# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0000910472-25-004463
**Filing Date:** 2025-11
**Character Count:** 711997
**Document Hash:** 65085a4115cc69a8fd94688f6757dbd3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004463.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0000910472-25-004463

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ProFunds
- **CENTRAL INDEX KEY:** 0001039803

**ORGANIZATION NAME:**
- **EIN:** 522035197
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08239
- **FILM NUMBER:** 251528033

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 2404976428

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROFUNDS
- **DATE OF NAME CHANGE:** 19970521

## Series and Classes Contracts Data

### PROFUND VP FALLING U.S. DOLLAR (Series ID: S000004527)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000012425 | PROFUND VP FALLING U.S. DOLLAR |  |

## Nport-Ex

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

Access

VP

High

Yield

m

Repurchase

Agreements

(a) (88.7%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$11,846,325

$

11,845,000

$

11,845,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$11,845,000)

11,845,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$11,845,000)— 88.7%

$

11,845,000

Net

other

assets

(liabilities) —

11.3%

1,515,827

NET

ASSETS

—

100.0%

$

13,360,827

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

Goldman

Sachs

International

10/23/25

3.09%

$

6,859,104

$

(10,007)

iShares

iBoxx

$

High

Yield

Corporate

Bond

ETF

UBS

AG

10/23/25

4.89%

6,499,354

(12,182)

$13,358,458

$(22,189)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Asia

Common

Stocks

(99

.9

%)

Shares

Value

Alibaba

Group

Holding,

Ltd.

ADR

(Broadline

Retail)

11,882

$

2,123,671

ASE

Technology

Holding

Co.,

Ltd.

ADR

(Semiconductors

&

Semiconductor

Equipment)

48,981

543,199

Baidu,

Inc.

\*ADR

(Interactive

Media

&

Services)

6,131

807,882

BHP

Group,

Ltd.

ADR(a)

(Metals

&

Mining)

18,708

1,042,971

Bilibili,

Inc.

\*ADR(a)

(Entertainment)

23,258

653,316

Daqo

New

Energy

Corp.

\*ADR

(Semiconductors

&

Semiconductor

Equipment)

22,057

620,463

DiDi

Global,

Inc.

\*ADR

(Ground

Transportation)

109,907

683,622

Full

Truck

Alliance

Co.,

Ltd.

ADR

(Ground

Transportation)

41,776

541,835

Futu

Holdings,

Ltd.

\*ADR

(Capital

Markets)

5,452

948,157

HDFC

Bank,

Ltd.

ADR

(Banks)

33,497

1,144,257

ICICI

Bank,

Ltd.

ADR

(Banks)

27,935

844,475

Infosys,

Ltd.

ADR(a)

(IT

Services)

35,203

572,753

iQIYI,

Inc.

\*ADR(a)

(Entertainment)

201,739

516,452

JD.com,

Inc.

ADR

(Broadline

Retail)

18,076

632,298

JinkoSolar

Holding

Co.,

Ltd

ADR(a)

(Semiconductors

&

Semiconductor

Equipment)

16,622

399,427

Kanzhun,

Ltd.

ADR

(Interactive

Media

&

Services)

32,170

751,491

KE

Holdings,

Inc.

ADR

(Real

Estate

Management

&

Development)

27,493

522,367

Li

Auto,

Inc.

\*ADR(a)

(Automobiles)

20,793

526,895

NetEase,

Inc.

ADR

(Entertainment)

7,152

1,087,032

New

Oriental

Education

&

Technology

Group,

Inc.

\*ADR

(Diversified

Consumer

Services)

7,205

382,369

NIO,

Inc.

\*ADR

(Automobiles)

97,583

743,582

Qifu

Technology,

Inc.

ADR

(Consumer

Finance)

11,629

334,683

Sea,

Ltd.

\*ADR

(Entertainment)

6,131

1,095,794

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

ADR

(Semiconductors

&

Semiconductor

Equipment)

6,763

1,888,839

Tencent

Music

Entertainment

Group

ADR

(Entertainment)

42,029

980,957

Trip.com

Group,

Ltd.

\*ADR

(Hotels,

Restaurants

&

Leisure)

8,343

627,394

United

Microelectronics

Corp.

ADR(a)

(Semiconductors

&

Semiconductor

Equipment)

72,619

550,452

Up

Fintech

Holding,

Ltd.

\*ADR

(Capital

Markets)

58,651

625,806

XPeng,

Inc.

\*ADR(a)

(Automobiles)

35,203

824,454

ZTO

Express

Cayman,

Inc.

ADR

(Air

Freight

&

Logistics)

24,333

467,194

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,937,282)

23,484,087

Collateral

for

Securities

Loaned

(b) (15

.6

%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(c) 3,666,911

3,666,911

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,666,911)

3,666,911

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$15,604,193)— 115.5%

27,150,998

Net

other

assets

(liabilities)

—

(15

.5)

%

(3,640,496)

NET

ASSETS

—

100.0%

$

23,510,502

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$3,595,628.

(b) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (c) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. ADR

American

Depositary

Receipt

ProFund

VP

Asia

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Air

Freight

&

Logistics

$

467,193

2.0%

Automobiles

2,094,931

8.9%

Banks

1,988,733

8.5%

Broadline

Retail

2,755,968

11.7%

Capital

Markets

1,573,963

6.7%

Consumer

Finance

334,683

1.4%

Diversified

Consumer

Services

382,370

1.6%

Entertainment

4,333,552

18.4%

Ground

Transportation

1,225,457

5.2%

Hotels,

Restaurants

&

Leisure

627,394

2.7%

Interactive

Media

&

Services

1,559,373

6.7%

IT

Services

572,753

2.4%

Metals

&

Mining

1,042,971

4.4%

Real

Estate

Management

&

Development

522,367

2.2%

Semiconductors

&

Semiconductor

Equipment

4,002,379

17.1%

Other

\*\*

26,415

0.1%

Total

$

23,510,502

100.0%

ProFund

VP

Asia

invested

in

securities

with

exposure

to

the

following

countries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Australia

$

1,042,971

4.4%

China

14,853,190

63.3%

Hong

Kong

948,157

4.0%

India

2,561,486

10.9%

Singapore

1,095,794

4.6%

Taiwan

2,982,489

12.7%

Other

\*\*

26,415

.1

%

Total

$

23,510,502

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Banks

Common

Stocks

(99.0%)

Shares

Value

Ameris

Bancorp

(Banks)

571

$

41,860

Apollo

Global

Management,

Inc.

(Financial

Services)

42,113

Associated

Banc-Corp.

(Banks)

1,607

41,316

Atlantic

Union

Bankshares

Corp.

(Banks)

1,199

42,313

Axos

Financial,

Inc.

\*

(Banks)

38,939

Banc

of

California,

Inc.

(Banks)

2,511

41,557

BancFirst

Corp.

(Banks)

38,188

Bank

of

America

Corp.

(Banks)

842

43,439

Bank

of

Hawaii

Corp.

(Banks)

622

40,828

Bank

OZK

(Banks)

808

41,192

BankUnited,

Inc.

(Banks)

1,094

41,747

Banner

Corp.

(Banks)

579

37,925

Beacon

Financial

Corporation

(Banks)

1,311

31,084

BOK

Financial

Corp.

(Banks)

42,682

Cadence

Bank

(Banks)

1,133

42,533

Cathay

General

Bancorp

(Banks)

857

41,145

Citigroup,

Inc.

(Banks)

44,152

Citizens

Financial

Group,

Inc.

(Banks)

815

43,325

Columbia

Banking

System,

Inc.

(Banks)

1,611

41,467

Comerica,

Inc.

(Banks)

610

41,797

Commerce

Bancshares,

Inc.

(Banks)

705

42,131

Community

Financial

System,

Inc.

(Banks)

710

41,634

Corebridge

Financial,

Inc

(Financial

Services)

1,272

40,768

Cullen/Frost

Bankers,

Inc.

(Banks)

42,468

Customers

Bancorp,

Inc.

\*

(Banks)

614

40,137

CVB

Financial

Corp.

(Banks)

2,077

39,276

East

West

Bancorp,

Inc.

(Banks)

41,622

Eastern

Bankshares,

Inc.

(Banks)

2,492

45,229

Enterprise

Financial

Services

Corp.

(Banks)

25,917

Equitable

Holdings,

Inc.

(Financial

Services)

801

40,675

Essent

Group,

Ltd.

(Financial

Services)

667

42,395

F.N.B.

Corp.

(Banks)

2,578

41,532

FB

Financial

Corp.

(Banks)

794

44,257

Fifth

Third

Bancorp

(Banks)

928

41,342

First

Bancorp

(Banks)

1,927

42,490

First

Busey

Corp.

(Banks)

1,526

35,327

First

Citizens

BancShares,

Inc.

-

Class

A

(Banks)

39,362

First

Financial

Bancorp

(Banks)

1,110

28,028

First

Financial

Bankshares,

Inc.

(Banks)

1,172

39,438

First

Hawaiian,

Inc.

(Banks)

1,652

41,019

First

Horizon

Corp.

(Banks)

1,863

42,113

First

Interstate

BancSystem,

Inc.

-

Class

A

(Banks)

1,315

41,909

First

Merchants

Corp.

(Banks)

764

28,803

Fulton

Financial

Corp.

(Banks)

2,192

40,837

Glacier

Bancorp,

Inc.

(Banks)

870

42,343

Hancock

Whitney

Corp.

(Banks)

669

41,886

Hilltop

Holdings,

Inc.

\*

(Banks)

1,127

37,664

Home

BancShares,

Inc.

(Banks)

1,431

40,497

Huntington

Bancshares,

Inc.

(Banks)

2,391

41,293

Independent

Bank

Corp.

(Banks)

609

42,125

International

Bancshares

Corp.

(Banks)

572

39,325

Jackson

Financial,

Inc.

-

Class

A

(Financial

Services)

44,136

JPMorgan

Chase

&

Co.

(Banks)

44,475

KeyCorp

(Banks)

2,196

41,043

Lakeland

Financial

Corp.

(Banks)

26,450

M&T

Bank

Corp.

(Banks)

42,093

MGIC

Investment

Corp.

(Financial

Services)

1,489

42,243

Mr.

Cooper

Group,

Inc.

\*

(Financial

Services)

40,893

NBT

Bancorp,

Inc.

(Banks)

549

22,926

New

York

Community

Bancorp,

Inc.

(Banks)

3,346

38,646

NMI

Holdings,

Inc.

\*

-

Class

A

(Financial

Services)

1,066

40,870

Northern

Trust

Corp.

(Capital

Markets)

44,687

OFG

Bancorp

(Banks)

691

30,052

Old

National

Bancorp

(Banks)

1,878

41,222

Park

National

Corp.

(Banks)

27,955

Pathward

Financial,

Inc.

(Banks)

528

39,077

PennyMac

Financial

Services,

Inc.

(Financial

Services)

43,482

Common

Stocks,

continued

Shares

Value

Pinnacle

Financial

Partners,

Inc.

(Banks)

$

40,517

PNC

Financial

Services

Group,

Inc.

(Banks)

41,994

Popular,

Inc.

(Banks)

42,929

Prosperity

Bancshares,

Inc.

(Banks)

627

41,601

Provident

Financial

Services,

Inc.

(Banks)

1,666

32,120

Radian

Group,

Inc.

(Financial

Services)

1,209

43,790

Regions

Financial

Corp.

(Banks)

1,562

41,190

Renasant

Corp.

(Banks)

1,093

40,321

Rocket

Cos,

Inc.

\*(a)

(Financial

Services)

2,021

39,167

Seacoast

Banking

Corp.

of

Florida

(Banks)

1,370

41,689

ServisFirst

Bancshares,

Inc.

(Banks)

501

40,346

Simmons

First

National

Corp.

-

Class

A

(Banks)

2,057

39,433

SouthState

Bank

Corp.

(Banks)

41,130

Stock

Yards

Bancorp,

Inc.

(Banks)

24,077

Synovus

Financial

Corp.

(Banks)

822

40,344

Texas

Capital

Bancshares,

Inc.

\*

(Banks)

40,913

The

Bancorp,

Inc.

\*

(Banks)

556

41,639

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

44,238

Triumph

Financial,

Inc.

\*

(Banks)

576

28,823

Truist

Financial

Corp.

(Banks)

936

42,794

Trustmark

Corp.

(Banks)

761

30,136

U.S.

Bancorp

(Banks)

858

41,467

UMB

Financial

Corp.

(Banks)

40,949

United

Bankshares,

Inc.

(Banks)

1,116

41,526

United

Community

Banks,

Inc.

(Banks)

1,298

40,692

Valley

National

Bancorp

(Banks)

3,943

41,796

Voya

Financial,

Inc.

(Financial

Services)

558

41,738

Walker

&

Dunlop,

Inc.

(Financial

Services)

40,974

Washington

Federal,

Inc.

(Banks)

1,272

38,529

Webster

Financial

Corp.

(Banks)

685

40,716

Wells

Fargo

&

Co.

(Banks)

526

44,089

WesBanco,

Inc.

(Banks)

1,319

42,116

Western

Alliance

Bancorp

(Banks)

41,279

Wintrust

Financial

Corp.

(Banks)

40,792

WSFS

Financial

Corp.

(Banks)

750

40,448

Zions

Bancorp

N.A.

(Banks)

728

41,190

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,341,675)

4,101,186

Repurchase

Agreements

(b) (3.4%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$142,016

$

142,000

142,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$142,000)

142,000

Collateral

for

Securities

Loaned

(c) (1.3%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 54,929

54,929

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $54,929)

54,929

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$2,538,604)— 103.7%

4,298,115

Net

other

assets

(liabilities) —

(3.7)%

(155,217)

NET

ASSETS

—

100.0%

$

4,142,898

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$39,167.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Banks

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. 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

10/23/25

4.84%

$

39,485

$

(2,025)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Banks

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Banks

$

3,469,017

83.7%

Capital

Markets

88,925

2.2%

Financial

Services

543,244

13.1%

Other

\*\*

41,712

1.0%

Total

$

4,142,898

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Bear

Repurchase

Agreements

(a) (b) (99

.8

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$1,829,205

$

1,829,000

$

1,829,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$1,829,000)

1,829,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,829,000)— 99.8%

1,829,000

Net

other

assets

(liabilities)

—

.2

%

3,150

NET

ASSETS

—

100.0%

$

1,832,150

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$168,000.

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

S&P

500

Futures

Contracts

12/22/25

$

(336,938)

$

(8,121)

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

10/27/25

(4.59)%

$

(1,384,511)

$

(5,713)

S&P

500

UBS

AG

10/27/25

(4.49)%

(100,996)

(409)

$(1,485,507)

$(6,122)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Biotechnology

Common

Stocks

(97.8%)

Shares

Value

89bio,

Inc.

\*

(Biotechnology)

14,200

$

208,740

AbbVie,

Inc.

(Biotechnology)

2,845

658,732

ACADIA

Pharmaceuticals,

Inc.

\*

(Biotechnology)

14,589

311,329

ADMA

Biologics,

Inc.

\*

(Biotechnology)

26,641

390,557

Agios

Pharmaceuticals,

Inc.

\*

(Biotechnology)

5,103

204,834

Akebia

Therapeutics,

Inc.

\*

(Biotechnology)

36,045

98,403

Akero

Therapeutics,

Inc.

(Biotechnology)

10,086

478,883

Alkermes

PLC

\*

(Biotechnology)

13,457

403,710

Alnylam

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,283

585,048

Altimmune,

Inc.

\*(a)

(Biotechnology)

11,684

44,049

Amgen,

Inc.

(Biotechnology)

2,162

610,116

Amicus

Therapeutics,

Inc.

\*

(Biotechnology)

28,330

223,240

AnaptysBio,

Inc.

\*

(Biotechnology)

2,250

68,895

Anavex

Life

Sciences

Corp.

\*(a)

(Biotechnology)

8,111

72,188

Apellis

Pharmaceuticals,

Inc.

\*

(Biotechnology)

12,593

284,980

Apogee

Therapeutics,

Inc.

\*

(Biotechnology)

4,922

195,551

Arbutus

Biopharma

Corp.

\*

(Biotechnology)

3,965

18,001

Arcellx,

Inc.

\*

(Biotechnology)

3,683

302,374

Arcturus

Therapeutics

Holdings,

Inc.

\*

(Biotechnology)

2,697

49,706

Arcus

Biosciences,

Inc.

\*

(Biotechnology)

5,210

70,856

Arcutis

Biotherapeutics,

Inc.

\*

(Biotechnology)

11,093

209,103

Ardelyx,

Inc.

\*

(Biotechnology)

23,546

129,738

ArriVent

Biopharma,

Inc.

\*(a)

(Biotechnology)

2,570

47,417

Arrowhead

Pharmaceuticals,

Inc.

\*

(Biotechnology)

8,556

295,096

ARS

Pharmaceuticals,

Inc.

\*(a)

(Biotechnology)

9,157

92,028

aTyr

Pharma,

Inc.

\*

(Biotechnology)

12,762

9,207

Avidity

Biosciences,

Inc.

\*

(Biotechnology)

12,977

565,408

Beam

Therapeutics,

Inc.

\*

(Biotechnology)

10,259

248,986

BioCryst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

27,626

209,681

Biogen,

Inc.

\*

(Biotechnology)

4,222

591,418

Biohaven,

Ltd.

\*

(Biotechnology)

12,235

183,647

BioMarin

Pharmaceutical,

Inc.

\*

(Biotechnology)

11,048

598,360

Bridgebio

Pharma,

Inc.

\*

(Biotechnology)

11,369

590,506

CareDx,

Inc.

\*

(Biotechnology)

6,919

100,602

Catalyst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

11,747

231,416

Celcuity,

Inc.

\*

(Biotechnology)

602

29,739

Celldex

Therapeutics,

Inc.

\*

(Biotechnology)

7,290

188,592

CG

Oncology,

Inc.

\*

(Biotechnology)

4,614

185,852

Cidara

Therapeutics,

Inc.

\*

(Biotechnology)

2,354

225,419

Cogent

Biosciences,

Inc.

\*

(Biotechnology)

11,131

159,841

Compass

Therapeutics,

Inc.

\*

(Biotechnology)

5,308

18,578

CRISPR

Therapeutics

AG

\*

(Biotechnology)

11,542

748,038

Cullinan

Therapeutics,

Inc.

\*

(Biotechnology)

3,047

18,069

Cytokinetics,

Inc.

\*

(Biotechnology)

7,633

419,510

Day

One

Biopharmaceuticals,

Inc.

\*

(Biotechnology)

9,543

67,278

Denali

Therapeutics,

Inc.

\*

(Biotechnology)

13,680

198,634

Dianthus

Therapeutics,

Inc.

\*

(Biotechnology)

1,296

50,998

Disc

Medicine,

Inc.

\*

(Biotechnology)

2,790

184,363

Dynavax

Technologies

Corp.

\*

(Biotechnology)

12,283

121,970

Dyne

Therapeutics,

Inc.

\*

(Biotechnology)

15,949

201,755

Emergent

BioSolutions,

Inc.

\*

(Biotechnology)

7,048

62,163

Exact

Sciences

Corp.

\*

(Biotechnology)

10,994

601,482

Exelixis,

Inc.

\*

(Biotechnology)

15,971

659,603

Geron

Corp.

\*

(Biotechnology)

73,782

101,081

Gilead

Sciences,

Inc.

(Biotechnology)

5,224

579,864

GRAIL,

Inc.

\*

(Biotechnology)

3,217

190,221

Halozyme

Therapeutics,

Inc.

\*

(Biotechnology)

7,944

582,613

Ideaya

Biosciences,

Inc.

\*

(Biotechnology)

6,968

189,599

ImmunityBio,

Inc.

\*(a)

(Biotechnology)

33,845

83,259

Immunome,

Inc.

\*

(Biotechnology)

6,470

75,764

Immunovant,

Inc.

\*

(Biotechnology)

7,620

122,834

Incyte

Corp.

\*

(Biotechnology)

6,981

592,059

Insmed,

Inc.

\*

(Biotechnology)

4,126

594,185

Intellia

Therapeutics,

Inc.

\*

(Biotechnology)

13,696

236,530

Ionis

Pharmaceuticals,

Inc.

\*

(Biotechnology)

9,408

615,471

Iovance

Biotherapeutics,

Inc.

\*

(Biotechnology)

36,128

78,398

Janux

Therapeutics,

Inc.

\*

(Biotechnology)

5,700

139,308

Common

Stocks,

continued

Shares

Value

KalVista

Pharmaceuticals,

Inc.

\*

(Biotechnology)

4,323

$

52,654

Keros

Therapeutics,

Inc.

\*

(Biotechnology)

3,296

52,143

Krystal

Biotech,

Inc.

\*

(Biotechnology)

2,591

457,389

Kura

Oncology,

Inc.

\*

(Biotechnology)

8,469

74,951

Kymera

Therapeutics,

Inc.

\*

(Biotechnology)

5,109

289,169

Madrigal

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,400

642,125

Mannkind

Corp.

\*

(Biotechnology)

15,666

84,126

Metsera,

Inc.

\*

(Biotechnology)

7,739

404,982

MiMedx

Group,

Inc.

\*

(Biotechnology)

4,955

34,586

Mineralys

Therapeutics,

Inc.

\*

(Biotechnology)

2,370

89,870

Mirum

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,478

181,662

Moderna,

Inc.

\*

(Biotechnology)

24,768

639,757

Myriad

Genetics,

Inc.

\*

(Biotechnology)

8,437

61,000

Natera,

Inc.

\*

(Biotechnology)

3,546

570,800

Neurocrine

Biosciences,

Inc.

\*

(Biotechnology)

4,263

598,440

Novavax,

Inc.

\*

(Biotechnology)

19,335

167,634

Nurix

Therapeutics,

Inc.

\*

(Biotechnology)

6,915

63,895

Nuvalent,

Inc.

\*

-

Class

A

(Biotechnology)

3,589

310,377

ORIC

Pharmaceuticals,

Inc.

\*

(Biotechnology)

6,402

76,824

Oruka

Therapeutics

Inc

\*

(Biotechnology)

956

18,384

Praxis

Precision

Medicines,

Inc.

\*

(Biotechnology)

2,811

148,983

Precigen,

Inc.

\*

(Biotechnology)

7,684

25,280

Protagonist

Therapeutics,

Inc.

\*

(Biotechnology)

5,597

371,809

PTC

Therapeutics,

Inc.

\*

(Biotechnology)

7,555

463,650

Recursion

Pharmaceuticals,

Inc.

\*(a)

-

Class

A

(Biotechnology)

56,116

273,846

Regeneron

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,083

608,938

REGENXBIO,

Inc.

\*

(Biotechnology)

4,926

47,536

Relay

Therapeutics,

Inc.

\*

(Biotechnology)

11,338

59,184

Replimune

Group,

Inc.

\*

(Biotechnology)

8,123

34,035

REVOLUTION

Medicines,

Inc.

\*

(Biotechnology)

13,452

628,208

Rezolute,

Inc.

\*

(Biotechnology)

3,956

37,186

Rhythm

Pharmaceuticals,

Inc.

\*

(Biotechnology)

4,169

421,027

Rigel

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,023

28,982

Roivant

Sciences,

Ltd.

\*

(Biotechnology)

35,040

530,155

Sana

Biotechnology,

Inc.

\*

(Biotechnology)

20,046

71,163

Sarepta

Therapeutics,

Inc.

\*

(Biotechnology)

13,101

252,456

Scholar

Rock

Holding

Corp.

\*

(Biotechnology)

10,578

393,925

Soleno

Therapeutics,

Inc.

\*

(Biotechnology)

6,917

467,589

Spyre

Therapeutics,

Inc.

\*

(Biotechnology)

4,463

74,800

Stoke

Therapeutics,

Inc.

\*

(Biotechnology)

2,642

62,087

Summit

Therapeutics,

Inc.

\*(a)

(Biotechnology)

25,371

524,165

Syndax

Pharmaceuticals,

Inc.

\*

(Biotechnology)

10,609

163,219

Tango

Therapeutics,

Inc.

\*

(Biotechnology)

10,870

91,308

Taysha

Gene

Therapies,

Inc.

\*

(Biotechnology)

17,937

58,654

TG

Therapeutics,

Inc.

\*

(Biotechnology)

15,862

573,015

Travere

Therapeutics,

Inc.

\*

(Biotechnology)

6,751

161,349

Twist

Bioscience

Corp.

\*

(Biotechnology)

8,548

240,541

Ultragenyx

Pharmaceutical,

Inc.

\*

(Biotechnology)

11,705

352,086

uniQure

N.V.

\*

(Biotechnology)

6,198

361,777

United

Therapeutics

Corp.

\*

(Biotechnology)

1,519

636,780

Upstream

Bio,

Inc.

\*

(Biotechnology)

2,582

48,567

Vaxcyte,

Inc.

\*

(Biotechnology)

11,177

402,596

Vera

Therapeutics,

Inc.

\*

(Biotechnology)

6,545

190,198

Veracyte,

Inc.

\*

(Biotechnology)

7,070

242,713

Verastem,

Inc.

\*

(Biotechnology)

6,871

60,671

Vericel

Corp.

\*

(Biotechnology)

5,175

162,857

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,550

607,042

Viking

Therapeutics,

Inc.

\*

(Biotechnology)

14,915

391,966

Vir

Biotechnology,

Inc.

\*

(Biotechnology)

8,586

49,026

Viridian

Therapeutics,

Inc.

\*

(Biotechnology)

5,091

109,864

Xencor,

Inc.

\*

(Biotechnology)

5,227

61,313

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,712,587)

33,067,189

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Biotechnology

Rights

(NM)

Shares

Value

Eli

Lilly

&

Company

†CVR

(Biotechnology)

6,633

4,179

TOTAL

RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$4,179)

4,179

Repurchase

Agreements

(b) (2.2%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$729,082

$

729,000

$

729,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$729,000)

729,000

Collateral

for

Securities

Loaned

(c) (3.2%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 1,081,305

1,081,305

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,081,305)

1,081,305

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$20,527,071)— 103.2%

$

34,881,673

Net

other

assets

(liabilities) —

(3.2)%

(1,069,146)

NET

ASSETS

—

100.0%

$

33,812,527

\*

Non-income

producing

security.

†

These

securities

were

fair

valued

based

on

procedures

approved

by

the

Board

of

Trustees.

As

of

September

30,

2025,

these

securities

represented

less

than

0.05 %

of

the

net

assets

of

the

Fund.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$1,027,644.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust. See

"Repurchase

Agreements'

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. CVR

Contingent

Value

Rights

NM

Not

meaningful,

amount

is

less

than

0.05%

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Biotechnology

Select

Industry

Index

Goldman

Sachs

International

10/23/25

4.84%

$

499,558

$

23,121

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Biotechnology

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Biotechnology

$

33,071,368

97.8%

Other

\*\*

741,159

2.2%

Total

$

33,812,527

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Bull

Common

Stocks

(80.7%)

Shares

Value

3M

Co.

(Industrial

Conglomerates)

$

60,520

A.O.

Smith

Corp.

(Building

Products)

6,166

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

1,274

170,639

AbbVie,

Inc.

(Biotechnology)

1,293

299,381

Accenture

PLC

ADR

-

Class

A

(IT

Services)

112,450

Adobe,

Inc.

\*

(Software)

109,705

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,188

192,207

Aflac,

Inc.

(Insurance)

39,318

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

26,697

Air

Products

&

Chemicals,

Inc.

(Chemicals)

44,453

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

38,126

Akamai

Technologies,

Inc.

\*

(IT

Services)

7,955

Albemarle

Corp.

(Chemicals)

6,973

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

9,500

Align

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

6,136

Allegion

PLC

(Building

Products)

11,173

Alliant

Energy

Corp.

(Electric

Utilities)

12,673

Allstate

Corp.

(Insurance)

41,427

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

4,258

1,035,120

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

3,419

832,697

Altria

Group,

Inc.

(Tobacco)

1,230

81,254

Amazon.com,

Inc.

\*

(Broadline

Retail)

7,105

1,560,046

Amcor

PLC

(Containers

&

Packaging)

1,688

13,808

Ameren

Corp.

(Multi-Utilities)

20,667

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

43,988

American

Express

Co.

(Consumer

Finance)

131,868

American

International

Group,

Inc.

(Insurance)

31,887

American

Tower

Corp.

-

Class

A

(Specialized

REITs)

65,967

American

Water

Works

Co.,

Inc.

(Water

Utilities)

19,904

Ameriprise

Financial,

Inc.

(Capital

Markets)

33,896

AMETEK,

Inc.

(Electrical

Equipment)

31,772

Amgen,

Inc.

(Biotechnology)

111,187

Amphenol

Corp.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

894

110,633

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

89,189

Aon

PLC

-

Class

A

(Insurance)

56,340

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

6,361

Apollo

Global

Management,

Inc.

(Financial

Services)

44,912

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

10,864

2,766,301

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

587

120,182

AppLovin

Corp

\*

-

Class

A

(Software)

142,271

Aptiv

PLC

\*

(Automobile

Components)

13,709

Arch

Capital

Group,

Ltd.

(Insurance)

24,679

Archer-Daniels-Midland

Co.

(Food

Products)

21,028

Arista

Networks,

Inc.

\*

(Communications

Equipment)

754

109,865

Arthur

J. Gallagher

&

Co.

(Insurance)

58,231

Assurant,

Inc.

(Insurance)

8,014

AT&T,

Inc.

(Diversified

Telecommunication

Services)

5,234

147,808

Atmos

Energy

Corp.

(Gas

Utilities)

20,149

Autodesk,

Inc.

\*

(Software)

49,874

Automatic

Data

Processing,

Inc.

(Professional

Services)

87,170

AutoZone,

Inc.

\*

(Specialty

Retail)

51,483

AvalonBay

Communities,

Inc.

(Residential

REITs)

20,090

Avery

Dennison

Corp.

(Containers

&

Packaging)

9,244

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

40,905

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

722

35,176

Ball

Corp.

(Containers

&

Packaging)

10,034

Bank

of

America

Corp.

(Banks)

4,988

257,330

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

8,562

Common

Stocks,

continued

Shares

Value

Becton,

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

$

39,306

Berkshire

Hathaway,

Inc.

\*

-

Class

B

(Financial

Services)

1,342

674,677

Best

Buy

Co.,

Inc.

(Specialty

Retail)

10,889

Biogen,

Inc.

\*

(Biotechnology)

14,989

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

6,397

BlackRock,

Inc.

(Capital

Markets)

122,417

Blackstone,

Inc.

(Capital

Markets)

540

92,259

Block,

Inc.

\*

(Financial

Services)

29,053

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

129,582

Boston

Properties,

Inc.

(Office

REITs)

8,029

Boston

Scientific

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,085

105,928

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

1,490

67,199

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,443

1,135,881

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

20,483

Brown

&

Brown,

Inc.

(Insurance)

20,071

Brown-Forman

Corp.

-

Class

B

(Beverages)

3,493

Builders

FirstSource,

Inc.

\*

(Building

Products)

9,821

Bunge

Global

SA

(Food

Products)

8,369

C.H.

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

11,386

Cadence

Design

Systems,

Inc.

\*

(Software)

69,901

Camden

Property

Trust

(Residential

REITs)

8,329

Campbell

Soup

Co.

(a) (Food

Products)

4,548

Capital

One

Financial

Corp.

(Consumer

Finance)

99,487

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

27,468

CarMax,

Inc.

\*

(Specialty

Retail)

4,936

Carnival

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

795

22,983

Carrier

Global

Corp.

(Building

Products)

586

34,984

Caterpillar,

Inc.

(Machinery)

163,663

Cboe

Global

Markets,

Inc.

(Capital

Markets)

18,884

CBRE

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

33,875

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

15,291

Cencora,

Inc.

(Health

Care

Providers

&

Services)

44,379

Centene

Corp.

\*

(Health

Care

Providers

&

Services)

12,203

CenterPoint

Energy,

Inc.

(Multi-Utilities)

18,546

CF

Industries

Holdings,

Inc.

(Chemicals)

10,674

Charles

River

Laboratories

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

5,633

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

18,707

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,409

218,804

Chipotle

Mexican

Grill,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

982

38,485

Chubb,

Ltd.

(Insurance)

76,490

Church

&

Dwight

Co.,

Inc.

(Household

Products)

15,598

Cincinnati

Financial

Corp.

(Insurance)

18,023

Cintas

Corp.

(Commercial

Services

&

Supplies)

51,520

Cisco

Systems,

Inc.

(Communications

Equipment)

2,899

198,350

Citigroup,

Inc.

(Banks)

1,348

136,821

Citizens

Financial

Group,

Inc.

(Banks)

16,799

CME

Group,

Inc.

(Capital

Markets)

71,330

CMS

Energy

Corp.

(Multi-Utilities)

16,044

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

24,011

Coinbase

Global,

Inc.

\*

-

Class

A

(Capital

Markets)

56,023

Colgate-Palmolive

Co.

(Household

Products)

592

47,324

Comcast

Corp.

-

Class

A

(Media)

2,696

84,709

Conagra

Brands,

Inc.

(Food

Products)

6,427

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

914

86,455

Consolidated

Edison,

Inc.

(Multi-Utilities)

26,537

Constellation

Brands,

Inc.

-

Class

A

(Beverages)

14,140

Constellation

Energy

Corp.

(Electric

Utilities)

75,357

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

651

29,275

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Bull

Common

Stocks,

continued

Shares

Value

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

571

$

46,839

Corpay,

Inc.

\*

(Software)

14,979

Corteva,

Inc.

(Chemicals)

33,612

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

26,155

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

300,830

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

559

13,220

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

89,249

Crown

Castle

International

Corp.

(Specialized

REITs)

30,780

CSX

Corp.

(Ground

Transportation)

1,365

48,471

Cummins,

Inc.

(Machinery)

42,659

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

928

69,962

D.R.

Horton,

Inc.

(Household

Durables)

34,402

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

92,587

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

16,371

Datadog,

Inc.

\*

-

Class

A

(Software)

33,749

DaVita,

Inc.

\*

(Health

Care

Providers

&

Services)

3,455

Dayforce,

Inc.

\*

(Professional

Services)

8,060

Deckers

Outdoor

Corp.

\*

(Textiles,

Apparel

&

Luxury

Goods)

11,049

Deere

&

Co.

(Machinery)

84,137

Dell

Technologies,

Inc.

-

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

31,473

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

26,956

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

16,303

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

19,312

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

19,748

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

40,627

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

16,639

Dollar

Tree,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

13,401

Dominion

Energy,

Inc.

(Multi-Utilities)

625

38,232

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

9,929

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

73,709

Dover

Corp.

(Machinery)

16,683

Dow,

Inc.

(Chemicals)

519

11,901

DTE

Energy

Co.

(Multi-Utilities)

21,497

Duke

Energy

Corp.

(Electric

Utilities)

569

70,414

DuPont

de

Nemours,

Inc.

(Chemicals)

23,915

Eastman

Chemical

Co.

(Chemicals)

5,296

Eaton

Corp.

PLC

(Electrical

Equipment)

106,661

eBay,

Inc.

(Broadline

Retail)

30,468

Ecolab,

Inc.

(Chemicals)

51,212

Edison

International

(Electric

Utilities)

15,589

Edwards

LifeSciences

Corp.

\*

(Health

Care

Equipment

&

Supplies)

33,441

Electronic

Arts,

Inc.

(Entertainment)

33,281

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

53,315

Eli

Lilly

&

Co.

(Pharmaceuticals)

582

444,067

EMCOR

Group,

Inc.

(Construction

&

Engineering)

21,435

Emerson

Electric

Co.

(Electrical

Equipment)

54,046

Entergy

Corp.

(Electric

Utilities)

30,473

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

44,848

EPAM

Systems,

Inc.

\*

(IT

Services)

6,182

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

24,875

Equifax,

Inc.

(Professional

Services)

23,344

Equinix,

Inc.

(Specialized

REITs)

56,393

Equity

Residential

(Residential

REITs)

16,441

Erie

Indemnity

Co.

-

Class

A

(Insurance)

6,045

Common

Stocks,

continued

Shares

Value

Essex

Property

Trust,

Inc.

(Residential

REITs)

$

12,580

Everest

Group,

Ltd.

(Insurance)

10,857

Evergy,

Inc.

(Electric

Utilities)

12,771

Eversource

Energy

(Electric

Utilities)

19,350

Exelon

Corp.

(Electric

Utilities)

739

33,262

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

18,486

Expedia

Group,

Inc.

(Hotels,

Restaurants

&

Leisure)

18,596

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

12,136

Extra

Space

Storage,

Inc.

(Specialized

REITs)

21,846

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

3,121

351,892

F5,

Inc.

\*

(Communications

Equipment)

13,574

FactSet

Research

Systems,

Inc.

(Capital

Markets)

8,022

Fair

Isaac

Corp.

\*

(Software)

26,938

Fastenal

Co.

(Trading

Companies

&

Distributors)

840

41,194

Federal

Realty

Investment

Trust

(Retail

REITs)

5,775

FedEx

Corp.

(Air

Freight

&

Logistics)

37,494

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

25,189

Fifth

Third

Bancorp

(Banks)

21,607

First

Horizon

Corp.

(Banks)

First

Solar,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

17,422

FirstEnergy

Corp.

(Electric

Utilities)

17,412

Fiserv,

Inc.

\*

(Financial

Services)

51,314

Ford

Motor

Co.

(Automobiles)

2,862

34,230

Fortinet,

Inc.

\*

(Software)

40,106

Fortive

Corp.

(Machinery)

12,150

Fox

Corp.

-

Class

A

(Media)

9,711

Fox

Corp.

-

Class

B

(Media)

5,557

Franklin

Resources,

Inc.

(Capital

Markets)

5,181

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

1,051

41,220

Garmin,

Ltd.

(Household

Durables)

29,546

Gartner,

Inc.

\*

(IT

Services)

14,458

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

25,083

GE

Vernova,

Inc.

(Electrical

Equipment)

122,366

Gen

Digital,

Inc.

(Software)

11,640

Generac

Holdings,

Inc.

\*

(Electrical

Equipment)

7,198

General

Dynamics

Corp.

(Aerospace

&

Defense)

63,085

General

Electric

Co.

(Industrial

Conglomerates)

776

233,436

General

Mills,

Inc.

(Food

Products)

19,714

General

Motors

Co.

(Automobiles)

697

42,496

Genuine

Parts

Co.

(Distributors)

14,136

Gilead

Sciences,

Inc.

(Biotechnology)

908

100,788

Global

Payments,

Inc.

(Financial

Services)

14,788

Globe

Life,

Inc.

(Insurance)

8,435

GoDaddy,

Inc.

\*

-

Class

A

(IT

Services)

13,820

Halliburton

Co.

(Energy

Equipment

&

Services)

624

15,350

Hasbro,

Inc.

(Leisure

Products)

7,433

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

51,144

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

509

9,747

Henry

Schein,

Inc.

\*

(Health

Care

Providers

&

Services)

4,978

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

961

23,602

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

44,624

Hologic,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

11,001

Honeywell

International,

Inc.

(Industrial

Conglomerates)

97,883

Hormel

Foods

Corp.

(Food

Products)

5,270

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

7,965

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

57,888

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

688

18,734

Hubbell,

Inc.

(Electrical

Equipment)

16,782

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Bull

Common

Stocks,

continued

Shares

Value

Humana,

Inc.

(Health

Care

Providers

&

Services)

$

22,895

Huntington

Bancshares,

Inc.

(Banks)

1,073

18,531

Huntington

Ingalls

Industries,

Inc.

(Aerospace

&

Defense)

8,349

IDEX

Corp.

(Machinery)

8,952

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

37,695

Illinois

Tool

Works,

Inc.

(Machinery)

50,587

Incyte

Corp.

\*

(Biotechnology)

10,177

Ingersoll

Rand,

Inc.

(Machinery)

21,894

Insulet

Corp.

\*

(Health

Care

Equipment

&

Supplies)

16,054

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

3,204

107,494

Interactive

Brokers

Group,

Inc.

-

Class

A

(Capital

Markets)

22,432

Intercontinental

Exchange,

Inc.

(Capital

Markets)

70,593

International

Business

Machines

Corp.

(IT

Services)

682

192,433

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

11,570

International

Paper

Co.

(Containers

&

Packaging)

17,956

Intuit,

Inc.

(Software)

139,314

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

117,173

Invesco,

Ltd.

(Capital

Markets)

7,478

Invitation

Homes,

Inc.

(Residential

REITs)

12,113

IQVIA

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

23,553

Iron

Mountain,

Inc.

(Specialized

REITs)

22,019

J.B.

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

7,514

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

17,156

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

7,893

Jacobs

Solutions,

Inc.

(Professional

Services)

13,188

Johnson

&

Johnson

(Pharmaceuticals)

1,763

326,895

Johnson

Controls

International

PLC

(Building

Products)

52,666

JPMorgan

Chase

&

Co.

(Banks)

2,013

634,960

Kellanova

(Food

Products)

16,158

Kenvue,

Inc.

(Personal

Care

Products)

1,405

22,803

Keurig

Dr

Pepper,

Inc.

(Beverages)

994

25,357

KeyCorp

(Banks)

682

12,747

Keysight

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

22,040

Kimberly-Clark

Corp.

(Household

Products)

30,215

Kimco

Realty

Corp.

(Retail

REITs)

10,838

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,431

40,512

KKR

&

Co.,

Inc.

(Capital

Markets)

502

65,235

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

104,624

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

41,841

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

17,511

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

926

123,991

Lamb

Weston

Holdings,

Inc.

(Food

Products)

5,924

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

12,157

Leidos

Holdings,

Inc.

(Professional

Services)

17,762

Lennar

Corp.

-

Class

A

(Household

Durables)

21,049

Lennox

International,

Inc.

(Building

Products)

12,175

Linde

PLC

(Chemicals)

162,925

Live

Nation

Entertainment,

Inc.

\*

(Entertainment)

18,791

LKQ

Corp.

(Distributors)

5,742

Lockheed

Martin

Corp.

-

B

(Aerospace

&

Defense)

74,882

Loews

Corp.

(Insurance)

12,549

Lowe's

Cos.,

Inc.

(Specialty

Retail)

103,037

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

14,234

Common

Stocks,

continued

Shares

Value

LyondellBasell

Industries

N.V.

-

Class

A

(Chemicals)

$

9,220

M&T

Bank

Corp.

(Banks)

22,529

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

42,981

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

43,192

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

72,551

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

27,732

Masco

Corp.

(Building

Products)

10,770

MasterCard,

Inc.

-

Class

A

(Financial

Services)

604

343,561

Match

Group,

Inc.

(Interactive

Media

&

Services)

6,216

McCormick

&

Co.,

Inc.

(Food

Products)

12,378

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

522

158,631

McKesson

Corp.

(Health

Care

Providers

&

Services)

70,300

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

938

89,335

Merck

&

Co.,

Inc.

(Pharmaceuticals)

1,828

153,424

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

1,588

1,166,195

MetLife,

Inc.

(Insurance)

33,689

Mettler-Toledo

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

18,414

MGM

Resorts

International

(Hotels,

Restaurants

&

Leisure)

5,164

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

25,367

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

819

137,035

Microsoft

Corp.

(Software)

5,441

2,818,165

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

12,017

Moderna,

Inc.

\*

(Biotechnology)

6,535

Mohawk

Industries,

Inc.

\*

(Household

Durables)

4,899

Molina

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

7,654

Molson

Coors

Beverage

Co.

-

Class

B

(Beverages)

5,611

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

947

59,159

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

32,222

Monster

Beverage

Corp.

\*

(Beverages)

522

35,136

Moody's

Corp.

(Capital

Markets)

53,842

Morgan

Stanley

(Capital

Markets)

888

141,157

Motorola

Solutions,

Inc.

(Communications

Equipment)

55,789

MSCI,

Inc.

(Capital

Markets)

32,342

Nasdaq,

Inc.

(Capital

Markets)

29,365

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

17,295

Netflix,

Inc.

\*

(Entertainment)

372,864

Newmont

Corp.

(Metals

&

Mining)

804

67,786

News

Corp.

\*

-

Class

A

(Media)

8,476

News

Corp.

\*

-

Class

B

(Media)

2,799

NextEra

Energy,

Inc.

(Electric

Utilities)

1,508

113,838

NIKE,

Inc.

-

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

870

60,666

NiSource,

Inc.

(Multi-Utilities)

14,939

Nordson

Corp.

(Machinery)

8,851

Norfolk

Southern

Corp.

(Ground

Transportation)

49,267

Northern

Trust

Corp.

(Capital

Markets)

18,844

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

60,323

Norwegian

Cruise

Lines

Holdings,

Ltd.

\*

(Hotels,

Restaurants

&

Leisure)

8,153

NRG

Energy,

Inc.

(Electric

Utilities)

22,997

Nucor

Corp.

(Metals

&

Mining)

22,752

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

17,862

3,332,693

NVR,

Inc.

\*

(Household

Durables)

16,069

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Bull

Common

Stocks,

continued

Shares

Value

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

$

42,130

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

526

24,854

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

19,005

Omnicom

Group,

Inc.

(Media)

11,577

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,744

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

33,639

Oracle

Corp.

(Software)

1,213

341,144

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

621

66,950

Otis

Worldwide

Corp.

(Machinery)

26,240

PACCAR,

Inc.

(Machinery)

37,755

Packaging

Corp.

of

America

(Containers

&

Packaging)

14,165

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

1,665

303,729

Palo

Alto

Networks,

Inc.

\*

(Software)

99,570

Paramount

Skydance

Corp.

\*(a)

(Media)

4,276

Parker-Hannifin

Corp.

(Machinery)

71,266

Paychex,

Inc.

(Professional

Services)

30,042

Paycom

Software,

Inc.

(Professional

Services)

7,701

PayPal

Holdings,

Inc.

\*

(Financial

Services)

699

46,875

Pentair

PLC

(Machinery)

13,291

PepsiCo,

Inc.

(Beverages)

1,002

140,721

Pfizer,

Inc.

(Pharmaceuticals)

4,162

106,048

PG&E

Corp.

(Electric

Utilities)

1,609

24,264

Philip

Morris

International,

Inc.

(Tobacco)

1,139

184,746

Phillips

(Oil,

Gas

&

Consumable

Fuels)

40,262

Pinnacle

West

Capital

Corp.

(Electric

Utilities)

7,800

PNC

Financial

Services

Group,

Inc.

(Banks)

57,868

Pool

Corp.

(Distributors)

7,442

PPG

Industries,

Inc.

(Chemicals)

17,343

PPL

Corp.

(Electric

Utilities)

541

20,104

Principal

Financial

Group,

Inc.

(Insurance)

12,271

Prologis,

Inc.

(Industrial

REITs)

679

77,759

Prudential

Financial,

Inc.

(Insurance)

26,765

PTC,

Inc.

\*

(Software)

17,866

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

30,463

Public

Storage

(Specialized

REITs)

33,507

PulteGroup,

Inc.

(Household

Durables)

19,027

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

790

131,424

Quanta

Services,

Inc.

(Construction

&

Engineering)

45,172

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

15,628

Ralph

Lauren

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

8,780

Raymond

James

Financial,

Inc.

(Capital

Markets)

22,438

Raytheon

Technologies

Corp.

(Aerospace

&

Defense)

980

163,983

Realty

Income

Corp.

(Retail

REITs)

669

40,669

Regency

Centers

Corp.

(Retail

REITs)

8,748

Regeneron

Pharmaceuticals,

Inc.

\*

(Biotechnology)

42,170

Regions

Financial

Corp.

(Banks)

653

17,220

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

34,193

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

29,289

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

7,450

Robinhood

Markets,

Inc.

\*

-

Class

A

(Capital

Markets)

567

81,183

Rockwell

Automation,

Inc.

(Electrical

Equipment)

28,661

Rollins,

Inc.

(Commercial

Services

&

Supplies)

12,100

Roper

Technologies,

Inc.

(Software)

39,397

Ross

Stores,

Inc.

(Specialty

Retail)

36,421

Royal

Caribbean

Cruises,

Ltd.

(Hotels,

Restaurants

&

Leisure)

59,862

S&P

Global,

Inc.

(Capital

Markets)

111,457

Salesforce,

Inc.

(Software)

700

165,900

Common

Stocks,

continued

Shares

Value

SBA

Communications

Corp.

-

Class

A

(Specialized

REITs)

$

15,275

Schlumberger

N.V.

(Energy

Equipment

&

Services)

1,092

37,532

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

36,825

Sempra

(Multi-Utilities)

43,011

ServiceNow,

Inc.

\*

(Software)

139,883

Simon

Property

Group,

Inc.

(Retail

REITs)

44,852

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

8,391

Smurfit

WestRock

PLC

(Containers

&

Packaging)

16,262

Snap-on,

Inc.

(Machinery)

13,168

Solventum

Corp.

\*

(Health

Care

Equipment

&

Supplies)

7,884

Southwest

Airlines

Co.

(Passenger

Airlines)

12,253

Stanley

Black

&

Decker,

Inc.

(Machinery)

8,399

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

832

70,387

State

Street

Corp.

(Capital

Markets)

24,130

Steel

Dynamics,

Inc.

(Metals

&

Mining)

14,082

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

17,816

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

93,157

Super

Micro

Computer,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

17,594

Synchrony

Financial

(Consumer

Finance)

19,326

Synopsys,

Inc.

\*

(Software)

66,608

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

28,819

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

16,525

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

32,812

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

17,209

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

26,471

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

29,870

TE

Connectivity,

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

47,418

Teledyne

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

19,925

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

15,966

Tesla,

Inc.

\*

(Automobiles)

2,054

913,455

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

666

122,364

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

13,071

Textron,

Inc.

(Aerospace

&

Defense)

10,984

The

AES

Corp.

(Independent

Power/Renewable

Electricity

Producers)

521

6,856

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

516

56,223

The

Boeing

Co.

\*

(Aerospace

&

Defense)

554

119,570

The

Charles

Schwab

Corp.

(Capital

Markets)

1,249

119,242

The

Cigna

Group

(Health

Care

Providers

&

Services)

56,209

The

Clorox

Co.

(Household

Products)

11,097

The

Coca-Cola

Co.

(Beverages)

2,835

188,018

The

Cooper

Cos.,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

10,010

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

15,069

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

176,791

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

27,478

The

Hershey

Co.

(Food

Products)

20,201

The

Home

Depot,

Inc.

(Specialty

Retail)

728

294,977

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

7,480

The

J.M.

Smucker

Co.

(Food

Products)

8,471

The

Kraft

Heinz

Co.

(Food

Products)

624

16,249

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

29,997

The

Mosaic

Co.

(Chemicals)

8,046

The

Procter

&

Gamble

Co.

(Household

Products)

1,715

263,510

The

Progressive

Corp.

(Insurance)

105,943

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Bull

Common

Stocks,

continued

Shares

Value

The

Sherwin-Williams

Co.

(Chemicals)

$

58,864

The

Southern

Co.

(Electric

Utilities)

805

76,290

The

TJX

Cos.,

Inc.

(Specialty

Retail)

817

118,089

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

15,977

The

Travelers

Cos.,

Inc.

(Insurance)

46,071

The

Walt

Disney

Co.

(Entertainment)

1,316

150,682

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

894

56,635

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

133,866

TKO

Group

Holdings,

Inc.

\*

(Entertainment)

10,300

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

84,741

Tractor

Supply

Co.

(Specialty

Retail)

22,066

Trane

Technologies

PLC

(Building

Products)

68,780

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

54,039

Trimble,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

14,207

Truist

Financial

Corp.

(Banks)

944

43,160

Tyler

Technologies,

Inc.

\*

(Software)

16,741

Tyson

Foods,

Inc.

-

Class

A

(Food

Products)

11,349

U.S.

Bancorp

(Banks)

1,139

55,048

Uber

Technologies,

Inc.

\*

(Ground

Transportation)

1,527

149,600

UDR,

Inc.

(Residential

REITs)

8,234

Ulta

Beauty,

Inc.

\*

(Specialty

Retail)

18,043

Union

Pacific

Corp.

(Ground

Transportation)

102,585

United

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

22,871

United

Parcel

Service,

Inc.

-

Class

B

(Air

Freight

&

Logistics)

539

45,023

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

44,868

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

663

228,933

Universal

Health

Services,

Inc.

-

Class

B

(Health

Care

Providers

&

Services)

8,382

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

38,649

Ventas,

Inc.

(Health

Care

REITs)

23,307

Veralto

Corp.

(Commercial

Services

&

Supplies)

19,403

VeriSign,

Inc.

\*

(IT

Services)

17,333

Verisk

Analytics,

Inc.

(Professional

Services)

25,654

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

3,087

135,674

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

73,628

Viatris,

Inc.

(Pharmaceuticals)

853

8,445

VICI

Properties,

Inc.

(Specialized

REITs)

781

25,468

Visa,

Inc.

-

Class

A

(Financial

Services)

1,244

424,677

Vistra

Corp.

(Independent

Power/Renewable

Electricity

Producers)

45,650

Vulcan

Materials

Co.

(Construction

Materials)

29,839

W.R.

Berkley

Corp.

(Insurance)

16,780

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

30,495

Wabtec

Corp.

(Machinery)

25,059

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

3,213

331,131

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

1,812

35,388

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

59,846

Waters

Corp.

\*

(Life

Sciences

Tools

&

Services)

13,192

WEC

Energy

Group,

Inc.

(Multi-Utilities)

27,043

Wells

Fargo

&

Co.

(Banks)

2,345

196,557

Welltower,

Inc.

(Health

Care

REITs)

87,289

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

13,903

Western

Digital

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

30,495

Weyerhaeuser

Co.

(Specialized

REITs)

528

13,089

Williams-Sonoma,

Inc.

(Specialty

Retail)

17,591

Willis

Towers

Watson

PLC

(Insurance)

24,527

Common

Stocks,

continued

Shares

Value

Workday,

Inc.

\*

-

Class

A

(Software)

$

38,035

Wynn

Resorts,

Ltd.

(Hotels,

Restaurants

&

Leisure)

7,953

Xcel

Energy,

Inc.

(Electric

Utilities)

34,921

Xylem,

Inc.

(Machinery)

26,255

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

30,856

Zebra

Technologies

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

10,995

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

14,283

Zoetis,

Inc.

(Pharmaceuticals)

47,408

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,366,346)

41,760,933

Repurchase

Agreements

(b) (c) (18.6%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$9,616,075

$

9,615,000

9,615,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$9,615,000)

9,615,000

Collateral

for

Securities

Loaned

(d) (NM)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 8,513

8,513

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,513)

8,513

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$15,989,859)— 99.3%

51,384,446

Net

other

assets

(liabilities) —

0.7%

361,601

NET

ASSETS

—

100.0%

$

51,746,047

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$8,293.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$942,000.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. ADR

American

Depositary

Receipt

NM

Not

meaningful,

amount

is

less

than

0.05%

REIT

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Bull

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

S&P

500

Futures

Contracts

12/22/25

$

3,032,438

$

73,078

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

10/27/25

4.84%

$

3,136,888

$

12,453

S&P

500

UBS

AG

10/27/25

4.89%

3,812,422

15,396

$6,949,310

$27,849

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Bull

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

695,849

1.4%

Air

Freight

&

Logistics

106,039

0.2%

Automobile

Components

13,709

NM

Automobiles

990,180

1.9%

Banks

1,491,190

2.9%

Beverages

412,475

0.8%

Biotechnology

658,855

1.3%

Broadline

Retail

1,590,513

3.1%

Building

Products

206,535

0.4%

Capital

Markets

1,457,289

2.8%

Chemicals

456,004

0.9%

Commercial

Services

&

Supplies

206,337

0.4%

Communications

Equipment

377,578

0.7%

Construction

&

Engineering

66,607

0.1%

Construction

Materials

57,571

0.1%

Consumer

Finance

250,681

0.5%

Consumer

Staples

Distribution

&

Retail

750,688

1.5%

Containers

&

Packaging

81,469

0.1%

Distributors

27,320

0.1%

Diversified

Telecommunication

Services

283,482

0.5%

Electric

Utilities

631,504

1.2%

Electrical

Equipment

367,486

0.7%

Electronic

Equipment,

Instruments

&

Components

304,504

0.6%

Energy

Equipment

&

Services

88,058

0.2%

Entertainment

654,118

1.3%

Financial

Services

1,662,939

3.2%

Food

Products

215,245

0.4%

Gas

Utilities

20,148

0.1%

Ground

Transportation

376,442

0.7%

Health

Care

Equipment

&

Supplies

852,105

1.7%

Health

Care

Providers

&

Services

694,416

1.3%

Health

Care

REITs

120,343

0.2%

Value

%

of

Net

Assets

Hotel

&

Resort

REITs

$

7,965

NM

Hotels,

Restaurants

&

Leisure

788,760

1.5%

Household

Durables

124,993

0.3%

Household

Products

367,744

0.7%

Independent

Power/Renewable

Electricity

Producers

52,506

0.1%

Industrial

Conglomerates

391,839

0.8%

Industrial

REITs

77,759

0.2%

Insurance

778,441

1.5%

Interactive

Media

&

Services

3,040,229

5.9%

IT

Services

388,642

0.7%

Leisure

Products

7,433

NM

Life

Sciences

Tools

&

Services

341,692

0.7%

Machinery

631,009

1.2%

Media

169,269

0.3%

Metals

&

Mining

145,840

0.3%

Multi-Utilities

256,979

0.5%

Office

REITs

17,529

NM

Oil,

Gas

&

Consumable

Fuels

1,118,066

2.1%

Passenger

Airlines

62,080

0.1%

Personal

Care

Products

37,872

0.1%

Pharmaceuticals

1,153,485

2.2%

Professional

Services

233,404

0.5%

Real

Estate

Management

&

Development

60,030

0.1%

Residential

REITs

89,805

0.2%

Retail

REITs

110,882

0.2%

Semiconductors

&

Semiconductor

Equipment

5,753,325

11.2%

Software

4,774,764

9.2%

Specialized

REITs

324,970

0.6%

Specialty

Retail

744,483

1.4%

Technology

Hardware,

Storage

&

Peripherals

2,942,320

5.7%

Textiles,

Apparel

&

Luxury

Goods

111,938

0.2%

Tobacco

266,000

0.5%

Trading

Companies

&

Distributors

116,557

0.2%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Bull

Value

%

of

Net

Assets

Water

Utilities

$

19,904

NM

Wireless

Telecommunication

Services

84,740

0.2%

Other

\*\*

9,985,114

19.3%

Total

$

51,746,047

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Communication

Services

Common

Stocks

(97

.7

%)

Shares

Value

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

4,675

$

1,136,493

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

3,753

914,043

AT&T,

Inc.

(Diversified

Telecommunication

Services)

21,494

606,991

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

2,090

574,969

Comcast

Corp.

-

Class

A

(Media)

19,159

601,977

Electronic

Arts,

Inc.

(Entertainment)

2,986

602,276

Fox

Corp.

-

Class

A

(Media)

4,724

297,895

Fox

Corp.

-

Class

B

(Media)

3,340

191,349

Live

Nation

Entertainment,

Inc.

\*

(Entertainment)

3,549

579,907

Match

Group,

Inc.

\*

(Interactive

Media

&

Services)

5,414

191,222

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

2,683

1,970,342

Netflix,

Inc.

\*

(Entertainment)

645

773,303

News

Corp.

-

Class

A

(Media)

8,470

260,114

News

Corp.

-

Class

B

(Media)

2,800

96,740

Omnicom

Group,

Inc.

(Media)

4,359

355,389

Paramount

Skydance

Corp.

\*(a)

(Media)

6,947

131,437

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

2,321

599,654

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

8,241

230,006

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

10,028

491,472

The

Walt

Disney

Co.

(Entertainment)

5,256

601,812

TKO

Group

Holdings,

Inc.

(Entertainment)

1,552

313,442

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

2,535

606,828

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

13,950

613,102

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

33,340

651,130

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,750,606)

13,391,893

Repurchase

Agreements

(b) (1

.3

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$184,021

$

184,000

$

184,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$184,000)

184,000

Collateral

for

Securities

Loaned

(c) (0

.7

%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 95,180

95,180

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $95,180)

95,180

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$8,029,786)— 99.7%

13,671,073

Net

other

assets

(liabilities)

—

.3

%

42,093

NET

ASSETS

—

100.0%

$

13,713,166

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$90,040.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. 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

10/23/25

4.84%

$

356,069

$

(697)

(1) Agreements

may

be

terminated

at

will

by

either

party

without

penalty. Payment

is

due

at

termination/maturity.

(2) Reflects

the

floating

financing

rate,

as

of

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Communication

Services

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Diversified

Telecommunication

Services

$

1,220,093

8.9%

Entertainment

4,121,524

30.1%

Interactive

Media

&

Services

4,212,100

30.7%

Media

3,231,348

23.6%

Wireless

Telecommunication

Services

606,828

4.4%

Other

\*\*

321,273

2.3%

Total

$

13,713,166

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Consumer

Discretionary

Common

Stocks

(98

.8

%)

Shares

Value

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

2,085

$

253,161

Amazon.com,

Inc.

\*

(Broadline

Retail)

20,108

4,415,114

Aptiv

PLC

\*

(Automobile

Components)

1,058

91,221

AutoZone,

Inc.

\*

(Specialty

Retail)

347,509

Best

Buy

Co.,

Inc.

(Specialty

Retail)

955

72,217

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

847,684

CarMax,

Inc.

\*

(Specialty

Retail)

729

32,710

Carnival

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

5,276

152,529

Chipotle

Mexican

Grill,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

6,516

255,362

D.R.

Horton,

Inc.

(Household

Durables)

1,347

228,276

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

569

108,315

Deckers

Outdoor

Corp.

\*

(Textiles,

Apparel

&

Luxury

Goods)

721

73,088

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

65,620

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,799

489,309

eBay,

Inc.

(Broadline

Retail)

2,221

202,000

Expedia

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

574

122,693

Ford

Motor

Co.

(Automobiles)

18,995

227,180

Garmin,

Ltd.

(Household

Durables)

795

195,745

General

Motors

Co.

(Automobiles)

4,626

282,047

Genuine

Parts

Co.

(Distributors)

676

93,694

Hasbro,

Inc.

(Leisure

Products)

647

49,075

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,143

296,540

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

1,501

80,739

Lennar

Corp.

-

Class

A

(Household

Durables)

1,106

139,400

LKQ

Corp.

(Distributors)

1,250

38,175

Lowe's

Cos.,

Inc.

(Specialty

Retail)

2,723

684,317

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

530

94,303

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,096

285,408

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

2,962

900,121

MGM

Resorts

International

(Hotels,

Restaurants

&

Leisure)

992

34,383

Mohawk

Industries,

Inc.

\*

(Household

Durables)

32,746

NIKE,

Inc.

-

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

5,773

402,552

Common

Stocks,

continued

Shares

Value

Norwegian

Cruise

Lines

Holdings,

Ltd.

\*

(Hotels,

Restaurants

&

Leisure)

2,196

$

54,087

NVR,

Inc.

\*

(Household

Durables)

112,485

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

4,123

444,501

Pool

Corp.

(Distributors)

49,611

PulteGroup,

Inc.

(Household

Durables)

959

126,713

Ralph

Lauren

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

58,949

Ross

Stores,

Inc.

(Specialty

Retail)

1,589

242,148

Royal

Caribbean

Cruises,

Ltd.

(Hotels,

Restaurants

&

Leisure)

1,227

397,033

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

5,523

467,246

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,011

114,465

Tesla,

Inc.

\*

(Automobiles)

9,634

4,284,433

The

Home

Depot,

Inc.

(Specialty

Retail)

3,416

1,384,129

The

TJX

Cos.,

Inc.

(Specialty

Retail)

5,421

783,551

Tractor

Supply

Co.

(Specialty

Retail)

2,575

146,440

Ulta

Beauty,

Inc.

\*

(Specialty

Retail)

119,192

Williams-Sonoma,

Inc.

(Specialty

Retail)

598

116,879

Wynn

Resorts,

Ltd.

(Hotels,

Restaurants

&

Leisure)

52,591

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,349

205,048

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,264,104)

20,752,734

Repurchase

Agreements

(a) (1

.4

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$300,034

$

300,000

300,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$300,000)

300,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$8,564,104)— 100.2%

21,052,734

Net

other

assets

(liabilities)

—

(0

.2)

%

(42,750)

NET

ASSETS

—

100.0%

$

21,009,984

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Consumer

Discretionary

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

421,586

$

3,793

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Consumer

Discretionary

ProFund

VP

Consumer

Discretionary

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Automobile

Components

$

91,221

0.4%

Automobiles

4,793,660

22.8%

Broadline

Retail

4,617,113

22.0%

Distributors

181,480

0.9%

Hotels,

Restaurants

&

Leisure

5,067,870

24.1%

Household

Durables

835,365

4.0%

Leisure

Products

49,075

0.2%

Specialty

Retail

4,373,593

20.8%

Textiles,

Apparel

&

Luxury

Goods

743,357

3.6%

Other

\*\*

257,250

1.2%

Total

$

21,009,984

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Consumer

Staples

Common

Stocks

(97.6%)

Shares

Value

Altria

Group,

Inc.

(Tobacco)

6,415

$

423,775

Archer-Daniels-Midland

Co.

(Food

Products)

2,994

178,862

Brown-Forman

Corp.

-

Class

B

(Beverages)

1,097

29,707

Bunge

Global

SA

(Food

Products)

873

70,931

Campbell

Soup

Co.

(a) (Food

Products)

1,226

38,717

Church

&

Dwight

Co.,

Inc.

(Household

Products)

1,518

133,022

Colgate-Palmolive

Co.

(Household

Products)

5,037

402,658

Conagra

Brands,

Inc.

(Food

Products)

2,985

54,655

Constellation

Brands,

Inc.

-

Class

A

(Beverages)

890

119,856

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

967

895,084

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

1,371

141,693

Dollar

Tree,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

1,209

114,093

General

Mills,

Inc.

(Food

Products)

3,332

167,999

Hormel

Foods

Corp.

(Food

Products)

1,816

44,928

Kellanova

(Food

Products)

1,675

137,384

Kenvue,

Inc.

(Personal

Care

Products)

11,959

194,095

Keurig

Dr

Pepper,

Inc.

(Beverages)

8,465

215,942

Kimberly-Clark

Corp.

(Household

Products)

2,068

257,135

Lamb

Weston

Holdings,

Inc.

(Food

Products)

868

50,413

McCormick

&

Co.,

Inc.

(Food

Products)

1,577

105,517

Molson

Coors

Beverage

Co.

-

Class

B

(Beverages)

1,056

47,784

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

6,823

426,234

Monster

Beverage

Corp.

\*

(Beverages)

4,442

298,991

PepsiCo,

Inc.

(Beverages)

2,985

419,213

Philip

Morris

International,

Inc.

(Tobacco)

3,394

550,507

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

2,976

245,044

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

2,831

253,941

The

Clorox

Co.

(Household

Products)

762

93,955

The

Coca-Cola

Co.

(Beverages)

8,445

560,073

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

1,460

128,655

The

Hershey

Co.

(Food

Products)

923

172,647

The

J.M.

Smucker

Co.

(Food

Products)

665

72,219

The

Kraft

Heinz

Co.

(Food

Products)

5,311

138,298

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

3,791

255,551

The

Procter

&

Gamble

Co.

(Household

Products)

5,107

784,690

Common

Stocks,

continued

Shares

Value

Tyson

Foods,

Inc.

-

Class

A

(Food

Products)

1,781

$

96,708

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

9,570

986,285

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,687,431)

9,307,261

Repurchase

Agreements

(b) (1.8%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$169,019

$

169,000

169,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$169,000)

169,000

Collateral

for

Securities

Loaned

(c) (0.4%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 36,635

36,635

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,635)

36,635

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$4,893,066)— 99.8%

9,512,896

Net

other

assets

(liabilities) —

0.2%

17,412

NET

ASSETS

—

100.0%

$

9,530,308

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$36,728.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. 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

10/23/25

4.84%

$

264,222

$

(816) (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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Consumer

Staples

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Beverages

$

1,691,566

17.8%

Consumer

Staples

Distribution

&

Retail

2,891,691

30.3%

Food

Products

1,755,512

18.4%

Household

Products

1,671,460

17.5%

Personal

Care

Products

322,750

3.4%

Value

%

of

Net

Assets

Tobacco

$

974,282

10.2%

Other

\*\*

223,047

2.4%

Total

$

9,530,308

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Dow

Repurchase

Agreements

(a) (b) (98

.7

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$374,042

$

374,000

$

374,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$374,000)

374,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$374,000)— 98.7%

374,000

Net

other

assets

(liabilities)

—

.3

%

4,931

NET

ASSETS

—

100.0%

$

378,931

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$51,000.

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

10/27/25

4.84%

$

303,267

$

Dow

Jones

Industrial

Average

UBS

AG

10/27/25

4.89%

75,652

$378,919

$616

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Emerging

Markets

Common

Stocks

(94.0%)

Shares

Value

Alibaba

Group

Holding,

Ltd.

ADR

(Broadline

Retail)

40,178

$

7,181,014

Ambev

S.A.

ADR(a)

(Beverages)

76,160

169,837

America

Movil

S.A.B.

de

C.V.

ADR(a)

(Wireless

Telecommunication

Services)

16,207

340,347

ASE

Technology

Holding

Co.,

Ltd.

ADR

(Semiconductors

&

Semiconductor

Equipment)

31,260

346,673

Baidu,

Inc.

\*ADR

(Interactive

Media

&

Services)

4,979

656,083

Banco

Bradesco

S.A.

ADR

(Banks)

94,638

319,877

Banco

de

Chile

ADR

(Banks)

4,158

125,987

BeiGene,

Ltd.

\*ADR

(Biotechnology)

1,295

441,207

Bilibili,

Inc.

\*ADR(a)

(Entertainment)

5,164

145,056

Cemex

S.A.B.

de

C.V.

ADR

(Construction

Materials)

27,090

243,539

Centrais

Eletricas

Brasileiras

S.A.

ADR(a)

(Electric

Utilities)

16,336

162,053

Chunghwa

Telecom

Co.,

Ltd.

ADR

(Diversified

Telecommunication

Services)

6,803

296,747

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

SABESP

ADR

(Water

Utilities)

8,196

203,998

Dr.

Reddy's

Laboratories,

Ltd.

\*ADR

(Pharmaceuticals)

10,903

152,424

Embraer

S.A.

\*ADR

(Aerospace

&

Defense)

3,114

188,241

Fomento

Economico

Mexicano

S.A.B.

de

C.V.

ADR

(Beverages)

3,041

299,934

Full

Truck

Alliance

Co.,

Ltd.

\*ADR

(Ground

Transportation)

14,792

191,852

Gold

Fields,

Ltd.

ADR

(Metals

&

Mining)

16,018

672,115

Grupo

Aeroportuario

del

Pacifico

S.A.B.

de

C.V.

\*ADR

(Transportation

Infrastructure)

730

173,149

Harmony

Gold

Mining

Co.,

Ltd.

ADR

(Metals

&

Mining)

9,770

177,326

HDFC

Bank,

Ltd.

ADR

(Banks)

63,649

2,174,249

ICICI

Bank,

Ltd.

ADR

(Banks)

45,637

1,379,607

Infosys,

Ltd.

ADR(a)

(IT

Services)

63,194

1,028,167

Itau

Unibanco

Holding

S.A.

ADR

(Banks)

95,395

700,200

JD.com,

Inc.

\*ADR

(Broadline

Retail)

25,941

907,416

Kanzhun,

Ltd.

\*ADR

(Interactive

Media

&

Services)

6,608

154,363

KB

Financial

Group,

Inc.

\*ADR

(Banks)

6,349

526,396

KE

Holdings,

Inc.

\*ADR

(Real

Estate

Management

&

Development)

11,868

225,492

Korea

Electric

Power

Corporation

\*ADR

(Electric

Utilities)

9,191

119,943

Li

Auto,

Inc.

\*ADR(a)

(Automobiles)

10,702

271,189

NetEase,

Inc.

ADR

(Entertainment)

6,119

930,027

New

Oriental

Education

&

Technology

Group,

Inc.

\*ADR

(Diversified

Consumer

Services)

2,341

124,237

NIO,

Inc.

\*ADR

(Automobiles)

27,756

211,501

PDD

Holdings,

Inc.

\*ADR

(Broadline

Retail)

11,585

1,531,189

Petroleo

Brasileiro

S.A.

ADR

(Oil,

Gas

&

Consumable

Fuels)

33,296

421,527

POSCO

Holdings,

Inc.

\*ADR

(Metals

&

Mining)

5,388

265,143

Shinhan

Financial

Group

Co.,

Ltd.

\*ADR

(Banks)

8,254

415,754

Sociedad

Quimica

y

Minera

de

Chile

S.A.

ADR(a)

(Chemicals)

2,556

109,857

Suzano

S.A.

ADR

(Paper

&

Forest

Products)

11,990

112,706

Taiwan

Semiconductor

Manufacturing

Co.,

Ltd.

ADR

(Semiconductors

&

Semiconductor

Equipment)

24,649

6,884,219

Telekomunikasi

Indonesia

Persero

Tbk.

\*ADR

(Diversified

Telecommunication

Services)

8,155

153,477

Tencent

Music

Entertainment

Group

\*ADR

(Entertainment)

8,847

206,489

Trip.com

Group,

Ltd.

\*ADR

(Hotels,

Restaurants

&

Leisure)

10,878

818,026

United

Microelectronics

Corp.

ADR(a)

(Semiconductors

&

Semiconductor

Equipment)

42,246

320,225

Vale

S.A.

ADR

(Metals

&

Mining)

64,173

696,919

Wipro,

Ltd.

\*ADR(a)

(IT

Services)

54,407

143,090

Woori

Financial

Group,

Inc.

ADR

(Banks)

4,075

228,811

XPeng,

Inc.

\*ADR(a)

(Automobiles)

13,103

306,872

ZTO

Express

Cayman,

Inc.

\*ADR

(Air

Freight

&

Logistics)

7,496

143,923

TOTAL

COMMON

STOCKS

Common

Stocks,

continued

Shares

Value

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,065,545)

$

33,998,473

Preferred

Stocks

(1.3%)

Petroleo

Brasileiro

S.A.

ADR

(Oil,

Gas

&

Consumable

Fuels)

39,476

466,606

TOTAL

PREFERRED

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $176,881)

466,606

Repurchase

Agreements

(b)(c) (0.6%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$220,025

$

220,000

220,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$220,000)

220,000

Collateral

for

Securities

Loaned

(d) (7.9%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 2,846,523

2,846,523

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,846,523)

2,846,523

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$20,308,949)— 103.8%

37,531,602

Net

other

assets

(liabilities) —

(3.8)%

(1,357,445)

NET

ASSETS

—

100.0%

$

36,174,157

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$2,761,189.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$220,000.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. ADR

American

Depositary

Receipt

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Emerging

Markets

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

ADR

Index

(USD)

Goldman

Sachs

International

10/27/25

4.84%

$

983,685

$

2,064

S&P

Emerging

ADR

Index

(USD)

UBS

AG

10/27/25

4.89%

702,020

984

$1,685,705

$3,048

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Emerging

Markets

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

188,241

0.5%

Air

Freight

&

Logistics

143,923

0.4%

Automobiles

789,562

2.2%

Banks

5,870,881

16.3%

Beverages

469,771

1.3%

Biotechnology

441,207

1.2%

Broadline

Retail

9,619,619

26.7%

Chemicals

109,857

0.3%

Construction

Materials

243,539

0.7%

Diversified

Consumer

Services

124,237

0.3%

Diversified

Telecommunication

Services

450,224

1.2%

Electric

Utilities

281,996

0.7%

Entertainment

1,281,572

3.6%

Ground

Transportation

191,852

0.5%

Hotels,

Restaurants

&

Leisure

818,026

2.3%

Interactive

Media

&

Services

810,446

2.2%

IT

Services

1,171,257

3.2%

Metals

&

Mining

1,811,503

4.9%

Oil,

Gas

&

Consumable

Fuels

888,133

2.5%

Paper

&

Forest

Products

112,706

0.3%

Pharmaceuticals

152,424

0.4%

Real

Estate

Management

&

Development

225,492

0.6%

Semiconductors

&

Semiconductor

Equipment

7,551,117

21.0%

Transportation

Infrastructure

173,149

0.5%

Water

Utilities

203,998

0.6%

Wireless

Telecommunication

Services

340,347

0.9%

Other

\*\*

1,709,078

4.7%

Total

$

36,174,157

100.0%

ProFund

VP

Emerging

Markets

invested

in

securities

with

exposure

to

the

following

countries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Brazil

$

3,441,964

9.5%

Chile

235,844

0.6%

China

$

14,445,936

40.0%

India

4,877,537

13.5%

Indonesia

153,477

0.4%

Mexico

1,056,969

2.9%

South

Africa

849,441

2.3%

South

Korea

1,556,047

4.3%

Taiwan

7,847,864

21.8%

Other

\*\*

1,709,078

4.7%

Total

$

36,174,157

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Energy

Common

Stocks

(97

.9

%)

Shares

Value

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

9,344

$

226,872

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

25,748

1,254,443

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

43,357

6,732,908

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

28,136

2,661,384

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

19,931

471,368

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

16,579

581,260

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

4,914

703,193

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

13,762

1,542,995

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

16,299

887,155

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

6,220

660,813

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

75,190

8,477,672

Halliburton

Co.

(Energy

Equipment

&

Services)

22,268

547,793

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

51,070

1,445,792

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

7,940

1,530,356

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

18,769

886,835

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

16,447

1,200,138

Phillips

(Oil,

Gas

&

Consumable

Fuels)

10,555

1,435,691

Schlumberger

N.V.

(Energy

Equipment

&

Services)

38,966

1,339,261

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

5,620

941,575

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

504

470,555

Common

Stocks,

continued

Shares

Value

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

28,165

$

1,784,253

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

8,113

1,381,319

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,419,105)

37,163,631

Repurchase

Agreements

(a) (2

.3

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$860,096

$

860,000

860,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$860,000)

860,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$15,279,105)— 100.2%

38,023,631

Net

other

assets

(liabilities)

—

(0

.2)

%

(93,062)

NET

ASSETS

—

100.0%

$

37,930,569

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Energy

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

894,815

$

1,466

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Energy

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Energy

Equipment

&

Services

$

3,141,497

8.2%

Oil,

Gas

&

Consumable

Fuels

34,022,134

89.7%

Other

\*\*

766,938

2.1%

Total

$

37,930,569

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Europe

Common

Stocks

(99.6%)

Shares

Value

Anheuser-Busch

InBev

S.A./N.V.

ADR(a)

(Beverages)

9,797

$

583,999

ArcelorMittal

SA

ADR

(Metals

&

Mining)

13,431

485,530

Argenx

SE

\*ADR

(Biotechnology)

790

582,672

ARM

Holdings

PLC

\*ADR

(Semiconductors

&

Semiconductor

Equipment)

4,424

625,952

ASML

Holding

N.V.

ADR

(Semiconductors

&

Semiconductor

Equipment)

632

611,833

AstraZeneca

PLC

ADR

(Pharmaceuticals)

5,689

436,460

Barclays

PLC

ADR

(Banks)

27,969

578,119

BioNTech

SE

\*ADR(a)

(Biotechnology)

2,844

280,475

BP

PLC

ADR

(Oil,

Gas

&

Consumable

Fuels)

15,327

528,168

British

American

Tobacco

PLC

ADR

(Tobacco)

12,325

654,211

Diageo

PLC

ADR

(Beverages)

3,318

316,637

Equinor

ASA

ADR(a)

(Oil,

Gas

&

Consumable

Fuels)

18,014

439,181

GSK

PLC

ADR

(Pharmaceuticals)

12,483

538,766

Haleon

PLC

\*ADR

(Personal

Care

Products)

37,608

337,344

HSBC

Holdings

PLC

ADR(a)

(Banks)

13,431

953,332

ING

Groep

N.V.

ADR

(Banks)

24,334

634,631

Jumia

Technologies

AG

\*ADR(a)

(Advertising

&

Marketing)

65,892

765,006

National

Grid

PLC

ADR

(Multi-Utilities)

6,795

493,793

Nokia

Oyj

ADR

(Communications

Equipment)

72,213

347,345

Novo

Nordisk

A/S

ADR

(Pharmaceuticals)

7,269

403,357

RELX

PLC

ADR

(Professional

Services)

9,955

475,451

Rio

Tinto

PLC

ADR

(Metals

&

Mining)

8,375

552,834

Ryanair

Holdings

PLC

\*ADR

(Passenger

Airlines)

7,269

437,739

Sanofi

S.A.

ADR

(Pharmaceuticals)

11,061

522,079

SAP

SE

ADR

(Software)

3,792

1,013,261

Shell

PLC

ADR

(Oil,

Gas

&

Consumable

Fuels)

7,901

565,159

Telefonaktiebolaget

LM

Ericsson

ADR

(Communications

Equipment)

40,294

333,231

Tenaris

S.A.

ADR

(Energy

Equipment

&

Services)

8,375

299,574

TotalEnergies

SE

ADR

(Oil,

Gas

&

Consumable

Fuels)

9,007

537,628

Vodafone

Group

PLC

ADR

(Wireless

Telecommunication

Services)

37,450

434,420

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,699,863)

15,768,187

Collateral

for

Securities

Loaned

(b) (18.0%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(c) 2,850,261

2,850,261

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,850,261)

2,850,261

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$11,550,124)— 117.6%

18,618,448

Net

other

assets

(liabilities) —

(17.6)%

(2,788,925)

NET

ASSETS

—

100.0%

$

15,829,523

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$2,764,210.

(b) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (c) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. ADR

American

Depositary

Receipt

ProFund

VP

Europe

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Advertising

&

Marketing

$

765,006

4.8%

Banks

2,166,082

13.7%

Beverages

900,636

5.7%

Biotechnology

863,148

5.5%

Communications

Equipment

680,576

4.3%

Energy

Equipment

&

Services

299,574

1.9%

Metals

&

Mining

1,038,364

6.6%

Multi-Utilities

493,793

3.1%

Oil,

Gas

&

Consumable

Fuels

2,070,136

13.1%

Passenger

Airlines

437,739

2.8%

Personal

Care

Products

337,344

2.1%

Pharmaceuticals

1,900,662

12.0%

Professional

Services

475,451

3.0%

Semiconductors

&

Semiconductor

Equipment

1,237,785

7.8%

Software

1,013,260

6.4%

Tobacco

654,211

4.1%

Wireless

Telecommunication

Services

434,420

2.7%

Other

\*\*

61,336

0.4%

Total

$

15,829,523

100.0%

ProFund

VP

Europe

invested

in

securities

with

exposure

to

the

following

countries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Belgium

$

583,999

3.7%

Denmark

403,357

2.5%

Finland

347,345

2.2%

France

1,059,707

6.7%

Germany

2,058,741

13.0%

Ireland

437,739

2.8%

Luxembourg

785,104

5.0%

Netherlands

1,829,137

11.6%

Norway

439,181

2.8%

Sweden

333,231

2.1%

United

Kingdom

7,490,646

47.2%

Other

\*\*

61,336

0.4%

Total

$

15,829,523

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Falling

U.S.

Dollar

Repurchase

Agreements

(a)(b) (100.8%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$638,071

$

638,000

$

638,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$638,000)

638,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,273,939)— 200.9%

1,272,239

Net

other

assets

(liabilities) —

(100.9)%

(639,033)

NET

ASSETS

—

100.0%

$

633,206

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$12,000.

As

of

September

30,

2025,

the

ProFund

VP

Falling

U.S.

Dollar's

forward

currency

contracts

with

Goldman

Sachs

International

were

as

follows:

Description

and

amount

of

currency

purchased

Description

and

amount

of

currency

sold

Delivery

Date

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Long:

British

pound

13,755

U.S.

dollar

$

18,644

10/10/25

$

18,498

$

(146) Canadian

dollar

22,367

U.S.

dollar

16,187

10/10/25

16,083

(104) Euro

87,565

U.S.

dollar

102,875

10/10/25

102,860

(15) Japanese

yen

3,450,992

U.S.

dollar

23,479

10/10/25

23,365

(114) Swedish

krona

72,622

U.S.

dollar

7,790

10/10/25

7,723

(67) Swiss

franc

5,814

U.S.

dollar

7,326

10/10/25

7,314

(12) Total

Long

Contracts

$

176,301

$

175,843

$

(458) As

of

September

30,

2025,

the

ProFund

VP

Falling

U.S.

Dollar's

forward

currency

contracts

with

UBS

AG

were

as

follows:

Description

and

amount

of

currency

purchased

Description

and

amount

of

currency

sold

Delivery

Date

Fair

Value

Unrealized

Appreciation/

(Depreciation)

Long:

British

pound

42,227

U.S.

dollar

$

57,239

10/10/25

$

56,786

$

(453) Canadian

dollar

57,550

U.S.

dollar

41,632

10/10/25

41,380

(252) Euro

223,583

U.S.

dollar

262,605

10/10/25

262,635

Japanese

yen

9,337,926

U.S.

dollar

63,595

10/10/25

63,224

(371) Swedish

krona

177,416

U.S.

dollar

19,040

10/10/25

18,868

(172) Swiss

franc

12,323

U.S.

dollar

15,527

10/10/25

15,503

(24) Total

Long

Contracts

$

459,638

$

458,396

$

(1,242)

Total

unrealized

appreciation

$30

Total

unrealized

(depreciation)

(1,730)

Total

net

unrealized

appreciation/(depreciation)

$(1,700)

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Financials

Common

Stocks

(99.1%)

Shares

Value

Aflac,

Inc.

(Insurance)

2,170

$

242,389

Allstate

Corp.

(Insurance)

1,188

255,004

American

Express

Co.

(Consumer

Finance)

2,447

812,796

American

International

Group,

Inc.

(Insurance)

2,497

196,114

Ameriprise

Financial,

Inc.

(Capital

Markets)

208,781

Aon

PLC

-

Class

A

(Insurance)

972

346,596

Apollo

Global

Management,

Inc.

(Financial

Services)

2,074

276,402

Arch

Capital

Group,

Ltd.

\*

(Insurance)

1,676

152,063

Arthur

J. Gallagher

&

Co.

(Insurance)

1,156

358,059

Assurant,

Inc.

(Insurance)

49,168

Bank

of

America

Corp.

(Banks)

30,718

1,584,742

Berkshire

Hathaway,

Inc.

\*

-

Class

B

(Financial

Services)

8,266

4,155,648

BlackRock,

Inc.

(Capital

Markets)

649

756,650

Blackstone,

Inc.

(Capital

Markets)

3,323

567,735

Block,

Inc.

\*

(Financial

Services)

2,477

179,013

Brown

&

Brown,

Inc.

(Insurance)

1,321

123,897

Capital

One

Financial

Corp.

(Consumer

Finance)

2,883

612,868

Cboe

Global

Markets,

Inc.

(Capital

Markets)

115,513

Chubb,

Ltd.

(Insurance)

1,671

471,641

Cincinnati

Financial

Corp.

(Insurance)

705

111,461

Citigroup,

Inc.

(Banks)

8,298

842,247

Citizens

Financial

Group,

Inc.

(Banks)

1,944

103,343

CME

Group,

Inc.

(Capital

Markets)

1,625

439,059

Coinbase

Global,

Inc.

\*

-

Class

A

(Capital

Markets)

1,019

343,902

Corpay,

Inc.

\*

(Software)

91,603

Erie

Indemnity

Co.

\*

-

Class

A

(Insurance)

36,588

Everest

Group,

Ltd.

(Insurance)

66,193

FactSet

Research

Systems,

Inc.

(Capital

Markets)

48,703

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

2,355

155,289

Fifth

Third

Bancorp

(Banks)

2,984

132,937

First

Horizon

Corp.

(Banks)

—

(a) 9

Fiserv,

Inc.

\*

(Financial

Services)

2,450

315,879

Franklin

Resources,

Inc.

(Capital

Markets)

1,381

31,943

Global

Payments,

Inc.

(Financial

Services)

1,094

90,890

Globe

Life,

Inc.

(Insurance)

52,184

Huntington

Bancshares,

Inc.

(Banks)

6,608

114,120

Interactive

Brokers

Group,

Inc.

-

Class

A

(Capital

Markets)

2,007

138,102

Intercontinental

Exchange,

Inc.

(Capital

Markets)

2,580

434,678

Invesco,

Ltd.

(Capital

Markets)

2,010

46,109

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

48,849

JPMorgan

Chase

&

Co.

(Banks)

12,395

3,909,755

KeyCorp

(Banks)

4,201

78,517

KKR

&

Co.,

Inc.

(Capital

Markets)

3,093

401,935

Loews

Corp.

(Insurance)

767

76,999

M&T

Bank

Corp.

(Banks)

704

139,124

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

2,216

446,590

MasterCard,

Inc.

-

Class

A

(Financial

Services)

3,721

2,116,541

MetLife,

Inc.

(Insurance)

2,518

207,408

Moody's

Corp.

(Capital

Markets)

695

331,154

Common

Stocks,

continued

Shares

Value

Morgan

Stanley

(Capital

Markets)

5,469

$

869,352

MSCI,

Inc.

(Capital

Markets)

198,026

Nasdaq,

Inc.

(Capital

Markets)

2,043

180,703

Northern

Trust

Corp.

(Capital

Markets)

862

116,025

PayPal

Holdings,

Inc.

\*

(Financial

Services)

4,307

288,827

PNC

Financial

Services

Group,

Inc.

(Banks)

1,775

356,651

Principal

Financial

Group,

Inc.

(Insurance)

914

75,780

Prudential

Financial,

Inc.

(Insurance)

1,587

164,635

Raymond

James

Financial,

Inc.

(Capital

Markets)

800

138,080

Regions

Financial

Corp.

(Banks)

4,022

106,060

Robinhood

Markets,

Inc.

\*

-

Class

A

(Capital

Markets)

3,489

499,555

S&P

Global,

Inc.

(Capital

Markets)

1,409

685,774

State

Street

Corp.

(Capital

Markets)

1,279

148,377

Synchrony

Financial

(Consumer

Finance)

1,677

119,151

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

990

101,614

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

3,179

346,384

The

Charles

Schwab

Corp.

(Capital

Markets)

7,692

734,355

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

1,365

1,087,018

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

1,267

169,005

The

Progressive

Corp.

(Insurance)

2,643

652,690

The

Travelers

Cos.,

Inc.

(Insurance)

1,015

283,408

Truist

Financial

Corp.

(Banks)

5,813

265,770

U.S.

Bancorp

(Banks)

7,015

339,035

Visa,

Inc.

-

Class

A

(Financial

Services)

7,657

2,613,946

W.R.

Berkley

Corp.

(Insurance)

1,351

103,514

Wells

Fargo

&

Co.

(Banks)

14,441

1,210,445

Willis

Towers

Watson

PLC

(Insurance)

151,998

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,805,808)

34,823,368

Repurchase

Agreements

(b) (4.3%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$1,505,168

$

1,505,000

1,505,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$1,505,000)

1,505,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$8,310,808)— 103.4%

36,328,368

Net

other

assets

(liabilities) —

(3.4)%

(1,193,357)

NET

ASSETS

—

100.0%

$

35,135,011

\*

Non-income

producing

security.

(a) Number

of

shares

is

less

than

0.50. (b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Financial

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

370,953

$

(3,385)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Financials

ProFund

VP

Financials

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Banks

$

9,182,755

26.1%

Capital

Markets

8,969,527

25.5%

Consumer

Finance

1,544,815

4.4%

Financial

Services

10,241,285

29.2%

Insurance

4,793,383

13.6%

Software

91,603

0.3%

Other

\*\*

311,643

0.9%

Total

$

35,135,011

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Health

Care

Common

Stocks

(99.2%)

Shares

Value

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

11,265

$

1,508,834

AbbVie,

Inc.

(Biotechnology)

11,433

2,647,196

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

1,839

236,036

Align

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

54,596

Amgen,

Inc.

(Biotechnology)

3,484

983,185

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

3,324

75,687

Becton,

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

1,855

347,200

Biogen,

Inc.

\*

(Biotechnology)

949

132,936

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

1,015

56,464

Boston

Scientific

Corp.

\*

(Health

Care

Equipment

&

Supplies)

9,590

936,272

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

13,174

594,147

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

1,546

242,660

Cencora,

Inc.

(Health

Care

Providers

&

Services)

1,255

392,225

Centene

Corp.

\*

(Health

Care

Providers

&

Services)

3,020

107,754

Charles

River

Laboratories

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

49,911

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

8,209

618,877

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

4,125

817,823

DaVita,

Inc.

\*

(Health

Care

Providers

&

Services)

30,693

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,538

170,782

Edwards

LifeSciences

Corp.

\*

(Health

Care

Equipment

&

Supplies)

3,800

295,526

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

1,457

470,786

Eli

Lilly

&

Co.

(Pharmaceuticals)

5,146

3,926,398

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

2,955

221,921

Gilead

Sciences,

Inc.

(Biotechnology)

8,031

891,441

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

1,060

451,772

Henry

Schein,

Inc.

\*

(Health

Care

Providers

&

Services)

667

44,269

Hologic,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,440

97,186

Humana,

Inc.

(Health

Care

Providers

&

Services)

778

202,412

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

518

330,945

Incyte

Corp.

\*

(Biotechnology)

1,062

90,068

Insulet

Corp.

\*

(Health

Care

Equipment

&

Supplies)

140,781

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,320

1,037,574

IQVIA

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,100

208,934

Johnson

&

Johnson

(Pharmaceuticals)

15,587

2,890,142

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

538

154,438

McKesson

Corp.

(Health

Care

Providers

&

Services)

805

621,895

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

8,293

789,825

Merck

&

Co.,

Inc.

(Pharmaceuticals)

16,166

1,356,812

Common

Stocks,

continued

Shares

Value

Mettler-Toledo

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

$

163,272

Moderna,

Inc.

\*

(Biotechnology)

2,241

57,885

Molina

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

67,167

Pfizer,

Inc.

(Pharmaceuticals)

36,798

937,613

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

724

137,980

Regeneron

Pharmaceuticals,

Inc.

\*

(Biotechnology)

659

370,536

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

948

259,496

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

751

65,825

Solventum

Corp.

\*

(Health

Care

Equipment

&

Supplies)

954

69,642

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

637

157,619

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

2,227

823,255

The

Cigna

Group

(Health

Care

Providers

&

Services)

1,728

498,096

The

Cooper

Cos.,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,291

88,511

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

2,444

1,185,389

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

5,862

2,024,148

Universal

Health

Services,

Inc.

-

Class

B

(Health

Care

Providers

&

Services)

74,621

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,659

649,731

Viatris,

Inc.

(Pharmaceuticals)

7,546

74,705

Waters

Corp.

\*

(Life

Sciences

Tools

&

Services)

115,427

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

121,983

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

1,282

126,277

Zoetis,

Inc.

(Pharmaceuticals)

2,868

419,646

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,540,117)

32,715,227

Repurchase

Agreements

(a) (2.2%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$717,080

$

717,000

717,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$717,000)

717,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$8,257,117)— 101.4%

33,432,227

Net

other

assets

(liabilities) —

(1.4)%

(475,031)

NET

ASSETS

—

100.0%

$

32,957,196

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Health

Care

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

325,271

$

11,533

(1) Agreements

may

be

terminated

at

will

by

either

party

without

penalty. Payment

is

due

at

termination/maturity.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Health

Care

(2) Reflects

the

floating

financing

rate,

as

of

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Health

Care

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Biotechnology

$

5,822,978

17.7%

Health

Care

Equipment

&

Supplies

7,531,929

22.8%

Health

Care

Providers

&

Services

6,139,793

18.6%

Life

Sciences

Tools

&

Services

3,021,064

9.2%

Pharmaceuticals

10,199,463

30.9%

Other

\*\*

241,969

0.8%

Total

$

32,957,196

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Industrials

Common

Stocks

(97.3%)

Shares

Value

3M

Co.

(Industrial

Conglomerates)

2,155

$

334,413

A.O.

Smith

Corp.

(Building

Products)

33,915

Allegion

PLC

(Building

Products)

61,540

AMETEK,

Inc.

(Electrical

Equipment)

935

175,780

Automatic

Data

Processing,

Inc.

(Professional

Services)

1,639

481,047

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

228,210

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

112,893

Builders

FirstSource,

Inc.

\*

(Building

Products)

54,199

C.H.

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

63,287

Carrier

Global

Corp.

(Building

Products)

3,237

193,249

Caterpillar,

Inc.

(Machinery)

1,896

904,675

Cintas

Corp.

(Commercial

Services

&

Supplies)

1,386

284,490

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

3,600

161,892

CSX

Corp.

(Ground

Transportation)

7,544

267,887

Cummins,

Inc.

(Machinery)

558

235,682

Dayforce,

Inc.

\*

(Professional

Services)

646

44,503

Deere

&

Co.

(Machinery)

1,019

465,948

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

2,625

148,969

Dover

Corp.

(Machinery)

555

92,591

Eaton

Corp.

PLC

(Electrical

Equipment)

1,575

589,444

EMCOR

Group,

Inc.

(Construction

&

Engineering)

117,567

Emerson

Electric

Co.

(Electrical

Equipment)

2,277

298,697

Equifax,

Inc.

(Professional

Services)

501

128,522

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

549

67,302

Fastenal

Co.

(Trading

Companies

&

Distributors)

4,644

227,742

FedEx

Corp.

(Air

Freight

&

Logistics)

878

207,041

Fortive

Corp.

(Machinery)

1,369

67,067

GE

Vernova,

Inc.

\*

(Electrical

Equipment)

1,102

677,619

Generac

Holdings,

Inc.

\*

(Electrical

Equipment)

39,674

General

Dynamics

Corp.

(Aerospace

&

Defense)

1,022

348,502

General

Electric

Co.

(Industrial

Conglomerates)

4,291

1,290,818

Honeywell

International,

Inc.

(Industrial

Conglomerates)

2,569

540,775

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

1,631

320,051

Hubbell,

Inc.

(Electrical

Equipment)

92,517

Huntington

Ingalls

Industries,

Inc.

(Aerospace

&

Defense)

45,778

IDEX

Corp.

(Machinery)

49,642

Illinois

Tool

Works,

Inc.

(Machinery)

1,073

279,795

Ingersoll

Rand,

Inc.

(Machinery)

1,463

120,873

J.B.

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

41,459

Jacobs

Solutions,

Inc.

(Professional

Services)

72,532

Johnson

Controls

International

PLC

(Building

Products)

2,648

291,148

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

757

231,195

Leidos

Holdings,

Inc.

(Professional

Services)

519

98,070

Lennox

International,

Inc.

(Building

Products)

68,287

Lockheed

Martin

Corp.

-

B

(Aerospace

&

Defense)

831

414,844

Masco

Corp.

(Building

Products)

847

59,620

Nordson

Corp.

(Machinery)

49,248

Norfolk

Southern

Corp.

(Ground

Transportation)

908

272,772

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

545

332,079

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

748

105,303

Otis

Worldwide

Corp.

(Machinery)

1,588

145,191

PACCAR,

Inc.

(Machinery)

2,125

208,930

Parker-Hannifin

Corp.

(Machinery)

517

391,964

Paychex,

Inc.

(Professional

Services)

1,312

166,309

Paycom

Software,

Inc.

(Professional

Services)

42,252

Pentair

PLC

(Machinery)

663

73,434

Quanta

Services,

Inc.

(Construction

&

Engineering)

603

249,895

Ralliant

Corp.

\*

(Electrical

Equipment)

Raytheon

Technologies

Corp.

(Aerospace

&

Defense)

5,416

906,258

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

821

188,403

Rockwell

Automation,

Inc.

(Electrical

Equipment)

159,036

Common

Stocks,

continued

Shares

Value

Rollins,

Inc.

(Commercial

Services

&

Supplies)

1,137

$

66,787

Snap-on,

Inc.

(Machinery)

73,118

Southwest

Airlines

Co.

(Passenger

Airlines)

2,125

67,809

Stanley

Black

&

Decker,

Inc.

(Machinery)

626

46,531

Textron,

Inc.

(Aerospace

&

Defense)

721

60,917

The

Boeing

Co.

\*

(Aerospace

&

Defense)

3,060

660,440

Trane

Technologies

PLC

(Building

Products)

900

379,765

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

300,509

Uber

Technologies,

Inc.

\*

(Ground

Transportation)

8,438

826,672

Union

Pacific

Corp.

(Ground

Transportation)

2,400

567,288

United

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

1,310

126,415

United

Parcel

Service,

Inc.

-

Class

B

(Air

Freight

&

Logistics)

2,978

248,753

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

248,211

Veralto

Corp.

(Commercial

Services

&

Supplies)

1,004

107,036

Verisk

Analytics,

Inc.

(Professional

Services)

565

142,103

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

169,627

Wabtec

Corp.

(Machinery)

692

138,725

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

1,500

331,246

Xylem,

Inc.

(Machinery)

985

145,288

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,894,137)

19,130,109

Repurchase

Agreements

(a) (2.1%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$415,046

$

415,000

415,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$415,000)

415,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$7,309,137)— 99.4%

19,545,109

Net

other

assets

(liabilities) —

0.6%

116,743

NET

ASSETS

—

100.0%

$

19,661,852

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Industrials

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

10/23/25

4.84%

$

431,139

$

1,630

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Industrials

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

3,848,783

19.6%

Air

Freight

&

Logistics

586,383

3.0%

Building

Products

1,141,723

5.8%

Commercial

Services

&

Supplies

1,139,854

5.8%

Construction

&

Engineering

367,462

1.9%

Electrical

Equipment

2,032,811

10.3%

Ground

Transportation

2,081,381

10.6%

Industrial

Conglomerates

2,166,006

11.0%

Machinery

3,488,703

17.7%

Passenger

Airlines

343,192

1.7%

Professional

Services

1,288,231

6.6%

Trading

Companies

&

Distributors

645,580

3.3%

Other

\*\*

531,743

2.7%

Total

$

19,661,852

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

International

Repurchase

Agreements

(a) (b) (98

.7

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$13,905,555

$

13,904,000

$

13,904,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$13,904,000)

13,904,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$13,904,000)— 98.7%

13,904,000

Net

other

assets

(liabilities)

—

.3

%

180,611

NET

ASSETS

—

100.0%

$

14,084,611

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$1,870,000.

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

10/27/25

4.74%

$

6,955,950

$

26,594

MSCI

EAFE

Index

UBS

AG

10/27/25

4.89%

7,123,610

27,395

$14,079,560

$53,989

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Internet

Common

Stocks

(98.6%)

Shares

Value

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

2,309

$

280,359

Akamai

Technologies,

Inc.

\*

(IT

Services)

771

58,411

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

3,234

786,185

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

2,596

632,256

Amazon.com,

Inc.

\*

(Broadline

Retail)

6,058

1,330,155

Arista

Networks,

Inc.

\*

(Communications

Equipment)

4,166

607,028

Atlassian

Corp.

\*

-

Class

A

(Software)

889

141,973

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

620,917

Box,

Inc.

\*

-

Class

A

(Software)

779

25,138

Carvana

Co.

\*

(Specialty

Retail)

743

280,289

Ciena

Corp.

\*

(Communications

Equipment)

761

110,855

Cisco

Systems,

Inc.

(Communications

Equipment)

10,361

708,899

Cloudflare,

Inc.

\*

-

Class

A

(IT

Services)

1,683

361,155

Confluent,

Inc.

\*

-

Class

A

(Software)

1,571

31,106

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

4,786

215,226

CoreWeave,

Inc.

\*

-

Class

A

(IT

Services)

1,176

160,936

Datadog,

Inc.

\*

-

Class

A

(Software)

1,739

247,634

DocuSign,

Inc.

\*

(Software)

1,087

78,362

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,992

541,804

DraftKings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

2,671

99,895

Dropbox,

Inc.

\*

-

Class

A

(Software)

996

30,089

Duolingo,

Inc.

\*

(Diversified

Consumer

Services)

68,874

eBay,

Inc.

(Broadline

Retail)

2,459

223,646

F5,

Inc.

\*

(Communications

Equipment)

99,866

Flutter

Entertainment

PLC

\*

(Hotels,

Restaurants

&

Leisure)

946

240,284

GoDaddy,

Inc.

\*

-

Class

A

(IT

Services)

745

101,938

HubSpot,

Inc.

\*

(Software)

132,855

MARA

Holdings,

Inc.

\*(a)

(Software)

1,993

36,392

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

1,856

1,363,010

Netflix,

Inc.

\*

(Entertainment)

1,112

1,333,199

Nutanix,

Inc.

\*

-

Class

A

(Software)

1,442

107,270

Okta,

Inc.

\*

(IT

Services)

899

82,438

Paycom

Software,

Inc.

(Professional

Services)

55,990

PayPal

Holdings,

Inc.

\*

(Financial

Services)

5,140

344,688

ROBLOX

Corp.

\*

-

Class

A

(Entertainment)

3,470

480,664

Salesforce,

Inc.

(Software)

2,589

613,594

Snowflake,

Inc.

\*

-

Class

A

(IT

Services)

1,795

404,862

Common

Stocks,

continued

Shares

Value

Veeva

Systems,

Inc.

\*

-

Class

A

(Health

Care

Technology)

809

$

241,009

VeriSign,

Inc.

\*

(IT

Services)

126,366

Workday,

Inc.

\*

-

Class

A

(Software)

1,162

279,728

Zoom

Video

Communications,

Inc.

\*

(Software)

1,400

115,500

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,592,678)

13,800,845

Repurchase

Agreements

(b) (1.6%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$223,025

$

223,000

223,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$223,000)

223,000

Collateral

for

Securities

Loaned

(c) (0.3%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 36,421

36,421

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $36,421)

36,421

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$4,852,099)— 100.5%

14,060,266

Net

other

assets

(liabilities) —

(0.5)%

(67,537)

NET

ASSETS

—

100.0%

$

13,992,729

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$34,548.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Dow

Jones

Internet

Composite

Index

Goldman

Sachs

International

10/23/25

4.84%

$

197,303

$

(2,840)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Internet

ProFund

VP

Internet

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Broadline

Retail

$

1,553,801

11.1%

Commercial

Services

&

Supplies

215,226

1.5%

Communications

Equipment

1,526,648

10.9%

Diversified

Consumer

Services

68,874

0.5%

Entertainment

1,813,863

12.9%

Financial

Services

344,688

2.5%

Health

Care

Technology

241,009

1.7%

Hotels,

Restaurants

&

Leisure

1,783,258

12.8%

Interactive

Media

&

Services

2,781,451

19.9%

IT

Services

1,296,106

9.3%

Professional

Services

55,990

0.4%

Software

1,839,641

13.1%

Specialty

Retail

280,290

2.0%

Other

\*\*

191,884

1.4%

Total

$

13,992,729

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Japan

Repurchase

Agreements

(a) (94.6%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$9,668,081

$

9,667,000

$

9,667,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$9,667,000)

9,667,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$9,667,000)— 94.6%

$

9,667,000

Net

other

assets

(liabilities) —

5.4%

551,397

NET

ASSETS

—

100.0%

$

10,218,397

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Nikkei

Index

Futures

Contracts

12/12/25

$

9,886,800

$

240,250

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Nikkei

Stock

Average

Goldman

Sachs

International

10/27/25

4.54%

$

328,981

$

(1,735)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Large-Cap

Growth

Common

Stocks

(99.9%)

Shares

Value

AbbVie,

Inc.

(Biotechnology)

890

$

206,070

Adobe,

Inc.

\*

(Software)

75,489

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

514

62,410

Allegion

PLC

(Building

Products)

9,754

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

6,975

1,695,623

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

5,600

1,363,880

Altria

Group,

Inc.

(Tobacco)

925

61,106

Amazon.com,

Inc.

\*

(Broadline

Retail)

6,752

1,482,536

American

Express

Co.

(Consumer

Finance)

651

216,236

Ameriprise

Financial,

Inc.

(Capital

Markets)

55,511

AMETEK,

Inc.

(Electrical

Equipment)

24,440

Amgen,

Inc.

(Biotechnology)

78,452

Amphenol

Corp.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

1,463

181,046

Aon

PLC

-

Class

A

(Insurance)

47,069

Apollo

Global

Management,

Inc.

(Financial

Services)

552

73,565

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

8,186

2,084,400

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

82,715

AppLovin

Corp

\*

-

Class

A

(Software)

232,807

Arch

Capital

Group,

Ltd.

\*

(Insurance)

40,284

Arista

Networks,

Inc.

\*

(Communications

Equipment)

1,237

180,243

Arthur

J. Gallagher

&

Co.

(Insurance)

42,744

Autodesk,

Inc.

\*

(Software)

81,641

Automatic

Data

Processing,

Inc.

(Professional

Services)

81,299

AutoZone,

Inc.

\*

(Specialty

Retail)

85,805

AvalonBay

Communities,

Inc.

(Residential

REITs)

14,488

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

68,176

Berkshire

Hathaway,

Inc.

\*

-

Class

B

(Financial

Services)

1,078

541,954

Block,

Inc.

\*

(Financial

Services)

17,489

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

210,571

Boston

Scientific

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,777

173,489

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,641

1,861,022

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

14,767

Brown

&

Brown,

Inc.

(Insurance)

32,827

Builders

FirstSource,

Inc.

\*

(Building

Products)

8,245

Cadence

Design

Systems,

Inc.

\*

(Software)

63,227

Camden

Property

Trust

(Residential

REITs)

6,941

Carnival

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

1,300

37,583

Carrier

Global

Corp.

(Building

Products)

27,402

Caterpillar,

Inc.

(Machinery)

562

268,159

CBRE

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

55,304

Chipotle

Mexican

Grill,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,607

62,978

Cincinnati

Financial

Corp.

(Insurance)

15,652

Cintas

Corp.

(Commercial

Services

&

Supplies)

84,362

Coinbase

Global,

Inc.

\*

-

Class

A

(Capital

Markets)

44,886

Colgate-Palmolive

Co.

(Household

Products)

33,975

Constellation

Energy

Corp.

(Electric

Utilities)

123,401

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

1,066

47,938

Corpay,

Inc.

\*

(Software)

24,485

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

532

492,434

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

146,624

CSX

Corp.

(Ground

Transportation)

1,027

36,469

Cummins,

Inc.

(Machinery)

69,691

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

11,612

Datadog,

Inc.

\*

-

Class

A

(Software)

55,251

DaVita,

Inc.

\*

(Health

Care

Providers

&

Services)

5,713

Dayforce,

Inc.

\*

(Professional

Services)

13,089

Deckers

Outdoor

Corp.

\*

(Textiles,

Apparel

&

Luxury

Goods)

18,044

Common

Stocks,

continued

Shares

Value

Deere

&

Co.

(Machinery)

$

60,816

Dell

Technologies,

Inc.

-

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

24,243

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

776

44,038

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

13,458

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

6,907

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

120,764

Dover

Corp.

(Machinery)

12,345

Eaton

Corp.

PLC

(Electrical

Equipment)

174,775

eBay,

Inc.

(Broadline

Retail)

33,197

Ecolab,

Inc.

(Chemicals)

41,079

Electronic

Arts,

Inc.

(Entertainment)

21,784

Eli

Lilly

&

Co.

(Pharmaceuticals)

954

727,902

EMCOR

Group,

Inc.

(Construction

&

Engineering)

35,075

Emerson

Electric

Co.

(Electrical

Equipment)

60,080

Equinix,

Inc.

(Specialized

REITs)

43,078

Erie

Indemnity

Co.

\*

-

Class

A

(Insurance)

9,863

Essex

Property

Trust,

Inc.

(Residential

REITs)

9,903

Expedia

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

30,353

Extra

Space

Storage,

Inc.

(Specialized

REITs)

16,067

F5,

Inc.

\*

(Communications

Equipment)

10,342

FactSet

Research

Systems,

Inc.

(Capital

Markets)

6,016

Fair

Isaac

Corp.

\*

(Software)

43,399

Fastenal

Co.

(Trading

Companies

&

Distributors)

783

38,398

First

Horizon

Corp.

(Banks)

—

(a) —

(b) First

Solar,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

15,217

Fiserv,

Inc.

\*

(Financial

Services)

651

83,933

Fortinet,

Inc.

\*

(Software)

779

65,498

Garmin,

Ltd.

(Household

Durables)

48,259

Gartner,

Inc.

\*

(IT

Services)

23,921

GE

Vernova,

Inc.

(Electrical

Equipment)

200,457

Gen

Digital,

Inc.

(Software)

11,015

Generac

Holdings,

Inc.

\*

(Electrical

Equipment)

7,366

General

Electric

Co.

(Industrial

Conglomerates)

521

156,727

GoDaddy,

Inc.

\*

-

Class

A

(IT

Services)

22,714

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

49,440

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

73,422

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

8,187

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

94,975

Hubbell,

Inc.

(Electrical

Equipment)

27,540

Illinois

Tool

Works,

Inc.

(Machinery)

33,899

Incyte

Corp.

\*

(Biotechnology)

9,923

Ingersoll

Rand,

Inc.

(Machinery)

35,692

Insulet

Corp.

\*

(Health

Care

Equipment

&

Supplies)

26,242

Interactive

Brokers

Group,

Inc.

-

Class

A

(Capital

Markets)

532

36,607

Intercontinental

Exchange,

Inc.

(Capital

Markets)

60,147

International

Business

Machines

Corp.

(IT

Services)

1,117

315,173

Intuit,

Inc.

(Software)

228,092

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

192,309

Iron

Mountain,

Inc.

(Specialized

REITs)

36,087

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

5,213

JPMorgan

Chase

&

Co.

(Banks)

1,879

592,693

KKR

&

Co.,

Inc.

(Capital

Markets)

47,042

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

170,419

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

19,795

Leidos

Holdings,

Inc.

(Professional

Services)

15,117

Lennox

International,

Inc.

(Building

Products)

20,645

Live

Nation

Entertainment,

Inc.

\*

(Entertainment)

30,883

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

10,676

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Large-Cap

Growth

Common

Stocks,

continued

Shares

Value

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

$

70,663

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

52,398

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

23,951

Masco

Corp.

(Building

Products)

7,109

MasterCard,

Inc.

-

Class

A

(Financial

Services)

990

563,122

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

2,601

1,910,122

Mettler-Toledo

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

12,276

Microsoft

Corp.

(Software)

4,635

2,400,699

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

8,104

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

53,397

Monster

Beverage

Corp.

\*

(Beverages)

25,174

Moody's

Corp.

(Capital

Markets)

46,219

Morgan

Stanley

(Capital

Markets)

655

104,120

Motorola

Solutions,

Inc.

(Communications

Equipment)

91,458

MSCI,

Inc.

(Capital

Markets)

52,769

Nasdaq,

Inc.

(Capital

Markets)

19,547

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

13,268

Netflix,

Inc.

\*

(Entertainment)

509

610,249

NextEra

Energy,

Inc.

(Electric

Utilities)

1,654

124,861

Norwegian

Cruise

Lines

Holdings,

Ltd.

\*

(Hotels,

Restaurants

&

Leisure)

540

13,300

NRG

Energy,

Inc.

(Electric

Utilities)

37,572

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

29,263

5,459,891

NVR,

Inc.

\*

(Household

Durables)

16,069

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

27,555

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

14,360

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

30,720

Oracle

Corp.

(Software)

1,987

558,824

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

1,016

109,535

PACCAR,

Inc.

(Machinery)

34,019

Packaging

Corp.

of

America

(Containers

&

Packaging)

11,768

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

2,727

497,459

Palo

Alto

Networks,

Inc.

\*

(Software)

801

163,100

Parker-Hannifin

Corp.

(Machinery)

115,997

Paychex,

Inc.

(Professional

Services)

23,197

Paycom

Software,

Inc.

(Professional

Services)

12,488

PayPal

Holdings,

Inc.

\*

(Financial

Services)

766

51,368

Pentair

PLC

(Machinery)

14,067

Philip

Morris

International,

Inc.

(Tobacco)

1,008

163,497

PPL

Corp.

(Electric

Utilities)

17,094

PTC,

Inc.

\*

(Software)

13,805

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

23,369

Public

Storage

(Specialized

REITs)

54,592

PulteGroup,

Inc.

(Household

Durables)

31,315

Quanta

Services,

Inc.

(Construction

&

Engineering)

74,181

Ralph

Lauren

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

14,737

Raymond

James

Financial,

Inc.

(Capital

Markets)

22,783

Raytheon

Technologies

Corp.

(Aerospace

&

Defense)

915

153,107

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

55,993

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

48,176

Robinhood

Markets,

Inc.

\*

-

Class

A

(Capital

Markets)

622

89,058

Rollins,

Inc.

(Commercial

Services

&

Supplies)

11,454

Royal

Caribbean

Cruises,

Ltd.

(Hotels,

Restaurants

&

Leisure)

98,045

S&P

Global,

Inc.

(Capital

Markets)

85,661

Common

Stocks,

continued

Shares

Value

Salesforce,

Inc.

(Software)

1,147

$

271,839

ServiceNow,

Inc.

\*

(Software)

230,070

Simon

Property

Group,

Inc.

(Retail

REITs)

73,567

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

80,958

Super

Micro

Computer,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

599

28,716

Synchrony

Financial

(Consumer

Finance)

31,617

Synopsys,

Inc.

\*

(Software)

56,740

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

28,192

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

43,225

Tesla,

Inc.

\*

(Automobiles)

3,365

1,496,483

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

21,474

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

49,686

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

24,677

The

Home

Depot,

Inc.

(Specialty

Retail)

525

212,724

The

Progressive

Corp.

(Insurance)

703

173,605

The

Sherwin-Williams

Co.

(Chemicals)

54,710

The

TJX

Cos.,

Inc.

(Specialty

Retail)

790

114,187

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

532

26,073

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

760

48,146

TKO

Group

Holdings,

Inc.

\*

(Entertainment)

16,763

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

73,490

Tractor

Supply

Co.

(Specialty

Retail)

19,393

Trane

Technologies

PLC

(Building

Products)

112,664

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

89,625

Trimble,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

10,125

Tyler

Technologies,

Inc.

\*

(Software)

27,204

Uber

Technologies,

Inc.

\*

(Ground

Transportation)

2,500

244,924

UDR,

Inc.

(Residential

REITs)

5,999

United

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

37,346

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

74,464

Veralto

Corp.

(Commercial

Services

&

Supplies)

15,245

Verisk

Analytics,

Inc.

(Professional

Services)

18,612

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

120,233

Visa,

Inc.

-

Class

A

(Financial

Services)

2,037

695,391

Vistra

Corp.

(Independent

Power/Renewable

Electricity

Producers)

74,841

Vulcan

Materials

Co.

(Construction

Materials)

30,146

W.R.

Berkley

Corp.

(Insurance)

15,018

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

50,507

Wabtec

Corp.

(Machinery)

41,096

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

3,527

363,493

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

52,116

Waters

Corp.

\*

(Life

Sciences

Tools

&

Services)

9,894

Welltower,

Inc.

(Health

Care

REITs)

77,135

Williams-Sonoma,

Inc.

(Specialty

Retail)

28,731

Willis

Towers

Watson

PLC

(Insurance)

19,345

Workday,

Inc.

\*

-

Class

A

(Software)

29,128

Wynn

Resorts,

Ltd.

(Hotels,

Restaurants

&

Leisure)

12,955

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

20,672

Zebra

Technologies

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

8,320

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $15,483,549)

37,391,806

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$15,483,549)— 99.9%

37,391,806

Net

other

assets

(liabilities) —

0.1%

23,054

NET

ASSETS

—

100.0%

$

37,414,860

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Large-Cap

Growth

\*

Non-income

producing

security.

(a) Number

of

shares

is

less

than

0.50. (b) Amount

is

less

than

$0.50.

REIT

Real

Estate

Investment

Trust

ProFund

VP

Large-Cap

Growth

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

405,884

1.1%

Automobiles

1,496,483

4.0%

Banks

592,693

1.6%

Beverages

25,174

NM

Biotechnology

414,678

1.1%

Broadline

Retail

1,515,733

4.0%

Building

Products

185,819

0.5%

Capital

Markets

720,052

1.9%

Chemicals

95,788

0.3%

Commercial

Services

&

Supplies

267,108

0.7%

Communications

Equipment

282,043

0.8%

Construction

&

Engineering

109,256

0.3%

Construction

Materials

54,098

0.1%

Consumer

Finance

247,853

0.6%

Consumer

Staples

Distribution

&

Retail

855,928

2.3%

Containers

&

Packaging

11,768

NM

Electric

Utilities

302,928

0.8%

Electrical

Equipment

494,658

1.3%

Electronic

Equipment,

Instruments

&

Components

199,491

0.5%

Entertainment

679,679

1.8%

Financial

Services

2,032,035

5.4%

Ground

Transportation

295,753

0.8%

Health

Care

Equipment

&

Supplies

534,632

1.4%

Health

Care

Providers

&

Services

55,153

0.2%

Health

Care

REITs

77,135

0.2%

Hotel

&

Resort

REITs

8,186

NM

Hotels,

Restaurants

&

Leisure

852,030

2.3%

Household

Durables

95,643

0.3%

Household

Products

33,974

0.1%

Independent

Power/Renewable

Electricity

Producers

74,841

0.2%

Industrial

Conglomerates

156,727

0.4%

Insurance

473,482

1.3%

Interactive

Media

&

Services

4,969,625

13.3%

IT

Services

361,808

1.0%

Life

Sciences

Tools

&

Services

22,170

0.1%

Machinery

685,780

1.8%

Media

26,073

0.1%

Multi-Utilities

23,369

0.1%

Oil,

Gas

&

Consumable

Fuels

143,565

0.4%

Passenger

Airlines

81,384

0.2%

Pharmaceuticals

727,902

1.9%

Professional

Services

178,569

0.5%

Real

Estate

Management

&

Development

55,304

0.1%

Residential

REITs

45,435

0.1%

Value

%

of

Net

Assets

Retail

REITs

$

73,567

0.2%

Semiconductors

&

Semiconductor

Equipment

7,670,216

20.5%

Software

5,276,396

14.1%

Specialized

REITs

149,825

0.4%

Specialty

Retail

570,375

1.5%

Technology

Hardware,

Storage

&

Peripherals

2,150,627

5.8%

Textiles,

Apparel

&

Luxury

Goods

71,649

0.2%

Tobacco

224,603

0.6%

Trading

Companies

&

Distributors

163,369

0.5%

Wireless

Telecommunication

Services

73,490

0.2%

Other

\*\*

23,054

0.1%

Total

$

37,414,860

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Large-Cap

Value

Common

Stocks

(99

.6

%)

Shares

Value

3M

Co.

(Industrial

Conglomerates)

$

48,571

A.O.

Smith

Corp.

(Building

Products)

4,918

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

1,020

136,618

AbbVie,

Inc.

(Biotechnology)

601

139,155

Accenture

PLC

-

Class

A

(IT

Services)

90,009

Adobe,

Inc.

\*

(Software)

50,796

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

951

153,861

Aflac,

Inc.

(Insurance)

31,611

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

21,306

Air

Products

&

Chemicals,

Inc.

(Chemicals)

35,726

Akamai

Technologies,

Inc.

\*

(IT

Services)

6,364

Albemarle

Corp.

(Chemicals)

5,595

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

7,584

Align

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

5,009

Allegion

PLC

(Building

Products)

4,079

Alliant

Energy

Corp.

(Electric

Utilities)

10,179

Allstate

Corp.

(Insurance)

33,271

Altria

Group,

Inc.

(Tobacco)

531

35,078

Amazon.com,

Inc.

\*

(Broadline

Retail)

2,389

524,553

Amcor

PLC

(Containers

&

Packaging)

1,349

11,035

Ameren

Corp.

(Multi-Utilities)

16,596

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

35,325

American

International

Group,

Inc.

(Insurance)

25,526

American

Tower

Corp.

-

Class

A

(Specialized

REITs)

52,888

American

Water

Works

Co.,

Inc.

(Water

Utilities)

15,868

AMETEK,

Inc.

(Electrical

Equipment)

13,536

Amgen,

Inc.

(Biotechnology)

50,796

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

71,499

Aon

PLC

-

Class

A

(Insurance)

22,108

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

5,075

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

4,697

1,195,996

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

55,894

Aptiv

PLC

\*

(Automobile

Components)

11,036

Archer-Daniels-Midland

Co.

(Food

Products)

16,847

Arthur

J. Gallagher

&

Co.

(Insurance)

25,399

Assurant,

Inc.

(Insurance)

6,498

AT&T,

Inc.

(Diversified

Telecommunication

Services)

4,190

118,327

Atmos

Energy

Corp.

(Gas

Utilities)

16,051

Automatic

Data

Processing,

Inc.

(Professional

Services)

29,936

AvalonBay

Communities,

Inc.

(Residential

REITs)

8,886

Avery

Dennison

Corp.

(Containers

&

Packaging)

7,298

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

577

28,111

Ball

Corp.

(Containers

&

Packaging)

8,017

Bank

of

America

Corp.

(Banks)

3,993

205,998

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

6,831

Becton,

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

31,445

Berkshire

Hathaway,

Inc.

\*

-

Class

B

(Financial

Services)

548

275,502

Best

Buy

Co.,

Inc.

(Specialty

Retail)

8,696

Biogen,

Inc.

\*

(Biotechnology)

12,047

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

5,118

BlackRock,

Inc.

(Capital

Markets)

97,934

Blackstone,

Inc.

(Capital

Markets)

73,978

Block,

Inc.

\*

(Financial

Services)

14,671

Boston

Properties,

Inc.

(Office

REITs)

6,393

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

1,193

53,804

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

9,289

Brown-Forman

Corp.

-

Class

B

(Beverages)

2,789

Common

Stocks,

continued

Shares

Value

Builders

FirstSource,

Inc.

\*

(Building

Products)

$

3,759

Bunge

Global

SA

(Food

Products)

6,663

C.H.

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

9,268

Cadence

Design

Systems,

Inc.

\*

(Software)

25,291

Camden

Property

Trust

(Residential

REITs)

3,310

Campbell

Soup

Co.

(a) (Food

Products)

3,632

Capital

One

Financial

Corp.

(Consumer

Finance)

79,505

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

21,974

CarMax,

Inc.

\*

(Specialty

Retail)

3,949

Carrier

Global

Corp.

(Building

Products)

14,567

Cboe

Global

Markets,

Inc.

(Capital

Markets)

14,960

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

12,105

Cencora,

Inc.

(Health

Care

Providers

&

Services)

35,316

Centene

Corp.

\*

(Health

Care

Providers

&

Services)

9,741

CenterPoint

Energy,

Inc.

(Multi-Utilities)

14,822

CF

Industries

Holdings,

Inc.

(Chemicals)

8,522

Charles

River

Laboratories

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

4,537

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

14,856

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,128

175,167

Chubb,

Ltd.

(Insurance)

61,530

Church

&

Dwight

Co.,

Inc.

(Household

Products)

12,531

Cincinnati

Financial

Corp.

(Insurance)

6,956

Cisco

Systems,

Inc.

(Communications

Equipment)

2,321

158,803

Citigroup,

Inc.

(Banks)

1,079

109,519

Citizens

Financial

Group,

Inc.

(Banks)

13,396

CME

Group,

Inc.

(Capital

Markets)

57,010

CMS

Energy

Corp.

(Multi-Utilities)

12,821

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

19,182

Coinbase

Global,

Inc.

\*

-

Class

A

(Capital

Markets)

22,949

Colgate-Palmolive

Co.

(Household

Products)

21,184

Comcast

Corp.

-

Class

A

(Media)

2,158

67,804

Conagra

Brands,

Inc.

(Food

Products)

5,127

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

732

69,240

Consolidated

Edison,

Inc.

(Multi-Utilities)

21,210

Constellation

Brands,

Inc.

-

Class

A

(Beverages)

11,178

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

37,487

Corteva,

Inc.

(Chemicals)

26,917

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

21,008

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

10,548

Crown

Castle

International

Corp.

(Specialized

REITs)

24,605

CSX

Corp.

(Ground

Transportation)

590

20,951

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

743

56,015

D.R.

Horton,

Inc.

(Household

Durables)

27,623

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

74,149

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

7,424

Deere

&

Co.

(Machinery)

37,496

Dell

Technologies,

Inc.

-

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

13,326

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

13,042

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

8,815

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

15,741

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

32,501

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

13,332

Dollar

Tree,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

10,758

Dominion

Energy,

Inc.

(Multi-Utilities)

500

30,585

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

4,749

Dover

Corp.

(Machinery)

7,507

Dow,

Inc.

(Chemicals)

9,493

DTE

Energy

Co.

(Multi-Utilities)

17,254

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Large-Cap

Value

Common

Stocks,

continued

Shares

Value

Duke

Energy

Corp.

(Electric

Utilities)

$

56,429

DuPont

de

Nemours,

Inc.

(Chemicals)

19,163

Eastman

Chemical

Co.

(Chemicals)

4,287

eBay,

Inc.

(Broadline

Retail)

8,004

Ecolab,

Inc.

(Chemicals)

20,813

Edison

International

(Electric

Utilities)

12,438

Edwards

LifeSciences

Corp.

\*

(Health

Care

Equipment

&

Supplies)

26,753

Electronic

Arts,

Inc.

(Entertainment)

15,934

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

42,652

Emerson

Electric

Co.

(Electrical

Equipment)

13,774

Entergy

Corp.

(Electric

Utilities)

24,323

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

35,878

EPAM

Systems,

Inc.

\*

(IT

Services)

4,976

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

19,921

Equifax,

Inc.

(Professional

Services)

18,727

Equinix,

Inc.

(Specialized

REITs)

23,497

Equity

Residential

(Residential

REITs)

13,140

Essex

Property

Trust,

Inc.

(Residential

REITs)

5,086

Everest

Group,

Ltd.

(Insurance)

8,406

Evergy,

Inc.

(Electric

Utilities)

10,263

Eversource

Energy

(Electric

Utilities)

15,509

Exelon

Corp.

(Electric

Utilities)

592

26,646

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

14,767

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

9,685

Extra

Space

Storage,

Inc.

(Specialized

REITs)

9,725

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

2,499

281,763

F5,

Inc.

\*

(Communications

Equipment)

5,817

FactSet

Research

Systems,

Inc.

(Capital

Markets)

3,724

Fastenal

Co.

(Trading

Companies

&

Distributors)

14,173

Federal

Realty

Investment

Trust

(Retail

REITs)

4,660

FedEx

Corp.

(Air

Freight

&

Logistics)

29,948

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

20,178

Fifth

Third

Bancorp

(Banks)

17,285

First

Horizon

Corp.

(Banks)

—

(b) 11

First

Solar,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,616

FirstEnergy

Corp.

(Electric

Utilities)

13,929

Ford

Motor

Co.

(Automobiles)

2,290

27,388

Fortive

Corp.

\*

(Machinery)

9,700

Fox

Corp.

\*

-

Class

A

(Media)

7,756

Fox

Corp.

-

Class

B

(Media)

4,411

Franklin

Resources,

Inc.

(Capital

Markets)

4,140

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

841

32,984

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

20,127

Gen

Digital,

Inc.

(Software)

3,918

Generac

Holdings,

Inc.

\*

(Electrical

Equipment)

2,344

General

Dynamics

Corp.

(Aerospace

&

Defense)

50,468

General

Electric

Co.

(Industrial

Conglomerates)

110,401

General

Mills,

Inc.

(Food

Products)

15,781

General

Motors

Co.

(Automobiles)

558

34,022

Genuine

Parts

Co.

(Distributors)

11,227

Gilead

Sciences,

Inc.

(Biotechnology)

728

80,808

Global

Payments,

Inc.

(Financial

Services)

11,797

Globe

Life,

Inc.

(Insurance)

6,720

Halliburton

Co.

(Energy

Equipment

&

Services)

12,251

Hasbro,

Inc.

(Leisure

Products)

5,916

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

17,048

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

7,775

Henry

Schein,

Inc.

\*

(Health

Care

Providers

&

Services)

3,982

Common

Stocks,

continued

Shares

Value

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

768

$

18,862

Hologic,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

8,841

Honeywell

International,

Inc.

(Industrial

Conglomerates)

78,517

Hormel

Foods

Corp.

(Food

Products)

4,206

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

2,332

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

550

14,977

Humana,

Inc.

(Health

Care

Providers

&

Services)

18,472

Huntington

Bancshares,

Inc.

(Banks)

858

14,818

Huntington

Ingalls

Industries,

Inc.

(Aerospace

&

Defense)

6,622

IDEX

Corp.

(Machinery)

7,324

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

29,389

Illinois

Tool

Works,

Inc.

(Machinery)

23,991

Incyte

Corp.

\*

(Biotechnology)

3,308

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

2,565

86,056

Intercontinental

Exchange,

Inc.

(Capital

Markets)

27,125

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

9,231

International

Paper

Co.

(Containers

&

Packaging)

14,337

Invesco,

Ltd.

(Capital

Markets)

5,964

Invitation

Homes,

Inc.

(Residential

REITs)

9,679

IQVIA

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

18,994

J.B.

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

6,038

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

13,682

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

3,723

Jacobs

Solutions,

Inc.

(Professional

Services)

10,490

Johnson

&

Johnson

(Pharmaceuticals)

1,412

261,813

Johnson

Controls

International

PLC

(Building

Products)

42,111

JPMorgan

Chase

&

Co.

(Banks)

693

218,592

Kellanova

(Food

Products)

12,959

Kenvue,

Inc.

(Personal

Care

Products)

1,123

18,227

Keurig

Dr

Pepper,

Inc.

(Beverages)

795

20,280

KeyCorp

(Banks)

546

10,205

Keysight

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

17,667

Kimberly-Clark

Corp.

(Household

Products)

24,246

Kimco

Realty

Corp.

(Retail

REITs)

8,653

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,145

32,415

KKR

&

Co.,

Inc.

(Capital

Markets)

29,239

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

33,290

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

13,779

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

742

99,354

Lamb

Weston

Holdings,

Inc.

(Food

Products)

4,704

Leidos

Holdings,

Inc.

(Professional

Services)

6,803

Lennar

Corp.

-

Class

A

(Household

Durables)

16,889

Linde

PLC

(Chemicals)

130,624

LKQ

Corp.

(Distributors)

4,581

Lockheed

Martin

Corp.

(Aerospace

&

Defense)

59,905

Loews

Corp.

(Insurance)

10,039

Lowe's

Cos.,

Inc.

(Specialty

Retail)

82,430

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

6,228

LyondellBasell

Industries

N.V.

-

Class

A

(Chemicals)

7,405

M&T

Bank

Corp.

(Banks)

18,181

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

34,308

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

—

(b) 81

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

32,648

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Large-Cap

Value

Common

Stocks,

continued

Shares

Value

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

$

10,715

Masco

Corp.

(Building

Products)

5,138

Match

Group,

Inc.

\*

(Interactive

Media

&

Services)

4,980

McCormick

&

Co.,

Inc.

(Food

Products)

9,903

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

127,026

McKesson

Corp.

(Health

Care

Providers

&

Services)

56,395

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

751

71,524

Merck

&

Co.,

Inc.

(Pharmaceuticals)

1,464

122,874

MetLife,

Inc.

(Insurance)

26,935

Mettler-Toledo

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

8,593

MGM

Resorts

International

\*

(Hotels,

Restaurants

&

Leisure)

4,125

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

20,294

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

656

109,762

Microsoft

Corp.

(Software)

2,091

1,083,033

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

5,729

Moderna,

Inc.

\*

(Biotechnology)

5,218

Mohawk

Industries,

Inc.

\*

(Household

Durables)

3,997

Molina

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

6,124

Molson

Coors

Beverage

Co.

-

Class

B

(Beverages)

4,480

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

759

47,414

Monster

Beverage

Corp.

\*

(Beverages)

15,751

Moody's

Corp.

(Capital

Markets)

20,965

Morgan

Stanley

(Capital

Markets)

62,153

Nasdaq,

Inc.

(Capital

Markets)

13,887

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

7,345

Newmont

Corp.

(Metals

&

Mining)

644

54,296

News

Corp.

-

Class

A

(Media)

6,756

News

Corp.

-

Class

B

(Media)

2,211

NextEra

Energy,

Inc.

(Electric

Utilities)

30,121

NIKE,

Inc.

-

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

697

48,601

NiSource,

Inc.

(Multi-Utilities)

11,908

Nordson

Corp.

(Machinery)

7,262

Norfolk

Southern

Corp.

(Ground

Transportation)

39,654

Northern

Trust

Corp.

(Capital

Markets)

15,075

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

48,136

Nucor

Corp.

(Metals

&

Mining)

18,283

NVR,

Inc.

\*

(Household

Durables)

8,035

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

20,268

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

19,892

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

8,165

Omnicom

Group,

Inc.

(Media)

9,213

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

11,834

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

11,894

Otis

Worldwide

Corp.

(Machinery)

21,029

PACCAR,

Inc.

(Machinery)

13,568

Packaging

Corp.

of

America

(Containers

&

Packaging)

5,666

Paramount

Skydance

Corp.

\*(a)

(Media)

3,406

Paychex,

Inc.

(Professional

Services)

12,803

PayPal

Holdings,

Inc.

\*

(Financial

Services)

12,406

Pentair

PLC

(Machinery)

3,766

PepsiCo,

Inc.

(Beverages)

802

112,633

Pfizer,

Inc.

(Pharmaceuticals)

3,332

84,899

PG&E

Corp.

(Electric

Utilities)

1,288

19,423

Common

Stocks,

continued

Shares

Value

Philip

Morris

International,

Inc.

(Tobacco)

$

68,124

Phillips

(Oil,

Gas

&

Consumable

Fuels)

32,237

Pinnacle

West

Capital

Corp.

(Electric

Utilities)

6,276

PNC

Financial

Services

Group,

Inc.

(Banks)

46,415

Pool

Corp.

(Distributors)

5,891

PPG

Industries,

Inc.

(Chemicals)

13,980

PPL

Corp.

(Electric

Utilities)

7,729

Principal

Financial

Group,

Inc.

(Insurance)

9,866

Prologis,

Inc.

(Industrial

REITs)

544

62,299

Prudential

Financial,

Inc.

(Insurance)

21,370

PTC,

Inc.

\*

(Software)

7,512

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

12,936

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

632

105,140

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

12,578

Ralliant

Corp.

\*

(Electrical

Equipment)

Raymond

James

Financial,

Inc.

(Capital

Markets)

6,904

Raytheon

Technologies

Corp.

(Aerospace

&

Defense)

56,558

Realty

Income

Corp.

(Retail

REITs)

536

32,584

Regency

Centers

Corp.

(Retail

REITs)

6,998

Regeneron

Pharmaceuticals,

Inc.

\*

(Biotechnology)

33,736

Regions

Financial

Corp.

(Banks)

522

13,765

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

5,960

Robinhood

Markets,

Inc.

\*

-

Class

A

(Capital

Markets)

21,477

Rockwell

Automation,

Inc.

(Electrical

Equipment)

23,068

Rollins,

Inc.

(Commercial

Services

&

Supplies)

4,112

Roper

Technologies,

Inc.

(Software)

31,417

Ross

Stores,

Inc.

(Specialty

Retail)

29,259

S&P

Global,

Inc.

(Capital

Markets)

47,211

SBA

Communications

Corp.

-

Class

A

(Specialized

REITs)

12,181

Schlumberger

N.V.

(Energy

Equipment

&

Services)

874

30,040

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

29,508

Sempra

(Multi-Utilities)

34,371

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,697

Smurfit

WestRock

PLC

(Containers

&

Packaging)

12,984

Snap-on,

Inc.

(Machinery)

10,742

Solventum

Corp.

\*

(Health

Care

Equipment

&

Supplies)

6,278

Southwest

Airlines

Co.

(Passenger

Airlines)

9,796

Stanley

Black

&

Decker,

Inc.

(Machinery)

6,764

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

667

56,428

State

Street

Corp.

(Capital

Markets)

19,258

Steel

Dynamics,

Inc.

(Metals

&

Mining)

11,294

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

14,352

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

35,119

Synopsys,

Inc.

\*

(Software)

25,656

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

23,055

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

13,241

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

26,353

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

23,860

TE

Connectivity,

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

37,979

Teledyne

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

15,823

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

12,801

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

533

97,928

Textron,

Inc.

(Aerospace

&

Defense)

8,871

The

AES

Corp.

(Independent

Power/Renewable

Electricity

Producers)

5,475

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

20,702

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Large-Cap

Value

Common

Stocks,

continued

Shares

Value

The

Boeing

Co.

\*

(Aerospace

&

Defense)

$

95,613

The

Charles

Schwab

Corp.

(Capital

Markets)

1,001

95,565

The

Cigna

Group

(Health

Care

Providers

&

Services)

45,255

The

Clorox

Co.

(Household

Products)

8,878

The

Coca-Cola

Co.

(Beverages)

2,270

150,545

The

Cooper

Cos.,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

8,022

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

12,072

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

140,955

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

10,004

The

Hershey

Co.

(Food

Products)

16,273

The

Home

Depot,

Inc.

(Specialty

Retail)

132,091

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

5,973

The

J.M.

Smucker

Co.

(Food

Products)

6,842

The

Kraft

Heinz

Co.

(Food

Products)

12,968

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

23,998

The

Mosaic

Co.

(Chemicals)

6,416

The

Procter

&

Gamble

Co.

(Household

Products)

1,373

210,962

The

Sherwin-Williams

Co.

(Chemicals)

20,083

The

Southern

Co.

(Electric

Utilities)

644

61,031

The

TJX

Cos.,

Inc.

(Specialty

Retail)

38,737

The

Travelers

Cos.,

Inc.

(Insurance)

36,856

The

Walt

Disney

Co.

(Entertainment)

1,054

120,683

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

21,729

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

107,675

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

32,077

Tractor

Supply

Co.

(Specialty

Retail)

8,132

Trimble,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

6,369

Truist

Financial

Corp.

(Banks)

755

34,519

Tyson

Foods,

Inc.

-

Class

A

(Food

Products)

9,068

U.S.

Bancorp

(Banks)

912

44,077

UDR,

Inc.

(Residential

REITs)

3,577

Ulta

Beauty,

Inc.

\*

(Specialty

Retail)

14,216

Union

Pacific

Corp.

(Ground

Transportation)

82,020

United

Parcel

Service,

Inc.

-

Class

B

(Air

Freight

&

Logistics)

36,084

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

531

183,354

Universal

Health

Services,

Inc.

-

Class

B

(Health

Care

Providers

&

Services)

6,747

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

30,987

Ventas,

Inc.

(Health

Care

REITs)

18,617

Veralto

Corp.

(Commercial

Services

&

Supplies)

7,996

VeriSign,

Inc.

\*

(IT

Services)

13,699

Verisk

Analytics,

Inc.

(Professional

Services)

11,318

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

2,471

108,600

Viatris,

Inc.

(Pharmaceuticals)

682

6,752

VICI

Properties,

Inc.

(Specialized

REITs)

624

20,349

Vulcan

Materials

Co.

(Construction

Materials)

8,921

W.R.

Berkley

Corp.

(Insurance)

6,053

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

849

87,499

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

1,451

28,338

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

22,745

Waters

Corp.

\*

(Life

Sciences

Tools

&

Services)

5,397

WEC

Energy

Group,

Inc.

(Multi-Utilities)

21,658

Wells

Fargo

&

Co.

(Banks)

1,877

157,330

Welltower,

Inc.

(Health

Care

REITs)

32,065

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

11,280

Common

Stocks,

continued

Shares

Value

Western

Digital

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

$

24,372

Weyerhaeuser

Co.

(Specialized

REITs)

10,461

Willis

Towers

Watson

PLC

(Insurance)

10,364

Workday,

Inc.

\*

-

Class

A

(Software)

16,129

Xcel

Energy,

Inc.

(Electric

Utilities)

27,905

Xylem,

Inc.

(Machinery)

20,945

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

14,592

Zebra

Technologies

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,755

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

11,426

Zoetis,

Inc.

(Pharmaceuticals)

37,897

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,031,493)

15,162,015

Repurchase

Agreements

(c) (0

.6

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$99,011

$

99,000

99,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$99,000)

99,000

Collateral

for

Securities

Loaned

(d) (NM)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 6,802

6,802

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,802)

6,802

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$10,137,295)— 100.2%

15,267,817

Net

other

assets

(liabilities)

—

(0

.2)

%

(29,851)

NET

ASSETS

—

100.0%

$

15,237,966

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$6,627.

(b) Number

of

shares

is

less

than

0.50. (c) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. NM

Not

meaningful,

amount

is

less

than

0.05%

REIT

Real

Estate

Investment

Trust

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Large-Cap

Value

ProFund

VP

Large-Cap

Value

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

359,463

2.4%

Air

Freight

&

Logistics

84,985

0.6%

Automobile

Components

11,036

0.1%

Automobiles

61,410

0.4%

Banks

904,112

5.9%

Beverages

317,657

2.1%

Biotechnology

325,068

2.1%

Broadline

Retail

532,556

3.5%

Building

Products

74,572

0.5%

Capital

Markets

814,416

5.4%

Chemicals

318,256

2.1%

Commercial

Services

&

Supplies

34,853

0.2%

Communications

Equipment

164,620

1.1%

Construction

Materials

19,636

0.1%

Consumer

Finance

79,505

0.5%

Consumer

Staples

Distribution

&

Retail

182,502

1.2%

Containers

&

Packaging

59,337

0.4%

Distributors

21,699

0.1%

Diversified

Telecommunication

Services

226,926

1.5%

Electric

Utilities

357,527

2.4%

Electrical

Equipment

52,766

0.3%

Electronic

Equipment,

Instruments

&

Components

145,867

0.9%

Energy

Equipment

&

Services

70,402

0.5%

Entertainment

191,308

1.3%

Financial

Services

338,277

2.2%

Food

Products

172,387

1.1%

Gas

Utilities

16,050

0.1%

Ground

Transportation

156,828

1.0%

Health

Care

Equipment

&

Supplies

420,549

2.8%

Health

Care

Providers

&

Services

529,432

3.5%

Health

Care

REITs

58,457

0.4%

Hotel

&

Resort

REITs

2,332

NM

Hotels,

Restaurants

&

Leisure

214,425

1.4%

Household

Durables

56,544

0.4%

Household

Products

277,800

1.8%

Independent

Power/Renewable

Electricity

Producers

5,475

NM

Industrial

Conglomerates

237,489

1.6%

Industrial

REITs

62,299

0.4%

Insurance

392,160

2.6%

Interactive

Media

&

Services

4,980

NM

IT

Services

134,230

0.9%

Leisure

Products

5,916

NM

Life

Sciences

Tools

&

Services

263,009

1.7%

Machinery

170,094

1.1%

Media

122,386

0.8%

Metals

&

Mining

116,856

0.8%

Multi-Utilities

194,161

1.3%

Office

REITs

13,977

0.1%

Oil,

Gas

&

Consumable

Fuels

824,604

5.4%

Passenger

Airlines

9,796

0.1%

Personal

Care

Products

30,299

0.2%

Pharmaceuticals

568,039

3.7%

Professional

Services

99,366

0.6%

Real

Estate

Management

&

Development

21,008

0.1%

Residential

REITs

49,407

0.3%

Retail

REITs

52,895

0.4%

Semiconductors

&

Semiconductor

Equipment

858,004

5.7%

Software

1,243,752

8.2%

Specialized

REITs

186,207

1.2%

Specialty

Retail

317,510

2.1%

Technology

Hardware,

Storage

&

Peripherals

1,304,386

8.5%

Textiles,

Apparel

&

Luxury

Goods

54,830

0.4%

Value

%

of

Net

Assets

Tobacco

$

103,202

0.7%

Trading

Companies

&

Distributors

14,173

0.1%

Water

Utilities

15,868

0.1%

Wireless

Telecommunication

Services

32,077

0.2%

Other

\*\*

75,951

0.4%

Total

$

15,237,966

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Materials

Common

Stocks

(98.6%)

Shares

Value

Air

Products

&

Chemicals,

Inc.

(Chemicals)

2,073

$

565,349

Albemarle

Corp.

(Chemicals)

1,928

156,322

Amcor

PLC

(Containers

&

Packaging)

37,777

309,016

Avery

Dennison

Corp.

(Containers

&

Packaging)

1,278

207,253

Ball

Corp.

(Containers

&

Packaging)

4,460

224,873

CF

Industries

Holdings,

Inc.

(Chemicals)

2,654

238,064

Corteva,

Inc.

(Chemicals)

7,629

515,949

Dow,

Inc.

(Chemicals)

11,616

266,355

DuPont

de

Nemours,

Inc.

(Chemicals)

6,861

534,472

Eastman

Chemical

Co.

(Chemicals)

1,882

118,660

Ecolab,

Inc.

(Chemicals)

2,378

651,239

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

13,376

524,607

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

4,200

258,468

International

Paper

Co.

(Containers

&

Packaging)

8,652

401,453

LyondellBasell

Industries

N.V.

-

Class

A

(Chemicals)

4,217

206,802

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

888

559,689

New

Linde

PLC

(Chemicals)

4,369

2,075,274

Newmont

Corp.

(Metals

&

Mining)

10,234

862,828

Nucor

Corp.

(Metals

&

Mining)

3,761

509,352

Packaging

Corp.

of

America

(Containers

&

Packaging)

1,464

319,050

PPG

Industries,

Inc.

(Chemicals)

3,698

388,697

Smurfit

WestRock

PLC

(Containers

&

Packaging)

8,556

364,229

Steel

Dynamics,

Inc.

(Metals

&

Mining)

2,267

316,088

Common

Stocks,

continued

Shares

Value

The

Mosaic

Co.

(Chemicals)

5,201

$

180,371

The

Sherwin-Williams

Co.

(Chemicals)

2,160

747,921

Vulcan

Materials

Co.

(Construction

Materials)

1,860

572,173

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,779,314)

12,074,554

Repurchase

Agreements

(a) (1.3%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$155,017

$

155,000

155,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$155,000)

155,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$5,934,314)— 99.9%

12,229,554

Net

other

assets

(liabilities) —

0.1%

8,210

NET

ASSETS

—

100.0%

$

12,237,764

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Materials

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

179,138

$

(2,017)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Materials

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Chemicals

$

6,903,944

56.4%

Construction

Materials

1,131,862

9.2%

Containers

&

Packaging

1,825,873

14.9%

Metals

&

Mining

2,212,875

18.1%

Other

\*\*

163,210

1.4%

Total

$

12,237,764

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Mid-Cap

Repurchase

Agreements

(a) (b) (98

.9

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$9,604,074

$

9,603,000

$

9,603,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$9,603,000)

9,603,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$9,603,000)— 98.9%

9,603,000

Net

other

assets

(liabilities)

—

.1

%

108,095

NET

ASSETS

—

100.0%

$

9,711,095

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$1,205,000.

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

S&P

MidCap

Futures

Contracts

12/22/25

$

1,643,100

$

(4,171)

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

Goldman

Sachs

International

10/27/25

4.74%

$

2,187,768

$

2,257

S&P

MidCap

UBS

AG

10/27/25

4.89%

5,880,064

6,043

$8,067,832

$8,300

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Mid-Cap

Growth

Common

Stocks

(99.7%)

Shares

Value

AAON,

Inc.

(Building

Products)

586

$

54,756

Abercrombie

&

Fitch

Co.

\*

-

Class

A

(Specialty

Retail)

35,332

Acuity

Brands,

Inc.

(Electrical

Equipment)

90,575

Advanced

Drainage

Systems,

Inc.

(Building

Products)

41,333

AECOM

(Construction

&

Engineering)

609

79,456

AeroVironment,

Inc.

\*

(Aerospace

&

Defense)

86,910

Affiliated

Managers

Group,

Inc.

(Capital

Markets)

24,081

Agree

Realty

Corp.

(Retail

REITs)

27,777

Alaska

Air

Group,

Inc.

\*

(Passenger

Airlines)

999

49,730

Allegro

MicroSystems,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

11,884

American

Airlines

Group,

Inc.

\*

(Passenger

Airlines)

5,719

64,282

American

Financial

Group,

Inc.

(Insurance)

38,470

American

Homes

Rent

-

Class

A

(Residential

REITs)

1,072

35,644

Antero

Midstream

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,452

28,227

API

Group

Corp.

\*

(Industrial

Support

Services)

1,892

65,028

Appfolio,

Inc.

\*

-

Class

A

(Software)

54,856

Applied

Industrial

Technologies,

Inc.

(Trading

Companies

&

Distributors)

86,146

AptarGroup,

Inc.

(Containers

&

Packaging)

40,499

ATI,

Inc.

(Metals

&

Mining)

1,194

97,120

Axalta

Coating

Systems,

Ltd.

\*

(Chemicals)

1,013

28,992

Bath

&

Body

Works,

Inc.

(Retail

-

Discretionary)

934

24,060

Belden,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

41,253

BellRing

Brands,

Inc.

\*

(Personal

Care

Products)

502

18,248

BJ's

Wholesale

Club

Holdings,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

538

50,169

Blackbaud,

Inc.

(Software)

10,225

Boyd

Gaming

Corp.

(Hotels,

Restaurants

&

Leisure)

27,059

Brixmor

Property

Group,

Inc.

(Retail

REITs)

1,432

39,637

Bruker

Corp.

(Life

Sciences

Tools

&

Services)

14,328

Burlington

Stores,

Inc.

\*

(Specialty

Retail)

541

137,684

BWX

Technologies,

Inc.

(Aerospace

&

Defense)

791

145,837

Cabot

Corp.

(Chemicals)

19,621

CACI

International,

Inc.

\*

-

Class

A

(Professional

Services)

57,360

Carlisle

Cos.,

Inc.

(Building

Products)

121,715

Carpenter

Technology

Corp.

(Metals

&

Mining)

106,073

Casey's

General

Stores,

Inc.

(Consumer

Staples

Distribution

&

Retail)

126,066

Cava

Group,

Inc.

\*

(Leisure

Facilities

&

Services)

674

40,716

Celsius

Holdings,

Inc.

\*

(Beverages)

886

50,936

Chart

Industries,

Inc.

\*

(Machinery)

76,657

Chemed

Corp.

(Health

Care

Providers

&

Services)

25,969

Chewy,

Inc.

\*

-

Class

A

(Specialty

Retail)

1,931

78,109

Choice

Hotels

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

19,244

Churchill

Downs,

Inc.

(Hotels,

Restaurants

&

Leisure)

578

56,072

Ciena

Corp.

\*

(Communications

Equipment)

734

106,921

Cirrus

Logic,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

33,954

Clean

Harbors,

Inc.

\*

(Commercial

Services

&

Supplies)

101,480

CNX

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,225

39,347

Coca-Cola

Consolidated,

Inc.

(Beverages)

519

60,806

Cognex

Corp.

(Electronic

Equipment,

Instruments

&

Components)

582

26,365

Coherent

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,347

145,098

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

251,680

Commerce

Bancshares,

Inc.

(Banks)

613

36,633

CommVault

Systems,

Inc.

\*

(Software)

72,680

COPT

Defense

Properties

(Office

REITs)

507

14,733

Core

&

Main,

Inc.

\*

-

Class

A

(Trading

Companies

&

Distributors)

1,019

54,853

Crane

Co.

(Machinery)

41,432

Common

Stocks,

continued

Shares

Value

Crane

NXT

Co.

(Electronic

Equipment,

Instruments

&

Components)

$

11,469

Crocs,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

39,436

CubeSmart

(Specialized

REITs)

1,066

43,344

Cullen/Frost

Bankers,

Inc.

(Banks)

49,440

Curtiss-Wright

Corp.

(Aerospace

&

Defense)

176,997

Cytokinetics,

Inc.

\*

(Biotechnology)

518

28,469

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

77,333

DocuSign,

Inc.

\*

(Software)

1,751

126,230

Donaldson

Co.,

Inc.

(Machinery)

575

47,064

Doximity,

Inc.

\*

-

Class

A

(Health

Care

Technology)

1,182

86,463

Dropbox,

Inc.

\*

-

Class

A

(Software)

977

29,515

DT

Midstream,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

880

99,493

Duolingo,

Inc.

\*

(Diversified

Consumer

Services)

110,712

Dynatrace,

Inc.

\*

(Software)

2,611

126,503

Eagle

Materials,

Inc.

(Construction

Materials)

65,485

East

West

Bancorp,

Inc.

(Banks)

1,194

127,101

EastGroup

Properties,

Inc.

(Industrial

REITs)

36,899

EchoStar

Corp.

\*

-

Class

A

(Media)

571

43,602

elf

Beauty,

Inc.

\*

(Personal

Care

Products)

514

68,094

Encompass

Health

Corp.

(Health

Care

Providers

&

Services)

620

78,752

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

684

63,243

Equitable

Holdings,

Inc.

(Financial

Services)

2,596

131,826

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

839

50,928

Esab

Corp.

(Machinery)

55,311

Euronet

Worldwide,

Inc.

\*

(Financial

Services)

17,386

Evercore

Partners,

Inc.

(Capital

Markets)

112,665

Exelixis,

Inc.

\*

(Biotechnology)

2,331

96,270

ExlService

Holdings,

Inc.

\*

(Professional

Services)

1,399

61,598

Exponent,

Inc.

(Professional

Services)

18,134

Fabrinet

\*

(Electronic

Equipment,

Instruments

&

Components)

113,032

Federated

Hermes,

Inc.

-

Class

B

(Capital

Markets)

20,253

First

Financial

Bankshares,

Inc.

(Banks)

632

21,267

First

Industrial

Realty

Trust,

Inc.

(Industrial

REITs)

619

31,860

FirstCash

Holdings,

Inc.

(Consumer

Finance)

34,536

Floor

&

Decor

Holdings,

Inc.

\*

-

Class

A

(Specialty

Retail)

522

38,471

Flowserve

Corp.

(Machinery)

793

42,140

GameStop

Corp.

-

Class

A

(Specialty

Retail)

1,569

42,802

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

1,055

49,173

GATX

Corp.

(Trading

Companies

&

Distributors)

33,387

Genpact,

Ltd.

(Professional

Services)

744

31,166

Gentex

Corp.

(Automobile

Components)

780

22,074

Glacier

Bancorp,

Inc.

(Banks)

22,486

Globus

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

976

55,896

Graco,

Inc.

(Machinery)

703

59,727

Grand

Canyon

Education,

Inc.

\*

(Diversified

Consumer

Services)

52,685

Graphic

Packaging

Holding

Co.

(Containers

&

Packaging)

1,002

19,609

Guidewire

Software,

Inc.

\*

(Software)

729

167,568

H&R

Block,

Inc.

(Diversified

Consumer

Services)

1,161

58,712

Haemonetics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

11,746

Halozyme

Therapeutics,

Inc.

\*

(Biotechnology)

1,014

74,367

Hamilton

Lane,

Inc.

-

Class

A

(Capital

Markets)

47,177

HealthEquity,

Inc.

\*

(Health

Care

Providers

&

Services)

749

70,983

Hexcel

Corp.

(Aerospace

&

Defense)

21,569

Hilton

Grand

Vacations,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

534

22,327

Hims

&

Hers

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

1,791

101,585

Home

BancShares,

Inc.

(Banks)

604

17,093

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Mid-Cap

Growth

Common

Stocks,

continued

Shares

Value

Houlihan

Lokey,

Inc.

(Capital

Markets)

$

96,706

Hyatt

Hotels

Corp.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

52,088

IDACORP,

Inc.

(Electric

Utilities)

25,372

Illumina,

Inc.

\*

(Life

Sciences

Tools

&

Services)

692

65,719

Independence

Realty

Trust,

Inc.

(Residential

REITs)

1,214

19,897

Ingredion,

Inc.

(Food

Products)

29,184

International

Bancshares

Corp.

(Banks)

22,756

Iridium

Communications,

Inc.

(Diversified

Telecommunication

Services)

7,892

ITT,

Inc.

(Machinery)

85,984

Janus

Henderson

Group

PLC

(Capital

Markets)

19,228

Jefferies

Financial

Group,

Inc.

(Capital

Markets)

757

49,523

Jones

Lang

LaSalle,

Inc.

\*

(Real

Estate

Management

&

Development)

65,323

KB

Home

(Household

Durables)

19,410

KBR,

Inc.

(Professional

Services)

22,132

Kinsale

Capital

Group,

Inc.

(Insurance)

81,650

Kirby

Corp.

\*

(Marine

Transportation)

40,390

Kite

Realty

Group

Trust

(Retail

REITs)

819

18,264

Knife

River

Corp.

(Construction

Materials)

37,666

Kratos

Defense

&

Security

Solutions,

Inc.

\*

(Aerospace

&

Defense)

848

77,482

Kyndryl

Holdings,

Inc.

\*

(IT

Services)

1,121

33,664

Lamar

Advertising

Co.

-

Class

A

(Specialized

REITs)

58,026

Lancaster

Colony

Corp.

(Food

Products)

15,033

Lantheus

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

589

30,210

Lattice

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

580

42,526

Light

&

Wonder,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

727

61,024

Lincoln

Electric

Holdings,

Inc.

(Machinery)

64,146

LivaNova

PLC

\*

(Health

Care

Equipment

&

Supplies)

10,109

Louisiana-Pacific

Corp.

(Paper

&

Forest

Products)

549

48,773

Lumentum

Holdings,

Inc.

\*

(Communications

Equipment)

61,993

MACOM

Technology

Solutions

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

555

69,092

Manhattan

Associates,

Inc.

\*

(Software)

525

107,615

Maplebear,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

735

27,019

Masimo

Corp.

\*

(Health

Care

Equipment

&

Supplies)

59,167

MasTec,

Inc.

\*

(Construction

&

Engineering)

532

113,215

Matador

Resources

Co.

(Oil,

Gas

&

Consumable

Fuels)

649

29,160

Medpace

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

98,719

MGIC

Investment

Corp.

(Financial

Services)

958

27,178

MKS

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

29,581

Morningstar,

Inc.

(Capital

Markets)

49,186

MP

Materials

Corp.

\*

(Metals

&

Mining)

512

34,340

MSA

Safety,

Inc.

(Commercial

Services

&

Supplies)

27,531

Mueller

Industries,

Inc.

(Machinery)

959

96,964

Murphy

USA,

Inc.

(Specialty

Retail)

59,016

National

Storage

Affiliates

Trust

(Specialized

REITs)

612

18,495

Neurocrine

Biosciences,

Inc.

\*

(Biotechnology)

859

120,587

NewMarket

Corp.

(Chemicals)

24,018

Novanta,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

19,029

Nutanix,

Inc.

\*

-

Class

A

(Software)

2,323

172,807

nVent

Electric

PLC

(Electrical

Equipment)

1,394

137,504

Okta,

Inc.

\*

(IT

Services)

1,449

132,873

Ollie's

Bargain

Outlet

Holdings,

Inc.

\*

(Broadline

Retail)

40,189

Omega

Healthcare

Investors,

Inc.

(Health

Care

REITs)

1,021

43,107

Common

Stocks,

continued

Shares

Value

Onto

Innovation,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

$

30,754

Ormat

Technologies,

Inc.

(Independent

Power/

Renewable

Electricity

Producers)

22,908

Owens

Corning

(Building

Products)

723

102,276

Park

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

850

9,418

Parsons

Corp.

\*

(Professional

Services)

38,309

Paylocity

Holding

Corp.

\*

(Professional

Services)

61,637

Pegasystems,

Inc.

(Software)

799

45,943

Penumbra,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

55,984

Permian

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

6,055

77,504

Pilgrim's

Pride

Corp.

\*

(Food

Products)

15,026

Pinnacle

Financial

Partners,

Inc.

(Banks)

40,048

Planet

Fitness,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

727

75,463

Post

Holdings,

Inc.

\*

(Food

Products)

24,935

Power

Integrations,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,635

Primerica,

Inc.

(Insurance)

78,003

Pure

Storage,

Inc.

\*

-

Class

A

(Technology

Hardware,

Storage

&

Peripherals)

2,690

225,449

Qualys,

Inc.

\*

(Software)

24,084

Rambus,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

932

97,113

Range

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

949

35,720

Rb

Global,

Inc.

(Commercial

Services

&

Supplies)

1,609

174,351

RBC

Bearings,

Inc.

\*

(Machinery)

106,158

RenaissanceRe

Holdings,

Ltd.

(Insurance)

103,603

Repligen

Corp.

\*

(Life

Sciences

Tools

&

Services)

25,798

RH

\*

(Specialty

Retail)

13,409

RLI

Corp.

(Insurance)

795

51,850

Roivant

Sciences,

Ltd.

\*

(Biotechnology)

3,729

56,420

Royal

Gold,

Inc.

(Metals

&

Mining)

51,549

RPM

International,

Inc.

(Chemicals)

635

74,854

Ryan

Specialty

Holdings,

Inc.

(Insurance)

976

55,007

Ryder

System,

Inc.

(Ground

Transportation)

35,464

Saia,

Inc.

\*

(Ground

Transportation)

69,153

SEI

Investments

Co.

(Capital

Markets)

42,086

Service

Corp.

International

(Diversified

Consumer

Services)

740

61,583

Shift4

Payments,

Inc.

\*

-

Class

A

(Financial

Services)

583

45,125

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

16,129

Simpson

Manufacturing

Co.,

Inc.

(Building

Products)

39,855

SLM

Corp.

(Consumer

Finance)

1,807

50,017

Sotera

Health

Co.

\*

(Life

Sciences

Tools

&

Services)

704

11,074

Sprouts

Farmers

Market,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

847

92,154

Stifel

Financial

Corp.

(Capital

Markets)

630

71,486

Synovus

Financial

Corp.

(Banks)

589

28,908

TechnipFMC

PLC

(Energy

Equipment

&

Services)

3,562

140,521

Tempur

Sealy

International,

Inc.

(Household

Durables)

1,074

90,570

Tenet

Healthcare

Corp.

\*

(Health

Care

Providers

&

Services)

94,820

Tetra

Tech,

Inc.

(Commercial

Services

&

Supplies)

2,276

75,973

Texas

Roadhouse,

Inc.

(Hotels,

Restaurants

&

Leisure)

576

95,702

The

Brink's

Co.

(Commercial

Services

&

Supplies)

21,152

The

Carlyle

Group,

Inc.

(Capital

Markets)

834

52,292

The

Ensign

Group,

Inc.

(Health

Care

Providers

&

Services)

85,867

The

New

York

Times

Co.

-

Class

A

(Media)

757

43,452

The

Scotts

Miracle-Gro

Co.

(Chemicals)

8,087

The

Toro

Co.

(Machinery)

27,432

Toll

Brothers,

Inc.

(Household

Durables)

851

117,558

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Mid-Cap

Growth

Common

Stocks,

continued

Shares

Value

TopBuild

Corp.

\*

(Household

Durables)

$

94,588

TransUnion

(Professional

Services)

1,688

141,421

Travel

+

Leisure

Co.

(Hotels,

Restaurants

&

Leisure)

563

33,493

Trex

Co.,

Inc.

\*

(Building

Products)

23,458

Twilio,

Inc.

\*

-

Class

A

(Software)

1,329

133,020

UMB

Financial

Corp.

(Banks)

42,488

United

Therapeutics

Corp.

\*

(Biotechnology)

164,331

Universal

Display

Corp.

(Semiconductors

&

Semiconductor

Equipment)

25,423

Vail

Resorts,

Inc.

(Hotels,

Restaurants

&

Leisure)

25,576

Valaris,

Ltd.

\*

(Energy

Equipment

&

Services)

573

27,945

Valmont

Industries,

Inc.

(Construction

&

Engineering)

48,466

Valvoline,

Inc.

\*

(Specialty

Retail)

1,101

39,537

Viper

Energy,

Inc.

(Oil

&

Gas

Producers)

1,462

55,878

Vontier

Corp.

(Electronic

Equipment,

Instruments

&

Components)

533

22,370

Vornado

Realty

Trust

(Office

REITs)

1,019

41,300

Voya

Financial,

Inc.

(Financial

Services)

32,388

Warner

Music

Group

Corp.

-

Class

A

(Entertainment)

607

20,674

Watsco,

Inc.

(Trading

Companies

&

Distributors)

76,008

Watts

Water

Technologies,

Inc.

-

Class

A

(Machinery)

34,072

Weatherford

International

PLC

(Energy

Equipment

&

Services)

20,392

Western

Alliance

Bancorp

(Banks)

897

77,788

WEX,

Inc.

\*

(Financial

Services)

32,766

Wingstop,

Inc.

(Hotels,

Restaurants

&

Leisure)

60,907

Wintrust

Financial

Corp.

(Banks)

39,997

Woodward,

Inc.

(Aerospace

&

Defense)

521

131,662

Wyndham

Hotels

&

Resorts,

Inc.

(Hotels,

Restaurants

&

Leisure)

661

52,814

XPO,

Inc.

\*

(Ground

Transportation)

501

64,764

YETI

Holdings,

Inc.

\*

(Leisure

Products)

9,821

Zions

Bancorp

N.A.

(Banks)

511

28,912

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,988,599)

14,275,060

Repurchase

Agreements

(a) (0.4%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$57,006

$

57,000

57,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$57,000)

57,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$10,045,599)— 100.1%

14,332,060

Net

other

assets

(liabilities) —

(0.1)%

(20,992)

NET

ASSETS

—

100.0%

$

14,311,068

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

ProFund

VP

Mid-Cap

Growth

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

640,457

4.5%

Value

%

of

Net

Assets

Automobile

Components

$

22,074

0.1%

Banks

554,917

3.9%

Beverages

111,742

0.8%

Biotechnology

540,443

3.8%

Broadline

Retail

40,189

0.3%

Building

Products

383,393

2.7%

Capital

Markets

584,682

4.1%

Chemicals

155,572

1.1%

Commercial

Services

&

Supplies

400,487

2.8%

Communications

Equipment

168,914

1.2%

Construction

&

Engineering

492,817

3.4%

Construction

Materials

103,151

0.7%

Consumer

Finance

84,553

0.6%

Consumer

Staples

Distribution

&

Retail

295,407

2.0%

Containers

&

Packaging

60,108

0.4%

Diversified

Consumer

Services

283,692

2.0%

Diversified

Telecommunication

Services

7,892

0.1%

Electric

Utilities

25,373

0.2%

Electrical

Equipment

228,079

1.6%

Electronic

Equipment,

Instruments

&

Components

378,616

2.6%

Energy

Equipment

&

Services

188,858

1.3%

Entertainment

20,675

0.1%

Financial

Services

286,669

2.0%

Food

Products

84,178

0.6%

Ground

Transportation

169,381

1.2%

Health

Care

Equipment

&

Supplies

223,112

1.6%

Health

Care

Providers

&

Services

457,976

3.2%

Health

Care

REITs

43,107

0.3%

Health

Care

Technology

86,464

0.6%

Hotel

&

Resort

REITs

9,418

NM

Hotels,

Restaurants

&

Leisure

581,769

4.1%

Household

Durables

322,126

2.2%

Independent

Power/Renewable

Electricity

Producers

22,907

0.1%

Industrial

REITs

68,758

0.5%

Industrial

Support

Services

65,028

0.5%

Insurance

408,584

2.8%

IT

Services

166,537

1.1%

Leisure

Facilities

&

Services

40,716

0.3%

Leisure

Products

9,821

0.1%

Life

Sciences

Tools

&

Services

215,638

1.5%

Machinery

737,088

5.1%

Marine

Transportation

40,390

0.3%

Media

87,053

0.6%

Metals

&

Mining

289,082

2.0%

Office

REITs

56,033

0.4%

Oil

&

Gas

Producers

55,878

0.4%

Oil,

Gas

&

Consumable

Fuels

309,450

2.2%

Paper

&

Forest

Products

48,773

0.4%

Passenger

Airlines

114,012

0.8%

Personal

Care

Products

86,343

0.6%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Mid-Cap

Growth

Value

%

of

Net

Assets

Professional

Services

$

431,757

3.0%

Real

Estate

Management

&

Development

65,323

0.5%

Residential

REITs

106,469

0.7%

Retail

-

Discretionary

24,060

0.2%

Retail

REITs

85,678

0.6%

Semiconductors

&

Semiconductor

Equipment

426,334

3.0%

Software

1,071,046

7.5%

Specialized

REITs

169,039

1.2%

Specialty

Retail

521,693

3.6%

Technology

Hardware,

Storage

&

Peripherals

225,449

1.6%

Textiles,

Apparel

&

Luxury

Goods

39,436

0.3%

Trading

Companies

&

Distributors

250,394

1.7%

Other

\*\*

36,008

0.3%

Total

$

14,311,068

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Mid-Cap

Value

Common

Stocks

(99

.6

%)

Shares

Value

Advanced

Drainage

Systems,

Inc.

(Building

Products)

$

45,355

AECOM

(Construction

&

Engineering)

547

71,368

Affiliated

Managers

Group,

Inc.

(Capital

Markets)

35,049

AGCO

Corp.

(Machinery)

543

58,139

Agree

Realty

Corp.

(Retail

REITs)

571

40,564

Albertsons

Cos.,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

3,532

61,845

Alcoa

Corp.

(Metals

&

Mining)

2,268

74,595

Allegro

MicroSystems,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

673

19,652

ALLETE,

Inc.

(Electric

Utilities)

508

33,731

Ally

Financial,

Inc.

(Consumer

Finance)

2,456

96,275

American

Financial

Group,

Inc.

(Insurance)

49,545

American

Homes

Rent

-

Class

A

(Residential

REITs)

1,770

58,853

Amkor

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

995

28,258

Annaly

Capital

Management,

Inc.

(Mortgage

REITs)

5,629

113,762

Antero

Midstream

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,467

28,518

Antero

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,572

86,316

API

Group

Corp.

\*

(Industrial

Support

Services)

1,330

45,712

AptarGroup,

Inc.

(Containers

&

Packaging)

36,356

Aramark

(Hotels,

Restaurants

&

Leisure)

2,304

88,473

Arrow

Electronics,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

54,813

ASGN,

Inc.

\*

(IT

Services)

18,135

Ashland,

Inc.

(Chemicals)

19,164

Associated

Banc-Corp.

(Banks)

1,430

36,765

Autoliv,

Inc.

\*

(Automobile

Components)

621

76,693

AutoNation,

Inc.

\*

(Specialty

Retail)

54,036

Avantor,

Inc.

\*

(Life

Sciences

Tools

&

Services)

5,975

74,569

Avient

Corp.

(Chemicals)

802

26,426

Avis

Budget

Group,

Inc.

\*

(Ground

Transportation)

23,926

Avnet,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

735

38,426

Axalta

Coating

Systems,

Ltd.

\*

(Chemicals)

871

24,928

Bank

OZK

(Banks)

928

47,309

Bath

&

Body

Works,

Inc.

(Retail

-

Discretionary)

907

23,364

BellRing

Brands,

Inc.

\*

(Personal

Care

Products)

595

21,629

BILL

Holdings,

Inc.

\*

(Software)

804

42,587

BioMarin

Pharmaceutical,

Inc.

\*

(Biotechnology)

1,683

91,151

Bio-Rad

Laboratories,

Inc.

\*

-

Class

A

(Life

Sciences

Tools

&

Services)

45,143

BJ's

Wholesale

Club

Holdings,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

614

57,256

Black

Hills

Corp.

(Multi-Utilities)

639

39,356

Blackbaud,

Inc.

\*

(Software)

10,740

Boyd

Gaming

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

17,636

Brighthouse

Financial,

Inc.

\*

(Insurance)

500

26,540

Brixmor

Property

Group,

Inc.

(Retail

REITs)

1,234

34,157

Bruker

Corp.

(Life

Sciences

Tools

&

Services)

523

16,992

Brunswick

Corp.

(Leisure

Products)

573

36,237

Cabot

Corp.

(Chemicals)

15,666

CACI

International,

Inc.

\*

-

Class

A

(Professional

Services)

38,406

Cadence

Bank

(Banks)

1,632

61,265

Capri

Holdings,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

1,042

20,757

Casey's

General

Stores,

Inc.

(Consumer

Staples

Distribution

&

Retail)

57,663

Cava

Group,

Inc.

\*

(Leisure

Facilities

&

Services)

11,659

Celsius

Holdings,

Inc.

\*

(Beverages)

504

28,975

Chemed

Corp.

(Health

Care

Providers

&

Services)

30,894

Chord

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

502

49,884

Ciena

Corp.

\*

(Communications

Equipment)

72,398

Cirrus

Logic,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

22,176

Civitas

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

731

23,758

Common

Stocks,

continued

Shares

Value

Cleveland-Cliffs,

Inc.

\*

(Metals

&

Mining)

4,335

$

52,887

CNH

Industrial

N.V.

\*

(Machinery)

7,785

84,468

CNO

Financial

Group,

Inc.

\*

(Insurance)

850

33,618

Cognex

Corp.

(Electronic

Equipment,

Instruments

&

Components)

883

40,000

Columbia

Banking

System,

Inc.

(Banks)

2,620

67,439

Columbia

Sportswear

Co.

\*

(Textiles,

Apparel

&

Luxury

Goods)

11,768

Comerica,

Inc.

(Banks)

1,126

77,153

Commerce

Bancshares,

Inc.

(Banks)

27,908

Commercial

Metals

Co.

(Metals

&

Mining)

982

56,249

Concentrix

Corp.

(Professional

Services)

18,045

COPT

Defense

Properties

(Office

REITs)

13,716

Core

&

Main,

Inc.

\*

-

Class

A

(Trading

Companies

&

Distributors)

631

33,967

Coty,

Inc.

\*

-

Class

A

(Personal

Care

Products)

3,212

12,976

Cousins

Properties,

Inc.

(Office

REITs)

1,472

42,600

Crane

Co.

(Machinery)

37,196

Crane

NXT

Co.

(Electronic

Equipment,

Instruments

&

Components)

17,438

Crown

Holdings,

Inc.

(Containers

&

Packaging)

1,009

97,458

CubeSmart

(Specialized

REITs)

920

37,407

Cullen/Frost

Bankers,

Inc.

(Banks)

21,551

Cytokinetics,

Inc.

\*

(Biotechnology)

524

28,799

Darling

Ingredients,

Inc.

\*

(Food

Products)

1,385

42,755

DENTSPLY

SIRONA,

Inc.

(Health

Care

Equipment

&

Supplies)

1,747

22,169

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

52,222

Dolby

Laboratories,

Inc.

\*

-

Class

A

(Software)

537

38,863

Donaldson

Co.,

Inc.

(Machinery)

36,014

Dropbox,

Inc.

\*

-

Class

A

(Software)

632

19,093

EastGroup

Properties,

Inc.

(Industrial

REITs)

41,807

EchoStar

Corp.

\*

-

Class

A

(Media)

602

45,969

Elanco

Animal

Health,

Inc.

\*

(Pharmaceuticals)

4,355

87,710

Encompass

Health

Corp.

(Health

Care

Providers

&

Services)

32,517

EnerSys

(Electrical

Equipment)

37,164

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

640

59,174

Envista

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,455

29,638

EPR

Properties

(Specialized

REITs)

666

38,635

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

849

51,534

Essent

Group,

Ltd.

(Financial

Services)

864

54,915

Essential

Utilities,

Inc.

(Water

Utilities)

2,458

98,074

Euronet

Worldwide,

Inc.

\*

(Financial

Services)

12,206

Exponent,

Inc.

(Professional

Services)

12,367

F.N.B.

Corp.

\*

(Banks)

3,147

50,698

Federated

Hermes,

Inc.

-

Class

B

(Capital

Markets)

13,138

Fidelity

National

Financial,

Inc.

(Insurance)

2,239

135,436

First

American

Financial

Corp.

(Insurance)

892

57,302

First

Financial

Bankshares,

Inc.

(Banks)

501

16,859

First

Horizon

Corp.

(Banks)

4,451

100,636

First

Industrial

Realty

Trust,

Inc.

(Industrial

REITs)

534

27,485

FirstCash

Holdings,

Inc.

\*

(Consumer

Finance)

19,644

Five

Below,

Inc.

\*

(Specialty

Retail)

74,719

Flex,

Ltd.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,290

190,722

Floor

&

Decor

Holdings,

Inc.

\*

-

Class

A

(Specialty

Retail)

30,659

Flowers

Foods,

Inc.

(Food

Products)

1,849

24,129

Flowserve

Corp.

(Machinery)

18,227

Fluor

Corp.

\*

(Construction

&

Engineering)

1,417

59,613

Fortune

Brands

Innovations,

Inc.

(Building

Products)

1,052

56,165

Frontier

Communications

Parent,

Inc.

\*

(Diversified

Telecommunication

Services)

2,195

81,983

FTI

Consulting,

Inc.

\*

(Professional

Services)

44,939

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Mid-Cap

Value

Common

Stocks,

continued

Shares

Value

GameStop

Corp.

\*

-

Class

A

(Specialty

Retail)

2,019

$

55,078

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

1,414

65,907

GATX

Corp.

\*

(Trading

Companies

&

Distributors)

20,801

Genpact,

Ltd.

(Professional

Services)

667

27,941

Gentex

Corp.

(Automobile

Components)

1,134

32,092

Glacier

Bancorp,

Inc.

(Banks)

572

27,839

Graco,

Inc.

(Machinery)

740

62,870

Graham

Holdings

Co.

-

Class

B

(Diversified

Consumer

Services)

35,319

Graphic

Packaging

Holding

Co.

(Containers

&

Packaging)

1,582

30,960

Greif,

Inc.

\*

-

Class

A

(Containers

&

Packaging)

13,625

GXO

Logistics,

Inc.

\*

(Air

Freight

&

Logistics)

1,004

53,102

Haemonetics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

8,676

Hancock

Whitney

Corp.

(Banks)

742

46,457

Harley-Davidson,

Inc.

(Automobiles)

1,064

29,686

Healthcare

Realty

Trust,

Inc.

(Health

Care

REITs)

3,083

55,586

Hexcel

Corp.

(Aerospace

&

Defense)

21,882

HF

Sinclair

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,395

73,014

Home

BancShares,

Inc.

(Banks)

995

28,159

IDACORP,

Inc.

(Electric

Utilities)

36,870

Illumina,

Inc.

\*

(Life

Sciences

Tools

&

Services)

646

61,351

Independence

Realty

Trust,

Inc.

\*

(Residential

REITs)

815

13,358

Ingredion,

Inc.

(Food

Products)

39,075

Insperity,

Inc.

(Professional

Services)

15,400

International

Bancshares

Corp.

(Banks)

9,419

IPG

Photonics

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

17,580

Iridium

Communications,

Inc.

\*

(Diversified

Telecommunication

Services)

8,241

ITT,

Inc.

(Machinery)

35,573

Janus

Henderson

Group

PLC

(Capital

Markets)

656

29,199

Jazz

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

533

70,249

Jefferies

Financial

Group,

Inc.

(Capital

Markets)

679

44,420

Jones

Lang

LaSalle,

Inc.

\*

(Real

Estate

Management

&

Development)

58,463

KB

Home

(Household

Durables)

18,265

KBR,

Inc.

(Professional

Services)

654

30,928

Kemper

Corp.

\*

(Insurance)

550

28,353

Kilroy

Realty

Corp.

\*

(Office

REITs)

955

40,349

Kite

Realty

Group

Trust

(Retail

REITs)

1,097

24,463

Knight-Swift

Transportation

Holdings,

Inc.

(Ground

Transportation)

1,422

56,183

Kratos

Defense

&

Security

Solutions,

Inc.

\*

(Aerospace

&

Defense)

623

56,924

Kyndryl

Holdings,

Inc.

\*

(IT

Services)

889

26,697

Lamar

Advertising

Co.

-

Class

A

(Specialized

REITs)

34,400

Lancaster

Colony

Corp.

(Food

Products)

15,897

Landstar

System,

Inc.

(Ground

Transportation)

37,136

Lattice

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

612

44,872

Lear

Corp.

(Automobile

Components)

46,985

Lincoln

Electric

Holdings,

Inc.

(Machinery)

49,053

Lithia

Motors,

Inc.

-

A

(Specialty

Retail)

70,784

Littelfuse,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

56,205

LivaNova

PLC

\*

(Health

Care

Equipment

&

Supplies)

14,719

Lumentum

Holdings,

Inc.

\*

(Communications

Equipment)

36,772

Macy's,

Inc.

(Broadline

Retail)

2,378

42,638

Maplebear,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

873

32,091

Marriott

Vacations

Worldwide

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

16,108

Common

Stocks,

continued

Shares

Value

Matador

Resources

Co.

(Oil,

Gas

&

Consumable

Fuels)

$

16,579

Mattel,

Inc.

\*

(Leisure

Products)

2,822

47,494

Maximus,

Inc.

(Professional

Services)

45,227

MGIC

Investment

Corp.

(Financial

Services)

1,049

29,760

MKS

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

43,072

MP

Materials

Corp.

\*

(Metals

&

Mining)

660

44,266

MSA

Safety,

Inc.

(Commercial

Services

&

Supplies)

27,876

MSC

Industrial

Direct

Co.,

Inc.

(Trading

Companies

&

Distributors)

36,948

Murphy

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,175

33,382

National

Fuel

Gas

Co.

\*

(Gas

Utilities)

792

73,158

National

Retail

Properties,

Inc.

(Retail

REITs)

1,655

70,453

New

Jersey

Resources

Corp.

(Gas

Utilities)

881

42,420

New

York

Community

Bancorp,

Inc.

(Banks)

2,621

30,273

NewMarket

Corp.

(Chemicals)

31,472

Nexstar

Media

Group,

Inc.

(Media)

49,435

NEXTracker,

Inc.

\*

-

Class

A

(Electrical

Equipment)

1,298

96,038

NorthWestern

Energy

Group,

Inc.

(Multi-Utilities)

538

31,532

NOV,

Inc.

(Energy

Equipment

&

Services)

3,252

43,089

Novanta,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

12,419

OGE

Energy

Corp.

(Electric

Utilities)

1,766

81,713

Old

National

Bancorp

\*

(Banks)

3,056

67,079

Old

Republic

International

Corp.

(Insurance)

2,004

85,110

Olin

Corp.

(Chemicals)

1,003

25,065

Ollie's

Bargain

Outlet

Holdings,

Inc.

\*

(Broadline

Retail)

28,248

Omega

Healthcare

Investors,

Inc.

(Health

Care

REITs)

1,551

65,484

ONE

Gas,

Inc.

\*

(Gas

Utilities)

527

42,655

Onto

Innovation,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

24,423

Option

Care

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

1,421

39,447

Ormat

Technologies,

Inc.

(Independent

Power/

Renewable

Electricity

Producers)

28,201

Oshkosh

Corp.

(Machinery)

562

72,891

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

2,254

91,017

Park

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

890

9,861

PBF

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

720

21,722

Penske

Automotive

Group,

Inc.

\*

(Specialty

Retail)

28,347

Penumbra,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

30,652

Performance

Food

Group

Co.

\*

(Consumer

Staples

Distribution

&

Retail)

1,372

142,743

Perrigo

Co.

PLC

(Pharmaceuticals)

1,204

26,813

Pinnacle

Financial

Partners,

Inc.

(Banks)

22,697

Polaris

Industries,

Inc.

\*

(Leisure

Products)

27,147

Portland

General

Electric

Co.

(Electric

Utilities)

961

42,284

Post

Holdings,

Inc.

\*

(Food

Products)

19,884

PotlatchDeltic

Corp.

(Specialized

REITs)

623

25,387

Power

Integrations,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

13,028

Prosperity

Bancshares,

Inc.

\*

(Banks)

833

55,270

PVH

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

35,351

Qualys,

Inc.

\*

(Software)

17,600

Range

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,126

42,383

Rayonier,

Inc.

(Specialized

REITs)

1,241

32,936

Regal

Rexnord

Corp.

(Electrical

Equipment)

583

83,626

Reinsurance

Group

of

America,

Inc.

(Insurance)

580

111,435

Reliance

Steel

&

Aluminum

Co.

(Metals

&

Mining)

129,744

Repligen

Corp.

\*

(Life

Sciences

Tools

&

Services)

35,957

Rexford

Industrial

Realty,

Inc.

(Industrial

REITs)

2,070

85,098

RH

\*

(Specialty

Retail)

13,815

Royal

Gold,

Inc.

(Metals

&

Mining)

63,584

RPM

International,

Inc.

(Chemicals)

57,171

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Mid-Cap

Value

Common

Stocks,

continued

Shares

Value

Ryder

System,

Inc.

(Ground

Transportation)

$

31,880

Sabra

Health

Care

REIT,

Inc.

(Health

Care

REITs)

2,099

39,125

Science

Applications

International

Corp.

(Professional

Services)

40,841

SEI

Investments

Co.

(Capital

Markets)

27,237

Selective

Insurance

Group,

Inc.

(Insurance)

534

43,291

Sensata

Technologies

Holding

PLC

(Electrical

Equipment)

1,276

38,982

Service

Corp.

International

(Diversified

Consumer

Services)

39,946

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

21,636

Siligan

Holdings,

Inc.

(Containers

&

Packaging)

778

33,462

Simpson

Manufacturing

Co.,

Inc.

(Building

Products)

20,933

Sonoco

Products

Co.

\*

(Containers

&

Packaging)

865

37,273

Sotera

Health

Co.

\*

(Life

Sciences

Tools

&

Services)

830

13,056

SouthState

Bank

Corp.

(Banks)

887

87,697

Southwest

Gas

Holdings,

Inc.

(Gas

Utilities)

562

44,027

Spire,

Inc.

\*

(Gas

Utilities)

518

42,227

STAG

Industrial,

Inc.

(Industrial

REITs)

1,637

57,770

Starwood

Property

Trust,

Inc.

(Mortgage

REITs)

3,026

58,614

Stifel

Financial

Corp.

(Capital

Markets)

29,502

Synaptics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

23,099

Synovus

Financial

Corp.

(Banks)

620

30,430

Talen

Energy

Corp.

\*

(Electric

Utilities)

170,578

Taylor

Morrison

Home

Corp.

\*

(Household

Durables)

866

57,165

TD

SYNNEX

Corp.

(Electronic

Equipment,

Instruments

&

Components)

671

109,876

Tempur

Sealy

International,

Inc.

(Household

Durables)

754

63,584

Tenet

Healthcare

Corp.

\*

(Health

Care

Providers

&

Services)

61,318

Terex

Corp.

(Machinery)

575

29,498

Texas

Capital

Bancshares,

Inc.

\*

(Banks)

33,981

The

Boston

Beer

Co.,

Inc.

\*

-

Class

A

(Beverages)

14,799

The

Brink's

Co.

(Commercial

Services

&

Supplies)

21,385

The

Carlyle

Group,

Inc.

(Capital

Markets)

1,439

90,226

The

Gap,

Inc.

(Specialty

Retail)

1,994

42,652

The

Goodyear

Tire

&

Rubber

Co.

\*

(Automobile

Components)

2,505

18,737

The

Hanover

Insurance

Group,

Inc.

\*

(Insurance)

57,032

The

Middleby

Corp.

\*

(Machinery)

54,368

The

New

York

Times

Co.

-

Class

A

(Media)

652

37,425

The

Scotts

Miracle-Gro

Co.

\*

(Chemicals)

13,953

The

Timken

Co.

(Machinery)

556

41,800

The

Toro

Co.

(Machinery)

502

38,252

The

Western

Union

Co.

(Financial

Services)

2,828

22,596

Thor

Industries,

Inc.

(Automobiles)

48,423

Trex

Co.,

Inc.

\*

(Building

Products)

24,750

TXNM

Energy,

Inc.

(Electric

Utilities)

831

46,993

UFP

Industries,

Inc.

(Building

Products)

514

48,054

UGI

Corp.

(Gas

Utilities)

1,883

62,629

UMB

Financial

Corp.

(Banks)

31,008

Under

Armour,

Inc.

\*

-

Class

A

(Textiles,

Apparel

&

Luxury

Goods)

1,653

8,248

Under

Armour,

Inc.

\*

-

Class

C

(Textiles,

Apparel

&

Luxury

Goods)

1,061

5,125

United

Bankshares,

Inc.

(Banks)

1,238

46,066

Universal

Display

Corp.

(Semiconductors

&

Semiconductor

Equipment)

30,162

Unum

Group

(Insurance)

1,375

106,948

US

Foods

Holding

Corp.

\*

(Consumer

Staples

Distribution

&

Retail)

1,974

151,248

Vail

Resorts,

Inc.

(Hotels,

Restaurants

&

Leisure)

22,884

Valley

National

Bancorp

\*

(Banks)

4,218

44,711

Common

Stocks,

continued

Shares

Value

Valmont

Industries,

Inc.

(Construction

&

Engineering)

$

18,223

VF

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

2,874

41,471

Visteon

Corp.

\*

(Automobile

Components)

28,647

Vontier

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

745

31,268

Vornado

Realty

Trust

(Office

REITs)

15,442

Voya

Financial,

Inc.

(Financial

Services)

30,369

Warner

Music

Group

Corp.

\*

-

Class

A

(Entertainment)

664

22,616

Watsco,

Inc.

(Trading

Companies

&

Distributors)

46,899

Watts

Water

Technologies,

Inc.

-

Class

A

(Machinery)

32,955

Weatherford

International

PLC

(Energy

Equipment

&

Services)

22,445

Webster

Financial

Corp.

(Banks)

1,458

86,663

WESCO

International,

Inc.

(Trading

Companies

&

Distributors)

90,310

Westlake

Corp.

\*

(Chemicals)

22,502

WEX,

Inc.

\*

(Financial

Services)

14,335

Whirlpool

Corp.

(Household

Durables)

38,593

Wintrust

Financial

Corp.

(Banks)

37,216

WP

Carey,

Inc.

(Equity

REIT

-

Diversified)

1,920

129,734

XPO,

Inc.

\*

(Ground

Transportation)

528

68,254

YETI

Holdings,

Inc.

\*

(Leisure

Products)

13,670

Zions

Bancorp

N.A.

(Banks)

776

43,906

ZoomInfo

Technologies,

Inc.

\*

(Interactive

Media

&

Services)

2,455

26,784

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,219,522)

12,910,247

Repurchase

Agreements

(a) (0

.5

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$59,007

$

59,000

59,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$59,000)

59,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$10,278,522)— 100.1%

12,969,247

Net

other

assets

(liabilities)

—

(0

.1)

%

(7,645)

NET

ASSETS

—

100.0%

$

12,961,602

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

ProFund

VP

Mid-Cap

Value

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

78,806

0.6%

Air

Freight

&

Logistics

53,102

0.4%

Automobile

Components

203,154

1.6%

Automobiles

78,109

0.6%

Banks

1,236,455

9.5%

Beverages

43,774

0.3%

Biotechnology

119,950

0.9%

Broadline

Retail

70,886

0.5%

Building

Products

195,257

1.5%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Mid-Cap

Value

Value

%

of

Net

Assets

Capital

Markets

$

268,771

2.1%

Chemicals

236,347

1.8%

Commercial

Services

&

Supplies

49,261

0.4%

Communications

Equipment

109,170

0.8%

Construction

&

Engineering

149,204

1.1%

Consumer

Finance

115,919

0.9%

Consumer

Staples

Distribution

&

Retail

502,846

3.9%

Containers

&

Packaging

249,135

1.9%

Diversified

Consumer

Services

75,265

0.6%

Diversified

Telecommunication

Services

90,224

0.7%

Electric

Utilities

412,168

3.2%

Electrical

Equipment

255,810

2.0%

Electronic

Equipment,

Instruments

&

Components

568,746

4.4%

Energy

Equipment

&

Services

65,534

0.5%

Entertainment

22,616

0.2%

Equity

REIT

-

Diversified

129,734

1.0%

Financial

Services

164,181

1.2%

Food

Products

141,740

1.1%

Gas

Utilities

307,116

2.4%

Ground

Transportation

217,379

1.7%

Health

Care

Equipment

&

Supplies

105,854

0.8%

Health

Care

Providers

&

Services

164,176

1.3%

Health

Care

REITs

160,195

1.2%

Hotel

&

Resort

REITs

9,861

0.1%

Hotels,

Restaurants

&

Leisure

145,101

1.1%

Household

Durables

177,607

1.4%

Independent

Power/Renewable

Electricity

Producers

28,201

0.2%

Industrial

REITs

212,160

1.6%

Industrial

Support

Services

45,712

0.4%

Insurance

734,610

5.7%

Interactive

Media

&

Services

26,784

0.2%

IT

Services

44,832

0.4%

Leisure

Facilities

&

Services

11,659

0.1%

Leisure

Products

124,548

1.0%

Life

Sciences

Tools

&

Services

247,067

1.9%

Machinery

651,305

5.0%

Media

132,829

1.0%

Metals

&

Mining

421,324

3.3%

Mortgage

REITs

172,376

1.3%

Multi-Utilities

70,888

0.5%

Office

REITs

112,107

0.9%

Oil,

Gas

&

Consumable

Fuels

466,573

3.6%

Personal

Care

Products

34,605

0.3%

Pharmaceuticals

184,772

1.4%

Professional

Services

274,094

2.1%

Real

Estate

Management

&

Development

58,463

0.5%

Residential

REITs

123,745

1.0%

Retail

-

Discretionary

23,364

0.2%

Retail

REITs

169,637

1.3%

Semiconductors

&

Semiconductor

Equipment

329,552

2.5%

Software

128,883

1.0%

Specialized

REITs

234,672

1.8%

Specialty

Retail

422,313

3.2%

Textiles,

Apparel

&

Luxury

Goods

122,720

0.9%

Trading

Companies

&

Distributors

228,925

1.8%

Water

Utilities

98,074

0.8%

Other

\*\*

51,355

.4

%

Total

$

12,961,602

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

REIT

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Common

Stocks

(74.9%)

Shares

Value

Adobe,

Inc.

\*

(Software)

2,880

$

1,015,920

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

11,016

1,782,278

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

2,913

353,696

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

16,050

3,901,755

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

14,982

3,648,866

Amazon.com,

Inc.

\*

(Broadline

Retail)

29,429

6,461,727

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

3,630

408,375

Amgen,

Inc.

(Biotechnology)

3,655

1,031,440

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,340

820,638

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

40,947

10,426,335

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,408

1,107,234

AppLovin

Corp

\*

-

Class

A

(Software)

2,089

1,501,030

ARM

Holdings

PLC

\*ADR

(Semiconductors

&

Semiconductor

Equipment)

927

131,161

ASML

Holding

N.V.

ADR

(Semiconductors

&

Semiconductor

Equipment)

575

556,652

AstraZeneca

PLC

ADR

(Pharmaceuticals)

3,987

305,883

Atlassian

Corp.

\*

-

Class

A

(Software)

1,129

180,301

Autodesk,

Inc.

\*

(Software)

1,453

461,575

Automatic

Data

Processing,

Inc.

(Professional

Services)

2,750

807,126

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

533

382,502

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

6,692

326,034

Biogen,

Inc.

\*

(Biotechnology)

995

139,380

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,187,839

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

21,464

7,081,187

Cadence

Design

Systems,

Inc.

\*

(Software)

1,850

649,831

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

890

141,759

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

927

255,022

Cintas

Corp.

(Commercial

Services

&

Supplies)

2,736

561,591

Cisco

Systems,

Inc.

(Communications

Equipment)

26,882

1,839,266

Coca-Cola

European

Partners

PLC

(Beverages)

3,110

281,175

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

3,315

222,337

Comcast

Corp.

-

Class

A

(Media)

25,000

785,501

Constellation

Energy

Corp.

(Electric

Utilities)

2,121

697,957

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

6,564

295,183

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

2,876

242,648

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

3,010

2,786,146

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

1,704

835,608

CSX

Corp.

(Ground

Transportation)

12,655

449,379

Datadog,

Inc.

\*

-

Class

A

(Software)

2,194

312,426

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,662

179,126

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,965

281,192

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

2,731

742,805

Electronic

Arts,

Inc.

(Entertainment)

1,698

342,487

Exelon

Corp.

(Electric

Utilities)

6,856

308,589

Fastenal

Co.

(Trading

Companies

&

Distributors)

7,790

382,022

Fortinet,

Inc.

\*

(Software)

5,200

437,216

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

3,099

232,735

Gilead

Sciences,

Inc.

(Biotechnology)

8,423

934,953

GLOBALFOUNDRIES,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,767

135,009

Honeywell

International,

Inc.

(Industrial

Conglomerates)

4,310

907,255

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

543

346,917

Common

Stocks,

continued

Shares

Value

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

29,712

$

996,838

Intuit,

Inc.

(Software)

1,894

1,293,432

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,433

1,088,111

Keurig

Dr

Pepper,

Inc.

(Beverages)

9,221

235,228

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

896

966,426

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

8,591

1,150,335

Linde

PLC

(Chemicals)

3,185

1,512,875

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

779

138,607

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,843

479,991

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,852

491,978

MercadoLibre,

Inc.

\*

(Broadline

Retail)

803,907

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

5,985

4,395,264

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,663

235,238

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

7,597

1,271,130

Microsoft

Corp.

(Software)

20,509

10,622,636

MicroStrategy,

Inc.

\*

-

Class

A

(Software)

1,792

577,400

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

8,784

548,737

Monster

Beverage

Corp.

\*

(Beverages)

6,628

446,131

Netflix,

Inc.

\*

(Entertainment)

2,885

3,458,884

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

67,048

12,509,815

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

1,711

389,646

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

1,427

200,893

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,776

136,885

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

5,760

620,985

PACCAR,

Inc.

(Machinery)

3,565

350,511

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

15,438

2,816,200

Palo

Alto

Networks,

Inc.

\*

(Software)

4,541

924,638

Paychex,

Inc.

(Professional

Services)

2,441

309,421

PayPal

Holdings,

Inc.

\*

(Financial

Services)

6,485

434,884

PDD

Holdings,

Inc.

\*ADR

(Broadline

Retail)

4,534

599,259

PepsiCo,

Inc.

(Beverages)

9,294

1,305,249

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

7,325

1,218,587

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

707

397,525

Roper

Technologies,

Inc.

(Software)

731

364,542

Ross

Stores,

Inc.

(Specialty

Retail)

2,220

338,306

Shopify,

Inc.

\*

-

Class

A

(IT

Services)

8,285

1,231,234

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

7,716

652,774

Synopsys,

Inc.

\*

(Software)

1,256

619,698

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

1,252

323,467

Tesla,

Inc.

\*

(Automobiles)

10,056

4,472,104

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,171

1,133,798

The

Kraft

Heinz

Co.

(Food

Products)

8,035

209,231

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

3,025

148,255

Thomson

Reuters

Corp.

(Professional

Services)

3,059

475,154

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

7,640

1,828,863

Verisk

Analytics,

Inc.

(Professional

Services)

948

238,431

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,740

681,454

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

16,806

328,221

Workday,

Inc.

\*

-

Class

A

(Software)

1,473

354,595

Xcel

Energy,

Inc.

(Electric

Utilities)

4,015

323,810

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Common

Stocks,

continued

Shares

Value

Zscaler,

Inc.

\*

(Software)

1,057

$

316,741

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,756,431)

126,573,393

Repurchase

Agreements

(a)(b) (23.7%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$40,123,487

$

40,119,000

40,119,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$40,119,000)

40,119,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$67,875,431)— 98.6%

$

166,692,393

Net

other

assets

(liabilities) —

1.4%

2,355,081

NET

ASSETS

—

100.0%

$

169,047,474

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$3,623,000.

ADR

American

Depositary

Receipt

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

Futures

Contracts

12/22/25

$

14,941,050

$

476,189

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Index

Goldman

Sachs

International

10/27/25

4.84%

$

15,183,130

$

40,718

Index

UBS

AG

10/27/25

4.89%

12,685,515

34,003

$27,868,645

$74,721

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

382,502

0.2%

Automobiles

4,472,104

2.6%

Beverages

2,267,783

1.3%

Biotechnology

3,184,752

1.9%

Broadline

Retail

7,864,892

4.7%

Chemicals

1,512,875

0.9%

Commercial

Services

&

Supplies

856,774

0.5%

Communications

Equipment

1,839,266

1.1%

Consumer

Staples

Distribution

&

Retail

2,786,146

1.6%

Electric

Utilities

1,738,731

1.0%

Electronic

Equipment,

Instruments

&

Components

141,759

0.1%

Energy

Equipment

&

Services

326,034

0.2%

Entertainment

4,453,059

2.6%

Financial

Services

434,884

0.2%

Food

Products

757,968

0.5%

Ground

Transportation

650,272

0.4%

Health

Care

Equipment

&

Supplies

1,846,889

1.1%

Hotels,

Restaurants

&

Leisure

3,417,105

2.0%

Industrial

Conglomerates

907,255

0.6%

Interactive

Media

&

Services

11,945,885

7.1%

Value

%

of

Net

Assets

IT

Services

$

1,453,571

0.8%

Machinery

350,511

0.2%

Media

1,188,778

0.7%

Oil,

Gas

&

Consumable

Fuels

281,192

0.2%

Pharmaceuticals

305,882

0.2%

Professional

Services

1,830,132

1.1%

Real

Estate

Management

&

Development

242,648

0.1%

Semiconductors

&

Semiconductor

Equipment

32,114,836

19.0%

Software

23,283,789

13.8%

Specialty

Retail

959,291

0.6%

Technology

Hardware,

Storage

&

Peripherals

10,426,335

6.2%

Textiles,

Apparel

&

Luxury

Goods

138,608

0.1%

Trading

Companies

&

Distributors

382,022

0.2%

Wireless

Telecommunication

Services

1,828,863

1.1%

Other

\*\*

42,474,081

25.1%

Total

$

169,047,474

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Pharmaceuticals

Common

Stocks

(97.6%)

Shares

Value

ALT5

Sigma

Corporation

\*

(Pharmaceuticals)

8,322

$

22,386

Amneal

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

16,894

169,109

Amphastar

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

5,246

139,806

Amylyx

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

9,743

132,407

ANI

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

2,427

222,313

Arvinas,

Inc.

\*

(Pharmaceuticals)

14,762

125,772

Avadel

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

11,733

179,163

Axsome

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,906

231,484

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

5,017

226,267

Collegium

Pharmaceutical,

Inc.

\*

(Pharmaceuticals)

3,455

120,890

Corcept

Therapeutics,

Inc.

\*

(Pharmaceuticals)

3,303

274,512

CorMedix,

Inc.

\*(a)

(Pharmaceuticals)

16,395

190,674

Crinetics

Pharmaceuticals,

Inc.

\*

(Biotechnology)

6,759

281,512

Edgewise

Therapeutics,

Inc.

\*

(Pharmaceuticals)

8,479

137,529

Elanco

Animal

Health,

Inc.

\*

(Pharmaceuticals)

12,906

259,927

Eli

Lilly

&

Co.

(Pharmaceuticals)

238,819

Enliven

Therapeutics,

Inc.

\*

(Pharmaceuticals)

6,299

128,941

Esperion

Therapeutics,

Inc.

\*

(Pharmaceuticals)

30,905

81,898

Evolus,

Inc.

\*

(Pharmaceuticals)

13,677

83,977

EyePoint

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

6,767

96,362

Harmony

Biosciences

Holdings,

Inc.

\*

(Pharmaceuticals)

7,123

196,310

Harrow,

Inc.

\*

(Pharmaceuticals)

5,001

240,948

Innoviva,

Inc.

\*

(Pharmaceuticals)

11,329

206,754

Jazz

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

1,864

245,675

Johnson

&

Johnson

(Pharmaceuticals)

1,346

249,575

LENZ

Therapeutics,

Inc.

\*

(Biotechnology)

3,603

167,828

Ligand

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,425

252,425

Liquidia

Corp.

\*

(Pharmaceuticals)

8,669

197,133

Merck

&

Co.,

Inc.

(Pharmaceuticals)

2,815

236,263

Mind

Medicine

MindMed,

Inc.

\*

(Pharmaceuticals)

13,866

163,480

Nektar

Therapeutics

\*

(Pharmaceuticals)

2,401

136,617

Nuvation

Bio,

Inc.

\*

(Pharmaceuticals)

43,654

161,520

Ocular

Therapeutix,

Inc.

\*

(Pharmaceuticals)

18,128

211,916

Organon

&

Co.

(Pharmaceuticals)

23,058

246,259

Pacira

BioSciences,

Inc.

\*

(Pharmaceuticals)

6,871

177,066

Perrigo

Co.

PLC

(Pharmaceuticals)

10,695

238,178

Pfizer,

Inc.

(Pharmaceuticals)

9,628

245,321

Phathom

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

9,143

107,613

Phibro

Animal

Health

Corp.

-

Class

A

(Pharmaceuticals)

2,571

104,023

Prestige

Consumer

Healthcare,

Inc.

\*

(Pharmaceuticals)

3,637

226,949

Royalty

Pharma

PLC

-

Class

A

(Pharmaceuticals)

6,539

230,696

Supernus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

5,119

244,637

Tarsus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

4,354

258,758

Terns

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

9,170

68,867

Theravance

Biopharma,

Inc.

\*

(Pharmaceuticals)

2,198

32,091

Trevi

Therapeutics,

Inc.

\*

(Pharmaceuticals)

14,841

135,795

Viatris,

Inc.

(Pharmaceuticals)

23,103

228,720

WaVe

Life

Sciences,

Ltd.

\*

(Pharmaceuticals)

18,183

133,100

Xeris

Biopharma

Holdings,

Inc.

\*

(Pharmaceuticals)

19,047

155,043

Zevra

Therapeutics,

Inc.

\*

(Pharmaceuticals)

12,995

123,582

Zoetis,

Inc.

(Pharmaceuticals)

1,583

231,625

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,933,765)

9,198,515

Repurchase

Agreements

(b) (2.9%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$278,031

$

278,000

278,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$278,000)

278,000

Collateral

for

Securities

Loaned

(c) (2.0%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 184,987

$

184,987

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $184,987)

184,987

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,396,752)— 102.5%

9,661,502

Net

other

assets

(liabilities) —

(2.5)%

(235,538)

NET

ASSETS

—

100.0%

$

9,425,964

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$175,625.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust. See

"Repurchase

Agreements'

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Pharmaceuticals

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

10/23/25

4.84%

$

224,988

$

7,135

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Pharmaceuticals

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Biotechnology

$

449,340

4.8%

Pharmaceuticals

8,749,175

92.8%

Other

\*\*

227,449

2.4%

Total

$

9,425,964

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Precious

Metals

Repurchase

Agreements

(a)(b) (97.3%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$56,953,369

$

56,947,000

$

56,947,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$56,947,000)

56,947,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$56,947,000)— 97.3%

56,947,000

Net

other

assets

(liabilities) —

2.7%

1,579,825

NET

ASSETS

—

100.0%

$

58,526,825

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$7,583,000.

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

10/23/25

4.84%

$

29,258,652

$

613,710

Dow

Jones

Precious

Metals

Index

UBS

AG

10/23/25

4.89%

29,267,728

462,226

$58,526,380

$1,075,936

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Real

Estate

Common

Stocks

(98.3%)

Shares

Value

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

907

$

75,589

American

Tower

Corp.

-

Class

A

(Specialized

REITs)

2,177

418,681

AvalonBay

Communities,

Inc.

(Residential

REITs)

828

159,945

Boston

Properties,

Inc.

(Office

REITs)

858

63,784

Camden

Property

Trust

(Residential

REITs)

623

66,524

CBRE

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

1,576

248,315

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

2,468

208,225

Crown

Castle

International

Corp.

(Specialized

REITs)

2,537

244,795

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

1,491

257,764

Equinix,

Inc.

(Specialized

REITs)

356,374

Equity

Residential

(Residential

REITs)

2,025

131,078

Essex

Property

Trust,

Inc.

(Residential

REITs)

100,373

Extra

Space

Storage,

Inc.

(Specialized

REITs)

1,237

174,343

Federal

Realty

Investment

Trust

(Retail

REITs)

46,299

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

4,048

77,519

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

3,725

63,400

Invitation

Homes,

Inc.

(Residential

REITs)

3,286

96,378

Iron

Mountain,

Inc.

(Specialized

REITs)

1,721

175,439

Kimco

Realty

Corp.

(Retail

REITs)

3,945

86,198

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

682

95,296

Prologis,

Inc.

(Industrial

REITs)

4,316

494,268

Public

Storage

(Specialized

REITs)

888

256,499

Realty

Income

Corp.

(Retail

REITs)

4,311

262,066

Regency

Centers

Corp.

(Retail

REITs)

952

69,401

SBA

Communications

Corp.

-

Class

A

(Specialized

REITs)

626

121,037

Common

Stocks,

continued

Shares

Value

Simon

Property

Group,

Inc.

(Retail

REITs)

1,518

$

284,882

UDR,

Inc.

(Residential

REITs)

1,757

65,466

Ventas,

Inc.

(Health

Care

REITs)

2,648

185,334

VICI

Properties,

Inc.

(Specialized

REITs)

6,212

202,573

Welltower,

Inc.

(Health

Care

REITs)

3,110

554,015

Weyerhaeuser

Co.

(Specialized

REITs)

4,203

104,192

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,384,520)

5,746,052

Repurchase

Agreements

(a) (1.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$57,006

$

57,000

57,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$57,000)

57,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$2,441,520)— 99.3%

5,803,052

Net

other

assets

(liabilities) —

0.7%

40,106

NET

ASSETS

—

100.0%

$

5,843,158

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

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

10/23/25

4.84%

$

96,053

$

959

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Real

Estate

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Health

Care

REITs

$

816,868

14.0%

Hotel

&

Resort

REITs

63,400

1.1%

Industrial

REITs

494,268

8.4%

Office

REITs

139,373

2.4%

Real

Estate

Management

&

Development

456,540

7.8%

Residential

REITs

715,060

12.2%

Retail

REITs

748,846

12.8%

Specialized

REITs

2,311,697

39.6%

Other

\*\*

97,106

1.7%

Total

$

5,843,158

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

REIT

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Rising

Rates

Opportunity

Repurchase

Agreements

(a)(b) (99.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$6,775,758

$

6,775,000

$

6,775,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$6,775,000)

6,775,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,775,000)— 99.0%

6,775,000

Net

other

assets

(liabilities) —

1.0%

70,226

NET

ASSETS

—

100.0%

$

6,845,226

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$432,000.

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

8/15/55

Citibank

North

America

10/15/25

(4.07)%

$

(3,504,064)

$

23,789

30-Year

U.S.

Treasury

Bond,

4.75%,

due

8/15/55

Societe

Generale

10/15/25

(4.00)%

(4,978,396)

37,487

$(8,482,460)

$61,276

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Semiconductor

Common

Stocks

(43

.7

%)

Shares

Value

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,190

$

1,001,480

Allegro

MicroSystems,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

13,812

Amkor

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

12,326

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,893

465,110

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,061

626,709

Astera

Labs

Inc

\*

(Semiconductors

&

Semiconductor

Equipment)

96,725

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

17,939

5,918,255

Cirrus

Logic,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

24,557

Credo

Technology

Group

Holding,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

576

83,871

Enphase

Energy,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

17,660

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

578

53,442

GLOBALFOUNDRIES,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,408

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

16,694

560,084

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

503

542,536

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

4,827

646,335

Lattice

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

522

38,273

MACOM

Technology

Solutions

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

30,376

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,288

276,422

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

2,058

132,165

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,268

714,122

MKS

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

31,685

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

168,477

Common

Stocks,

continued

Shares

Value

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

93,063

$

17,363,694

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

962

219,076

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,560

76,924

Onto

Innovation,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

24,164

Qorvo,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

29,328

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,114

684,405

Rambus,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

42,722

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

16,391

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

566

43,571

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

607

83,547

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,467

636,992

Universal

Display

Corp.

(Semiconductors

&

Semiconductor

Equipment)

24,273

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,907,782)

30,713,917

Repurchase

Agreements

(a) (1

.8

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$1,249,140

$

1,249,000

1,249,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$1,249,000)

1,249,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$3,156,782)— 45.5%

31,962,917

Net

other

assets

(liabilities)

—

.5

%

38,352,926

NET

ASSETS

—

100.0%

$

70,315,843

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Dow

Jones

U.S.

Semiconductors

Index

Goldman

Sachs

International

10/23/25

4.84%

$

39,656,430

$

26,443

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Semiconductor

ProFund

VP

Semiconductor

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Semiconductors

&

Semiconductor

Equipment

$

30,713,917

43.7%

Other

\*\*

39,601,926

.3

%

Total

$

70,315,843

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Short

Dow

Repurchase

Agreements

(a)(b) (88.8%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$6,001

$

6,000

$

6,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$6,000)

6,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,000)— 88.8%

6,000

Net

other

assets

(liabilities) —

11.2%

757

NET

ASSETS

—

100.0%

$

6,757

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$4,000.

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Dow

Jones

Industrial

Average

Goldman

Sachs

International

10/27/25

(4.59)%

$

(1,288)

$

(2) Dow

Jones

Industrial

Average

UBS

AG

10/27/25

(4.49)%

(5,455)

(9) $(6,743)

$(11)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Short

Emerging

Markets

Repurchase

Agreements

(a) (b) (99

.7

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$248,028

$

248,000

$

248,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$248,000)

248,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$248,000)— 99.7%

248,000

Net

other

assets

(liabilities)

—

.3

%

709

NET

ASSETS

—

100.0%

$

248,709

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$42,000.

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Emerging

ADR

Index

(USD)

Goldman

Sachs

International

10/27/25

(3.89)%

$

(117,654)

$

(250)

S&P

Emerging

ADR

Index

(USD)

UBS

AG

10/27/25

(4.09)%

(129,604)

(275)

$(247,258)

$(525)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Short

International

Repurchase

Agreements

(a)(b) (100.4%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$2,051,229

$

2,051,000

$

2,051,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$2,051,000)

2,051,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$2,051,000)— 100.4%

2,051,000

Net

other

assets

(liabilities) —

(0.4)%

(8,198)

NET

ASSETS

—

100.0%

$

2,042,802

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$331,000.

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

10/27/25

(4.04)%

$

(1,018,126)

$

(3,946)

MSCI

EAFE

Index

UBS

AG

10/27/25

(4.39)%

(1,016,868)

(3,975)

$(2,034,994)

$(7,921)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Short

Mid-Cap

Repurchase

Agreements

(a)(b) (139.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$54,006

$

54,000

$

54,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$54,000)

54,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$54,000)— 139.0%

54,000

Net

other

assets

(liabilities) —

(39.0)%

(15,140)

NET

ASSETS

—

100.0%

$

38,860

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$16,000.

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

MidCap

Goldman

Sachs

International

10/27/25

(4.34)%

$

(9,762)

$

(28) S&P

MidCap

UBS

AG

10/27/25

(4.49)%

(28,829)

(30) $(38,591)

$(58)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Short

Repurchase

Agreements

(a) (b) (101

.5

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$1,844,206

$

1,844,000

$

1,844,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$1,844,000)

1,844,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,844,000)— 101.5%

1,844,000

Net

other

assets

(liabilities)

—

(1

.5)

%

(27,765)

NET

ASSETS

—

100.0%

$

1,816,235

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$189,000.

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

Futures

Contracts

12/22/25

$

(498,035)

$

(15,883)

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Index

Goldman

Sachs

International

10/27/25

(4.59)%

$

(693,508)

$

(2,130)

Index

UBS

AG

10/27/25

(4.49)%

(617,000)

(1,661)

$(1,310,508)

$(3,791)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Short

Small-Cap

Repurchase

Agreements

(a)(b) (95.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$748,084

$

748,000

$

748,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$748,000)

748,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$748,000)— 95.0%

748,000

Net

other

assets

(liabilities) —

5.0%

38,993

NET

ASSETS

—

100.0%

$

786,993

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$100,000.

Futures

Contracts

Sold

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

CME

E-mini

Russell

2000

Index

Futures

Contracts

12/22/25

$

(122,775)

$

(2,654)

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

10/27/25

(4.24)%

$

(175,427)

$

(134) Russell

2000

Index

UBS

AG

10/27/25

(4.39)%

(487,296)

(409) $(662,723)

$(543)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks

(75

.0

%)

Shares

Value

10X

Genomics

Inc

\*

-

Class

A

(Medical

Equipment

&

Devices)

$

2,842

1-800-Flowers.com,

Inc.

\*(a)

-

Class

A

(Specialty

Retail)

1st

Source

Corp.

(Banks)

2,586

3D

Systems

Corp.

\*

(Machinery)

867

4D

Molecular

Therapeutics,

Inc.

\*

(Biotechnology)

791

89bio,

Inc.

\*

(Biotechnology)

4,160

8x8,

Inc.

\*

(Software)

642

908

Devices,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

543

A10

Networks,

Inc.

\*

(Software)

2,958

AAR

Corp.

\*

(Aerospace

&

Defense)

7,263

Aardvark

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Abacus

Life

Inc

\*

(Insurance)

521

Abeona

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

523

Abercrombie

&

Fitch

Co.

\*

-

Class

A

(Specialty

Retail)

9,154

ABM

Industries,

Inc.

(Commercial

Services

&

Supplies)

6,457

Absci

Corp.

\*

(Biotechnology)

906

Acacia

Research

Corp.

\*

(Financial

Services)

Academy

Sports

&

Outdoors,

Inc.

(Specialty

Retail)

7,503

ACADIA

Pharmaceuticals,

Inc.

\*

(Biotechnology)

6,018

Acadia

Realty

Trust

(Retail

REITs)

6,025

Acadian

Asset

Management,

Inc.

(Capital

Markets)

2,938

Accel

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,362

ACCO

Brands

Corp.

(Commercial

Services

&

Supplies)

790

Accuray,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

ACI

Worldwide,

Inc.

\*

(Software)

12,612

Aclaris

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

ACM

Research,

Inc.

\*

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

4,461

Acme

United

Corp.

(Wholesale

-

Discretionary)

ACNB

Corp.

(Banks)

1,013

ACRES

Commercial

Realty

Corp.

\*

(Specialty

Finance)

Actuate

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Acuren

Corp.

\*

(Asset

Management)

5,151

Acushnet

Holdings

Corp.

(Leisure

Products)

4,945

ACV

Auctions,

Inc.

\*

-

Class

A

(Commercial

Services

&

Supplies)

3,766

Adamas

Trust,

Inc.

(Mortgage

REITs)

1,345

AdaptHealth

Corp.

\*

(Health

Care

Providers

&

Services)

2,067

Adaptive

Biotechnologies

Corp.

\*

(Life

Sciences

Tools

&

Services)

5,057

ADC

Therapeutics

SA

\*

(Biotechnology)

656

Addus

HomeCare

Corp.

\*

(Health

Care

Providers

&

Services)

4,838

Adeia,

Inc.

(Software)

4,133

Adient

PLC

(Automobile

Components)

4,599

ADMA

Biologics,

Inc.

\*

(Biotechnology)

525

7,697

Adtalem

Global

Education,

Inc.

\*

(Diversified

Consumer

Services)

12,356

ADTRAN

Holdings,

Inc.

(Communications

Equipment)

1,576

Advance

Auto

Parts,

Inc.

(Specialty

Retail)

8,350

Advanced

Emissions

Solutions,

Inc.

\*

(Chemicals)

516

Advanced

Energy

Industries,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

14,461

AdvanSix,

Inc.

(Chemicals)

1,143

Advantage

Solutions,

Inc.

\*

(Media)

Aebi

Schmidt

Holding

AG

\*

(Machinery)

1,060

Aehr

Test

Systems

\*

(Semiconductors

&

Semiconductor

Equipment)

1,957

Aeluma,

Inc.

\*

(Semiconductors)

AeroVironment,

Inc.

\*

(Aerospace

&

Defense)

22,672

AerSale

Corp.

\*

(Aerospace

&

Defense)

598

Aeva

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,001

AFC

Gamma,

Inc.

\*

(Mortgage

REITs)

Common

Stocks,

continued

Shares

Value

AG

Mortgage

Investment

Trust,

Inc.

\*

(Mortgage

REITs)

$

agilon

health,

Inc.

\*

(Health

Care

Providers

&

Services)

699

720

Agilysys,

Inc.

\*

(Software)

6,210

Agios

Pharmaceuticals,

Inc.

\*

(Biotechnology)

5,138

AirJoule

Technologies

Corp.

\*

(Electrical

Equipment)

AIRO

Group

Holdings,

Inc.

\*

(Aerospace

&

Defense)

AirSculpt

Technologies,

Inc.

\*(a)

(Health

Care

Providers

&

Services)

Airship

AI

Holdings,

Inc.

\*

(Software)

Akebia

Therapeutics,

Inc.

\*

(Biotechnology)

566

1,545

Akero

Therapeutics,

Inc.

\*

(Biotechnology)

7,502

Alamo

Group,

Inc.

(Machinery)

4,391

Alarm.com

Holdings,

Inc.

\*

(Software)

5,733

Albany

International

Corp.

(Machinery)

3,624

Aldeyra

Therapeutics,

Inc.

\*

(Biotechnology)

642

Alector,

Inc.

\*

(Biotechnology)

Alerus

Financial

Corp.

(Financial

Services)

1,173

Alexander

&

Baldwin,

Inc.

(Equity

REIT

-

Diversified)

3,001

Alexander's,

Inc.

\*

(Retail

REITs)

1,172

Alico,

Inc.

\*

(Food

Products)

Alight,

Inc.

-

Class

A

(Professional

Services)

977

3,185

Alignment

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

5,776

Alkami

Technology,

Inc.

\*

(Software)

3,850

Alkermes

PLC

\*

(Biotechnology)

11,010

Allegiant

Travel

Co.

(Passenger

Airlines)

2,005

ALLETE,

Inc.

(Electric

Utilities)

8,831

Allied

Motion

Technologies,

Inc.

(Electrical

Equipment)

1,477

Allogene

Therapeutics,

Inc.

\*

(Biotechnology)

Alpha

and

Omega

Semiconductor,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,594

Alpha

Metallurgical

Resources,

Inc.

(Metals

&

Mining)

4,430

Alpha

Teknova,

Inc.

\*

(Biotech

&

Pharma)

Alphatec

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,824

Alpine

Income

Property

Trust,

Inc.

(Equity

REIT

-

Diversified)

Alta

Equipment

Group,

Inc.

(Trading

Companies

&

Distributors)

AlTi

Global,

Inc.

\*

(Capital

Markets)

Altice

USA,

Inc.

\*

-

Class

A

(Cable

&

Satellite)

592

1,427

Altimmune,

Inc.

\*(a)

(Biotechnology)

697

Alumis,

Inc.

\*

(Pharmaceuticals)

507

Amalgamated

Financial

Corp.

(Banks)

1,439

A-Mark

Precious

Metals,

Inc.

(Distributors)

1,112

Ambac

Financial

Group,

Inc.

\*

(Insurance)

817

Ambarella,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,592

Ambiq

Micro,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

AMC

Entertainment

Holdings,

Inc.

\*

(Entertainment)

986

2,859

AMC

Networks,

Inc.

\*

-

Class

A

(Media)

602

Amerant

Bancorp,

Inc.

(Banks)

1,619

Ameresco,

Inc.

\*

-

Class

A

(Construction

&

Engineering)

2,451

American

Assets

Trust,

Inc.

(Equity

REIT

-

Diversified)

2,398

American

Axle

&

Manufacturing

Holdings,

Inc.

\*

(Automobile

Components)

1,575

American

Battery

Technology

Co.

\*

(Metals

&

Mining)

977

American

Eagle

Outfitters,

Inc.

(Specialty

Retail)

6,296

American

Healthcare

REIT,

Inc.

(Health

Care

REITs)

15,165

American

Integrity

Insurance

Group,

Inc.

\*

(Insurance)

American

Outdoor

Brands

Inc.

\*

(Leisure

Products)

American

Public

Education,

Inc.

\*

(Diversified

Consumer

Services)

1,539

American

Reality

Investors,

Inc.

\*

(Real

Estate

Management

&

Development)

American

States

Water

Co.

(Water

Utilities)

6,452

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

American

Superconductor

Corp.

\*

(Electrical

Equipment)

$

5,880

American

Vanguard

Corp.

\*

(Chemicals)

American

Woodmark

Corp.

\*

(Building

Products)

2,203

America's

Car-Mart,

Inc.

\*

(Specialty

Retail)

Ameris

Bancorp

(Banks)

10,997

AMERISAFE,

Inc.

(Insurance)

1,885

Ames

National

Corp.

(Banks)

Amicus

Therapeutics,

Inc.

\*

(Biotechnology)

631

4,972

AMMO,

Inc.

\*

(Leisure

Products)

AMN

Healthcare

Services,

Inc.

\*

(Health

Care

Providers

&

Services)

1,684

Amneal

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

3,413

Amphastar

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

2,239

Amplitude,

Inc.

\*

-

Class

A

(Software)

2,165

Amprius

Technologies,

Inc.

\*

(Electrical

Equipment)

2,220

Amylyx

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

2,134

AnaptysBio,

Inc.

\*

(Biotechnology)

1,347

Anavex

Life

Sciences

Corp.

\*

(Biotechnology)

1,682

Angel

Oak

Mortgage

REIT,

Inc.

(Mortgage

REITs)

Angi,

Inc.

\*

(Interactive

Media

&

Services)

1,496

AngioDynamics,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

983

ANI

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

3,756

Anika

Therapeutics,

Inc.

\*

(Biotechnology)

Annexon,

Inc.

\*

(Biotechnology)

662

Anteris

Technologies

Global

Corp.

\*

(Medical

Equipment

&

Devices)

Anterix,

Inc.

\*

(Diversified

Telecommunication

Services)

558

Anywhere

Real

Estate,

Inc.

\*

(Real

Estate

Management

&

Development)

2,531

Apartment

Investment

and

Management

Co.

\*

(Residential

REITs)

2,371

Apogee

Enterprises,

Inc.

(Building

Products)

2,091

Apogee

Therapeutics,

Inc.

\*

(Biotechnology)

2,940

Apollo

Commercial

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

3,211

Apollo

Medical

Holdings,

Inc.

\*

(Health

Care

Providers

&

Services)

2,608

Appian

Corp.

\*

-

Class

A

(Software)

2,721

Apple

Hospitality

REIT,

Inc.

(Hotel

&

Resort

REITs)

508

6,101

Applied

Digital

Corp.

\*

(IT

Services)

11,149

Applied

Optoelectronics,

Inc.

\*

(Communications

Equipment)

3,189

Aquestive

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,090

Arbor

Realty

Trust,

Inc.

(a) (Mortgage

REITs)

5,275

Arbutus

Biopharma

Corp.

\*

(Biotechnology)

1,557

ArcBest

Corp.

(Ground

Transportation)

3,633

Arcellx,

Inc.

\*

(Biotechnology)

6,404

Archer

Aviation,

Inc.

\*

-

Class

A

(Aerospace

&

Defense)

1,248

11,956

Archrock,

Inc.

(Energy

Equipment

&

Services)

9,865

Arcosa,

Inc.

(Construction

&

Engineering)

10,308

Arcturus

Therapeutics

Holdings,

Inc.

\*

(Biotechnology)

1,051

Arcus

Biosciences,

Inc.

\*

(Biotechnology)

2,122

Arcutis

Biotherapeutics,

Inc.

\*

(Biotechnology)

4,581

Ardagh

Metal

Packaging

SA

(Containers

&

Packaging)

1,261

Ardelyx,

Inc.

\*

(Biotechnology)

534

2,942

Ardent

Health

Partners,

Inc.

\*

(Health

Care

Providers

&

Services)

702

Ardmore

Shipping

Corp.

(Oil,

Gas

&

Consumable

Fuels)

926

Ares

Commercial

Real

Estate

Corp.

(Mortgage

REITs)

541

Argan,

Inc.

(Construction

&

Engineering)

8,102

Arhaus,

Inc.

(Specialty

Retail)

1,233

Aris

Water

Solutions,

Inc.

-

Class

A

(Commercial

Services

&

Supplies)

1,726

Arko

Corp.

(Specialty

Retail)

795

Common

Stocks,

continued

Shares

Value

Arlo

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

$

3,814

Armada

Hoffler

Properties,

Inc.

(Equity

REIT

-

Diversified)

1,269

ARMOUR

Residential

REIT,

Inc.

(a) (Mortgage

REITs)

3,765

Array

Technologies,

Inc.

\*

(Electrical

Equipment)

2,804

Arrive

AI,

Inc.

\*

(Air

Freight

&

Logistics)

ArriVent

Biopharma,

Inc.

\*(a)

(Biotechnology)

1,033

Arrow

Financial

Corp.

(Banks)

1,047

Arrowhead

Pharmaceuticals,

Inc.

\*

(Biotechnology)

9,416

ARS

Pharmaceuticals,

Inc.

\*(a)

(Biotechnology)

1,347

Arteris,

Inc.

\*

(Software)

657

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

(Capital

Markets)

6,163

Artivion,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,641

Arvinas,

Inc.

\*

(Pharmaceuticals)

1,269

Asana,

Inc.

\*

-

Class

A

(Software)

2,619

Asbury

Automotive

Group,

Inc.

\*

(Specialty

Retail)

10,999

Ascent

Industries

Co.

\*

(Steel)

ASGN,

Inc.

\*

(IT

Services)

4,593

ASP

Isotopes,

Inc.

\*

(Chemicals)

1,674

Aspen

Aerogels,

Inc.

\*

(Chemicals)

1,044

Aspen

Insurance

Holdings

Ltd.

\*

(Insurance)

1,285

Associated

Banc-Corp.

(Banks)

9,693

Astec

Industries,

Inc.

(Machinery)

2,503

Astria

Therapeutics,

Inc.

(Biotechnology)

604

Astronics

Corp.

\*

(Aerospace

&

Defense)

3,147

Asure

Software,

Inc.

\*

(Professional

Services)

Atea

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

505

Ategrity

Specialty

Holdings,

LLC

\*

(Insurance)

Atkore,

Inc.

(Electrical

Equipment)

4,768

Atlanta

Braves

Holdings,

Inc.

\*

(Entertainment)

4,367

Atlanta

Braves

Holdings,

Inc.

\*

-

Series

A

(Entertainment)

682

Atlantic

International

Corp.

\*

(Biotech

&

Pharma)

Atlantic

Union

Bankshares

Corp.

(Banks)

11,399

Atlanticus

Holdings

Corp.

\*

(Consumer

Finance)

703

Atlas

Energy

Solutions,

Inc.

(a) (Energy

Equipment

&

Services)

2,001

Atmus

Filtration

Technologies,

Inc.

\*

(Machinery)

8,522

ATN

International,

Inc.

(Diversified

Telecommunication

Services)

Atomera,

Inc.

\*

(Semiconductors)

AtriCure,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,878

aTyr

Pharma,

Inc.

\*

(Biotech

&

Pharma)

AudioEye,

Inc.

\*

(Software)

Aura

Biosciences,

Inc.

\*

(Biotechnology)

612

Aurinia

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,917

Avadel

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

3,085

Avanos

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,168

Aveanna

Healthcare

Holdings,

Inc.

\*

(Health

Care

Providers

&

Services)

985

AvePoint,

Inc.

\*

(Software)

4,518

Aviat

Networks,

Inc.

\*

(Communications

Equipment)

596

Avidity

Biosciences,

Inc.

\*

(Biotechnology)

10,065

AvidXchange

Holdings,

Inc.

\*

(Financial

Services)

3,851

Avient

Corp.

(Chemicals)

6,854

Avista

Corp.

(Multi-Utilities)

6,881

Avita

Medical,

Inc.

\*(a)

(Biotechnology)

Axcelis

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,128

Axogen,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,766

Axos

Financial,

Inc.

\*

(Banks)

10,412

Axsome

Therapeutics,

Inc.

\*

(Pharmaceuticals)

11,172

Azenta,

Inc.

\*

(Life

Sciences

Tools

&

Services)

2,643

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

AZZ,

Inc.

(Building

Products)

$

7,312

B&G

Foods,

Inc.

(Food

Products)

775

Backblaze,

Inc.

\*

-

Class

A

(IT

Services)

1,123

Badger

Meter,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

11,965

Bakkt

Holdings,

Inc.

\*

(Institutional

Financial

Services)

841

Balchem

Corp.

(Chemicals)

11,105

Bally's

Corp.

\*

(Leisure

Facilities

&

Services)

Banc

of

California,

Inc.

(Banks)

4,816

BancFirst

Corp.

(Banks)

5,943

Banco

Latinoamericano

de

Comercio

Exterior

S.A.

-

Class

E

(Financial

Services)

2,988

Bandwidth,

Inc.

\*

-

Class

A

(Diversified

Telecommunication

Services)

1,034

Bank

First

Corp.

\*

(Banks)

2,548

Bank

of

Hawaii

Corp.

(Banks)

5,842

Bank

of

Marin

Bancorp

(Banks)

801

Bank7

Corp.

(Banks)

BankFinancial

Corp.

\*

(Banking)

BankUnited,

Inc.

(Banks)

6,525

Bankwell

Financial

Group,

Inc.

(Banks)

708

Banner

Corp.

(Banks)

5,044

Bar

Harbor

Bankshares

(Banks)

1,036

BARK,

Inc.

\*

(Specialty

Retail)

Barnes

&

Noble

Education,

Inc.

\*

(Retail

-

Discretionary)

Barrett

Business

Services,

Inc.

(Professional

Services)

2,482

Bassett

Furniture

Industries,

Inc.

(Retail

-

Discretionary)

BayCom

Corp.

\*

(Banks)

661

BCB

Bancorp,

Inc.

(Banks)

Beacon

Financial

Corporation

(Banks)

4,481

Beam

Therapeutics,

Inc.

\*

(Biotechnology)

5,267

Beazer

Homes

USA,

Inc.

\*

(Household

Durables)

1,571

Bel

Fuse,

Inc.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

Bel

Fuse,

Inc.

-

Class

B

(Electronic

Equipment,

Instruments

&

Components)

3,384

Belden,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

10,824

Benchmark

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

3,123

Benitec

Biopharma,

Inc.

\*

(Biotech

&

Pharma)

Berry

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

662

Beta

Bionics,

Inc.

\*

(Biotechnology)

1,729

Better

Home

&

Finance

Holding

Co.

\*

(Specialty

Finance)

674

Beyond

Meat,

Inc.

\*(a)

(Food

Products)

Beyond,

Inc.

\*

(Specialty

Retail)

1,224

BGC

Group,

Inc.

-

Class

A

(Capital

Markets)

822

7,776

Bicara

Therapeutics,

Inc.

\*

(Biotechnology)

1,216

BigBear.ai

Holdings,

Inc.

\*(a)

(IT

Services)

655

4,271

BigCommerce

Holdings,

Inc.

\*

-

Class

(IT

Services)

744

Biglari

Holdings,

Inc.

\*

-

Class

B

(Hotels,

Restaurants

&

Leisure)

647

BioAge

Labs,

Inc.

\*

(Pharmaceuticals)

BioCryst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

3,598

Biohaven,

Ltd.

\*

(Biotechnology)

3,077

BioLife

Solutions,

Inc.

\*

(Life

Sciences

Tools

&

Services)

2,194

Biote

Corp.

\*

-

Class

A

(Pharmaceuticals)

Bioventus,

Inc.

\*

-

Class

A

(Health

Care

Equipment

&

Supplies)

696

Bit

Digital,

Inc.

\*

(Software)

721

2,163

Bitdeer

Technologies

Group

\*

(Technology

Services)

3,469

BJ's

Restaurants,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,404

BK

Technologies

Corp

\*

(Technology

Hardware)

591

BKV

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

879

Common

Stocks,

continued

Shares

Value

Black

Hills

Corp.

(Multi-Utilities)

$

10,163

Blackbaud,

Inc.

(Software)

5,595

BlackLine,

Inc.

\*

(Software)

6,266

BlackSky

Technology,

Inc.

\*

(Professional

Services)

1,411

Blackstone

Mortgage

Trust,

Inc.

-

Class

A

(Mortgage

REITs)

6,793

Blade

Air

Mobility,

Inc.

\*

-

Class

A

(Passenger

Airlines)

744

Blaize

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

573

Blend

Labs,

Inc.

\*

-

Class

A

(Software)

1,734

Bloom

Energy

Corp.

\*

-

Class

A

(Electrical

Equipment)

41,100

Bloomin'

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,362

Blue

Bird

Corp.

\*

(Machinery)

4,144

Blue

Foundry

Bancorp

\*

(Banks)

Blue

Ridge

Bankshares,

Inc.

\*

(Banking)

646

BlueLinx

Holdings,

Inc.

\*

(Trading

Companies

&

Distributors)

1,242

Boise

Cascade

Co.

(Trading

Companies

&

Distributors)

6,572

Boot

Barn

Holdings,

Inc.

\*

(Specialty

Retail)

11,599

Borr

Drilling,

Ltd.

\*

(Energy

Equipment

&

Services)

561

1,509

Boston

Omaha

Corp.

\*

-

Class

A

(Media)

641

Bowhead

Specialty

Holdings,

Inc.

\*

(Insurance)

973

Bowman

Consulting

Group,

Ltd.

\*

(Construction

&

Engineering)

1,356

Box,

Inc.

\*

-

Class

A

(Software)

10,262

Braemar

Hotels

&

Resorts,

Inc.

\*

(Hotel

&

Resort

REITs)

Brandywine

Realty

Trust

(Office

REITs)

1,626

Braze,

Inc.

\*

-

Class

A

(Software)

5,148

BRC,

Inc.

\*

-

Class

A

(Food

Products)

Bread

Financial

Holdings,

Inc.

(Consumer

Finance)

5,912

Bridgebio

Pharma,

Inc.

\*

(Biotechnology)

18,387

Bridgewater

Bancshares,

Inc.

\*

(Banks)

827

Bright

Minds

Biosciences,

Inc.

(Biotech

&

Pharma)

607

BrightSpire

Capital,

Inc.

(Mortgage

REITs)

1,586

BrightSpring

Health

Services,

Inc.

\*

(Health

Care

Providers

&

Services)

6,296

BrightView

Holdings,

Inc.

\*

(Commercial

Services

&

Supplies)

2,184

Brinker

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

12,669

Bristow

Group,

Inc.

\*

(Energy

Equipment

&

Services)

2,309

Broadstone

Net

Lease,

Inc.

(Equity

REIT

-

Diversified)

7,684

Brookdale

Senior

Living,

Inc.

\*

(Health

Care

Providers

&

Services)

520

4,404

Brookfield

Business

Corp.

-

Class

A

(Industrial

Conglomerates)

1,777

Brookfield

Infrastructure

Corp.

-

Class

A

(Gas

&

Water

Utilities)

11,226

BRT

Apartments

Corp.

\*

(Residential

REITs)

Build-A-Bear

Workshop,

Inc.

(Specialty

Retail)

1,826

Bumble,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

1,005

Burford

Capital,

Ltd.

\*

(Financial

Services)

5,454

Burke

&

Herbert

Financial

Services

Corp.

(Banks)

1,912

Business

First

Bancshares,

Inc.

(Banks)

1,535

Butterfly

Network,

Inc.

\*

(Medical

Equipment

&

Devices)

840

BV

Financial,

Inc.

\*

(Banking)

Byline

Bancorp,

Inc.

(Banks)

1,969

Byrna

Technologies,

Inc.

\*

(Aerospace

&

Defense)

909

C&F

Financial

Corp.

\*

(Banking)

C3.ai,

Inc.

\*

-

Class

A

(Software)

4,821

Cable

One,

Inc.

(Media)

2,125

Cabot

Corp.

(Chemicals)

9,354

Cactus,

Inc.

-

Class

A

(Energy

Equipment

&

Services)

6,118

Cadence

Bank

(Banks)

15,878

Cadiz,

Inc.

\*

(Water

Utilities)

590

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Cadre

Holdings,

Inc.

(Aerospace

&

Defense)

$

2,373

Calavo

Growers,

Inc.

(Food

Products)

978

Caledonia

Mining

Corp.

PLC

(Metals

&

Mining)

1,340

Caleres,

Inc.

(Specialty

Retail)

978

California

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

8,190

California

Water

Service

Group

(Water

Utilities)

6,195

Calix,

Inc.

\*

(Communications

Equipment)

8,224

Cal-Maine

Foods,

Inc.

(Food

Products)

9,785

Calumet,

Inc.

\*

(Chemicals)

2,847

Camden

National

Corp.

(Banks)

1,466

Camping

World

Holdings,

Inc.

-

Class

A

(Specialty

Retail)

2,163

Candel

Therapeutics,

Inc.

\*

(Biotechnology)

Cannae

Holdings,

Inc.

(Financial

Services)

2,399

Cantaloupe,

Inc.

\*

(Financial

Services)

1,416

Capital

Bancorp,

Inc.

(Banks)

861

Capital

City

Bank

Group,

Inc.

(Banks)

1,295

Capitol

Federal

Financial,

Inc.

(Banks)

1,772

Capri

Holdings,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

5,259

Capricor

Therapeutics,

Inc.

\*

(Biotechnology)

627

CapsoVision,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Cardiff

Oncology,

Inc.

\*

(Biotechnology)

CareDx,

Inc.

\*

(Biotechnology)

1,788

CareTrust

REIT,

Inc.

(Health

Care

REITs)

16,749

Cargurus,

Inc.

\*

(Interactive

Media

&

Services)

6,924

Carlsmed,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Carriage

Services,

Inc.

\*

(Diversified

Consumer

Services)

1,425

Cars.com,

Inc.

\*

(Interactive

Media

&

Services)

1,589

Carter

Bankshares,

Inc.

(Banks)

1,009

Carter's,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

2,286

Cartesian

Therapeutics,

Inc.

\*(a)

(Biotechnology)

Casella

Waste

Systems,

Inc.

\*

-

Class

A

(Commercial

Services

&

Supplies)

13,473

Cass

Information

Systems,

Inc.

(Financial

Services)

1,062

Castle

Biosciences,

Inc.

\*

(Health

Care

Providers

&

Services)

1,457

Catalyst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

5,161

Cathay

General

Bancorp

(Banks)

7,346

Cavco

Industries,

Inc.

\*

(Household

Durables)

9,872

CB

Financial

Services,

Inc.

\*

(Banking)

CBIZ,

Inc.

\*

(Professional

Services)

5,932

CBL

&

Associates

Properties,

Inc.

\*

(Retail

REITs)

1,254

CECO

Environmental

Corp.

\*

(Commercial

Services

&

Supplies)

3,379

Celcuity,

Inc.

\*

(Biotechnology)

3,310

Celldex

Therapeutics,

Inc.

\*

(Biotechnology)

3,829

Centerspace

(Residential

REITs)

2,238

Central

Garden

&

Pet

Co.

\*

(Household

Products)

620

Central

Garden

&

Pet

Co.

\*

-

Class

A

(Household

Products)

3,366

Central

Pacific

Financial

Corp.

(Banks)

1,820

Centrus

Energy

Corp.

\*

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

11,163

Centuri

Holdings,

Inc.

\*

(Construction

&

Engineering)

3,366

Century

Aluminum

Co.

\*

(Metals

&

Mining)

3,523

Century

Communities,

Inc.

(Household

Durables)

3,739

Cerence,

Inc.

\*

(Software)

1,146

CeriBell,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

643

Cerus

Corp.

\*

(Health

Care

Equipment

&

Supplies)

665

CEVA,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,400

CF

Bankshares,

Inc.

\*

(Banking)

CG

Oncology,

Inc.

\*

(Biotechnology)

5,116

Common

Stocks,

continued

Shares

Value

Chain

Bridge

Bancorp

Inc

\*

(Banking)

$

Champion

Homes,

Inc.

\*

(Household

Durables)

9,928

Chart

Industries,

Inc.

\*

(Machinery)

20,614

Chatham

Lodging

Trust

(Hotel

&

Resort

REITs)

711

Chemung

Financial

Corp.

(Banks)

Chesapeake

Utilities

Corp.

(Gas

Utilities)

7,004

Chicago

Atlantic

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

524

Chimera

Investment

Corp.

(Mortgage

REITs)

2,380

ChoiceOne

Financial

Services,

Inc.

(Banks)

927

ChromaDex

Corp.

\*

(Life

Sciences

Tools

&

Services)

1,101

Cidara

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

3,352

Cimpress

PLC

\*

(Commercial

Services

&

Supplies)

2,143

Cinemark

Holdings,

Inc.

(Entertainment)

6,614

Cipher

Mining,

Inc.

\*

(Software)

601

7,567

Citi

Trends,

Inc.

(Specialty

Retail)

Citizens

&

Northern

Corp.

(Banks)

674

Citizens

Community

Bancorp,

Inc./WI

\*

(Banking)

Citizens

Financial

Services,

Inc.

(Banks)

603

CITIZENS,

INC.

\*

(Insurance)

536

City

Holding

Co.

(Banks)

3,964

City

Office

REIT,

Inc.

(Office

REITs)

619

Civista

Bancshares,

Inc.

(Banks)

873

Claritev

Corp.

(Technology

Services)

902

Claros

Mortgage

Trust,

Inc.

(Mortgage

REITs)

694

Clarus

Corp.

\*

(Leisure

Products)

Clean

Energy

Fuels

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,017

Cleanspark,

Inc.

(a) (Software)

629

9,121

Clear

Secure,

Inc.

-

Class

A

(Software)

6,342

Clearfield,

Inc.

\*

(Communications

Equipment)

894

ClearPoint

Neuro,

Inc.

\*

(Medical

Equipment

&

Devices)

1,307

Clearwater

Analytics

Holdings,

Inc.

\*

-

Class

A

(Software)

559

10,073

Clearwater

Paper

Corp.

\*

(Paper

&

Forest

Products)

747

Climb

Global

Solutions,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,214

Clipper

Realty,

Inc.

\*

(Residential

REITs)

Clover

Health

Investments

Corp.

\*

(Health

Care

Facilities

&

Services)

914

2,797

CNB

Financial

Corp.

(Banks)

1,525

CNO

Financial

Group,

Inc.

(Insurance)

8,622

CNX

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

9,957

Coastal

Financial

Corp.

\*

(Banks)

3,137

CoastalSouth

Bancshares,

Inc.

\*

(Banks)

Codexis,

Inc.

\*

(Life

Sciences

Tools

&

Services)

Coeur

Mining,

Inc.

\*

(Metals

&

Mining)

1,451

27,220

Cogent

Biosciences,

Inc.

\*

(Biotechnology)

4,222

Cogent

Communications

Holdings,

Inc.

(Diversified

Telecommunication

Services)

3,912

Cohen

&

Steers,

Inc.

(Capital

Markets)

4,133

Coherus

Biosciences,

Inc.

\*(a)

(Biotechnology)

Cohu,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,114

Collegium

Pharmaceutical,

Inc.

\*

(Pharmaceuticals)

2,554

Colony

Bankcorp,

Inc.

\*

(Banks)

646

Columbia

Financial,

Inc.

\*

(Banks)

931

Columbus

McKinnon

Corp.

(Machinery)

918

Commercial

Metals

Co.

(Metals

&

Mining)

14,721

CommScope

Holding

Co.,

Inc.

\*

(Communications

Equipment)

7,477

Community

Financial

System,

Inc.

(Banks)

7,037

Community

Health

Systems,

Inc.

\*

(Health

Care

Providers

&

Services)

944

Community

Healthcare

Trust,

Inc.

(Health

Care

REITs)

949

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Community

Trust

Bancorp,

Inc.

(Banks)

$

2,014

Community

West

Bancshares

(Banks)

792

CommVault

Systems,

Inc.

\*

(Software)

19,067

Compass

Diversified

Holdings

(Financial

Services)

1,006

Compass

Minerals

International,

Inc.

(Metals

&

Mining)

1,498

Compass

Therapeutics,

Inc.

\*

(Biotechnology)

788

Compass,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

1,059

8,503

Complete

Solaria

Inc

\*(a)

(Renewable

Energy)

CompoSecure,

Inc.

\*

-

Class

A

(Technology

Hardware,

Storage

&

Peripherals)

2,082

Computer

Programs

&

Systems,

Inc.

\*

(Software)

CompX

International,

Inc.

\*

(Commercial

Services

&

Supplies)

Comstock

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,331

Concentra

Group

Holdings

Parent,

Inc.

(Health

Care

Providers

&

Services)

5,546

Concrete

Pumping

Holdings,

Inc.

\*

(Construction

&

Engineering)

Conduent,

Inc.

\*

(Professional

Services)

946

CONMED

Corp.

(Health

Care

Equipment

&

Supplies)

3,339

ConnectOne

Bancorp,

Inc.

(Banks)

2,679

Consensus

Cloud

Solutions,

Inc.

\*

(Software)

1,292

Consolidated

Water

Co.,

Ltd.

(Water

Utilities)

1,200

Constellium

SE

\*

(Metals

&

Mining)

4,791

Construction

Partners,

Inc.

\*

-

Class

A

(Construction

&

Engineering)

13,462

Consumer

Portfolio

Services,

Inc.

\*

(Consumer

Finance)

Contango

ORE,

Inc.

\*

(Metals

&

Mining)

Cooper-Standard

Holdings,

Inc.

\*

(Automobile

Components)

1,403

COPT

Defense

Properties

(Office

REITs)

7,498

Core

Laboratories,

Inc.

(Energy

Equipment

&

Services)

1,310

Core

Molding

Technologies,

Inc.

\*

(Chemicals)

Core

Natural

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

9,851

Core

Scientific,

Inc.

\*(a)

(IT

Services)

644

11,552

CoreCard

Corp.

\*

(Software)

CoreCivic,

Inc.

\*

(Commercial

Services

&

Supplies)

4,965

CorMedix,

Inc.

\*(a)

(Pharmaceuticals)

1,861

Corsair

Gaming,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

946

CorVel

Corp.

\*

(Health

Care

Providers

&

Services)

5,110

Corvus

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

988

Costamare

Bulkers

Holdings

Ltd.

\*

(Marine

Transportation)

Costamare,

Inc.

(Marine

Transportation)

1,191

Coursera,

Inc.

\*

(Diversified

Consumer

Services)

3,665

Covenant

Logistics

Group,

Inc.

-

Class

A

(Ground

Transportation)

801

CPI

Card

Group,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

CRA

International,

Inc.

(Professional

Services)

3,128

Cracker

Barrel

Old

Country

Store,

Inc.

(a) (Hotels,

Restaurants

&

Leisure)

2,203

Crawford

&

Co.

-

Class

A

(Insurance)

Credo

Technology

Group

Holding,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

48,924

Crescent

Energy

Co.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

3,613

Crexendo,

Inc.

\*

(Technology

Services)

Cricut,

Inc.

\*

-

Class

A

(Household

Durables)

654

Crinetics

Pharmaceuticals,

Inc.

\*

(Biotechnology)

8,538

CRISPR

Therapeutics

AG

\*

(Biotechnology)

12,119

Common

Stocks,

continued

Shares

Value

Critical

Metals

Corp.

\*(a)

(Metals

&

Mining)

$

Cross

Country

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

1,008

CryoPort,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,052

CS

Disco,

Inc.

\*

(Software)

CSG

Systems

International,

Inc.

(Professional

Services)

4,056

CSP,

Inc.

\*

(Technology

Services)

CSW

Industrials,

Inc.

(Building

Products)

8,982

CTO

Realty

Growth,

Inc.

(Equity

REIT

-

Diversified)

1,125

CTS

Corp.

(Electronic

Equipment,

Instruments

&

Components)

2,636

Cullinan

Therapeutics,

Inc.

\*

(Biotechnology)

688

Curbline

Properties

Corp.

\*

(Retail

REITs)

4,929

CuriosityStream,

Inc.

\*

(Entertainment

Content)

Cushman

&

Wakefield

PLC

\*

(Real

Estate

Management

&

Development)

525

8,358

Custom

Truck

One

Source,

Inc.

\*

(Trading

Companies

&

Distributors)

880

Customers

Bancorp,

Inc.

\*

(Banks)

4,380

CVB

Financial

Corp.

(Banks)

5,673

CVR

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

2,554

CVRx,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Cytek

Biosciences,

Inc.

\*

(Life

Sciences

Tools

&

Services)

923

Cytokinetics,

Inc.

\*

(Biotechnology)

14,564

Daily

Journal

Corp.

\*

(Software)

1,395

Dakota

Gold

Corp.

\*

(Metals

&

Mining)

887

Daktronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

1,820

Dana,

Inc.

(Automobile

Components)

6,012

Dave

&

Buster's

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,126

Dave,

Inc.

\*

(Software)

4,186

Day

One

Biopharmaceuticals,

Inc.

\*

(Biotechnology)

1,149

Definitive

Healthcare

Corp.

\*

(Health

Care

Technology)

Delcath

Systems

Inc

\*

(Medical

Equipment

&

Devices)

720

Delek

US

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

4,356

Deluxe

Corp.

(Commercial

Services

&

Supplies)

1,936

Denali

Therapeutics,

Inc.

\*

(Biotechnology)

4,356

Denny's

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

596

Designer

Brands,

Inc.

-

Class

A

(Specialty

Retail)

DHT

Holdings,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,454

DiaMedica

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Diamond

Hill

Investment

Group,

Inc.

(Capital

Markets)

840

DiamondRock

Hospitality

Co.

(Hotel

&

Resort

REITs)

3,717

Dianthus

Therapeutics,

Inc.

\*

(Biotechnology)

1,456

Diebold

Nixdorf,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

3,307

Digi

International,

Inc.

\*

(Communications

Equipment)

3,026

Digimarc

Corp.

\*

(Software)

Digital

Turbine,

Inc.

\*

(Software)

1,517

DigitalBridge

Group,

Inc.

(Real

Estate

Management

&

Development)

4,540

DigitalOcean

Holdings,

Inc.

\*

(IT

Services)

5,295

Dime

Community

Bancshares,

Inc.

(Banks)

2,685

Dine

Brands

Global,

Inc.

(Hotels,

Restaurants

&

Leisure)

865

Diodes,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

5,534

Disc

Medicine,

Inc.

\*

(Biotechnology)

3,436

Diversified

Energy

Co.

PLC

(Oil,

Gas

&

Consumable

Fuels)

1,835

Diversified

Healthcare

Trust

(Health

Care

REITs)

2,192

DMC

Global,

Inc.

\*

(Energy

Equipment

&

Services)

DNOW,

Inc.

\*

(Trading

Companies

&

Distributors)

3,599

DocGo,

Inc.

\*

(Health

Care

Providers

&

Services)

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Dole

PLC

(Food

Products)

$

2,150

Domo,

Inc.

\*

-

Class

B

(Software)

1,156

Donegal

Group,

Inc.

-

Class

A

(Insurance)

737

Donnelley

Financial

Solutions,

Inc.

\*

(Capital

Markets)

3,086

Dorian

LPG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

2,503

Dorman

Products,

Inc.

\*

(Automobile

Components)

9,820

Douglas

Dynamics,

Inc.

(Machinery)

1,594

Douglas

Elliman,

Inc.

(Real

Estate

Services)

Douglas

Emmett,

Inc.

(Office

REITs)

5,715

Dream

Finders

Homes,

Inc.

\*

-

Class

A

(Household

Durables)

1,763

Driven

Brands

Holdings,

Inc.

\*

(Commercial

Services

&

Supplies)

2,175

Ducommun,

Inc.

\*

(Aerospace

&

Defense)

2,980

D-Wave

Quantum,

Inc.

\*

(Software)

700

17,297

DXP

Enterprises,

Inc.

\*

(Trading

Companies

&

Distributors)

3,453

Dycom

Industries,

Inc.

\*

(Construction

&

Engineering)

18,673

Dynavax

Technologies

Corp.

\*

(Biotechnology)

2,324

Dyne

Therapeutics,

Inc.

\*

(Biotechnology)

3,125

Dynex

Capital,

Inc.

\*

(Mortgage

REITs)

3,626

Eagle

Bancorp

Montana,

Inc.

(Banking)

Eagle

Bancorp,

Inc.

(Banks)

1,294

Eagle

Financial

Services,

Inc.

\*

(Banking)

Easterly

Government

Properties,

Inc.

(Office

REITs)

2,155

Eastern

Bankshares,

Inc.

(Banks)

8,095

Eastman

Kodak

Co.

\*

(Technology

Hardware,

Storage

&

Peripherals)

923

ECB

BanCorp.,

Inc./MD

\*

(Banking)

EchoStar

Corp.

\*

-

Class

A

(Media)

23,442

Ecovyst,

Inc.

\*

(Chemicals)

2,321

Edgewell

Personal

Care

Co.

(Personal

Care

Products)

2,097

Edgewise

Therapeutics,

Inc.

\*

(Pharmaceuticals)

2,482

Editas

Medicine,

Inc.

\*

(Biotechnology)

663

eGain

Corp.

\*

(Software)

eHealth,

Inc.

\*

(Insurance)

El

Pollo

Loco

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

582

ELECTROMED,

INC.

\*

(Medical

Equipment

&

Devices)

Eledon

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

Ellington

Financial,

Inc.

(Mortgage

REITs)

2,713

Elme

Communities

(Residential

REITs)

3,355

Embecta

Corp.

(Health

Care

Equipment

&

Supplies)

1,877

Emerald

Holding,

Inc.

\*

(Media)

Emergent

BioSolutions,

Inc.

\*

(Biotechnology)

1,076

Empire

Petroleum

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

Empire

State

Realty

Trust,

Inc.

(Equity

REIT

-

Diversified)

2,398

Employers

Holdings,

Inc.

(Insurance)

2,336

Enact

Holdings,

Inc.

(Financial

Services)

2,530

Enanta

Pharmaceuticals,

Inc.

\*

(Biotechnology)

551

Encore

Capital

Group,

Inc.

\*

(Consumer

Finance)

2,170

Encore

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,339

Energizer

Holdings,

Inc.

(Household

Products)

3,734

Energy

Fuels,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

7,460

Energy

Recovery,

Inc.

\*

(Machinery)

1,866

Energy

Services

of

America

Corp.

\*

(Engineering

&

Construction)

Enerpac

Tool

Group

Corp.

(Machinery)

5,043

EnerSys

(Electrical

Equipment)

9,828

Enhabit,

Inc.

\*

(Health

Care

Providers

&

Services)

897

Enliven

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,945

Ennis,

Inc.

(Commercial

Services

&

Supplies)

1,024

Enova

International,

Inc.

\*

(Consumer

Finance)

6,330

Common

Stocks,

continued

Shares

Value

Enovis

Corp.

\*

(Health

Care

Equipment

&

Supplies)

$

3,944

Enovix

Corp.

\*(a)

(Electrical

Equipment)

3,719

Enpro,

Inc.

(Machinery)

10,848

Enterprise

Financial

Services

Corp.

(Banks)

4,812

Entrada

Therapeutics,

Inc.

\*

(Biotechnology)

Entravision

Communications

Corp.

-

Class

A

(Media)

Envela

Corp.

\*

(Renewable

Energy)

Enviri

Corp.

(Commercial

Services

&

Supplies)

2,183

Eos

Energy

Enterprises,

Inc.

\*(a)

(Renewable

Energy)

577

6,572

ePlus,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,261

Epsilon

Energy

Ltd.

\*

(Oil

&

Gas

Producers)

Equity

Bancshares,

Inc.

\*

-

Class

A

(Banks)

1,302

Erasca,

Inc.

\*

(Biotechnology)

857

Ermenegildo

Zegna

NV

\*

(Apparel

&

Textile

Products)

1,323

Escalade,

Inc.

(Leisure

Products)

ESCO

Technologies,

Inc.

(Machinery)

12,455

Esperion

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,198

Esquire

Financial

Holdings,

Inc.

(Banks)

1,633

Essent

Group,

Ltd.

(Financial

Services)

14,047

Essential

Properties

Realty

Trust,

Inc.

(Equity

REIT

-

Diversified)

13,391

Ethan

Allen

Interiors,

Inc.

(Household

Durables)

1,561

Eton

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

1,260

European

Wax

Center,

Inc.

\*

-

Class

A

(Diversified

Consumer

Services)

Eve

Holding,

Inc.

\*

(Aerospace

&

Defense)

Eventbrite,

Inc.

\*

-

Class

A

(Entertainment)

EverCommerce,

Inc.

\*

(Software)

EverQuote,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

1,441

EVERTEC,

Inc.

(Financial

Services)

4,932

EVgo,

Inc.

\*

(Specialty

Retail)

1,372

EVI

Industries,

Inc.

(Trading

Companies

&

Distributors)

Evolent

Health,

Inc.

\*

-

Class

A

(Health

Care

Technology)

2,250

Evolus,

Inc.

\*

(Pharmaceuticals)

817

Evolution

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

Evolv

Technologies

Holdings,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,978

Excelerate

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

1,310

eXp

World

Holdings,

Inc.

(Real

Estate

Management

&

Development)

2,132

Expensify,

Inc.

\*

(Software)

Exponent,

Inc.

(Professional

Services)

7,990

Expro

Group

Holdings

N.V.

\*

(Energy

Equipment

&

Services)

2,780

Extreme

Networks,

Inc.

\*

(Communications

Equipment)

6,174

EyePoint

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,894

F&G

Annuities

&

Life,

Inc.

(Insurance)

1,501

Fabrinet

\*

(Electronic

Equipment,

Instruments

&

Components)

29,898

Faraday

Future

Intelligent

Electric,

Inc.

\*

(Software)

Farmers

&

Merchants

Bancorp,

Inc.

(Banks)

725

Farmers

National

Banc

Corp.

(Banks)

1,196

Farmland

Partners,

Inc.

(Specialized

REITs)

1,023

Fastly,

Inc.

\*

-

Class

A

(IT

Services)

2,651

Fate

Therapeutics,

Inc.

\*

(Biotechnology)

FB

BanCorp,

Inc.

\*

(Banking)

FB

Financial

Corp.

(Banks)

5,240

Federal

Agricultural

Mortgage

Corp.

-

Class

C

(Financial

Services)

3,528

Federal

Signal

Corp.

(Machinery)

16,183

Fennec

Pharmaceuticals,

Inc.

\*

(Biotechnology)

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Ferroglobe

PLC

\*

(Metals

&

Mining)

$

1,233

Fidelis

Insurance

Holdings,

Ltd.

(Insurance)

2,396

Fidelity

D&D

Bancorp,

Inc.

(Banks)

Figs,

Inc.

\*

-

Class

A

(Textiles,

Apparel

&

Luxury

Goods)

1,338

Finance

Of

America

Cos,

Inc.

\*

(Specialty

Finance)

Financial

Institutions,

Inc.

(Banks)

1,224

Finward

BanCorp.

(Banking)

Finwise

BanCorp.

\*

(Banking)

First

Advantage

Corp.

\*

(Professional

Services)

2,755

First

Bancorp

(Banks)

4,813

First

Bancorp

(Banks)

8,070

First

Bank/Hamilton

NJ

\*

(Banks)

798

First

Busey

Corp.

(Banks)

4,491

First

Business

Financial

Services,

Inc.

(Banks)

923

First

Capital,

Inc.

\*

(Banking)

First

Commonwealth

Financial

Corp.

(Banks)

4,041

First

Community

Bancshares,

Inc.

\*

(Banks)

1,218

First

Community

Corp./SC

\*

(Banking)

First

Financial

Bancorp

(Banks)

5,454

First

Financial

Bankshares,

Inc.

(Banks)

10,263

First

Financial

Corp.

(Banks)

1,467

First

Foundation,

Inc.

(Banks)

802

First

Internet

Bancorp

(Banks)

First

Interstate

BancSystem,

Inc.

-

Class

A

(Banks)

6,470

First

Merchants

Corp.

(Banks)

4,976

First

Mid

Bancshares,

Inc.

(Banks)

1,856

First

National

Corp.

\*

(Banking)

First

Savings

Financial

Group,

Inc.

\*

(Banking)

First

United

Corp.

\*

(Banking)

514

First

Watch

Restaurant

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,611

First

Western

Financial,

Inc.

\*

(Banks)

FirstCash

Holdings,

Inc.

(Consumer

Finance)

14,258

Firstsun

Capital

BanCorp.

\*

(Banking)

1,124

FitLife

Brands,

Inc.

\*

(Biotech

&

Pharma)

Five

Star

Bancorp

(Banks)

1,127

Five9,

Inc.

\*

(Software)

4,187

FLEX

LNG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

1,789

Flexsteel

Industries,

Inc.

(Household

Durables)

Flotek

Industries

Inc

\*

(Oil

&

Gas

Services

&

Equipment)

Flowco

Holdings,

Inc.

\*

-

Class

A

(Oil

&

Gas

Services

&

Equipment)

668

Fluence

Energy,

Inc.

\*

(Electrical

Equipment)

1,858

Fluor

Corp.

(Construction

&

Engineering)

15,650

Flushing

Financial

Corp.

(Banks)

1,008

flyExclusive,

Inc.

\*

(Passenger

Airlines)

Flywire

Corp.

\*

(Financial

Services)

3,602

Foghorn

Therapeutics,

Inc.

\*

(Biotechnology)

Forafric

Global

PLC

\*

(Food

Products)

Forestar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

1,170

Forge

Global

Holdings,

Inc.

\*

(Institutional

Financial

Services)

FormFactor,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,446

Forrester

Research,

Inc.

\*

(Professional

Services)

Fortrea

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,743

Forum

Energy

Technologies,

Inc.

\*

(Energy

Equipment

&

Services)

668

Forward

Air

Corp.

(Air

Freight

&

Logistics)

1,231

Four

Corners

Property

Trust,

Inc.

(Specialized

REITs)

5,514

Fox

Factory

Holding

Corp.

\*

(Automobile

Components)

2,308

Franklin

BSP

Realty

Trust,

Inc.

(Mortgage

REITs)

2,009

Franklin

Covey

Co.

\*

(Professional

Services)

Franklin

Electric

Co.,

Inc.

(Machinery)

8,568

Common

Stocks,

continued

Shares

Value

Franklin

Financial

Services

Corp.

\*

(Banking)

$

Franklin

Street

Properties

Corp.

(Office

REITs)

Frequency

Electronics

Inc

\*

(Technology

Hardware)

509

Fresh

Del

Monte

Produce,

Inc.

(Food

Products)

2,604

Freshworks,

Inc.

\*

-

Class

A

(Software)

5,355

Freyr

Battery,

Inc.

\*

(Electrical

Equipment)

552

Friedman

Industries,

Inc.

\*

(Steel)

Frontdoor,

Inc.

\*

(Diversified

Consumer

Services)

11,372

Frontier

Group

Holdings,

Inc.

\*

(Passenger

Airlines)

848

FrontView

REIT,

Inc.

(Retail

REITs)

603

FRP

Holdings,

Inc.

\*

(Real

Estate

Management

&

Development)

633

FS

Bancorp,

Inc.

(Banks)

599

FTAI

Infrastructure,

Inc.

(Ground

Transportation)

1,068

fuboTV,

Inc.

\*

(Interactive

Media

&

Services)

756

3,137

Fulcrum

Therapeutics,

Inc.

\*

(Pharmaceuticals)

902

Fulgent

Genetics,

Inc.

\*

(Health

Care

Providers

&

Services)

1,062

Fulton

Financial

Corp.

(Banks)

7,713

Funko,

Inc.

\*

-

Class

A

(Leisure

Products)

FutureFuel

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

FVCBankcorp,

Inc.

\*

(Banks)

Gaia,

Inc.

\*

(Retail

-

Discretionary)

Gambling.com

Group,

Ltd.

\*

(Media)

Gannett

Co.,

Inc.

\*

(Media)

1,322

Garret

Motion,

Inc.

\*

(Automotive)

4,155

GATX

Corp.

(Trading

Companies

&

Distributors)

14,158

GBank

Financial

Holdings,

Inc.

\*

(Specialty

Finance)

786

GCM

Grosvenor,

Inc.

-

Class

A

(Capital

Markets)

1,340

Genco

Shipping

&

Trading,

Ltd.

(Marine

Transportation)

1,371

Gencor

Industries,

Inc.

\*

(Machinery)

GeneDx

Holdings

Corp.

\*

(Health

Care

Providers

&

Services)

4,633

Genesco,

Inc.

\*

(Specialty

Retail)

638

Genie

Energy,

Ltd.

-

Class

B

(Electric

Utilities)

718

Genius

Sports

Ltd.

\*

(Leisure

Facilities

&

Services)

6,140

Gentherm,

Inc.

\*

(Automobile

Components)

2,350

Genworth

Financial,

Inc.

\*

-

Class

A

(Insurance)

933

8,304

German

American

Bancorp,

Inc.

\*

(Banks)

3,220

Geron

Corp.

\*

(Biotechnology)

1,237

1,695

Getty

Images

Holdings,

Inc.

\*(a)

(Interactive

Media

&

Services)

Getty

Realty

Corp.

(Retail

REITs)

3,220

Gevo,

Inc.

\*

(Renewable

Energy)

524

1,027

Gibraltar

Industries,

Inc.

\*

(Building

Products)

4,270

GigaCloud

Technology,

Inc.

\*

-

Class

A

(Distributors)

1,591

G-III

Apparel

Group,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

2,342

Ginkgo

Bioworks

Holdings,

Inc.

\*

(Health

Care

Facilities

&

Services)

1,283

Glacier

Bancorp,

Inc.

(Banks)

14,163

Gladstone

Commercial

Corp.

(Equity

REIT

-

Diversified)

1,294

Gladstone

Land

Corp.

(Specialized

REITs)

705

Glaukos

Corp.

\*

(Health

Care

Equipment

&

Supplies)

10,357

Global

Business

Travel

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,729

Global

Industrial

Co.

(Trading

Companies

&

Distributors)

1,210

Global

Medical

REIT,

Inc.

(Health

Care

REITs)

978

Global

Net

Lease,

Inc.

(Equity

REIT

-

Diversified)

3,691

Global

Water

Resources,

Inc.

(Water

Utilities)

Globalstar,

Inc.

\*

(Telecommunications)

4,148

Gogo,

Inc.

\*

(Wireless

Telecommunication

Services)

1,503

GoHealth,

Inc.

\*

-

Class

A

(Insurance)

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Golar

LNG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

$

9,133

Golden

Entertainment,

Inc.

ARS

(Hotels,

Restaurants

&

Leisure)

1,038

Golden

Matrix

Group,

Inc.

\*

(Entertainment)

Goosehead

Insurance,

Inc.

-

Class

A

(Insurance)

4,093

Gossamer

Bio,

Inc.

\*

(Biotech

&

Pharma)

1,131

Graham

Corp.

(Machinery)

1,318

Graham

Holdings

Co.

-

Class

B

(Diversified

Consumer

Services)

8,241

GRAIL,

Inc.

\*

(Biotechnology)

4,139

Granite

Construction,

Inc.

(Construction

&

Engineering)

10,855

Granite

Ridge

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

660

Gray

Television,

Inc.

(Media)

1,150

Great

Ajax

Corp.

\*

(Specialty

Finance)

Great

Lakes

Dredge

&

Dock

Corp.

\*

(Construction

&

Engineering)

1,810

Great

Southern

Bancorp,

Inc.

(Banks)

1,164

Green

Brick

Partners,

Inc.

\*

(Household

Durables)

5,244

Green

Dot

Corp.

\*

-

Class

A

(Consumer

Finance)

1,638

Green

Plains,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,283

Greene

County

Bancorp,

Inc.

(Banks)

Greenlight

Capital

Re,

Ltd.

\*

-

Class

A

(Insurance)

762

Greenwich

Lifesciences,

Inc.

\*

(Biotechnology)

Greif,

Inc.

-

Class

A

(Containers

&

Packaging)

3,406

Greif,

Inc.

-

Class

B

(Containers

&

Packaging)

678

Grid

Dynamics

Holdings,

Inc.

\*

(IT

Services)

1,149

Griffon

Corp.

(Building

Products)

6,625

Grindr,

Inc.

\*

(Interactive

Media

&

Services)

1,142

Grocery

Outlet

Holding

Corp.

\*

(Consumer

Staples

Distribution

&

Retail)

3,451

Group

Automotive,

Inc.

(Specialty

Retail)

12,687

Groupon,

Inc.

\*

(Broadline

Retail)

1,331

Guardant

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

16,932

Guardian

Pharmacy

Services,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

1,154

Gulfport

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

6,515

Gyre

Therapeutics,

Inc.

\*

(Biotechnology)

H.B.

Fuller

Co.

(Chemicals)

7,351

HA

Sustainable

Infrastructure

Capital,

Inc.

(Financial

Services)

8,350

Haemonetics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

5,313

Hallador

Energy

Co.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,370

Hamilton

Beach

Brands

Holding

Co.

\*

-

Class

A

(Household

Durables)

Hamilton

Insurance

Group,

Ltd.

\*

-

Class

B

(Insurance)

2,579

Hancock

Whitney

Corp.

(Banks)

12,209

Hanesbrands,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

796

5,246

Hanmi

Financial

Corp.

(Banks)

1,679

Hanover

Bancorp,

Inc.

\*

(Banking)

HarborOne

Bancorp,

Inc.

(Banks)

1,183

Harmonic,

Inc.

\*

(Communications

Equipment)

2,596

Harmony

Biosciences

Holdings,

Inc.

\*

(Pharmaceuticals)

2,728

Harrow,

Inc.

\*

(Pharmaceuticals)

3,421

Haverty

Furniture

Cos.,

Inc.

(Specialty

Retail)

680

Hawaiian

Electric

Industries,

Inc.

(Electric

Utilities)

4,361

Hawkins,

Inc.

(Chemicals)

8,040

Hawthorn

Bancshares,

Inc.

\*

(Banking)

HBT

Financial,

Inc.

\*

(Banks)

655

HCI

Group,

Inc.

\*

(Insurance)

4,414

Health

Catalyst,

Inc.

\*

(Health

Care

Technology)

Healthcare

Services

Group,

Inc.

(Commercial

Services

&

Supplies)

2,777

Common

Stocks,

continued

Shares

Value

HealthEquity,

Inc.

\*

(Health

Care

Providers

&

Services)

$

18,291

HealthStream,

Inc.

(Health

Care

Technology)

1,581

Heartland

Express,

Inc.

(Ground

Transportation)

846

Hecla

Mining

Co.

(Metals

&

Mining)

1,360

16,456

Heidrick

&

Struggles

International,

Inc.

(Professional

Services)

2,289

Helen

of

Troy,

Ltd.

\*

(Household

Durables)

1,310

Helios

Technologies,

Inc.

(Machinery)

3,910

Helix

Energy

Solutions

Group,

Inc.

\*

(Energy

Equipment

&

Services)

2,066

Helmerich

&

Payne,

Inc.

(Energy

Equipment

&

Services)

4,838

Herbalife,

Ltd.

\*

(Personal

Care

Products)

1,933

Herc

Holdings,

Inc.

(Trading

Companies

&

Distributors)

8,633

Heritage

Commerce

Corp.

(Banks)

1,350

Heritage

Financial

Corp.

(Banks)

1,863

Heritage

Insurance

Holdings,

Inc.

\*

(Insurance)

1,284

Heron

Therapeutics,

Inc.

\*

(Biotechnology)

Hertz

Global

Holdings,

Inc.

\*(a)

(Ground

Transportation)

1,822

HF

Foods

Group,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

HighPeak

Energy,

Inc.

(a) (Oil,

Gas

&

Consumable

Fuels)

Hillenbrand,

Inc.

(Machinery)

4,326

Hillman

Solutions

Corp.

(Machinery)

4,122

Hilltop

Holdings,

Inc.

\*

(Banks)

3,375

Hilton

Grand

Vacations,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

5,477

Himalaya

Shipping,

Ltd.

(Marine

Transportation)

560

Hims

&

Hers

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

24,503

Hingham

Institution

for

Savings

(Banks)

1,055

Hippo

Holdings,

Inc.

\*

(Insurance)

1,483

HireQuest,

Inc.

(Professional

Services)

HNI

Corp.

(Commercial

Services

&

Supplies)

4,826

Holley,

Inc.

\*

(Automobile

Components)

Hologic,

Inc.

\*

(Biotechnology)

Home

Bancorp,

Inc.

(Banks)

815

Home

BancShares,

Inc.

(Banks)

12,084

HomeStreet,

Inc.

\*

(Banks)

559

HomeTrust

Bancshares,

Inc.

(Banks)

1,474

Hope

Bancorp,

Inc.

(Banks)

3,016

Horace

Mann

Educators

Corp.

(Insurance)

4,156

Horizon

Bancorp,

Inc.

(Banks)

1,569

Hovnanian

Enterprises,

Inc.

\*

-

Class

A

(Household

Durables)

1,413

Hub

Group,

Inc.

-

Class

A

(Air

Freight

&

Logistics)

4,649

Hudson

Pacific

Properties,

Inc.

\*

(Office

REITs)

843

2,327

Hudson

Technologies,

Inc.

(Trading

Companies

&

Distributors)

864

Humacyte,

Inc.

\*

(Biotechnology)

Huron

Consulting

Group,

Inc.

\*

(Professional

Services)

5,724

Hut

Corp.

\*

(Software)

7,449

Hyliion

Holdings

Corp.

\*

(Machinery)

554

Hyster-Yale,

Inc.

-

Class

A

(Machinery)

995

I3

Verticals,

Inc.

\*

-

Class

A

(Financial

Services)

1,688

IBEX

Holdings,

Ltd.

\*

(Professional

Services)

972

Ibotta,

Inc.

\*

-

Class

A

(Media)

891

ICF

International,

Inc.

(Professional

Services)

3,898

Ichor

Holdings,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,349

ICU

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

6,598

Idaho

Strategic

Resources,

Inc.

\*

(Metals

&

Mining)

980

Ideaya

Biosciences,

Inc.

\*

(Biotechnology)

4,952

IDT

Corp.

-

Class

B

(Diversified

Telecommunication

Services)

1,935

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

IES

Holdings,

Inc.

\*

(Construction

&

Engineering)

$

7,953

iHeartMedia,

Inc.

\*

-

Class

A

(Media)

775

IMAX

Corp.

\*

(Entertainment)

3,242

Immersion

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

ImmunityBio,

Inc.

\*(a)

(Biotechnology)

521

1,282

Immunome,

Inc.

\*

(Biotechnology)

2,049

Immunovant,

Inc.

\*

(Biotechnology)

2,499

Impinj,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

10,664

Independence

Realty

Trust,

Inc.

(Residential

REITs)

533

8,736

Independent

Bank

Corp.

(Banks)

1,394

Independent

Bank

Corp.

(Banks)

7,609

indie

Semiconductor,

Inc.

\*(a)

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

1,787

Indivior

PLC

\*

(Biotech

&

Pharma)

6,629

Industrial

Logistics

Properties

Trust

(Industrial

REITs)

705

Infinity

Natural

Resources,

Inc.

\*

-

Class

A

(Oil

&

Gas

Producers)

Information

Services

Group,

Inc.

(IT

Services)

Ingevity

Corp.

\*

(Chemicals)

4,581

Ingles

Markets,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

2,295

Inhibikase

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Inhibrx

Biosciences,

Inc.

\*

(Biotechnology)

707

Inmune

Bio,

Inc.

\*

(Biotechnology)

Innodata,

Inc.

\*

(Professional

Services)

5,395

Innospec,

Inc.

(Chemicals)

4,398

Innovage

Holding

Corp.

\*

(Health

Care

Providers

&

Services)

Innovative

Industrial

Properties,

Inc.

(Industrial

REITs)

3,376

Innovex

International,

Inc.

\*

(Energy

Equipment

&

Services)

1,632

Innoviva,

Inc.

\*

(Pharmaceuticals)

2,610

Inogen,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Inseego

Corp.

\*

(Technology

Hardware)

Insight

Enterprises,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

7,485

Insperity,

Inc.

(Professional

Services)

4,034

Inspired

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

535

Installed

Building

Products,

Inc.

(Household

Durables)

13,073

Insteel

Industries,

Inc.

(Building

Products)

1,610

Intapp,

Inc.

\*

(Software)

5,235

Integer

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

8,060

Integra

LifeSciences

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

2,178

Integral

Ad

Science

Holding

Corp.

\*

(Media)

1,759

Intellia

Therapeutics,

Inc.

\*

(Biotechnology)

3,886

Inter

Parfums,

Inc.

(Personal

Care

Products)

4,133

InterDigital,

Inc.

(Software)

20,369

Interface,

Inc.

(Commercial

Services

&

Supplies)

3,791

International

Bancshares

Corp.

(Banks)

8,525

International

Game

Technology

PLC

(Hotels,

Restaurants

&

Leisure)

4,364

International

Money

Express,

Inc.

\*

(Financial

Services)

866

International

Seaways,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

4,193

Intrepid

Potash,

Inc.

\*

(Chemicals)

734

Intuitive

Machines,

Inc.

\*

(Aerospace

&

Defense)

2,609

InvenTrust

Properties

Corp.

(Retail

REITs)

5,066

Invesco

Mortgage

Capital,

Inc.

(Mortgage

REITs)

1,149

Investar

Holding

Corp.

(Banks)

Investors

Title

Co.

\*

(Insurance)

803

Common

Stocks,

continued

Shares

Value

IonQ,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

627

$

38,560

Iovance

Biotherapeutics,

Inc.

\*(a)

(Biotechnology)

591

1,282

iRadimed

Corp.

(Health

Care

Equipment

&

Supplies)

1,281

iRhythm

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

12,383

Ironwood

Pharmaceuticals,

Inc.

\*

(Biotechnology)

Ispire

Technology,

Inc.

\*

(Tobacco)

Itron,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

12,830

Ivanhoe

Electric,

Inc.

\*

(Metals

&

Mining)

2,435

J

&

J

Snack

Foods

Corp.

(Food

Products)

3,363

J

Jill,

Inc.

(Specialty

Retail)

Jack

in

the

Box,

Inc.

(Hotels,

Restaurants

&

Leisure)

830

Jackson

Financial,

Inc.

-

Class

A

(Financial

Services)

16,399

Jade

Biosciences,

Inc.

\*

(Biotech

&

Pharma)

630

JAKKS

Pacific,

Inc.

\*

(Leisure

Products)

James

River

Group

Holdings,

Ltd.

(Insurance)

Jamf

Holding

Corp.

\*

(Software)

1,744

Janus

International

Group,

Inc.

\*

(Building

Products)

3,030

Janux

Therapeutics,

Inc.

\*

(Biotechnology)

2,175

JBG

SMITH

Properties

(Office

REITs)

3,137

Jefferson

Capital,

Inc.

(Consumer

Finance)

JELD-WEN

Holding,

Inc.

\*

(Building

Products)

948

JetBlue

Airways

Corp.

\*

(Passenger

Airlines)

748

3,680

Joby

Aviation,

Inc.

\*

(Passenger

Airlines)

1,046

16,883

John

B. Sanfilippo

&

Son,

Inc.

(Food

Products)

1,157

John

Bean

Technologies

Corp.

(Machinery)

16,573

John

Marshall

Bancorp,

Inc.

(Banks)

575

John

Wiley

&

Sons,

Inc.

-

Class

A

(Media)

3,764

Johnson

Outdoors,

Inc.

-

Class

A

(Leisure

Products)

Journey

Medical

Corp.

\*

(Biotech

&

Pharma)

Kadant,

Inc.

(Machinery)

8,035

Kaiser

Aluminum

Corp.

(Metals

&

Mining)

2,778

Kaltura,

Inc.

\*

(Software)

KalVista

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,035

KAR

Auction

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

6,936

Karat

Packaging,

Inc.

(Trading

Companies

&

Distributors)

KB

Home

(Household

Durables)

9,546

Kearney

Financial

Corp.

(Banks)

854

Kelly

Services,

Inc.

-

Class

A

(Professional

Services)

905

Kennametal,

Inc.

(Machinery)

3,621

Kennedy-Wilson

Holdings,

Inc.

(Real

Estate

Management

&

Development)

2,280

Keros

Therapeutics,

Inc.

\*

(Biotechnology)

1,202

Kestra

Medical

Technologies

Ltd.

\*

(Medical

Equipment

&

Devices)

713

Kforce,

Inc.

(Professional

Services)

1,229

Kimball

Electronics,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,642

KinderCare

Learning

Cos.,

Inc.

\*

(Diversified

Consumer

Services)

Kinetik

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

4,274

Kingstone

Companies,

Inc.

\*

(Insurance)

Kingsway

Financial

Services,

Inc.

\*

(Insurance)

702

Kite

Realty

Group

Trust

(Retail

REITs)

501

11,172

KKR

Real

Estate

Finance

Trust,

Inc.

(Mortgage

REITs)

1,161

Knife

River

Corp.

(Construction

Materials)

9,993

Knowles

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,522

Kodiak

Gas

Services,

Inc.

(Energy

Equipment

&

Services)

5,656

Kodiak

Sciences,

Inc.

\*

(Biotechnology)

1,211

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Kohl's

Corp.

(Broadline

Retail)

$

3,796

Kolibri

Global

Energy,

Inc.

\*

(Oil

&

Gas

Producers)

Kontoor

Brands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

9,970

Kopin

Corp.

\*

(Technology

Hardware)

877

Koppers

Holdings,

Inc.

(Chemicals)

1,232

Korn

Ferry

(Professional

Services)

8,188

Korro

Bio,

Inc.

\*

(Biotechnology)

718

Kosmos

Energy,

Ltd.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,075

1,785

Kratos

Defense

&

Security

Solutions,

Inc.

\*

(Aerospace

&

Defense)

34,537

Krispy

Kreme,

Inc.

(Hotels,

Restaurants

&

Leisure)

677

Kronos

Worldwide,

Inc.

\*

(Chemicals)

Krystal

Biotech,

Inc.

\*

(Biotechnology)

9,886

Kulicke

&

Soffa

Industries,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,755

KULR

Technology

Group,

Inc.

\*

(Technology

Hardware)

Kura

Oncology,

Inc.

\*

(Biotechnology)

1,620

Kura

Sushi

USA,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

832

Kymera

Therapeutics,

Inc.

\*

(Biotechnology)

6,452

L.B.

Foster

Co.

\*

-

Class

A

(Machinery)

620

Ladder

Capital

Corp.

\*

(Mortgage

REITs)

2,826

Lakeland

Financial

Corp.

(Banks)

3,659

Lakeland

Industries,

Inc.

\*

(Apparel

&

Textile

Products)

Lancaster

Colony

Corp.

(Food

Products)

7,948

Landec

Corp.

\*

(Life

Sciences

Tools

&

Services)

Landmark

BanCorp,

Inc./Manhattan

KS

\*

(Banking)

Lands'

End,

Inc.

\*

(Specialty

Retail)

Lantheus

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

7,899

Larimar

Therapeutics,

Inc.

\*

(Biotechnology)

Latham

Group,

Inc.

\*

(Leisure

Products)

776

Laureate

Education,

Inc.

\*

(Diversified

Consumer

Services)

9,210

Lawson

Products,

Inc.

\*

(Trading

Companies

&

Distributors)

662

La-Z-Boy,

Inc.

(Household

Durables)

3,226

LCI

Industries

(Automobile

Components)

5,216

LCNB

Corp.

(Banks)

Legacy

Housing

Corp.

\*

(Household

Durables)

550

Legalzoom.com,

Inc.

\*

(Professional

Services)

2,792

Leggett

&

Platt,

Inc.

(Household

Durables)

2,682

LeMaitre

Vascular,

Inc.

(Health

Care

Equipment

&

Supplies)

4,113

Lemonade,

Inc.

\*

(Insurance)

6,745

LendingClub

Corp.

\*

(Consumer

Finance)

3,904

LendingTree,

Inc.

\*

(Consumer

Finance)

1,618

LENSAR,

Inc.

\*

(Medical

Equipment

&

Devices)

LENZ

Therapeutics,

Inc.

\*

(Biotechnology)

1,723

Lexeo

Therapeutics,

Inc.

\*

(Biotechnology)

Lexington

Realty

Trust

(Industrial

REITs)

661

5,923

LGI

Homes,

Inc.

\*

(Household

Durables)

2,430

Liberty

Energy,

Inc.

(Energy

Equipment

&

Services)

4,418

Liberty

Latin

America,

Ltd.

\*

-

Class

A

(Diversified

Telecommunication

Services)

547

Liberty

Latin

America,

Ltd.

\*

-

Class

C

(Diversified

Telecommunication

Services)

2,422

Life

Time

Group

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

8,502

Life360,

Inc.

\*

(Software)

3,827

LifeMD,

Inc.

\*

(Health

Care

Technology)

577

LifeStance

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

1,650

LIFEVANTAGE

CORPORATION

\*

(Food

Products)

Common

Stocks,

continued

Shares

Value

Lifeway

Foods,

Inc.

\*

(Food

Products)

$

Lifezone

Metals,

Ltd.

\*

(Metals

&

Mining)

Ligand

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

7,616

Lightbridge

Corp.

\*

(Electrical

Equipment)

1,018

Limbach

Holdings,

Inc.

\*

(Construction

&

Engineering)

2,331

Limoneira

Co.

\*

(Food

Products)

564

Lincoln

Educational

Services

Corp.

\*

(Diversified

Consumer

Services)

1,575

Lindblad

Expeditions

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,088

Lindsay

Corp.

(Machinery)

3,514

LINKBANCORP,

Inc.

\*

(Banks)

Lionsgate

Studios

Corp.

\*

(Entertainment)

3,202

Liquidia

Corp.

\*

(Pharmaceuticals)

3,297

Liquidity

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

1,454

LivaNova

PLC

\*

(Health

Care

Equipment

&

Supplies)

6,495

Live

Oak

Bancshares,

Inc.

(Banks)

2,818

LiveRamp

Holdings,

Inc.

\*

(Software)

3,962

Livewire

Group,

Inc.

\*

(Automobiles)

loanDepot,

Inc.

\*(a)

(Specialty

Finance)

577

Logistic

Properties

Of

The

Americas

\*

(Real

Estate

Owners

&

Developers)

LSB

Industries,

Inc.

\*

(Chemicals)

961

LSI

Industries,

Inc.

(Electrical

Equipment)

1,417

LTC

Properties,

Inc.

(Health

Care

REITs)

3,797

Lucid

Diagnostics,

Inc.

\*

(Medical

Equipment

&

Devices)

Lumen

Technologies,

Inc.

(Diversified

Telecommunication

Services)

2,162

13,232

Lument

Finance

Trust

Inc

\*

(Specialty

Finance)

Luminar

Technologies,

Inc.

\*

(Automobile

Components)

Luxfer

Holdings

PLC

\*

(Machinery)

848

M/I

Homes,

Inc.

\*

(Household

Durables)

8,522

Mack-Cali

Realty

Corp.

\*

(Residential

REITs)

2,721

Madison

Square

Garden

Entertainment

Corp.

\*

(Entertainment)

4,072

Madrigal

Pharmaceuticals,

Inc.

\*

(Biotechnology)

19,263

Magnera

Corp.

\*

(Forestry,

Paper

&

Wood

Products)

879

Magnite,

Inc.

\*

(Media)

6,904

Magnolia

Oil

&

Gas

Corp.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

10,073

MainStreet

Bancshares,

Inc.

\*

(Banking)

Malibu

Boats,

Inc.

\*

-

Class

A

(Leisure

Products)

1,363

Mama's

Creations,

Inc.

\*

(Food

Products)

809

Mammoth

Energy

Services,

Inc.

\*

(Energy

Equipment

&

Services)

Mannkind

Corp.

\*

(Biotechnology)

686

3,684

MARA

Holdings,

Inc.

\*(a)

(Software)

842

15,375

Maravai

LifeSciences

Holdings,

Inc.

\*

-

Class

A

(Life

Sciences

Tools

&

Services)

712

Marcus

&

Millichap,

Inc.

(Real

Estate

Management

&

Development)

1,585

Marex

Group

PLC

\*

(Institutional

Financial

Services)

4,102

Marine

Products

Corp.

\*

(Leisure

Products)

MarineMax,

Inc.

\*

(Specialty

Retail)

1,089

MarketWise,

Inc.

(Capital

Markets)

Marqeta,

Inc.

\*

-

Class

A

(Financial

Services)

871

4,599

Marriott

Vacations

Worldwide

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

4,193

Marten

Transport,

Ltd.

(Ground

Transportation)

1,407

Masterbrand,

Inc.

\*

(Building

Products)

3,793

MasterCraft

Boat

Holdings,

Inc.

\*

(Leisure

Products)

794

Materion

Corp.

(Metals

&

Mining)

5,678

Mativ

Holdings,

Inc.

\*

(Chemicals)

1,380

Matrix

Service

Co.

\*

(Construction

&

Engineering)

785

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Matson,

Inc.

(Marine

Transportation)

$

7,296

Matthews

International

Corp.

-

Class

A

(Commercial

Services

&

Supplies)

1,651

Maui

Land

&

Pineapple

Co.,

Inc.

\*

(Real

Estate

Management

&

Development)

MaxCyte,

Inc.

\*

(Life

Sciences

Tools

&

Services)

Maximus,

Inc.

(Professional

Services)

11,696

MaxLinear,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,975

Mayville

Engineering

Co.,

Inc.

\*

(Machinery)

Maze

Therapeutics,

Inc.

\*

(Biotechnology)

1,141

MBIA,

Inc.

\*

(Insurance)

775

MBX

Biosciences,

Inc.

\*

(Pharmaceuticals)

613

McGrath

RentCorp

(Trading

Companies

&

Distributors)

6,569

McGraw

Hill,

Inc.

\*

(Diversified

Consumer

Services)

665

Medallion

Financial

Corp.

\*

(Consumer

Finance)

MediaAlpha,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

854

Medifast,

Inc.

(Personal

Care

Products)

MediWound,

Ltd.

\*

(Pharmaceuticals)

Mednax,

Inc.

\*

(Health

Care

Providers

&

Services)

3,233

MeiraGTx

Holdings

PLC

\*

(Biotechnology)

774

Mercantile

Bank

Corp.

\*

(Banks)

1,620

Merchants

Bancorp

(Financial

Services)

1,876

Mercurity

Fintech

Holding,

Inc.

\*(a)

(Commercial

Support

Services)

1,770

Mercury

General

Corp.

(Insurance)

5,172

Mercury

Systems,

Inc.

\*

(Aerospace

&

Defense)

9,133

Meridian

Bank

of

Malvern,

PA

(Banking)

MeridianLink,

Inc.

\*

(Software)

1,435

Merit

Medical

Systems,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

10,986

Meritage

Homes

Corp.

(Household

Durables)

11,661

Mesa

Laboratories,

Inc.

(Life

Sciences

Tools

&

Services)

804

Metals

Acquisition,

Ltd.

\*

-

Class

A

(Metals

&

Mining)

1,697

Methode

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

574

Metrocity

Bankshares,

Inc.

(Banks)

1,218

Metropolitan

Bank

Holding

Corp.

\*

(Banks)

1,571

Metsera,

Inc.

\*

(Biotechnology)

6,332

MFA

Financial,

Inc.

\*

(Mortgage

REITs)

2,141

MGE

Energy,

Inc.

(Electric

Utilities)

7,071

MGP

Ingredients,

Inc.

(Beverages)

774

Microvast

Holdings,

Inc.

\*

(Automotive)

1,736

MicroVision,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

565

701

Mid

Penn

Bancorp,

Inc.

\*

(Banks)

1,260

Middlefield

Banc

Corp.

(Banks)

510

Middlesex

Water

Co.

(Water

Utilities)

2,165

Midland

States

Bankcorp,

Inc.

(Banks)

806

MidWestOne

Financial

Group,

Inc.

\*

(Banks)

1,047

Miller

Industries,

Inc.

(Machinery)

1,011

MillerKnoll,

Inc.

(Commercial

Services

&

Supplies)

2,714

MiMedx

Group,

Inc.

\*

(Biotechnology)

1,871

Mind

Medicine

MindMed,

Inc.

\*

(Pharmaceuticals)

2,016

Minerals

Technologies,

Inc.

(Chemicals)

4,473

Mineralys

Therapeutics,

Inc.

\*

(Biotechnology)

3,375

Mirion

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

532

12,374

Mirum

Pharmaceuticals,

Inc.

\*

(Biotechnology)

6,671

Mission

Produce,

Inc.

\*

(Food

Products)

1,166

Mister

Car

Wash,

Inc.

\*

(Diversified

Consumer

Services)

1,199

Mistras

Group,

Inc.

\*

(Professional

Services)

Mitek

Systems,

Inc.

\*

(Software)

987

Common

Stocks,

continued

Shares

Value

Mobile

Infrastructure

Corp.

\*

(Real

Estate

Owners

&

Developers)

$

Modine

Manufacturing

Co.

\*

(Automobile

Components)

16,918

Modiv

Industrial,

Inc.

\*

(Retail

REITs)

Moelis

&

Co.

-

Class

A

(Capital

Markets)

11,981

Monarch

Casino

&

Resort,

Inc.

(Hotels,

Restaurants

&

Leisure)

3,069

Monopar

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

653

Monro,

Inc.

(Specialty

Retail)

1,222

Montauk

Renewables,

Inc.

\*

(Independent

Power/

Renewable

Electricity

Producers)

Monte

Rosa

Therapeutics,

Inc.

\*

(Biotechnology)

785

Montrose

Environmental

Group,

Inc.

\*

(Commercial

Services

&

Supplies)

2,005

Moog,

Inc.

-

Class

A

(Aerospace

&

Defense)

13,291

Motorcar

Parts

of

America,

Inc.

\*

(Automotive)

Movado

Group,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

645

MRC

Global,

Inc.

\*

(Trading

Companies

&

Distributors)

2,754

M-Tron

Industries,

Inc.

\*

(Electrical

Equipment)

Mueller

Water

Products,

Inc.

-

Class

A

(Machinery)

9,009

Murphy

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

8,693

MVB

Financial

Corp.

\*

(Banks)

652

Myers

Industries,

Inc.

\*

(Containers

&

Packaging)

1,423

Myomo,

Inc.

\*

(Medical

Equipment

&

Devices)

MYR

Group,

Inc.

\*

(Construction

&

Engineering)

7,281

Myriad

Genetics,

Inc.

\*

(Biotechnology)

1,489

N-able,

Inc.

\*

(Software)

1,271

Nabors

Industries,

Ltd.

\*

(Energy

Equipment

&

Services)

1,430

NACCO

Industries,

Inc.

\*

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

NANO

Nuclear

Energy,

Inc.

\*

(Electrical

Equipment)

2,738

Nano-X

Imaging,

Ltd.

\*(a)

(Health

Care

Providers

&

Services)

540

Napco

Security

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,350

Nathan's

Famous,

Inc.

(Hotels,

Restaurants

&

Leisure)

775

National

Bank

Holdings

Corp.

-

Class

A

(Banks)

3,323

National

Bankshares,

Inc.

(Banks)

National

Beverage

Corp.

(Beverages)

1,994

National

CineMedia,

Inc.

\*

(Media)

654

National

Energy

Services

Reunited

Corp.

\*

(Oil

&

Gas

Services

&

Equipment)

1,416

National

Health

Investors,

Inc.

\*

(Health

Care

REITs)

8,348

National

HealthCare

Corp.

(Health

Care

Providers

&

Services)

3,524

National

Presto

Industries,

Inc.

\*

(Aerospace

&

Defense)

1,346

National

Research

Corp.

(Health

Care

Providers

&

Services)

National

Vision

Holdings,

Inc.

\*

(Specialty

Retail)

5,167

Natural

Gas

Services

Group,

Inc.

\*

(Energy

Equipment

&

Services)

644

Natural

Grocers

by

Vitamin

Cottage,

Inc.

(Consumer

Staples

Distribution

&

Retail)

1,160

Nature's

Sunshine

Products,

Inc.

(Personal

Care

Products)

605

Navient

Corp.

(Consumer

Finance)

2,065

Navigator

Holdings

Ltd.

\*

(Transportation

&

Logistics)

1,146

Navitas

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,188

NB

Bancorp,

Inc.

\*

(Banks)

1,394

NBT

Bancorp,

Inc.

(Banks)

4,844

NCR

Atleos

Corp.

\*

(Financial

Services)

6,525

NCR

Voyix

Corp.

\*

(Software)

3,953

Nelnet,

Inc.

-

Class

A

(Consumer

Finance)

3,636

Neogen

Corp.

\*

(Health

Care

Equipment

&

Supplies)

2,826

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

NeoGenomics,

Inc.

\*

(Health

Care

Providers

&

Services)

$

2,254

Neonode,

Inc.

\*(a)

(Technology

Hardware)

NerdWallet,

Inc.

\*

-

Class

A

(Consumer

Finance)

1,011

Nerdy,

Inc.

\*

(Diversified

Consumer

Services)

NET

Lease

Office

Properties

\*

(Office

REITs)

1,008

Net

Power,

Inc.

\*

(Electrical

Equipment)

NETGEAR,

Inc.

\*

(Communications

Equipment)

2,041

NetScout

Systems,

Inc.

\*

(Communications

Equipment)

4,081

NETSTREIT

Corp.

\*

(Retail

REITs)

3,883

Neurogene,

Inc.

\*

(Biotechnology)

Neuronetics,

Inc.

\*

(Health

Care

Facilities

&

Services)

NeuroPace,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

557

New

Fortress

Energy

Inc

(a) (Oil

&

Gas

Producers)

846

New

Jersey

Resources

Corp.

(Gas

Utilities)

11,026

New

York

Community

Bancorp,

Inc.

(Banks)

688

7,946

Newmark

Group,

Inc.

-

Class

A

(Real

Estate

Management

&

Development)

6,565

Newpark

Resources,

Inc.

\*

(Energy

Equipment

&

Services)

2,013

Newsmax,

Inc.

\*

(Internet

Media

&

Services)

NewtekOne,

Inc.

\*

(Financial

Services)

641

NexPoint

Diversified

Real

Estate

Trust

\*

(Equity

REIT

-

Diversified)

Nexpoint

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

NexPoint

Residential

Trust,

Inc.

(Residential

REITs)

1,643

NextDecade

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,057

Nextdoor

Holdings,

Inc.

\*

(Interactive

Media

&

Services)

1,003

NextNav,

Inc.

\*

(Software)

2,846

NextNRG,

Inc.

\*

(Oil

&

Gas

Producers)

NEXTracker,

Inc.

\*

-

Class

A

(Electrical

Equipment)

24,490

Nexxen

International

Ltd.

\*

(Advertising

&

Marketing)

795

NI

Holdings,

Inc.

\*

(Insurance)

Nicolet

Bankshares,

Inc.

\*

(Banks)

4,170

NioCorp

Developments

Ltd.

\*

(Metals

&

Mining)

1,049

Nkarta,

Inc.

\*

(Biotechnology)

NL

Industries,

Inc.

\*

(Commercial

Services

&

Supplies)

nLight,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,230

NMI

Holdings,

Inc.

\*

-

Class

A

(Financial

Services)

6,786

Noble

Corp.

PLC

(Energy

Equipment

&

Services)

8,087

Nordic

American

Tankers,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

1,460

Northeast

Bank

(Banks)

1,803

Northeast

Community

Bancorp,

Inc.

(Banks)

576

Northern

Oil

and

Gas,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

5,456

Northfield

Bancorp,

Inc.

(Banks)

991

Northpointe

Bancshares,

Inc.

(Banking)

Northrim

Bancorp,

Inc.

(Banks)

1,040

Northwest

Bancshares,

Inc.

(Banks)

4,076

Northwest

Natural

Holding

Co.

(Gas

Utilities)

4,134

Northwest

Pipe

Co.

\*

(Construction

&

Engineering)

1,164

NorthWestern

Energy

Group,

Inc.

(Multi-Utilities)

8,205

Norwood

Financial

Corp.

(Banks)

NovaGold

Resources,

Inc.

\*

(Metals

&

Mining)

687

6,046

Novanta,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

8,212

Novavax,

Inc.

\*

(Biotechnology)

2,939

Novocure,

Ltd.

\*

(Health

Care

Equipment

&

Supplies)

2,972

Nu

Skin

Enterprises,

Inc.

-

Class

A

(Personal

Care

Products)

1,353

Nurix

Therapeutics,

Inc.

\*

(Biotechnology)

1,580

NuScale

Power

Corp.

\*(a)

(Electrical

Equipment)

10,331

Nutex

Health,

Inc.

\*

(Software)

827

Nuvalent,

Inc.

\*

-

Class

A

(Biotechnology)

8,389

Common

Stocks,

continued

Shares

Value

Nuvation

Bio,

Inc.

\*

(Pharmaceuticals)

565

$

2,091

Nuvectis

Pharma,

Inc.

\*

(Biotech

&

Pharma)

NVE

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

718

Oak

Valley

Bancorp.

(Banks)

Oceaneering

International,

Inc.

\*

(Energy

Equipment

&

Services)

5,278

OceanFirst

Financial

Corp.

(Banks)

2,284

Ocular

Therapeutix,

Inc.

\*

(Pharmaceuticals)

3,717

OFG

Bancorp

(Banks)

4,392

Ohio

Valley

Banc

Corp.

\*

(Asset

Management)

O-I

Glass,

Inc.

(Containers

&

Packaging)

4,513

Oil

States

International,

Inc.

\*

(Energy

Equipment

&

Services)

806

Oil-Dri

Corp.

of

America

(Household

Products)

1,343

Oklo,

Inc.

\*

(Electric

Utilities)

27,460

Olaplex

Holdings,

Inc.

\*

(Personal

Care

Products)

Old

National

Bancorp

(Banks)

794

17,427

Old

Second

Bancorp,

Inc.

(Banks)

1,970

Olema

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,322

Olympic

Steel,

Inc.

(Metals

&

Mining)

670

Omada

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

Omega

Flex,

Inc.

(Machinery)

Omeros

Corp.

\*

(Pharmaceuticals)

603

OmniAb,

Inc.

\*

(Life

Sciences

Tools

&

Services)

Omnicell,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,228

ON24,

Inc.

\*

(Software)

Oncology

Institute,

Inc./The

\*

(Health

Care

Facilities

&

Services)

ONE

Gas,

Inc.

(Gas

Utilities)

11,008

One

Liberty

Properties,

Inc.

(Equity

REIT

-

Diversified)

929

OneSpan,

Inc.

(Software)

1,303

OneSpaWorld

Holdings,

Ltd.

(Diversified

Consumer

Services)

4,545

OneWater

Marine,

Inc.

\*

(Specialty

Retail)

Onity

Group,

Inc.

\*

(Financial

Services)

599

Ooma,

Inc.

\*

(Software)

683

OP

Bancorp

(Banking)

OPAL

Fuels,

Inc.

\*

(Renewable

Energy)

Open

Lending

Corp.

\*

(Capital

Markets)

OPKO

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

932

1,445

Oportun

Financial

Corp.

\*

(Specialty

Finance)

549

OppFi,

Inc.

\*

(Consumer

Finance)

634

OptimizeRx

Corp.

\*

(Health

Care

Technology)

738

Option

Care

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

10,354

Orange

County

Bancorp,

Inc.

(Banks)

655

OraSure

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

546

Orchid

Island

Capital,

Inc.

(a) (Mortgage

REITs)

2,033

Organogenesis

Holdings,

Inc.

\*

(Biotechnology)

654

ORIC

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,572

Origin

Bancorp,

Inc.

(Banks)

2,313

Orion

Group

Holdings,

Inc.

\*

(Construction

&

Engineering)

707

Orion

SA

(Chemicals)

955

Ormat

Technologies,

Inc.

(Independent

Power/

Renewable

Electricity

Producers)

13,282

Orrstown

Financial

Services,

Inc.

(Banks)

1,427

Orthofix

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,288

OrthoPediatrics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

704

Oruka

Therapeutics

Inc

\*

(Biotech

&

Pharma)

1,192

Oscar

Health,

Inc.

\*

-

Class

A

(Insurance)

8,329

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

OSI

Systems,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

$

8,973

Otter

Tail

Corp.

(Electric

Utilities)

7,131

Ouster,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,111

Outbrain,

Inc.

\*

(Interactive

Media

&

Services)

Outfront

Media,

Inc.

(Specialized

REITs)

5,789

Outset

Medical,

Inc.

\*

(Software)

522

Owens

&

Minor,

Inc.

(Health

Care

Providers

&

Services)

821

Oxford

Industries,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,297

P10,

Inc.

\*

-

Class

A

(Capital

Markets)

1,436

Pacific

Biosciences

of

California,

Inc.

\*(a)

(Life

Sciences

Tools

&

Services)

625

800

Pacira

BioSciences,

Inc.

\*

(Pharmaceuticals)

2,680

PACS

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

1,373

Pagaya

Technologies,

Ltd.

\*

-

Class

A

(Software)

3,088

PagerDuty,

Inc.

\*

(Software)

3,188

Pagseguro

Digital,

Ltd.

\*

-

Class

A

(Financial

Services)

4,060

Palladyne

AI

Corp.

\*

(Machinery)

Palomar

Holdings,

Inc.

\*

(Insurance)

7,005

Palvella

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

1,003

PAM

Transportation

Services,

Inc.

\*

(Ground

Transportation)

Pangaea

Logistics

Solutions,

Ltd.

(Marine

Transportation)

Papa

John's

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

3,563

Par

Pacific

Holdings,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

4,073

PAR

Technology

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,602

Paramount

Group,

Inc.

\*

(Office

REITs)

2,766

Park

Aerospace

Corp.

(Aerospace

&

Defense)

834

Park

National

Corp.

(Banks)

5,526

Parke

Bancorp,

Inc.

\*

(Banks)

Park-Ohio

Holdings

Corp.

\*

(Machinery)

Pathward

Financial,

Inc.

(Banks)

3,997

Patria

Investments,

Ltd.

-

Class

A

(Capital

Markets)

2,146

Patrick

Industries,

Inc.

(Automobile

Components)

7,654

Patriot

National

Bancorp

Inc

\*

(Banking)

Patterson-UTI

Energy,

Inc.

(Energy

Equipment

&

Services)

800

4,144

Payoneer

Global,

Inc.

\*

(Financial

Services)

631

3,818

Paysafe,

Ltd.

\*

(Financial

Services)

956

Paysign,

Inc.

\*

(Financial

Services)

PBF

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

5,732

PC

Connection,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

1,550

PCB

Bancorp

(Banks)

525

PDF

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,859

Peabody

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

7,346

Peakstone

Realty

Trust

(Office

REITs)

1,089

Peapack-Gladstone

Financial

Corp.

(Banks)

994

Pebblebrook

Hotel

Trust

(Hotel

&

Resort

REITs)

3,030

Peloton

Interactive,

Inc.

\*

-

Class

A

(Leisure

Products)

855

7,694

Penguin

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,101

PennyMac

Financial

Services,

Inc.

(Financial

Services)

8,176

PennyMac

Mortgage

Investment

Trust

(Mortgage

REITs)

2,427

Peoples

Bancorp

of

North

Carolina,

Inc.

(Banks)

Common

Stocks,

continued

Shares

Value

Peoples

Bancorp,

Inc.

\*

(Banks)

$

2,369

Peoples

Financial

Services

Corp.

(Banks)

1,021

Perdoceo

Education

Corp.

(Diversified

Consumer

Services)

5,235

Perella

Weinberg

Partners

(Capital

Markets)

3,006

Performant

Financial

Corp.

\*

(Commercial

Services

&

Supplies)

1,229

Perimeter

Solutions

SA

\*

(Chemicals)

7,053

Perma-Fix

Environmental

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

Perpetua

Resources

Corp.

\*

(Metals

&

Mining)

3,439

Personalis,

Inc.

\*

(Health

Care

Facilities

&

Services)

743

Perspective

Therapeutics,

Inc.

\*

(Biotechnology)

Petco

Health

&

Wellness

Co.,

Inc.

\*

(Specialty

Retail)

689

Phathom

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,130

Phibro

Animal

Health

Corp.

-

Class

A

(Pharmaceuticals)

1,861

Phillips

Edison

&

Co.,

Inc.

(Retail

REITs)

9,818

Phinia,

Inc.

(Automobile

Components)

5,001

Photronics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,029

Phreesia,

Inc.

\*

(Health

Care

Technology)

3,058

Piedmont

Office

Realty

Trust,

Inc.

-

Class

A

(Office

REITs)

2,538

Pioneer

Bancorp,

Inc.

\*

(Banks)

Piper

Sandler

Cos.

(Capital

Markets)

13,879

Pitney

Bowes,

Inc.

(Commercial

Services

&

Supplies)

4,461

PJT

Partners,

Inc.

-

Class

A

(Capital

Markets)

9,242

Planet

Labs

PBC

\*

(Professional

Services)

529

6,866

Playstudios,

Inc.

\*

(Entertainment)

Playtika

Holding,

Corp.

\*

(Entertainment

Content)

Plexus

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

8,826

Plug

Power,

Inc.

\*(a)

(Electrical

Equipment)

2,474

5,764

Plumas

Bancorp

\*

(Banks)

604

Plymouth

Industrial

REIT,

Inc.

(Industrial

REITs)

2,077

Polaris

Industries,

Inc.

\*

(Leisure

Products)

7,033

Ponce

Financial

Group,

Inc.

\*

(Banks)

662

Porch

Group,

Inc.

\*

(Software)

3,054

Portillo's,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

864

Portland

General

Electric

Co.

(Electric

Utilities)

11,000

Postal

Realty

Trust,

Inc.

-

Class

A

(Office

REITs)

800

Potbelly

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

988

PotlatchDeltic

Corp.

(Specialized

REITs)

7,254

Powell

Industries,

Inc.

(Electrical

Equipment)

6,706

Power

Integrations,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,147

Power

Solutions

International,

Inc.

\*

(Machinery)

1,473

Powerfleet,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,478

PRA

Group,

Inc.

\*

(Consumer

Finance)

1,374

Prairie

Operating

Co.

\*

(Software)

Praxis

Precision

Medicines,

Inc.

\*

(Biotechnology)

2,173

Precigen,

Inc.

\*(a)

(Biotechnology)

1,119

Preferred

Bank

(Banks)

2,350

Preformed

Line

Products

Co.

\*

(Electrical

Equipment)

981

Premier,

Inc.

-

Class

A

(Health

Care

Providers

&

Services)

5,199

Prestige

Consumer

Healthcare,

Inc.

\*

(Pharmaceuticals)

6,988

PriceSmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

7,030

Prime

Medicine,

Inc.

\*

(Biotechnology)

942

PrimeEnergy

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

Primis

Financial

Corp.

(Banks)

526

Primoris

Services

Corp.

(Construction

&

Engineering)

16,892

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Princeton

Bancorp,

Inc.

(Banks)

$

Priority

Technology

Holdings,

Inc.

\*

(Financial

Services)

Privia

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

6,499

ProAssurance

Corp.

(Insurance)

2,783

PROCEPT

BioRobotics

Corp.

\*(a)

(Health

Care

Equipment

&

Supplies)

4,247

Pro-Dex,

Inc.

\*

(Medical

Equipment

&

Devices)

Proficient

Auto

Logistics,

Inc.

\*

(Ground

Transportation)

ProFrac

Holding

Corp.

\*

-

Class

A

(Energy

Equipment

&

Services)

PROG

Holdings,

Inc.

(Consumer

Finance)

2,880

Progress

Software

Corp.

(Software)

4,261

Progyny,

Inc.

\*

(Health

Care

Providers

&

Services)

3,658

ProPetro

Holding

Corp.

\*

(Energy

Equipment

&

Services)

948

PROS

Holdings,

Inc.

\*

(Software)

2,268

Protagonist

Therapeutics,

Inc.

\*

(Biotechnology)

8,769

Protalix

Biotherapeutics

Inc

\*

(Biotech

&

Pharma)

Protara

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Prothena

Corp.

PLC

\*

(Biotechnology)

898

Proto

Labs,

Inc.

\*

(Machinery)

2,702

Provident

Bancorp,

Inc.

(Banks)

Provident

Financial

Services,

Inc.

(Banks)

5,630

PTC

Therapeutics,

Inc.

\*

(Biotechnology)

10,801

PubMatic,

Inc.

\*

-

Class

A

(Media)

787

Pulmonx

Corp.

\*

(Health

Care

Equipment

&

Supplies)

Pulse

Biosciences,

Inc.

\*(a)

(Health

Care

Equipment

&

Supplies)

708

Puma

Biotechnology,

Inc.

\*

(Biotechnology)

510

Pure

Cycle

Corp.

\*

(Water

Utilities)

PureCycle

Technologies,

Inc.

\*

(Chemicals)

3,866

Q2

Holdings,

Inc.

\*

(Software)

10,207

QCR

Holdings,

Inc.

(Banks)

2,799

Quad/Graphics,

Inc.

(Commercial

Services

&

Supplies)

Quaker

Chemical

Corp.

(Chemicals)

4,216

Qualys,

Inc.

\*

(Software)

10,983

Quanex

Building

Products

Corp.

(Building

Products)

1,479

Quanterix

Corp.

\*

(Life

Sciences

Tools

&

Services)

505

Quantum

Computing

Inc

\*(a)

(Software)

5,596

Quantum-Si,

Inc.

\*

(Life

Sciences

Tools

&

Services)

502

QuidelOrtho

Corp.

\*

(Health

Care

Equipment

&

Supplies)

4,535

QuinStreet,

Inc.

\*

(Interactive

Media

&

Services)

1,903

Rackspace

Technology,

Inc.

\*

(IT

Services)

Radian

Group,

Inc.

(Financial

Services)

11,120

Radiant

Logistics,

Inc.

\*

(Air

Freight

&

Logistics)

RadNet,

Inc.

\*

(Health

Care

Providers

&

Services)

11,813

Ramaco

Resources,

Inc.

-

Class

A

(Metals

&

Mining)

2,191

Rambus,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

25,529

Ranger

Bermuda

Topco

Ltd.

\*

(Insurance)

Ranger

Energy

Services,

Inc.

\*

(Energy

Equipment

&

Services)

646

Ranpak

Holdings

Corp.

\*

(Containers

&

Packaging)

596

Rapid7,

Inc.

\*

(Software)

2,719

Rapport

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,188

Rayonier

Advanced

Materials,

Inc.

(Chemicals)

1,054

RBB

Bancorp

(Banks)

713

RCI

Hospitality

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

549

RCM

TECHNOLOGIES,

INC.

\*

(Technology

Services)

RE/MAX

Holdings,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

Ready

Capital

Corp.

(a) (Mortgage

REITs)

1,463

Recursion

Pharmaceuticals,

Inc.

\*(a)

-

Class

A

(Biotechnology)

831

4,055

Common

Stocks,

continued

Shares

Value

Red

Cat

Holdings,

Inc.

\*(a)

(Aerospace

&

Defense)

$

1,998

Red

River

Bancshares,

Inc.

\*

(Banks)

713

Red

Rock

Resorts,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

6,779

Red

Violet,

Inc.

\*

(Software)

1,359

Redwire

Corp.

\*(a)

(Aerospace

&

Defense)

1,007

Redwood

Trust,

Inc.

(Mortgage

REITs)

1,743

REGENXBIO,

Inc.

\*

(Biotechnology)

1,023

Regional

Management

Corp.

\*

(Consumer

Finance)

818

Relay

Therapeutics,

Inc.

\*

(Biotechnology)

1,566

Remitly

Global,

Inc.

\*

(Financial

Services)

6,161

Renasant

Corp.

(Banks)

7,894

Repay

Holdings

Corp.

\*

(Financial

Services)

920

Replimune

Group,

Inc.

\*

(Biotechnology)

658

ReposiTrak,

Inc.

\*

(Software)

Repro-Med

Systems,

Inc.

\*

(Medical

Equipment

&

Devices)

Republic

Bancorp,

Inc.

\*

-

Class

A

(Banks)

1,373

Reservoir

Media,

Inc.

\*

(Entertainment)

Resideo

Technologies,

Inc.

\*

(Building

Products)

13,515

Resolute

Holdings

Management,

Inc.

\*

(Asset

Management)

722

Resources

Connection,

Inc.

(Professional

Services)

REV

Group,

Inc.

(Machinery)

6,234

Revolve

Group,

Inc.

\*

(Specialty

Retail)

1,960

REX

American

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,052

Rezolute,

Inc.

\*

(Biotech

&

Pharma)

1,645

Rezolve

AI

PLC

\*(a)

(Software)

1,653

RGC

Resources,

Inc.

(Gas

Utilities)

Rhinebeck

BanCorp,

Inc.

\*

(Banking)

Rhythm

Pharmaceuticals,

Inc.

\*

(Biotechnology)

11,917

Ribbon

Communications,

Inc.

\*

(Communications

Equipment)

806

Richardson

Electronics,

Ltd.

\*

(Electronic

Equipment,

Instruments

&

Components)

Richmond

Mutual

BanCorp,

Inc.

\*

(Banking)

Richtech

Robotics,

Inc.

\*

(Machinery)

674

Rigel

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,133

Rigetti

Computing,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

724

21,568

Riley

Exploration

Permian,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

813

Rimini

Street,

Inc.

\*

(Software)

519

Riot

Platforms,

Inc.

\*

(Software)

790

15,034

Riverview

Bancorp,

Inc.

\*

(Banking)

RLJ

Lodging

Trust

(Hotel

&

Resort

REITs)

2,419

Rocket

Pharmaceuticals,

Inc.

\*

(Biotechnology)

626

Rocky

Brands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

Rogers

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,379

Root,

Inc.

\*

-

Class

A

(Insurance)

2,327

RPC,

Inc.

(Energy

Equipment

&

Services)

962

Rumble,

Inc.

\*(a)

(Internet

Media

&

Services)

1,752

Rush

Enterprises,

Inc.

-

Class

A

(Trading

Companies

&

Distributors)

7,379

Rush

Enterprises,

Inc.

-

Class

B

(Trading

Companies

&

Distributors)

1,148

Rush

Street

Interactive,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

4,116

RXO,

Inc.

\*

(Ground

Transportation)

5,661

RxSight,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

710

Ryerson

Holding

Corp.

\*

(Metals

&

Mining)

1,394

Ryman

Hospitality

Properties,

Inc.

(Hotel

&

Resort

REITs)

12,543

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

S&T

Bancorp,

Inc.

(Banks)

$

3,270

Sable

Offshore

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,003

Sabra

Health

Care

REIT,

Inc.

(Health

Care

REITs)

539

10,047

Sabre

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

822

1,504

Safe

Builders,

Inc.

(Marine

Transportation)

564

Safehold,

Inc.

(Specialized

REITs)

1,967

Safety

Insurance

Group,

Inc.

(Insurance)

2,333

Sally

Beauty

Holdings,

Inc.

\*

(Specialty

Retail)

3,728

Sana

Biotechnology,

Inc.

\*

(Biotechnology)

1,072

Sanara

Medtech,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

SandRidge

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

925

Sanmina

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

13,583

SANUWAVE

Health,

Inc.

\*

(Medical

Equipment

&

Devices)

600

Sapiens

International

Corp.

N.V.

(Software)

3,010

Satellogic,

Inc.

\*

(Telecommunications)

512

Saul

Centers,

Inc.

(Retail

REITs)

892

Savara,

Inc.

\*

(Biotechnology)

925

Savers

Value

Village,

Inc.

\*

(Broadline

Retail)

1,153

SB

Financial

Group

\*

(Banking)

SBC

Medical

Group

Holdings,

Inc.

\*

(Health

Care

Facilities

&

Services)

ScanSource,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

2,112

Scholar

Rock

Holding

Corp.

\*

(Biotechnology)

6,815

Scholastic

Corp.

(Media)

1,259

Schrodinger,

Inc.

\*

(Health

Care

Technology)

2,568

Scilex

Holding

Co.

\*

(Biotech

&

Pharma)

Scorpio

Tankers,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

5,661

scPharmaceuticals,

Inc.

\*

(Pharmaceuticals)

505

Seacoast

Banking

Corp.

of

Florida

(Banks)

5,873

SEACOR

Marine

Holdings,

Inc.

\*

(Energy

Equipment

&

Services)

Seadrill,

Ltd.

\*

(Energy

Equipment

&

Services)

4,290

Seaport

Entertainment

Group

Inc

\*

(Real

Estate

Owners

&

Developers)

SeaWorld

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

3,205

Security

National

Financial

Corp.

\*

-

Class

A

(Specialty

Finance)

Select

Energy

Services,

Inc.

-

Class

A

(Energy

Equipment

&

Services)

2,256

Select

Medical

Holdings

Corp.

(Health

Care

Providers

&

Services)

3,249

Selective

Insurance

Group,

Inc.

(Insurance)

11,187

Selectquote,

Inc.

\*

(Insurance)

610

SELLAS

Life

Sciences

Group,

Inc.

\*

(Biotech

&

Pharma)

Semler

Scientific,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

810

SEMrush

Holdings,

Inc.

\*

(Software)

821

Semtech

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,147

Seneca

Foods

Corp.

\*

-

Class

A

(Food

Products)

1,187

Sensient

Technologies

Corp.

(Chemicals)

9,010

Septerna,

Inc.

\*

(Pharmaceuticals)

903

Serve

Robotics,

Inc.

\*(a)

(Internet

Media

&

Services)

1,233

Service

Properties

Trust

(Hotel

&

Resort

REITs)

949

ServisFirst

Bancshares,

Inc.

(Banks)

9,422

Seven

Hills

Realty

Trust

(Mortgage

REITs)

Sezzle,

Inc.

\*

(Financial

Services)

2,863

SFL

Corp.,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

2,071

Shake

Shack,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

8,239

Common

Stocks,

continued

Shares

Value

Shenandoah

Telecommunications

Co.

(Diversified

Telecommunication

Services)

$

1,543

Shoals

Technologies

Group,

Inc.

\*

-

Class

A

(Electrical

Equipment)

2,823

Shoe

Carnival,

Inc.

(Specialty

Retail)

852

Shore

Bancshares,

Inc.

(Banks)

1,149

ShotSpotter,

Inc.

\*

(Software)

Shoulder

Innovations,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Shutterstock,

Inc.

(Interactive

Media

&

Services)

1,147

SI-BONE,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,266

Siebert

Financial

Corp.

\*

(Asset

Management)

Sierra

Bancorp

(Banks)

809

SIGA

Technologies,

Inc.

(Pharmaceuticals)

851

Sight

Sciences,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Signet

Jewelers,

Ltd.

(Specialty

Retail)

8,729

Sila

Realty

Trust,

Inc.

\*

(Health

Care

REITs)

3,163

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

9,572

Silvaco

Group,

Inc.

\*

(Software)

Silvercrest

Asset

Management

Group,

Inc.

-

Class

A

(Capital

Markets)

Simmons

First

National

Corp.

-

Class

A

(Banks)

6,154

Simulations

Plus,

Inc.

(Health

Care

Technology)

573

Sinclair,

Inc.

\*

(Media)

1,329

Sionna

Therapeutics,

Inc.

\*

(Medical

Equipment

&

Devices)

823

SiriusPoint,

Ltd.

\*

(Insurance)

4,197

SITE

Centers

Corp.

(Retail

REITs)

1,027

SiTime

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,463

Six

Flags

Entertainment

Corp.

(Hotels,

Restaurants

&

Leisure)

4,930

SJW

Group

(Water

Utilities)

3,506

Skillsoft

Corp.

\*

(Software)

Sky

Harbour

Group

Corp.

\*

(Transportation

Infrastructure)

Skyward

Specialty

Insurance

Group,

Inc.

\*

(Insurance)

3,852

SkyWater

Technology,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,120

SkyWest,

Inc.

\*

(Passenger

Airlines)

9,257

SKYX

Platforms

Corp.

\*

(Electrical

Equipment)

SL

Green

Realty

Corp.

(Office

REITs)

9,750

Sleep

Number

Corp.

\*

(Specialty

Retail)

Slide

Insurance

Holdings,

Inc.

\*

(Insurance)

963

SM

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels)

6,467

SmartFinancial,

Inc.

\*

(Banks)

1,179

Smartstop

Self

Storage

REIT,

Inc.

(REITS

&

Real

Estate

Management)

2,672

Smith

&

Wesson

Brands,

Inc.

(Leisure

Products)

983

Smith-Midland

Corp.

\*

(Construction

Materials)

Solaris

Energy

Infrastructure,

Inc.

\*

-

Class

A

(Energy

Equipment

&

Services)

3,318

Soleno

Therapeutics,

Inc.

\*

(Biotechnology)

6,422

Solesence,

Inc.

\*

(Household

Products)

Solid

Biosciences,

Inc.

\*

(Biotechnology)

827

Solid

Power,

Inc.

\*

(Automobile

Components)

1,201

Sonic

Automotive,

Inc.

-

Class

A

(Specialty

Retail)

2,587

Sonida

Senior

Living,

Inc.

\*

(Health

Care

Providers

&

Services)

Sonos,

Inc.

\*

(Household

Durables)

4,219

Sound

Financial

Bancorp,

Inc.

\*

(Banking)

SoundHound

AI,

Inc.

\*(a)

-

Class

A

(Software)

830

13,346

South

Plains

Financial,

Inc.

(Banks)

1,121

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Southern

California

BanCorp

\*

(Banks)

$

851

Southern

First

Bancshares,

Inc.

\*

(Banks)

794

Southern

Missouri

Bancorp,

Inc.

(Banks)

1,156

Southland

Holdings,

Inc.

\*

(Construction

&

Engineering)

Southside

Bancshares,

Inc.

(Banks)

1,865

Southwest

Gas

Holdings,

Inc.

(Gas

Utilities)

11,516

Spectrum

Brands

Holdings,

Inc.

(Household

Products)

2,837

Sphere

Entertainment

Co.

\*

(Entertainment)

3,914

Spire

Global,

Inc.

\*

(Professional

Services)

681

Spire,

Inc.

(Gas

Utilities)

10,761

Spok

Holdings,

Inc.

(Wireless

Telecommunication

Services)

794

Sprinklr,

Inc.

\*

-

Class

A

(Software)

1,969

Sprout

Social,

Inc.

\*

-

Class

A

(Software)

1,512

SPS

Commerce,

Inc.

\*

(Software)

8,956

SPX

Technologies,

Inc.

\*

(Machinery)

20,358

Spyre

Therapeutics,

Inc.

\*

(Biotechnology)

1,894

SR

BanCorp,

Inc.

\*

(Banking)

SSR

Mining,

Inc.

(Metals

&

Mining)

11,258

STAAR

Surgical

Co.

\*

(Health

Care

Equipment

&

Supplies)

3,036

Stagwell,

Inc.

(Media)

1,475

Standard

BioTools,

Inc.

\*

(Life

Sciences

Tools

&

Services)

678

881

Standard

Motor

Products,

Inc.

(Automobile

Components)

1,959

Standex

International

Corp.

(Machinery)

5,721

Starz

Entertainment

Corp.

\*

(Entertainment)

Steelcase,

Inc.

-

Class

A

(Commercial

Services

&

Supplies)

3,268

Stellar

Bancorp,

Inc.

(Banks)

3,246

Stepan

Co.

(Chemicals)

2,337

StepStone

Group,

Inc.

-

Class

A

(Capital

Markets)

10,319

Stereotaxis,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Sterling

Infrastructure,

Inc.

\*

(Construction

&

Engineering)

23,097

Steven

Madden,

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

5,457

Stewart

Information

Services

Corp.

(Insurance)

4,619

Stitch

Fix,

Inc.

\*

-

Class

A

(Specialty

Retail)

1,061

Stock

Yards

Bancorp,

Inc.

(Banks)

4,199

Stoke

Therapeutics,

Inc.

\*

(Biotechnology)

2,397

StoneCo,

Ltd.

\*

(Financial

Services)

569

10,760

StoneX

Group,

Inc.

\*

(Capital

Markets)

10,496

Strategic

Education,

Inc.

(Diversified

Consumer

Services)

4,559

Strattec

Security

Corporation

\*

(Industrial

Intermediate

Products)

613

Stratus

Properties,

Inc.

\*

(Real

Estate

Management

&

Development)

Strawberry

Fields

REIT,

Inc.

(Health

Care

REITs)

Stride,

Inc.

\*

(Diversified

Consumer

Services)

14,448

Sturm

Ruger

&

Co.,

Inc.

(Leisure

Products)

1,565

Summit

Hotel

Properties,

Inc.

(Hotel

&

Resort

REITs)

1,367

Summit

Midstream

Corp.

\*

(Oil

&

Gas

Producers)

Sun

Country

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

1,370

SunCoke

Energy,

Inc.

(Metals

&

Mining)

1,567

SunOpta,

Inc.

\*

(Food

Products)

1,272

Sunrise

Realty

Trust,

Inc.

(Mortgage

REITs)

Sunrun,

Inc.

\*

(Electrical

Equipment)

8,213

Sunstone

Hotel

Investors,

Inc.

(Hotel

&

Resort

REITs)

4,048

Super

Group

SGHC,

Ltd.

(Hotels,

Restaurants

&

Leisure)

4,765

Common

Stocks,

continued

Shares

Value

Superior

Group

of

Cos.,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

$

Supernus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

5,829

Surgery

Partners,

Inc.

\*

(Health

Care

Providers

&

Services)

3,787

Surmodics,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

956

Sweetgreen,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,875

SWK

Holdings

Corp.

\*

(Financial

Services)

Sylvamo

Corp.

(Paper

&

Forest

Products)

3,450

Synaptics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

5,946

Synchronoss

Technologies,

Inc.

\*

(Software)

Syndax

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,969

Tactile

Systems

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

720

Talkspace,

Inc.

\*

(Health

Care

Providers

&

Services)

903

Talos

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,618

Tandem

Diabetes

Care,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,833

Tanger,

Inc.

(Retail

REITs)

8,562

Tango

Therapeutics,

Inc.

\*

(Biotechnology)

1,361

Target

Hospitality

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

619

Tarsus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

5,289

Taylor

Morrison

Home

Corp.

\*

(Household

Durables)

14,523

Taysha

Gene

Therapies,

Inc.

\*

(Biotechnology)

1,573

TechTarget,

Inc.

\*

(Media)

Tecnoglass,

Inc.

(Building

Products)

3,680

Tectonic

Therapeutic,

Inc.

\*

(Biotech

&

Pharma)

Teekay

Corp.

(Transportation

&

Logistics)

965

Teekay

Tankers,

Ltd.

\*

-

Class

A

(Transportation

&

Logistics)

2,730

TEGNA,

Inc.

(Media)

7,399

Tejon

Ranch

Co.

\*

(Real

Estate

Management

&

Development)

767

Teladoc

Health,

Inc.

\*

(Health

Care

Technology)

3,077

Telephone

and

Data

Systems,

Inc.

(Wireless

Telecommunication

Services)

8,868

Telos

Corp.

\*

(Software)

834

Tenable

Holdings,

Inc.

\*

(Software)

8,019

Tennant

Co.

(Machinery)

3,486

Terawulf,

Inc.

\*

(Software)

643

7,343

Terex

Corp.

(Machinery)

7,490

Terns

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,232

Terreno

Realty

Corp.

(Industrial

REITs)

13,165

TETRA

Technologies,

Inc.

\*

(Energy

Equipment

&

Services)

1,656

Tevogen

Bio

Holdings,

Inc.

\*

(Biotechnology)

Texas

Capital

Bancshares,

Inc.

\*

(Banks)

8,707

TG

Therapeutics,

Inc.

\*

(Biotechnology)

11,885

The

Andersons,

Inc.

(Consumer

Staples

Distribution

&

Retail)

2,946

The

Arena

Group

Holdings,

Inc.

\*

(Advertising

&

Marketing)

The

Baldwin

Insurance

Group,

Inc.

\*

(Insurance)

4,485

The

Bancorp,

Inc.

\*

(Banks)

7,714

The

Bank

of

NT

Butterfield

&

Son,

Ltd.

(Banks)

4,077

The

Beauty

Health

Co.

\*

(Personal

Care

Products)

515

The

Brink's

Co.

(Commercial

Services

&

Supplies)

11,102

The

Buckle,

Inc.

(Specialty

Retail)

4,224

The

Cheesecake

Factory,

Inc.

(Hotels,

Restaurants

&

Leisure)

5,737

The

Chefs'

Warehouse,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

4,841

The

Chemours

Co.

\*

(Chemicals)

5,401

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

The

E.W.

Scripps

Co.

\*

-

Class

A

(Media)

$

The

Eastern

Co.

\*

(Machinery)

The

Ensign

Group,

Inc.

(Health

Care

Providers

&

Services)

21,942

The

First

Bancorp,

Inc.

(Banks)

630

The

GEO

Group,

Inc.

\*

(Commercial

Services

&

Supplies)

6,290

The

Goodyear

Tire

&

Rubber

Co.

\*

(Automobile

Components)

592

4,428

The

Gorman-Rupp

Co.

(Machinery)

2,228

The

Greenbrier

Cos.,

Inc.

(Machinery)

3,186

The

Hackett

Group,

Inc.

\*

(IT

Services)

1,084

The

Hain

Celestial

Group,

Inc.

\*

(Food

Products)

The

Honest

Co.,

Inc.

\*

(Personal

Care

Products)

776

The

Joint

Corp.

\*

(Health

Care

Providers

&

Services)

The

Lovesac

Co.

\*

(Household

Durables)

508

The

Macerich

Co.

(Retail

REITs)

576

10,483

The

Manitowoc

Co.,

Inc.

\*

(Machinery)

781

The

Marcus

Corp.

\*

(Entertainment)

822

The

ODP

Corp.

\*

(Specialty

Retail)

1,755

The

Pennant

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

1,942

The

Real

Brokerage,

Inc.

\*

(Real

Estate

Management

&

Development)

1,003

The

RealReal,

Inc.

\*

(Specialty

Retail)

2,296

The

RMR

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

551

The

Simply

Good

Foods

Co.

\*

(Food

Products)

5,287

The

St.

Joe

Co.

(Real

Estate

Management

&

Development)

4,255

The

Vita

Coco

Co.,

Inc.

\*

(Beverages)

4,247

The

York

Water

Co.

\*

(Water

Utilities)

1,004

Theravance

Biopharma,

Inc.

\*

(Pharmaceuticals)

1,256

Thermon

Group

Holdings,

Inc.

\*

(Electrical

Equipment)

1,977

Third

Coast

Bancshares,

Inc.

\*

(Banks)

1,101

ThredUp,

Inc.

\*

-

Class

A

(Specialty

Retail)

1,975

Thryv

Holdings,

Inc.

\*

(Media)

1,013

Tidewater,

Inc.

\*

(Energy

Equipment

&

Services)

5,920

Tile

Shop

Holdings,

Inc.

(Specialty

Retail)

Timberland

Bancorp,

Inc./WA

(Banks)

566

TimkenSteel

Corp.

\*

(Metals

&

Mining)

1,372

Tiptree,

Inc.

(Insurance)

1,016

Titan

America

SA

\*

(Construction

Materials)

822

Titan

International,

Inc.

(Machinery)

832

Titan

Machinery,

Inc.

\*

(Trading

Companies

&

Distributors)

787

Tompkins

Financial

Corp.

(Banks)

2,053

Tonix

Pharmaceuticals

Holding

Corp.

\*

(Biotech

&

Pharma)

Tootsie

Roll

Industries,

Inc.

\*

(Food

Products)

1,719

Topgolf

Callaway

Brands

Corp.

\*

(Leisure

Products)

2,841

Torrid

Holdings,

Inc.

\*

(Specialty

Retail)

Tourmaline

Bio,

Inc.

\*

(Biotechnology)

1,913

TowneBank

(Banks)

5,739

TPG

RE

Finance

Trust,

Inc.

(Mortgage

REITs)

1,310

Traeger,

Inc.

\*

(Household

Durables)

Transcat,

Inc.

\*

(Trading

Companies

&

Distributors)

1,537

Transcontinental

Realty

Investors,

Inc.

\*

(Real

Estate

Management

&

Development)

TransMedics

Group,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

8,415

Transocean,

Ltd.

(Energy

Equipment

&

Services)

1,934

6,034

TRAVELZOO

INC.

\*

(Internet

Media

&

Services)

Travere

Therapeutics,

Inc.

\*

(Biotechnology)

4,780

Common

Stocks,

continued

Shares

Value

Treace

Medical

Concepts,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

$

725

Tredegar

Corp.

\*

(Metals

&

Mining)

TreeHouse

Foods,

Inc.

\*

(Food

Products)

2,304

Trevi

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,812

Tri

Pointe

Homes,

Inc.

\*

(Household

Durables)

6,658

TriCo

Bancshares

(Banks)

3,064

Triller

Group,

Inc.

\*

(Internet

Media

&

Services)

TriMas

Corp.

(Containers

&

Packaging)

2,898

TriNet

Group,

Inc.

(Professional

Services)

4,549

Trinity

Industries,

Inc.

(Machinery)

5,215

Trinseo

PLC

\*

(Chemicals)

TripAdvisor,

Inc.

\*

(Interactive

Media

&

Services)

4,292

TriSalus

Life

Sciences,

Inc.

\*

(Biotech

&

Pharma)

Triumph

Financial,

Inc.

\*

(Banks)

2,552

Tronox

Holdings

PLC

-

Class

A

(Chemicals)

1,089

TrueBlue,

Inc.

\*

(Professional

Services)

TrueCar,

Inc.

\*

(Interactive

Media

&

Services)

Trupanion,

Inc.

\*

(Insurance)

3,636

TrustCo

Bank

Corp.

(Banks)

1,525

Trustmark

Corp.

(Banks)

5,108

TSS

Inc/MD

\*

(Engineering

&

Construction)

743

TTEC

Holdings,

Inc.

(Professional

Services)

TTM

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

13,133

Tucows,

Inc.

\*

-

Class

A

(IT

Services)

TuHURA

Biosciences,

Inc.

\*

(Biotech

&

Pharma)

Turning

Point

Brands,

Inc.

(Tobacco)

3,855

Turtle

Beach

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

541

Tutor

Perini

Corp.

\*

(Construction

&

Engineering)

6,625

Tvardi

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Twist

Bioscience

Corp.

\*

(Biotechnology)

3,771

Two

Harbors

Investment

Corp.

(Mortgage

REITs)

2,339

TXNM

Energy,

Inc.

(Electric

Utilities)

12,498

Tyra

Biosciences,

Inc.

\*

(Biotechnology)

769

U.S.

Physical

Therapy,

Inc.

(Health

Care

Providers

&

Services)

2,888

Udemy,

Inc.

\*

(Diversified

Consumer

Services)

1,542

UFP

Industries,

Inc.

(Building

Products)

12,808

UFP

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,393

Ultra

Clean

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,752

UMB

Financial

Corp.

(Banks)

19,527

UMH

Properties,

Inc.

(Residential

REITs)

2,673

UniFirst

Corp.

(Commercial

Services

&

Supplies)

5,684

Union

Bankshares,

Inc./Morrisville

VT

\*

(Banking)

Unisys

Corp.

\*

(IT

Services)

589

United

Bankshares,

Inc.

(Banks)

11,944

United

Community

Banks,

Inc.

(Banks)

8,684

United

Fire

Group,

Inc.

(Insurance)

1,460

United

Insurance

Holdings

Corp.

\*

(Insurance)

626

United

Natural

Foods,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

5,116

United

Security

Bancshares/Fresno

CA

\*

(Banking)

United

States

Antimony

Corp.

\*

(Metals

&

Mining)

1,308

United

States

Lime

&

Minerals,

Inc.

(Construction

Materials)

3,289

Uniti

Group,

Inc.

(Specialized

REITs)

1,989

Unitil

Corp.

(Multi-Utilities)

1,771

Unity

Bancorp,

Inc.

(Banks)

831

Universal

Corp.

\*

(Tobacco)

3,073

Universal

Health

Realty

Income

Trust

(Health

Care

REITs)

1,136

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Universal

Insurance

Holdings,

Inc.

(Insurance)

$

1,525

Universal

Logistics

Holdings,

Inc.

(Ground

Transportation)

Universal

Technical

Institute,

Inc.

\*

(Diversified

Consumer

Services)

3,450

Univest

Financial

Corp.

(Banks)

1,951

Upbound

Group,

Inc.

(Specialty

Retail)

2,812

Upstart

Holdings,

Inc.

\*

(Consumer

Finance)

9,703

Upstream

Bio,

Inc.

\*

(Biotechnology)

1,392

Upwork,

Inc.

\*

(Professional

Services)

5,181

Uranium

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

964

12,860

Urban

Edge

Properties

(Retail

REITs)

5,895

Urban

Outfitters,

Inc.

\*

(Specialty

Retail)

9,929

UroGen

Pharma,

Ltd.

\*

(Biotechnology)

1,676

US

Gold

Corp.

\*

(Metals

&

Mining)

US

Goldmining,

Inc.

\*

(Metals

&

Mining)

USANA

Health

Sciences,

Inc.

\*

(Personal

Care

Products)

689

USCB

Financial

Holdings,

Inc.

(Banks)

Utah

Medical

Products,

Inc.

(Health

Care

Equipment

&

Supplies)

Utz

Brands,

Inc.

(Food

Products)

1,993

V2X,

Inc.

\*

(Aerospace

&

Defense)

2,556

VAALCO

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

945

Valaris,

Ltd.

\*

(Energy

Equipment

&

Services)

7,023

Valhi,

Inc.

(Chemicals)

Valley

National

Bancorp

(Banks)

1,099

11,649

Value

Line,

Inc.

(Capital

Markets)

Vanda

Pharmaceuticals,

Inc.

\*

(Biotechnology)

629

Varex

Imaging

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,153

Varonis

Systems,

Inc.

\*

(Software)

14,368

Vaxcyte,

Inc.

\*

(Biotechnology)

9,329

Veeco

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,956

Velocity

Financial,

Inc.

\*

(Financial

Services)

Vera

Therapeutics,

Inc.

\*

(Biotechnology)

3,400

Veracyte,

Inc.

\*

(Biotechnology)

6,111

Verastem,

Inc.

\*

(Biotechnology)

909

Verde

Clean

Fuels,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

Vericel

Corp.

\*

(Biotechnology)

3,588

Verint

Systems,

Inc.

\*

(Software)

2,754

Veritex

Holdings,

Inc.

(Banks)

4,024

Verra

Mobility

Corp.

\*

-

Class

A

(Professional

Services)

8,941

Vertex,

Inc.

\*

-

Class

A

(Software)

3,644

Vestis

Corp.

(Commercial

Services

&

Supplies)

1,182

Viad

Corp.

\*

(Commercial

Services

&

Supplies)

1,737

Viant

Technology,

Inc.

\*

-

Class

A

(Software)

Viasat,

Inc.

\*

(Communications

Equipment)

7,823

Viavi

Solutions,

Inc.

\*

(Communications

Equipment)

502

6,370

Vicor

Corp.

\*

(Electrical

Equipment)

2,635

Victoria's

Secret

&

Co.

\*

(Specialty

Retail)

4,261

Victory

Capital

Holdings,

Inc.

-

Class

A

(Capital

Markets)

6,476

Viemed

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

536

Village

Super

Market,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

785

Vimeo,

Inc.

\*

(Interactive

Media

&

Services)

2,596

Vir

Biotechnology,

Inc.

\*

(Biotechnology)

1,153

Virco

Mfg.

Corp.

\*

(Commercial

Services

&

Supplies)

Virginia

National

Bankshares

Corp.

(Banks)

Viridian

Therapeutics,

Inc.

\*

(Biotechnology)

3,431

Virtus

Investment

Partners,

Inc.

(Capital

Markets)

2,850

Vishay

Intertechnology,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

4,192

Common

Stocks,

continued

Shares

Value

Vishay

Precision

Group,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

$

865

Visteon

Corp.

\*

(Automobile

Components)

7,431

Vital

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,149

Vital

Farms,

Inc.

\*

(Food

Products)

3,210

Vitesse

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,556

Vivid

Seats,

Inc.

(Entertainment)

Vox

Royalty

Corp.

\*

(Metals

&

Mining)

Voyager

Technologies,

Inc.

\*

(Aerospace

&

Defense)

923

Voyager

Therapeutics,

Inc.

\*

(Biotechnology)

Vroom,

Inc.

\*

(Specialty

Finance)

VSE

Corp.

(Commercial

Services

&

Supplies)

7,647

VTEX

\*

(Software)

574

Vuzix

Corp.

\*

(Technology

Hardware)

W&T

Offshore,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

Wabash

National

Corp.

(Machinery)

918

WaFd,

Inc.

\*

(Banks)

1,272

Waldencast

PLC

\*

-

Class

A

(Personal

Care

Products)

Walker

&

Dunlop,

Inc.

(Financial

Services)

6,272

Warby

Parker,

Inc.

\*

-

Class

A

(Specialty

Retail)

6,150

Warrior

Met

Coal,

Inc.

(Metals

&

Mining)

7,510

Washington

Federal,

Inc.

(Banks)

5,422

Waterstone

Financial,

Inc.

(Financial

Services)

546

Watts

Water

Technologies,

Inc.

-

Class

A

(Machinery)

17,314

WaVe

Life

Sciences,

Ltd.

\*

(Pharmaceuticals)

1,859

Waystar

Holding

Corp.

\*

(Health

Care

Technology)

9,403

Co.

(Household

Products)

6,126

Weave

Communications,

Inc.

\*

(Software)

882

WEBTOON

Entertainment,

Inc.

\*

(Interactive

Media

&

Services)

796

Weis

Markets,

Inc.

(Consumer

Staples

Distribution

&

Retail)

2,659

Werner

Enterprises,

Inc.

(Ground

Transportation)

3,448

WesBanco,

Inc.

(Banks)

6,865

West

Bancorp,

Inc.

\*

(Banks)

691

Westamerica

Bancorp

(Banks)

2,799

Western

New

England

Bancorp,

Inc.

\*

(Banking)

Westrock

Coffee

Co.

\*

(Food

Products)

WESTWOOD

HOLDINGS

GROUP

INC

\*

(Asset

Management)

Weyco

Group,

Inc.

(Distributors)

Whitestone

REIT

(Retail

REITs)

1,253

WideOpenWest,

Inc.

\*

(Media)

593

Willdan

Group,

Inc.

\*

(Professional

Services)

2,997

Willis

Lease

Finance

Corp.

(Trading

Companies

&

Distributors)

823

Winmark

Corp.

(Specialty

Retail)

3,484

Winnebago

Industries,

Inc.

(Automobiles)

2,074

WisdomTree,

Inc.

(Capital

Markets)

3,795

WM

Technology,

Inc.

\*

(Software)

WNS

Holdings,

Ltd.

\*

(Professional

Services)

6,483

Wolverine

World

Wide,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

5,022

Workiva,

Inc.

\*

(Software)

9,813

World

Acceptance

Corp.

\*

(Consumer

Finance)

1,015

World

Kinect

Corp.

(Oil,

Gas

&

Consumable

Fuels)

3,244

Worthington

Enterprises,

Inc.

(Household

Durables)

3,940

Worthington

Steel,

Inc.

(Metals

&

Mining)

2,249

WSFS

Financial

Corp.

(Banks)

6,849

XCF

Global,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

Xencor,

Inc.

\*

(Biotechnology)

1,877

Xenia

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

3,073

Xenon

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

6,905

Xeris

Biopharma

Holdings,

Inc.

\*

(Pharmaceuticals)

2,833

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Common

Stocks,

continued

Shares

Value

Xerox

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

$

1,004

XOMA

Royalty

Corp.

\*

(Biotechnology)

809

Xometry,

Inc.

\*

-

Class

A

(Trading

Companies

&

Distributors)

5,338

XPEL,

Inc.

\*

(Automobile

Components)

1,819

Xperi,

Inc.

\*

(Software)

654

Xponential

Fitness,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

Yelp,

Inc.

\*

(Interactive

Media

&

Services)

4,367

Yext,

Inc.

\*

(Software)

1,960

Zenas

Biopharma,

Inc.

\*

(Biotechnology)

821

Zeta

Global

Holdings

Corp.

\*

-

Class

A

(Software)

8,385

Zevia

PBC

\*

-

Class

A

(Beverages)

Zevra

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,170

Ziff

Davis,

Inc.

\*

(Interactive

Media

&

Services)

3,620

Zimvie,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,193

ZipRecruiter,

Inc.

\*

(Interactive

Media

&

Services)

650

Zspace,

Inc.

\*

(Software)

Zumiez,

Inc.

\*

(Specialty

Retail)

628

Zurn

Elkay

Water

Solutions

Corp.

(Building

Products)

16,038

Zymeworks,

Inc.

\*

(Biotechnology)

1,930

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,869,667)

6,421,208

Rights

(0

.0

%)

Shares

Value

Cartesian

Therapeutics,

Inc.

\*†CVR

(Biotechnology)

–

Chinook

Therapeutics

\*†CVR

(Biotechnology)

–

TOTAL

RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$–)

–

Trust

(0.0%)

Interest

Units

Value

Ferroglobe

Representation

and

Warranty

Insurance

\*†

(Metals

&

Mining)

$

–

TOTAL

TRUST

(Cost

$–)

–

Repurchase

Agreements

(b) (c) (24

.0

%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$2,060,230

$

2,060,000

$

2,060,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$2,060,000)

2,060,000

Collateral

for

Securities

Loaned

(d) (1

.5

%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 129,462

129,462

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $129,462)

129,462

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,059,129)— 100.5%

8,610,670

Net

other

assets

(liabilities)

—

(0

.5)

%

(40,597)

NET

ASSETS

—

100.0%

$

8,570,073

\*

Non-income

producing

security.

†

These

securities

were

fair

valued

based

on

procedures

approved

by

the

Board

of

Trustees.

As

of

September

30,

2025,

these

securities

represented

0.0%

of

the

net

assets

of

the

Fund.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$124,622.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$201,000.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

CME

E-mini

Russell

2000

Index

Futures

Contracts

12/22/25

$

491,100

$

10,594

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

10/27/25

4.64%

$

1,264,533

$

1,052

Russell

2000

Index

UBS

AG

10/27/25

4.79%

404,456

$1,668,989

$1,387

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Small-Cap

invested

in

the

following

industries

as

of

September

30,

2025:

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Value

%

of

Net

Assets

Advertising

&

Marketing

$

954

NM

Aerospace

&

Defense

120,881

1.4%

Air

Freight

&

Logistics

6,352

0.1%

Apparel

&

Textile

Products

1,634

NM

Asset

Management

6,579

0.1%

Automobile

Components

80,309

0.9%

Automobiles

2,468

NM

Automotive

6,387

0.1%

Banking

13,403

0.1%

Banks

626,543

7.3%

Beverages

7,224

0.1%

Biotech

&

Pharma

34,527

0.4%

Biotechnology

467,754

5.5%

Broadline

Retail

6,280

0.1%

Building

Products

88,384

1.0%

Cable

&

Satellite

1,427

NM

Capital

Markets

103,162

1.2%

Chemicals

106,253

1.2%

Commercial

Services

&

Supplies

116,135

1.4%

Commercial

Support

Services

1,770

NM

Communications

Equipment

54,873

0.6%

Construction

&

Engineering

153,346

1.8%

Construction

Materials

14,325

0.2%

Consumer

Finance

60,651

0.7%

Consumer

Staples

Distribution

&

Retail

31,688

0.4%

Containers

&

Packaging

14,775

0.2%

Distributors

3,124

NM

Diversified

Consumer

Services

85,928

1.0%

Diversified

Telecommunication

Services

25,512

0.3%

Electric

Utilities

79,071

0.9%

Electrical

Equipment

144,274

1.7%

Electronic

Equipment,

Instruments

&

Components

211,375

2.5%

Energy

Equipment

&

Services

101,532

1.2%

Engineering

&

Construction

1,022

NM

Entertainment

31,327

0.4%

Entertainment

Content

881

NM

Equity

REIT

-

Diversified

37,875

0.4%

Financial

Services

153,603

1.8%

Food

Products

50,705

0.6%

Forestry,

Paper

&

Wood

Products

879

NM

Gas

&

Water

Utilities

11,226

0.1%

Gas

Utilities

55,874

0.6%

Ground

Transportation

19,563

0.2%

Health

Care

Equipment

&

Supplies

150,985

1.8%

Health

Care

Facilities

&

Services

5,578

0.1%

Health

Care

Providers

&

Services

200,368

2.3%

Health

Care

REITs

62,732

0.7%

Health

Care

Technology

24,586

0.3%

Hotel

&

Resort

REITs

38,324

0.5%

Hotels,

Restaurants

&

Leisure

105,752

1.2%

Household

Durables

119,286

1.4%

Household

Products

18,164

0.2%

Independent

Power/Renewable

Electricity

Producers

13,588

0.2%

Industrial

Conglomerates

1,777

NM

Industrial

Intermediate

Products

612

NM

Industrial

REITs

25,246

0.3%

Institutional

Financial

Services

5,332

0.1%

Insurance

126,471

1.5%

Interactive

Media

&

Services

38,918

0.5%

Internet

Media

&

Services

3,626

NM

IT

Services

45,203

0.5%

Leisure

Facilities

&

Services

6,329

0.1%

Leisure

Products

30,360

0.4%

Life

Sciences

Tools

&

Services

20,525

0.2%

Machinery

242,529

2.8%

Value

%

of

Net

Assets

Marine

Transportation

$

11,614

0.1%

Media

59,732

0.7%

Medical

Equipment

&

Devices

9,588

0.1%

Metals

&

Mining

133,398

1.6%

Mortgage

REITs

54,749

0.7%

Multi-Utilities

27,020

0.3%

Office

REITs

41,314

0.5%

Oil

&

Gas

Producers

2,415

NM

Oil

&

Gas

Services

&

Equipment

2,551

NM

Oil,

Gas

&

Consumable

Fuels

195,750

2.3%

Paper

&

Forest

Products

4,197

NM

Passenger

Airlines

34,846

0.4%

Personal

Care

Products

13,036

0.1%

Pharmaceuticals

107,609

1.2%

Professional

Services

117,335

1.4%

Real

Estate

Management

&

Development

46,092

0.6%

Real

Estate

Owners

&

Developers

538

NM

Real

Estate

Services

NM

REITS

&

Real

Estate

Management

2,673

NM

Renewable

Energy

8,063

0.1%

Residential

REITs

24,247

0.3%

Retail

-

Discretionary

876

NM

Retail

REITs

75,561

0.9%

Semiconductors

646

NM

Semiconductors

&

Semiconductor

Equipment

224,677

2.6%

Software

404,681

4.8%

Specialized

REITs

24,241

0.3%

Specialty

Finance

3,905

NM

Specialty

Retail

145,513

1.7%

Steel

547

NM

Technology

Hardware

3,278

NM

Technology

Hardware,

Storage

&

Peripherals

48,030

0.6%

Technology

Services

5,063

0.1%

Telecommunications

4,660

0.1%

Textiles,

Apparel

&

Luxury

Goods

39,618

0.5%

Tobacco

7,038

0.1%

Trading

Companies

&

Distributors

68,768

0.8%

Transportation

&

Logistics

4,841

0.1%

Transportation

Infrastructure

NM

Water

Utilities

21,909

0.3%

Wholesale

-

Discretionary

NM

Wireless

Telecommunication

Services

11,165

0.1%

Other

\*\*

2,148,865

25.0%

Total

$

8,570,073

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Growth

Common

Stocks

(100.0%)

Shares

Value

A10

Networks,

Inc.

\*

(Software)

970

$

17,606

ACADIA

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,930

41,186

Acadia

Realty

Trust

(Retail

REITs)

2,025

40,804

Acadian

Asset

Management,

Inc.

(Capital

Markets)

594

28,607

ACI

Worldwide,

Inc.

\*

(Software)

2,311

121,951

ACM

Research,

Inc.

\*

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

660

25,826

Acushnet

Holdings

Corp.

(Leisure

Products)

27,158

Addus

HomeCare

Corp.

\*

(Health

Care

Providers

&

Services)

29,851

Adeia

,

Inc.

(Software)

907

15,238

ADMA

Biologics,

Inc.

\*

(Biotechnology)

5,346

78,372

Adtalem

Global

Education,

Inc.

\*

(Diversified

Consumer

Services)

806

124,487

Advanced

Energy

Industries,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

70,438

Agilysys

,

Inc.

\*

(Software)

568

59,782

Alamo

Group,

Inc.

(Machinery)

20,235

Alarm.com

Holdings,

Inc.

\*

(Software)

670

35,564

Albany

International

Corp.

(Machinery)

17,589

Alkermes

PLC

\*

(Biotechnology)

2,366

70,980

Alpha

and

Omega

Semiconductor,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,437

Alpha

Metallurgical

Resources,

Inc.

(Metals

&

Mining)

25,434

American

Assets

Trust,

Inc.

(Equity

REIT

-

Diversified)

624

12,680

American

States

Water

Co.

(Water

Utilities)

31,674

Ameris

Bancorp

(Banks)

690

50,584

AMERISAFE,

Inc.

(Insurance)

8,373

Amphastar

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

505

13,458

ANI

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

35,449

Apogee

Enterprises,

Inc.

(Building

Products)

21,001

Apollo

Medical

Holdings,

Inc.

\*

(Health

Care

Providers

&

Services)

962

27,273

Apple

Hospitality

REIT,

Inc.

(Hotel

&

Resort

REITs)

2,420

29,064

Archrock

,

Inc.

(Energy

Equipment

&

Services)

3,939

103,634

Arcosa

,

Inc.

(Construction

&

Engineering)

703

65,878

Arcus

Biosciences,

Inc.

\*

(Biotechnology)

1,550

21,080

Arlo

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,333

22,594

Armada

Hoffler

Properties,

Inc.

(Equity

REIT

-

Diversified)

1,152

8,076

ARMOUR

Residential

REIT,

Inc.

(Mortgage

REITs)

—

(a) 6

Armstrong

World

Industries,

Inc.

(Building

Products)

969

189,934

Arrowhead

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,207

41,629

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

(Capital

Markets)

758

32,897

Artivion

,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

930

39,376

Assured

Guaranty,

Ltd.

(Insurance)

41,563

Atlas

Energy

Solutions,

Inc.

(b) (Energy

Equipment

&

Services)

1,719

19,545

Axcelis

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

40,521

Axos

Financial,

Inc.

\*

(Banks)

1,263

106,912

Azenta

,

Inc.

(Life

Sciences

Tools

&

Services)

12,867

AZZ,

Inc.

(Building

Products)

672

73,335

Badger

Meter,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

660

117,863

Balchem

Corp.

(Chemicals)

727

109,094

BancFirst

Corp.

(Banks)

58,420

Bank

of

Hawaii

Corp.

(Banks)

26,912

BankUnited

,

Inc.

(Banks)

775

29,574

Banner

Corp.

(Banks)

25,873

Benchmark

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

17,386

BGC

Group,

Inc.

-

Class

A

(Capital

Markets)

4,496

42,532

BioLife

Solutions,

Inc.

\*

(Life

Sciences

Tools

&

Services)

869

22,168

BlackLine

,

Inc.

\*

(Software)

1,165

61,862

Common

Stocks,

continued

Shares

Value

Boot

Barn

Holdings,

Inc.

\*

(Specialty

Retail)

684

$

113,353

Box,

Inc.

\*

-

Class

A

(Software)

3,243

104,652

Brady

Corp.

-

Class

A

(Commercial

Services

&

Supplies)

628

49,003

Brinker

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

996

126,172

Cactus,

Inc.

-

Class

A

(Energy

Equipment

&

Services)

1,536

60,626

Calix,

Inc.

\*

(Communications

Equipment)

532

32,649

Cal-Maine

Foods,

Inc.

(Food

Products)

1,021

96,077

CareTrust

REIT,

Inc.

(Health

Care

REITs)

2,418

83,857

Cargurus

,

Inc.

\*

(Interactive

Media

&

Services)

1,905

70,923

Cars.com,

Inc.

\*

(Interactive

Media

&

Services)

564

6,892

Catalyst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,577

50,767

Cathay

General

Bancorp

(Banks)

774

37,160

Cavco

Industries,

Inc.

\*

(Household

Durables)

102,789

Centerspace

(Residential

REITs)

12,369

Central

Pacific

Financial

Corp.

(Banks)

11,378

Century

Aluminum

Co.

\*

(Metals

&

Mining)

1,192

34,997

CEVA,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,787

Champion

Homes,

Inc.

\*

(Household

Durables)

1,266

96,684

Chesapeake

Utilities

Corp.

(Gas

Utilities)

40,407

Cinemark

Holdings,

Inc.

(Entertainment)

2,294

64,278

City

Holding

Co.

(Banks)

40,134

Cleanspark

,

Inc.

\*(b)

(Software)

6,296

91,292

Clear

Secure,

Inc.

-

Class

A

(Software)

1,943

64,857

Cogent

Communications

Holdings,

Inc.

(Diversified

Telecommunication

Services)

1,064

40,804

Cohen

&

Steers,

Inc.

(Capital

Markets)

617

40,481

Collegium

Pharmaceutical,

Inc.

\*

(Pharmaceuticals)

705

24,668

Community

Financial

System,

Inc.

(Banks)

758

44,449

Comstock

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

904

17,926

Concentra

Group

Holdings

Parent,

Inc.

(Health

Care

Providers

&

Services)

1,095

22,918

Corcept

Therapeutics,

Inc.

\*

(Pharmaceuticals)

2,101

174,615

Core

Laboratories,

Inc.

(Energy

Equipment

&

Services)

505

6,242

Core

Natural

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,153

96,253

CoreCivic

,

Inc.

(Commercial

Services

&

Supplies)

1,271

25,865

CorVel

Corp.

\*

(Health

Care

Providers

&

Services)

701

54,271

CSG

Systems

International,

Inc.

(Professional

Services)

20,151

CSW

Industrials,

Inc.

(Building

Products)

91,274

CTS

Corp.

(Electronic

Equipment,

Instruments

&

Components)

15,816

Curbline

Properties

Corp.

\*

(Retail

REITs)

2,168

48,346

CVB

Financial

Corp.

(Banks)

1,190

22,503

Dave

&

Buster's

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

604

10,969

DiamondRock

Hospitality

Co.

(Hotel

&

Resort

REITs)

4,592

36,552

Digi

International,

Inc.

\*

(Communications

Equipment)

17,865

DigitalOcean

Holdings,

Inc.

\*

(IT

Services)

1,530

52,265

DNOW,

Inc.

\*

(Trading

Companies

&

Distributors)

1,368

20,862

Donnelley

Financial

Solutions,

Inc.

\*

(Capital

Markets)

13,320

Dorman

Products,

Inc.

\*

(Automobile

Components)

623

97,113

DoubleVerify

Holdings,

Inc.

\*

(Software)

1,705

20,426

Douglas

Emmett,

Inc.

(Office

REITs)

2,176

33,880

Dream

Finders

Homes,

Inc.

\*

-

Class

A

(Household

Durables)

646

16,744

DXP

Enterprises,

Inc.

\*

(Trading

Companies

&

Distributors)

33,816

Dycom

Industries,

Inc.

\*

(Construction

&

Engineering)

647

188,769

Dynavax

Technologies

Corp.

\*

(Biotechnology)

916

9,096

Element

Solutions,

Inc.

(Chemicals)

2,340

58,898

Elme

Communities

(Residential

REITs)

1,165

19,643

Employers

Holdings,

Inc.

(Insurance)

11,640

Enact

Holdings,

Inc.

\*

(Financial

Services)

5,828

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Growth

Common

Stocks,

continued

Shares

Value

Energizer

Holdings,

Inc.

(Household

Products)

572

$

14,237

Enerpac

Tool

Group

Corp.

(Machinery)

1,208

49,528

Enova

International,

Inc.

\*

(Consumer

Finance)

560

64,450

Enpro

,

Inc.

(Machinery)

65,992

ePlus

,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

19,670

ESCO

Technologies,

Inc.

(Machinery)

579

122,233

Essential

Properties

Realty

Trust,

Inc.

(Equity

REIT

-

Diversified)

4,438

132,074

Etsy,

Inc.

\*

(Broadline

Retail)

1,088

72,232

EVERTEC,

Inc.

(Financial

Services)

932

31,483

Everus

Construction

Group,

Inc.

\*

(Construction

&

Engineering)

548

46,991

Extreme

Networks,

Inc.

\*

(Communications

Equipment)

1,421

29,344

FB

Financial

Corp.

(Banks)

23,634

Federal

Signal

Corp.

(Machinery)

1,362

162,064

First

Bancorp

(Banks)

2,178

48,025

First

Commonwealth

Financial

Corp.

(Banks)

1,097

18,704

First

Financial

Bancorp

(Banks)

1,009

25,477

First

Hawaiian,

Inc.

(Banks)

1,201

29,821

FormFactor

,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

778

28,335

Forward

Air

Corp.

(Air

Freight

&

Logistics)

4,897

Four

Corners

Property

Trust,

Inc.

(Specialized

REITs)

1,263

30,817

Franklin

Electric

Co.,

Inc.

(Machinery)

523

49,790

Freshpet

,

Inc.

\*

(Retail

-

Discretionary)

1,093

60,235

Frontdoor

,

Inc.

\*

(Diversified

Consumer

Services)

1,632

109,817

Fulton

Financial

Corp.

(Banks)

1,917

35,714

Gates

Industrial

Corp.

PLC

\*

(Machinery)

3,808

94,515

Getty

Realty

Corp.

(Retail

REITs)

501

13,442

Glaukos

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,285

104,792

Gogo

,

Inc.

\*

(Wireless

Telecommunication

Services)

770

6,614

Goosehead

Insurance,

Inc.

-

Class

A

(Insurance)

568

42,271

Granite

Construction,

Inc.

(Construction

&

Engineering)

981

107,567

Green

Brick

Partners,

Inc.

\*

(Household

Durables)

683

50,446

Grid

Dynamics

Holdings,

Inc.

\*

(IT

Services)

978

7,540

Griffon

Corp.

(Building

Products)

876

66,707

Group

Automotive,

Inc.

(Specialty

Retail)

60,814

HA

Sustainable

Infrastructure

Capital,

Inc.

(Financial

Services)

1,499

46,019

Hanesbrands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

4,201

27,685

Harmonic,

Inc.

\*

(Communications

Equipment)

1,301

13,244

Harmony

Biosciences

Holdings,

Inc.

\*

(Pharmaceuticals)

889

24,501

Hawkins,

Inc.

(Chemicals)

85,330

HCI

Group,

Inc.

(Insurance)

46,255

HealthStream

,

Inc.

(Health

Care

Technology)

8,698

Hecla

Mining

Co.

(Metals

&

Mining)

4,147

50,179

Heidrick

&

Struggles

International,

Inc.

(Professional

Services)

12,492

Helix

Energy

Solutions

Group,

Inc.

\*

(Energy

Equipment

&

Services)

1,745

11,447

Helmerich

&

Payne,

Inc.

(Energy

Equipment

&

Services)

1,292

28,540

Highwoods

Properties,

Inc.

(Office

REITs)

1,477

46,998

HNI

Corp.

(Commercial

Services

&

Supplies)

534

25,018

ICU

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

553

66,338

Impinj

,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

580

104,835

Ingevity

Corp.

\*

(Chemicals)

23,014

Innospec

,

Inc.

(Chemicals)

21,450

Innovative

Industrial

Properties,

Inc.

(Industrial

REITs)

22,879

Innoviva

,

Inc.

\*

(Pharmaceuticals)

738

13,469

Inspire

Medical

Systems,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

603

44,743

Installed

Building

Products,

Inc.

(Household

Durables)

511

126,044

Common

Stocks,

continued

Shares

Value

Integer

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

785

$

81,114

Inter

Parfums

,

Inc.

(Personal

Care

Products)

40,336

InterDigital

,

Inc.

(Software)

578

199,544

Interface,

Inc.

(Commercial

Services

&

Supplies)

1,307

37,825

International

Seaways,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

517

23,823

Itron

,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,024

127,549

J

&

J

Snack

Foods

Corp.

(Food

Products)

18,449

John

Bean

Technologies

Corp.

(Machinery)

68,680

John

Wiley

&

Sons,

Inc.

-

Class

A

(Media)

542

21,934

Kadant

,

Inc.

(Machinery)

78,561

KAR

Auction

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

2,381

68,524

Kennedy-Wilson

Holdings,

Inc.

(Real

Estate

Management

&

Development)

996

8,287

Kinetik

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

18,806

Kodiak

Gas

Services,

Inc.

(Energy

Equipment

&

Services)

1,474

54,494

Kontoor

Brands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,145

91,336

Korn

Ferry

(Professional

Services)

727

50,875

Krystal

Biotech,

Inc.

\*

(Biotechnology)

577

101,858

Lakeland

Financial

Corp.

(Banks)

19,774

LeMaitre

Vascular,

Inc.

(Health

Care

Equipment

&

Supplies)

40,780

Liberty

Energy,

Inc.

(Energy

Equipment

&

Services)

1,996

24,631

Ligand

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

42,868

Lindsay

Corp.

(Machinery)

15,321

Liquidity

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

532

14,593

LiveRamp

Holdings,

Inc.

\*

(Software)

764

20,735

LTC

Properties,

Inc.

(Health

Care

REITs)

17,803

Lumen

Technologies,

Inc.

(Diversified

Telecommunication

Services)

10,786

66,011

M/I

Homes,

Inc.

\*

(Household

Durables)

45,210

Mack-Cali

Realty

Corp.

(Residential

REITs)

782

11,886

Madison

Square

Garden

Sports

Corp.

\*

(Entertainment)

91,254

Magnolia

Oil

&

Gas

Corp.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

2,657

63,423

MARA

Holdings,

Inc.

\*(b)

(Software)

8,298

151,521

Matson,

Inc.

(Marine

Transportation)

44,957

Mercury

General

Corp.

(Insurance)

596

50,529

Merit

Medical

Systems,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,327

110,445

MGE

Energy,

Inc.

(Electric

Utilities)

507

42,680

Middlesex

Water

Co.

(Water

Utilities)

10,932

Mirion

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

5,494

127,791

Mister

Car

Wash,

Inc.

\*

(Diversified

Consumer

Services)

1,034

5,511

Moelis

&

Co.

-

Class

A

(Capital

Markets)

847

60,408

Monarch

Casino

&

Resort,

Inc.

(Hotels,

Restaurants

&

Leisure)

29,424

Moog,

Inc.

-

Class

A

(Aerospace

&

Defense)

637

132,286

Mueller

Water

Products,

Inc.

-

Class

A

(Machinery)

3,501

89,346

MYR

Group,

Inc.

\*

(Construction

&

Engineering)

41,190

N-able,

Inc.

\*

(Software)

739

5,764

National

Bank

Holdings

Corp.

-

Class

A

(Banks)

14,838

National

Beverage

Corp.

(Beverages)

10,079

National

HealthCare

Corp.

(Health

Care

Providers

&

Services)

21,629

NBT

Bancorp,

Inc.

(Banks)

516

21,548

NCR

Atleos

Corp.

\*

(Financial

Services)

725

28,500

NeoGenomics

,

Inc.

\*

(Health

Care

Providers

&

Services)

1,303

10,059

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Growth

Common

Stocks,

continued

Shares

Value

NexPoint

Residential

Trust,

Inc.

(Residential

REITs)

$

15,723

NMI

Holdings,

Inc.

\*

-

Class

A

(Financial

Services)

1,738

66,634

Noble

Corp.

PLC

\*

(Energy

Equipment

&

Services)

1,770

50,056

Northern

Oil

and

Gas,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

2,175

53,940

Oceaneering

International,

Inc.

\*

(Energy

Equipment

&

Services)

2,245

55,631

OFG

Bancorp

(Banks)

589

25,616

OSI

Systems,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

87,982

Otter

Tail

Corp.

(Electric

Utilities)

34,673

Outfront

Media,

Inc.

(Specialized

REITs)

3,259

59,705

Palomar

Holdings,

Inc.

\*

(Insurance)

600

70,050

Park

National

Corp.

(Banks)

34,456

Pathward

Financial,

Inc.

(Banks)

514

38,041

Patrick

Industries,

Inc.

(Automobile

Components)

36,925

Payoneer

Global,

Inc.

\*

(Financial

Services)

6,539

39,561

PDF

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

716

18,487

Pebblebrook

Hotel

Trust

(Hotel

&

Resort

REITs)

1,329

15,137

Perdoceo

Education

Corp.

(Diversified

Consumer

Services)

725

27,304

Phibro

Animal

Health

Corp.

-

Class

A

(Pharmaceuticals)

18,490

Phillips

Edison

&

Co.,

Inc.

(Retail

REITs)

1,238

42,501

Phinia

,

Inc.

(Automobile

Components)

25,579

Photronics

,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

566

12,990

Piper

Sandler

Cos.

(Capital

Markets)

129,081

Pitney

Bowes,

Inc.

(Commercial

Services

&

Supplies)

1,668

19,032

PJT

Partners,

Inc.

-

Class

A

(Capital

Markets)

544

96,685

Plexus

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

59,468

Powell

Industries,

Inc.

(Electrical

Equipment)

64,315

Preferred

Bank

(Banks)

23,321

Prestige

Consumer

Healthcare,

Inc.

\*

(Pharmaceuticals)

661

41,246

Privia

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

1,784

44,422

PROG

Holdings,

Inc.

(Consumer

Finance)

886

28,671

Progress

Software

Corp.

(Software)

966

42,436

Progyny

,

Inc.

\*

(Health

Care

Providers

&

Services)

895

19,260

Protagonist

Therapeutics,

Inc.

\*

(Biotechnology)

1,310

87,023

Q2

Holdings,

Inc.

\*

(Software)

1,398

101,201

QuinStreet

,

Inc.

\*

(Interactive

Media

&

Services)

1,277

19,755

Radian

Group,

Inc.

(Financial

Services)

1,366

49,477

RadNet

,

Inc.

\*

(Health

Care

Providers

&

Services)

1,551

118,202

Reynolds

Consumer

Products,

Inc.

(Household

Products)

8,662

RPC,

Inc.

(Energy

Equipment

&

Services)

1,037

4,936

Rush

Enterprises,

Inc.

-

Class

A

(Trading

Companies

&

Distributors)

850

45,449

RXO,

Inc.

\*

(Ground

Transportation)

1,727

26,561

Ryman

Hospitality

Properties,

Inc.

(Hotel

&

Resort

REITs)

1,411

126,412

S&T

Bancorp,

Inc.

(Banks)

17,141

Sabre

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

8,836

16,170

Sanmina

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

573

65,958

Sarepta

Therapeutics,

Inc.

\*

(Biotechnology)

2,189

42,182

Saul

Centers,

Inc.

(Retail

REITs)

4,685

Schrodinger,

Inc.

\*

(Health

Care

Technology)

666

13,360

Sealed

Air

Corp.

(Containers

&

Packaging)

1,285

45,425

SeaWorld

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

25,436

Semtech

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,940

138,613

Sensient

Technologies

Corp.

(Chemicals)

504

47,300

Common

Stocks,

continued

Shares

Value

ServisFirst

Bancshares,

Inc.

(Banks)

1,126

$

90,676

Shake

Shack,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

901

84,343

SiTime

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

147,340

Six

Flags

Entertainment

Corp.

(Hotels,

Restaurants

&

Leisure)

2,269

51,552

SkyWest,

Inc.

\*

(Passenger

Airlines)

904

90,960

SL

Green

Realty

Corp.

(Office

REITs)

1,114

66,629

SM

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels)

1,287

32,136

SolarEdge

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,763

Sprinklr

,

Inc.

\*

-

Class

A

(Software)

1,034

7,982

SPS

Commerce,

Inc.

\*

(Software)

849

88,415

SPX

Technologies,

Inc.

\*

(Machinery)

1,106

206,579

STAAR

Surgical

Co.

\*

(Health

Care

Equipment

&

Supplies)

633

17,009

Standex

International

Corp.

(Machinery)

37,294

StepStone

Group,

Inc.

-

Class

A

(Capital

Markets)

923

60,281

Sterling

Infrastructure,

Inc.

\*

(Construction

&

Engineering)

681

231,323

Steven

Madden,

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

1,074

35,958

StoneX

Group,

Inc.

\*

(Capital

Markets)

551

55,607

Stride,

Inc.

\*

(Diversified

Consumer

Services)

965

143,727

Summit

Hotel

Properties,

Inc.

(Hotel

&

Resort

REITs)

1,163

6,385

Sunstone

Hotel

Investors,

Inc.

(Hotel

&

Resort

REITs)

4,256

39,880

Supernus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

641

30,633

Sylvamo

Corp.

(Paper

&

Forest

Products)

760

33,607

Tandem

Diabetes

Care,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,515

18,392

Tanger

,

Inc.

(Retail

REITs)

1,699

57,494

Teradata

Corp.

\*

(Software)

741

15,939

Terreno

Realty

Corp.

(Industrial

REITs)

1,134

64,354

TG

Therapeutics,

Inc.

\*

(Biotechnology)

3,040

109,821

The

Bancorp,

Inc.

\*

(Banks)

1,031

77,211

The

Buckle,

Inc.

(Specialty

Retail)

19,768

The

Cheesecake

Factory,

Inc.

(Hotels,

Restaurants

&

Leisure)

677

36,991

The

Chefs'

Warehouse,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

813

47,422

The

GEO

Group,

Inc.

(Commercial

Services

&

Supplies)

3,109

63,703

The

Greenbrier

Cos.,

Inc.

(Machinery)

692

31,950

The

Macerich

Co.

(Retail

REITs)

3,737

68,012

The

Simply

Good

Foods

Co.

\*

(Food

Products)

953

23,653

The

St.

Joe

Co.

(Real

Estate

Management

&

Development)

895

44,285

The

Wendy's

Co.

(Hotels,

Restaurants

&

Leisure)

1,595

14,610

Thryv

Holdings,

Inc.

\*

(Media)

4,137

Tidewater,

Inc.

\*

(Energy

Equipment

&

Services)

1,031

54,983

Tompkins

Financial

Corp.

(Banks)

7,482

Tootsie

Roll

Industries,

Inc.

(Food

Products)

10,522

TransMedics

Group,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

764

85,721

Tri

Pointe

Homes,

Inc.

\*

(Household

Durables)

1,000

33,970

Trinity

Industries,

Inc.

(Machinery)

1,810

50,752

TripAdvisor,

Inc.

\*

(Interactive

Media

&

Services)

1,743

28,341

Triumph

Financial,

Inc.

\*

(Banks)

15,412

Trupanion

,

Inc.

\*

(Insurance)

751

32,503

TTM

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,203

69,293

U.S.

Physical

Therapy,

Inc.

(Health

Care

Providers

&

Services)

14,187

UFP

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

34,531

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Growth

Common

Stocks,

continued

Shares

Value

UniFirst

Corp.

(Commercial

Services

&

Supplies)

$

25,246

Uniti

Group,

Inc.

(Specialized

REITs)

1,886

11,542

Unitil

Corp.

(Multi-Utilities)

7,370

Universal

Health

Realty

Income

Trust

(Health

Care

REITs)

5,601

Urban

Edge

Properties

(Retail

REITs)

1,691

34,615

Urban

Outfitters,

Inc.

\*

(Specialty

Retail)

542

38,715

Veracyte

,

Inc.

\*

(Biotechnology)

1,762

60,489

Vericel

Corp.

\*

(Biotechnology)

1,130

35,561

Verra

Mobility

Corp.

\*

-

Class

A

(Professional

Services)

3,574

88,278

Viad

Corp.

(Commercial

Services

&

Supplies)

17,403

Viavi

Solutions,

Inc.

\*

(Communications

Equipment)

2,151

27,296

Vicor

Corp.

\*

(Electrical

Equipment)

14,270

Victory

Capital

Holdings,

Inc.

-

Class

A

(Capital

Markets)

874

56,600

Virtu

Financial,

Inc.

-

Class

A

(Capital

Markets)

1,780

63,190

Virtus

Investment

Partners,

Inc.

(Capital

Markets)

10,642

Warrior

Met

Coal,

Inc.

(Metals

&

Mining)

1,178

74,968

Waystar

Holding

Corp.

\*

(Health

Care

Technology)

1,647

62,454

Co.

(Household

Products)

36,556

Westamerica

Bancorp

(Banks)

15,647

Whitestone

REIT

(Retail

REITs)

504

6,189

WillScot

Mobile

Mini

Holdings

Corp.

(Biotech

&

Pharma)

2,529

53,387

WisdomTree

,

Inc.

(Capital

Markets)

2,694

37,447

Wolverine

World

Wide,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,237

33,943

WSFS

Financial

Corp.

(Banks)

577

31,118

Xencor

,

Inc.

\*

(Biotechnology)

672

7,883

Xenia

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

2,146

29,443

XPEL,

Inc.

\*

(Automobile

Components)

564

18,651

Yelp,

Inc.

\*

(Interactive

Media

&

Services)

738

23,026

Zurn

Elkay

Water

Solutions

Corp.

(Building

Products)

3,340

157,080

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,180,084)

16,661,668

Repurchase

Agreements

(c) (NM)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$6,001

$

6,000

6,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$6,000)

6,000

Collateral

for

Securities

Loaned

(d) (1.6%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 262,021

262,021

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $262,021)

262,021

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$12,448,105)— 101.6%

16,929,689

Net

other

assets

(liabilities) —

(1.6)%

(272,157)

NET

ASSETS

—

100.0%

$

16,657,532

\*

Non-income

producing

security.

(a) Number

of

shares

is

less

than

0.50. (b) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$248,361.

(c) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. NM

Not

meaningful,

amount

is

less

than

0.05%

REIT

Real

Estate

Investment

Trust

ProFund

VP

Small-Cap

Growth

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

132,286

0.8%

Air

Freight

&

Logistics

4,897

NM

Automobile

Components

178,268

1.1%

Banks

1,067,554

6.4%

Beverages

10,079

0.1%

Biotech

&

Pharma

53,387

0.3%

Biotechnology

757,927

4.6%

Broadline

Retail

72,232

0.4%

Building

Products

599,331

3.6%

Capital

Markets

727,778

4.4%

Chemicals

345,087

2.1%

Commercial

Services

&

Supplies

346,212

2.1%

Communications

Equipment

120,398

0.7%

Construction

&

Engineering

681,717

4.1%

Consumer

Finance

93,122

0.6%

Consumer

Staples

Distribution

&

Retail

47,422

0.3%

Containers

&

Packaging

45,425

0.3%

Diversified

Consumer

Services

410,846

2.5%

Diversified

Telecommunication

Services

106,815

0.7%

Electric

Utilities

77,353

0.5%

Electrical

Equipment

78,585

0.5%

Electronic

Equipment,

Instruments

&

Components

801,807

4.8%

Energy

Equipment

&

Services

474,766

2.9%

Entertainment

155,532

0.9%

Equity

REIT

-

Diversified

152,830

0.9%

Financial

Services

267,502

1.6%

Food

Products

148,701

0.9%

Gas

Utilities

40,407

0.2%

Ground

Transportation

26,561

0.1%

Health

Care

Equipment

&

Supplies

643,241

3.9%

Health

Care

Providers

&

Services

362,072

2.2%

Health

Care

REITs

107,261

0.7%

Health

Care

Technology

84,512

0.5%

Hotel

&

Resort

REITs

282,872

1.7%

Hotels,

Restaurants

&

Leisure

395,667

2.4%

Household

Durables

471,887

2.8%

Household

Products

59,455

0.3%

Industrial

REITs

87,233

0.5%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Growth

Value

%

of

Net

Assets

Insurance

$

303,184

1.8%

Interactive

Media

&

Services

148,937

0.9%

IT

Services

59,805

0.3%

Leisure

Products

27,158

0.2%

Life

Sciences

Tools

&

Services

35,035

0.2%

Machinery

1,160,429

7.0%

Marine

Transportation

44,957

0.3%

Media

26,071

0.2%

Metals

&

Mining

185,577

1.1%

Mortgage

REITs

NM

Multi-Utilities

7,370

NM

Office

REITs

147,507

0.9%

Oil,

Gas

&

Consumable

Fuels

306,307

1.8%

Paper

&

Forest

Products

33,607

0.2%

Passenger

Airlines

90,960

0.5%

Personal

Care

Products

40,336

0.2%

Pharmaceuticals

419,397

2.5%

Professional

Services

171,796

1.0%

Real

Estate

Management

&

Development

52,571

0.3%

Residential

REITs

59,621

0.4%

Retail

-

Discretionary

60,235

0.3%

Retail

REITs

316,089

1.9%

Semiconductors

&

Semiconductor

Equipment

545,935

3.3%

Software

1,226,766

7.4%

Specialized

REITs

102,065

0.5%

Specialty

Retail

232,650

1.4%

Textiles,

Apparel

&

Luxury

Goods

188,922

1.1%

Trading

Companies

&

Distributors

100,127

0.6%

Water

Utilities

42,607

0.3%

Wireless

Telecommunication

Services

6,614

NM

Other

\*\*

(4,136)

NM

Total

$

16,657,532

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Value

Common

Stocks

(99.2%)

Shares

Value

A10

Networks,

Inc.

\*

(Software)

619

$

11,235

AAR

Corp.

(Aerospace

&

Defense)

760

68,149

ABM

Industries,

Inc.

(Commercial

Services

&

Supplies)

1,335

61,569

Academy

Sports

&

Outdoors,

Inc.

(Specialty

Retail)

1,426

71,329

Acadia

Healthcare

Company,

Inc.

\*

(Health

Care

Providers

&

Services)

1,981

49,050

ACADIA

Pharmaceuticals,

Inc.

\*

(Biotechnology)

830

17,712

Acadia

Realty

Trust

(Retail

REITs)

871

17,551

ACM

Research,

Inc.

\*

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

19,369

Acushnet

Holdings

Corp.

(Leisure

Products)

20,407

Adamas

Trust,

Inc.

(Mortgage

REITs)

1,801

12,553

AdaptHealth

Corp.

\*

(Health

Care

Providers

&

Services)

2,299

20,576

Addus

HomeCare

Corp.

\*

(Health

Care

Providers

&

Services)

17,463

Adeia,

Inc.

(Software)

1,478

24,830

Adient

PLC

(Automobile

Components)

1,742

41,947

Advance

Auto

Parts,

Inc.

(Specialty

Retail)

1,286

78,960

Advanced

Energy

Industries,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

70,098

AdvanSix,

Inc.

(Chemicals)

576

11,163

Air

Lease

Corp.

(Trading

Companies

&

Distributors)

2,253

143,403

Alamo

Group,

Inc.

(Machinery)

24,626

Alarm.com

Holdings,

Inc.

\*

(Software)

22,718

Albany

International

Corp.

(Machinery)

16,843

Alexander

&

Baldwin,

Inc.

(Equity

REIT

-

Diversified)

1,560

28,376

Alkermes

PLC

\*

(Biotechnology)

1,275

38,250

Allegiant

Travel

Co.

(Passenger

Airlines)

17,563

Alpha

and

Omega

Semiconductor,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,689

Alpha

Metallurgical

Resources,

Inc.

(Metals

&

Mining)

14,276

Amentum

Holdings,

Inc.

\*

(Technology

Services)

3,288

78,748

American

Assets

Trust,

Inc.

(Equity

REIT

-

Diversified)

8,433

American

Axle

&

Manufacturing

Holdings,

Inc.

\*

(Automobile

Components)

2,545

15,295

American

Eagle

Outfitters,

Inc.

(Specialty

Retail)

3,456

59,132

American

States

Water

Co.

(Water

Utilities)

30,281

American

Woodmark

Corp.

\*

(Building

Products)

20,829

Ameris

Bancorp

(Banks)

716

52,490

AMERISAFE,

Inc.

(Insurance)

9,820

AMN

Healthcare

Services,

Inc.

\*

(Health

Care

Providers

&

Services)

822

15,914

Amphastar

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

7,569

Angi,

Inc.

\*

(Interactive

Media

&

Services)

789

12,829

Apollo

Commercial

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

2,801

28,374

Apple

Hospitality

REIT,

Inc.

(Hotel

&

Resort

REITs)

2,411

28,957

Arbor

Realty

Trust,

Inc.

(a) (Mortgage

REITs)

4,124

50,354

ArcBest

Corp.

(Ground

Transportation)

34,027

Arcosa,

Inc.

(Construction

&

Engineering)

35,516

Arlo

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

963

16,323

Armada

Hoffler

Properties,

Inc.

(Equity

REIT

-

Diversified)

620

4,346

ARMOUR

Residential

REIT,

Inc.

(a) (Mortgage

REITs)

2,414

36,065

Arrowhead

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,809

62,392

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

(Capital

Markets)

786

34,112

Asbury

Automotive

Group,

Inc.

\*

(Specialty

Retail)

103,157

Assured

Guaranty,

Ltd.

(Insurance)

41,394

Astec

Industries,

Inc.

(Machinery)

23,632

Atlantic

Union

Bankshares

Corp.

(Banks)

3,055

107,811

Avanos

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

995

11,502

Avista

Corp.

(Multi-Utilities)

1,740

65,789

Axcelis

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

26,949

Common

Stocks,

continued

Shares

Value

Azenta,

Inc.

(Life

Sciences

Tools

&

Services)

$

12,809

Banc

of

California,

Inc.

(Banks)

2,812

46,539

Bank

of

Hawaii

Corp.

(Banks)

30,260

BankUnited,

Inc.

(Banks)

871

33,237

Banner

Corp.

(Banks)

23,777

Beacon

Financial

Corporation

(Banks)

1,783

42,275

Benchmark

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

13,068

BGC

Group,

Inc.

-

Class

A

(Capital

Markets)

3,521

33,309

BJ's

Restaurants,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

14,471

Blackstone

Mortgage

Trust,

Inc.

-

Class

A

(Mortgage

REITs)

3,421

62,981

Bloomin'

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,642

11,773

Boise

Cascade

Co.

(Trading

Companies

&

Distributors)

801

61,933

BorgWarner,

Inc.

(Automobile

Components)

4,641

204,019

Brady

Corp.

-

Class

A

(Commercial

Services

&

Supplies)

26,374

Brandywine

Realty

Trust

(Office

REITs)

3,725

15,533

Bread

Financial

Holdings,

Inc.

(Consumer

Finance)

1,000

55,769

Bristow

Group,

Inc.

\*

(Energy

Equipment

&

Services)

538

19,411

Cable

One,

Inc.

(Media)

17,528

Caesars

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

4,461

120,559

Caleres,

Inc.

(Specialty

Retail)

725

9,454

California

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,561

83,014

California

Water

Service

Group

(Water

Utilities)

1,278

58,647

Calix,

Inc.

\*

(Communications

Equipment)

765

46,948

Capitol

Federal

Financial,

Inc.

(Banks)

2,621

16,643

CareTrust

REIT,

Inc.

(Health

Care

REITs)

2,410

83,579

Cars.com,

Inc.

\*

(Interactive

Media

&

Services)

686

8,383

Carter's,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

781

22,040

Cathay

General

Bancorp

(Banks)

741

35,575

Celanese

Corp.

(Chemicals)

2,349

98,845

Centerspace

(Residential

REITs)

9,306

Central

Garden

&

Pet

Co.

\*

(Household

Products)

5,681

Central

Garden

&

Pet

Co.

\*

-

Class

A

(Household

Products)

1,107

32,690

Central

Pacific

Financial

Corp.

(Banks)

6,675

Century

Communities,

Inc.

(Household

Durables)

554

35,107

Certara,

Inc.

\*

(Health

Care

Technology)

2,584

31,576

CEVA,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,025

Chesapeake

Utilities

Corp.

(Gas

Utilities)

29,228

Clearway

Energy,

Inc.

-

Class

A

(Independent

Power/

Renewable

Electricity

Producers)

742

19,982

Clearway

Energy,

Inc.

-

Class

C

(Independent

Power/

Renewable

Electricity

Producers)

1,786

50,455

Cohu,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,001

20,350

Community

Financial

System,

Inc.

(Banks)

23,925

Comstock

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

832

16,499

Concentra

Group

Holdings

Parent,

Inc.

(Health

Care

Providers

&

Services)

1,508

31,562

CONMED

Corp.

(Health

Care

Equipment

&

Supplies)

664

31,228

Core

Laboratories,

Inc.

(Energy

Equipment

&

Services)

523

6,464

CoreCivic,

Inc.

(Commercial

Services

&

Supplies)

1,079

21,958

Corsair

Gaming,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

1,001

8,929

Cracker

Barrel

Old

Country

Store,

Inc.

(a) (Hotels,

Restaurants

&

Leisure)

21,061

Crescent

Energy

Co.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

3,986

35,555

CSG

Systems

International,

Inc.

(Professional

Services)

18,541

CTS

Corp.

(Electronic

Equipment,

Instruments

&

Components)

10,105

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Value

Common

Stocks,

continued

Shares

Value

Cushman

&

Wakefield

PLC

\*

(Real

Estate

Management

&

Development)

4,966

$

79,059

Customers

Bancorp,

Inc.

\*

(Banks)

631

41,248

CVB

Financial

Corp.

(Banks)

1,639

30,993

CVR

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

647

23,603

Cytek

Biosciences,

Inc.

\*

(Life

Sciences

Tools

&

Services)

2,347

8,144

Dana,

Inc.

(Automobile

Components)

2,813

56,373

Deluxe

Corp.

(Commercial

Services

&

Supplies)

963

18,644

Digi

International,

Inc.

\*

(Communications

Equipment)

11,886

Dime

Community

Bancshares,

Inc.

(Banks)

875

26,101

Diodes,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

996

52,997

DNOW,

Inc.

\*

(Trading

Companies

&

Distributors)

988

15,067

Donnelley

Financial

Solutions,

Inc.

\*

(Capital

Markets)

17,589

Dorian

LPG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

787

23,453

DoubleVerify

Holdings,

Inc.

\*

(Software)

1,282

15,358

Douglas

Emmett,

Inc.

(Office

REITs)

1,508

23,480

DXC

Technology

Co.

\*

(IT

Services)

3,839

52,326

Dynavax

Technologies

Corp.

\*

(Biotechnology)

1,261

12,522

Eagle

Bancorp,

Inc.

(Banks)

593

11,990

Easterly

Government

Properties,

Inc.

(Office

REITs)

923

21,164

Edgewell

Personal

Care

Co.

(Personal

Care

Products)

997

20,299

Element

Solutions,

Inc.

(Chemicals)

2,630

66,197

Ellington

Financial,

Inc.

(Mortgage

REITs)

2,142

27,803

Elme

Communities

(Residential

REITs)

775

13,067

Embecta

Corp.

(Health

Care

Equipment

&

Supplies)

1,254

17,694

Employers

Holdings,

Inc.

(Insurance)

10,280

Enact

Holdings,

Inc.

\*

(Financial

Services)

18,672

Encore

Capital

Group,

Inc.

\*

(Consumer

Finance)

20,620

Energizer

Holdings,

Inc.

(Household

Products)

756

18,817

Enovis

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,226

37,197

Enphase

Energy,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,804

99,234

Enpro,

Inc.

(Machinery)

38,872

Enviri

Corp.

(Commercial

Services

&

Supplies)

1,730

21,954

ePlus,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

21,303

Ethan

Allen

Interiors,

Inc.

(Household

Durables)

14,612

Etsy,

Inc.

\*

(Broadline

Retail)

1,084

71,967

EVERTEC,

Inc.

(Financial

Services)

16,214

Everus

Construction

Group,

Inc.

\*

(Construction

&

Engineering)

569

48,792

eXp

World

Holdings,

Inc.

(Real

Estate

Management

&

Development)

1,923

20,499

Extreme

Networks,

Inc.

\*

(Communications

Equipment)

1,473

30,417

EZCORP,

Inc.

\*

-

Class

A

(Consumer

Finance)

1,242

23,648

FB

Financial

Corp.

(Banks)

27,591

First

Bancorp

(Banks)

889

47,019

First

Bancorp

(Banks)

1,333

29,393

First

Commonwealth

Financial

Corp.

(Banks)

1,184

20,187

First

Financial

Bancorp

(Banks)

1,088

27,472

First

Hawaiian,

Inc.

(Banks)

1,524

37,841

FMC

Corp.

(Chemicals)

2,679

90,095

FormFactor,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

910

33,142

Fortrea

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,947

16,394

Forward

Air

Corp.

(Air

Freight

&

Logistics)

7,333

Four

Corners

Property

Trust,

Inc.

(Specialized

REITs)

1,031

25,156

Fox

Factory

Holding

Corp.

\*

(Automobile

Components)

897

21,788

Franklin

BSP

Realty

Trust,

Inc.

(Mortgage

REITs)

1,765

19,168

Franklin

Electric

Co.,

Inc.

(Machinery)

30,464

Fresh

Del

Monte

Produce,

Inc.

(Food

Products)

710

24,651

Fulton

Financial

Corp.

(Banks)

2,070

38,564

Gates

Industrial

Corp.

PLC

\*

(Machinery)

1,878

46,612

Common

Stocks,

continued

Shares

Value

Gentherm,

Inc.

\*

(Automobile

Components)

655

$

22,309

Genworth

Financial,

Inc.

\*

-

Class

A

(Insurance)

8,803

78,347

Getty

Realty

Corp.

(Retail

REITs)

636

17,064

Gibraltar

Industries,

Inc.

\*

(Building

Products)

633

39,752

G-III

Apparel

Group,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

817

21,740

Global

Net

Lease,

Inc.

(Equity

REIT

-

Diversified)

4,262

34,650

Gogo,

Inc.

\*

(Wireless

Telecommunication

Services)

864

7,422

Golden

Entertainment,

Inc.

ARS

(Hotels,

Restaurants

&

Leisure)

9,927

Grid

Dynamics

Holdings,

Inc.

\*

(IT

Services)

3,716

Grocery

Outlet

Holding

Corp.

\*

(Consumer

Staples

Distribution

&

Retail)

2,104

33,769

Group

Automotive,

Inc.

(Specialty

Retail)

60,814

Guess?,

Inc.

(Specialty

Retail)

658

10,995

H.B.

Fuller

Co.

(Chemicals)

1,157

68,587

HA

Sustainable

Infrastructure

Capital,

Inc.

(Financial

Services)

1,222

37,515

Hanesbrands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

3,566

23,500

Hanmi

Financial

Corp.

(Banks)

641

15,826

Harmonic,

Inc.

\*

(Communications

Equipment)

1,196

12,175

Hayward

Holdings,

Inc.

\*

(Building

Products)

4,276

64,653

Healthcare

Services

Group,

Inc.

(Commercial

Services

&

Supplies)

1,554

26,154

HealthStream,

Inc.

(Health

Care

Technology)

6,043

Heartland

Express,

Inc.

(Ground

Transportation)

980

8,212

Hecla

Mining

Co.

(Metals

&

Mining)

10,210

123,541

Heidrick

&

Struggles

International,

Inc.

(Professional

Services)

10,203

Helen

of

Troy,

Ltd.

\*

(Household

Durables)

12,398

Helix

Energy

Solutions

Group,

Inc.

\*

(Energy

Equipment

&

Services)

1,260

8,266

Helmerich

&

Payne,

Inc.

(Energy

Equipment

&

Services)

896

19,793

Heritage

Financial

Corp.

(Banks)

728

17,610

Hertz

Global

Holdings,

Inc.

\*(a)

(Ground

Transportation)

2,666

18,129

Highwoods

Properties,

Inc.

(Office

REITs)

904

28,765

Hillenbrand,

Inc.

(Machinery)

1,511

40,857

Hilltop

Holdings,

Inc.

\*

(Banks)

946

31,615

HNI

Corp.

(Commercial

Services

&

Supplies)

22,113

Hope

Bancorp,

Inc.

(Banks)

2,749

29,607

Horace

Mann

Educators

Corp.

(Insurance)

873

39,433

Hub

Group,

Inc.

-

Class

A

(Air

Freight

&

Logistics)

1,301

44,806

IAC

Inc.

\*

(Interactive

Media

&

Services)

1,451

49,435

Ichor

Holdings,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

736

12,895

Independent

Bank

Corp.

(Banks)

1,071

74,081

Ingevity

Corp.

\*

(Chemicals)

21,138

Innospec,

Inc.

(Chemicals)

20,525

Innovative

Industrial

Properties,

Inc.

(Industrial

REITs)

10,287

Innovex

International,

Inc.

\*

(Energy

Equipment

&

Services)

826

15,314

Innoviva,

Inc.

\*

(Pharmaceuticals)

578

10,549

Insight

Enterprises,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

675

76,552

Insteel

Industries,

Inc.

(Building

Products)

15,949

Integra

LifeSciences

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,437

20,592

International

Seaways,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

17,188

J

&

J

Snack

Foods

Corp.

(Food

Products)

14,414

Jackson

Financial,

Inc.

-

Class

A

(Financial

Services)

1,494

151,238

JBG

SMITH

Properties

(Office

REITs)

1,324

29,460

JetBlue

Airways

Corp.

\*

(Passenger

Airlines)

6,240

30,700

John

B. Sanfilippo

&

Son,

Inc.

(Food

Products)

12,599

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Value

Common

Stocks,

continued

Shares

Value

John

Bean

Technologies

Corp.

(Machinery)

646

$

90,730

John

Wiley

&

Sons,

Inc.

-

Class

A

(Media)

14,569

Kaiser

Aluminum

Corp.

(Metals

&

Mining)

26,543

Kennametal,

Inc.

(Machinery)

1,630

34,116

Kennedy-Wilson

Holdings,

Inc.

(Real

Estate

Management

&

Development)

1,621

13,487

Kinetik

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

515

22,011

KKR

Real

Estate

Finance

Trust,

Inc.

(Mortgage

REITs)

1,169

10,521

Knowles

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,842

42,937

Kohl's

Corp.

(Broadline

Retail)

2,403

36,934

Koppers

Holdings,

Inc.

(Chemicals)

11,844

Korn

Ferry

(Professional

Services)

29,811

Kulicke

&

Soffa

Industries,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,118

45,436

Lakeland

Financial

Corp.

(Banks)

16,178

La-Z-Boy,

Inc.

(Household

Durables)

883

30,305

LCI

Industries

(Automobile

Components)

520

48,438

Leggett

&

Platt,

Inc.

(Household

Durables)

2,903

25,779

Lexington

Realty

Trust

(Industrial

REITs)

6,344

56,842

LGI

Homes,

Inc.

\*

(Household

Durables)

22,494

Liberty

Energy,

Inc.

(Energy

Equipment

&

Services)

1,563

19,287

Ligand

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

33,479

Lincoln

National

Corp.

(Insurance)

3,619

145,955

Lindsay

Corp.

(Machinery)

17,992

LiveRamp

Holdings,

Inc.

\*

(Software)

675

18,320

LTC

Properties,

Inc.

(Health

Care

REITs)

522

19,241

Lumen

Technologies,

Inc.

(Diversified

Telecommunication

Services)

9,921

60,717

M/I

Homes,

Inc.

\*

(Household

Durables)

38,421

Mack-Cali

Realty

Corp.

(Residential

REITs)

993

15,093

Magnolia

Oil

&

Gas

Corp.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

1,431

34,158

ManpowerGroup,

Inc.

(Professional

Services)

993

37,635

Marcus

&

Millichap,

Inc.

(Real

Estate

Management

&

Development)

518

15,203

MarineMax,

Inc.

\*

(Specialty

Retail)

10,259

MarketAxess

Holdings,

Inc.

(Capital

Markets)

801

139,575

Marten

Transport,

Ltd.

(Ground

Transportation)

1,241

13,229

Masterbrand,

Inc.

\*

(Building

Products)

2,718

35,796

Materion

Corp.

(Metals

&

Mining)

53,760

Matson,

Inc.

(Marine

Transportation)

24,155

Matthews

International

Corp.

-

Class

A

(Commercial

Services

&

Supplies)

660

16,025

MaxLinear,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,756

28,236

MDU

Resources

Group,

Inc.

(Construction

&

Engineering)

4,382

78,044

Medical

Properties

Trust,

Inc.

(a) (Health

Care

REITs)

10,571

53,595

Mednax,

Inc.

\*

(Health

Care

Providers

&

Services)

1,831

30,669

Mercury

Systems,

Inc.

\*

(Aerospace

&

Defense)

1,131

87,540

Meritage

Homes

Corp.

(Household

Durables)

1,526

110,529

MGE

Energy,

Inc.

(Electric

Utilities)

25,086

MGP

Ingredients,

Inc.

(Beverages)

7,281

Middlesex

Water

Co.

(Water

Utilities)

10,445

MillerKnoll,

Inc.

(Commercial

Services

&

Supplies)

1,454

25,794

Millrose

Properties

Inc

\*

(Specialized

REITs)

2,579

86,680

Minerals

Technologies,

Inc.

(Chemicals)

673

41,807

Mister

Car

Wash,

Inc.

\*

(Diversified

Consumer

Services)

1,116

5,948

Moelis

&

Co.

-

Class

A

(Capital

Markets)

780

55,630

Monro,

Inc.

(Specialty

Retail)

643

11,555

Mr.

Cooper

Group,

Inc.

\*

(Financial

Services)

1,372

289,204

MYR

Group,

Inc.

\*

(Construction

&

Engineering)

29,748

Myriad

Genetics,

Inc.

\*

(Biotechnology)

1,996

14,431

N-able,

Inc.

\*

(Software)

899

7,012

Common

Stocks,

continued

Shares

Value

National

Bank

Holdings

Corp.

-

Class

A

(Banks)

$

17,349

National

Beverage

Corp.

(Beverages)

8,898

National

HealthCare

Corp.

(Health

Care

Providers

&

Services)

11,665

National

Presto

Industries,

Inc.

\*

(Aerospace

&

Defense)

12,673

National

Vision

Holdings,

Inc.

\*

(Specialty

Retail)

1,699

49,594

Navient

Corp.

(Consumer

Finance)

1,471

19,344

NBT

Bancorp,

Inc.

(Banks)

629

26,267

NCR

Atleos

Corp.

\*

(Financial

Services)

884

34,750

NCR

Voyix

Corp.

\*

(Software)

2,965

37,211

Neogen

Corp.

\*

(Health

Care

Equipment

&

Supplies)

4,658

26,597

NeoGenomics,

Inc.

\*

(Health

Care

Providers

&

Services)

1,524

11,765

NetScout

Systems,

Inc.

\*

(Communications

Equipment)

1,464

37,815

Newell

Brands,

Inc.

(Household

Durables)

8,988

47,097

Noble

Corp.

PLC

\*

(Energy

Equipment

&

Services)

996

28,167

Northwest

Bancshares,

Inc.

(Banks)

3,136

38,855

Northwest

Natural

Holding

Co.

(Gas

Utilities)

878

39,448

OFG

Bancorp

(Banks)

17,005

O-I

Glass,

Inc.

(Containers

&

Packaging)

3,304

42,853

Omnicell,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

985

29,993

Organon

&

Co.

(Pharmaceuticals)

5,576

59,552

Otter

Tail

Corp.

(Electric

Utilities)

40,493

Oxford

Industries,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

12,203

Pacira

BioSciences,

Inc.

\*

(Pharmaceuticals)

964

24,842

Papa

John's

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

703

33,849

Par

Pacific

Holdings,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,090

38,608

Park

National

Corp.

(Banks)

16,903

Patrick

Industries,

Inc.

(Automobile

Components)

38,269

Patterson-UTI

Energy,

Inc.

(Energy

Equipment

&

Services)

7,517

38,938

PC

Connection,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

15,188

Peabody

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,608

69,164

Pebblebrook

Hotel

Trust

(Hotel

&

Resort

REITs)

1,272

14,488

Penguin

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,023

26,884

PENN

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

3,013

58,030

PennyMac

Mortgage

Investment

Trust

(Mortgage

REITs)

1,866

22,877

Perdoceo

Education

Corp.

(Diversified

Consumer

Services)

615

23,161

Phillips

Edison

&

Co.,

Inc.

(Retail

REITs)

1,509

51,804

Phinia,

Inc.

(Automobile

Components)

23,509

Photronics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

748

17,167

Pitney

Bowes,

Inc.

(Commercial

Services

&

Supplies)

1,800

20,538

Plexus

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

26,768

PRA

Group,

Inc.

\*

(Consumer

Finance)

838

12,939

Premier,

Inc.

-

Class

A

(Health

Care

Providers

&

Services)

1,765

49,067

Prestige

Consumer

Healthcare,

Inc.

\*

(Pharmaceuticals)

26,333

PriceSmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

540

65,442

Privia

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

767

19,098

ProAssurance

Corp.

(Insurance)

1,103

26,461

Progyny,

Inc.

\*

(Health

Care

Providers

&

Services)

857

18,443

Proto

Labs,

Inc.

\*

(Machinery)

512

25,615

Provident

Financial

Services,

Inc.

(Banks)

2,802

54,023

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Value

Common

Stocks,

continued

Shares

Value

Qorvo,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,808

$

164,672

Quaker

Chemical

Corp.

(Chemicals)

38,866

Quanex

Building

Products

Corp.

(Building

Products)

980

13,936

QuidelOrtho

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,456

42,879

Radian

Group,

Inc.

(Financial

Services)

1,598

57,880

Ralliant

Corp.

\*

(Electrical

Equipment)

2,418

105,738

Ready

Capital

Corp.

(a) (Mortgage

REITs)

3,313

12,821

Redwood

Trust,

Inc.

(Mortgage

REITs)

2,771

16,044

Renasant

Corp.

(Banks)

2,038

75,182

Resideo

Technologies,

Inc.

(Building

Products)

2,935

126,734

REX

American

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

608

18,617

Reynolds

Consumer

Products,

Inc.

(Household

Products)

828

20,261

Robert

Half,

Inc.

(Professional

Services)

2,144

72,854

Rogers

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

29,046

RPC,

Inc.

(Energy

Equipment

&

Services)

916

4,360

Rush

Enterprises,

Inc.

-

Class

A

(Trading

Companies

&

Distributors)

26,682

RXO,

Inc.

\*

(Ground

Transportation)

1,864

28,668

S&T

Bancorp,

Inc.

(Banks)

14,547

Safehold,

Inc.

(Specialized

REITs)

985

15,258

Safety

Insurance

Group,

Inc.

(Insurance)

22,550

Sally

Beauty

Holdings,

Inc.

\*

(Specialty

Retail)

2,122

34,546

Sandisk

Corp.

\*

(Semiconductors)

2,960

332,112

Sanmina

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

594

68,375

Saul

Centers,

Inc.

(Retail

REITs)

3,984

ScanSource,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

19,620

Schneider

National,

Inc.

-

Class

B

(Ground

Transportation)

1,068

22,599

Scholastic

Corp.

(Media)

13,252

Schrodinger,

Inc.

\*

(Health

Care

Technology)

565

11,334

Seacoast

Banking

Corp.

of

Florida

(Banks)

1,861

56,630

Sealed

Air

Corp.

(Containers

&

Packaging)

1,924

68,013

SeaWorld

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

6,101

Select

Medical

Holdings

Corp.

(Health

Care

Providers

&

Services)

2,367

30,392

Sensient

Technologies

Corp.

(Chemicals)

40,168

Shenandoah

Telecommunications

Co.

(Diversified

Telecommunication

Services)

977

13,111

Shoe

Carnival,

Inc.

(Specialty

Retail)

7,921

Shutterstock,

Inc.

(Interactive

Media

&

Services)

517

10,779

Signet

Jewelers,

Ltd.

(Specialty

Retail)

883

84,696

Simmons

First

National

Corp.

-

Class

A

(Banks)

3,103

59,485

SiriusPoint,

Ltd.

\*

(Insurance)

2,229

40,323

SITE

Centers

Corp.

(Retail

REITs)

1,125

10,136

SJW

Group

(Water

Utilities)

704

34,285

SL

Green

Realty

Corp.

(Office

REITs)

27,333

SM

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels)

1,233

30,788

SolarEdge

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

892

33,004

Sonic

Automotive,

Inc.

-

Class

A

(Specialty

Retail)

24,197

Sonos,

Inc.

\*

(Household

Durables)

2,593

40,969

Southside

Bancshares,

Inc.

(Banks)

606

17,120

Sprinklr,

Inc.

\*

-

Class

A

(Software)

1,614

12,460

STAAR

Surgical

Co.

\*

(Health

Care

Equipment

&

Supplies)

12,280

Standard

Motor

Products,

Inc.

(Automobile

Components)

18,287

Standex

International

Corp.

(Machinery)

19,283

Stellar

Bancorp,

Inc.

(Banks)

991

30,067

Common

Stocks,

continued

Shares

Value

Stepan

Co.

(Chemicals)

$

21,990

StepStone

Group,

Inc.

-

Class

A

(Capital

Markets)

666

43,496

Steven

Madden,

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

530

17,744

Stewart

Information

Services

Corp.

(Insurance)

600

43,992

StoneX

Group,

Inc.

\*

(Capital

Markets)

47,231

Strategic

Education,

Inc.

(Diversified

Consumer

Services)

507

43,607

Sturm

Ruger

&

Co.,

Inc.

(Leisure

Products)

15,084

Summit

Hotel

Properties,

Inc.

(Hotel

&

Resort

REITs)

1,158

6,357

Sun

Country

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

1,143

13,499

SunCoke

Energy,

Inc.

(Metals

&

Mining)

1,816

14,819

Sunrun,

Inc.

\*

(Electrical

Equipment)

4,950

85,586

Supernus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

589

28,148

Talos

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,772

26,583

Tanger,

Inc.

(Retail

REITs)

801

27,106

TEGNA,

Inc.

(Media)

3,450

70,139

Teleflex,

Inc.

(Health

Care

Equipment

&

Supplies)

948

115,998

Telephone

and

Data

Systems,

Inc.

(Wireless

Telecommunication

Services)

2,108

82,718

Tennant

Co.

(Machinery)

32,100

Teradata

Corp.

\*

(Software)

1,317

28,329

Terreno

Realty

Corp.

(Industrial

REITs)

1,130

64,128

The

Andersons,

Inc.

(Consumer

Staples

Distribution

&

Retail)

728

28,982

The

Buckle,

Inc.

(Specialty

Retail)

18,947

The

Cheesecake

Factory,

Inc.

(Hotels,

Restaurants

&

Leisure)

18,250

The

Chemours

Co.

\*

(Chemicals)

3,211

50,862

The

Macerich

Co.

(Retail

REITs)

1,843

33,543

The

Simply

Good

Foods

Co.

\*

(Food

Products)

1,071

26,581

The

Wendy's

Co.

(Hotels,

Restaurants

&

Leisure)

1,866

17,093

Thryv

Holdings,

Inc.

\*

(Media)

558

6,729

TimkenSteel

Corp.

(Metals

&

Mining)

771

12,745

Titan

International,

Inc.

(Machinery)

1,028

7,772

Tompkins

Financial

Corp.

(Banks)

10,792

Tootsie

Roll

Industries,

Inc.

(Food

Products)

7,588

Topgolf

Callaway

Brands

Corp.

\*

(Leisure

Products)

2,997

28,472

TreeHouse

Foods,

Inc.

\*

(Food

Products)

953

19,260

Tri

Pointe

Homes,

Inc.

\*

(Household

Durables)

920

31,252

TripAdvisor,

Inc.

\*

(Interactive

Media

&

Services)

822

13,366

Triumph

Financial,

Inc.

\*

(Banks)

9,458

TrustCo

Bank

Corp.

(Banks)

14,665

Trustmark

Corp.

(Banks)

1,295

51,282

TTM

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,064

61,286

Two

Harbors

Investment

Corp.

(Mortgage

REITs)

2,233

22,040

U.S.

Physical

Therapy,

Inc.

(Health

Care

Providers

&

Services)

14,102

Ultra

Clean

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

972

26,487

UniFirst

Corp.

(Commercial

Services

&

Supplies)

29,592

United

Community

Banks,

Inc.

(Banks)

2,605

81,667

United

Fire

Group,

Inc.

(Insurance)

14,297

United

Natural

Foods,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

1,299

48,868

Uniti

Group,

Inc.

(Specialized

REITs)

2,035

12,454

Unitil

Corp.

(Multi-Utilities)

11,056

Universal

Corp.

(Tobacco)

534

29,835

Universal

Health

Realty

Income

Trust

(Health

Care

REITs)

5,366

Upbound

Group,

Inc.

(Specialty

Retail)

1,118

26,418

Urban

Edge

Properties

(Retail

REITs)

1,079

22,087

Urban

Outfitters,

Inc.

\*

(Specialty

Retail)

634

45,287

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Small-Cap

Value

Common

Stocks,

continued

Shares

Value

USANA

Health

Sciences,

Inc.

\*

(Personal

Care

Products)

$

6,364

Veeco

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,290

39,255

Veritex

Holdings,

Inc.

(Banks)

1,174

39,364

Vestis

Corp.

(Commercial

Services

&

Supplies)

2,403

10,886

Viasat,

Inc.

\*

(Communications

Equipment)

2,880

84,385

Viavi

Solutions,

Inc.

\*

(Communications

Equipment)

2,729

34,631

Vicor

Corp.

\*

(Electrical

Equipment)

10,740

Victoria's

Secret

&

Co.

\*

(Specialty

Retail)

1,713

46,491

Victory

Capital

Holdings,

Inc.

-

Class

A

(Capital

Markets)

14,441

Vir

Biotechnology,

Inc.

\*

(Biotechnology)

2,026

11,568

Virtus

Investment

Partners,

Inc.

(Capital

Markets)

15,772

Vishay

Intertechnology,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

2,648

40,514

Vital

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

624

10,539

Walker

&

Dunlop,

Inc.

(Financial

Services)

731

61,126

Washington

Federal,

Inc.

(Banks)

1,690

51,190

Waystar

Holding

Corp.

\*

(Health

Care

Technology)

887

33,636

Co.

(Household

Products)

22,329

Werner

Enterprises,

Inc.

(Ground

Transportation)

1,283

33,769

Westamerica

Bancorp

(Banks)

12,298

Whitestone

REIT

(Retail

REITs)

5,907

WillScot

Mobile

Mini

Holdings

Corp.

\*

(Biotech

&

Pharma)

1,484

31,327

Winnebago

Industries,

Inc.

(Automobiles)

601

20,097

Wolverine

World

Wide,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

558

15,312

World

Acceptance

Corp.

\*

(Consumer

Finance)

11,332

World

Kinect

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,191

30,906

Worthington

Enterprises,

Inc.

(Household

Durables)

673

37,345

Worthington

Steel,

Inc.

(Metals

&

Mining)

698

21,212

WSFS

Financial

Corp.

(Banks)

648

34,947

Xencor,

Inc.

\*

(Biotechnology)

887

10,405

Yelp,

Inc.

\*

(Interactive

Media

&

Services)

578

18,034

Ziff

Davis,

Inc.

\*

(Interactive

Media

&

Services)

879

33,490

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,742,656)

15,621,150

Repurchase

Agreements

(b) (0.8%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$132,015

$

132,000

132,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$132,000)

132,000

Collateral

for

Securities

Loaned

(c) (0.9%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(d) 139,528

139,528

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $139,528)

139,528

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$13,014,184)— 100.9%

15,892,678

Net

other

assets

(liabilities) —

(0.9)%

(147,089)

NET

ASSETS

—

100.0%

$

15,745,589

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$134,934.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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

September

30,

2025. (d) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. REIT

Real

Estate

Investment

Trust

ProFund

VP

Small-Cap

Value

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

168,362

1.1%

Air

Freight

&

Logistics

52,139

0.3%

Automobile

Components

490,235

3.1%

Automobiles

20,097

0.1%

Banks

1,671,620

10.6%

Beverages

16,179

0.1%

Biotech

&

Pharma

31,327

0.2%

Biotechnology

167,280

1.1%

Broadline

Retail

108,901

0.7%

Building

Products

317,649

2.0%

Capital

Markets

401,155

2.6%

Chemicals

582,087

3.7%

Commercial

Services

&

Supplies

301,601

1.9%

Communications

Equipment

258,257

1.6%

Construction

&

Engineering

192,100

1.2%

Consumer

Finance

143,652

0.9%

Consumer

Staples

Distribution

&

Retail

177,062

1.1%

Containers

&

Packaging

110,866

0.7%

Diversified

Consumer

Services

72,716

0.5%

Diversified

Telecommunication

Services

73,828

0.5%

Electric

Utilities

65,579

0.4%

Electrical

Equipment

202,064

1.3%

Electronic

Equipment,

Instruments

&

Components

511,183

3.2%

Energy

Equipment

&

Services

160,000

1.0%

Equity

REIT

-

Diversified

75,805

0.5%

Financial

Services

666,599

4.2%

Food

Products

105,093

0.7%

Gas

Utilities

68,676

0.4%

Ground

Transportation

158,633

1.0%

Health

Care

Equipment

&

Supplies

345,959

2.2%

Health

Care

Providers

&

Services

319,766

2.0%

Health

Care

REITs

161,781

1.0%

Health

Care

Technology

82,589

0.5%

Hotel

&

Resort

REITs

49,802

0.3%

Hotels,

Restaurants

&

Leisure

311,113

2.0%

Household

Durables

446,308

2.8%

Household

Products

99,778

0.6%

Independent

Power/Renewable

Electricity

Producers

70,437

0.4%

Industrial

REITs

131,257

0.8%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Small-Cap

Value

Value

%

of

Net

Assets

Insurance

$

472,852

3.0%

Interactive

Media

&

Services

146,316

0.9%

IT

Services

56,042

0.4%

Leisure

Products

63,963

0.4%

Life

Sciences

Tools

&

Services

37,347

0.3%

Machinery

449,514

2.9%

Marine

Transportation

24,155

0.1%

Media

122,217

0.8%

Metals

&

Mining

266,896

1.7%

Mortgage

REITs

321,601

2.0%

Multi-Utilities

76,845

0.5%

Office

REITs

145,735

0.9%

Oil,

Gas

&

Consumable

Fuels

480,686

3.1%

Passenger

Airlines

61,762

0.4%

Personal

Care

Products

26,663

0.2%

Pharmaceuticals

190,472

1.2%

Professional

Services

169,044

1.1%

Real

Estate

Management

&

Development

128,248

0.8%

Residential

REITs

37,466

0.3%

Retail

REITs

189,181

1.2%

Semiconductors

332,112

2.1%

Semiconductors

&

Semiconductor

Equipment

660,791

4.2%

Software

177,473

1.1%

Specialized

REITs

139,548

0.9%

Specialty

Retail

753,753

4.8%

Technology

Hardware,

Storage

&

Peripherals

8,929

0.1%

Technology

Services

78,748

0.5%

Textiles,

Apparel

&

Luxury

Goods

112,539

0.7%

Tobacco

29,834

0.2%

Trading

Companies

&

Distributors

247,085

1.6%

Water

Utilities

133,658

0.9%

Wireless

Telecommunication

Services

90,140

0.6%

Other

\*\*

124,439

0.8%

Total

$

15,745,589

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

REIT

Real

Estate

Investment

Trust

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Technology

Common

Stocks

(97.5%)

Shares

Value

Accenture

PLC

ADR

-

Class

A

(IT

Services)

3,351

$

826,357

Adobe,

Inc.

\*

(Software)

2,282

804,976

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

8,732

1,412,750

Akamai

Technologies,

Inc.

\*

(IT

Services)

772

58,487

Amphenol

Corp.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

6,569

812,914

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

2,670

656,019

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

28,609

7,284,710

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,318

884,067

AppLovin

Corp

\*

-

Class

A

(Software)

1,457

1,046,913

Arista

Networks,

Inc.

\*

(Communications

Equipment)

5,545

807,962

Autodesk,

Inc.

\*

(Software)

1,151

365,638

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

9,067

2,991,294

Cadence

Design

Systems,

Inc.

\*

(Software)

1,466

514,947

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

705

112,292

Cisco

Systems,

Inc.

(Communications

Equipment)

21,307

1,457,824

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

2,628

176,260

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

4,194

344,034

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

1,341

657,600

Datadog,

Inc.

\*

-

Class

A

(Software)

1,739

247,634

Dell

Technologies,

Inc.

-

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

1,631

231,227

EPAM

Systems,

Inc.

\*

(IT

Services)

45,237

F5,

Inc.

\*

(Communications

Equipment)

99,866

Fair

Isaac

Corp.

\*

(Software)

193,052

First

Solar,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

577

127,246

Fortinet,

Inc.

\*

(Software)

3,505

294,700

Gartner,

Inc.

\*

(IT

Services)

107,251

Gen

Digital,

Inc.

(Software)

3,016

85,624

GoDaddy,

Inc.

\*

-

Class

A

(IT

Services)

745

101,938

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

7,061

173,418

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

5,054

137,620

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

23,551

790,136

International

Business

Machines

Corp.

(IT

Services)

5,012

1,414,185

Intuit,

Inc.

(Software)

1,501

1,025,048

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

577

125,307

Keysight

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

926

161,976

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

710

765,806

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

6,810

911,859

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

2,904

186,495

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,022

1,007,601

Microsoft

Corp.

(Software)

14,329

7,421,706

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

237,525

Motorola

Solutions,

Inc.

(Communications

Equipment)

896

409,732

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

1,077

127,581

Common

Stocks,

continued

Shares

Value

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

47,037

$

8,776,164

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

1,357

309,030

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,201

108,531

Oracle

Corp.

(Software)

7,721

2,171,454

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

12,237

2,232,274

Palo

Alto

Networks,

Inc.

\*

(Software)

3,594

731,810

PTC,

Inc.

\*

(Software)

645

130,948

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,803

965,387

Roper

Technologies,

Inc.

(Software)

579

288,742

Salesforce,

Inc.

(Software)

5,144

1,219,128

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

1,144

270,053

ServiceNow,

Inc.

\*

(Software)

1,119

1,029,793

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

799

61,507

Super

Micro

Computer,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

2,697

129,294

Synopsys,

Inc.

\*

(Software)

997

491,910

TE

Connectivity,

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

1,590

349,053

Teledyne

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

147,682

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

856

117,820

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

4,892

898,807

Trimble,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,280

104,512

Tyler

Technologies,

Inc.

\*

(Software)

121,896

VeriSign,

Inc.

(IT

Services)

126,366

Western

Digital

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

1,867

224,152

Workday,

Inc.

\*

-

Class

A

(Software)

1,162

279,728

Zebra

Technologies

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

81,422

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $23,070,137)

59,012,277

Repurchase

Agreements

(a) (0.9%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$570,064

$

570,000

570,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$570,000)

570,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$23,640,137)— 98.4%

59,582,277

Net

other

assets

(liabilities) —

1.6%

963,281

NET

ASSETS

—

100.0%

$

60,545,558

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

ADR

American

Depositary

Receipt

Total

Return

Swap

Agreements—Long

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Technology

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

10/23/25

4.84%

$

1,466,229

$

8,136

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Technology

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Communications

Equipment

$

2,775,385

4.6%

Electronic

Equipment,

Instruments

&

Components

2,239,192

3.7%

IT

Services

2,856,081

4.7%

Semiconductors

&

Semiconductor

Equipment

21,208,044

35.0%

Software

21,355,520

35.3%

Technology

Hardware,

Storage

&

Peripherals

8,578,055

14.2%

Other

\*\*

1,533,281

2.5%

Total

$

60,545,558

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraBull

Common

Stocks

(68.8%)

Shares

Value

3M

Co.

(Industrial

Conglomerates)

$

23,122

A.O.

Smith

Corp.

(Building

Products)

2,349

Abbott

Laboratories

(Health

Care

Equipment

&

Supplies)

65,363

AbbVie,

Inc.

(Biotechnology)

114,612

Accenture

PLC

ADR

-

Class

A

(IT

Services)

42,908

Adobe,

Inc.

\*

(Software)

41,977

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

73,614

Aflac,

Inc.

(Insurance)

15,080

Agilent

Technologies,

Inc.

(Life

Sciences

Tools

&

Services)

10,268

Air

Products

&

Chemicals,

Inc.

(Chemicals)

16,909

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

14,570

Akamai

Technologies,

Inc.

\*

(IT

Services)

3,030

Albemarle

Corp.

(Chemicals)

2,676

Alexandria

Real

Estate

Equities,

Inc.

(Office

REITs)

3,667

Align

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,379

Allegion

PLC

(Building

Products)

4,256

Alliant

Energy

Corp.

(Electric

Utilities)

4,854

Allstate

Corp.

(Insurance)

15,884

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

1,630

396,253

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

1,308

318,563

Altria

Group,

Inc.

(Tobacco)

31,114

Amazon.com,

Inc.

\*

(Broadline

Retail)

2,719

597,011

Amcor

PLC

(Containers

&

Packaging)

646

5,284

Ameren

Corp.

(Multi-Utilities)

7,933

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

16,875

American

Express

Co.

(Consumer

Finance)

50,488

American

International

Group,

Inc.

(Insurance)

12,174

American

Tower

Corp.

-

Class

A

(Specialized

REITs)

25,194

American

Water

Works

Co.,

Inc.

(Water

Utilities)

7,655

Ameriprise

Financial,

Inc.

(Capital

Markets)

12,773

AMETEK,

Inc.

(Electrical

Equipment)

12,220

Amgen,

Inc.

(Biotechnology)

42,612

Amphenol

Corp.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

42,322

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

34,152

Aon

PLC

-

Class

A

(Insurance)

21,395

APA

Corp.

(Oil,

Gas

&

Consumable

Fuels)

2,428

Apollo

Global

Management,

Inc.

(Financial

Services)

17,192

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

4,157

1,058,497

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

46,067

AppLovin

Corp

\*

-

Class

A

(Software)

54,609

Aptiv

PLC

\*

(Automobile

Components)

5,259

Arch

Capital

Group,

Ltd.

(Insurance)

9,436

Archer-Daniels-Midland

Co.

(Food

Products)

8,064

Arista

Networks,

Inc.

\*

(Communications

Equipment)

42,110

Arthur

J. Gallagher

&

Co.

(Insurance)

22,301

Assurant,

Inc.

(Insurance)

3,032

AT&T,

Inc.

(Diversified

Telecommunication

Services)

2,003

56,565

Atmos

Energy

Corp.

(Gas

Utilities)

7,684

Autodesk,

Inc.

\*

(Software)

19,060

Automatic

Data

Processing,

Inc.

(Professional

Services)

33,165

AutoZone,

Inc.

\*

(Specialty

Retail)

21,451

AvalonBay

Communities,

Inc.

(Residential

REITs)

7,727

Avery

Dennison

Corp.

(Containers

&

Packaging)

3,568

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

15,788

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

13,447

Ball

Corp.

(Containers

&

Packaging)

3,832

Bank

of

America

Corp.

(Banks)

1,909

98,485

Baxter

International,

Inc.

(Health

Care

Equipment

&

Supplies)

3,279

Common

Stocks,

continued

Shares

Value

Becton,

Dickinson

&

Co.

(Health

Care

Equipment

&

Supplies)

$

14,974

Berkshire

Hathaway,

Inc.

\*

-

Class

B

(Financial

Services)

514

258,409

Best

Buy

Co.,

Inc.

(Specialty

Retail)

4,159

Biogen,

Inc.

\*

(Biotechnology)

5,743

Bio-Techne

Corp.

(Life

Sciences

Tools

&

Services)

2,448

BlackRock,

Inc.

(Capital

Markets)

46,635

Blackstone,

Inc.

(Capital

Markets)

35,195

Block,

Inc.

\*

(Financial

Services)

11,130

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

48,593

Boston

Properties,

Inc.

(Office

REITs)

3,048

Boston

Scientific

Corp.

\*

(Health

Care

Equipment

&

Supplies)

40,516

Bristol-Myers

Squibb

Co.

(Pharmaceuticals)

570

25,707

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

1,318

434,822

Broadridge

Financial

Solutions,

Inc.

(Professional

Services)

7,860

Brown

&

Brown,

Inc.

(Insurance)

7,691

Brown-Forman

Corp.

-

Class

B

(Beverages)

1,327

Builders

FirstSource,

Inc.

\*

(Building

Products)

3,759

Bunge

Global

SA

(Food

Products)

3,169

C.H.

Robinson

Worldwide,

Inc.

(Air

Freight

&

Logistics)

4,369

Cadence

Design

Systems,

Inc.

\*

(Software)

26,696

Camden

Property

Trust

(Residential

REITs)

3,203

Campbell

Soup

Co.

(a) (Food

Products)

1,737

Capital

One

Financial

Corp.

(Consumer

Finance)

38,052

Cardinal

Health,

Inc.

(Health

Care

Providers

&

Services)

10,516

CarMax,

Inc.

\*

(Specialty

Retail)

1,885

Carnival

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

8,789

Carrier

Global

Corp.

(Building

Products)

13,373

Caterpillar,

Inc.

(Machinery)

62,508

Cboe

Global

Markets,

Inc.

(Capital

Markets)

7,112

CBRE

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

12,920

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

5,893

Cencora,

Inc.

(Health

Care

Providers

&

Services)

16,877

Centene

Corp.

\*

(Health

Care

Providers

&

Services)

4,674

CenterPoint

Energy,

Inc.

(Multi-Utilities)

7,100

CF

Industries

Holdings,

Inc.

(Chemicals)

4,037

Charles

River

Laboratories

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

2,190

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

7,153

Chevron

Corp.

(Oil,

Gas

&

Consumable

Fuels)

539

83,701

Chipotle

Mexican

Grill,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

14,735

Chubb,

Ltd.

(Insurance)

29,354

Church

&

Dwight

Co.,

Inc.

(Household

Products)

5,959

Cincinnati

Financial

Corp.

(Insurance)

6,956

Cintas

Corp.

(Commercial

Services

&

Supplies)

19,705

Cisco

Systems,

Inc.

(Communications

Equipment)

1,109

75,878

Citigroup,

Inc.

(Banks)

516

52,374

Citizens

Financial

Group,

Inc.

(Banks)

6,432

CME

Group,

Inc.

(Capital

Markets)

27,289

CMS

Energy

Corp.

(Multi-Utilities)

6,154

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

9,189

Coinbase

Global,

Inc.

\*

-

Class

A

(Capital

Markets)

21,262

Colgate-Palmolive

Co.

(Household

Products)

18,066

Comcast

Corp.

-

Class

A

(Media)

1,032

32,424

Conagra

Brands,

Inc.

(Food

Products)

2,454

ConocoPhillips

(Oil,

Gas

&

Consumable

Fuels)

33,107

Consolidated

Edison,

Inc.

(Multi-Utilities)

10,153

Constellation

Brands,

Inc.

-

Class

A

(Beverages)

5,387

Constellation

Energy

Corp.

(Electric

Utilities)

28,958

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

11,198

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraBull

Common

Stocks,

continued

Shares

Value

Corning,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

$

17,883

Corpay,

Inc.

\*

(Software)

5,761

Corteva,

Inc.

(Chemicals)

12,850

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

10,040

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

114,777

Coterra

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

5,061

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

34,327

Crown

Castle

International

Corp.

(Specialized

REITs)

11,772

CSX

Corp.

(Ground

Transportation)

522

18,536

Cummins,

Inc.

(Machinery)

16,472

CVS

Health

Corp.

(Health

Care

Providers

&

Services)

26,763

D.R.

Horton,

Inc.

(Household

Durables)

13,218

Danaher

Corp.

(Life

Sciences

Tools

&

Services)

35,489

Darden

Restaurants,

Inc.

(Hotels,

Restaurants

&

Leisure)

6,282

Datadog,

Inc.

\*

-

Class

A

(Software)

12,958

DaVita,

Inc.

\*

(Health

Care

Providers

&

Services)

1,329

Dayforce,

Inc.

\*

(Professional

Services)

3,100

Deckers

Outdoor

Corp.

\*

(Textiles,

Apparel

&

Luxury

Goods)

4,258

Deere

&

Co.

(Machinery)

32,465

Dell

Technologies,

Inc.

-

Class

C

(Technology

Hardware,

Storage

&

Peripherals)

12,050

Delta

Air

Lines,

Inc.

(Passenger

Airlines)

10,328

Devon

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

6,241

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

7,402

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

7,584

Digital

Realty

Trust,

Inc.

(Specialized

REITs)

15,559

Dollar

General

Corp.

(Consumer

Staples

Distribution

&

Retail)

6,408

Dollar

Tree,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

5,096

Dominion

Energy,

Inc.

(Multi-Utilities)

14,620

Domino's

Pizza,

Inc.

(Hotels,

Restaurants

&

Leisure)

3,885

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

28,287

Dover

Corp.

(Machinery)

6,340

Dow,

Inc.

(Chemicals)

4,563

DTE

Energy

Co.

(Multi-Utilities)

8,203

Duke

Energy

Corp.

(Electric

Utilities)

26,978

DuPont

de

Nemours,

Inc.

(Chemicals)

9,114

Eastman

Chemical

Co.

(Chemicals)

2,018

Eaton

Corp.

PLC

(Electrical

Equipment)

40,793

eBay,

Inc.

(Broadline

Retail)

11,642

Ecolab,

Inc.

(Chemicals)

19,717

Edison

International

(Electric

Utilities)

5,970

Edwards

LifeSciences

Corp.

\*

(Health

Care

Equipment

&

Supplies)

12,754

Electronic

Arts,

Inc.

(Entertainment)

12,707

Elevance

Health,

Inc.

(Health

Care

Providers

&

Services)

20,357

Eli

Lilly

&

Co.

(Pharmaceuticals)

170,149

EMCOR

Group,

Inc.

(Construction

&

Engineering)

8,444

Emerson

Electric

Co.

(Electrical

Equipment)

20,726

Entergy

Corp.

(Electric

Utilities)

11,649

EOG

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

17,154

EPAM

Systems,

Inc.

\*

(IT

Services)

2,413

EQT

Corp.

(Oil,

Gas

&

Consumable

Fuels)

9,525

Equifax,

Inc.

(Professional

Services)

8,979

Equinix,

Inc.

(Specialized

REITs)

21,147

Equity

Residential

(Residential

REITs)

6,279

Erie

Indemnity

Co.

\*

-

Class

A

(Insurance)

2,227

Common

Stocks,

continued

Shares

Value

Essex

Property

Trust,

Inc.

(Residential

REITs)

$

4,818

Everest

Group,

Ltd.

(Insurance)

4,203

Evergy,

Inc.

(Electric

Utilities)

4,865

Eversource

Energy

(Electric

Utilities)

7,399

Exelon

Corp.

(Electric

Utilities)

12,738

Expand

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

7,118

Expedia

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

7,054

Expeditors

International

of

Washington,

Inc.

(Air

Freight

&

Logistics)

4,658

Extra

Space

Storage,

Inc.

(Specialized

REITs)

8,315

Exxon

Mobil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,194

134,624

F5,

Inc.

\*

(Communications

Equipment)

5,171

FactSet

Research

Systems,

Inc.

(Capital

Markets)

3,151

Fair

Isaac

Corp.

\*

(Software)

10,476

Fastenal

Co.

(Trading

Companies

&

Distributors)

15,742

Federal

Realty

Investment

Trust

(Retail

REITs)

2,229

FedEx

Corp.

(Air

Freight

&

Logistics)

14,384

Fidelity

National

Information

Services,

Inc.

(Financial

Services)

9,627

Fifth

Third

Bancorp

(Banks)

8,242

First

Horizon

Corp.

(Banks)

—

(b) 7

First

Solar,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,616

FirstEnergy

Corp.

(Electric

Utilities)

6,690

Fiserv,

Inc.

\*

(Financial

Services)

19,597

Ford

Motor

Co.

(Automobiles)

1,095

13,096

Fortinet,

Inc.

\*

(Software)

15,303

Fortive

Corp.

(Machinery)

4,654

Fox

Corp.

-

Class

A

(Media)

3,721

Fox

Corp.

-

Class

B

(Media)

2,120

Franklin

Resources,

Inc.

(Capital

Markets)

1,989

Freeport-McMoRan,

Inc.

(Metals

&

Mining)

15,766

Garmin,

Ltd.

(Household

Durables)

11,326

Gartner,

Inc.

\*

(IT

Services)

5,520

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

9,613

GE

Vernova,

Inc.

(Electrical

Equipment)

46,733

Gen

Digital,

Inc.

(Software)

4,457

Generac

Holdings,

Inc.

\*

(Electrical

Equipment)

2,678

General

Dynamics

Corp.

(Aerospace

&

Defense)

24,211

General

Electric

Co.

(Industrial

Conglomerates)

89,343

General

Mills,

Inc.

(Food

Products)

7,563

General

Motors

Co.

(Automobiles)

16,279

Genuine

Parts

Co.

(Distributors)

5,405

Gilead

Sciences,

Inc.

(Biotechnology)

38,628

Global

Payments,

Inc.

(Financial

Services)

5,649

Globe

Life,

Inc.

(Insurance)

3,288

GoDaddy,

Inc.

\*

-

Class

A

(IT

Services)

5,336

Halliburton

Co.

(Energy

Equipment

&

Services)

5,879

Hasbro,

Inc.

(Leisure

Products)

2,806

HCA

Healthcare,

Inc.

(Health

Care

Providers

&

Services)

19,605

Healthpeak

Properties,

Inc.

(Health

Care

REITs)

3,734

Henry

Schein,

Inc.

\*

(Health

Care

Providers

&

Services)

1,925

Hewlett

Packard

Enterprise

Co.

(Technology

Hardware,

Storage

&

Peripherals)

9,038

Hilton

Worldwide

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

17,123

Hologic,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

4,184

Honeywell

International,

Inc.

(Industrial

Conglomerates)

37,469

Hormel

Foods

Corp.

(Food

Products)

2,029

Host

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

3,047

Howmet

Aerospace,

Inc.

(Aerospace

&

Defense)

22,174

HP,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

7,161

Hubbell,

Inc.

(Electrical

Equipment)

6,455

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraBull

Common

Stocks,

continued

Shares

Value

Humana,

Inc.

(Health

Care

Providers

&

Services)

$

8,846

Huntington

Bancshares,

Inc.

(Banks)

7,098

Huntington

Ingalls

Industries,

Inc.

(Aerospace

&

Defense)

3,167

IDEX

Corp.

(Machinery)

3,418

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

14,056

Illinois

Tool

Works,

Inc.

(Machinery)

19,296

Incyte

Corp.

\*

(Biotechnology)

3,901

Ingersoll

Rand,

Inc.

(Machinery)

8,345

Insulet

Corp.

\*

(Health

Care

Equipment

&

Supplies)

6,175

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,226

41,132

Interactive

Brokers

Group,

Inc.

-

Class

A

(Capital

Markets)

8,601

Intercontinental

Exchange,

Inc.

(Capital

Markets)

26,957

International

Business

Machines

Corp.

(IT

Services)

73,644

International

Flavors

&

Fragrances,

Inc.

(Chemicals)

4,431

International

Paper

Co.

(Containers

&

Packaging)

6,868

Intuit,

Inc.

(Software)

53,267

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

44,723

Invesco,

Ltd.

(Capital

Markets)

2,868

Invitation

Homes,

Inc.

(Residential

REITs)

4,634

IQVIA

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

9,117

Iron

Mountain,

Inc.

(Specialized

REITs)

8,461

J.B.

Hunt

Transport

Services,

Inc.

(Ground

Transportation)

2,818

Jabil,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

6,515

Jack

Henry

&

Associates,

Inc.

(Financial

Services)

2,979

Jacobs

Solutions,

Inc.

(Professional

Services)

4,945

Johnson

&

Johnson

(Pharmaceuticals)

675

125,159

Johnson

Controls

International

PLC

(Building

Products)

20,121

JPMorgan

Chase

&

Co.

(Banks)

770

242,882

Kellanova

(Food

Products)

6,152

Kenvue,

Inc.

(Personal

Care

Products)

538

8,732

Keurig

Dr

Pepper,

Inc.

(Beverages)

9,719

KeyCorp

(Banks)

4,878

Keysight

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

8,396

Kimberly-Clark

Corp.

(Household

Products)

11,564

Kimco

Realty

Corp.

(Retail

REITs)

4,152

Kinder

Morgan,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

548

15,514

KKR

&

Co.,

Inc.

(Capital

Markets)

24,950

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

39,908

L3Harris

Technologies,

Inc.

(Aerospace

&

Defense)

15,881

Labcorp

Holdings,

Inc.

(Health

Care

Providers

&

Services)

6,602

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

47,534

Lamb

Weston

Holdings,

Inc.

(Food

Products)

2,265

Las

Vegas

Sands

Corp.

(Hotels,

Restaurants

&

Leisure)

4,680

Leidos

Holdings,

Inc.

(Professional

Services)

6,803

Lennar

Corp.

-

Class

A

(Household

Durables)

8,067

Lennox

International,

Inc.

(Building

Products)

4,764

Linde

PLC

(Chemicals)

62,224

Live

Nation

Entertainment,

Inc.

\*

(Entertainment)

7,190

LKQ

Corp.

(Distributors)

2,199

Lockheed

Martin

Corp.

-

B

(Aerospace

&

Defense)

28,954

Loews

Corp.

(Insurance)

4,819

Lowe's

Cos.,

Inc.

(Specialty

Retail)

39,456

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

5,516

Common

Stocks,

continued

Shares

Value

LyondellBasell

Industries

N.V.

-

Class

A

(Chemicals)

$

3,531

M&T

Bank

Corp.

(Banks)

8,695

Marathon

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

16,383

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

16,474

Marsh

&

McLennan

Cos.,

Inc.

(Insurance)

27,811

Martin

Marietta

Materials,

Inc.

(Construction

Materials)

10,715

Masco

Corp.

(Building

Products)

4,153

MasterCard,

Inc.

-

Class

A

(Financial

Services)

131,395

Match

Group,

Inc.

\*

(Interactive

Media

&

Services)

2,366

McCormick

&

Co.,

Inc.

(Food

Products)

4,751

McDonald's

Corp.

(Hotels,

Restaurants

&

Leisure)

60,779

McKesson

Corp.

(Health

Care

Providers

&

Services)

27,039

Medtronic

PLC

(Health

Care

Equipment

&

Supplies)

34,191

Merck

&

Co.,

Inc.

(Pharmaceuticals)

700

58,751

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

608

446,503

MetLife,

Inc.

(Insurance)

12,850

Mettler-Toledo

International,

Inc.

\*

(Life

Sciences

Tools

&

Services)

7,366

MGM

Resorts

International

\*

(Hotels,

Restaurants

&

Leisure)

1,976

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

9,697

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

52,538

Microsoft

Corp.

(Software)

2,082

1,078,371

Mid-America

Apartment

Communities,

Inc.

(Residential

REITs)

4,611

Moderna,

Inc.

\*

(Biotechnology)

2,506

Mohawk

Industries,

Inc.

\*

(Household

Durables)

1,934

Molina

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

2,870

Molson

Coors

Beverage

Co.

-

Class

B

(Beverages)

2,127

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

22,613

Monolithic

Power

Systems,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

11,968

Monster

Beverage

Corp.

\*

(Beverages)

13,462

Moody's

Corp.

(Capital

Markets)

20,489

Morgan

Stanley

(Capital

Markets)

54,046

Motorola

Solutions,

Inc.

(Communications

Equipment)

21,493

MSCI,

Inc.

(Capital

Markets)

12,483

Nasdaq,

Inc.

(Capital

Markets)

11,233

NetApp,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

6,634

Netflix,

Inc.

\*

(Entertainment)

142,671

Newmont

Corp.

(Metals

&

Mining)

25,967

News

Corp.

-

Class

A

(Media)

3,225

News

Corp.

-

Class

B

(Media)

1,071

NextEra

Energy,

Inc.

(Electric

Utilities)

577

43,557

NIKE,

Inc.

-

Class

B

(Textiles,

Apparel

&

Luxury

Goods)

23,219

NiSource,

Inc.

(Multi-Utilities)

5,716

Nordson

Corp.

(Machinery)

3,404

Norfolk

Southern

Corp.

(Ground

Transportation)

18,926

Northern

Trust

Corp.

(Capital

Markets)

7,268

Northrop

Grumman

Corp.

(Aerospace

&

Defense)

23,154

Norwegian

Cruise

Lines

Holdings,

Ltd.

\*

(Hotels,

Restaurants

&

Leisure)

3,128

NRG

Energy,

Inc.

(Electric

Utilities)

8,745

Nucor

Corp.

(Metals

&

Mining)

8,668

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

6,835

1,275,275

NVR,

Inc.

\*

(Household

Durables)

8,035

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraBull

Common

Stocks,

continued

Shares

Value

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

$

16,169

Occidental

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

9,497

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

7,321

Omnicom

Group,

Inc.

(Media)

4,403

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

5,671

ONEOK,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

12,843

Oracle

Corp.

(Software)

130,494

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

25,659

Otis

Worldwide

Corp.

(Machinery)

10,057

PACCAR,

Inc.

(Machinery)

14,453

Packaging

Corp.

of

America

(Containers

&

Packaging)

5,448

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

637

116,202

Palo

Alto

Networks,

Inc.

\*

(Software)

38,077

Paramount

Skydance

Corp.

\*(a)

(Media)

1,627

Parker-Hannifin

Corp.

(Machinery)

27,293

Paychex,

Inc.

(Professional

Services)

11,535

Paycom

Software,

Inc.

(Professional

Services)

2,914

PayPal

Holdings,

Inc.

\*

(Financial

Services)

17,972

Pentair

PLC

(Machinery)

5,095

PepsiCo,

Inc.

(Beverages)

53,929

Pfizer,

Inc.

(Pharmaceuticals)

1,593

40,590

PG&E

Corp.

(Electric

Utilities)

616

9,289

Philip

Morris

International,

Inc.

(Tobacco)

70,719

Phillips

(Oil,

Gas

&

Consumable

Fuels)

15,370

Pinnacle

West

Capital

Corp.

(Electric

Utilities)

2,959

PNC

Financial

Services

Group,

Inc.

(Banks)

22,102

Pool

Corp.

(Distributors)

2,791

PPG

Industries,

Inc.

(Chemicals)

6,622

PPL

Corp.

(Electric

Utilities)

7,692

Principal

Financial

Group,

Inc.

(Insurance)

4,726

Prologis,

Inc.

(Industrial

REITs)

29,775

Prudential

Financial,

Inc.

(Insurance)

10,270

PTC,

Inc.

\*

(Software)

6,903

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

11,684

Public

Storage

(Specialized

REITs)

12,709

PulteGroup,

Inc.

(Household

Durables)

7,267

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

50,241

Quanta

Services,

Inc.

(Construction

&

Engineering)

17,406

Quest

Diagnostics,

Inc.

(Health

Care

Providers

&

Services)

5,908

Ralliant

Corp.

\*

(Electrical

Equipment)

Ralph

Lauren

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

3,449

Raymond

James

Financial,

Inc.

(Capital

Markets)

8,630

Raytheon

Technologies

Corp.

(Aerospace

&

Defense)

62,749

Realty

Income

Corp.

(Retail

REITs)

15,562

Regency

Centers

Corp.

(Retail

REITs)

3,353

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

16,306

Regions

Financial

Corp.

(Banks)

6,593

Republic

Services,

Inc.

(Commercial

Services

&

Supplies)

13,080

ResMed,

Inc.

(Health

Care

Equipment

&

Supplies)

11,223

Revvity,

Inc.

(Life

Sciences

Tools

&

Services)

2,892

Robinhood

Markets,

Inc.

\*

-

Class

A

(Capital

Markets)

31,070

Rockwell

Automation,

Inc.

(Electrical

Equipment)

10,835

Rollins,

Inc.

(Commercial

Services

&

Supplies)

4,640

Roper

Technologies,

Inc.

(Software)

14,961

Ross

Stores,

Inc.

(Specialty

Retail)

14,020

Royal

Caribbean

Cruises,

Ltd.

(Hotels,

Restaurants

&

Leisure)

22,974

S&P

Global,

Inc.

(Capital

Markets)

42,830

Common

Stocks,

continued

Shares

Value

Salesforce,

Inc.

(Software)

$

63,516

SBA

Communications

Corp.

-

Class

A

(Specialized

REITs)

5,801

Schlumberger

N.V.

(Energy

Equipment

&

Services)

14,367

Seagate

Technology

Holdings

PLC

(Technology

Hardware,

Storage

&

Peripherals)

14,164

Sempra

(Multi-Utilities)

16,466

ServiceNow,

Inc.

\*

(Software)

53,376

Simon

Property

Group,

Inc.

(Retail

REITs)

17,078

Skyworks

Solutions,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

3,233

Smurfit

WestRock

PLC

(Containers

&

Packaging)

6,215

Snap-on,

Inc.

(Machinery)

5,198

Solventum

Corp.

\*

(Health

Care

Equipment

&

Supplies)

2,993

Southwest

Airlines

Co.

(Passenger

Airlines)

4,691

Stanley

Black

&

Decker,

Inc.

(Machinery)

3,196

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

26,903

State

Street

Corp.

(Capital

Markets)

9,165

Steel

Dynamics,

Inc.

(Metals

&

Mining)

5,438

STERIS

PLC

(Health

Care

Equipment

&

Supplies)

6,928

Stryker

Corp.

(Health

Care

Equipment

&

Supplies)

35,488

Super

Micro

Computer,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

6,712

Synchrony

Financial

(Consumer

Finance)

7,389

Synopsys,

Inc.

\*

(Software)

26,150

Sysco

Corp.

(Consumer

Staples

Distribution

&

Retail)

11,034

T. Rowe

Price

Group,

Inc.

(Capital

Markets)

6,364

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

12,660

Tapestry,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

6,567

Targa

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

10,052

Target

Corp.

(Consumer

Staples

Distribution

&

Retail)

11,392

TE

Connectivity,

Ltd.

(Electronic

Equipment,

Instruments

&

Components)

18,221

Teledyne

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

7,619

Teradyne,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,194

Tesla,

Inc.

\*

(Automobiles)

786

349,551

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

46,851

Texas

Pacific

Land

Corp.

(Oil,

Gas

&

Consumable

Fuels)

4,668

Textron,

Inc.

(Aerospace

&

Defense)

4,225

The

AES

Corp.

(Independent

Power/Renewable

Electricity

Producers)

2,619

The

Bank

of

New

York

Mellon

Corp.

(Capital

Markets)

21,574

The

Boeing

Co.

\*

(Aerospace

&

Defense)

45,756

The

Charles

Schwab

Corp.

(Capital

Markets)

45,635

The

Cigna

Group

(Health

Care

Providers

&

Services)

21,619

The

Clorox

Co.

(Household

Products)

4,192

The

Coca-Cola

Co.

(Beverages)

1,085

71,957

The

Cooper

Cos.,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

3,839

The

Estee

Lauder

Cos.,

Inc.

(Personal

Care

Products)

5,816

The

Goldman

Sachs

Group,

Inc.

(Capital

Markets)

67,690

The

Hartford

Financial

Services

Group,

Inc.

(Insurance)

10,538

The

Hershey

Co.

(Food

Products)

7,669

The

Home

Depot,

Inc.

(Specialty

Retail)

113,047

The

Interpublic

Group

of

Cos.,

Inc.

(Media)

2,875

The

J.M.

Smucker

Co.

(Food

Products)

3,258

The

Kraft

Heinz

Co.

(Food

Products)

6,224

The

Kroger

Co.

(Consumer

Staples

Distribution

&

Retail)

11,460

The

Mosaic

Co.

(Chemicals)

3,087

The

Procter

&

Gamble

Co.

(Household

Products)

656

100,795

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraBull

Common

Stocks,

continued

Shares

Value

The

Progressive

Corp.

(Insurance)

$

40,499

The

Sherwin-Williams

Co.

(Chemicals)

22,506

The

Southern

Co.

(Electric

Utilities)

29,188

The

TJX

Cos.,

Inc.

(Specialty

Retail)

45,241

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

6,126

The

Travelers

Cos.,

Inc.

(Insurance)

17,591

The

Walt

Disney

Co.

(Entertainment)

504

57,708

The

Williams

Cos.,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

21,666

Thermo

Fisher

Scientific,

Inc.

(Life

Sciences

Tools

&

Services)

51,411

TKO

Group

Holdings,

Inc.

\*

(Entertainment)

3,837

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

32,556

Tractor

Supply

Co.

(Specialty

Retail)

8,417

Trane

Technologies

PLC

(Building

Products)

26,162

TransDigm

Group,

Inc.

(Aerospace

&

Defense)

21,088

Trimble,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

5,471

Truist

Financial

Corp.

(Banks)

16,505

Tyler

Technologies,

Inc.

\*

(Software)

6,278

Tyson

Foods,

Inc.

-

Class

A

(Food

Products)

4,344

U.S.

Bancorp

(Banks)

21,072

Uber

Technologies,

Inc.

\*

(Ground

Transportation)

584

57,214

UDR,

Inc.

(Residential

REITs)

3,130

Ulta

Beauty,

Inc.

\*

(Specialty

Retail)

7,108

Union

Pacific

Corp.

(Ground

Transportation)

39,237

United

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

8,782

United

Parcel

Service,

Inc.

-

Class

B

(Air

Freight

&

Logistics)

17,208

United

Rentals,

Inc.

(Trading

Companies

&

Distributors)

17,183

UnitedHealth

Group,

Inc.

(Health

Care

Providers

&

Services)

87,706

Universal

Health

Services,

Inc.

-

Class

B

(Health

Care

Providers

&

Services)

3,271

Valero

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

14,813

Ventas,

Inc.

(Health

Care

REITs)

8,889

Veralto

Corp.

(Commercial

Services

&

Supplies)

7,463

VeriSign,

Inc.

\*

(IT

Services)

6,710

Verisk

Analytics,

Inc.

(Professional

Services)

9,809

Verizon

Communications,

Inc.

(Diversified

Telecommunication

Services)

1,181

51,905

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

28,198

Viatris,

Inc.

(Pharmaceuticals)

3,237

VICI

Properties,

Inc.

(Specialized

REITs)

9,750

Visa,

Inc.

-

Class

A

(Financial

Services)

162,497

Vistra

Corp.

(Independent

Power/Renewable

Electricity

Producers)

17,437

Vulcan

Materials

Co.

(Construction

Materials)

11,382

W.R.

Berkley

Corp.

(Insurance)

6,436

W.W.

Grainger,

Inc.

(Trading

Companies

&

Distributors)

11,436

Wabtec

Corp.

(Machinery)

9,623

Walmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

1,230

126,763

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

694

13,554

Waste

Management,

Inc.

(Commercial

Services

&

Supplies)

22,966

Waters

Corp.

\*

(Life

Sciences

Tools

&

Services)

5,097

WEC

Energy

Group,

Inc.

(Multi-Utilities)

10,313

Wells

Fargo

&

Co.

(Banks)

897

75,187

Welltower,

Inc.

(Health

Care

REITs)

33,312

West

Pharmaceutical

Services,

Inc.

(Life

Sciences

Tools

&

Services)

5,247

Western

Digital

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

11,646

Weyerhaeuser

Co.

(Specialized

REITs)

5,008

Williams-Sonoma,

Inc.

(Specialty

Retail)

6,645

Common

Stocks,

continued

Shares

Value

Willis

Towers

Watson

PLC

(Insurance)

$

9,327

Workday,

Inc.

\*

-

Class

A

(Software)

14,685

Wynn

Resorts,

Ltd.

(Hotels,

Restaurants

&

Leisure)

3,078

Xcel

Energy,

Inc.

(Electric

Utilities)

13,388

Xylem,

Inc.

(Machinery)

10,030

Yum!

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

11,856

Zebra

Technologies

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,160

Zimmer

Biomet

Holdings,

Inc.

(Health

Care

Equipment

&

Supplies)

5,418

Zoetis,

Inc.

(Pharmaceuticals)

18,144

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,406,832)

15,985,764

Repurchase

Agreements

(c)(d) (23.4%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$5,434,608

$

5,434,000

5,434,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$5,434,000)

5,434,000

Collateral

for

Securities

Loaned

(e) (NM)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(f) 3,207

3,207

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,207)

3,207

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$9,844,039)— 92.2%

21,422,971

Net

other

assets

(liabilities) —

7.8%

1,815,884

NET

ASSETS

—

100.0%

$

23,238,855

\*

Non-income

producing

security.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$3,124.

(b) Number

of

shares

is

less

than

0.50. (c) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

(d) A

portion

of

these

securities

were

held

in

a

segregated

account

for

the

benefit

of

swap

counterparties

in

the

event

of

default.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$2,829,000.

(e) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (f) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. ADR

American

Depositary

Receipt

NM

Not

meaningful,

amount

is

less

than

0.05%

REIT

Real

Estate

Investment

Trust

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraBull

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

S&P

500

Futures

Contracts

12/22/25

$

5,054,063

$

100,697

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

10/27/25

4.84%

$

13,340,133

$

48,949

SPDR

S&P

500

ETF

Goldman

Sachs

International

10/27/25

4.75%

4,318,059

11,888

$17,658,192

$60,837

S&P

500

UBS

AG

10/27/25

4.89%

$

3,952,880

$

15,963

SPDR

S&P

500

ETF

UBS

AG

10/27/25

4.89%

3,799,426

13,745

$7,752,306

$29,708

$25,410,498

$90,545

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

UltraBull

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

267,147

1.2%

Air

Freight

&

Logistics

40,619

0.2%

Automobile

Components

5,259

NM

Automobiles

378,925

1.6%

Banks

570,551

2.5%

Beverages

157,908

0.7%

Biotechnology

252,507

1.1%

Broadline

Retail

608,652

2.6%

Building

Products

78,937

0.3%

Capital

Markets

557,259

2.4%

Chemicals

174,285

0.8%

Commercial

Services

&

Supplies

79,052

0.3%

Communications

Equipment

144,652

0.6%

Construction

&

Engineering

25,850

0.1%

Construction

Materials

22,097

0.1%

Consumer

Finance

95,929

0.4%

Consumer

Staples

Distribution

&

Retail

286,931

1.2%

Containers

&

Packaging

31,215

0.1%

Distributors

10,395

0.1%

Diversified

Telecommunication

Services

108,469

0.5%

Electric

Utilities

241,795

1.1%

Electrical

Equipment

140,484

0.6%

Electronic

Equipment,

Instruments

&

Components

116,480

0.5%

Energy

Equipment

&

Services

33,693

0.2%

Entertainment

250,327

1.1%

Financial

Services

636,447

2.7%

Food

Products

82,292

0.4%

Gas

Utilities

7,684

NM

Value

%

of

Net

Assets

Ground

Transportation

$

144,052

0.6%

Health

Care

Equipment

&

Supplies

325,498

1.4%

Health

Care

Providers

&

Services

265,907

1.1%

Health

Care

REITs

45,935

0.2%

Hotel

&

Resort

REITs

3,047

NM

Hotels,

Restaurants

&

Leisure

301,166

1.3%

Household

Durables

49,847

0.2%

Household

Products

140,575

0.6%

Independent

Power/Renewable

Electricity

Producers

20,056

0.1%

Industrial

Conglomerates

149,934

0.7%

Industrial

REITs

29,775

0.1%

Insurance

297,889

1.3%

Interactive

Media

&

Services

1,163,686

5.0%

IT

Services

148,750

0.6%

Leisure

Products

2,807

NM

Life

Sciences

Tools

&

Services

131,525

0.6%

Machinery

241,847

1.0%

Media

64,745

0.3%

Metals

&

Mining

55,839

0.2%

Multi-Utilities

98,341

0.4%

Office

REITs

6,715

NM

Oil,

Gas

&

Consumable

Fuels

427,349

1.8%

Passenger

Airlines

23,801

0.1%

Personal

Care

Products

14,548

0.1%

Pharmaceuticals

441,736

1.9%

Professional

Services

89,110

0.4%

Real

Estate

Management

&

Development

22,960

0.1%

Residential

REITs

34,402

0.2%

Retail

REITs

42,374

0.2%

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraBull

Value

%

of

Net

Assets

Semiconductors

&

Semiconductor

Equipment

$

2,201,682

9.5%

Software

1,827,904

7.9%

Specialized

REITs

123,717

0.5%

Specialty

Retail

287,088

1.3%

Technology

Hardware,

Storage

&

Peripherals

1,125,902

4.8%

Textiles,

Apparel

&

Luxury

Goods

43,009

0.2%

Tobacco

101,833

0.4%

Trading

Companies

&

Distributors

44,361

0.2%

Water

Utilities

7,655

NM

Wireless

Telecommunication

Services

32,556

0.1%

Other

\*\*

7,253,091

31.2%

Total

$

23,238,855

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraMid-Cap

Common

Stocks

(69.7%)

Shares

Value

AAON,

Inc.

(Building

Products)

$

12,988

Abercrombie

&

Fitch

Co.

\*

-

Class

A

(Specialty

Retail)

8,384

Acuity

Brands,

Inc.

(Electrical

Equipment)

21,352

Advanced

Drainage

Systems,

Inc.

(Building

Products)

20,389

AECOM

(Construction

&

Engineering)

35,357

AeroVironment,

Inc.

\*

(Aerospace

&

Defense)

20,468

Affiliated

Managers

Group,

Inc.

(Capital

Markets)

13,829

AGCO

Corp.

(Machinery)

13,598

Agree

Realty

Corp.

(Retail

REITs)

16,055

Alaska

Air

Group,

Inc.

\*

(Passenger

Airlines)

11,748

Albertsons

Cos.,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

826

14,463

Alcoa

Corp.

(Metals

&

Mining)

530

17,432

Allegro

MicroSystems,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

7,417

ALLETE,

Inc.

(Electric

Utilities)

7,902

Ally

Financial,

Inc.

(Consumer

Finance)

574

22,501

American

Airlines

Group,

Inc.

\*

(Passenger

Airlines)

1,352

15,197

American

Financial

Group,

Inc.

(Insurance)

20,692

American

Homes

Rent

-

Class

A

(Residential

REITs)

668

22,211

Amkor

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,617

Annaly

Capital

Management,

Inc.

(Mortgage

REITs)

1,315

26,576

Antero

Midstream

Corp.

(Oil,

Gas

&

Consumable

Fuels)

686

13,336

Antero

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

601

20,170

API

Group

Corp.

\*

(Industrial

Support

Services)

758

26,052

Appfolio,

Inc.

\*

-

Class

A

(Software)

12,956

Applied

Industrial

Technologies,

Inc.

(Trading

Companies

&

Distributors)

20,362

AptarGroup,

Inc.

(Containers

&

Packaging)

18,044

Aramark

(Hotels,

Restaurants

&

Leisure)

538

20,660

Arrow

Electronics,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

12,826

ASGN,

Inc.

\*

(IT

Services)

4,262

Ashland,

Inc.

(Chemicals)

4,504

Associated

Banc-Corp.

(Banks)

8,613

ATI,

Inc.

\*

(Metals

&

Mining)

22,938

Autoliv,

Inc.

\*

(Automobile

Components)

17,908

AutoNation,

Inc.

\*

(Specialty

Retail)

12,689

Avantor,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,397

17,435

Avient

Corp.

(Chemicals)

6,195

Avis

Budget

Group,

Inc.

\*

(Ground

Transportation)

5,620

Avnet,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

8,992

Axalta

Coating

Systems,

Ltd.

\*

(Chemicals)

12,707

Bank

OZK

(Banks)

11,063

Bath

&

Body

Works,

Inc.

(Retail

-

Discretionary)

11,154

Belden,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

9,742

BellRing

Brands,

Inc.

\*

(Personal

Care

Products)

9,378

BILL

Holdings,

Inc.

\*

(Software)

9,958

BioMarin

Pharmaceutical,

Inc.

\*

(Biotechnology)

21,285

Bio-Rad

Laboratories,

Inc.

\*

-

Class

A

(Life

Sciences

Tools

&

Services)

10,374

BJ's

Wholesale

Club

Holdings,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

25,271

Black

Hills

Corp.

(Multi-Utilities)

9,177

Blackbaud,

Inc.

\*

(Software)

4,888

Boyd

Gaming

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

10,547

Brighthouse

Financial,

Inc.

\*

(Insurance)

6,210

Brixmor

Property

Group,

Inc.

(Retail

REITs)

627

17,355

Bruker

Corp.

(Life

Sciences

Tools

&

Services)

7,375

Brunswick

Corp.

(Leisure

Products)

8,474

Burlington

Stores,

Inc.

\*

(Specialty

Retail)

32,575

BWX

Technologies,

Inc.

(Aerospace

&

Defense)

34,477

Cabot

Corp.

(Chemicals)

8,289

Common

Stocks,

continued

Shares

Value

CACI

International,

Inc.

\*

-

Class

A

(Professional

Services)

$

22,445

Cadence

Bank

(Banks)

14,340

Capri

Holdings,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

4,860

Carlisle

Cos.,

Inc.

(Building

Products)

28,619

Carpenter

Technology

Corp.

(Metals

&

Mining)

25,045

Casey's

General

Stores,

Inc.

(Consumer

Staples

Distribution

&

Retail)

42,964

Cava

Group,

Inc.

\*

(Leisure

Facilities

&

Services)

12,324

Celsius

Holdings,

Inc.

\*

(Beverages)

18,856

Chart

Industries,

Inc.

\*

(Machinery)

18,214

Chemed

Corp.

(Health

Care

Providers

&

Services)

13,432

Chewy,

Inc.

\*

-

Class

A

(Specialty

Retail)

18,486

Choice

Hotels

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

4,490

Chord

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

11,626

Churchill

Downs,

Inc.

(Hotels,

Restaurants

&

Leisure)

13,193

Ciena

Corp.

\*

(Communications

Equipment)

42,244

Cirrus

Logic,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

13,155

Civitas

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

5,558

Clean

Harbors,

Inc.

\*

(Commercial

Services

&

Supplies)

23,919

Cleveland-Cliffs,

Inc.

\*

(Metals

&

Mining)

1,013

12,359

CNH

Industrial

N.V.

\*

(Machinery)

1,819

19,736

CNO

Financial

Group,

Inc.

\*

(Insurance)

7,870

CNX

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

9,315

Coca-Cola

Consolidated,

Inc.

(Beverages)

14,411

Cognex

Corp.

(Electronic

Equipment,

Instruments

&

Components)

15,583

Coherent

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

34,255

Columbia

Banking

System,

Inc.

(Banks)

613

15,779

Columbia

Sportswear

Co.

\*

(Textiles,

Apparel

&

Luxury

Goods)

2,772

Comerica,

Inc.

(Banks)

18,021

Comfort

Systems

USA,

Inc.

(Construction

&

Engineering)

59,414

Commerce

Bancshares,

Inc.

(Banks)

15,179

Commercial

Metals

Co.

(Metals

&

Mining)

13,117

CommVault

Systems,

Inc.

\*

(Software)

17,179

Concentrix

Corp.

(Professional

Services)

4,246

COPT

Defense

Properties

(Office

REITs)

6,713

Core

&

Main,

Inc.

\*

-

Class

A

(Trading

Companies

&

Distributors)

20,940

Coty,

Inc.

\*

-

Class

A

(Personal

Care

Products)

751

3,034

Cousins

Properties,

Inc.

(Office

REITs)

9,955

Crane

Co.

(Machinery)

18,414

Crane

NXT

Co.

(Electronic

Equipment,

Instruments

&

Components)

6,774

Crocs,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

9,358

Crown

Holdings,

Inc.

(Containers

&

Packaging)

22,795

CubeSmart

(Specialized

REITs)

18,988

Cullen/Frost

Bankers,

Inc.

(Banks)

16,734

Curtiss-Wright

Corp.

(Aerospace

&

Defense)

41,807

Cytokinetics,

Inc.

\*

(Biotechnology)

13,465

Darling

Ingredients,

Inc.

\*

(Food

Products)

10,002

DENTSPLY

SIRONA,

Inc.

(Health

Care

Equipment

&

Supplies)

5,190

Dick's

Sporting

Goods,

Inc.

(Specialty

Retail)

30,444

DocuSign,

Inc.

\*

(Software)

29,845

Dolby

Laboratories,

Inc.

\*

-

Class

A

(Software)

9,046

Donaldson

Co.,

Inc.

(Machinery)

19,562

Doximity,

Inc.

\*

-

Class

A

(Health

Care

Technology)

20,409

Dropbox,

Inc.

\*

-

Class

A

(Software)

11,450

DT

Midstream,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

23,515

Duolingo,

Inc.

\*

(Diversified

Consumer

Services)

26,069

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraMid-Cap

Common

Stocks,

continued

Shares

Value

Dynatrace,

Inc.

\*

(Software)

618

$

29,942

Eagle

Materials,

Inc.

(Construction

Materials)

15,381

East

West

Bancorp,

Inc.

(Banks)

30,018

EastGroup

Properties,

Inc.

(Industrial

REITs)

18,449

EchoStar

Corp.

\*

-

Class

A

(Media)

20,999

Elanco

Animal

Health,

Inc.

\*

(Pharmaceuticals)

1,018

20,503

elf

Beauty,

Inc.

\*

(Personal

Care

Products)

16,163

Encompass

Health

Corp.

(Health

Care

Providers

&

Services)

26,167

EnerSys

(Electrical

Equipment)

8,698

Entegris,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

28,756

Envista

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

6,926

EPR

Properties

(Specialized

REITs)

9,050

Equitable

Holdings,

Inc.

(Financial

Services)

614

31,180

Equity

LifeStyle

Properties,

Inc.

(Residential

REITs)

24,098

Esab

Corp.

(Machinery)

13,074

Essent

Group,

Ltd.

(Financial

Services)

12,839

Essential

Utilities,

Inc.

(Water

Utilities)

575

22,943

Euronet

Worldwide,

Inc.

\*

(Financial

Services)

6,937

Evercore

Partners,

Inc.

(Capital

Markets)

26,648

Exelixis,

Inc.

\*

(Biotechnology)

551

22,756

ExlService

Holdings,

Inc.

\*

(Professional

Services)

14,574

Exponent,

Inc.

(Professional

Services)

7,156

F.N.B.

Corp.

\*

(Banks)

736

11,857

Fabrinet

\*

(Electronic

Equipment,

Instruments

&

Components)

26,617

Federated

Hermes,

Inc.

-

Class

B

(Capital

Markets)

7,841

Fidelity

National

Financial,

Inc.

(Insurance)

523

31,637

First

American

Financial

Corp.

(Insurance)

13,426

First

Financial

Bankshares,

Inc.

(Banks)

8,985

First

Horizon

Corp.

(Banks)

1,040

23,513

First

Industrial

Realty

Trust,

Inc.

(Industrial

REITs)

13,948

FirstCash

Holdings,

Inc.

\*

(Consumer

Finance)

12,674

Five

Below,

Inc.

\*

(Specialty

Retail)

17,481

Flex,

Ltd.

\*

(Electronic

Equipment,

Instruments

&

Components)

769

44,579

Floor

&

Decor

Holdings,

Inc.

\*

-

Class

A

(Specialty

Retail)

16,288

Flowers

Foods,

Inc.

(Food

Products)

5,651

Flowserve

Corp.

(Machinery)

14,242

Fluor

Corp.

\*

(Construction

&

Engineering)

13,925

Fortune

Brands

Innovations,

Inc.

(Building

Products)

13,134

Frontier

Communications

Parent,

Inc.

\*

(Diversified

Telecommunication

Services)

513

19,160

FTI

Consulting,

Inc.

\*

(Professional

Services)

10,507

GameStop

Corp.

\*

-

Class

A

(Specialty

Retail)

843

22,997

Gaming

and

Leisure

Properties,

Inc.

(Specialized

REITs)

580

27,033

GATX

Corp.

\*

(Trading

Companies

&

Distributors)

12,760

Genpact,

Ltd.

(Professional

Services)

13,907

Gentex

Corp.

(Automobile

Components)

12,735

Glacier

Bancorp,

Inc.

(Banks)

11,827

Globus

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

13,229

Graco,

Inc.

(Machinery)

28,800

Graham

Holdings

Co.

-

Class

B

(Diversified

Consumer

Services)

8,241

Grand

Canyon

Education,

Inc.

\*

(Diversified

Consumer

Services)

12,513

Graphic

Packaging

Holding

Co.

(Containers

&

Packaging)

607

11,879

Greif,

Inc.

\*

-

Class

A

(Containers

&

Packaging)

3,227

Guidewire

Software,

Inc.

\*

(Software)

39,536

GXO

Logistics,

Inc.

\*

(Air

Freight

&

Logistics)

12,429

Common

Stocks,

continued

Shares

Value

H&R

Block,

Inc.

(Diversified

Consumer

Services)

$

13,856

Haemonetics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

4,825

Halozyme

Therapeutics,

Inc.

\*

(Biotechnology)

17,602

Hamilton

Lane,

Inc.

-

Class

A

(Capital

Markets)

11,188

Hancock

Whitney

Corp.

(Banks)

10,894

Harley-Davidson,

Inc.

(Automobiles)

6,947

Healthcare

Realty

Trust,

Inc.

(Health

Care

REITs)

720

12,982

HealthEquity,

Inc.

\*

(Health

Care

Providers

&

Services)

16,774

Hexcel

Corp.

(Aerospace

&

Defense)

10,220

HF

Sinclair

Corp.

(Oil,

Gas

&

Consumable

Fuels)

17,063

Hilton

Grand

Vacations,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

5,268

Hims

&

Hers

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

24,049

Home

BancShares,

Inc.

(Banks)

10,613

Houlihan

Lokey,

Inc.

(Capital

Markets)

22,791

Hyatt

Hotels

Corp.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

12,348

IDACORP,

Inc.

(Electric

Utilities)

14,668

Illumina,

Inc.

\*

(Life

Sciences

Tools

&

Services)

29,916

Independence

Realty

Trust,

Inc.

\*

(Residential

REITs)

7,834

Ingredion,

Inc.

(Food

Products)

15,997

Insperity,

Inc.

(Professional

Services)

3,592

International

Bancshares

Corp.

(Banks)

7,631

IPG

Photonics

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,118

Iridium

Communications,

Inc.

\*

(Diversified

Telecommunication

Services)

3,789

ITT,

Inc.

(Machinery)

28,602

Janus

Henderson

Group

PLC

(Capital

Markets)

11,395

Jazz

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

16,343

Jefferies

Financial

Group,

Inc.

(Capital

Markets)

22,112

Jones

Lang

LaSalle,

Inc.

\*

(Real

Estate

Management

&

Development)

28,933

KB

Home

(Household

Durables)

8,846

KBR,

Inc.

(Professional

Services)

12,485

Kemper

Corp.

\*

(Insurance)

6,650

Kilroy

Realty

Corp.

\*

(Office

REITs)

9,422

Kinsale

Capital

Group,

Inc.

(Insurance)

19,137

Kirby

Corp.

\*

(Marine

Transportation)

9,513

Kite

Realty

Group

Trust

(Retail

REITs)

10,035

Knife

River

Corp.

\*

(Construction

Materials)

8,917

Knight-Swift

Transportation

Holdings,

Inc.

(Ground

Transportation)

13,117

Kratos

Defense

&

Security

Solutions,

Inc.

\*

(Aerospace

&

Defense)

31,614

Kyndryl

Holdings,

Inc.

\*

(IT

Services)

14,234

Lamar

Advertising

Co.

-

Class

A

(Specialized

REITs)

21,790

Lancaster

Colony

Corp.

(Food

Products)

7,257

Landstar

System,

Inc.

(Ground

Transportation)

8,702

Lantheus

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

7,129

Lattice

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

20,530

Lear

Corp.

(Automobile

Components)

10,966

Light

&

Wonder,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

14,438

Lincoln

Electric

Holdings,

Inc.

(Machinery)

26,649

Lithia

Motors,

Inc.

-

A

(Specialty

Retail)

16,748

Littelfuse,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

13,210

LivaNova

PLC

\*

(Health

Care

Equipment

&

Supplies)

5,867

Louisiana-Pacific

Corp.

(Paper

&

Forest

Products)

11,549

Lumentum

Holdings,

Inc.

\*

(Communications

Equipment)

23,268

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraMid-Cap

Common

Stocks,

continued

Shares

Value

MACOM

Technology

Solutions

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

$

16,308

Macy's,

Inc.

(Broadline

Retail)

556

9,969

Manhattan

Associates,

Inc.

\*

(Software)

25,418

Maplebear,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

13,895

Marriott

Vacations

Worldwide

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

3,794

Masimo

Corp.

\*

(Health

Care

Equipment

&

Supplies)

14,017

MasTec,

Inc.

\*

(Construction

&

Engineering)

26,814

Matador

Resources

Co.

(Oil,

Gas

&

Consumable

Fuels)

10,783

Mattel,

Inc.

\*

(Leisure

Products)

660

11,108

Maximus,

Inc.

(Professional

Services)

10,508

Medpace

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

23,137

MGIC

Investment

Corp.

(Financial

Services)

13,391

MKS

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

17,080

Morningstar,

Inc.

(Capital

Markets)

11,601

MP

Materials

Corp.

\*

(Metals

&

Mining)

18,511

MSA

Safety,

Inc.

(Commercial

Services

&

Supplies)

12,905

MSC

Industrial

Direct

Co.,

Inc.

(Trading

Companies

&

Distributors)

8,661

Mueller

Industries,

Inc.

(Machinery)

22,952

Murphy

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

7,813

Murphy

USA,

Inc.

(Specialty

Retail)

13,977

National

Fuel

Gas

Co.

\*

(Gas

Utilities)

17,088

National

Retail

Properties,

Inc.

(Retail

REITs)

16,475

National

Storage

Affiliates

Trust

(Specialized

REITs)

4,382

Neurocrine

Biosciences,

Inc.

\*

(Biotechnology)

28,497

New

Jersey

Resources

Corp.

(Gas

Utilities)

9,919

New

York

Community

Bancorp,

Inc.

(Banks)

613

7,080

NewMarket

Corp.

(Chemicals)

13,251

Nexstar

Media

Group,

Inc.

(Media)

11,469

NEXTracker,

Inc.

\*

-

Class

A

(Electrical

Equipment)

22,419

NorthWestern

Energy

Group,

Inc.

(Multi-Utilities)

7,385

NOV,

Inc.

(Energy

Equipment

&

Services)

761

10,083

Novanta,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

7,411

Nutanix,

Inc.

\*

-

Class

A

(Software)

549

40,839

nVent

Electric

PLC

(Electrical

Equipment)

32,551

OGE

Energy

Corp.

(Electric

Utilities)

19,109

Okta,

Inc.

\*

(IT

Services)

31,361

Old

National

Bancorp

\*

(Banks)

714

15,672

Old

Republic

International

Corp.

(Insurance)

19,876

Olin

Corp.

(Chemicals)

5,873

Ollie's

Bargain

Outlet

Holdings,

Inc.

\*

(Broadline

Retail)

16,178

Omega

Healthcare

Investors,

Inc.

(Health

Care

REITs)

604

25,501

ONE

Gas,

Inc.

\*

(Gas

Utilities)

9,956

Onto

Innovation,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

12,922

Option

Care

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

9,216

Ormat

Technologies,

Inc.

(Independent

Power/

Renewable

Electricity

Producers)

11,935

Oshkosh

Corp.

(Machinery)

16,991

Ovintiv,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

527

21,280

Owens

Corning

(Building

Products)

24,190

Park

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

4,543

Parsons

Corp.

\*

(Professional

Services)

9,038

Paylocity

Holding

Corp.

\*

(Professional

Services)

14,653

PBF

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

5,069

Pegasystems,

Inc.

(Software)

10,868

Penske

Automotive

Group,

Inc.

\*

(Specialty

Retail)

6,609

Common

Stocks,

continued

Shares

Value

Penumbra,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

$

20,266

Performance

Food

Group

Co.

\*

(Consumer

Staples

Distribution

&

Retail)

33,397

Permian

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,432

18,330

Perrigo

Co.

PLC

(Pharmaceuticals)

6,280

Pilgrim's

Pride

Corp.

\*

(Food

Products)

3,583

Pinnacle

Financial

Partners,

Inc.

(Banks)

14,819

Planet

Fitness,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

17,854

Polaris

Industries,

Inc.

\*

(Leisure

Products)

6,336

Portland

General

Electric

Co.

(Electric

Utilities)

9,856

Post

Holdings,

Inc.

\*

(Food

Products)

10,533

PotlatchDeltic

Corp.

(Specialized

REITs)

5,950

Power

Integrations,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,624

Primerica,

Inc.

(Insurance)

18,321

Prosperity

Bancshares,

Inc.

\*

(Banks)

12,938

Pure

Storage,

Inc.

\*

-

Class

A

(Technology

Hardware,

Storage

&

Peripherals)

636

53,303

PVH

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

8,209

Qualys,

Inc.

\*

(Software)

9,792

Rambus,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

22,924

Range

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

18,368

Rayonier,

Inc.

(Specialized

REITs)

7,723

Rb

Global,

Inc.

(Commercial

Services

&

Supplies)

41,177

RBC

Bearings,

Inc.

\*

(Machinery)

24,979

Regal

Rexnord

Corp.

(Electrical

Equipment)

19,508

Reinsurance

Group

of

America,

Inc.

(Insurance)

25,939

Reliance

Steel

&

Aluminum

Co.

(Metals

&

Mining)

30,330

RenaissanceRe

Holdings,

Ltd.

(Insurance)

24,377

Repligen

Corp.

\*

(Life

Sciences

Tools

&

Services)

14,436

Rexford

Industrial

Realty,

Inc.

(Industrial

REITs)

19,898

RH

\*

(Specialty

Retail)

6,298

RLI

Corp.

\*

(Insurance)

12,261

Roivant

Sciences,

Ltd.

\*

(Biotechnology)

881

13,330

Royal

Gold,

Inc.

(Metals

&

Mining)

27,078

RPM

International,

Inc.

(Chemicals)

31,003

Ryan

Specialty

Holdings,

Inc.

(Insurance)

13,019

Ryder

System,

Inc.

(Ground

Transportation)

15,846

Sabra

Health

Care

REIT,

Inc.

(Health

Care

REITs)

9,152

Saia,

Inc.

\*

(Ground

Transportation)

16,465

Science

Applications

International

Corp.

(Professional

Services)

9,540

SEI

Investments

Co.

(Capital

Markets)

16,291

Selective

Insurance

Group,

Inc.

(Insurance)

10,134

Sensata

Technologies

Holding

PLC

(Electrical

Equipment)

9,104

Service

Corp.

International

(Diversified

Consumer

Services)

23,884

Shift4

Payments,

Inc.

\*

-

Class

A

(Financial

Services)

10,681

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

8,786

Siligan

Holdings,

Inc.

(Containers

&

Packaging)

7,828

Simpson

Manufacturing

Co.,

Inc.

(Building

Products)

14,234

SLM

Corp.

(Consumer

Finance)

11,819

Sonoco

Products

Co.

\*

(Containers

&

Packaging)

8,704

Sotera

Health

Co.

\*

(Life

Sciences

Tools

&

Services)

5,679

SouthState

Bank

Corp.

(Banks)

20,465

Southwest

Gas

Holdings,

Inc.

(Gas

Utilities)

10,263

Spire,

Inc.

\*

(Gas

Utilities)

9,864

Sprouts

Farmers

Market,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

21,760

STAG

Industrial,

Inc.

(Industrial

REITs)

13,481

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraMid-Cap

Common

Stocks,

continued

Shares

Value

Starwood

Property

Trust,

Inc.

(Mortgage

REITs)

707

$

13,695

Stifel

Financial

Corp.

(Capital

Markets)

23,715

Synaptics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

5,399

Synovus

Financial

Corp.

(Banks)

13,939

Talen

Energy

Corp.

\*

(Electric

Utilities)

39,985

Taylor

Morrison

Home

Corp.

\*

(Household

Durables)

13,334

TD

SYNNEX

Corp.

(Electronic

Equipment,

Instruments

&

Components)

25,709

TechnipFMC

PLC

(Energy

Equipment

&

Services)

842

33,217

Tempur

Sealy

International,

Inc.

(Household

Durables)

36,262

Tenet

Healthcare

Corp.

\*

(Health

Care

Providers

&

Services)

36,751

Terex

Corp.

(Machinery)

6,874

Tetra

Tech,

Inc.

(Commercial

Services

&

Supplies)

538

17,958

Texas

Capital

Bancshares,

Inc.

\*

(Banks)

7,946

Texas

Roadhouse,

Inc.

(Hotels,

Restaurants

&

Leisure)

22,597

The

Boston

Beer

Co.,

Inc.

\*

-

Class

A

(Beverages)

3,383

The

Brink's

Co.

(Commercial

Services

&

Supplies)

9,933

The

Carlyle

Group,

Inc.

(Capital

Markets)

533

33,418

The

Ensign

Group,

Inc.

(Health

Care

Providers

&

Services)

20,214

The

Gap,

Inc.

(Specialty

Retail)

9,968

The

Goodyear

Tire

&

Rubber

Co.

\*

(Automobile

Components)

586

4,383

The

Hanover

Insurance

Group,

Inc.

\*

(Insurance)

13,259

The

Middleby

Corp.

\*

(Machinery)

12,761

The

New

York

Times

Co.

-

Class

A

(Media)

19,057

The

Scotts

Miracle-Gro

Co.

\*

(Chemicals)

5,182

The

Timken

Co.

(Machinery)

9,773

The

Toro

Co.

(Machinery)

15,392

The

Western

Union

Co.

(Financial

Services)

662

5,289

Thor

Industries,

Inc.

(Automobiles)

11,302

Toll

Brothers,

Inc.

(Household

Durables)

27,766

TopBuild

Corp.

\*

(Household

Durables)

22,279

TransUnion

(Professional

Services)

33,428

Travel

+

Leisure

Co.

\*

(Hotels,

Restaurants

&

Leisure)

7,912

Trex

Co.,

Inc.

\*

(Building

Products)

11,367

Twilio,

Inc.

\*

-

Class

A

(Software)

31,428

TXNM

Energy,

Inc.

(Electric

Utilities)

10,971

UFP

Industries,

Inc.

(Building

Products)

11,219

UGI

Corp.

(Gas

Utilities)

14,634

UMB

Financial

Corp.

(Banks)

17,279

Under

Armour,

Inc.

\*

-

Class

A

(Textiles,

Apparel

&

Luxury

Goods)

1,931

Under

Armour,

Inc.

\*

-

Class

C

(Textiles,

Apparel

&

Luxury

Goods)

1,198

United

Bankshares,

Inc.

(Banks)

10,754

United

Therapeutics

Corp.

\*

(Biotechnology)

38,986

Universal

Display

Corp.

(Semiconductors

&

Semiconductor

Equipment)

13,070

Unum

Group

(Insurance)

24,967

US

Foods

Holding

Corp.

\*

(Consumer

Staples

Distribution

&

Retail)

35,322

Vail

Resorts,

Inc.

(Hotels,

Restaurants

&

Leisure)

11,367

Valaris,

Ltd.

\*

(Energy

Equipment

&

Services)

6,633

Valley

National

Bancorp

\*

(Banks)

986

10,452

Valmont

Industries,

Inc.

(Construction

&

Engineering)

15,509

Valvoline,

Inc.

\*

(Specialty

Retail)

9,337

VF

Corp.

(Textiles,

Apparel

&

Luxury

Goods)

672

9,697

Viper

Energy,

Inc.

(Oil

&

Gas

Producers)

13,224

Visteon

Corp.

\*

(Automobile

Components)

6,712

Vontier

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

12,633

Vornado

Realty

Trust

(Office

REITs)

13,375

Common

Stocks,

continued

Shares

Value

Voya

Financial,

Inc.

(Financial

Services)

$

14,810

Warner

Music

Group

Corp.

\*

-

Class

A

(Entertainment)

10,184

Watsco,

Inc.

(Trading

Companies

&

Distributors)

29,110

Watts

Water

Technologies,

Inc.

-

Class

A

(Machinery)

15,640

Weatherford

International

PLC

(Energy

Equipment

&

Services)

10,059

Webster

Financial

Corp.

(Banks)

20,210

WESCO

International,

Inc.

(Trading

Companies

&

Distributors)

21,150

Western

Alliance

Bancorp

(Banks)

18,385

Westlake

Corp.

\*

(Chemicals)

5,240

WEX,

Inc.

\*

(Financial

Services)

11,027

Whirlpool

Corp.

(Household

Durables)

9,039

Wingstop,

Inc.

(Hotels,

Restaurants

&

Leisure)

14,346

Wintrust

Financial

Corp.

(Banks)

18,144

Woodward,

Inc.

(Aerospace

&

Defense)

31,083

WP

Carey,

Inc.

(Equity

REIT

-

Diversified)

30,339

Wyndham

Hotels

&

Resorts,

Inc.

(Hotels,

Restaurants

&

Leisure)

12,464

XPO,

Inc.

\*

(Ground

Transportation)

31,154

YETI

Holdings,

Inc.

\*

(Leisure

Products)

5,508

Zions

Bancorp

N.A.

(Banks)

17,087

ZoomInfo

Technologies,

Inc.

\*

(Interactive

Media

&

Services)

574

6,262

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,635,540)

6,389,546

Repurchase

Agreements

(a)(b) (29.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$2,655,297

$

2,655,000

2,655,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$2,655,000)

2,655,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,290,540)— 98.7%

9,044,546

Net

other

assets

(liabilities) —

1.3%

114,807

NET

ASSETS

—

100.0%

$

9,159,353

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$1,379,000.

REIT

Real

Estate

Investment

Trust

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraMid-Cap

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

S&P

MidCap

Futures

Contracts

12/22/25

$

985,860

$

(2,503)

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

Goldman

Sachs

International

10/27/25

4.74%

$

4,140,065

$

4,166

SPDR

S&P

MidCap

ETF

Goldman

Sachs

International

10/27/25

4.51%

2,468,211

2,549

$6,608,276

$6,715

S&P

MidCap

UBS

AG

10/27/25

4.89%

$

3,696,050

$

3,798

SPDR

S&P

MidCap

ETF

UBS

AG

10/27/25

4.89%

627,384

641

$4,323,434

$4,439

$10,931,710

$11,154

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraMid-Cap

ProFund

VP

UltraMid-Cap

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

169,669

1.9%

Air

Freight

&

Logistics

12,429

0.1%

Automobile

Components

52,704

0.6%

Automobiles

18,249

0.2%

Banks

420,238

4.6%

Beverages

36,650

0.4%

Biotechnology

155,921

1.7%

Broadline

Retail

26,148

0.3%

Building

Products

136,140

1.5%

Capital

Markets

200,829

2.2%

Chemicals

92,244

1.0%

Commercial

Services

&

Supplies

105,892

1.2%

Communications

Equipment

65,512

0.7%

Construction

&

Engineering

151,019

1.6%

Construction

Materials

24,298

0.3%

Consumer

Finance

46,994

0.5%

Consumer

Staples

Distribution

&

Retail

187,072

2.0%

Containers

&

Packaging

72,477

0.8%

Diversified

Consumer

Services

84,563

0.9%

Diversified

Telecommunication

Services

22,949

0.2%

Electric

Utilities

102,492

1.1%

Electrical

Equipment

113,632

1.2%

Electronic

Equipment,

Instruments

&

Components

222,449

2.4%

Energy

Equipment

&

Services

59,992

0.7%

Entertainment

10,184

0.1%

Equity

REIT

-

Diversified

30,339

0.3%

Financial

Services

106,154

1.2%

Food

Products

53,023

0.6%

Gas

Utilities

71,724

0.8%

Ground

Transportation

90,904

1.0%

Health

Care

Equipment

&

Supplies

77,449

0.8%

Health

Care

Providers

&

Services

146,603

1.6%

Health

Care

REITs

47,634

0.5%

Health

Care

Technology

20,409

0.2%

Hotel

&

Resort

REITs

4,543

0.1%

Hotels,

Restaurants

&

Leisure

171,277

1.9%

Household

Durables

117,526

1.3%

Independent

Power/Renewable

Electricity

Producers

11,935

0.1%

Industrial

REITs

65,776

0.7%

Industrial

Support

Services

26,052

0.3%

Insurance

267,774

2.9%

Interactive

Media

&

Services

6,262

0.1%

IT

Services

49,857

0.6%

Leisure

Facilities

&

Services

12,324

0.1%

Leisure

Products

31,426

0.4%

Life

Sciences

Tools

&

Services

108,352

1.2%

Machinery

326,253

3.6%

Marine

Transportation

9,513

0.1%

Media

51,525

0.6%

Value

%

of

Net

Assets

Metals

&

Mining

$

166,810

1.8%

Mortgage

REITs

40,271

0.4%

Multi-Utilities

16,562

0.2%

Office

REITs

39,465

0.4%

Oil

&

Gas

Producers

13,224

0.1%

Oil,

Gas

&

Consumable

Fuels

182,226

2.0%

Paper

&

Forest

Products

11,549

0.1%

Passenger

Airlines

26,945

0.3%

Personal

Care

Products

28,575

0.3%

Pharmaceuticals

43,126

0.5%

Professional

Services

166,079

1.8%

Real

Estate

Management

&

Development

28,933

0.3%

Residential

REITs

54,143

0.6%

Retail

-

Discretionary

11,154

0.1%

Retail

REITs

59,920

0.7%

Semiconductors

&

Semiconductor

Equipment

177,587

1.9%

Software

283,146

3.1%

Specialized

REITs

94,917

1.0%

Specialty

Retail

222,281

2.4%

Technology

Hardware,

Storage

&

Peripherals

53,303

0.6%

Textiles,

Apparel

&

Luxury

Goods

38,025

0.4%

Trading

Companies

&

Distributors

112,983

1.2%

Water

Utilities

22,942

0.3%

Other

\*\*

2,769,807

30.3%

Total

$

9,159,353

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

REIT

Real

Estate

Investment

Trust

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Common

Stocks

(70.4%)

Shares

Value

Adobe,

Inc.

\*

(Software)

4,875

$

1,719,656

Advanced

Micro

Devices,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

18,651

3,017,545

Airbnb,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

4,931

598,722

Alphabet,

Inc.

-

Class

A

(Interactive

Media

&

Services)

27,173

6,605,756

Alphabet,

Inc.

-

Class

C

(Interactive

Media

&

Services)

25,365

6,177,646

Amazon.com,

Inc.

\*

(Broadline

Retail)

49,824

10,939,856

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

6,146

691,425

Amgen,

Inc.

(Biotechnology)

6,187

1,745,972

Analog

Devices,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

5,654

1,389,188

Apple,

Inc.

(Technology

Hardware,

Storage

&

Peripherals)

69,325

17,652,225

Applied

Materials,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

9,156

1,874,599

AppLovin

Corp

\*

-

Class

A

(Software)

3,537

2,541,475

ARM

Holdings

PLC

\*ADR

(Semiconductors

&

Semiconductor

Equipment)

1,570

222,139

ASML

Holding

N.V.

ADR

(Semiconductors

&

Semiconductor

Equipment)

974

942,920

AstraZeneca

PLC

ADR

(Pharmaceuticals)

6,751

517,937

Atlassian

Corp.

\*

-

Class

A

(Software)

1,911

305,187

Autodesk,

Inc.

\*

(Software)

2,459

781,151

Automatic

Data

Processing,

Inc.

(Professional

Services)

4,655

1,366,242

Axon

Enterprise,

Inc.

\*

(Aerospace

&

Defense)

902

647,311

Baker

Hughes

Co.

(Energy

Equipment

&

Services)

11,330

551,997

Biogen,

Inc.

\*

(Biotechnology)

1,685

236,035

Booking

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

2,008,528

Broadcom,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

36,339

11,988,599

Cadence

Design

Systems,

Inc.

\*

(Software)

3,132

1,100,146

CDW

Corp.

(Electronic

Equipment,

Instruments

&

Components)

1,506

239,876

Charter

Communications,

Inc.

\*

-

Class

A

(Media)

1,570

431,915

Cintas

Corp.

(Commercial

Services

&

Supplies)

4,631

950,559

Cisco

Systems,

Inc.

(Communications

Equipment)

45,511

3,113,863

Coca-Cola

European

Partners

PLC

(Beverages)

5,266

476,099

Cognizant

Technology

Solutions

Corp.

-

Class

A

(IT

Services)

5,613

376,464

Comcast

Corp.

-

Class

A

(Media)

42,325

1,329,852

Constellation

Energy

Corp.

(Electric

Utilities)

3,590

1,181,361

Copart,

Inc.

\*

(Commercial

Services

&

Supplies)

11,113

499,752

CoStar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

4,869

410,798

Costco

Wholesale

Corp.

(Consumer

Staples

Distribution

&

Retail)

5,097

4,717,937

Crowdstrike

Holdings,

Inc.

\*

-

Class

A

(Software)

2,884

1,414,256

CSX

Corp.

(Ground

Transportation)

21,426

760,837

Datadog,

Inc.

\*

-

Class

A

(Software)

3,715

529,016

Dexcom,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

4,507

303,276

Diamondback

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

3,327

476,094

DoorDash,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

4,624

1,257,682

Electronic

Arts,

Inc.

(Entertainment)

2,876

580,089

Exelon

Corp.

(Electric

Utilities)

11,608

522,476

Fastenal

Co.

(Trading

Companies

&

Distributors)

13,189

646,789

Fortinet,

Inc.

\*

(Software)

8,804

740,240

GE

HealthCare

Technologies,

Inc.

(Health

Care

Equipment

&

Supplies)

5,247

394,050

Gilead

Sciences,

Inc.

(Biotechnology)

14,260

1,582,860

GLOBALFOUNDRIES,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,378

228,588

Honeywell

International,

Inc.

(Industrial

Conglomerates)

7,297

1,536,019

IDEXX

Laboratories,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

919

587,140

Common

Stocks,

continued

Shares

Value

Intel

Corp.

(Semiconductors

&

Semiconductor

Equipment)

50,304

$

1,687,699

Intuit,

Inc.

(Software)

3,206

2,189,409

Intuitive

Surgical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

4,120

1,842,587

Keurig

Dr

Pepper,

Inc.

(Beverages)

15,612

398,262

KLA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,517

1,636,236

Lam

Research

Corp.

(Semiconductors

&

Semiconductor

Equipment)

14,545

1,947,576

Linde

PLC

(Chemicals)

5,393

2,561,675

Lululemon

Athletica,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

1,319

234,690

Marriott

International,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

3,120

812,573

Marvell

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

9,908

832,966

MercadoLibre,

Inc.

\*

(Broadline

Retail)

583

1,362,436

Meta

Platforms,

Inc.

-

Class

A

(Interactive

Media

&

Services)

10,132

7,440,737

Microchip

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

6,202

398,292

Micron

Technology,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

12,862

2,152,070

Microsoft

Corp.

(Software)

34,723

17,984,777

MicroStrategy,

Inc.

\*

-

Class

A

(Software)

3,033

977,263

Mondelez

International,

Inc.

-

Class

A

(Food

Products)

14,871

928,991

Monster

Beverage

Corp.

\*

(Beverages)

11,222

755,353

Netflix,

Inc.

\*

(Entertainment)

4,884

5,855,526

NVIDIA

Corp.

(Semiconductors

&

Semiconductor

Equipment)

113,514

21,179,442

NXP

Semiconductors

N.V.

(Semiconductors

&

Semiconductor

Equipment)

2,897

659,734

Old

Dominion

Freight

Line,

Inc.

(Ground

Transportation)

2,415

339,984

ON

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,700

231,757

O'Reilly

Automotive,

Inc.

\*

(Specialty

Retail)

9,752

1,051,363

PACCAR,

Inc.

(Machinery)

6,035

593,361

Palantir

Technologies,

Inc.

\*

-

Class

A

(Software)

26,137

4,767,911

Palo

Alto

Networks,

Inc.

\*

(Software)

7,687

1,565,227

Paychex,

Inc.

(Professional

Services)

4,133

523,899

PayPal

Holdings,

Inc.

\*

(Financial

Services)

10,980

736,319

PDD

Holdings,

Inc.

\*ADR

(Broadline

Retail)

7,676

1,014,537

PepsiCo,

Inc.

(Beverages)

15,734

2,209,683

QUALCOMM,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

12,401

2,063,030

Regeneron

Pharmaceuticals,

Inc.

(Biotechnology)

1,197

673,037

Roper

Technologies,

Inc.

(Software)

1,237

616,880

Ross

Stores,

Inc.

(Specialty

Retail)

3,759

572,834

Shopify,

Inc.

\*

-

Class

A

(IT

Services)

14,026

2,084,404

Starbucks

Corp.

(Hotels,

Restaurants

&

Leisure)

13,064

1,105,214

Synopsys,

Inc.

\*

(Software)

2,127

1,049,441

Take-Two

Interactive

Software,

Inc.

\*

(Entertainment)

2,120

547,723

Tesla,

Inc.

\*

(Automobiles)

17,026

7,571,803

Texas

Instruments,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

10,448

1,919,611

The

Kraft

Heinz

Co.

(Food

Products)

13,603

354,222

The

Trade

Desk,

Inc.

\*

-

Class

A

(Media)

5,122

251,029

Thomson

Reuters

Corp.

(Professional

Services)

5,180

804,609

T-Mobile

U.S.,

Inc.

(Wireless

Telecommunication

Services)

12,934

3,096,141

Verisk

Analytics,

Inc.

(Professional

Services)

1,606

403,925

Vertex

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,947

1,154,163

Warner

Bros.

Discovery,

Inc.

\*

(Entertainment)

28,453

555,687

Workday,

Inc.

\*

-

Class

A

(Software)

2,494

600,381

Xcel

Energy,

Inc.

(Electric

Utilities)

6,797

548,178

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

Common

Stocks,

continued

Shares

Value

Zscaler,

Inc.

\*

(Software)

1,789

$

536,092

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $83,954,475)

214,290,884

Repurchase

Agreements

(a)(b) (26.0%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$79,132,850

$

79,124,000

79,124,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$79,124,000)

79,124,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$163,078,475)— 96.4%

$

293,414,884

Net

other

assets

(liabilities) —

3.6%

11,101,603

NET

ASSETS

—

100.0%

$

304,516,487

\*

Non-income

producing

security.

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$47,946,000.

ADR

American

Depositary

Receipt

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

E-mini

Futures

Contracts

12/22/25

$

20,917,470

$

666,664

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

ETF

Goldman

Sachs

International

10/27/25

4.64%

$

78,105,002

$

203,377

Index

Goldman

Sachs

International

10/27/25

4.84%

130,922,411

343,829

$209,027,413

$547,206

Invesco

QQQ

Trust,

Series

ETF

UBS

AG

10/27/25

4.89%

$

13,973,660

$

36,289

Index

UBS

AG

10/27/25

4.89%

150,656,531

403,824

$164,630,191

$440,113

$373,657,604

$987,319

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

.

ProFund

VP

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Aerospace

&

Defense

$

647,311

0.2%

Automobiles

7,571,803

2.5%

Beverages

3,839,397

1.3%

Biotechnology

5,392,067

1.8%

Broadline

Retail

13,316,829

4.4%

Chemicals

2,561,675

0.8%

Commercial

Services

&

Supplies

1,450,311

0.5%

Communications

Equipment

3,113,862

1.0%

Consumer

Staples

Distribution

&

Retail

4,717,936

1.5%

Electric

Utilities

2,943,440

1.0%

Electronic

Equipment,

Instruments

&

Components

239,876

0.1%

Energy

Equipment

&

Services

551,997

0.2%

Entertainment

7,539,025

2.5%

Financial

Services

736,319

0.3%

Food

Products

1,283,214

0.4%

Ground

Transportation

1,100,821

0.4%

Health

Care

Equipment

&

Supplies

3,127,053

1.0%

Hotels,

Restaurants

&

Leisure

5,782,719

1.9%

Industrial

Conglomerates

1,536,018

0.5%

Interactive

Media

&

Services

20,224,140

6.6%

IT

Services

2,460,868

0.8%

Machinery

593,361

0.2%

Media

2,012,795

0.7%

Oil,

Gas

&

Consumable

Fuels

476,094

0.1%

Pharmaceuticals

517,937

0.2%

Professional

Services

3,098,676

1.0%

Real

Estate

Management

&

Development

410,798

0.1%

Semiconductors

&

Semiconductor

Equipment

54,371,991

17.8%

Software

39,418,509

13.0%

Specialty

Retail

1,624,197

0.5%

Technology

Hardware,

Storage

&

Peripherals

17,652,225

5.8%

Textiles,

Apparel

&

Luxury

Goods

234,690

0.1%

Trading

Companies

&

Distributors

646,789

0.2%

Wireless

Telecommunication

Services

3,096,141

1.0%

Other

\*\*

90,225,603

29.6%

Total

$

304,516,487

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraShort

Dow

Repurchase

Agreements

(a)(b) (88.1%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$6,001

$

6,000

$

6,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$6,000)

6,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,000)— 88.1%

6,000

Net

other

assets

(liabilities) —

11.9%

808

NET

ASSETS

—

100.0%

$

6,808

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$1,000.

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Dow

Jones

Industrial

Average

Goldman

Sachs

International

10/27/25

(4.59)%

$

(10,438)

$

(17) Dow

Jones

Industrial

Average

UBS

AG

10/27/25

(4.49)%

(3,169)

(5) $(13,607)

$(22)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraShort

Repurchase

Agreements

(a)(b) (100.7%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$1,876,210

$

1,876,000

$

1,876,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$1,876,000)

1,876,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$1,876,000)— 100.7%

1,876,000

Net

other

assets

(liabilities) —

(0.7)%

(13,171)

NET

ASSETS

—

100.0%

$

1,862,829

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$551,000.

Total

Return

Swap

Agreements—Short

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

Index

Goldman

Sachs

International

10/27/25

(4.59)%

$

(2,867,107)

$

(7,775)

Index

UBS

AG

10/27/25

(4.49)%

(867,423)

(2,335)

$(3,734,530)

$(10,110)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks

(65.6%)

Shares

Value

10X

Genomics

Inc

\*

-

Class

A

(Medical

Equipment

&

Devices)

$

4,336

1-800-Flowers.com,

Inc.

\*(a)

-

Class

A

(Specialty

Retail)

1st

Source

Corp.

(Banks)

3,940

3D

Systems

Corp.

\*

(Machinery)

1,322

4D

Molecular

Therapeutics,

Inc.

\*

(Biotechnology)

1,208

89bio,

Inc.

\*

(Biotechnology)

6,350

8x8,

Inc.

\*

(Software)

982

908

Devices,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

832

A10

Networks,

Inc.

\*

(Software)

4,519

AAR

Corp.

(Aerospace

&

Defense)

11,119

Aardvark

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Abacus

Life

Inc

\*

(Insurance)

802

Abeona

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

797

Abercrombie

&

Fitch

Co.

\*

-

Class

A

(Specialty

Retail)

13,944

ABM

Industries,

Inc.

(Commercial

Services

&

Supplies)

9,870

Absci

Corp.

\*

(Biotechnology)

1,383

Acacia

Research

Corp.

\*

(Financial

Services)

Academy

Sports

&

Outdoors,

Inc.

(Specialty

Retail)

11,505

ACADIA

Pharmaceuticals,

Inc.

\*

(Biotechnology)

9,176

Acadia

Realty

Trust

(Retail

REITs)

9,209

Acadian

Asset

Management,

Inc.

(Capital

Markets)

4,479

Accel

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

2,070

ACCO

Brands

Corp.

(Commercial

Services

&

Supplies)

1,205

Accuray,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

586

ACI

Worldwide,

Inc.

\*

(Software)

19,261

Aclaris

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

570

ACM

Research,

Inc.

\*

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

6,848

Acme

United

Corp.

(Wholesale

-

Discretionary)

ACNB

Corp.

(Banks)

1,585

ACRES

Commercial

Realty

Corp.

\*

(Specialty

Finance)

Actuate

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Acuren

Corp.

\*

(Asset

Management)

591

7,866

Acushnet

Holdings

Corp.

(Leisure

Products)

7,457

ACV

Auctions,

Inc.

\*

-

Class

A

(Commercial

Services

&

Supplies)

581

5,758

Adamas

Trust,

Inc.

(Mortgage

REITs)

2,051

AdaptHealth

Corp.

\*

(Health

Care

Providers

&

Services)

3,150

Adaptive

Biotechnologies

Corp.

\*

(Life

Sciences

Tools

&

Services)

517

7,733

ADC

Therapeutics

SA

\*

(Biotechnology)

1,004

Addus

HomeCare

Corp.

\*

(Health

Care

Providers

&

Services)

7,433

Adeia,

Inc.

(Software)

6,317

Adient

PLC

(Automobile

Components)

7,007

ADMA

Biologics,

Inc.

\*

(Biotechnology)

802

11,757

Adtalem

Global

Education,

Inc.

\*

(Diversified

Consumer

Services)

18,997

ADTRAN

Holdings,

Inc.

(Communications

Equipment)

2,411

Advance

Auto

Parts,

Inc.

(Specialty

Retail)

12,771

Advanced

Emissions

Solutions,

Inc.

\*

(Chemicals)

780

Advanced

Energy

Industries,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

22,117

AdvanSix,

Inc.

(Chemicals)

1,764

Advantage

Solutions,

Inc.

\*

(Media)

Aebi

Schmidt

Holding

AG

\*

(Machinery)

1,621

Aehr

Test

Systems

\*

(Semiconductors

&

Semiconductor

Equipment)

2,981

Aeluma,

Inc.

\*

(Semiconductors)

548

AeroVironment,

Inc.

\*

(Aerospace

&

Defense)

34,638

AerSale

Corp.

\*

(Aerospace

&

Defense)

909

Aeva

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,537

AFC

Gamma,

Inc.

(Mortgage

REITs)

Common

Stocks,

continued

Shares

Value

AG

Mortgage

Investment

Trust,

Inc.

(Mortgage

REITs)

$

695

agilon

health,

Inc.

\*

(Health

Care

Providers

&

Services)

1,067

1,099

Agilysys,

Inc.

\*

(Software)

9,473

Agios

Pharmaceuticals,

Inc.

\*

(Biotechnology)

7,827

AirJoule

Technologies

Corp.

\*

(Electrical

Equipment)

AIRO

Group

Holdings,

Inc.

\*

(Aerospace

&

Defense)

AirSculpt

Technologies,

Inc.

\*(a)

(Health

Care

Providers

&

Services)

Airship

AI

Holdings,

Inc.

\*

(Software)

Akebia

Therapeutics,

Inc.

\*

(Biotechnology)

865

2,361

Akero

Therapeutics,

Inc.

(Biotechnology)

11,490

Alamo

Group,

Inc.

(Machinery)

6,872

Alarm.com

Holdings,

Inc.

\*

(Software)

8,758

Albany

International

Corp.

(Machinery)

5,597

Aldeyra

Therapeutics,

Inc.

\*

(Biotechnology)

981

Alector,

Inc.

\*

(Biotechnology)

707

Alerus

Financial

Corp.

(Financial

Services)

1,793

Alexander

&

Baldwin,

Inc.

(Equity

REIT

-

Diversified)

4,602

Alexander's,

Inc.

(Retail

REITs)

1,641

Alico,

Inc.

(Food

Products)

624

Alight,

Inc.

-

Class

A

(Professional

Services)

1,492

4,864

Alignment

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

506

8,830

Alkami

Technology,

Inc.

\*

(Software)

5,862

Alkermes

PLC

\*

(Biotechnology)

561

16,830

Allegiant

Travel

Co.

\*

(Passenger

Airlines)

3,039

ALLETE,

Inc.

(Electric

Utilities)

13,413

Allied

Motion

Technologies,

Inc.

(Electrical

Equipment)

2,238

Allogene

Therapeutics,

Inc.

\*

(Biotechnology)

524

650

Alpha

and

Omega

Semiconductor,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,433

Alpha

Metallurgical

Resources,

Inc.

(Metals

&

Mining)

6,564

Alpha

Teknova,

Inc.

\*

(Biotech

&

Pharma)

Alphatec

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

5,831

Alpine

Income

Property

Trust,

Inc.

(Equity

REIT

-

Diversified)

623

Alta

Equipment

Group,

Inc.

(Trading

Companies

&

Distributors)

507

AlTi

Global,

Inc.

\*

(Capital

Markets)

523

Altice

USA,

Inc.

\*

-

Class

A

(Cable

&

Satellite)

904

2,179

Altimmune,

Inc.

\*

(Biotechnology)

1,063

Alumis,

Inc.

\*

(Pharmaceuticals)

770

Amalgamated

Financial

Corp.

(Banks)

2,199

A-Mark

Precious

Metals,

Inc.

\*

(Distributors)

1,707

Ambac

Financial

Group,

Inc.

\*

(Insurance)

1,243

Ambarella,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

11,635

Ambiq

Micro,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

AMC

Entertainment

Holdings,

Inc.

\*

(Entertainment)

1,506

4,367

AMC

Networks,

Inc.

\*

-

Class

A

(Media)

923

Amerant

Bancorp,

Inc.

\*

(Banks)

2,486

Ameresco,

Inc.

\*

-

Class

A

(Construction

&

Engineering)

3,727

American

Assets

Trust,

Inc.

(Equity

REIT

-

Diversified)

3,658

American

Axle

&

Manufacturing

Holdings,

Inc.

\*

(Automobile

Components)

2,404

American

Battery

Technology

Co.

\*

(Metals

&

Mining)

1,492

American

Eagle

Outfitters,

Inc.

(Specialty

Retail)

562

9,616

American

Healthcare

REIT,

Inc.

(Health

Care

REITs)

551

23,148

American

Integrity

Insurance

Group,

Inc.

\*

(Insurance)

625

American

Outdoor

Brands

Inc.

\*

(Leisure

Products)

American

Public

Education,

Inc.

\*

(Diversified

Consumer

Services)

2,368

American

Reality

Investors,

Inc.

\*

(Real

Estate

Management

&

Development)

American

States

Water

Co.

(Water

Utilities)

9,825

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

American

Superconductor

Corp.

\*

(Electrical

Equipment)

$

8,968

American

Vanguard

Corp.

\*

(Chemicals)

505

American

Woodmark

Corp.

\*

(Building

Products)

3,338

America's

Car-Mart,

Inc.

\*

(Specialty

Retail)

759

Ameris

Bancorp

(Banks)

16,788

AMERISAFE,

Inc.

(Insurance)

2,893

Ames

National

Corp.

\*

(Banks)

627

Amicus

Therapeutics,

Inc.

\*

(Biotechnology)

963

7,588

AMMO,

Inc.

\*

(Leisure

Products)

AMN

Healthcare

Services,

Inc.

\*

(Health

Care

Providers

&

Services)

2,575

Amneal

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

520

5,205

Amphastar

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

3,411

Amplitude,

Inc.

\*

-

Class

A

(Software)

3,312

Amprius

Technologies,

Inc.

\*

(Electrical

Equipment)

3,387

Amylyx

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

3,262

AnaptysBio,

Inc.

\*

(Biotechnology)

2,052

Anavex

Life

Sciences

Corp.

\*(a)

(Biotechnology)

2,572

Angel

Oak

Mortgage

REIT,

Inc.

(Mortgage

REITs)

Angi,

Inc.

\*

(Interactive

Media

&

Services)

2,293

AngioDynamics,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,497

ANI

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

5,771

Anika

Therapeutics,

Inc.

\*

(Biotechnology)

Annexon,

Inc.

\*

(Biotechnology)

1,010

Anteris

Technologies

Global

Corp.

\*

(Medical

Equipment

&

Devices)

527

Anterix,

Inc.

\*

(Diversified

Telecommunication

Services)

837

Anywhere

Real

Estate,

Inc.

\*

(Real

Estate

Management

&

Development)

3,865

Apartment

Investment

and

Management

Co.

\*

(Residential

REITs)

3,624

Apogee

Enterprises,

Inc.

(Building

Products)

3,181

Apogee

Therapeutics,

Inc.

\*

(Biotechnology)

4,489

Apollo

Commercial

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

4,893

Apollo

Medical

Holdings,

Inc.

\*

(Health

Care

Providers

&

Services)

3,997

Appian

Corp.

\*

-

Class

A

(Software)

4,158

Apple

Hospitality

REIT,

Inc.

(Hotel

&

Resort

REITs)

775

9,308

Applied

Digital

Corp.

\*

(IT

Services)

742

17,020

Applied

Optoelectronics,

Inc.

\*

(Communications

Equipment)

4,875

Aquestive

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,666

Arbor

Realty

Trust,

Inc.

(a) (Mortgage

REITs)

660

8,058

Arbutus

Biopharma

Corp.

\*

(Biotechnology)

524

2,379

ArcBest

Corp.

(Ground

Transportation)

5,520

Arcellx,

Inc.

\*

(Biotechnology)

9,688

Archer

Aviation,

Inc.

\*

-

Class

A

(Aerospace

&

Defense)

1,905

18,250

Archrock,

Inc.

(Energy

Equipment

&

Services)

572

15,050

Arcosa,

Inc.

(Construction

&

Engineering)

15,743

Arcturus

Therapeutics

Holdings,

Inc.

\*

(Biotechnology)

1,622

Arcus

Biosciences,

Inc.

\*

(Biotechnology)

3,237

Arcutis

Biotherapeutics,

Inc.

\*

(Biotechnology)

6,975

Ardagh

Metal

Packaging

SA

(Containers

&

Packaging)

1,923

Ardelyx,

Inc.

\*

(Biotechnology)

816

4,496

Ardent

Health

Partners,

Inc.

\*

(Health

Care

Providers

&

Services)

1,060

Ardmore

Shipping

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,413

Ares

Commercial

Real

Estate

Corp.

(Mortgage

REITs)

825

Argan,

Inc.

(Construction

&

Engineering)

12,422

Arhaus,

Inc.

(Specialty

Retail)

1,882

Aris

Water

Solutions,

Inc.

-

Class

A

(Commercial

Services

&

Supplies)

2,639

Arko

Corp.

(Specialty

Retail)

1,216

Common

Stocks,

continued

Shares

Value

Arlo

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

$

5,831

Armada

Hoffler

Properties,

Inc.

(Equity

REIT

-

Diversified)

1,942

ARMOUR

Residential

REIT,

Inc.

(a) (Mortgage

REITs)

5,737

Array

Technologies,

Inc.

\*

(Electrical

Equipment)

525

4,279

Arrive

AI,

Inc.

\*

(Air

Freight

&

Logistics)

ArriVent

Biopharma,

Inc.

\*(a)

(Biotechnology)

1,568

Arrow

Financial

Corp.

(Banks)

1,613

Arrowhead

Pharmaceuticals,

Inc.

\*

(Biotechnology)

14,382

ARS

Pharmaceuticals,

Inc.

\*(a)

(Biotechnology)

2,050

Arteris,

Inc.

\*

(Software)

1,000

Artisan

Partners

Asset

Management,

Inc.

-

Class

A

(Capital

Markets)

9,418

Artivion,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

5,589

Arvinas,

Inc.

\*

(Pharmaceuticals)

1,934

Asana,

Inc.

\*

-

Class

A

(Software)

4,008

Asbury

Automotive

Group,

Inc.

\*

(Specialty

Retail)

16,622

Ascent

Industries

Co.

\*

(Steel)

ASGN,

Inc.

\*

(IT

Services)

7,008

ASP

Isotopes,

Inc.

\*

(Chemicals)

2,549

Aspen

Aerogels,

Inc.

\*

(Chemicals)

1,594

Aspen

Insurance

Holdings

Ltd.

\*

(Insurance)

1,946

Associated

Banc-Corp.

(Banks)

576

14,809

Astec

Industries,

Inc.

(Machinery)

3,802

Astria

Therapeutics,

Inc.

(Biotechnology)

925

Astronics

Corp.

\*

(Aerospace

&

Defense)

4,789

Asure

Software,

Inc.

\*

(Professional

Services)

730

Atea

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

769

Ategrity

Specialty

Holdings,

LLC

\*

(Insurance)

Atkore,

Inc.

(Electrical

Equipment)

7,278

Atlanta

Braves

Holdings,

Inc.

\*

(Entertainment)

6,654

Atlanta

Braves

Holdings,

Inc.

\*

-

Series

A

(Entertainment)

1,046

Atlantic

International

Corp.

\*

(Biotech

&

Pharma)

Atlantic

Union

Bankshares

Corp.

(Banks)

17,398

Atlanticus

Holdings

Corp.

\*

(Consumer

Finance)

1,054

Atlas

Energy

Solutions,

Inc.

\*(a)

(Energy

Equipment

&

Services)

3,059

Atmus

Filtration

Technologies,

Inc.

(Machinery)

13,031

ATN

International,

Inc.

(Diversified

Telecommunication

Services)

509

Atomera,

Inc.

\*

(Semiconductors)

AtriCure,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

5,887

aTyr

Pharma,

Inc.

\*

(Biotech

&

Pharma)

AudioEye,

Inc.

\*

(Software)

Aura

Biosciences,

Inc.

\*

(Biotechnology)

939

Aurinia

Pharmaceuticals,

Inc.

\*

(Biotechnology)

4,453

Avadel

Pharmaceuticals

PLC

\*

(Pharmaceuticals)

4,718

Avanos

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,792

Aveanna

Healthcare

Holdings,

Inc.

\*

(Health

Care

Providers

&

Services)

1,499

AvePoint,

Inc.

\*

(Software)

6,905

Aviat

Networks,

Inc.

\*

(Communications

Equipment)

917

Avidity

Biosciences,

Inc.

\*

(Biotechnology)

15,380

AvidXchange

Holdings,

Inc.

\*

(Financial

Services)

591

5,880

Avient

Corp.

(Chemicals)

10,478

Avista

Corp.

(Multi-Utilities)

10,549

Avita

Medical,

Inc.

\*(a)

(Biotechnology)

Axcelis

Technologies,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

10,936

Axogen,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,712

Axos

Financial,

Inc.

\*

(Banks)

15,914

Axsome

Therapeutics,

Inc.

\*

(Pharmaceuticals)

17,002

Azenta,

Inc.

\*

(Life

Sciences

Tools

&

Services)

4,050

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

AZZ,

Inc.

(Building

Products)

$

11,240

B&G

Foods,

Inc.

(Food

Products)

1,183

Backblaze,

Inc.

\*

-

Class

A

(IT

Services)

1,717

Badger

Meter,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

18,394

Bakkt

Holdings,

Inc.

\*

(Institutional

Financial

Services)

1,279

Balchem

Corp.

(Chemicals)

17,107

Bally's

Corp.

\*

(Leisure

Facilities

&

Services)

Banc

of

California,

Inc.

(Banks)

7,348

BancFirst

Corp.

(Banks)

9,104

Banco

Latinoamericano

de

Comercio

Exterior

S.A.

-

Class

E

(Financial

Services)

4,551

Bandwidth,

Inc.

\*

-

Class

A

(Diversified

Telecommunication

Services)

1,567

Bank

First

Corp.

(Banks)

3,761

Bank

of

Hawaii

Corp.

(Banks)

8,927

Bank

of

Marin

Bancorp

(Banks)

1,238

Bank7

Corp.

(Banks)

694

BankFinancial

Corp.

\*

(Banking)

BankUnited,

Inc.

(Banks)

9,960

Bankwell

Financial

Group,

Inc.

(Banks)

1,062

Banner

Corp.

(Banks)

7,729

Bar

Harbor

Bankshares

(Banks)

1,584

BARK,

Inc.

\*

(Specialty

Retail)

Barnes

&

Noble

Education,

Inc.

\*

(Retail

-

Discretionary)

557

Barrett

Business

Services,

Inc.

(Professional

Services)

3,812

Bassett

Furniture

Industries,

Inc.

\*

(Retail

-

Discretionary)

BayCom

Corp.

\*

(Banks)

1,035

BCB

Bancorp,

Inc.

(Banks)

Beacon

Financial

Corporation

(Banks)

6,828

Beam

Therapeutics,

Inc.

\*

(Biotechnology)

8,033

Beazer

Homes

USA,

Inc.

\*

(Household

Durables)

2,381

Bel

Fuse,

Inc.

-

Class

A

(Electronic

Equipment,

Instruments

&

Components)

698

Bel

Fuse,

Inc.

-

Class

B

(Electronic

Equipment,

Instruments

&

Components)

5,077

Belden,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

16,477

Benchmark

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

4,780

Benitec

Biopharma,

Inc.

\*

(Biotech

&

Pharma)

716

Berry

Corp.

(Oil,

Gas

&

Consumable

Fuels)

1,005

Beta

Bionics,

Inc.

\*

(Biotechnology)

2,643

Better

Home

&

Finance

Holding

Co.

\*

(Specialty

Finance)

1,011

Beyond

Meat,

Inc.

\*(a)

(Food

Products)

Beyond,

Inc.

\*

(Specialty

Retail)

1,860

BGC

Group,

Inc.

-

Class

A

(Capital

Markets)

1,254

11,863

Bicara

Therapeutics,

Inc.

\*

(Biotechnology)

1,863

BigBear.ai

Holdings,

Inc.

\*(a)

(IT

Services)

1,001

6,527

BigCommerce

Holdings,

Inc.

\*

-

Class

(IT

Services)

1,133

Biglari

Holdings,

Inc.

\*

-

Class

B

(Hotels,

Restaurants

&

Leisure)

647

BioAge

Labs,

Inc.

\*

(Pharmaceuticals)

BioCryst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

724

5,495

Biohaven,

Ltd.

\*

(Biotechnology)

4,698

BioLife

Solutions,

Inc.

\*

(Life

Sciences

Tools

&

Services)

3,342

Biote

Corp.

\*

-

Class

A

(Pharmaceuticals)

Bioventus,

Inc.

\*

-

Class

A

(Health

Care

Equipment

&

Supplies)

1,064

Bit

Digital,

Inc.

\*

(Software)

1,100

3,300

Bitdeer

Technologies

Group

\*

(Technology

Services)

5,299

BJ's

Restaurants,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

2,137

BK

Technologies

Corp

\*

(Technology

Hardware)

845

BKV

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,342

Common

Stocks,

continued

Shares

Value

Black

Hills

Corp.

(Multi-Utilities)

$

15,520

Blackbaud,

Inc.

\*

(Software)

8,489

BlackLine,

Inc.

\*

(Software)

9,558

BlackSky

Technology,

Inc.

\*

(Professional

Services)

2,156

Blackstone

Mortgage

Trust,

Inc.

-

Class

A

(Mortgage

REITs)

563

10,364

Blade

Air

Mobility,

Inc.

\*

-

Class

A

(Passenger

Airlines)

1,139

Blaize

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

873

Blend

Labs,

Inc.

\*

-

Class

A

(Software)

726

2,650

Bloom

Energy

Corp.

\*

-

Class

A

(Electrical

Equipment)

743

62,837

Bloomin'

Brands,

Inc.

(Hotels,

Restaurants

&

Leisure)

2,086

Blue

Bird

Corp.

\*

(Machinery)

6,331

Blue

Foundry

Bancorp

\*

(Banks)

591

Blue

Ridge

Bankshares,

Inc.

\*

(Banking)

986

BlueLinx

Holdings,

Inc.

\*

(Trading

Companies

&

Distributors)

1,900

Bluerock

Homes

Trust,

Inc.

\*

(Residential

REITs)

Boise

Cascade

Co.

(Trading

Companies

&

Distributors)

10,129

Boot

Barn

Holdings,

Inc.

\*

(Specialty

Retail)

17,565

Borr

Drilling,

Ltd.

\*

(Energy

Equipment

&

Services)

856

2,303

Boston

Omaha

Corp.

\*

-

Class

A

(Media)

981

Bowhead

Specialty

Holdings,

Inc.

\*

(Insurance)

1,487

Bowman

Consulting

Group,

Ltd.

\*

(Construction

&

Engineering)

2,076

Box,

Inc.

\*

-

Class

A

(Software)

15,683

Braemar

Hotels

&

Resorts,

Inc.

\*

(Hotel

&

Resort

REITs)

557

Brandywine

Realty

Trust

(Office

REITs)

596

2,485

Braze,

Inc.

\*

-

Class

A

(Software)

7,849

BRC,

Inc.

\*

-

Class

A

(Food

Products)

521

Bread

Financial

Holdings,

Inc.

(Consumer

Finance)

8,979

Bridgebio

Pharma,

Inc.

\*

(Biotechnology)

541

28,101

Bridgewater

Bancshares,

Inc.

\*

(Banks)

1,267

Bright

Minds

Biosciences,

Inc.

\*

(Biotech

&

Pharma)

971

BrightSpire

Capital,

Inc.

(Mortgage

REITs)

2,422

BrightSpring

Health

Services,

Inc.

\*

(Health

Care

Providers

&

Services)

9,607

BrightView

Holdings,

Inc.

\*

(Commercial

Services

&

Supplies)

3,337

Brinker

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

19,383

Bristow

Group,

Inc.

\*

(Energy

Equipment

&

Services)

3,536

Broadstone

Net

Lease,

Inc.

(Equity

REIT

-

Diversified)

656

11,723

Brookdale

Senior

Living,

Inc.

\*

(Health

Care

Providers

&

Services)

794

6,725

Brookfield

Business

Corp.

-

Class

A

(Industrial

Conglomerates)

2,716

Brookfield

Infrastructure

Corp.

-

Class

A

(Gas

&

Water

Utilities)

17,147

BRT

Apartments

Corp.

(Residential

REITs)

579

Build-A-Bear

Workshop,

Inc.

(Specialty

Retail)

2,804

Bumble,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

1,535

Burford

Capital,

Ltd.

\*

(Financial

Services)

696

8,324

Burke

&

Herbert

Financial

Services

Corp.

(Banks)

2,899

Business

First

Bancshares,

Inc.

(Banks)

2,337

Butterfly

Network,

Inc.

\*

(Medical

Equipment

&

Devices)

664

1,282

BV

Financial,

Inc.

\*

(Banking)

Byline

Bancorp,

Inc.

(Banks)

2,995

Byrna

Technologies,

Inc.

(Aerospace

&

Defense)

1,396

C&F

Financial

Corp.

\*

(Banking)

739

C3.ai,

Inc.

\*

-

Class

A

(Software)

7,352

Cable

One,

Inc.

(Media)

3,187

Cabot

Corp.

(Chemicals)

14,297

Cactus,

Inc.

-

Class

A

(Energy

Equipment

&

Services)

9,354

Cadence

Bank

(Banks)

646

24,250

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Cadiz,

Inc.

\*

(Water

Utilities)

$

897

Cadre

Holdings,

Inc.

(Aerospace

&

Defense)

3,614

Calavo

Growers,

Inc.

(Food

Products)

1,493

Caledonia

Mining

Corp.

PLC

(Metals

&

Mining)

2,064

Caleres,

Inc.

(Specialty

Retail)

1,487

California

Resources

Corp.

(Oil,

Gas

&

Consumable

Fuels)

12,444

California

Water

Service

Group

(Water

Utilities)

9,499

Calix,

Inc.

\*

(Communications

Equipment)

12,520

Cal-Maine

Foods,

Inc.

(Food

Products)

14,961

Calumet,

Inc.

\*

(Chemicals)

4,362

Camden

National

Corp.

(Banks)

2,238

Camping

World

Holdings,

Inc.

-

Class

A

(Specialty

Retail)

3,284

Candel

Therapeutics,

Inc.

\*

(Biotechnology)

740

Cannae

Holdings,

Inc.

(Financial

Services)

3,644

Cantaloupe,

Inc.

\*

(Financial

Services)

2,156

Capital

Bancorp,

Inc.

(Banks)

1,276

Capital

City

Bank

Group,

Inc.

(Banks)

2,006

Capitol

Federal

Financial,

Inc.

(Banks)

2,705

Capri

Holdings,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

8,028

Capricor

Therapeutics,

Inc.

\*

(Biotechnology)

959

CapsoVision,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Cardiff

Oncology,

Inc.

\*

(Biotechnology)

CareDx,

Inc.

\*

(Biotechnology)

2,748

CareTrust

REIT,

Inc.

(Health

Care

REITs)

738

25,594

Cargurus,

Inc.

\*

(Interactive

Media

&

Services)

10,611

Carlsmed,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Carriage

Services,

Inc.

\*

(Diversified

Consumer

Services)

2,182

Cars.com,

Inc.

\*

(Interactive

Media

&

Services)

2,432

Carter

Bankshares,

Inc.

\*

(Banks)

1,533

Carter's,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

3,471

Cartesian

Therapeutics,

Inc.

\*(a)

(Biotechnology)

Casella

Waste

Systems,

Inc.

\*

-

Class

A

(Commercial

Services

&

Supplies)

20,684

Cass

Information

Systems,

Inc.

(Financial

Services)

1,652

Castle

Biosciences,

Inc.

\*

(Health

Care

Providers

&

Services)

2,231

Catalyst

Pharmaceuticals,

Inc.

\*

(Biotechnology)

7,880

Cathay

General

Bancorp

(Banks)

11,186

Cavco

Industries,

Inc.

\*

(Household

Durables)

15,099

CB

Financial

Services,

Inc.

\*

(Banking)

531

CBIZ,

Inc.

\*

(Professional

Services)

9,056

CBL

&

Associates

Properties,

Inc.

\*

(Retail

REITs)

1,927

CECO

Environmental

Corp.

\*

(Commercial

Services

&

Supplies)

5,171

Celcuity,

Inc.

\*

(Biotechnology)

5,039

Celldex

Therapeutics,

Inc.

\*

(Biotechnology)

5,872

Centerspace

(Residential

REITs)

3,416

Central

Garden

&

Pet

Co.

\*

(Household

Products)

947

Central

Garden

&

Pet

Co.

\*

-

Class

A

(Household

Products)

5,168

Central

Pacific

Financial

Corp.

(Banks)

2,791

Centrus

Energy

Corp.

\*

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

16,744

Centuri

Holdings,

Inc.

\*

(Construction

&

Engineering)

5,144

Century

Aluminum

Co.

\*

(Metals

&

Mining)

5,373

Century

Communities,

Inc.

(Household

Durables)

5,703

Cerence,

Inc.

\*

(Software)

1,744

CeriBell,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

988

Cerus

Corp.

\*

(Health

Care

Equipment

&

Supplies)

639

1,016

CEVA,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,139

CF

Bankshares,

Inc.

\*

(Banking)

Common

Stocks,

continued

Shares

Value

CG

Oncology,

Inc.

\*

(Biotechnology)

$

7,774

Chain

Bridge

Bancorp

Inc

\*

(Banking)

Champion

Homes,

Inc.

\*

(Household

Durables)

15,121

Chart

Industries,

Inc.

\*

(Machinery)

31,425

Chatham

Lodging

Trust

(Hotel

&

Resort

REITs)

1,080

Chemung

Financial

Corp.

(Banks)

735

Chesapeake

Utilities

Corp.

(Gas

Utilities)

10,641

Chicago

Atlantic

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

806

Chimera

Investment

Corp.

(Mortgage

REITs)

3,636

ChoiceOne

Financial

Services,

Inc.

(Banks)

1,419

ChromaDex

Corp.

\*

(Life

Sciences

Tools

&

Services)

1,689

Cidara

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

5,075

Cimpress

PLC

\*

(Commercial

Services

&

Supplies)

3,278

Cinemark

Holdings,

Inc.

(Entertainment)

10,088

Cipher

Mining,

Inc.

(Software)

917

11,545

Citi

Trends,

Inc.

(Specialty

Retail)

528

Citizens

&

Northern

Corp.

(Banks)

1,030

Citizens

Community

Bancorp,

Inc./WI

\*

(Banking)

530

Citizens

Financial

Services,

Inc.

(Banks)

964

CITIZENS,

INC.

\*

(Insurance)

819

City

Holding

Co.

(Banks)

6,070

City

Office

REIT,

Inc.

\*

(Office

REITs)

940

Civista

Bancshares,

Inc.

\*

(Banks)

1,340

Claritev

Corp.

\*

(Technology

Services)

1,380

Claros

Mortgage

Trust,

Inc.

(Mortgage

REITs)

1,059

Clarus

Corp.

\*

(Leisure

Products)

Clean

Energy

Fuels

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

601

1,551

Cleanspark,

Inc.

(a) (Software)

960

13,920

Clear

Secure,

Inc.

-

Class

A

(Software)

9,680

Clearfield,

Inc.

\*

(Communications

Equipment)

1,375

ClearPoint

Neuro,

Inc.

\*

(Medical

Equipment

&

Devices)

1,982

Clearwater

Analytics

Holdings,

Inc.

\*

-

Class

A

(Software)

854

15,389

Clearwater

Paper

Corp.

\*

(Paper

&

Forest

Products)

1,142

Climb

Global

Solutions,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,753

Clipper

Realty,

Inc.

\*

(Residential

REITs)

Clover

Health

Investments

Corp.

\*

(Health

Care

Facilities

&

Services)

1,396

4,271

CNB

Financial

Corp.

(Banks)

2,347

CNO

Financial

Group,

Inc.

(Insurance)

13,171

CNX

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

15,225

Coastal

Financial

Corp.

\*

(Banks)

4,868

CoastalSouth

Bancshares,

Inc.

\*

(Banks)

Codexis,

Inc.

\*

(Life

Sciences

Tools

&

Services)

691

Coeur

Mining,

Inc.

\*

(Metals

&

Mining)

2,216

41,573

Cogent

Biosciences,

Inc.

\*

(Biotechnology)

6,462

Cogent

Communications

Holdings,

Inc.

(Diversified

Telecommunication

Services)

5,983

Cohen

&

Steers,

Inc.

(Capital

Markets)

6,299

Coherus

Biosciences,

Inc.

\*(a)

(Biotechnology)

602

Cohu,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,212

Collegium

Pharmaceutical,

Inc.

\*

(Pharmaceuticals)

3,884

Colony

Bankcorp,

Inc.

\*

(Banks)

1,004

Columbia

Financial,

Inc.

\*

(Banks)

1,411

Columbus

McKinnon

Corp.

(Machinery)

1,405

Commercial

Metals

Co.

(Metals

&

Mining)

22,454

CommScope

Holding

Co.,

Inc.

\*

(Communications

Equipment)

738

11,424

Community

Financial

System,

Inc.

(Banks)

10,731

Community

Health

Systems,

Inc.

\*

(Health

Care

Providers

&

Services)

1,441

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Community

Healthcare

Trust,

Inc.

(Health

Care

REITs)

$

1,454

Community

Trust

Bancorp,

Inc.

(Banks)

3,077

Community

West

Bancshares

(Banks)

1,209

CommVault

Systems,

Inc.

\*

(Software)

29,261

Compass

Diversified

Holdings

(Financial

Services)

1,536

Compass

Minerals

International,

Inc.

(Metals

&

Mining)

2,304

Compass

Therapeutics,

Inc.

\*

(Biotechnology)

1,204

Compass,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

1,616

12,977

Complete

Solaria

Inc

\*(a)

(Renewable

Energy)

CompoSecure,

Inc.

\*

-

Class

A

(Technology

Hardware,

Storage

&

Peripherals)

3,165

Computer

Programs

&

Systems,

Inc.

\*

(Software)

706

CompX

International,

Inc.

\*

(Commercial

Services

&

Supplies)

Comstock

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

5,076

Concentra

Group

Holdings

Parent,

Inc.

(Health

Care

Providers

&

Services)

8,456

Concrete

Pumping

Holdings,

Inc.

\*

(Construction

&

Engineering)

543

Conduent,

Inc.

\*

(Professional

Services)

516

1,445

CONMED

Corp.

(Health

Care

Equipment

&

Supplies)

5,079

ConnectOne

Bancorp,

Inc.

(Banks)

4,094

Consensus

Cloud

Solutions,

Inc.

\*

(Software)

1,968

Consolidated

Water

Co.,

Ltd.

(Water

Utilities)

1,835

Constellium

SE

\*

(Metals

&

Mining)

7,321

Construction

Partners,

Inc.

\*

-

Class

A

(Construction

&

Engineering)

20,574

Consumer

Portfolio

Services,

Inc.

\*

(Consumer

Finance)

Contango

ORE,

Inc.

\*

(Metals

&

Mining)

748

Cooper-Standard

Holdings,

Inc.

\*

(Automobile

Components)

2,179

COPT

Defense

Properties

(Office

REITs)

11,450

Core

Laboratories,

Inc.

(Energy

Equipment

&

Services)

2,002

Core

Molding

Technologies,

Inc.

\*

(Chemicals)

596

Core

Natural

Resources,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

15,026

Core

Scientific,

Inc.

\*(a)

(IT

Services)

984

17,652

CoreCard

Corp.

\*

(Software)

511

CoreCivic,

Inc.

(Commercial

Services

&

Supplies)

7,591

CorMedix,

Inc.

\*(a)

(Pharmaceuticals)

2,838

Corsair

Gaming,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

1,436

CorVel

Corp.

\*

(Health

Care

Providers

&

Services)

7,819

Corvus

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

1,511

Costamare

Bulkers

Holdings

Ltd.

\*

(Marine

Transportation)

Costamare,

Inc.

(Marine

Transportation)

1,822

Coursera,

Inc.

\*

(Diversified

Consumer

Services)

5,597

Covenant

Logistics

Group,

Inc.

-

Class

A

(Ground

Transportation)

1,235

CPI

Card

Group,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

CRA

International,

Inc.

(Professional

Services)

4,796

Cracker

Barrel

Old

Country

Store,

Inc.

(a) (Hotels,

Restaurants

&

Leisure)

3,393

Crawford

&

Co.

-

Class

A

(Insurance)

599

Credo

Technology

Group

Holding,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

513

74,697

Crescent

Energy

Co.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

619

5,521

Crexendo,

Inc.

\*

(Technology

Services)

Cricut,

Inc.

\*

-

Class

A

(Household

Durables)

1,000

Crinetics

Pharmaceuticals,

Inc.

\*

(Biotechnology)

13,036

Common

Stocks,

continued

Shares

Value

CRISPR

Therapeutics

AG

\*

(Biotechnology)

$

18,536

Critical

Metals

Corp.

\*

(Metals

&

Mining)

690

Cross

Country

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

1,534

CryoPort,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,602

CS

Disco,

Inc.

\*

(Software)

530

CSG

Systems

International,

Inc.

(Professional

Services)

6,180

CSP,

Inc.

\*

(Technology

Services)

CSW

Industrials,

Inc.

(Building

Products)

13,594

CTO

Realty

Growth,

Inc.

(Equity

REIT

-

Diversified)

1,712

CTS

Corp.

(Electronic

Equipment,

Instruments

&

Components)

4,034

Cullinan

Therapeutics,

Inc.

\*

(Biotechnology)

1,044

Curbline

Properties

Corp.

(Retail

REITs)

7,515

CuriosityStream,

Inc.

\*

(Entertainment

Content)

594

Cushman

&

Wakefield

PLC

\*

(Real

Estate

Management

&

Development)

801

12,752

Custom

Truck

One

Source,

Inc.

\*

(Trading

Companies

&

Distributors)

1,335

Customers

Bancorp,

Inc.

\*

(Banks)

6,668

CVB

Financial

Corp.

(Banks)

8,642

CVR

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

3,903

CVRx,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Cytek

Biosciences,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,412

Cytokinetics,

Inc.

\*

(Biotechnology)

22,204

Daily

Journal

Corp.

\*

(Software)

1,861

Dakota

Gold

Corp.

\*

(Metals

&

Mining)

1,356

Daktronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

2,803

Dana,

Inc.

(Automobile

Components)

9,178

Dave

&

Buster's

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,707

Dave,

Inc.

\*

(Software)

6,379

Day

One

Biopharmaceuticals,

Inc.

\*

(Biotechnology)

1,755

Definitive

Healthcare

Corp.

\*

(Health

Care

Technology)

Delcath

Systems

Inc

\*

(Medical

Equipment

&

Devices)

1,107

Delek

US

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

6,680

Deluxe

Corp.

(Commercial

Services

&

Supplies)

2,962

Denali

Therapeutics,

Inc.

\*

(Biotechnology)

6,650

Denny's

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

910

Designer

Brands,

Inc.

-

Class

A

(Specialty

Retail)

DHT

Holdings,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

5,270

DiaMedica

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

756

Diamond

Hill

Investment

Group,

Inc.

(Capital

Markets)

1,260

DiamondRock

Hospitality

Co.

(Hotel

&

Resort

REITs)

713

5,675

Dianthus

Therapeutics,

Inc.

\*

(Biotechnology)

2,243

Diebold

Nixdorf,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

5,019

Digi

International,

Inc.

\*

(Communications

Equipment)

4,594

Digimarc

Corp.

\*

(Software)

528

Digital

Turbine,

Inc.

\*

(Software)

2,317

DigitalBridge

Group,

Inc.

(Real

Estate

Management

&

Development)

593

6,938

DigitalOcean

Holdings,

Inc.

\*

(IT

Services)

8,096

Dime

Community

Bancshares,

Inc.

(Banks)

4,117

Dine

Brands

Global,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,310

Diodes,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

8,460

Disc

Medicine,

Inc.

\*

(Biotechnology)

5,286

Diversified

Energy

Co.

PLC

\*

(Oil,

Gas

&

Consumable

Fuels)

2,802

Diversified

Healthcare

Trust

\*

(Health

Care

REITs)

759

3,347

DMC

Global,

Inc.

\*

(Energy

Equipment

&

Services)

566

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

DNOW,

Inc.

\*

(Trading

Companies

&

Distributors)

$

5,490

DocGo,

Inc.

\*

(Health

Care

Providers

&

Services)

Dole

PLC

(Food

Products)

3,279

Domo,

Inc.

\*

-

Class

B

(Software)

1,774

Donegal

Group,

Inc.

-

Class

A

(Insurance)

1,105

Donnelley

Financial

Solutions,

Inc.

\*

(Capital

Markets)

4,732

Dorian

LPG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

3,844

Dorman

Products,

Inc.

\*

(Automobile

Components)

14,964

Douglas

Dynamics,

Inc.

(Machinery)

2,438

Douglas

Elliman,

Inc.

\*

(Real

Estate

Services)

726

Douglas

Emmett,

Inc.

(Office

REITs)

561

8,735

Dream

Finders

Homes,

Inc.

\*

-

Class

A

(Household

Durables)

2,696

Driven

Brands

Holdings,

Inc.

\*

(Commercial

Services

&

Supplies)

3,335

Ducommun,

Inc.

\*

(Aerospace

&

Defense)

4,614

D-Wave

Quantum,

Inc.

\*

(Software)

1,069

26,415

DXP

Enterprises,

Inc.

\*

(Trading

Companies

&

Distributors)

5,358

Dycom

Industries,

Inc.

\*

(Construction

&

Engineering)

28,301

Dynavax

Technologies

Corp.

\*

(Biotechnology)

3,545

Dyne

Therapeutics,

Inc.

\*

(Biotechnology)

4,782

Dynex

Capital,

Inc.

\*

(Mortgage

REITs)

5,531

Eagle

Bancorp

Montana,

Inc.

\*

(Banking)

Eagle

Bancorp,

Inc.

(Banks)

1,961

Eagle

Financial

Services,

Inc.

\*

(Banking)

605

Easterly

Government

Properties,

Inc.

(Office

REITs)

3,279

Eastern

Bankshares,

Inc.

(Banks)

680

12,342

Eastman

Kodak

Co.

\*

(Technology

Hardware,

Storage

&

Peripherals)

1,410

ECB

BanCorp.,

Inc./MD

\*

(Banking)

EchoStar

Corp.

\*

-

Class

A

(Media)

35,813

Ecovyst,

Inc.

\*

(Chemicals)

3,548

Edgewell

Personal

Care

Co.

(Personal

Care

Products)

3,217

Edgewise

Therapeutics,

Inc.

\*

(Pharmaceuticals)

3,779

Editas

Medicine,

Inc.

\*

(Biotechnology)

1,013

eGain

Corp.

\*

(Software)

540

eHealth,

Inc.

\*

(Insurance)

El

Pollo

Loco

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

892

ELECTROMED,

INC.

\*

(Medical

Equipment

&

Devices)

565

Eledon

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

502

Ellington

Financial,

Inc.

(Mortgage

REITs)

4,141

Elme

Communities

(Residential

REITs)

5,142

Embecta

Corp.

(Health

Care

Equipment

&

Supplies)

2,850

Emerald

Holding,

Inc.

\*

(Media)

Emergent

BioSolutions,

Inc.

\*

(Biotechnology)

1,649

Empire

Petroleum

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

Empire

State

Realty

Trust,

Inc.

(Equity

REIT

-

Diversified)

3,661

Employers

Holdings,

Inc.

(Insurance)

3,568

Enact

Holdings,

Inc.

(Financial

Services)

3,834

Enanta

Pharmaceuticals,

Inc.

\*

(Biotechnology)

838

Encore

Capital

Group,

Inc.

\*

(Consumer

Finance)

3,297

Encore

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

637

2,045

Energizer

Holdings,

Inc.

(Household

Products)

5,700

Energy

Fuels,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

742

11,390

Energy

Recovery,

Inc.

\*

(Machinery)

2,837

Energy

Services

of

America

Corp.

\*

(Engineering

&

Construction)

Enerpac

Tool

Group

Corp.

(Machinery)

7,708

EnerSys

(Electrical

Equipment)

15,024

Enhabit,

Inc.

\*

(Health

Care

Providers

&

Services)

1,370

Enliven

Therapeutics,

Inc.

\*

(Pharmaceuticals)

2,968

Common

Stocks,

continued

Shares

Value

Ennis,

Inc.

(Commercial

Services

&

Supplies)

$

1,572

Enova

International,

Inc.

\*

(Consumer

Finance)

9,552

Enovis

Corp.

\*

(Health

Care

Equipment

&

Supplies)

6,007

Enovix

Corp.

\*(a)

(Electrical

Equipment)

570

5,683

Enpro,

Inc.

(Machinery)

16,498

Enterprise

Financial

Services

Corp.

(Banks)

7,363

Entrada

Therapeutics,

Inc.

\*

(Biotechnology)

563

Entravision

Communications

Corp.

-

Class

A

(Media)

501

Envela

Corp.

\*

(Renewable

Energy)

Enviri

Corp.

(Commercial

Services

&

Supplies)

3,337

Eos

Energy

Enterprises,

Inc.

\*(a)

(Renewable

Energy)

881

10,034

ePlus,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

6,462

Epsilon

Energy

Ltd.

\*

(Oil

&

Gas

Producers)

Equity

Bancshares,

Inc.

\*

-

Class

A

(Banks)

1,994

Erasca,

Inc.

\*

(Biotechnology)

600

1,308

Ermenegildo

Zegna

NV

\*

(Apparel

&

Textile

Products)

2,022

Escalade,

Inc.

(Leisure

Products)

ESCO

Technologies,

Inc.

(Machinery)

19,000

Esperion

Therapeutics,

Inc.

\*

(Pharmaceuticals)

691

1,831

Esquire

Financial

Holdings,

Inc.

(Banks)

2,551

Essent

Group,

Ltd.

(Financial

Services)

21,420

Essential

Properties

Realty

Trust,

Inc.

(Equity

REIT

-

Diversified)

688

20,475

Ethan

Allen

Interiors,

Inc.

(Household

Durables)

2,357

Eton

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

1,934

European

Wax

Center,

Inc.

\*

-

Class

A

(Diversified

Consumer

Services)

Eve

Holding,

Inc.

\*

(Aerospace

&

Defense)

674

Eventbrite,

Inc.

\*

-

Class

A

(Entertainment)

660

EverCommerce,

Inc.

\*

(Software)

568

EverQuote,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

2,196

EVERTEC,

Inc.

(Financial

Services)

7,533

EVgo,

Inc.

\*

(Specialty

Retail)

2,095

EVI

Industries,

Inc.

(Trading

Companies

&

Distributors)

569

Evolent

Health,

Inc.

\*

-

Class

A

(Health

Care

Technology)

3,435

Evolus,

Inc.

\*

(Pharmaceuticals)

1,246

Evolution

Petroleum

Corp.

(Oil,

Gas

&

Consumable

Fuels)

521

Evolv

Technologies

Holdings,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,020

Excelerate

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

2,015

eXp

World

Holdings,

Inc.

(Real

Estate

Management

&

Development)

3,251

Expensify,

Inc.

\*

(Software)

Exponent,

Inc.

(Professional

Services)

12,228

Expro

Group

Holdings

N.V.

\*

(Energy

Equipment

&

Services)

4,241

Extreme

Networks,

Inc.

\*

(Communications

Equipment)

9,437

EyePoint

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

2,891

F&G

Annuities

&

Life,

Inc.

(Insurance)

2,314

Fabrinet

\*

(Electronic

Equipment,

Instruments

&

Components)

45,577

Faraday

Future

Intelligent

Electric,

Inc.

\*

(Software)

Farmers

&

Merchants

Bancorp,

Inc.

(Banks)

1,100

Farmers

National

Banc

Corp.

(Banks)

1,816

Farmland

Partners,

Inc.

(Specialized

REITs)

1,556

Fastly,

Inc.

\*

-

Class

A

(IT

Services)

4,053

Fate

Therapeutics,

Inc.

\*

(Biotechnology)

FB

BanCorp,

Inc.

\*

(Banking)

745

FB

Financial

Corp.

(Banks)

7,971

Federal

Agricultural

Mortgage

Corp.

-

Class

C

(Financial

Services)

5,375

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Federal

Signal

Corp.

(Machinery)

$

24,750

Fennec

Pharmaceuticals,

Inc.

\*

(Biotechnology)

758

Ferroglobe

PLC

\*

(Metals

&

Mining)

1,879

Fidelis

Insurance

Holdings,

Ltd.

(Insurance)

3,648

Fidelity

D&D

Bancorp,

Inc.

(Banks)

701

Figs,

Inc.

\*

-

Class

A

(Textiles,

Apparel

&

Luxury

Goods)

2,047

Finance

Of

America

Cos,

Inc.

\*

(Specialty

Finance)

Financial

Institutions,

Inc.

(Banks)

1,877

Finward

BanCorp.

\*

(Banking)

Finwise

BanCorp.

\*

(Banking)

601

First

Advantage

Corp.

\*

(Professional

Services)

4,217

First

Bancorp

(Banks)

7,405

First

Bancorp

(Banks)

559

12,326

First

Bank/Hamilton

NJ

(Banks)

1,222

First

Busey

Corp.

(Banks)

6,852

First

Business

Financial

Services,

Inc.

(Banks)

1,384

First

Capital,

Inc.

\*

(Banking)

504

First

Commonwealth

Financial

Corp.

(Banks)

6,155

First

Community

Bancshares,

Inc.

\*

(Banks)

1,879

First

Community

Corp./SC

\*

(Banking)

734

First

Financial

Bancorp

(Banks)

8,333

First

Financial

Bankshares,

Inc.

(Banks)

15,681

First

Financial

Corp.

(Banks)

2,201

First

Foundation,

Inc.

(Banks)

1,225

First

Internet

Bancorp

(Banks)

606

First

Interstate

BancSystem,

Inc.

-

Class

A

(Banks)

9,880

First

Merchants

Corp.

(Banks)

7,615

First

Mid

Bancshares,

Inc.

(Banks)

2,841

First

National

Corp.

\*

(Banking)

612

First

Savings

Financial

Group,

Inc.

\*

(Banking)

597

First

United

Corp.

\*

(Banking)

772

First

Watch

Restaurant

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

2,455

First

Western

Financial,

Inc.

\*

(Banks)

668

FirstCash

Holdings,

Inc.

(Consumer

Finance)

21,705

Firstsun

Capital

BanCorp.

\*

(Banking)

1,708

FitLife

Brands,

Inc.

\*

(Biotech

&

Pharma)

Five

Star

Bancorp

(Banks)

1,739

Five9,

Inc.

\*

(Software)

6,389

FLEX

LNG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

2,722

Flexsteel

Industries,

Inc.

(Household

Durables)

603

Flotek

Industries

Inc

\*

(Oil

&

Gas

Services

&

Equipment)

715

Flowco

Holdings,

Inc.

\*

-

Class

A

(Oil

&

Gas

Services

&

Equipment)

1,025

Fluence

Energy,

Inc.

\*

(Electrical

Equipment)

2,840

Fluor

Corp.

(Construction

&

Engineering)

568

23,896

Flushing

Financial

Corp.

(Banks)

1,547

flyExclusive,

Inc.

\*

(Passenger

Airlines)

Flywire

Corp.

\*

(Financial

Services)

5,497

Foghorn

Therapeutics,

Inc.

\*

(Biotechnology)

553

Forafric

Global

PLC

\*

(Food

Products)

Forestar

Group,

Inc.

\*

(Real

Estate

Management

&

Development)

1,782

Forge

Global

Holdings,

Inc.

\*

(Institutional

Financial

Services)

592

FormFactor,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

9,833

Forrester

Research,

Inc.

\*

(Professional

Services)

Fortrea

Holdings,

Inc.

\*

(Life

Sciences

Tools

&

Services)

2,661

Forum

Energy

Technologies,

Inc.

\*

(Energy

Equipment

&

Services)

1,015

Forward

Air

Corp.

(Air

Freight

&

Logistics)

1,872

Four

Corners

Property

Trust,

Inc.

(Specialized

REITs)

8,418

Fox

Factory

Holding

Corp.

\*

(Automobile

Components)

3,522

Franklin

BSP

Realty

Trust,

Inc.

(Mortgage

REITs)

3,073

Common

Stocks,

continued

Shares

Value

Franklin

Covey

Co.

\*

(Professional

Services)

$

718

Franklin

Electric

Co.,

Inc.

(Machinery)

13,138

Franklin

Financial

Services

Corp.

\*

(Banking)

644

Franklin

Street

Properties

Corp.

(Office

REITs)

Frequency

Electronics

Inc

\*

(Technology

Hardware)

780

Fresh

Del

Monte

Produce,

Inc.

(Food

Products)

3,993

Freshworks,

Inc.

\*

-

Class

A

(Software)

695

8,180

Freyr

Battery,

Inc.

\*

(Electrical

Equipment)

841

Friedman

Industries,

Inc.

\*

(Steel)

503

Frontdoor,

Inc.

\*

(Diversified

Consumer

Services)

17,294

Frontier

Group

Holdings,

Inc.

\*

(Passenger

Airlines)

1,294

FrontView

REIT,

Inc.

(Retail

REITs)

919

FRP

Holdings,

Inc.

\*

(Real

Estate

Management

&

Development)

974

FS

Bancorp,

Inc.

(Banks)

918

FTAI

Infrastructure,

Inc.

(Ground

Transportation)

1,631

fuboTV,

Inc.

\*

(Interactive

Media

&

Services)

1,154

4,789

Fulcrum

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,371

Fulgent

Genetics,

Inc.

\*

(Health

Care

Providers

&

Services)

1,627

Fulton

Financial

Corp.

(Banks)

632

11,774

Funko,

Inc.

\*

-

Class

A

(Leisure

Products)

FutureFuel

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

FVCBankcorp,

Inc.

\*

(Banks)

687

Gaia,

Inc.

\*

(Retail

-

Discretionary)

Gambling.com

Group,

Ltd.

\*

(Media)

Gannett

Co.,

Inc.

\*

(Media)

2,015

Garret

Motion,

Inc.

(Automotive)

6,347

GATX

Corp.

(Trading

Companies

&

Distributors)

21,674

GBank

Financial

Holdings,

Inc.

\*

(Specialty

Finance)

1,218

GCM

Grosvenor,

Inc.

-

Class

A

(Capital

Markets)

2,040

Genco

Shipping

&

Trading,

Ltd.

(Marine

Transportation)

2,083

Gencor

Industries,

Inc.

\*

(Machinery)

527

GeneDx

Holdings

Corp.

\*

(Health

Care

Providers

&

Services)

7,003

Genesco,

Inc.

\*

(Specialty

Retail)

986

Genie

Energy,

Ltd.

-

Class

B

(Electric

Utilities)

1,106

Genius

Sports

Ltd.

\*

(Leisure

Facilities

&

Services)

757

9,371

Gentherm,

Inc.

\*

(Automobile

Components)

3,576

Genworth

Financial,

Inc.

\*

-

Class

A

(Insurance)

1,425

12,683

German

American

Bancorp,

Inc.

\*

(Banks)

4,909

Geron

Corp.

\*

(Biotechnology)

1,889

2,588

Getty

Images

Holdings,

Inc.

\*(a)

(Interactive

Media

&

Services)

754

Getty

Realty

Corp.

(Retail

REITs)

4,910

Gevo,

Inc.

\*

(Renewable

Energy)

800

1,568

Gibraltar

Industries,

Inc.

\*

(Building

Products)

6,468

GigaCloud

Technology,

Inc.

\*

-

Class

A

(Distributors)

2,443

G-III

Apparel

Group,

Ltd.

\*

(Textiles,

Apparel

&

Luxury

Goods)

3,566

Ginkgo

Bioworks

Holdings,

Inc.

\*

(Health

Care

Facilities

&

Services)

1,954

Glacier

Bancorp,

Inc.

(Banks)

21,561

Gladstone

Commercial

Corp.

(Equity

REIT

-

Diversified)

1,971

Gladstone

Land

Corp.

(Specialized

REITs)

1,081

Glaukos

Corp.

\*

(Health

Care

Equipment

&

Supplies)

15,738

Global

Business

Travel

Group,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

2,642

Global

Industrial

Co.

(Trading

Companies

&

Distributors)

1,834

Global

Medical

REIT,

Inc.

(Health

Care

REITs)

1,483

Global

Net

Lease,

Inc.

(Equity

REIT

-

Diversified)

693

5,634

Global

Water

Resources,

Inc.

(Water

Utilities)

Globalstar,

Inc.

\*

(Telecommunications)

6,331

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Gogo,

Inc.

\*

(Wireless

Telecommunication

Services)

$

2,294

GoHealth,

Inc.

\*

-

Class

A

(Insurance)

Golar

LNG,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

13,982

Golden

Entertainment,

Inc.

ARS

(Hotels,

Restaurants

&

Leisure)

1,603

Golden

Matrix

Group,

Inc.

\*

(Entertainment)

Goosehead

Insurance,

Inc.

-

Class

A

(Insurance)

6,177

Gossamer

Bio,

Inc.

\*

(Biotech

&

Pharma)

657

1,728

Graham

Corp.

(Machinery)

1,976

Graham

Holdings

Co.

-

Class

B

(Diversified

Consumer

Services)

12,950

GRAIL,

Inc.

\*

(Biotechnology)

6,386

Granite

Construction,

Inc.

(Construction

&

Engineering)

16,557

Granite

Ridge

Resources,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,012

Gray

Television,

Inc.

(Media)

1,757

Great

Ajax

Corp.

\*

(Specialty

Finance)

Great

Lakes

Dredge

&

Dock

Corp.

\*

(Construction

&

Engineering)

2,758

Great

Southern

Bancorp,

Inc.

(Banks)

1,776

Green

Brick

Partners,

Inc.

\*

(Household

Durables)

7,977

Green

Dot

Corp.

\*

-

Class

A

(Consumer

Finance)

2,498

Green

Plains,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,951

Greene

County

Bancorp,

Inc.

(Banks)

542

Greenlight

Capital

Re,

Ltd.

\*

-

Class

A

(Insurance)

1,168

Greenwich

Lifesciences,

Inc.

\*

(Biotechnology)

Greif,

Inc.

-

Class

A

(Containers

&

Packaging)

5,259

Greif,

Inc.

-

Class

B

(Containers

&

Packaging)

986

Grid

Dynamics

Holdings,

Inc.

\*

(IT

Services)

1,758

Griffon

Corp.

(Building

Products)

10,128

Grindr,

Inc.

\*

(Interactive

Media

&

Services)

1,727

Grocery

Outlet

Holding

Corp.

\*

(Consumer

Staples

Distribution

&

Retail)

5,264

Group

Automotive,

Inc.

(Specialty

Retail)

19,249

Groupon,

Inc.

\*

(Broadline

Retail)

2,031

Guardant

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

25,805

Guardian

Pharmacy

Services,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

1,784

Gulfport

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

9,954

Gyre

Therapeutics,

Inc.

\*

(Biotechnology)

H.B.

Fuller

Co.

(Chemicals)

11,204

HA

Sustainable

Infrastructure

Capital,

Inc.

(Financial

Services)

12,741

Haemonetics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

8,140

Hallador

Energy

Co.

\*

(Oil,

Gas

&

Consumable

Fuels)

2,094

Hamilton

Beach

Brands

Holding

Co.

\*

-

Class

A

(Household

Durables)

Hamilton

Insurance

Group,

Ltd.

\*

-

Class

B

(Insurance)

3,943

Hancock

Whitney

Corp.

(Banks)

18,658

Hanesbrands,

Inc.

\*

(Textiles,

Apparel

&

Luxury

Goods)

1,216

8,013

Hanmi

Financial

Corp.

(Banks)

2,568

Hanover

Bancorp,

Inc.

\*

(Banking)

HarborOne

Bancorp,

Inc.

(Banks)

1,795

Harmonic,

Inc.

\*

(Communications

Equipment)

3,960

Harmony

Biosciences

Holdings,

Inc.

\*

(Pharmaceuticals)

4,162

Harrow,

Inc.

\*

(Pharmaceuticals)

5,252

Haverty

Furniture

Cos.,

Inc.

(Specialty

Retail)

1,031

Hawaiian

Electric

Industries,

Inc.

(Electric

Utilities)

603

6,657

Hawkins,

Inc.

(Chemicals)

12,425

Hawthorn

Bancshares,

Inc.

\*

(Banking)

621

HBT

Financial,

Inc.

\*

(Banks)

1,008

HCI

Group,

Inc.

\*

(Insurance)

6,909

Health

Catalyst,

Inc.

\*

(Health

Care

Technology)

667

Common

Stocks,

continued

Shares

Value

Healthcare

Services

Group,

Inc.

(Commercial

Services

&

Supplies)

$

4,241

HealthEquity,

Inc.

\*

(Health

Care

Providers

&

Services)

27,958

HealthStream,

Inc.

(Health

Care

Technology)

2,400

Heartland

Express,

Inc.

(Ground

Transportation)

1,291

Hecla

Mining

Co.

(Metals

&

Mining)

2,076

25,121

Heidrick

&

Struggles

International,

Inc.

(Professional

Services)

3,534

Helen

of

Troy,

Ltd.

\*

(Household

Durables)

1,991

Helios

Technologies,

Inc.

(Machinery)

5,995

Helix

Energy

Solutions

Group,

Inc.

\*

(Energy

Equipment

&

Services)

3,155

Helmerich

&

Payne,

Inc.

(Energy

Equipment

&

Services)

7,378

Herbalife,

Ltd.

\*

(Personal

Care

Products)

2,954

Herc

Holdings,

Inc.

(Trading

Companies

&

Distributors)

13,183

Heritage

Commerce

Corp.

(Banks)

2,056

Heritage

Financial

Corp.

(Banks)

2,854

Heritage

Insurance

Holdings,

Inc.

\*

(Insurance)

1,964

Heron

Therapeutics,

Inc.

\*

(Biotechnology)

529

667

Hertz

Global

Holdings,

Inc.

\*(a)

(Ground

Transportation)

2,781

HF

Foods

Group,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

HighPeak

Energy,

Inc.

(a) (Oil,

Gas

&

Consumable

Fuels)

Hillenbrand,

Inc.

(Machinery)

6,598

Hillman

Solutions

Corp.

(Machinery)

685

6,288

Hilltop

Holdings,

Inc.

\*

(Banks)

5,180

Hilton

Grand

Vacations,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

8,362

Himalaya

Shipping,

Ltd.

(Marine

Transportation)

848

Hims

&

Hers

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

659

37,379

Hingham

Institution

for

Savings

(Banks)

1,583

Hippo

Holdings,

Inc.

\*

(Insurance)

2,242

HireQuest,

Inc.

(Professional

Services)

HNI

Corp.

(Commercial

Services

&

Supplies)

7,355

Holley,

Inc.

\*

(Automobile

Components)

647

Hologic,

Inc.

\*

(Biotechnology)

625

Home

Bancorp,

Inc.

(Banks)

1,304

Home

BancShares,

Inc.

(Banks)

652

18,452

HomeStreet,

Inc.

\*

(Banks)

852

HomeTrust

Bancshares,

Inc.

(Banks)

2,252

Hope

Bancorp,

Inc.

(Banks)

4,610

Horace

Mann

Educators

Corp.

(Insurance)

6,369

Horizon

Bancorp,

Inc.

(Banks)

2,402

Hovnanian

Enterprises,

Inc.

\*

-

Class

A

(Household

Durables)

2,056

Hub

Group,

Inc.

-

Class

A

(Air

Freight

&

Logistics)

7,129

Hudson

Pacific

Properties,

Inc.

(Office

REITs)

1,287

3,552

Hudson

Technologies,

Inc.

\*

(Trading

Companies

&

Distributors)

1,321

Humacyte,

Inc.

\*

(Biotechnology)

753

Huron

Consulting

Group,

Inc.

\*

(Professional

Services)

8,659

Hut

Corp.

\*

(Software)

11,348

Hyliion

Holdings

Corp.

\*

(Machinery)

845

Hyster-Yale,

Inc.

-

Class

A

(Machinery)

1,511

I3

Verticals,

Inc.

\*

-

Class

A

(Financial

Services)

2,597

IBEX

Holdings,

Ltd.

\*

(Professional

Services)

1,499

Ibotta,

Inc.

\*

-

Class

A

(Media)

1,337

ICF

International,

Inc.

(Professional

Services)

5,939

Ichor

Holdings,

Ltd.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,067

ICU

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

10,077

Idaho

Strategic

Resources,

Inc.

\*

(Metals

&

Mining)

1,521

Ideaya

Biosciences,

Inc.

\*

(Biotechnology)

7,564

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

IDT

Corp.

-

Class

B

(Diversified

Telecommunication

Services)

$

2,929

IES

Holdings,

Inc.

\*

(Construction

&

Engineering)

12,327

iHeartMedia,

Inc.

\*

-

Class

A

(Media)

1,182

IMAX

Corp.

\*

(Entertainment)

4,945

Immersion

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

712

ImmunityBio,

Inc.

\*(a)

(Biotechnology)

796

1,958

Immunome,

Inc.

\*

(Biotechnology)

3,127

Immunovant,

Inc.

\*

(Biotechnology)

3,804

Impinj,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

16,268

Independence

Realty

Trust,

Inc.

(Residential

REITs)

814

13,342

Independent

Bank

Corp.

(Banks)

2,137

Independent

Bank

Corp.

\*

(Banks)

11,690

indie

Semiconductor,

Inc.

\*(a)

-

Class

A

(Semiconductors

&

Semiconductor

Equipment)

671

2,731

Indivior

PLC

\*

(Biotech

&

Pharma)

10,126

Industrial

Logistics

Properties

Trust

(Industrial

REITs)

1,079

Infinity

Natural

Resources,

Inc.

\*

-

Class

A

(Oil

&

Gas

Producers)

695

Information

Services

Group,

Inc.

(IT

Services)

702

Ingevity

Corp.

\*

(Chemicals)

6,954

Ingles

Markets,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

3,548

Inhibikase

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Inhibrx

Biosciences,

Inc.

\*

(Biotechnology)

1,044

Inmune

Bio,

Inc.

\*

(Biotechnology)

Innodata,

Inc.

\*

(Professional

Services)

8,169

Innospec,

Inc.

(Chemicals)

6,713

Innovage

Holding

Corp.

\*

(Health

Care

Providers

&

Services)

Innovative

Industrial

Properties,

Inc.

(Industrial

REITs)

5,144

Innovex

International,

Inc.

\*

(Energy

Equipment

&

Services)

2,484

Innoviva,

Inc.

\*

(Pharmaceuticals)

3,979

Inogen,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

670

Inseego

Corp.

\*

(Technology

Hardware)

644

Insight

Enterprises,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

11,341

Insperity,

Inc.

(Professional

Services)

6,150

Inspired

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

807

Installed

Building

Products,

Inc.

(Household

Durables)

19,979

Insteel

Industries,

Inc.

(Building

Products)

2,492

Intapp,

Inc.

\*

(Software)

8,016

Integer

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

12,296

Integra

LifeSciences

Holdings

Corp.

\*

(Health

Care

Equipment

&

Supplies)

3,325

Integral

Ad

Science

Holding

Corp.

\*

(Media)

2,685

Intellia

Therapeutics,

Inc.

\*

(Biotechnology)

5,924

Inter

Parfums,

Inc.

(Personal

Care

Products)

6,197

InterDigital,

Inc.

(Software)

31,070

Interface,

Inc.

(Commercial

Services

&

Supplies)

5,817

International

Bancshares

Corp.

(Banks)

12,994

International

Game

Technology

PLC

(Hotels,

Restaurants

&

Leisure)

6,676

International

Money

Express,

Inc.

\*

(Financial

Services)

1,327

International

Seaways,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

6,405

Intrepid

Potash,

Inc.

\*

(Chemicals)

1,131

Intuitive

Machines,

Inc.

\*

(Aerospace

&

Defense)

3,977

InvenTrust

Properties

Corp.

(Retail

REITs)

7,727

Invesco

Mortgage

Capital,

Inc.

(Mortgage

REITs)

1,754

Common

Stocks,

continued

Shares

Value

Investar

Holding

Corp.

(Banks)

$

743

Investors

Title

Co.

\*

(Insurance)

1,339

IonQ,

Inc.

\*

(Technology

Hardware,

Storage

&

Peripherals)

957

58,855

Iovance

Biotherapeutics,

Inc.

\*(a)

(Biotechnology)

903

1,960

iRadimed

Corp.

(Health

Care

Equipment

&

Supplies)

1,992

iRhythm

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

18,918

Ironwood

Pharmaceuticals,

Inc.

\*

(Biotechnology)

553

724

Ispire

Technology,

Inc.

\*

(Tobacco)

Itron,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

19,556

Ivanhoe

Electric,

Inc.

\*

(Metals

&

Mining)

3,727

J

&

J

Snack

Foods

Corp.

(Food

Products)

5,189

J

Jill,

Inc.

(Specialty

Retail)

Jack

in

the

Box,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,285

Jackson

Financial,

Inc.

-

Class

A

(Financial

Services)

25,104

Jade

Biosciences,

Inc.

\*

(Biotech

&

Pharma)

967

JAKKS

Pacific,

Inc.

\*

(Leisure

Products)

581

James

River

Group

Holdings,

Ltd.

(Insurance)

705

Jamf

Holding

Corp.

\*

(Software)

2,675

Janus

International

Group,

Inc.

\*

(Building

Products)

4,629

Janux

Therapeutics,

Inc.

\*

(Biotechnology)

3,324

JBG

SMITH

Properties

(Office

REITs)

4,806

Jefferson

Capital,

Inc.

(Consumer

Finance)

690

JELD-WEN

Holding,

Inc.

\*

(Building

Products)

1,444

JetBlue

Airways

Corp.

\*

(Passenger

Airlines)

1,142

5,619

Joby

Aviation,

Inc.

\*

(Passenger

Airlines)

1,597

25,775

John

B. Sanfilippo

&

Son,

Inc.

(Food

Products)

1,736

John

Bean

Technologies

Corp.

(Machinery)

25,421

John

Marshall

Bancorp,

Inc.

(Banks)

872

John

Wiley

&

Sons,

Inc.

-

Class

A

(Media)

5,747

Johnson

Outdoors,

Inc.

-

Class

A

(Leisure

Products)

727

Journey

Medical

Corp.

\*

(Biotech

&

Pharma)

Kadant,

Inc.

(Machinery)

12,201

Kaiser

Aluminum

Corp.

(Metals

&

Mining)

4,321

Kaltura,

Inc.

\*

(Software)

KalVista

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,596

KAR

Auction

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

10,591

Karat

Packaging,

Inc.

(Trading

Companies

&

Distributors)

756

KB

Home

(Household

Durables)

14,637

Kearney

Financial

Corp.

(Banks)

1,301

Kelly

Services,

Inc.

-

Class

A

(Professional

Services)

1,378

Kennametal,

Inc.

(Machinery)

5,505

Kennedy-Wilson

Holdings,

Inc.

(Real

Estate

Management

&

Development)

3,486

Keros

Therapeutics,

Inc.

\*

(Biotechnology)

1,851

Kestra

Medical

Technologies

Ltd.

\*

(Medical

Equipment

&

Devices)

1,069

Kforce,

Inc.

(Professional

Services)

1,859

Kimball

Electronics,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

2,508

KinderCare

Learning

Cos.,

Inc.

\*

(Diversified

Consumer

Services)

724

Kinetik

Holdings,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

6,539

Kingstone

Companies,

Inc.

\*

(Insurance)

573

Kingsway

Financial

Services,

Inc.

\*

(Insurance)

1,067

Kite

Realty

Group

Trust

(Retail

REITs)

764

17,037

KKR

Real

Estate

Finance

Trust,

Inc.

(Mortgage

REITs)

1,782

Knife

River

Corp.

(Construction

Materials)

15,221

Knowles

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

6,900

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Kodiak

Gas

Services,

Inc.

(Energy

Equipment

&

Services)

$

8,614

Kodiak

Sciences,

Inc.

\*

(Biotechnology)

1,850

Kohl's

Corp.

(Broadline

Retail)

5,795

Kolibri

Global

Energy,

Inc.

\*

(Oil

&

Gas

Producers)

572

Kontoor

Brands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

15,237

Kopin

Corp.

\*

(Technology

Hardware)

551

1,338

Koppers

Holdings,

Inc.

(Chemicals)

1,876

Korn

Ferry

(Professional

Services)

12,526

Korro

Bio,

Inc.

\*

(Biotechnology)

1,101

Kosmos

Energy,

Ltd.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,641

2,724

Kratos

Defense

&

Security

Solutions,

Inc.

\*

(Aerospace

&

Defense)

577

52,721

Krispy

Kreme,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,033

Kronos

Worldwide,

Inc.

\*

(Chemicals)

Krystal

Biotech,

Inc.

\*

(Biotechnology)

15,182

Kulicke

&

Soffa

Industries,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

7,234

KULR

Technology

Group,

Inc.

\*

(Technology

Hardware)

516

Kura

Oncology,

Inc.

\*

(Biotechnology)

2,469

Kura

Sushi

USA,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,307

Kymera

Therapeutics,

Inc.

(Biotechnology)

9,848

L.B.

Foster

Co.

\*

-

Class

A

(Machinery)

943

Ladder

Capital

Corp.

\*

(Mortgage

REITs)

4,309

Lakeland

Financial

Corp.

(Banks)

5,585

Lakeland

Industries,

Inc.

\*

(Apparel

&

Textile

Products)

Lancaster

Colony

Corp.

(Food

Products)

12,094

Landec

Corp.

\*

(Life

Sciences

Tools

&

Services)

699

Landmark

BanCorp,

Inc./Manhattan

KS

\*

(Banking)

Lands'

End,

Inc.

\*

(Specialty

Retail)

578

Lantheus

Holdings,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

12,104

Larimar

Therapeutics,

Inc.

\*

(Biotechnology)

526

Latham

Group,

Inc.

\*

(Leisure

Products)

1,180

Laureate

Education,

Inc.

\*

(Diversified

Consumer

Services)

14,035

Lawson

Products,

Inc.

\*

(Trading

Companies

&

Distributors)

1,023

La-Z-Boy,

Inc.

(Household

Durables)

4,942

LCI

Industries

(Automobile

Components)

7,918

LCNB

Corp.

(Banks)

705

Legacy

Housing

Corp.

\*

(Household

Durables)

825

Legalzoom.com,

Inc.

\*

(Professional

Services)

4,256

Leggett

&

Platt,

Inc.

(Household

Durables)

4,094

LeMaitre

Vascular,

Inc.

(Health

Care

Equipment

&

Supplies)

6,301

Lemonade,

Inc.

\*

(Insurance)

10,278

LendingClub

Corp.

\*

(Consumer

Finance)

5,954

LendingTree,

Inc.

\*

(Consumer

Finance)

2,524

LENSAR,

Inc.

\*

(Medical

Equipment

&

Devices)

LENZ

Therapeutics,

Inc.

\*

(Biotechnology)

2,608

Lexeo

Therapeutics,

Inc.

\*

(Biotechnology)

578

Lexington

Realty

Trust

(Industrial

REITs)

1,009

9,040

LGI

Homes,

Inc.

\*

(Household

Durables)

3,723

Liberty

Energy,

Inc.

(Energy

Equipment

&

Services)

547

6,750

Liberty

Latin

America,

Ltd.

\*

-

Class

A

(Diversified

Telecommunication

Services)

837

Liberty

Latin

America,

Ltd.

\*

-

Class

C

(Diversified

Telecommunication

Services)

3,705

Life

Time

Group

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

12,973

Life360,

Inc.

\*

(Software)

5,953

LifeMD,

Inc.

\*

(Health

Care

Technology)

883

Common

Stocks,

continued

Shares

Value

LifeStance

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

$

2,519

LIFEVANTAGE

CORPORATION

\*

(Food

Products)

Lifeway

Foods,

Inc.

\*

(Food

Products)

500

Lifezone

Metals,

Ltd.

\*

(Metals

&

Mining)

526

Ligand

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

11,691

Lightbridge

Corp.

\*

(Electrical

Equipment)

1,548

Limbach

Holdings,

Inc.

\*

(Construction

&

Engineering)

3,593

Limoneira

Co.

\*

(Food

Products)

861

Lincoln

Educational

Services

Corp.

\*

(Diversified

Consumer

Services)

2,397

Lindblad

Expeditions

Holdings,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

1,664

Lindsay

Corp.

(Machinery)

5,341

LINKBANCORP,

Inc.

\*

(Banks)

528

Lionsgate

Studios

Corp.

\*

(Entertainment)

709

4,892

Liquidia

Corp.

\*

(Pharmaceuticals)

5,048

Liquidity

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

2,194

LivaNova

PLC

\*

(Health

Care

Equipment

&

Supplies)

9,900

Live

Oak

Bancshares,

Inc.

(Banks)

4,297

LiveRamp

Holdings,

Inc.

\*

(Software)

6,079

Livewire

Group,

Inc.

\*

(Automobiles)

603

loanDepot,

Inc.

\*(a)

(Specialty

Finance)

881

Logistic

Properties

Of

The

Americas

\*

(Real

Estate

Owners

&

Developers)

LSB

Industries,

Inc.

\*

(Chemicals)

1,466

LSI

Industries,

Inc.

(Electrical

Equipment)

2,172

LTC

Properties,

Inc.

(Health

Care

REITs)

5,787

Lucid

Diagnostics,

Inc.

\*

(Medical

Equipment

&

Devices)

Lumen

Technologies,

Inc.

(Diversified

Telecommunication

Services)

3,301

20,203

Lument

Finance

Trust

Inc

\*

(Specialty

Finance)

Luminar

Technologies,

Inc.

\*

(Automobile

Components)

Luxfer

Holdings

PLC

\*

(Machinery)

1,293

Lyell

Immunopharma,

Inc.

\*

(Biotechnology)

M/I

Homes,

Inc.

\*

(Household

Durables)

13,000

Mack-Cali

Realty

Corp.

\*

(Residential

REITs)

4,150

Madison

Square

Garden

Entertainment

Corp.

\*

(Entertainment)

6,198

Madrigal

Pharmaceuticals,

Inc.

\*

(Biotechnology)

29,355

Magnera

Corp.

\*

(Forestry,

Paper

&

Wood

Products)

1,348

Magnite,

Inc.

\*

(Media)

10,542

Magnolia

Oil

&

Gas

Corp.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

645

15,396

MainStreet

Bancshares,

Inc.

\*

(Banking)

500

Malibu

Boats,

Inc.

\*

-

Class

A

(Leisure

Products)

2,077

Mama's

Creations,

Inc.

\*

(Food

Products)

1,240

Mammoth

Energy

Services,

Inc.

\*

(Energy

Equipment

&

Services)

Mannkind

Corp.

\*

(Biotechnology)

1,047

5,622

MARA

Holdings,

Inc.

\*(a)

(Software)

1,286

23,482

Maravai

LifeSciences

Holdings,

Inc.

\*

-

Class

A

(Life

Sciences

Tools

&

Services)

1,085

Marcus

&

Millichap,

Inc.

(Real

Estate

Management

&

Development)

2,436

Marex

Group

PLC

\*

(Institutional

Financial

Services)

6,253

Marine

Products

Corp.

\*

(Leisure

Products)

MarineMax,

Inc.

\*

(Specialty

Retail)

1,672

MarketWise,

Inc.

(Capital

Markets)

Marqeta,

Inc.

\*

-

Class

A

(Financial

Services)

1,331

7,028

Marriott

Vacations

Worldwide

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

6,390

Marten

Transport,

Ltd.

(Ground

Transportation)

2,153

Masterbrand,

Inc.

\*

(Building

Products)

5,795

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

MasterCraft

Boat

Holdings,

Inc.

\*

(Leisure

Products)

$

1,202

Materion

Corp.

(Metals

&

Mining)

8,698

Mativ

Holdings,

Inc.

\*

(Chemicals)

2,115

Matrix

Service

Co.

\*

(Construction

&

Engineering)

1,203

Matson,

Inc.

(Marine

Transportation)

11,141

Matthews

International

Corp.

-

Class

A

(Commercial

Services

&

Supplies)

2,501

Maui

Land

&

Pineapple

Co.,

Inc.

\*

(Real

Estate

Management

&

Development)

MaxCyte,

Inc.

\*

(Life

Sciences

Tools

&

Services)

553

Maximus,

Inc.

(Professional

Services)

17,908

MaxLinear,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,535

Mayville

Engineering

Co.,

Inc.

\*

(Machinery)

674

Maze

Therapeutics,

Inc.

\*

(Biotechnology)

1,763

MBIA,

Inc.

\*

(Insurance)

1,177

MBX

Biosciences,

Inc.

\*

(Pharmaceuticals)

928

McGrath

RentCorp

\*

(Trading

Companies

&

Distributors)

9,971

McGraw

Hill,

Inc.

\*

(Diversified

Consumer

Services)

1,017

Medallion

Financial

Corp.

\*

(Consumer

Finance)

566

MediaAlpha,

Inc.

\*

-

Class

A

(Interactive

Media

&

Services)

1,309

Medifast,

Inc.

(Personal

Care

Products)

506

MediWound,

Ltd.

\*

(Pharmaceuticals)

Mednax,

Inc.

\*

(Health

Care

Providers

&

Services)

4,941

MeiraGTx

Holdings

PLC

\*

(Biotechnology)

1,185

Mercantile

Bank

Corp.

\*

(Banks)

2,475

Merchants

Bancorp

(Financial

Services)

2,862

Mercurity

Fintech

Holding,

Inc.

\*(a)

(Commercial

Support

Services)

2,728

Mercury

General

Corp.

(Insurance)

7,885

Mercury

Systems,

Inc.

\*

(Aerospace

&

Defense)

13,932

Meridian

Bank

of

Malvern,

PA

(Banking)

MeridianLink,

Inc.

\*

(Software)

2,192

Merit

Medical

Systems,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

16,811

Meritage

Homes

Corp.

(Household

Durables)

17,818

Mesa

Laboratories,

Inc.

(Life

Sciences

Tools

&

Services)

1,206

Metals

Acquisition,

Ltd.

\*

-

Class

A

(Metals

&

Mining)

2,601

Methode

Electronics,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

876

Metrocity

Bankshares,

Inc.

(Banks)

1,883

Metropolitan

Bank

Holding

Corp.

\*

(Banks)

2,394

Metsera,

Inc.

\*

(Biotechnology)

9,681

MFA

Financial,

Inc.

\*

(Mortgage

REITs)

3,272

MGE

Energy,

Inc.

(Electric

Utilities)

10,775

MGP

Ingredients,

Inc.

(Beverages)

1,185

Microvast

Holdings,

Inc.

\*

(Automotive)

688

2,649

MicroVision,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

863

1,070

Mid

Penn

Bancorp,

Inc.

\*

(Banks)

1,948

Middlefield

Banc

Corp.

(Banks)

750

Middlesex

Water

Co.

(Water

Utilities)

3,355

Midland

States

Bankcorp,

Inc.

(Banks)

1,217

MidWestOne

Financial

Group,

Inc.

\*

(Banks)

1,613

Miller

Industries,

Inc.

(Machinery)

1,536

MillerKnoll,

Inc.

(Commercial

Services

&

Supplies)

4,151

MiMedx

Group,

Inc.

\*

(Biotechnology)

2,855

Mind

Medicine

MindMed,

Inc.

\*

(Pharmaceuticals)

3,077

Minerals

Technologies,

Inc.

(Chemicals)

6,771

Mineralys

Therapeutics,

Inc.

\*

(Biotechnology)

5,119

Mirion

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

814

18,934

Mirum

Pharmaceuticals,

Inc.

\*

(Biotechnology)

10,263

Mission

Produce,

Inc.

\*

(Food

Products)

1,779

Common

Stocks,

continued

Shares

Value

Mister

Car

Wash,

Inc.

\*

(Diversified

Consumer

Services)

$

1,828

Mistras

Group,

Inc.

\*

(Professional

Services)

561

Mitek

Systems,

Inc.

\*

(Software)

1,505

Mobile

Infrastructure

Corp.

\*

(Real

Estate

Owners

&

Developers)

Modine

Manufacturing

Co.

\*

(Automobile

Components)

25,732

Modiv

Industrial,

Inc.

\*

(Retail

REITs)

Moelis

&

Co.

-

Class

A

(Capital

Markets)

18,329

Monarch

Casino

&

Resort,

Inc.

(Hotels,

Restaurants

&

Leisure)

4,657

Monopar

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

980

Monro,

Inc.

(Specialty

Retail)

1,851

Montauk

Renewables,

Inc.

\*

(Independent

Power/

Renewable

Electricity

Producers)

Monte

Rosa

Therapeutics,

Inc.

\*

(Biotechnology)

1,193

Montrose

Environmental

Group,

Inc.

\*

(Commercial

Services

&

Supplies)

3,048

Moog,

Inc.

-

Class

A

(Aerospace

&

Defense)

20,144

Motorcar

Parts

of

America,

Inc.

\*

(Automotive)

761

Movado

Group,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,005

MRC

Global,

Inc.

\*

(Trading

Companies

&

Distributors)

4,196

M-Tron

Industries,

Inc.

\*

(Electrical

Equipment)

Mueller

Water

Products,

Inc.

-

Class

A

(Machinery)

540

13,781

Murphy

Oil

Corp.

(Oil,

Gas

&

Consumable

Fuels)

13,296

MVB

Financial

Corp.

\*

(Banks)

1,002

Myers

Industries,

Inc.

\*

(Containers

&

Packaging)

2,168

Myomo,

Inc.

\*

(Medical

Equipment

&

Devices)

MYR

Group,

Inc.

\*

(Construction

&

Engineering)

11,026

Myriad

Genetics,

Inc.

\*

(Biotechnology)

2,277

N-able,

Inc.

\*

(Software)

1,942

Nabors

Industries,

Ltd.

\*

(Energy

Equipment

&

Services)

2,166

NACCO

Industries,

Inc.

\*

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

590

NANO

Nuclear

Energy,

Inc.

\*

(Electrical

Equipment)

4,164

Nano-X

Imaging,

Ltd.

\*

(Health

Care

Providers

&

Services)

821

Napco

Security

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

5,111

Nathan's

Famous,

Inc.

(Hotels,

Restaurants

&

Leisure)

1,107

National

Bank

Holdings

Corp.

-

Class

A

(Banks)

5,062

National

Bankshares,

Inc.

(Banks)

648

National

Beverage

Corp.

(Beverages)

3,064

National

CineMedia,

Inc.

\*

(Media)

1,001

National

Energy

Services

Reunited

Corp.

\*

(Oil

&

Gas

Services

&

Equipment)

2,165

National

Health

Investors,

Inc.

\*

(Health

Care

REITs)

12,720

National

HealthCare

Corp.

(Health

Care

Providers

&

Services)

5,346

National

Presto

Industries,

Inc.

\*

(Aerospace

&

Defense)

2,019

National

Research

Corp.

(Health

Care

Providers

&

Services)

562

National

Vision

Holdings,

Inc.

\*

(Specialty

Retail)

7,881

Natural

Gas

Services

Group,

Inc.

\*

(Energy

Equipment

&

Services)

980

Natural

Grocers

by

Vitamin

Cottage,

Inc.

(Consumer

Staples

Distribution

&

Retail)

1,760

Nature's

Sunshine

Products,

Inc.

(Personal

Care

Products)

931

Navient

Corp.

(Consumer

Finance)

3,156

Navigator

Holdings

Ltd.

\*

(Transportation

&

Logistics)

1,750

Navitas

Semiconductor

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

3,343

NB

Bancorp,

Inc.

\*

(Banks)

2,136

NBT

Bancorp,

Inc.

(Banks)

7,392

NCR

Atleos

Corp.

\*

(Financial

Services)

9,945

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

NCR

Voyix

Corp.

\*

(Software)

$

6,037

Nelnet,

Inc.

-

Class

A

(Consumer

Finance)

5,642

Neogen

Corp.

\*

(Health

Care

Equipment

&

Supplies)

756

4,317

NeoGenomics,

Inc.

\*

(Health

Care

Providers

&

Services)

3,443

Neonode,

Inc.

\*(a)

(Technology

Hardware)

NerdWallet,

Inc.

\*

-

Class

A

(Consumer

Finance)

1,539

Nerdy,

Inc.

\*

(Diversified

Consumer

Services)

NET

Lease

Office

Properties

(Office

REITs)

1,542

Net

Power,

Inc.

\*

(Electrical

Equipment)

NETGEAR,

Inc.

\*

(Communications

Equipment)

3,109

NetScout

Systems,

Inc.

\*

(Communications

Equipment)

6,251

NETSTREIT

Corp.

\*

(Retail

REITs)

5,924

Neurogene,

Inc.

\*

(Biotechnology)

589

Neuronetics,

Inc.

\*

(Health

Care

Facilities

&

Services)

NeuroPace,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

856

New

Fortress

Energy

Inc

(a) (Oil

&

Gas

Producers)

585

1,292

New

Jersey

Resources

Corp.

(Gas

Utilities)

16,853

New

York

Community

Bancorp,

Inc.

(Banks)

1,051

12,139

Newmark

Group,

Inc.

-

Class

A

(Real

Estate

Management

&

Development)

538

10,034

Newpark

Resources,

Inc.

\*

(Energy

Equipment

&

Services)

3,076

Newsmax,

Inc.

\*

(Internet

Media

&

Services)

NewtekOne,

Inc.

\*

(Financial

Services)

985

NexPoint

Diversified

Real

Estate

Trust

\*

(Equity

REIT

-

Diversified)

Nexpoint

Real

Estate

Finance,

Inc.

(Mortgage

REITs)

NexPoint

Residential

Trust,

Inc.

(Residential

REITs)

2,513

NextDecade

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,144

Nextdoor

Holdings,

Inc.

\*

(Interactive

Media

&

Services)

732

1,530

NextNav,

Inc.

\*

(Software)

4,362

NextNRG,

Inc.

\*

(Oil

&

Gas

Producers)

NEXTracker,

Inc.

\*

-

Class

A

(Electrical

Equipment)

505

37,365

Nexxen

International

Ltd.

\*

(Advertising

&

Marketing)

1,212

NI

Holdings,

Inc.

\*

(Insurance)

Nicolet

Bankshares,

Inc.

\*

(Banks)

6,322

NioCorp

Developments

Ltd.

\*

(Metals

&

Mining)

1,603

Nkarta,

Inc.

\*

(Biotechnology)

NL

Industries,

Inc.

\*

(Commercial

Services

&

Supplies)

nLight,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,919

NMI

Holdings,

Inc.

\*

-

Class

A

(Financial

Services)

10,352

Noble

Corp.

PLC

(Energy

Equipment

&

Services)

12,359

Nordic

American

Tankers,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

709

2,226

Northeast

Bank

(Banks)

2,704

Northeast

Community

Bancorp,

Inc.

(Banks)

885

Northern

Oil

and

Gas,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

8,308

Northfield

Bancorp,

Inc.

(Banks)

1,510

Northpointe

Bancshares,

Inc.

(Banking)

632

Northrim

Bancorp,

Inc.

(Banks)

1,646

Northwest

Bancshares,

Inc.

(Banks)

502

6,220

Northwest

Natural

Holding

Co.

(Gas

Utilities)

6,290

Northwest

Pipe

Co.

\*

(Construction

&

Engineering)

1,800

NorthWestern

Energy

Group,

Inc.

(Multi-Utilities)

12,543

Norwood

Financial

Corp.

(Banks)

763

NovaGold

Resources,

Inc.

\*

(Metals

&

Mining)

1,048

9,222

Novanta,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

12,519

Novavax,

Inc.

\*

(Biotechnology)

518

4,491

Novocure,

Ltd.

\*

(Health

Care

Equipment

&

Supplies)

4,535

Nu

Skin

Enterprises,

Inc.

-

Class

A

(Personal

Care

Products)

2,060

Nurix

Therapeutics,

Inc.

\*

(Biotechnology)

2,412

Common

Stocks,

continued

Shares

Value

NuScale

Power

Corp.

\*(a)

(Electrical

Equipment)

$

15,804

Nutex

Health,

Inc.

\*

(Software)

1,240

Nuvalent,

Inc.

\*

-

Class

A

(Biotechnology)

12,886

Nuvation

Bio,

Inc.

\*

(Pharmaceuticals)

863

3,193

Nuvectis

Pharma,

Inc.

\*

(Biotech

&

Pharma)

NVE

Corp.

(Semiconductors

&

Semiconductor

Equipment)

1,110

Oak

Valley

Bancorp.

(Banks)

676

Oceaneering

International,

Inc.

\*

(Energy

Equipment

&

Services)

8,054

OceanFirst

Financial

Corp.

(Banks)

3,479

Ocular

Therapeutix,

Inc.

\*

(Pharmaceuticals)

5,681

OFG

Bancorp

(Banks)

6,697

Ohio

Valley

Banc

Corp.

\*

(Asset

Management)

O-I

Glass,

Inc.

(Containers

&

Packaging)

532

6,900

Oil

States

International,

Inc.

\*

(Energy

Equipment

&

Services)

1,224

Oil-Dri

Corp.

of

America

(Household

Products)

2,075

Oklo,

Inc.

\*

(Electric

Utilities)

41,974

Olaplex

Holdings,

Inc.

\*

(Personal

Care

Products)

637

Old

National

Bancorp

(Banks)

1,212

26,602

Old

Second

Bancorp,

Inc.

(Banks)

3,008

Olema

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,017

Olympic

Steel,

Inc.

(Metals

&

Mining)

1,035

Omada

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

708

Omega

Flex,

Inc.

(Machinery)

Omeros

Corp.

\*

(Pharmaceuticals)

923

OmniAb,

Inc.

\*

(Life

Sciences

Tools

&

Services)

517

Omnicell,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

4,902

ON24,

Inc.

\*

(Software)

738

Oncology

Institute,

Inc./The

\*

(Health

Care

Facilities

&

Services)

726

ONE

Gas,

Inc.

(Gas

Utilities)

16,755

One

Liberty

Properties,

Inc.

(Equity

REIT

-

Diversified)

1,394

OneSpan,

Inc.

\*

(Software)

1,986

OneSpaWorld

Holdings,

Ltd.

(Diversified

Consumer

Services)

6,934

OneWater

Marine,

Inc.

\*

(Specialty

Retail)

618

Onity

Group,

Inc.

\*

(Financial

Services)

919

Ooma,

Inc.

\*

(Software)

1,055

OP

Bancorp

(Banking)

571

OPAL

Fuels,

Inc.

\*

(Renewable

Energy)

Open

Lending

Corp.

\*

(Capital

Markets)

749

OPKO

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

1,423

2,206

Oportun

Financial

Corp.

\*

(Specialty

Finance)

833

OppFi,

Inc.

\*

(Consumer

Finance)

963

OptimizeRx

Corp.

\*

(Health

Care

Technology)

1,128

Option

Care

Health,

Inc.

\*

(Health

Care

Providers

&

Services)

570

15,823

Orange

County

Bancorp,

Inc.

(Banks)

1,008

OraSure

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

835

Orchid

Island

Capital,

Inc.

(a) (Mortgage

REITs)

3,105

Organogenesis

Holdings,

Inc.

\*

(Biotechnology)

996

ORIC

Pharmaceuticals,

Inc.

\*

(Biotechnology)

2,412

Origin

Bancorp,

Inc.

(Banks)

3,556

Orion

Group

Holdings,

Inc.

\*

(Construction

&

Engineering)

1,082

Orion

SA

(Chemicals)

1,455

Ormat

Technologies,

Inc.

(Independent

Power/

Renewable

Electricity

Producers)

20,309

Orrstown

Financial

Services,

Inc.

(Banks)

2,209

Orthofix

Medical,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,962

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

OrthoPediatrics

Corp.

\*

(Health

Care

Equipment

&

Supplies)

$

1,093

Oruka

Therapeutics

Inc

\*

(Biotech

&

Pharma)

1,808

Oscar

Health,

Inc.

\*

-

Class

A

(Insurance)

672

12,721

OSI

Systems,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

13,708

Otter

Tail

Corp.

(Electric

Utilities)

10,902

Ouster,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

4,761

Outbrain,

Inc.

\*

(Interactive

Media

&

Services)

Outfront

Media,

Inc.

(Specialized

REITs)

8,830

Outset

Medical,

Inc.

\*

(Software)

805

Owens

&

Minor,

Inc.

(Health

Care

Providers

&

Services)

1,253

Oxford

Industries,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

1,986

P10,

Inc.

\*

-

Class

A

(Capital

Markets)

2,198

Pacific

Biosciences

of

California,

Inc.

\*(a)

(Life

Sciences

Tools

&

Services)

955

1,222

Pacira

BioSciences,

Inc.

\*

(Pharmaceuticals)

4,097

PACS

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

2,087

Pagaya

Technologies,

Ltd.

\*

-

Class

A

(Software)

4,721

PagerDuty,

Inc.

\*

(Software)

4,873

Pagseguro

Digital,

Ltd.

\*

-

Class

A

(Financial

Services)

620

6,200

Palladyne

AI

Corp.

\*

(Machinery)

713

Palomar

Holdings,

Inc.

\*

(Insurance)

10,624

Palvella

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

1,505

PAM

Transportation

Services,

Inc.

\*

(Ground

Transportation)

Pangaea

Logistics

Solutions,

Ltd.

(Marine

Transportation)

523

Papa

John's

International,

Inc.

(Hotels,

Restaurants

&

Leisure)

5,441

Par

Pacific

Holdings,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

6,199

PAR

Technology

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

5,502

Paramount

Group,

Inc.

\*

(Office

REITs)

646

4,225

Park

Aerospace

Corp.

(Aerospace

&

Defense)

1,281

Park

National

Corp.

(Banks)

8,289

Parke

Bancorp,

Inc.

\*

(Banks)

733

Park-Ohio

Holdings

Corp.

\*

(Machinery)

701

Pathward

Financial,

Inc.

(Banks)

6,069

Patria

Investments,

Ltd.

-

Class

A

(Capital

Markets)

3,270

Patrick

Industries,

Inc.

(Automobile

Components)

11,584

Patriot

National

Bancorp

Inc

\*

(Banking)

Patterson-UTI

Energy,

Inc.

(Energy

Equipment

&

Services)

1,222

6,330

Payoneer

Global,

Inc.

\*

(Financial

Services)

963

5,826

Paysafe,

Ltd.

\*

(Financial

Services)

1,447

Paysign,

Inc.

\*

(Financial

Services)

749

PBF

Energy,

Inc.

-

Class

A

(Oil,

Gas

&

Consumable

Fuels)

8,749

PC

Connection,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

2,356

PCB

Bancorp

(Banks)

798

PDF

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

2,840

Peabody

Energy

Corp.

(Oil,

Gas

&

Consumable

Fuels)

11,218

Peakstone

Realty

Trust

(Office

REITs)

1,666

Peapack-Gladstone

Financial

Corp.

(Banks)

1,518

Pebblebrook

Hotel

Trust

(Hotel

&

Resort

REITs)

4,636

Peloton

Interactive,

Inc.

\*

-

Class

A

(Leisure

Products)

1,305

11,744

Penguin

Solutions,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,730

Common

Stocks,

continued

Shares

Value

PennyMac

Financial

Services,

Inc.

(Financial

Services)

$

12,512

PennyMac

Mortgage

Investment

Trust

(Mortgage

REITs)

3,703

Peoples

Bancorp

of

North

Carolina,

Inc.

(Banks)

Peoples

Bancorp,

Inc.

\*

(Banks)

3,629

Peoples

Financial

Services

Corp.

(Banks)

1,556

Perdoceo

Education

Corp.

(Diversified

Consumer

Services)

8,022

Perella

Weinberg

Partners

(Capital

Markets)

4,584

Performant

Financial

Corp.

\*

(Commercial

Services

&

Supplies)

1,878

Perimeter

Solutions

SA

\*

(Chemicals)

10,792

Perma-Fix

Environmental

Services,

Inc.

\*

(Commercial

Services

&

Supplies)

606

Perpetua

Resources

Corp.

\*

(Metals

&

Mining)

5,260

Personalis,

Inc.

\*

(Health

Care

Facilities

&

Services)

1,128

Perspective

Therapeutics,

Inc.

\*

(Biotechnology)

707

Petco

Health

&

Wellness

Co.,

Inc.

\*

(Specialty

Retail)

1,049

Phathom

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,718

Phibro

Animal

Health

Corp.

-

Class

A

(Pharmaceuticals)

2,873

Phillips

Edison

&

Co.,

Inc.

(Retail

REITs)

15,002

Phinia,

Inc.

(Automobile

Components)

7,645

Photronics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,613

Phreesia,

Inc.

\*

(Health

Care

Technology)

4,657

Piedmont

Office

Realty

Trust,

Inc.

-

Class

A

(Office

REITs)

3,870

Pioneer

Bancorp,

Inc.

\*

(Banks)

509

Piper

Sandler

Cos.

(Capital

Markets)

21,166

Pitney

Bowes,

Inc.

(Commercial

Services

&

Supplies)

597

6,812

PJT

Partners,

Inc.

-

Class

A

(Capital

Markets)

14,218

Planet

Labs

PBC

\*

(Professional

Services)

808

10,488

Playstudios,

Inc.

\*

(Entertainment)

Playtika

Holding,

Corp.

\*

(Entertainment

Content)

758

Plexus

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

13,456

Plug

Power,

Inc.

\*(a)

(Electrical

Equipment)

3,777

8,800

Plumas

Bancorp

\*

(Banks)

906

Plymouth

Industrial

REIT,

Inc.

(Industrial

REITs)

3,171

Polaris

Industries,

Inc.

\*

(Leisure

Products)

10,695

Ponce

Financial

Group,

Inc.

\*

(Banks)

1,000

Porch

Group,

Inc.

\*

(Software)

4,682

Portillo's,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

1,322

Portland

General

Electric

Co.

(Electric

Utilities)

16,808

Postal

Realty

Trust,

Inc.

-

Class

A

(Office

REITs)

1,224

Potbelly

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

1,500

PotlatchDeltic

Corp.

(Specialized

REITs)

11,043

Powell

Industries,

Inc.

(Electrical

Equipment)

10,059

Power

Integrations,

Inc.

(Semiconductors

&

Semiconductor

Equipment)

7,881

Power

Solutions

International,

Inc.

\*

(Machinery)

2,259

Powerfleet,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

2,253

PRA

Group,

Inc.

\*

(Consumer

Finance)

2,115

Prairie

Operating

Co.

\*

(Software)

Praxis

Precision

Medicines,

Inc.

\*

(Biotechnology)

3,286

Precigen,

Inc.

\*(a)

(Biotechnology)

519

1,708

Preferred

Bank

(Banks)

3,616

Preformed

Line

Products

Co.

\*

(Electrical

Equipment)

1,569

Premier,

Inc.

-

Class

A

(Health

Care

Providers

&

Services)

7,923

Prestige

Consumer

Healthcare,

Inc.

\*

(Pharmaceuticals)

10,670

PriceSmart,

Inc.

(Consumer

Staples

Distribution

&

Retail)

10,785

Prime

Medicine,

Inc.

\*

(Biotechnology)

1,440

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

PrimeEnergy

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

$

Primis

Financial

Corp.

(Banks)

809

Primoris

Services

Corp.

(Construction

&

Engineering)

25,681

Princeton

Bancorp,

Inc.

(Banks)

573

Priority

Technology

Holdings,

Inc.

\*

(Financial

Services)

591

Privia

Health

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

9,910

ProAssurance

Corp.

(Insurance)

4,246

PROCEPT

BioRobotics

Corp.

\*(a)

(Health

Care

Equipment

&

Supplies)

6,496

Pro-Dex,

Inc.

\*

(Medical

Equipment

&

Devices)

Proficient

Auto

Logistics,

Inc.

\*

(Ground

Transportation)

565

ProFrac

Holding

Corp.

\*

-

Class

A

(Energy

Equipment

&

Services)

PROG

Holdings,

Inc.

(Consumer

Finance)

4,401

Progress

Software

Corp.

(Software)

6,502

Progyny,

Inc.

\*

(Health

Care

Providers

&

Services)

5,595

ProPetro

Holding

Corp.

\*

(Energy

Equipment

&

Services)

1,451

PROS

Holdings,

Inc.

\*

(Software)

3,459

Protagonist

Therapeutics,

Inc.

\*

(Biotechnology)

13,352

Protalix

Biotherapeutics

Inc

\*

(Biotech

&

Pharma)

535

Protara

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

Prothena

Corp.

PLC

\*

(Biotechnology)

1,366

Proto

Labs,

Inc.

\*

(Machinery)

4,102

Provident

Bancorp,

Inc.

\*

(Banks)

689

Provident

Financial

Services,

Inc.

(Banks)

8,599

PTC

Therapeutics,

Inc.

\*

(Biotechnology)

16,509

PubMatic,

Inc.

\*

-

Class

A

(Media)

1,192

Pulmonx

Corp.

\*

(Health

Care

Equipment

&

Supplies)

Pulse

Biosciences,

Inc.

\*(a)

(Health

Care

Equipment

&

Supplies)

1,080

Puma

Biotechnology,

Inc.

\*

(Biotechnology)

781

Pure

Cycle

Corp.

\*

(Water

Utilities)

753

PureCycle

Technologies,

Inc.

\*

(Chemicals)

5,904

Q2

Holdings,

Inc.

\*

(Software)

15,564

QCR

Holdings,

Inc.

(Banks)

4,311

Quad/Graphics,

Inc.

(Commercial

Services

&

Supplies)

626

Quaker

Chemical

Corp.

(Chemicals)

6,324

Qualys,

Inc.

\*

(Software)

16,674

Quanex

Building

Products

Corp.

(Building

Products)

2,261

Quanterix

Corp.

\*

(Life

Sciences

Tools

&

Services)

776

Quantum

Computing

Inc

\*(a)

(Software)

8,541

Quantum-Si,

Inc.

\*

(Life

Sciences

Tools

&

Services)

543

766

QuidelOrtho

Corp.

\*

(Health

Care

Equipment

&

Supplies)

6,921

QuinStreet,

Inc.

\*

(Interactive

Media

&

Services)

2,908

Rackspace

Technology,

Inc.

\*

(IT

Services)

Radian

Group,

Inc.

(Financial

Services)

16,987

Radiant

Logistics,

Inc.

\*

(Air

Freight

&

Logistics)

679

RadNet,

Inc.

\*

(Health

Care

Providers

&

Services)

17,987

Ramaco

Resources,

Inc.

-

Class

A

(Metals

&

Mining)

3,319

Rambus,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

38,866

Ranger

Bermuda

Topco

Ltd.

\*

(Insurance)

Ranger

Energy

Services,

Inc.

\*

(Energy

Equipment

&

Services)

969

Ranpak

Holdings

Corp.

\*

(Containers

&

Packaging)

910

Rapid7,

Inc.

\*

(Software)

4,144

Rapport

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,812

Rayonier

Advanced

Materials,

Inc.

(Chemicals)

1,610

RBB

Bancorp

(Banks)

1,088

RCI

Hospitality

Holdings,

Inc.

(Hotels,

Restaurants

&

Leisure)

854

RCM

TECHNOLOGIES,

INC.

\*

(Technology

Services)

Common

Stocks,

continued

Shares

Value

RE/MAX

Holdings,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

$

594

Ready

Capital

Corp.

(a) (Mortgage

REITs)

577

2,233

Recursion

Pharmaceuticals,

Inc.

\*(a)

-

Class

A

(Biotechnology)

1,268

6,188

Red

Cat

Holdings,

Inc.

\*(a)

(Aerospace

&

Defense)

3,053

Red

River

Bancshares,

Inc.

\*

(Banks)

1,037

Red

Rock

Resorts,

Inc.

-

Class

A

(Hotels,

Restaurants

&

Leisure)

10,319

Red

Violet,

Inc.

\*

(Software)

2,038

Redwire

Corp.

\*(a)

(Aerospace

&

Defense)

1,537

Redwood

Trust,

Inc.

(Mortgage

REITs)

2,663

REGENXBIO,

Inc.

\*

(Biotechnology)

1,563

Regional

Management

Corp.

\*

(Consumer

Finance)

1,247

Relay

Therapeutics,

Inc.

\*

(Biotechnology)

2,391

Remitly

Global,

Inc.

\*

(Financial

Services)

578

9,421

Renasant

Corp.

(Banks)

12,026

Repay

Holdings

Corp.

\*

(Financial

Services)

1,407

Replimune

Group,

Inc.

\*

(Biotechnology)

1,001

ReposiTrak,

Inc.

\*

(Software)

578

Repro-Med

Systems,

Inc.

\*

(Medical

Equipment

&

Devices)

571

Republic

Bancorp,

Inc.

\*

-

Class

A

(Banks)

2,095

Reservoir

Media,

Inc.

\*

(Entertainment)

570

Resideo

Technologies,

Inc.

\*

(Building

Products)

20,597

Resolute

Holdings

Management,

Inc.

\*

(Asset

Management)

1,082

Resources

Connection,

Inc.

(Professional

Services)

571

REV

Group,

Inc.

(Machinery)

9,521

Revolve

Group,

Inc.

\*

(Specialty

Retail)

2,982

REX

American

Resources

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,154

Rezolute,

Inc.

\*

(Biotech

&

Pharma)

2,519

Rezolve

AI

PLC

\*

(Software)

507

2,525

RGC

Resources,

Inc.

\*

(Gas

Utilities)

651

Rhinebeck

BanCorp,

Inc.

\*

(Banking)

Rhythm

Pharmaceuticals,

Inc.

\*

(Biotechnology)

18,279

Ribbon

Communications,

Inc.

\*

(Communications

Equipment)

1,231

Richardson

Electronics,

Ltd.

\*

(Electronic

Equipment,

Instruments

&

Components)

Richmond

Mutual

BanCorp,

Inc.

\*

(Banking)

Richtech

Robotics,

Inc.

\*

(Machinery)

1,025

Rigel

Pharmaceuticals,

Inc.

\*

(Biotechnology)

1,728

Rigetti

Computing,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,106

32,948

Riley

Exploration

Permian,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,247

Rimini

Street,

Inc.

\*

(Software)

791

Riot

Platforms,

Inc.

\*

(Software)

1,207

22,969

Riverview

Bancorp,

Inc.

\*

(Banking)

RLJ

Lodging

Trust

(Hotel

&

Resort

REITs)

514

3,701

Rocket

Pharmaceuticals,

Inc.

\*

(Biotechnology)

955

Rocky

Brands,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

715

Rogers

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

5,149

Root,

Inc.

\*

-

Class

A

(Insurance)

3,580

RPC,

Inc.

(Energy

Equipment

&

Services)

1,471

Rumble,

Inc.

\*

(Internet

Media

&

Services)

2,672

Rush

Enterprises,

Inc.

-

Class

A

(Trading

Companies

&

Distributors)

11,282

Rush

Enterprises,

Inc.

-

Class

B

(Trading

Companies

&

Distributors)

1,723

Rush

Street

Interactive,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

6,287

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

RXO,

Inc.

\*

(Ground

Transportation)

562

$

8,643

RxSight,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,079

Ryerson

Holding

Corp.

\*

(Metals

&

Mining)

2,149

Ryman

Hospitality

Properties,

Inc.

(Hotel

&

Resort

REITs)

19,172

S&T

Bancorp,

Inc.

(Banks)

4,962

Sable

Offshore

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

4,592

Sabra

Health

Care

REIT,

Inc.

(Health

Care

REITs)

823

15,341

Sabre

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

1,255

2,297

Safe

Builders,

Inc.

(Marine

Transportation)

861

Safehold,

Inc.

(Specialized

REITs)

3,005

Safety

Insurance

Group,

Inc.

(Insurance)

3,605

Sally

Beauty

Holdings,

Inc.

\*

(Specialty

Retail)

5,698

Sana

Biotechnology,

Inc.

\*

(Biotechnology)

1,637

Sanara

Medtech,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

SandRidge

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,421

Sanmina

Corp.

\*

(Electronic

Equipment,

Instruments

&

Components)

20,835

SANUWAVE

Health,

Inc.

\*

(Medical

Equipment

&

Devices)

900

Sapiens

International

Corp.

N.V.

(Software)

4,644

Satellogic,

Inc.

\*

(Telecommunications)

781

Saul

Centers,

Inc.

(Retail

REITs)

1,370

Savara,

Inc.

\*

(Biotechnology)

1,414

Savers

Value

Village,

Inc.

\*

(Broadline

Retail)

1,762

SB

Financial

Group

\*

(Banking)

SBC

Medical

Group

Holdings,

Inc.

\*

(Health

Care

Facilities

&

Services)

ScanSource,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

3,211

Scholar

Rock

Holding

Corp.

\*

(Biotechnology)

10,427

Scholastic

Corp.

(Media)

1,917

Schrodinger,

Inc.

\*

(Health

Care

Technology)

3,912

Scilex

Holding

Co.

\*

(Biotech

&

Pharma)

Scorpio

Tankers,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

8,632

scPharmaceuticals,

Inc.

\*

(Pharmaceuticals)

771

Seacoast

Banking

Corp.

of

Florida

(Banks)

8,946

SEACOR

Marine

Holdings,

Inc.

\*

(Energy

Equipment

&

Services)

Seadrill,

Ltd.

\*

(Energy

Equipment

&

Services)

6,556

Seaport

Entertainment

Group

Inc

\*

(Real

Estate

Owners

&

Developers)

596

SeaWorld

Entertainment,

Inc.

\*

(Hotels,

Restaurants

&

Leisure)

4,860

Security

National

Financial

Corp.

\*

-

Class

A

(Specialty

Finance)

Select

Energy

Services,

Inc.

-

Class

A

(Energy

Equipment

&

Services)

3,453

Select

Medical

Holdings

Corp.

(Health

Care

Providers

&

Services)

4,969

Selective

Insurance

Group,

Inc.

(Insurance)

17,026

Selectquote,

Inc.

\*

(Insurance)

931

SELLAS

Life

Sciences

Group,

Inc.

\*

(Biotech

&

Pharma)

560

Semler

Scientific,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,260

SEMrush

Holdings,

Inc.

\*

(Software)

1,253

Semtech

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

21,578

Seneca

Foods

Corp.

\*

-

Class

A

(Food

Products)

1,727

Sensient

Technologies

Corp.

(Chemicals)

13,702

Septerna,

Inc.

\*

(Pharmaceuticals)

1,392

Serve

Robotics,

Inc.

\*(a)

(Internet

Media

&

Services)

1,884

Service

Properties

Trust

(Hotel

&

Resort

REITs)

535

1,450

ServisFirst

Bancshares,

Inc.

(Banks)

14,415

Common

Stocks,

continued

Shares

Value

Seven

Hills

Realty

Trust

(Mortgage

REITs)

$

516

Sezzle,

Inc.

\*

(Financial

Services)

4,374

SFL

Corp.,

Ltd.

(Oil,

Gas

&

Consumable

Fuels)

3,163

Shake

Shack,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

12,638

Shenandoah

Telecommunications

Co.

(Diversified

Telecommunication

Services)

2,362

Shoals

Technologies

Group,

Inc.

\*

-

Class

A

(Electrical

Equipment)

582

4,313

Shoe

Carnival,

Inc.

(Specialty

Retail)

1,310

Shore

Bancshares,

Inc.

(Banks)

1,756

ShotSpotter,

Inc.

\*

(Software)

Shoulder

Innovations,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Shutterstock,

Inc.

(Interactive

Media

&

Services)

1,751

SI-BONE,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,928

Siebert

Financial

Corp.

\*

(Asset

Management)

Sierra

Bancorp

(Banks)

1,243

SIGA

Technologies,

Inc.

(Pharmaceuticals)

1,299

Sight

Sciences,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

Signet

Jewelers,

Ltd.

(Specialty

Retail)

13,332

Sila

Realty

Trust,

Inc.

\*

(Health

Care

REITs)

4,844

Silicon

Laboratories,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

14,687

Silvaco

Group,

Inc.

\*

(Software)

Silvercrest

Asset

Management

Group,

Inc.

-

Class

A

(Capital

Markets)

Simmons

First

National

Corp.

-

Class

A

(Banks)

9,393

Simulations

Plus,

Inc.

(Health

Care

Technology)

874

Sinclair,

Inc.

\*

(Media)

2,023

Sionna

Therapeutics,

Inc.

\*

(Medical

Equipment

&

Devices)

1,265

SiriusPoint,

Ltd.

\*

(Insurance)

6,422

SITE

Centers

Corp.

(Retail

REITs)

1,568

SiTime

Corp.

\*

(Semiconductors

&

Semiconductor

Equipment)

22,297

Six

Flags

Entertainment

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

7,543

SJW

Group

(Water

Utilities)

5,357

Skillsoft

Corp.

\*

(Software)

Sky

Harbour

Group

Corp.

\*

(Transportation

Infrastructure)

730

Skyward

Specialty

Insurance

Group,

Inc.

\*

(Insurance)

5,897

SkyWater

Technology,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

1,698

SkyWest,

Inc.

\*

(Passenger

Airlines)

14,086

SKYX

Platforms

Corp.

\*

(Electrical

Equipment)

SL

Green

Realty

Corp.

(Office

REITs)

14,893

Sleep

Number

Corp.

\*

(Specialty

Retail)

Slide

Insurance

Holdings,

Inc.

\*

(Insurance)

1,452

SM

Energy

Co.

(Oil,

Gas

&

Consumable

Fuels)

9,863

SmartFinancial,

Inc.

\*

(Banks)

1,787

Smartstop

Self

Storage

REIT,

Inc.

\*

(REITS

&

Real

Estate

Management)

4,065

Smith

&

Wesson

Brands,

Inc.

(Leisure

Products)

1,494

Smith-Midland

Corp.

\*

(Construction

Materials)

Solaris

Energy

Infrastructure,

Inc.

\*

-

Class

A

(Energy

Equipment

&

Services)

5,036

Soleno

Therapeutics,

Inc.

\*

(Biotechnology)

9,734

Solesence,

Inc.

\*

(Household

Products)

Solid

Biosciences,

Inc.

\*

(Biotechnology)

1,259

Solid

Power,

Inc.

\*

(Automobile

Components)

528

1,832

Sonic

Automotive,

Inc.

-

Class

A

(Specialty

Retail)

3,957

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Sonida

Senior

Living,

Inc.

\*

(Health

Care

Providers

&

Services)

$

527

Sonos,

Inc.

\*

(Household

Durables)

6,431

Sound

Financial

Bancorp,

Inc.

\*

(Banking)

SoundHound

AI,

Inc.

\*(a)

-

Class

A

(Software)

1,267

20,373

South

Plains

Financial,

Inc.

(Banks)

1,701

Southern

California

BanCorp

\*

(Banks)

1,301

Southern

First

Bancshares,

Inc.

\*

(Banks)

1,191

Southern

Missouri

Bancorp,

Inc.

(Banks)

1,734

Southland

Holdings,

Inc.

\*

(Construction

&

Engineering)

Southside

Bancshares,

Inc.

(Banks)

2,825

Southwest

Gas

Holdings,

Inc.

(Gas

Utilities)

17,547

Spectrum

Brands

Holdings,

Inc.

(Household

Products)

4,307

Sphere

Entertainment

Co.

\*

(Entertainment)

5,964

Spire

Global,

Inc.

\*

(Professional

Services)

1,044

Spire,

Inc.

(Gas

Utilities)

16,467

Spok

Holdings,

Inc.

(Wireless

Telecommunication

Services)

1,208

Sprinklr,

Inc.

\*

-

Class

A

(Software)

3,003

Sprout

Social,

Inc.

\*

-

Class

A

(Software)

2,313

SPS

Commerce,

Inc.

\*

(Software)

13,746

SPX

Technologies,

Inc.

\*

(Machinery)

31,192

Spyre

Therapeutics,

Inc.

\*

(Biotechnology)

2,883

SR

BanCorp,

Inc.

\*

(Banking)

SSR

Mining,

Inc.

(Metals

&

Mining)

705

17,216

STAAR

Surgical

Co.

\*

(Health

Care

Equipment

&

Supplies)

4,649

Stagwell,

Inc.

(Media)

2,246

Standard

BioTools,

Inc.

\*

(Life

Sciences

Tools

&

Services)

1,035

1,346

Standard

Motor

Products,

Inc.

(Automobile

Components)

2,980

Standex

International

Corp.

(Machinery)

8,900

Starz

Entertainment

Corp.

\*

(Entertainment)

589

Steelcase,

Inc.

-

Class

A

(Commercial

Services

&

Supplies)

4,988

Stellar

Bancorp,

Inc.

(Banks)

4,945

Stepan

Co.

(Chemicals)

3,578

StepStone

Group,

Inc.

-

Class

A

(Capital

Markets)

15,740

Stereotaxis,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

659

Sterling

Infrastructure,

Inc.

\*

(Construction

&

Engineering)

34,986

Steven

Madden,

Ltd.

(Textiles,

Apparel

&

Luxury

Goods)

8,303

Stewart

Information

Services

Corp.

(Insurance)

7,039

Stitch

Fix,

Inc.

\*

-

Class

A

(Specialty

Retail)

1,623

Stock

Yards

Bancorp,

Inc.

(Banks)

6,369

Stoke

Therapeutics,

Inc.

\*

(Biotechnology)

3,643

StoneCo,

Ltd.

\*

(Financial

Services)

869

16,433

StoneX

Group,

Inc.

\*

(Capital

Markets)

16,046

Strategic

Education,

Inc.

(Diversified

Consumer

Services)

6,967

Strattec

Security

Corporation

\*

(Industrial

Intermediate

Products)

885

Stratus

Properties,

Inc.

\*

(Real

Estate

Management

&

Development)

Strawberry

Fields

REIT,

Inc.

(Health

Care

REITs)

Stride,

Inc.

\*

(Diversified

Consumer

Services)

22,043

Sturm

Ruger

&

Co.,

Inc.

(Leisure

Products)

2,434

Summit

Hotel

Properties,

Inc.

(Hotel

&

Resort

REITs)

2,086

Summit

Midstream

Corp.

\*

(Oil

&

Gas

Producers)

678

Sun

Country

Airlines

Holdings,

Inc.

\*

(Passenger

Airlines)

2,090

SunCoke

Energy,

Inc.

(Metals

&

Mining)

2,399

SunOpta,

Inc.

\*

(Food

Products)

1,940

Common

Stocks,

continued

Shares

Value

Sunrise

Realty

Trust,

Inc.

(Mortgage

REITs)

$

Sunrun,

Inc.

\*

(Electrical

Equipment)

725

12,535

Sunstone

Hotel

Investors,

Inc.

(Hotel

&

Resort

REITs)

659

6,175

Super

Group

SGHC,

Ltd.

(Hotels,

Restaurants

&

Leisure)

551

7,273

Superior

Group

of

Cos.,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

Supernus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

8,937

Surgery

Partners,

Inc.

\*

(Health

Care

Providers

&

Services)

5,778

Surmodics,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,435

Sweetgreen,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

2,857

SWK

Holdings

Corp.

\*

(Financial

Services)

Sylvamo

Corp.

(Paper

&

Forest

Products)

5,262

Synaptics,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

9,089

Synchronoss

Technologies,

Inc.

\*

(Software)

Syndax

Pharmaceuticals,

Inc.

\*

(Biotechnology)

4,539

Tactile

Systems

Technology,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,107

Talkspace,

Inc.

\*

(Health

Care

Providers

&

Services)

1,377

Talos

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

3,999

Tandem

Diabetes

Care,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

2,804

Tanger,

Inc.

(Retail

REITs)

13,096

Tango

Therapeutics,

Inc.

\*

(Biotechnology)

2,083

Target

Hospitality

Corp.

\*

(Hotels,

Restaurants

&

Leisure)

941

Tarsus

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

8,023

Taylor

Morrison

Home

Corp.

\*

(Household

Durables)

22,179

Taysha

Gene

Therapies,

Inc.

\*

(Biotechnology)

735

2,403

TechTarget,

Inc.

\*

(Media)

581

Tecnoglass,

Inc.

(Building

Products)

5,620

Tectonic

Therapeutic,

Inc.

\*

(Biotech

&

Pharma)

596

Teekay

Corp.

\*

(Transportation

&

Logistics)

1,472

Teekay

Tankers,

Ltd.

-

Class

A

(Transportation

&

Logistics)

4,196

TEGNA,

Inc.

(Media)

557

11,324

Tejon

Ranch

Co.

\*

(Real

Estate

Management

&

Development)

1,167

Teladoc

Health,

Inc.

\*

(Health

Care

Technology)

608

4,700

Telephone

and

Data

Systems,

Inc.

(Wireless

Telecommunication

Services)

13,498

Telos

Corp.

\*

(Software)

1,272

Tenable

Holdings,

Inc.

\*

(Software)

12,247

Tennant

Co.

(Machinery)

5,269

Terawulf,

Inc.

\*

(Software)

982

11,214

Terex

Corp.

(Machinery)

11,440

Terns

Pharmaceuticals,

Inc.

\*

(Pharmaceuticals)

1,878

Terreno

Realty

Corp.

(Industrial

REITs)

20,089

TETRA

Technologies,

Inc.

\*

(Energy

Equipment

&

Services)

2,524

Tevogen

Bio

Holdings,

Inc.

\*

(Biotechnology)

Texas

Capital

Bancshares,

Inc.

\*

(Banks)

13,271

TG

Therapeutics,

Inc.

\*

(Biotechnology)

502

18,135

The

Andersons,

Inc.

(Consumer

Staples

Distribution

&

Retail)

4,499

The

Arena

Group

Holdings,

Inc.

\*

(Advertising

&

Marketing)

The

Baldwin

Insurance

Group,

Inc.

\*

(Insurance)

6,855

The

Bancorp,

Inc.

\*

(Banks)

11,833

The

Bank

of

NT

Butterfield

&

Son,

Ltd.

(Banks)

6,180

The

Beauty

Health

Co.

\*

(Personal

Care

Products)

786

The

Brink's

Co.

(Commercial

Services

&

Supplies)

17,062

The

Buckle,

Inc.

(Specialty

Retail)

6,394

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

The

Cheesecake

Factory,

Inc.

(Hotels,

Restaurants

&

Leisure)

$

8,742

The

Chefs'

Warehouse,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

7,350

The

Chemours

Co.

\*

(Chemicals)

521

8,253

The

E.W.

Scripps

Co.

\*

-

Class

A

(Media)

534

The

Eastern

Co.

\*

(Machinery)

The

Ensign

Group,

Inc.

(Health

Care

Providers

&

Services)

33,518

The

First

Bancorp,

Inc.

\*

(Banks)

972

The

GEO

Group,

Inc.

\*

(Commercial

Services

&

Supplies)

9,589

The

Goodyear

Tire

&

Rubber

Co.

\*

(Automobile

Components)

904

6,762

The

Gorman-Rupp

Co.

(Machinery)

3,388

The

Greenbrier

Cos.,

Inc.

(Machinery)

4,848

The

Hackett

Group,

Inc.

\*

(IT

Services)

1,654

The

Hain

Celestial

Group,

Inc.

\*

(Food

Products)

The

Honest

Co.,

Inc.

\*

(Personal

Care

Products)

1,189

The

Joint

Corp.

\*

(Health

Care

Providers

&

Services)

The

Lovesac

Co.

\*

(Household

Durables)

779

The

Macerich

Co.

(Retail

REITs)

879

15,998

The

Manitowoc

Co.,

Inc.

\*

(Machinery)

1,191

The

Marcus

Corp.

\*

(Entertainment)

1,256

The

ODP

Corp.

\*

(Specialty

Retail)

2,646

The

Pennant

Group,

Inc.

\*

(Health

Care

Providers

&

Services)

2,951

The

Real

Brokerage,

Inc.

\*

(Real

Estate

Management

&

Development)

1,534

The

RealReal,

Inc.

\*

(Specialty

Retail)

3,508

The

RMR

Group,

Inc.

\*

-

Class

A

(Real

Estate

Management

&

Development)

849

The

Simply

Good

Foods

Co.

\*

(Food

Products)

8,066

The

St.

Joe

Co.

(Real

Estate

Management

&

Development)

6,531

The

Vita

Coco

Co.,

Inc.

\*

(Beverages)

6,456

The

York

Water

Co.

\*

(Water

Utilities)

1,521

Theravance

Biopharma,

Inc.

\*

(Pharmaceuticals)

1,913

Thermon

Group

Holdings,

Inc.

\*

(Electrical

Equipment)

3,046

Third

Coast

Bancshares,

Inc.

\*

(Banks)

1,709

ThredUp,

Inc.

\*

-

Class

A

(Specialty

Retail)

3,024

Thryv

Holdings,

Inc.

\*

(Media)

1,556

Tidewater,

Inc.

\*

(Energy

Equipment

&

Services)

9,066

Tile

Shop

Holdings,

Inc.

(Specialty

Retail)

605

Timberland

Bancorp,

Inc./WA

(Banks)

865

TimkenSteel

Corp.

\*

(Metals

&

Mining)

2,099

Tiptree,

Inc.

(Insurance)

1,553

Titan

America

SA

\*

(Construction

Materials)

1,255

Titan

International,

Inc.

(Machinery)

1,270

Titan

Machinery,

Inc.

\*

(Trading

Companies

&

Distributors)

1,205

Tompkins

Financial

Corp.

(Banks)

3,112

Tonix

Pharmaceuticals

Holding

Corp.

\*

(Biotech

&

Pharma)

749

Tootsie

Roll

Industries,

Inc.

\*

(Food

Products)

2,641

Topgolf

Callaway

Brands

Corp.

\*

(Leisure

Products)

4,342

Torrid

Holdings,

Inc.

\*

(Specialty

Retail)

Tourmaline

Bio,

Inc.

\*

(Biotechnology)

2,918

TowneBank

\*

(Banks)

8,781

TPG

RE

Finance

Trust,

Inc.

(Mortgage

REITs)

1,994

Traeger,

Inc.

\*

(Household

Durables)

Transcat,

Inc.

\*

(Trading

Companies

&

Distributors)

2,342

Transcontinental

Realty

Investors,

Inc.

\*

(Real

Estate

Management

&

Development)

Common

Stocks,

continued

Shares

Value

TransMedics

Group,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

$

12,903

Transocean,

Ltd.

(Energy

Equipment

&

Services)

2,954

9,216

TRAVELZOO

INC.

\*

(Internet

Media

&

Services)

Travere

Therapeutics,

Inc.

\*

(Biotechnology)

7,290

Treace

Medical

Concepts,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,107

Tredegar

Corp.

\*

(Metals

&

Mining)

739

TreeHouse

Foods,

Inc.

\*

(Food

Products)

3,517

Trevi

Therapeutics,

Inc.

\*

(Pharmaceuticals)

2,763

Tri

Pointe

Homes,

Inc.

\*

(Household

Durables)

10,157

TriCo

Bancshares

(Banks)

4,663

Triller

Group,

Inc.

\*

(Internet

Media

&

Services)

TriMas

Corp.

\*

(Containers

&

Packaging)

4,444

TriNet

Group,

Inc.

(Professional

Services)

6,957

Trinity

Industries,

Inc.

(Machinery)

7,935

Trinseo

PLC

\*

(Chemicals)

TripAdvisor,

Inc.

\*

(Interactive

Media

&

Services)

6,553

TriSalus

Life

Sciences,

Inc.

\*

(Biotech

&

Pharma)

Triumph

Financial,

Inc.

\*

(Banks)

3,953

Tronox

Holdings

PLC

-

Class

A

(Chemicals)

1,660

TrueBlue,

Inc.

\*

(Professional

Services)

607

TrueCar,

Inc.

\*

(Interactive

Media

&

Services)

500

Trupanion,

Inc.

\*

(Insurance)

5,540

TrustCo

Bank

Corp.

(Banks)

2,323

Trustmark

Corp.

(Banks)

7,801

TSS

Inc/MD

\*

(Engineering

&

Construction)

1,141

TTEC

Holdings,

Inc.

(Professional

Services)

TTM

Technologies,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

20,045

Tucows,

Inc.

\*

-

Class

A

(IT

Services)

TuHURA

Biosciences,

Inc.

\*

(Biotech

&

Pharma)

Turning

Point

Brands,

Inc.

(Tobacco)

5,833

Turtle

Beach

Corp.

\*

(Technology

Hardware,

Storage

&

Peripherals)

827

Tutor

Perini

Corp.

\*

(Construction

&

Engineering)

10,101

Tvardi

Therapeutics,

Inc.

\*

(Biotech

&

Pharma)

624

Twist

Bioscience

Corp.

\*

(Biotechnology)

5,769

Two

Harbors

Investment

Corp.

(Mortgage

REITs)

3,563

TXNM

Energy,

Inc.

(Electric

Utilities)

19,057

Tyra

Biosciences,

Inc.

\*

(Biotechnology)

1,161

U.S.

Physical

Therapy,

Inc.

(Health

Care

Providers

&

Services)

4,417

Udemy,

Inc.

\*

(Diversified

Consumer

Services)

2,355

UFP

Industries,

Inc.

(Building

Products)

19,539

UFP

Technologies,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

5,190

Ultra

Clean

Holdings,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

4,197

UMB

Financial

Corp.

(Banks)

29,705

UMH

Properties,

Inc.

(Residential

REITs)

4,084

UniFirst

Corp.

(Commercial

Services

&

Supplies)

8,694

Union

Bankshares,

Inc./Morrisville

VT

\*

(Banking)

Unisys

Corp.

\*

(IT

Services)

901

United

Bankshares,

Inc.

(Banks)

18,233

United

Community

Banks,

Inc.

(Banks)

13,292

United

Fire

Group,

Inc.

(Insurance)

2,221

United

Insurance

Holdings

Corp.

\*

(Insurance)

968

United

Natural

Foods,

Inc.

\*

(Consumer

Staples

Distribution

&

Retail)

7,786

United

Security

Bancshares/Fresno

CA

\*

(Banking)

United

States

Antimony

Corp.

\*

(Metals

&

Mining)

1,996

United

States

Lime

&

Minerals,

Inc.

(Construction

Materials)

4,867

Uniti

Group,

Inc.

(Specialized

REITs)

3,029

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Unitil

Corp.

(Multi-Utilities)

$

2,680

Unity

Bancorp,

Inc.

(Banks)

1,222

Universal

Corp.

\*

(Tobacco)

4,693

Universal

Health

Realty

Income

Trust

(Health

Care

REITs)

1,763

Universal

Insurance

Holdings,

Inc.

(Insurance)

2,314

Universal

Logistics

Holdings,

Inc.

(Ground

Transportation)

539

Universal

Technical

Institute,

Inc.

\*

(Diversified

Consumer

Services)

5,241

Univest

Financial

Corp.

(Banks)

3,002

Upbound

Group,

Inc.

(Specialty

Retail)

4,301

Upstart

Holdings,

Inc.

\*

(Consumer

Finance)

14,783

Upstream

Bio,

Inc.

\*

(Biotechnology)

2,126

Upwork,

Inc.

\*

(Professional

Services)

7,911

Uranium

Energy

Corp.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,473

19,649

Urban

Edge

Properties

(Retail

REITs)

9,007

Urban

Outfitters,

Inc.

\*

(Specialty

Retail)

15,142

UroGen

Pharma,

Ltd.

\*

(Biotechnology)

2,554

US

Gold

Corp.

\*

(Metals

&

Mining)

709

US

Goldmining,

Inc.

\*

(Metals

&

Mining)

USANA

Health

Sciences,

Inc.

\*

(Personal

Care

Products)

1,047

USCB

Financial

Holdings,

Inc.

(Banks)

646

Utah

Medical

Products,

Inc.

(Health

Care

Equipment

&

Supplies)

693

Utz

Brands,

Inc.

(Food

Products)

3,038

V2X,

Inc.

\*

(Aerospace

&

Defense)

3,892

VAALCO

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

1,439

Valaris,

Ltd.

\*

(Energy

Equipment

&

Services)

10,729

Valhi,

Inc.

(Chemicals)

Valley

National

Bancorp

(Banks)

1,678

17,787

Value

Line,

Inc.

(Capital

Markets)

Vanda

Pharmaceuticals,

Inc.

\*

(Biotechnology)

958

Varex

Imaging

Corp.

\*

(Health

Care

Equipment

&

Supplies)

1,761

Varonis

Systems,

Inc.

\*

(Software)

21,954

Vaxcyte,

Inc.

\*

(Biotechnology)

14,264

Veeco

Instruments,

Inc.

\*

(Semiconductors

&

Semiconductor

Equipment)

6,025

Velocity

Financial,

Inc.

\*

(Financial

Services)

599

Vera

Therapeutics,

Inc.

\*

(Biotechnology)

5,173

Veracyte,

Inc.

\*

(Biotechnology)

9,303

Verastem,

Inc.

\*

(Biotechnology)

1,386

Verde

Clean

Fuels,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

Vericel

Corp.

\*

(Biotechnology)

5,476

Verint

Systems,

Inc.

\*

(Software)

4,212

Veritex

Holdings,

Inc.

(Banks)

6,136

Verra

Mobility

Corp.

\*

-

Class

A

(Professional

Services)

553

13,659

Vertex,

Inc.

\*

-

Class

A

(Software)

5,578

Vestis

Corp.

(Commercial

Services

&

Supplies)

1,807

Viad

Corp.

\*

(Commercial

Services

&

Supplies)

2,641

Viant

Technology,

Inc.

\*

-

Class

A

(Software)

Viasat,

Inc.

\*

(Communications

Equipment)

11,954

Viavi

Solutions,

Inc.

\*

(Communications

Equipment)

766

9,721

Vicor

Corp.

\*

(Electrical

Equipment)

4,027

Victoria's

Secret

&

Co.

\*

(Specialty

Retail)

6,514

Victory

Capital

Holdings,

Inc.

-

Class

A

(Capital

Markets)

9,908

Viemed

Healthcare,

Inc.

\*

(Health

Care

Providers

&

Services)

822

Village

Super

Market,

Inc.

-

Class

A

(Consumer

Staples

Distribution

&

Retail)

1,196

Vimeo,

Inc.

\*

(Interactive

Media

&

Services)

512

3,968

Vir

Biotechnology,

Inc.

\*

(Biotechnology)

1,759

Virco

Mfg.

Corp.

\*

(Commercial

Services

&

Supplies)

Common

Stocks,

continued

Shares

Value

Virginia

National

Bankshares

Corp.

(Banks)

$

621

Viridian

Therapeutics,

Inc.

\*

(Biotechnology)

5,244

Virtus

Investment

Partners,

Inc.

(Capital

Markets)

4,371

Vishay

Intertechnology,

Inc.

(Electronic

Equipment,

Instruments

&

Components)

6,411

Vishay

Precision

Group,

Inc.

\*

(Electronic

Equipment,

Instruments

&

Components)

1,314

Visteon

Corp.

\*

(Automobile

Components)

11,387

Vital

Energy,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

1,740

Vital

Farms,

Inc.

\*

(Food

Products)

4,938

Vitesse

Energy,

Inc.

(Oil,

Gas

&

Consumable

Fuels)

2,369

Vivid

Seats,

Inc.

(Entertainment)

Vox

Royalty

Corp.

\*

(Metals

&

Mining)

662

Voyager

Technologies,

Inc.

\*

(Aerospace

&

Defense)

1,400

Voyager

Therapeutics,

Inc.

\*

(Biotechnology)

752

Vroom,

Inc.

\*

(Specialty

Finance)

VSE

Corp.

(Commercial

Services

&

Supplies)

11,637

VTEX

\*

(Software)

876

Vuzix

Corp.

\*

(Technology

Hardware)

695

W&T

Offshore,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

624

Wabash

National

Corp.

(Machinery)

1,402

WaFd,

Inc.

\*

(Banks)

1,936

Waldencast

PLC

\*

-

Class

A

(Personal

Care

Products)

Walker

&

Dunlop,

Inc.

(Financial

Services)

9,533

Warby

Parker,

Inc.

\*

-

Class

A

(Specialty

Retail)

9,377

Warrior

Met

Coal,

Inc.

(Metals

&

Mining)

11,455

Washington

Federal,

Inc.

(Banks)

8,269

Waterstone

Financial,

Inc.

(Financial

Services)

827

Watts

Water

Technologies,

Inc.

-

Class

A

(Machinery)

26,532

WaVe

Life

Sciences,

Ltd.

\*

(Pharmaceuticals)

2,840

Waystar

Holding

Corp.

\*

(Health

Care

Technology)

14,333

Co.

(Household

Products)

9,288

Weave

Communications,

Inc.

\*

(Software)

1,349

WEBTOON

Entertainment,

Inc.

\*

(Interactive

Media

&

Services)

1,203

Weis

Markets,

Inc.

(Consumer

Staples

Distribution

&

Retail)

4,097

Werner

Enterprises,

Inc.

(Ground

Transportation)

5,290

WesBanco,

Inc.

(Banks)

10,473

West

Bancorp,

Inc.

\*

(Banks)

1,057

Westamerica

Bancorp

(Banks)

4,249

Western

New

England

Bancorp,

Inc.

\*

(Banking)

757

Westrock

Coffee

Co.

\*

(Food

Products)

608

WESTWOOD

HOLDINGS

GROUP

INC

\*

(Asset

Management)

Weyco

Group,

Inc.

(Distributors)

632

Whitestone

REIT

(Retail

REITs)

1,916

WideOpenWest,

Inc.

\*

(Media)

903

Willdan

Group,

Inc.

\*

(Professional

Services)

4,641

Willis

Lease

Finance

Corp.

(Trading

Companies

&

Distributors)

1,371

Winmark

Corp.

(Specialty

Retail)

4,978

Winnebago

Industries,

Inc.

(Automobiles)

3,144

WisdomTree,

Inc.

(Capital

Markets)

5,782

WM

Technology,

Inc.

\*

(Software)

WNS

Holdings,

Ltd.

\*

(Professional

Services)

9,915

Wolverine

World

Wide,

Inc.

(Textiles,

Apparel

&

Luxury

Goods)

7,656

Workiva,

Inc.

\*

(Software)

14,978

World

Acceptance

Corp.

\*

(Consumer

Finance)

1,522

World

Kinect

Corp.

(Oil,

Gas

&

Consumable

Fuels)

4,956

Worthington

Enterprises,

Inc.

(Household

Durables)

6,048

Worthington

Steel,

Inc.

(Metals

&

Mining)

3,464

WSFS

Financial

Corp.

(Banks)

10,462

XCF

Global,

Inc.

\*

(Oil,

Gas

&

Consumable

Fuels)

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

Common

Stocks,

continued

Shares

Value

Xencor,

Inc.

\*

(Biotechnology)

$

2,862

Xenia

Hotels

&

Resorts,

Inc.

(Hotel

&

Resort

REITs)

4,692

Xenon

Pharmaceuticals,

Inc.

\*

(Biotech

&

Pharma)

10,558

Xeris

Biopharma

Holdings,

Inc.

\*

(Pharmaceuticals)

531

4,322

Xerox

Holdings

Corp.

(Technology

Hardware,

Storage

&

Peripherals)

1,530

XOMA

Royalty

Corp.

\*

(Biotechnology)

1,233

Xometry,

Inc.

\*

-

Class

A

(Trading

Companies

&

Distributors)

8,171

XPEL,

Inc.

\*

(Automobile

Components)

2,745

Xperi,

Inc.

\*

(Software)

998

Xponential

Fitness,

Inc.

\*

-

Class

A

(Hotels,

Restaurants

&

Leisure)

740

Yelp,

Inc.

\*

(Interactive

Media

&

Services)

6,677

Yext,

Inc.

\*

(Software)

2,991

Zenas

Biopharma,

Inc.

\*

(Biotechnology)

1,243

Zeta

Global

Holdings

Corp.

\*

-

Class

A

(Software)

644

12,796

Zevia

PBC

\*

-

Class

A

(Beverages)

Zevra

Therapeutics,

Inc.

\*

(Pharmaceuticals)

1,788

Ziff

Davis,

Inc.

\*

(Interactive

Media

&

Services)

5,486

Zimvie,

Inc.

\*

(Health

Care

Equipment

&

Supplies)

1,818

ZipRecruiter,

Inc.

\*

(Interactive

Media

&

Services)

992

Zspace,

Inc.

\*

(Software)

Zumiez,

Inc.

\*

(Specialty

Retail)

981

Zurn

Elkay

Water

Solutions

Corp.

(Building

Products)

520

24,456

Zymeworks,

Inc.

\*

(Biotechnology)

2,938

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,798,111)

9,802,275

Rights

(0.0%)

Shares

Value

Cartesian

Therapeutics,

Inc.

\*†CVR

(Biotechnology)

–

Chinook

Therapeutics

\*†CVR

(Biotechnology)

–

TOTAL

RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$–)

–

Trust

(0.0%)

Interest

Units

Value

Ferroglobe

Representation

and

Warranty

Insurance

\*†

(Metals

&

Mining)

510

$

–

TOTAL

TRUST

(Cost

$–)

–

Repurchase

Agreements

(b)(c) (30.6%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$4,577,512

$

4,577,000

$

4,577,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$4,577,000)

4,577,000

Collateral

for

Securities

Loaned

(d) (1.2%)

Shares

Value

Invesco

Government

&

Agency

Portfolio

—

Institutional

Shares, 4.13%

(e) 182,381

182,381

TOTAL

COLLATERAL

FOR

SECURITIES

LOANED

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $182,381)

182,381

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$10,557,492)— 97.4%

14,561,656

Net

other

assets

(liabilities) —

2.6%

394,882

NET

ASSETS

—

100.0%

$

14,956,538

\*

Non-income

producing

security.

†

These

securities

were

fair

valued

based

on

procedures

approved

by

the

Board

of

Trustees.

As

of

September

30,

2025,

these

securities

represented

0.0%

of

the

net

assets

of

the

Fund.

(a) All

or

part

of

this

security

was

on

loan

as

of

September

30,

2025. The

total

value

of

securities

on

loan

as

of

September

30,

2025

was

$175,114.

(b) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$2,269,000.

(d) Securities

were

purchased

with

cash

collateral

held

from

securities

on

loan

at

September

30,

2025. (e) Rate

periodically

changes.

Rate

disclosed

is

the

daily

yield

as

of

September

30,

2025. CVR

Contingent

Value

Rights

REIT

Real

Estate

Investment

Trust

Futures

Contracts

Purchased

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

CME

E-mini

Russell

2000

Index

Futures

Contracts

12/22/25

$

2,209,950

$

47,671

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

10/27/25

4.29%

$

3,730,598

$

4,806

Russell

2000

Index

Goldman

Sachs

International

10/27/25

4.64%

7,163,251

6,010

$10,893,849

$10,816

iShares

Russell

2000

ETF

UBS

AG

10/27/25

4.89%

1,855,087

2,359

Russell

2000

Index

UBS

AG

10/27/25

4.79%

5,177,520

4,284

$7,032,607

$6,643

$17,926,456

$17,459

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

UltraSmall-Cap

ProFund

VP

UltraSmall-Cap

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Advertising

&

Marketing

$

1,458

NM

Aerospace

&

Defense

184,420

1.2%

Air

Freight

&

Logistics

9,727

0.1%

Apparel

&

Textile

Products

2,496

NM

Asset

Management

10,001

0.1%

Automobile

Components

122,354

0.8%

Automobiles

3,747

NM

Automotive

9,757

0.1%

Banking

20,523

0.1%

Banks

956,450

6.3%

Beverages

11,023

0.1%

Biotech

&

Pharma

52,674

0.4%

Biotechnology

714,353

4.7%

Broadline

Retail

9,588

0.1%

Building

Products

134,782

0.9%

Cable

&

Satellite

2,179

NM

Capital

Markets

157,633

1.1%

Chemicals

162,347

1.1%

Commercial

Services

&

Supplies

177,559

1.2%

Commercial

Support

Services

2,728

NM

Communications

Equipment

83,779

0.6%

Construction

&

Engineering

233,729

1.6%

Construction

Materials

21,675

0.1%

Consumer

Finance

92,429

0.6%

Consumer

Staples

Distribution

&

Retail

48,453

0.3%

Containers

&

Packaging

22,590

0.2%

Distributors

4,782

NM

Diversified

Consumer

Services

131,610

0.9%

Diversified

Telecommunication

Services

38,932

0.3%

Electric

Utilities

120,692

0.8%

Electrical

Equipment

220,202

1.5%

Electronic

Equipment,

Instruments

&

Components

322,538

2.2%

Energy

Equipment

&

Services

154,979

1.0%

Engineering

&

Construction

1,565

NM

Entertainment

47,793

0.3%

Entertainment

Content

1,352

NM

Equity

REIT

-

Diversified

57,830

0.4%

Financial

Services

234,505

1.6%

Food

Products

77,361

0.5%

Forestry,

Paper

&

Wood

Products

1,348

NM

Gas

&

Water

Utilities

17,147

0.1%

Gas

Utilities

85,204

0.6%

Ground

Transportation

29,887

0.2%

Health

Care

Equipment

&

Supplies

230,673

1.5%

Health

Care

Facilities

&

Services

8,507

0.1%

Health

Care

Providers

&

Services

305,794

2.0%

Health

Care

REITs

95,789

0.6%

Health

Care

Technology

37,488

0.3%

Value

%

of

Net

Assets

Hotel

&

Resort

REITs

$

58,532

0.4%

Hotels,

Restaurants

&

Leisure

161,110

1.1%

Household

Durables

182,094

1.2%

Household

Products

27,694

0.2%

Independent

Power/Renewable

Electricity

Producers

20,777

0.1%

Industrial

Conglomerates

2,716

NM

Industrial

Intermediate

Products

885

NM

Industrial

REITs

38,523

0.3%

Institutional

Financial

Services

8,124

0.1%

Insurance

193,222

1.3%

Interactive

Media

&

Services

59,420

0.4%

Internet

Media

&

Services

5,539

NM

IT

Services

69,055

0.5%

Leisure

Facilities

&

Services

9,649

0.1%

Leisure

Products

46,218

0.3%

Life

Sciences

Tools

&

Services

31,350

0.2%

Machinery

370,741

2.6%

Marine

Transportation

17,709

0.1%

Media

91,156

0.6%

Medical

Equipment

&

Devices

14,592

0.1%

Metals

&

Mining

203,737

1.4%

Mortgage

REITs

83,562

0.6%

Multi-Utilities

41,292

0.3%

Office

REITs

63,105

0.4%

Oil

&

Gas

Producers

3,696

NM

Oil

&

Gas

Services

&

Equipment

3,905

NM

Oil,

Gas

&

Consumable

Fuels

298,558

2.1%

Paper

&

Forest

Products

6,404

NM

Passenger

Airlines

53,131

0.4%

Personal

Care

Products

19,813

0.1%

Pharmaceuticals

164,356

1.1%

Professional

Services

179,272

1.2%

Real

Estate

Management

&

Development

70,511

0.5%

Real

Estate

Owners

&

Developers

823

NM

Real

Estate

Services

726

NM

REITS

&

Real

Estate

Management

4,065

NM

Renewable

Energy

12,311

0.1%

Residential

REITs

37,041

0.2%

Retail

-

Discretionary

1,350

NM

Retail

REITs

115,234

0.9%

Semiconductors

994

NM

Semiconductors

&

Semiconductor

Equipment

343,263

2.2%

Software

617,854

4.0%

Specialized

REITs

36,962

0.2%

Specialty

Finance

5,961

NM

Specialty

Retail

221,341

1.5%

Steel

838

NM

Technology

Hardware

4,958

NM

Technology

Hardware,

Storage

&

Peripherals

73,257

0.5%

Technology

Services

7,732

0.1%

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

UltraSmall-Cap

Value

%

of

Net

Assets

Telecommunications

$

7,112

0.1%

Textiles,

Apparel

&

Luxury

Goods

60,445

0.4%

Tobacco

10,692

0.1%

Trading

Companies

&

Distributors

105,340

0.7%

Transportation

&

Logistics

7,418

NM

Transportation

Infrastructure

730

NM

Water

Utilities

33,495

0.2%

Wholesale

-

Discretionary

NM

Wireless

Telecommunication

Services

17,000

0.1%

Other

\*\*

5,154,263

34.4%

Total

$

14,956,538

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

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

Schedule

of

Portfolio

Investments

::

September

30,

2025

(unaudited)

ProFund

VP

U.S.

Government

Plus

m

U.S.

Treasury

Obligations

(45.5%)

Principal

Amount

Value

U.S.

Treasury

Bond

4.75%,

8/15/55

$

2,740,000

$

2,750,275

TOTAL

U.S.

TREASURY

OBLIGATIONS

(Cost $2,673,758)

2,750,275

Repurchase

Agreements

(a)(b) (55.0%)

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$3,329,372

3,329,000

3,329,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$3,329,000)

3,329,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$6,002,758)— 100.5%

$

6,079,275

Net

other

assets

(liabilities) —

(0.5)%

(31,380)

NET

ASSETS

—

100.0%

$

6,047,895

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

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.

At

September

30,

2025,

the

aggregate

amount

held

in

a

segregated

account

was

$120,000.

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

8/15/55

Citibank

North

America

10/15/25

4.37%

$

2,564,934

$

(22,105)

30-Year

U.S.

Treasury

Bond,

4.75%,

due

8/15/55

Societe

Generale

10/15/25

4.44%

2,201,400

(17,064)

$4,766,334

$(39,169)

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

September

30,

2025

(unaudited)

::

Schedule

of

Portfolio

Investments

ProFund

VP

Utilities

Common

Stocks

(99.0%)

Shares

Value

Alliant

Energy

Corp.

(Electric

Utilities)

6,546

$

441,266

Ameren

Corp.

(Multi-Utilities)

6,888

718,969

American

Electric

Power

Co.,

Inc.

(Electric

Utilities)

13,623

1,532,588

American

Water

Works

Co.,

Inc.

(Water

Utilities)

4,970

691,774

Atmos

Energy

Corp.

(Gas

Utilities)

4,089

698,197

CenterPoint

Energy,

Inc.

(Multi-Utilities)

16,630

645,244

CMS

Energy

Corp.

(Multi-Utilities)

7,625

558,608

Consolidated

Edison,

Inc.

(Multi-Utilities)

9,187

923,477

Constellation

Energy

Corp.

(Electric

Utilities)

7,958

2,618,739

Dominion

Energy,

Inc.

(Multi-Utilities)

21,739

1,329,775

DTE

Energy

Co.

(Multi-Utilities)

5,288

747,882

Duke

Energy

Corp.

(Electric

Utilities)

19,808

2,451,240

Edison

International

(Electric

Utilities)

9,803

541,910

Entergy

Corp.

(Electric

Utilities)

11,371

1,059,663

Evergy,

Inc.

(Electric

Utilities)

5,863

445,705

Eversource

Energy

(Electric

Utilities)

9,453

672,486

Exelon

Corp.

(Electric

Utilities)

25,727

1,157,972

FirstEnergy

Corp.

(Electric

Utilities)

13,237

606,519

NextEra

Energy,

Inc.

(Electric

Utilities)

52,456

3,959,904

NiSource,

Inc.

(Multi-Utilities)

11,994

519,340

NRG

Energy,

Inc.

(Electric

Utilities)

4,927

797,928

PG&E

Corp.

(Electric

Utilities)

55,985

844,254

Pinnacle

West

Capital

Corp.

(Electric

Utilities)

3,042

272,746

PPL

Corp.

(Electric

Utilities)

18,837

699,983

Public

Service

Enterprise

Group,

Inc.

(Multi-Utilities)

12,713

1,061,027

Sempra

(Multi-Utilities)

16,620

1,495,468

The

AES

Corp.

(Independent

Power/Renewable

Electricity

Producers)

18,138

238,696

Common

Stocks,

continued

Shares

Value

The

Southern

Co.

(Electric

Utilities)

28,021

$

2,655,550

Vistra

Corp.

(Independent

Power/Renewable

Electricity

Producers)

8,113

1,589,499

WEC

Energy

Group,

Inc.

(Multi-Utilities)

8,199

939,523

Xcel

Energy,

Inc.

(Electric

Utilities)

15,065

1,214,992

TOTAL

COMMON

STOCKS

&nbsp;&nbsp;&nbsp;&nbsp;(Cost $11,441,897)

34,130,924

Repurchase

Agreements

(a) (0.8%)

Principal

Amount

Value

Repurchase

Agreements

with

various

counterparties,

rates

3.89%-4.07%,

dated

9/30/25,

due

10/1/25,

total

to

be

received

$289,032

$

289,000

289,000

TOTAL

REPURCHASE

AGREEMENTS

(Cost

$289,000)

289,000

TOTAL

INVESTMENT

SECURITIES

&nbsp;&nbsp;&nbsp;&nbsp;(Cost

$11,730,897)— 99.8%

34,419,924

Net

other

assets

(liabilities) —

0.2%

83,493

NET

ASSETS

—

100.0%

$

34,503,417

(a) The

ProFund

VP

invests

in

Repurchase

Agreements

jointly

with

other

funds

in

the

Trust.

See

"Repurchase

Agreements"

in

the

Appendix

to

view

the

details

of

each

individual

agreement

and

counterparty

as

well

as

a

description

of

the

securities

subject

to

repurchase.

Total

Return

Swap

Agreements—Long

Underlying

Instrument

Counterparty

Termination

Date

(1) Rate

Paid

(Received)

(2) Notional

Amount

Value

and

Unrealized

Appreciation/

(Depreciation)

S&P

Utilities

Select

Sector

Index

Goldman

Sachs

International

10/23/25

4.84%

$

402,047

$

14,526

(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

September

30,

2025,

on

the

notional

amount

of

the

swap

agreement

paid

to

the

counterparty

or

received

from

the

counterparty,

excluding

any

commissions. This

amount

is

included

as

part

of

the

unrealized

appreciation/(depreciation).

ProFund

VP

Utilities

invested

in

the

following

industries

as

of

September

30,

2025:

Value

%

of

Net

Assets

Electric

Utilities

$

21,973,445

63.7%

Gas

Utilities

698,197

2.1%

Independent

Power/Renewable

Electricity

Producers

1,828,195

5.3%

Multi-Utilities

8,939,313

25.9%

Water

Utilities

691,774

2.0%

Other

\*\*

372,493

1.0%

Total

$

34,503,417

100.0%

\*\*

Includes

any

non-equity

securities

and

other

net

assets

(liabilities),

which

includes

any

receivable

for

capital

shares

issued

and

payable

for

capital

shares

redeemed.

Appendix

::

September

30,

2025

(unaudited)

Repurchase

agreements

Information

concerning

the

counterparties,

value

of,

collateralization

and

amounts

due

under

repurchase

agreement

transactions

may

be

found

in

the

table

below.

As

of

September

30,

2025,

the

following

ProFunds

VP

had

undivided

interest

in

joint

repurchase

agreements

with

the

following

counterparties,

for

the

time

periods

and

rates

indicated.

Amounts

shown

in

the

table

below

represent

principal

amount,

cost

and

value

for

each

respective repurchase

agreement.

Each

repurchase

agreement

was

fully

collateralized

by

U.S.

government

securities

as

of

September

30,

2025,

as

follows:

(1) U.S.

Treasury

Inflation-Protected

Securities

(TIPS),

1.625%,

due

4/15/2030,

total

value

$38,241,347.

(2) U.S.

Treasury

Bonds,

4.625%,

due

11/15/2044,

total

value

$70,093,130.

(3) U.S.

Treasury

Notes,

1.875%,

due

7/31/2026,

total

value

$38,208,245.

(4) U.S.

Treasury

Notes,

4.25%,

due

11/30/2026,

total

value

$19,088,722.

(5) U.S.

Treasury

Notes,

4.125%,

due

1/31/2027

to

2/29/2032,

which

had

an

aggregate

value

of

$89,213,634.

(6) U.S.

Treasury

Notes,

4.25%,

due

3/15/2027

to

2/15/2028,

which

had

an

aggregate

value

of

$24,425,364.

Fund

Name

Credit

Agricole,

4.07%

dated

9/30/25,

due

10/1/25

HSBC

Securities

(USA),

Inc.,

4.00%

dated

9/30/25,

due

10/1/25

Natwest

Markets,

LLC,

4.06%

dated

9/30/25,

due

10/1/25

RBC

Capital

Markets,

LLC,

3.94%

dated

9/30/25,

due

10/1/25

Societe

Generale,

4.07%

dated

9/30/25,

due

10/1/25

UMB

Bank,

N.A.,

3.89%

dated

9/30/25,

due

10/1/25

ProFund

Access

VP High

Yield

$1,622,000

$2,975,000

$1,622,000

$811,000

$3,786,000

$1,029,000

ProFund

VP

Banks

19,000

35,000

19,000

9,000

45,000

15,000

ProFund

VP

Bear

249,000

458,000

249,000

124,000

583,000

166,000

ProFund

VP

Biotechnology

99,000

183,000

99,000

49,000

233,000

66,000

ProFund

VP

Bull

1,316,000

2,413,000

1,316,000

658,000

3,073,000

839,000

ProFund

VP

Communication

Services

25,000

46,000

25,000

12,000

58,000

18,000

ProFund

VP

Consumer

Discretionary

41,000

75,000

41,000

20,000

95,000

28,000

ProFund

VP

Consumer

Staples

23,000

42,000

23,000

11,000

54,000

16,000

ProFund

VP

Dow

50,000

93,000

50,000

25,000

119,000

37,000

ProFund

VP

Emerging

Markets

29,000

55,000

29,000

14,000

69,000

24,000

ProFund

VP

Energy

117,000

216,000

117,000

58,000

274,000

78,000

ProFund

VP

Falling

U.S.

Dollar

86,000

160,000

86,000

42,000

203,000

61,000

ProFund

VP

Financials

206,000

378,000

206,000

103,000

481,000

131,000

ProFund

VP

Health

Care

98,000

180,000

98,000

49,000

229,000

63,000

ProFund

VP

Industrials

56,000

104,000

56,000

28,000

132,000

39,000

ProFund

VP

International

1,903,000

3,491,000

1,903,000

951,000

4,443,000

1,213,000

ProFund

VP

Internet

30,000

56,000

30,000

15,000

71,000

21,000

ProFund

VP

Japan

1,324,000

2,428,000

1,324,000

662,000

3,090,000

839,000

ProFund

VP

Large-Cap

Value

13,000

24,000

13,000

6,000

31,000

12,000

ProFund

VP

Materials

21,000

38,000

21,000

10,000

49,000

16,000

ProFund

VP

Mid-Cap

1,314,000

2,411,000

1,314,000

657,000

3,068,000

839,000

ProFund

VP

Mid-Cap

Growth

7,000

14,000

7,000

3,000

18,000

8,000

ProFund

VP

Mid-Cap

Value

8,000

14,000

8,000

4,000

18,000

7,000

ProFund

VP

5,494,000

10,075,000

5,494,000

2,746,000

12,823,000

3,487,000

ProFund

VP

Pharmaceuticals

38,000

69,000

38,000

19,000

88,000

26,000

ProFund

VP

Precious

Metals

7,800,000

14,301,000

7,800,000

3,899,000

18,202,000

4,945,000

ProFund

VP

Real

Estate

7,000

14,000

7,000

3,000

18,000

8,000

ProFund

VP

Rising

Rates

Opportunity

926,000

1,701,000

926,000

463,000

2,164,000

595,000

ProFund

VP

Semiconductor

171,000

313,000

171,000

85,000

399,000

110,000

ProFund

VP

Short

Dow

–

1,000

–

–

1,000

4,000

ProFund

VP

Short

Emerging

Markets

33,000

61,000

33,000

16,000

78,000

27,000

ProFund

VP

Short

International

280,000

514,000

280,000

139,000

654,000

184,000

ProFund

VP

Short

Mid-Cap

6,000

12,000

6,000

2,000

16,000

12,000

ProFund

VP

Short

250,000

462,000

250,000

125,000

588,000

169,000

ProFund

VP

Short

Small-Cap

100,000

187,000

100,000

50,000

238,000

73,000

ProFund

VP

Small-Cap

281,000

515,000

281,000

140,000

657,000

186,000

ProFund

VP

Small-Cap

Growth

–

1,000

–

–

1,000

4,000

ProFund

VP

Small-Cap

Value

18,000

33,000

18,000

9,000

42,000

12,000

ProFund

VP

Technology

78,000

143,000

78,000

39,000

182,000

50,000

ProFund

VP

UltraBull

743,000

1,363,000

743,000

371,000

1,736,000

478,000

ProFund

VP

UltraMid-Cap

362,000

665,000

362,000

181,000

847,000

238,000

ProFund

VP

10,838,000

19,871,000

10,838,000

5,418,000

25,291,000

6,868,000

ProFund

VP

UltraShort

Dow

–

1,000

–

–

1,000

4,000

ProFund

VP

UltraShort

255,000

469,000

255,000

127,000

598,000

172,000

ProFund

VP

UltraSmall-Cap

626,000

1,148,000

626,000

313,000

1,461,000

403,000

ProFund

VP

U.S.

Government

Plus

454,000

834,000

454,000

226,000

1,062,000

299,000

ProFund

VP

Utilities

39,000

72,000

39,000

19,000

92,000

28,000

$37,455,000

$68,714,000

$37,455,000

$18,711,000

$87,461,000

$23,947,000

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ProFunds

- **b. Investment Company Act file number:** 811-08239

- **c. CIK number of Registrant:** 0001039803

- **d. LEI of Registrant:** 549300HM4OOUYSE5DP77

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 7272 Wisconsin Avenue

  - **City:** Bethesda

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20814

  - **Telephone number:** 240-497-6400

**Item A.2. Information about the Series.**

- **a. Name of Series:** PROFUND VP FALLING U.S. DOLLAR

- **b. EDGAR series identifier (if any):** S000004527

- **c. LEI of Series:** B97DAMDLE4RQM5O45C32

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $640196.40

**Total Liabilities:** $6970.68

**Net Assets:** $633225.72

**Cash Not Reported:** $1592.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012425 | -3.22%               | 2.30%                | 0.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.01                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** U.S. Dollar Index

- **Index Identifier:** DXY

### Schedule of Portfolio Investments

| Name   | Title                                         | Identifiers            | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | SE        |     64407 | OU      | $-62.23       | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | JP        |   2969089 | OU      | $-114.56      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | NATWEST MARKETS PLC 4.06 , 10/01/2025         | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |     86000 | PA      | $86000.00     | 13.58%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | HSBC SECURITIES (USA), INC. SB 4 , 10/01/2025 | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |    160000 | PA      | $160000.00    | 25.27%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | XX        |     78505 | OU      | $27.57        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CA        |      2562 | OU      | $-16.52       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | XX        |      9060 | OU      | $-43.02       | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CH        |      5299 | OU      | $-8.98        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | SOCIETE' GENERALE 4.07 , 10/01/2025           | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |    203000 | PA      | $203000.00    | 32.06%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | JP        |    481903 | OU      | $0.54         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | SE        |      8215 | OU      | $-4.92        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CH        |     12323 | OU      | $-24.11       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CH        |       515 | OU      | $-2.94        | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | SE        |    177416 | OU      | $-171.82      | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | GB        |      1944 | OU      | $-19.37       | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CA        |     19805 | OU      | $-87.69       | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | CREDIT AGRICOLE CIB NY 4.07 , 10/01/2025      | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |     86000 | PA      | $86000.00     | 13.58%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | CA        |     57550 | OU      | $-251.73      | -0.04%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | GB        |     42227 | OU      | $-452.90      | -0.07%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | ROYAL BANK OF CANADA 3.94 , 10/01/2025        | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |     42000 | PA      | $42000.00     | 6.63%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | GB        |     11811 | OU      | $-127.10      | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | UMB FINANCIAL CORP. 3.89 , 10/01/2025         | CUSIP: N/A<br>LEI: N/A | Long             | RA               | CORP              | US        |     61000 | PA      | $61000.00     | 9.63%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | XX        |    223583 | OU      | $29.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A    | Currency Forward                              | CUSIP: N/A<br>LEI: N/A | N/A              | DFE              | CORP              | JP        |   9337926 | OU      | $-371.15      | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** ProFund VP Falling U.S. Dollar

**Signature:** Rebecca Colvin

**Name of Signer:** Rebecca Colvin

**Title:** Treasurer and Principal Financial Officer