.28	0.08		(7.65	)	(7.57	)	(0.20	)	—		(0.20	)
Year Ended July 31, 2023	$	33.94	0.11		5.23		5.34		—		—		—
Year Ended July 31, 2022	$	55.73	(0.32	)	(21.47	)	(21.79	)	—		—		—
Year Ended July 31, 2021	$	77.19	(0.88	)	(20.58	)	(21.46	)	—		—		—
Year Ended July 31, 2020	$	35.72	(0.83	)	42.30		41.47		—		—		—
Year Ended July 31, 2019	$	28.31	(0.29	)	7.70		7.41		—		—		—

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	24.87	(7.69	)%	2.69	%	1.78	%	0.89	%	$	3,055	91	%
$	27.07	(6.20	)%	2.21	%	1.78	%	0.62	%	$	3,451	272	%
$	28.86	(1.71	)%	2.13	%	1.78	%	(0.20	)%	$	3,828	185	%
$	30.56	33.74	%	2.27	%	1.78	%	(0.33	)%	$	3,961	204	%
$	22.94	10.55	%	2.32	%	1.84	%	(0.18	)%	$	3,735	137	%
$	20.75	(17.69	)%	1.97	%	1.86	%	0.06	%	$	5,039	223	%

$	20.60	(8.20	)%	3.69	%	2.78	%	(0.11	)%	$	184	91	%
$	22.44	(7.08	)%	3.21	%	2.78	%	(0.38	)%	$	460	272	%
$	24.14	(2.69	)%	3.13	%	2.78	%	(1.20	)%	$	289	185	%
$	26.02	32.41	%	3.27	%	2.78	%	(1.33	)%	$	318	204	%
$	19.74	9.48	%	3.32	%	2.84	%	(1.18	)%	$	300	137	%
$	18.03	(18.53	)%	2.97	%	2.86	%	(0.94	)%	$	435	223	%


$	37.75	(18.95	)%	1.63	%	1.63	%	1.26	%	$	21,517	177	%
$	47.18	16.90	%	1.63	%	1.63	%	1.09	%	$	25,671	128	%
$	40.36	(38.48	)%	1.53	%	1.53	%	0.33	%	$	18,455	94	%
$	65.60	(27.07	)%	1.59	%	1.59	%	(0.39	)%	$	35,750	128	%
$	89.95	118.27	%	1.64	%	1.64	%	(0.73	)%	$	43,584	148	%
$	41.21	27.51	%	1.62	%	1.62	%	(0.07	)%	$	29,785	228	%

$	31.51	(19.34	)%	2.63	%	2.63	%	0.26	%	$	1,157	177	%
$	39.28	15.70	%	2.63	%	2.63	%	0.09	%	$	1,077	128	%
$	33.94	(39.08	)%	2.53	%	2.53	%	(0.67	)%	$	1,280	94	%
$	55.73	(27.80	)%	2.59	%	2.59	%	(1.39	)%	$	1,755	128	%
$	77.19	116.10	%	2.64	%	2.64	%	(1.73	)%	$	1,557	148	%
$	35.72	26.17	%	2.62	%	2.62	%	(1.07	)%	$	1,131	228	%

(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)

(e)

Amount is less than $0.005.

See accompanying notes to the financial statements.

Financial Highlights :: 233

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Real Estate UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	38.73	0.14		(0.34	)	(0.20	)	(0.46	)	—		(0.46	)
Year Ended July 31, 2023	$	50.52	0.08		(10.40	)	(10.32	)	(0.22	)	(1.25	)	(1.47	)
Year Ended July 31, 2022	$	63.02	(0.20	)	(4.17	)	(4.37	)	(0.56	)	(7.57	)	(8.13	)
Year Ended July 31, 2021	$	42.23	(0.18	)	20.97		20.79		—		—		—
Year Ended July 31, 2020	$	51.60	(0.10	)	(7.77	)	(7.87	)	(1.50	)^(g)	—		(1.50	)
Year Ended July 31, 2019	$	45.14	0.81		6.47		7.28		(0.82	)	—		(0.82	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	35.96	(0.03	)	(0.32	)	(0.35	)	(0.28	)	—		(0.28	)
Year Ended July 31, 2023	$	47.21	(0.29	)	(9.71	)	(10.00	)	—		(1.25	)	(1.25	)
Year Ended July 31, 2022	$	59.52	(0.75	)	(3.90	)	(4.65	)	(0.09	)	(7.57	)	(7.66	)
Year Ended July 31, 2021	$	40.28	(0.66	)	19.90		19.24		—		—		—
Year Ended July 31, 2020	$	49.28	(0.58	)	(7.38	)	(7.96	)	(1.04	)^(g)	—		(1.04	)
Year Ended July 31, 2019	$	42.78	0.37		6.19		6.56		(0.06	)	—		(0.06	)
Rising Rates Opportunity ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	38.87	0.75		1.11	^(h)	1.86		(1.84	)	—		(1.84	)
Year Ended July 31, 2023	$	31.43	0.71		6.73		7.44		—		—		—
Year Ended July 31, 2022	$	25.21	(0.28	)	6.50		6.22		—		—		—
Year Ended July 31, 2021	$	21.80	(0.43	)	3.84		3.41		—		—		—
Year Ended July 31, 2020	$	35.49	(0.17	)	(13.10	)	(13.27	)	(0.42	)	—		(0.42	)
Year Ended July 31, 2019	$	41.55	0.27		(6.33	)	(6.06	)	—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	33.49	0.57		0.95	^(h)	1.52		—		—		—
Year Ended July 31, 2023	$	27.36	0.39		5.74		6.13		—		—		—
Year Ended July 31, 2022	$	22.15	(0.53	)	5.74		5.21		—		—		—
Year Ended July 31, 2021	$	19.35	(0.67	)	3.47		2.80		—		—		—
Year Ended July 31, 2020	$	31.42	(0.44	)	(11.63	)	(12.07	)	—		—		—
Year Ended July 31, 2019	$	37.17	(0.09	)	(5.66	)	(5.75	)	—		—		—

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	38.07	(0.56	)%	2.34	%	1.89	%	0.77	%	$	4,486	45	%
$	38.73	(20.29	)%	2.30	%	2.10	%^(e)	0.21	%	$	4,639	75	%
$	50.52	(8.99	)%^(f)	1.55	%	1.55	%	(0.32	)%	$	6,793	253	%
$	63.02	49.23	%	1.86	%	1.81	%	(0.33	)%	$	34,877	175	%
$	42.23	(15.54	)%	1.80	%	1.79	%	(0.20	)%	$	4,991	217	%
$	51.60	16.49	%	1.62	%	1.62	%	1.71	%	$	25,665	345	%

$	35.33	(1.05	)%	3.34	%	2.89	%	(0.23	)%	$	235	45	%
$	35.96	(21.07	)%	3.30	%	3.10	%^(e)	(0.79	)%	$	276	75	%
$	47.21	(9.89	)%^(f)	2.55	%	2.55	%	(1.32	)%	$	534	253	%
$	59.52	47.77	%	2.86	%	2.81	%	(1.33	)%	$	964	175	%
$	40.28	(16.39	)%	2.80	%	2.79	%	(0.12	)%	$	341	217	%
$	49.28	15.35	%	2.62	%	2.62	%	0.71	%	$	1,007	345	%


$	38.89	5.03	%	1.73	%	1.73	%	3.50	%	$	19,397	—
$	38.87	23.67	%	1.61	%	1.61	%	1.97	%	$	11,272	—
$	31.43	24.67	%	1.52	%	1.52	%	(0.96	)%	$	44,874	—
$	25.21	15.64	%	1.71	%	1.69	%	(1.68	)%	$	9,091	—
$	21.80	(37.79	)%	1.89	%	1.88	%	(0.60	)%	$	6,105	—
$	35.49	(14.58	)%	1.56	%	1.56	%	0.67	%	$	30,192	—

$	35.01	4.54	%	2.73	%	2.73	%	2.50	%	$	4,510	—
$	33.49	22.40	%	2.61	%	2.61	%	0.97	%	$	1,593	—
$	27.36	23.47	%	2.52	%	2.52	%	(1.96	)%	$	1,173	—
$	22.15	14.52	%	2.71	%	2.69	%	(2.68	)%	$	680	—
$	19.35	(38.41	)%	2.89	%	2.88	%	(1.60	)%	$	87	—
$	31.42	(15.47	)%	2.56	%	2.56	%	(0.33	)%	$	209	—

(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)

(e)

(f)

During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.03%.

(g)

Subsequent to the issuance of the July 31, 2020 financial statements, $0.60 and $0.42 of the distribution for the Investor class and Service class respectively was determined to be a return of capital.

(h)

See accompanying notes to the financial statements.

234 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Rising Rates Opportunity 10 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	15.23	0.27		0.03		0.30		(0.96	)	—		(0.96	)
Year Ended July 31, 2023	$	13.45	0.29		1.49		1.78		—		—		—
Year Ended July 31, 2022	$	12.32	(0.17	)	1.30		1.13		—		—		—
Year Ended July 31, 2021	$	12.02	(0.22	)	0.52		0.30		—		—		—
Year Ended July 31, 2020	$	14.16	(0.09	)	(1.97	)	(2.06	)	(0.08	)	—		(0.08	)
Year Ended July 31, 2019	$	15.46	0.06		(1.36	)	(1.30	)	—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	13.74	0.20		—	^(e)	0.20		(0.45	)	—		(0.45	)
Year Ended July 31, 2023	$	12.26	0.15		1.33		1.48		—		—		—
Year Ended July 31, 2022	$	11.34	(0.29	)	1.21		0.92		—		—		—
Year Ended July 31, 2021	$	11.18	(0.34	)	0.50		0.16		—		—		—
Year Ended July 31, 2020	$	13.22	(0.22	)	(1.82	)	(2.04	)	—		—		—
Year Ended July 31, 2019	$	14.57	(0.08	)	(1.27	)	(1.35	)	—		—		—
Rising U.S. Dollar ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	29.83	0.48		0.70		1.18		(1.38	)	—		(1.38	)
Year Ended July 31, 2023	$	30.65	0.56		(0.72	)	(0.16	)	—		(0.66	)	(0.66	)
Year Ended July 31, 2022	$	27.16	(0.38	)	3.87		3.49		—		—		—
Year Ended July 31, 2021	$	27.99	(0.48	)	(0.35	)	(0.83	)	—		—		—
Year Ended July 31, 2020	$	29.59	(0.24	)	(1.28	)	(1.52	)	(0.08	)	—		(0.08	)
Year Ended July 31, 2019	$	27.81	0.08		1.82		1.90		—		(0.12	)	(0.12	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	25.48	0.35		0.55		0.90		(1.06	)	—		(1.06	)
Year Ended July 31, 2023	$	26.56	0.29		(0.71	)	(0.42	)	—		(0.66	)	(0.66	)
Year Ended July 31, 2022	$	23.77	(0.63	)	3.42		2.79		—		—		—
Year Ended July 31, 2021	$	24.74	(0.72	)	(0.25	)	(0.97	)	—		—		—
Year Ended July 31, 2020	$	26.34	(0.50	)	(1.10	)	(1.60	)	—		—		—
Year Ended July 31, 2019	$	25.02	(0.18	)	1.62		1.44		—		(0.12	)	(0.12	)

				Ratios to Average Net Assets						Supplemental Data
Net Asset Value, End of Period		Total Return^(b)		Gross Expenses^(c)		Net Expenses^(c)		Net Investment Income (Loss)^(c)		Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	14.57	2.07	%	2.82	%	1.78	%	3.41	%	$	1,045	—
$	15.23	13.23	%	2.33	%	1.78	%	1.98	%	$	2,035	—
$	13.45	9.17	%	2.62	%	1.78	%	(1.31	)%	$	2,933	—
$	12.32	2.50	%	2.69	%	1.78	%	(1.77	)%	$	1,832	—
$	12.02	(14.62	)%	2.66	%	1.85	%	(0.71	)%	$	1,773	—
$	14.16	(8.41	)%	1.79	%	1.74	%	0.38	%	$	2,683	—

$	13.49	1.52	%	3.82	%	2.78	%	2.41	%	$	134	—
$	13.74	12.07	%	3.33	%	2.78	%	0.98	%	$	528	—
$	12.26	8.11	%	3.62	%	2.78	%	(2.31	)%	$	762	—
$	11.34	1.43	%	3.69	%	2.78	%	(2.77	)%	$	121	—
$	11.18	(15.43	)%	3.66	%	2.85	%	(1.71	)%	$	82	—
$	13.22	(9.27	)%	2.79	%	2.74	%	(0.62	)%	$	288	—


$	29.63	4.07	%	2.30	%	1.78	%	3.16	%	$	10,409	—
$	29.83	(0.52	)%	1.82	%	1.78	%	1.82	%	$	9,097	—
$	30.65	12.85	%	1.82	%	1.78	%	(1.32	)%	$	46,695	—
$	27.16	(2.97	)%	2.13	%	1.78	%	(1.77	)%	$	6,264	—
$	27.99	(5.15	)%	1.97	%	1.78	%	(0.82	)%	$	7,263	—
$	29.59	6.85	%	1.87	%	1.81	%	0.28	%	$	12,437	—

$	25.32	3.66	%	3.30	%	2.78	%	2.16	%	$	81	—
$	25.48	(1.56	)%	2.82	%	2.78	%	0.82	%	$	97	—
$	26.56	11.70	%	2.82	%	2.78	%	(2.32	)%	$	182	—
$	23.77	(3.92	)%	3.13	%	2.78	%	(2.77	)%	$	52	—
$	24.74	(6.07	)%	2.97	%	2.78	%	(1.82	)%	$	63	—
$	26.34	5.77	%	2.87	%	2.81	%	(0.72	)%	$	144	—

(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)

(e)

Amount is less than $0.005.

See accompanying notes to the financial statements.

Financial Highlights :: 235

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Semiconductor UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	160.17	0.32		42.27		42.59		—		—		—
Year Ended July 31, 2023	$	92.94	0.43		66.80		67.23		—		—		—
Year Ended July 31, 2022	$	118.09	(0.68	)	(17.85	)	(18.53	)	—		(6.62	)	(6.62	)
Year Ended July 31, 2021	$	63.61	(0.58	)	55.06		54.48		—		—		—
Year Ended July 31, 2020	$	46.14	0.06		18.69		18.75		(0.02	)	(1.26	)	(1.28	)
Year Ended July 31, 2019	$	61.56	0.34		(2.58	)	(2.24	)	(0.53	)	(12.65	)	(13.18	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	116.62	(0.26	)	30.53		30.27		—		—		—
Year Ended July 31, 2023	$	68.34	(0.28	)	48.56		48.28		—		—		—
Year Ended July 31, 2022	$	88.98	(1.57	)	(12.45	)	(14.02	)	—		(6.62	)	(6.62	)
Year Ended July 31, 2021	$	48.41	(1.29	)	41.86		40.57		—		—		—
Year Ended July 31, 2020	$	35.79	(0.34	)	14.22		13.88		—		(1.26	)	(1.26	)
Year Ended July 31, 2019	$	51.46	(0.04	)	(2.98	)	(3.02	)	—		(12.65	)	(12.65	)
Short Energy ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	14.95	0.25		0.55		0.80		(0.57	)	—		(0.57	)
Year Ended July 31, 2023	$	17.57	0.34		(2.96	)	(2.62	)	—		—		—
Year Ended July 31, 2022	$	32.82	(0.29	)	(14.96	)	(15.25	)	—		—		—
Year Ended July 31, 2021	$	55.89	(0.85	)	(22.22	)	(23.07	)	—		—		—
Year Ended July 31, 2020	$	46.83	(0.46	)	9.65		9.19		(0.13	)	—		(0.13	)
Year Ended July 31, 2019	$	39.19	0.19		7.45		7.64		—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	13.59	0.18		0.53		0.71		(0.45	)	—		(0.45	)
Year Ended July 31, 2023	$	16.20	0.19		(2.80	)	(2.61	)	—		—		—
Year Ended July 31, 2022	$	30.52	(0.53	)	(13.79	)	(14.32	)	—		—		—
Year Ended July 31, 2021	$	52.45	(1.25	)	(20.68	)	(21.93	)	—		—		—
Year Ended July 31, 2020	$	44.39	(0.99	)	9.05		8.06		—		—		—
Year Ended July 31, 2019	$	37.27	(0.24	)	7.36		7.12		—		—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	202.76		26.59	%		1.55	%		1.54	%		0.41	%	$	188,793		68	%
$	160.17		72.32	%		1.56	%		1.56	%		0.45	%	$	127,520		72	%
$	92.94		(17.93	)%		1.49	%		1.49	%		(0.59	)%	$	64,313		53	%
$	118.09		85.65	%		1.58	%		1.58	%		(0.63	)%	$	79,845		70	%
$	63.61		42.27	%		1.65	%		1.65	%		0.11	%	$	51,355		169	%
$	46.14		5.55	%		1.55	%		1.55	%		0.69	%	$	64,715		106	%

$	146.89		25.96	%		2.55	%		2.54	%		(0.59	)%	$	7,118		68	%
$	116.62		70.62	%		2.56	%		2.56	%		(0.55	)%	$	6,648		72	%
$	68.34		(18.76	)%		2.49	%		2.49	%		(1.59	)%	$	4,254		53	%
$	88.98		83.81	%		2.58	%		2.58	%		(1.63	)%	$	5,376		70	%
$	48.41		40.81	%		2.65	%		2.65	%		(0.89	)%	$	2,187		169	%
$	35.79		4.49	%		2.55	%		2.55	%		(0.31	)%	$	1,984		106	%


$	15.18		5.42	%		6.24	%		1.78	%		3.32	%	$	583		—
$	14.95		(14.91	)%		3.63	%		1.78	%		2.14	%	$	635		—
$	17.57		(46.47	)%		3.74	%		1.78	%		(1.28	)%	$	2,135		—
$	32.82		(41.28	)%		3.16	%		1.78	%		(1.76	)%	$	418		—
$	55.89		19.69	%		2.84	%		1.78	%		(0.84	)%	$	2,804		—
$	46.83		19.49	%		3.34	%		1.78	%		0.43	%	$	2,115		—

$	13.85		4.92	%		7.24	%		2.78	%		2.32	%	$	44		—
$	13.59		(15.81	)%		4.63	%		2.78	%		1.14	%	$	2		—
$	16.20		(46.97	)%		4.74	%		2.78	%		(2.28	)%	$	12		—
$	30.52		(41.81	)%		4.15	%		2.77	%		(2.75	)%	$	25		—
$	52.45		18.63	%		3.84	%		2.78	%		(1.84	)%	$	32		—
$	44.39		18.39	%		4.34	%		2.78	%		(0.57	)%	$	3		—

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

See accompanying notes to the financial statements.

236 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions
Short Nasdaq-100 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	60.69	1.00		(4.40	)	(3.40	)	(3.65	)	(3.65	)
Year Ended July 31, 2023^(e)	$	74.03	1.38		(14.72	)	(13.34	)	—		—
Year Ended July 31, 2022^(e)	$	71.44	(0.85	)	3.44		2.59		—		—
Year Ended July 31, 2021^(e)	$	104.36	(1.55	)	(31.37	)	(32.92	)	—		—
Year Ended July 31, 2020^(e)(f)	$	167.29	(0.90	)	(61.58	)	(62.48	)	(0.45	)	(0.45	)
Year Ended July 31, 2019^(e)(f)	$	186.52	0.80		(20.03	)	(19.23	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	52.72	0.74		(3.95	)	(3.21	)	(2.72	)	(2.72	)
Year Ended July 31, 2023^(e)	$	64.86	0.71		(12.85	)	(12.14	)	—		—
Year Ended July 31, 2022^(e)	$	63.39	(1.50	)	2.97		1.47		—		—
Year Ended July 31, 2021^(e)	$	93.34	(2.30	)	(27.65	)	(29.95	)	—		—
Year Ended July 31, 2020^(e)(f)	$	150.75	(1.65	)	(55.76	)	(57.41	)	—		—
Year Ended July 31, 2019^(e)(f)	$	169.79	(0.80	)	(18.24	)	(19.04	)	—		—
Short Precious Metals ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	14.04	0.24		1.23		1.47		(2.34	)	(2.34	)
Year Ended July 31, 2023	$	17.45	0.34		(3.75	)	(3.41	)	—		—
Year Ended July 31, 2022	$	14.83	(0.22	)	2.84		2.62		—		—
Year Ended July 31, 2021	$	14.53	(0.27	)	0.57		0.30		—		—
Year Ended July 31, 2020	$	32.94	(0.12	)	(18.02	)	(18.14	)	(0.27	)	(0.27	)
Year Ended July 31, 2019	$	42.91	0.20		(10.17	)	(9.97	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	13.40	0.17		1.22		1.39		(2.01	)	(2.01	)
Year Ended July 31, 2023	$	16.80	0.19		(3.59	)	(3.40	)	—		—
Year Ended July 31, 2022	$	14.43	(0.37	)	2.74		2.37		—		—
Year Ended July 31, 2021	$	14.31	(0.42	)	0.54		0.12		—		—
Year Ended July 31, 2020	$	32.41	(0.36	)	(17.74	)	(18.10	)	—		—
Year Ended July 31, 2019	$	42.65	(0.22	)	(10.02	)	(10.24	)	—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	53.64		(5.66	)%		2.41	%		1.83	%		3.26	%	$	2,647		—
$	60.69		(18.04	)%		1.78	%		1.78	%		1.77	%	$	3,051		—
$	74.03		3.64	%		1.81	%		1.78	%		(1.13	)%	$	79,796		—
$	71.44		(31.63	)%		2.02	%		1.78	%		(1.76	)%	$	1,764		—
$	104.36		(37.32	)%		2.01	%		1.78	%		(1.00	)%	$	2,400		—
$	167.29		(10.40	)%		2.37	%		1.78	%		0.46	%	$	4,429		—

$	46.79		(6.10	)%		3.41	%		2.83	%		2.26	%	$	213		—
$	52.72		(18.72	)%		2.78	%		2.78	%		0.77	%	$	86		—
$	64.86		2.29	%		2.81	%		2.78	%		(2.13	)%	$	241		—
$	63.39		(32.26	)%		3.02	%		2.78	%		(2.76	)%	$	111		—
$	93.34		(37.93	)%		3.01	%		2.78	%		(2.00	)%	$	320		—
$	150.75		(11.19	)%		3.37	%		2.78	%		(0.54	)%	$	788		—


$	13.17		12.46	%		3.33	%		1.78	%		3.30	%	$	4,863		—
$	14.04		(19.54	)%		2.38	%		1.78	%		2.26	%	$	3,236		—
$	17.45		17.67	%		2.79	%		1.78	%		(1.45	)%	$	2,072		—
$	14.83		2.06	%		2.86	%		1.78	%		(1.76	)%	$	2,144		—
$	14.53		(55.43	)%		2.97	%		1.78	%		(0.47	)%	$	1,564		—
$	32.94		(23.23	)%		2.13	%		1.78	%		0.47	%	$	4,649		—

$	12.78		12.01	%		4.33	%		2.78	%		2.30	%	$	32		—
$	13.40		(20.13	)%		3.38	%		2.78	%		1.26	%	$	19		—
$	16.80		16.35	%		3.79	%		2.78	%		(2.45	)%	$	17		—
$	14.43		0.84	%		3.86	%		2.78	%		(2.76	)%	$	14		—
$	14.31		(55.85	)%		3.97	%		2.78	%		(1.47	)%	$	65		—
$	32.41		(24.01	)%		3.13	%		2.78	%		(0.53	)%	$	26		—

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.
	(f)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

Financial Highlights :: 237

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions
Short Real Estate ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	9.14	0.17		(0.14	)	0.03		(0.28	)	(0.28	)
Year Ended July 31, 2023	$	8.10	0.21		0.83		1.04		—		—
Year Ended July 31, 2022	$	8.19	(0.10	)	0.01		(0.09	)	—		—
Year Ended July 31, 2021	$	11.45	(0.19	)	(3.07	)	(3.26	)	—		—
Year Ended July 31, 2020	$	12.89	(0.14	)	(1.30	)	(1.44	)	—		—
Year Ended July 31, 2019	$	14.61	0.06		(1.78	)	(1.72	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	7.85	0.13		(0.14	)	(0.01	)	(0.19	)	(0.19	)
Year Ended July 31, 2023	$	7.03	0.13		0.69		0.82		—		—
Year Ended July 31, 2022	$	7.19	(0.17	)	0.01		(0.16	)	—		—
Year Ended July 31, 2021	$	10.15	(0.28	)	(2.68	)	(2.96	)	—		—
Year Ended July 31, 2020	$	11.53	(0.25	)	(1.13	)	(1.38	)	—		—
Year Ended July 31, 2019	$	13.20	(0.07	)	(1.60	)	(1.67	)	—		—
Short Small-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	34.49	0.63		0.53		1.16		(4.99	)	(4.99	)
Year Ended July 31, 2023^(f)	$	37.05	0.98		(3.54	)^(e)	(2.56	)	—		—
Year Ended July 31, 2022^(f)	$	34.71	(0.55	)	2.89		2.34		—		—
Year Ended July 31, 2021^(f)	$	57.13	(0.75	)	(21.67	)	(22.42	)	—		—
Year Ended July 31, 2020^(f)	$	65.49	(0.65	)	(7.21	)	(7.86	)	(0.50	)	(0.50	)
Year Ended July 31, 2019^(f)	$	63.40	0.30		1.79		2.09		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	32.09	0.46		0.47		0.93		(4.65	)	(4.65	)
Year Ended July 31, 2023^(f)	$	34.76	0.63		(3.30	)^(e)	(2.67	)	—		—
Year Ended July 31, 2022^(f)	$	32.93	(0.90	)	2.73		1.83		—		—
Year Ended July 31, 2021^(f)	$	54.82	(1.15	)	(20.74	)	(21.89	)	—		—
Year Ended July 31, 2020^(f)	$	62.98	(1.30	)	(6.86	)	(8.16	)	—		—
Year Ended July 31, 2019^(f)	$	61.57	(0.35	)	1.76		1.41		—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	8.89		0.52	%		2.95	%		1.78	%		3.49	%	$	2,013		—
$	9.14		12.84	%		3.19	%		1.78	%		2.29	%	$	1,817		—
$	8.10		(1.10	)%		5.81	%		1.78	%		(1.28	)%	$	1,875		—
$	8.19		(28.47	)%		4.69	%		1.78	%		(1.76	)%	$	515		—
$	11.45		(11.17	)%		4.05	%		1.78	%		(1.09	)%	$	1,720		—
$	12.89		(11.77	)%		3.76	%		1.78	%		0.40	%	$	1,199		—

$	7.65		0.04	%		3.95	%		2.78	%		2.49	%	$	85		—
$	7.85		11.66	%		4.19	%		2.78	%		1.29	%	$	112		—
$	7.03		(2.23	)%		6.81	%		2.78	%		(2.28	)%	$	14		—
$	7.19		(29.16	)%		5.69	%		2.78	%		(2.76	)%	$	14		—
$	10.15		(12.05	)%		5.05	%		2.78	%		(2.09	)%	$	20		—
$	11.53		(12.58	)%		4.76	%		2.78	%		(0.60	)%	$	15		—


$	30.66		4.25	%		2.16	%		1.78	%		3.25	%	$	1,211		—
$	34.49		(6.91	)%		2.29	%		1.78	%		2.57	%	$	1,728		—
$	37.05		6.77	%		2.26	%		1.78	%		(1.56	)%	$	1,412		—
$	34.71		(39.23	)%		3.63	%		1.78	%		(1.77	)%	$	1,089		—
$	57.13		(12.09	)%		3.28	%		1.78	%		(0.98	)%	$	1,802		—
$	65.49		3.31	%		2.76	%		1.78	%		0.44	%	$	1,138		—

$	28.37		3.76	%		3.16	%		2.78	%		2.25	%	$	67		—
$	32.09		(7.63	)%		3.29	%		2.78	%		1.57	%	$	47		—
$	34.76		5.46	%		3.26	%		2.78	%		(2.56	)%	$	162		—
$	32.93		(39.87	)%		4.63	%		2.78	%		(2.77	)%	$	24		—
$	54.82		(13.02	)%		4.28	%		2.78	%		(1.98	)%	$	33		—
$	62.98		2.27	%		3.75	%		2.77	%		(0.55	)%	$	33		—

	(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
	(e)	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.
	(f)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 6, 2023.

See accompanying notes to the financial statements.

238 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Realized Gains on Investments		Total Distributions
Small-Cap Growth ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	101.00	(0.13	)	0.84		0.71		(0.80	)	(0.80	)
Year Ended July 31, 2023	$	102.43	(0.43	)	2.47		2.04		(3.47	)	(3.47	)
Year Ended July 31, 2022	$	126.49	(0.96	)	(13.02	)	(13.98	)	(10.08	)	(10.08	)
Year Ended July 31, 2021	$	86.21	(0.88	)	41.16		40.28		—		—
Year Ended July 31, 2020	$	89.25	(0.66	)	(2.38	)	(3.04	)	—		—
Year Ended July 31, 2019	$	99.63	(0.61	)	(6.40	)	(7.01	)	(3.37	)	(3.37	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	76.53	(0.50	)	0.65		0.15		(0.80	)	(0.80	)
Year Ended July 31, 2023	$	79.28	(1.17	)	1.89		0.72		(3.47	)	(3.47	)
Year Ended July 31, 2022	$	101.09	(1.86	)	(9.87	)	(11.73	)	(10.08	)	(10.08	)
Year Ended July 31, 2021	$	69.60	(1.76	)	33.25		31.49		—		—
Year Ended July 31, 2020	$	72.78	(1.36	)	(1.82	)	(3.18	)	—		—
Year Ended July 31, 2019	$	82.80	(1.37	)	(5.28	)	(6.65	)	(3.37	)	(3.37	)
Small-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	103.50	0.75		(3.85	)^(g)	(3.10	)	—		—
Year Ended July 31, 2023	$	98.02	0.64		4.84		5.48		—		—
Year Ended July 31, 2022	$	117.00	(1.20	)	(17.78	)	(18.98	)	—		—
Year Ended July 31, 2021	$	78.58	(1.51	)	39.93		38.42		—		—
Year Ended July 31, 2020	$	85.23	(0.78	)	(5.87	)	(6.65	)	—		—
Year Ended July 31, 2019	$	90.80	(0.04	)	(5.53	)	(5.57	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	83.13	0.36		(3.26	)^(g)	(2.90	)	—		—
Year Ended July 31, 2023	$	79.51	(0.12	)	3.74		3.62		—		—
Year Ended July 31, 2022	$	95.85	(2.09	)	(14.25	)	(16.34	)	—		—
Year Ended July 31, 2021	$	65.02	(2.40	)	33.23		30.83		—		—
Year Ended July 31, 2020	$	71.24	(1.45	)	(4.77	)	(6.22	)	—		—
Year Ended July 31, 2019	$	76.65	(0.77	)	(4.64	)	(5.41	)	—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	100.91		0.70	%		2.21	%		1.78	%		(0.28	)%	$	3,631		75	%
$	101.00		2.38	%^(e)		2.16	%		1.84	%		(0.47	)%	$	3,818		239	%
$	102.43		(12.08	)%^(f)		1.95	%		1.92	%		(0.87	)%	$	9,587		462	%
$	126.49		46.72	%		1.60	%		1.60	%		(0.81	)%	$	9,062		659	%
$	86.21		(3.41	)%		1.83	%		1.83	%		(0.80	)%	$	7,867		442	%
$	89.25		(6.53	)%		1.65	%		1.65	%		(0.67	)%	$	10,121		474	%

$	75.88		0.19	%		3.21	%		2.78	%		(1.28	)%	$	761		75	%
$	76.53		1.38	%^(e)		3.16	%		2.84	%		(1.47	)%	$	485		239	%
$	79.28		(12.94	)%^(f)		2.95	%		2.92	%		(1.87	)%	$	1,235		462	%
$	101.09		45.24	%		2.60	%		2.60	%		(1.81	)%	$	833		659	%
$	69.60		(4.36	)%		2.83	%		2.83	%		(1.80	)%	$	782		442	%
$	72.78		(7.46	)%		2.65	%		2.65	%		(1.67	)%	$	1,905		474	%


$	100.40		(3.00	)%		2.56	%		1.78	%		1.58	%	$	3,961		360	%
$	103.50		5.59	%^(h)		2.76	%		1.78	%		0.69	%	$	5,370		546	%
$	98.02		(16.22	)%⁽ⁱ⁾		2.18	%		1.78	%		(1.10	)%	$	2,627		137	%
$	117.00		48.89	%		2.03	%		1.81	%		(1.40	)%	$	9,241		115	%
$	78.58		(7.80	)%^(j)		2.42	%		2.07	%^(k)		(0.98	)%	$	3,030		109	%
$	85.23		(6.13	)%		1.77	%		1.77	%		(0.05	)%	$	8,261		11	%

$	80.23		(3.49	)%		3.56	%		2.78	%		0.58	%	$	331		360	%
$	83.13		4.54	%^(h)		3.76	%		2.78	%		(0.31	)%	$	348		546	%
$	79.51		(17.05	)%⁽ⁱ⁾		3.18	%		2.78	%		(2.10	)%	$	320		137	%
$	95.85		47.43	%		3.03	%		2.81	%		(2.40	)%	$	668		115	%
$	65.02		(8.74	)%^(j)		3.42	%		3.07	%^(k)		(1.98	)%	$	237		109	%
$	71.24		(7.05	)%		2.77	%		2.77	%		(1.05	)%	$	408		11	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.21%.
(f)	During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.04%.
(g)	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.
(h)	During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.05%.
(i)	During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.
(j)	During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.15%.
(k)	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 November 30th of each year, instead of coinciding with the July 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 the financial statements.

Financial Highlights :: 239

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
Small-Cap Value ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	103.01	0.32		(3.78	)	(3.46	)	—		—		—
Year Ended July 31, 2023	$	100.64	(0.32	)	4.07	^(e)	3.75		—		(1.38	)	(1.38	)
Year Ended July 31, 2022	$	104.97	(0.02	)	(4.11	)	(4.13	)	(0.20	)	—		(0.20	)
Year Ended July 31, 2021	$	64.53	0.11		40.33		40.44		—		—		—
Year Ended July 31, 2020	$	78.32	(0.16	)	(13.57	)	(13.73	)	(0.06	)	—		(0.06	)
Year Ended July 31, 2019	$	98.51	(0.23	)	(10.96	)	(11.19	)	—		(9.00	)	(9.00	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	81.28	(0.06	)	(3.07	)	(3.13	)	—		—		—
Year Ended July 31, 2023	$	80.51	(1.08	)	3.23	^(e)	2.15		—		(1.38	)	(1.38	)
Year Ended July 31, 2022	$	84.68	(0.86	)	(3.31	)	(4.17	)	—		—		—
Year Ended July 31, 2021	$	52.57	(0.67	)	32.78		32.11		—		—		—
Year Ended July 31, 2020	$	64.40	(0.74	)	(11.09	)	(11.83	)	—		—		—
Year Ended July 31, 2019	$	83.80	(0.92	)	(9.48	)	(10.40	)	—		(9.00	)	(9.00	)
Technology UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	116.43	0.17		16.43		16.60		—		(0.47	)	(0.47	)
Year Ended July 31, 2023	$	90.44	0.09		25.90		25.99		—		—		—
Year Ended July 31, 2022	$	124.76	(1.07	)	(24.11	)	(25.18	)	—		(9.14	)	(9.14	)
Year Ended July 31, 2021	$	75.45	(0.90	)	52.38		51.48		—		(2.17	)	(2.17	)
Year Ended July 31, 2020^(h)	$	49.47	(0.29	)	26.27		25.98		—		—		—
Year Ended July 31, 2019^(h)	$	42.49	0.03		7.03		7.06		—		(0.08	)	(0.08	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	91.70	(0.29	)	12.82		12.53		—		(0.47	)	(0.47	)
Year Ended July 31, 2023	$	71.94	(0.58	)	20.34		19.76		—		—		—
Year Ended July 31, 2022	$	101.80	(2.00	)	(18.72	)	(20.72	)	—		(9.14	)	(9.14	)
Year Ended July 31, 2021	$	62.48	(1.70	)	43.19		41.49		—		(2.17	)	(2.17	)
Year Ended July 31, 2020^(h)	$	41.38	(0.75	)	21.85		21.10		—		—		—
Year Ended July 31, 2019^(h)	$	35.92	(0.34	)	5.88		5.54		—		(0.08	)	(0.08	)

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	99.55		(3.36	)%		2.39	%		1.88	%		0.69	%	$	1,686		257	%
$	103.01		3.88	%^(f)		2.00	%		1.98	%^(g)		(0.34	)%	$	2,765		510	%
$	100.64		(3.94	)%		1.68	%		1.68	%		(0.02	)%	$	8,441		638	%
$	104.97		62.67	%		1.61	%		1.61	%		0.12	%	$	14,775		547	%
$	64.53		(17.55	)%		2.02	%		2.02	%^(g)		(0.22	)%	$	4,232		624	%
$	78.32		(9.96	)%		1.74	%		1.74	%		(0.27	)%	$	5,380		427	%

$	78.15		(3.85	)%		3.39	%		2.88	%		(0.31	)%	$	466		257	%
$	81.28		2.83	%^(f)		3.00	%		2.98	%^(g)		(1.34	)%	$	520		510	%
$	80.51		(4.90	)%		2.68	%		2.68	%		(1.02	)%	$	790		638	%
$	84.68		61.08	%		2.61	%		2.61	%		(0.88	)%	$	770		547	%
$	52.57		(18.37	)%		3.02	%		3.02	%^(g)		(1.22	)%	$	320		624	%
$	64.40		(10.83	)%		2.74	%		2.74	%		(1.27	)%	$	429		427	%


$	132.56		14.28	%		1.57	%		1.57	%		0.30	%	$	61,086		59	%
$	116.43		28.72	%		1.58	%		1.58	%		0.11	%	$	74,931		139	%
$	90.44		(22.70	)%		1.48	%		1.48	%		(0.93	)%	$	44,187		51	%
$	124.76		69.21	%		1.55	%		1.55	%		(0.97	)%	$	95,384		114	%
$	75.45		52.51	%		1.65	%		1.65	%		(0.51	)%	$	86,988		177	%
$	49.47		16.70	%		1.58	%		1.58	%		0.06	%	$	83,112		332	%

$	103.76		13.70	%		2.57	%		2.57	%		(0.70	)%	$	5,159		59	%
$	91.70		27.45	%		2.58	%		2.58	%		(0.89	)%	$	4,815		139	%
$	71.94		(23.48	)%		2.48	%		2.48	%		(1.93	)%	$	3,393		51	%
$	101.80		67.57	%		2.55	%		2.55	%		(1.97	)%	$	6,454		114	%
$	62.48		50.97	%		2.65	%		2.65	%		(1.51	)%	$	2,858		177	%
$	41.38		15.53	%		2.58	%		2.58	%		(0.94	)%	$	3,082		332	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.
(f)	During the year ended July 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.
(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 November 30th of each year, instead of coinciding with the July 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(h)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

240 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
UltraBear ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	16.28	0.31		(1.43	)	(1.12	)	(0.46	)	—		(0.46	)
Year Ended July 31, 2023	$	20.70	0.50		(4.92	)	(4.42	)	—		—		—
Year Ended July 31, 2022	$	21.42	(0.29	)	(0.43	)	(0.72	)	—		—		—
Year Ended July 31, 2021^(e)	$	43.58	(0.53	)	(21.48	)	(22.01	)	(0.15	)	—		(0.15	)
Year Ended July 31, 2020^(e)	$	76.76	(0.52	)	(32.66	)	(33.18	)	—		—		—
Year Ended July 31, 2019^(e)	$	91.23	0.40		(14.87	)	(14.47	)	—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	14.39	0.23		(1.29	)	(1.06	)	(0.37	)	—		(0.37	)
Year Ended July 31, 2023	$	18.33	0.40		(4.34	)	(3.94	)	—		—		—
Year Ended July 31, 2022	$	19.19	(0.48	)	(0.38	)	(0.86	)	—		—		—
Year Ended July 31, 2021^(e)	$	39.25	(0.81	)	(19.25	)	(20.06	)	—		—		—
Year Ended July 31, 2020^(e)	$	69.86	(1.12	)	(29.49	)	(30.61	)	—		—		—
Year Ended July 31, 2019^(e)	$	83.88	(0.44	)	(13.58	)	(14.02	)	—		—		—
UltraBull ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	94.19	0.51		7.14		7.65		—		—		—
Year Ended July 31, 2023	$	90.03	0.54		10.71		11.25		(0.02	)	(7.07	)	(7.09	)
Year Ended July 31, 2022	$	112.96	(0.33	)	(15.63	)	(15.96	)	—		(6.97	)	(6.97	)
Year Ended July 31, 2021	$	72.03	(0.46	)	51.97		51.51		(0.41	)	(10.17	)	(10.58	)
Year Ended July 31, 2020	$	67.93	0.06		4.37		4.43		(0.33	)	—		(0.33	)
Year Ended July 31, 2019	$	62.85	0.33		5.03		5.36		(0.06	)	(0.22	)	(0.28	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	70.23	0.18		5.15		5.33		—		—		—
Year Ended July 31, 2023	$	69.92	(0.06	)	7.44		7.38		—		(7.07	)	(7.07	)
Year Ended July 31, 2022	$	90.15	(1.15	)	(12.11	)	(13.26	)	—		(6.97	)	(6.97	)
Year Ended July 31, 2021	$	59.40	(1.20	)	42.12		40.92		—		(10.17	)	(10.17	)
Year Ended July 31, 2020	$	56.36	(0.49	)	3.53		3.04		—		—		—
Year Ended July 31, 2019	$	52.65	(0.17	)	4.10		3.93		—		(0.22	)	(0.22	)

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	14.70		(6.96	)%		1.91	%		1.78	%		3.55	%	$	8,309		—
$	16.28		(21.35	)%		1.82	%		1.78	%		2.44	%	$	9,454		—
$	20.70		(3.36	)%		1.97	%		1.78	%		(1.40	)%	$	11,191		—
$	21.42		(50.64	)%		2.08	%		1.78	%		(1.77	)%	$	5,438		—
$	43.58		(43.20	)%		2.04	%		1.78	%		(0.80	)%	$	9,880		—
$	76.76		(15.87	)%		1.95	%		1.84	%		0.44	%	$	8,869		—

$	12.96		(7.39	)%		2.91	%		2.78	%		2.55	%	$	111		—
$	14.39		(21.58	)%		2.38	%		2.34	%		1.88	%	$	22		—
$	18.33		(4.43	)%		2.97	%		2.78	%		(2.40	)%	$	10		—
$	19.19		(51.07	)%		3.08	%		2.78	%		(2.77	)%	$	14		—
$	39.25		(43.81	)%		3.04	%		2.78	%		(1.80	)%	$	72		—
$	69.86		(16.74	)%		2.95	%		2.84	%		(0.56	)%	$	265		—


$	101.84		8.12	%		1.52	%		1.51	%		1.14	%	$	116,732		217	%
$	94.19		15.56	%		1.52	%		1.52	%		0.69	%	$	114,312		100	%
$	90.03		(14.96	)%		1.46	%		1.46	%		(0.31	)%	$	101,714		16	%
$	112.96		77.44	%		1.51	%		1.51	%		(0.51	)%	$	128,079		31	%
$	72.03		6.48	%		1.60	%		1.60	%		0.09	%	$	99,875		151	%
$	67.93		8.54	%		1.50	%		1.50	%		0.54	%	$	174,947		159	%

$	75.56		7.59	%		2.52	%		2.51	%		0.14	%	$	2,681		217	%
$	70.23		14.41	%		2.52	%		2.52	%		(0.31	)%	$	3,754		100	%
$	69.92		(15.80	)%		2.46	%		2.46	%		(1.31	)%	$	2,036		16	%
$	90.15		75.68	%		2.51	%		2.51	%		(1.51	)%	$	2,785		31	%
$	59.40		5.39	%		2.60	%		2.60	%		(0.91	)%	$	1,808		151	%
$	56.36		7.46	%		2.50	%		2.50	%		(0.46	)%	$	1,389		159	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

Financial Highlights :: 241

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions
UltraChina ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	35.75	0.02		(15.15	)	(15.13	)	(0.84	)	—		(0.84	)
Year Ended July 31, 2023^(e)	$	34.33	(0.17	)	1.59		1.42		—		—		—
Year Ended July 31, 2022^(e)	$	118.04	(0.20	)	(83.51	)	(83.71	)	—		—		—
Year Ended July 31, 2021^(e)	$	173.10	(2.30	)	(52.76	)	(55.06	)	—		—		—
Year Ended July 31, 2020^(e)	$	114.20	(0.50	)	59.50		59.00		(0.10	)	—		(0.10	)
Year Ended July 31, 2019^(e)	$	177.89	(0.10	)	(63.59	)	(63.69	)	—		—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	30.78	(0.09	)	(13.07	)	(13.16	)	(0.50	)	—		(0.50	)
Year Ended July 31, 2023^(e)	$	29.87	(0.44	)	1.35		0.91		—		—		—
Year Ended July 31, 2022^(e)	$	103.68	(0.60	)	(73.21	)	(73.81	)	—		—		—
Year Ended July 31, 2021^(e)	$	153.59	(4.20	)	(45.71	)	(49.91	)	—		—		—
Year Ended July 31, 2020^(e)	$	102.33	(1.70	)	52.96		51.26		—		—		—
Year Ended July 31, 2019^(e)	$	161.06	(1.20	)	(57.53	)	(58.73	)	—		—		—
UltraDow 30 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	61.13	0.36		7.30		7.66		(0.64	)	—		(0.64	)
Year Ended July 31, 2023	$	54.64	0.50		5.99		6.49		—		—		—
Year Ended July 31, 2022	$	66.90	(0.08	)	(7.91	)	(7.99	)	—		(4.27	)	(4.27	)
Year Ended July 31, 2021	$	39.32	(0.24	)	28.83		28.59		—		(1.01	)	(1.01	)
Year Ended July 31, 2020^(f)	$	47.25	0.11		(7.02	)	(6.91	)	(0.30	)	(0.72	)	(1.02	)
Year Ended July 31, 2019^(f)	$	43.77	0.30		3.52		3.82		(0.34	)	—		(0.34	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	50.88	0.12		5.98		6.10		(0.22	)	—		(0.22	)
Year Ended July 31, 2023	$	45.93	0.06		4.89		4.95		—		—		—
Year Ended July 31, 2022	$	57.42	(0.62	)	(6.60	)	(7.22	)	—		(4.27	)	(4.27	)
Year Ended July 31, 2021	$	34.20	(0.71	)	24.94		24.23		—		(1.01	)	(1.01	)
Year Ended July 31, 2020^(f)	$	41.33	(0.27	)	(6.14	)	(6.41	)	—		(0.72	)	(0.72	)
Year Ended July 31, 2019^(f)	$	38.31	(0.09	)	3.11		3.02		—		—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	19.78		(42.83	)%		1.85	%		1.85	%		0.19	%	$	20,824		94	%
$	35.75		4.23	%		1.81	%		1.81	%		(0.59	)%	$	24,128		222	%
$	34.33		(70.93	)%		1.74	%		1.74	%		(0.37	)%	$	15,352		243	%
$	118.04		(31.83	)%		1.67	%		1.67	%		(1.05	)%	$	17,626		255	%
$	173.10		51.69	%		1.79	%		1.79	%		(0.42	)%	$	14,973		314	%
$	114.20		(35.81	)%		1.70	%		1.70	%		(0.05	)%	$	21,723		360	%

$	17.12		(43.11	)%		2.85	%		2.85	%		(0.81	)%	$	542		94	%
$	30.78		2.94	%		2.80	%		2.80	%		(1.58	)%	$	1,208		222	%
$	29.87		(71.17	)%		2.74	%		2.74	%		(1.37	)%	$	788		243	%
$	103.68		(32.49	)%		2.67	%		2.67	%		(2.05	)%	$	423		255	%
$	153.59		50.15	%		2.79	%		2.79	%		(1.42	)%	$	2,654		314	%
$	102.33		(36.50	)%		2.70	%		2.70	%		(1.05	)%	$	405		360	%


$	68.15		12.54	%		1.59	%		1.59	%		1.22	%	$	31,407		21	%
$	61.13		11.86	%		1.62	%		1.62	%		0.94	%	$	29,992		31	%
$	54.64		(13.07	)%		1.54	%		1.54	%		(0.14	)%	$	32,075		10	%
$	66.90		73.58	%		1.59	%		1.59	%		(0.45	)%	$	39,210		16	%
$	39.32		(15.15	)%		1.72	%		1.72	%		0.26	%	$	26,124		6	%
$	47.25		8.97	%		1.62	%		1.62	%		0.68	%	$	38,924		1	%

$	56.76		11.99	%		2.57	%		2.57	%		0.24	%	$	1,490		21	%
$	50.88		10.75	%		2.60	%		2.60	%		(0.04	)%	$	1,131		31	%
$	45.93		(13.94	)%		2.54	%		2.54	%		(1.14	)%	$	738		10	%
$	57.42		71.85	%		2.59	%		2.59	%		(1.45	)%	$	1,203		16	%
$	34.20		(15.95	)%		2.72	%		2.72	%		(0.74	)%	$	648		6	%
$	41.33		7.87	%		2.62	%		2.62	%		(0.32	)%	$	732		1	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.
(f)	As described in Note 9, share amounts have been adjusted for 3:1 share split that occurred on November 18, 2019.

See accompanying notes to the financial statements.

242 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Total Distributions
UltraEmerging Markets ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	48.79	0.30		(7.07	)	(6.77	)	(0.79	)	(0.79	)
Year Ended July 31, 2023	$	41.78	0.74		6.66		7.40		(0.39	)	(0.39	)
Year Ended July 31, 2022	$	79.62	0.57		(38.41	)	(37.84	)	—		—
Year Ended July 31, 2021	$	62.20	(0.56	)	17.98		17.42		—		—
Year Ended July 31, 2020	$	51.58	—	^(f)	10.62		10.62		—		—
Year Ended July 31, 2019	$	63.07	0.05		(11.25	)	(11.20	)	(0.29	)	(0.29	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	43.74	0.12		(6.41	)	(6.29	)	(0.34	)	(0.34	)
Year Ended July 31, 2023	$	37.48	0.38		5.88		6.26		—		—
Year Ended July 31, 2022	$	72.13	0.02		(34.67	)	(34.65	)	—		—
Year Ended July 31, 2021	$	56.90	(1.36	)	16.59		15.23		—		—
Year Ended July 31, 2020	$	47.65	(0.47	)	9.72		9.25		—		—
Year Ended July 31, 2019	$	58.50	(0.44	)	(10.41	)	(10.85	)	—		—
UltraInternational ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	17.61	0.28		(0.41	)	(0.13	)	—		—
Year Ended July 31, 2023	$	14.71	0.38		2.52		2.90		—		—
Year Ended July 31, 2022	$	21.26	(0.29	)	(6.26	)	(6.55	)	—		—
Year Ended July 31, 2021	$	13.16	(0.32	)	8.42		8.10		—		—
Year Ended July 31, 2020	$	15.58	(0.09	)	(2.33	)	(2.42	)	—		—
Year Ended July 31, 2019	$	17.99	0.03		(2.44	)	(2.41	)	—		—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	15.16	0.21		(0.42	)	(0.21	)	—		—
Year Ended July 31, 2023	$	12.76	0.25		2.15		2.40		—		—
Year Ended July 31, 2022	$	18.65	(0.46	)	(5.43	)	(5.89	)	—		—
Year Ended July 31, 2021	$	11.64	(0.48	)	7.49		7.01		—		—
Year Ended July 31, 2020	$	13.92	(0.22	)	(2.06	)	(2.28	)	—		—
Year Ended July 31, 2019	$	16.23	(0.11	)	(2.20	)	(2.31	)	—		—

						Ratios to Average Net Assets								Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000's)		Portfolio Turnover Rate^(b)(d)


$	41.23		(14.01	)%		2.17	%		1.78	%		1.47	%	$	5,484		73	%
$	48.79		17.98	%		2.04	%		1.82	%		1.81	%	$	8,199		292	%
$	41.78		(47.53	)%(e)		1.99	%		1.92	%		1.00	%	$	5,666		265	%
$	79.62		28.02	%		1.78	%		1.77	%		(0.64	)%	$	8,976		211	%
$	62.20		20.59	%(g)		1.94	%		1.85	%		—	%(h)	$	13,176		240	%
$	51.58		(17.70	)%		1.84	%		1.84	%		0.10	%	$	12,846		137	%

$	37.11		(14.47	)%		3.17	%		2.78	%		0.47	%	$	99		73	%
$	43.74		16.73	%		3.04	%		2.82	%		0.81	%	$	123		292	%
$	37.48		(48.05	)%(e)		2.99	%		2.92	%		—	%(h)	$	95		265	%
$	72.13		26.78	%		2.78	%		2.77	%		(1.64	)%	$	345		211	%
$	56.90		19.41	%(g)		2.94	%		2.85	%		(1.00	)%	$	353		240	%
$	47.65		(18.55	)%		2.84	%		2.84	%		(0.90	)%	$	213		137	%


$	17.48		(0.74	)%		2.55	%		1.78	%		3.55	%	$	3,007		—
$	17.61		19.71	%		2.27	%		1.78	%		2.49	%	$	5,184		—
$	14.71		(30.81	)%		2.82	%		1.78	%		(1.55	)%	$	2,322		—
$	21.26		61.55	%		2.31	%		1.78	%		(1.76	)%	$	3,101		—
$	13.16		(15.53	)%		2.61	%		1.87	%		(0.60	)%	$	4,078		—
$	15.58		(13.40	)%		2.30	%		2.04	%(i)		0.16	%	$	2,989		—

$	14.95		(1.39	)%		3.55	%		2.78	%		2.55	%	$	212		—
$	15.16		18.72	%		3.27	%		2.78	%		1.49	%	$	232		—
$	12.76		(31.53	)%		3.82	%		2.78	%		(2.55	)%	$	25		—
$	18.65		60.22	%		3.31	%		2.78	%		(2.76	)%	$	51		—
$	11.64		(16.38	)%		3.61	%		2.87	%		(1.60	)%	$	70		—
$	13.92		(14.23	)%		3.29	%		3.03	%(i)		(0.83	)%	$	47		—

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.06%.
(f)	Amount is less than $0.005.
(g)	During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 1.01%.
(h)	Amount is less than 0.005%.
(i)	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 November 30th of each year, instead of coinciding with the July 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 the financial statements.

Financial Highlights :: 243

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraJapan ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	40.37		0.66			6.55			7.21			—			—			—
Year Ended July 31, 2023	$	28.05		0.66			11.66			12.32			—			—			—
Year Ended July 31, 2022	$	31.75		(0.45	)		1.09			0.64			—			(4.34	)		(4.34	)
Year Ended July 31, 2021	$	20.81		(0.56	)		11.50			10.94			—			—			—
Year Ended July 31, 2020	$	21.87		(0.17	)		(0.89	)		(1.06	)		—			—			—
Year Ended July 31, 2019	$	24.93		0.04			(2.61	)		(2.57	)		—			(0.49	)		(0.49	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	32.21		0.51			5.05			5.56			—			—			—
Year Ended July 31, 2023	$	22.60		0.42			9.19			9.61			—			—			—
Year Ended July 31, 2022	$	26.53		(0.69	)		1.10			0.41			—			(4.34	)		(4.34	)
Year Ended July 31, 2021	$	17.56		(0.82	)		9.79			8.97			—			—			—
Year Ended July 31, 2020	$	18.64		(0.36	)		(0.72	)		(1.08	)		—			—			—
Year Ended July 31, 2019	$	21.52		(0.16	)		(2.23	)		(2.39	)		—			(0.49	)		(0.49	)
UltraLatin America ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	19.16		0.40			(0.06	)^(e)		0.34			(0.88	)		—			(0.88	)
Year Ended July 31, 2023	$	14.68		1.25			4.74			5.99			(1.51	)		—			(1.51	)
Year Ended July 31, 2022	$	19.08		1.13			(4.70	)		(3.57	)		(0.83	)		—			(0.83	)
Year Ended July 31, 2021	$	10.61		0.18			8.38			8.56			(0.09	)		—			(0.09	)
Year Ended July 31, 2020	$	31.86		0.28			(21.10	)		(20.82	)		(0.43	)		—			(0.43	)
Year Ended July 31, 2019	$	33.55		0.44			(1.66	)		(1.22	)		(0.47	)		—			(0.47	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	18.60		0.31			(0.07	)^(e)		0.24			(0.81	)		—			(0.81	)
Year Ended July 31, 2023	$	14.20		1.11			4.60			5.71			(1.31	)		—			(1.31	)
Year Ended July 31, 2022	$	18.34		0.97			(4.54	)		(3.57	)		(0.57	)		—			(0.57	)
Year Ended July 31, 2021	$	10.26		0.04			8.06			8.10			(0.02	)		—			(0.02	)
Year Ended July 31, 2020	$	30.71		0.12			(20.57	)		(20.45	)		—			—			—
Year Ended July 31, 2019	$	32.16		0.13			(1.58	)		(1.45	)		—			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	47.58		17.86	%		1.80	%		1.78	%		3.34	%	$	23,552		—
$	40.37		43.92	%		1.84	%		1.78	%		2.18	%	$	21,211		—
$	28.05		(0.05	)%		1.81	%		1.78	%		(1.56	)%	$	12,750		—
$	31.75		52.57	%		1.80	%		1.78	%		(1.77	)%	$	14,600		—
$	20.81		(4.85	)%		1.94	%		1.86	%		(0.77	)%	$	10,556		—
$	21.87		(10.75	)%		1.83	%		1.83	%		0.16	%	$	13,423		—

$	37.77		17.26	%		2.76	%		2.74	%		2.38	%	$	148		—
$	32.21		42.52	%		2.81	%		2.75	%		1.21	%	$	675		—
$	22.60		(1.04	)%		2.81	%		2.78	%		(2.56	)%	$	115		—
$	26.53		51.08	%		2.80	%		2.78	%		(2.77	)%	$	143		—
$	17.56		(5.79	)%		2.94	%		2.86	%		(1.77	)%	$	109		—
$	18.64		(11.63	)%		2.83	%		2.83	%		(0.84	)%	$	258		—


$	18.62		1.34	%		1.87	%		1.87	%		4.55	%	$	9,505		68	%
$	19.16		44.70	%		1.93	%		1.93	%		8.06	%	$	11,456		114	%
$	14.68		(18.44	)%^(f)		1.73	%		1.73	%		6.86	%	$	9,583		141	%
$	19.08		80.78	%		1.72	%		1.72	%		1.22	%	$	15,939		163	%
$	10.61		(66.27	)%^(g)		1.71	%		1.71	%		1.46	%	$	15,724		237	%
$	31.86		(3.51	)%		1.69	%		1.69	%		1.34	%	$	31,560		132	%

$	18.03		0.88	%		2.87	%		2.87	%		3.55	%	$	182		68	%
$	18.60		43.62	%		2.84	%		2.84	%		7.15	%	$	122		114	%
$	14.20		(19.32	)%^(f)		2.73	%		2.73	%		5.86	%	$	108		141	%
$	18.34		78.96	%		2.72	%		2.72	%		0.22	%	$	148		163	%
$	10.26		(66.59	)%^(g)		2.70	%		2.70	%		0.47	%	$	98		237	%
$	30.71		(4.51	)%		2.69	%		2.69	%		0.34	%	$	81		132	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.
(f)	During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.22%.
(g)	During the year ended July 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.68%.

See accompanying notes to the financial statements.

244 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraMid-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	57.42		0.27			(2.12	)		(1.85	)		(0.34	)		—			(0.34	)
Year Ended July 31, 2023	$	52.47		0.25			4.70			4.95			—			—			—
Year Ended July 31, 2022	$	66.78		(0.23	)		(10.83	)		(11.06	)		—			(3.25	)		(3.25	)
Year Ended July 31, 2021	$	32.83		(0.33	)		34.28			33.95			—			—			—
Year Ended July 31, 2020	$	44.23		(0.05	)		(10.37	)		(10.42	)		(0.14	)		(0.84	)		(0.98	)
Year Ended July 31, 2019	$	46.93		0.07			(2.72	)		(2.65	)		(0.01	)		(0.04	)		(0.05	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	44.60		0.07			(1.73	)		(1.66	)		(0.24	)		—			(0.24	)
Year Ended July 31, 2023	$	41.17		(0.14	)		3.57			3.43			—			—			—
Year Ended July 31, 2022	$	53.58		(0.72	)		(8.44	)		(9.16	)		—			(3.25	)		(3.25	)
Year Ended July 31, 2021	$	26.59		(0.75	)		27.74			26.99			—			—			—
Year Ended July 31, 2020	$	36.24		(0.34	)		(8.47	)		(8.81	)		—			(0.84	)		(0.84	)
Year Ended July 31, 2019	$	38.86		(0.28	)		(2.30	)		(2.58	)		—			(0.04	)		(0.04	)
UltraNasdaq-100 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	73.77		0.26			9.44			9.70			—			—			—
Year Ended July 31, 2023	$	58.68		0.19			17.02			17.21			—			(2.12	)		(2.12	)
Year Ended July 31, 2022	$	99.86		(0.71	)		(26.13	)		(26.84	)		—			(14.34	)		(14.34	)
Year Ended July 31, 2021^(e)	$	62.28		(0.82	)		45.88			45.06			—			(7.48	)		(7.48	)
Year Ended July 31, 2020^(e)	$	39.32		(0.26	)		25.83			25.57			—			(2.61	)		(2.61	)
Year Ended July 31, 2019^(e)	$	37.54		0.01			3.55			3.56			—			(1.78	)		(1.78	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	51.26		0.01			6.44			6.45			—			—			—
Year Ended July 31, 2023	$	42.12		(0.18	)		11.44			11.26			—			(2.12	)		(2.12	)
Year Ended July 31, 2022	$	76.18		(1.31	)		(18.41	)		(19.72	)		—			(14.34	)		(14.34	)
Year Ended July 31, 2021^(e)	$	49.32		(1.43	)		35.77			34.34			—			(7.48	)		(7.48	)
Year Ended July 31, 2020^(e)	$	31.89		(0.61	)		20.65			20.04			—			(2.61	)		(2.61	)
Year Ended July 31, 2019^(e)	$	31.05		(0.28	)		2.90			2.62			—			(1.78	)		(1.78	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	55.23		(3.26	)%		1.60	%		1.60	%		1.06	%	$	36,490		21	%
$	57.42		9.41	%		1.59	%		1.59	%		0.50	%	$	38,109		22	%
$	52.47		(17.57	)%		1.51	%		1.51	%		(0.38	)%	$	43,761		28	%
$	66.78		103.44	%		1.53	%		1.53	%		(0.62	)%	$	61,650		40	%
$	32.83		(24.24	)%		1.66	%		1.66	%		(0.12	)%	$	30,383		63	%
$	44.23		(5.62	)%		1.53	%		1.53	%		0.16	%	$	80,404		52	%

$	42.70		(3.75	)%		2.60	%		2.60	%		0.06	%	$	4,218		21	%
$	44.60		8.33	%		2.59	%		2.59	%		(0.50	)%	$	832		22	%
$	41.17		(18.40	)%		2.51	%		2.51	%		(1.38	)%	$	859		28	%
$	53.58		101.47	%		2.53	%		2.53	%		(1.61	)%	$	1,231		40	%
$	26.59		(24.99	)%		2.66	%		2.66	%		(1.12	)%	$	636		63	%
$	36.24		(6.61	)%		2.53	%		2.53	%		(0.84	)%	$	847		52	%


$	83.47		13.15	%		1.52	%		1.52	%		0.72	%	$	832,186		35	%
$	73.77		32.59	%		1.53	%		1.53	%		0.37	%	$	773,820		60	%
$	58.68		(31.91	)%		1.47	%		1.47	%		(0.87	)%	$	569,545		51	%
$	99.86		76.50	%		1.51	%		1.51	%		(1.05	)%	$	1,096,713		29	%
$	62.28		67.62	%		1.59	%		1.59	%		(0.58	)%	$	627,805		20	%
$	39.32		9.42	%		1.50	%		1.50	%		0.01	%	$	504,777		9	%

$	57.71		12.58	%		2.52	%		2.52	%		(0.28	)%	$	17,470		35	%
$	51.26		31.25	%		2.53	%		2.53	%		(0.63	)%	$	18,474		60	%
$	42.12		(32.60	)%		2.47	%		2.47	%		(1.87	)%	$	14,120		51	%
$	76.18		74.78	%		2.51	%		2.51	%		(2.05	)%	$	23,558		29	%
$	49.32		65.95	%		2.59	%		2.59	%		(1.58	)%	$	15,438		20	%
$	31.89		8.33	%		2.50	%		2.50	%		(0.99	)%	$	12,014		9	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	As described in Note 9, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

Financial Highlights :: 245

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraShort China ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	5.45		0.12			2.66			2.78			(0.22	)		(0.22	)
Year Ended July 31, 2023	$	12.64		0.24			(7.43	)		(7.19	)		—			—
Year Ended July 31, 2022	$	17.80		(0.29	)		(4.87	)		(5.16	)		—			—
Year Ended July 31, 2021	$	20.11		(0.22	)		(2.09	)		(2.31	)		—			—
Year Ended July 31, 2020	$	47.15		(0.14	)		(26.71	)		(26.85	)		(0.19	)		(0.19	)
Year Ended July 31, 2019	$	40.80		0.24			6.11			6.35			—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	4.73		0.09			2.30			2.39			(0.18	)		(0.18	)
Year Ended July 31, 2023	$	11.02		0.18			(6.47	)		(6.29	)		—			—
Year Ended July 31, 2022	$	15.63		(0.46	)		(4.15	)		(4.61	)		—			—
Year Ended July 31, 2021	$	17.88		(0.34	)		(1.91	)		(2.25	)		—			—
Year Ended July 31, 2020	$	42.12		(0.48	)		(23.76	)		(24.24	)		—			—
Year Ended July 31, 2019	$	36.81		(0.19	)		5.50			5.31			—			—
UltraShort Dow 30 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	17.08		0.31			(1.98	)		(1.67	)		(0.35	)		(0.35	)
Year Ended July 31, 2023	$	20.36		0.44			(3.72	)		(3.28	)		—			—
Year Ended July 31, 2022	$	20.44		(0.30	)		0.22			(0.08	)		—			—
Year Ended July 31, 2021^(e)	$	40.04		(0.49	)		(19.11	)		(19.60	)		—			—
Year Ended July 31, 2020^(e)	$	60.15		(0.56	)		(19.35	)		(19.91	)		(0.20	)		(0.20	)
Year Ended July 31, 2019^(e)	$	71.69		0.32			(11.86	)		(11.54	)		—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	14.67		0.24			(1.75	)		(1.51	)		(0.26	)		(0.26	)
Year Ended July 31, 2023	$	17.62		0.28			(3.23	)		(2.95	)		—			—
Year Ended July 31, 2022	$	17.86		(0.47	)		0.23			(0.24	)		—			—
Year Ended July 31, 2021^(e)	$	35.34		(0.74	)		(16.74	)		(17.48	)		—			—
Year Ended July 31, 2020^(e)	$	53.45		(1.00	)		(17.11	)		(18.11	)		—			—
Year Ended July 31, 2019^(e)	$	64.34		(0.28	)		(10.61	)		(10.89	)		—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	8.01		51.94	%		3.46	%		1.78	%		3.35	%	$	2,233		—
$	5.45		(56.88	)%		3.47	%		1.78	%		2.71	%	$	3,071		—
$	12.64		(28.99	)%		2.57	%		1.78	%		(1.53	)%	$	1,470		—
$	17.80		(11.49	)%		4.54	%		1.78	%		(1.77	)%	$	2,341		—
$	20.11		(57.12	)%		2.83	%		1.78	%		(0.37	)%	$	625		—
$	47.15		15.56	%		2.45	%		1.78	%		0.50	%	$	3,534		—

$	6.94		51.05	%		4.40	%		2.72	%		2.41	%	$	24		—
$	4.73		(56.99	)%		4.15	%		2.46	%		2.03	%	$	3		—
$	11.02		(29.58	)%		3.57	%		2.78	%		(2.53	)%	$	10		—
$	15.63		(12.52	)%		5.54	%		2.78	%		(2.77	)%	$	6		—
$	17.88		(57.53	)%		3.83	%		2.78	%		(1.37	)%	$	10		—
$	42.12		14.43	%		3.45	%		2.78	%		(0.50	)%	$	44		—


$	15.06		(9.82	)%		2.86	%		1.78	%		3.55	%	$	2,452		—
$	17.08		(16.11	)%		2.70	%		1.78	%		2.26	%	$	3,001		—
$	20.36		(0.39	)%		2.65	%		1.78	%		(1.48	)%	$	2,491		—
$	20.44		(48.95	)%		2.47	%		1.78	%		(1.77	)%	$	2,916		—
$	40.04		(33.21	)%		2.17	%		1.78	%		(1.01	)%	$	5,293		—
$	60.15		(16.07	)%		2.25	%		1.78	%		0.47	%	$	4,491		—

$	12.90		(10.33	)%		3.86	%		2.78	%		2.55	%	$	107		—
$	14.67		(16.74	)%		3.60	%		2.68	%		1.36	%	$	44		—
$	17.62		(1.34	)%		3.65	%		2.78	%		(2.48	)%	$	156		—
$	17.86		(49.43	)%		3.47	%		2.78	%		(2.77	)%	$	111		—
$	35.34		(33.91	)%		3.17	%		2.78	%		(2.01	)%	$	316		—
$	53.45		(16.92	)%		3.25	%		2.78	%		(0.53	)%	$	179		—

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

246 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraShort Emerging Markets ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	19.62		0.40			1.78	^(e)		2.18			(1.37	)		(1.37	)
Year Ended July 31, 2023	$	28.93		0.63			(9.94	)		(9.31	)		—			—
Year Ended July 31, 2022	$	23.19		(0.39	)		6.13			5.74			—			—
Year Ended July 31, 2021^(f)	$	39.50		(0.45	)		(15.86	)		(16.31	)		—			—
Year Ended July 31, 2020^(f)	$	75.75		(0.40	)		(35.57	)		(35.97	)		(0.28	)		(0.28	)
Year Ended July 31, 2019^(f)	$	73.65		0.36			1.74			2.10			—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	17.34		0.30			1.56	^(e)		1.86			(0.87	)		(0.87	)
Year Ended July 31, 2023	$	25.83		0.39			(8.88	)		(8.49	)		—			—
Year Ended July 31, 2022	$	20.93		(0.63	)		5.53			4.90			—			—
Year Ended July 31, 2021^(f)	$	35.98		(0.69	)		(14.36	)		(15.05	)		—			—
Year Ended July 31, 2020^(f)	$	69.37		(1.00	)		(32.39	)		(33.39	)		—			—
Year Ended July 31, 2019^(f)	$	68.11		(0.40	)		1.66			1.26			—			—
UltraShort International ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	19.74		0.38			(0.41	)^(e)		(0.03	)		(0.74	)		(0.74	)
Year Ended July 31, 2023	$	26.52		0.55			(7.33	)		(6.78	)		—			—
Year Ended July 31, 2022	$	22.38		(0.34	)		4.48			4.14			—			—
Year Ended July 31, 2021^(f)	$	42.06		(0.51	)		(19.17	)		(19.68	)		—			—
Year Ended July 31, 2020^(f)	$	54.21		(0.48	)		(11.27	)		(11.75	)		(0.40	)		(0.40	)
Year Ended July 31, 2019^(f)	$	51.63		0.28			2.30			2.58			—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	17.32		0.28			(0.40	)^(e)		(0.12	)		(0.43	)		(0.43	)
Year Ended July 31, 2023	$	23.51		0.34			(6.53	)		(6.19	)		—			—
Year Ended July 31, 2022	$	20.04		(0.57	)		4.04			3.47			—			—
Year Ended July 31, 2021^(f)	$	38.07		(0.78	)		(17.25	)		(18.03	)		—			—
Year Ended July 31, 2020^(f)	$	49.12		(0.96	)		(10.09	)		(11.05	)		—			—
Year Ended July 31, 2019^(f)	$	47.26		(0.24	)		2.10			1.86			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	20.43		11.70	%		5.12	%		1.78	%		3.52	%	$	382		—
$	19.62		(32.18	)%		3.67	%		1.78	%		2.28	%	$	312		—
$	28.93		24.75	%		3.73	%		1.78	%		(1.43	)%	$	1,247		—
$	23.19		(41.26	)%		5.39	%		1.78	%		(1.77	)%	$	562		—
$	39.50		(47.64	)%		2.90	%		1.78	%		(0.60	)%	$	974		—
$	75.75		2.88	%		2.70	%		1.78	%		0.43	%	$	2,865		—

$	18.33		11.03	%		6.12	%		2.78	%		2.52	%	$	16		—
$	17.34		(32.86	)%		4.67	%		2.78	%		1.28	%	$	13		—
$	25.83		23.52	%		4.73	%		2.78	%		(2.43	)%	$	31		—
$	20.93		(41.89	)%		6.39	%		2.78	%		(2.77	)%	$	31		—
$	35.98		(48.10	)%		3.90	%		2.78	%		(1.60	)%	$	62		—
$	69.37		1.82	%		3.70	%		2.78	%		(0.57	)%	$	98		—


$	18.97		(0.09	)%		2.97	%		1.78	%		3.50	%	$	1,890		—
$	19.74		(25.57	)%		2.45	%		1.78	%		2.19	%	$	2,569		—
$	26.52		18.50	%		2.60	%		1.78	%		(1.41	)%	$	2,640		—
$	22.38		(46.82	)%		3.13	%		1.78	%		(1.77	)%	$	1,631		—
$	42.06		(21.67	)%		2.83	%		1.78	%		(0.95	)%	$	2,445		—
$	54.21		4.96	%		2.43	%		1.78	%		0.50	%	$	2,156		—

$	16.77		(0.65	)%		3.97	%		2.78	%		2.50	%	$	4		—
$	17.32		(26.31	)%		3.45	%		2.78	%		1.19	%	$	4		—
$	23.51		17.30	%		3.60	%		2.78	%		(2.41	)%	$	6		—
$	20.04		(47.32	)%		4.14	%		2.79	%		(2.78	)%	$	5		—
$	38.07		(22.48	)%		3.83	%		2.78	%		(1.95	)%	$	10		—
$	49.12		3.89	%		3.42	%		2.77	%		(0.49	)%	$	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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.
(f)	As described in Note 9, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

Financial Highlights :: 247

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraShort Japan ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	6.77		0.11			(1.15	)		(1.04	)		(0.11	)		(0.11	)
Year Ended July 31, 2023	$	10.18		0.19			(3.60	)		(3.41	)		—			—
Year Ended July 31, 2022	$	12.53		(0.18	)		(2.17	)		(2.35	)		—			—
Year Ended July 31, 2021	$	22.23		(0.26	)		(9.44	)		(9.70	)		—			—
Year Ended July 31, 2020	$	32.34		(0.18	)		(9.93	)		(10.11	)		—			—
Year Ended July 31, 2019	$	32.76		0.06			(0.48	)		(0.42	)		—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	5.88		0.08			(0.99	)		(0.91	)		—			—
Year Ended July 31, 2023	$	8.96		0.12			(3.20	)		(3.08	)		—			—
Year Ended July 31, 2022	$	11.16		(0.28	)		(1.92	)		(2.20	)		—			—
Year Ended July 31, 2021	$	19.96		(0.37	)		(8.43	)		(8.80	)		—			—
Year Ended July 31, 2020	$	29.45		(0.44	)		(9.05	)		(9.49	)		—			—
Year Ended July 31, 2019	$	30.00		(0.23	)		(0.32	)		(0.55	)		—			—
UltraShort Latin America ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	4.98		0.09			(0.43	)^(e)		(0.34	)		(0.11	)		(0.11	)
Year Ended July 31, 2023	$	9.18		0.17			(4.37	)		(4.20	)		—			—
Year Ended July 31, 2022	$	10.27		(0.15	)		(0.94	)		(1.09	)		—			—
Year Ended July 31, 2021	$	27.67		(0.32	)		(17.08	)		(17.40	)		—			—
Year Ended July 31, 2020	$	27.71		(0.30	)		0.35			0.05			(0.09	)		(0.09	)
Year Ended July 31, 2019	$	35.01		0.16			(7.46	)		(7.30	)		—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	4.28		0.07			(0.37	)^(e)		(0.30	)		—			—
Year Ended July 31, 2023	$	7.97		0.10			(3.79	)		(3.69	)		—			—
Year Ended July 31, 2022	$	9.00		(0.25	)		(0.78	)		(1.03	)		—			—
Year Ended July 31, 2021	$	24.48		(0.47	)		(15.01	)		(15.48	)		—			—
Year Ended July 31, 2020	$	24.69		(0.69	)		0.48			(0.21	)		—			—
Year Ended July 31, 2019	$	31.51		(0.12	)		(6.70	)		(6.82	)		—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	5.62		(15.63	)%		6.11	%		1.78	%		3.20	%	$	1,266		—
$	6.77		(33.50	)%		7.36	%		1.78	%		2.30	%	$	961		—
$	10.18		(18.75	)%		10.76	%		1.78	%		(1.54	)%	$	199		—
$	12.53		(43.63	)%		8.91	%		1.78	%		(1.77	)%	$	233		—
$	22.23		(31.26	)%		4.87	%		1.78	%		(0.64	)%	$	842		—
$	32.34		(1.28	)%		5.49	%		1.78	%		0.18	%	$	1,010		—

$	4.97		(15.79	)%		7.11	%		2.78	%		2.20	%	$	1		—
$	5.88		(34.26	)%		8.36	%		2.78	%		1.30	%	$	1		—
$	8.96		(19.71	)%		11.76	%		2.78	%		(2.54	)%	$	1		—
$	11.16		(44.23	)%		9.91	%		2.78	%		(2.77	)%	$	29		—
$	19.96		(31.87	)%		5.87	%		2.78	%		(1.64	)%	$	2		—
$	29.45		(2.26	)%		6.49	%		2.78	%		(0.82	)%	$	4		—


$	4.53		(6.61	)%		3.68	%		1.78	%		3.49	%	$	1,215		—
$	4.98		(45.75	)%		3.95	%		1.78	%		2.42	%	$	1,721		—
$	9.18		(10.61	)%		4.14	%		1.78	%		(1.48	)%	$	1,796		—
$	10.27		(62.88	)%		3.28	%		1.78	%		(1.77	)%	$	804		—
$	27.67		0.22	%		2.31	%		1.78	%		(0.87	)%	$	3,138		—
$	27.71		(20.85	)%		2.42	%		1.78	%		0.53	%	$	4,681		—

$	3.98		(7.01	)%		4.68	%		2.78	%		2.49	%	$	23		—
$	4.28		(46.30	)%		4.95	%		2.78	%		1.42	%	$	3		—
$	7.97		(11.44	)%		5.14	%		2.78	%		(2.48	)%	$	8		—
$	9.00		(63.24	)%		4.28	%		2.78	%		(2.77	)%	$	9		—
$	24.48		(0.85	)%		3.31	%		2.78	%		(1.87	)%	$	35		—
$	24.69		(21.67	)%		3.42	%		2.78	%		(0.47	)%	$	61		—

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.

See accompanying notes to the financial statements.

248 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
UltraShort Mid-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	40.62		0.79			(0.48	)^(e)		0.31			(1.78	)		(1.78	)
Year Ended July 31, 2023^(f)	$	51.24		1.13			(11.75	)		(10.62	)		—			—
Year Ended July 31, 2022^(f)	$	53.58		(0.80	)		(1.54	)		(2.34	)		—			—
Year Ended July 31, 2021^(f)	$	131.61		(1.40	)		(76.63	)		(78.03	)		—			—
Year Ended July 31, 2020^(f)	$	198.15		(2.00	)		(63.74	)		(65.74	)		(0.80	)		(0.80	)
Year Ended July 31, 2019^(f)	$	207.31		1.10			(10.26	)		(9.16	)		—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	35.10		0.60			(0.51	)^(e)		0.09			(1.22	)		(1.22	)
Year Ended July 31, 2023^(f)	$	44.77		0.70			(10.37	)		(9.67	)		—			—
Year Ended July 31, 2022^(f)	$	47.28		(1.30	)		(1.21	)		(2.51	)		—			—
Year Ended July 31, 2021^(f)	$	117.12		(2.10	)		(67.74	)		(69.84	)		—			—
Year Ended July 31, 2020^(f)	$	177.19		(3.70	)		(56.37	)		(60.07	)		—			—
Year Ended July 31, 2019^(f)	$	187.35		(0.80	)		(9.36	)		(10.16	)		—			—
UltraShort Nasdaq-100 ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	48.40		0.86			(7.33	)		(6.47	)		(2.40	)		(2.40	)
Year Ended July 31, 2023^(g)	$	78.98		1.97			(32.53	)		(30.56	)		(0.02	)		(0.02	)
Year Ended July 31, 2022^(g)	$	78.50		(0.90	)		1.38			0.48			—			—
Year Ended July 31, 2021^(g)(h)	$	179.00		(2.05	)		(98.35	)		(100.40	)		(0.10	)		(0.10	)
Year Ended July 31, 2020^(g)(h)	$	507.75		(2.80	)		(324.35	)		(327.15	)		(1.60	)		(1.60	)
Year Ended July 31, 2019^(g)(h)	$	654.46		3.20			(149.91	)		(146.71	)		—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	44.91		0.64			(6.81	)		(6.17	)		(1.84	)		(1.84	)
Year Ended July 31, 2023^(g)	$	73.94		1.23			(30.26	)		(29.03	)		—			—
Year Ended July 31, 2022^(g)	$	74.25		(1.60	)		1.29			(0.31	)		—			—
Year Ended July 31, 2021^(g)(h)	$	171.01		(3.20	)		(93.56	)		(96.76	)		—			—
Year Ended July 31, 2020^(g)(h)	$	488.16		(6.40	)		(310.75	)		(317.15	)		—			—
Year Ended July 31, 2019^(g)(h)	$	634.63		(2.40	)		(144.07	)		(146.47	)		—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	39.15		1.03	%		4.87	%		1.78	%		3.49	%	$	748		—
$	40.62		(20.66	)%		3.54	%		1.78	%		2.31	%	$	975		—
$	51.24		(4.48	)%		3.56	%		1.78	%		(1.50	)%	$	1,424		—
$	53.58		(59.27	)%		3.22	%		1.78	%		(1.77	)%	$	1,443		—
$	131.61		(33.28	)%		2.94	%		1.78	%		(1.04	)%	$	2,728		—
$	198.15		(4.39	)%		3.04	%		1.78	%		0.50	%	$	1,475		—

$	33.97		0.48	%		5.87	%		2.78	%		2.49	%	$	27		—
$	35.10		(21.63	)%		4.54	%		2.78	%		1.31	%	$	42		—
$	44.77		(5.29	)%		4.56	%		2.78	%		(2.50	)%	$	53		—
$	47.28		(59.61	)%		4.22	%		2.78	%		(2.77	)%	$	20		—
$	117.12		(33.92	)%		3.94	%		2.78	%		(2.04	)%	$	21		—
$	177.19		(5.39	)%		4.04	%		2.78	%		(0.50	)%	$	16		—


$	39.53		(13.49	)%		1.84	%		1.82	%		3.49	%	$	16,687		—
$	48.40		(38.71	)%		1.66	%		1.66	%		2.50	%	$	16,415		—
$	78.98		0.64	%		1.68	%		1.68	%		(1.09	)%	$	100,824		—
$	78.50		(55.87	)%		1.78	%		1.78	%		(1.76	)%	$	9,281		—
$	179.00		(64.81	)%		1.82	%		1.82	%		(0.84	)%	$	9,454		—
$	507.75		(22.43	)%		1.77	%		1.77	%		0.51	%	$	14,948		—

$	36.90		(13.87	)%		2.77	%		2.75	%		2.56	%	$	59		—
$	44.91		(39.26	)%		2.64	%		2.64	%		1.52	%	$	69		—
$	73.94		(0.40	)%		2.68	%		2.68	%		(2.09	)%	$	168		—
$	74.25		(56.43	)%		2.78	%		2.78	%		(2.76	)%	$	184		—
$	171.01		(65.08	)%		2.82	%		2.82	%		(1.84	)%	$	174		—
$	488.16		(23.13	)%		2.77	%		2.77	%		(0.49	)%	$	516		—

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.
(f)	As described in Note 9, share amounts have been adjusted for 1:10 reverse share split that occurred on March 6, 2023.
(g)	As described in Note 9, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.
(h)	As described in Note 9, share amounts have been adjusted for 1:8 reverse share split that occurred on December 14, 2020.

See accompanying notes to the financial statements.

Financial Highlights :: 249

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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions
UltraShort Small-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	6.50		0.13			0.13			0.26			(0.28	)		—			(0.28	)
Year Ended July 31, 2023	$	8.06		0.20			(1.76	)		(1.56	)		—			—			—
Year Ended July 31, 2022	$	7.27		(0.11	)		0.90			0.79			—			—			—
Year Ended July 31, 2021	$	20.12		(0.18	)		(12.67	)		(12.85	)		—			—			—
Year Ended July 31, 2020	$	30.78		(0.30	)		(10.28	)		(10.58	)		(0.08	)		—			(0.08	)
Year Ended July 31, 2019	$	29.84		0.16			0.78			0.94			—			—			—
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	5.86		0.10			0.12			0.22			(0.21	)		—			(0.21	)
Year Ended July 31, 2023	$	7.36		0.12			(1.62	)		(1.50	)		—			—			—
Year Ended July 31, 2022	$	6.71		(0.18	)		0.83			0.65			—			—			—
Year Ended July 31, 2021	$	18.74		(0.28	)		(11.75	)		(12.03	)		—			—			—
Year Ended July 31, 2020	$	28.86		(0.57	)		(9.55	)		(10.12	)		—			—			—
Year Ended July 31, 2019	$	28.27		(0.16	)		0.75			0.59			—			—			—
UltraSmall-Cap ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	62.24		0.27			(6.15	)^(e)		(5.88	)		(0.44	)		—			(0.44	)
Year Ended July 31, 2023	$	60.08		0.28			1.88			2.16			—			—			—
Year Ended July 31, 2022	$	89.55		(0.55	)		(28.92	)		(29.47	)		—			—			—
Year Ended July 31, 2021	$	41.81		(0.81	)		48.55			47.74			—			—			—
Year Ended July 31, 2020	$	57.95		(0.25	)		(15.89	)		(16.14	)		—			—			—
Year Ended July 31, 2019	$	68.79		0.13			(10.91	)		(10.78	)		(0.05	)		(0.01	)		(0.06	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	49.40		0.06			(4.96	)^(e)		(4.90	)		(0.10	)		—			(0.10	)
Year Ended July 31, 2023	$	48.18		(0.16	)		1.38			1.22			—			—			—
Year Ended July 31, 2022	$	72.53		(1.19	)		(23.16	)		(24.35	)		—			—			—
Year Ended July 31, 2021	$	34.20		(1.46	)		39.79			38.33			—			—			—
Year Ended July 31, 2020	$	47.88		(0.64	)		(13.04	)		(13.68	)		—			—			—
Year Ended July 31, 2019	$	57.34		(0.35	)		(9.10	)		(9.45	)		—			(0.01	)		(0.01	)

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	6.48		4.60	%		2.24	%		1.78	%		3.44	%	$	4,501		—
$	6.50		(19.35	)%		2.19	%		1.78	%		2.47	%	$	5,009		—
$	8.06		10.87	%		2.32	%		1.78	%		(1.46	)%	$	4,194		—
$	7.27		(63.87	)%		2.10	%		1.78	%		(1.77	)%	$	8,081		—
$	20.12		(34.44	)%		2.16	%		1.78	%		(1.04	)%	$	7,746		—
$	30.78		3.22	%		3.14	%		1.78	%		0.50	%	$	4,541		—

$	5.87		4.21	%		3.24	%		2.78	%		2.44	%	$	164		—
$	5.86		(20.38	)%		3.19	%		2.78	%		1.47	%	$	120		—
$	7.36		9.69	%		3.32	%		2.78	%		(2.46	)%	$	159		—
$	6.71		(64.19	)%		3.10	%		2.78	%		(2.77	)%	$	508		—
$	18.74		(35.07	)%		3.16	%		2.78	%		(2.04	)%	$	174		—
$	28.86		2.16	%		4.14	%		2.78	%		(0.50	)%	$	158		—


$	55.92		(9.52	)%		1.75	%		1.74	%		1.03	%	$	42,273		35	%
$	62.24		3.58	%		1.67	%		1.67	%		0.51	%	$	50,344		97	%
$	60.08		(32.91	)%		1.60	%		1.60	%		(0.72	)%	$	52,577		46	%
$	89.55		114.21	%		1.62	%		1.62	%		(1.04	)%	$	100,147		27	%
$	41.81		(27.85	)%		1.80	%		1.80	%		(0.52	)%	$	33,767		143	%
$	57.95		(15.64	)%		1.60	%		1.60	%		0.23	%	$	62,102		77	%

$	44.40		(9.98	)%		2.75	%		2.74	%		0.03	%	$	339		35	%
$	49.40		2.53	%		2.67	%		2.67	%		(0.49	)%	$	183		97	%
$	48.18		(33.56	)%		2.60	%		2.60	%		(1.72	)%	$	235		46	%
$	72.53		112.08	%		2.62	%		2.62	%		(2.04	)%	$	994		27	%
$	34.20		(28.57	)%		2.80	%		2.80	%		(1.52	)%	$	263		143	%
$	47.88		(16.47	)%		2.60	%		2.60	%		(0.77	)%	$	460		77	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	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.

See accompanying notes to the financial statements.

250 :: 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
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)^(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
U.S. Government Plus ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	39.69		0.66			(2.34	)		(1.68	)		(0.67	)		(0.67	)
Year Ended July 31, 2023	$	50.72		0.96			(11.24	)		(10.28	)		(0.75	)		(0.75	)
Year Ended July 31, 2022	$	69.24		(0.77	)		(17.75	)		(18.52	)		—			—
Year Ended July 31, 2021	$	85.98		(0.83	)		(15.91	)		(16.74	)		—			—
Year Ended July 31, 2020	$	60.08		0.06			26.01			26.07			(0.17	)		(0.17	)
Year Ended July 31, 2019	$	52.14		0.61			7.94			8.55			(0.61	)		(0.61	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	35.59		0.49			(2.16	)		(1.67	)		(0.44	)		(0.44	)
Year Ended July 31, 2023	$	45.48		0.58			(10.20	)		(9.62	)		(0.27	)		(0.27	)
Year Ended July 31, 2022	$	62.71		(1.36	)		(15.87	)		(17.23	)		—			—
Year Ended July 31, 2021	$	78.67		(1.50	)		(14.46	)		(15.96	)		—			—
Year Ended July 31, 2020	$	55.37		(0.62	)		23.92			23.30			—	^(g)		—	^(g)
Year Ended July 31, 2019	$	48.09		0.12			7.24			7.36			(0.08	)		(0.08	)
Utilities UltraSector ProFund
Investor Class
Six Months Ended January 31, 2024 (unaudited)	$	59.61		0.54			(8.07	)		(7.53	)		(0.93	)		(0.93	)
Year Ended July 31, 2023	$	70.17		0.81			(10.74	)		(9.93	)		(0.63	)		(0.63	)
Year Ended July 31, 2022	$	58.73		0.28			11.29			11.57			(0.13	)		(0.13	)
Year Ended July 31, 2021	$	51.44		0.09			7.52			7.61			(0.32	)⁽ⁱ⁾		(0.32	)
Year Ended July 31, 2020	$	54.09		0.55			(2.16	)		(1.61	)		(1.04	)		(1.04	)
Year Ended July 31, 2019	$	45.64		0.71			8.04			8.75			(0.30	)		(0.30	)
Service Class
Six Months Ended January 31, 2024 (unaudited)	$	54.87		0.30			(7.51	)		(7.21	)		(0.09	)		(0.09	)
Year Ended July 31, 2023	$	64.64		0.23			(10.00	)		(9.77	)		—			—
Year Ended July 31, 2022	$	54.53		(0.32	)		10.43			10.11			—			—
Year Ended July 31, 2021	$	47.93		(0.39	)		6.99			6.60			—			—
Year Ended July 31, 2020	$	50.80		0.06			(2.01	)		(1.95	)		(0.92	)		(0.92	)
Year Ended July 31, 2019	$	42.98		0.26			7.56			7.82			—			—

					Ratios to Average Net Assets									Supplemental Data
Net Asset Value, End of Period		Total Return^(b)			Gross Expenses^(c)			Net Expenses^(c)			Net Investment Income (Loss)^(c)			Net Assets, End of Period (000’s)		Portfolio Turnover Rate^(b)(d)


$	37.34		(4.08	)%		1.72	%		1.72	%		3.69	%	$	3,165		—
$	39.69		(20.28	)%		1.78	%		1.78	%^(e)		2.27	%	$	8,475		—
$	50.72		(26.76	)%		1.41	%		1.41	%		(1.24	)%	$	8,264		—	^(f)
$	69.24		(19.47	)%		1.51	%		1.51	%		(1.17	)%	$	24,182		99	%
$	85.98		43.48	%		1.40	%		1.40	%		0.09	%	$	21,927		392	%
$	60.08		16.53	%		1.34	%		1.34	%		1.14	%	$	23,791		503	%

$	33.48		(4.62	)%		2.72	%		2.72	%		2.69	%	$	109		—
$	35.59		(21.13	)%		2.78	%		2.78	%^(e)		1.27	%	$	122		—
$	45.48		(27.49	)%		2.41	%		2.41	%		(2.24	)%	$	587		—	^(f)
$	62.71		(20.29	)%		2.51	%		2.51	%		(2.17	)%	$	1,839		99	%
$	78.67		42.11	%		2.40	%		2.40	%		(0.91	)%	$	2,385		392	%
$	55.37		15.31	%		2.34	%		2.34	%		0.14	%	$	2,605		503	%


$	51.15		(12.71	)%		1.95	%		1.90	%		2.05	%	$	6,297		46	%
$	59.61		(14.25	)%		1.86	%		1.86	%		1.29	%	$	6,553		53	%
$	70.17		19.73	%^(h)		1.73	%		1.73	%		0.44	%	$	12,518		113	%
$	58.73		14.85	%		2.06	%		2.02	%^(e)		0.17	%	$	8,418		95	%
$	51.44		(3.25	)%		1.73	%		1.73	%		0.95	%	$	8,717		368	%
$	54.09		19.30	%		1.72	%		1.72	%		1.41	%	$	31,558		406	%

$	47.57		(13.14	)%		2.95	%		2.90	%		1.05	%	$	454		46	%
$	54.87		(15.11	)%		2.86	%		2.86	%		0.29	%	$	289		53	%
$	64.64		18.54	%^(h)		2.73	%		2.73	%		(0.56	)%	$	1,069		113	%
$	54.53		13.77	%		3.01	%		2.97	%^(e)		(0.78	)%	$	368		95	%
$	47.93		(4.09	)%		2.65	%		2.65	%		0.03	%	$	348		368	%
$	50.80		18.19	%		2.67	%		2.67	%		0.46	%	$	1,265		406	%

(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. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.
(e)	The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended November 30th of each year, instead of coinciding with the July 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)	The portfolio turnover rate significantly decreased due to there being no sales or purchases of U.S. Treasury Obligations during the year.
(g)	Amount is less than $0.005.
(h)	During the year ended July 31, 2022, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.16%.
(i)	Subsequent to the issuance of the July 31, 2021 financial statements, $0.10 of the distribution was determined to be a return of capital.

See accompanying notes to the financial statements.

Notes to Financial Statements

252 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

1. Organization

These accompanying financial statements relate to the following portfolios of the Trust included in this report (collectively, the “ProFunds” and individually, a “ProFund”):

Classic ProFunds:

Bull ProFund		Mid-Cap Value ProFund
Europe 30 ProFund		Nasdaq-100 ProFund
Large-Cap Growth ProFund		Small-Cap Growth ProFund
Large-Cap Value ProFund		Small-Cap ProFund
Mid-Cap Growth ProFund		Small-Cap Value ProFund
Mid-Cap ProFund

Ultra ProFunds:

UltraBull ProFund		UltraJapan ProFund
UltraChina ProFund		UltraLatin America ProFund
UltraDow 30 ProFund		UltraMid-Cap ProFund
UltraEmerging Markets ProFund		UltraNasdaq-100 ProFund
UltraInternational ProFund		UltraSmall-Cap ProFund

Inverse ProFunds:

Bear ProFund		UltraShort International ProFund
Short Nasdaq-100 ProFund		UltraShort Japan ProFund
Short Small-Cap ProFund		UltraShort Latin America ProFund
UltraBear ProFund		UltraShort Mid-Cap ProFund
UltraShort China ProFund		UltraShort Nasdaq-100 ProFund
UltraShort Dow 30 ProFund		UltraShort Small-Cap ProFund
UltraShort Emerging Markets ProFund

UltraSector ProFunds:

Banks UltraSector ProFund		Internet UltraSector ProFund
Biotechnology UltraSector ProFund		Materials UltraSector ProFund
Communication Services UltraSector ProFund		Oil & Gas Equipment & Services UltraSector ProFund
Consumer Discretionary UltraSector ProFund		Pharmaceuticals UltraSector ProFund
Consumer Staples UltraSector ProFund		Precious Metals UltraSector ProFund
Energy UltraSector ProFund		Real Estate UltraSector ProFund
Financials UltraSector ProFund		Semiconductor UltraSector ProFund
Health Care UltraSector ProFund		Technology UltraSector ProFund
Industrials UltraSector ProFund		Utilities UltraSector ProFund

Inverse Sector ProFunds:

Short Energy ProFund		Short Real Estate ProFund
Short Precious Metals ProFund

Non-Equity ProFunds:

Access Flex Bear High Yield ProFund		Rising Rates Opportunity 10 ProFund
Access Flex High Yield ProFund		Rising U.S. Dollar ProFund
Falling U.S. Dollar ProFund		U.S. Government Plus ProFund
Rising Rates Opportunity ProFund

Each ProFund, other than Europe 30 ProFund, Large-Cap Growth ProFund, Large-Cap Value ProFund, Mid-Cap Growth ProFund, Mid-Cap Value ProFund, Small-Cap Growth ProFund, and Small-Cap Value ProFund is classified as non-diversified under the 1940 Act. Each ProFund has two classes of shares outstanding: an Investor Class and a Service Class. The Large-Cap Growth ProFund may operate as “non-diversified”, as defined under the 1940 Act, to the extent necessary to approximate the composition of its index.

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.

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 253

2. Significant Accounting Policies

Investment Valuation

Cash

Repurchase Agreements

Each ProFund 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 as short-term investments for cash positions. Under a repurchase agreement, a ProFund 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 typically 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.

Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.

As of January 31, 2024, the ProFunds 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	Credit Agricole, 5.19%, dated 1/31/24, due 2/1/24⁽¹⁾		HSBC Securities (USA), Inc., 5.15%, dated 1/31/24, due 2/1/24⁽²⁾		Natwest Markets, PLC, 5.18%, dated 1/31/24, due 2/1/24⁽³⁾		RBC Capital Markets, LLC, 5.17%, dated 1/31/24, due 2/1/24⁽⁴⁾		Societe Generale, 5.18%, dated 1/31/24, due 2/1/24⁽⁵⁾		UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24⁽⁶⁾
Access Flex Bear High Yield ProFund	$	207,000	$	249,000	$	173,000	$	173,000	$	415,000	$	134,000
Access Flex High Yield ProFund		978,000		1,174,000		815,000		815,000		1,957,000		623,000
Banks UltraSector ProFund		360,000		434,000		300,000		300,000		723,000		239,000
Bear ProFund		1,092,000		1,312,000		910,000		910,000		2,187,000		702,000
Biotechnology UltraSector ProFund		4,294,000		5,153,000		3,578,000		3,578,000		8,589,000		2,723,000

254 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

Fund Name	Credit Agricole, 5.19%, dated 1/31/24, due 2/1/24⁽¹⁾		HSBC Securities (USA), Inc., 5.15%, dated 1/31/24, due 2/1/24⁽²⁾		Natwest Markets, PLC, 5.18%, dated 1/31/24, due 2/1/24⁽³⁾		RBC Capital Markets, LLC, 5.17%, dated 1/31/24, due 2/1/24⁽⁴⁾		Societe Generale, 5.18%, dated 1/31/24, due 2/1/24⁽⁵⁾		UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24⁽⁶⁾
Bull ProFund	$	2,339,000	$	2,806,000	$	1,948,000	$	1,948,000	$	4,679,000	$	1,489,000
Communication Services UltraSector ProFund		248,000		298,000		207,000		207,000		497,000		166,000
Consumer Discretionary UltraSector ProFund		1,297,000		1,557,000		1,081,000		1,081,000		2,596,000		830,000
Consumer Staples UltraSector ProFund		155,000		186,000		129,000		129,000		311,000		105,000
Energy UltraSector ProFund		1,022,000		1,226,000		851,000		851,000		2,044,000		652,000
Europe 30 ProFund		1,000		1,000		1,000		1,000		2,000		3,000
Falling U.S. Dollar ProFund		197,000		236,000		163,000		163,000		395,000		132,000
Financials UltraSector ProFund		275,000		330,000		228,000		228,000		551,000		182,000
Health Care UltraSector ProFund		580,000		696,000		483,000		483,000		1,161,000		374,000
Industrials UltraSector ProFund		284,000		341,000		236,000		236,000		571,000		189,000
Internet UltraSector ProFund		3,690,000		4,428,000		3,075,000		3,075,000		7,382,000		2,343,000
Large-Cap Growth ProFund		13,000		16,000		11,000		11,000		26,000		10,000
Materials UltraSector ProFund		130,000		158,000		108,000		108,000		263,000		92,000
Mid-Cap Growth ProFund		—		—		—		—		—		1,000
Mid-Cap ProFund		465,000		559,000		388,000		388,000		932,000		302,000
Mid-Cap Value ProFund		—		—		—		—		—		1,000
Nasdaq-100 ProFund		11,222,000		13,466,000		9,351,000		9,351,000		22,444,000		7,108,000
Oil & Gas Equipment & Services UltraSector ProFund		843,000		1,014,000		702,000		702,000		1,688,000		545,000
Pharmaceuticals UltraSector ProFund		132,000		160,000		111,000		111,000		267,000		92,000
Precious Metals UltraSector ProFund		990,000		1,189,000		826,000		826,000		1,983,000		636,000
Real Estate UltraSector ProFund		166,000		200,000		138,000		138,000		334,000		114,000
Rising Rates Opportunity ProFund		2,037,000		2,445,000		1,697,000		1,697,000		4,075,000		1,295,000
Rising Rates Opportunity 10 ProFund		179,000		215,000		148,000		148,000		359,000		122,000
Rising U.S. Dollar ProFund		1,483,000		1,779,000		1,236,000		1,236,000		2,966,000		941,000
Semiconductor UltraSector ProFund		9,856,000		11,828,000		8,213,000		8,213,000		19,713,000		6,242,000
Short Energy ProFund		110,000		131,000		91,000		91,000		220,000		78,000
Short Nasdaq-100 ProFund		401,000		481,000		334,000		334,000		804,000		263,000
Short Precious Metals ProFund		745,000		895,000		621,000		621,000		1,492,000		478,000
Short Real Estate ProFund		294,000		352,000		244,000		244,000		589,000		193,000
Short Small-Cap ProFund		168,000		201,000		139,000		139,000		337,000		114,000
Small-Cap ProFund		184,000		221,000		153,000		153,000		369,000		123,000
Technology UltraSector ProFund		2,531,000		3,038,000		2,110,000		2,110,000		5,065,000		1,613,000
UltraBear ProFund		1,038,000		1,247,000		866,000		866,000		2,078,000		663,000
UltraBull ProFund		6,572,000		7,887,000		5,476,000		5,476,000		13,146,000		4,167,000
UltraChina ProFund		735,000		881,000		612,000		612,000		1,471,000		475,000
UltraDow 30 ProFund		1,380,000		1,656,000		1,150,000		1,150,000		2,761,000		882,000
UltraEmerging Markets ProFund		145,000		174,000		120,000		120,000		291,000		101,000
UltraInternational ProFund		562,000		675,000		468,000		468,000		1,126,000		365,000
UltraJapan ProFund		3,303,000		3,964,000		2,752,000		2,752,000		6,606,000		2,093,000
UltraLatin America ProFund		188,000		227,000		157,000		157,000		379,000		129,000
UltraMid-Cap ProFund		2,186,000		2,624,000		1,822,000		1,822,000		4,374,000		1,393,000
UltraNasdaq-100 ProFund		36,488,000		43,787,000		30,406,000		30,406,000		72,978,000		23,092,000
UltraShort China ProFund		242,000		292,000		202,000		202,000		486,000		162,000
UltraShort Dow 30 ProFund		344,000		413,000		286,000		286,000		690,000		226,000
UltraShort Emerging Markets ProFund		64,000		77,000		53,000		53,000		129,000		48,000
UltraShort International ProFund		292,000		350,000		244,000		244,000		586,000		193,000
UltraShort Japan ProFund		122,000		147,000		102,000		102,000		245,000		80,000
UltraShort Latin America ProFund		181,000		218,000		151,000		151,000		365,000		124,000

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 255

Fund Name	Credit Agricole, 5.19%, dated 1/31/24, due 2/1/24⁽¹⁾		HSBC Securities (USA), Inc., 5.15%, dated 1/31/24, due 2/1/24⁽²⁾		Natwest Markets, PLC, 5.18%, dated 1/31/24, due 2/1/24⁽³⁾		RBC Capital Markets, LLC, 5.17%, dated 1/31/24, due 2/1/24⁽⁴⁾		Societe Generale, 5.18%, dated 1/31/24, due 2/1/24⁽⁵⁾		UMB Bank, N.A., 5.10%, dated 1/31/24, due 2/1/24⁽⁶⁾
UltraShort Mid-Cap ProFund	$	105,000	$	126,000	$	88,000	$	88,000	$	211,000	$	72,000
UltraShort Nasdaq-100 ProFund		2,385,000		2,863,000		1,987,000		1,987,000		4,772,000		1,519,000
UltraShort Small-Cap ProFund		458,000		549,000		382,000		382,000		917,000		296,000
UltraSmall-Cap ProFund		1,892,000		2,272,000		1,577,000		1,577,000		3,786,000		1,207,000
U.S. Government Plus ProFund		2,340,000		2,809,000		1,950,000		1,950,000		4,682,000		1,490,000
Utilities UltraSector ProFund		253,000		304,000		210,000		210,000		507,000		171,000
	$	110,243,000	$	132,317,000	$	91,860,000	$	91,860,000	$	220,572,000	$	70,197,000

Each repurchase agreement was fully collateralized by U.S. government securities as of January 31, 2024 as follows:

	⁽¹⁾	U.S. Treasury Inflation-Protected Securities (TIPS), 0.25%, due 2/15/2050, total value $112,509,282.
	⁽²⁾	U.S. Treasury Bonds, 1.875% to 2.25%, due 2/15/2041 to 8/15/2049, which had an aggregate value of $134,969,134.
	⁽³⁾	U.S. Treasury Notes, 4.625%, due 11/15/2026, total value $93,705,217.
	⁽⁴⁾	U.S. Treasury Floating Rate Notes, coupon rate in effect at January 31, 2024, 5.337%, due 7/31/2024, total value $93,705,169.
	⁽⁵⁾	U.S. Treasury Inflation-Protected Securities (TIPS), 0.25%, due 2/15/2050, U.S. Treasury Notes, 0.50% to 3.875%, due 2/28/2026 to 1/31/2030, U.S. Treasury Bonds, 1.875%, due 2/15/2041, U.S. Treasury Floating Rate Notes, coupon rate in effect at January 31, 2024, 5.337%, due 7/31/2024, which had an aggregate value of $224,993,355.
	⁽⁶⁾	U.S. Treasury Bills, effective yield or interest rate in effect at January 31, 2024, 5.26%, due 2/20/2024, total value $71,608,353.

Investments in Other Investment Companies

Each ProFund may invest in other investment companies, including exchange-traded funds (“ETFs”) and unit investment trusts (“UITs”), to the extent that such an investment would be consistent with the requirements of the 1940 Act. If the ProFund invests in, and thus, is a shareholder of, another investment company, the ProFund’s shareholders will indirectly bear the ProFund’s proportionate share of the fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the ProFund to the ProFund’s own investment adviser and the other expenses that the ProFund bears directly in connection with the ProFund’s own operations. Because most ETFs are investment companies, the ProFund’s investments in such investment companies generally would be limited under applicable federal statutory provisions. Those provisions typically restrict the ProFund’s investment in the shares of another investment company to up to 5% of its assets (which may represent no more than 3% of the securities of such other investment company) and limit aggregate investments in all investment companies to 10% of assets. The ProFund may invest in certain ETFs in excess of the statutory limit in reliance on Rule 12d1-4. Rule 12d1-4 outlines the requirements of fund of funds agreements and specifies the responsibilities of the board related to “funds of funds” arrangements.

Depositary Receipts

Each ProFund may invest in American Depositary Receipts (“ADRs”), New York Shares (“NYSs”) and Global Depositary Receipts (“GDRs”). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter (“OTC”), are issued by domestic banks. NYSs (or “direct shares”) are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.

Real Estate Investment Trusts

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’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 may obtain investment exposure through derivative instruments such as futures contracts, forward currency contracts and swap agreements that a ProFund 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 January 31, 2024 were utilized to gain exposure or inverse exposure to each ProFund’s benchmark (e.g., index, etc.) to meet its investment objective.

256 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

The Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund maintain exposure to the high yield market (i.e., U.S. corporate high yield debt market), regardless of market conditions. This means these ProFunds do not adopt defensive positions in cash or other instruments in anticipation of an adverse market climate. The Access Flex Bear High Yield ProFund 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 inverse of the high yield market. The Access Flex High Yield ProFund 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 January 31, 2024, the ProFunds 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 ProFunds’ investment objective.

Each ProFund, other than the Classic ProFunds and the Falling U.S. Dollar ProFund, 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’s Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund 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’s investment objective.

Certain ProFunds utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended January 31, 2024. With the exception of the ProFunds listed below, the notional amount of open derivative positions relative to each ProFund’s net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period. The volume associated with futures contracts in the U.S. Government Plus ProFund was 41%, based on average monthly notional amounts in comparison to net assets during the period ended January 31, 2024. The volume associated with swap agreements in the Biotechnology UltraSector ProFund, Industrials UltraSector ProFund, Semiconductor UltraSector ProFund, UltraMid-Cap ProFund, and U.S. Government Plus ProFund was 91%, 73%, 79%, 117%, and 152%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended January 31, 2024.

In connection with its management of certain series of the Trust included in this report (UltraBear ProFund, UltraJapan ProFund, UltraShort Dow 30 ProFund, UltraShort Japan ProFund, UltraShort Mid-Cap ProFund, UltraShort Nasdaq-100 ProFund and UltraShort Small-Cap ProFund (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, including certain risks related to each instrument type.

Futures Contracts

Whether a ProFund 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’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 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 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 upon termination of the futures contract, assuming all contractual

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 257

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 may elect to close its position by taking an opposite position, which will operate to terminate the ProFund’s existing position in the contract.

Forward Currency Contracts

The Falling U.S. Dollar and Rising U.S. Dollar ProFunds 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, these ProFunds may have to limit its currency transactions to qualify as a RIC under the Internal Revenue Code. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds do 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 Falling U.S. Dollar and Rising U.S. Dollar ProFunds 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 one of these ProFunds engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If the Falling U.S. Dollar and Rising U.S. Dollar ProFunds engage 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 Falling U.S. Dollar and Rising U.S. Dollar ProFunds enter 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 will realize a gain to the extent that the price of ProFund currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund 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 Falling U.S. Dollar and Rising U.S. Dollar ProFunds collateralize 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. Similarly, the Falling U.S. Dollar and Rising U.S. Dollar ProFunds have sought to mitigate credit risk by generally requiring that the counterparties to the ProFund post collateral for the benefit of the ProFund in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund, subject to certain minimum thresholds. In the event of a default by the counterparty, each ProFund 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 Falling U.S. Dollar and Rising U.S. Dollar ProFunds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFunds may obtain only limited recovery or may obtain no recovery in such circumstances. The Falling U.S. Dollar and Rising U.S. Dollar ProFunds 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 January 31, 2024, there was no collateral posted by counterparties.

Credit Default Swap (“CDS”) Agreements

As of January 31, 2024, the Access Flex Bear High Yield ProFund invested in centrally cleared credit default swaps as a substitute for shorting notes in order to gain inverse credit exposure to the high yield market. As of January 31, 2024, the Access Flex High Yield ProFund invested in centrally cleared credit default swaps as a substitute for investing directly in notes in order to gain credit exposure to the high yield market.

258 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

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 a ProFund.

If a ProFund is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund 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 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 would keep the stream of payments and would have no payment obligations. As the seller, the ProFund would be subject to investment exposure on the notional amount of the swap.

If a ProFund is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund 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 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.

The ProFunds enter 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, a ProFund may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 6% to 10% 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 a ProFund 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 ProFund 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 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 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 on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund 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 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 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 will agree to pay to the counterparty commissions or trading spreads on the notional amount.

Most swap agreements entered into by a ProFund calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, a ProFund’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

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 259

each party to the agreement (the “net amount”). When investing in index swap agreements, the ProFunds may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.

A ProFund’s current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund) 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 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 has valued the asset may be considered to be illiquid for purposes of a ProFund illiquid investment limitations.

A ProFund 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 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’s rights as a creditor. A ProFund will only enter into swap agreements with counterparties that meet the ProFund’s standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund’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 is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund’s risk of loss consists of the net amount of payments that such ProFund is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund’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’s custodian.

In the normal course of business, a ProFund 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’s ISDA agreements contain provisions that require the ProFund to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund’s NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund 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 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. The ProFunds seek to mitigate risks by generally requiring that the counterparties for each ProFund agree to post collateral for the benefit of the ProFund, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund, subject to certain minimum thresholds, although the ProFunds may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of January 31, 2024, 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’s transactions in swap agreements.

Offsetting Assets and Liabilities

The ProFunds 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 and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.

As described above, the ProFunds 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.

260 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund’s Statement of Assets and Liabilities, categorized by risk exposure, as of January 31, 2024.

	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:
Access Flex Bear High Yield ProFund	$	—	$	—	$	—	$	—	$	75,767	$	—
Access Flex High Yield ProFund		—		713,280		—		—		—		—
Equity Risk Exposure:
Banks UltraSector ProFund		—		—		—		—		161,803		—
Bear ProFund		—		109,519		—		24,529		—		—
Biotechnology UltraSector ProFund		—		—		—		—		1,865,892		—
Bull ProFund		85,806		—		—		—		232,412		—
Communication Services UltraSector ProFund		—		6,130		—		—		1,249		—
Consumer Discretionary UltraSector ProFund		—		—		—		—		407,288		—
Consumer Staples UltraSector ProFund		—		10,244		—		—		—		—
Energy UltraSector ProFund		—		673,421		—		—		—		—
Financials UltraSector ProFund		—		270,470		—		—		—		—
Health Care UltraSector ProFund		—		13,971		—		—		—		—
Industrials UltraSector ProFund		—		59,200		—		—		—		—
Internet UltraSector ProFund		—		—		—		—		843,662		—
Materials UltraSector ProFund		—		—		—		—		25,894		—
Mid-Cap ProFund		—		—		—		—		62,374		—
Nasdaq-100 ProFund		248,694		—		—		—		1,815,978		—
Oil & Gas Equipment & Services UltraSector ProFund		—		3,306		—		—		20,923		—
Pharmaceuticals UltraSector ProFund		—		—		—		—		12,643		—
Precious Metals UltraSector ProFund		—		—		—		—		241,692		—
Real Estate UltraSector ProFund		—		—		—		—		50,591		—
Rising Rates Opportunity 10 ProFund		—		—		—		—		10,544		—
Semiconductor UltraSector ProFund		—		—		—		—		3,083,832		—
Short Energy ProFund		—		—		—		—		22,943		—
Short Nasdaq-100 ProFund		—		58,175		—		22,610		—		—
Short Precious Metals ProFund		—		43,170		—		—		—		—
Short Real Estate ProFund		—		27,269		—		—		—		—
Short Small-Cap ProFund		—		38,796		—		—		—		—
Small-Cap ProFund		7,621		—		—		—		55,843		—
Technology UltraSector ProFund		—		—		—		—		1,038,487		—
UltraBear ProFund		—		217,115		—		36,794		—		—
UltraBull ProFund		410,464		—		—		—		2,673,226		—
UltraChina ProFund		—		—		—		—		637,163		—
UltraDow 30 ProFund		147,609		—		—		—		204,966		—
UltraEmerging Markets ProFund		—		—		—		—		119,055		—
UltraInternational ProFund		—		—		—		—		49,184		—
UltraJapan ProFund		2,622,205		—		—		—		1,404		—
UltraLatin America ProFund		—		—		—		—		94,914		—
UltraMid-Cap ProFund		102,099		—		—		—		1,118,431		—
UltraNasdaq-100 ProFund		1,762,344		—		—		—		28,290,248		—
UltraShort China ProFund		—		94,236		—		—		—		—
UltraShort Dow 30 ProFund		—		24,091		—		—		—		—
UltraShort Emerging Markets ProFund		—		14,485		—		—		—		—
UltraShort International ProFund		—		26,010		—		—		—		—
UltraShort Japan ProFund		—		5,773		—		10,132		—		—
UltraShort Latin America ProFund		—		20,328		—		—		—		—
UltraShort Mid-Cap ProFund		—		29,333		—		—		—		—
UltraShort Nasdaq-100 ProFund		—		785,487		—		90,439		—		—
UltraShort Small-Cap ProFund		—		185,485		—		14,949		—		—
UltraSmall-Cap ProFund		—		—		—		60,997		1,782,178		—
Utilities UltraSector ProFund		—		43,075		—		—		—		—

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 261

	Assets						Liabilities
Fund	Variation Margin on Futures Contracts*		Unrealized Appreciation on Swap Agreements		Unrealized Appreciation on Forward Currency Contracts		Variation Margin on Futures Contracts*		Unrealized Depreciation on Swap Agreements		Unrealized Depreciation on Forward Currency Contracts
Foreign Exchange Rate Risk Exposure:
Falling U.S. Dollar ProFund	$	—	$	—	$	3,796	$	—	$	—	$	4,938
Rising U.S. Dollar ProFund		—		—		38,719		—		—		32,108
Interest Rate Risk Exposure:
Access Flex Bear High Yield ProFund		—		—		—		26,664		—		—
Access Flex High Yield ProFund		27,352		—		—		—		—		—
Rising Rates Opportunity ProFund		—		—		—		—		311,849		—
Rising Rates Opportunity 10 ProFund		—		—		—		—		10,544		—
U.S. Government Plus ProFund		—		28,842		—		—		67,628		—

The following table presents the effect of derivative instruments on the ProFund’s Statement of Operations, categorized by risk exposure, for the period ended January 31, 2024.

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations								Change in Net Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses)			Net Realized Gains (Losses)			Net Realized Gains (Losses) on Forward		Change in Net Unrealized Appreciation/ Depreciation			Change in Net Unrealized Appreciation/ Depreciation			Change in Net Unrealized Appreciation/ Depreciation on Forward
Fund	on Futures Contracts			on Swap Agreements			Currency Contracts		on Futures Contracts			on Swap Agreements			Currency Contracts
Credit Risk Exposure:
Access Flex Bear High Yield ProFund	$	—		$	(84,684	)	$	—	$	—		$	1,500		$	—
Access Flex High Yield ProFund		—			309,778			—		—			(73,420	)		—
Equity Risk Exposure:
Banks UltraSector ProFund		—			578,607			—		—			(343,855	)		—
Bear ProFund		(19,322	)		(1,121,046	)		—		3,620			178,189			—
Biotechnology UltraSector ProFund		—			11,047,080			—		—			(2,597,619	)		—
Bull ProFund		67,476			1,765,232			—		(12,670	)		(381,240	)		—
Communication Services UltraSector ProFund		—			424,899			—		—			(213,026	)		—
Consumer Discretionary UltraSector ProFund		—			(1,016,685	)		—		—			(745,979	)		—
Consumer Staples UltraSector ProFund		—			(167,062	)		—		—			17,275			—
Energy UltraSector ProFund		—			(2,585,208	)		—		—			225,460			—
Financials UltraSector ProFund		—			585,494			—		—			304,247			—
Health Care UltraSector ProFund		—			3,120			—		—			190,282			—
Industrials UltraSector ProFund		—			169,944			—		—			27,836			—
Internet UltraSector ProFund		—			6,516,998			—		—			(2,829,497	)		—
Materials UltraSector ProFund		—			(147,763	)		—		—			(160,876	)		—
Mid-Cap ProFund		—			(5,645	)		—		—			(78,216	)		—
Nasdaq-100 ProFund		482,925			5,828,997			—		112,348			(3,213,461	)		—
Oil & Gas Equipment & Services UltraSector ProFund		—			(2,393,833	)		—		—			(401,000	)		—
Pharmaceuticals UltraSector ProFund		—			(73,111	)		—		—			(109,706	)		—
Precious Metals UltraSector ProFund		—			(2,349,910	)		—		—			(205,222	)		—
Real Estate UltraSector ProFund		—			(131,813	)		—		—			61,431			—
Semiconductor UltraSector ProFund		—			25,146,906			—		—			(7,412,329	)		—
Short Energy ProFund		—			22,224			—		—			(2,664	)		—
Short Nasdaq-100 ProFund		(19,409	)		(2,299,780	)		—		(346	)		137,045			—
Short Precious Metals ProFund		—			510,896			—		—			303,343			—
Short Real Estate ProFund		—			(104,599	)		—		—			(9,292	)		—
Short Small-Cap ProFund		—			2,157,122			—		—			82,209			—
Small-Cap ProFund		(10,934	)		378,837			—		1,255			(71,196	)		—
Technology UltraSector ProFund		—			5,898,617			—		—			(1,614,898	)		—
UltraBear ProFund		(28,982	)		(738,984	)		—		5,430			434,308			—
UltraBull ProFund		322,492			9,778,326			—		(45,189	)		(4,137,302	)		—
UltraChina ProFund		—			(6,045,197	)		—		—			(921,782	)		—

262 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations									Change in Net Unrealized Appreciation/(Depreciation) on Derivatives Recognized as a Result from Operations
	Net Realized Gains (Losses)			Net Realized Gains (Losses)			Net Realized Gains (Losses) on Forward			Change in Net Unrealized Appreciation/ Depreciation			Change in Net Unrealized Appreciation/ Depreciation			Change in Net Unrealized Appreciation/ Depreciation on Forward
Fund	on Futures Contracts			on Swap Agreements			Currency Contracts			on Futures Contracts			on Swap Agreements			Currency Contracts
UltraDow 30 ProFund	$	156,361		$	2,620,671		$	—		$	38,092		$	(468,026	)	$	—
UltraEmerging Markets ProFund		—			(217,850	)		—			—			(377,637	)		—
UltraInternational ProFund		—			(142,062	)		—			—			(110,610	)		—
UltraJapan ProFund		1,633,875			30,431			—			1,028,815			(12,979	)		—
UltraLatin America ProFund		—			398,889			—			—			(342,209	)		—
UltraMid-Cap ProFund		100,082			613,731			—			(203,200	)		(1,660,591	)		—
UltraNasdaq-100 ProFund		1,185,929			112,422,465			—			(458,013	)		(46,161,875	)		—
UltraShort China ProFund		—			563,482			—			—			578,370			—
UltraShort Dow 30 ProFund		—			(293,093	)		—			—			70,683			—
UltraShort Emerging Markets ProFund		—			(87,209	)		—			—			50,776			—
UltraShort International ProFund		—			9,286			—			—			61,390			—
UltraShort Japan ProFund		(101,647	)		(31,427	)		—			(19,110	)		19,112			—
UltraShort Latin America ProFund		—			84,854			—			—			92,443			—
UltraShort Mid-Cap ProFund		(9,454	)		(56,162	)		—			18,792			51,766			—
UltraShort Nasdaq-100 ProFund		(77,636	)		(7,045,387	)		—			(1,382	)		1,393,773			—
UltraShort Small-Cap ProFund		(32,136	)		(233,822	)		—			17,296			449,061			—
UltraSmall-Cap ProFund		(57,592	)		4,502,162			—			(95,145	)		(3,276,829	)		—
Utilities UltraSector ProFund		—			(665,215	)		—			—			150,458			—
Foreign Exchange Rate Risk Exposure:
Falling U.S. Dollar ProFund		—			—			(44,221	)		—			—			16,735
Rising U.S. Dollar ProFund		—			—			277,353			—			—			(73,677	)
Interest Rate Risk Exposure:
Access Flex Bear High Yield ProFund		41,696			—			—			(54,992	)		—			—
Access Flex High Yield ProFund		(54,514	)		—			—			44,136			—			—
Rising Rates Opportunity ProFund		—			(490,101	)		—			—			(513,169	)		—
Rising Rates Opportunity 10 ProFund		—			46,913			—			—			(37,847	)		—
U.S. Government Plus ProFund		112,482			(979,360	)		—			—			175,658			—

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.

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds for swap agreements (other than centrally cleared CDS) and forward currency contracts as of January 31, 2024. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the un-collateralized portions of these amounts at period end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**		Cash Collateral (Received) Pledged**			Net Amount
Banks UltraSector ProFund
Swap Agreements — Goldman Sachs International	$	(81,757	)	$	81,757	$	—		$	—
Swap Agreements — UBS AG		(80,046	)		80,046		—			—
Bear ProFund
Swap Agreements — Goldman Sachs International		36,525			—		(2,313	)		34,212
Swap Agreements — UBS AG		72,994			—		—			72,994
Biotechnology UltraSector ProFund
Swap Agreements — Goldman Sachs International		(921,867	)		921,867		—			—
Swap Agreements — UBS AG		(944,025	)		944,025		—			—

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 263

	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
Bull ProFund
Swap Agreements — Goldman Sachs International	$	(222,079	)	$	222,079		$	—	$	—
Swap Agreements — UBS AG		(10,333	)		10,333			—		—
Communication Services UltraSector ProFund
Swap Agreements — Goldman Sachs International		6,130			(6,130	)		—		—
Swap Agreements — UBS AG		(1,249	)		1,249			—		—
Consumer Discretionary UltraSector ProFund
Swap Agreements — Goldman Sachs International		(269,879	)		269,879			—		—
Swap Agreements — UBS AG		(137,409	)		137,409			—		—
Consumer Staples UltraSector ProFund
Swap Agreements — Goldman Sachs International		6,171			—			—		6,171
Swap Agreements — UBS AG		4,073			—			—		4,073
Energy UltraSector ProFund
Swap Agreements — Goldman Sachs International		381,869			(381,869	)		—		—
Swap Agreements — UBS AG		291,552			(291,552	)		—		—
Falling U.S. Dollar ProFund
Forward Currency Contracts — Goldman Sachs International		—			—			—		—
Appreciation		1,426
(Depreciation)		(2,153	)
Net Depreciation		(727	)		—			—		(727	)
Forward Currency Contracts — UBS AG
Appreciation		2,370
(Depreciation)		(2,785	)
Net Depreciation		(415	)		415			—		—
Financials UltraSector ProFund
Swap Agreements — Goldman Sachs International		56,580			(56,580	)		—		—
Swap Agreements — UBS AG		213,890			—			—		213,890
Health Care UltraSector ProFund
Swap Agreements — Goldman Sachs International		9,995			—			—		9,995
Swap Agreements — UBS AG		3,976			—			—		3,976
Industrials UltraSector ProFund
Swap Agreements — Goldman Sachs International		10,153			—			—		10,153
Swap Agreements — UBS AG		49,047			—			—		49,047
Internet UltraSector ProFund
Swap Agreements — Goldman Sachs International		(357,402	)		357,402			—		—
Swap Agreements — UBS AG		(486,260	)		486,260			—		—
Materials UltraSector ProFund
Swap Agreements — Goldman Sachs International		(19,445	)		19,445			—		—
Swap Agreements — UBS AG		(6,449	)		6,449			—		—
Mid-Cap ProFund
Swap Agreements — Goldman Sachs International		(51,630	)		51,630			—		—
Swap Agreements — UBS AG		(10,744	)		10,744			—		—
Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		(1,748,822	)		1,748,822			—		—
Swap Agreements — UBS AG		(67,156	)		67,156			—		—
Oil & Gas Equipment & Services UltraSector ProFund
Swap Agreements — Goldman Sachs International		(20,923	)		20,923			—		—
Swap Agreements — UBS AG		3,306			(3,306	)		—		—
Pharmaceuticals UltraSector ProFund
Swap Agreements — Goldman Sachs International		(10,805	)		10,805			—		—
Swap Agreements — UBS AG		(1,838	)		1,838			—		—
Precious Metals UltraSector ProFund
Swap Agreements — Goldman Sachs International		(117,292	)		117,292			—		—
Swap Agreements — UBS AG		(124,400	)		124,400			—		—
Real Estate UltraSector ProFund
Swap Agreements — Goldman Sachs International		(30,679	)		30,679			—		—
Swap Agreements — UBS AG		(19,912	)		19,912			—		—

264 :: Notes to Financial Statements :: January 31, 2024 (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
Rising Rates Opportunity ProFund
Swap Agreements — Citibank North America	$	(214,930	)	$	—	$	—		$	(214,930	)
Swap Agreements — Societe’ Generale		(96,919	)		60,000		—			(36,919	)
Rising Rates Opportunity 10 ProFund
Swap Agreements — Citibank North America		(3,766	)		3,766		—			—
Swap Agreements — Societe’ Generale		(6,778	)		6,778		—			—
Rising U.S. Dollar ProFund
Forward Currency Contracts — Goldman Sachs International
Appreciation		18,596
(Depreciation)		(10,953	)
Net Appreciation		7,643			—		—			7,643
Forward Currency Contracts — UBS AG
Appreciation		20,123
(Depreciation)		(21,155	)
Net Depreciation		(1,032	)		1,032		—			—
Semiconductor UltraSector ProFund
Swap Agreements — Goldman Sachs International		(1,483,073	)		1,483,073		—			—
Swap Agreements — UBS AG		(1,600,759	)		1,600,759		—			—
Short Energy ProFund
Swap Agreements — Goldman Sachs International		(8,205	)		8,205		—			—
Swap Agreements — UBS AG		(14,738	)		14,738		—			—
Short Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		3,599			—		(81	)		3,518
Swap Agreements — UBS AG		54,576			—		—			54,576
Short Precious Metals ProFund
Swap Agreements — Goldman Sachs International		9,969			—		—			9,969
Swap Agreements — UBS AG		33,201			—		—			33,201
Short Real Estate ProFund
Swap Agreements — Goldman Sachs International		17,617			—		—			17,617
Swap Agreements — UBS AG		9,652			—		—			9,652
Short Small-Cap ProFund
Swap Agreements — Goldman Sachs International		7,455			—		—			7,455
Swap Agreements — UBS AG		31,341			—		—			31,341
Small-Cap ProFund
Swap Agreements — Goldman Sachs International		(42,482	)		42,482		—			—
Swap Agreements — UBS AG		(13,361	)		13,361		—			—
Technology UltraSector ProFund
Swap Agreements — Goldman Sachs International		(539,136	)		539,136		—			—
Swap Agreements — UBS AG		(499,351	)		499,351		—			—
UltraBear ProFund
Swap Agreements — Goldman Sachs International		105,417			—		(1,069	)		104,348
Swap Agreements — UBS AG		111,698			—		—			111,698
UltraBull ProFund
Swap Agreements — Goldman Sachs International		(1,691,909	)		1,691,909		—			—
Swap Agreements — UBS AG		(981,317	)		981,317		—			—
UltraChina ProFund
Swap Agreements — Goldman Sachs International		(138,221	)		138,221		—			—
Swap Agreements — UBS AG		(498,942	)		498,942		—			—
UltraDow 30 ProFund
Swap Agreements — Goldman Sachs International		(120,041	)		120,041		—			—
Swap Agreements — UBS AG		(84,925	)		84,925		—			—
UltraEmerging Markets ProFund
Swap Agreements — Goldman Sachs International		(55,923	)		55,923		—			—
Swap Agreements — UBS AG		(63,132	)		63,132		—			—
UltraInternational ProFund
Swap Agreements — Goldman Sachs International		(23,336	)		23,336		—			—
Swap Agreements — UBS AG		(25,848	)		25,848		—			—

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 265

	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
UltraJapan ProFund
Swap Agreements — Goldman Sachs International	$	(1,404	)	$	—		$	—		$	(1,404	)
UltraLatin America ProFund
Swap Agreements — Goldman Sachs International		(46,142	)		46,142			—			—
Swap Agreements — UBS AG		(48,772	)		48,772			—			—
UltraMid-Cap ProFund
Swap Agreements — Goldman Sachs International		(659,629	)		659,629			—			—
Swap Agreements — UBS AG		(458,802	)		458,802			—			—
UltraNasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		(18,734,259	)		18,734,259			—			—
Swap Agreements — UBS AG		(9,555,989	)		9,555,989			—			—
UltraShort China ProFund
Swap Agreements — Goldman Sachs International		44,013			—			—			44,013
Swap Agreements — UBS AG		50,223			—			—			50,223
UltraShort Dow 30 ProFund
Swap Agreements — Goldman Sachs International		6,306			—			—			6,306
Swap Agreements — UBS AG		17,785			—			—			17,785
UltraShort Emerging Markets ProFund
Swap Agreements — Goldman Sachs International		6,657			—			—			6,657
Swap Agreements — UBS AG		7,828			—			—			7,828
UltraShort International ProFund
Swap Agreements — Goldman Sachs International		15,352			—			—			15,352
Swap Agreements — UBS AG		10,658			—			—			10,658
UltraShort Japan ProFund
Swap Agreements — Goldman Sachs International		5,773			—			—			5,773
UltraShort Latin America ProFund
Swap Agreements — Goldman Sachs International		11,265			—			(6	)		11,259
Swap Agreements — UBS AG		9,063			—			—			9,063
UltraShort Mid-Cap ProFund
Swap Agreements — Goldman Sachs International		17,799			—			—			17,799
Swap Agreements — UBS AG		11,534			—			—			11,534
UltraShort Nasdaq-100 ProFund
Swap Agreements — Goldman Sachs International		134,737			—			—			134,737
Swap Agreements — UBS AG		650,750			—			—			650,750
UltraShort Small-Cap ProFund
Swap Agreements — Goldman Sachs International		10,401			(10,401	)		—			—
Swap Agreements — UBS AG		175,084			(51,421	)		—			123,663
UltraSmall-Cap ProFund
Swap Agreements — Goldman Sachs International		(1,243,265	)		1,243,265			—			—
Swap Agreements — UBS AG		(538,913	)		538,913			—			—
U.S. Government Plus ProFund
Swap Agreements — Citibank North America		(67,628	)		67,628			—			—
Swap Agreements — Societe’ Generale		28,842			—			—			28,842
Utilities UltraSector ProFund
Swap Agreements — Goldman Sachs International		14,624			—			—			14,624
Swap Agreements — UBS AG		28,451			—			—			28,451

	*	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.

Securities Lending:

Each ProFund 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 lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest

266 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

on the reinvestment of the cash collateral. Any cash collateral received by the ProFund in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund in connection with these loans may not be sold or pledged by the ProFund and, accordingly, is not reflected in the ProFund’s assets and liabilities. The ProFunds 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 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 if a material event affecting the ProFund’s investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund or the borrower at any time. No securities loan shall be made on behalf of a ProFund if, as a result, the aggregate value of all securities loaned by the particular ProFund exceeds one-third of the value of such ProFund’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 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 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’s securities as agreed, the ProFund 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. 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 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 and any additional required collateral is delivered to the ProFund, or excess collateral returned by the ProFund, on the next business day.

The following table is a summary of the ProFunds securities lending transactions as of January 31, 2024:

	Value of Securities on Loan		Value of Cash Collateral Received*
Banks UltraSector ProFund	$	38,886	$	41,513
Biotechnology UltraSector ProFund		1,219,128		1,303,074
Europe 30 ProFund		320,312		467,692
Mid-Cap Growth ProFund		14,582		15,469
Mid-Cap ProFund		23,571		24,900
Mid-Cap Value ProFund		12,315		12,958
Nasdaq-100 ProFund		249,621		260,237
Semiconductor UltraSector ProFund		141,683		163,664
Small-Cap Growth ProFund		8,302		8,759
Small-Cap ProFund		26,835		28,993
Small-Cap Value ProFund		25,532		27,806
UltraChina ProFund		766,394		811,040
UltraEmerging Markets ProFund		344,140		356,385
UltraLatin America ProFund		494,316		512,934
UltraMid-Cap ProFund		116,496		123,073
UltraNasdaq-100 ProFund		2,307,422		2,406,133

* 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

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 267

Allocations

Distributions to Shareholders

Each of the ProFunds (except Access Flex High Yield ProFund, Real Estate UltraSector ProFund and U.S. Government Plus ProFund) intends to declare and distribute net investment income at least annually, if any. Access Flex High Yield ProFund and Real Estate UltraSector ProFund declare and pay dividends from net investment income quarterly, if any. U.S. Government Plus ProFund declares dividend from net investment income daily and pays dividends on a monthly basis, if any. Net realized capital gains, if any, will be distributed annually.

Federal Income Taxes

Each of the ProFunds 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 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 Bear ProFund, Bull ProFund, Europe 30 ProFund, UltraBear ProFund, UltraBull ProFund, UltraJapan ProFund, UltraNasdaq-100 ProFund, and UltraShort Nasdaq-100 ProFund have a calendar tax year end. The remaining ProFunds have a tax year end of October 31st.

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.”

3. Investment Valuation Summary

•	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’ 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

268 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

Security prices are generally valued at their 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, 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 above.

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 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 above may be applied.

A summary of the valuations as of January 31, 2024, 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:

	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^
Access Flex Bear High Yield ProFund
Repurchase Agreements	$	—	$	—		$	1,351,000	$	—		$	1,351,000	$	—
Futures Contracts		—		(26,664	)		—		—			—		(26,664	)
Credit Default Swap Agreements		—		—			—		(75,767	)		—		(75,767	)
Total	$	—	$	(26,664	)	$	1,351,000	$	(75,767	)	$	1,351,000	$	(102,431	)
Access Flex High Yield ProFund
U.S. Treasury Obligation	$	—	$	—		$	11,739,058	$	—		$	11,739,058	$	—
Repurchase Agreements		—		—			6,362,000		—			6,362,000		—
Futures Contracts		—		27,352			—		—			—		27,352
Credit Default Swap Agreements		—		—			—		713,280			—		713,280
Total	$	—	$	27,352		$	18,101,058	$	713,280		$	18,101,058	$	740,632
Banks UltraSector ProFund
Common Stocks	$	8,090,663	$	—		$	—	$	—		$	8,090,663	$	—
Repurchase Agreements		—		—			2,356,000		—			2,356,000		—
Collateral for Securities Loaned		41,513		—			—		—			41,513		—
Swap Agreements		—		—			—		(161,803	)		—		(161,803	)
Total	$	8,132,176	$	—		$	2,356,000	$	(161,803	)	$	10,488,176	$	(161,803	)
Bear ProFund
Repurchase Agreements	$	—	$	—		$	7,113,000	$	—		$	7,113,000	$	—
Futures Contracts		—		(24,529	)		—		—			—		(24,529	)
Swap Agreements		—		—			—		109,519			—		109,519
Total	$	—	$	(24,529	)	$	7,113,000	$	109,519		$	7,113,000	$	84,990

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 269

	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^
Biotechnology UltraSector ProFund
Common Stocks	$	80,523,654	$	—	$	—	$	—		$	80,523,654	$	—
Repurchase Agreements		—		—		27,915,000		—			27,915,000		—
Collateral for Securities Loaned		1,303,074		—		—		—			1,303,074		—
Swap Agreements		—		—		—		(1,865,892	)		—		(1,865,892	)
Total	$	81,826,728	$	—	$	27,915,000	$	(1,865,892	)	$	109,741,728	$	(1,865,892	)
Bull ProFund
Common Stocks	$	35,015,486	$	—	$	—	$	—		$	35,015,486	$	—
Repurchase Agreements		—		—		15,209,000		—			15,209,000		—
Futures Contracts		—		85,806		—		—			—		85,806
Swap Agreements		—		—		—		(232,412	)		—		(232,412	)
Total	$	35,015,486	$	85,806	$	15,209,000	$	(232,412	)	$	50,224,486	$	(146,606	)
Communication Services UltraSector ProFund
Common Stocks	$	6,345,831	$	—	$	—	$	—		$	6,345,831	$	—
Repurchase Agreements		—		—		1,623,000		—			1,623,000		—
Swap Agreements		—		—		—		4,881			—		4,881
Total	$	6,345,831	$	—	$	1,623,000	$	4,881		$	7,968,831	$	4,881
Consumer Discretionary UltraSector ProFund
Common Stocks	$	23,927,031	$	—	$	—	$	—		$	23,927,031	$	—
Repurchase Agreements		—		—		8,442,000		—			8,442,000		—
Swap Agreements		—		—		—		(407,288	)		—		(407,288	)
Total	$	23,927,031	$	—	$	8,442,000	$	(407,288	)	$	32,369,031	$	(407,288	)
Consumer Staples UltraSector ProFund
Common Stocks	$	2,460,499	$	—	$	—	$	—		$	2,460,499	$	—
Repurchase Agreements		—		—		1,015,000		—			1,015,000		—
Swap Agreements		—		—		—		10,244			—		10,244
Total	$	2,460,499	$	—	$	1,015,000	$	10,244		$	3,475,499	$	10,244
Energy UltraSector ProFund
Common Stocks	$	22,339,475	$	—	$	—	$	—		$	22,339,475	$	—
Repurchase Agreements		—		—		6,646,000		—			6,646,000		—
Swap Agreements		—		—		—		673,421			—		673,421
Total	$	22,339,475	$	—	$	6,646,000	$	673,421		$	28,985,475	$	673,421
Europe 30 ProFund
Common Stocks	$	1,590,425	$	—	$	—	$	—		$	1,590,425	$	—
Repurchase Agreements		—		—		9,000		—			9,000		—
Collateral for Securities Loaned		467,692		—		—		—			467,692		—
Total	$	2,058,117	$	—	$	9,000	$	—		$	2,067,117	$	—
Falling U.S. Dollar ProFund
Repurchase Agreements	$	—	$	—	$	1,286,000	$	—		$	1,286,000	$	—
Forward Currency Contracts		—		—		—		(1,142	)		—		(1,142	)
Total	$	—	$	—	$	1,286,000	$	(1,142	)	$	1,286,000	$	(1,142	)
Financials UltraSector ProFund
Common Stocks	$	4,949,760	$	—	$	—	$	—		$	4,949,760	$	—
Repurchase Agreements		—		—		1,794,000		—			1,794,000		—
Swap Agreements		—		—		—		270,470			—		270,470
Total	$	4,949,760	$	—	$	1,794,000	$	270,470		$	6,743,760	$	270,470
Health Care UltraSector ProFund
Common Stocks	$	11,904,867	$	—	$	—	$	—		$	11,904,867	$	—
Repurchase Agreements		—		—		3,777,000		—			3,777,000		—
Swap Agreements		—		—		—		13,971			—		13,971
Total	$	11,904,867	$	—	$	3,777,000	$	13,971		$	15,681,867	$	13,971

270 :: Notes to Financial Statements :: January 31, 2024 (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^
Industrials UltraSector ProFund
Common Stocks	$	3,396,014	$	—	$	—	$	—		$	3,396,014	$	—
Repurchase Agreements		—		—		1,857,000		—			1,857,000		—
Swap Agreements		—		—		—		59,200			—		59,200
Total	$	3,396,014	$	—	$	1,857,000	$	59,200		$	5,253,014	$	59,200
Internet UltraSector ProFund
Common Stocks	$	73,589,573	$	—	$	—	$	—		$	73,589,573	$	—
Repurchase Agreements		—		—		23,993,000		—			23,993,000		—
Swap Agreements		—		—		—		(843,662	)		—		(843,662	)
Total	$	73,589,573	$	—	$	23,993,000	$	(843,662	)	$	97,582,573	$	(843,662	)
Large-Cap Growth ProFund
Common Stocks	$	19,991,175	$	—	$	—	$	—		$	19,991,175	$	—
Repurchase Agreements		—		—		87,000		—			87,000		—
Total	$	19,991,175	$	—	$	87,000	$	—		$	20,078,175	$	—
Large-Cap Value ProFund
Common Stocks	$	58,986,101	$	—	$	—	$	—		$	58,986,101	$	—
Total	$	58,986,101	$	—	$	—	$	—		$	58,986,101	$	—
Materials UltraSector ProFund
Common Stocks	$	3,867,964	$	—	$	—	$	—		$	3,867,964	$	—
Repurchase Agreements		—		—		859,000		—			859,000		—
Swap Agreements		—		—		—		(25,894	)		—		(25,894	)
Total	$	3,867,964	$	—	$	859,000	$	(25,894	)	$	4,726,964	$	(25,894	)
Mid-Cap Growth ProFund
Common Stocks	$	3,569,674	$	—	$	—	$	—		$	3,569,674	$	—
Repurchase Agreements		—		—		1,000		—			1,000		—
Collateral for Securities Loaned		15,469		—		—		—			15,469		—
Total	$	3,585,143	$	—	$	1,000	$	—		$	3,586,143	$	—
Mid-Cap ProFund
Common Stocks	$	9,937,871	$	—	$	—	$	—		$	9,937,871	$	—
Repurchase Agreements		—		—		3,034,000		—			3,034,000		—
Collateral for Securities Loaned		24,900		—		—		—			24,900		—
Swap Agreements		—		—		—		(62,374	)		—		(62,374	)
Total	$	9,962,771	$	—	$	3,034,000	$	(62,374	)	$	12,996,771	$	(62,374	)
Mid-Cap Value ProFund
Common Stocks	$	2,767,409	$	—	$	—	$	—		$	2,767,409	$	—
Repurchase Agreements		—		—		1,000		—			1,000		—
Collateral for Securities Loaned		12,958		—		—		—			12,958		—
Total	$	2,780,367	$	—	$	1,000	$	—		$	2,781,367	$	—
Nasdaq-100 ProFund
Common Stocks	$	71,352,098	$	—	$	—	$	—		$	71,352,098	$	—
Repurchase Agreements		—		—		72,942,000		—			72,942,000		—
Collateral for Securities Loaned		260,237		—		—		—			260,237		—
Futures Contracts		—		248,694		—		—			—		248,694
Swap Agreements		—		—		—		(1,815,978	)		—		(1,815,978	)
Total	$	71,612,335	$	248,694	$	72,942,000	$	(1,815,978	)	$	144,554,335	$	(1,567,284	)
Oil & Gas Equipment & Services UltraSector ProFund
Common Stocks	$	13,114,340	$	—	$	—	$	—		$	13,114,340	$	—
Repurchase Agreements		—		—		5,494,000		—			5,494,000		—
Swap Agreements		—		—		—		(17,617	)		—		(17,617	)
Total	$	13,114,340	$	—	$	5,494,000	$	(17,617	)	$	18,608,340	$	(17,617	)

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 271

	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^
Pharmaceuticals UltraSector ProFund
Common Stocks	$	2,491,174	$	—		$	—	$	—		$	2,491,174	$	—
Repurchase Agreements		—		—			873,000		—			873,000		—
Swap Agreements		—		—			—		(12,643	)		—		(12,643	)
Total	$	2,491,174	$	—		$	873,000	$	(12,643	)	$	3,364,174	$	(12,643	)
Precious Metals UltraSector ProFund
Common Stocks	$	16,830,346	$	—		$	—	$	—		$	16,830,346	$	—
Repurchase Agreements		—		—			6,450,000		—			6,450,000		—
Swap Agreements		—		—			—		(241,692	)		—		(241,692	)
Total	$	16,830,346	$	—		$	6,450,000	$	(241,692	)	$	23,280,346	$	(241,692	)
Real Estate UltraSector ProFund
Common Stocks	$	3,523,310	$	—		$	—	$	—		$	3,523,310	$	—
Repurchase Agreements		—		—			1,090,000		—			1,090,000		—
Swap Agreements		—		—			—		(50,591	)		—		(50,591	)
Total	$	3,523,310	$	—		$	1,090,000	$	(50,591	)	$	4,613,310	$	(50,591	)
Rising Rates Opportunity ProFund
Repurchase Agreements	$	—	$	—		$	13,246,000	$	—		$	13,246,000	$	—
Swap Agreements		—		—			—		(311,849	)		—		(311,849	)
Total	$	—	$	—		$	13,246,000	$	(311,849	)	$	13,246,000	$	(311,849	)
Rising Rates Opportunity 10 ProFund
Repurchase Agreements	$	—	$	—		$	1,171,000	$	—		$	1,171,000	$	—
Swap Agreements		—		—			—		(10,544	)		—		(10,544	)
Total	$	—	$	—		$	1,171,000	$	(10,544	)	$	1,171,000	$	(10,544	)
Rising U.S. Dollar ProFund
Repurchase Agreements	$	—	$	—		$	9,641,000	$	—		$	9,641,000	$	—
Forward Currency Contracts		—		—			—		6,611			—		6,611
Total	$	—	$	—		$	9,641,000	$	6,611		$	9,641,000	$	6,611
Semiconductor UltraSector ProFund
Common Stocks	$	114,029,563	$	—		$	—	$	—		$	114,029,563	$	—
Repurchase Agreements		—		—			64,065,000		—			64,065,000		—
Collateral for Securities Loaned		163,664		—			—		—			163,664		—
Swap Agreements		—		—			—		(3,083,832	)		—		(3,083,832	)
Total	$	114,193,227	$	—		$	64,065,000	$	(3,083,832	)	$	178,258,227	$	(3,083,832	)
Short Energy ProFund
Repurchase Agreements	$	—	$	—		$	721,000	$	—		$	721,000	$	—
Swap Agreements		—		—			—		(22,943	)		—		(22,943	)
Total	$	—	$	—		$	721,000	$	(22,943	)	$	721,000	$	(22,943	)
Short Nasdaq-100 ProFund
Repurchase Agreements	$	—	$	—		$	2,617,000	$	—		$	2,617,000	$	—
Futures Contracts		—		(22,610	)		—		—			—		(22,610	)
Swap Agreements		—		—			—		58,175			—		58,175
Total	$	—	$	(22,610	)	$	2,617,000	$	58,175		$	2,617,000	$	35,565
Short Precious Metals ProFund
Repurchase Agreements	$	—	$	—		$	4,852,000	$	—		$	4,852,000	$	—
Swap Agreements		—		—			—		43,170			—		43,170
Total	$	—	$	—		$	4,852,000	$	43,170		$	4,852,000	$	43,170
Short Real Estate ProFund
Repurchase Agreements	$	—	$	—		$	1,916,000	$	—		$	1,916,000	$	—
Swap Agreements		—		—			—		27,269			—		27,269
Total	$	—	$	—		$	1,916,000	$	27,269		$	1,916,000	$	27,269

272 :: Notes to Financial Statements :: January 31, 2024 (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^
Short Small-Cap ProFund
Repurchase Agreements	$	—	$	—		$	1,098,000	$	—		$	1,098,000	$	—
Swap Agreements		—		—			—		38,796			—		38,796
Total	$	—	$	—		$	1,098,000	$	38,796		$	1,098,000	$	38,796
Small-Cap Growth ProFund
Common Stocks	$	4,428,232	$	—		$	—	$	—		$	4,428,232	$	—
Collateral for Securities Loaned		8,759		—			—		—			8,759		—
Total	$	4,436,991	$	—		$	—	$	—		$	4,436,991	$	—
Small-Cap ProFund
Common Stocks*	$	2,206,953	$	—		$	—	$	—		$	2,206,953	$	—
Rights		—		—			18		—			18		—
Trust**		—		—			—		—			—		—
Repurchase Agreements		—		—			1,203,000		—			1,203,000		—
Collateral for Securities Loaned		28,993		—			—		—			28,993		—
Futures Contracts		—		7,621			—		—			—		7,621
Swap Agreements		—		—			—		(55,843	)		—		(55,843	)
Total	$	2,235,946	$	7,621		$	1,203,018	$	(55,843	)	$	3,438,964	$	(48,222	)
Small-Cap Value ProFund
Common Stocks	$	2,135,751	$	—		$	—	$	—		$	2,135,751	$	—
Collateral for Securities Loaned		27,806		—			—		—			27,806		—
Total	$	2,163,557	$	—		$	—	$	—		$	2,163,557	$	—
Technology UltraSector ProFund
Common Stocks	$	51,555,209	$	—		$	—	$	—		$	51,555,209	$	—
Repurchase Agreements		—		—			16,467,000		—			16,467,000		—
Swap Agreements		—		—			—		(1,038,487	)		—		(1,038,487	)
Total	$	51,555,209	$	—		$	16,467,000	$	(1,038,487	)	$	68,022,209	$	(1,038,487	)
UltraBear ProFund
Repurchase Agreements	$	—	$	—		$	6,758,000	$	—		$	6,758,000	$	—
Futures Contracts		—		(36,794	)		—		—			—		(36,794	)
Swap Agreements		—		—			—		217,115			—		217,115
Total	$	—	$	(36,794	)	$	6,758,000	$	217,115		$	6,758,000	$	180,321
UltraBull ProFund
Common Stocks	$	79,032,378	$	—		$	—	$	—		$	79,032,378	$	—
Repurchase Agreements		—		—			42,724,000		—			42,724,000		—
Futures Contracts		—		410,464			—		—			—		410,464
Swap Agreements		—		—			—		(2,673,226	)		—		(2,673,226	)
Total	$	79,032,378	$	410,464		$	42,724,000	$	(2,673,226	)	$	121,756,378	$	(2,262,762	)
UltraChina ProFund
Common Stocks	$	17,344,020	$	—		$	—	$	—		$	17,344,020	$	—
Repurchase Agreements		—		—			4,786,000		—			4,786,000		—
Collateral for Securities Loaned		811,040		—			—		—			811,040		—
Swap Agreements		—		—			—		(637,163	)		—		(637,163	)
Total	$	18,155,060	$	—		$	4,786,000	$	(637,163	)	$	22,941,060	$	(637,163	)
UltraDow 30 ProFund
Common Stocks	$	23,932,732	$	—		$	—	$	—		$	23,932,732	$	—
Repurchase Agreements		—		—			8,979,000		—			8,979,000		—
Futures Contracts		—		147,609			—		—			—		147,609
Swap Agreements		—		—			—		(204,966	)		—		(204,966	)
Total	$	23,932,732	$	147,609		$	8,979,000	$	(204,966	)	$	32,911,732	$	(57,357	)

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 273

	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^
UltraEmerging Markets ProFund
Common Stocks	$	4,550,861	$	—	$	—	$	—		$	4,550,861	$	—
Preferred Stock		126,608		—		—		—			126,608		—
Repurchase Agreements		—		—		951,000		—			951,000		—
Collateral for Securities Loaned		356,385		—		—		—			356,385		—
Swap Agreements		—		—		—		(119,055	)		—		(119,055	)
Total	$	5,033,854	$	—	$	951,000	$	(119,055	)	$	5,984,854	$	(119,055	)
UltraInternational ProFund
Repurchase Agreements	$	—	$	—	$	3,664,000	$	—		$	3,664,000	$	—
Swap Agreements		—		—		—		(49,184	)		—		(49,184	)
Total	$	—	$	—	$	3,664,000	$	(49,184	)	$	3,664,000	$	(49,184	)
UltraJapan ProFund
Repurchase Agreements	$	—	$	—	$	21,470,000	$	—		$	21,470,000	$	—
Futures Contracts		—		2,622,205		—		—			—		2,622,205
Swap Agreement		—		—		—		(1,404	)		—		(1,404	)
Total	$	—	$	2,622,205	$	21,470,000	$	(1,404	)	$	21,470,000	$	2,620,801
UltraLatin America ProFund
Common Stocks	$	7,402,499	$	—	$	—	$	—		$	7,402,499	$	—
Preferred Stock		809,488		—		—		—			809,488		—
Repurchase Agreements		—		—		1,237,000		—			1,237,000		—
Collateral for Securities Loaned		512,934		—		—		—			512,934		—
Swap Agreements		—		—		—		(94,914	)		—		(94,914	)
Total	$	8,724,921	$	—	$	1,237,000	$	(94,914	)	$	9,961,921	$	(94,914	)
UltraMid-Cap ProFund
Common Stocks	$	27,233,294	$	—	$	—	$	—		$	27,233,294	$	—
Repurchase Agreements		—		—		14,221,000		—			14,221,000		—
Collateral for Securities Loaned		123,073		—		—		—			123,073		—
Futures Contracts		—		102,099		—		—			—		102,099
Swap Agreements		—		—		—		(1,118,431	)		—		(1,118,431	)
Total	$	27,356,367	$	102,099	$	14,221,000	$	(1,118,431	)	$	41,577,367	$	(1,016,332	)
UltraNasdaq-100 ProFund
Common Stocks	$	638,666,222	$	—	$	—	$	—		$	638,666,222	$	—
Repurchase Agreements		—		—		237,157,000		—			237,157,000		—
Collateral for Securities Loaned		2,406,133		—		—		—			2,406,133		—
Futures Contracts		—		1,762,344		—		—			—		1,762,344
Swap Agreements		—		—		—		(28,290,248	)		—		(28,290,248	)
Total	$	641,072,355	$	1,762,344	$	237,157,000	$	(28,290,248	)	$	878,229,355	$	(26,527,904	)
UltraShort China ProFund
Repurchase Agreements	$	—	$	—	$	1,586,000	$	—		$	1,586,000	$	—
Swap Agreements		—		—		—		94,236			—		94,236
Total	$	—	$	—	$	1,586,000	$	94,236		$	1,586,000	$	94,236
UltraShort Dow 30 ProFund
Repurchase Agreements	$	—	$	—	$	2,245,000	$	—		$	2,245,000	$	—
Swap Agreements		—		—		—		24,091			—		24,091
Total	$	—	$	—	$	2,245,000	$	24,091		$	2,245,000	$	24,091
UltraShort Emerging Markets ProFund
Repurchase Agreements	$	—	$	—	$	424,000	$	—		$	424,000	$	—
Swap Agreements		—		—		—		14,485			—		14,485
Total	$	—	$	—	$	424,000	$	14,485		$	424,000	$	14,485
UltraShort International ProFund
Repurchase Agreements	$	—	$	—	$	1,909,000	$	—		$	1,909,000	$	—
Swap Agreements		—		—		—		26,010			—		26,010
Total	$	—	$	—	$	1,909,000	$	26,010		$	1,909,000	$	26,010

274 :: Notes to Financial Statements :: January 31, 2024 (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^
UltraShort Japan ProFund
Repurchase Agreements	$	—	$	—		$	798,000	$	—		$	798,000	$	—
Futures Contracts		—		(10,132	)		—		—			—		(10,132	)
Swap Agreement		—		—			—		5,773			—		5,773
Total	$	—	$	(10,132	)	$	798,000	$	5,773		$	798,000	$	(4,359	)
UltraShort Latin America ProFund
Repurchase Agreements	$	—	$	—		$	1,190,000	$	—		$	1,190,000	$	—
Swap Agreements		—		—			—		20,328			—		20,328
Total	$	—	$	—		$	1,190,000	$	20,328		$	1,190,000	$	20,328
UltraShort Mid-Cap ProFund
Repurchase Agreements	$	—	$	—		$	690,000	$	—		$	690,000	$	—
Swap Agreements		—		—			—		29,333			—		29,333
Total	$	—	$	—		$	690,000	$	29,333		$	690,000	$	29,333
UltraShort Nasdaq-100 ProFund
Repurchase Agreements	$	—	$	—		$	15,513,000	$	—		$	15,513,000	$	—
Futures Contracts		—		(90,439	)		—		—			—		(90,439	)
Swap Agreements		—		—			—		785,487			—		785,487
Total	$	—	$	(90,439	)	$	15,513,000	$	785,487		$	15,513,000	$	695,048
UltraShort Small-Cap ProFund
Repurchase Agreements	$	—	$	—		$	2,984,000	$	—		$	2,984,000	$	—
Futures Contracts		—		(14,949	)		—		—			—		(14,949	)
Swap Agreements		—		—			—		185,485			—		185,485
Total	$	—	$	(14,949	)	$	2,984,000	$	185,485		$	2,984,000	$	170,536
UltraSmall-Cap ProFund
Common Stocks*	$	32,580,832	$	—		$	—	$	—		$	32,580,832	$	—
Rights		—		—			298		—			298		—
Trust**		—		—			—		—			—		—
Repurchase Agreements		—		—			12,311,000		—			12,311,000		—
Futures Contracts		—		(60,997	)		—		—			—		(60,997	)
Swap Agreements		—		—			—		(1,782,178	)		—		(1,782,178	)
Total	$	32,580,832	$	(60,997	)	$	12,311,298	$	(1,782,178	)	$	44,892,130	$	(1,843,175	)
U.S. Government Plus ProFund
Repurchase Agreements	$	—	$	—		$	15,221,000	$	—		$	15,221,000	$	—
Swap Agreements		—		—			—		(38,786	)		—		(38,786	)
Total	$	—	$	—		$	15,221,000	$	(38,786	)	$	15,221,000	$	(38,786	)
Utilities UltraSector ProFund
Common Stocks	$	4,887,127	$	—		$	—	$	—		$	4,887,127	$	—
Repurchase Agreements		—		—			1,655,000		—			1,655,000		—
Swap Agreements		—		—			—		43,075			—		43,075
Total	$	4,887,127	$	—		$	1,655,000	$	43,075		$	6,542,127	$	43,075

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 (including credit default swap agreements). These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

Tingo Group, Inc. was valued at $0 and categorized as Level 2 within the fair value hierarchy.

Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy.

4. Fees and Transactions with Affiliates and Other Parties

The ProFunds have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds (excluding Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund. The Nasdaq-100 ProFund, UltraJapan ProFund, UltraShort Japan ProFund and U.S. Government Plus ProFund pay the Advisor a fee at an annualized rate of 0.70%, 0.90%, 0.90% and 0.50%, respectively, of their average daily net assets.

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 275

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: 0.025% of the ProFund’s daily net assets in excess of $500 million to $1 billion, 0.05% of the ProFund’s daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFunds net assets in excess of $2 billion. During the period ended January 31, 2024, 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 paid 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 paid 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, 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 Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each 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 ProFunds pay fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statements 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 ProFunds for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustees compensation for their services at an annual rate of $325,000, inclusive of all meetings. During the period ended January 31, 2024, actual Trustee compensation was $487,500 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 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 for the periods listed below in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) as follows:

	For the Period December 1, 2023 through November 30, 2024					For the Period December 1, 2022 through November 30, 2023
		Investor Class		Service Class			Investor Class		Service Class
Access Flex Bear High Yield ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Access Flex High Yield ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Banks UltraSector ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Bear ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Biotechnology UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Bull ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Communication Services UltraSector ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Consumer Discretionary UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Consumer Staples UltraSector ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Energy UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Europe 30 ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Falling U.S. Dollar ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Financials UltraSector ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Health Care UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Industrials UltraSector ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Internet UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Large-Cap Growth ProFund		1.78	%	2.78	%		1.95	%	2.95	%

276 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

	For the Period December 1, 2023 through November 30, 2024					For the Period December 1, 2022 through November 30, 2023
		Investor Class		Service Class			Investor Class		Service Class
Large-Cap Value ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Materials UltraSector ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Mid-Cap Growth ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Mid-Cap ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Mid-Cap Value ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Nasdaq-100 ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Oil & Gas Equipment & Services UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Pharmaceuticals UltraSector ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Precious Metals UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Real Estate UltraSector ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Rising Rates Opportunity ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Rising Rates Opportunity 10 ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Rising U.S. Dollar ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Semiconductor UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
Short Energy ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Short Nasdaq-100 ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Short Precious Metals ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Short Real Estate ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Short Small-Cap ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Small-Cap Growth ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Small-Cap ProFund		1.78	%	2.78	%		1.78	%	2.78	%
Small-Cap Value ProFund		1.78	%	2.78	%		1.95	%	2.95	%
Technology UltraSector ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraBear ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraBull ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraChina ProFund		1.78	%	2.78	%		1.95	%	2.95	%
UltraDow 30 ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraEmerging Markets ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraInternational ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraJapan ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraLatin America ProFund		1.78	%	2.78	%		1.95	%	2.95	%
UltraMid-Cap ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraNasdaq-100 ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraShort China ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Dow 30 ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Emerging Markets ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort International ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Japan ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Latin America ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Mid-Cap ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraShort Nasdaq-100 ProFund		1.95	%	2.95	%		1.95	%	2.95	%
UltraShort Small-Cap ProFund		1.78	%	2.78	%		1.78	%	2.78	%
UltraSmall-Cap ProFund		1.95	%	2.95	%		1.95	%	2.95	%
U.S. Government Plus ProFund		1.70	%	2.70	%		1.70	%	2.70	%
Utilities UltraSector ProFund		1.78	%	2.78	%		1.95	%	2.95	%

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years of the end of 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 January 31, 2024, the recoupments that may potentially be made by the ProFunds are as shown in the table below. As of January 31, 2024, no commitment or contingent liability is expected.

	Expires 2/29/24		Expires 11/30/24		Expires 11/30/25		Expires 11/30/26		Expires 11/30/27		Total
Access Flex Bear High Yield ProFund	$	42,649	$	21,329	$	6,007	$	28,223	$	3,221	$	101,429
Access Flex High Yield ProFund		41,776		—		830		—		—		42,606
Banks UltraSector ProFund		—		—		—		—		881		881
Bear ProFund		—		—		—		1,199		2,865		4,064
Communication Services UltraSector ProFund		—		—		24,999		12,207		2,822		40,028

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 277

	Expires 2/29/24		Expires 11/30/24		Expires 11/30/25		Expires 11/30/26		Expires 11/30/27		Total
Consumer Staples UltraSector ProFund	$	—	$	6,074	$	18,957	$	22,079	$	3,906	$	51,016
Europe 30 ProFund		—		11,136		25,872		49,295		1,102		87,405
Falling U.S. Dollar ProFund		—		29,759		36,529		42,797		13,575		122,660
Financials UltraSector ProFund		—		—		8,949		10,609		1,495		21,053
Industrials UltraSector ProFund		—		—		26,733		20,660		2,695		50,088
Materials UltraSector ProFund		—		9,063		1,804		15,294		1,928		28,089
Mid-Cap Growth ProFund		—		—		18,268		16,739		3,344		38,351
Mid-Cap ProFund		—		—		16,737		7,012		2,181		25,930
Mid-Cap Value ProFund		—		3,488		2,989		28,426		4,093		38,996
Pharmaceuticals UltraSector ProFund		—		17,673		15,582		28,050		2,758		64,063
Real Estate UltraSector ProFund		—		—		—		17,079		3,417		20,496
Rising Rates Opportunity 10 ProFund		—		18,160		34,678		27,220		3,256		83,314
Rising U.S. Dollar ProFund		—		—		—		26,455		10,176		36,631
Short Energy ProFund		—		40,063		11,530		33,297		7,214		92,104
Short Nasdaq-100 ProFund		—		18,463		—		5,060		8,446		31,969
Short Precious Metals ProFund		—		21,089		27,994		27,227		14,392		90,702
Short Real Estate ProFund		—		33,162		21,249		29,494		3,580		87,485
Short Small-Cap ProFund		—		30,226		16,291		20,758		10,990		78,265
Small-Cap Growth ProFund		—		—		2,985		17,697		4,055		24,737
Small-Cap ProFund		—		13,368		31,358		34,231		5,575		84,532
Small-Cap Value ProFund		—				—		5,320		4,423		9,743
UltraBear ProFund		—		21,558		21,307		1,569		1,359		45,793
UltraEmerging Markets ProFund		—		—		9,257		23,133		2,682		35,072
UltraInternational ProFund		—		17,617		29,060		23,542		3,558		73,777
UltraJapan ProFund		—		—		11,124		2,938		—		14,062
UltraShort China ProFund		—		27,238		30,636		30,528		7,990		96,392
UltraShort Dow 30 ProFund		—		28,736		25,064		28,575		4,125		86,500
UltraShort Emerging Markets ProFund		—		31,648		11,795		30,510		5,630		79,583
UltraShort International ProFund		—		22,927		9,933		29,383		3,791		66,034
UltraShort Japan ProFund		—		40,917		13,877		29,621		15,010		99,425
UltraShort Latin America ProFund		—		30,125		23,720		31,886		7,373		93,104
UltraShort Mid-Cap ProFund		—		25,301		27,602		34,008		3,633		90,544
UltraShort Nasdaq-100 ProFund		—		—		—		—		267		267
UltraShort Small-Cap ProFund		—		17,026		29,520		25,914		4,427		76,887
Utilities UltraSector ProFund		—		—		—		140		1,364		1,504

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 January 31, 2024 were as follows:

	Purchases		Sales
Banks UltraSector ProFund	$	6,331,451	$	7,011,549
Biotechnology UltraSector ProFund		93,300,093		92,626,995
Bull ProFund		30,632,156		33,748,886
Communication Services UltraSector ProFund		4,862,004		3,861,052
Consumer Discretionary UltraSector ProFund		18,374,697		35,257,975
Consumer Staples UltraSector ProFund		1,275,117		1,645,419
Energy UltraSector ProFund		25,735,648		27,440,215
Europe 30 ProFund		8,331,969		11,476,120
Financials UltraSector ProFund		14,012,719		13,860,165
Health Care UltraSector ProFund		1,132,814		357,582
Industrials UltraSector ProFund		14,171,651		17,606,970
Internet UltraSector ProFund		11,352,794		10,006,974
Large-Cap Growth ProFund		96,020,000		91,409,623
Large-Cap Value ProFund		119,392,271		71,568,959
Materials UltraSector ProFund		1,051,255		3,290,249
Mid-Cap Growth ProFund		8,784,647		33,670,718
Mid-Cap ProFund		10,098,880		3,337,105
Mid-Cap Value ProFund		2,288,681		2,349,514
Nasdaq-100 ProFund		25,082,405		9,275,089

278 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

	Purchases		Sales
Oil & Gas Equipment & Services UltraSector ProFund	$	17,590,793	$	14,966,531
Pharmaceuticals UltraSector ProFund		2,230,688		2,594,604
Precious Metals UltraSector ProFund		30,659,640		32,416,493
Real Estate UltraSector ProFund		1,476,583		1,505,965
Semiconductor UltraSector ProFund		67,437,201		59,823,448
Small-Cap Growth ProFund		3,003,090		2,881,941
Small-Cap ProFund		7,225,958		7,320,029
Small-Cap Value ProFund		7,820,632		8,824,511
Technology UltraSector ProFund		29,810,166		41,538,224
UltraBull ProFund		165,759,586		180,864,745
UltraChina ProFund		18,431,877		17,234,226
UltraDow 30 ProFund		4,909,108		5,508,989
UltraEmerging Markets ProFund		4,369,028		6,089,928
UltraLatin America ProFund		6,080,174		7,417,187
UltraMid-Cap ProFund		5,468,645		6,247,506
UltraNasdaq-100 ProFund		194,906,044		114,001,526
UltraSmall-Cap ProFund		10,769,797		9,460,962
Utilities UltraSector ProFund		2,507,119		2,279,349

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 January 31, 2024 were as follows:

	Purchases		Sales
Access Flex High Yield ProFund	$	75,841,020	$	82,728,884

6. Investment Risks

Risks Associated with the Use of Derivatives

Certain ProFunds may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund 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 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 from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund to losses in excess of those amounts initially invested.

Certain ProFunds 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 invests in swaps that use an ETF as the reference asset, each ProFund 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 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’s net assets, the terms of a swap agreement between the ProFund and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund. In that event, the ProFund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund’s investment objective. This, in turn, may prevent the ProFund 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 may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund’s return.

Holding Period Risk

Most of the ProFunds are “geared” funds (“Geared Funds”) in the sense that the ProFund has an investment objective to match a multiple, the inverse, or an inverse multiple of the daily performance of a benchmark. A Geared Fund does not seek to achieve its stated multiple, inverse, or an inverse multiple of the daily performance of its underlying benchmark (the “Daily Target”) for any period other than a day. The performance of a Geared Fund over periods other than a day may be higher or lower than the Daily Target, and this difference may be significant. Factors that contribute to returns that are worse than the Daily Target include smaller index gains or losses and higher index volatility, as well as longer holding periods when these factors apply. Factors that contribute to returns that are better than the Daily Target include larger index gains or losses and lower index volatility, as well as longer holding periods when these factors apply. The more extreme these factors are, and the more they occur together, the more returns will tend to deviate from the Daily Target.

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 279

Leverage Risk

Certain ProFunds 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 that utilize leverage include multipliers of 2x, 1.5x, or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50%, 67% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor’s investment.

Active Investor Risk

Each ProFund permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in a ProFund to come from professional money managers and investors who use the ProFund 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. In addition, large movements of assets into and out of the ProFund may have a negative impact on the ProFund’s ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund’s expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund’s prospectus.

Active Management Risk

Access Flex Bear High Yield ProFund and Access Flex High Yield ProFund are actively managed, and their performance reflect the investment decisions that the Advisor makes for the ProFunds. The Advisor’s judgements about the ProFunds’ investments may prove to be incorrect. If the investments selected and strategies employed by the ProFunds fail to produce the intended results, the ProFunds could underperform or have negative returns as compared to other funds with a similar investment objective and/or strategies.

Concentration Risk

Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the UltraSector and Inverse Sector ProFunds, a ProFund may have significant exposure to an individual industry that constitutes a significant portion of that ProFund’s benchmark. Such a ProFund 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 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 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 may be more volatile than a more geographically diversified ProFund. The Schedule of Portfolio Investments includes information on each ProFund’s holdings, including industry and/or geographical composition, as relevant.

Correlation Risk

There is no guarantee that a ProFund will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund from achieving its investment objective, and the percentage change of the ProFund’s NAV each day may differ, perhaps significantly, from the percentage change of the ProFund’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 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 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’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 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’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 invests. A ProFund 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 may invest in securities not included in the benchmark or in financial instruments. Each ProFund 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’s correlation with its benchmark. A ProFund may also be subject to large movements of assets into and out of the ProFund, potentially resulting in the ProFund being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund’s underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund. Each ProFund (other than the Classic ProFunds and the Falling U.S. Dollar ProFund) 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 and may hinder a ProFund’s ability to meet its investment objective on or around that day.

Credit Default Swaps (“CDS”) Risk

While the Access Flex Bear High Yield ProFund will normally be a net “buyer” of CDS and the Access Flex High Yield ProFund will

280 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

normally be a net “seller” of CDS, at times the Access Flex Bear High Yield ProFund may be a net “seller” and the Access Flex High Yield ProFund may be a net “buyer” of CDS. When a ProFund is a seller of credit protection, upon the occurrence of a credit event, the ProFund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. When a ProFund is a buyer of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although, each ProFund intends, as practicable, to obtain exposure through centrally cleared CDS, an active market may not exist for any of the CDS in which a ProFund invests or in the reference entities subject to the CDS. As a result, a ProFund’s ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions. Because a ProFund may use a single counterparty or a small number of counterparties, certain CDS involve many reference entities and there are no limitations on the notional amount established for the CDS. As a result, counterparty risk may be amplified.

Counterparty Risk

A ProFund 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 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. Each ProFund generally structures the agreement such that either party can terminate the contract without penalty prior to the termination date. A ProFund may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund may decline. A ProFund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund may obtain only limited recovery or may obtain no recovery in such circumstances.

The ProFunds typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant (“FCM”) or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund. For example, a ProFund could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund 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.

Cybersecurity Risk

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 281

could affect such a counterparty’s ability to meets it obligations to the ProFund, which may result in losses to the ProFund and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund.

Natural Disaster/Epidemic Risk

Risk of Global Economic Shock

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund and its investments. Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia’s military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union, and other countries against Russia. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of a ProFund’s investments, even beyond any direct exposure a ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the ProFund performance and the value of an investment in the ProFund.

Debt Instruments Risk

The ProFunds 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. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors. Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. In addition, changes in the credit quality of the issuer of a debt instrument (including a default) can also affect the price of a debt instrument. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund 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 are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund positively correlated to bond prices.

282 :: Notes to Financial Statements :: January 31, 2024 (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’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 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’s performance. While the realization of certain of these risks may benefit the Access Flex Bear High Yield ProFund because it seeks investment results that correspond to the inverse of the high yield market, such occurrences may introduce more volatility to the ProFund.

Index Performance Risk

Certain ProFunds 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 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 could lose value, while other indices or measures of market performance increase in value.

Financing Rates Associated with Derivatives

The performance of ProFunds that use derivatives was impacted by the related financing costs. Financial instruments such as futures contracts carry implied financing costs. Forward and swap financing rates are negotiated between the ProFunds and their counterparties, and are set at the Fed Funds rate (“FEDL01”) plus or minus a negotiated spread. The Fed Funds rate appreciated from 5.33% to 5.50% during the period. Each ProFund with long exposure via derivatives was generally negatively affected by financing rates. Conversely, most ProFunds with short/inverse derivative exposure generally benefited from financing rates.

Inflation Risk

Inflation risk is the risk that the value of assets or income from a ProFund’s investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of a ProFund’s portfolio could decline. Inflation rates may change frequently and drastically as a result of various factors and the ProFund’s investment may not keep pace with inflation, which may result in losses to the ProFund investors or adversely affect the real value of shareholder’s investments in a ProFund. Inflation has recently increased and it cannot be predicted whether it may decline.

Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund invests, the ProFunds 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 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 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 applicable tax years ended as noted below, were as follows:

	Year Ended 2023								Year Ended 2022
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
December 31
Bear ProFund	$	376,196	$	—	$	—	$	376,196	$	—	$	—	$	—	$	—
Bull ProFund		13,512		—		—		13,512		370,689		—		—		370,689
Europe 30 ProFund		72,280		—		—		72,280		48,336		—		—		48,336
UltraBear ProFund		218,648		—		—		218,648		—		—		—		—
UltraBull ProFund		25,362		—		—		25,362		8,363,176		779,894		—		9,143,070

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 283

	Year Ended 2023								Year Ended 2022
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains		Tax Return of Capital		Total Distributions Paid
UltraNasdaq-100 ProFund	$	—	$	—	$	—	$	—	$	26,477,309	$	1,155,436	$	—	$	27,632,745
UltraShort Nasdaq-100 ProFund		788,058		—		—		788,058		—		—		—		—
October 31
Access Flex High Yield ProFund		1,859,962		—		—		1,859,962		29,233		—		—		29,233
Banks UltraSector ProFund		20,726		—		—		20,726		—		—		—		—
Biotechnology UltraSector ProFund		—		—		—		—		14,242,748		11,279,599		—		25,522,347
Communication Services UltraSector ProFund		—		—		—		—		59,697		2,106		7,136		68,939
Consumer Discretionary UltraSector ProFund		—		—		—		—		5,320,428		130,368		—		5,450,796
Consumer Staples UltraSector ProFund		—		—		—		—		351,875		151,475		—		503,350
Energy UltraSector ProFund		1,404,996		—		—		1,404,996		427,298		—		—		427,298
Financials UltraSector ProFund		—		—		—		—		877,097		944		1,140		879,181
Industrials UltraSector ProFund		—		—		—		—		436,119		3,145		39		439,303
Internet UltraSector ProFund		—		—		—		—		20,936,695		9,806,780		—		30,743,475
Large-Cap Growth ProFund		—		182,929		—		182,929		221,666		85,029		—		306,695
Large-Cap Value ProFund		47,656		—		—		47,656		54,514		—		—		54,514
Mid-Cap Growth ProFund		—		105,905		—		105,905		831,229		119,485		—		950,714
Mid-Cap ProFund		—		—		—		—		158,547		58,875		—		217,422
Mid-Cap Value ProFund		—		—		—		—		50,173		—		—		50,173
Nasdaq-100 ProFund		—		—		—		—		2,281,194		2,060,020		—		4,341,214
Pharmaceuticals UltraSector ProFund		—		—		—		—		57,588		128,692		—		186,280
Precious Metals UltraSector ProFund		654		—		—		654		—		—		—		—
Real Estate UltraSector ProFund		35,490		—		—		35,490		2,763,321		300,145		—		3,063,466
Rising U.S. Dollar ProFund		199,419		408,967		—		608,386		—		—		—		—
Semiconductor UltraSector ProFund		—		—		—		—		5,976,285		178,486		—		6,154,771
Small-Cap Growth ProFund		—		153,586		—		153,586		228,742		328,498		—		557,240
Small-Cap Value ProFund		—		—		—		—		182,410		46,458		—		228,868
Technology UltraSector ProFund		—		—		—		—		6,724,712		558,470		—		7,283,182
UltraDow 30 ProFund		—		—		—		—		2,441,094		102,530		—		2,543,624
UltraEmerging Markets ProFund		103,933		—		—		103,933		—		—		—		—
UltraLatin America ProFund		926,000		—		—		926,000		703,948		—		—		703,948
UltraMid-Cap ProFund		—		—		—		—		2,306,933		422,277		—		2,729,210
U.S. Government Plus ProFund		204,875		—		—		204,875		—		—		—		—
Utilities UltraSector ProFund		83,764		—		—		83,764		16,661		—		—		16,661

As of the latest tax year ended, as noted below, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
December 31
Bear ProFund	$	8,294	$	—	$	(68,905,513	)	$	18,029		$	(68,879,190	)
Bull ProFund		790,783		—		—			17,256,164			18,046,947
Europe 30 ProFund		51,474		—		(4,457,487	)		232,698			(4,173,315	)
UltraBear ProFund		198,092		—		(101,978,326	)		37,756			(101,742,478	)
UltraBull ProFund		963,208		—		(11,794,821	)		47,126,555			36,294,942
UltraJapan ProFund		1,607,970		—		—			(2,043	)		1,605,927
UltraNasdaq-100 ProFund		4,463,819		—		(114,576,457	)		344,045,044			233,932,406
UltraShort Nasdaq-100 ProFund		4,583		—		(97,920,253	)		132,558			(97,783,112	)

284 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
October 31
Access Flex Bear High Yield ProFund	$	—	$	—	$	(5,239,850	)	$	—		$	(5,239,850	)
Access Flex High Yield ProFund		98,628		—		(2,340,198	)		(32,671	)		(2,274,241	)
Banks UltraSector ProFund		144,224		—		(5,176,288	)		418,658			(4,613,406	)
Biotechnology UltraSector ProFund		—		7,218,190		—			549,669			7,767,859
Communication Services UltraSector ProFund		—		—		(1,478,170	)		139,778			(1,338,392	)
Consumer Discretionary UltraSector ProFund		—		—		—			9,678,415			9,678,415
Consumer Staples UltraSector ProFund		25,311		—		(658,642	)		679,399			46,068
Energy UltraSector ProFund		193,972		—		—			12,861,519			13,055,491
Falling U.S. Dollar ProFund		33,646		—		(2,714,743	)		—			(2,681,097	)
Financials UltraSector ProFund		30,422		—		(1,428,260	)		1,113,703			(284,135	)
Health Care UltraSector ProFund		36,523		—		(2,980,429	)		6,838,383			3,894,477
Industrials UltraSector ProFund		—		—		(13,684	)		1,088,293			1,074,609
Internet UltraSector ProFund		—		—		(37,248,454	)		12,113,595			(25,134,859	)
Large-Cap Growth ProFund		22,473		166,293		—			4,140,612			4,329,378
Large-Cap Value ProFund		—		—		(1,983,433	)		1,174,254			(809,179	)
Materials UltraSector ProFund		32,556		—		(2,253,828	)		1,671,865			(549,407	)
Mid-Cap Growth ProFund		—		—		(32,767	)		429,433			396,666
Mid-Cap ProFund		177		—		(1,234,760	)		773,137			(461,446	)
Mid-Cap Value ProFund		—		—		(202,261	)		43,400			(158,861	)
Nasdaq-100 ProFund		—		—		—			24,461,831			24,461,831
Oil & Gas Equipment & Services UltraSector ProFund		—		—		(15,567,715	)		1,355,964			(14,211,751	)
Pharmaceuticals UltraSector ProFund		14,006		—		(1,138,348	)		(337,601	)		(1,461,943	)
Precious Metals UltraSector ProFund		305,104		—		(63,486,026	)		210,562			(62,970,360	)
Real Estate UltraSector ProFund		43,122		—		(4,821,385	)		1,216,984			(3,561,279	)
Rising Rates Opportunity ProFund		515,586		—		(37,238,855	)		960,527			(35,762,742	)
Rising Rates Opportunity 10 ProFund		82,393		—		(3,356,048	)		57,006			(3,216,649	)
Rising U.S. Dollar ProFund		422,995		—		(2,019,254	)		—			(1,596,259	)
Semiconductor UltraSector ProFund		—		—		(3,987,237	)		40,974,126			36,986,889
Short Energy ProFund		31,349		—		(2,231,882	)		27,835			(2,172,698	)
Short Nasdaq-100 ProFund		158,391		—		(18,356,783	)		(62,723	)		(18,261,115	)
Short Precious Metals ProFund		102,396		—		(9,946,799	)		106,937			(9,737,466	)
Short Real Estate ProFund		56,535		—		(4,483,189	)		(63,443	)		(4,490,097	)
Short Small-Cap ProFund		206,254		—		(12,805,677	)		(186,974	)		(12,786,397	)
Small-Cap Growth ProFund		—		34,337		(15,454	)		557,998			576,881
Small-Cap ProFund		—		—		(36,475	)		448,366			411,891
Small-Cap Value ProFund		—		—		(775,170	)		(124,394	)		(899,564	)
Technology UltraSector ProFund		—		346,519		—			22,706,402			23,052,921
UltraChina ProFund		886,559		—		(41,104,111	)		(7,815,655	)		(48,033,207	)
UltraDow 30 ProFund		332,272		—		(6,581,227	)		12,598,159			6,349,204
UltraEmerging Markets ProFund		93,559		—		(7,564,775	)		907,626			(6,563,590	)
UltraInternational ProFund		—		—		(961,448	)		111,339			(850,109	)
UltraLatin America ProFund		387,731		—		(29,776,226	)		(797,430	)		(30,185,925	)
UltraMid-Cap ProFund		247,347		—		(9,853,510	)		6,142,789			(3,463,374	)
UltraShort China ProFund		53,593		—		(9,694,654	)		27,621			(9,613,440	)
UltraShort Dow 30 ProFund		66,243		—		(24,017,591	)		(108,124	)		(24,059,472	)
UltraShort Emerging Markets ProFund		27,014		—		(12,937,467	)		4,390			(12,906,063	)
UltraShort International ProFund		71,426		—		(17,891,096	)		(72,910	)		(17,892,580	)
UltraShort Japan ProFund		15,820		—		(10,860,198	)		(6,955	)		(10,851,333	)
UltraShort Latin America ProFund		41,578		—		(16,972,870	)		3,830			(16,927,462	)
UltraShort Mid-Cap ProFund		35,538		—		(10,857,843	)		(64,673	)		(10,886,978	)
UltraShort Small-Cap ProFund		173,689		—		(52,958,352	)		(167,945	)		(52,952,608	)
UltraSmall-Cap ProFund		151,669		—		(41,500,064	)		4,190,635			(37,157,760	)
U.S. Government Plus ProFund		—		—		(8,153,771	)		(202,960	)		(8,356,731	)
Utilities UltraSector ProFund		83,275		—		(8,856,574	)		2,845,574			(5,927,725	)

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 285

Under current tax law, capital and specific ordinary losses realized after October 31 may be deferred and treated as occurring on the first business day of the following tax fiscal year. As of the end of their respective tax years ended October 31, 2023 and December 31, 2023, the following ProFunds had deferred losses, which will be treated as arising on the first day of the tax fiscal years ending in October 31, 2024 and December 31, 2024:

	Qualified Late Year Ordinary Losses
October 31 tax year end ProFunds
Access Flex Bear High Yield ProFund	$	20,849
Internet UltraSector ProFund		166,257
Large-Cap Value ProFund		17,858
Mid-Cap Growth ProFund		32,767
Small-Cap Growth ProFund		15,454

As of the end of their respective tax years ended October 31, 2023 and December 31, 2023, the following ProFunds have capital loss carry forwards (“CLCFs”) as summarized in the table below. CLCFs subject to expiration are applied as short-term capital loss regardless of whether the originating capital loss was short-term or long-term. CLCFs that are not subject to expiration must be utilized before those that are subject to expiration.

Fund	No Expiration Date
Access Flex Bear High Yield ProFund	$	5,219,001
Access Flex High Yield ProFund		2,340,198
Banks UltraSector ProFund		5,176,288
Bear ProFund		68,905,513
Communication Services UltraSector ProFund		1,478,170
Consumer Staples UltraSector ProFund		658,642
Europe 30 ProFund		4,457,487
Falling U.S. Dollar ProFund		2,714,743
Financials UltraSector ProFund		1,428,260
Health Care UltraSector ProFund		2,980,429
Industrials UltraSector ProFund		13,684
Internet UltraSector ProFund		37,082,197
Large-Cap Value ProFund		1,965,575
Materials UltraSector ProFund		2,253,828
Mid-Cap ProFund		1,234,760
Mid-Cap Value ProFund		202,261
Oil & Gas Equipment & Services UltraSector ProFund		15,567,715
Pharmaceuticals UltraSector ProFund		1,138,348
Precious Metals UltraSector ProFund		63,486,026
Real Estate UltraSector ProFund		4,821,385
Rising Rates Opportunity ProFund		37,238,855
Rising Rates Opportunity 10 ProFund		3,356,048
Rising U.S. Dollar ProFund		2,019,254
Semiconductor UltraSector ProFund		3,987,237
Short Energy ProFund		2,231,882
Short Nasdaq-100 ProFund		18,356,783
Short Precious Metals ProFund		9,946,799
Short Real Estate ProFund		4,483,189
Short Small-Cap ProFund		12,805,677
Small-Cap ProFund		36,475
Small-Cap Value ProFund		775,170
UltraBear ProFund		101,978,326
UltraBull ProFund		11,794,821
UltraChina ProFund		41,104,111
UltraDow 30 ProFund		6,581,227
UltraEmerging Markets ProFund		7,564,775
UltraInternational ProFund		961,448
UltraLatin America ProFund		29,776,226
UltraMid-Cap ProFund		9,853,510
UltraNasdaq-100 ProFund		114,576,457
UltraShort China ProFund		9,694,654
UltraShort Dow 30 ProFund		24,017,591
UltraShort Emerging Markets ProFund		12,937,467

286 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

Fund	No Expiration Date
UltraShort International ProFund	$	17,891,096
UltraShort Japan ProFund		10,860,198
UltraShort Latin America ProFund		16,972,870
UltraShort Mid-Cap ProFund		10,857,843
UltraShort Nasdaq-100 ProFund		97,920,253
UltraShort Small-Cap ProFund		52,958,352
UltraSmall-Cap ProFund		41,500,064
U.S. Government Plus ProFund		8,153,771
Utilities UltraSector ProFund		8,856,574

As of the end of their respective tax years ended October 31, 2023 and December 31, 2023, the cost of securities, including derivatives, 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)
December 31
Bear ProFund	$	7,218,000	$	18,029	$	—		$	18,029
Bull ProFund		25,812,060		18,854,808		(1,598,644	)		17,256,164
Europe 30 ProFund		3,060,208		680,639		(447,941	)		232,698
UltraBear ProFund		7,524,000		37,756		—			37,756
UltraBull ProFund		67,864,307		54,116,246		(6,989,691	)		47,126,555
UltraJapan ProFund		15,646,000		—		(2,043	)		(2,043	)
UltraNasdaq-100 ProFund		494,400,504		371,591,956		(27,546,912	)		344,045,044
UltraShort Nasdaq-100 ProFund		13,474,000		132,558		—			132,558
October 31
Access Flex Bear High Yield ProFund		1,649,000		—		—			—
Access Flex High Yield ProFund		4,831,332		—		(32,671	)		(32,671	)
Banks UltraSector ProFund		5,257,300		1,001,017		(582,359	)		418,658
Biotechnology UltraSector ProFund		76,679,000		549,669		—			549,669
Communication Services UltraSector ProFund		5,599,498		1,182,591		(1,042,813	)		139,778
Consumer Discretionary UltraSector ProFund		17,167,720		10,487,209		(808,794	)		9,678,415
Consumer Staples UltraSector ProFund		2,327,567		817,202		(137,803	)		679,399
Energy UltraSector ProFund		20,769,161		15,489,286		(2,627,767	)		12,861,519
Falling U.S. Dollar ProFund		917,000		—		—			—
Financials UltraSector ProFund		4,651,173		2,169,488		(1,055,785	)		1,113,703
Health Care UltraSector ProFund		6,852,243		7,485,026		(646,643	)		6,838,383
Industrials UltraSector ProFund		2,517,171		1,171,235		(82,942	)		1,088,293
Internet UltraSector ProFund		56,414,695		28,265,292		(16,151,697	)		12,113,595
Large Cap Growth ProFund		33,031,575		5,516,076		(1,375,464	)		4,140,612
Large Cap Value ProFund		6,808,896		2,040,703		(866,449	)		1,174,254
Materials UltraSector ProFund		3,039,704		2,132,815		(460,950	)		1,671,865
Mid Cap Growth ProFund		2,565,758		768,345		(338,912	)		429,433
Mid Cap ProFund		2,781,856		1,084,295		(311,158	)		773,137
Mid Cap Value ProFund		2,184,662		539,259		(495,859	)		43,400
Nasdaq 100 ProFund		103,117,569		26,495,364		(2,033,533	)		24,461,831
Oil & Gas Equipment & Services UltraSector ProFund		16,659,762		5,278,468		(3,922,504	)		1,355,964
Pharmaceuticals UltraSector ProFund		2,855,396		466,616		(804,217	)		(337,601	)
Precious Metals UltraSector ProFund		21,290,367		7,286,303		(7,075,741	)		210,562
Real Estate UltraSector ProFund		2,169,505		1,390,060		(173,076	)		1,216,984
Rising Rates Opportunity ProFund		23,534,000		960,527		—			960,527
Rising Rates Opportunity 10 ProFund		3,598,000		57,006		—			57,006
Rising U.S. Dollar ProFund		10,938,000		—		—			—
Semiconductor UltraSector ProFund		57,381,269		47,293,855		(6,319,729	)		40,974,126
Short Energy ProFund		1,128,000		27,835		—			27,835
Short Nasdaq 100 ProFund		4,199,000		—		(62,723	)		(62,723	)
Short Precious Metals ProFund		3,826,000		106,937		—			106,937
Short Real Estate ProFund		3,125,000		—		(63,443	)		(63,443	)

January 31, 2024 (unaudited) :: Notes to Financial Statements :: 287

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Short Small Cap ProFund	$	3,059,000	$	—	$	(186,974	)	$	(186,974	)
Small-Cap Growth ProFund		2,979,013		1,100,789		(542,791	)		557,998
Small-Cap ProFund		9,153,882		745,635		(297,269	)		448,366
Small-Cap Value ProFund		2,503,773		573,467		(697,861	)		(124,394	)
Technology UltraSector ProFund		24,955,848		23,710,704		(1,004,302	)		22,706,402
UltraChina ProFund		29,632,406		4,216,120		(12,031,775	)		(7,815,655	)
UltraDow 30 ProFund		13,848,512		13,670,688		(1,072,529	)		12,598,159
UltraEmerging Markets ProFund		5,341,039		2,195,858		(1,288,232	)		907,626
UltraInternational ProFund		3,445,000		111,339		—			111,339
UltraLatin America ProFund		11,852,913		3,479,264		(4,276,694	)		(797,430	)
UltraMid-Cap ProFund		21,802,157		8,609,730		(2,466,941	)		6,142,789
UltraShort China ProFund		1,519,000		27,621		—			27,621
UltraShort Dow 30 ProFund		2,872,000		—		(108,124	)		(108,124	)
UltraShort Emerging Markets ProFund		694,000		4,390		—			4,390
UltraShort International ProFund		2,220,000		—		(72,910	)		(72,910	)
UltraShort Japan ProFund		260,000		—		(6,955	)		(6,955	)
UltraShort Latin America ProFund		1,323,000		3,830		—			3,830
UltraShort Mid-Cap ProFund		1,814,000		—		(64,673	)		(64,673	)
UltraShort Small-Cap ProFund		5,808,000		—		(167,945	)		(167,945	)
UltraSmall-Cap ProFund		27,710,819		8,927,528		(4,736,893	)		4,190,635
U.S. Government Plus ProFund		14,550,000		—		(202,960	)		(202,960	)
Utilities UltraSector ProFund		4,411,759		3,112,680		(267,106	)		2,845,574

8. Transactions with Lehman Brothers Holdings, Inc.

On September 15, 2008, Lehman Brothers Holdings, Inc. filed a petition for Chapter 11 bankruptcy. Prior thereto, the ProFunds transacted business with subsidiaries of Lehman Brothers Holdings, Inc. (altogether, “Lehman”) whereby Lehman acted as a counterparty to certain derivative transactions. All derivatives transactions with Lehman were terminated prior to September 15, 2008, but certain settlement payments relating to such transactions were not due to be made until on or after that date. Settlement of these transactions has been delayed due to Lehman’s bankruptcy proceedings.

As of January 31, 2024, Access Flex Bear High Yield ProFund was owed $296,600 and the Rising U.S. Dollar ProFund was owed $684,637 of the original amount owed, as of September 15, 2008, of $925,069 and $2,135,323, respectively, from over-the-counter derivatives transactions with Lehman. To the extent Lehman fails to fully pay the Access Flex Bear High Yield ProFund and the Rising U.S Dollar ProFund by the conclusion of the bankruptcy in connection with the settlement of such transactions, the Advisor, an affiliate of the Trust, has entered into a Receivables Agreement dated September 15, 2008 to reimburse each ProFund for any shortfall in payments from Lehman. Specifically, the Receivables Agreement among the Advisor, ProShare Advisors LLC (an investment adviser affiliated with the Advisor) and ProFunds Trust, ProShares Trust and the Trust (collectively, the “PF Trusts”) (each affiliated and under common controls with the other PF Trusts) provides that the investment adviser to specified funds of the PF Trusts will contribute cash to any such fund, equal to the amounts owed to the fund from Lehman for brokerage transactions written over-the-counter derivatives agreements as of September 15, 2008 (the “Lehman Obligations”). The Receivable Agreement will not terminate until all Lehman Obligations are paid. Payments are triggered if any specified fund of a PF Trust, including the Access Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund, does not recover the full amounts owed to it by Lehman following the conclusion of all bankruptcy, liquidation and Securities Investor Protection Corporation proceedings related to Lehman. Accordingly, no loss is expected to be realized by either the Access Flex Bear High Yield ProFund the Rising U.S. Dollar ProFund. Lehman has made payments on the original amount owed to the Access Flex Bear High Yield ProFund and the Rising U.S. Dollar ProFund. The fair values of the remaining claims due from Lehman are $3,602 and $8,314, respectively, and are included in “Receivable for closed swap positions” and “Receivable for closed forward currency contracts”, respectively, on the Statements of Assets and Liabilities. The fair value of the amounts that are estimated to be paid by the Advisor are $292,998 and $676,323 and are included in “Due from Advisor under a Receivables Agreement” on the Statements of Assets and Liabilities. All other outstanding balances due from (or to) Lehman have been substantially relieved as of January 31, 2024.

9. Share Splits and Reverse Share Splits

Effective March 13, 2023, the Short Nasdaq-100 ProFund and the UltraShort Nasdaq-100 ProFund underwent a 1-for-5 reverse share split.

Effective March 6, 2023, the Short Small-Cap ProFund underwent a 1-for-5 reverse share split, the UltraChina and UltraShort Mid-Cap ProFund underwent a 1-for-10 reverse share split.

Effective December 14, 2020, the Consumer Staples UltraSector ProFund, the Internet UltraSector ProFund, and the UltraNasdaq-100 ProFund underwent a 2-for-1 share split, the Oil & Gas Equipment & Services UltraSector ProFund, the UltraBear ProFund, the UltraShort Dow 30 ProFund, the UltraShort Emerging Markets ProFund, and the UltraShort International ProFund underwent a 1-for-4 reverse share split, and the UltraShort Nasdaq-100 ProFund underwent a 1-for-8 reverse share split. Effective November 18, 2019, the Bull ProFund, the Consumer Discretionary UltraSector ProFund, the Industrials UltraSector ProFund, the Technology UltraSector ProFund, and the UltraDow 30 ProFund underwent a 3-for-1 share split, the Short Nasdaq-100 ProFund underwent a 1-for-4 reverse share split, and the Oil & Gas Equipment & Services UltraSector ProFund underwent a 1-for-8 reverse share split.

288 :: Notes to Financial Statements :: January 31, 2024 (unaudited)

The effect of the share split transactions was to multiply the number of outstanding shares of the ProFunds 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 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 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. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

10. Shareholder Concentration

Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940 Act. As of January 31, 2024, the following shareholders were deemed a significant shareholder of the following ProFunds:

	Shareholder Name	% of Fund Owned
Rising U.S. Dollar ProFund	SEI Private Trust Company		58	%
UltraJapan ProFund	Robert Ronus		26	%
UltraLatin America ProFund	Warren M. and Karen A. Merguerian		60	%
UltraShort Japan ProFund	Irving Schild		29	%

11. Subsequent Events

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

January 31, 2024 (unaudited) :: Board Approval of Investment Advisory Agreement :: 289

	(i)	the nature, extent and quality of the services that were provided or proposed to be provided by the Advisor;
	(ii)	the costs of the services to be provided and the profits realized by the Advisor;
	(iii)	the investment performance of the Funds and the Advisor;
	(iv)	the extent to which economies of scale might be realized as the Funds grow and whether fee levels reflect economies of scale, if any, for the benefit of Fund shareholders; and
	(v)	other benefits to the Advisor and/or its affiliates from the relationship to the Funds.

	●	information about the advisory services that were being provided by the Advisor with respect to the Funds;
	●	the Advisor’s Form ADV;
	●	biographies of the employees of the Advisor who are primarily responsible for providing investment advisory services to the Funds;
	●	information regarding each component of the contractual fee rates and actual fee rates for the prior fiscal year;
	●	information regarding advisory fees earned versus advisory fees waived for previous periods;
	●	performance information for prior periods;
	●	comparative industry fee data;
	●	information about fees and other amounts that were received by the Advisor and its affiliates for non-advisory services with respect to the Funds;
	●	information regarding the Advisor’s trade allocation and best execution policies and procedures;
	●	information about the financial condition of the Advisor;
	●	information regarding how the Advisor monitors each Fund’s compliance with regulatory requirements and Trust procedures; and
	●	the Advisor’s reputation, expertise and resources.

The Trustees retained the services of an independent consultant to assist in selecting a universe of peer group funds for each Fund (the “Peer Group”) with similar investment strategies, as well as to help them in evaluating information with respect to certain aspects of their review, including the reasonableness of fees paid by the Funds. The Board evaluated all information available to it on a Fund-by-Fund basis, and its determinations were made separately with respect to each Fund.

Nature, Extent and Quality of the Advisor’s Services

	●	the investment objective of each Fund, the Advisor’s description of the skills needed to manage each Fund and the Advisor’s success in achieving the investment objectives of each Fund;
	●	the key features of the Funds, including the unique asset classes and investment strategies of certain Funds, as well as the employment of optimization/sampling techniques necessary to manage certain Funds;
	●	with respect to the Geared Funds, the fact that to maintain exposure consistent with each Geared Fund’s daily investment objective, each Geared Fund needs to be rebalanced each day, an activity not typical of traditional index funds;
	●	the size and experience of the Advisor’s portfolio staff and the Advisor’s ability to recruit, train and retain personnel with relevant experience and the specific expertise necessary to manage the Funds;
	●	the structure of the portfolio Advisor’s staff compensation program and the incentives it is intended to provide;

290 :: Board Approval of Investment Advisory Agreement :: January 31, 2024 (unaudited)

	●	the collateral, credit and cash management functions at the Advisor and enhancements made in these areas in recent years;
	●	the Advisor’s development of investment strategies, including those involving the use of complex financial instruments and processes that maximize the Funds’ ability to meet their stated investment objectives and minimize counterparty risk;
	●	the Advisor’s ability to monitor compliance with the Securities and Exchange Commission’s liquidity rule, derivatives rule and valuation requirements, among other applicable regulatory requirements;
	●	a continued investment in personnel and technology by the Advisor that would generally improve capacity and efficiency as well as improvements related to remote and hybrid working conditions;
	●	for certain Bitcoin-linked Funds, the Advisor’s familiarity with digital assets and Bitcoin in particular, as well as processes related to assessing risk and liquidity with respect to investments in Bitcoin futures, the Advisor’s familiarity with the market for Bitcoin futures and its ability to manage the Funds and obtain appropriate exposure in that market, and the potential benefits of a futures-based approach; and
	●	information regarding allocation of Fund brokerage and the selection of counterparties for Fund portfolio transactions, as well as the Advisor’s ability to negotiate generally favorable terms with swap counterparties on behalf of various Funds.

Comparison of Services and Fees

The Board also recognized that it is difficult to make comparisons of fees across fund complexes because there may be variations in services that are included in the fees paid by other mutual funds.

Investment Performance of the Funds and the Advisor

January 31, 2024 (unaudited) :: Board Approval of Investment Advisory Agreement :: 291

ranges during the applicable periods. The Board noted that, given the nature of the Funds that are Matching Funds or Geared Funds, the correlation of such Fund’s performance with the performance of its underlying benchmark (or a relevant inverse or multiple thereof) was a more meaningful factor than the Fund’s total return.

After reviewing the performance of the Funds, the Board, including the Independent Trustees, concluded, in light of the foregoing factors, that the performance of the Funds was satisfactory.

Profitability

Economies of Scale

Other Benefits

The Board considered that ProFund Distributors, Inc., a wholly-owned subsidiary of the Advisor, earns fees from the Funds for providing services under a Distribution and Shareholder Services Plan.

Conclusions

Based on, but not limited to, the above considerations and determinations, the Board, including all of the Independent

292 :: Board Approval of Investment Advisory Agreement :: January 31, 2024 (unaudited)

Trustees, determined that the Agreement for the Funds is fair and reasonable in light of the nature, extent and quality of the services to be performed, the fee rates to be paid, the Advisor’s expenses and such other matters as the Board considered relevant in the exercise of its business judgement. Accordingly, the Board concluded that the continuation of the Advisory Agreement was in the best interests of the shareholders of the Funds. On this basis, the Board unanimously voted in favor of the renewal of the Advisory Agreement.

January 31, 2024 (unaudited) :: Liquidity Risk Management Program :: 293

	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

01/24

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)

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (68.3%)

	Shares		Value
3M Co. (Industrial Conglomerates)		475	$	44,816
A.O. Smith Corp. (Building Products)		107		8,304
Abbott Laboratories (Health Care Equipment & Supplies)		1,494		169,047
AbbVie, Inc. (Biotechnology)		1,521		250,052
Accenture PLC - Class A (IT Services)		541		196,859
Adobe, Inc.* (Software)		392		242,170
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,389		232,921
Aflac, Inc. (Insurance)		459		38,712
Agilent Technologies, Inc. (Life Sciences Tools & Services)		253		32,915
Air Products and Chemicals, Inc. (Chemicals)		192		49,096
Airbnb, Inc.* - Class A (Hotels, Restaurants & Leisure)		372		53,620
Akamai Technologies, Inc.* (IT Services)		131		16,143
Albemarle Corp. (Chemicals)		101		11,589
Alexandria Real Estate Equities, Inc. (Office REITs)		135		16,322
Align Technology, Inc.* (Health Care Equipment & Supplies)		62		16,574
Allegion PLC (Building Products)		75		9,292
Alliant Energy Corp. (Electric Utilities)		218		10,608
Alphabet, Inc.* - Class A (Interactive Media & Services)		5,094		713,668
Alphabet, Inc.* - Class C (Interactive Media & Services)		4,287		607,897
Altria Group, Inc. (Tobacco)		1,523		61,103
Amazon.com, Inc.* (Broadline Retail)		7,828		1,214,906
Amcor PLC (Containers & Packaging)		1,243		11,721
Ameren Corp. (Multi-Utilities)		225		15,653
American Airlines Group, Inc.* (Passenger Airlines)		562		7,997
American Electric Power Co., Inc. (Electric Utilities)		454		35,476
American Express Co. (Consumer Finance)		496		99,567
American International Group, Inc. (Insurance)		604		41,984
American Tower Corp. (Specialized REITs)		401		78,455
American Water Works Co., Inc. (Water Utilities)		167		20,711
Ameriprise Financial, Inc. (Capital Markets)		87		33,654
AMETEK, Inc. (Electrical Equipment)		199		32,248
Amgen, Inc. (Biotechnology)		461		144,874
Amphenol Corp. - Class A (Electronic Equipment, Instruments & Components)		514		51,965
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		429		82,522
ANSYS, Inc.* (Software)		74		24,259
Aon PLC - Class A (Insurance)		171		51,032
APA Corp. (Oil, Gas & Consumable Fuels)		264		8,271
Apple, Inc. (Technology Hardware, Storage & Peripherals)		12,583		2,320,305
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		719		118,132
Aptiv PLC* (Automobile Components)		246		20,007
Arch Capital Group, Ltd.* (Insurance)		322		26,542
Archer-Daniels-Midland Co. (Food Products)		460		25,567
Arista Networks, Inc.* (Communications Equipment)		217		56,134
Arthur J. Gallagher & Co. (Insurance)		186		43,182
Assurant, Inc. (Insurance)		46		7,726
AT&T, Inc. (Diversified Telecommunication Services)		6,153		108,847
Atmos Energy Corp. (Gas Utilities)		127		14,470
Autodesk, Inc.* (Software)		185		46,955
Automatic Data Processing, Inc. (Professional Services)		353		86,761
AutoZone, Inc.* (Specialty Retail)		14		38,670
AvalonBay Communities, Inc. (Residential REITs)		123		22,019
Avery Dennison Corp. (Containers & Packaging)		70		13,962
Axon Enterprise, Inc.* (Aerospace & Defense)		61		15,193
Baker Hughes Co. (Energy Equipment & Services)		868		24,738
Ball Corp. (Containers & Packaging)		273		15,137
Bank of America Corp. (Banks)		5,925		201,509
Bath & Body Works, Inc. (Specialty Retail)		196		8,361
Baxter International, Inc. (Health Care Equipment & Supplies)		435		16,830
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		250		59,703
Berkshire Hathaway, Inc.* - Class B (Financial Services)		1,566		600,937
Best Buy Co., Inc. (Specialty Retail)		166		12,033
Biogen, Inc.* (Biotechnology)		124		30,586
Bio-Rad Laboratories, Inc.* - Class A (Life Sciences Tools & Services)		19		6,097
Bio-Techne Corp. (Life Sciences Tools & Services)		136		9,564
BlackRock, Inc. (Capital Markets)		123		95,240
Blackstone, Inc. (Capital Markets)		612		76,163
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		29		101,717
BorgWarner, Inc. (Automobile Components)		203		6,882
Boston Properties, Inc. (Office REITs)		124		8,246
Boston Scientific Corp.* (Health Care Equipment & Supplies)		1,261		79,771
Bristol-Myers Squibb Co. (Pharmaceuticals)		1,750		85,523
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		377		444,860
Broadridge Financial Solutions, Inc. (Professional Services)		101		20,624
Brown & Brown, Inc. (Insurance)		205		15,900
Brown-Forman Corp. - Class B (Beverages)		157		8,619
Builders FirstSource, Inc.* (Building Products)		108		18,763
Bunge Global SA (Food Products)		126		11,099
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		100		8,409
Cadence Design Systems, Inc.* (Software)		233		67,211
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		187		8,204
Camden Property Trust (Residential REITs)		91		8,539
Campbell Soup Co. (Food Products)		169		7,542
Capital One Financial Corp. (Consumer Finance)		329		44,520
Cardinal Health, Inc. (Health Care Providers & Services)		212		23,148
CarMax, Inc.* (Specialty Retail)		136		9,680
Carnival Corp.* (Hotels, Restaurants & Leisure)		867		14,375
Carrier Global Corp. (Building Products)		722		39,501

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Catalent, Inc.* (Pharmaceuticals)		153	$	7,901
Caterpillar, Inc. (Machinery)		438		131,536
Cboe Global Markets, Inc. (Capital Markets)		90		16,547
CBRE Group, Inc.* - Class A (Real Estate Management & Development)		262		22,613
CDW Corp. (Electronic Equipment, Instruments & Components)		116		26,300
Celanese Corp. (Chemicals)		83		12,142
Cencora, Inc. (Health Care Providers & Services)		143		33,273
Centene Corp.* (Health Care Providers & Services)		460		34,643
CenterPoint Energy, Inc. (Multi-Utilities)		544		15,199
CF Industries Holdings, Inc. (Chemicals)		164		12,384
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		44		9,516
Charter Communications, Inc.* - Class A (Media)		87		32,252
Chevron Corp. (Oil, Gas & Consumable Fuels)		1,511		222,766
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		23		55,402
Chubb, Ltd. (Insurance)		351		85,994
Church & Dwight Co., Inc. (Household Products)		212		21,168
Cincinnati Financial Corp. (Insurance)		136		15,069
Cintas Corp. (Commercial Services & Supplies)		74		44,738
Cisco Systems, Inc. (Communications Equipment)		3,488		175,027
Citigroup, Inc. (Banks)		1,648		92,568
Citizens Financial Group, Inc. (Banks)		401		13,113
CME Group, Inc. (Capital Markets)		312		64,222
CMS Energy Corp. (Multi-Utilities)		252		14,404
Cognizant Technology Solutions Corp. - Class A (IT Services)		431		33,239
Colgate-Palmolive Co. (Household Products)		709		59,698
Comcast Corp. - Class A (Media)		3,457		160,888
Comerica, Inc. (Banks)		114		5,994
Conagra Brands, Inc. (Food Products)		412		12,010
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,023		114,443
Consolidated Edison, Inc. (Multi-Utilities)		295		26,816
Constellation Brands, Inc. - Class A (Beverages)		139		34,066
Constellation Energy Corp. (Electric Utilities)		275		33,550
Copart, Inc.* (Commercial Services & Supplies)		753		36,174
Corning, Inc. (Electronic Equipment, Instruments & Components)		661		21,476
Corteva, Inc. (Chemicals)		609		27,697
CoStar Group, Inc.* (Real Estate Management & Development)		351		29,302
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		382		265,444
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		646		16,072
Crown Castle, Inc. (Specialized REITs)		372		40,269
CSX Corp. (Ground Transportation)		1,700		60,690
Cummins, Inc. (Machinery)		123		29,434
CVS Health Corp. (Health Care Providers & Services)		1,105		82,179
D.R. Horton, Inc. (Household Durables)		260		37,156
Danaher Corp. (Life Sciences Tools & Services)		564		135,309
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		105		17,071
DaVita, Inc.* (Health Care Providers & Services)		47		5,084
Dayforce, Inc.* (Professional Services)		135		9,385
Deere & Co. (Machinery)		229		90,130
Delta Air Lines, Inc. (Passenger Airlines)		553		21,644
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		185		6,429
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		552		23,195
Dexcom, Inc.* (Health Care Equipment & Supplies)		332		40,288
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		151		23,215
Digital Realty Trust, Inc. (Specialized REITs)		261		36,660
Discover Financial Services (Consumer Finance)		214		22,581
Dollar General Corp. (Consumer Staples Distribution & Retail)		189		24,961
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		181		23,642
Dominion Energy, Inc. (Multi-Utilities)		721		32,964
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure)		29		12,360
Dover Corp. (Machinery)		123		18,423
Dow, Inc. (Chemicals)		603		32,321
DTE Energy Co. (Multi-Utilities)		178		18,765
Duke Energy Corp. (Electric Utilities)		662		63,439
DuPont de Nemours, Inc. (Chemicals)		370		22,866
Eastman Chemical Co. (Chemicals)		101		8,439
Eaton Corp. PLC (Electrical Equipment)		345		84,898
eBay, Inc. (Broadline Retail)		446		18,317
Ecolab, Inc. (Chemicals)		217		43,014
Edison International (Electric Utilities)		330		22,268
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		524		41,118
Electronic Arts, Inc. (Entertainment)		211		29,029
Elevance Health, Inc. (Health Care Providers & Services)		202		99,675
Eli Lilly & Co. (Pharmaceuticals)		686		442,887
Emerson Electric Co. (Electrical Equipment)		491		45,039
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		118		12,287
Entergy Corp. (Electric Utilities)		184		18,356
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		501		57,009
EPAM Systems, Inc.* (IT Services)		50		13,906
EQT Corp. (Oil, Gas & Consumable Fuels)		354		12,532
Equifax, Inc. (Professional Services)		108		26,389
Equinix, Inc. (Specialized REITs)		80		66,381
Equity Residential (Residential REITs)		297		17,877
Essex Property Trust, Inc. (Residential REITs)		57		13,296
Etsy, Inc.* (Broadline Retail)		105		6,989
Everest Group, Ltd. (Insurance)		39		15,014
Evergy, Inc. (Electric Utilities)		198		10,052

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares			Value
Eversource Energy (Electric Utilities)		300		$	16,266
Exelon Corp. (Electric Utilities)		858			29,867
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		116			17,206
Expeditors International of Washington, Inc. (Air Freight & Logistics)		126			15,918
Extra Space Storage, Inc. (Specialized REITs)		184			26,577
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		3,449			354,591
F5, Inc.* (Communications Equipment)		54			9,920
FactSet Research Systems, Inc. (Capital Markets)		33			15,705
Fair Isaac Corp.* (Software)		21			25,175
Fastenal Co. (Trading Companies & Distributors)		492			33,569
Federal Realty Investment Trust (Retail REITs)		64			6,511
FedEx Corp. (Air Freight & Logistics)		199			48,017
Fidelity National Information Services, Inc. (Financial Services)		510			31,753
Fifth Third Bancorp (Banks)		588			20,133
First Horizon Corp. (Banks)		–	^†		5
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		91			13,313
FirstEnergy Corp. (Electric Utilities)		444			16,286
Fiserv, Inc.* (Financial Services)		515			73,063
FleetCor Technologies, Inc.* (Financial Services)		62			17,976
FMC Corp. (Chemicals)		108			6,070
Ford Motor Co. (Automobiles)		3,383			39,649
Fortinet, Inc.* (Software)		548			35,341
Fortive Corp. (Machinery)		301			23,532
Fox Corp. - Class A (Media)		214			6,912
Fox Corp. - Class B (Media)		117			3,511
Franklin Resources, Inc. (Capital Markets)		244			6,498
Freeport-McMoRan, Inc. (Metals & Mining)		1,235			49,018
Garmin, Ltd. (Household Durables)		133			15,892
Gartner, Inc.* (IT Services)		68			31,106
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		337			24,722
Gen Digital, Inc. (Software)		485			11,388
Generac Holdings, Inc.* (Electrical Equipment)		55			6,252
General Dynamics Corp. (Aerospace & Defense)		194			51,408
General Electric Co. (Industrial Conglomerates)		937			124,077
General Mills, Inc. (Food Products)		499			32,390
General Motors Co. (Automobiles)		1,179			45,745
Genuine Parts Co. (Distributors)		123			17,249
Gilead Sciences, Inc. (Biotechnology)		1,074			84,051
Global Payments, Inc. (Financial Services)		224			29,844
Globe Life, Inc. (Insurance)		73			8,966
Halliburton Co. (Energy Equipment & Services)		770			27,451
Hasbro, Inc. (Leisure Products)		114			5,580
HCA Healthcare, Inc. (Health Care Providers & Services)		170			51,833
Healthpeak Properties, Inc. (Health Care REITs)		470			8,695
Henry Schein, Inc.* (Health Care Providers & Services)		114			8,532
Hess Corp. (Oil, Gas & Consumable Fuels)		238			33,446
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		1,104			16,880
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		220			42,011
Hologic, Inc.* (Health Care Equipment & Supplies)		212			15,781
Honeywell International, Inc. (Industrial Conglomerates)		568			114,884
Hormel Foods Corp. (Food Products)		252			7,653
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		607			11,667
Howmet Aerospace, Inc. (Aerospace & Defense)		336			18,903
HP, Inc. (Technology Hardware, Storage & Peripherals)		750			21,533
Hubbell, Inc. (Electrical Equipment)		47			15,772
Humana, Inc. (Health Care Providers & Services)		106			40,074
Huntington Bancshares, Inc. (Banks)		1,244			15,836
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		33			8,544
IDEX Corp. (Machinery)		64			13,536
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		71			36,571
Illinois Tool Works, Inc. (Machinery)		234			61,051
Illumina, Inc.* (Life Sciences Tools & Services)		136			19,449
Incyte Corp.* (Biotechnology)		161			9,462
Ingersoll Rand, Inc. (Machinery)		349			27,871
Insulet Corp.* (Health Care Equipment & Supplies)		61			11,643
Intel Corp. (Semiconductors & Semiconductor Equipment)		3,630			156,380
Intercontinental Exchange, Inc. (Capital Markets)		493			62,774
International Business Machines Corp. (IT Services)		784			143,989
International Flavors & Fragrances, Inc. (Chemicals)		217			17,508
International Paper Co. (Containers & Packaging)		297			10,642
Intuit, Inc. (Software)		243			153,413
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		302			114,223
Invesco, Ltd. (Capital Markets)		386			6,110
Invitation Homes, Inc. (Residential REITs)		496			16,333
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		157			32,692
Iron Mountain, Inc. (Specialized REITs)		252			17,015
J.B. Hunt Transport Services, Inc. (Ground Transportation)		70			14,069
Jabil, Inc. (Electronic Equipment, Instruments & Components)		112			14,032
Jack Henry & Associates, Inc. (Financial Services)		63			10,447
Jacobs Solutions, Inc. (Professional Services)		109			14,690
Johnson & Johnson (Pharmaceuticals)		2,071			329,082
Johnson Controls International PLC (Building Products)		586			30,876
JPMorgan Chase & Co. (Banks)		2,489			433,983
Juniper Networks, Inc. (Communications Equipment)		275			10,164

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Kellanova (Food Products)		228	$	12,485
Kenvue, Inc. (Personal Care Products)		1,482		30,766
Keurig Dr Pepper, Inc. (Beverages)		869		27,321
KeyCorp (Banks)		804		11,682
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		151		23,142
Kimberly-Clark Corp. (Household Products)		290		35,081
Kimco Realty Corp. (Retail REITs)		581		11,736
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		1,664		28,155
KLA Corp. (Semiconductors & Semiconductor Equipment)		117		69,503
L3Harris Technologies, Inc. (Aerospace & Defense)		163		33,972
Laboratory Corp. of America Holdings (Health Care Providers & Services)		73		16,228
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		113		93,244
Lamb Weston Holding, Inc. (Food Products)		124		12,703
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		320		15,654
Leidos Holdings, Inc. (Professional Services)		118		13,035
Lennar Corp. - Class A (Household Durables)		214		32,068
Linde PLC (Chemicals)		418		169,218
Live Nation Entertainment, Inc.* (Entertainment)		123		10,929
LKQ Corp. (Distributors)		229		10,687
Lockheed Martin Corp. (Aerospace & Defense)		189		81,158
Loews Corp. (Insurance)		157		11,439
Lowe’s Cos., Inc. (Specialty Retail)		496		105,569
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		98		44,474
LyondellBasell Industries N.V. - Class A (Chemicals)		219		20,612
M&T Bank Corp. (Banks)		142		19,610
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		502		11,471
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		326		53,986
MarketAxess Holdings, Inc. (Capital Markets)		33		7,442
Marriott International, Inc. - Class A (Hotels, Restaurants & Leisure)		214		51,208
Marsh & McLennan Cos., Inc. (Insurance)		425		82,382
Martin Marietta Materials, Inc. (Construction Materials)		55		27,963
Masco Corp. (Building Products)		193		12,987
Mastercard, Inc. - Class A (Financial Services)		712		319,852
Match Group, Inc.* (Interactive Media & Services)		233		8,943
McCormick & Co., Inc. (Food Products)		216		14,723
McDonald’s Corp. (Hotels, Restaurants & Leisure)		625		182,950
McKesson Corp. (Health Care Providers & Services)		116		57,987
Medtronic PLC (Health Care Equipment & Supplies)		1,147		100,408
Merck & Co., Inc. (Pharmaceuticals)		2,181		263,421
Meta Platforms, Inc.* - Class A (Interactive Media & Services)		1,911		745,557
MetLife, Inc. (Insurance)		536		37,156
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		19		22,747
MGM Resorts International (Hotels, Restaurants & Leisure)		234		10,149
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		465		39,609
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		946		81,120
Microsoft Corp. (Software)		6,399		2,544,114
Mid-America Apartment Communities, Inc. (Residential REITs)		100		12,638
Moderna, Inc.* (Biotechnology)		286		28,900
Mohawk Industries, Inc.* (Household Durables)		46		4,796
Molina Healthcare, Inc.* (Health Care Providers & Services)		50		17,822
Molson Coors Beverage Co. - Class B (Beverages)		158		9,763
Mondelez International, Inc. - Class A (Food Products)		1,172		88,216
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		42		25,314
Monster Beverage Corp.* (Beverages)		635		34,938
Moody’s Corp. (Capital Markets)		136		53,317
Morgan Stanley (Capital Markets)		1,087		94,830
Motorola Solutions, Inc. (Communications Equipment)		142		45,369
MSCI, Inc. (Capital Markets)		68		40,706
Nasdaq, Inc. (Capital Markets)		292		16,869
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		180		15,696
Netflix, Inc.* (Entertainment)		376		212,106
Newmont Corp. (Metals & Mining)		993		34,268
News Corp. - Class A (Media)		326		8,033
News Corp. - Class B (Media)		98		2,506
NextEra Energy, Inc. (Electric Utilities)		1,767		103,600
NIKE, Inc. - Class B (Textiles, Apparel & Luxury Goods)		1,051		106,708
NiSource, Inc. (Multi-Utilities)		356		9,245
Nordson Corp. (Machinery)		47		11,831
Norfolk Southern Corp. (Ground Transportation)		194		45,637
Northern Trust Corp. (Capital Markets)		179		14,256
Northrop Grumman Corp. (Aerospace & Defense)		123		54,951
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		366		6,515
NRG Energy, Inc. (Electric Utilities)		196		10,396
Nucor Corp. (Metals & Mining)		212		39,629
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,127		1,308,680
NVR, Inc.* (Household Durables)		2		14,151
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		220		46,325
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		568		32,700
Old Dominion Freight Line, Inc. (Ground Transportation)		77		30,109

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Omnicom Group, Inc. (Media)		170	$	15,365
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		370		26,318
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		501		34,193
Oracle Corp. (Software)		1,368		152,806
O’Reilly Automotive, Inc.* (Specialty Retail)		54		55,245
Otis Worldwide Corp. (Machinery)		351		31,042
PACCAR, Inc. (Machinery)		453		45,477
Packaging Corp. of America (Containers & Packaging)		77		12,773
Palo Alto Networks, Inc.* (Software)		268		90,721
Paramount Global - Class B (Media)		416		6,069
Parker-Hannifin Corp. (Machinery)		112		52,024
Paychex, Inc. (Professional Services)		276		33,597
Paycom Software, Inc. (Professional Services)		43		8,180
PayPal Holdings, Inc.* (Financial Services)		927		56,871
Pentair PLC (Machinery)		143		10,463
PepsiCo, Inc. (Beverages)		1,182		199,202
Pfizer, Inc. (Pharmaceuticals)		4,860		131,609
PG&E Corp. (Electric Utilities)		1,836		30,973
Philip Morris International, Inc. (Tobacco)		1,337		121,466
Phillips 66 (Oil, Gas & Consumable Fuels)		381		54,982
Pinnacle West Capital Corp. (Electric Utilities)		97		6,683
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		202		46,426
Pool Corp. (Distributors)		33		12,251
PPG Industries, Inc. (Chemicals)		203		28,631
PPL Corp. (Electric Utilities)		633		16,585
Principal Financial Group, Inc. (Insurance)		189		14,950
Prologis, Inc. (Industrial REITs)		797		100,972
Prudential Financial, Inc. (Insurance)		312		32,738
PTC, Inc.* (Software)		101		18,246
Public Service Enterprise Group, Inc. (Multi-Utilities)		428		24,820
Public Storage (Specialized REITs)		136		38,514
PulteGroup, Inc. (Household Durables)		186		19,448
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		82		8,179
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		958		142,273
Quanta Services, Inc. (Construction & Engineering)		126		24,450
Quest Diagnostics, Inc. (Health Care Providers & Services)		96		12,329
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		33		4,741
Raymond James Financial, Inc. (Capital Markets)		162		17,849
Realty Income Corp. (Retail REITs)		712		38,726
Regency Centers Corp. (Retail REITs)		142		8,899
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		91		85,793
Regions Financial Corp. (Banks)		800		14,936
Republic Services, Inc. (Commercial Services & Supplies)		178		30,459
ResMed, Inc. (Health Care Equipment & Supplies)		127		24,155
Revvity, Inc. (Life Sciences Tools & Services)		108		11,575
Robert Half, Inc. (Professional Services)		90		7,159
Rockwell Automation, Inc. (Electrical Equipment)		98		24,821
Rollins, Inc. (Commercial Services & Supplies)		244		10,568
Roper Technologies, Inc. (Software)		91		48,867
Ross Stores, Inc. (Specialty Retail)		290		40,681
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		203		25,883
RTX Corp. (Aerospace & Defense)		1,238		112,808
S&P Global, Inc. (Capital Markets)		279		125,091
Salesforce, Inc.* (Software)		836		234,991
SBA Communications Corp. (Specialized REITs)		94		21,043
Schlumberger N.V. (Energy Equipment & Services)		1,229		59,852
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		168		14,394
Sempra (Multi-Utilities)		542		38,786
ServiceNow, Inc.* (Software)		178		136,241
Simon Property Group, Inc. (Retail REITs)		281		38,949
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		137		14,311
Snap-on, Inc. (Machinery)		46		13,337
Southwest Airlines Co. (Passenger Airlines)		513		15,334
Stanley Black & Decker, Inc. (Machinery)		133		12,409
Starbucks Corp. (Hotels, Restaurants & Leisure)		982		91,355
State Street Corp. (Capital Markets)		266		19,649
Steel Dynamics, Inc. (Metals & Mining)		132		15,931
STERIS PLC (Health Care Equipment & Supplies)		82		17,954
Stryker Corp. (Health Care Equipment & Supplies)		290		97,289
Synchrony Financial (Consumer Finance)		357		13,877
Synopsys, Inc.* (Software)		132		70,402
Sysco Corp. (Consumer Staples Distribution & Retail)		434		35,124
T. Rowe Price Group, Inc. (Capital Markets)		193		20,931
Take-Two Interactive Software, Inc.* (Entertainment)		136		22,430
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		199		7,719
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		192		16,312
Target Corp. (Consumer Staples Distribution & Retail)		397		55,215
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		268		38,107
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		42		17,576
Teleflex, Inc. (Health Care Equipment & Supplies)		42		10,199
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		132		12,750
Tesla, Inc.* (Automobiles)		2,379		445,563
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		782		125,214
Textron, Inc. (Aerospace & Defense)		169		14,316
The AES Corp. (Independent Power and Renewable Electricity Producers)		576		9,608
The Allstate Corp. (Insurance)		224		34,776

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
The Bank of New York Mellon Corp. (Capital Markets)		664	$	36,825
The Boeing Co.* (Aerospace & Defense)		489		103,199
The Charles Schwab Corp. (Capital Markets)		1,283		80,726
The Cigna Group (Health Care Providers & Services)		253		76,140
The Clorox Co. (Household Products)		109		15,832
The Coca-Cola Co. (Beverages)		3,350		199,293
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		43		16,040
The Estee Lauder Cos., Inc. (Personal Care Products)		201		26,530
The Goldman Sachs Group, Inc. (Capital Markets)		281		107,907
The Hartford Financial Services Group, Inc. (Insurance)		260		22,610
The Hershey Co. (Food Products)		130		25,160
The Home Depot, Inc. (Specialty Retail)		858		302,840
The Interpublic Group of Cos., Inc. (Media)		330		10,887
The JM Smucker Co. (Food Products)		90		11,840
The Kraft Heinz Co. (Food Products)		688		25,545
The Kroger Co. (Consumer Staples Distribution & Retail)		570		26,300
The Mosaic Co. (Chemicals)		283		8,691
The PNC Financial Services Group, Inc. (Banks)		344		52,016
The Procter & Gamble Co. (Household Products)		2,028		318,680
The Progressive Corp. (Insurance)		502		89,481
The Sherwin-Williams Co. (Chemicals)		203		61,789
The Southern Co. (Electric Utilities)		941		65,419
The TJX Cos., Inc. (Specialty Retail)		982		93,202
The Travelers Cos., Inc. (Insurance)		198		41,849
The Walt Disney Co. (Entertainment)		1,576		151,375
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,047		36,289
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		332		178,942
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		437		70,458
Tractor Supply Co. (Specialty Retail)		94		21,112
Trane Technologies PLC (Building Products)		198		49,906
TransDigm Group, Inc. (Aerospace & Defense)		47		51,356
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		215		10,935
Truist Financial Corp. (Banks)		1,149		42,582
Tyler Technologies, Inc.* (Software)		37		15,642
Tyson Foods, Inc. - Class A (Food Products)		247		13,526
U.S. Bancorp (Banks)		1,340		55,664
Uber Technologies, Inc.* (Ground Transportation)		1,772		115,658
UDR, Inc. (Residential REITs)		261		9,401
Ulta Beauty, Inc.* (Specialty Retail)		43		21,588
Union Pacific Corp. (Ground Transportation)		525		128,062
United Airlines Holdings, Inc.* (Passenger Airlines)		283		11,711
United Parcel Service, Inc. - Class B (Air Freight & Logistics)		624		88,545
United Rentals, Inc. (Trading Companies & Distributors)		59		36,899
UnitedHealth Group, Inc. (Health Care Providers & Services)		797		407,857
Universal Health Services, Inc. - Class B (Health Care Providers & Services)		55		8,735
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		292		40,559
Ventas, Inc. (Health Care REITs)		347		16,097
Veralto Corp. (Commercial Services & Supplies)		189		14,494
VeriSign, Inc.* (IT Services)		75		14,916
Verisk Analytics, Inc. (Professional Services)		124		29,950
Verizon Communications, Inc. (Diversified Telecommunication Services)		3,617		153,180
Vertex Pharmaceuticals, Inc.* (Biotechnology)		220		95,344
VF Corp. (Textiles, Apparel & Luxury Goods)		284		4,675
Viatris, Inc. (Pharmaceuticals)		1,034		12,170
VICI Properties, Inc. (Specialized REITs)		893		26,897
Visa, Inc. - Class A (Financial Services)		1,374		375,459
Vulcan Materials Co. (Construction Materials)		116		26,217
W.R. Berkley Corp. (Insurance)		177		14,493
W.W. Grainger, Inc. (Trading Companies & Distributors)		39		34,930
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		616		13,903
Walmart, Inc. (Consumer Staples Distribution & Retail)		1,230		203,258
Warner Bros. Discovery, Inc.* (Entertainment)		1,909		19,128
Waste Management, Inc. (Commercial Services & Supplies)		317		58,845
Waters Corp.* (Life Sciences Tools & Services)		50		15,886
WEC Energy Group, Inc. (Multi-Utilities)		273		22,047
Wells Fargo & Co. (Banks)		3,128		156,963
Welltower, Inc. (Health Care REITs)		478		41,352
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		64		23,874
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		279		15,973
Westinghouse Air Brake Technologies Corp. (Machinery)		151		19,867
Westrock Co. (Containers & Packaging)		220		8,857
Weyerhaeuser Co. (Specialized REITs)		630		20,645
Whirlpool Corp. (Household Durables)		47		5,147
Willis Towers Watson PLC (Insurance)		88		21,674
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		81		7,649
Xcel Energy, Inc. (Electric Utilities)		477		28,558
Xylem, Inc. (Machinery)		207		23,275
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		243		31,466
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		44		10,540
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		180		22,608
Zions Bancorp NA (Banks)		127		5,321

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Zoetis, Inc. (Pharmaceuticals)		394		73,997
TOTAL COMMON STOCKS (Cost $15,751,696)				35,015,486

Repurchase Agreements^(a)(b) (29.7%)

		Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%-5.19%, dated 1/31/24, due 2/1/24, total to be received $15,211,183	$	15,209,000	$	15,209,000
TOTAL REPURCHASE AGREEMENTS (Cost $15,209,000)				15,209,000
TOTAL INVESTMENT SECURITIES (Cost $30,960,696) - 98.0%				50,224,486
Net other assets (liabilities) - 2.0%				1,040,433
NET ASSETS - 100.0%			$	51,264,919

^†	Number of shares is less than 0.50.
^*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31,2024, the aggregate amount held in a segregated account was $1,409,000.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		7		3/18/24		$	1,704,675			$	85,806

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	2/27/24		5.93	%	$	13,933,666	$	(222,079	)
S&P 500	UBS AG	2/27/24		5.83	%		600,861		(10,333	)
						$	14,534,527	$	(232,412	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Bull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Bull ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	545,808		1.1	%
Air Freight & Logistics		160,889		0.3	%
Automobile Components		26,889		0.1	%
Automobiles		530,957		1.0	%
Banks		1,141,915		2.2	%
Beverages		513,201		1.0	%
Biotechnology		729,062		1.4	%
Broadline Retail		1,240,212		2.4	%
Building Products		169,629		0.3	%
Capital Markets		1,013,311		2.0	%
Chemicals		532,067		1.0	%
Commercial Services & Supplies		195,278		0.4	%
Communications Equipment		296,614		0.6	%
Construction & Engineering		24,450		^NM
Construction Materials		54,180		0.1	%
Consumer Finance		180,545		0.4	%
Consumer Staples Distribution & Retail		647,846		1.3	%
Containers & Packaging		73,092		0.1	%
Distributors		40,187		0.1	%
Diversified Telecommunication Services		262,027		0.5	%
Electric Utilities		518,381		1.0	%
Electrical Equipment		209,030		0.4	%
Electronic Equipment, Instruments & Components		214,073		0.4	%
Energy Equipment & Services		112,041		0.2	%
Entertainment		444,997		0.9	%
Financial Services		1,516,201		3.0	%
Food Products		300,459		0.6	%
Gas Utilities		14,470		^NM
Ground Transportation		394,225		0.8	%
Health Care Equipment & Supplies		921,353		1.8	%
Health Care Providers & Services		975,539		1.9	%
Health Care REITs		66,144		0.1	%
Hotel & Resort REITs		11,667		^NM
Hotels, Restaurants & Leisure		744,795		1.5	%
Household Durables		128,658		0.3	%
Household Products		450,460		0.9	%
Independent Power and Renewable Electricity Producers		9,608		^NM
Industrial Conglomerates		283,778		0.6	%
Industrial REITs		100,972		0.2	%
Insurance		753,669		1.5	%
Interactive Media & Services		2,076,066		4.0	%
IT Services		450,158		0.9	%
Leisure Products		5,580		^NM
Life Sciences Tools & Services		498,566		1.0	%
Machinery		615,237		1.2	%
Media		246,423		0.5	%
Metals & Mining		138,846		0.3	%
Multi-Utilities		218,699		0.4	%
Office REITs		24,568		^NM
Oil, Gas & Consumable Fuels		1,220,613		2.4	%
Passenger Airlines		56,686		0.1	%
Personal Care Products		57,296		0.1	%
Pharmaceuticals		1,346,591		2.6	%
Professional Services		249,770		0.5	%
Real Estate Management & Development		51,915		0.1	%
Residential REITs		100,103		0.2	%
Retail REITs		104,821		0.2	%
Semiconductors & Semiconductor Equipment		3,053,255		6.0	%
Software		3,917,942		7.6	%
Specialized REITs		372,457		0.7	%
Specialty Retail		708,981		1.4	%
Technology Hardware, Storage & Peripherals		2,404,781		4.7	%
Textiles, Apparel & Luxury Goods		168,317		0.3	%
Tobacco		182,569		0.4	%
Trading Companies & Distributors		105,398		0.2	%
Water Utilities		20,711		^NM
Wireless Telecommunication Services		70,458		0.1	%
Other **		16,249,433		31.7	%
Total	$	51,264,919		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%.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (51.4%)

	Shares		Value
1-800-Flowers.com, Inc.* - Class A (Specialty Retail)		24	$	250
1st Source Corp. (Banks)		15		784
23andMe Holding Co.* - Class A (Health Care Providers & Services)		275		201
2seventy bio, Inc.* (Biotechnology)		45		231
2U, Inc.* (Diversified Consumer Services)		73		62
374Water, Inc.* (Machinery)		56		67
3D Systems Corp.* (Machinery)		118		565
4D Molecular Therapeutics, Inc.* (Biotechnology)		36		621
5E Advanced Materials, Inc.* (Metals & Mining)		36		51
89bio, Inc.* (Biotechnology)		58		574
8x8, Inc.* (Software)		109		366
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		20		142
A10 Networks, Inc. (Software)		64		856
Aadi Bioscience, Inc.* (Biotechnology)		15		28
AAON, Inc. (Building Products)		61		4,280
AAR Corp.* (Aerospace & Defense)		31		1,885
Aaron’s Co., Inc. (The) (Specialty Retail)		27		278
Abercrombie & Fitch Co.* (Specialty Retail)		44		4,485
ABM Industries, Inc. (Commercial Services & Supplies)		60		2,447
Acacia Research Corp.* (Financial Services)		34		133
Academy Sports & Outdoors, Inc. (Specialty Retail)		65		4,077
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		110		2,850
Acadia Realty Trust (Retail REITs)		85		1,450
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		48		492
ACCO Brands Corp. (Commercial Services & Supplies)		84		511
Accolade, Inc.* (Health Care Providers & Services)		61		691
Accuray, Inc.* (Health Care Equipment & Supplies)		85		220
ACELYRIN, Inc.* (Biotechnology)		30		229
ACI Worldwide, Inc.* (Software)		98		2,947
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		63		73
ACM Research, Inc.* - Class A (Semiconductors & Semiconductor Equipment)		44		758
ACNB Corp. (Banks)		8		312
Acrivon Therapeutics, Inc.* (Biotechnology)		8		29
Actinium Pharmaceuticals, Inc.* (Biotechnology)		25		135
Acushnet Holdings Corp. (Leisure Products)		28		1,773
ACV Auctions, Inc.* - Class A (Commercial Services & Supplies)		115		1,492
AdaptHealth Corp.* (Health Care Providers & Services)		87		628
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services)		103		378
Addus HomeCare Corp.* (Health Care Providers & Services)		14		1,212
Adeia, Inc. (Software)		97		1,178
Adicet Bio, Inc.* (Biotechnology)		27		81
Adient PLC* (Automobile Components)		85		2,950
ADMA Biologics, Inc.* (Biotechnology)		193		1,002
Adtalem Global Education, Inc.* (Diversified Consumer Services)		36		1,817
ADTRAN Holdings, Inc. (Communications Equipment)		71		445
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		34		3,542
AdvanSix, Inc. (Chemicals)		24		609
Advantage Solutions, Inc.* (Media)		79		318
Aehr Test Systems* (Semiconductors & Semiconductor Equipment)		25		371
Aerovate Therapeutics, Inc.* (Biotechnology)		10		193
AeroVironment, Inc.* (Aerospace & Defense)		24		2,895
AerSale Corp.* (Aerospace & Defense)		23		214
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components)		73		62
AFC Gamma, Inc. (Mortgage REITs)		15		175
Agenus, Inc.* (Biotechnology)		345		230
Agiliti, Inc.* (Health Care Providers & Services)		27		191
Agilysys, Inc.* (Software)		18		1,507
Agios Pharmaceuticals, Inc.* (Biotechnology)		50		1,131
Air Transport Services Group, Inc.* (Air Freight & Logistics)		51		790
AirSculpt Technologies, Inc.*^(a) (Health Care Providers & Services)		11		80
Akero Therapeutics, Inc.* (Biotechnology)		46		994
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		63		36
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		21		107
Alamo Group, Inc. (Machinery)		9		1,911
Alarm.com Holdings, Inc.* (Software)		43		2,615
Albany International Corp. (Machinery)		28		2,489
Aldeyra Therapeutics, Inc.* (Biotechnology)		42		131
Alector, Inc.* (Biotechnology)		57		340
Alerus Financial Corp. (Financial Services)		16		363
Alexander & Baldwin, Inc. (Diversified REITs)		66		1,143
Alexander’s, Inc. (Retail REITs)		2		440
Alico, Inc. (Food Products)		6		177
Alight, Inc.* - Class A (Professional Services)		375		3,345
Alignment Healthcare, Inc.* (Health Care Providers & Services)		77		516
Alkami Technology, Inc.* (Software)		36		886
Alkermes PLC* (Biotechnology)		150		4,057
Allakos, Inc.* (Biotechnology)		60		76
Allbirds, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		88		84
Allegiant Travel Co. (Passenger Airlines)		14		1,098
ALLETE, Inc. (Electric Utilities)		52		3,074
Allient, Inc. (Electrical Equipment)		12		334
Allogene Therapeutics, Inc.* (Biotechnology)		85		299
Allovir, Inc.* (Biotechnology)		46		33
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		21		539
Alpha Metallurgical Resources, Inc. (Metals & Mining)		10		3,992
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		83		1,335

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Alpine Immune Sciences, Inc.* (Biotechnology)		29	$	772
Alpine Income Property Trust, Inc. (Diversified REITs)		11		171
Alta Equipment Group, Inc. (Trading Companies & Distributors)		21		225
Altair Engineering, Inc.* - Class A (Software)		49		4,166
AlTi Global, Inc.* (Capital Markets)		21		130
Altimmune, Inc.* (Biotechnology)		48		453
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers)		58		313
ALX Oncology Holdings, Inc.* (Biotechnology)		24		346
Amalgamated Financial Corp. (Banks)		16		425
A-Mark Precious Metals, Inc. (Financial Services)		17		458
Ambac Financial Group, Inc.* (Insurance)		40		650
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		34		1,787
AMC Networks, Inc.* - Class A (Media)		28		507
Amerant Bancorp, Inc. (Banks)		23		520
Ameresco, Inc.* - Class A (Construction & Engineering)		29		592
American Assets Trust, Inc. (Diversified REITs)		44		987
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)		103		833
American Coastal Insurance Corp.* (Insurance)		18		208
American Eagle Outfitters, Inc. (Specialty Retail)		165		3,270
American Equity Investment Life Holding Co. (Insurance)		71		3,921
American National Bankshares, Inc. (Banks)		9		408
American Realty Investors, Inc.* (Real Estate Management & Development)		1		22
American Software, Inc. - Class A (Software)		29		329
American States Water Co. (Water Utilities)		34		2,536
American Vanguard Corp. (Chemicals)		24		262
American Well Corp.* - Class A (Health Care Technology)		225		236
American Woodmark Corp.* (Building Products)		15		1,369
America’s Car-Mart, Inc.* (Specialty Retail)		5		304
Ameris Bancorp (Banks)		60		2,978
AMERISAFE, Inc. (Insurance)		17		847
Ames National Corp. (Banks)		8		169
Amicus Therapeutics, Inc.* (Biotechnology)		257		3,195
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		102		3,229
AMMO, Inc.* (Leisure Products)		82		178
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		34		2,516
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		110		589
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		35		1,868
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels)		33		202
Amplitude, Inc.* - Class A (Software)		61		791
Amprius Technologies, Inc.* (Electrical Equipment)		5		20
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		46		736
AnaptysBio, Inc.* (Biotechnology)		17		401
Anavex Life Sciences Corp.*^(a) (Biotechnology)		65		388
Angel Oak Mortgage REIT, Inc. (Mortgage REITs)		11		117
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		35		207
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		13		726
Anika Therapeutics, Inc.* (Biotechnology)		13		306
Annexon, Inc.* (Biotechnology)		41		170
Anterix, Inc.* (Diversified Telecommunication Services)		12		358
Anywhere Real Estate, Inc.* (Real Estate Management & Development)		98		698
Apartment Investment and Management Co.* (Residential REITs)		132		981
API Group Corp.* (Construction & Engineering)		189		5,957
Apogee Enterprises, Inc. (Building Products)		20		1,056
Apogee Therapeutics, Inc.* (Biotechnology)		19		637
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		129		1,440
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		39		1,355
Appfolio, Inc.* - Class A (Software)		17		3,727
Appian Corp.* - Class A (Software)		37		1,207
Apple Hospitality REIT, Inc. (Hotel & Resort REITs)		195		3,131
Applied Digital Corp.* (IT Services)		74		380
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		35		6,175
Arbor Realty Trust, Inc.^(a) (Mortgage REITs)		167		2,221
Arbutus Biopharma Corp.* (Biotechnology)		115		273
Arcadium Lithium PLC* (Chemicals)		926		4,527
ArcBest Corp. (Ground Transportation)		22		2,621
Arcellx, Inc.* (Biotechnology)		35		2,164
Arch Resources, Inc. (Metals & Mining)		16		2,831
Archer Aviation, Inc.*^(a) - Class A (Aerospace & Defense)		138		667
Archrock, Inc. (Energy Equipment & Services)		126		2,059
Arcosa, Inc. (Construction & Engineering)		44		3,444
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		21		692
Arcus Biosciences, Inc.* (Biotechnology)		49		742
Arcutis Biotherapeutics, Inc.* (Biotechnology)		72		423
Ardelyx, Inc.* (Biotechnology)		209		1,825
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		38		630
Ares Commercial Real Estate Corp. (Mortgage REITs)		47		447
Argan, Inc. (Construction & Engineering)		11		488
Aris Water Solutions, Inc. - Class A (Commercial Services & Supplies)		27		235
Arko Corp. (Specialty Retail)		74		577
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		81		719

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Armada Hoffler Properties, Inc. (Diversified REITs)		61	$	730
ARMOUR Residential REIT, Inc. (Mortgage REITs)		45		857
Array Technologies, Inc.* (Electrical Equipment)		137		1,814
Arrow Financial Corp. (Banks)		13		327
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		105		3,371
ARS Pharmaceuticals, Inc.* (Biotechnology)		22		137
Artesian Resources Corp. - Class A (Water Utilities)		8		292
Artisan Partners Asset Management, Inc. - Class A (Capital Markets)		56		2,346
Artivion, Inc.* (Health Care Equipment & Supplies)		36		602
Arvinas, Inc.* (Pharmaceuticals)		44		1,826
Asana, Inc.* - Class A (Software)		74		1,289
Asbury Automotive Group, Inc.* (Specialty Retail)		19		3,972
ASGN, Inc.* (Professional Services)		43		3,991
Aspen Aerogels, Inc.* (Chemicals)		46		517
Assertio Holdings, Inc.* (Pharmaceuticals)		80		71
AssetMark Financial Holdings, Inc.* (Capital Markets)		20		613
Associated Banc-Corp. (Banks)		137		2,878
AST SpaceMobile, Inc.* (Diversified Telecommunication Services)		73		210
Astec Industries, Inc. (Machinery)		21		748
Astria Therapeutics, Inc.* (Biotechnology)		30		391
Astronics Corp.* (Aerospace & Defense)		24		406
Asure Software, Inc.* (Professional Services)		21		186
Atara Biotherapeutics, Inc.* (Biotechnology)		88		55
Atea Pharmaceuticals, Inc.* (Pharmaceuticals)		69		287
ATI, Inc.* (Metals & Mining)		117		4,782
Atkore, Inc.* (Electrical Equipment)		34		5,185
Atlanta Braves Holdings, Inc.* (Entertainment)		9		388
Atlanta Braves Holdings, Inc.* (Entertainment)		41		1,653
Atlantic Union Bankshares Corp. (Banks)		68		2,323
Atlanticus Holdings Corp.* (Consumer Finance)		4		139
Atlas Energy Solutions, Inc. (Energy Equipment & Services)		16		278
Atmus Filtration Technologies, Inc.* (Automobile Components)		15		335
ATN International, Inc. (Diversified Telecommunication Services)		10		369
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)		20		157
AtriCure, Inc.* (Health Care Equipment & Supplies)		42		1,431
Atrion Corp. (Health Care Equipment & Supplies)		1		340
Aura Biosciences, Inc.* (Biotechnology)		25		193
Aurinia Pharmaceuticals, Inc.* (Biotechnology)		123		927
Aurora Innovation, Inc.* (Software)		306		915
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		42		806
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)		46		106
AvePoint, Inc.* (Software)		134		1,032
Aviat Networks, Inc.* (Communications Equipment)		10		298
Avid Bioservices, Inc.* (Biotechnology)		56		379
Avidity Biosciences, Inc.* (Biotechnology)		67		819
AvidXchange Holdings, Inc.* (Financial Services)		135		1,480
Avient Corp. (Chemicals)		82		2,969
Avista Corp. (Multi-Utilities)		69		2,347
Avita Medical, Inc.* (Biotechnology)		23		385
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		30		3,902
Axogen, Inc.* (Health Care Equipment & Supplies)		37		358
Axonics, Inc.* (Health Care Equipment & Supplies)		45		3,055
Axos Financial, Inc.* (Banks)		50		2,772
Axsome Therapeutics, Inc.* (Pharmaceuticals)		32		2,880
AZZ, Inc. (Building Products)		22		1,374
B Riley Financial, Inc.^(a) (Capital Markets)		18		422
B&G Foods, Inc. (Food Products)		64		644
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)		53		70
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		27		3,888
Bakkt Holdings, Inc.* (Capital Markets)		64		88
Balchem Corp. (Chemicals)		29		4,065
Bally’s Corp.* (Hotels, Restaurants & Leisure)		27		304
Banc of California, Inc. (Banks)		119		1,640
BancFirst Corp. (Banks)		20		1,770
Banco Latinoamericano de Comercio Exterior S.A. - Class E (Financial Services)		25		601
Bandwidth, Inc.* - Class A (Diversified Telecommunication Services)		21		291
Bank First Corp. (Banks)		8		676
Bank of Hawaii Corp. (Banks)		36		2,276
Bank of Marin Bancorp (Banks)		14		274
Bank7 Corp. (Banks)		3		84
BankUnited, Inc. (Banks)		67		1,893
Bankwell Financial Group, Inc. (Banks)		5		139
Banner Corp. (Banks)		31		1,444
Bar Harbor Bankshares (Banks)		14		368
BARK, Inc.* (Specialty Retail)		121		125
Barnes Group, Inc. (Machinery)		44		1,457
Barrett Business Services, Inc. (Professional Services)		6		674
BayCom Corp. (Banks)		10		204
BCB Bancorp, Inc. (Banks)		14		174
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		57		4,725
Beam Therapeutics, Inc.* (Biotechnology)		66		1,610
Beazer Homes USA, Inc.* (Household Durables)		27		857
Bel Fuse, Inc. - Class B (Electronic Equipment, Instruments & Components)		9		602
Belden, Inc. (Electronic Equipment, Instruments & Components)		38		2,819
BellRing Brands, Inc.* (Personal Care Products)		119		6,577

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares			Value
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		32		$	868
Benson Hill, Inc.* (Food Products)		157			27
Berkshire Hills Bancorp, Inc. (Banks)		39			936
Berry Corp. (Oil, Gas & Consumable Fuels)		68			456
Beyond Air, Inc.* (Health Care Equipment & Supplies)		24			40
Beyond Meat, Inc.* (Food Products)		54			357
Beyond, Inc.* (Specialty Retail)		41			902
BGC Group, Inc. - Class A (Capital Markets)		324			2,287
Big 5 Sporting Goods Corp. (Specialty Retail)		19			96
Big Lots, Inc. (Broadline Retail)		26			149
BigBear.ai Holdings, Inc.* (IT Services)		26			42
BigCommerce Holdings, Inc.* - Class 1 (IT Services)		61			499
Biglari Holdings, Inc.* - Class B (Hotels, Restaurants & Leisure)		1			155
BioAtla, Inc.* (Biotechnology)		40			77
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		171			906
Biohaven, Ltd.* (Biotechnology)		62			2,758
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		31			527
Biomea Fusion, Inc.* (Biotechnology)		18			325
Biote Corp.* - Class A (Pharmaceuticals)		13			49
BioVie, Inc.* (Biotechnology)		11			11
Bioxcel Therapeutics, Inc.* (Biotechnology)		18			58
Bit Digital, Inc.* (Software)		80			211
BJ’s Restaurants, Inc.* (Hotels, Restaurants & Leisure)		21			727
Black Hills Corp. (Multi-Utilities)		61			3,157
Blackbaud, Inc.* (Software)		39			3,156
BlackLine, Inc.* (Software)		52			3,051
BlackSky Technology, Inc.* (Professional Services)		108			137
Blackstone Mortgage Trust, Inc.^(a) - Class A (Mortgage REITs)		156			3,078
Blade Air Mobility, Inc.* (Passenger Airlines)		54			161
Blink Charging Co.* (Electrical Equipment)		49			118
Bloom Energy Corp.* - Class A (Electrical Equipment)		174			1,970
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure)		79			2,103
Blue Bird Corp.* (Machinery)		23			670
Blue Foundry Bancorp* (Banks)		20			191
Blue Ridge Bankshares, Inc. (Banks)		16			40
Bluebird Bio, Inc.* (Biotechnology)		97			99
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)		8			923
Blueprint Medicines Corp.* (Biotechnology)		55			4,373
Bluerock Homes Trust, Inc. (Residential REITs)		–	^†		2
Boise Cascade Co. (Trading Companies & Distributors)		36			4,876
Boot Barn Holdings, Inc.* (Specialty Retail)		27			1,937
Borr Drilling, Ltd. (Energy Equipment & Services)		199			1,224
Boston Omaha Corp.* - Class A (Media)		21			325
Bowlero Corp.*^(a) - Class A (Hotels, Restaurants & Leisure)		15			162
Bowman Consulting Group, Ltd.* (Construction & Engineering)		10			314
Box, Inc.* - Class A (Software)		128			3,325
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs)		59			135
Brandywine Realty Trust (Office REITs)		154			730
Braze, Inc.* - Class A (Software)		47			2,540
BRC, Inc.* - Class A (Food Products)		35			132
Bread Financial Holdings, Inc. (Consumer Finance)		45			1,632
Bridgebio Pharma, Inc.* (Biotechnology)		104			3,566
Bridgewater Bancshares, Inc.* (Banks)		19			238
Bright Green Corp.* (Pharmaceuticals)		56			11
Brightcove, Inc.* (IT Services)		39			89
Brightsphere Investment Group, Inc. (Capital Markets)		29			641
BrightSpire Capital, Inc. (Mortgage REITs)		117			837
BrightView Holdings, Inc.* (Commercial Services & Supplies)		37			330
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		40			1,712
Bristow Group, Inc.* (Energy Equipment & Services)		21			554
Broadstone Net Lease, Inc. (Diversified REITs)		170			2,732
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		169			924
Brookfield Business Corp. - Class A (Industrial Conglomerates)		24			551
Brookfield Infrastructure Corp. - Class A (Gas Utilities)		109			3,817
Brookline Bancorp, Inc. (Banks)		79			855
BRP Group, Inc.* - Class A (Insurance)		55			1,234
BRT Apartments Corp. (Residential REITs)		11			185
Build-A-Bear Workshop, Inc. (Specialty Retail)		12			270
Bumble, Inc.* - Class A (Interactive Media & Services)		92			1,262
Burke & Herbert Financial Services Corp. (Banks)		6			350
Business First Bancshares, Inc. (Banks)		22			496
Butterfly Network, Inc.* (Health Care Equipment & Supplies)		128			115
Byline Bancorp, Inc. (Banks)		22			480
C&F Financial Corp. (Banks)		3			167
C3.ai, Inc.*^(a) - Class A (Software)		74			1,834
Cabaletta Bio, Inc.* (Biotechnology)		31			635
Cabot Corp. (Chemicals)		50			3,605
Cactus, Inc. - Class A (Energy Equipment & Services)		59			2,504
Cadence Bank (Banks)		165			4,393
Cadiz, Inc.* (Water Utilities)		37			100
Cadre Holdings, Inc. (Aerospace & Defense)		18			612
Calavo Growers, Inc. (Food Products)		16			417
Caledonia Mining Corp. PLC (Metals & Mining)		15			161
Caleres, Inc. (Specialty Retail)		31			972
California Resources Corp. (Oil, Gas & Consumable Fuels)		63			3,004
California Water Service Group (Water Utilities)		52			2,354
Calix, Inc.* (Communications Equipment)		53			1,759
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		55			1,767

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Cal-Maine Foods, Inc. (Food Products)		37	$	2,051
Cambium Networks Corp.* (Communications Equipment)		11		47
Cambridge Bancorp (Banks)		7		480
Camden National Corp. (Banks)		13		468
Camping World Holdings, Inc. - Class A (Specialty Retail)		38		944
Cannae Holdings, Inc.* (Financial Services)		62		1,256
Cano Health, Inc.* (Health Care Providers & Services)		2		5
Cantaloupe, Inc.* (Financial Services)		52		354
Capital Bancorp, Inc. (Banks)		9		196
Capital City Bank Group, Inc. (Banks)		12		343
Capitol Federal Financial, Inc. (Banks)		116		735
Capstar Financial Holdings, Inc. (Banks)		17		309
Cara Therapeutics, Inc.* (Pharmaceuticals)		42		24
Cardlytics, Inc.* (Media)		33		252
CareDx, Inc.* (Biotechnology)		47		402
CareMax, Inc.* (Health Care Providers & Services)		68		23
CareTrust REIT, Inc. (Health Care REITs)		91		1,904
Cargurus, Inc.* (Interactive Media & Services)		89		2,068
Caribou Biosciences, Inc.* (Biotechnology)		74		454
Carisma Therapeutics, Inc. (Biotechnology)		24		50
CarParts.com, Inc.* (Specialty Retail)		49		132
Carpenter Technology Corp. (Metals & Mining)		44		2,710
Carriage Services, Inc. (Diversified Consumer Services)		12		297
Carrols Restaurant Group, Inc. (Hotels, Restaurants & Leisure)		33		310
Cars.com, Inc.* (Interactive Media & Services)		60		1,046
Carter Bankshares, Inc.* (Banks)		21		304
Cartesian Therapeutics, Inc.* (Biotechnology)		106		76
Carvana Co.* (Specialty Retail)		87		3,746
Casella Waste Systems, Inc.* (Commercial Services & Supplies)		51		4,353
Cass Information Systems, Inc. (Financial Services)		12		518
Cassava Sciences, Inc.* (Pharmaceuticals)		36		862
Castle Biosciences, Inc.* (Health Care Providers & Services)		22		508
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		91		1,310
Cathay General Bancorp (Banks)		63		2,594
Cavco Industries, Inc.* (Household Durables)		8		2,655
CBIZ, Inc.* (Professional Services)		43		2,737
CBL & Associates Properties, Inc. (Retail REITs)		24		561
CECO Environmental Corp.* (Commercial Services & Supplies)		27		522
Celcuity, Inc.* (Biotechnology)		16		242
Celldex Therapeutics, Inc.* (Biotechnology)		42		1,479
Centerspace (Residential REITs)		14		767
Central Garden & Pet Co.* (Household Products)		9		422
Central Garden & Pet Co.* - Class A (Household Products)		36		1,486
Central Pacific Financial Corp. (Banks)		24		462
Central Valley Community Bancorp (Banks)		9		175
Centrus Energy Corp.* - Class A (Oil, Gas & Consumable Fuels)		11		552
Century Aluminum Co.* (Metals & Mining)		48		535
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		25		87
Century Communities, Inc. (Household Durables)		26		2,254
Century Therapeutics, Inc.* (Biotechnology)		21		90
Cerence, Inc.* (Software)		37		741
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		63		2,640
Cerus Corp.* (Health Care Equipment & Supplies)		161		291
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		21		403
ChampionX Corp. (Energy Equipment & Services)		177		4,852
Charge Enterprises, Inc.* (Diversified Telecommunication Services)		123		17
Chart Industries, Inc.* (Machinery)		39		4,551
Chatham Lodging Trust (Hotel & Resort REITs)		44		462
Chegg, Inc.* (Diversified Consumer Services)		103		1,015
Chemung Financial Corp. (Banks)		3		140
Chesapeake Utilities Corp. (Gas Utilities)		19		1,924
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs)		15		238
Chimera Investment Corp. (Mortgage REITs)		206		989
ChoiceOne Financial Services, Inc. (Banks)		6		160
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		38		5,842
Chuy’s Holdings, Inc.* (Hotels, Restaurants & Leisure)		16		541
Cimpress PLC* (Commercial Services & Supplies)		16		1,204
Cinemark Holdings, Inc.* (Entertainment)		100		1,383
Cipher Mining, Inc.* (Software)		38		116
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)		111		69
Citizens & Northern Corp. (Banks)		14		284
Citizens Financial Services, Inc. (Banks)		3		176
City Holding Co. (Banks)		13		1,329
City Office REIT, Inc. (Office REITs)		35		184
Civista Bancshares, Inc. (Banks)		14		239
Civitas Resources, Inc.^(a) (Oil, Gas & Consumable Fuels)		73		4,731
Claros Mortgage Trust, Inc. (Mortgage REITs)		82		963
Clarus Corp. (Leisure Products)		26		154
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		154		454
Cleanspark, Inc.* (Software)		136		1,095
Clear Channel Outdoor Holdings, Inc.* (Media)		339		583
Clear Secure, Inc. - Class A (Software)		74		1,408
Clearfield, Inc.* (Communications Equipment)		12		302
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)		21		146

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Clearwater Paper Corp.* (Paper & Forest Products)		15	$	495
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components)		4		221
Clipper Realty, Inc. (Residential REITs)		10		51
CNB Financial Corp. (Banks)		19		406
CNO Financial Group, Inc. (Insurance)		101		2,745
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		142		2,868
Coastal Financial Corp.* (Banks)		10		399
Coca-Cola Consolidated, Inc. (Beverages)		4		3,447
Codexis, Inc.* (Life Sciences Tools & Services)		63		166
Codorus Valley Bancorp, Inc. (Banks)		8		189
Coeur Mining, Inc.* (Metals & Mining)		300		807
Cogent Biosciences, Inc.* (Biotechnology)		75		332
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		40		3,087
Cohen & Steers, Inc. (Capital Markets)		24		1,690
Coherus Biosciences, Inc.* (Biotechnology)		90		194
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		42		1,338
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		31		1,022
Colony Bankcorp, Inc. (Banks)		15		183
Columbia Financial, Inc.* (Banks)		27		485
Columbus McKinnon Corp. (Machinery)		26		1,016
Comfort Systems USA, Inc. (Construction & Engineering)		32		6,960
Commercial Metals Co. (Metals & Mining)		106		5,536
Commercial Vehicle Group, Inc.* (Machinery)		29		188
CommScope Holding Co., Inc.* (Communications Equipment)		190		441
Community Bank System, Inc. (Banks)		48		2,197
Community Health Systems, Inc.* (Health Care Providers & Services)		114		418
Community Healthcare Trust, Inc. (Health Care REITs)		24		614
Community Trust Bancorp, Inc. (Banks)		14		581
CommVault Systems, Inc.* (Software)		40		3,667
Compass Diversified Holdings (Financial Services)		57		1,259
Compass Minerals International, Inc. (Metals & Mining)		31		697
Compass Therapeutics, Inc.* (Biotechnology)		83		108
Compass, Inc.* - Class A (Real Estate Management & Development)		258		888
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals)		15		76
Computer Programs and Systems, Inc.* (Health Care Technology)		13		132
CompX International, Inc. (Commercial Services & Supplies)		1		24
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		83		648
Comtech Telecommunications Corp.* (Communications Equipment)		25		158
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		23		178
Conduent, Inc.* (Professional Services)		156		562
CONMED Corp. (Health Care Equipment & Supplies)		28		2,677
ConnectOne Bancorp, Inc. (Banks)		33		754
Consensus Cloud Solutions, Inc.* (Software)		18		391
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		28		2,649
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		69		299
Consolidated Water Co., Ltd. (Water Utilities)		14		447
Constellium SE* (Metals & Mining)		117		2,194
Construction Partners, Inc.* - Class A (Construction & Engineering)		36		1,638
Consumer Portfolio Services, Inc.* (Consumer Finance)		8		73
Contango ORE, Inc.* (Metals & Mining)		7		115
ContextLogic, Inc.* - Class A (Broadline Retail)		20		87
Cooper-Standard Holdings, Inc.* (Automobile Components)		15		264
COPT Defense Properties (Office REITs)		102		2,403
Corcept Therapeutics, Inc.* (Pharmaceuticals)		73		1,540
Core Laboratories, Inc. (Energy Equipment & Services)		42		662
Core Molding Technologies, Inc.* (Chemicals)		7		121
CoreCard Corp.* (Software)		7		85
CoreCivic, Inc.* (Commercial Services & Supplies)		103		1,465
CorMedix, Inc.* (Pharmaceuticals)		50		148
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		33		420
CorVel Corp.* (Health Care Providers & Services)		8		1,883
Costamare, Inc. (Marine Transportation)		42		450
Couchbase, Inc.* (IT Services)		31		775
Coursera, Inc.* (Diversified Consumer Services)		118		2,259
Covenant Logistics Group, Inc. (Ground Transportation)		8		387
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals)		4		73
CRA International, Inc. (Professional Services)		6		643
Cracker Barrel Old Country Store, Inc.^(a) (Hotels, Restaurants & Leisure)		20		1,547
Crawford & Co. - Class A (Insurance)		13		158
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment)		104		2,133
Crescent Energy Co. - Class A (Oil, Gas & Consumable Fuels)		70		774
Cricut, Inc. - Class A (Household Durables)		43		225
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		59		2,152
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		31		659
CrossFirst Bankshares, Inc.* (Banks)		41		579
CryoPort, Inc.* (Life Sciences Tools & Services)		39		566
CS Disco, Inc.* (Software)		20		164
CSG Systems International, Inc. (Professional Services)		29		1,459

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
CSW Industrials, Inc. (Building Products)		14	$	2,962
CTO Realty Growth, Inc. (Diversified REITs)		20		331
CTS Corp. (Electronic Equipment, Instruments & Components)		28		1,150
Cue Biopharma, Inc.* (Biotechnology)		33		87
Cullinan Oncology, Inc.* (Biotechnology)		23		348
Cushman & Wakefield PLC* (Real Estate Management & Development)		150		1,578
Custom Truck One Source, Inc.* (Trading Companies & Distributors)		51		334
Customers Bancorp, Inc.* (Banks)		26		1,389
Cutera, Inc.* (Health Care Equipment & Supplies)		17		45
CVB Financial Corp. (Banks)		120		2,012
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		27		911
CVRx, Inc.* (Health Care Equipment & Supplies)		10		251
CXApp, Inc.* (IT Services)		2		2
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		102		2,398
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)		110		830
Cytokinetics, Inc.* (Biotechnology)		84		6,562
Daily Journal Corp.* (Media)		1		321
Dakota Gold Corp.* (Metals & Mining)		51		107
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		34		258
Dana, Inc. (Automobile Components)		118		1,600
Danimer Scientific, Inc.* (Chemicals)		79		50
Daseke, Inc.* (Ground Transportation)		37		301
Dave & Buster’s Entertainment, Inc.* (Hotels, Restaurants & Leisure)		33		1,766
Day One Biopharmaceuticals, Inc.* (Biotechnology)		57		858
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		48		687
Definitive Healthcare Corp.* (Health Care Technology)		42		357
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		58		1,568
Deluxe Corp. (Commercial Services & Supplies)		39		737
Denali Therapeutics, Inc.* (Biotechnology)		107		1,713
Denny’s Corp.* (Hotels, Restaurants & Leisure)		46		489
Design Therapeutics, Inc.* (Biotechnology)		30		71
Designer Brands, Inc. - Class A (Specialty Retail)		39		334
Desktop Metal, Inc.*^(a) - Class A (Machinery)		254		165
Destination XL Group, Inc.* (Specialty Retail)		51		218
DHI Group, Inc.* (Interactive Media & Services)		39		89
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		124		1,379
Diamond Hill Investment Group, Inc. (Capital Markets)		2		319
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services)		92		1,122
DiamondRock Hospitality Co. (Hotel & Resort REITs)		190		1,737
Digi International, Inc.* (Communications Equipment)		32		778
Digimarc Corp.* (Software)		13		460
Digital Turbine, Inc.* (Software)		87		469
DigitalBridge Group, Inc. (Real Estate Management & Development)		146		2,866
DigitalOcean Holdings, Inc.* (IT Services)		57		1,922
Dillard’s, Inc. - Class A (Broadline Retail)		3		1,163
Dime Community Bancshares, Inc. (Banks)		32		730
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		14		653
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		41		2,760
Disc Medicine, Inc.* (Biotechnology)		8		526
Distribution Solutions Group, Inc.* (Building Products)		9		287
Diversified Healthcare Trust (Health Care REITs)		216		620
DMC Global, Inc.* (Energy Equipment & Services)		18		306
DNOW, Inc.* (Trading Companies & Distributors)		96		969
DocGo, Inc.* (Health Care Providers & Services)		70		259
Dole PLC (Food Products)		65		734
Domo, Inc.* - Class B (Software)		29		315
Donegal Group, Inc. - Class A (Insurance)		14		210
Donnelley Financial Solutions, Inc.* (Capital Markets)		22		1,367
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)		31		1,161
Dorman Products, Inc.* (Automobile Components)		24		1,954
Douglas Dynamics, Inc. (Machinery)		20		503
Douglas Elliman, Inc. (Real Estate Management & Development)		73		158
Douglas Emmett, Inc. (Office REITs)		146		1,978
Dragonfly Energy Holdings Corp.* (Electrical Equipment)		26		12
Dream Finders Homes, Inc.* - Class A (Household Durables)		22		723
Dril-Quip, Inc.* (Energy Equipment & Services)		31		622
Ducommun, Inc.* (Aerospace & Defense)		12		592
Duluth Holdings, Inc.* - Class B (Specialty Retail)		12		59
Duolingo, Inc.* (Diversified Consumer Services)		26		4,651
DXP Enterprises, Inc.* (Trading Companies & Distributors)		12		387
Dycom Industries, Inc.* (Construction & Engineering)		26		2,904
Dynavax Technologies Corp.* (Biotechnology)		117		1,512
Dyne Therapeutics, Inc.* (Biotechnology)		40		856
Dynex Capital, Inc. (Mortgage REITs)		51		624
DZS, Inc.* (Communications Equipment)		20		31
E2open Parent Holdings, Inc.* (Software)		154		579
Eagle Bancorp, Inc. (Banks)		27		669
Eagle Bulk Shipping, Inc. (Marine Transportation)		8		441
Eagle Pharmaceuticals, Inc.* (Biotechnology)		9		53
Easterly Government Properties, Inc. (Office REITs)		87		1,068
Eastern Bankshares, Inc. (Banks)		140		1,954

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		52	$	179
EchoStar Corp.* - Class A (Diversified Telecommunication Services)		110		1,473
Ecovyst, Inc.* (Chemicals)		84		778
Edgewell Personal Care Co. (Personal Care Products)		46		1,704
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		39		695
Editas Medicine, Inc.* (Biotechnology)		74		520
eGain Corp.* (Software)		19		143
eHealth, Inc.* (Insurance)		25		170
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		25		232
elf Beauty, Inc.* (Personal Care Products)		49		7,817
Ellington Financial, Inc. (Mortgage REITs)		68		830
Elme Communities (Residential REITs)		80		1,158
Embecta Corp. (Health Care Equipment & Supplies)		52		891
Emerald Holding, Inc.* (Media)		14		86
Emergent BioSolutions, Inc.* (Biotechnology)		47		78
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels)		12		80
Empire State Realty Trust, Inc. (Diversified REITs)		120		1,142
Employers Holdings, Inc. (Insurance)		23		960
Enact Holdings, Inc. (Financial Services)		27		769
Enanta Pharmaceuticals, Inc.* (Biotechnology)		18		219
Encore Capital Group, Inc.* (Consumer Finance)		21		1,052
Encore Energy Corp.* (Oil, Gas & Consumable Fuels)		133		613
Encore Wire Corp. (Electrical Equipment)		14		3,157
Energizer Holdings, Inc. (Household Products)		65		2,055
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		142		1,072
Energy Recovery, Inc.* (Machinery)		50		776
Energy Vault Holdings, Inc.* (Electrical Equipment)		90		137
Enerpac Tool Group Corp. (Machinery)		49		1,530
EnerSys (Electrical Equipment)		37		3,536
Enfusion, Inc.* - Class A (Software)		34		269
Enhabit, Inc.* (Health Care Providers & Services)		46		464
Enliven Therapeutics, Inc.* (Pharmaceuticals)		21		330
Ennis, Inc. (Commercial Services & Supplies)		23		469
Enova International, Inc.* (Consumer Finance)		26		1,415
Enovix Corp.* (Electrical Equipment)		125		1,164
Enpro, Inc. (Machinery)		19		2,838
Enstar Group, Ltd.* (Insurance)		11		2,936
Enterprise Bancorp, Inc. (Banks)		9		256
Enterprise Financial Services Corp. (Banks)		33		1,374
Entrada Therapeutics, Inc.* (Biotechnology)		19		277
Entravision Communications Corp. - Class A (Media)		54		218
Envela Corp.* (Specialty Retail)		7		30
Envestnet, Inc.* (Software)		45		2,300
Enviri Corp.* (Commercial Services & Supplies)		71		611
Enviva, Inc. (Oil, Gas & Consumable Fuels)		28		12
Eos Energy Enterprises, Inc.* (Electrical Equipment)		97		108
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		24		1,813
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		395		4,025
Equity Bancshares, Inc. - Class A (Banks)		13		427
Equity Commonwealth (Office REITs)		92		1,758
Erasca, Inc.* (Biotechnology)		73		122
Escalade, Inc. (Leisure Products)		9		145
ESCO Technologies, Inc. (Machinery)		23		2,343
Esquire Financial Holdings, Inc. (Banks)		6		299
ESS Tech, Inc.* (Electrical Equipment)		83		85
ESSA Bancorp, Inc. (Banks)		8		152
Essent Group, Ltd. (Financial Services)		95		5,241
Essential Properties Realty Trust, Inc. (Diversified REITs)		141		3,511
Ethan Allen Interiors, Inc. (Household Durables)		21		612
European Wax Center, Inc.* - Class A (Diversified Consumer Services)		31		460
Evans Bancorp, Inc. (Banks)		5		147
Eve Holding, Inc.* (Aerospace & Defense)		16		99
Eventbrite, Inc.* - Class A (Interactive Media & Services)		70		586
Everbridge, Inc.* (Software)		37		827
EverCommerce, Inc.* (Software)		21		205
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure)		76		791
EverQuote, Inc.* - Class A (Interactive Media & Services)		19		240
EVERTEC, Inc. (Financial Services)		59		2,369
EVgo, Inc.* (Specialty Retail)		94		215
EVI Industries, Inc. (Trading Companies & Distributors)		4		92
Evolent Health, Inc.* - Class A (Health Care Technology)		100		2,941
Evolus, Inc.* (Pharmaceuticals)		37		470
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		28		157
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components)		103		450
Excelerate Energy, Inc. - Class A (Oil, Gas & Consumable Fuels)		16		245
ExlService Holdings, Inc.* (Professional Services)		146		4,566
eXp World Holdings, Inc.^(a) (Real Estate Management & Development)		65		805
Expensify, Inc.* - Class A (Software)		50		81
Exponent, Inc. (Professional Services)		46		4,057
Expro Group Holdings N.V.* (Energy Equipment & Services)		81		1,426
Extreme Networks, Inc.* (Communications Equipment)		114		1,540
Eyenovia, Inc.* (Pharmaceuticals)		27		49
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		24		646
F&G Annuities & Life, Inc. (Insurance)		17		762
Fabrinet* (Electronic Equipment, Instruments & Components)		33		7,045

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Farmers & Merchants Bancorp, Inc. (Banks)		12	$	271
Farmers National Banc Corp. (Banks)		33		453
Farmland Partners, Inc. (Specialized REITs)		40		449
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		17		385
Fastly, Inc.* - Class A (IT Services)		109		2,194
Fate Therapeutics, Inc.* (Biotechnology)		77		474
FB Financial Corp. (Banks)		32		1,192
Federal Agricultural Mortgage Corp. - Class C (Financial Services)		8		1,490
Federal Signal Corp. (Machinery)		54		4,156
Fennec Pharmaceuticals, Inc.* (Biotechnology)		16		160
FibroGen, Inc.* (Biotechnology)		84		161
Fidelis Insurance Holdings, Ltd.* (Insurance)		14		182
Fidelity D&D Bancorp, Inc. (Banks)		4		199
Figs, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		116		668
Finance Of America Cos., Inc.* - Class A (Financial Services)		48		40
Financial Institutions, Inc. (Banks)		14		293
First Advantage Corp. (Professional Services)		49		802
First Bancorp (Banks)		36		1,244
First Bancorp (Banks)		156		2,602
First Bank (Banks)		18		247
First Busey Corp. (Banks)		47		1,106
First Business Financial Services, Inc. (Banks)		7		257
First Commonwealth Financial Corp. (Banks)		93		1,303
First Community Bankshares, Inc. (Banks)		16		548
First Community Corp. (Banks)		7		131
First Financial Bancorp (Banks)		85		1,906
First Financial Bankshares, Inc. (Banks)		118		3,685
First Financial Corp. (Banks)		10		394
First Foundation, Inc. (Banks)		46		438
First Interstate BancSystem, Inc. - Class A (Banks)		75		2,064
First Merchants Corp. (Banks)		54		1,826
First Mid Bancshares, Inc. (Banks)		20		629
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		20		429
First Western Financial, Inc.* (Banks)		7		119
FirstCash Holdings, Inc. (Consumer Finance)		34		3,902
FiscalNote Holdings, Inc.* (Professional Services)		54		67
Fisker, Inc.*^(a) (Automobiles)		189		152
Five Star Bancorp (Banks)		12		286
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels)		27		809
Fluence Energy, Inc.* (Electrical Equipment)		53		1,053
Fluor Corp.* (Construction & Engineering)		129		4,865
Flushing Financial Corp. (Banks)		25		401
Flywire Corp.* (Financial Services)		96		2,052
Foghorn Therapeutics, Inc.* (Biotechnology)		18		57
Foot Locker, Inc. (Specialty Retail)		74		2,084
Forafric Global PLC* (Food Products)		5		52
Forestar Group, Inc.* (Real Estate Management & Development)		17		531
Forge Global Holdings, Inc.* (Capital Markets)		99		190
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		70		2,714
Forrester Research, Inc.* (Professional Services)		11		280
Forum Energy Technologies, Inc.* (Energy Equipment & Services)		9		177
Forward Air Corp. (Air Freight & Logistics)		23		1,020
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		44		51
Four Corners Property Trust, Inc. (Specialized REITs)		82		1,919
Fox Factory Holding Corp.* (Automobile Components)		39		2,459
Franklin BSP Realty Trust, Inc. (Mortgage REITs)		75		962
Franklin Covey Co.* (Professional Services)		11		445
Franklin Electric Co., Inc. (Machinery)		42		3,959
Fresh Del Monte Produce, Inc. (Food Products)		31		762
Freshworks, Inc.* - Class A (Software)		147		3,263
Frontdoor, Inc.* (Diversified Consumer Services)		73		2,391
Frontier Group Holdings, Inc.* (Passenger Airlines)		35		170
FRP Holdings, Inc.* (Real Estate Management & Development)		6		349
FS Bancorp, Inc. (Banks)		6		221
FTAI Aviation, Ltd. (Trading Companies & Distributors)		90		4,856
FTAI Infrastructure, Inc. (Ground Transportation)		90		383
FTC Solar, Inc.* (Electrical Equipment)		61		31
fuboTV, Inc.* (Interactive Media & Services)		256		637
FuelCell Energy, Inc.* (Electrical Equipment)		412		494
Fulgent Genetics, Inc.* (Health Care Providers & Services)		19		467
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		30		142
Fulton Financial Corp. (Banks)		146		2,276
Funko, Inc.* - Class A (Leisure Products)		32		226
FutureFuel Corp. (Oil, Gas & Consumable Fuels)		24		137
FVCBankcorp, Inc.* (Banks)		15		184
Gambling.com Group, Ltd.* (Media)		14		128
Gannett Co., Inc.* (Media)		131		324
GATX Corp. (Trading Companies & Distributors)		32		3,925
GCM Grosvenor, Inc. - Class A (Capital Markets)		38		330
Genco Shipping & Trading, Ltd. (Marine Transportation)		38		667
Gencor Industries, Inc.* (Machinery)		10		156
Genelux Corp.* (Biotechnology)		17		180
Generation Bio Co.* (Biotechnology)		41		77
Genesco, Inc.* (Specialty Retail)		10		278
Genie Energy, Ltd. - Class B (Electric Utilities)		18		335
Gentherm, Inc.* (Automobile Components)		30		1,445
Genworth Financial, Inc.* (Insurance)		418		2,579
German American Bancorp, Inc. (Banks)		25		828
Geron Corp.* (Biotechnology)		464		854
Getty Realty Corp. (Retail REITs)		43		1,189

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		209	$	195
Gibraltar Industries, Inc.* (Building Products)		28		2,266
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		37		1,113
Glacier Bancorp, Inc. (Banks)		101		3,905
Gladstone Commercial Corp. (Diversified REITs)		36		462
Gladstone Land Corp. (Specialized REITs)		30		425
Glatfelter Corp.* (Paper & Forest Products)		40		58
Glaukos Corp.* (Health Care Equipment & Supplies)		43		3,828
Global Business Travel Group I* (Hotels, Restaurants & Leisure)		29		168
Global Industrial Co. (Trading Companies & Distributors)		12		510
Global Medical REIT, Inc. (Health Care REITs)		55		556
Global Net Lease, Inc. (Diversified REITs)		176		1,487
Global Water Resources, Inc. (Water Utilities)		10		120
Globalstar, Inc.* (Diversified Telecommunication Services)		634		1,008
GMS, Inc.* (Trading Companies & Distributors)		37		3,114
Gogo, Inc.* (Wireless Telecommunication Services)		60		531
GoHealth, Inc.* - Class A (Insurance)		4		47
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		91		1,985
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure)		18		691
Golden Ocean Group, Ltd. (Marine Transportation)		111		1,173
Goosehead Insurance, Inc.* - Class A (Insurance)		20		1,544
GoPro, Inc.* - Class A (Household Durables)		114		340
GrafTech International, Ltd. (Electrical Equipment)		175		233
Graham Holdings Co. - Class B (Diversified Consumer Services)		3		2,161
Granite Construction, Inc. (Construction & Engineering)		40		1,804
Granite Point Mortgage Trust, Inc. (Mortgage REITs)		46		258
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels)		31		170
Graphite Bio, Inc.* (Biotechnology)		25		68
Gray Television, Inc. (Media)		76		726
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		59		451
Great Southern Bancorp, Inc. (Banks)		8		417
Green Brick Partners, Inc.* (Household Durables)		24		1,252
Green Dot Corp.* - Class A (Consumer Finance)		42		378
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		53		1,099
Greene County Bancorp, Inc. (Banks)		6		150
Greenlight Capital Re, Ltd.* - Class A (Insurance)		23		262
Greif, Inc. - Class A (Containers & Packaging)		22		1,377
Greif, Inc. - Class B (Containers & Packaging)		5		314
Grid Dynamics Holdings, Inc.* (IT Services)		51		666
Griffon Corp. (Building Products)		38		2,214
Grindr, Inc.* (Interactive Media & Services)		37		321
Gritstone bio, Inc.* (Biotechnology)		79		189
Group 1 Automotive, Inc. (Specialty Retail)		12		3,121
GrowGeneration Corp.* (Specialty Retail)		53		122
Guaranty Bancshares, Inc. (Banks)		7		213
Guardant Health, Inc.* (Health Care Providers & Services)		102		2,237
Guess?, Inc. (Specialty Retail)		25		559
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		10		1,269
H&E Equipment Services, Inc. (Trading Companies & Distributors)		29		1,560
H.B. Fuller Co. (Chemicals)		49		3,713
Haemonetics Corp.* (Health Care Equipment & Supplies)		45		3,441
Hallador Energy Co.* (Oil, Gas & Consumable Fuels)		21		179
Halozyme Therapeutics, Inc.* (Biotechnology)		117		3,959
Hamilton Lane, Inc. - Class A (Capital Markets)		33		3,825
Hancock Whitney Corp. (Banks)		79		3,564
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		319		1,436
Hanmi Financial Corp. (Banks)		28		469
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs)		96		2,284
HarborOne Bancorp, Inc. (Banks)		37		404
Harmonic, Inc.* (Communications Equipment)		100		1,170
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		29		915
Harrow, Inc.* (Pharmaceuticals)		27		257
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		37		163
Haverty Furniture Cos., Inc. (Specialty Retail)		13		441
Hawaiian Holdings, Inc.* (Passenger Airlines)		46		656
Hawkins, Inc. (Chemicals)		18		1,198
Haynes International, Inc. (Metals & Mining)		11		612
HBT Financial, Inc. (Banks)		12		234
HCI Group, Inc. (Insurance)		6		538
Health Catalyst, Inc.* (Health Care Technology)		51		498
Healthcare Services Group, Inc. (Commercial Services & Supplies)		67		632
HealthEquity, Inc.* (Health Care Providers & Services)		76		5,745
HealthStream, Inc. (Health Care Technology)		22		586
Heartland Express, Inc. (Ground Transportation)		42		544
Heartland Financial USA, Inc. (Banks)		38		1,348
Hecla Mining Co. (Metals & Mining)		553		2,107
Heidrick & Struggles International, Inc. (Professional Services)		18		539
Helen of Troy, Ltd.* (Household Durables)		22		2,519
Helios Technologies, Inc. (Machinery)		30		1,238
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		130		1,222

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Helmerich & Payne, Inc. (Energy Equipment & Services)		88	$	3,543
Herbalife, Ltd.* (Personal Care Products)		89		1,072
Herc Holdings, Inc. (Trading Companies & Distributors)		26		3,835
Heritage Commerce Corp. (Banks)		54		480
Heritage Financial Corp. (Banks)		31		625
Heron Therapeutics, Inc.* (Biotechnology)		94		227
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail)		36		180
Hibbett, Inc. (Specialty Retail)		11		733
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		11		150
Hillenbrand, Inc. (Machinery)		63		2,934
HilleVax, Inc.* (Biotechnology)		24		340
Hillman Solutions Corp.* (Machinery)		177		1,556
Hilltop Holdings, Inc. (Banks)		42		1,323
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		73		3,044
Himalaya Shipping, Ltd.* (Marine Transportation)		26		169
Hims & Hers Health, Inc.* (Health Care Providers & Services)		111		952
Hingham Institution For Savings The (Banks)		1		185
Hippo Holdings, Inc.* (Insurance)		10		93
HireQuest, Inc. (Professional Services)		5		67
HireRight Holdings Corp.* (Professional Services)		12		149
HNI Corp. (Commercial Services & Supplies)		42		1,710
Holley, Inc.* (Automobile Components)		48		229
Home Bancorp, Inc. (Banks)		6		239
Home BancShares, Inc. (Banks)		173		4,055
HomeStreet, Inc. (Banks)		16		220
HomeTrust Bancshares, Inc. (Banks)		13		353
Hooker Furnishings Corp. (Household Durables)		10		231
Hope Bancorp, Inc. (Banks)		104		1,152
Horace Mann Educators Corp. (Insurance)		37		1,363
Horizon Bancorp, Inc. (Banks)		39		511
Hovnanian Enterprises, Inc.* - Class A (Household Durables)		4		676
Hub Group, Inc.* - Class A (Air Freight & Logistics)		56		2,535
Hudson Pacific Properties, Inc. (Office REITs)		125		1,024
Hudson Technologies, Inc.* (Trading Companies & Distributors)		40		507
Humacyte, Inc.* (Biotechnology)		55		183
Huron Consulting Group, Inc.* (Professional Services)		17		1,760
Hyliion Holdings Corp.* (Machinery)		134		141
Hyster-Yale Materials Handling, Inc. (Machinery)		10		657
I3 Verticals, Inc.* - Class A (Financial Services)		20		375
i-80 Gold Corp.* (Metals & Mining)		175		280
IBEX Holdings, Ltd.* (Professional Services)		8		144
ICF International, Inc. (Professional Services)		17		2,364
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		26		941
Ideaya Biosciences, Inc.* (Biotechnology)		54		2,351
IDT Corp.* - Class B (Diversified Telecommunication Services)		14		484
IES Holdings, Inc.* (Construction & Engineering)		7		574
IGM Biosciences, Inc.* (Biotechnology)		12		126
iHeartMedia, Inc.* - Class A (Media)		94		255
Ikena Oncology, Inc.* (Pharmaceuticals)		28		38
IMAX Corp.* (Entertainment)		41		573
Immersion Corp. (Technology Hardware, Storage & Peripherals)		28		191
Immuneering Corp.* - Class A (Biotechnology)		20		117
ImmunityBio, Inc.*^(a) (Biotechnology)		120		403
ImmunoGen, Inc.* (Biotechnology)		217		6,361
Immunovant, Inc.* (Biotechnology)		49		1,784
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		21		2,037
Inari Medical, Inc.* (Health Care Equipment & Supplies)		48		2,734
Independence Realty Trust, Inc. (Residential REITs)		204		2,996
Independent Bank Corp. (Banks)		40		2,244
Independent Bank Corp. (Banks)		18		458
Independent Bank Group, Inc. (Banks)		33		1,596
indie Semiconductor, Inc.* - Class A (Semiconductors & Semiconductor Equipment)		136		826
Infinera Corp.* (Communications Equipment)		181		894
Information Services Group, Inc. (IT Services)		32		141
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		16		148
Ingevity Corp.* (Chemicals)		33		1,437
Ingles Markets, Inc. - Class A (Consumer Staples Distribution & Retail)		13		1,095
Inhibrx, Inc.* (Biotechnology)		31		1,194
Inmode, Ltd.* (Health Care Equipment & Supplies)		70		1,658
Innodata, Inc.* (Professional Services)		23		239
Innospec, Inc. (Chemicals)		23		2,671
Innovage Holding Corp.* (Health Care Providers & Services)		17		90
INNOVATE Corp.* (Construction & Engineering)		49		44
Innovative Industrial Properties, Inc. (Industrial REITs)		25		2,331
Innoviva, Inc.* (Pharmaceuticals)		54		875
Inogen, Inc.* (Health Care Equipment & Supplies)		21		149
Inozyme Pharma, Inc.* (Biotechnology)		43		237
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		26		4,802
Insmed, Inc.* (Biotechnology)		125		3,475
Insperity, Inc. (Professional Services)		32		3,670
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure)		20		184
Installed Building Products, Inc. (Household Durables)		21		4,092
Insteel Industries, Inc. (Building Products)		17		589
Instructure Holdings, Inc.* (Software)		18		443

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Intapp, Inc.* (Software)		25	$	1,077
Integer Holdings Corp.* (Health Care Equipment & Supplies)		30		3,040
Integral Ad Science Holding Corp.* (Media)		44		640
Intellia Therapeutics, Inc.* (Biotechnology)		80		1,906
Inter Parfums, Inc. (Personal Care Products)		17		2,366
InterDigital, Inc. (Software)		24		2,521
Interface, Inc. (Commercial Services & Supplies)		52		645
International Bancshares Corp. (Banks)		49		2,590
International Game Technology PLC (Hotels, Restaurants & Leisure)		98		2,544
International Money Express, Inc.* (Financial Services)		29		597
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		37		1,985
inTEST Corp.* (Semiconductors & Semiconductor Equipment)		11		131
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		23		95
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		85		5,723
Intrepid Potash, Inc.* (Chemicals)		10		184
InvenTrust Properties Corp. (Retail REITs)		62		1,539
Invesco Mortgage Capital, Inc. (Mortgage REITs)		41		361
Investors Title Co. (Insurance)		1		167
Invitae Corp.*^(a) (Health Care Providers & Services)		238		93
IonQ, Inc.*^(a) (Technology Hardware, Storage & Peripherals)		146		1,499
Iovance Biotherapeutics, Inc.* (Biotechnology)		208		1,608
iRadimed Corp. (Health Care Equipment & Supplies)		7		290
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		28		3,354
iRobot Corp.*^(a) (Household Durables)		25		340
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		125		1,774
Ispire Technology, Inc.* (Tobacco)		16		176
iTeos Therapeutics, Inc.* (Biotechnology)		22		219
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		39		188
Itron, Inc.* (Electronic Equipment, Instruments & Components)		41		2,958
Ivanhoe Electric, Inc.* (Metals & Mining)		57		477
J & J Snack Foods Corp. (Food Products)		14		2,229
J Jill, Inc.* (Specialty Retail)		4		93
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		18		1,403
Jackson Financial, Inc. - Class A (Financial Services)		75		3,755
JAKKS Pacific, Inc.* (Leisure Products)		7		220
James River Group Holdings, Ltd. (Insurance)		34		325
Jamf Holding Corp.* (Software)		64		1,187
Janus International Group, Inc.* (Building Products)		77		1,090
Janux Therapeutics, Inc.* (Biotechnology)		16		137
JBG SMITH Properties (Office REITs)		92		1,472
JELD-WEN Holding, Inc.* (Building Products)		77		1,432
JetBlue Airways Corp.* (Passenger Airlines)		304		1,614
Joby Aviation, Inc.* (Passenger Airlines)		252		1,376
John B Sanfilippo & Son, Inc. (Food Products)		8		857
John Bean Technologies Corp. (Machinery)		29		2,864
John Marshall Bancorp, Inc. (Banks)		11		209
John Wiley & Sons, Inc. - Class A (Media)		33		1,117
Johnson Outdoors, Inc. - Class A (Leisure Products)		5		224
Kadant, Inc. (Machinery)		11		3,146
Kaiser Aluminum Corp. (Metals & Mining)		14		909
Kaltura, Inc.* (Software)		76		128
KalVista Pharmaceuticals, Inc.* (Biotechnology)		28		442
Kaman Corp. (Aerospace & Defense)		25		1,126
Karat Packaging, Inc. (Trading Companies & Distributors)		6		145
Karyopharm Therapeutics, Inc.* (Biotechnology)		102		77
KB Home (Household Durables)		65		3,873
Kearny Financial Corp. (Banks)		51		369
Kelly Services, Inc. - Class A (Professional Services)		28		575
Kennametal, Inc. (Machinery)		73		1,790
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		108		1,129
Keros Therapeutics, Inc.* (Biotechnology)		20		1,107
Kezar Life Sciences, Inc.* (Biotechnology)		65		64
Kforce, Inc. (Professional Services)		17		1,162
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		22		523
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels)		16		520
Kingsway Financial Services, Inc.* (Insurance)		10		88
Kiniksa Pharmaceuticals, Ltd.* - Class A (Biotechnology)		28		494
Kite Realty Group Trust (Retail REITs)		197		4,216
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)		53		649
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services)		11		107
Knife River Corp.* (Construction Materials)		51		3,340
Knowles Corp.* (Electronic Equipment, Instruments & Components)		81		1,321
Kodiak Gas Services, Inc. (Energy Equipment & Services)		14		328
Kodiak Sciences, Inc.* (Biotechnology)		29		116
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		51		2,990
Koppers Holdings, Inc. (Chemicals)		18		921
Korn Ferry (Professional Services)		47		2,757
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies)		31		64
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)		413		2,503
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		115		1,947
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure)		79		1,050
Kronos Worldwide, Inc. (Chemicals)		20		186
Krystal Biotech, Inc.* (Biotechnology)		20		2,225

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		50	$	2,516
Kura Oncology, Inc.* (Biotechnology)		64		1,289
Kura Sushi USA, Inc.* - Class A (Hotels, Restaurants & Leisure)		5		491
KVH Industries, Inc.* (Communications Equipment)		17		83
Kymera Therapeutics, Inc.* (Biotechnology)		34		1,115
Ladder Capital Corp. (Mortgage REITs)		103		1,126
Lakeland Bancorp, Inc. (Banks)		56		744
Lakeland Financial Corp. (Banks)		22		1,473
Lancaster Colony Corp. (Food Products)		18		3,307
Lands’ End, Inc.* (Specialty Retail)		13		123
Landsea Homes Corp.* (Household Durables)		18		227
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		62		3,220
LanzaTech Global, Inc.* (Commercial Services & Supplies)		19		83
Larimar Therapeutics, Inc.* (Biotechnology)		23		133
Latham Group, Inc.* (Leisure Products)		35		89
Laureate Education, Inc. (Diversified Consumer Services)		119		1,502
La-Z-Boy, Inc. (Household Durables)		39		1,358
Lazydays Holdings, Inc.* (Specialty Retail)		7		34
LCI Industries (Automobile Components)		22		2,448
LCNB Corp. (Banks)		10		148
Legacy Housing Corp.* (Household Durables)		9		213
Legalzoom.com, Inc.* (Professional Services)		107		1,103
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)		18		1,045
Lemonade, Inc.*^(a) (Insurance)		46		728
LendingClub Corp.* (Consumer Finance)		98		884
LendingTree, Inc.* (Consumer Finance)		10		323
Leonardo DRS, Inc.* (Aerospace & Defense)		62		1,203
Leslie’s, Inc.* (Specialty Retail)		161		1,080
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		84		157
LGI Homes, Inc.* (Household Durables)		19		2,242
Liberty Energy, Inc. (Energy Equipment & Services)		149		3,098
Liberty Latin America, Ltd.* - Class A (Diversified Telecommunication Services)		32		225
Liberty Latin America, Ltd.* - Class C (Diversified Telecommunication Services)		124		883
Li-Cycle Holdings Corp.* (Commercial Services & Supplies)		126		54
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure)		40		532
LifeStance Health Group, Inc.* (Health Care Providers & Services)		96		574
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		15		1,097
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		83		6,672
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components)		106		457
Limbach Holdings, Inc.* (Construction & Engineering)		8		344
Limoneira Co. (Food Products)		16		290
Lincoln Educational Services Corp.* (Diversified Consumer Services)		21		188
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		32		296
Lindsay Corp. (Machinery)		10		1,301
Lineage Cell Therapeutics, Inc.* (Biotechnology)		120		112
Lions Gate Entertainment Corp.* - Class A (Entertainment)		53		553
Lions Gate Entertainment Corp.* - Class B (Entertainment)		109		1,057
Liquidia Corp.* (Pharmaceuticals)		43		550
Liquidity Services, Inc.* (Commercial Services & Supplies)		21		366
LivaNova PLC* (Health Care Equipment & Supplies)		49		2,385
Live Oak Bancshares, Inc. (Banks)		30		1,091
LivePerson, Inc.* (Software)		71		199
LiveRamp Holdings, Inc.* (Software)		60		2,369
Livewire Group, Inc.* (Automobiles)		17		169
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals)		14		297
Loop Media, Inc.* (Entertainment)		35		25
LSB Industries, Inc.* (Chemicals)		49		365
LSI Industries, Inc. (Electrical Equipment)		25		342
LTC Properties, Inc. (Health Care REITs)		37		1,153
Lumen Technologies, Inc.* (Diversified Telecommunication Services)		912		1,113
Luminar Technologies, Inc.*^(a) (Automobile Components)		246		669
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		29		208
Luther Burbank Corp.* (Banks)		9		86
Luxfer Holdings PLC (Machinery)		24		198
LXP Industrial Trust (Industrial REITs)		262		2,382
Lyell Immunopharma, Inc.* (Biotechnology)		157		287
M.D.C Holdings, Inc. (Household Durables)		54		3,379
M/I Homes, Inc.* (Household Durables)		24		3,058
Macatawa Bank Corp. (Banks)		24		256
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		49		4,225
MacroGenics, Inc.* (Biotechnology)		55		787
Madison Square Garden Entertainment Corp.* (Entertainment)		36		1,200
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		13		2,817
Magnite, Inc.* (Media)		122		1,080
Magnolia Oil & Gas Corp. - Class A (Oil, Gas & Consumable Fuels)		162		3,340
Maiden Holdings, Ltd.* (Insurance)		82		144
MainStreet Bancshares, Inc. (Banks)		6		111
Malibu Boats, Inc.* - Class A (Leisure Products)		18		752
Mammoth Energy Services, Inc.* (Energy Equipment & Services)		21		74
MannKind Corp.* (Biotechnology)		236		788
Marathon Digital Holdings, Inc.*^(a) (Software)		193		3,422
Marcus & Millichap, Inc. (Real Estate Management & Development)		21		800
Marine Products Corp. (Leisure Products)		8		82
MarineMax, Inc.* (Specialty Retail)		19		532

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		46	$	448
MarketWise, Inc. (Capital Markets)		29		68
Marqeta, Inc.* - Class A (Financial Services)		435		2,614
Marten Transport, Ltd. (Ground Transportation)		53		981
Masonite International Corp.* (Building Products)		20		1,841
Masterbrand, Inc.* (Building Products)		117		1,646
MasterCraft Boat Holdings, Inc.* (Leisure Products)		15		291
Matador Resources Co. (Oil, Gas & Consumable Fuels)		103		5,653
Materion Corp. (Metals & Mining)		19		2,222
Mativ Holdings, Inc. (Chemicals)		49		589
Matson, Inc. (Marine Transportation)		31		3,473
Matterport, Inc.* (Software)		231		520
Matthews International Corp. - Class A (Commercial Services & Supplies)		27		888
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		7		139
MaxCyte, Inc.* (Life Sciences Tools & Services)		79		402
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment)		27		122
Maximus, Inc. (Professional Services)		55		4,462
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		69		1,437
Mayville Engineering Co., Inc.* (Machinery)		10		127
MBIA, Inc. (Insurance)		41		249
McGrath RentCorp (Trading Companies & Distributors)		22		2,764
MediaAlpha, Inc.* - Class A (Interactive Media & Services)		20		255
Medifast, Inc. (Personal Care Products)		10		547
MeiraGTx Holdings PLC* (Biotechnology)		30		182
Mercantile Bank Corp. (Banks)		14		561
Merchants Bancorp (Financial Services)		14		612
Mercury General Corp. (Insurance)		24		961
MeridianLink, Inc.* (Software)		24		546
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		51		3,993
Meritage Homes Corp. (Household Durables)		33		5,464
Merrimack Pharmaceuticals, Inc.* (Biotechnology)		9		121
Mersana Therapeutics, Inc.* (Biotechnology)		100		316
Mesa Laboratories, Inc. (Life Sciences Tools & Services)		5		458
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		31		644
Metrocity Bankshares, Inc. (Banks)		17		406
Metropolitan Bank Holding Corp.* (Banks)		9		436
MFA Financial, Inc. (Mortgage REITs)		93		1,030
MGE Energy, Inc. (Electric Utilities)		33		2,128
MGP Ingredients, Inc. (Beverages)		14		1,189
MicroStrategy, Inc.* (Software)		11		5,513
Microvast Holdings, Inc.* (Machinery)		195		183
MicroVision, Inc.*^(a) (Electronic Equipment, Instruments & Components)		171		407
Mid Penn Bancorp, Inc. (Banks)		13		278
Middlefield Banc Corp. (Banks)		7		185
Middlesex Water Co. (Water Utilities)		16		896
Midland States Bancorp, Inc. (Banks)		19		499
MidWestOne Financial Group, Inc. (Banks)		13		332
Miller Industries, Inc. (Machinery)		10		403
MillerKnoll, Inc. (Commercial Services & Supplies)		67		1,782
MiMedx Group, Inc.* (Biotechnology)		104		805
Minerals Technologies, Inc. (Chemicals)		29		1,895
Mineralys Therapeutics, Inc.* (Biotechnology)		18		196
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components)		181		1,710
Mirum Pharmaceuticals, Inc.* (Biotechnology)		22		582
Mission Produce, Inc.* (Food Products)		44		440
Mistras Group, Inc.* (Professional Services)		19		148
Mitek Systems, Inc.* (Software)		39		491
Model N, Inc.* (Software)		34		916
Modine Manufacturing Co.* (Automobile Components)		47		3,247
ModivCare, Inc.* (Health Care Providers & Services)		12		477
Moelis & Co. - Class A (Capital Markets)		60		3,298
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)		12		827
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure)		41		96
Monro, Inc. (Specialty Retail)		28		892
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers)		60		415
Monte Rosa Therapeutics, Inc.* (Biotechnology)		28		148
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)		25		730
Moog, Inc. - Class A (Aerospace & Defense)		26		3,635
Morphic Holding, Inc.* (Biotechnology)		33		1,046
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		14		386
Mr. Cooper Group, Inc.* (Financial Services)		58		3,907
MRC Global, Inc.* (Trading Companies & Distributors)		76		810
Mueller Industries, Inc. (Machinery)		101		4,847
Mueller Water Products, Inc. - Class A (Machinery)		141		1,933
Multiplan Corp.* (Health Care Technology)		348		351
Mural Oncology PLC* (Biotechnology)		15		66
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		135		5,225
MVB Financial Corp. (Banks)		10		214
Myers Industries, Inc. (Containers & Packaging)		33		619
MYR Group, Inc.* (Construction & Engineering)		15		2,158
Myriad Genetics, Inc.* (Biotechnology)		73		1,561
N-able, Inc.* (Software)		63		818
Nabors Industries, Ltd.* (Energy Equipment & Services)		8		677
NACCO Industries, Inc. - Class A (Oil, Gas & Consumable Fuels)		4		145
NanoString Technologies, Inc.* (Life Sciences Tools & Services)		43		18
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies)		43		234

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components)		30	$	1,043
Nathan’s Famous, Inc. (Hotels, Restaurants & Leisure)		3		214
National Bank Holdings Corp. - Class A (Banks)		33		1,155
National Bankshares, Inc. (Banks)		5		161
National Beverage Corp.* (Beverages)		21		971
National Health Investors, Inc. (Health Care REITs)		38		2,021
National HealthCare Corp. (Health Care Providers & Services)		11		1,023
National Presto Industries, Inc. (Aerospace & Defense)		5		396
National Research Corp. (Health Care Providers & Services)		13		512
National Vision Holdings, Inc.* (Specialty Retail)		70		1,331
National Western Life Group, Inc. - Class A (Insurance)		2		968
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail)		8		120
Nature’s Sunshine Products, Inc.* (Personal Care Products)		12		209
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services)		46		128
Navient Corp. (Consumer Finance)		78		1,343
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		99		567
NBT Bancorp, Inc. (Banks)		41		1,458
Nelnet, Inc. - Class A (Consumer Finance)		12		1,046
Neogen Corp.* (Health Care Equipment & Supplies)		197		3,054
NeoGenomics, Inc.* (Health Care Providers & Services)		115		1,708
NerdWallet, Inc.* - Class A (Consumer Finance)		31		475
Nerdy, Inc.* (Diversified Consumer Services)		57		175
NETGEAR, Inc.* (Communications Equipment)		26		369
NetScout Systems, Inc.* (Communications Equipment)		63		1,355
NETSTREIT Corp. (Retail REITs)		63		1,145
Neumora Therapeutics, Inc.* (Pharmaceuticals)		13		194
Nevro Corp.* (Health Care Equipment & Supplies)		32		530
New Jersey Resources Corp. (Gas Utilities)		88		3,593
New York Mortgage Trust, Inc. (Mortgage REITs)		82		643
Newmark Group, Inc. - Class A (Real Estate Management & Development)		124		1,259
Newpark Resources, Inc.* (Energy Equipment & Services)		69		448
NewtekOne, Inc. (Financial Services)		21		252
NexPoint Diversified Real Estate Trust (Diversified REITs)		28		193
Nexpoint Real Estate Finance, Inc. (Mortgage REITs)		7		102
NexPoint Residential Trust, Inc. (Residential REITs)		20		611
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		71		361
Nextdoor Holdings, Inc.* (Interactive Media & Services)		132		201
NextNav, Inc.* (Software)		50		208
NEXTracker, Inc.* - Class A (Electrical Equipment)		114		5,161
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		39		60
NI Holdings, Inc.* (Insurance)		7		94
Nicolet Bankshares, Inc. (Banks)		12		933
Nikola Corp.* (Machinery)		563		421
NioCorp Developments, Ltd.* (Metals & Mining)		2		6
Nkarta, Inc.* (Biotechnology)		27		244
NL Industries, Inc. (Commercial Services & Supplies)		8		42
nLight, Inc.* (Electronic Equipment, Instruments & Components)		41		532
NMI Holdings, Inc.* - Class A (Financial Services)		73		2,330
Noble Corp. PLC (Energy Equipment & Services)		102		4,501
Noodles & Co.* (Hotels, Restaurants & Leisure)		36		91
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		186		828
Northeast Bank (Banks)		6		329
Northeast Community Bancorp, Inc. (Banks)		11		190
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)		80		2,680
Northfield Bancorp, Inc. (Banks)		36		433
Northrim Bancorp, Inc. (Banks)		5		253
Northwest Bancshares, Inc. (Banks)		115		1,423
Northwest Natural Holding Co. (Gas Utilities)		33		1,216
Northwest Pipe Co.* (Construction & Engineering)		9		273
Northwestern Energy Group, Inc. (Multi-Utilities)		56		2,695
Norwood Financial Corp. (Banks)		7		192
Novagold Resources, Inc.* (Metals & Mining)		219		561
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		32		4,945
Novavax, Inc.*^(a) (Biotechnology)		86		344
Nu Skin Enterprises, Inc. - Class A (Personal Care Products)		45		835
Nurix Therapeutics, Inc.* (Biotechnology)		43		340
NuScale Power Corp.* (Electrical Equipment)		49		142
Nuvalent, Inc.* - Class A (Biotechnology)		24		1,804
Nuvation Bio, Inc.* (Pharmaceuticals)		132		214
Nuvectis Pharma, Inc.* (Biotechnology)		7		51
NV5 Global, Inc.* (Professional Services)		13		1,364
NVE Corp. (Semiconductors & Semiconductor Equipment)		4		320
Oak Valley Bancorp (Banks)		6		156
Ocean Biomedical, Inc.* (Biotechnology)		8		5
Oceaneering International, Inc.* (Energy Equipment & Services)		91		1,891
OceanFirst Financial Corp. (Banks)		53		913
Ocular Therapeutix, Inc.* (Pharmaceuticals)		72		350
Ocwen Financial Corp.* (Financial Services)		6		174

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Office Properties Income Trust (Office REITs)		44	$	161
OFG Bancorp (Banks)		42		1,544
O-I Glass, Inc.* (Containers & Packaging)		141		2,052
Oil States International, Inc.* (Energy Equipment & Services)		57		352
Oil-Dri Corp. of America (Household Products)		4		260
Old National Bancorp (Banks)		265		4,366
Old Second Bancorp, Inc. (Banks)		39		531
Olema Pharmaceuticals, Inc.* (Biotechnology)		24		313
Olo, Inc.* - Class A (Software)		94		486
Olympic Steel, Inc. (Metals & Mining)		9		608
Omega Flex, Inc. (Machinery)		3		209
Omega Therapeutics, Inc.* (Biotechnology)		22		80
Omeros Corp.* (Pharmaceuticals)		55		178
OmniAb, Inc.* (Life Sciences Tools & Services)		84		487
Omnicell, Inc.* (Health Care Equipment & Supplies)		41		1,319
ON24, Inc. (Software)		28		214
ONE Gas, Inc. (Gas Utilities)		50		3,069
One Liberty Properties, Inc. (Diversified REITs)		15		304
OneSpan, Inc.* (Software)		36		369
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		76		1,036
OneWater Marine, Inc.* (Specialty Retail)		10		252
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		44		7,106
Ooma, Inc.* (Diversified Telecommunication Services)		22		238
Open Lending Corp.* (Capital Markets)		90		661
Opendoor Technologies, Inc.* (Real Estate Management & Development)		503		1,719
OPENLANE, Inc.* (Commercial Services & Supplies)		98		1,380
OPKO Health, Inc.*^(a) (Health Care Providers & Services)		365		372
OppFi, Inc.* (Consumer Finance)		10		32
OptimizeRx Corp.* (Health Care Technology)		15		212
Optinose, Inc.* (Pharmaceuticals)		66		83
Option Care Health, Inc.* (Health Care Providers & Services)		152		4,749
Orange County Bancorp, Inc. (Banks)		5		243
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		65		479
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies)		13		92
Orchid Island Capital, Inc. (Mortgage REITs)		48		383
Organogenesis Holdings, Inc.* (Biotechnology)		64		211
ORIC Pharmaceuticals, Inc.* (Biotechnology)		35		385
Origin Bancorp, Inc. (Banks)		26		793
Origin Materials, Inc.* (Chemicals)		106		63
Orion Office REIT, Inc. (Office REITs)		52		267
Orion SA (Chemicals)		50		1,120
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		48		3,104
Orrstown Financial Services, Inc. (Banks)		9		249
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		32		444
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		14		366
Oscar Health, Inc.* - Class A (Insurance)		143		1,790
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		15		1,920
Otter Tail Corp. (Electric Utilities)		37		3,346
Outbrain, Inc.* (Interactive Media & Services)		37		145
Outfront Media, Inc. (Specialized REITs)		134		1,745
Outlook Therapeutics, Inc.* (Biotechnology)		142		55
Outset Medical, Inc.* (Health Care Equipment & Supplies)		45		137
Overseas Shipholding Group, Inc. - Class A (Oil, Gas & Consumable Fuels)		56		342
Ovid Therapeutics, Inc.* (Biotechnology)		54		209
Owens & Minor, Inc.* (Health Care Providers & Services)		67		1,321
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		14		1,329
P10, Inc. - Class A (Capital Markets)		40		368
P3 Health Partners, Inc.* (Health Care Providers & Services)		37		45
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		228		1,483
Pacific Premier Bancorp, Inc. (Banks)		86		2,182
Pacira BioSciences, Inc.* (Pharmaceuticals)		41		1,336
Pactiv Evergreen, Inc. (Containers & Packaging)		36		526
PagerDuty, Inc.* (Software)		82		1,942
Pagseguro Digital, Ltd.* - Class A (Financial Services)		180		2,317
Palomar Holdings, Inc.* (Insurance)		22		1,317
PAM Transportation Services, Inc.* (Ground Transportation)		6		124
Pangaea Logistics Solutions, Ltd. (Marine Transportation)		33		308
Papa John’s International, Inc. (Hotels, Restaurants & Leisure)		30		2,204
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		50		1,830
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		24		1,093
Paragon 28, Inc.* (Health Care Equipment & Supplies)		40		507
Paramount Group, Inc. (Office REITs)		167		793
Park Aerospace Corp. (Aerospace & Defense)		17		251
Park National Corp. (Banks)		13		1,699
Parke Bancorp, Inc. (Banks)		9		167
Park-Ohio Holdings Corp. (Machinery)		8		198
Parsons Corp.* (Professional Services)		37		2,411
Pathward Financial, Inc. (Banks)		24		1,243
Patria Investments, Ltd. - Class A (Capital Markets)		49		699
Patrick Industries, Inc. (Automobile Components)		19		1,907
Patterson Cos., Inc. (Health Care Providers & Services)		78		2,329
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		320		3,549
Payoneer Global, Inc.* (Financial Services)		240		1,123

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Paysafe, Ltd.* (Financial Services)		29	$	432
Paysign, Inc.* (Financial Services)		30		92
PBF Energy, Inc. - Class A (Oil, Gas & Consumable Fuels)		101		5,102
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		10		645
PCB Bancorp (Banks)		10		168
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		28		874
PDS Biotechnology Corp.* (Biotechnology)		25		134
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		104		2,777
Peakstone Realty Trust (Office REITs)		33		478
Peapack-Gladstone Financial Corp. (Banks)		15		414
Pebblebrook Hotel Trust (Hotel & Resort REITs)		108		1,644
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)		76		711
Penns Woods Bancorp, Inc. (Banks)		6		129
PennyMac Financial Services, Inc. (Financial Services)		23		2,006
PennyMac Mortgage Investment Trust (Mortgage REITs)		79		1,133
Peoples Bancorp, Inc. (Banks)		32		938
Peoples Financial Services Corp. (Banks)		6		262
PepGen, Inc.* (Biotechnology)		9		90
Perdoceo Education Corp. (Diversified Consumer Services)		59		1,068
Perella Weinberg Partners (Capital Markets)		38		447
Perficient, Inc.* (IT Services)		31		2,112
Performant Financial Corp.* (Commercial Services & Supplies)		61		172
Perimeter Solutions SA* (Chemicals)		138		654
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		353		4,758
Perpetua Resources Corp.* (Metals & Mining)		34		97
PetIQ, Inc.* (Health Care Providers & Services)		25		449
PetMed Express, Inc. (Specialty Retail)		19		118
PGT Innovations, Inc.* (Building Products)		51		2,102
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		29		194
Phibro Animal Health Corp. - Class A (Pharmaceuticals)		19		205
Phillips Edison & Co., Inc. (Retail REITs)		107		3,714
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		55		1,607
Phreesia, Inc.* (Health Care Technology)		48		1,223
Physicians Realty Trust (Health Care REITs)		215		2,632
Piedmont Lithium, Inc.* (Metals & Mining)		16		244
Piedmont Office Realty Trust, Inc. - Class A (Office REITs)		112		762
Pioneer Bancorp, Inc.* (Banks)		11		107
Piper Sandler Cos. (Capital Markets)		16		2,776
Pitney Bowes, Inc. (Commercial Services & Supplies)		159		653
PJT Partners, Inc. - Class A (Capital Markets)		21		2,020
Planet Labs PBC* (Professional Services)		159		359
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		33		287
Playstudios, Inc.* (Entertainment)		77		169
Plexus Corp.* (Electronic Equipment, Instruments & Components)		25		2,368
Pliant Therapeutics, Inc.* (Pharmaceuticals)		52		932
Plumas Bancorp (Banks)		5		176
Plymouth Industrial REIT, Inc. (Industrial REITs)		40		886
PMV Pharmaceuticals, Inc.* (Biotechnology)		35		62
PNM Resources, Inc. (Electric Utilities)		78		2,826
Ponce Financial Group, Inc.* (Banks)		18		163
Portillo’s, Inc.* - Class A (Hotels, Restaurants & Leisure)		41		563
Portland General Electric Co. (Electric Utilities)		92		3,765
Poseida Therapeutics, Inc.* (Biotechnology)		61		210
Postal Realty Trust, Inc. - Class A (Office REITs)		18		254
Potbelly Corp.* (Hotels, Restaurants & Leisure)		24		302
PotlatchDeltic Corp. (Specialized REITs)		72		3,220
Powell Industries, Inc. (Electrical Equipment)		8		948
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		51		3,823
PowerSchool Holdings, Inc.* (Software)		51		1,201
PRA Group, Inc.* (Consumer Finance)		35		797
Precigen, Inc.* (Biotechnology)		122		168
Preferred Bank (Banks)		12		862
Preformed Line Products Co. (Electrical Equipment)		2		245
Prelude Therapeutics, Inc.* (Biotechnology)		13		43
Premier Financial Corp. (Banks)		32		668
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		45		2,769
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components)		3		1
PriceSmart, Inc. (Consumer Staples Distribution & Retail)		23		1,748
Prime Medicine, Inc.* (Biotechnology)		36		229
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		1		96
Primis Financial Corp. (Banks)		18		238
Primo Water Corp. (Beverages)		142		2,070
Primoris Services Corp. (Construction & Engineering)		48		1,574
Princeton Bancorp, Inc. (Banks)		5		163
Priority Technology Holdings, Inc.* (Financial Services)		16		57
Privia Health Group, Inc.* (Health Care Providers & Services)		102		2,056
ProAssurance Corp. (Insurance)		47		633
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies)		37		1,713
ProFrac Holding Corp.* - Class A (Energy Equipment & Services)		24		190
PROG Holdings, Inc.* (Consumer Finance)		40		1,226
Progress Software Corp. (Software)		39		2,216
Progyny, Inc.* (Health Care Providers & Services)		72		2,743
ProKidney Corp.* (Biotechnology)		41		54
ProPetro Holding Corp.* (Energy Equipment & Services)		87		736
PROS Holdings, Inc.* (Software)		40		1,377
Protagonist Therapeutics, Inc.* (Biotechnology)		52		1,301

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Protalix BioTherapeutics, Inc.* (Biotechnology)		60	$	87
Prothena Corp. PLC* (Biotechnology)		38		1,079
Proto Labs, Inc.* (Machinery)		24		866
Provident Financial Services, Inc. (Banks)		66		1,092
PTC Therapeutics, Inc.* (Biotechnology)		65		1,696
PubMatic, Inc.* - Class A (Media)		39		592
Pulmonx Corp.* (Health Care Equipment & Supplies)		33		438
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		15		133
Pure Cycle Corp.* (Water Utilities)		18		176
PureCycle Technologies, Inc.* (Chemicals)		105		412
Purple Innovation, Inc. (Household Durables)		50		51
Q2 Holdings, Inc.* (Software)		52		2,213
QCR Holdings, Inc. (Banks)		15		876
Quad/Graphics, Inc.* (Commercial Services & Supplies)		28		153
Quaker Chemical Corp. (Chemicals)		13		2,469
Qualys, Inc.* (Software)		34		6,431
Quanex Building Products Corp. (Building Products)		30		937
Quanterix Corp.* (Life Sciences Tools & Services)		32		707
Quantum-Si, Inc.* (Life Sciences Tools & Services)		92		144
QuinStreet, Inc.* (Interactive Media & Services)		48		608
Quipt Home Medical Corp.* (Health Care Providers & Services)		37		174
Qurate Retail, Inc.* - Class B (Broadline Retail)		1		5
Rackspace Technology, Inc.* (IT Services)		57		96
Radian Group, Inc. (Financial Services)		142		4,115
Radiant Logistics, Inc.* (Air Freight & Logistics)		33		203
RadNet, Inc.* (Health Care Providers & Services)		55		2,033
Rallybio Corp.* (Biotechnology)		28		38
Ramaco Resources, Inc.^(a) - Class A (Metals & Mining)		20		378
Ramaco Resources, Inc. - Class B (Metals & Mining)		4		50
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		99		6,784
Ranger Energy Services, Inc. (Energy Equipment & Services)		13		132
Ranpak Holdings Corp.* (Containers & Packaging)		39		161
Rapid7, Inc.* (Software)		55		3,027
RAPT Therapeutics, Inc.* (Biotechnology)		27		668
Rayonier Advanced Materials, Inc.* (Chemicals)		58		252
RayzeBio, Inc.* (Biotechnology)		18		1,118
RBB Bancorp (Banks)		15		265
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		8		494
RE/MAX Holdings, Inc. (Real Estate Management & Development)		16		172
Ready Capital Corp. (Mortgage REITs)		145		1,359
Recursion Pharmaceuticals, Inc.* - Class A (Biotechnology)		123		1,157
Red River Bancshares, Inc. (Banks)		4		205
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		14		143
Red Rock Resorts, Inc. - Class A (Hotels, Restaurants & Leisure)		43		2,351
Red Violet, Inc.* (Software)		10		187
Redfin Corp.* (Real Estate Management & Development)		99		808
Redwire Corp.* (Aerospace & Defense)		7		20
Redwood Trust, Inc. (Mortgage REITs)		103		691
REGENXBIO, Inc.* (Biotechnology)		37		456
Regional Management Corp. (Consumer Finance)		7		171
Relay Therapeutics, Inc.* (Biotechnology)		82		759
Remitly Global, Inc.* (Financial Services)		120		2,057
Renasant Corp. (Banks)		50		1,582
Reneo Pharmaceuticals, Inc.* (Biotechnology)		12		20
Rent the Runway, Inc.* - Class A (Specialty Retail)		45		28
Repay Holdings Corp.* (Financial Services)		75		588
Replimune Group, Inc.* (Biotechnology)		45		349
Republic Bancorp, Inc. - Class A (Banks)		8		410
Reservoir Media, Inc.* (Entertainment)		18		126
Resideo Technologies, Inc.* (Building Products)		133		2,230
Resources Connection, Inc. (Professional Services)		29		390
Retail Opportunity Investments Corp. (Retail REITs)		111		1,508
REV Group, Inc. (Machinery)		29		566
Revance Therapeutics, Inc.* (Pharmaceuticals)		79		397
REVOLUTION Medicines, Inc.* (Biotechnology)		130		3,608
Revolve Group, Inc.* (Specialty Retail)		37		533
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		14		579
RGC Resources, Inc. (Gas Utilities)		7		134
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		46		2,029
Ribbon Communications, Inc.* (Communications Equipment)		80		243
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components)		11		108
Rigel Pharmaceuticals, Inc.* (Biotechnology)		155		181
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		8		178
Rimini Street, Inc.* (Software)		47		154
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels)		109		152
Riot Platforms, Inc.* (Software)		172		1,875
RLJ Lodging Trust (Hotel & Resort REITs)		140		1,621
Rocket Lab USA, Inc.* (Aerospace & Defense)		252		1,222
Rocket Pharmaceuticals, Inc.* (Biotechnology)		57		1,638
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		6		168
Rogers Corp.* (Electronic Equipment, Instruments & Components)		16		1,844
Rover Group, Inc.* (Diversified Consumer Services)		83		908
RPC, Inc. (Energy Equipment & Services)		77		563

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Rush Enterprises, Inc. - Class A (Trading Companies & Distributors)		56	$	2,515
Rush Enterprises, Inc. - Class B (Trading Companies & Distributors)		8		378
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		58		302
RXO, Inc.* (Ground Transportation)		105		2,184
RxSight, Inc.* (Health Care Equipment & Supplies)		26		1,183
Ryerson Holding Corp. (Metals & Mining)		25		858
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		53		5,824
S&T Bancorp, Inc. (Banks)		35		1,167
Sabra Health Care REIT, Inc. (Health Care REITs)		210		2,801
Sabre Corp.* (Hotels, Restaurants & Leisure)		300		1,230
Safe Bulkers, Inc. (Marine Transportation)		60		242
Safehold, Inc. (Specialized REITs)		44		874
Safety Insurance Group, Inc. (Insurance)		13		1,083
Sage Therapeutics, Inc.* (Biotechnology)		48		1,231
Sagimet Biosciences, Inc.* - Class A (Biotechnology)		5		47
Sally Beauty Holdings, Inc.* (Specialty Retail)		97		1,195
Sana Biotechnology, Inc.* (Biotechnology)		87		478
Sanara Medtech, Inc.* (Health Care Equipment & Supplies)		3		101
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)		29		423
Sandy Spring Bancorp, Inc. (Banks)		40		975
Sangamo Therapeutics, Inc.* (Biotechnology)		135		62
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		51		3,051
Sapiens International Corp. N.V. (Software)		28		764
Saul Centers, Inc. (Retail REITs)		11		421
Savara, Inc.* (Biotechnology)		82		405
Savers Value Village, Inc.* (Broadline Retail)		23		430
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		22		864
Schnitzer Steel Industries, Inc. (Metals & Mining)		23		606
Scholar Rock Holding Corp.* (Biotechnology)		50		698
Scholastic Corp. (Media)		24		923
Schrodinger, Inc.* (Health Care Technology)		49		1,296
Scilex Holding Co.* (Pharmaceuticals)		48		79
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		43		3,040
scPharmaceuticals, Inc.* (Pharmaceuticals)		26		127
Seacoast Banking Corp. of Florida (Banks)		76		1,867
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services)		22		232
Seadrill, Ltd.* (Energy Equipment & Services)		46		1,988
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		33		1,630
Security National Financial Corp.* - Class A (Financial Services)		11		86
Seer, Inc.* (Life Sciences Tools & Services)		53		91
Select Medical Holdings Corp. (Health Care Providers & Services)		94		2,443
Select Water Solutions, Inc. (Energy Equipment & Services)		72		559
Selective Insurance Group, Inc. (Insurance)		55		5,768
Selectquote, Inc.* (Insurance)		123		137
Semler Scientific, Inc.* (Health Care Equipment & Supplies)		4		177
SEMrush Holdings, Inc.* - Class A (Software)		28		323
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		58		1,151
Seneca Foods Corp.* - Class A (Food Products)		5		267
Sensient Technologies Corp. (Chemicals)		38		2,357
Seres Therapeutics, Inc.* (Biotechnology)		88		99
Service Properties Trust (Hotel & Resort REITs)		149		1,152
ServisFirst Bancshares, Inc. (Banks)		46		3,088
SES AI Corp.* (Electrical Equipment)		113		148
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		104		1,266
Shake Shack, Inc.* - Class A (Hotels, Restaurants & Leisure)		34		2,569
Sharecare, Inc.* (Health Care Technology)		279		315
Shenandoah Telecommunications Co. (Diversified Telecommunication Services)		44		902
Shoals Technologies Group, Inc.* - Class A (Electrical Equipment)		155		2,041
Shoe Carnival, Inc. (Specialty Retail)		16		408
Shore Bancshares, Inc. (Banks)		27		349
Shutterstock, Inc. (Interactive Media & Services)		22		1,033
SI-BONE, Inc.* (Health Care Equipment & Supplies)		36		728
Sierra Bancorp (Banks)		12		249
SIGA Technologies, Inc. (Pharmaceuticals)		42		205
Sight Sciences, Inc.* (Health Care Equipment & Supplies)		20		85
Signet Jewelers, Ltd. (Specialty Retail)		40		3,979
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		29		3,577
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		35		530
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels)		19		505
Silvercrest Asset Management Group, Inc. - Class A (Capital Markets)		9		150
Simmons First National Corp. - Class A (Banks)		112		2,129
Simpson Manufacturing Co., Inc. (Building Products)		39		7,059
Simulations Plus, Inc. (Health Care Technology)		14		531
Sinclair, Inc. (Media)		30		471
SiriusPoint, Ltd.* (Insurance)		63		743
SITE Centers Corp. (Retail REITs)		173		2,304
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		16		1,705
Sitio Royalties Corp. - Class A (Oil, Gas & Consumable Fuels)		74		1,578
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		65		1,639
SJW Group (Water Utilities)		29		1,727
Skillsoft Corp.* (Professional Services)		4		56

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Skyline Champion Corp.* (Household Durables)		49	$	3,356
Skyward Specialty Insurance Group, Inc.* (Insurance)		22		684
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		17		147
SkyWest, Inc.* (Passenger Airlines)		37		1,970
SKYX Platforms Corp.* (Electrical Equipment)		57		86
SL Green Realty Corp. (Office REITs)		59		2,653
Sleep Number Corp.* (Specialty Retail)		19		196
SM Energy Co. (Oil, Gas & Consumable Fuels)		107		3,968
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		44		865
SmartFinancial, Inc. (Banks)		14		326
SmartRent, Inc.* (Electronic Equipment, Instruments & Components)		167		493
Smith & Wesson Brands, Inc. (Leisure Products)		41		535
Snap One Holdings Corp.* (Household Durables)		17		134
Solaris Oilfield Infrastructure, Inc. - Class A (Energy Equipment & Services)		26		195
SolarWinds Corp.* (Software)		46		544
Solid Power, Inc.* (Automobile Components)		140		227
Solo Brands, Inc.* - Class A (Leisure Products)		18		50
Sonic Automotive, Inc. - Class A (Specialty Retail)		13		657
Sonos, Inc.* (Household Durables)		115		1,792
SoundHound AI, Inc.* - Class A (Software)		125		208
SoundThinking, Inc.* (Software)		9		186
South Plains Financial, Inc. (Banks)		11		298
Southern First Bancshares, Inc.* (Banks)		7		262
Southern Missouri Bancorp, Inc. (Banks)		9		392
Southern States Bancshares, Inc. (Banks)		7		179
Southland Holdings, Inc.* (Construction & Engineering)		4		20
Southside Bancshares, Inc. (Banks)		26		814
SouthState Corp. (Banks)		69		5,735
Southwest Gas Holdings, Inc. (Gas Utilities)		56		3,286
Sovos Brands, Inc.* (Food Products)		50		1,103
SP Plus Corp.* (Commercial Services & Supplies)		18		931
SpartanNash Co. (Consumer Staples Distribution & Retail)		31		695
Sphere Entertainment Co.* (Entertainment)		24		849
Spire, Inc. (Gas Utilities)		47		2,668
Spirit Airlines, Inc.^(a) (Passenger Airlines)		99		623
Spok Holdings, Inc. (Wireless Telecommunication Services)		16		265
Sportsman’s Warehouse Holdings, Inc.* (Specialty Retail)		34		131
SpringWorks Therapeutics, Inc.* (Biotechnology)		61		2,692
Sprinklr, Inc.* - Class A (Software)		96		1,198
Sprout Social, Inc.* - Class A (Software)		43		2,637
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		92		4,635
SPS Commerce, Inc.* (Software)		33		6,064
SPX Technologies, Inc.* (Machinery)		40		4,026
Squarespace, Inc.* - Class A (IT Services)		46		1,426
STAAR Surgical Co.* (Health Care Equipment & Supplies)		44		1,232
Stagwell, Inc.* (Media)		73		476
Standard Motor Products, Inc. (Automobile Components)		19		767
Standex International Corp. (Machinery)		11		1,624
Star Holdings* (Diversified REITs)		12		139
Steelcase, Inc. - Class A (Commercial Services & Supplies)		84		1,065
Stellar Bancorp, Inc. (Banks)		44		1,101
Stem, Inc.*^(a) (Electrical Equipment)		129		382
Stepan Co. (Chemicals)		19		1,696
StepStone Group, Inc. - Class A (Capital Markets)		49		1,639
Sterling Bancorp, Inc.* (Banks)		20		108
Sterling Check Corp.* (Professional Services)		28		382
Sterling Infrastructure, Inc.* (Construction & Engineering)		27		2,028
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		68		2,848
Stewart Information Services Corp. (Insurance)		24		1,480
Stitch Fix, Inc.* - Class A (Specialty Retail)		77		246
Stock Yards Bancorp, Inc. (Banks)		25		1,243
Stoke Therapeutics, Inc.* (Biotechnology)		25		121
StoneCo, Ltd.* - Class A (Financial Services)		264		4,539
Stoneridge, Inc.* (Automobile Components)		24		427
StoneX Group, Inc.* (Capital Markets)		24		1,578
Strategic Education, Inc. (Diversified Consumer Services)		20		1,881
Stratus Properties, Inc.* (Real Estate Management & Development)		5		115
Stride, Inc.* (Diversified Consumer Services)		38		2,278
Sturm Ruger & Co., Inc. (Leisure Products)		16		699
Summit Financial Group, Inc. (Banks)		10		283
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		95		616
Summit Materials, Inc.* - Class A (Construction Materials)		108		3,908
Summit Therapeutics, Inc.* (Biotechnology)		105		412
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		34		463
SunCoke Energy, Inc. (Metals & Mining)		76		779
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		96		1,010
SunOpta, Inc.* (Food Products)		85		506
SunPower Corp.*^(a) (Electrical Equipment)		79		239
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)		189		2,016
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure)		123		385
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		42		22,244
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		44		1,218
Surgery Partners, Inc.* (Health Care Providers & Services)		68		2,087
Surmodics, Inc.* (Health Care Equipment & Supplies)		12		423

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Sutro Biopharma, Inc.* (Biotechnology)		54	$	234
Sweetgreen, Inc.* - Class A (Hotels, Restaurants & Leisure)		87		929
SWK Holdings Corp.* (Financial Services)		3		52
Sylvamo Corp. (Paper & Forest Products)		32		1,485
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		36		3,845
Syndax Pharmaceuticals, Inc.* (Biotechnology)		60		1,229
System1, Inc.* (Interactive Media & Services)		30		54
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		21		319
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		122		1,582
Tanger, Inc. (Retail REITs)		93		2,502
Tango Therapeutics, Inc.* (Biotechnology)		40		470
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		28		271
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals)		7		301
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		26		708
Taylor Morrison Home Corp.* (Household Durables)		94		4,901
TechTarget, Inc.* (Media)		23		786
Teekay Corp.* (Oil, Gas & Consumable Fuels)		56		503
Teekay Tankers, Ltd. - Class A (Oil, Gas & Consumable Fuels)		22		1,376
TEGNA, Inc. (Media)		183		2,853
Tejon Ranch Co.* (Real Estate Management & Development)		19		300
Tela Bio, Inc.* (Health Care Equipment & Supplies)		15		104
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		90		1,729
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)		500		251
Tenable Holdings, Inc.* (Software)		103		4,851
Tenaya Therapeutics, Inc.* (Biotechnology)		42		177
Tennant Co. (Machinery)		17		1,607
Terawulf, Inc.* (Software)		134		224
Terex Corp. (Machinery)		60		3,686
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)		39		202
Terran Orbital Corp.* (Aerospace & Defense)		90		74
Terreno Realty Corp. (Industrial REITs)		75		4,479
TETRA Technologies, Inc.* (Energy Equipment & Services)		113		473
Texas Capital Bancshares, Inc.* (Banks)		43		2,623
Textainer Group Holdings, Ltd. (Trading Companies & Distributors)		37		1,837
TG Therapeutics, Inc.* (Biotechnology)		125		2,030
The Andersons, Inc. (Consumer Staples Distribution & Retail)		29		1,529
The Bancorp, Inc.* (Banks)		47		2,051
The Bank of NT Butterfield & Son, Ltd. (Banks)		44		1,335
The Beauty Health Co.* (Personal Care Products)		74		217
The Brink’s Co. (Commercial Services & Supplies)		42		3,396
The Buckle, Inc. (Specialty Retail)		28		1,041
The Cato Corp. - Class A (Specialty Retail)		16		108
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		44		1,512
The Chefs’ Warehouse, Inc.* (Consumer Staples Distribution & Retail)		32		1,018
The Children’s Place, Inc.* (Specialty Retail)		11		245
The Duckhorn Portfolio, Inc.* (Beverages)		40		345
The E.W. Scripps Co.* - Class A (Media)		54		430
The Ensign Group, Inc. (Health Care Providers & Services)		49		5,549
The First Bancorp, Inc. (Banks)		9		225
The First Bancshares, Inc. (Banks)		28		712
The First of Long Island Corp. (Banks)		19		228
The GEO Group, Inc.* (Commercial Services & Supplies)		109		1,212
The Goodyear Tire & Rubber Co.* (Automobile Components)		255		3,555
The Gorman-Rupp Co. (Machinery)		21		701
The Greenbrier Cos., Inc. (Machinery)		28		1,273
The Hackett Group, Inc. (IT Services)		23		532
The Hain Celestial Group, Inc.* (Food Products)		81		868
The Joint Corp.* (Health Care Providers & Services)		13		127
The Lovesac Co.* (Household Durables)		13		301
The Macerich Co. (Retail REITs)		196		3,095
The Manitowoc Co., Inc.* (Machinery)		32		515
The Marcus Corp. (Entertainment)		22		299
The ODP Corp.* (Specialty Retail)		29		1,483
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure)		20		88
The Pennant Group, Inc.* (Health Care Providers & Services)		26		390
The RMR Group, Inc. - Class A (Real Estate Management & Development)		14		365
The Shyft Group, Inc. (Machinery)		31		336
The Simply Good Foods Co.* (Food Products)		82		3,099
The St Joe Co. (Real Estate Management & Development)		31		1,711
The Vita Coco Co., Inc.* (Beverages)		26		512
The York Water Co. (Water Utilities)		13		466
Theravance Biopharma, Inc.* (Pharmaceuticals)		47		446
Thermon Group Holdings, Inc.* (Electrical Equipment)		30		983
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals)		18		73
Third Coast Bancshares, Inc.* (Banks)		12		228
Third Harmonic Bio, Inc.* (Pharmaceuticals)		18		156
Thoughtworks Holding, Inc.* (IT Services)		84		393
ThredUp, Inc.* - Class A (Specialty Retail)		65		132
Thryv Holdings, Inc.* (Media)		28		572
Tidewater, Inc.* (Energy Equipment & Services)		42		2,822
Tile Shop Holdings, Inc.* (Specialty Retail)		26		169
Tilly’s, Inc.* - Class A (Specialty Retail)		20		147
Timberland Bancorp, Inc. (Banks)		7		196
TimkenSteel Corp.* (Metals & Mining)		39		801
Tingo Group, Inc.*⁺ (Wireless Telecommunication Services)		96		–
Tiptree, Inc. (Insurance)		22		416

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Titan International, Inc.* (Machinery)		47	$	694
Titan Machinery, Inc.* (Trading Companies & Distributors)		19		508
Tompkins Financial Corp. (Banks)		13		642
Topgolf Callaway Brands Corp.* (Leisure Products)		130		1,711
Torrid Holdings, Inc.* (Specialty Retail)		11		57
Towne Bank (Banks)		64		1,799
Townsquare Media, Inc. - Class A (Media)		11		118
TPG RE Finance Trust, Inc. (Mortgage REITs)		63		384
TPI Composites, Inc.* (Electrical Equipment)		37		100
Traeger, Inc.* (Household Durables)		32		70
Transcat, Inc.* (Trading Companies & Distributors)		7		770
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		1		40
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		29		2,487
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment)		27		131
Travere Therapeutics, Inc.* (Biotechnology)		66		589
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		41		553
Tredegar Corp. (Metals & Mining)		24		114
TreeHouse Foods, Inc.* (Food Products)		47		1,979
Trevi Therapeutics, Inc.* (Pharmaceuticals)		38		54
Tri Pointe Homes, Inc.* (Household Durables)		87		3,004
TriCo Bancshares (Banks)		28		1,018
TriMas Corp. (Containers & Packaging)		38		938
TriNet Group, Inc.* (Professional Services)		29		3,297
Trinity Industries, Inc. (Machinery)		74		1,860
Trinseo PLC (Chemicals)		32		193
Triumph Financial, Inc.* (Banks)		20		1,413
Triumph Group, Inc.* (Aerospace & Defense)		58		940
Tronox Holdings PLC (Chemicals)		106		1,462
TrueBlue, Inc.* (Professional Services)		28		386
TrueCar, Inc.* (Interactive Media & Services)		81		287
Trupanion, Inc.*^(a) (Insurance)		36		979
TrustCo Bank Corp. (Banks)		17		491
Trustmark Corp. (Banks)		55		1,484
TTEC Holdings, Inc. (Professional Services)		18		367
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		94		1,308
Tucows, Inc.* - Class A (IT Services)		9		208
Turning Point Brands, Inc. (Tobacco)		15		364
Turnstone Biologics Corp.* (Biotechnology)		6		16
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals)		15		171
Tutor Perini Corp.* (Construction & Engineering)		38		340
Twist Bioscience Corp.* (Biotechnology)		51		1,652
Two Harbors Investment Corp. (Mortgage REITs)		88		1,096
Tyra Biosciences, Inc.* (Biotechnology)		13		174
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		13		1,199
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		68		729
Udemy, Inc.* (Diversified Consumer Services)		80		1,087
UFP Industries, Inc. (Building Products)		54		6,126
UFP Technologies, Inc.* (Health Care Equipment & Supplies)		6		1,011
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		40		1,528
UMB Financial Corp. (Banks)		40		3,300
UMH Properties, Inc. (Residential REITs)		54		816
UniFirst Corp. (Commercial Services & Supplies)		14		2,372
Unisys Corp.* (IT Services)		60		404
United Bankshares, Inc. (Banks)		118		4,230
United Community Banks, Inc. (Banks)		105		2,871
United Fire Group, Inc. (Insurance)		19		426
United Homes Group, Inc.* (Household Durables)		5		38
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)		53		790
United States Lime & Minerals, Inc. (Construction Materials)		2		517
Uniti Group, Inc. (Specialized REITs)		216		1,136
Unitil Corp. (Multi-Utilities)		14		665
Unity Bancorp, Inc. (Banks)		7		192
Universal Corp. (Tobacco)		22		1,275
Universal Health Realty Income Trust (Health Care REITs)		12		478
Universal Insurance Holdings, Inc. (Insurance)		22		366
Universal Logistics Holdings, Inc. (Ground Transportation)		6		183
Universal Technical Institute, Inc.* (Diversified Consumer Services)		30		424
Univest Financial Corp. (Banks)		26		552
Upbound Group, Inc. (Specialty Retail)		50		1,660
Upstart Holdings, Inc.*^(a) (Consumer Finance)		66		2,096
Upwork, Inc.* (Professional Services)		113		1,549
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		342		2,613
Urban Edge Properties (Retail REITs)		104		1,796
Urban One, Inc.* (Media)		10		36
Urban One, Inc.* (Media)		8		29
Urban Outfitters, Inc.* (Specialty Retail)		58		2,204
UroGen Pharma, Ltd.* (Biotechnology)		25		393
USANA Health Sciences, Inc.* (Personal Care Products)		10		468
USCB Financial Holdings, Inc.* (Banks)		10		121
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		3		238
Utz Brands, Inc. (Food Products)		65		1,151
V2X, Inc.* (Aerospace & Defense)		10		389
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels)		98		417
Valaris, Ltd.* (Energy Equipment & Services)		55		3,403
Valhi, Inc. (Chemicals)		2		28
Valley National Bancorp (Banks)		391		3,761
Value Line, Inc. (Capital Markets)		1		45
Vanda Pharmaceuticals, Inc.* (Biotechnology)		51		184

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Varex Imaging Corp.* (Health Care Equipment & Supplies)		35	$	674
Varonis Systems, Inc.* (Software)		98		4,398
Vaxcyte, Inc.* (Biotechnology)		85		6,070
Vaxxinity, Inc.* - Class A (Biotechnology)		39		28
Vector Group, Ltd. (Tobacco)		132		1,382
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		46		1,466
Velo3D, Inc.* (Machinery)		82		26
Velocity Financial, Inc.* (Financial Services)		8		126
Ventyx Biosciences, Inc.* (Pharmaceuticals)		42		89
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		24		184
Vera Therapeutics, Inc.* (Biotechnology)		31		1,129
Veracyte, Inc.* (Biotechnology)		66		1,651
Veradigm, Inc.* (Health Care Technology)		98		895
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels)		1		3
Vericel Corp.* (Biotechnology)		43		1,848
Verint Systems, Inc.* (Software)		57		1,692
Veris Residential, Inc. (Residential REITs)		72		1,098
Veritex Holdings, Inc. (Banks)		47		987
Veritone, Inc.* (Software)		24		40
Verra Mobility Corp.* (Professional Services)		126		3,013
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		19		107
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels)		59		86
Verve Therapeutics, Inc.* (Biotechnology)		47		509
Viad Corp.* (Commercial Services & Supplies)		18		595
Viant Technology, Inc.* - Class A (Software)		13		111
Viavi Solutions, Inc.* (Communications Equipment)		200		1,966
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies)		91		37
Vicor Corp.* (Electrical Equipment)		20		753
Victory Capital Holdings, Inc. - Class A (Capital Markets)		24		810
Viemed Healthcare, Inc.* (Health Care Providers & Services)		31		252
Vigil Neuroscience, Inc.* (Biotechnology)		15		41
Viking Therapeutics, Inc.* (Biotechnology)		87		2,100
Village Super Market, Inc. - Class A (Consumer Staples Distribution & Retail)		8		203
Vimeo, Inc.* (Interactive Media & Services)		138		548
Vir Biotechnology, Inc.* (Biotechnology)		76		714
Virgin Galactic Holdings, Inc.* (Aerospace & Defense)		297		529
Virginia National Bankshares Corp. (Banks)		4		132
Viridian Therapeutics, Inc.* (Biotechnology)		39		751
Virtus Investment Partners, Inc. (Capital Markets)		6		1,417
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		117		2,542
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		11		351
Vista Outdoor, Inc.* (Leisure Products)		52		1,459
Visteon Corp.* (Automobile Components)		25		2,882
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		21		920
Vital Farms, Inc.* (Food Products)		28		403
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels)		23		483
Vivid Seats, Inc.* - Class A (Entertainment)		22		126
Vizio Holding Corp.* - Class A (Household Durables)		69		483
Vor BioPharma, Inc.* (Biotechnology)		34		78
VOXX International Corp.* (Household Durables)		11		92
Voyager Therapeutics, Inc.* (Biotechnology)		29		211
VSE Corp. (Commercial Services & Supplies)		12		745
Vuzix Corp.* (Electronic Equipment, Instruments & Components)		53		89
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)		89		271
Wabash National Corp. (Machinery)		42		1,063
WaFd, Inc. (Banks)		58		1,684
Waldencast PLC* - Class A (Personal Care Products)		33		233
Walker & Dunlop, Inc. (Financial Services)		29		2,801
Warby Parker, Inc.* - Class A (Specialty Retail)		77		982
Warrior Met Coal, Inc. (Metals & Mining)		47		3,016
Washington Trust Bancorp, Inc. (Banks)		15		417
Waterstone Financial, Inc. (Financial Services)		16		213
Watts Water Technologies, Inc. - Class A (Machinery)		25		4,949
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		53		229
WD-40 Co. (Household Products)		12		3,108
Weatherford International PLC* (Energy Equipment & Services)		64		5,731
Weave Communications, Inc.* (Software)		30		376
Weis Markets, Inc. (Consumer Staples Distribution & Retail)		15		911
Werner Enterprises, Inc. (Ground Transportation)		57		2,254
WesBanco, Inc. (Banks)		52		1,526
West Bancorp, Inc. (Banks)		15		282
Westamerica Bancorp (Banks)		23		1,098
Westrock Coffee Co.* (Food Products)		26		269
Weyco Group, Inc. (Distributors)		5		161
Whitestone REIT (Retail REITs)		44		568
WideOpenWest, Inc.* (Media)		45		167
Willdan Group, Inc.* (Professional Services)		11		211
Willis Lease Finance Corp.* (Trading Companies & Distributors)		3		147
Winmark Corp. (Specialty Retail)		3		1,082
Winnebago Industries, Inc. (Automobiles)		26		1,708
WisdomTree, Inc. (Capital Markets)		125		846
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		70		585
Workhorse Group, Inc.* (Automobiles)		187		50
Workiva, Inc.* (Software)		45		4,182
World Acceptance Corp.* (Consumer Finance)		4		525
World Kinect Corp. (Oil, Gas & Consumable Fuels)		54		1,219
Worthington Enterprises, Inc. (Household Durables)		28		1,597
Worthington Steel, Inc.* (Metals & Mining)		28		839
WSFS Financial Corp. (Banks)		55		2,448

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
WW International, Inc.* (Diversified Consumer Services)		49	$	184
X4 Pharmaceuticals, Inc.* (Biotechnology)		111		87
Xencor, Inc.* (Biotechnology)		52		972
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		97		1,293
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals)		120		295
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		106		1,957
XOMA Corp.* (Biotechnology)		7		140
Xometry, Inc.* - Class A (Trading Companies & Distributors)		31		998
XPEL, Inc.* (Automobile Components)		20		1,069
Xperi, Inc.* (Software)		39		417
Xponential Fitness, Inc.* - Class A (Hotels, Restaurants & Leisure)		23		254
Yelp, Inc.* (Interactive Media & Services)		60		2,624
Yext, Inc.* (Software)		97		575
Y-mAbs Therapeutics, Inc.* (Biotechnology)		33		422
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		53		628
Zeta Global Holdings Corp.* - Class A (Software)		126		1,220
Zevia PBC* - Class A (Beverages)		23		39
Zevra Therapeutics, Inc.* (Pharmaceuticals)		33		191
Ziff Davis, Inc.* (Interactive Media & Services)		42		2,831
Zimvie, Inc.* (Health Care Equipment & Supplies)		23		402
ZipRecruiter, Inc.* (Interactive Media & Services)		61		849
Zumiez, Inc.* (Specialty Retail)		14		240
Zuora, Inc.* - Class A (Software)		120		1,097
Zura Bio, Ltd.* (Biotechnology)		15		43
Zurn Elkay Water Solutions Corp. (Building Products)		134		3,973
Zymeworks, Inc.* (Biotechnology)		49		531
Zynex, Inc.*^(a) (Health Care Equipment & Supplies)		16		189
TOTAL COMMON STOCKS (Cost $1,320,681)				2,206,953

Rights ^(NM)

Cartesian Therapeutics, Inc., CVR*⁺ (Pharmaceuticals)		98		18
Chinook Therapeutics CVR*⁺ (Health Care Providers & Services)		56		–
TOTAL RIGHTS (Cost $–)				18

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*⁺ (Metals & Mining)		290	$	—
TOTAL TRUST (Cost $–)				—

Repurchase Agreements^(b)(c) (28.0%)

		Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%-5.19%, dated 1/31/24, due 2/1/24, total to be received $1,203,173	$	1,203,000	$	1,203,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,203,000)				1,203,000

Collateral for Securities Loaned^(d) (0.7%)

	Shares		Value
Invesco Government & Agency Portfolio - Institutional Shares, 5.24%^(e)	28,993	$	28,993
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $28,993)			28,993
TOTAL INVESTMENT SECURITIES (Cost $2,552,674) - 80.1%			3,438,964
Net other assets (liabilities) - 19.9%			852,457
NET ASSETS - 100.0%		$	4,291,421

^†	Number of shares is less than 0.50.
^*	Non-income producing security.
⁺	These securities were fair valued based on procedures approved by the Board of Trustees. As of January 31, 2024, these securities represented less than 0.005% of the net assets of the Fund.
^(a)	All or part of this security was on loan as of January 31, 2024. The total value of securities on loan as of January 31, 2024 was $26,835.
^(b)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See “Repurchase Agreements” under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(c)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $138,000.
^(d)	Securities were purchased with cash collateral held from securities on loan at January 31, 2024.
^(e)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2024.
^NM	Not meaningful, amount is less than 0.05%.
^CVR	Contingent Value Rights
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		2		3/18/24		$	195,590			$	7,621

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	2/27/24		5.73	%	$	1,476,084	$	(42,482	)
Russell 2000 Index	UBS AG	2/27/24		5.33	%		403,099		(13,361	)
						$	1,879,183	$	(55,843	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

Small-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Small-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	19,102		0.4	%
Air Freight & Logistics		4,548		0.1	%
Automobile Components		29,267		0.7	%
Automobiles		2,079		^NM
Banks		203,739		4.8	%
Beverages		8,572		0.2	%
Biotechnology		169,359		3.9	%
Broadline Retail		1,834		^NM
Building Products		44,833		1.0	%
Capital Markets		31,070		0.7	%
Chemicals		41,368		1.0	%
Commercial Services & Supplies		34,006		0.8	%
Communications Equipment		11,879		0.3	%
Construction & Engineering		36,950		0.9	%
Construction Materials		7,765		0.2	%
Consumer Finance		17,509		0.4	%
Consumer Staples Distribution & Retail		12,924		0.3	%
Containers & Packaging		5,987		0.1	%
Distributors		161		^NM
Diversified Consumer Services		25,844		0.6	%
Diversified REITs		13,332		0.3	%
Diversified Telecommunication Services		10,957		0.3	%
Electric Utilities		15,474		0.4	%
Electrical Equipment		31,091		0.7	%
Electronic Equipment, Instruments & Components		60,415		1.4	%
Energy Equipment & Services		53,329		1.2	%
Entertainment		8,400		0.2	%
Financial Services		53,603		1.3	%
Food Products		22,121		0.5	%
Gas Utilities		19,706		0.5	%
Ground Transportation		9,962		0.2	%
Health Care Equipment & Supplies		61,930		1.4	%
Health Care Providers & Services		55,693		1.3	%
Health Care REITs		12,779		0.3	%
Health Care Technology		9,573		0.2	%
Hotel & Resort REITs		19,631		0.5	%
Hotels, Restaurants & Leisure		48,098		1.1	%
Household Durables		52,410		1.2	%
Household Products		7,331		0.2	%
Independent Power and Renewable Electricity Producers		4,842		0.1	%
Industrial Conglomerates		551		^NM
Industrial REITs		10,078		0.2	%
Insurance		40,955		1.0	%
Interactive Media & Services		15,685		0.4	%
IT Services		11,881		0.3	%
Leisure Products		8,588		0.2	%
Life Sciences Tools & Services		6,655		0.2	%
Machinery		78,027		1.8	%
Marine Transportation		6,923		0.2	%
Media		14,333		0.3	%
Metals & Mining		40,082		0.9	%
Mortgage REITs		25,277		0.6	%
Multi-Utilities		8,864		0.2	%
Office REITs		15,985		0.4	%
Oil, Gas & Consumable Fuels		101,351		2.4	%
Paper & Forest Products		2,038		^NM
Passenger Airlines		8,131		0.2	%
Personal Care Products		22,045		0.5	%
Pharmaceuticals		38,979		0.9	%
Professional Services		56,875		1.3	%
Real Estate Management & Development		16,452		0.4	%
Residential REITs		8,665		0.2	%
Retail REITs		26,449		0.6	%
Semiconductors & Semiconductor Equipment		67,822		1.6	%
Software		127,662		3.0	%
Specialized REITs		9,768		0.2	%
Specialty Retail		55,910		1.3	%
Technology Hardware, Storage & Peripherals		26,905		0.6	%
Textiles, Apparel & Luxury Goods		11,842		0.3	%
Tobacco		3,197		0.1	%
Trading Companies & Distributors		47,884		1.1	%
Water Utilities		9,114		0.2	%
Wireless Telecommunication Services		2,525		0.1	%
Other **		2,084,450		48.6	%
Total	$	4,291,421		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%.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (66.2%)

	Shares		Value
3M Co. (Industrial Conglomerates)		1,073	$	101,238
A.O. Smith Corp. (Building Products)		238		18,471
Abbott Laboratories (Health Care Equipment & Supplies)		3,373		381,656
AbbVie, Inc. (Biotechnology)		3,430		563,893
Accenture PLC - Class A (IT Services)		1,219		443,571
Adobe, Inc.* (Software)		884		546,118
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		3,139		526,379
Aflac, Inc. (Insurance)		1,034		87,208
Agilent Technologies, Inc. (Life Sciences Tools & Services)		567		73,767
Air Products and Chemicals, Inc. (Chemicals)		433		110,722
Airbnb, Inc.* - Class A (Hotels, Restaurants & Leisure)		844		121,654
Akamai Technologies, Inc.* (IT Services)		293		36,106
Albemarle Corp. (Chemicals)		228		26,161
Alexandria Real Estate Equities, Inc. (Office REITs)		304		36,753
Align Technology, Inc.* (Health Care Equipment & Supplies)		139		37,157
Allegion PLC (Building Products)		171		21,185
Alliant Energy Corp. (Electric Utilities)		496		24,135
Alphabet, Inc.* - Class A (Interactive Media & Services)		11,497		1,610,730
Alphabet, Inc.* - Class C (Interactive Media & Services)		9,675		1,371,915
Altria Group, Inc. (Tobacco)		3,439		137,973
Amazon.com, Inc.* (Broadline Retail)		17,667		2,741,918
Amcor PLC (Containers & Packaging)		2,813		26,527
Ameren Corp. (Multi-Utilities)		511		35,550
American Airlines Group, Inc.* (Passenger Airlines)		1,274		18,129
American Electric Power Co., Inc. (Electric Utilities)		1,022		79,859
American Express Co. (Consumer Finance)		1,118		224,427
American International Group, Inc. (Insurance)		1,364		94,812
American Tower Corp. (Specialized REITs)		904		176,867
American Water Works Co., Inc. (Water Utilities)		377		46,756
Ameriprise Financial, Inc. (Capital Markets)		197		76,206
AMETEK, Inc. (Electrical Equipment)		448		72,598
Amgen, Inc. (Biotechnology)		1,040		326,831
Amphenol Corp. - Class A (Electronic Equipment, Instruments & Components)		1,162		117,478
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		968		186,204
ANSYS, Inc.* (Software)		170		55,731
Aon PLC - Class A (Insurance)		388		115,791
APA Corp. (Oil, Gas & Consumable Fuels)		599		18,767
Apple, Inc. (Technology Hardware, Storage & Peripherals)		28,400		5,236,961
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		1,624		266,823
Aptiv PLC* (Automobile Components)		549		44,650
Arch Capital Group, Ltd.* (Insurance)		726		59,844
Archer-Daniels-Midland Co. (Food Products)		1,037		57,636
Arista Networks, Inc.* (Communications Equipment)		490		126,753
Arthur J. Gallagher & Co. (Insurance)		420		97,507
Assurant, Inc. (Insurance)		102		17,131
AT&T, Inc. (Diversified Telecommunication Services)		13,894		245,785
Atmos Energy Corp. (Gas Utilities)		290		33,043
Autodesk, Inc.* (Software)		416		105,585
Automatic Data Processing, Inc. (Professional Services)		799		196,377
AutoZone, Inc.* (Specialty Retail)		34		93,912
AvalonBay Communities, Inc. (Residential REITs)		276		49,407
Avery Dennison Corp. (Containers & Packaging)		157		31,314
Axon Enterprise, Inc.* (Aerospace & Defense)		138		34,370
Baker Hughes Co. (Energy Equipment & Services)		1,958		55,803
Ball Corp. (Containers & Packaging)		614		34,046
Bank of America Corp. (Banks)		13,379		455,020
Bath & Body Works, Inc. (Specialty Retail)		444		18,941
Baxter International, Inc. (Health Care Equipment & Supplies)		987		38,187
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		563		134,450
Berkshire Hathaway, Inc.* - Class B (Financial Services)		3,535		1,356,520
Best Buy Co., Inc. (Specialty Retail)		377		27,329
Biogen, Inc.* (Biotechnology)		281		69,311
Bio-Rad Laboratories, Inc.* - Class A (Life Sciences Tools & Services)		41		13,156
Bio-Techne Corp. (Life Sciences Tools & Services)		307		21,588
BlackRock, Inc. (Capital Markets)		272		210,612
Blackstone, Inc. (Capital Markets)		1,380		171,741
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		67		235,000
BorgWarner, Inc. (Automobile Components)		462		15,662
Boston Properties, Inc. (Office REITs)		281		18,687
Boston Scientific Corp.* (Health Care Equipment & Supplies)		2,845		179,975
Bristol-Myers Squibb Co. (Pharmaceuticals)		3,956		193,330
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		853		1,006,540
Broadridge Financial Solutions, Inc. (Professional Services)		230		46,966
Brown & Brown, Inc. (Insurance)		460		35,678
Brown-Forman Corp. - Class B (Beverages)		357		19,599
Builders FirstSource, Inc.* (Building Products)		239		41,521
Bunge Global SA (Food Products)		282		24,841
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		227		19,088
Cadence Design Systems, Inc.* (Software)		529		152,595
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		421		18,469
Camden Property Trust (Residential REITs)		207		19,425
Campbell Soup Co. (Food Products)		383		17,093

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Capital One Financial Corp. (Consumer Finance)		740	$	100,137
Cardinal Health, Inc. (Health Care Providers & Services)		479		52,302
CarMax, Inc.* (Specialty Retail)		308		21,923
Carnival Corp.* (Hotels, Restaurants & Leisure)		1,962		32,530
Carrier Global Corp. (Building Products)		1,632		89,287
Catalent, Inc.* (Pharmaceuticals)		352		18,177
Caterpillar, Inc. (Machinery)		992		297,907
Cboe Global Markets, Inc. (Capital Markets)		205		37,689
CBRE Group, Inc.* - Class A (Real Estate Management & Development)		592		51,096
CDW Corp. (Electronic Equipment, Instruments & Components)		261		59,174
Celanese Corp. (Chemicals)		196		28,673
Cencora, Inc. (Health Care Providers & Services)		323		75,156
Centene Corp.* (Health Care Providers & Services)		1,038		78,172
CenterPoint Energy, Inc. (Multi-Utilities)		1,230		34,366
CF Industries Holdings, Inc. (Chemicals)		372		28,090
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		99		21,412
Charter Communications, Inc.* - Class A (Media)		197		73,030
Chevron Corp. (Oil, Gas & Consumable Fuels)		3,410		502,736
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		53		127,665
Chubb, Ltd. (Insurance)		793		194,284
Church & Dwight Co., Inc. (Household Products)		479		47,828
Cincinnati Financial Corp. (Insurance)		304		33,683
Cintas Corp. (Commercial Services & Supplies)		170		102,777
Cisco Systems, Inc. (Communications Equipment)		7,871		394,966
Citigroup, Inc. (Banks)		3,720		208,952
Citizens Financial Group, Inc. (Banks)		908		29,692
CME Group, Inc. (Capital Markets)		700		144,088
CMS Energy Corp. (Multi-Utilities)		568		32,467
Cognizant Technology Solutions Corp. - Class A (IT Services)		975		75,192
Colgate-Palmolive Co. (Household Products)		1,599		134,636
Comcast Corp. - Class A (Media)		7,804		363,198
Comerica, Inc. (Banks)		257		13,513
Conagra Brands, Inc. (Food Products)		932		27,168
ConocoPhillips (Oil, Gas & Consumable Fuels)		2,307		258,084
Consolidated Edison, Inc. (Multi-Utilities)		671		60,994
Constellation Brands, Inc. - Class A (Beverages)		314		76,955
Constellation Energy Corp. (Electric Utilities)		620		75,640
Copart, Inc.* (Commercial Services & Supplies)		1,699		81,620
Corning, Inc. (Electronic Equipment, Instruments & Components)		1,496		48,605
Corteva, Inc. (Chemicals)		1,372		62,399
CoStar Group, Inc.* (Real Estate Management & Development)		793		66,199
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		859		596,902
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		1,466		36,474
Crown Castle, Inc. (Specialized REITs)		842		91,147
CSX Corp. (Ground Transportation)		3,843		137,195
Cummins, Inc. (Machinery)		276		66,047
CVS Health Corp. (Health Care Providers & Services)		2,495		185,552
D.R. Horton, Inc. (Household Durables)		585		83,602
Danaher Corp. (Life Sciences Tools & Services)		1,277		306,365
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		234		38,044
DaVita, Inc.* (Health Care Providers & Services)		104		11,249
Dayforce, Inc.* (Professional Services)		303		21,065
Deere & Co. (Machinery)		520		204,661
Delta Air Lines, Inc. (Passenger Airlines)		1,252		49,003
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		415		14,421
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		1,247		52,399
Dexcom, Inc.* (Health Care Equipment & Supplies)		751		91,134
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		346		53,194
Digital Realty Trust, Inc. (Specialized REITs)		589		82,731
Discover Financial Services (Consumer Finance)		486		51,283
Dollar General Corp. (Consumer Staples Distribution & Retail)		426		56,262
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		406		53,032
Dominion Energy, Inc. (Multi-Utilities)		1,628		74,432
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		67		28,557
Dover Corp. (Machinery)		272		40,740
Dow, Inc. (Chemicals)		1,365		73,164
DTE Energy Co. (Multi-Utilities)		401		42,273
Duke Energy Corp. (Electric Utilities)		1,497		143,458
DuPont de Nemours, Inc. (Chemicals)		836		51,665
Eastman Chemical Co. (Chemicals)		231		19,300
Eaton Corp. PLC (Electrical Equipment)		776		190,959
eBay, Inc. (Broadline Retail)		1,010		41,481
Ecolab, Inc. (Chemicals)		494		97,921
Edison International (Electric Utilities)		745		50,273
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		1,179		92,516
Electronic Arts, Inc. (Entertainment)		476		65,488
Elevance Health, Inc. (Health Care Providers & Services)		456		225,008
Eli Lilly & Co. (Pharmaceuticals)		1,550		1,000,695
Emerson Electric Co. (Electrical Equipment)		1,106		101,453
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		265		27,594
Entergy Corp. (Electric Utilities)		411		41,001
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		1,133		128,924
EPAM Systems, Inc.* (IT Services)		112		31,148

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares			Value
EQT Corp. (Oil, Gas & Consumable Fuels)		802		$	28,391
Equifax, Inc. (Professional Services)		239			58,397
Equinix, Inc. (Specialized REITs)		183			151,847
Equity Residential (Residential REITs)		673			40,508
Essex Property Trust, Inc. (Residential REITs)		124			28,925
Etsy, Inc.* (Broadline Retail)		233			15,508
Everest Group, Ltd. (Insurance)		83			31,953
Evergy, Inc. (Electric Utilities)		448			22,745
Eversource Energy (Electric Utilities)		680			36,870
Exelon Corp. (Electric Utilities)		1,937			67,427
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		259			38,417
Expeditors International of Washington, Inc. (Air Freight & Logistics)		282			35,625
Extra Space Storage, Inc. (Specialized REITs)		411			59,365
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		7,780			799,861
F5, Inc.* (Communications Equipment)		115			21,126
FactSet Research Systems, Inc. (Capital Markets)		74			35,218
Fair Isaac Corp.* (Software)		48			57,544
Fastenal Co. (Trading Companies & Distributors)		1,111			75,804
Federal Realty Investment Trust (Retail REITs)		143			14,547
FedEx Corp. (Air Freight & Logistics)		450			108,581
Fidelity National Information Services, Inc. (Financial Services)		1,152			71,724
Fifth Third Bancorp (Banks)		1,326			45,402
First Horizon Corp. (Banks)		–	^†		4
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		207			30,284
FirstEnergy Corp. (Electric Utilities)		1,008			36,973
Fiserv, Inc.* (Financial Services)		1,165			165,279
FleetCor Technologies, Inc.* (Financial Services)		141			40,880
FMC Corp. (Chemicals)		243			13,657
Ford Motor Co. (Automobiles)		7,644			89,588
Fortinet, Inc.* (Software)		1,239			79,903
Fortive Corp. (Machinery)		683			53,397
Fox Corp. - Class A (Media)		484			15,633
Fox Corp. - Class B (Media)		261			7,833
Franklin Resources, Inc. (Capital Markets)		551			14,673
Freeport-McMoRan, Inc. (Metals & Mining)		2,788			110,656
Garmin, Ltd. (Household Durables)		297			35,489
Gartner, Inc.* (IT Services)		153			69,988
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		761			55,827
Gen Digital, Inc. (Software)		1,099			25,805
Generac Holdings, Inc.* (Electrical Equipment)		119			13,527
General Dynamics Corp. (Aerospace & Defense)		440			116,596
General Electric Co. (Industrial Conglomerates)		2,114			279,935
General Mills, Inc. (Food Products)		1,131			73,413
General Motors Co. (Automobiles)		2,664			103,363
Genuine Parts Co. (Distributors)		272			38,143
Gilead Sciences, Inc. (Biotechnology)		2,420			189,389
Global Payments, Inc. (Financial Services)		505			67,281
Globe Life, Inc. (Insurance)		167			20,511
Halliburton Co. (Energy Equipment & Services)		1,741			62,067
Hasbro, Inc. (Leisure Products)		255			12,482
HCA Healthcare, Inc. (Health Care Providers & Services)		385			117,387
Healthpeak Properties, Inc. (Health Care REITs)		1,066			19,721
Henry Schein, Inc.* (Health Care Providers & Services)		255			19,084
Hess Corp. (Oil, Gas & Consumable Fuels)		536			75,324
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		2,497			38,179
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		498			95,098
Hologic, Inc.* (Health Care Equipment & Supplies)		476			35,433
Honeywell International, Inc. (Industrial Conglomerates)		1,280			258,893
Hormel Foods Corp. (Food Products)		566			17,189
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		1,374			26,408
Howmet Aerospace, Inc. (Aerospace & Defense)		760			42,758
HP, Inc. (Technology Hardware, Storage & Peripherals)		1,695			48,663
Hubbell, Inc. (Electrical Equipment)		104			34,899
Humana, Inc. (Health Care Providers & Services)		239			90,356
Huntington Bancshares, Inc. (Banks)		2,818			35,873
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		77			19,937
IDEX Corp. (Machinery)		146			30,879
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		161			82,928
Illinois Tool Works, Inc. (Machinery)		532			138,798
Illumina, Inc.* (Life Sciences Tools & Services)		308			44,047
Incyte Corp.* (Biotechnology)		363			21,334
Ingersoll Rand, Inc. (Machinery)		786			62,770
Insulet Corp.* (Health Care Equipment & Supplies)		137			26,149
Intel Corp. (Semiconductors & Semiconductor Equipment)		8,190			352,825
Intercontinental Exchange, Inc. (Capital Markets)		1,111			141,464
International Business Machines Corp. (IT Services)		1,774			325,813
International Flavors & Fragrances, Inc. (Chemicals)		496			40,017
International Paper Co. (Containers & Packaging)		674			24,149
Intuit, Inc. (Software)		544			343,444
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		684			258,702
Invesco, Ltd. (Capital Markets)		877			13,883
Invitation Homes, Inc. (Residential REITs)		1,121			36,915
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		356			74,130
Iron Mountain, Inc. (Specialized REITs)		569			38,419
J.B. Hunt Transport Services, Inc. (Ground Transportation)		158			31,755

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Jabil, Inc. (Electronic Equipment, Instruments & Components)		248	$	31,072
Jack Henry & Associates, Inc. (Financial Services)		142		23,548
Jacobs Solutions, Inc. (Professional Services)		245		33,019
Johnson & Johnson (Pharmaceuticals)		4,677		743,175
Johnson Controls International PLC (Building Products)		1,321		69,603
JPMorgan Chase & Co. (Banks)		5,617		979,380
Juniper Networks, Inc. (Communications Equipment)		623		23,026
Kellanova (Food Products)		513		28,092
Kenvue, Inc. (Personal Care Products)		3,352		69,588
Keurig Dr Pepper, Inc. (Beverages)		1,959		61,591
KeyCorp (Banks)		1,823		26,488
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		344		52,721
Kimberly-Clark Corp. (Household Products)		657		79,477
Kimco Realty Corp. (Retail REITs)		1,281		25,876
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		3,760		63,619
KLA Corp. (Semiconductors & Semiconductor Equipment)		264		156,827
L3Harris Technologies, Inc. (Aerospace & Defense)		368		76,699
Laboratory Corp. of America Holdings (Health Care Providers & Services)		165		36,680
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		256		211,244
Lamb Weston Holding, Inc. (Food Products)		281		28,786
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure)		718		35,125
Leidos Holdings, Inc. (Professional Services)		266		29,385
Lennar Corp. - Class A (Household Durables)		486		72,827
Linde PLC (Chemicals)		943		381,754
Live Nation Entertainment, Inc.* (Entertainment)		276		24,523
LKQ Corp. (Distributors)		521		24,315
Lockheed Martin Corp. (Aerospace & Defense)		430		184,646
Loews Corp. (Insurance)		356		25,938
Lowe's Cos., Inc. (Specialty Retail)		1,121		238,594
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		223		101,202
LyondellBasell Industries N.V. - Class A (Chemicals)		498		46,872
M&T Bank Corp. (Banks)		322		44,468
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		1,141		26,072
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		738		122,213
MarketAxess Holdings, Inc. (Capital Markets)		74		16,688
Marriott International, Inc. - Class A (Hotels, Restaurants & Leisure)		480		114,953
Marsh & McLennan Cos., Inc. (Insurance)		959		185,893
Martin Marietta Materials, Inc. (Construction Materials)		120		61,010
Masco Corp. (Building Products)		437		29,406
Mastercard, Inc. - Class A (Financial Services)		1,609		722,811
Match Group, Inc.* (Interactive Media & Services)		532		20,418
McCormick & Co., Inc. (Food Products)		489		33,330
McDonald's Corp. (Hotels, Restaurants & Leisure)		1,408		412,149
McKesson Corp. (Health Care Providers & Services)		259		129,472
Medtronic PLC (Health Care Equipment & Supplies)		2,585		226,291
Merck & Co., Inc. (Pharmaceuticals)		4,923		594,600
Meta Platforms, Inc.* - Class A (Interactive Media & Services)		4,312		1,682,283
MetLife, Inc. (Insurance)		1,209		83,808
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		42		50,282
MGM Resorts International (Hotels, Restaurants & Leisure)		534		23,160
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,052		89,609
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		2,133		182,905
Microsoft Corp. (Software)		14,440		5,741,054
Mid-America Apartment Communities, Inc. (Residential REITs)		227		28,688
Moderna, Inc.* (Biotechnology)		644		65,076
Mohawk Industries, Inc.* (Household Durables)		103		10,738
Molina Healthcare, Inc.* (Health Care Providers & Services)		113		40,278
Molson Coors Beverage Co. - Class B (Beverages)		361		22,306
Mondelez International, Inc. - Class A (Food Products)		2,643		198,939
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		93		56,053
Monster Beverage Corp.* (Beverages)		1,437		79,064
Moody's Corp. (Capital Markets)		306		119,964
Morgan Stanley (Capital Markets)		2,455		214,174
Motorola Solutions, Inc. (Communications Equipment)		323		103,199
MSCI, Inc. (Capital Markets)		154		92,187
Nasdaq, Inc. (Capital Markets)		663		38,302
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		405		35,316
Netflix, Inc.* (Entertainment)		851		480,057
Newmont Corp. (Metals & Mining)		2,242		77,371
News Corp. - Class A (Media)		744		18,332
News Corp. - Class B (Media)		226		5,779
NextEra Energy, Inc. (Electric Utilities)		3,987		233,757
NIKE, Inc. - Class B (Textiles, Apparel & Luxury Goods)		2,377		241,336
NiSource, Inc. (Multi-Utilities)		807		20,958
Nordson Corp. (Machinery)		105		26,431
Norfolk Southern Corp. (Ground Transportation)		440		103,506
Northern Trust Corp. (Capital Markets)		402		32,015
Northrop Grumman Corp. (Aerospace & Defense)		276		123,306
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		831		14,792

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
NRG Energy, Inc. (Electric Utilities)		440	$	23,338
Nucor Corp. (Metals & Mining)		478		89,353
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		4,799		2,952,680
NVR, Inc.* (Household Durables)		5		35,376
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		501		105,496
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		1,283		73,862
Old Dominion Freight Line, Inc. (Ground Transportation)		174		68,037
Omnicom Group, Inc. (Media)		385		34,796
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		837		59,536
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		1,133		77,327
Oracle Corp. (Software)		3,086		344,706
O'Reilly Automotive, Inc.* (Specialty Retail)		114		116,628
Otis Worldwide Corp. (Machinery)		795		70,310
PACCAR, Inc. (Machinery)		1,016		101,996
Packaging Corp. of America (Containers & Packaging)		174		28,863
Palo Alto Networks, Inc.* (Software)		603		204,122
Paramount Global - Class B (Media)		941		13,729
Parker-Hannifin Corp. (Machinery)		250		116,125
Paychex, Inc. (Professional Services)		624		75,960
Paycom Software, Inc. (Professional Services)		95		18,073
PayPal Holdings, Inc.* (Financial Services)		2,096		128,590
Pentair PLC (Machinery)		321		23,488
PepsiCo, Inc. (Beverages)		2,671		450,144
Pfizer, Inc. (Pharmaceuticals)		10,973		297,149
PG&E Corp. (Electric Utilities)		4,148		69,977
Philip Morris International, Inc. (Tobacco)		3,017		274,094
Phillips 66 (Oil, Gas & Consumable Fuels)		854		123,241
Pinnacle West Capital Corp. (Electric Utilities)		220		15,158
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		454		104,343
Pool Corp. (Distributors)		76		28,215
PPG Industries, Inc. (Chemicals)		458		64,596
PPL Corp. (Electric Utilities)		1,436		37,623
Principal Financial Group, Inc. (Insurance)		427		33,776
Prologis, Inc. (Industrial REITs)		1,795		227,409
Prudential Financial, Inc. (Insurance)		701		73,556
PTC, Inc.* (Software)		231		41,730
Public Service Enterprise Group, Inc. (Multi-Utilities)		970		56,250
Public Storage (Specialized REITs)		307		86,939
PulteGroup, Inc. (Household Durables)		419		43,811
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		190		18,951
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		2,162		321,079
Quanta Services, Inc. (Construction & Engineering)		282		54,722
Quest Diagnostics, Inc. (Health Care Providers & Services)		219		28,126
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		77		11,063
Raymond James Financial, Inc. (Capital Markets)		364		40,106
Realty Income Corp. (Retail REITs)		1,607		87,405
Regency Centers Corp. (Retail REITs)		320		20,054
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		207		195,155
Regions Financial Corp. (Banks)		1,812		33,830
Republic Services, Inc. (Commercial Services & Supplies)		398		68,106
ResMed, Inc. (Health Care Equipment & Supplies)		285		54,207
Revvity, Inc. (Life Sciences Tools & Services)		239		25,616
Robert Half, Inc. (Professional Services)		205		16,306
Rockwell Automation, Inc. (Electrical Equipment)		222		56,228
Rollins, Inc. (Commercial Services & Supplies)		549		23,777
Roper Technologies, Inc. (Software)		207		111,159
Ross Stores, Inc. (Specialty Retail)		658		92,304
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		458		58,395
RTX Corp. (Aerospace & Defense)		2,794		254,589
S&P Global, Inc. (Capital Markets)		629		282,012
Salesforce, Inc.* (Software)		1,890		531,260
SBA Communications Corp. (Specialized REITs)		210		47,011
Schlumberger N.V. (Energy Equipment & Services)		2,776		135,191
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		377		32,301
Sempra (Multi-Utilities)		1,224		87,590
ServiceNow, Inc.* (Software)		399		305,395
Simon Property Group, Inc. (Retail REITs)		634		87,879
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		310		32,383
Snap-on, Inc. (Machinery)		103		29,863
Southwest Airlines Co. (Passenger Airlines)		1,161		34,702
Stanley Black & Decker, Inc. (Machinery)		297		27,710
Starbucks Corp. (Hotels, Restaurants & Leisure)		2,220		206,527
State Street Corp. (Capital Markets)		599		44,248
Steel Dynamics, Inc. (Metals & Mining)		296		35,724
STERIS PLC (Health Care Equipment & Supplies)		192		42,038
Stryker Corp. (Health Care Equipment & Supplies)		657		220,410
Synchrony Financial (Consumer Finance)		807		31,368
Synopsys, Inc.* (Software)		296		157,872
Sysco Corp. (Consumer Staples Distribution & Retail)		980		79,311
T. Rowe Price Group, Inc. (Capital Markets)		435		47,176
Take-Two Interactive Software, Inc.* (Entertainment)		307		50,634
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		449		17,417
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		434		36,873
Target Corp. (Consumer Staples Distribution & Retail)		897		124,755

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		603	$	85,741
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		91		38,081
Teleflex, Inc. (Health Care Equipment & Supplies)		91		22,098
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		297		28,687
Tesla, Inc.* (Automobiles)		5,372		1,006,122
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		1,765		282,612
Textron, Inc. (Aerospace & Defense)		382		32,359
The AES Corp. (Independent Power and Renewable Electricity Producers)		1,305		21,767
The Allstate Corp. (Insurance)		509		79,022
The Bank of New York Mellon Corp. (Capital Markets)		1,496		82,968
The Boeing Co.* (Aerospace & Defense)		1,104		232,988
The Charles Schwab Corp. (Capital Markets)		2,891		181,902
The Cigna Group (Health Care Providers & Services)		567		170,639
The Clorox Co. (Household Products)		242		35,151
The Coca-Cola Co. (Beverages)		7,559		449,685
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		96		35,811
The Estee Lauder Cos., Inc. (Personal Care Products)		452		59,659
The Goldman Sachs Group, Inc. (Capital Markets)		634		243,462
The Hartford Financial Services Group, Inc. (Insurance)		584		50,785
The Hershey Co. (Food Products)		292		56,514
The Home Depot, Inc. (Specialty Retail)		1,942		685,448
The Interpublic Group of Cos., Inc. (Media)		748		24,677
The JM Smucker Co. (Food Products)		206		27,099
The Kraft Heinz Co. (Food Products)		1,552		57,626
The Kroger Co. (Consumer Staples Distribution & Retail)		1,287		59,382
The Mosaic Co. (Chemicals)		639		19,624
The PNC Financial Services Group, Inc. (Banks)		774		117,037
The Procter & Gamble Co. (Household Products)		4,579		719,544
The Progressive Corp. (Insurance)		1,137		202,669
The Sherwin-Williams Co. (Chemicals)		457		139,101
The Southern Co. (Electric Utilities)		2,118		147,243
The TJX Cos., Inc. (Specialty Retail)		2,222		210,890
The Travelers Cos., Inc. (Insurance)		444		93,844
The Walt Disney Co. (Entertainment)		3,556		341,554
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		2,367		82,040
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		751		404,774
T-Mobile U.S., Inc. (Wireless Telecommunication Services)		988		159,295
Tractor Supply Co. (Specialty Retail)		210		47,166
Trane Technologies PLC (Building Products)		444		111,911
TransDigm Group, Inc. (Aerospace & Defense)		106		115,824
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		486		24,718
Truist Financial Corp. (Banks)		2,594		96,134
Tyler Technologies, Inc.* (Software)		81		34,243
Tyson Foods, Inc. - Class A (Food Products)		556		30,447
U.S. Bancorp (Banks)		3,027		125,742
Uber Technologies, Inc.* (Ground Transportation)		3,999		261,015
UDR, Inc. (Residential REITs)		591		21,288
Ulta Beauty, Inc.* (Specialty Retail)		95		47,695
Union Pacific Corp. (Ground Transportation)		1,184		288,813
United Airlines Holdings, Inc.* (Passenger Airlines)		639		26,442
United Parcel Service, Inc. - Class B (Air Freight & Logistics)		1,404		199,228
United Rentals, Inc. (Trading Companies & Distributors)		132		82,552
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,796		919,084
Universal Health Services, Inc. - Class B (Health Care Providers & Services)		118		18,740
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		661		91,813
Ventas, Inc. (Health Care REITs)		783		36,323
Veralto Corp. (Commercial Services & Supplies)		426		32,670
VeriSign, Inc.* (IT Services)		173		34,406
Verisk Analytics, Inc. (Professional Services)		281		67,870
Verizon Communications, Inc. (Diversified Telecommunication Services)		8,171		346,042
Vertex Pharmaceuticals, Inc.* (Biotechnology)		501		217,123
VF Corp. (Textiles, Apparel & Luxury Goods)		645		10,617
Viatris, Inc. (Pharmaceuticals)		2,336		27,495
VICI Properties, Inc. (Specialized REITs)		2,014		60,662
Visa, Inc. - Class A (Financial Services)		3,097		846,286
Vulcan Materials Co. (Construction Materials)		258		58,311
W.R. Berkley Corp. (Insurance)		397		32,506
W.W. Grainger, Inc. (Trading Companies & Distributors)		86		77,025
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		1,397		31,530
Walmart, Inc. (Consumer Staples Distribution & Retail)		2,772		458,073
Warner Bros. Discovery, Inc.* (Entertainment)		4,315		43,236
Waste Management, Inc. (Commercial Services & Supplies)		713		132,354
Waters Corp.* (Life Sciences Tools & Services)		114		36,219
WEC Energy Group, Inc. (Multi-Utilities)		612		49,425
Wells Fargo & Co. (Banks)		7,058		354,170
Welltower, Inc. (Health Care REITs)		1,075		92,999
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		144		53,716
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		632		36,182
Westinghouse Air Brake Technologies Corp. (Machinery)		347		45,655
Westrock Co. (Containers & Packaging)		501		20,170
Weyerhaeuser Co. (Specialized REITs)		1,422		46,599

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Whirlpool Corp. (Household Durables)		106	$	11,609
Willis Towers Watson PLC (Insurance)		201		49,506
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		187		17,658
Xcel Energy, Inc. (Electric Utilities)		1,073		64,241
Xylem, Inc. (Machinery)		468		52,622
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		544		70,443
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		99		23,715
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		406		50,994
Zions Bancorp NA (Banks)		290		12,151
Zoetis, Inc. (Pharmaceuticals)		892		167,527
TOTAL COMMON STOCKS (Cost $23,796,845)				79,032,378

Repurchase Agreements^(a)(b) (35.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%-5.19%, dated 1/31/24, due 2/1/24, total to be received $42,730,132	$	42,724,000	$	42,724,000
TOTAL REPURCHASE AGREEMENTS (Cost $42,724,000)				42,724,000
TOTAL INVESTMENT SECURITIES (Cost $66,520,845) - 102.0%				121,756,378
Net other assets (liabilities) - (2.0)%				(2,343,688	)
NET ASSETS - 100.0%			$	119,412,690

^†	Number of shares is less than 0.50.
^*	Non-income producing security.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31, 2024, the aggregate amount held in a segregated account was $19,571,000.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts		40		3/18/24		$	9,741,000			$	410,464

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	2/27/24		5.93	%	$	59,330,138	$	(1,050,405	)
SPDR S&P 500 ETF	Goldman Sachs International	2/27/24		5.84	%		34,194,216		(641,504	)
						$	93,524,354	$	(1,691,909	)

S&P 500	UBS AG	2/27/24		5.83	%	$	48,389,145	$	(832,122	)
SPDR S&P 500 ETF	UBS AG	2/27/24		5.43	%		8,437,963		(149,195	)
						$	56,827,108	$	(981,317	)
						$	150,351,462	$	(2,673,226	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraBull ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

UltraBull ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	1,234,072		1.0	%
Air Freight & Logistics		362,522		0.3	%
Automobile Components		60,312		0.1	%
Automobiles		1,199,073		1.0	%
Banks		2,577,856		2.2	%
Beverages		1,159,344		1.0	%
Biotechnology		1,648,112		1.4	%
Broadline Retail		2,798,908		2.3	%
Building Products		381,384		0.3	%
Capital Markets		2,280,778		1.9	%
Chemicals		1,203,716		1.0	%
Commercial Services & Supplies		441,304		0.4	%
Communications Equipment		669,070		0.6	%
Construction & Engineering		54,722		0.1	%
Construction Materials		119,321		0.1	%
Consumer Finance		407,215		0.3	%
Consumer Staples Distribution & Retail		1,459,247		1.2	%
Containers & Packaging		165,069		0.1	%
Distributors		90,673		0.1	%
Diversified Telecommunication Services		591,827		0.5	%
Electric Utilities		1,169,718		1.0	%
Electrical Equipment		469,664		0.4	%
Electronic Equipment, Instruments & Components		481,305		0.4	%
Energy Equipment & Services		253,061		0.2	%
Entertainment		1,005,492		0.8	%
Financial Services		3,422,919		2.9	%
Food Products		678,173		0.6	%
Gas Utilities		33,043		^NM
Ground Transportation		890,321		0.8	%
Health Care Equipment & Supplies		2,080,384		1.7	%
Health Care Providers & Services		2,197,285		1.8	%
Health Care REITs		149,043		0.1	%
Hotel & Resort REITs		26,408		^NM
Hotels, Restaurants & Leisure		1,688,636		1.4	%
Household Durables		293,452		0.3	%
Household Products		1,016,636		0.9	%
Independent Power and Renewable Electricity Producers		21,767		^NM
Industrial Conglomerates		640,066		0.5	%
Industrial REITs		227,409		0.2	%
Insurance		1,699,705		1.4	%
Interactive Media & Services		4,685,346		3.9	%
IT Services		1,016,224		0.9	%
Leisure Products		12,482		^NM
Life Sciences Tools & Services		1,125,072		0.9	%
Machinery		1,389,400		1.2	%
Media		557,007		0.5	%
Metals & Mining		313,104		0.3	%
Multi-Utilities		494,305		0.4	%
Office REITs		55,440		0.1	%
Oil, Gas & Consumable Fuels		2,755,558		2.3	%
Passenger Airlines		128,276		0.1	%
Personal Care Products		129,247		0.1	%
Pharmaceuticals		3,042,148		2.6	%
Professional Services		563,418		0.5	%
Real Estate Management & Development		117,295		0.1	%
Residential REITs		225,156		0.2	%
Retail REITs		235,761		0.2	%
Semiconductors & Semiconductor Equipment		6,894,710		5.8	%
Software		8,838,265		7.4	%
Specialized REITs		841,587		0.7	%
Specialty Retail		1,600,830		1.3	%
Technology Hardware, Storage & Peripherals		5,427,602		4.5	%
Textiles, Apparel & Luxury Goods		381,635		0.3	%
Tobacco		412,067		0.3	%
Trading Companies & Distributors		235,381		0.2	%
Water Utilities		46,755		^NM
Wireless Telecommunication Services		159,295		0.1	%
Other **		40,380,312		33.8	%
Total	$	119,412,690		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%.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks (76.5%)

	Shares		Value
1-800-Flowers.com, Inc.* - Class A (Specialty Retail)		348	$	3,619
1st Source Corp. (Banks)		220		11,499
23andMe Holding Co.* - Class A (Health Care Providers & Services)		4,062		2,970
2seventy bio, Inc.* (Biotechnology)		670		3,444
2U, Inc.* (Diversified Consumer Services)		1,070		910
374Water, Inc.* (Machinery)		823		988
3D Systems Corp.* (Machinery)		1,744		8,354
4D Molecular Therapeutics, Inc.* (Biotechnology)		533		9,194
5E Advanced Materials, Inc.* (Metals & Mining)		525		746
89bio, Inc.* (Biotechnology)		854		8,455
8x8, Inc.* (Software)		1,603		5,386
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		293		2,074
A10 Networks, Inc. (Software)		943		12,608
Aadi Bioscience, Inc.* (Biotechnology)		216		397
AAON, Inc. (Building Products)		905		63,495
AAR Corp.* (Aerospace & Defense)		452		27,491
Aaron's Co., Inc. (The) (Specialty Retail)		402		4,137
Abercrombie & Fitch Co.* (Specialty Retail)		652		66,438
ABM Industries, Inc. (Commercial Services & Supplies)		885		36,099
Acacia Research Corp.* (Financial Services)		507		1,982
Academy Sports & Outdoors, Inc. (Specialty Retail)		966		60,596
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		1,617		41,896
Acadia Realty Trust (Retail REITs)		1,248		21,291
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		712		7,298
ACCO Brands Corp. (Commercial Services & Supplies)		1,233		7,497
Accolade, Inc.* (Health Care Providers & Services)		905		10,245
Accuray, Inc.* (Health Care Equipment & Supplies)		1,259		3,261
ACELYRIN, Inc.* (Biotechnology)		442		3,368
ACI Worldwide, Inc.* (Software)		1,449		43,571
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		927		1,075
ACM Research, Inc.* - Class A (Semiconductors & Semiconductor Equipment)		642		11,055
ACNB Corp. (Banks)		111		4,332
Acrivon Therapeutics, Inc.* (Biotechnology)		116		423
Actinium Pharmaceuticals, Inc.* (Biotechnology)		364		1,958
Acushnet Holdings Corp. (Leisure Products)		412		26,095
ACV Auctions, Inc.* - Class A (Commercial Services & Supplies)		1,697		22,010
AdaptHealth Corp.* (Health Care Providers & Services)		1,277		9,220
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services)		1,516		5,564
Addus HomeCare Corp.* (Health Care Providers & Services)		209		18,099
Adeia, Inc. (Software)		1,429		17,348
Adicet Bio, Inc.* (Biotechnology)		406		1,214
Adient PLC* (Automobile Components)		1,253		43,492
ADMA Biologics, Inc.* (Biotechnology)		2,845		14,766
Adtalem Global Education, Inc.* (Diversified Consumer Services)		531		26,805
ADTRAN Holdings, Inc. (Communications Equipment)		1,042		6,528
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		502		52,298
AdvanSix, Inc. (Chemicals)		348		8,832
Advantage Solutions, Inc.* (Media)		1,159		4,671
Aehr Test Systems* (Semiconductors & Semiconductor Equipment)		369		5,480
Aerovate Therapeutics, Inc.* (Biotechnology)		149		2,877
AeroVironment, Inc.* (Aerospace & Defense)		347		41,861
AerSale Corp.* (Aerospace & Defense)		342		3,181
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,075		916
AFC Gamma, Inc. (Mortgage REITs)		219		2,554
Agenus, Inc.* (Biotechnology)		5,085		3,393
Agiliti, Inc.* (Health Care Providers & Services)		396		2,808
Agilysys, Inc.* (Software)		268		22,434
Agios Pharmaceuticals, Inc.* (Biotechnology)		741		16,761
Air Transport Services Group, Inc.* (Air Freight & Logistics)		752		11,648
AirSculpt Technologies, Inc.* (Health Care Providers & Services)		162		1,176
Akero Therapeutics, Inc.* (Biotechnology)		685		14,803
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		933		535
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		309		1,570
Alamo Group, Inc. (Machinery)		135		28,658
Alarm.com Holdings, Inc.* (Software)		640		38,925
Albany International Corp. (Machinery)		418		37,164
Aldeyra Therapeutics, Inc.* (Biotechnology)		621		1,944
Alector, Inc.* (Biotechnology)		847		5,048
Alerus Financial Corp. (Financial Services)		239		5,428
Alexander & Baldwin, Inc. (Diversified REITs)		968		16,766
Alexander's, Inc. (Retail REITs)		29		6,374
Alico, Inc. (Food Products)		95		2,797
Alight, Inc.* - Class A (Professional Services)		5,533		49,354
Alignment Healthcare, Inc.* (Health Care Providers & Services)		1,136		7,611
Alkami Technology, Inc.* (Software)		535		13,172
Alkermes PLC* (Biotechnology)		2,214		59,888
Allakos, Inc.* (Biotechnology)		887		1,126
Allbirds, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		1,292		1,240
Allegiant Travel Co. (Passenger Airlines)		211		16,542
ALLETE, Inc. (Electric Utilities)		772		45,633
Allient, Inc. (Electrical Equipment)		173		4,820
Allogene Therapeutics, Inc.* (Biotechnology)		1,261		4,439
Allovir, Inc.* (Biotechnology)		679		489
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		310		7,955

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Alpha Metallurgical Resources, Inc. (Metals & Mining)		154	$	61,483
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		1,231		19,807
Alpine Immune Sciences, Inc.* (Biotechnology)		435		11,575
Alpine Income Property Trust, Inc. (Diversified REITs)		169		2,626
Alta Equipment Group, Inc. (Trading Companies & Distributors)		308		3,296
Altair Engineering, Inc.* - Class A (Software)		725		61,640
AlTi Global, Inc.* (Capital Markets)		305		1,894
Altimmune, Inc.* (Biotechnology)		705		6,655
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers)		853		4,598
ALX Oncology Holdings, Inc.* (Biotechnology)		360		5,188
Amalgamated Financial Corp. (Banks)		236		6,268
A-Mark Precious Metals, Inc. (Financial Services)		254		6,850
Ambac Financial Group, Inc.* (Insurance)		591		9,604
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		506		26,595
AMC Networks, Inc.* - Class A (Media)		412		7,453
Amerant Bancorp, Inc. (Banks)		345		7,800
Ameresco, Inc.* - Class A (Construction & Engineering)		429		8,764
American Assets Trust, Inc. (Diversified REITs)		652		14,624
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)		1,524		12,329
American Coastal Insurance Corp.* (Insurance)		262		3,031
American Eagle Outfitters, Inc. (Specialty Retail)		2,440		48,361
American Equity Investment Life Holding Co. (Insurance)		1,050		57,970
American National Bankshares, Inc. (Banks)		137		6,205
American Realty Investors, Inc.* (Real Estate Management & Development)		20		440
American Software, Inc. - Class A (Software)		431		4,883
American States Water Co. (Water Utilities)		495		36,928
American Vanguard Corp. (Chemicals)		361		3,942
American Well Corp.* - Class A (Health Care Technology)		3,323		3,489
American Woodmark Corp.* (Building Products)		219		19,990
America's Car-Mart, Inc.* (Specialty Retail)		78		4,749
Ameris Bancorp (Banks)		884		43,882
AMERISAFE, Inc. (Insurance)		255		12,709
Ames National Corp. (Banks)		115		2,431
Amicus Therapeutics, Inc.* (Biotechnology)		3,792		47,135
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,503		47,585
AMMO, Inc.* (Leisure Products)		1,204		2,613
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		509		37,671
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		1,627		8,704
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		514		27,427
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels)		484		2,962
Amplitude, Inc.* - Class A (Software)		904		11,716
Amprius Technologies, Inc.* (Electrical Equipment)		73		299
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		678		10,848
AnaptysBio, Inc.* (Biotechnology)		250		5,900
Anavex Life Sciences Corp.* (Biotechnology)		965		5,761
Angel Oak Mortgage REIT, Inc. (Mortgage REITs)		158		1,686
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		511		3,015
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		194		10,829
Anika Therapeutics, Inc.* (Biotechnology)		195		4,586
Annexon, Inc.* (Biotechnology)		609		2,530
Anterix, Inc.* (Diversified Telecommunication Services)		172		5,129
Anywhere Real Estate, Inc.* (Real Estate Management & Development)		1,440		10,253
Apartment Investment and Management Co.* (Residential REITs)		1,953		14,511
API Group Corp.* (Construction & Engineering)		2,794		88,067
Apogee Enterprises, Inc. (Building Products)		295		15,579
Apogee Therapeutics, Inc.* (Biotechnology)		274		9,179
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		1,896		21,159
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		572		19,877
Appfolio, Inc.* - Class A (Software)		256		56,131
Appian Corp.* - Class A (Software)		548		17,881
Apple Hospitality REIT, Inc. (Hotel & Resort REITs)		2,880		46,253
Applied Digital Corp.* (IT Services)		1,094		5,623
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		515		90,876
Arbor Realty Trust, Inc. (Mortgage REITs)		2,458		32,690
Arbutus Biopharma Corp.* (Biotechnology)		1,691		4,008
Arcadium Lithium PLC* (Chemicals)		13,664		66,817
ArcBest Corp. (Ground Transportation)		318		37,883
Arcellx, Inc.* (Biotechnology)		512		31,662
Arch Resources, Inc. (Metals & Mining)		240		42,470
Archer Aviation, Inc.* - Class A (Aerospace & Defense)		2,036		9,834
Archrock, Inc. (Energy Equipment & Services)		1,857		30,343
Arcosa, Inc. (Construction & Engineering)		648		50,725
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		311		10,254
Arcus Biosciences, Inc.* (Biotechnology)		718		10,871
Arcutis Biotherapeutics, Inc.* (Biotechnology)		1,055		6,193
Ardelyx, Inc.* (Biotechnology)		3,077		26,862
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		557		9,229
Ares Commercial Real Estate Corp. (Mortgage REITs)		694		6,600
Argan, Inc. (Construction & Engineering)		169		7,492
Aris Water Solutions, Inc. - Class A (Commercial Services & Supplies)		399		3,471

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Arko Corp. (Specialty Retail)		1,085	$	8,463
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,195		10,612
Armada Hoffler Properties, Inc. (Diversified REITs)		900		10,764
ARMOUR Residential REIT, Inc. (Mortgage REITs)		656		12,497
Array Technologies, Inc.* (Electrical Equipment)		2,023		26,785
Arrow Financial Corp. (Banks)		197		4,962
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		1,550		49,755
ARS Pharmaceuticals, Inc.* (Biotechnology)		328		2,037
Artesian Resources Corp. - Class A (Water Utilities)		122		4,453
Artisan Partners Asset Management, Inc. - Class A (Capital Markets)		820		34,358
Artivion, Inc.* (Health Care Equipment & Supplies)		526		8,795
Arvinas, Inc.* (Pharmaceuticals)		655		27,183
Asana, Inc.* - Class A (Software)		1,085		18,901
Asbury Automotive Group, Inc.* (Specialty Retail)		277		57,909
ASGN, Inc.* (Professional Services)		631		58,569
Aspen Aerogels, Inc.* (Chemicals)		682		7,659
Assertio Holdings, Inc.* (Pharmaceuticals)		1,184		1,045
AssetMark Financial Holdings, Inc.* (Capital Markets)		293		8,986
Associated Banc-Corp. (Banks)		2,022		42,482
AST SpaceMobile, Inc.* (Diversified Telecommunication Services)		1,073		3,080
Astec Industries, Inc. (Machinery)		304		10,822
Astria Therapeutics, Inc.* (Biotechnology)		441		5,746
Astronics Corp.* (Aerospace & Defense)		351		5,935
Asure Software, Inc.* (Professional Services)		305		2,696
Atara Biotherapeutics, Inc.* (Biotechnology)		1,292		806
Atea Pharmaceuticals, Inc.* (Pharmaceuticals)		1,023		4,256
ATI, Inc.* (Metals & Mining)		1,722		70,379
Atkore, Inc.* (Electrical Equipment)		506		77,180
Atlanta Braves Holdings, Inc.* (Entertainment)		134		5,771
Atlanta Braves Holdings, Inc.* (Entertainment)		608		24,509
Atlantic Union Bankshares Corp. (Banks)		1,003		34,262
Atlanticus Holdings Corp.* (Consumer Finance)		61		2,116
Atlas Energy Solutions, Inc. (Energy Equipment & Services)		238		4,134
Atmus Filtration Technologies, Inc.* (Automobile Components)		219		4,890
ATN International, Inc. (Diversified Telecommunication Services)		145		5,351
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)		299		2,350
AtriCure, Inc.* (Health Care Equipment & Supplies)		622		21,185
Atrion Corp. (Health Care Equipment & Supplies)		18		6,120
Aura Biosciences, Inc.* (Biotechnology)		370		2,849
Aurinia Pharmaceuticals, Inc.* (Biotechnology)		1,807		13,625
Aurora Innovation, Inc.* (Software)		4,518		13,509
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		618		11,859
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)		676		1,555
AvePoint, Inc.* (Software)		1,983		15,269
Aviat Networks, Inc.* (Communications Equipment)		152		4,534
Avid Bioservices, Inc.* (Biotechnology)		828		5,606
Avidity Biosciences, Inc.* (Biotechnology)		987		12,071
AvidXchange Holdings, Inc.* (Financial Services)		1,994		21,854
Avient Corp. (Chemicals)		1,208		43,742
Avista Corp. (Multi-Utilities)		1,024		34,826
Avita Medical, Inc.* (Biotechnology)		335		5,615
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		435		56,572
Axogen, Inc.* (Health Care Equipment & Supplies)		543		5,251
Axonics, Inc.* (Health Care Equipment & Supplies)		664		45,072
Axos Financial, Inc.* (Banks)		742		41,129
Axsome Therapeutics, Inc.* (Pharmaceuticals)		476		42,855
AZZ, Inc. (Building Products)		331		20,671
B Riley Financial, Inc. (Capital Markets)		273		6,394
B&G Foods, Inc. (Food Products)		949		9,547
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)		785		1,036
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		393		56,588
Bakkt Holdings, Inc.* (Capital Markets)		950		1,302
Balchem Corp. (Chemicals)		427		59,848
Bally's Corp.* (Hotels, Restaurants & Leisure)		394		4,436
Banc of California, Inc. (Banks)		1,753		24,156
BancFirst Corp. (Banks)		294		26,022
Banco Latinoamericano de Comercio Exterior S.A. - Class E (Financial Services)		367		8,826
Bandwidth, Inc.* - Class A (Diversified Telecommunication Services)		313		4,332
Bank First Corp. (Banks)		125		10,555
Bank of Hawaii Corp. (Banks)		524		33,133
Bank of Marin Bancorp (Banks)		210		4,112
Bank7 Corp. (Banks)		50		1,398
BankUnited, Inc. (Banks)		993		28,062
Bankwell Financial Group, Inc. (Banks)		79		2,192
Banner Corp. (Banks)		457		21,287
Bar Harbor Bankshares (Banks)		199		5,236
BARK, Inc.* (Specialty Retail)		1,781		1,834
Barnes Group, Inc. (Machinery)		654		21,654
Barrett Business Services, Inc. (Professional Services)		88		9,880
BayCom Corp. (Banks)		149		3,041
BCB Bancorp, Inc. (Banks)		201		2,496
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		844		69,959
Beam Therapeutics, Inc.* (Biotechnology)		967		23,595
Beazer Homes USA, Inc.* (Household Durables)		393		12,478

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares			Value
Bel Fuse, Inc. - Class B (Electronic Equipment, Instruments & Components)		140		$	9,360
Belden, Inc. (Electronic Equipment, Instruments & Components)		568			42,134
BellRing Brands, Inc.* (Personal Care Products)		1,762			97,386
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		472			12,801
Benson Hill, Inc.* (Food Products)		2,312			398
Berkshire Hills Bancorp, Inc. (Banks)		581			13,944
Berry Corp. (Oil, Gas & Consumable Fuels)		1,006			6,750
Beyond Air, Inc.* (Health Care Equipment & Supplies)		361			606
Beyond Meat, Inc.* (Food Products)		791			5,236
Beyond, Inc.* (Specialty Retail)		602			13,238
BGC Group, Inc. - Class A (Capital Markets)		4,781			33,754
Big 5 Sporting Goods Corp. (Specialty Retail)		287			1,444
Big Lots, Inc. (Broadline Retail)		380			2,181
BigBear.ai Holdings, Inc.* (IT Services)		391			633
BigCommerce Holdings, Inc.* - Class 1 (IT Services)		897			7,337
Biglari Holdings, Inc.* - Class B (Hotels, Restaurants & Leisure)		10			1,547
BioAtla, Inc.* (Biotechnology)		590			1,130
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		2,529			13,404
Biohaven, Ltd.* (Biotechnology)		913			40,610
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		464			7,888
Biomea Fusion, Inc.* (Biotechnology)		265			4,791
Biote Corp.* - Class A (Pharmaceuticals)		187			709
BioVie, Inc.* (Biotechnology)		161			167
Bioxcel Therapeutics, Inc.* (Biotechnology)		271			873
Bit Digital, Inc.* (Software)		1,176			3,105
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)		304			10,521
Black Hills Corp. (Multi-Utilities)		901			46,636
Blackbaud, Inc.* (Software)		582			47,095
BlackLine, Inc.* (Software)		760			44,597
BlackSky Technology, Inc.* (Professional Services)		1,595			2,026
Blackstone Mortgage Trust, Inc. - Class A (Mortgage REITs)		2,301			45,421
Blade Air Mobility, Inc.* (Passenger Airlines)		803			2,393
Blink Charging Co.* (Electrical Equipment)		725			1,740
Bloom Energy Corp.* - Class A (Electrical Equipment)		2,572			29,115
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		1,170			31,145
Blue Bird Corp.* (Machinery)		338			9,846
Blue Foundry Bancorp* (Banks)		302			2,881
Blue Ridge Bankshares, Inc. (Banks)		238			595
Bluebird Bio, Inc.* (Biotechnology)		1,428			1,457
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)		113			13,033
Blueprint Medicines Corp.* (Biotechnology)		812			64,577
Bluerock Homes Trust, Inc. (Residential REITs)		–	^†		2
Boise Cascade Co. (Trading Companies & Distributors)		530			71,793
Boot Barn Holdings, Inc.* (Specialty Retail)		397			28,481
Borr Drilling, Ltd. (Energy Equipment & Services)		2,935			18,050
Boston Omaha Corp.* - Class A (Media)		313			4,848
Bowlero Corp.* - Class A (Hotels, Restaurants & Leisure)		225			2,432
Bowman Consulting Group, Ltd.* (Construction & Engineering)		144			4,523
Box, Inc.* - Class A (Software)		1,883			48,920
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs)		876			1,997
Brandywine Realty Trust (Office REITs)		2,272			10,769
Braze, Inc.* - Class A (Software)		700			37,835
BRC, Inc.* - Class A (Food Products)		522			1,973
Bread Financial Holdings, Inc. (Consumer Finance)		663			24,047
Bridgebio Pharma, Inc.* (Biotechnology)		1,528			52,395
Bridgewater Bancshares, Inc.* (Banks)		273			3,415
Bright Green Corp.* (Pharmaceuticals)		829			165
Brightcove, Inc.* (IT Services)		583			1,335
Brightsphere Investment Group, Inc. (Capital Markets)		435			9,622
BrightSpire Capital, Inc. (Mortgage REITs)		1,720			12,298
BrightView Holdings, Inc.* (Commercial Services & Supplies)		552			4,929
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		586			25,075
Bristow Group, Inc.* (Energy Equipment & Services)		315			8,310
Broadstone Net Lease, Inc. (Diversified REITs)		2,511			40,352
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		2,488			13,609
Brookfield Business Corp. - Class A (Industrial Conglomerates)		347			7,971
Brookfield Infrastructure Corp. - Class A (Gas Utilities)		1,601			56,050
Brookline Bancorp, Inc. (Banks)		1,166			12,616
BRP Group, Inc.* - Class A (Insurance)		804			18,042
BRT Apartments Corp. (Residential REITs)		157			2,638
Build-A-Bear Workshop, Inc. (Specialty Retail)		176			3,965
Bumble, Inc.* - Class A (Interactive Media & Services)		1,351			18,536
Burke & Herbert Financial Services Corp. (Banks)		86			5,022
Business First Bancshares, Inc. (Banks)		320			7,216
Butterfly Network, Inc.* (Health Care Equipment & Supplies)		1,891			1,704
Byline Bancorp, Inc. (Banks)		331			7,229
C&F Financial Corp. (Banks)		43			2,387
C3.ai, Inc.* - Class A (Software)		1,086			26,911
Cabaletta Bio, Inc.* (Biotechnology)		460			9,421
Cabot Corp. (Chemicals)		740			53,354
Cactus, Inc. - Class A (Energy Equipment & Services)		863			36,626
Cadence Bank (Banks)		2,434			64,793
Cadiz, Inc.* (Water Utilities)		541			1,466
Cadre Holdings, Inc. (Aerospace & Defense)		259			8,803
Calavo Growers, Inc. (Food Products)		231			6,027

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Caledonia Mining Corp. PLC (Metals & Mining)		219	$	2,345
Caleres, Inc. (Specialty Retail)		454		14,242
California Resources Corp. (Oil, Gas & Consumable Fuels)		930		44,342
California Water Service Group (Water Utilities)		772		34,948
Calix, Inc.* (Communications Equipment)		787		26,113
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		818		26,274
Cal-Maine Foods, Inc. (Food Products)		548		30,370
Cambium Networks Corp.* (Communications Equipment)		162		689
Cambridge Bancorp (Banks)		102		6,996
Camden National Corp. (Banks)		191		6,882
Camping World Holdings, Inc. - Class A (Specialty Retail)		558		13,866
Cannae Holdings, Inc.* (Financial Services)		917		18,569
Cano Health, Inc.* (Health Care Providers & Services)		35		84
Cantaloupe, Inc.* (Financial Services)		765		5,210
Capital Bancorp, Inc. (Banks)		127		2,764
Capital City Bank Group, Inc. (Banks)		176		5,030
Capitol Federal Financial, Inc. (Banks)		1,705		10,810
Capstar Financial Holdings, Inc. (Banks)		255		4,638
Cara Therapeutics, Inc.* (Pharmaceuticals)		624		353
Cardlytics, Inc.* (Media)		488		3,728
CareDx, Inc.* (Biotechnology)		695		5,949
CareMax, Inc.* (Health Care Providers & Services)		1,003		344
CareTrust REIT, Inc. (Health Care REITs)		1,338		27,991
Cargurus, Inc.* (Interactive Media & Services)		1,306		30,351
Caribou Biosciences, Inc.* (Biotechnology)		1,092		6,694
Carisma Therapeutics, Inc. (Biotechnology)		356		748
CarParts.com, Inc.* (Specialty Retail)		726		1,953
Carpenter Technology Corp. (Metals & Mining)		653		40,218
Carriage Services, Inc. (Diversified Consumer Services)		179		4,423
Carrols Restaurant Group, Inc. (Hotels, Restaurants & Leisure)		490		4,606
Cars.com, Inc.* (Interactive Media & Services)		888		15,478
Carter Bankshares, Inc.* (Banks)		303		4,381
Cartesian Therapeutics, Inc.* (Biotechnology)		1,568		1,129
Carvana Co.* (Specialty Retail)		1,281		55,160
Casella Waste Systems, Inc.* (Commercial Services & Supplies)		754		64,347
Cass Information Systems, Inc. (Financial Services)		183		7,898
Cassava Sciences, Inc.* (Pharmaceuticals)		531		12,717
Castle Biosciences, Inc.* (Health Care Providers & Services)		332		7,663
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		1,340		19,296
Cathay General Bancorp (Banks)		928		38,206
Cavco Industries, Inc.* (Household Durables)		117		38,835
CBIZ, Inc.* (Professional Services)		640		40,742
CBL & Associates Properties, Inc. (Retail REITs)		359		8,393
CECO Environmental Corp.* (Commercial Services & Supplies)		396		7,655
Celcuity, Inc.* (Biotechnology)		233		3,518
Celldex Therapeutics, Inc.* (Biotechnology)		620		21,836
Centerspace (Residential REITs)		202		11,062
Central Garden & Pet Co.* (Household Products)		129		6,050
Central Garden & Pet Co.* - Class A (Household Products)		526		21,713
Central Pacific Financial Corp. (Banks)		355		6,841
Central Valley Community Bancorp (Banks)		133		2,583
Centrus Energy Corp.* - Class A (Oil, Gas & Consumable Fuels)		164		8,236
Century Aluminum Co.* (Metals & Mining)		702		7,827
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		367		1,273
Century Communities, Inc. (Household Durables)		380		32,946
Century Therapeutics, Inc.* (Biotechnology)		313		1,340
Cerence, Inc.* (Software)		538		10,771
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		933		39,093
Cerus Corp.* (Health Care Equipment & Supplies)		2,368		4,286
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		310		5,952
ChampionX Corp. (Energy Equipment & Services)		2,615		71,676
Charge Enterprises, Inc.* (Diversified Telecommunication Services)		1,816		250
Chart Industries, Inc.* (Machinery)		574		66,997
Chatham Lodging Trust (Hotel & Resort REITs)		644		6,762
Chegg, Inc.* (Diversified Consumer Services)		1,520		14,972
Chemung Financial Corp. (Banks)		47		2,186
Chesapeake Utilities Corp. (Gas Utilities)		284		28,764
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs)		218		3,460
Chimera Investment Corp. (Mortgage REITs)		3,037		14,578
ChoiceOne Financial Services, Inc. (Banks)		93		2,481
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		559		85,953
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		241		8,148
Cimpress PLC* (Commercial Services & Supplies)		240		18,053
Cinemark Holdings, Inc.* (Entertainment)		1,468		20,303
Cipher Mining, Inc.* (Software)		561		1,705
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)		1,640		1,018
Citizens & Northern Corp. (Banks)		200		4,054
Citizens Financial Services, Inc. (Banks)		51		2,986
City Holding Co. (Banks)		199		20,340
City Office REIT, Inc. (Office REITs)		521		2,735
Civista Bancshares, Inc. (Banks)		206		3,521
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)		1,080		69,995
Claros Mortgage Trust, Inc. (Mortgage REITs)		1,212		14,229
Clarus Corp. (Leisure Products)		391		2,315
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		2,264		6,679

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Cleanspark, Inc.* (Software)		1,999	$	16,092
Clear Channel Outdoor Holdings, Inc.* (Media)		5,006		8,610
Clear Secure, Inc. - Class A (Software)		1,097		20,876
Clearfield, Inc.* (Communications Equipment)		175		4,408
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)		306		2,130
Clearwater Paper Corp.* (Paper & Forest Products)		218		7,187
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components)		55		3,037
Clipper Realty, Inc. (Residential REITs)		153		774
CNB Financial Corp. (Banks)		274		5,850
CNO Financial Group, Inc. (Insurance)		1,496		40,661
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		2,092		42,258
Coastal Financial Corp.* (Banks)		144		5,746
Coca-Cola Consolidated, Inc. (Beverages)		64		55,129
Codexis, Inc.* (Life Sciences Tools & Services)		930		2,446
Codorus Valley Bancorp, Inc. (Banks)		124		2,923
Coeur Mining, Inc.* (Metals & Mining)		4,421		11,892
Cogent Biosciences, Inc.* (Biotechnology)		1,108		4,908
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		585		45,161
Cohen & Steers, Inc. (Capital Markets)		347		24,436
Coherus Biosciences, Inc.* (Biotechnology)		1,332		2,864
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		623		19,849
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		463		15,260
Colony Bankcorp, Inc. (Banks)		220		2,691
Columbia Financial, Inc.* (Banks)		396		7,120
Columbus McKinnon Corp. (Machinery)		377		14,729
Comfort Systems USA, Inc. (Construction & Engineering)		473		102,863
Commercial Metals Co. (Metals & Mining)		1,565		81,725
Commercial Vehicle Group, Inc.* (Machinery)		434		2,817
CommScope Holding Co., Inc.* (Communications Equipment)		2,796		6,487
Community Bank System, Inc. (Banks)		711		32,542
Community Health Systems, Inc.* (Health Care Providers & Services)		1,678		6,158
Community Healthcare Trust, Inc. (Health Care REITs)		356		9,110
Community Trust Bancorp, Inc. (Banks)		207		8,591
CommVault Systems, Inc.* (Software)		588		53,908
Compass Diversified Holdings (Financial Services)		843		18,622
Compass Minerals International, Inc. (Metals & Mining)		457		10,278
Compass Therapeutics, Inc.* (Biotechnology)		1,218		1,583
Compass, Inc.* - Class A (Real Estate Management & Development)		3,801		13,075
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals)		219		1,104
Computer Programs and Systems, Inc.* (Health Care Technology)		191		1,935
CompX International, Inc. (Commercial Services & Supplies)		20		482
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		1,227		9,583
Comtech Telecommunications Corp.* (Communications Equipment)		364		2,304
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		342		2,640
Conduent, Inc.* (Professional Services)		2,297		8,269
CONMED Corp. (Health Care Equipment & Supplies)		409		39,100
ConnectOne Bancorp, Inc. (Banks)		489		11,169
Consensus Cloud Solutions, Inc.* (Software)		262		5,696
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		408		38,597
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		1,024		4,444
Consolidated Water Co., Ltd. (Water Utilities)		201		6,418
Constellium SE* (Metals & Mining)		1,720		32,250
Construction Partners, Inc.* - Class A (Construction & Engineering)		537		24,434
Consumer Portfolio Services, Inc.* (Consumer Finance)		114		1,042
Contango ORE, Inc.* (Metals & Mining)		104		1,713
ContextLogic, Inc.* - Class A (Broadline Retail)		300		1,311
Cooper-Standard Holdings, Inc.* (Automobile Components)		226		3,975
COPT Defense Properties (Office REITs)		1,506		35,481
Corcept Therapeutics, Inc.* (Pharmaceuticals)		1,071		22,598
Core Laboratories, Inc. (Energy Equipment & Services)		626		9,872
Core Molding Technologies, Inc.* (Chemicals)		98		1,695
CoreCard Corp.* (Software)		97		1,174
CoreCivic, Inc.* (Commercial Services & Supplies)		1,518		21,586
CorMedix, Inc.* (Pharmaceuticals)		733		2,162
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		493		6,276
CorVel Corp.* (Health Care Providers & Services)		116		27,299
Costamare, Inc. (Marine Transportation)		620		6,640
Couchbase, Inc.* (IT Services)		464		11,600
Coursera, Inc.* (Diversified Consumer Services)		1,738		33,265
Covenant Logistics Group, Inc. (Ground Transportation)		111		5,366
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals)		57		1,040
CRA International, Inc. (Professional Services)		91		9,759
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure)		295		22,818
Crawford & Co. - Class A (Insurance)		193		2,343
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment)		1,531		31,401
Crescent Energy Co. - Class A (Oil, Gas & Consumable Fuels)		1,029		11,370
Cricut, Inc. - Class A (Household Durables)		638		3,343

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		871	$	31,774
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		460		9,775
CrossFirst Bankshares, Inc.* (Banks)		603		8,514
CryoPort, Inc.* (Life Sciences Tools & Services)		578		8,387
CS Disco, Inc.* (Software)		302		2,470
CSG Systems International, Inc. (Professional Services)		422		21,231
CSW Industrials, Inc. (Building Products)		206		43,583
CTO Realty Growth, Inc. (Diversified REITs)		293		4,843
CTS Corp. (Electronic Equipment, Instruments & Components)		414		16,999
Cue Biopharma, Inc.* (Biotechnology)		480		1,267
Cullinan Oncology, Inc.* (Biotechnology)		345		5,223
Cushman & Wakefield PLC* (Real Estate Management & Development)		2,218		23,333
Custom Truck One Source, Inc.* (Trading Companies & Distributors)		757		4,951
Customers Bancorp, Inc.* (Banks)		382		20,414
Cutera, Inc.* (Health Care Equipment & Supplies)		244		644
CVB Financial Corp. (Banks)		1,777		29,800
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		396		13,357
CVRx, Inc.* (Health Care Equipment & Supplies)		148		3,718
CXApp, Inc.* (IT Services)		29		32
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		1,511		35,524
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)		1,617		12,208
Cytokinetics, Inc.* (Biotechnology)		1,243		97,115
Daily Journal Corp.* (Media)		18		5,784
Dakota Gold Corp.* (Metals & Mining)		751		1,577
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		503		3,813
Dana, Inc. (Automobile Components)		1,741		23,608
Danimer Scientific, Inc.* (Chemicals)		1,171		747
Daseke, Inc.* (Ground Transportation)		548		4,461
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)		483		25,855
Day One Biopharmaceuticals, Inc.* (Biotechnology)		836		12,582
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		713		10,210
Definitive Healthcare Corp.* (Health Care Technology)		620		5,270
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		859		23,219
Deluxe Corp. (Commercial Services & Supplies)		581		10,987
Denali Therapeutics, Inc.* (Biotechnology)		1,577		25,248
Denny's Corp.* (Hotels, Restaurants & Leisure)		685		7,282
Design Therapeutics, Inc.* (Biotechnology)		437		1,036
Designer Brands, Inc. - Class A (Specialty Retail)		576		4,936
Desktop Metal, Inc.* - Class A (Machinery)		3,744		2,429
Destination XL Group, Inc.* (Specialty Retail)		750		3,203
DHI Group, Inc.* (Interactive Media & Services)		571		1,308
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		1,831		20,361
Diamond Hill Investment Group, Inc. (Capital Markets)		37		5,903
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services)		1,358		16,568
DiamondRock Hospitality Co. (Hotel & Resort REITs)		2,808		25,665
Digi International, Inc.* (Communications Equipment)		469		11,401
Digimarc Corp.* (Software)		190		6,730
Digital Turbine, Inc.* (Software)		1,278		6,888
DigitalBridge Group, Inc. (Real Estate Management & Development)		2,161		42,442
DigitalOcean Holdings, Inc.* (IT Services)		847		28,561
Dillard's, Inc. - Class A (Broadline Retail)		46		17,814
Dime Community Bancshares, Inc. (Banks)		467		10,652
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		207		9,657
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		603		40,594
Disc Medicine, Inc.* (Biotechnology)		119		7,824
Distribution Solutions Group, Inc.* (Building Products)		134		4,277
Diversified Healthcare Trust (Health Care REITs)		3,190		9,155
DMC Global, Inc.* (Energy Equipment & Services)		261		4,442
DNOW, Inc.* (Trading Companies & Distributors)		1,422		14,348
DocGo, Inc.* (Health Care Providers & Services)		1,038		3,841
Dole PLC (Food Products)		955		10,782
Domo, Inc.* - Class B (Software)		425		4,620
Donegal Group, Inc. - Class A (Insurance)		208		3,122
Donnelley Financial Solutions, Inc.* (Capital Markets)		330		20,500
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)		460		17,222
Dorman Products, Inc.* (Automobile Components)		352		28,656
Douglas Dynamics, Inc. (Machinery)		301		7,570
Douglas Elliman, Inc. (Real Estate Management & Development)		1,082		2,337
Douglas Emmett, Inc. (Office REITs)		2,154		29,187
Dragonfly Energy Holdings Corp.* (Electrical Equipment)		390		183
Dream Finders Homes, Inc.* - Class A (Household Durables)		323		10,617
Dril-Quip, Inc.* (Energy Equipment & Services)		454		9,112
Ducommun, Inc.* (Aerospace & Defense)		179		8,834
Duluth Holdings, Inc.* - Class B (Specialty Retail)		181		883
Duolingo, Inc.* (Diversified Consumer Services)		390		69,768
DXP Enterprises, Inc.* (Trading Companies & Distributors)		182		5,864
Dycom Industries, Inc.* (Construction & Engineering)		383		42,781
Dynavax Technologies Corp.* (Biotechnology)		1,730		22,352
Dyne Therapeutics, Inc.* (Biotechnology)		594		12,712

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Dynex Capital, Inc. (Mortgage REITs)		754	$	9,229
DZS, Inc.* (Communications Equipment)		291		454
E2open Parent Holdings, Inc.* (Software)		2,268		8,528
Eagle Bancorp, Inc. (Banks)		393		9,742
Eagle Bulk Shipping, Inc. (Marine Transportation)		124		6,836
Eagle Pharmaceuticals, Inc.* (Biotechnology)		138		809
Easterly Government Properties, Inc. (Office REITs)		1,280		15,718
Eastern Bankshares, Inc. (Banks)		2,070		28,897
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		761		2,625
EchoStar Corp.* - Class A (Diversified Telecommunication Services)		1,625		21,758
Ecovyst, Inc.* (Chemicals)		1,236		11,445
Edgewell Personal Care Co. (Personal Care Products)		673		24,935
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		571		10,181
Editas Medicine, Inc.* (Biotechnology)		1,098		7,719
eGain Corp.* (Software)		278		2,085
eHealth, Inc.* (Insurance)		374		2,543
El Pollo Loco Holdings, Inc.* (Hotels, Restaurants & Leisure)		371		3,435
elf Beauty, Inc.* (Personal Care Products)		721		115,020
Ellington Financial, Inc. (Mortgage REITs)		1,004		12,259
Elme Communities (Residential REITs)		1,174		16,999
Embecta Corp. (Health Care Equipment & Supplies)		771		13,215
Emerald Holding, Inc.* (Media)		208		1,277
Emergent BioSolutions, Inc.* (Biotechnology)		694		1,159
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels)		174		1,162
Empire State Realty Trust, Inc. (Diversified REITs)		1,764		16,793
Employers Holdings, Inc. (Insurance)		342		14,268
Enact Holdings, Inc. (Financial Services)		395		11,254
Enanta Pharmaceuticals, Inc.* (Biotechnology)		267		3,244
Encore Capital Group, Inc.* (Consumer Finance)		310		15,525
Encore Energy Corp.* (Oil, Gas & Consumable Fuels)		1,959		9,031
Encore Wire Corp. (Electrical Equipment)		201		45,326
Energizer Holdings, Inc. (Household Products)		957		30,260
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		2,097		15,832
Energy Recovery, Inc.* (Machinery)		744		11,539
Energy Vault Holdings, Inc.* (Electrical Equipment)		1,322		2,009
Enerpac Tool Group Corp. (Machinery)		729		22,767
EnerSys (Electrical Equipment)		551		52,659
Enfusion, Inc.* - Class A (Software)		504		3,982
Enhabit, Inc.* (Health Care Providers & Services)		672		6,780
Enliven Therapeutics, Inc.* (Pharmaceuticals)		311		4,883
Ennis, Inc. (Commercial Services & Supplies)		340		6,926
Enova International, Inc.* (Consumer Finance)		389		21,173
Enovix Corp.* (Electrical Equipment)		1,851		17,233
Enpro, Inc. (Machinery)		280		41,826
Enstar Group, Ltd.* (Insurance)		159		42,435
Enterprise Bancorp, Inc. (Banks)		128		3,638
Enterprise Financial Services Corp. (Banks)		485		20,191
Entrada Therapeutics, Inc.* (Biotechnology)		286		4,167
Entravision Communications Corp. - Class A (Media)		803		3,236
Envela Corp.* (Specialty Retail)		101		439
Envestnet, Inc.* (Software)		669		34,186
Enviri Corp.* (Commercial Services & Supplies)		1,054		9,075
Enviva, Inc. (Oil, Gas & Consumable Fuels)		418		183
Eos Energy Enterprises, Inc.* (Electrical Equipment)		1,436		1,594
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		355		26,817
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		5,833		59,438
Equity Bancshares, Inc. - Class A (Banks)		195		6,406
Equity Commonwealth (Office REITs)		1,363		26,047
Erasca, Inc.* (Biotechnology)		1,077		1,799
Escalade, Inc. (Leisure Products)		133		2,136
ESCO Technologies, Inc. (Machinery)		342		34,840
Esquire Financial Holdings, Inc. (Banks)		92		4,587
ESS Tech, Inc.* (Electrical Equipment)		1,218		1,255
ESSA Bancorp, Inc. (Banks)		116		2,205
Essent Group, Ltd. (Financial Services)		1,399		77,168
Essential Properties Realty Trust, Inc. (Diversified REITs)		2,083		51,888
Ethan Allen Interiors, Inc. (Household Durables)		305		8,885
European Wax Center, Inc.* - Class A (Diversified Consumer Services)		456		6,767
Evans Bancorp, Inc. (Banks)		70		2,063
Eve Holding, Inc.* (Aerospace & Defense)		242		1,500
Eventbrite, Inc.* - Class A (Interactive Media & Services)		1,032		8,638
Everbridge, Inc.* (Software)		543		12,141
EverCommerce, Inc.* (Software)		312		3,039
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure)		1,127		11,732
EverQuote, Inc.* - Class A (Interactive Media & Services)		287		3,625
EVERTEC, Inc. (Financial Services)		873		35,060
EVgo, Inc.* (Specialty Retail)		1,382		3,165
EVI Industries, Inc. (Trading Companies & Distributors)		63		1,455
Evolent Health, Inc.* - Class A (Health Care Technology)		1,470		43,233
Evolus, Inc.* (Pharmaceuticals)		553		7,018
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		414		2,323
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components)		1,523		6,656
Excelerate Energy, Inc. - Class A (Oil, Gas & Consumable Fuels)		242		3,707
ExlService Holdings, Inc.* (Professional Services)		2,159		67,534
eXp World Holdings, Inc. (Real Estate Management & Development)		952		11,786

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Expensify, Inc.* - Class A (Software)		737	$	1,194
Exponent, Inc. (Professional Services)		676		59,616
Expro Group Holdings N.V.* (Energy Equipment & Services)		1,196		21,050
Extreme Networks, Inc.* (Communications Equipment)		1,685		22,764
Eyenovia, Inc.* (Pharmaceuticals)		401		730
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		356		9,587
F&G Annuities & Life, Inc. (Insurance)		250		11,210
Fabrinet* (Electronic Equipment, Instruments & Components)		492		105,048
Farmers & Merchants Bancorp, Inc. (Banks)		170		3,842
Farmers National Banc Corp. (Banks)		486		6,668
Farmland Partners, Inc. (Specialized REITs)		596		6,687
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		253		5,728
Fastly, Inc.* - Class A (IT Services)		1,613		32,455
Fate Therapeutics, Inc.* (Biotechnology)		1,131		6,967
FB Financial Corp. (Banks)		474		17,657
Federal Agricultural Mortgage Corp. - Class C (Financial Services)		122		22,727
Federal Signal Corp. (Machinery)		800		61,584
Fennec Pharmaceuticals, Inc.* (Biotechnology)		242		2,418
FibroGen, Inc.* (Biotechnology)		1,232		2,365
Fidelis Insurance Holdings, Ltd.* (Insurance)		202		2,630
Fidelity D&D Bancorp, Inc. (Banks)		62		3,084
Figs, Inc.* - Class A (Textiles, Apparel & Luxury Goods)		1,706		9,827
Finance Of America Cos., Inc.* - Class A (Financial Services)		713		599
Financial Institutions, Inc. (Banks)		203		4,243
First Advantage Corp. (Professional Services)		722		11,819
First Bancorp (Banks)		531		18,351
First Bancorp (Banks)		2,297		38,314
First Bank (Banks)		272		3,737
First Busey Corp. (Banks)		693		16,313
First Business Financial Services, Inc. (Banks)		105		3,861
First Commonwealth Financial Corp. (Banks)		1,367		19,152
First Community Bankshares, Inc. (Banks)		229		7,850
First Community Corp. (Banks)		98		1,833
First Financial Bancorp (Banks)		1,258		28,204
First Financial Bankshares, Inc. (Banks)		1,741		54,371
First Financial Corp. (Banks)		153		6,031
First Foundation, Inc. (Banks)		684		6,512
First Interstate BancSystem, Inc. - Class A (Banks)		1,103		30,355
First Merchants Corp. (Banks)		790		26,710
First Mid Bancshares, Inc. (Banks)		297		9,347
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		297		6,374
First Western Financial, Inc.* (Banks)		107		1,824
FirstCash Holdings, Inc. (Consumer Finance)		503		57,729
FiscalNote Holdings, Inc.* (Professional Services)		797		988
Fisker, Inc.* (Automobiles)		2,791		2,240
Five Star Bancorp (Banks)		171		4,075
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels)		398		11,928
Fluence Energy, Inc.* (Electrical Equipment)		783		15,558
Fluor Corp.* (Construction & Engineering)		1,905		71,838
Flushing Financial Corp. (Banks)		370		5,931
Flywire Corp.* (Financial Services)		1,419		30,324
Foghorn Therapeutics, Inc.* (Biotechnology)		271		862
Foot Locker, Inc. (Specialty Retail)		1,097		30,892
Forafric Global PLC* (Food Products)		71		741
Forestar Group, Inc.* (Real Estate Management & Development)		245		7,659
Forge Global Holdings, Inc.* (Capital Markets)		1,466		2,815
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		1,030		39,933
Forrester Research, Inc.* (Professional Services)		157		4,000
Forum Energy Technologies, Inc.* (Energy Equipment & Services)		129		2,543
Forward Air Corp. (Air Freight & Logistics)		344		15,250
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		642		745
Four Corners Property Trust, Inc. (Specialized REITs)		1,208		28,279
Fox Factory Holding Corp.* (Automobile Components)		570		35,933
Franklin BSP Realty Trust, Inc. (Mortgage REITs)		1,110		14,230
Franklin Covey Co.* (Professional Services)		155		6,268
Franklin Electric Co., Inc. (Machinery)		617		58,158
Fresh Del Monte Produce, Inc. (Food Products)		455		11,184
Freshworks, Inc.* - Class A (Software)		2,163		48,019
Frontdoor, Inc.* (Diversified Consumer Services)		1,083		35,480
Frontier Group Holdings, Inc.* (Passenger Airlines)		515		2,508
FRP Holdings, Inc.* (Real Estate Management & Development)		88		5,113
FS Bancorp, Inc. (Banks)		88		3,240
FTAI Aviation, Ltd. (Trading Companies & Distributors)		1,329		71,700
FTAI Infrastructure, Inc. (Ground Transportation)		1,321		5,627
FTC Solar, Inc.* (Electrical Equipment)		903		453
fuboTV, Inc.* (Interactive Media & Services)		3,781		9,415
FuelCell Energy, Inc.* (Electrical Equipment)		6,072		7,286
Fulgent Genetics, Inc.* (Health Care Providers & Services)		273		6,713
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		438		2,067
Fulton Financial Corp. (Banks)		2,146		33,456
Funko, Inc.* - Class A (Leisure Products)		476		3,365
FutureFuel Corp. (Oil, Gas & Consumable Fuels)		349		1,989
FVCBankcorp, Inc.* (Banks)		214		2,626
Gambling.com Group, Ltd.* (Media)		205		1,876

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Gannett Co., Inc.* (Media)		1,925	$	4,755
GATX Corp. (Trading Companies & Distributors)		474		58,136
GCM Grosvenor, Inc. - Class A (Capital Markets)		554		4,814
Genco Shipping & Trading, Ltd. (Marine Transportation)		562		9,857
Gencor Industries, Inc.* (Machinery)		141		2,200
Genelux Corp.* (Biotechnology)		248		2,624
Generation Bio Co.* (Biotechnology)		604		1,136
Genesco, Inc.* (Specialty Retail)		147		4,084
Genie Energy, Ltd. - Class B (Electric Utilities)		264		4,913
Gentherm, Inc.* (Automobile Components)		438		21,090
Genworth Financial, Inc.* (Insurance)		6,172		38,081
German American Bancorp, Inc. (Banks)		375		12,424
Geron Corp.* (Biotechnology)		6,837		12,580
Getty Realty Corp. (Retail REITs)		637		17,619
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		3,121		2,914
Gibraltar Industries, Inc.* (Building Products)		408		33,015
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		552		16,610
Glacier Bancorp, Inc. (Banks)		1,490		57,603
Gladstone Commercial Corp. (Diversified REITs)		531		6,807
Gladstone Land Corp. (Specialized REITs)		447		6,330
Glatfelter Corp.* (Paper & Forest Products)		591		857
Glaukos Corp.* (Health Care Equipment & Supplies)		633		56,355
Global Business Travel Group I* (Hotels, Restaurants & Leisure)		431		2,495
Global Industrial Co. (Trading Companies & Distributors)		175		7,443
Global Medical REIT, Inc. (Health Care REITs)		814		8,230
Global Net Lease, Inc. (Diversified REITs)		2,599		21,962
Global Water Resources, Inc. (Water Utilities)		153		1,834
Globalstar, Inc.* (Diversified Telecommunication Services)		9,352		14,870
GMS, Inc.* (Trading Companies & Distributors)		548		46,120
Gogo, Inc.* (Wireless Telecommunication Services)		885		7,832
GoHealth, Inc.* - Class A (Insurance)		55		650
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		1,338		29,182
Golden Entertainment, Inc. (Hotels, Restaurants & Leisure)		270		10,363
Golden Ocean Group, Ltd. (Marine Transportation)		1,643		17,367
Goosehead Insurance, Inc.* - Class A (Insurance)		288		22,234
GoPro, Inc.* - Class A (Household Durables)		1,684		5,018
GrafTech International, Ltd. (Electrical Equipment)		2,588		3,442
Graham Holdings Co. - Class B (Diversified Consumer Services)		48		34,579
Granite Construction, Inc. (Construction & Engineering)		589		26,570
Granite Point Mortgage Trust, Inc. (Mortgage REITs)		682		3,826
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels)		455		2,493
Graphite Bio, Inc.* (Biotechnology)		374		1,017
Gray Television, Inc. (Media)		1,128		10,772
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		875		6,685
Great Southern Bancorp, Inc. (Banks)		118		6,147
Green Brick Partners, Inc.* (Household Durables)		348		18,155
Green Dot Corp.* - Class A (Consumer Finance)		620		5,586
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		777		16,107
Greene County Bancorp, Inc. (Banks)		93		2,325
Greenlight Capital Re, Ltd.* - Class A (Insurance)		345		3,936
Greif, Inc. - Class A (Containers & Packaging)		325		20,348
Greif, Inc. - Class B (Containers & Packaging)		69		4,326
Grid Dynamics Holdings, Inc.* (IT Services)		752		9,814
Griffon Corp. (Building Products)		559		32,567
Grindr, Inc.* (Interactive Media & Services)		547		4,748
Gritstone bio, Inc.* (Biotechnology)		1,171		2,799
Group 1 Automotive, Inc. (Specialty Retail)		182		47,331
GrowGeneration Corp.* (Specialty Retail)		785		1,813
Guaranty Bancshares, Inc. (Banks)		109		3,323
Guardant Health, Inc.* (Health Care Providers & Services)		1,507		33,049
Guess?, Inc. (Specialty Retail)		376		8,400
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		150		19,035
H&E Equipment Services, Inc. (Trading Companies & Distributors)		429		23,076
H.B. Fuller Co. (Chemicals)		723		54,782
Haemonetics Corp.* (Health Care Equipment & Supplies)		669		51,152
Hallador Energy Co.* (Oil, Gas & Consumable Fuels)		305		2,602
Halozyme Therapeutics, Inc.* (Biotechnology)		1,733		58,662
Hamilton Lane, Inc. - Class A (Capital Markets)		488		56,578
Hancock Whitney Corp. (Banks)		1,159		52,282
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods)		4,700		21,150
Hanmi Financial Corp. (Banks)		406		6,801
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs)		1,413		33,614
HarborOne Bancorp, Inc. (Banks)		548		5,984
Harmonic, Inc.* (Communications Equipment)		1,470		17,199
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		430		13,562
Harrow, Inc.* (Pharmaceuticals)		405		3,860
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		541		2,380
Haverty Furniture Cos., Inc. (Specialty Retail)		195		6,611
Hawaiian Holdings, Inc.* (Passenger Airlines)		680		9,690

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Hawkins, Inc. (Chemicals)		258	$	17,175
Haynes International, Inc. (Metals & Mining)		167		9,297
HBT Financial, Inc. (Banks)		177		3,446
HCI Group, Inc. (Insurance)		86		7,712
Health Catalyst, Inc.* (Health Care Technology)		754		7,367
Healthcare Services Group, Inc. (Commercial Services & Supplies)		994		9,383
HealthEquity, Inc.* (Health Care Providers & Services)		1,122		84,800
HealthStream, Inc. (Health Care Technology)		322		8,572
Heartland Express, Inc. (Ground Transportation)		626		8,107
Heartland Financial USA, Inc. (Banks)		565		20,041
Hecla Mining Co. (Metals & Mining)		8,160		31,090
Heidrick & Struggles International, Inc. (Professional Services)		265		7,942
Helen of Troy, Ltd.* (Household Durables)		318		36,411
Helios Technologies, Inc. (Machinery)		443		18,278
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		1,921		18,057
Helmerich & Payne, Inc. (Energy Equipment & Services)		1,300		52,338
Herbalife, Ltd.* (Personal Care Products)		1,320		15,906
Herc Holdings, Inc. (Trading Companies & Distributors)		378		55,751
Heritage Commerce Corp. (Banks)		791		7,032
Heritage Financial Corp. (Banks)		463		9,329
Heron Therapeutics, Inc.* (Biotechnology)		1,382		3,331
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail)		537		2,685
Hibbett, Inc. (Specialty Retail)		163		10,864
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		161		2,198
Hillenbrand, Inc. (Machinery)		936		43,590
HilleVax, Inc.* (Biotechnology)		350		4,960
Hillman Solutions Corp.* (Machinery)		2,607		22,916
Hilltop Holdings, Inc. (Banks)		624		19,650
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		1,073		44,745
Himalaya Shipping, Ltd.* (Marine Transportation)		376		2,448
Hims & Hers Health, Inc.* (Health Care Providers & Services)		1,631		13,994
Hingham Institution For Savings The (Banks)		20		3,697
Hippo Holdings, Inc.* (Insurance)		142		1,314
HireQuest, Inc. (Professional Services)		72		958
HireRight Holdings Corp.* (Professional Services)		184		2,282
HNI Corp. (Commercial Services & Supplies)		617		25,124
Holley, Inc.* (Automobile Components)		705		3,363
Home Bancorp, Inc. (Banks)		96		3,823
Home BancShares, Inc. (Banks)		2,548		59,725
HomeStreet, Inc. (Banks)		242		3,330
HomeTrust Bancshares, Inc. (Banks)		196		5,321
Hooker Furnishings Corp. (Household Durables)		143		3,300
Hope Bancorp, Inc. (Banks)		1,541		17,074
Horace Mann Educators Corp. (Insurance)		549		20,220
Horizon Bancorp, Inc. (Banks)		576		7,551
Hovnanian Enterprises, Inc.* - Class A (Household Durables)		65		10,983
Hub Group, Inc.* - Class A (Air Freight & Logistics)		840		38,035
Hudson Pacific Properties, Inc. (Office REITs)		1,844		15,102
Hudson Technologies, Inc.* (Trading Companies & Distributors)		585		7,418
Humacyte, Inc.* (Biotechnology)		817		2,712
Huron Consulting Group, Inc.* (Professional Services)		254		26,297
Hyliion Holdings Corp.* (Machinery)		1,970		2,069
Hyster-Yale Materials Handling, Inc. (Machinery)		149		9,792
I3 Verticals, Inc.* - Class A (Financial Services)		301		5,641
i-80 Gold Corp.* (Metals & Mining)		2,578		4,125
IBEX Holdings, Ltd.* (Professional Services)		124		2,234
ICF International, Inc. (Professional Services)		250		34,760
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		381		13,792
Ideaya Biosciences, Inc.* (Biotechnology)		803		34,955
IDT Corp.* - Class B (Diversified Telecommunication Services)		205		7,089
IES Holdings, Inc.* (Construction & Engineering)		109		8,934
IGM Biosciences, Inc.* (Biotechnology)		177		1,862
iHeartMedia, Inc.* - Class A (Media)		1,386		3,756
Ikena Oncology, Inc.* (Pharmaceuticals)		413		553
IMAX Corp.* (Entertainment)		600		8,382
Immersion Corp. (Technology Hardware, Storage & Peripherals)		418		2,855
Immuneering Corp.* - Class A (Biotechnology)		299		1,755
ImmunityBio, Inc.* (Biotechnology)		1,769		5,944
ImmunoGen, Inc.* (Biotechnology)		3,199		93,794
Immunovant, Inc.* (Biotechnology)		720		26,215
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		311		30,161
Inari Medical, Inc.* (Health Care Equipment & Supplies)		714		40,662
Independence Realty Trust, Inc. (Residential REITs)		3,013		44,260
Independent Bank Corp. (Banks)		590		33,093
Independent Bank Corp. (Banks)		266		6,767
Independent Bank Group, Inc. (Banks)		483		23,353
indie Semiconductor, Inc.* - Class A (Semiconductors & Semiconductor Equipment)		2,011		12,207
Infinera Corp.* (Communications Equipment)		2,663		13,155
Information Services Group, Inc. (IT Services)		468		2,069
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		242		2,234
Ingevity Corp.* (Chemicals)		488		21,257
Ingles Markets, Inc. - Class A (Consumer Staples Distribution & Retail)		188		15,839
Inhibrx, Inc.* (Biotechnology)		458		17,647
Inmode, Ltd.* (Health Care Equipment & Supplies)		1,034		24,495
Innodata, Inc.* (Professional Services)		346		3,588

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Innospec, Inc. (Chemicals)		333	$	38,665
Innovage Holding Corp.* (Health Care Providers & Services)		252		1,333
INNOVATE Corp.* (Construction & Engineering)		724		655
Innovative Industrial Properties, Inc. (Industrial REITs)		373		34,775
Innoviva, Inc.* (Pharmaceuticals)		796		12,895
Inogen, Inc.* (Health Care Equipment & Supplies)		311		2,213
Inozyme Pharma, Inc.* (Biotechnology)		637		3,504
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		383		70,755
Insmed, Inc.* (Biotechnology)		1,845		51,291
Insperity, Inc. (Professional Services)		475		54,478
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure)		290		2,662
Installed Building Products, Inc. (Household Durables)		317		61,767
Insteel Industries, Inc. (Building Products)		250		8,658
Instructure Holdings, Inc.* (Software)		260		6,404
Intapp, Inc.* (Software)		370		15,940
Integer Holdings Corp.* (Health Care Equipment & Supplies)		443		44,885
Integral Ad Science Holding Corp.* (Media)		648		9,428
Intellia Therapeutics, Inc.* (Biotechnology)		1,177		28,036
Inter Parfums, Inc. (Personal Care Products)		245		34,092
InterDigital, Inc. (Software)		353		37,083
Interface, Inc. (Commercial Services & Supplies)		765		9,494
International Bancshares Corp. (Banks)		717		37,901
International Game Technology PLC (Hotels, Restaurants & Leisure)		1,450		37,643
International Money Express, Inc.* (Financial Services)		427		8,796
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		542		29,073
inTEST Corp.* (Semiconductors & Semiconductor Equipment)		156		1,861
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		346		1,429
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		1,250		84,176
Intrepid Potash, Inc.* (Chemicals)		142		2,613
InvenTrust Properties Corp. (Retail REITs)		908		22,546
Invesco Mortgage Capital, Inc. (Mortgage REITs)		600		5,286
Investors Title Co. (Insurance)		16		2,676
Invitae Corp.* (Health Care Providers & Services)		3,507		1,368
IonQ, Inc.* (Technology Hardware, Storage & Peripherals)		2,146		22,039
Iovance Biotherapeutics, Inc.* (Biotechnology)		3,061		23,662
iRadimed Corp. (Health Care Equipment & Supplies)		98		4,058
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		410		49,110
iRobot Corp.* (Household Durables)		366		4,978
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		1,850		26,252
Ispire Technology, Inc.* (Tobacco)		237		2,607
iTeos Therapeutics, Inc.* (Biotechnology)		331		3,293
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		570		2,747
Itron, Inc.* (Electronic Equipment, Instruments & Components)		608		43,861
Ivanhoe Electric, Inc.* (Metals & Mining)		843		7,047
J & J Snack Foods Corp. (Food Products)		201		32,005
J Jill, Inc.* (Specialty Retail)		61		1,422
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		271		21,130
Jackson Financial, Inc. - Class A (Financial Services)		1,106		55,377
JAKKS Pacific, Inc.* (Leisure Products)		98		3,073
James River Group Holdings, Ltd. (Insurance)		494		4,728
Jamf Holding Corp.* (Software)		944		17,502
Janus International Group, Inc.* (Building Products)		1,134		16,046
Janux Therapeutics, Inc.* (Biotechnology)		231		1,977
JBG SMITH Properties (Office REITs)		1,355		21,680
JELD-WEN Holding, Inc.* (Building Products)		1,137		21,148
JetBlue Airways Corp.* (Passenger Airlines)		4,488		23,831
Joby Aviation, Inc.* (Passenger Airlines)		3,721		20,317
John B Sanfilippo & Son, Inc. (Food Products)		120		12,856
John Bean Technologies Corp. (Machinery)		425		41,973
John Marshall Bancorp, Inc. (Banks)		166		3,154
John Wiley & Sons, Inc. - Class A (Media)		487		16,480
Johnson Outdoors, Inc. - Class A (Leisure Products)		72		3,223
Kadant, Inc. (Machinery)		156		44,616
Kaiser Aluminum Corp. (Metals & Mining)		213		13,824
Kaltura, Inc.* (Software)		1,125		1,890
KalVista Pharmaceuticals, Inc.* (Biotechnology)		413		6,513
Kaman Corp. (Aerospace & Defense)		376		16,939
Karat Packaging, Inc. (Trading Companies & Distributors)		91		2,195
Karyopharm Therapeutics, Inc.* (Biotechnology)		1,511		1,134
KB Home (Household Durables)		952		56,730
Kearny Financial Corp. (Banks)		748		5,408
Kelly Services, Inc. - Class A (Professional Services)		417		8,569
Kennametal, Inc. (Machinery)		1,077		26,408
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		1,598		16,699
Keros Therapeutics, Inc.* (Biotechnology)		300		16,608
Kezar Life Sciences, Inc.* (Biotechnology)		952		942
Kforce, Inc. (Professional Services)		256		17,498
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		320		7,610
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels)		243		7,902
Kingsway Financial Services, Inc.* (Insurance)		146		1,280
Kiniksa Pharmaceuticals, Ltd.* - Class A (Biotechnology)		419		7,387
Kite Realty Group Trust (Retail REITs)		2,908		62,230
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)		786		9,621

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services)		169	$	1,643
Knife River Corp.* (Construction Materials)		756		49,510
Knowles Corp.* (Electronic Equipment, Instruments & Components)		1,200		19,572
Kodiak Gas Services, Inc. (Energy Equipment & Services)		212		4,965
Kodiak Sciences, Inc.* (Biotechnology)		433		1,736
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		750		43,964
Koppers Holdings, Inc. (Chemicals)		269		13,757
Korn Ferry (Professional Services)		697		40,893
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies)		458		953
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)		6,096		36,942
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		1,702		28,815
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure)		1,169		15,536
Kronos Worldwide, Inc. (Chemicals)		295		2,746
Krystal Biotech, Inc.* (Biotechnology)		288		32,040
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		741		37,287
Kura Oncology, Inc.* (Biotechnology)		942		18,972
Kura Sushi USA, Inc.* - Class A (Hotels, Restaurants & Leisure)		78		7,654
KVH Industries, Inc.* (Communications Equipment)		250		1,218
Kymera Therapeutics, Inc.* (Biotechnology)		507		16,619
Ladder Capital Corp. (Mortgage REITs)		1,512		16,526
Lakeland Bancorp, Inc. (Banks)		833		11,071
Lakeland Financial Corp. (Banks)		332		22,231
Lancaster Colony Corp. (Food Products)		261		47,966
Lands' End, Inc.* (Specialty Retail)		198		1,875
Landsea Homes Corp.* (Household Durables)		270		3,399
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		908		47,152
LanzaTech Global, Inc.* (Commercial Services & Supplies)		275		1,198
Larimar Therapeutics, Inc.* (Biotechnology)		342		1,980
Latham Group, Inc.* (Leisure Products)		518		1,311
Laureate Education, Inc. (Diversified Consumer Services)		1,749		22,072
La-Z-Boy, Inc. (Household Durables)		580		20,190
Lazydays Holdings, Inc.* (Specialty Retail)		102		501
LCI Industries (Automobile Components)		330		36,722
LCNB Corp. (Banks)		141		2,083
Legacy Housing Corp.* (Household Durables)		132		3,119
Legalzoom.com, Inc.* (Professional Services)		1,582		16,310
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)		264		15,323
Lemonade, Inc.* (Insurance)		677		10,710
LendingClub Corp.* (Consumer Finance)		1,450		13,079
LendingTree, Inc.* (Consumer Finance)		142		4,592
Leonardo DRS, Inc.* (Aerospace & Defense)		917		17,799
Leslie's, Inc.* (Specialty Retail)		2,372		15,916
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		1,236		2,311
LGI Homes, Inc.* (Household Durables)		278		32,807
Liberty Energy, Inc. (Energy Equipment & Services)		2,194		45,613
Liberty Latin America, Ltd.* - Class A (Diversified Telecommunication Services)		470		3,309
Liberty Latin America, Ltd.* - Class C (Diversified Telecommunication Services)		1,836		13,072
Li-Cycle Holdings Corp.* (Commercial Services & Supplies)		1,861		800
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure)		596		7,927
LifeStance Health Group, Inc.* (Health Care Providers & Services)		1,416		8,468
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		225		16,448
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		1,220		98,065
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components)		1,564		6,741
Limbach Holdings, Inc.* (Construction & Engineering)		123		5,289
Limoneira Co. (Food Products)		234		4,245
Lincoln Educational Services Corp.* (Diversified Consumer Services)		316		2,831
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		467		4,315
Lindsay Corp. (Machinery)		148		19,256
Lineage Cell Therapeutics, Inc.* (Biotechnology)		1,771		1,647
Lions Gate Entertainment Corp.* - Class A (Entertainment)		778		8,115
Lions Gate Entertainment Corp.* - Class B (Entertainment)		1,609		15,607
Liquidia Corp.* (Pharmaceuticals)		633		8,090
Liquidity Services, Inc.* (Commercial Services & Supplies)		308		5,375
LivaNova PLC* (Health Care Equipment & Supplies)		724		35,244
Live Oak Bancshares, Inc. (Banks)		449		16,330
LivePerson, Inc.* (Software)		1,048		2,934
LiveRamp Holdings, Inc.* (Software)		879		34,703
Livewire Group, Inc.* (Automobiles)		257		2,549
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals)		208		4,418
Loop Media, Inc.* (Entertainment)		512		358
LSB Industries, Inc.* (Chemicals)		717		5,334
LSI Industries, Inc. (Electrical Equipment)		374		5,109
LTC Properties, Inc. (Health Care REITs)		548		17,081
Lumen Technologies, Inc.* (Diversified Telecommunication Services)		13,457		16,418
Luminar Technologies, Inc.* (Automobile Components)		3,636		9,890
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		435		3,119
Luther Burbank Corp.* (Banks)		137		1,315
Luxfer Holdings PLC (Machinery)		357		2,938
LXP Industrial Trust (Industrial REITs)		3,870		35,178
Lyell Immunopharma, Inc.* (Biotechnology)		2,316		4,238
M.D.C Holdings, Inc. (Household Durables)		801		50,127
M/I Homes, Inc.* (Household Durables)		360		45,871
Macatawa Bank Corp. (Banks)		351		3,742

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		726	$	62,603
MacroGenics, Inc.* (Biotechnology)		812		11,612
Madison Square Garden Entertainment Corp.* (Entertainment)		531		17,704
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		197		42,692
Magnite, Inc.* (Media)		1,807		15,992
Magnolia Oil & Gas Corp. - Class A (Oil, Gas & Consumable Fuels)		2,396		49,406
Maiden Holdings, Ltd.* (Insurance)		1,211		2,131
MainStreet Bancshares, Inc. (Banks)		93		1,722
Malibu Boats, Inc.* - Class A (Leisure Products)		272		11,356
Mammoth Energy Services, Inc.* (Energy Equipment & Services)		311		1,092
MannKind Corp.* (Biotechnology)		3,480		11,623
Marathon Digital Holdings, Inc.* (Software)		2,843		50,406
Marcus & Millichap, Inc. (Real Estate Management & Development)		317		12,075
Marine Products Corp. (Leisure Products)		112		1,144
MarineMax, Inc.* (Specialty Retail)		285		7,980
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		677		6,594
MarketWise, Inc. (Capital Markets)		430		1,002
Marqeta, Inc.* - Class A (Financial Services)		6,411		38,530
Marten Transport, Ltd. (Ground Transportation)		776		14,356
Masonite International Corp.* (Building Products)		297		27,339
Masterbrand, Inc.* (Building Products)		1,732		24,369
MasterCraft Boat Holdings, Inc.* (Leisure Products)		227		4,397
Matador Resources Co. (Oil, Gas & Consumable Fuels)		1,513		83,049
Materion Corp. (Metals & Mining)		274		32,050
Mativ Holdings, Inc. (Chemicals)		728		8,758
Matson, Inc. (Marine Transportation)		461		51,646
Matterport, Inc.* (Software)		3,410		7,673
Matthews International Corp. - Class A (Commercial Services & Supplies)		397		13,061
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		101		2,000
MaxCyte, Inc.* (Life Sciences Tools & Services)		1,166		5,935
Maxeon Solar Technologies, Ltd.* (Semiconductors & Semiconductor Equipment)		393		1,780
Maximus, Inc. (Professional Services)		812		65,869
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		1,016		21,153
Mayville Engineering Co., Inc.* (Machinery)		150		1,904
MBIA, Inc. (Insurance)		610		3,709
McGrath RentCorp (Trading Companies & Distributors)		330		41,465
MediaAlpha, Inc.* - Class A (Interactive Media & Services)		302		3,851
Medifast, Inc. (Personal Care Products)		143		7,815
MeiraGTx Holdings PLC* (Biotechnology)		435		2,640
Mercantile Bank Corp. (Banks)		209		8,379
Merchants Bancorp (Financial Services)		212		9,273
Mercury General Corp. (Insurance)		358		14,338
MeridianLink, Inc.* (Software)		351		7,985
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		759		59,429
Meritage Homes Corp. (Household Durables)		486		80,485
Merrimack Pharmaceuticals, Inc.* (Biotechnology)		140		1,876
Mersana Therapeutics, Inc.* (Biotechnology)		1,479		4,674
Mesa Laboratories, Inc. (Life Sciences Tools & Services)		69		6,322
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		455		9,446
Metrocity Bankshares, Inc. (Banks)		244		5,832
Metropolitan Bank Holding Corp.* (Banks)		138		6,692
MFA Financial, Inc. (Mortgage REITs)		1,366		15,122
MGE Energy, Inc. (Electric Utilities)		487		31,407
MGP Ingredients, Inc. (Beverages)		212		18,009
MicroStrategy, Inc.* (Software)		163		81,696
Microvast Holdings, Inc.* (Machinery)		2,869		2,691
MicroVision, Inc.* (Electronic Equipment, Instruments & Components)		2,519		5,995
Mid Penn Bancorp, Inc. (Banks)		190		4,062
Middlefield Banc Corp. (Banks)		105		2,772
Middlesex Water Co. (Water Utilities)		234		13,097
Midland States Bancorp, Inc. (Banks)		278		7,300
MidWestOne Financial Group, Inc. (Banks)		190		4,845
Miller Industries, Inc. (Machinery)		148		5,957
MillerKnoll, Inc. (Commercial Services & Supplies)		985		26,191
MiMedx Group, Inc.* (Biotechnology)		1,540		11,920
Minerals Technologies, Inc. (Chemicals)		435		28,427
Mineralys Therapeutics, Inc.* (Biotechnology)		259		2,826
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components)		2,675		25,279
Mirum Pharmaceuticals, Inc.* (Biotechnology)		330		8,732
Mission Produce, Inc.* (Food Products)		647		6,464
Mistras Group, Inc.* (Professional Services)		278		2,160
Mitek Systems, Inc.* (Software)		581		7,321
Model N, Inc.* (Software)		508		13,691
Modine Manufacturing Co.* (Automobile Components)		687		47,465
ModivCare, Inc.* (Health Care Providers & Services)		170		6,761
Moelis & Co. - Class A (Capital Markets)		892		49,032
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)		180		12,407
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure)		606		1,415
Monro, Inc. (Specialty Retail)		416		13,254
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers)		890		6,150
Monte Rosa Therapeutics, Inc.* (Biotechnology)		407		2,155
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)		373		10,895
Moog, Inc. - Class A (Aerospace & Defense)		379		52,983
Morphic Holding, Inc.* (Biotechnology)		490		15,528

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		205	$	5,654
Mr. Cooper Group, Inc.* (Financial Services)		861		57,997
MRC Global, Inc.* (Trading Companies & Distributors)		1,120		11,939
Mueller Industries, Inc. (Machinery)		1,497		71,855
Mueller Water Products, Inc. - Class A (Machinery)		2,073		28,421
Multiplan Corp.* (Health Care Technology)		5,136		5,187
Mural Oncology PLC* (Biotechnology)		221		970
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		1,985		76,820
MVB Financial Corp. (Banks)		151		3,236
Myers Industries, Inc. (Containers & Packaging)		488		9,150
MYR Group, Inc.* (Construction & Engineering)		220		31,647
Myriad Genetics, Inc.* (Biotechnology)		1,078		23,058
N-able, Inc.* (Software)		934		12,123
Nabors Industries, Ltd.* (Energy Equipment & Services)		122		10,319
NACCO Industries, Inc. - Class A (Oil, Gas & Consumable Fuels)		56		2,032
NanoString Technologies, Inc.* (Life Sciences Tools & Services)		631		260
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies)		637		3,465
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components)		443		15,394
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		38		2,711
National Bank Holdings Corp. - Class A (Banks)		492		17,220
National Bankshares, Inc. (Banks)		77		2,484
National Beverage Corp.* (Beverages)		317		14,658
National Health Investors, Inc. (Health Care REITs)		558		29,674
National HealthCare Corp. (Health Care Providers & Services)		167		15,538
National Presto Industries, Inc. (Aerospace & Defense)		69		5,463
National Research Corp. (Health Care Providers & Services)		192		7,565
National Vision Holdings, Inc.* (Specialty Retail)		1,037		19,713
National Western Life Group, Inc. - Class A (Insurance)		30		14,520
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail)		125		1,869
Nature's Sunshine Products, Inc.* (Personal Care Products)		176		3,064
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services)		674		1,874
Navient Corp. (Consumer Finance)		1,149		19,786
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		1,460		8,366
NBT Bancorp, Inc. (Banks)		612		21,769
Nelnet, Inc. - Class A (Consumer Finance)		172		14,986
Neogen Corp.* (Health Care Equipment & Supplies)		2,909		45,090
NeoGenomics, Inc.* (Health Care Providers & Services)		1,701		25,260
NerdWallet, Inc.* - Class A (Consumer Finance)		451		6,905
Nerdy, Inc.* (Diversified Consumer Services)		835		2,563
NETGEAR, Inc.* (Communications Equipment)		386		5,481
NetScout Systems, Inc.* (Communications Equipment)		926		19,918
NETSTREIT Corp. (Retail REITs)		924		16,789
Neumora Therapeutics, Inc.* (Pharmaceuticals)		199		2,965
Nevro Corp.* (Health Care Equipment & Supplies)		474		7,849
New Jersey Resources Corp. (Gas Utilities)		1,298		52,997
New York Mortgage Trust, Inc. (Mortgage REITs)		1,215		9,526
Newmark Group, Inc. - Class A (Real Estate Management & Development)		1,833		18,605
Newpark Resources, Inc.* (Energy Equipment & Services)		1,019		6,613
NewtekOne, Inc. (Financial Services)		311		3,735
NexPoint Diversified Real Estate Trust (Diversified REITs)		410		2,829
Nexpoint Real Estate Finance, Inc. (Mortgage REITs)		108		1,574
NexPoint Residential Trust, Inc. (Residential REITs)		301		9,196
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		1,042		5,304
Nextdoor Holdings, Inc.* (Interactive Media & Services)		1,942		2,952
NextNav, Inc.* (Software)		740		3,078
NEXTracker, Inc.* - Class A (Electrical Equipment)		1,680		76,054
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		582		890
NI Holdings, Inc.* (Insurance)		110		1,470
Nicolet Bankshares, Inc. (Banks)		172		13,376
Nikola Corp.* (Machinery)		8,299		6,202
NioCorp Developments, Ltd.* (Metals & Mining)		28		87
Nkarta, Inc.* (Biotechnology)		403		3,643
NL Industries, Inc. (Commercial Services & Supplies)		112		588
nLight, Inc.* (Electronic Equipment, Instruments & Components)		598		7,762
NMI Holdings, Inc.* - Class A (Financial Services)		1,080		34,474
Noble Corp. PLC (Energy Equipment & Services)		1,504		66,372
Noodles & Co.* (Hotels, Restaurants & Leisure)		536		1,361
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		2,740		12,193
Northeast Bank (Banks)		90		4,935
Northeast Community Bancorp, Inc. (Banks)		169		2,912
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)		1,175		39,363
Northfield Bancorp, Inc. (Banks)		535		6,436
Northrim Bancorp, Inc. (Banks)		72		3,638
Northwest Bancshares, Inc. (Banks)		1,702		21,054

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Northwest Natural Holding Co. (Gas Utilities)		480	$	17,693
Northwest Pipe Co.* (Construction & Engineering)		131		3,978
Northwestern Energy Group, Inc. (Multi-Utilities)		823		39,603
Norwood Financial Corp. (Banks)		97		2,657
Novagold Resources, Inc.* (Metals & Mining)		3,228		8,264
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		478		73,875
Novavax, Inc.* (Biotechnology)		1,271		5,084
Nu Skin Enterprises, Inc. - Class A (Personal Care Products)		666		12,361
Nurix Therapeutics, Inc.* (Biotechnology)		635		5,017
NuScale Power Corp.* (Electrical Equipment)		725		2,095
Nuvalent, Inc.* - Class A (Biotechnology)		355		26,685
Nuvation Bio, Inc.* (Pharmaceuticals)		1,944		3,149
Nuvectis Pharma, Inc.* (Biotechnology)		99		722
NV5 Global, Inc.* (Professional Services)		186		19,510
NVE Corp. (Semiconductors & Semiconductor Equipment)		64		5,119
Oak Valley Bancorp (Banks)		90		2,345
Ocean Biomedical, Inc.* (Biotechnology)		116		66
Oceaneering International, Inc.* (Energy Equipment & Services)		1,342		27,887
OceanFirst Financial Corp. (Banks)		778		13,405
Ocular Therapeutix, Inc.* (Pharmaceuticals)		1,067		5,186
Ocwen Financial Corp.* (Financial Services)		86		2,488
Office Properties Income Trust (Office REITs)		643		2,360
OFG Bancorp (Banks)		616		22,650
O-I Glass, Inc.* (Containers & Packaging)		2,075		30,213
Oil States International, Inc.* (Energy Equipment & Services)		842		5,195
Oil-Dri Corp. of America (Household Products)		66		4,287
Old National Bancorp (Banks)		3,913		64,447
Old Second Bancorp, Inc. (Banks)		579		7,886
Olema Pharmaceuticals, Inc.* (Biotechnology)		358		4,668
Olo, Inc.* - Class A (Software)		1,381		7,140
Olympic Steel, Inc. (Metals & Mining)		132		8,921
Omega Flex, Inc. (Machinery)		44		3,069
Omega Therapeutics, Inc.* (Biotechnology)		325		1,186
Omeros Corp.* (Pharmaceuticals)		812		2,631
OmniAb, Inc.* (Life Sciences Tools & Services)		1,244		7,215
Omnicell, Inc.* (Health Care Equipment & Supplies)		600		19,302
ON24, Inc. (Software)		414		3,167
ONE Gas, Inc. (Gas Utilities)		737		45,230
One Liberty Properties, Inc. (Diversified REITs)		217		4,392
OneSpan, Inc.* (Software)		535		5,489
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		1,114		15,184
OneWater Marine, Inc.* (Specialty Retail)		154		3,885
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		654		105,620
Ooma, Inc.* (Diversified Telecommunication Services)		322		3,484
Open Lending Corp.* (Capital Markets)		1,329		9,755
Opendoor Technologies, Inc.* (Real Estate Management & Development)		7,419		25,373
OPENLANE, Inc.* (Commercial Services & Supplies)		1,441		20,289
OPKO Health, Inc.* (Health Care Providers & Services)		5,383		5,491
OppFi, Inc.* (Consumer Finance)		144		462
OptimizeRx Corp.* (Health Care Technology)		216		3,050
Optinose, Inc.* (Pharmaceuticals)		973		1,226
Option Care Health, Inc.* (Health Care Providers & Services)		2,238		69,915
Orange County Bancorp, Inc. (Banks)		68		3,301
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		961		7,083
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies)		194		1,374
Orchid Island Capital, Inc. (Mortgage REITs)		703		5,610
Organogenesis Holdings, Inc.* (Biotechnology)		937		3,092
ORIC Pharmaceuticals, Inc.* (Biotechnology)		521		5,726
Origin Bancorp, Inc. (Banks)		390		11,895
Origin Materials, Inc.* (Chemicals)		1,560		920
Orion Office REIT, Inc. (Office REITs)		763		3,922
Orion SA (Chemicals)		739		16,554
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		714		46,181
Orrstown Financial Services, Inc. (Banks)		137		3,792
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		469		6,514
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		212		5,537
Oscar Health, Inc.* - Class A (Insurance)		2,105		26,355
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		215		27,526
Otter Tail Corp. (Electric Utilities)		551		49,821
Outbrain, Inc.* (Interactive Media & Services)		548		2,154
Outfront Media, Inc. (Specialized REITs)		1,971		25,662
Outlook Therapeutics, Inc.* (Biotechnology)		2,099		810
Outset Medical, Inc.* (Health Care Equipment & Supplies)		667		2,028
Overseas Shipholding Group, Inc. - Class A (Oil, Gas & Consumable Fuels)		825		5,033
Ovid Therapeutics, Inc.* (Biotechnology)		796		3,081
Owens & Minor, Inc.* (Health Care Providers & Services)		991		19,533
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		200		18,986
P10, Inc. - Class A (Capital Markets)		583		5,364
P3 Health Partners, Inc.* (Health Care Providers & Services)		544		658
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		3,364		21,900
Pacific Premier Bancorp, Inc. (Banks)		1,267		32,144
Pacira BioSciences, Inc.* (Pharmaceuticals)		608		19,815
Pactiv Evergreen, Inc. (Containers & Packaging)		534		7,796

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
PagerDuty, Inc.* (Software)		1,210	$	28,653
Pagseguro Digital, Ltd.* - Class A (Financial Services)		2,651		34,118
Palomar Holdings, Inc.* (Insurance)		326		19,518
PAM Transportation Services, Inc.* (Ground Transportation)		83		1,719
Pangaea Logistics Solutions, Ltd. (Marine Transportation)		486		4,530
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		439		32,258
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		738		27,003
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		356		16,212
Paragon 28, Inc.* (Health Care Equipment & Supplies)		586		7,430
Paramount Group, Inc. (Office REITs)		2,470		11,733
Park Aerospace Corp. (Aerospace & Defense)		248		3,658
Park National Corp. (Banks)		191		24,960
Parke Bancorp, Inc. (Banks)		140		2,591
Park-Ohio Holdings Corp. (Machinery)		114		2,820
Parsons Corp.* (Professional Services)		551		35,898
Pathward Financial, Inc. (Banks)		348		18,019
Patria Investments, Ltd. - Class A (Capital Markets)		726		10,360
Patrick Industries, Inc. (Automobile Components)		285		28,611
Patterson Cos., Inc. (Health Care Providers & Services)		1,147		34,249
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		4,722		52,367
Payoneer Global, Inc.* (Financial Services)		3,538		16,558
Paysafe, Ltd.* (Financial Services)		433		6,443
Paysign, Inc.* (Financial Services)		436		1,339
PBF Energy, Inc. - Class A (Oil, Gas & Consumable Fuels)		1,490		75,260
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		153		9,870
PCB Bancorp (Banks)		146		2,446
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		409		12,761
PDS Biotechnology Corp.* (Biotechnology)		373		1,996
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		1,527		40,771
Peakstone Realty Trust (Office REITs)		483		6,994
Peapack-Gladstone Financial Corp. (Banks)		225		6,206
Pebblebrook Hotel Trust (Hotel & Resort REITs)		1,588		24,169
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)		1,123		10,511
Penns Woods Bancorp, Inc. (Banks)		91		1,962
PennyMac Financial Services, Inc. (Financial Services)		341		29,742
PennyMac Mortgage Investment Trust (Mortgage REITs)		1,161		16,649
Peoples Bancorp, Inc. (Banks)		466		13,654
Peoples Financial Services Corp. (Banks)		92		4,021
PepGen, Inc.* (Biotechnology)		134		1,344
Perdoceo Education Corp. (Diversified Consumer Services)		872		15,783
Perella Weinberg Partners (Capital Markets)		561		6,592
Perficient, Inc.* (IT Services)		458		31,204
Performant Financial Corp.* (Commercial Services & Supplies)		898		2,532
Perimeter Solutions SA* (Chemicals)		2,038		9,660
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		5,214		70,285
Perpetua Resources Corp.* (Metals & Mining)		504		1,441
PetIQ, Inc.* (Health Care Providers & Services)		365		6,559
PetMed Express, Inc. (Specialty Retail)		274		1,702
PGT Innovations, Inc.* (Building Products)		757		31,204
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		428		2,868
Phibro Animal Health Corp. - Class A (Pharmaceuticals)		273		2,951
Phillips Edison & Co., Inc. (Retail REITs)		1,576		54,703
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		815		23,814
Phreesia, Inc.* (Health Care Technology)		707		18,014
Physicians Realty Trust (Health Care REITs)		3,179		38,911
Piedmont Lithium, Inc.* (Metals & Mining)		239		3,652
Piedmont Office Realty Trust, Inc. - Class A (Office REITs)		1,649		11,213
Pioneer Bancorp, Inc.* (Banks)		156		1,521
Piper Sandler Cos. (Capital Markets)		232		40,249
Pitney Bowes, Inc. (Commercial Services & Supplies)		2,343		9,630
PJT Partners, Inc. - Class A (Capital Markets)		317		30,486
Planet Labs PBC* (Professional Services)		2,339		5,286
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		493		4,294
Playstudios, Inc.* (Entertainment)		1,142		2,512
Plexus Corp.* (Electronic Equipment, Instruments & Components)		367		34,762
Pliant Therapeutics, Inc.* (Pharmaceuticals)		763		13,673
Plumas Bancorp (Banks)		73		2,575
Plymouth Industrial REIT, Inc. (Industrial REITs)		590		13,063
PMV Pharmaceuticals, Inc.* (Biotechnology)		515		906
PNM Resources, Inc. (Electric Utilities)		1,145		41,483
Ponce Financial Group, Inc.* (Banks)		260		2,356
Portillo's, Inc.* - Class A (Hotels, Restaurants & Leisure)		605		8,313
Portland General Electric Co. (Electric Utilities)		1,358		55,583
Poseida Therapeutics, Inc.* (Biotechnology)		907		3,120
Postal Realty Trust, Inc. - Class A (Office REITs)		272		3,835
Potbelly Corp.* (Hotels, Restaurants & Leisure)		348		4,378
PotlatchDeltic Corp. (Specialized REITs)		1,057		47,280
Powell Industries, Inc. (Electrical Equipment)		122		14,461
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		759		56,895
PowerSchool Holdings, Inc.* (Software)		748		17,608
PRA Group, Inc.* (Consumer Finance)		516		11,749
Precigen, Inc.* (Biotechnology)		1,803		2,488

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Preferred Bank (Banks)		173	$	12,428
Preformed Line Products Co. (Electrical Equipment)		33		4,034
Prelude Therapeutics, Inc.* (Biotechnology)		199		653
Premier Financial Corp. (Banks)		472		9,860
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		665		40,924
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components)		49		11
PriceSmart, Inc. (Consumer Staples Distribution & Retail)		336		25,543
Prime Medicine, Inc.* (Biotechnology)		528		3,353
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		10		962
Primis Financial Corp. (Banks)		270		3,564
Primo Water Corp. (Beverages)		2,090		30,472
Primoris Services Corp. (Construction & Engineering)		709		23,255
Princeton Bancorp, Inc. (Banks)		68		2,221
Priority Technology Holdings, Inc.* (Financial Services)		236		838
Privia Health Group, Inc.* (Health Care Providers & Services)		1,503		30,300
ProAssurance Corp. (Insurance)		696		9,368
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies)		539		24,956
ProFrac Holding Corp.* - Class A (Energy Equipment & Services)		347		2,745
PROG Holdings, Inc.* (Consumer Finance)		592		18,139
Progress Software Corp. (Software)		581		33,007
Progyny, Inc.* (Health Care Providers & Services)		1,061		40,413
ProKidney Corp.* (Biotechnology)		600		786
ProPetro Holding Corp.* (Energy Equipment & Services)		1,289		10,905
PROS Holdings, Inc.* (Software)		597		20,549
Protagonist Therapeutics, Inc.* (Biotechnology)		762		19,058
Protalix BioTherapeutics, Inc.* (Biotechnology)		885		1,283
Prothena Corp. PLC* (Biotechnology)		563		15,984
Proto Labs, Inc.* (Machinery)		352		12,704
Provident Financial Services, Inc. (Banks)		980		16,219
PTC Therapeutics, Inc.* (Biotechnology)		962		25,099
PubMatic, Inc.* - Class A (Media)		571		8,668
Pulmonx Corp.* (Health Care Equipment & Supplies)		489		6,494
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		216		1,918
Pure Cycle Corp.* (Water Utilities)		261		2,555
PureCycle Technologies, Inc.* (Chemicals)		1,551		6,080
Purple Innovation, Inc. (Household Durables)		732		747
Q2 Holdings, Inc.* (Software)		760		32,338
QCR Holdings, Inc. (Banks)		220		12,850
Quad/Graphics, Inc.* (Commercial Services & Supplies)		409		2,233
Quaker Chemical Corp. (Chemicals)		185		35,139
Qualys, Inc.* (Software)		497		94,016
Quanex Building Products Corp. (Building Products)		441		13,768
Quanterix Corp.* (Life Sciences Tools & Services)		470		10,382
Quantum-Si, Inc.* (Life Sciences Tools & Services)		1,358		2,118
QuinStreet, Inc.* (Interactive Media & Services)		705		8,932
Quipt Home Medical Corp.* (Health Care Providers & Services)		547		2,571
Qurate Retail, Inc.* - Class B (Broadline Retail)		18		96
Rackspace Technology, Inc.* (IT Services)		844		1,418
Radian Group, Inc. (Financial Services)		2,102		60,916
Radiant Logistics, Inc.* (Air Freight & Logistics)		487		2,990
RadNet, Inc.* (Health Care Providers & Services)		804		29,724
Rallybio Corp.* (Biotechnology)		408		551
Ramaco Resources, Inc. - Class A (Metals & Mining)		298		5,626
Ramaco Resources, Inc. - Class B (Metals & Mining)		60		757
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		1,456		99,780
Ranger Energy Services, Inc. (Energy Equipment & Services)		196		1,991
Ranpak Holdings Corp.* (Containers & Packaging)		579		2,385
Rapid7, Inc.* (Software)		810		44,574
RAPT Therapeutics, Inc.* (Biotechnology)		394		9,752
Rayonier Advanced Materials, Inc.* (Chemicals)		851		3,693
RayzeBio, Inc.* (Biotechnology)		268		16,643
RBB Bancorp (Banks)		224		3,963
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		117		7,226
RE/MAX Holdings, Inc. (Real Estate Management & Development)		233		2,500
Ready Capital Corp. (Mortgage REITs)		2,139		20,042
Recursion Pharmaceuticals, Inc.* - Class A (Biotechnology)		1,821		17,136
Red River Bancshares, Inc. (Banks)		64		3,277
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		212		2,158
Red Rock Resorts, Inc. - Class A (Hotels, Restaurants & Leisure)		636		34,776
Red Violet, Inc.* (Software)		149		2,783
Redfin Corp.* (Real Estate Management & Development)		1,460		11,914
Redwire Corp.* (Aerospace & Defense)		105		305
Redwood Trust, Inc. (Mortgage REITs)		1,521		10,206
REGENXBIO, Inc.* (Biotechnology)		548		6,751
Regional Management Corp. (Consumer Finance)		107		2,609
Relay Therapeutics, Inc.* (Biotechnology)		1,205		11,146
Remitly Global, Inc.* (Financial Services)		1,777		30,458
Renasant Corp. (Banks)		737		23,311
Reneo Pharmaceuticals, Inc.* (Biotechnology)		173		284
Rent the Runway, Inc.* - Class A (Specialty Retail)		667		410
Repay Holdings Corp.* (Financial Services)		1,107		8,679
Replimune Group, Inc.* (Biotechnology)		660		5,122
Republic Bancorp, Inc. - Class A (Banks)		114		5,836
Reservoir Media, Inc.* (Entertainment)		265		1,855
Resideo Technologies, Inc.* (Building Products)		1,956		32,802

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Resources Connection, Inc. (Professional Services)		433	$	5,828
Retail Opportunity Investments Corp. (Retail REITs)		1,644		22,342
REV Group, Inc. (Machinery)		423		8,257
Revance Therapeutics, Inc.* (Pharmaceuticals)		1,168		5,875
REVOLUTION Medicines, Inc.* (Biotechnology)		1,919		53,252
Revolve Group, Inc.* (Specialty Retail)		548		7,897
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		207		8,568
RGC Resources, Inc. (Gas Utilities)		107		2,045
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		686		30,259
Ribbon Communications, Inc.* (Communications Equipment)		1,185		3,602
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components)		162		1,594
Rigel Pharmaceuticals, Inc.* (Biotechnology)		2,284		2,672
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		118		2,622
Rimini Street, Inc.* (Software)		698		2,289
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels)		1,601		2,225
Riot Platforms, Inc.* (Software)		2,540		27,686
RLJ Lodging Trust (Hotel & Resort REITs)		2,069		23,959
Rocket Lab USA, Inc.* (Aerospace & Defense)		3,722		18,052
Rocket Pharmaceuticals, Inc.* (Biotechnology)		837		24,047
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		93		2,602
Rogers Corp.* (Electronic Equipment, Instruments & Components)		231		26,627
Rover Group, Inc.* (Diversified Consumer Services)		1,220		13,347
RPC, Inc. (Energy Equipment & Services)		1,135		8,297
Rush Enterprises, Inc. - Class A (Trading Companies & Distributors)		823		36,961
Rush Enterprises, Inc. - Class B (Trading Companies & Distributors)		122		5,767
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		863		4,496
RXO, Inc.* (Ground Transportation)		1,552		32,282
RxSight, Inc.* (Health Care Equipment & Supplies)		379		17,248
Ryerson Holding Corp. (Metals & Mining)		376		12,904
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		779		85,613
S&T Bancorp, Inc. (Banks)		509		16,970
Sabra Health Care REIT, Inc. (Health Care REITs)		3,091		41,235
Sabre Corp.* (Hotels, Restaurants & Leisure)		4,422		18,130
Safe Bulkers, Inc. (Marine Transportation)		885		3,575
Safehold, Inc. (Specialized REITs)		650		12,909
Safety Insurance Group, Inc. (Insurance)		192		15,996
Sage Therapeutics, Inc.* (Biotechnology)		706		18,102
Sagimet Biosciences, Inc.* - Class A (Biotechnology)		74		702
Sally Beauty Holdings, Inc.* (Specialty Retail)		1,433		17,655
Sana Biotechnology, Inc.* (Biotechnology)		1,280		7,027
Sanara Medtech, Inc.* (Health Care Equipment & Supplies)		51		1,724
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)		426		6,220
Sandy Spring Bancorp, Inc. (Banks)		586		14,287
Sangamo Therapeutics, Inc.* (Biotechnology)		1,988		909
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		755		45,164
Sapiens International Corp. N.V. (Software)		410		11,193
Saul Centers, Inc. (Retail REITs)		156		5,969
Savara, Inc.* (Biotechnology)		1,205		5,953
Savers Value Village, Inc.* (Broadline Retail)		346		6,467
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		330		12,956
Schnitzer Steel Industries, Inc. (Metals & Mining)		345		9,084
Scholar Rock Holding Corp.* (Biotechnology)		740		10,323
Scholastic Corp. (Media)		357		13,723
Schrodinger, Inc.* (Health Care Technology)		727		19,229
Scilex Holding Co.* (Pharmaceuticals)		1,025		1,681
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		638		45,107
scPharmaceuticals, Inc.* (Pharmaceuticals)		385		1,887
Seacoast Banking Corp. of Florida (Banks)		1,125		27,630
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services)		321		3,390
Seadrill, Ltd.* (Energy Equipment & Services)		675		29,174
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		486		24,008
Security National Financial Corp.* - Class A (Financial Services)		168		1,315
Seer, Inc.* (Life Sciences Tools & Services)		782		1,345
Select Medical Holdings Corp. (Health Care Providers & Services)		1,388		36,074
Select Water Solutions, Inc. (Energy Equipment & Services)		1,066		8,283
Selective Insurance Group, Inc. (Insurance)		804		84,306
Selectquote, Inc.* (Insurance)		1,821		2,021
Semler Scientific, Inc.* (Health Care Equipment & Supplies)		61		2,702
SEMrush Holdings, Inc.* - Class A (Software)		418		4,824
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		854		16,943
Seneca Foods Corp.* - Class A (Food Products)		70		3,737
Sensient Technologies Corp. (Chemicals)		562		34,861
Seres Therapeutics, Inc.* (Biotechnology)		1,298		1,467
Service Properties Trust (Hotel & Resort REITs)		2,202		17,021
ServisFirst Bancshares, Inc. (Banks)		680		45,655
SES AI Corp.* (Electrical Equipment)		1,666		2,182
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		1,537		18,705
Shake Shack, Inc.* - Class A (Hotels, Restaurants & Leisure)		504		38,083

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Sharecare, Inc.* (Health Care Technology)		4,115	$	4,650
Shenandoah Telecommunications Co. (Diversified Telecommunication Services)		649		13,298
Shoals Technologies Group, Inc.* - Class A (Electrical Equipment)		2,290		30,159
Shoe Carnival, Inc. (Specialty Retail)		243		6,197
Shore Bancshares, Inc. (Banks)		398		5,150
Shutterstock, Inc. (Interactive Media & Services)		329		15,453
SI-BONE, Inc.* (Health Care Equipment & Supplies)		531		10,732
Sierra Bancorp (Banks)		180		3,735
SIGA Technologies, Inc. (Pharmaceuticals)		615		3,001
Sight Sciences, Inc.* (Health Care Equipment & Supplies)		288		1,221
Signet Jewelers, Ltd. (Specialty Retail)		595		59,190
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		424		52,305
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		513		7,762
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels)		282		7,490
Silvercrest Asset Management Group, Inc. - Class A (Capital Markets)		126		2,102
Simmons First National Corp. - Class A (Banks)		1,658		31,519
Simpson Manufacturing Co., Inc. (Building Products)		573		103,708
Simulations Plus, Inc. (Health Care Technology)		212		8,035
Sinclair, Inc. (Media)		438		6,877
SiriusPoint, Ltd.* (Insurance)		933		11,009
SITE Centers Corp. (Retail REITs)		2,546		33,913
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		232		24,724
Sitio Royalties Corp. - Class A (Oil, Gas & Consumable Fuels)		1,098		23,420
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		965		24,328
SJW Group (Water Utilities)		426		25,364
Skillsoft Corp.* (Professional Services)		58		813
Skyline Champion Corp.* (Household Durables)		716		49,032
Skyward Specialty Insurance Group, Inc.* (Insurance)		319		9,921
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		245		2,117
SkyWest, Inc.* (Passenger Airlines)		541		28,814
SKYX Platforms Corp.* (Electrical Equipment)		836		1,254
SL Green Realty Corp. (Office REITs)		865		38,882
Sleep Number Corp.* (Specialty Retail)		285		2,936
SM Energy Co. (Oil, Gas & Consumable Fuels)		1,579		58,549
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		645		12,674
SmartFinancial, Inc. (Banks)		212		4,931
SmartRent, Inc.* (Electronic Equipment, Instruments & Components)		2,460		7,257
Smith & Wesson Brands, Inc. (Leisure Products)		611		7,980
Snap One Holdings Corp.* (Household Durables)		244		1,928
Solaris Oilfield Infrastructure, Inc. - Class A (Energy Equipment & Services)		390		2,925
SolarWinds Corp.* (Software)		680		8,038
Solid Power, Inc.* (Automobile Components)		2,068		3,350
Solo Brands, Inc.* - Class A (Leisure Products)		265		739
Sonic Automotive, Inc. - Class A (Specialty Retail)		196		9,910
Sonos, Inc.* (Household Durables)		1,696		26,424
SoundHound AI, Inc.* - Class A (Software)		1,842		3,058
SoundThinking, Inc.* (Software)		127		2,621
South Plains Financial, Inc. (Banks)		156		4,224
Southern First Bancshares, Inc.* (Banks)		102		3,824
Southern Missouri Bancorp, Inc. (Banks)		127		5,538
Southern States Bancshares, Inc. (Banks)		101		2,582
Southland Holdings, Inc.* (Construction & Engineering)		54		265
Southside Bancshares, Inc. (Banks)		384		12,019
SouthState Corp. (Banks)		1,017		84,513
Southwest Gas Holdings, Inc. (Gas Utilities)		825		48,411
Sovos Brands, Inc.* (Food Products)		738		16,273
SP Plus Corp.* (Commercial Services & Supplies)		261		13,502
SpartanNash Co. (Consumer Staples Distribution & Retail)		461		10,340
Sphere Entertainment Co.* (Entertainment)		355		12,560
Spire, Inc. (Gas Utilities)		688		39,058
Spirit Airlines, Inc. (Passenger Airlines)		1,465		9,215
Spok Holdings, Inc. (Wireless Telecommunication Services)		237		3,925
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		500		1,925
SpringWorks Therapeutics, Inc.* (Biotechnology)		896		39,540
Sprinklr, Inc.* - Class A (Software)		1,410		17,597
Sprout Social, Inc.* - Class A (Software)		638		39,129
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		1,361		68,554
SPS Commerce, Inc.* (Software)		490		90,061
SPX Technologies, Inc.* (Machinery)		590		59,378
Squarespace, Inc.* - Class A (IT Services)		674		20,894
STAAR Surgical Co.* (Health Care Equipment & Supplies)		649		18,178
Stagwell, Inc.* (Media)		1,071		6,983
Standard Motor Products, Inc. (Automobile Components)		274		11,056
Standex International Corp. (Machinery)		158		23,330
Star Holdings* (Diversified REITs)		173		2,005
Steelcase, Inc. - Class A (Commercial Services & Supplies)		1,237		15,685
Stellar Bancorp, Inc. (Banks)		650		16,270
Stem, Inc.* (Electrical Equipment)		1,901		5,627
Stepan Co. (Chemicals)		284		25,353
StepStone Group, Inc. - Class A (Capital Markets)		720		24,084
Sterling Bancorp, Inc.* (Banks)		290		1,569
Sterling Check Corp.* (Professional Services)		419		5,715
Sterling Infrastructure, Inc.* (Construction & Engineering)		400		30,040

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		1,005	$	42,089
Stewart Information Services Corp. (Insurance)		357		22,013
Stitch Fix, Inc.* - Class A (Specialty Retail)		1,142		3,654
Stock Yards Bancorp, Inc. (Banks)		362		17,999
Stoke Therapeutics, Inc.* (Biotechnology)		368		1,781
StoneCo, Ltd.* - Class A (Financial Services)		3,887		66,817
Stoneridge, Inc.* (Automobile Components)		353		6,280
StoneX Group, Inc.* (Capital Markets)		358		23,539
Strategic Education, Inc. (Diversified Consumer Services)		302		28,406
Stratus Properties, Inc.* (Real Estate Management & Development)		75		1,725
Stride, Inc.* (Diversified Consumer Services)		566		33,932
Sturm Ruger & Co., Inc. (Leisure Products)		233		10,173
Summit Financial Group, Inc. (Banks)		149		4,215
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		1,399		9,066
Summit Materials, Inc.* - Class A (Construction Materials)		1,595		57,708
Summit Therapeutics, Inc.* (Biotechnology)		1,546		6,060
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		503		6,846
SunCoke Energy, Inc. (Metals & Mining)		1,116		11,439
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		1,419		14,928
SunOpta, Inc.* (Food Products)		1,251		7,443
SunPower Corp.* (Electrical Equipment)		1,166		3,533
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)		2,782		29,684
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure)		1,821		5,700
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		619		327,828
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		656		18,158
Surgery Partners, Inc.* (Health Care Providers & Services)		1,009		30,966
Surmodics, Inc.* (Health Care Equipment & Supplies)		184		6,479
Sutro Biopharma, Inc.* (Biotechnology)		803		3,485
Sweetgreen, Inc.* - Class A (Hotels, Restaurants & Leisure)		1,290		13,777
SWK Holdings Corp.* (Financial Services)		49		848
Sylvamo Corp. (Paper & Forest Products)		478		22,194
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		527		56,289
Syndax Pharmaceuticals, Inc.* (Biotechnology)		892		18,277
System1, Inc.* (Interactive Media & Services)		437		787
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		311		4,718
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		1,811		23,489
Tanger, Inc. (Retail REITs)		1,365		36,719
Tango Therapeutics, Inc.* (Biotechnology)		596		7,003
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		417		4,032
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals)		109		4,692
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		383		10,433
Taylor Morrison Home Corp.* (Household Durables)		1,384		72,162
TechTarget, Inc.* (Media)		339		11,584
Teekay Corp.* (Oil, Gas & Consumable Fuels)		827		7,435
Teekay Tankers, Ltd. - Class A (Oil, Gas & Consumable Fuels)		319		19,953
TEGNA, Inc. (Media)		2,696		42,032
Tejon Ranch Co.* (Real Estate Management & Development)		280		4,418
Tela Bio, Inc.* (Health Care Equipment & Supplies)		216		1,493
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		1,321		25,376
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)		7,380		3,697
Tenable Holdings, Inc.* (Software)		1,525		71,828
Tenaya Therapeutics, Inc.* (Biotechnology)		620		2,607
Tennant Co. (Machinery)		247		23,346
Terawulf, Inc.* (Software)		1,976		3,300
Terex Corp. (Machinery)		888		54,550
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)		572		2,963
Terran Orbital Corp.* (Aerospace & Defense)		1,320		1,093
Terreno Realty Corp. (Industrial REITs)		1,107		66,121
TETRA Technologies, Inc.* (Energy Equipment & Services)		1,673		7,010
Texas Capital Bancshares, Inc.* (Banks)		640		39,040
Textainer Group Holdings, Ltd. (Trading Companies & Distributors)		540		26,811
TG Therapeutics, Inc.* (Biotechnology)		1,850		30,044
The Andersons, Inc. (Consumer Staples Distribution & Retail)		430		22,665
The Bancorp, Inc.* (Banks)		695		30,330
The Bank of NT Butterfield & Son, Ltd. (Banks)		648		19,654
The Beauty Health Co.* (Personal Care Products)		1,092		3,200
The Brink's Co. (Commercial Services & Supplies)		616		49,798
The Buckle, Inc. (Specialty Retail)		408		15,174
The Cato Corp. - Class A (Specialty Retail)		232		1,568
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		648		22,272
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail)		470		14,955
The Children's Place, Inc.* (Specialty Retail)		159		3,543
The Duckhorn Portfolio, Inc.* (Beverages)		586		5,057
The E.W. Scripps Co.* - Class A (Media)		794		6,328
The Ensign Group, Inc. (Health Care Providers & Services)		728		82,424
The First Bancorp, Inc. (Banks)		131		3,275
The First Bancshares, Inc. (Banks)		410		10,426
The First of Long Island Corp. (Banks)		285		3,426
The GEO Group, Inc.* (Commercial Services & Supplies)		1,608		17,881
The Goodyear Tire & Rubber Co.* (Automobile Components)		3,760		52,414

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
The Gorman-Rupp Co. (Machinery)		306	$	10,217
The Greenbrier Cos., Inc. (Machinery)		408		18,548
The Hackett Group, Inc. (IT Services)		334		7,722
The Hain Celestial Group, Inc.* (Food Products)		1,194		12,788
The Joint Corp.* (Health Care Providers & Services)		190		1,854
The Lovesac Co.* (Household Durables)		187		4,331
The Macerich Co. (Retail REITs)		2,886		45,570
The Manitowoc Co., Inc.* (Machinery)		465		7,487
The Marcus Corp. (Entertainment)		324		4,400
The ODP Corp.* (Specialty Retail)		434		22,195
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure)		293		1,289
The Pennant Group, Inc.* (Health Care Providers & Services)		381		5,719
The RMR Group, Inc. - Class A (Real Estate Management & Development)		206		5,375
The Shyft Group, Inc. (Machinery)		451		4,884
The Simply Good Foods Co.* (Food Products)		1,212		45,813
The St Joe Co. (Real Estate Management & Development)		460		25,392
The Vita Coco Co., Inc.* (Beverages)		382		7,522
The York Water Co. (Water Utilities)		190		6,817
Theravance Biopharma, Inc.* (Pharmaceuticals)		688		6,522
Thermon Group Holdings, Inc.* (Electrical Equipment)		446		14,620
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals)		270		1,096
Third Coast Bancshares, Inc.* (Banks)		172		3,268
Third Harmonic Bio, Inc.* (Pharmaceuticals)		260		2,254
Thoughtworks Holding, Inc.* (IT Services)		1,236		5,784
ThredUp, Inc.* - Class A (Specialty Retail)		958		1,950
Thryv Holdings, Inc.* (Media)		414		8,462
Tidewater, Inc.* (Energy Equipment & Services)		620		41,658
Tile Shop Holdings, Inc.* (Specialty Retail)		385		2,499
Tilly's, Inc.* - Class A (Specialty Retail)		299		2,195
Timberland Bancorp, Inc. (Banks)		99		2,769
TimkenSteel Corp.* (Metals & Mining)		581		11,940
Tingo Group, Inc.*⁺ (Wireless Telecommunication Services)		1,741		–
Tiptree, Inc. (Insurance)		320		6,058
Titan International, Inc.* (Machinery)		700		10,332
Titan Machinery, Inc.* (Trading Companies & Distributors)		275		7,351
Tompkins Financial Corp. (Banks)		185		9,137
Topgolf Callaway Brands Corp.* (Leisure Products)		1,922		25,312
Torrid Holdings, Inc.* (Specialty Retail)		161		831
Towne Bank (Banks)		937		26,339
Townsquare Media, Inc. - Class A (Media)		156		1,675
TPG RE Finance Trust, Inc. (Mortgage REITs)		922		5,615
TPI Composites, Inc.* (Electrical Equipment)		552		1,490
Traeger, Inc.* (Household Durables)		474		1,038
Transcat, Inc.* (Trading Companies & Distributors)		109		11,994
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		17		675
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		423		36,281
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment)		392		1,897
Travere Therapeutics, Inc.* (Biotechnology)		972		8,680
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		603		8,128
Tredegar Corp. (Metals & Mining)		356		1,684
TreeHouse Foods, Inc.* (Food Products)		688		28,965
Trevi Therapeutics, Inc.* (Pharmaceuticals)		562		798
Tri Pointe Homes, Inc.* (Household Durables)		1,284		44,337
TriCo Bancshares (Banks)		415		15,085
TriMas Corp. (Containers & Packaging)		554		13,673
TriNet Group, Inc.* (Professional Services)		428		48,664
Trinity Industries, Inc. (Machinery)		1,084		27,252
Trinseo PLC (Chemicals)		467		2,816
Triumph Financial, Inc.* (Banks)		297		20,983
Triumph Group, Inc.* (Aerospace & Defense)		860		13,932
Tronox Holdings PLC (Chemicals)		1,563		21,554
TrueBlue, Inc.* (Professional Services)		406		5,595
TrueCar, Inc.* (Interactive Media & Services)		1,195		4,230
Trupanion, Inc.* (Insurance)		528		14,362
TrustCo Bank Corp. (Banks)		248		7,167
Trustmark Corp. (Banks)		813		21,943
TTEC Holdings, Inc. (Professional Services)		260		5,299
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,383		19,238
Tucows, Inc.* - Class A (IT Services)		133		3,075
Turning Point Brands, Inc. (Tobacco)		229		5,562
Turnstone Biologics Corp.* (Biotechnology)		88		231
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals)		218		2,479
Tutor Perini Corp.* (Construction & Engineering)		567		5,080
Twist Bioscience Corp.* (Biotechnology)		760		24,624
Two Harbors Investment Corp. (Mortgage REITs)		1,299		16,186
Tyra Biosciences, Inc.* (Biotechnology)		187		2,506
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		199		18,360
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		1,006		10,784
Udemy, Inc.* (Diversified Consumer Services)		1,173		15,941
UFP Industries, Inc. (Building Products)		802		90,988
UFP Technologies, Inc.* (Health Care Equipment & Supplies)		95		16,008
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		594		22,691
UMB Financial Corp. (Banks)		591		48,758
UMH Properties, Inc. (Residential REITs)		799		12,073
UniFirst Corp. (Commercial Services & Supplies)		200		33,884
Unisys Corp.* (IT Services)		887		5,978
United Bankshares, Inc. (Banks)		1,748		62,666
United Community Banks, Inc. (Banks)		1,544		42,213

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
United Fire Group, Inc. (Insurance)		281	$	6,297
United Homes Group, Inc.* (Household Durables)		72		541
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)		780		11,630
United States Lime & Minerals, Inc. (Construction Materials)		27		6,984
Uniti Group, Inc. (Specialized REITs)		3,181		16,732
Unitil Corp. (Multi-Utilities)		213		10,122
Unity Bancorp, Inc. (Banks)		96		2,629
Universal Corp. (Tobacco)		322		18,660
Universal Health Realty Income Trust (Health Care REITs)		172		6,847
Universal Insurance Holdings, Inc. (Insurance)		324		5,385
Universal Logistics Holdings, Inc. (Ground Transportation)		91		2,777
Universal Technical Institute, Inc.* (Diversified Consumer Services)		438		6,185
Univest Financial Corp. (Banks)		387		8,220
Upbound Group, Inc. (Specialty Retail)		736		24,435
Upstart Holdings, Inc.* (Consumer Finance)		977		31,030
Upwork, Inc.* (Professional Services)		1,670		22,896
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		5,049		38,574
Urban Edge Properties (Retail REITs)		1,534		26,492
Urban One, Inc.* (Media)		121		443
Urban One, Inc.* (Media)		152		547
Urban Outfitters, Inc.* (Specialty Retail)		852		32,376
UroGen Pharma, Ltd.* (Biotechnology)		363		5,699
USANA Health Sciences, Inc.* (Personal Care Products)		152		7,117
USCB Financial Holdings, Inc.* (Banks)		140		1,698
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		46		3,644
Utz Brands, Inc. (Food Products)		961		17,010
V2X, Inc.* (Aerospace & Defense)		154		5,989
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels)		1,438		6,126
Valaris, Ltd.* (Energy Equipment & Services)		807		49,929
Valhi, Inc. (Chemicals)		32		444
Valley National Bancorp (Banks)		5,766		55,469
Value Line, Inc. (Capital Markets)		11		491
Vanda Pharmaceuticals, Inc.* (Biotechnology)		754		2,714
Varex Imaging Corp.* (Health Care Equipment & Supplies)		518		9,982
Varonis Systems, Inc.* (Software)		1,452		65,166
Vaxcyte, Inc.* (Biotechnology)		1,252		89,417
Vaxxinity, Inc.* - Class A (Biotechnology)		569		404
Vector Group, Ltd. (Tobacco)		1,941		20,323
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		679		21,647
Velo3D, Inc.* (Machinery)		1,214		381
Velocity Financial, Inc.* (Financial Services)		117		1,843
Ventyx Biosciences, Inc.* (Pharmaceuticals)		625		1,319
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		350		2,688
Vera Therapeutics, Inc.* (Biotechnology)		451		16,425
Veracyte, Inc.* (Biotechnology)		971		24,294
Veradigm, Inc.* (Health Care Technology)		1,440		13,147
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels)		8		21
Vericel Corp.* (Biotechnology)		636		27,335
Verint Systems, Inc.* (Software)		834		24,761
Veris Residential, Inc. (Residential REITs)		1,056		16,104
Veritex Holdings, Inc. (Banks)		701		14,728
Veritone, Inc.* (Software)		353		582
Verra Mobility Corp.* (Professional Services)		1,864		44,568
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		279		1,576
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels)		872		1,273
Verve Therapeutics, Inc.* (Biotechnology)		697		7,542
Viad Corp.* (Commercial Services & Supplies)		272		8,992
Viant Technology, Inc.* - Class A (Software)		196		1,680
Viavi Solutions, Inc.* (Communications Equipment)		2,954		29,039
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies)		1,336		538
Vicor Corp.* (Electrical Equipment)		296		11,150
Victory Capital Holdings, Inc. - Class A (Capital Markets)		358		12,075
Viemed Healthcare, Inc.* (Health Care Providers & Services)		456		3,703
Vigil Neuroscience, Inc.* (Biotechnology)		214		582
Viking Therapeutics, Inc.* (Biotechnology)		1,283		30,972
Village Super Market, Inc. - Class A (Consumer Staples Distribution & Retail)		118		3,001
Vimeo, Inc.* (Interactive Media & Services)		2,032		8,067
Vir Biotechnology, Inc.* (Biotechnology)		1,118		10,509
Virgin Galactic Holdings, Inc.* (Aerospace & Defense)		4,382		7,800
Virginia National Bankshares Corp. (Banks)		63		2,080
Viridian Therapeutics, Inc.* (Biotechnology)		570		10,973
Virtus Investment Partners, Inc. (Capital Markets)		93		21,958
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		1,722		37,419
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		165		5,260
Vista Outdoor, Inc.* (Leisure Products)		771		21,642
Visteon Corp.* (Automobile Components)		368		42,427
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		312		13,675
Vital Farms, Inc.* (Food Products)		408		5,867
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels)		335		7,038
Vivid Seats, Inc.* - Class A (Entertainment)		326		1,871
Vizio Holding Corp.* - Class A (Household Durables)		1,025		7,175
Vor BioPharma, Inc.* (Biotechnology)		503		1,157
VOXX International Corp.* (Household Durables)		158		1,319
Voyager Therapeutics, Inc.* (Biotechnology)		424		3,082
VSE Corp. (Commercial Services & Supplies)		175		10,869
Vuzix Corp.* (Electronic Equipment, Instruments & Components)		788		1,316

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Common Stocks, continued

	Shares		Value
W&T Offshore, Inc. (Oil, Gas & Consumable Fuels)		1,312	$	3,988
Wabash National Corp. (Machinery)		615		15,560
WaFd, Inc. (Banks)		861		25,003
Waldencast PLC* - Class A (Personal Care Products)		481		3,391
Walker & Dunlop, Inc. (Financial Services)		425		41,051
Warby Parker, Inc.* - Class A (Specialty Retail)		1,132		14,433
Warrior Met Coal, Inc. (Metals & Mining)		691		44,341
Washington Trust Bancorp, Inc. (Banks)		226		6,285
Waterstone Financial, Inc. (Financial Services)		235		3,126
Watts Water Technologies, Inc. - Class A (Machinery)		365		72,273
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		789		3,408
WD-40 Co. (Household Products)		181		46,876
Weatherford International PLC* (Energy Equipment & Services)		951		85,161
Weave Communications, Inc.* (Software)		446		5,593
Weis Markets, Inc. (Consumer Staples Distribution & Retail)		220		13,365
Werner Enterprises, Inc. (Ground Transportation)		846		33,459
WesBanco, Inc. (Banks)		770		22,592
West Bancorp, Inc. (Banks)		216		4,063
Westamerica Bancorp (Banks)		346		16,511
Westrock Coffee Co.* (Food Products)		379		3,926
Weyco Group, Inc. (Distributors)		79		2,537
Whitestone REIT (Retail REITs)		649		8,385
WideOpenWest, Inc.* (Media)		668		2,478
Willdan Group, Inc.* (Professional Services)		163		3,120
Willis Lease Finance Corp.* (Trading Companies & Distributors)		39		1,911
Winmark Corp. (Specialty Retail)		38		13,705
Winnebago Industries, Inc. (Automobiles)		388		25,499
WisdomTree, Inc. (Capital Markets)		1,843		12,477
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		1,037		8,669
Workhorse Group, Inc.* (Automobiles)		2,755		730
Workiva, Inc.* (Software)		664		61,712
World Acceptance Corp.* (Consumer Finance)		54		7,091
World Kinect Corp. (Oil, Gas & Consumable Fuels)		798		18,011
Worthington Enterprises, Inc. (Household Durables)		411		23,443
Worthington Steel, Inc.* (Metals & Mining)		411		12,309
WSFS Financial Corp. (Banks)		818		36,409
WW International, Inc.* (Diversified Consumer Services)		728		2,737
X4 Pharmaceuticals, Inc.* (Biotechnology)		1,643		1,284
Xencor, Inc.* (Biotechnology)		774		14,474
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		1,434		19,115
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals)		1,776		4,369
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		1,562		28,835
XOMA Corp.* (Biotechnology)		98		1,957
Xometry, Inc.* - Class A (Trading Companies & Distributors)		453		14,578
XPEL, Inc.* (Automobile Components)		302		16,142
Xperi, Inc.* (Software)		580		6,194
Xponential Fitness, Inc.* - Class A (Hotels, Restaurants & Leisure)		336		3,716
Yelp, Inc.* (Interactive Media & Services)		889		38,875
Yext, Inc.* (Software)		1,429		8,474
Y-mAbs Therapeutics, Inc.* (Biotechnology)		491		6,280
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		777		9,207
Zeta Global Holdings Corp.* - Class A (Software)		1,855		17,956
Zevia PBC* - Class A (Beverages)		338		575
Zevra Therapeutics, Inc.* (Pharmaceuticals)		485		2,808
Ziff Davis, Inc.* (Interactive Media & Services)		618		41,652
Zimvie, Inc.* (Health Care Equipment & Supplies)		345		6,031
ZipRecruiter, Inc.* (Interactive Media & Services)		903		12,570
Zumiez, Inc.* (Specialty Retail)		213		3,657
Zuora, Inc.* - Class A (Software)		1,776		16,233
Zura Bio, Ltd.* (Biotechnology)		227		647
Zurn Elkay Water Solutions Corp. (Building Products)		1,976		58,588
Zymeworks, Inc.* (Biotechnology)		724		7,848
Zynex, Inc.* (Health Care Equipment & Supplies)		243		2,877
TOTAL COMMON STOCKS (Cost $21,072,925)				32,580,832

Rights ^(NM)

Cartesian Therapeutics, Inc., CVR*⁺ (Pharmaceuticals)		1,656		298
Chinook Therapeutics CVR*⁺ (Health Care Providers & Services)		750		–
TOTAL RIGHTS (Cost $–)				298

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*⁺ (Metals & Mining)		1,320	$	—
TOTAL TRUST (Cost $–)				—

Repurchase Agreements^(a)(b) (28.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 5.10%-5.19%, dated 1/31/24, due 2/1/24, total to be received $12,312,767	$	12,311,000	$	12,311,000
TOTAL REPURCHASE AGREEMENTS (Cost $12,311,000)				12,311,000
TOTAL INVESTMENT SECURITIES (Cost $33,383,925) - 105.4%				44,892,130
Net other assets (liabilities) - (5.4)%				(2,279,702	)
NET ASSETS - 100.0%			$	42,612,428

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

^†	Number of shares is less than 0.50.
^*	Non-income producing security.
⁺	These securities were fair valued based on procedures approved by the Board of Trustees. As of January 31, 2024, these securities represented less than 0.005% of the net assets of the Fund.
^(a)	The ProFund invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to the Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
^(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. As of January 31,2024, the aggregate amount held in a segregated account was $7,125,000.
^NM	Not meaningful, amount is less than 0.05%.
^CVR	Contingent Value Rights
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

Futures Contracts Purchased

		Number of Contracts		Expiration Date		Notional Amount				Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		28		3/18/24		$	2,738,260			$	(60,997	)

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	2/27/24		5.38	%	$	5,822,027	$	(194,141	)
Russell 2000 Index	Goldman Sachs International	2/27/24		5.73	%		28,020,276		(1,049,124	)
						$	33,842,303	$	(1,243,265	)

iShares Russell 2000 ETF	UBS AG	2/27/24		5.13	%	$	6,891,705	$	(235,364	)
Russell 2000 Index	UBS AG	2/27/24		5.33	%		9,158,340		(303,549	)
						$	16,050,045	$	(538,913	)
						$	49,892,348	$	(1,782,178	)

⁽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 January 31, 2024, 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 a part of the unrealized appreciation/(depreciation).

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

UltraSmall-Cap ProFund :: Schedule of Portfolio Investments :: January 31, 2024 (unaudited)

UltraSmall-Cap ProFund invested in the following industries as of January 31, 2024:

	Value		% of Net Assets
Aerospace & Defense	$	280,267		0.7	%
Air Freight & Logistics		67,923		0.2	%
Automobile Components		431,693		1.0	%
Automobiles		31,018		0.1	%
Banks		3,008,245		7.1	%
Beverages		131,422		0.3	%
Biotechnology		2,500,611		5.9	%
Broadline Retail		27,869		0.1	%
Building Products		661,795		1.6	%
Capital Markets		460,922		1.1	%
Chemicals		608,670		1.4	%
Commercial Services & Supplies		500,521		1.2	%
Communications Equipment		175,294		0.4	%
Construction & Engineering		546,525		1.3	%
Construction Materials		114,202		0.3	%
Consumer Finance		257,646		0.6	%
Consumer Staples Distribution & Retail		190,446		0.4	%
Containers & Packaging		87,891		0.2	%
Distributors		2,537		^NM
Diversified Consumer Services		385,950		0.9	%
Diversified REITs		196,651		0.5	%
Diversified Telecommunication Services		161,045		0.4	%
Electric Utilities		228,840		0.5	%
Electrical Equipment		459,741		1.1	%
Electronic Equipment, Instruments & Components		892,784		2.1	%
Energy Equipment & Services		787,439		1.8	%
Entertainment		123,947		0.3	%
Financial Services		792,773		1.9	%
Food Products		324,413		0.8	%
Gas Utilities		290,248		0.7	%
Ground Transportation		146,037		0.3	%
Health Care Equipment & Supplies		915,585		2.1	%
Health Care Providers & Services		822,892		1.9	%
Health Care REITs		188,234		0.4	%
Health Care Technology		141,178		0.3	%
Hotel & Resort REITs		289,304		0.7	%
Hotels, Restaurants & Leisure		709,364		1.7	%
Household Durables		772,921		1.8	%
Household Products		109,186		0.3	%
Independent Power and Renewable Electricity Producers		71,857		0.2	%
Industrial Conglomerates		7,971		^NM
Industrial REITs		149,137		0.3	%
Insurance		602,886		1.4	%
Interactive Media & Services		231,622		0.5	%
IT Services		175,533		0.4	%
Leisure Products		126,874		0.3	%
Life Sciences Tools & Services		97,794		0.2	%
Machinery		1,148,196		2.7	%
Marine Transportation		102,899		0.2	%
Media		212,466		0.5	%
Metals & Mining		594,785		1.4	%
Mortgage REITs		372,293		0.9	%
Multi-Utilities		131,187		0.3	%
Office REITs		235,658		0.5	%
Oil, Gas & Consumable Fuels		1,494,096		3.5	%
Paper & Forest Products		30,238		0.1	%
Passenger Airlines		120,156		0.3	%
Personal Care Products		324,287		0.8	%
Pharmaceuticals		577,139		1.4	%
Professional Services		839,781		2.0	%
Real Estate Management & Development		243,189		0.6	%
Residential REITs		127,619		0.3	%
Retail REITs		389,335		0.9	%
Semiconductors & Semiconductor Equipment		999,807		2.3	%
Software		1,885,669		4.4	%
Specialized REITs		143,879		0.3	%
Specialty Retail		825,658		1.9	%
Technology Hardware, Storage & Peripherals		396,510		0.9	%
Textiles, Apparel & Luxury Goods		174,224		0.4	%
Tobacco		47,152		0.1	%
Trading Companies & Distributors		706,191		1.7	%
Water Utilities		133,880		0.3	%
Wireless Telecommunication Services		37,133		0.1	%
Other **		10,031,298		23.5	%
Total	$	42,612,428		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%.
^REIT	Real Estate Investment Trust

Additional financial disclosures are included in the notes to the financial statements of the ProFunds' semiannual report and should be read in conjunction with this report.

(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 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. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 14. Exhibits.

(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/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date

March 28, 2024

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

April 2, 2024

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date

March 28, 2024

* Print the name and title of each signing officer under his or her signature.

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