# EDGAR Filing Document

**Accession Number:** 0001039803
**File Stem:** 0001104659-25-087362
**Filing Date:** 2025-9
**Character Count:** 1464239
**Document Hash:** 32226f092ac064d544458f563cf028db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087362.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001104659-25-087362

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 75

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08239
- **FILM NUMBER:** 251292292

**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

### GOVERNMENT MONEY MARKET PROFUND (Series ID: S000003950)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000011076 | GOVERNMENT MONEY MARKET PROFUND INVESTOR CLASS | MPIXX           |
| C000011077 | GOVERNMENT MONEY MARKET PROFUND SERVICE CLASS  | MPSXX           |

### PROFUND VP SMALL-CAP GROWTH (Series ID: S000003951)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000011078 | PROFUND VP SMALL-CAP GROWTH |  |

### PROFUND VP ASIA 30 (Series ID: S000003952)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000011079 | PROFUND VP ASIA 30 |  |

### PROFUND VP EUROPE 30 (Series ID: S000003953)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011080 | PROFUND VP EUROPE 30 |  |

### PROFUND VP JAPAN (Series ID: S000003954)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000011081 | PROFUND VP JAPAN |  |

### PROFUND VP ULTRABULL (Series ID: S000003955)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011082 | PROFUND VP ULTRABULL |  |

### PROFUND VP ULTRAMID-CAP (Series ID: S000003956)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000011083 | PROFUND VP ULTRAMID-CAP |  |

### PROFUND VP ULTRASMALL-CAP (Series ID: S000003957)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000011084 | PROFUND VP ULTRASMALL-CAP |  |

### PROFUND VP ULTRANASDAQ-100 (Series ID: S000003958)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011085 | PROFUND VP ULTRANASDAQ-100 |  |

### PROFUND VP BEAR (Series ID: S000003959)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011086 | PROFUND VP BEAR |  |

### PROFUND VP SHORT MID-CAP (Series ID: S000003960)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011087 | PROFUND VP SHORT MID-CAP |  |

### PROFUND VP BULL (Series ID: S000003961)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000011088 | PROFUND VP BULL |  |

### PROFUND VP SHORT SMALL-CAP (Series ID: S000003962)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011089 | PROFUND VP SHORT SMALL-CAP |  |

### PROFUND VP SHORT NASDAQ-100 (Series ID: S000003963)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000011090 | PROFUND VP SHORT NASDAQ-100 |  |

### PROFUND VP BANKS (Series ID: S000003964)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000011091 | PROFUND VP BANKS |  |

### PROFUND VP BIOTECHNOLOGY (Series ID: S000003965)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011092 | PROFUND VP BIOTECHNOLOGY |  |

### PROFUND VP MATERIALS (Series ID: S000003966)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011093 | PROFUND VP MATERIALS |  |

### PROFUND VP CONSUMER DISCRETIONARY (Series ID: S000003967)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000011094 | PROFUND VP CONSUMER DISCRETIONARY |  |

### PROFUND VP CONSUMER STAPLES (Series ID: S000003968)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000011095 | PROFUND VP CONSUMER STAPLES |  |

### PROFUND VP ENERGY (Series ID: S000003969)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000011096 | PROFUND VP ENERGY |  |

### PROFUND VP FINANCIALS (Series ID: S000003970)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011097 | PROFUND VP FINANCIALS |  |

### PROFUND VP HEALTH CARE (Series ID: S000003971)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011098 | PROFUND VP HEALTH CARE |  |

### PROFUND VP SMALL-CAP (Series ID: S000003972)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011099 | PROFUND VP SMALL-CAP |  |

### PROFUND VP INDUSTRIALS (Series ID: S000003973)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011100 | PROFUND VP INDUSTRIALS |  |

### PROFUND VP INTERNET (Series ID: S000003974)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000011101 | PROFUND VP INTERNET |  |

### PROFUND VP PHARMACEUTICALS (Series ID: S000003975)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011102 | PROFUND VP PHARMACEUTICALS |  |

### PROFUND VP PRECIOUS METALS (Series ID: S000003976)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011103 | PROFUND VP PRECIOUS METALS |  |

### PROFUND VP REAL ESTATE (Series ID: S000003977)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000011104 | PROFUND VP REAL ESTATE |  |

### PROFUND VP SEMICONDUCTOR (Series ID: S000003978)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011105 | PROFUND VP SEMICONDUCTOR |  |

### PROFUND VP TECHNOLOGY (Series ID: S000003979)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011106 | PROFUND VP TECHNOLOGY |  |

### PROFUND VP COMMUNICATION SERVICES (Series ID: S000003980)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000011107 | PROFUND VP COMMUNICATION SERVICES |  |

### PROFUND VP UTILITIES (Series ID: S000003981)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000011108 | PROFUND VP UTILITIES |  |

### PROFUND VP U.S. GOVERNMENT PLUS (Series ID: S000003982)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000011109 | PROFUND VP U.S. GOVERNMENT PLUS |  |

### PROFUND VP NASDAQ-100 (Series ID: S000003983)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000011110 | PROFUND VP NASDAQ-100 |  |

### PROFUND VP RISING RATES OPPORTUNITY (Series ID: S000003984)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000011111 | PROFUND VP RISING RATES OPPORTUNITY |  |

### PROFUND VP GOVERNMENT MONEY MARKET (Series ID: S000003985)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000011112 | PROFUND VP GOVERNMENT MONEY MARKET |  |

### PROFUND VP LARGE-CAP VALUE (Series ID: S000003986)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011113 | PROFUND VP LARGE-CAP VALUE |  |

### PROFUND VP LARGE-CAP GROWTH (Series ID: S000003987)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000011114 | PROFUND VP LARGE-CAP GROWTH |  |

### PROFUND VP MID-CAP VALUE (Series ID: S000003988)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000011115 | PROFUND VP MID-CAP VALUE |  |

### PROFUND VP MID-CAP GROWTH (Series ID: S000003989)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000011116 | PROFUND VP MID-CAP GROWTH |  |

### PROFUND VP SMALL-CAP VALUE (Series ID: S000003990)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000011117 | PROFUND VP SMALL-CAP VALUE |  |

### PROFUND VP MID-CAP (Series ID: S000004520)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000012418 | PROFUND VP MID-CAP |  |

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

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

### PROFUND VP ULTRASHORT NASDAQ-100 (Series ID: S000004531)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000012429 | PROFUND VP ULTRASHORT NASDAQ-100 |  |

### PROFUND VP SHORT EMERGING MARKETS (Series ID: S000008841)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000024064 | PROFUND VP SHORT EMERGING MARKETS |  |

### PROFUND VP SHORT INTERNATIONAL (Series ID: S000008842)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000024065 | PROFUND VP SHORT INTERNATIONAL |  |

### PROFUND VP EMERGING MARKETS (Series ID: S000008851)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000024086 | PROFUND VP EMERGING MARKETS |  |

### PROFUND VP INTERNATIONAL (Series ID: S000008852)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000024087 | PROFUND VP INTERNATIONAL |  |

### PROFUND VP DOW 30 (Series ID: S000012056)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000032805 | PROFUND VP DOW 30 |  |

### PROFUND VP ULTRASHORT DOW 30 (Series ID: S000012060)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000032809 | PROFUND VP ULTRASHORT DOW 30 |  |

### PROFUNDS VP SHORT DOW 30 (Series ID: S000012103)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000033012 | PROFUNDS VP SHORT DOW 30 |  |

### ProFund Access VP High Yield (Series ID: S000071541)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000226848 | ProFund Access VP High Yield |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-08239</u>

ProFunds

------

(Exact name of registrant as specified in charter)

7272 Wisconsin Avenue, 21<sup>st</sup> Floor Bethesda, MD 20814 <br> (Address of principal executive offices) (Zip code)

Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

------

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(240) 497-6400</u>

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1)

**TABLE OF CONTENTS**

---

| |
|:---|
|  [Government Money Market ProFund](#classname44d2c7bb-fa8d-48e8-8e53-1953fe9edacc)<br> **[Investor - MPIXX](#classname44d2c7bb-fa8d-48e8-8e53-1953fe9edacc)**  |
|  [Government Money Market ProFund](#classnameb809caeb-b808-4f7f-b492-4632d113a3cd)<br> **[Service - MPSXX](#classnameb809caeb-b808-4f7f-b492-4632d113a3cd)**  |
|  [ProFund Access VP High Yield](#classname4058330c-135b-435c-9c0f-b5715c2d1758) |
|  [ProFund VP Asia 30](#classname4800cc64-f1a6-4641-a3df-9ccaf46feee5) |
|  [ProFund VP Banks](#classname325e7503-e1d2-4490-ac60-0a6c092b0036) |
|  [ProFund VP Bear](#classname25b6f469-4fc8-420a-952e-6355b476cfa2) |
|  [ProFund VP Biotechnology](#classname1e62dea8-4da0-4435-95f6-ecd07c3d291e) |
|  [ProFund VP Bull](#classname18adec1b-1afb-412c-a0bb-e7009e316f8a) |
|  [ProFund VP Communication Services](#classname1b91b994-e496-4140-bf9b-9ea50d2520f3) |
|  [ProFund VP Consumer Discretionary](#classnamee8794e43-e828-41de-8876-7d537e1ce05a) |
|  [ProFund VP Consumer Staples](#classname41684cda-072c-4a88-aa20-8181cf7fd28b) |
|  [ProFund VP Dow 30](#classname54c76294-f52f-43e4-8fe8-34e8106d5d61) |
|  [ProFund VP Emerging Markets](#classname482cca22-b7af-41eb-9fc5-69fdc0a1d649) |
|  [ProFund VP Energy](#classnameb4f294bd-f6a8-422f-bc71-ab34bcbdbfc6) |
|  [ProFund VP Europe 30](#classname18ef23f7-39ba-42a6-a517-852fd1d9e014) |
|  [ProFund VP Falling U.S. Dollar](#classnamea7ad38c2-b25b-4202-9089-ad06c9851111) |
|  [ProFund VP Financials](#classnameccb8c77f-db78-4619-acbe-a5009e3d32d2) |
|  [ProFund VP Government Money Market](#classnamee2226ed5-50aa-4823-8315-e9bcda893bef) |
|  [ProFund VP Health Care](#classname862fc6c2-2e47-440e-9645-35bcafd1c213) |
|  [ProFund VP Industrials](#classname77fa9af5-30d1-4878-8807-88fd9c7c8fea) |
|  [ProFund VP International](#classname8dcea771-a138-4bf5-95b7-1d15c6d1dc77) |
|  [ProFund VP Internet](#classnamef86546af-3818-4031-8d39-6d80750736e2) |
|  [ProFund VP Japan](#classname8328b545-5205-4120-8e38-104ce9b09c5f) |
|  [ProFund VP Large-Cap Growth](#classname0a54654a-6919-4202-8e05-dd1b2b4b0cd2) |
|  [ProFund VP Large-Cap Value](#classnamec6e9d0ff-29cc-46f1-bcac-19848696db85) |
|  [ProFund VP Materials](#classname36421945-70eb-4778-8509-c0e584b056ba) |
|  [ProFund VP Mid-Cap](#classnamec4181e27-e8c1-43d9-85ed-ff307807e43b) |
|  [ProFund VP Mid-Cap Growth](#classname7be11d82-b61e-44c5-952d-884cfeb8d814) |
|  [ProFund VP Mid-Cap Value](#classnameb3b42327-5243-476a-873d-3d9af2c4ef21) |
|  [ProFund VP Nasdaq-100](#classnamebba8ca40-0347-40f2-bbf7-afe7f7facfc0) |
|  [ProFund VP Pharmaceuticals](#classnamed53522a7-03f0-40c1-9f86-35bbfa87d1cd) |
|  [ProFund VP Precious Metals](#classname218d170f-bf4c-45e8-9b23-e598873a50ec) |
|  [ProFund VP Real Estate](#classnameadd4d9c9-570c-4b44-bb75-3b883a8dce48) |
|  [ProFund VP Rising Rates Opportunity](#classname950876ce-271a-49aa-8f43-f589f8e96359) |
|  [ProFund VP Semiconductor](#classnamec45b59a3-eabb-4d2b-aa94-af8123464ce5) |
|  [ProFund VP Short Dow 30](#classnamef9a0d442-0379-4ce4-bca7-21325ef2ed79) |
|  [ProFund VP Short Emerging Markets](#classnameef6e98f9-e38a-4f47-a1b6-e9e2680cc4f1) |
|  [ProFund VP Short International](#classname7ea2fac8-6a01-4cc4-9332-43a89c07809b) |
|  [ProFund VP Short Mid-Cap](#classnamef90095af-dc79-48d1-bac6-a4bc4dd980ee) |
|  [ProFund VP Short Nasdaq-100](#classname421d9296-f020-41f0-be1f-cbca50d81b80) |
|  [ProFund VP Short Small-Cap](#classname7738ed58-4938-4175-aab6-4d29bef7086f) |
|  [ProFund VP Small-Cap](#classname897c9fcb-e8b3-4b1f-9d50-89d5091df5e7) |
|  [ProFund VP Small-Cap Growth](#classnameeefd4526-123c-4b8b-a9cc-d3e3044a9350) |
|  [ProFund VP Small-Cap Value](#classname2a8ab45d-90aa-4c76-9152-88e005c76470) |
|  [ProFund VP Technology](#classnamebf4eef68-cfa3-4fdb-b538-ebf7752dbc02) |
|  [ProFund VP UltraBull](#classname699f6dc9-3ef9-4db1-ae57-0629ffad9604) |
|  [ProFund VP UltraMid-Cap](#classname439199ad-26d0-40cc-9303-e950ba7bfbf7) |
|  [ProFund VP UltraNasdaq-100](#classname514d5dd8-2b4e-4211-a9fc-d7ea72c9510d) |
|  [ProFund VP UltraShort Dow 30](#classname10ea896f-f546-4bd8-8b34-c931e3ddc3f0) |
|  [ProFund VP UltraShort Nasdaq-100](#classname422bfe96-1ac3-4552-8b53-2de66c9426d2) |
|  [ProFund VP UltraSmall-Cap](#classname87776540-3431-4201-a3ee-5e0fb3b09176) |
|  [ProFund VP U.S. Government Plus](#classnameda9aa8f0-9488-4888-b263-1b4d126e96de) |
|  [ProFund VP Utilities](#classname2f895fa9-64fe-42ff-a0cb-083ad4a4d8cf) |

---

![Image](tm2510130d1_tsrimg011.jpg)

# Government Money Market ProFund
Investor Class MPIXX

Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the Government Money Market ProFund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>https://www.profunds.com/mutual-funds/government-money-market</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $49 | 0.97% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $190522216 |
| Number of Holdings | 1 |

---

# Government Cash Management Portfolio Asset Allocation

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Repuchase Agreements | 66% |
| U.S. Treasury Obligations | 21% |
| U.S. Government Sponsored Agencies | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Investment in Government Cash Management Portfolio | 107% |
| **Total** | **107%** |

---

"Market Exposure" includes the value of total investments including any instruments used for cash management.

An investment in this Fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.

![QR Code](tm2510130d1_tsrimg009.jpg)

#### Government Money Market ProFund
Investor Class MPIXX

Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, https://www.profunds.com/mutual-funds/government-money-market, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg051.jpg)

Service Class MPSXX

Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the Government Money Market ProFund (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>https://www.profunds.com/mutual-funds/government-money-market</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Service Class | $98 | 1.97% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $190522216 |
| Number of Holdings | 1 |

---

# Government Cash Management Portfolio Asset Allocation

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Repuchase Agreements | 66% |
| U.S. Treasury Obligations | 21% |
| U.S. Government Sponsored Agencies | 13% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Investment in Government Cash Management Portfolio | 107% |
| **Total** | **107%** |

---

"Market Exposure" includes the value of total investments including any instruments used for cash management.

An investment in this Fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.

![QR Code](tm2510130d1_tsrimg009.jpg)

#### Government Money Market ProFund
Service Class MPSXX

Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, https://www.profunds.com/mutual-funds/government-money-market, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg028.jpg)

# ProFund Access VP High Yield
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund Access VP High Yield (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund Access VP High Yield | $83 | 1.65% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13902816 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $50625 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

###### Holdings
The ProFund Access VP High Yield primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements | 101% |
| **Total** | **101%** |

---

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund Access VP High Yield
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg036.jpg)

# ProFund VP Asia 30
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Asia 30 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Asia 30 | $89 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $18510207 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $57232 |
| Portfolio Turnover | 114% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Communication Services | 24% |
| Consumer Discretionary | 22% |
| Financials | 20% |
| Information Technology | 20% |
| Industrials | 7% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

#### Largest Countries

---

| | |
|:---|:---|
| China | 57.2% |
| India | 14.6% |
| Taiwan | 13.1% |
| Singapore | 7.5% |
| Australia | 4.6% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 7.7% |
| Alibaba Group Holding, Ltd. | 6.8% |
| HDFC Bank, Ltd. | 6.5% |
| Sea, Ltd. | 5.0% |
| NetEase, Inc. | 4.9% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Asia 30
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg008.jpg)

# ProFund VP Banks
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Banks (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Banks | $84 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4421500 |
| Number of Holdings\* | 104 |
| Net Investment Advisory Fees | $16249 |
| Portfolio Turnover | 142% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Regional Banks | 73% |
| Diversified Banks | 11% |
| Commercial & Residential Mortgage Finance | 9% |
| Other Diversified Financial Services | 5% |
| Asset Management & Custody Banks | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 96% |
| S&P Banks Select Industry Index Swap Agreements | 3% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Northern Trust Corp. | 1.2% |
| Corebridge Financial, Inc | 1.1% |
| Citigroup, Inc. | 1.1% |
| JPMorgan Chase & Co. | 1.1% |
| Citizens Financial Group, Inc. | 1.1% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Banks
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg002.jpg)

# ProFund VP Bear
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Bear (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Bear | $80 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $1725997 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $7371 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P 500 Swap Agreements | (82)% |
| E-Mini S&P 500 Futures Contracts | (18)% |
| **Total** | **(100)%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Bear
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg012.jpg)

# ProFund VP Biotechnology
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Biotechnology (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Biotechnology | $77 | 1.63% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29058669 |
| Number of Holdings\* | 130 |
| Net Investment Advisory Fees | $119071 |
| Portfolio Turnover | 125% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Biotechnology | 100% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 99% |
| S&P Biotechnology Select Industry Index Swap Agreements | 1% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Alnylam Pharmaceuticals, Inc. | 2.6% |
| Exelixis, Inc. | 2.6% |
| United Therapeutics Corp. | 2.5% |
| Insmed, Inc. | 2.5% |
| Gilead Sciences, Inc. | 2.4% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Biotechnology
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg032.jpg)

# ProFund VP Bull
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Bull (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Bull | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $53480132 |
| Number of Holdings\* | 511 |
| Net Investment Advisory Fees | $202304 |
| Portfolio Turnover | 78% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 85% |
| S&P 500 Swap Agreements | 10% |
| E-Mini S&P 500 Futures Contracts | 5% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 6.2% |
| Microsoft Corp. | 6.0% |
| Apple, Inc. | 5.0% |
| Amazon.com, Inc. | 3.4% |
| Meta Platforms, Inc. - Class A | 2.6% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Bull
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg013.jpg)

# ProFund VP Communication Services
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Communication Services (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Communication Services | $88 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15060490 |
| Number of Holdings\* | 29 |
| Net Investment Advisory Fees | $48458 |
| Portfolio Turnover | 196% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 38% |
| Entertainment | 31% |
| Media | 18% |
| Diversified Telecommunication Services | 9% |
| Wireless Telecommunication Services | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 98% |
| S&P Communication Services Select Sector Index Swap Agreements | 2% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Meta Platforms, Inc. - Class A | 18.3% |
| Alphabet, Inc. - Class A | 9.4% |
| Netflix, Inc. | 8.6% |
| Alphabet, Inc. - Class C | 7.7% |
| Electronic Arts, Inc. | 4.6% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Communication Services
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg010.jpg)

# ProFund VP Consumer Discretionary
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Consumer Discretionary (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Consumer Discretionary | $82 | 1.69% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19680232 |
| Number of Holdings\* | 57 |
| Net Investment Advisory Fees | $82980 |
| Portfolio Turnover | 57% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Retailing | 46% |
| Consumer Services | 27% |
| Automobiles & Components | 19% |
| Consumer Durables & Apparel | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 99% |
| S&P Consumer Discretionary Select Sector Index Swap Agreements | 1% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Amazon.com, Inc. | 23.0% |
| Tesla, Inc. | 16.2% |
| The Home Depot, Inc. | 6.6% |
| Booking Holdings, Inc. | 4.6% |
| McDonald's Corp. | 4.2% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Consumer Discretionary
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg015.jpg)

# ProFund VP Consumer Staples
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Consumer Staples (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Consumer Staples | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10461818 |
| Number of Holdings\* | 44 |
| Net Investment Advisory Fees | $41827 |
| Portfolio Turnover | 101% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Food, Beverage & Tobacco | 47% |
| Food & Staples Retailing | 31% |
| Household & Personal Products | 22% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 98% |
| S&P Consumer Staples Select Sector Index Swap Agreements | 2% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Costco Wholesale Corp. | 9.8% |
| Walmart, Inc. | 9.4% |
| The Procter & Gamble Co. | 8.3% |
| Philip Morris International, Inc. | 6.3% |
| The Coca-Cola Co. | 6.1% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Consumer Staples
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg042.jpg)

# ProFund VP Dow 30
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Dow 30 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Dow 30 | $80 | 1.59% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $365813 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $1338 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 13% |
| Health Care | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Industrial Average Swap Agreements | 100% |
| **Total** | **100%** |

---

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

###### Holdings
The ProFund VP Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Dow 30
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg029.jpg)

# ProFund VP Emerging Markets
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Emerging Markets (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Emerging Markets | $91 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $29602400 |
| Number of Holdings\* | 56 |
| Net Investment Advisory Fees | $88350 |
| Portfolio Turnover | 698% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 21% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 93% |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | 7% |
| **Total** | **100%** |

---

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

#### Largest Countries

---

| | |
|:---|:---|
| China | 30.6% |
| Taiwan | 22.7% |
| India | 17.5% |
| Brazil | 10.3% |
| South Korea | 4.5% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 19.7% |
| Alibaba Group Holding, Ltd. | 13.1% |
| HDFC Bank, Ltd. | 8.4% |
| PDD Holdings, Inc. | 4.2% |
| ICICI Bank, Ltd. | 4.2% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Emerging Markets
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg049.jpg)

# ProFund VP Energy
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Energy (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Energy | $83 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $32276326 |
| Number of Holdings\* | 29 |
| Net Investment Advisory Fees | $158726 |
| Portfolio Turnover | 804% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Oil, Gas & Consumable Fuels | 92% |
| Energy Equipment & Services | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 99% |
| S&P Energy Select Sector Index Swap Agreements | 2% |
| **Total** | **101%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Exxon Mobil Corp. | 22.6% |
| Chevron Corp. | 14.7% |
| ConocoPhillips | 7.2% |
| The Williams Cos., Inc. | 4.8% |
| EOG Resources, Inc. | 4.5% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Energy
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg034.jpg)

# ProFund VP Europe 30
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Europe 30 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Europe 30 | $90 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19665952 |
| Number of Holdings\* | 30 |
| Net Investment Advisory Fees | $58604 |
| Portfolio Turnover | 50% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 21% |
| Health Care | 20% |
| Energy | 16% |
| Financials | 12% |
| Consumer Staples | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

#### Largest Countries

---

| | |
|:---|:---|
| United Kingdom | 47.9% |
| Germany | 11.5% |
| Netherlands | 9.8% |
| France | 7.3% |
| Luxembourg | 4.9% |

---

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| SAP SE | 7.7% |
| HSBC Holdings PLC | 5.4% |
| ARM Holdings PLC | 4.7% |
| Anheuser-Busch InBev S.A./N.V. | 4.5% |
| British American Tobacco PLC | 3.9% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Europe 30
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg054.jpg)

# ProFund VP Falling U.S. Dollar
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Falling U.S. Dollar (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Falling U.S. Dollar | $88 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $704218 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $0 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Euro | 57% |
| Japanese yen | 14% |
| British pound | 12% |
| Canadian dollar | 9% |
| Swedish krona | 4% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Forward Currency Contracts | 100% |
| **Total** | **100%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Falling U.S. Dollar
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg006.jpg)

# ProFund VP Financials
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Financials (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Financials | $87 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $36290998 |
| Number of Holdings\* | 80 |
| Net Investment Advisory Fees | $138727 |
| Portfolio Turnover | 151% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Diversified Financials | 60% |
| Banks | 25% |
| Insurance | 15% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Financial Select Sector Index Swap Agreements | 2% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Berkshire Hathaway, Inc. - Class B | 11.8% |
| JPMorgan Chase & Co. | 10.6% |
| Visa, Inc. - Class A | 8.0% |
| MasterCard, Inc. - Class A | 6.0% |
| Bank of America Corp. | 4.1% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Financials
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg003.jpg)

# ProFund VP Government Money Market
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Government Money Market (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Government Money Market | $45 | 0.90% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $28346488 |
| Number of Holdings\* | 12 |
| Net Investment Advisory Fees | $70873 |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Repurchase Agreements | 50% |
| U.S. Treasury Obligations | 49% |
| **Total** | **99%** |

---

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

An investment in this Fund is neither guaranteed nor insured by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund strives to maintain the value of your investment at $1.00 per share, it is possible to lose money by investing in this Fund.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Government Money Market
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg014.jpg)

# ProFund VP Health Care
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Health Care (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Health Care | $82 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $30820169 |
| Number of Holdings\* | 66 |
| Net Investment Advisory Fees | $135674 |
| Portfolio Turnover | 444% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 30% |
| Health Care Equipment & Supplies | 25% |
| Health Care Providers & Services | 19% |
| Biotechnology | 17% |
| Life Sciences Tools & Services | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Health Care Select Sector Index Swap Agreements | 3% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Eli Lilly & Co. | 12.2% |
| Johnson & Johnson | 7.3% |
| AbbVie, Inc. | 6.5% |
| UnitedHealth Group, Inc. | 5.6% |
| Abbott Laboratories | 4.7% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Health Care
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg026.jpg)

# ProFund VP Industrials
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Industrials (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Industrials | $88 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19654120 |
| Number of Holdings\* | 85 |
| Net Investment Advisory Fees | $59417 |
| Portfolio Turnover | 86% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Capital Goods | 70% |
| Transportation | 16% |
| Commercial & Professional Services | 14% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Industrials Select Sector Index Swap Agreements | 3% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| General Electric Co. | 5.9% |
| Uber Technologies, Inc. | 4.2% |
| Raytheon Technologies Corp. | 4.2% |
| Caterpillar, Inc. | 3.9% |
| The Boeing Co. | 3.4% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Industrials
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg041.jpg)

# ProFund VP International
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP International (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP International | $91 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $12862948 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $43494 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 24% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | 100% |
| **Total** | **100%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP International
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg055.jpg)

# ProFund VP Internet
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Internet (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Internet | $87 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15211286 |
| Number of Holdings\* | 47 |
| Net Investment Advisory Fees | $51370 |
| Portfolio Turnover | 29% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Interactive Media & Services | 20% |
| Software | 14% |
| Hotels, Restaurants & Leisure | 13% |
| Entertainment | 13% |
| Multiline Retail | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| Dow Jones Internet Composite Index Swap Agreements | 2% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Netflix, Inc. | 10.3% |
| Meta Platforms, Inc. - Class A | 9.9% |
| Amazon.com, Inc. | 9.6% |
| Alphabet, Inc. - Class A | 5.1% |
| Cisco Systems, Inc. | 5.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Internet
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg018.jpg)

# ProFund VP Japan
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Japan (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Japan | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11283600 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $41972 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 26% |
| Consumer Discretionary | 20% |
| Industrials | 18% |
| Communication Services | 12% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nikkei 225 Index Futures Contracts | 98% |
| Nikkei 225 Stock Average Swap Agreements | 2% |
| **Total** | **100%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Japan
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg017.jpg)

# ProFund VP Large-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Large-Cap Growth (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Large-Cap Growth | $87 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $35231605 |
| Number of Holdings\* | 218 |
| Net Investment Advisory Fees | $107897 |
| Portfolio Turnover | 57% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 41% |
| Communication Services | 15% |
| Consumer Discretionary | 12% |
| Financials | 12% |
| Industrials | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 13.7% |
| Microsoft Corp. | 6.8% |
| Meta Platforms, Inc. - Class A | 5.7% |
| Apple, Inc. | 5.0% |
| Broadcom, Inc. | 4.6% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Large-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg048.jpg)

# ProFund VP Large-Cap Value
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Large-Cap Value (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Large-Cap Value | $84 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14680104 |
| Number of Holdings\* | 408 |
| Net Investment Advisory Fees | $53894 |
| Portfolio Turnover | 72% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 24% |
| Financials | 17% |
| Health Care | 14% |
| Industrials | 9% |
| Consumer Discretionary | 8% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Microsoft Corp. | 7.2% |
| Apple, Inc. | 6.8% |
| Amazon.com, Inc. | 3.6% |
| Exxon Mobil Corp. | 1.9% |
| Berkshire Hathaway, Inc. - Class B | 1.8% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Large-Cap Value
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg040.jpg)

# ProFund VP Materials
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Materials (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Materials | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $11650992 |
| Number of Holdings\* | 32 |
| Net Investment Advisory Fees | $48370 |
| Portfolio Turnover | 290% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Chemicals | 59% |
| Metals & Mining | 16% |
| Containers & Packaging | 16% |
| Construction Materials | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Materials Select Sector Index Swap Agreements | 4% |
| **Total** | **101%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| New Linde PLC | 16.0% |
| The Sherwin-Williams Co. | 5.8% |
| Ecolab, Inc. | 4.9% |
| Newmont Corp. | 4.8% |
| Freeport-McMoRan, Inc. | 4.6% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Materials
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg046.jpg)

# ProFund VP Mid-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Mid-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Mid-Cap | $83 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $10437726 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $35973 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P MidCap 400 Swap Agreements | 85% |
| E-Mini S&P MidCap 400 Futures Contracts | 15% |
| **Total** | **100%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Mid-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg020.jpg)

# ProFund VP Mid-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Mid-Cap Growth (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Mid-Cap Growth | $83 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $14006292 |
| Number of Holdings\* | 249 |
| Net Investment Advisory Fees | $43013 |
| Portfolio Turnover | 37% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 28% |
| Financials | 16% |
| Consumer Discretionary | 14% |
| Information Technology | 14% |
| Health Care | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 1.6% |
| EMCOR Group, Inc. | 1.6% |
| Guidewire Software, Inc. | 1.3% |
| Rb Global, Inc. | 1.3% |
| Comfort Systems USA, Inc. | 1.2% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Mid-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg004.jpg)

# ProFund VP Mid-Cap Value
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Mid-Cap Value (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Mid-Cap Value | $83 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9920493 |
| Number of Holdings\* | 302 |
| Net Investment Advisory Fees | $33142 |
| Portfolio Turnover | 63% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 21% |
| Industrials | 17% |
| Consumer Discretionary | 12% |
| Real Estate | 10% |
| Information Technology | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 99% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Flex, Ltd. | 1.4% |
| US Foods Holding Corp. | 1.3% |
| Reliance Steel & Aluminum Co. | 1.2% |
| Fidelity National Financial, Inc. | 1.1% |
| WP Carey, Inc. | 1.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Mid-Cap Value
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg047.jpg)

# ProFund VP Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Nasdaq-100 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Nasdaq-100 | $86 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $159956459 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $527010 |
| Portfolio Turnover | 1% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 53% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 73% |
| Nasdaq-100 Index Swap Agreements | 19% |
| E-Mini Nasdaq-100 Index Futures Contracts | 9% |
| **Total** | **101%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 6.7% |
| Microsoft Corp. | 6.4% |
| Apple, Inc. | 5.3% |
| Amazon.com, Inc. | 4.0% |
| Broadcom, Inc. | 3.7% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg030.jpg)

# ProFund VP Pharmaceuticals
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Pharmaceuticals (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Pharmaceuticals | $81 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7688146 |
| Number of Holdings\* | 48 |
| Net Investment Advisory Fees | $31042 |
| Portfolio Turnover | 35% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Pharmaceuticals | 100% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 98% |
| S&P Pharmaceuticals Select Industry Index Swap Agreements | 2% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Royalty Pharma PLC - Class A | 4.0% |
| Corcept Therapeutics, Inc. | 3.9% |
| Elanco Animal Health, Inc. | 3.8% |
| Viatris, Inc. | 3.8% |
| Pfizer, Inc. | 3.7% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Pharmaceuticals
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg035.jpg)

# ProFund VP Precious Metals
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Precious Metals (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Precious Metals | $105 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $34893561 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $123468 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Gold | 96% |
| Silver | 3% |
| Precious Metals & Minerals | 1% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Precious Metals Index Swap Agreements | 100% |
| **Total** | **100%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Precious Metals
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg023.jpg)

# ProFund VP Real Estate
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Real Estate (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Real Estate | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $4934041 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $17744 |
| Portfolio Turnover | 108% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Specialized REITs | 44% |
| Health Care REITs | 14% |
| Retail REITs | 13% |
| Residential REITs | 12% |
| Industrial REITs | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Real Estate Select Sector Index Swap Agreements | 2% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| American Tower Corp. - Class A | 9.4% |
| Prologis, Inc. | 8.8% |
| Welltower, Inc. | 8.7% |
| Equinix, Inc. | 7.1% |
| Digital Realty Trust, Inc. | 5.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Real Estate
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg039.jpg)

# ProFund VP Rising Rates Opportunity
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Rising Rates Opportunity (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Rising Rates Opportunity | $79 | 1.59% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7107558 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $30228 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

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

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.50%, due 11/15/54 Swap Agreements | (125)% |
| **Total** | **(125)%** |

---

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Rising Rates Opportunity
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg007.jpg)

# ProFund VP Semiconductor
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Semiconductor (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Semiconductor | $89 | 1.67% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $58442010 |
| Number of Holdings\* | 39 |
| Net Investment Advisory Fees | $258732 |
| Portfolio Turnover | 214% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Semiconductors & Semiconductor Equipment | 100% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones U.S. Semiconductors Index Swap Agreements | 55% |
| Equity Securities | 44% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 24.9% |
| Broadcom, Inc. | 8.4% |
| Advanced Micro Devices, Inc. | 1.5% |
| Texas Instruments, Inc. | 1.2% |
| QUALCOMM, Inc. | 1.1% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Semiconductor
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg027.jpg)

# ProFund VP Short Dow 30
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short Dow 30 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short Dow 30 | $77 | 1.55% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7044 |
| Number of Holdings\* | 2 |
| Net Investment Advisory Fees | $24 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 13% |
| Health Care | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Industrial Average Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

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

###### Holdings
The ProFund VP Short Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short Dow 30
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg038.jpg)

# ProFund VP Short Emerging Markets
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short Emerging Markets (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short Emerging Markets | $77 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $295273 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $1561 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 28% |
| Consumer Discretionary | 27% |
| Financials | 21% |
| Communication Services | 8% |
| Materials | 6% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P Emerging 50 ADR Index (USD) Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

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

###### Holdings
The ProFund VP Short Emerging Markets primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short Emerging Markets
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg024.jpg)

# ProFund VP Short International
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short International (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short International | $75 | 1.64% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2077477 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $4115 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 24% |
| Industrials | 19% |
| Health Care | 11% |
| Consumer Discretionary | 10% |
| Information Technology | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| MSCI EAFE Index Swap Agreements | (99)% |
| **Total** | **(99)%** |

---

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

###### Holdings
The ProFund VP Short International primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short International
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg031.jpg)

# ProFund VP Short Mid-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short Mid-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short Mid-Cap | $83 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $57228 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $399 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P MidCap 400 Swap Agreements | (100)% |
| **Total** | **(100)%** |

---

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

###### Holdings
The ProFund VP Short Mid-Cap primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short Mid-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg021.jpg)

# ProFund VP Short Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short Nasdaq-100 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short Nasdaq-100 | $80 | 1.69% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2122772 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $9778 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 53% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (78)% |
| E-Mini Nasdaq-100 Index Futures Contracts | (22)% |
| **Total** | **(100)%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg044.jpg)

# ProFund VP Short Small-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Short Small-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Short Small-Cap | $84 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $839802 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $5442 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 17% |
| Health Care | 16% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | (74)% |
| E-Mini Russell 2000 Index Futures Contracts | (26)% |
| **Total** | **(100)%** |

---

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

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Short Small-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg037.jpg)

# ProFund VP Small-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Small-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Small-Cap | $82 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $7077600 |
| Number of Holdings\* | 1996 |
| Net Investment Advisory Fees | $21147 |
| Portfolio Turnover | 9% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 17% |
| Health Care | 16% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 82% |
| Russell 2000 Index Swap Agreements | 12% |
| E-Mini Russell 2000 Index Futures Contracts | 6% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.5% |
| Fabrinet | 0.4% |
| IonQ, Inc. | 0.4% |
| Hims & Hers Health, Inc. | 0.3% |
| HealthEquity, Inc. | 0.3% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Small-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg019.jpg)

# ProFund VP Small-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Small-Cap Growth (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Small-Cap Growth | $82 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $15800882 |
| Number of Holdings\* | 347 |
| Net Investment Advisory Fees | $61288 |
| Portfolio Turnover | 18% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 15% |
| Information Technology | 14% |
| Health Care | 14% |
| Consumer Discretionary | 12% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 100% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| AeroVironment, Inc. | 1.2% |
| Brinker International, Inc. | 1.2% |
| SPX Technologies, Inc. | 1.1% |
| Badger Meter, Inc. | 1.0% |
| Armstrong World Industries, Inc. | 1.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Small-Cap Growth
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg050.jpg)

# ProFund VP Small-Cap Value
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Small-Cap Value (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Small-Cap Value | $80 | 1.69% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13925656 |
| Number of Holdings\* | 465 |
| Net Investment Advisory Fees | $60188 |
| Portfolio Turnover | 28% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 24% |
| Industrials | 16% |
| Consumer Discretionary | 15% |
| Information Technology | 11% |
| Real Estate | 7% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 101% |
| **Total** | **101%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Mr. Cooper Group, Inc. | 1.5% |
| Qorvo, Inc. | 1.2% |
| BorgWarner, Inc. | 1.2% |
| Jackson Financial, Inc. - Class A | 1.0% |
| Sandisk Corp. | 1.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Small-Cap Value
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg016.jpg)

# ProFund VP Technology
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Technology (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Technology | $83 | 1.61% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $55377503 |
| Number of Holdings\* | 75 |
| Net Investment Advisory Fees | $179838 |
| Portfolio Turnover | 128% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Software & Services | 43% |
| Semiconductors & Semiconductor Equipment | 35% |
| Technology Hardware & Equipment | 22% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Technology Select Sector Index Swap Agreements | 3% |
| **Total** | **100%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 14.3% |
| Microsoft Corp. | 13.7% |
| Apple, Inc. | 11.4% |
| Broadcom, Inc. | 4.8% |
| Oracle Corp. | 3.5% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Technology
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg001.jpg)

# ProFund VP UltraBull
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraBull (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraBull | $85 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $19170558 |
| Number of Holdings\* | 510 |
| Net Investment Advisory Fees | $116185 |
| Portfolio Turnover | 44% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 33% |
| Financials | 14% |
| Consumer Discretionary | 10% |
| Communication Services | 10% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 67% |
| S&P 500 Swap Agreements | 65% |
| SPDR S&P 500 ETF Swap Agreements | 40% |
| E-Mini S&P 500 Futures Contracts | 28% |
| **Total** | **200%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 4.9% |
| Microsoft Corp. | 4.7% |
| Apple, Inc. | 3.9% |
| Amazon.com, Inc. | 2.7% |
| Meta Platforms, Inc. - Class A | 2.0% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraBull
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg052.jpg)

# ProFund VP UltraMid-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraMid-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraMid-Cap | $81 | 1.69% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $9153467 |
| Number of Holdings\* | 407 |
| Net Investment Advisory Fees | $32091 |
| Portfolio Turnover | 22% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Industrials | 23% |
| Financials | 18% |
| Consumer Discretionary | 13% |
| Information Technology | 12% |
| Health Care | 9% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| S&P MidCap 400 Swap Agreements | 86% |
| Equity Securities | 66% |
| SPDR S&P MidCap 400 ETF Swap Agreements | 37% |
| E-Mini S&P MidCap 400 Futures Contracts | 10% |
| **Total** | **199%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Interactive Brokers Group, Inc. - Class A | 0.6% |
| EMCOR Group, Inc. | 0.6% |
| Guidewire Software, Inc. | 0.4% |
| Rb Global, Inc. | 0.4% |
| Flex, Ltd. | 0.4% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraMid-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg033.jpg)

# ProFund VP UltraNasdaq-100
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraNasdaq-100 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraNasdaq-100 | $87 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $268420485 |
| Number of Holdings\* | 107 |
| Net Investment Advisory Fees | $810184 |
| Portfolio Turnover | 21% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 53% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | 85% |
| Equity Securities | 70% |
| Invesco QQQ Trust, Series 1 ETF Swap Agreements | 34% |
| E-Mini Nasdaq Index Futures Contracts | 9% |
| **Total** | **198%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NVIDIA Corp. | 6.4% |
| Microsoft Corp. | 6.2% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 3.9% |
| Broadcom, Inc. | 3.6% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraNasdaq-100
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg022.jpg)

# ProFund VP UltraShort Dow 30
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraShort Dow 30 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraShort Dow 30 | $79 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $2368 |
| Number of Holdings\* | 1 |
| Net Investment Advisory Fees | $14 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 27% |
| Information Technology | 21% |
| Industrials | 14% |
| Consumer Discretionary | 13% |
| Health Care | 11% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Dow Jones Industrial Average Swap Agreements | (200)% |
| **Total** | **(200)%** |

---

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

###### Holdings
The ProFund VP UltraShort Dow 30 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraShort Dow 30
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg005.jpg)

# ProFund VP UltraShort Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraShort Nasdaq-100 (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraShort Nasdaq-100 | $74 | 1.65% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $239324 |
| Number of Holdings\* | 6 |
| Net Investment Advisory Fees | $11988 |
| Portfolio Turnover | 0% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Information Technology | 53% |
| Communication Services | 15% |
| Consumer Discretionary | 13% |
| Consumer Staples | 5% |
| Health Care | 5% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Nasdaq-100 Index Swap Agreements | (199)% |
| **Total** | **(199)%** |

---

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

###### Holdings
The ProFund VP UltraShort Nasdaq-100 primarily invests in non-equity securities, which may include: swap agreements, futures contracts, repurchase agreements and U.S. Government securities.

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraShort Nasdaq-100
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg043.jpg)

# ProFund VP UltraSmall-Cap
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP UltraSmall-Cap (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP UltraSmall-Cap | $80 | 1.69% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $13162970 |
| Number of Holdings\* | 1998 |
| Net Investment Advisory Fees | $40674 |
| Portfolio Turnover | 25% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Financials | 19% |
| Industrials | 17% |
| Health Care | 16% |
| Information Technology | 15% |
| Consumer Discretionary | 10% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Russell 2000 Index Swap Agreements | 91% |
| Equity Securities | 67% |
| iShares Russell 2000 ETF Swap Agreements | 35% |
| E-Mini Russell 2000 Index Futures Contracts | 7% |
| **Total** | **200%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| Credo Technology Group Holding, Ltd. | 0.4% |
| Fabrinet | 0.3% |
| IonQ, Inc. | 0.3% |
| Hims & Hers Health, Inc. | 0.3% |
| HealthEquity, Inc. | 0.2% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP UltraSmall-Cap
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg045.jpg)

# ProFund VP U.S. Government Plus
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP U.S. Government Plus (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP U.S. Government Plus | $68 | 1.37% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $6128705 |
| Number of Holdings\* | 7 |
| Net Investment Advisory Fees | $15706 |
| Portfolio Turnover | 195% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

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

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| 30-Year U.S. Treasury Bond, 4.50%, due 11/15/54 Swap Agreements | 79% |
| U.S. Treasury Obligations | 45% |
| **Total** | **124%** |

---

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

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP U.S. Government Plus
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

![Image](tm2510130d1_tsrimg053.jpg)

# ProFund VP Utilities
Semi-annual Shareholder Report — June 30, 2025

## Fund Overview
This Semi-annual shareholder report contains important information about the ProFund VP Utilities (the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at <u>www.profunds.com/literature/profunds-variable-products</u>. You can also request this information by contacting us at 888-776-3637.

### What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| ProFund VP Utilities | $87 | 1.68% |

---

# **Fund Statistics** 

---

| | |
|:---|:---|
| Net Assets | $51027649 |
| Number of Holdings\* | 37 |
| Net Investment Advisory Fees | $119671 |
| Portfolio Turnover | 485% |

---

\* No. of Holdings excludes any derivatives and collateral for securities loaned.

# Largest Sector Weights

---

| | |
|:---|:---|
| **Sector** | **Weight** |
| Electric Utilities | 64% |
| Multi-Utilities | 26% |
| Independent Power and Renewable Electricity Producers | 6% |
| Water Utilities | 2% |
| Gas Utilities | 2% |

---

###### Market Exposure

---

| | |
|:---|:---|
| **Investment Type** | **% of Net Assets** |
| Equity Securities | 97% |
| S&P Utilities Select Sector Index Swap Agreements | 2% |
| **Total** | **99%** |

---

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

###### Largest Equity Holdings

---

| | |
|:---|:---|
| **Holding** | **% of Net Assets** |
| NextEra Energy, Inc. | 11.1% |
| Constellation Energy Corp. | 7.9% |
| The Southern Co. | 7.8% |
| Duke Energy Corp. | 7.1% |
| Vistra Corp. | 5.1% |

---

![QR Code](tm2510130d1_tsrimg025.jpg)

#### ProFund VP Utilities
Semi-annual Shareholder Report — June 30, 2025

Additional information about the Fund including the Financial Statements, Prospectus and Statement of Additional Information is available: On the Fund's website, www.profunds.com/literature/profunds-variable-products, or upon request, by calling 888-776-3637.

(b) Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable.

**Item 2. Code of Ethics.**

 ****

Not applicable-only for annual reports.

 ****

**Item 3. Audit Committee Financial Expert.**

3(a)(1) The registrant's board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial experts are Michael C. Wachs and William D. Fertig, who are "independent" for purposes of this Item 3 of Form N-CSR.

**Item 4. Principal Accountant Fees and Services.**

Not applicable-only for annual reports.

 **Item 5. Audit Committee of Listed Registrants.**

Not applicable.

 **Item 6. Investments.**

(a) The Schedule of Investments in Securities of unaffiliated issuers is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ![](j25101302_aa001.jpg)

![](j25101302_aa002.jpg)

**Semi-Annual Financial Statements and Other Information**

JUNE 30, 2025

Government Money Market ProFund

------

**Table of Contents**

---

| | |
|:---|:---|
| **1** | [Financial Statements and Financial Highlights](#financialstatementsandfinancialhighlights-2) |
| **5** | [Notes to Financial Statements](#notestofinancialstatements-2) |
| **11** | [Form N-CSR – Items 8-11](#formncsritems-2) |
| **13** | [Government Cash Management Portfolio](#governmentcashmanagementportfolio-2) |

---

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------

**Financial Statements and Financial Highlights**

------

**2 :: Government Money Market ProFund ::** Financial Statements

**Statement of Assets and Liabilities (unaudited) June 30, 2025**

---

| | |
|:---|:---|
| ASSETS: | ASSETS: |
| Securities, at cost | $204689122 |
| Investment in Government Cash Management <br>Portfolio, at value | 204689122 |
| Receivable for capital shares issued | 3508932 |
| Prepaid expenses | 5900 |
| TOTAL ASSETS | 208203954 |
| LIABILITIES: | LIABILITIES: |
| Distributions payable | 2663 |
| Payable for capital shares redeemed | 17554420 |
| Unrealized depreciation on currency contracts |  |
| Accrued expenses and other payables |  |
| Management services fees payable | 56335 |
| Administration fees payable | 22324 |
| Distribution and services fees <br>payable-Service Class | 7779 |
| Trustee fees payable | 19 |
| Transfer agency fees payable | 29442 |
| Fund accounting fees payable | 5000 |
| Compliance services fees payable | 654 |
| Service fees payable | 421 |
| Other accrued expenses | 2681 |
| TOTAL LIABILITIES | 17681738 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $190522216 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $190753515 |
| Total distributable earnings (loss) | (231299) |
| NET ASSETS | $190522216 |
| INVESTOR CLASS: | INVESTOR CLASS: |
| Net Assets | $181296670 |
| Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, <br>no par value) | 181512568 |
| Net Asset Value (offering and redemption <br>price per share) | $1.00 |
| SERVICE CLASS: | SERVICE CLASS: |
| Net Assets | $9225546 |
| Shares of Beneficial Interest Outstanding <br>(unlimited number of shares authorized, <br>no par value) | 9235854 |
| Net Asset Value (offering and redemption <br>price per share) | $1.00 |

---

**Statement of Operations (unaudited) For the Period Ended June 30, 2025**

---

| | |
|:---|:---|
| INVESTMENT INCOME: | INVESTMENT INCOME: |
| Interest | $4095921<br> <sup>(a)</sup> |
| Expenses | (103033)<sup>(a)(b)</sup> |
| TOTAL INVESTMENT INCOME | 3992888 |
| EXPENSES: | EXPENSES: |
| Management services fees | 326513 |
| Administration fees | 73920 |
| Distribution and services fees-Service Class | 46163 |
| Transfer agency fees | 77281 |
| Administrative services fees | 39528 |
| Registration and filing fees | 50785 |
| Fund accounting fees | 5000 |
| Trustee fees | 1117 |
| Compliance services fees | 729 |
| Service fees | 2178 |
| Audit fees | 69279 |
| Other fees | 47907 |
| Recoupment of prior expenses reimbursed by <br>the Advisor | 109785 |
| TOTAL NET EXPENSES | 850185 |
| NET INVESTMENT INCOME | 3142703 |
| REALIZED GAINS (LOSSES) ON INVESTMENTS: | REALIZED GAINS (LOSSES) ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 7647<br> <sup>(a)</sup> |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $3150350 |

---

<sup>(a)</sup> Allocated from Government Cash Management Portfolio.

<sup>(b)</sup> For period ended June 30, 2025, the Advisor to the Government Cash Management Portfolio waived fees, of which $23,848 was allocated to the Government Money Market ProFund on a pro-rated basis.

**See accompanying notes to the financial statements.**

------

Financial Statements **:: Government Money Market ProFund :: 3**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | Period Ended<br>June 30, 2025<br>(unaudited) | Year Ended<br>December 31, 2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income | $3142703 | $7764416 |
| Net realized gains (losses) on investments | 7647 | 19574 |
| Change in net assets resulting from operations | 3150350 | 7783990 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total Distributions | Total Distributions | Total Distributions |
| Investor Class | (3030538) | (7424108) |
| Service Class | (112165) | (343725) |
| Change in net assets resulting from distributions | (3142703) | (7767833) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | Proceeds from shares issued | Proceeds from shares issued |
| Investor Class | 1245563022 | 2643929104 |
| Service Class | 40016315 | 64467580 |
| Distributions reinvested | Distributions reinvested | Distributions reinvested |
| Investor Class | 3008483 | 7362065 |
| Service Class | 111888 | 343587 |
| Value of shares redeemed | Value of shares redeemed | Value of shares redeemed |
| Investor Class | (1252533824) | (2622341982) |
| Service Class | (39475135) | (65532399) |
| Change in net assets resulting from capital transactions | (3309251) | 28227955 |
| Change in net assets | (3301604) | 28244112 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 193823820 | 165579708 |
| End of period | $190522216 | $193823820 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | Issued | Issued |
| Investor Class | 1245560165 | 2643929104 |
| Service Class | 40015755 | 64467580 |
| Reinvested | Reinvested | Reinvested |
| Investor Class | 3008483 | 7362065 |
| Service Class | 111888 | 343587 |
| Redeemed | Redeemed | Redeemed |
| Investor Class | (1252533824) | (2622341982) |
| Service Class | (39475135) | (65532399) |
| Change in shares | (3312668) | 28227955 |

---

**See accompanying notes to the financial statements.**

------

**4 :: Government Money Market ProFund ::** Financial Highlights

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to <br>Shareholders From | Distributions to <br>Shareholders From | | | Ratios to Average Net Assets | Ratios to Average Net Assets | Ratios to Average Net Assets | Supplemental Data |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<sup>(a)(b)</sup> | Net Realized<br>Gains <br>(Losses) on <br>Investments<sup>(b)</sup> | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Total<br>Distributions |<br>Net Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(c)</sup> | Gross<br>Expenses<sup>(b)(d)(e)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<sup>(b)(d)</sup> | Net Assets,<br>End of Period<br>(000's) |
| **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** | **Government Money Market ProFund** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** |
| Period Ended <br>June 30, 2025 (unaudited) | $1.000 | 0.017 | —<br> <sup>(f)</sup> | 0.017 | (0.017) | (0.017) | $1.000 | 1.70% | 0.97% | 0.97% | 3.42% | $181297 |
| Year Ended December 31, 2024 | $1.000 | 0.042 | —<br> <sup>(f)</sup> | 0.042 | (0.042) | (0.042) | $1.000 | 4.31% | 0.98% | 0.98% | 4.23% | $185251 |
| Year Ended December 31, 2023 | $1.000 | 0.041 | —<br> <sup>(f)</sup> | 0.041 | (0.041) | (0.041) | $1.000 | 4.15% | 0.98% | 0.98% | 4.08% | $156289 |
| Year Ended December 31, 2022 | $1.000 | 0.010 | —<br> <sup>(f)</sup> | 0.010 | (0.010) | (0.010) | $1.000 | 0.99% | 0.86% | 0.68<br> %<sup>(g)</sup> | 0.97% | $188251 |
| Year Ended December 31, 2021 | $1.000 | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | $1.000 | 0.02% | 0.70% | 0.04<br> %<sup>(g)</sup> | 0.02% | $194082 |
| Year Ended December 31, 2020 | $1.000 | 0.001 | —<br> <sup>(f)</sup> | 0.001 | (0.001) | (0.001) | $1.000 | 0.14% | 0.84% | 0.34<br> %<sup>(g)</sup> | 0.14% | $224414 |
| **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** | **Service Class** |
| Period Ended <br>June 30, 2025 (unaudited) | $1.000 | 0.012 | —<br> <sup>(f)</sup> | 0.012 | (0.012) | (0.012) | $1.000 | 1.20% | 1.97% | 1.97% | 4.42% | $9226 |
| Year Ended December 31, 2024 | $1.000 | 0.032 | —<br> <sup>(f)</sup> | 0.032 | (0.032) | (0.032) | $1.000 | 3.28% | 1.98% | 1.98% | 3.23% | $8572 |
| Year Ended December 31, 2023 | $1.000 | 0.031 | —<br> <sup>(f)</sup> | 0.031 | (0.031) | (0.031) | $1.000 | 3.12% | 1.98% | 1.98% | 3.08% | $9291 |
| Year Ended December 31, 2022 | $1.000 | 0.006 | —<br> <sup>(f)</sup> | 0.006 | (0.006) | (0.006) | $1.000 | 0.61% | 1.22% | 1.04<br> %<sup>(g)</sup> | 0.57% | $10694 |
| Year Ended December 31, 2021 | $1.000 | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | $1.000 | 0.02% | 0.70% | 0.04<br> %<sup>(g)</sup> | 0.02% | $9148 |
| Year Ended December 31, 2020 | $1.000 | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> | $1.000 | 0.02% | 1.24% | 0.41<br> %<sup>(g)</sup> | 0.02% | $9637 |

---

<sup>(a)</sup> Per share net investment income has been calculated using the average daily shares method.

<sup>(b)</sup> Per share amounts and percentages include the applicable allocation from the Government Cash Management Portfolio.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> For the periods ended June 30, 2025, December 31, 2024, December 31, 2023, December 31, 2022, December 31, 2021, and December 31, 2020, the Advisor to the Government Cash Management Portfolio waived fees which were allocated to the Government Money Market ProFund on a pro-rata basis. If included, the corresponding impact to the gross expense ratio would be an increase of 0.03%, 0.02%, 0.05%, 0.08%, 0.11%, and 0.06%, respectively.

<sup>(f)</sup> Amount is less than $0.0005.

<sup>(g)</sup> The expense ratio for the period reflects the deduction of certain expenses to maintain a certain minimum net yield.

**See accompanying notes to the financial statements.**

------

**Notes to Financial Statements**

------

**6 :: Government Money Market ProFund :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

**1. Organization**

ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series. The accompanying financial statements ("financial statements") relate to the Government Money Market ProFund, (the "ProFund").

The ProFund has two classes of shares: the Investor Class and Service Class. The ProFund is a feeder fund in a master-feeder fund structure and seeks to achieve its investment objective by investing all of its investable assets in the Government Cash Management Portfolio (the "Portfolio"), an open-end management investment company that is advised by DWS Investment Management Americas, Inc. ("DIMA") and has the same investment objective as the ProFund. As of June 30, 2025, the percentage of the Portfolio's interests owned by the ProFund was 0.6%. The financial statements of the Portfolio, including its schedule of portfolio investments, are included in this report and should be read in conjunction with the ProFund's financial statements.

Each class of shares has identical rights and privileges except with respect to fees paid under the Distribution and Shareholder Services Plan and voting rights on matters affecting a single class of shares.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFund.

The ProFund is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund's chief operating decision maker ("CODM"). The CODM monitors the operating results of the ProFund as a whole and the ProFund's long-term strategic asset allocation is guided by the ProFund's investment objective and principal investment strategies as described in its prospectus and executed by ProFund Advisors LLC (the "Advisor"). The financial information provided to and reviewed by the CODM is consistent with that presented in the ProFund's financial statements.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the ProFund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.

**Investment Valuation**

The ProFund records its investments in the Portfolio at fair value, which represents its proportionate ownership of the value of the Portfolio's net assets. The valuation techniques used to determine fair value are further described in Note 3. The Portfolio's Notes to Financial Statements included elsewhere in this report provide information about the Portfolio's valuation policy and its period end security valuations.

**Investment Transactions and Related Income**

Investment transactions are accounted for on trade date on the last business day of the reporting period.

The ProFund records daily its proportionate share of the Portfolio's income, expenses, and realized gains and losses. In addition, the ProFund accrues its own expenses.

**Allocations**

Expenses directly attributable to the ProFund are charged to the ProFund, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.

The investment income, expenses (other than class specific expenses charged to a class) and realized gains and losses on investments of the ProFund are allocated to each class of shares based upon relative net assets on the date income is earned or expenses and realized gains and losses are incurred.

**Distributions to Shareholders**

The ProFund declares distributions from net investment income daily and pays the dividends on a monthly basis. Net realized capital gains, if any, will be distributed annually.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., return of capital, distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification.

**Federal Income Taxes**

The ProFund intends to continue to qualify each year as a regulated investment company (a "RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFund intends to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFund has a calendar tax year end.

Management of the ProFund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFund is not aware of any tax positions for which it is reasonably

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: Government Money Market ProFund :: 7**

possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**3. Investment Valuation Summary**

The valuation techniques employed by the ProFund, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the ProFund's investments are summarized in the three broad levels listed below:

• **Level 1** – quoted prices in active markets for identical assets

• **Level 2** – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

• **Level 3** – significant unobservable inputs (including the ProFund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

As of June 30, 2025, the ProFund's $204,689,122 investment in the Portfolio, which is a registered investment company, is based on Level 2 inputs due to the ProFund's master- feeder structure.

**4. Fees and Transactions with Affiliates and Other Parties**

The Advisor serves as the investment advisor of the ProFund for an annual fee equal to 0.35% of the average daily net assets of the ProFund, although no fee is payable under the agreement unless the master-feeder relationship with the Portfolio is terminated and the Advisor directly invests the assets of the ProFund. DIMA is the investment advisor to the Portfolio in which the ProFund invests its assets.

Ultimus Fund Solutions, LLC ("Ultimus") acts as the Trust's administrator (the "Administrator"). The Trust pays Ultimus for its services as Administrator, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.0075% to 0.08%, and an annual base fee. Administration fees include additional fees paid to Ultimus by the Trust for additional services provided, including support of the Trust's compliance program. Additionally, Ultimus provides legal administration services to the Trust pursuant to a separate agreement. The Trust pays Ultimus a monthly fee for its services as Legal Administrator. Fees paid for the period ended June 30, 2025, to Ultimus by the ProFund for

administrator services, is reflected on the Statement of Operations as "Administration fees".

FIS Investor Services LLC ("FIS") acts as the transfer agent of the Trust. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution- related activities and/or shareholder services with respect to Service Class shares.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFund. For these services, the ProFund pays the Advisor a fee at the annual rate of 0.35% of its average daily net assets for providing feeder fund management and administrative services to the ProFund.

The Advisor, pursuant to a separate Services Agreement, performs certain services related to the operation and maintenance of a shareholder trading platform. For these services, the Trust pays the Advisor a monthly base fee as reflected on the Statement of Operations as "Service fees".

The ProFund pays fees to certain intermediaries or financial institutions for record keeping, sub-accounting services, transfer agency and other administrative services as reflected on the Statement of Operations as "Administrative services fees".

Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFund for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for his services at the annual rate of $325,000 per Trustee, inclusive of all meetings. During the period ended June 30, 2025, actual Trustee compensation was $487,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFund reimburses the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees".

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the Period May 1, 2025<br>through April 30, 2026 | For the Period May 1, 2025<br>through April 30, 2026 | For the Period May 1, 2024<br>through April 30, 2025 | For the Period May 1, 2024<br>through April 30, 2025 |
| | Investor Class | Service Class | Investor Class | Service Class |
| Government Money Market ProFund | 0.98% | 1.98% | 0.98% | 1.98% |

---

The Advisor has also contractually agreed to waive management services fees, and if necessary, reimburse certain other expenses of the ProFund through April 30, 2026, to the extent necessary to maintain a certain minimum net yield as determined by the Advisor. The Advisor has contractually undertaken to waive its fees and/or reimburse certain expenses to maintain the minimum yield floor limit at 0.02% through April 30, 2026. There were no amounts waived under the minimum net yield agreement during the period ended June 30, 2025.

------

**8 :: Government Money Market ProFund :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

The Advisor may recoup the management services fees contractually waived or limited and other expenses reimbursed by it within three years from the expense limit period and minimum yield limit period in which they were taken. Such recoupment shall be made monthly, but only to the extent that such recoupment would not cause the net yield of each Class of the ProFund to fall below the highest previously determined minimum yield and such recoupment would not cause annualized operating expenses to exceed the expense limit in effect at the time of the waiver, and the expense limit in effect at the time of the recoupment. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor". As of June 30, 2025, there were no waivers available that may potentially be recouped by the ProFund. As of June 30, 2025, no commitment or contingent liability is expected.

**5. Investment Risks**

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

**Government Default Risk**

Due to the rising U.S. government debt burden and potential limitations caused by the statutory debt ceiling, it is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. In the past, U.S. sovereign credit has experienced downgrades and there can be no guarantee that it will not experience further downgrades in the future by rating agencies. Such a credit event may adversely impact the financial markets and the ProFund. From time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the U.S. government may default on payments on certain U.S. government securities, cause the credit rating of the U.S. government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of U.S. Treasury securities and/or increase the costs of certain kinds of debt.

**Cybersecurity Risk**

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, the ProFund, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related "cyber" risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors,

stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of the ProFund's third party service providers (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund's ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund information, impede trading, cause reputational damage, and subject the ProFund to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. The ProFund and its shareholders could be negatively impacted as a result. While the ProFund or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which the ProFund invests, which could result in material adverse consequences for such issuers, and may cause the ProFund's investments in such securities to lose value. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to the ProFund.

**Natural Disaster/Epidemic Risk**

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the ProFund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the ProFund may have difficulty achieving its investment objective which may adversely impact performance. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the ProFund's investment advisor and third-party service providers), sectors,

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: Government Money Market ProFund :: 9**

industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the ProFund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the ProFund's performance, resulting in losses to your investment.

**Risk of Public Health Disruptions**

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of the ProFund and its investments.

Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's military incursions in Ukraine have led to and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of the ProFund's investments, even beyond any direct exposure the ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. Furthermore, the possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in the conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. How long such tensions and related events will last cannot be predicted.These tensions and any related events could have significant impact on the ProFund performance and the value of an investment in the ProFund.

**6. Federal Income Tax Information**

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

---

| | | |
|:---|:---|:---|
| | Ordinary<br>Income | Total<br>Distributions <br>Paid |
| December 31, 2024 | December 31, 2024 | December 31, 2024 |
| Government Money Market ProFund | $7767833 | $7767833 |
| December 31, 2023 | December 31, 2023 | December 31, 2023 |
| Government Money Market ProFund | $7865060 | $7865060 |

---

As of the most recent tax year ended December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains | Distributions<br>Payable | Accumulated<br>Capital and<br>Other Losses | Total<br>Unrealized<br>Appreciation<br>(Depreciation) | Accumulated <br>Earnings <br>(Deficit) |
| Government Money Market ProFund | $— | $— | $(4548) | $(234398) | $— | $(238946) |

---

As of the most recent tax year ended December 31, 2024, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:

---

| | |
|:---|:---|
| | No Expiration Date |
| Government Money Market ProFund | $234398 |

---

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

**7. New Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, which enhances quantitative and qualitative income tax disclosure requirements for disclosure consistency through providing specific

------

**10 :: Government Money Market ProFund :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Fund Management is currently evaluating the amendment and its impact to the financial statements.

**8. Subsequent Events**

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

------

**Form N-CSR – Items 8-11 (Unaudited)**

------

**12 ::** Form N-CSR – Items 8-11 **::** June 30, 2025 (unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers, and others is part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None.

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**Government Cash Management Portfolio**

------

**14 :: Government Cash Management Portfolio ::** Investment Portfolio **::** as of June 30, 2025 (unaudited)

**Investment Portfolio**

---

| | | |
|:---|:---|:---|
| **Government & Agency Obligations 33.8%** | **Government & Agency Obligations 33.8%** | **Government & Agency Obligations 33.8%** |
| **U.S. Government Sponsored Agencies 13.0%** | **U.S. Government Sponsored Agencies 13.0%** | **U.S. Government Sponsored Agencies 13.0%** |
|  | Principal<br>Amount | Value |
| Federal Farm Credit Banks <br>Funding Corp.: | Federal Farm Credit Banks <br>Funding Corp.: | Federal Farm Credit Banks <br>Funding Corp.: |
| 1 day USD SOFR + 0.03%, <br>4.42%<sup>(a)</sup>, 2/19/2026 | $90000000 | $90000000 |
| 1 day USD SOFR + 0.1%, <br>Series 1, 4.49%<sup>(a)</sup>, 5/27/2027 | 68800000 | 68800000 |
| 1 day USD SOFR + 0.13%, <br>4.52%<sup>(a)</sup>, 2/3/2027 | 176000000 | 176000000 |
| 1 day USD SOFR + 0.135%, <br>4.525%<sup>(a)</sup>, 12/18/2026 | 59000000 | 59000000 |
| 1 day USD SOFR + 0.135%, <br>4.525%<sup>(a)</sup>, 1/8/2027 | 260000000 | 260000000 |
| 1 day USD SOFR + 0.14%, <br>4.53%<sup>(a)</sup>, 8/26/2026 | 86500000 | 86500000 |
| 1 day USD SOFR + 0.145%, <br>4.535%<sup>(a)</sup>, 7/25/2025 | 151500000 | 151500000 |
| Federal Farm Credit Discount <br>Notes, 4.218%<sup>(b)</sup>, 7/8/2025 | 1595000 | 1593710 |
| Federal Home Loan Bank <br>Discount Notes: | Federal Home Loan Bank <br>Discount Notes: | Federal Home Loan Bank <br>Discount Notes: |
| 4.121%<sup>(b)</sup>, 10/15/2025 | 3529000 | 3486761 |
| 4.157%<sup>(b)</sup>, 7/1/2025 | 186945000 | 186945000 |
| Federal Home Loan Banks: | Federal Home Loan Banks: | Federal Home Loan Banks: |
| 4.125%, 6/18/2026 | 172000000 | 171795033 |
| 4.41%, 4/15/2026 | 875000000 | 875000000 |
| 1 day USD SOFR + 0.025%, <br>4.415%<sup>(a)</sup>, 12/15/2025 | 263000000 | 263000000 |
| 1 day USD SOFR + 0.025%, <br>4.415%<sup>(a)</sup>, 2/13/2026 | 220000000 | 220000000 |
| 1 day USD SOFR + 0.03%, <br>4.42%<sup>(a)</sup>, 2/18/2026 | 175500000 | 175500000 |
| 1 day USD SOFR + 0.03%, <br>4.42%<sup>(a)</sup>, 3/3/2026 | 176000000 | 176000000 |
| 1 day USD SOFR + 0.095%, <br>4.485%<sup>(a)</sup>, 6/17/2027 | 50000000 | 50000000 |
| 1 day USD SOFR + 0.12%, <br>Series 1, 4.51%<sup>(a)</sup>, 4/9/2027 | 87500000 | 87500000 |
| 1 day USD SOFR + 0.17%, <br>4.56%<sup>(a)</sup>, 8/20/2026 | 116850000 | 116850000 |
| 1 day USD SOFR + 0.19%, <br>4.58%<sup>(a)</sup>, 10/29/2026 | 175000000 | 175000000 |
| Federal Home Loan <br>Mortgage Corp.: | Federal Home Loan <br>Mortgage Corp.: | Federal Home Loan <br>Mortgage Corp.: |
| 1 day USD SOFR + 0.1%, <br>4.49%<sup>(a)</sup>, 2/9/2026 | 262750000 | 262750000 |
| 1 day USD SOFR + 0.11%, <br>4.5%<sup>(a)</sup>, 5/7/2026 | 26500000 | 26500000 |
| 1 day USD SOFR + 0.14%, <br>4.53%<sup>(a)</sup>, 9/4/2026 | 55000000 | 55000000 |
| Federal National Mortgage <br>Association: | Federal National Mortgage <br>Association: | Federal National Mortgage <br>Association: |
| 1 day USD SOFR + 0.1%, <br>4.49%<sup>(a)</sup>, 6/18/2026 | 130500000 | 130500000 |
| 1 day USD SOFR + 0.12%, <br>4.51%<sup>(a)</sup>, 7/29/2026 | 60000000 | 60000000 |
| 1 day USD SOFR + 0.135%, <br>4.525%<sup>(a)</sup>, 8/21/2026 | 213250000 | 213250000 |
| 1 day USD SOFR + 0.14%, <br>4.53%<sup>(a)</sup>, 9/11/2026 | 367000000 | 367000000 |
| 1 day USD SOFR + 0.14%, <br>4.53%<sup>(a)</sup>, 10/23/2026 | 73750000 | 73750000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Sponsored Agencies, continued** | **U.S. Government Sponsored Agencies, continued** | **U.S. Government Sponsored Agencies, continued** | **U.S. Government Sponsored Agencies, continued** | **U.S. Government Sponsored Agencies, continued** |
|  | Principal<br>Amount | Principal<br>Amount | Value | Value |
| 1 day USD SOFR + 0.14%, <br>4.53%<sup>(a)</sup>, 12/11/2026 | $| 237500000 | $ | 237500000 |
|  |  |  |  | **4820720504** |
| **U.S. Treasury Obligations 20.8%** | **U.S. Treasury Obligations 20.8%** | **U.S. Treasury Obligations 20.8%** | **U.S. Treasury Obligations 20.8%** | **U.S. Treasury Obligations 20.8%** |
| U.S. Treasury Bills: | U.S. Treasury Bills: | U.S. Treasury Bills: | U.S. Treasury Bills: | U.S. Treasury Bills: |
| 3.975%<sup>(b)</sup>, 5/14/2026 |  | 185000000 |  | 178613397 |
| 4.056%<sup>(b)</sup>, 1/22/2026 |  | 185000000 |  | 180786111 |
| 4.056%<sup>(b)</sup>, 2/19/2026 |  | 185000000 |  | 180210556 |
| 4.066%<sup>(b)</sup>, 7/10/2025 |  | 150000000 |  | 149849625 |
| 4.089%<sup>(b)</sup>, 10/30/2025 |  | 342500000 |  | 337857864 |
| 4.107%<sup>(b)</sup>, 10/2/2025 |  | 300000000 |  | 296860475 |
| 4.109%<sup>(b)</sup>, 10/16/2025 |  | 324150000 |  | 320245154 |
| 4.134%<sup>(b)</sup>, 10/30/2025 |  | 211000 |  | 208109 |
| 4.154%<sup>(b)</sup>, 11/6/2025 |  | 351750000 |  | 346625393 |
| 4.178%<sup>(b)</sup>, 7/10/2025 |  | 450000000 |  | 449536387 |
| 4.255%<sup>(b)</sup>, 7/1/2025 |  | 596000000 |  | 596000000 |
| 4.26%<sup>(b)</sup>, 7/29/2025 |  | 418500000 |  | 417132412 |
| 4.295%<sup>(b)</sup>, 9/16/2025 |  | 361500000 |  | 358224690 |
| U.S. Treasury Floating Rate Notes: | U.S. Treasury Floating Rate Notes: | U.S. Treasury Floating Rate Notes: | U.S. Treasury Floating Rate Notes: | U.S. Treasury Floating Rate Notes: |
| 3 mo. Treasury money <br>market yield + 0.125%, <br>4.406%<sup>(a)</sup>, 7/31/2025 |  | 1529500000 |  | 1529497627 |
| 3 mo. Treasury money <br>market yield + 0.17%, <br>4.451%<sup>(a)</sup>, 10/31/2025 |  | 1560000000 |  | 1560094871 |
| 3 mo. Treasury money <br>market yield + 0.245%, <br>4.526%<sup>(a)</sup>, 1/31/2026 |  | 835000000 |  | 835897744 |
|  |  |  |  | **7737640415** |
| **Total Government & Agency Obligations** <br>(Cost $12,558,360,919) |  |  |  | **12558360919** |
| **Repurchase Agreements 66.0%** | **Repurchase Agreements 66.0%** | **Repurchase Agreements 66.0%** | **Repurchase Agreements 66.0%** | **Repurchase Agreements 66.0%** |
| Barclays Bank PLC, <br>4.39%, dated 6/30/2025, to be <br>repurchased at $89,010,853 <br>on 7/1/2025<sup>(c)</sup> |  | 89000000 |  | 89000000 |
| BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: | BNP Paribas: |
| 4.39%, dated 6/30/2025, <br>to be repurchased at <br>$694,384,666 on 7/1/2025<sup>(d)</sup> |  | 694300000 |  | 694300000 |
| 4.4%, dated 6/30/2025, <br>to be repurchased at <br>$1,200,146,667 on 7/1/2025<sup>(e)</sup> |  | 1200000000 |  | 1200000000 |
| Citigroup Global Markets, Inc., <br>4.38%, dated 6/30/2025, to be <br>repurchased at $578,770,409 <br>on 7/1/2025<sup>(f)</sup> |  | 578700000 |  | 578700000 |
| Federal Reserve Bank of NewYork, <br>4.25%, dated 6/30/2025, to be <br>repurchased at $5,750,678,819 <br>on 7/1/2025<sup>(g)</sup> |  | 5750000000 |  | 5750000000 |
| Fixed Income Clearing Corp.:  | Fixed Income Clearing Corp.:  | Fixed Income Clearing Corp.:  | Fixed Income Clearing Corp.:  | Fixed Income Clearing Corp.:  |
| 4.1%, dated 6/30/2025, to be <br>repurchased at $150,017,083 <br>on 7/1/2025<sup>(h)</sup> |  | 150000000 |  | 150000000 |
| 4.38%, dated 6/30/2025, to be <br>repurchased at $2,200,267,667 <br>on 7/1/2025<sup>(i)</sup> |  | 2200000000 |  | 2200000000 |
| 4.4%, dated 6/30/2025, to be <br>repurchased at $5,650,690,556 <br>on 7/1/2025<sup>(j)</sup> |  | 5650000000 |  | 5650000000 |

---

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

------

as of June 30, 2025 (unaudited) **::** Investment Portfolio **:: Government Cash Management Portfolio :: 15**

---

| | | |
|:---|:---|:---|
| **Repurchase Agreements, continued** | **Repurchase Agreements, continued** | **Repurchase Agreements, continued** |
|  | Principal<br>Amount | Value |
| 4.41%, dated 6/30/2025, to be <br>repurchased at $250,030,625 <br>on 7/1/2025<sup>(k)</sup> | $250000000 | $250000000 |
| 4.43%, dated 6/30/2025, to be <br>repurchased at $250,030,764 <br>on 7/1/2025<sup>(l)</sup> | 250000000 | 250000000 |
| Goldman Sachs & Co.:  | Goldman Sachs & Co.:  | Goldman Sachs & Co.:  |
| 4.0%, dated 6/30/2025, to be <br>repurchased at $59,606,622 <br>on 7/1/2025<sup>(m)</sup> | 59600000 | 59600000 |
| 4.25%, dated 6/30/2025, to be <br>repurchased at $1,100,129,861 <br>on 7/1/2025<sup>(n)</sup> | 1100000000 | 1100000000 |
| 4.39%, dated 6/30/2025, to be <br>repurchased at $500,060,972 <br>on 7/1/2025<sup>(o)</sup> | 500000000 | 500000000 |
| 4.4%, dated 6/30/2025, to be <br>repurchased at $500,061,111 <br>on 7/1/2025<sup>(p)</sup> | 500000000 | 500000000 |
| HSBC Securities, Inc., <br>4.39%, dated 6/30/2025, to be <br>repurchased at $400,048,778 <br>on 7/1/2025<sup>(q)</sup> | 400000000 | 400000000 |
| JPMorgan Securities, Inc.: | JPMorgan Securities, Inc.: | JPMorgan Securities, Inc.: |
| 4.39%, dated 6/30/2025, to be <br>repurchased at $154,918,889 <br>on 7/1/2025<sup>(r)</sup> | 154900000 | 154900000 |
| 4.4%, dated 6/30/2025, to be <br>repurchased at $246,830,164 <br>on 7/1/2025<sup>(s)</sup> | 246800000 | 246800000 |
| Merrill Lynch & Co., Inc.: | Merrill Lynch & Co., Inc.: | Merrill Lynch & Co., Inc.: |
| 4.39%, dated 6/30/2025, to be <br>repurchased at $650,079,264 <br>on 7/1/2025<sup>(t)</sup> | 650000000 | 650000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Repurchase Agreements, continued** | **Repurchase Agreements, continued** | **Repurchase Agreements, continued** | **Repurchase Agreements, continued** |
|  | Principal<br>Amount | Principal<br>Amount | Value |
| 4.4%, dated 6/30/2025, to be <br>repurchased at $425,051,944 <br>on 7/1/2025<sup>(u)</sup> | $| 425000000 | $425000000 |
| Royal Bank of Canada: | Royal Bank of Canada: | Royal Bank of Canada: | Royal Bank of Canada: |
| 4.38%, dated 6/30/2025, to be <br>repurchased at $2,015,645,207 <br>on 7/1/2025<sup>(v)</sup> |  | 2015400000 | 2015400000 |
| 4.39%, dated 6/30/2025, to be <br>repurchased at $922,512,482 <br>on 7/1/2025<sup>(w)</sup> |  | 922400000 | 922400000 |
| Wells Fargo Bank: | Wells Fargo Bank: | Wells Fargo Bank: | Wells Fargo Bank: |
| 4.39%, dated 6/30/2025, to be <br>repurchased at $261,731,913 <br>on 7/1/2025<sup>(x)</sup> |  | 261700000 | 261700000 |
| 4.4%, dated 6/30/2025, to be <br>repurchased at $450,955,110 <br>on 7/1/2025<sup>(y)</sup> |  | 450900000 | 450900000 |
| **Total Repurchase Agreements** <br> (Cost $24,498,700,000) |  |  | **24498700000** |
|  | % of Net<br>Assets | % of Net<br>Assets | Value |
| **Total Investment Portfolio** <br> (Cost $37,057,060,919) |  | 99.8 | **37057060919** |
| Other Assets and Liabilities, Net |  | 0.2 | 60236550 |
| **Net Assets** |  | 100.0 | $**37117297469** |

---

<sup>(a)</sup> Floating rate security. These securities are shown at their current rate as of June 30, 2025.

<sup>(b)</sup> Annualized yield at time of purchase; not a coupon rate.

<sup>(c)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity<br>Date | Collateral<br>Value ($) |
| 23521800 | U.S. Treasury Notes | 4.25 | 12/31/2026 | 23656015 |
| 157246612 | U.S. Treasury Strips | Zero Coupon | 2/15/2042–8/15/2042 | 67123968 |
| 100 | U.S. Treasury Inflation Index Notes | 1.375 | 7/15/2033 | 103 |
| **Total Collateral Value** |  |  |  | **90780086** |

---

<sup>(d)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 483208400 | U.S. Treasury Notes | 0.625–4.0 | 5/31/2026–6/30/2032 | 481021658 |
| 179104900 | U.S. Treasury Inflation Index Notes | 0.25–0.375 | 1/15/2027–7/15/2029 | 227164344 |
| **Total Collateral Value** |  |  |  | **708186002** |

---

<sup>(e)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 2171900 | U.S. Treasury Bills | Zero Coupon | 8/7/2025–10/16/2025 | 2154978 |
| 5800 | U.S. Treasury Bonds | 1.875–5.0 | 2/15/2041–5/15/2055 | 3962 |
| 582545000 | U.S. Treasury Notes | 0.25–4.5 | 8/31/2025–11/15/2034 | 581561630 |
| 188303866 | U.S. Treasury Strips | Zero Coupon | 8/15/2025–5/15/2055 | 88908881 |

---

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

------

**16 :: Government Cash Management Portfolio ::** Investment Portfolio **::** as of June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 289524100 | U.S. Treasury Inflation Index Notes | 0.125–2.125 | 7/15/2031–1/15/2035 | 300016218 |
| 199290727 | Federal Home Loan Mortgage Corporation | 4.194–7.488 | 12/1/2027–6/1/2055 | 205035474 |
| 695 | Federal National Mortgage Association | 4.5–8.0 | 9/1/2025–9/1/2047 | 719 |
| 46371931 | Government National Mortgage Association | 2.0–6.5 | 9/20/2028–5/20/2055 | 46318138 |
| **Total Collateral Value** |  |  |  | **1224000000** |

---

<sup>(f)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 1140800 | U.S. Treasury Notes | 2.25–4.0 | 2/15/2027–4/30/2030 | 1122186 |
| 570585300 | U.S. Treasury Inflation Index Notes | 0.125–1.625 | 4/15/2030–1/15/2033 | 589151822 |
| **Total Collateral Value** |  |  |  | **590274008** |

---

<sup>(g)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 292390600 | U.S. Treasury Bonds | 4.75 | 2/15/2041 | 299010641 |
| 5575878100 | U.S. Treasury Notes | 2.25–3.125 | 8/15/2025–8/15/2027 | 5451668222 |
| **Total Collateral Value** |  |  |  | **5750678863** |

---

<sup>(h)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 152242900 | U.S. Treasury Notes | 3.875 | 5/31/2027 | 153000042 |

---

<sup>(i)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 2253025500 | U.S. Treasury Notes | 0.50–4.125 | 8/16/2027–3/31/2028 | 2243999999 |

---

<sup>(j)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 7167972400 | U.S. Treasury Bonds | 1.0–4.75 | 5/15/2041–2/15/2053 | 5763000134 |

---

<sup>(k)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 254401500 | U.S. Treasury Notes | 3.75–4.0 | 6/30/2028–1/1/2029 | 255000001 |

---

<sup>(l)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 252213200 | U.S. Treasury Notes | 2.875–4.0 | 1/1/2029–4/30/2029 | 255000000 |

---

<sup>(m)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 1100 | U.S. Treasury Bills | Zero Coupon | 7/1/2025–2/19/2026 | 1085 |
| 85961700 | U.S. Treasury Bonds | 2.25–4.75 | 2/15/2037–2/15/2054 | 60545143 |
| 10800 | U.S. Treasury Notes | 0.25–4.875 | 7/15/2025–3/31/2031 | 10871 |
| 688295 | U.S. Treasury Strips | Zero Coupon | 8/15/2025–2/15/2055 | 233953 |

---

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

------

as of June 30, 2025 (unaudited) **::** Investment Portfolio **:: Government Cash Management Portfolio :: 17**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 300 | U.S. Treasury Floating Rate Notes | 4.338–4.485 | 1/31/2026–1/31/2027 | 303 |
| 600 | U.S. Treasury Inflation Index Notes | 0.125–1.875 | 10/15/2026–7/15/2034 | 645 |
| **Total Collateral Value** |  |  |  | **60792000** |

---

<sup>(n)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 184455700 | U.S. Treasury Bills | Zero Coupon | 7/3/2025–4/16/2026 | 182506953 |
| 274033200 | U.S. Treasury Bonds | 1.875–5.0 | 5/15/2037–2/15/2055 | 234162456 |
| 503604500 | U.S. Treasury Notes | 0.25–5.0 | 8/15/2025–2/15/2034 | 506182161 |
| 288021272 | U.S. Treasury Strips | Zero Coupon | 5/15/2026–11/15/2054 | 146267223 |
| 19753600 | U.S. Treasury Floating Rate Notes | 4.422 | 7/31/2026 | 19919619 |
| 31975500 | U.S. Treasury Inflation Index Notes | 0.125–2.125 | 4/15/2027–1/15/2035 | 32961588 |
| **Total Collateral Value** |  |  |  | **1122000000** |

---

<sup>(o)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 492368100 | U.S. Treasury Notes | 4.125–4.25 | 1/31/2030–2/29/2032 | 510000045 |

---

<sup>(p)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 509861621 | Government National Mortgage Associations | 2.0–6.5 | 11/15/2032–7/20/2053 | 510000000 |

---

<sup>(q)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 124703600 | U.S. Treasury Notes | 1.625–4.375 | 12/15/2026–5/15/2031 | 119141565 |
| 592174810 | U.S. Treasury Strips | Zero Coupon | 11/15/2026–2/15/2055 | 241151547 |
| 108000 | U.S. Treasury Floating Rate Notes | 4.39 | 4/30/2026 | 108844 |
| 39842000 | U.S. Treasury Inflation Index Notes | 0.125–0.25 | 7/15/2029–1/15/2031 | 47598045 |
| **Total Collateral Value** |  |  |  | **408000001** |

---

<sup>(r)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 128304000 | U.S. Treasury Inflation Index Notes | 0.125 | 10/15/2025 | 157998027 |

---

<sup>(s)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 75874859 | Federal Home Loan Mortgage Corporation | 3 | 9/1/2046 | 67535959 |
| 210279251 | Federal National Mortgage Association | 2.5–3.5 | 2/1/2037–4/1/2052 | 184200042 |
| **Total Collateral Value** |  |  |  | **251736001** |

---

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

------

**18 :: Government Cash Management Portfolio ::** Investment Portfolio **::** as of June 30, 2025 (unaudited)

<sup>(t)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 155399500 | U.S. Treasury Notes | 3.125–4.5 | 8/15/2025–6/15/2028 | 156422824 |
| 494489920 | U.S. Treasury Strips | Zero Coupon | 2/15/2034–2/15/2044 | 270390526 |
| 214991600 | U.S. Treasury Inflation Index Notes | 1.625 | 10/15/2027 | 236186650 |
| **Total Collateral Value** |  |  |  | **663000000** |

---

<sup>(u)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 1010692840 | Federal Home Loan Mortgage Corporation | 0.0–14.055 | 5/25/2026–10/25/2063 | 124560861 |
| 757313628 | Federal National Mortgage Association | 0.125–6.0 | 7/25/2025–11/25/2054 | 308935643 |
| 3428 | Government National Mortgage Association | 3.0–9.0 | 8/20/2025–8/15/2038 | 3496 |
| **Total Collateral Value** |  |  |  | **433500000** |

---

<sup>(v)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 301118000 | U.S. Treasury Bonds | 1.75–5.0 | 8/15/2041–11/15/2054 | 258002201 |
| 1434522500 | U.S. Treasury Notes | 0.5–4.875 | 9/15/2026–8/15/2034 | 1414924688 |
| 261315200 | U.S. Treasury Strips | Zero Coupon | 5/15/2043–8/15/2050 | 86743859 |
| 104521900 | U.S. Treasury Inflation Index Bonds | 0.125–3.875 | 1/15/2029–2/15/2053 | 110190671 |
| 171683000 | U.S. Treasury Inflation Index Notes | 0.125–2.375 | 4/15/2028–1/15/2035 | 186096703 |
| **Total Collateral Value** |  |  |  | **2055958122** |

---

<sup>(w)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 13802100 | U.S. Treasury Bills | Zero Coupon | 7/17/2025–12/26/2025 | 13749062 |
| 106896900 | U.S. Treasury Bonds | 1.125–4.625 | 5/15/2038–2/15/2055 | 100755927 |
| 229026100 | U.S. Treasury Notes | 1.25–4.625 | 5/15/2026–2/15/2035 | 233143213 |
| 21668611 | U.S. Treasury Strips | Zero Coupon | 8/15/2039–8/15/2050 | 6275254 |
| 3300 | U.S. Treasury Inflation Index Bonds | 0.125–1.5 | 2/15/2051–2/15/2053 | 2227 |
| 9850200 | U.S. Treasury Inflation Index Notes | 0.125–2.375 | 4/15/2027–4/15/2030 | 11389817 |
| 73931131 | Federal Home Loan Mortgage Corporation | 1.5–7.0 | 11/1/2027–6/1/2055 | 70183446 |
| 285108037 | Federal National Mortgage Association | 1.5–7.5 | 10/1/2027–9/1/2057 | 278488161 |
| 231343396 | Government National Mortgage Association | 2.0–7.5 | 4/20/2045–2/15/2065 | 226975625 |
| **Total Collateral Value** |  |  |  | **940962732** |

---

<sup>(x)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 318636759 | U.S. Treasury Bonds | 1.875–6.875 | 8/15/2025–5/15/2054 | 266900493 |
| 34185 | U.S. Treasury Notes | 2.875 | 5/15/2028 | 33510 |
| **Total Collateral Value** |  |  |  | **266934003** |

---

<sup>(y)</sup> Collateralized by:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br>Amount ($) | Security | Rate (%) | Maturity <br>Date | Collateral<br>Value ($) |
| 466693473 | Federal Home Loan Mortgage Corporation | 1.5–7.0 | 5/1/2027–7/1/2055 | 459918000 |

---

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

------

as of June 30, 2025 (unaudited) **::** Investment Portfolio **:: Government Cash Management Portfolio :: 19**

SOFR: Secured Overnight Financing Rate

STRIPS: Separate Trading of Registered Interest and Principal Securities

**Fair Value Measurements**

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

The following is a summary of the inputs used as of June 30, 2025 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Investments in Securities<sup>(a)</sup> | $— | $12558360919 | $— | $12558360919 |
| Repurchase Agreements | $— | $24498700000 | $— | $24498700000 |
| **Total** | $**—** | $**37057060919** | $**—** | $**37057060919** |

---

<sup>(a)</sup> See Investment Portfolio for additional detailed categorizations.

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

------

**20 :: Government Cash Management Portfolio ::** Financial Statements

**Statement of Assets and Liabilities (unaudited) as of June 30, 2025**

---

| | |
|:---|:---|
| ASSETS: | ASSETS: |
| Investments in non-affiliated securities, <br>valued at amortized cost | $12558360919 |
| Repurchase agreements, valued at <br>amortized cost | 24498700000 |
| Cash | 101315 |
| Interest receivable | 63063341 |
| Other assets | 460920 |
| TOTAL ASSETS | 37120686495 |
| LIABILITIES: | LIABILITIES: |
| Accrued investment advisory fee | 2040999 |
| Accrued Trustees' fees | 63853 |
| Other accrued expenses and payables | 1284174 |
| TOTAL LIABILITIES | 3389026 |
| NET ASSETS, AT VALUE | $37117297469 |

---

**Statement of Operations (unaudited) For the Six Months Ended June 30, 2025**

---

| | |
|:---|:---|
| INVESTMENT INCOME: | INVESTMENT INCOME: |
| Income: | Income: |
| Interest | $739285517 |
| EXPENSES: | EXPENSES: |
| Management fee | 15902627 |
| Administration fee | 5059129 |
| Custodian fee | 149047 |
| Professional fees | 247034 |
| Reports to shareholders | 17794 |
| Trustees' fees and expenses | 693329 |
| Other | 819102 |
| Total expenses before expense reductions | 22888062 |
| Expense reductions | (4259841) |
| TOTAL EXPENSES AFTER <br>EXPENSE REDUCTIONS | 18628221 |
| NET INVESTMENT INCOME | 720657296 |
| Net realized gain (loss) from investments | 1212554 |
| NET INCREASE (DECREASE) IN NET ASSETS <br>RESULTING FROM OPERATIONS | $721869850 |

---

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

------

Financial Statements **:: Government Cash Management Portfolio :: 21**

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
| | Six Months Ended<br>June 30, 2025<br>(unaudited) | Year Ended<br>December 31, 2024 |
| INCREASE (DECREASE) IN NET ASSETS | INCREASE (DECREASE) IN NET ASSETS | INCREASE (DECREASE) IN NET ASSETS |
| OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income | $720657296 | $1877841959 |
| Net realized gain (loss) | 1212554 | 3407006 |
| Net increase (decrease) in net assets resulting from operations | 721869850 | 1881248965 |
| CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: | CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST: |
| Proceeds from capital invested | 74477664592 | 170734349355 |
| Value of capital withdrawn | (70348732876) | (178319181573) |
| Net increase (decrease) in net assets from capital transactions in shares of beneficial interest | 4128931716 | (7584832218) |
| INCREASE (DECREASE) IN NET ASSETS | 4850801566 | (5703583253) |
| Net assets at beginning of period | 32266495903 | 37970079156 |
| Net assets at end of period | $37117297469 | $32266495903 |

---

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

------

**22 :: Government Cash Management Portfolio ::** Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | Six Months<br>Ended <br>6/30/25<br>(unaudited) | Six Months<br>Ended <br>6/30/25<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Year Ended<br>December 31,<br>2023 | Year Ended<br>December 31,<br>2022 | Year Ended<br>December 31,<br>2021 | Year Ended<br>December 31,<br>2020 |
| RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA | RATIOS TO AVERAGE NET ASSETS <br>AND SUPPLEMENTAL DATA |
| Net assets, end of period ($ millions) | 37117 |  | 32266 | 37970 | 32214 | 33649 | 26122 |
| Ratio of expenses before expense <br>reductions (%) | .14 | \* | .13 | .13 | .14 | .13 | .13 |
| Ratio of expenses after expense <br>reductions (%) | .11 | \* | .11<br> <sup>(a)</sup> | .09 | .06 | .03 | .07 |
| Ratio of net investment income (%) | 4.27 | \* | 5.09 | 5.00 | 1.67 | .03 | .36 |
| Total Return (%)<sup>(b)</sup> | 2.14 | <sup>(c)</sup>\*\* | 5.23<br> <sup>(c)</sup> | 5.08<br> <sup>(c)</sup> | 1.62<br> <sup>(c)</sup> | .03<br> <sup>(c)</sup> | .41<br> <sup>(d)</sup> |

---

<sup>(a)</sup> The ratio of expenses would have been .02% higher had the Advisor not voluntarily waived or reimbursed certain operating expenses.

<sup>(b)</sup> Total return would have been lower had certain expenses not been reduced.

<sup>(c)</sup> Total return for the Portfolio was derived from the performance of DWS Government Money Market Series.

<sup>(d)</sup> Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional.

\* Annualized

\*\* Not annualized

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

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: Government Cash Management Portfolio :: 23**

**A. Organization and Significant Accounting Policies**

Government Cash Management Portfolio (the "Portfolio") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a New York trust.

The Portfolio is a master fund; A master/feeder fund structure is one in which a fund (a "feeder fund"), instead of investing directly in a portfolio of securities, invests most or all of its investment assets in a separate registered investment company (the "master fund") with substantially the same investment objective and policies as the feeder fund. Such a structure permits the pooling of assets of two or more feeder funds, preserving separate identities or distribution channels at the feeder fund level. The Portfolio may have several feeder funds, including affiliated DWS feeder funds and unaffiliated feeder funds, with a significant ownership percentage of the Portfolio's net assets. Investment activities of these feeder funds could have a material impact on the Portfolio. As of June 30, 2025, DWS Government Money Market Series owned approximately 99.4% of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

**Security Valuation**

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and,

accordingly, the inputs used to determine value are not quoted prices in an active market.

**Operating Segment**

The Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 impacts financial statement disclosures only and does not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President and Chief Executive Officer, acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net asset (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and results of operations and significant segment expenses are listed on the accompanying Statement of Operations.

**Repurchase Agreements**

The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

------

**24 :: Government Cash Management Portfolio :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

As of June 30, 2025, the Portfolio held repurchase agreements with a gross value of $24,498,700,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

**Tax Information**

The Portfolio is considered a Partnership under the Internal Revenue Code of 1986, as amended. Therefore, no federal income tax provision is necessary.

It is intended that the Portfolio's assets, income and distributions will be managed in such a way that an investor in the Portfolio will be able to satisfy the requirements of Subchapter M of the Code, assuming that the investor invested all of its assets in the Portfolio.

At June 30, 2025, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $37,057,060,919.

The Portfolio files tax returns with the Internal Revenue Service, the State of New York, and various other states. Each of the tax years in the four-year period ended December 31, 2024, remains subject to examination by taxing authorities.

**Contingencies**

In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

**Other**

Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

The Portfolio makes an allocation of its net investment income and realized gains and losses from securities transactions to its investors in proportion to their investment in the Portfolio.

**B. Fees and Transactions with Affiliates**

**Management Agreement**

Under the Investment Management Agreement with DWS Investment Management Americas, Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA ("DWS Group"), the Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Portfolio.

Under the Investment Management Agreement with the Advisor, the Portfolio pays a monthly management fee based on its average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

---

| | |
|:---|:---|
| First $3.0 billion of the Portfolio's <br>average daily net assets | .1200% |
| Next $4.5 billion of such net assets | .1025% |
| Over $7.5 billion of such net assets | .0900% |

---

Accordingly, for the six months ended June 30, 2025, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.094% of the Portfolio's average daily net assets.

The Advisor agreed to voluntarily waive additional expenses. This voluntary waiver may be changed or terminated at any time without notice. Under these arrangements, the Advisor waived certain expenses of the Portfolio.

For the six months ended June 30, 2025, fees waived and/or expenses reimbursed are $4,259,841.

**Administration Fee**

Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Portfolio. For all services provided under the Administrative Services Agreement, the Portfolio paid the Advisor an annual fee ("Administration Fee") of 0.03% of the Portfolio's average daily net assets, computed and accrued daily and payable monthly. For the six months ended June 30, 2025, the Administration Fee was $5,059,129, of which $866,837 is unpaid.

**Other Service Fees**

Under an agreement with the Portfolio, DIMA is compensated for providing regulatory filing services to the Portfolio. For the six months ended June 30, 2025, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $487, all of which is unpaid.

**Trustees' Fees and Expenses**

The Portfolio paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.

**C. Line of Credit**

The Portfolio and other affiliated funds (the "Participants") share in a $345 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: Government Cash Management Portfolio :: 25**

annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2025.

**D. Money Market Fund Investments and Yield**

Rising interest rates could cause the value of the Portfolio's investments — and therefore its share price as well — to decline. A rising interest rate environment may cause investors to move out of fixed-income securities and related markets on a large scale, which could adversely affect the price and liquidity of such securities and could also result in increased redemptions from the Portfolio. Increased redemptions from the Portfolio may force the Portfolio to sell investments at a time when it is not advantageous to do so, which could result in losses. A sharp rise in interest rates could cause the value of the Fund's investments to decline and impair the Fund's ability to maintain a stable $1.00 share price. Conversely, any decline in interest rates is likely to cause the Portfolio's yield to decline, and during periods of unusually low

or negative interest rates, the Portfolio's yield may approach or fall below zero. A low or negative interest rate environment may prevent the Portfolio from providing a positive yield or paying Portfolio expenses out of current income and, at times, could impair the Portfolio's ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors. Interest rates can change in response to the supply and demand for credit, government and/or central bank monetary policy and action, inflation rates, and other factors. Recent and potential future changes in monetary policy made by central banks or governments are likely to affect the level of interest rates. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility and potential illiquidity and may detract from Portfolio performance to the extent the Portfolio is exposed to such interest rates and/or volatility. Money market funds try to minimize interest rate risk by purchasing short-term securities. If there is an insufficient supply of U.S. government securities to meet investor demand, it could result in lower yields on such securities and increase interest rate risk for the Portfolio.

------

![](j25101302_za003.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

**ProFunds®**

Post Office Mailing Address for Investments

P.O. Box 182800

Columbus, OH 43218-2800

Phone Numbers

For Individual Investors Only: 888-776-3637 or 614-470-8122

Institutions and Financial Professionals Only: 888-776-5717 Or: 240-497-6552

Fax Number: (800) 782-4797

Website Address: ProFunds.com

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

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

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

PRO0625

------

![](j25101303_aa001.jpg)

**Semi-Annual Financial Statements and Other Information**

June 30, 2025

![](j25101303_aa002.jpg)

**ProFunds VP**

Access VP High Yield

Asia 30

Banks

Bear

Biotechnology

Bull

Communication Services

Consumer Discretionary

Consumer Staples

Dow 30

Emerging Markets

Energy

Europe 30

Falling U.S. Dollar

Financials

Government Money Market

Health Care

Industrials

International

Internet

Japan

Large-Cap Growth

Large-Cap Value

Materials

Mid-Cap

Mid-Cap Growth

Mid-Cap Value

Pharmaceuticals

Precious Metals

Real Estate

Rising Rates Opportunity

Semiconductor

Short Dow 30

Short Emerging Markets

Short International

Short Mid-Cap

Short Nasdaq-100

Short Small-Cap

Small-Cap

Small-Cap Growth

Small-Cap Value

Technology

UltraBull

UltraMid-Cap

UltraShort Dow 30

UltraShort Nasdaq-100

UltraSmall-Cap

U.S. Government Plus

Utilities

------

**Table of Contents**

---

| | |
|:---|:---|
|  | **Schedules of Portfolio Investments** |
| 2 | [ProFund Access VP High Yield](#profundaccessvphighyield-3) |
| 3 | [ProFund VP Asia 30](#profundvpasia-3) |
| 4 | [ProFund VP Banks](#profundvpbanks-3) |
| 6 | [ProFund VP Bear](#profundvpbear-3) |
| 7 | [ProFund VP Biotechnology](#profundvpbiotechnology-3) |
| 9 | [ProFund VP Bull](#profundvpbull-3) |
| 17 | [ProFund VP Communication Services](#profundvpcommunicationservices-3) |
| 19 | [ProFund VP Consumer Discretionary](#profundvpconsumerdiscretionary-3) |
| 21 | [ProFund VP Consumer Staples](#profundvpconsumerstaples-3) |
| 23 | [ProFund VP Dow 30](#profundvpdow-3) |
| 24 | [ProFund VP Emerging Markets](#profundvpemergingmarkets-3) |
| 26 | [ProFund VP Energy](#profundvpenergy-3) |
| 27 | [ProFund VP Europe 30](#profundvpeurope-3) |
| 28 | [ProFund VP Falling U.S. Dollar](#profundvpfallingdollar-3) |
| 29 | [ProFund VP Financials](#profundvpfinancials-3) |
| 31 | [ProFund VP Government Money Market](#profundvpgovmoneymarket-3) |
| 32 | [ProFund VP Health Care](#profundvphealthcare-3) |
| 34 | [ProFund VP Industrials](#profundvpindustrials-3) |
| 36 | [ProFund VP International](#profundvpinternational-3) |
| 37 | [ProFund VP Internet](#profundvpinternet-3) |
| 39 | [ProFund VP Japan](#profundvpjapan-3) |
| 40 | [ProFund VP Large-Cap Growth](#profundvplargecapgrowth-3) |
| 44 | [ProFund VP Large-Cap Value](#profundvplargecapvalue-3) |
| 50 | [ProFund VP Materials](#profundvpmaterials-3) |
| 51 | [ProFund VP Mid-Cap](#profundvpmidcap-3) |
| 52 | [ProFund VP Mid-Cap Growth](#profundvpmidcapgrowth-3) |
| 56 | [ProFund VP Mid-Cap Value](#profundvpmidcapvalue-3) |
| 61 | [ProFund VP Nasdaq-100](#profundvpnasdaq-3) |
| 64 | [ProFund VP Pharmaceuticals](#profundvpphar-3) |
| 66 | [ProFund VP Precious Metals](#profundvppreciousmetals-3) |
| 67 | [ProFund VP Real Estate](#profundvprealestate-3) |
| 68 | [ProFund VP Rising Rates Opportunity](#profundvprisingratesopportunity-3) |
| 69 | [ProFund VP Semiconductor](#profundvpsemiconductor-3) |
| 71 | [ProFund VP Short Dow 30](#profundvpshortdow-3) |
| 72 | [ProFund VP Short Emerging Markets](#profundvpshortememarkets-3) |
| 73 | [ProFund VP Short International](#profundvpshortinternational-3) |
| 74 | [ProFund VP Short Mid-Cap](#profundvpshortmidcap-3) |
| 75 | [ProFund VP Short Nasdaq-100](#profundvpshortnasdaq-3) |
| 76 | [ProFund VP Short Small-Cap](#profundvpshortsmallcap-3) |
| 77 | [ProFund VP Small-Cap](#profundvpsmallcap-3) |
| 102 | [ProFund VP Small-Cap Growth](#profundvpsmallcapgrowth-3) |
| 108 | [ProFund VP Small-Cap Value](#profundvpsmallcapvalue-3) |
| 115 | [ProFund VP Technology](#profundvptechnology-3) |
| 117 | [ProFund VP UltraBull](#profundvpultrabull-3) |
| 125 | [ProFund VP UltraMid-Cap](#profundvpultramidcap-3) |
| 132 | [ProFund VP UltraNasdaq-100](#profundvpultranasdaq-3) |
| 135 | [ProFund VP UltraShort Dow 30](#profundvpultrashortdow-3) |

---

---

| | |
|:---|:---|
| 136 | [ProFund VP UltraShort Nasdaq-100](#profundvpultrashortnasdaq-3) |
| 137 | [ProFund VP UltraSmall-Cap](#profundvpultrasmallcap-3) |
| 162 | [ProFund VP U.S. Government Plus](#profundvpgovplus-3) |
| 163 | [ProFund VP Utilities](#profundvputilities-3) |
| **165** | [**Statements of Assets and Liabilities**](#statementsofassetsandliabilities-3) |
| **177** | [**Statements of Operations**](#statementsofoperations-3) |
| **189** | [**Statements of Changes in Net Assets**](#statementsofchangesinnetassets-3) |
| **211** | [**Financial Highlights**](#financialhighlights-3) |
| **239** | [**Notes to Financial Statements**](#notestofinancialstatements-3) |
| **271** | [**Form N-CSR – Items 8-11**](#formitems-3) |

---

------

**Schedules of Portfolio Investments**

------

**2 :: ProFund Access VP High Yield ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)</sup> (87.8%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $12,204,440 | $12203000 | $12203000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,203,000) |  | **12203000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,203,000)—87.8% |  | **12203000** |
| Net other assets (liabilities)—12.2% |  | 1699816 |
| **NET ASSETS—100.0%** |  | $**13902816** |

---

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and<br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | Goldman Sachs International | 7/23/25 | 3.33% | $7408079 | $59818 |
| iShares iBoxx $ High Yield <br>Corporate Bond ETF | UBS AG | 7/23/25 | 5.13% | 6579122 | 50599 |
|  |  |  |  | $**13987201** | $**110417** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Asia 30 :: 3**

**Common Stocks (100.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> <br>(Broadline Retail) | 11142 | $1263614 |
| ASE Technology Holding Co., Ltd.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 45931 | 474467 |
| Baidu, Inc.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 5749 | 493034 |
| BHP Group, Ltd.<sup>ADR(a)</sup> (Metals & Mining) | 17543 | 843643 |
| Bilibili, Inc.\*<sup>ADR(a)</sup> (Entertainment) | 21810 | 467825 |
| Daqo New Energy Corp.\*<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 20684 | 313776 |
| DiDi Global, Inc.\*<sup>ADR</sup> (Ground <br>Transportation) | 103064 | 505013 |
| Full Truck Alliance Co., Ltd.<sup>ADR</sup> (Ground <br>Transportation) | 39175 | 462657 |
| Futu Holdings, Ltd.\*<sup>ADR</sup> (Capital Markets) | 5097 | 629938 |
| HDFC Bank, Ltd.<sup>ADR</sup> (Banks) | 15706 | 1204179 |
| ICICI Bank, Ltd.<sup>ADR</sup> (Banks) | 26196 | 881233 |
| Infosys, Ltd.<sup>ADR</sup> (IT Services) | 33011 | 611694 |
| iQIYI, Inc.\*<sup>ADR</sup> (Entertainment) | 189178 | 334845 |
| JD.com, Inc.<sup>ADR</sup> (Broadline Retail) | 16950 | 553248 |
| JinkoSolar Holding Co., Ltd<sup>ADR(a)</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 15587 | 330756 |
| Kanzhun, Ltd.<sup>ADR</sup> (Interactive Media & <br>Services) | 30167 | 538180 |
| KE Holdings, Inc.<sup>ADR</sup> (Real Estate <br>Management & Development) | 25781 | 457355 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 19499 | 528618 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 6697 | 901282 |
| New Oriental Education & Technology <br>Group, Inc.\*<sup>ADR</sup> (Diversified Consumer <br>Services) | 6756 | 364486 |
| NIO, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 91507 | 313869 |
| Qifu Technology, Inc.<sup>ADR</sup> (Consumer Finance) | 10905 | 472841 |
| Sea, Ltd.\*<sup>ADR</sup> (Entertainment) | 5750 | 919655 |
| Taiwan Semiconductor Manufacturing Co., <br>Ltd.<sup>ADR</sup> (Semiconductors & <br>Semiconductor Equipment) | 6343 | 1436626 |
| Tencent Music Entertainment Group<sup>ADR</sup> <br>(Entertainment) | 39412 | 768140 |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 7823 | 458741 |
| United Microelectronics Corp.<sup>ADR(a)</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 68097 | 520942 |
| Up Fintech Holding, Ltd.\*<sup>ADR</sup> (Capital <br>Markets) | 54999 | 530740 |
| XPeng, Inc.\*<sup>ADR</sup> (Automobiles) | 33011 | 590237 |
| ZTO Express Cayman, Inc.<sup>ADR</sup> <br>(Air Freight & Logistics) | 22818 | 405020 |
| **TOTAL COMMON STOCKS**<br> (Cost $10,449,319) |  | **18576654** |

---

---

| | | |
|:---|:---|:---|
| **Collateral for Securities Loaned<sup>(b)</sup> (12.2%)** | **Collateral for Securities Loaned<sup>(b)</sup> (12.2%)** | **Collateral for Securities Loaned<sup>(b)</sup> (12.2%)** |
|  | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(c)</sup> | 2264883 | $2264883 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $2,264,883) |  | **2264883** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,714,202)—112.6% |  | **20841537** |
| Net other assets (liabilities)—(12.6)% |  | (2331330) |
| **NET ASSETS—100.0%** |  | $**18510207** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $2,162,888.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>ADR</sup> American Depositary Receipt

ProFund VP Asia 30 invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Air Freight & Logistics | $405020 | 2.2% |
| Automobiles | 1432724 | 7.7% |
| Banks | 2085412 | 11.3% |
| Broadline Retail | 1816862 | 9.8% |
| Capital Markets | 1160679 | 6.3% |
| Consumer Finance | 472841 | 2.5% |
| Diversified Consumer Services | 364486 | 2.0% |
| Entertainment | 3391747 | 18.3% |
| Ground Transportation | 967670 | 5.2% |
| Hotels, Restaurants & Leisure | 458741 | 2.5% |
| Interactive Media & Services | 1031213 | 5.6% |
| IT Services | 611694 | 3.3% |
| Metals & Mining | 843643 | 4.6% |
| Real Estate Management & Development | 457355 | 2.5% |
| Semiconductors & Semiconductor <br>Equipment | 3076567 | 16.6% |
| Other\*\* | (66447) | (0.4)% |
| **Total** | $**18510207** | **100.0%** |

---

ProFund VP Asia 30 invested in securities with exposure to the following countries as or June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Australia | $843643 | 4.6% |
| China | 10595536 | 57.2% |
| Hong Kong | 629938 | 3.4% |
| India | 2697106 | 14.6% |
| Singapore | 1378396 | 7.5% |
| Taiwan | 2432035 | 13.1% |
| Other\*\* | (66447) | (0.4)% |
| **Total** | $**18510207** | **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.

**See accompanying notes to financial statements.**

------

**4 :: ProFund VP Banks ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (96.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ameris Bancorp (Banks) | 702 | $45419 |
| Apollo Global Management, Inc. (Financial <br>Services) | 318 | 45115 |
| Associated Banc-Corp. (Banks) | 1849 | 45097 |
| Atlantic Union Bankshares Corp. (Banks) | 1384 | 43292 |
| Axos Financial, Inc.\* (Banks) | 608 | 46232 |
| Banc of California, Inc. (Banks) | 3113 | 43738 |
| BancFirst Corp. (Banks) | 264 | 32636 |
| Bank of America Corp. (Banks) | 982 | 46468 |
| Bank of Hawaii Corp. (Banks) | 653 | 44097 |
| Bank OZK (Banks) | 960 | 45178 |
| BankUnited, Inc. (Banks) | 1259 | 44808 |
| Banner Corp. (Banks) | 651 | 41762 |
| BOK Financial Corp. (Banks) | 459 | 44812 |
| Cadence Bank (Banks) | 1413 | 45188 |
| Cathay General Bancorp (Banks) | 981 | 44665 |
| Citigroup, Inc. (Banks) | 560 | 47666 |
| Citizens Financial Group, Inc. (Banks) | 1061 | 47479 |
| Columbia Banking System, Inc. (Banks) | 1856 | 43393 |
| Comerica, Inc. (Banks) | 758 | 45215 |
| Commerce Bancshares, Inc. (Banks) | 706 | 43892 |
| Community Financial System, Inc. (Banks) | 661 | 37591 |
| Corebridge Financial, Inc (Financial Services) | 1346 | 47782 |
| Cullen/Frost Bankers, Inc. (Banks) | 344 | 44218 |
| CVB Financial Corp. (Banks) | 2082 | 41203 |
| East West Bancorp, Inc. (Banks) | 468 | 47258 |
| Eastern Bankshares, Inc. (Banks) | 2882 | 44008 |
| Equitable Holdings, Inc. (Financial Services) | 820 | 46002 |
| Essent Group, Ltd. (Financial Services) | 750 | 45548 |
| F.N.B. Corp. (Banks) | 3124 | 45548 |
| Fifth Third Bancorp (Banks) | 1122 | 46148 |
| First Bancorp (Banks) | 2163 | 45055 |
| First Citizens BancShares, Inc.—Class A <br>(Banks) | 23 | 44999 |
| First Financial Bancorp (Banks) | 1176 | 28530 |
| First Financial Bankshares, Inc. (Banks) | 1191 | 42852 |
| First Hawaiian, Inc. (Banks) | 1818 | 45377 |
| First Horizon Corp. (Banks) | 2201 | 46652 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 1583 | 45622 |
| First Merchants Corp. (Banks) | 792 | 30334 |
| Fulton Financial Corp. (Banks) | 2500 | 45100 |
| Glacier Bancorp, Inc. (Banks) | 1023 | 44071 |
| Hancock Whitney Corp. (Banks) | 800 | 45920 |
| Hilltop Holdings, Inc.\* (Banks) | 1017 | 30866 |
| Home BancShares, Inc. (Banks) | 1546 | 43999 |
| Huntington Bancshares, Inc. (Banks) | 2730 | 45755 |
| Independent Bank Corp. (Banks) | 674 | 42384 |
| International Bancshares Corp. (Banks) | 679 | 45194 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 524 | 46526 |
| JPMorgan Chase & Co. (Banks) | 164 | 47544 |
| KeyCorp (Banks) | 2706 | 47138 |
| Lakeland Financial Corp. (Banks) | 502 | 30848 |
| M&T Bank Corp. (Banks) | 238 | 46170 |
| MGIC Investment Corp. (Financial Services) | 1655 | 46075 |
| Mr. Cooper Group, Inc.\* (Financial Services) | 308 | 45957 |
| NBT Bancorp, Inc. (Banks) | 767 | 31869 |
| New York Community Bancorp, Inc. (Banks) | 3802 | 40301 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 1087 | 45861 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Northern Trust Corp. (Capital Markets) | 405 | $51350 |
| OFG Bancorp (Banks) | 936 | 40061 |
| Old National Bancorp (Banks) | 2075 | 44281 |
| Pacific Premier Bancorp, Inc. (Banks) | 2047 | 43171 |
| Park National Corp. (Banks) | 153 | 25591 |
| Pathward Financial, Inc. (Banks) | 571 | 45178 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 451 | 44938 |
| Pinnacle Financial Partners, Inc. (Banks) | 413 | 45599 |
| PNC Financial Services Group, Inc. (Banks) | 247 | 46046 |
| Popular, Inc. (Banks) | 417 | 45958 |
| Prosperity Bancshares, Inc. (Banks) | 628 | 44111 |
| Provident Financial Services, Inc. (Banks) | 1898 | 33272 |
| Radian Group, Inc. (Financial Services) | 1292 | 46538 |
| Regions Financial Corp. (Banks) | 1970 | 46334 |
| Renasant Corp. (Banks) | 1215 | 43655 |
| Rocket Cos, Inc.\*<sup>(a)</sup> (Financial Services) | 3208 | 45489 |
| Seacoast Banking Corp. of Florida (Banks) | 1206 | 33310 |
| ServisFirst Bancshares, Inc. (Banks) | 587 | 45498 |
| Simmons First National Corp.—Class A (Banks) | 1940 | 36782 |
| SouthState Corp. (Banks) | 493 | 45371 |
| Synovus Financial Corp. (Banks) | 897 | 46420 |
| Texas Capital Bancshares, Inc.\* (Banks) | 573 | 45496 |
| The Bancorp, Inc.\* (Banks) | 817 | 46544 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 490 | 44644 |
| Triumph Financial, Inc.\* (Banks) | 632 | 34830 |
| Truist Financial Corp. (Banks) | 1091 | 46902 |
| Trustmark Corp. (Banks) | 899 | 32778 |
| U.S. Bancorp (Banks) | 994 | 44979 |
| UMB Financial Corp. (Banks) | 419 | 44062 |
| United Bankshares, Inc. (Banks) | 1204 | 43862 |
| United Community Banks, Inc. (Banks) | 1506 | 44864 |
| Valley National Bancorp (Banks) | 4907 | 43820 |
| Voya Financial, Inc. (Financial Services) | 655 | 46505 |
| Walker & Dunlop, Inc. (Financial Services) | 619 | 43627 |
| Washington Federal, Inc. (Banks) | 1509 | 44184 |
| Webster Financial Corp. (Banks) | 815 | 44499 |
| Wells Fargo & Co. (Banks) | 586 | 46949 |
| WesBanco, Inc. (Banks) | 1385 | 43808 |
| Western Alliance Bancorp (Banks) | 590 | 46008 |
| Wintrust Financial Corp. (Banks) | 363 | 45005 |
| WSFS Financial Corp. (Banks) | 825 | 45375 |
| Zions Bancorp N.A. (Banks) | 898 | 46642 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,491,976) |  | **4256793** |

---

**Repurchase Agreements<sup>(b)</sup> (2.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $93,011 | $93000 | $93000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $93,000) |  | **93000** |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Banks :: 5**

**Collateral for Securities Loaned<sup>(c)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.37%<sup>(d)</sup> | 43483 | $43483 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $43,483) |  | **43483** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,628,459)—99.4% |  | **4393276** |
| Net other assets (liabilities)—0.6% |  | 28224 |
| **NET ASSETS—100.0%** |  | $**4421500** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $41,803.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Banks Select Industry Index | Goldman Sachs International | 7/23/25 | 5.08% | $124649 | $2909 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Banks | $3564836 | 80.6% |
| Capital Markets | 95994 | 2.2% |
| Financial Services | 595963 | 13.5% |
| Other\*\* | 164707 | 3.7% |
| **Total** | $**4421500** | **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.

**See accompanying notes to financial statements.**

------

**6 :: ProFund VP Bear ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (100.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $1,729,204 | $1729000 | $1729000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,729,000) |  | **1729000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,729,000)—100.2% |  | **1729000** |
| Net other assets (liabilities)—(0.2)% |  | (3003) |
| **NET ASSETS—100.0%** |  | $**1725997** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $158,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| E-Mini S&P 500 Futures Contracts | 1 | 9/22/25 | $(312688) | $(7749) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 7/28/25 | (4.83)% | $(1315449) | $(6494) |
| S&P 500 | UBS AG | 7/28/25 | (4.73)% | (93695) | (453) |
|  |  |  |  | $**(1409144)** | $**(6947)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Biotechnology :: 7**

**Common Stocks (99.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 89bio, Inc.\* (Biotechnology) | 8923 | $87624 |
| AbbVie, Inc. (Biotechnology) | 3661 | 679555 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 9170 | 197797 |
| ADMA Biologics, Inc.\* (Biotechnology) | 19393 | 353147 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 3603 | 119836 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 18520 | 67413 |
| Akero Therapeutics, Inc. (Biotechnology) | 6791 | 362368 |
| Alkermes PLC\* (Biotechnology) | 11762 | 336511 |
| Alnylam Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2348 | 765658 |
| Altimmune, Inc.\*<sup>(a)</sup> (Biotechnology) | 7439 | 28789 |
| Amgen, Inc. (Biotechnology) | 2402 | 670662 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 30268 | 173436 |
| AnaptysBio, Inc.\* (Biotechnology) | 1957 | 43445 |
| Anavex Life Sciences Corp.\*<sup>(a)</sup> <br>(Biotechnology) | 6720 | 61958 |
| Apellis Pharmaceuticals, Inc.\* <br>(Biotechnology) | 10491 | 181599 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | 3078 | 133678 |
| Arbutus Biopharma Corp.\* (Biotechnology) | 6451 | 19934 |
| Arcellx, Inc.\* (Biotechnology) | 4111 | 270709 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 2745 | 35712 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 7197 | 58584 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 11256 | 157809 |
| Ardelyx, Inc.\* (Biotechnology) | 26217 | 102771 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 1149 | 25014 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 10350 | 163530 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) | 5896 | 102885 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 9253 | 262785 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 8958 | 152376 |
| BioCryst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 21948 | 196654 |
| Biogen, Inc.\* (Biotechnology) | 5269 | 661734 |
| Biohaven, Ltd.\* (Biotechnology) | 8838 | 124704 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) | 12265 | 674207 |
| Blueprint Medicines Corp.\* (Biotechnology) | 4417 | 566171 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 14351 | 619676 |
| Capricor Therapeutics, Inc.\*<sup>(a)</sup> <br>(Biotechnology) | 3497 | 34725 |
| CareDx, Inc.\* (Biotechnology) | 5205 | 101706 |
| Catalyst Pharmaceuticals, Inc.\* <br>(Biotechnology) | 6980 | 151466 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | 5219 | 106207 |
| CG Oncology, Inc.\* (Biotechnology) | 5851 | 152126 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 6685 | 47998 |
| Crinetics Pharmaceuticals, Inc.\* <br>(Biotechnology) | 6619 | 190362 |
| CRISPR Therapeutics AG\*<sup>(a)</sup> (Biotechnology) | 8339 | 405609 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 2860 | 21536 |
| Cytokinetics, Inc.\* (Biotechnology) | 12361 | 408407 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 7197 | 46781 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 8916 | 124735 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 2080 | 38750 |
| Disc Medicine, Inc.\* (Biotechnology) | 2296 | 121596 |
| Dynavax Technologies Corp.\* <br>(Biotechnology) | 11865 | 117701 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 8040 | $76541 |
| Emergent BioSolutions, Inc.\* (Biotechnology) | 5682 | 36251 |
| Exact Sciences Corp.\* (Biotechnology) | 12595 | 669298 |
| Exelixis, Inc.\* (Biotechnology) | 16921 | 745792 |
| Geron Corp.\* (Biotechnology) | 60421 | 85194 |
| Gilead Sciences, Inc. (Biotechnology) | 6414 | 711120 |
| GRAIL, Inc.\*<sup>(a)</sup> (Biotechnology) | 2992 | 153849 |
| Halozyme Therapeutics, Inc.\* <br>(Biotechnology) | 13018 | 677196 |
| Humacyte, Inc.\* (Biotechnology) | 13510 | 28236 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 8008 | 168328 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 18412 | 48608 |
| Immunome, Inc.\* (Biotechnology) | 5572 | 51820 |
| Immunovant, Inc.\* (Biotechnology) | 7765 | 124240 |
| Incyte Corp.\* (Biotechnology) | 10182 | 693394 |
| Insmed, Inc.\* (Biotechnology) | 7155 | 720078 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 9392 | 88097 |
| Ionis Pharmaceuticals, Inc.\* (Biotechnology) | 10558 | 417147 |
| Iovance Biotheraputics, Inc.\* (Biotechnology) | 21328 | 36684 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 3422 | 79048 |
| KalVista Pharmaceuticals, Inc.\* <br>(Biotechnology) | 3421 | 38674 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 3959 | 52853 |
| Krystal Biotech, Inc.\* (Biotechnology) | 2528 | 347499 |
| Kura Oncology, Inc.\* (Biotechnology) | 7665 | 44227 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 2927 | 127734 |
| Madrigal Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1789 | 541423 |
| Mannkind Corp.\* (Biotechnology) | 17160 | 64178 |
| Metsera, Inc.\*<sup>(a)</sup> (Biotechnology) | 1407 | 40029 |
| MiMedx Group, Inc.\* (Biotechnology) | 4593 | 28063 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) | 4184 | 56610 |
| Mirum Pharmaceuticals, Inc.\* <br>(Biotechnology) | 2713 | 138065 |
| Moderna, Inc.\* (Biotechnology) | 25263 | 697006 |
| Myriad Genetics, Inc.\* (Biotechnology) | 8237 | 43738 |
| Natera, Inc.\* (Biotechnology) | 4204 | 710224 |
| Neurocrine Biosciences, Inc.\* <br>(Biotechnology) | 5646 | 709646 |
| Novavax, Inc.\* (Biotechnology) | 18524 | 116701 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 5522 | 62896 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 3529 | 269263 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 3110 | 31567 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 1809 | 76068 |
| Protagonist Therapeutics, Inc.\* <br>(Biotechnology) | 5874 | 324656 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 7120 | 347741 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 25974 | 131428 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1352 | 709800 |
| REGENXBIO, Inc.\* (Biotechnology) | 4423 | 36313 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 13270 | 45914 |
| Replimune Group, Inc.\* (Biotechnology) | 5800 | 53882 |
| REVOLUTION Medicines, Inc.\* <br>(Biotechnology) | 11156 | 410429 |
| Rhythm Pharmaceuticals, Inc.\* <br>(Biotechnology) | 3764 | 237847 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) | 1335 | 25005 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 43091 | 485636 |

---

**See accompanying notes to financial statements.**

------

**8 :: ProFund VP Biotechnology ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 10797 | $184629 |
| Scholar Rock Holding Corp.\* (Biotechnology) | 7282 | 257928 |
| Soleno Therapeutics, Inc.\* (Biotechnology) | 3457 | 289627 |
| SpringWorks Therapeutics, Inc.\* <br>(Biotechnology) | 8314 | 390675 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 3716 | 55629 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 3753 | 42597 |
| Summit Therapeutics, Inc.\*<sup>(a)</sup> (Biotechnology) | 14502 | 308603 |
| Syndax Pharmaceuticals, Inc.\* <br>(Biotechnology) | 9192 | 86083 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) | 8655 | 19993 |
| TG Therapeutics, Inc.\* (Biotechnology) | 13726 | 493999 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 9032 | 133674 |
| Twist Bioscience Corp.\* (Biotechnology) | 5518 | 203007 |
| Ultragenyx Pharmaceutical, Inc.\* <br>(Biotechnology) | 5914 | 215033 |
| uniQure N.V.\* (Biotechnology) | 5018 | 69951 |
| United Therapeutics Corp.\* (Biotechnology) | 2536 | 728719 |
| Vaxcyte, Inc.\* (Biotechnology) | 12020 | 390770 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 5256 | 123831 |
| Veracyte, Inc.\* (Biotechnology) | 7936 | 214510 |
| Verastem, Inc.\* (Biotechnology) | 7647 | 31735 |
| Vericel Corp.\* (Biotechnology) | 3463 | 147351 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1549 | 689615 |
| Verve Therapeutics, Inc.\* (Biotechnology) | 5487 | 61619 |
| Viking Therapeutics, Inc.\* (Biotechnology) | 11486 | 304379 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 9628 | 48525 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 5573 | 77911 |
| Xencor, Inc.\* (Biotechnology) | 6607 | 51931 |
| **TOTAL COMMON STOCKS**<br> (Cost $18,162,815) |  | **28766796** |

---

**Repurchase Agreements<sup>(b)</sup> (0.9%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $274,032 | $274000 | $274000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $274,000) |  | **274000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (4.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(d)</sup> | 1153195 | $1153195 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $1,153,195) |  | **1153195** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $19,590,010)—103.9% |  | **30193991** |
| Net other assets (liabilities)—(3.9)% |  | (1135322) |
| **NET ASSETS—100.0%** |  | $**29058669** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $1,142,151.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Biotechnology Select <br>Industry Index | Goldman Sachs International | 7/23/25 | 5.08% | $155023 | $11233 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Biotechnology | $28766796 | 99.0% |
| Other\*\* | 291873 | 1.0% |
| **Total** | $**29058669** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Bull :: 9**

**Common Stocks (85.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 466 | $70944 |
| A.O. Smith Corp. (Building Products) | 101 | 6623 |
| Abbott Laboratories (Health Care Equipment & <br>Supplies) | 1509 | 205238 |
| AbbVie, Inc. (Biotechnology) | 1532 | 284369 |
| Accenture PLC—Class A (IT Services) | 543 | 162297 |
| Adobe, Inc.\* (Software) | 370 | 143146 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1407 | 199653 |
| Aflac, Inc. (Insurance) | 422 | 44504 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 247 | 29148 |
| Air Products & Chemicals, Inc. (Chemicals) | 193 | 54438 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 374 | 49495 |
| Akamai Technologies, Inc.\* (IT Services) | 127 | 10130 |
| Albemarle Corp. (Chemicals) | 102 | 6392 |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 134 | 9733 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 59 | 11170 |
| Allegion PLC (Building Products) | 74 | 10665 |
| Alliant Energy Corp. (Electric Utilities) | 222 | 13424 |
| Allstate Corp. (Insurance) | 230 | 46301 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 5048 | 889609 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 4072 | 722332 |
| Altria Group, Inc. (Tobacco) | 1461 | 85658 |
| Amazon.com, Inc.\* (Broadline Retail) | 8195 | 1797900 |
| Amcor PLC (Containers & Packaging) | 1986 | 18251 |
| Ameren Corp. (Multi-Utilities) | 234 | 22473 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 463 | 48041 |
| American Express Co. (Consumer Finance) | 480 | 153111 |
| American International Group, Inc. (Insurance) | 500 | 42795 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 406 | 89734 |
| American Water Works Co., Inc. (Water <br>Utilities) | 170 | 23649 |
| Ameriprise Financial, Inc. (Capital Markets) | 83 | 44300 |
| AMETEK, Inc. (Electrical Equipment) | 200 | 36192 |
| Amgen, Inc. (Biotechnology) | 466 | 130112 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 1049 | 103590 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 430 | 102349 |
| ANSYS, Inc.\* (Software) | 76 | 26693 |
| Aon PLC—Class A (Insurance) | 188 | 67071 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 312 | 5706 |
| Apollo Global Management, Inc. (Financial <br>Services) | 391 | 55471 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 12955 | 2657976 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 705 | 129064 |
| Aptiv PLC\* (Automobile Components) | 189 | 12894 |
| Arch Capital Group, Ltd.\* (Insurance) | 323 | 29409 |
| Archer-Daniels-Midland Co. (Food Products) | 416 | 21956 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 894 | $91465 |
| Arthur J. Gallagher & Co. (Insurance) | 223 | 71387 |
| Assurant, Inc. (Insurance) | 43 | 8492 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 6241 | 180615 |
| Atmos Energy Corp. (Gas Utilities) | 138 | 21267 |
| Autodesk, Inc.\* (Software) | 186 | 57580 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 352 | 108556 |
| AutoZone, Inc.\* (Specialty Retail) | 15 | 55683 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 123 | 25031 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 68 | 11932 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 65 | 53816 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 859 | 32934 |
| Ball Corp. (Containers & Packaging) | 240 | 13462 |
| Bank of America Corp. (Banks) | 5684 | 268967 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 444 | 13444 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 249 | 42890 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 1590 | 772375 |
| Best Buy Co., Inc. (Specialty Retail) | 167 | 11211 |
| Biogen, Inc.\* (Biotechnology) | 127 | 15950 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 135 | 6946 |
| BlackRock, Inc. (Capital Markets) | 126 | 132206 |
| Blackstone, Inc. (Capital Markets) | 633 | 94684 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 29 | 167889 |
| Boston Properties, Inc. (Office REITs) | 126 | 8501 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 1283 | 137807 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 1765 | 81702 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4078 | 1124101 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 102 | 24789 |
| Brown & Brown, Inc. (Insurance) | 207 | 22950 |
| Brown-Forman Corp.—Class B (Beverages) | 157 | 4225 |
| Builders FirstSource, Inc.\* (Building Products) | 95 | 11086 |
| Bunge Global SA (Food Products) | 117 | 9393 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 103 | 9883 |
| Cadence Design Systems, Inc.\* (Software) | 236 | 72723 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 179 | 5082 |
| Camden Property Trust (Residential REITs) | 92 | 10367 |
| Campbell Soup Co. (Food Products) | 170 | 5211 |
| Capital One Financial Corp. (Consumer <br>Finance) | 554 | 117869 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 207 | 34776 |
| CarMax, Inc.\* (Specialty Retail) | 132 | 8872 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 910 | 25589 |
| Carrier Global Corp. (Building Products) | 691 | 50574 |
| Caterpillar, Inc. (Machinery) | 408 | 158391 |

---

**See accompanying notes to financial statements.**

------

**10 :: ProFund VP Bull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Cboe Global Markets, Inc. (Capital Markets) | 91 | $21222 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 254 | 35591 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 114 | 20359 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 149 | 44678 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 431 | 23395 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 565 | 20758 |
| CF Industries Holdings, Inc. (Chemicals) | 141 | 12972 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 42 | 6373 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 83 | 33931 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 1409 | 201756 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1168 | 65583 |
| Chubb, Ltd. (Insurance) | 323 | 93580 |
| Church & Dwight Co., Inc. (Household <br>Products) | 214 | 20568 |
| Cincinnati Financial Corp. (Insurance) | 136 | 20253 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 298 | 66415 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 3450 | 239361 |
| Citigroup, Inc. (Banks) | 1620 | 137894 |
| Citizens Financial Group, Inc. (Banks) | 376 | 16826 |
| CME Group, Inc. (Capital Markets) | 313 | 86269 |
| CMS Energy Corp. (Multi-Utilities) | 260 | 18013 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 427 | 33319 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 183 | 64140 |
| Colgate-Palmolive Co. (Household Products) | 703 | 63903 |
| Comcast Corp.—Class A (Media) | 3229 | 115243 |
| Conagra Brands, Inc. (Food Products) | 413 | 8454 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 1095 | 98265 |
| Consolidated Edison, Inc. (Multi-Utilities) | 313 | 31410 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 133 | 21636 |
| Constellation Energy Corp. (Electric Utilities) | 271 | 87468 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 762 | 37391 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 669 | 35183 |
| Corpay, Inc.\* (Software) | 61 | 20241 |
| Corteva, Inc. (Chemicals) | 591 | 44047 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 366 | 29426 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 385 | 381126 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 662 | 16802 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 216 | 110011 |
| Crown Castle International Corp. <br>(Specialized REITs) | 377 | 38729 |
| CSX Corp. (Ground Transportation) | 1628 | 53122 |
| Cummins, Inc. (Machinery) | 120 | 39300 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CVS Health Corp. (Health Care Providers & <br>Services) | 1097 | $75671 |
| D.R. Horton, Inc. (Household Durables) | 240 | 30941 |
| Danaher Corp. (Life Sciences Tools & Services) | 552 | 109042 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 102 | 22233 |
| DaVita, Inc.\* (Health Care Providers & <br>Services) | 36 | 5128 |
| Dayforce, Inc.\* (Professional Services) | 139 | 7699 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 131 | 13502 |
| Deere & Co. (Machinery) | 219 | 111360 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 260 | 31876 |
| Delta Air Lines, Inc. (Passenger Airlines) | 566 | 27836 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 556 | 17686 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 340 | 29679 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 162 | 22259 |
| Digital Realty Trust, Inc. (Specialized REITs) | 275 | 47941 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 191 | 21847 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 172 | 17035 |
| Dominion Energy, Inc. (Multi-Utilities) | 740 | 41825 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 30 | 13518 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 298 | 73460 |
| Dover Corp. (Machinery) | 119 | 21804 |
| Dow, Inc. (Chemicals) | 612 | 16206 |
| DTE Energy Co. (Multi-Utilities) | 180 | 23843 |
| Duke Energy Corp. (Electric Utilities) | 674 | 79532 |
| DuPont de Nemours, Inc. (Chemicals) | 362 | 24830 |
| Eastman Chemical Co. (Chemicals) | 100 | 7466 |
| Eaton Corp. PLC (Electrical Equipment) | 339 | 121020 |
| eBay, Inc. (Broadline Retail) | 400 | 29784 |
| Ecolab, Inc. (Chemicals) | 218 | 58738 |
| Edison International (Electric Utilities) | 334 | 17234 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 509 | 39809 |
| Electronic Arts, Inc. (Entertainment) | 198 | 31621 |
| Elevance Health, Inc. (Health Care <br>Providers & Services) | 196 | 76236 |
| Eli Lilly & Co. (Pharmaceuticals) | 683 | 532419 |
| Emerson Electric Co. (Electrical Equipment) | 488 | 65065 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 113 | 4480 |
| Entergy Corp. (Electric Utilities) | 387 | 32167 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 474 | 56695 |
| EPAM Systems, Inc.\* (IT Services) | 49 | 8664 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 519 | 30268 |
| Equifax, Inc. (Professional Services) | 108 | 28012 |
| Equinix, Inc. (Specialized REITs) | 85 | 67615 |
| Equity Residential (Residential REITs) | 297 | 20045 |
| Erie Indemnity Co.—Class A (Insurance) | 21 | 7283 |
| Essex Property Trust, Inc. (Residential REITs) | 56 | 15870 |
| Everest Group, Ltd. (Insurance) | 37 | 12574 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Bull :: 11**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Evergy, Inc. (Electric Utilities) | 199 | $13717 |
| Eversource Energy (Electric Utilities) | 319 | 20295 |
| Exelon Corp. (Electric Utilities) | 875 | 37993 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 188 | 21985 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 105 | 17711 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 119 | 13596 |
| Extra Space Storage, Inc. (Specialized REITs) | 184 | 27129 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 3738 | 402957 |
| F5, Inc.\* (Communications Equipment) | 50 | 14716 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 33 | 14760 |
| Fair Isaac Corp.\* (Software) | 21 | 38387 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 995 | 41790 |
| Federal Realty Investment Trust (Retail REITs) | 68 | 6459 |
| FedEx Corp. (Air Freight & Logistics) | 191 | 43416 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 456 | 37123 |
| Fifth Third Bancorp (Banks) | 578 | 23773 |
| First Horizon Corp. (Banks) | 1 | 12 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 93 | 15395 |
| FirstEnergy Corp. (Electric Utilities) | 445 | 17916 |
| Fiserv, Inc.\* (Financial Services) | 481 | 82929 |
| Ford Motor Co. (Automobiles) | 3387 | 36749 |
| Fortinet, Inc.\* (Software) | 551 | 58252 |
| Fortive Corp. (Machinery) | 295 | 15378 |
| Fox Corp.—Class A (Media) | 185 | 10367 |
| Fox Corp.—Class B (Media) | 114 | 5886 |
| Franklin Resources, Inc. (Capital Markets) | 268 | 6392 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 1245 | 53971 |
| Garmin, Ltd. (Household Durables) | 134 | 27968 |
| Gartner, Inc.\* (IT Services) | 67 | 27083 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 397 | 29406 |
| GE Vernova, Inc. (Electrical Equipment) | 236 | 124879 |
| Gen Digital, Inc. (Software) | 473 | 13906 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 51 | 7304 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 218 | 63582 |
| General Electric Co. (Industrial <br>Conglomerates) | 925 | 238086 |
| General Mills, Inc. (Food Products) | 475 | 24610 |
| General Motors Co. (Automobiles) | 834 | 41041 |
| Genuine Parts Co. (Distributors) | 121 | 14679 |
| Gilead Sciences, Inc. (Biotechnology) | 1079 | 119629 |
| Global Payments, Inc. (Financial Services) | 212 | 16968 |
| Globe Life, Inc. (Insurance) | 72 | 8949 |
| GoDaddy, Inc.\*—Class A (IT Services) | 124 | 22327 |
| Halliburton Co. (Energy Equipment & <br>Services) | 744 | 15163 |
| Hasbro, Inc. (Leisure Products) | 114 | 8415 |
| HCA Healthcare, Inc. (Health Care <br>Providers & Services) | 151 | 57848 |
| Healthpeak Properties, Inc. <br>(Health Care REITs) | 601 | 10524 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 106 | $7743 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 241 | 33388 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 1139 | 23293 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 206 | 54866 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 193 | 12576 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 558 | 129947 |
| Hormel Foods Corp. (Food Products) | 251 | 7593 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 601 | 9231 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 350 | 65146 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 816 | 19959 |
| Hubbell, Inc. (Electrical Equipment) | 47 | 19195 |
| Humana, Inc. (Health Care Providers & <br>Services) | 105 | 25670 |
| Huntington Bancshares, Inc. (Banks) | 1263 | 21168 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 34 | 8210 |
| IDEX Corp. (Machinery) | 66 | 11588 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 70 | 37544 |
| Illinois Tool Works, Inc. (Machinery) | 231 | 57115 |
| Incyte Corp.\* (Biotechnology) | 139 | 9466 |
| Ingersoll Rand, Inc. (Machinery) | 350 | 29113 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 61 | 19165 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 3782 | 84717 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 497 | 91185 |
| International Business Machines Corp. <br>(IT Services) | 806 | 237593 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 221 | 16255 |
| International Paper Co. (Containers & <br>Packaging) | 458 | 21447 |
| Intuit, Inc. (Software) | 243 | 191394 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 311 | 169001 |
| Invesco, Ltd. (Capital Markets) | 388 | 6119 |
| Invitation Homes, Inc. (Residential REITs) | 493 | 16170 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 142 | 22378 |
| Iron Mountain, Inc. (Specialized REITs) | 255 | 26155 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 68 | 9765 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 93 | 20283 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 64 | 11531 |
| Jacobs Solutions, Inc. (Professional Services) | 104 | 13671 |
| Johnson & Johnson (Pharmaceuticals) | 2087 | 318789 |
| Johnson Controls International PLC (Building <br>Products) | 570 | 60203 |
| JPMorgan Chase & Co. (Banks) | 2411 | 698972 |

---

**See accompanying notes to financial statements.**

------

**12 :: ProFund VP Bull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Juniper Networks, Inc. (Communications <br>Equipment) | 287 | $11460 |
| Kellanova (Food Products) | 233 | 18530 |
| Kenvue, Inc. (Personal Care Products) | 1664 | 34828 |
| Keurig Dr Pepper, Inc. (Beverages) | 1177 | 38912 |
| KeyCorp (Banks) | 854 | 14877 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 149 | 24415 |
| Kimberly-Clark Corp. (Household Products) | 287 | 37000 |
| Kimco Realty Corp. (Retail REITs) | 586 | 12318 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 1676 | 49274 |
| KKR & Co., Inc. (Capital Markets) | 587 | 78089 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 114 | 102114 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 162 | 40636 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 72 | 18901 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 1110 | 108048 |
| Lamb Weston Holdings, Inc. (Food Products) | 122 | 6326 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br>Leisure) | 294 | 12792 |
| Leidos Holdings, Inc. (Professional Services) | 111 | 17511 |
| Lennar Corp.—Class A (Household Durables) | 201 | 22233 |
| Lennox International, Inc. (Building Products) | 28 | 16051 |
| Linde PLC (Chemicals) | 408 | 191425 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 137 | 20725 |
| LKQ Corp. (Distributors) | 223 | 8253 |
| Lockheed Martin Corp. (Aerospace & Defense) | 181 | 83828 |
| Loews Corp. (Insurance) | 151 | 13841 |
| Lowe's Cos., Inc. (Specialty Retail) | 485 | 107607 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 95 | 22570 |
| LyondellbBasell Industries N.V.—Class A <br>(Chemicals) | 222 | 12845 |
| M&T Bank Corp. (Banks) | 139 | 26965 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 266 | 44185 |
| MarketAxess Holdings, Inc. (Capital Markets) | 33 | 7370 |
| Marriott International, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 198 | 54053 |
| Marsh & McLennan Cos., Inc. (Insurance) | 427 | 93359 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 52 | 28546 |
| Masco Corp. (Building Products) | 183 | 11778 |
| MasterCard, Inc.—Class A (Financial Services) | 704 | 395606 |
| Match Group, Inc. (Interactive Media & <br>Services) | 212 | 6549 |
| McCormick & Co., Inc. (Food Products) | 219 | 16605 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 620 | 181146 |
| McKesson Corp. (Health Care Providers & <br>Services) | 108 | 79140 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 1112 | 96933 |
| Merck & Co., Inc. (Pharmaceuticals) | 2178 | 172410 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 1883 | 1389824 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MetLife, Inc. (Insurance) | 489 | $39325 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 18 | 21145 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) | 178 | 6121 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 466 | 32792 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 969 | 119429 |
| Microsoft Corp. (Software) | 6446 | 3206305 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 102 | 15097 |
| Moderna, Inc.\* (Biotechnology) | 294 | 8111 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 45 | 4718 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 47 | 14001 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 148 | 7117 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 1122 | 75667 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 41 | 29987 |
| Monster Beverage Corp.\* (Beverages) | 609 | 38148 |
| Moody's Corp. (Capital Markets) | 135 | 67715 |
| Morgan Stanley (Capital Markets) | 1072 | 151001 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 145 | 60967 |
| MSCI, Inc. (Capital Markets) | 67 | 38642 |
| Nasdaq, Inc. (Capital Markets) | 358 | 32012 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 176 | 18753 |
| Netflix, Inc.\* (Entertainment) | 369 | 494138 |
| Newmont Corp. (Metals & Mining) | 966 | 56279 |
| News Corp.\*—Class A (Media) | 327 | 9718 |
| News Corp.\*—Class B (Media) | 96 | 3294 |
| NextEra Energy, Inc. (Electric Utilities) | 1785 | 123915 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 1022 | 72603 |
| NiSource, Inc. (Multi-Utilities) | 408 | 16459 |
| Nordson Corp. (Machinery) | 47 | 10075 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 195 | 49914 |
| Northern Trust Corp. (Capital Markets) | 169 | 21428 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 118 | 58998 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 387 | 7848 |
| NRG Energy, Inc. (Electric Utilities) | 170 | 27299 |
| Nucor Corp. (Metals & Mining) | 200 | 25908 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 21152 | 3341804 |
| NVR, Inc.\* (Household Durables) | 2 | 14771 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 219 | 47849 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 614 | 25794 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 161 | 26130 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Bull :: 13**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Omnicom Group, Inc. (Media) | 170 | $12230 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 362 | 18972 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 542 | 44243 |
| Oracle Corp. (Software) | 1411 | 308487 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 741 | 66786 |
| Otis Worldwide Corp. (Machinery) | 342 | 33865 |
| PACCAR, Inc. (Machinery) | 456 | 43347 |
| Packaging Corp. of America (Containers & <br>Packaging) | 77 | 14511 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 1844 | 251374 |
| Palo Alto Networks, Inc.\* (Software) | 575 | 117668 |
| Paramount Global<sup>(a)</sup>—Class B (Media) | 521 | 6721 |
| Parker-Hannifin Corp. (Machinery) | 111 | 77530 |
| Paychex, Inc. (Professional Services) | 278 | 40438 |
| Paycom Software, Inc. (Professional <br>Services) | 42 | 9719 |
| PayPal Holdings, Inc.\* (Financial Services) | 844 | 62726 |
| Pentair PLC (Machinery) | 143 | 14680 |
| PepsiCo, Inc. (Beverages) | 1189 | 156996 |
| Pfizer, Inc. (Pharmaceuticals) | 4930 | 119503 |
| PG&E Corp. (Electric Utilities) | 1905 | 26556 |
| Philip Morris International, Inc. (Tobacco) | 1350 | 245876 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 353 | 42113 |
| Pinnacle West Capital Corp. (Electric Utilities) | 104 | 9305 |
| PNC Financial Services Group, Inc. (Banks) | 343 | 63942 |
| Pool Corp. (Distributors) | 33 | 9619 |
| PPG Industries, Inc. (Chemicals) | 197 | 22409 |
| PPL Corp. (Electric Utilities) | 641 | 21723 |
| Principal Financial Group, Inc. (Insurance) | 179 | 14218 |
| Prologis, Inc. (Industrial REITs) | 805 | 84622 |
| Prudential Financial, Inc. (Insurance) | 307 | 32984 |
| PTC, Inc.\* (Software) | 104 | 17923 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 432 | 36366 |
| Public Storage (Specialized REITs) | 137 | 40199 |
| PulteGroup, Inc. (Household Durables) | 174 | 18350 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 952 | 151616 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 128 | 48394 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 96 | 17244 |
| Ralliant Corp.\* (Electrical Equipment) | —<br> <sup>(b)</sup> | 16 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 35 | 9600 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 158 | 24232 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 1159 | 169236 |
| Realty Income Corp. (Retail REITs) | 783 | 45108 |
| Regency Centers Corp. (Retail REITs) | 142 | 10115 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 90 | 47250 |
| Regions Financial Corp. (Banks) | 779 | 18322 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 176 | 43403 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 127 | 32766 |
| Revvity, Inc. (Life Sciences Tools & Services) | 102 | 9865 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 98 | $32553 |
| Rollins, Inc. (Commercial Services & Supplies) | 244 | 13766 |
| Roper Technologies, Inc. (Software) | 93 | 52716 |
| Ross Stores, Inc. (Specialty Retail) | 285 | 36360 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 216 | 67638 |
| S&P Global, Inc. (Capital Markets) | 272 | 143422 |
| Salesforce, Inc. (Software) | 832 | 226878 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 93 | 21840 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 1179 | 39850 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & Peripherals) | 184 | 26557 |
| Sempra (Multi-Utilities) | 566 | 42885 |
| ServiceNow, Inc.\* (Software) | 179 | 184026 |
| Simon Property Group, Inc. (Retail REITs) | 266 | 42762 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 130 | 9688 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 430 | 18555 |
| Snap-on, Inc. (Machinery) | 46 | 14314 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 120 | 9101 |
| Southwest Airlines Co. (Passenger Airlines) | 493 | 15993 |
| Stanley Black & Decker, Inc. (Machinery) | 135 | 9146 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 986 | 90347 |
| State Street Corp. (Capital Markets) | 247 | 26266 |
| Steel Dynamics, Inc. (Metals & Mining) | 120 | 15361 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 85 | 20419 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 298 | 117898 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 445 | 21809 |
| Synchrony Financial (Consumer Finance) | 330 | 22024 |
| Synopsys, Inc.\* (Software) | 135 | 69212 |
| Sysco Corp. (Consumer Staples <br>Distribution & Retail) | 421 | 31887 |
| T. Rowe Price Group, Inc. (Capital Markets) | 191 | 18432 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 147 | 35699 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 180 | 15806 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 188 | 32727 |
| Target Corp. (Consumer Staples <br>Distribution & Retail) | 394 | 38868 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 258 | 43517 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 40 | 20492 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 139 | 12499 |
| Tesla, Inc.\* (Automobiles) | 2431 | 772232 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 788 | 163605 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 16 | 16902 |

---

**See accompanying notes to financial statements.**

------

**14 :: ProFund VP Bull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Textron, Inc. (Aerospace & Defense) | 157 | $12606 |
| The AES Corp. (Independent Power/<br>Renewable Electricity Producers) | 616 | 6480 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 620 | 56488 |
| The Boeing Co.\* (Aerospace & Defense) | 654 | 137032 |
| The Charles Schwab Corp. (Capital Markets) | 1481 | 135126 |
| The Cigna Group (Health Care Providers & <br>Services) | 232 | 76695 |
| The Clorox Co. (Household Products) | 107 | 12847 |
| The Coca-Cola Co. (Beverages) | 3359 | 237649 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 174 | 12382 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 204 | 16483 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 266 | 188261 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 246 | 31210 |
| The Hershey Co. (Food Products) | 128 | 21242 |
| The Home Depot, Inc. (Specialty Retail) | 862 | 316044 |
| The Interpublic Group of Cos., Inc. (Media) | 320 | 7834 |
| The J.M. Smucker Co. (Food Products) | 92 | 9034 |
| The Kraft Heinz Co. (Food Products) | 748 | 19313 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 531 | 38089 |
| The Mosaic Co. (Chemicals) | 275 | 10032 |
| The Procter & Gamble Co. (Household <br>Products) | 2033 | 323897 |
| The Progressive Corp. (Insurance) | 509 | 135832 |
| The Sherwin-Williams Co. (Chemicals) | 200 | 68672 |
| The Southern Co. (Electric Utilities) | 953 | 87514 |
| The TJX Cos., Inc. (Specialty Retail) | 969 | 119662 |
| The Travelers Cos., Inc. (Insurance) | 196 | 52438 |
| The Walt Disney Co. (Entertainment) | 1559 | 193332 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 1059 | 66516 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 328 | 132992 |
| TKO Group Holdings, Inc.\* (Entertainment) | 58 | 10553 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 413 | 98401 |
| Tractor Supply Co. (Specialty Retail) | 460 | 24274 |
| Trane Technologies PLC (Building Products) | 193 | 84419 |
| TransDigm Group, Inc. (Aerospace & Defense) | 49 | 74511 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 207 | 15728 |
| Truist Financial Corp. (Banks) | 1135 | 48794 |
| Tyler Technologies, Inc.\* (Software) | 37 | 21935 |
| Tyson Foods, Inc.—Class A (Food Products) | 248 | 13873 |
| U.S. Bancorp (Banks) | 1351 | 61133 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 1814 | 169247 |
| UDR, Inc. (Residential REITs) | 261 | 10657 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 39 | 18245 |
| Union Pacific Corp. (Ground Transportation) | 518 | 119181 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 283 | 22535 |
| United Parcel Service, Inc.—Class B <br>(Air Freight & Logistics) | 636 | 64198 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 56 | $42191 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 787 | 245521 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 50 | 9058 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 271 | 36428 |
| Ventas, Inc. (Health Care REITs) | 391 | 24692 |
| Veralto Corp. (Commercial Services & <br>Supplies) | 215 | 21704 |
| VeriSign, Inc.\* (IT Services) | 70 | 20216 |
| Verisk Analytics, Inc. (Professional <br>Services) | 121 | 37692 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 3657 | 158238 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 223 | 99280 |
| Viatris, Inc. (Pharmaceuticals) | 1017 | 9082 |
| VICI Properties, Inc. (Specialized REITs) | 916 | 29862 |
| Visa, Inc.—Class A (Financial Services) | 1484 | 526894 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 295 | 57174 |
| Vulcan Materials Co. (Construction Materials) | 114 | 29733 |
| W.R. Berkley Corp. (Insurance) | 260 | 19102 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 38 | 39529 |
| Wabtec Corp. (Machinery) | 148 | 30984 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 621 | 7129 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 3747 | 366381 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 1952 | 22370 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 318 | 72766 |
| Waters Corp.\* (Life Sciences Tools & Services) | 52 | 18150 |
| WEC Energy Group, Inc. (Multi-Utilities) | 277 | 28863 |
| Wells Fargo & Co. (Banks) | 2823 | 226179 |
| Welltower, Inc. (Health Care REITs) | 538 | 82706 |
| West Pharmaceutical Services, Inc. <br>(Life Sciences Tools & Services) | 63 | 13784 |
| Western Digital Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 302 | 19325 |
| Weyerhaeuser Co. (Specialized REITs) | 628 | 16133 |
| Williams-Sonoma, Inc. (Specialty Retail) | 107 | 17481 |
| Willis Towers Watson PLC (Insurance) | 86 | 26359 |
| Workday, Inc.\*—Class A (Software) | 188 | 45120 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 76 | 7119 |
| Xcel Energy, Inc. (Electric Utilities) | 500 | 34050 |
| Xylem, Inc. (Machinery) | 211 | 27295 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 241 | 35711 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 45 | 13876 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 172 | 15688 |
| Zoetis, Inc. (Pharmaceuticals) | 386 | 60197 |
| **TOTAL COMMON STOCKS**<br> (Cost $10,191,228) |  | **45526358** |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Bull :: 15**

**Repurchase Agreements<sup>(c)(d)</sup> (14.5%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $7,772,917 | $7772000 | $7772000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,772,000) |  | **7772000** |

---

**Collateral for Securities Loaned<sup>(e)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(f)</sup> | 6286 | $6286 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $6,286) |  | **6286** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $17,969,514)—99.7% |  | **53304644** |
| Net other assets (liabilities)—0.3% |  | 175488 |
| **NET ASSETS—100.0%** |  | $**53480132** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $6,360.

<sup>(b)</sup> Number of shares is less than 0.50.

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

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $746,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-Mini S&P 500 Futures Contracts | 9 | 9/22/25 | $2814188 | $69957 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 7/28/25 | 5.08% | $1600877 | $7686 |
| S&P 500 | UBS AG | 7/28/25 | 5.13% | 3536822 | 16967 |
|  |  |  |  | $**5137699** | $**24653** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**16 :: ProFund VP Bull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Bull invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $767602 | 1.4% |
| Air Freight & Logistics | 131093 | 0.3% |
| Automobile Components | 12894 | <sup>NM</sup> |
| Automobiles | 850021 | 1.6% |
| Banks | 1627824 | 3.0% |
| Beverages | 504683 | 0.9% |
| Biotechnology | 714167 | 1.3% |
| Broadline Retail | 1827685 | 3.4% |
| Building Products | 251399 | 0.5% |
| Capital Markets | 1549761 | 2.9% |
| Chemicals | 546726 | 1.0% |
| Commercial Services & Supplies | 255445 | 0.5% |
| Communications Equipment | 417969 | 0.8% |
| Construction & Engineering | 48394 | 0.1% |
| Construction Materials | 58280 | 0.1% |
| Consumer Finance | 293004 | 0.6% |
| Consumer Staples Distribution & Retail | 902362 | 1.7% |
| Containers & Packaging | 98158 | 0.2% |
| Distributors | 32551 | 0.1% |
| Diversified Telecommunication Services | 338853 | 0.6% |
| Electric Utilities | 698149 | 1.3% |
| Electrical Equipment | 406224 | 0.8% |
| Electronic Equipment, Instruments & <br>Components | 297442 | 0.6% |
| Energy Equipment & Services | 87947 | 0.1% |
| Entertainment | 808439 | 1.5% |
| Financial Services | 1961623 | 3.7% |
| Food Products | 257807 | 0.5% |
| Gas Utilities | 21267 | <sup>NM</sup> |
| Ground Transportation | 427359 | 0.8% |
| Health Care Equipment & Supplies | 1052916 | 2.0% |
| Health Care Providers & Services | 811705 | 1.5% |
| Health Care REITs | 117922 | 0.2% |
| Hotel & Resort REITs | 9231 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 958201 | 1.8% |
| Household Durables | 118981 | 0.2% |
| Household Products | 458215 | 0.9% |
| Independent Power/Renewable <br>Electricity Producers | 63654 | 0.1% |
| Industrial Conglomerates | 438977 | 0.8% |
| Industrial REITs | 84622 | 0.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Insurance | $934216 | 1.8% |
| Interactive Media & Services | 3008313 | 5.6% |
| IT Services | 521629 | 1.0% |
| Leisure Products | 8415 | <sup>NM</sup> |
| Life Sciences Tools & Services | 369822 | 0.7% |
| Machinery | 705284 | 1.3% |
| Media | 205224 | 0.4% |
| Metals & Mining | 151519 | 0.3% |
| Multi-Utilities | 282895 | 0.5% |
| Office REITs | 18234 | 0.1% |
| Oil, Gas & Consumable Fuels | 1265949 | 2.4% |
| Passenger Airlines | 66364 | 0.1% |
| Personal Care Products | 51311 | 0.1% |
| Pharmaceuticals | 1294102 | 2.4% |
| Professional Services | 288087 | 0.5% |
| Real Estate Management & <br>Development | 65017 | 0.1% |
| Residential REITs | 113237 | 0.2% |
| Retail REITs | 116762 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 5798162 | 10.8% |
| Software | 5233977 | 9.8% |
| Specialized REITs | 405337 | 0.8% |
| Specialty Retail | 782225 | 1.5% |
| Technology Hardware, Storage & <br>Peripherals | 2819550 | 5.3% |
| Textiles, Apparel & Luxury Goods | 134081 | 0.2% |
| Tobacco | 331534 | 0.6% |
| Trading Companies & Distributors | 123510 | 0.2% |
| Water Utilities | 23649 | 0.1% |
| Wireless Telecommunication Services | 98401 | 0.2% |
| Other\*\* | 7953774 | 14.8% |
| **Total** | $**53480132** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Communication Services :: 17**

**Common Stocks (97.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 8082 | $1424291 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 6519 | 1156405 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 22496 | 651034 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 1595 | 652052 |
| Comcast Corp.—Class A (Media) | 18122 | 646774 |
| Electronic Arts, Inc. (Entertainment) | 4317 | 689425 |
| Fox Corp.—Class A (Media) | 4504 | 252404 |
| Fox Corp.—Class B (Media) | 2776 | 143325 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 3317 | 501796 |
| Match Group, Inc.\* (Interactive Media & <br>Services) | 5161 | 159423 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 3744 | 2763410 |
| Netflix, Inc.\* (Entertainment) | 965 | 1292261 |
| News Corp.—Class A (Media) | 7938 | 235917 |
| News Corp.—Class B (Media) | 2346 | 80491 |
| Omnicom Group, Inc. (Media) | 4106 | 295386 |
| Paramount Global<sup>(a)</sup>—Class B (Media) | 12664 | 163366 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 2716 | 659581 |
| The Interpublic Group of Cos., Inc. (Media) | 7781 | 190479 |
| The Walt Disney Co. (Entertainment) | 5334 | 661469 |
| TKO Group Holdings, Inc.\* (Entertainment) | 1411 | 256731 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 2761 | 657836 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 14575 | 630660 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 47379 | 542963 |
| **TOTAL COMMON STOCKS**<br> (Cost $9,609,209) |  | **14707479** |

---

**Repurchase Agreements<sup>(b)</sup> (1.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $196,023 | $196000 | $196000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $196,000) |  | **196000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(d)</sup> | 149201 | $149201 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $149,201) |  | **149201** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $9,954,410)—99.9% |  | **15052680** |
| Net other assets (liabilities)—0.1% |  | 7810 |
| **NET ASSETS—100.0%** |  | $**15060490** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $150,956.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Communication Services Select <br>Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $283940 | $13279 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**18 :: ProFund VP Communication Services ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Communication Services invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Diversified Telecommunication <br>Services | $1281694 | 8.5% |
| Entertainment | 4604226 | 30.6% |
| Interactive Media & Services | 5503529 | 36.5% |
| Media | 2660194 | 17.6% |
| Wireless Telecommunication Services | 657836 | 4.4% |
| Other\*\* | 353011 | 2.4% |
| **Total** | $**15060490** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Consumer Discretionary :: 19**

**Common Stocks (98.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2176 | $287972 |
| Amazon.com, Inc.\* (Broadline Retail) | 20671 | 4535011 |
| Aptiv PLC\* (Automobile Components) | 1098 | 74906 |
| AutoZone, Inc.\* (Specialty Retail) | 84 | 311827 |
| Best Buy Co., Inc. (Specialty Retail) | 971 | 65183 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 158 | 914701 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1049 | 29781 |
| CarMax, Inc.\* (Specialty Retail) | 768 | 51617 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 5294 | 148867 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 6793 | 381427 |
| D.R. Horton, Inc. (Household Durables) | 1394 | 179715 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 590 | 128602 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 765 | 78849 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 173 | 77954 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 1729 | 426216 |
| eBay, Inc. (Broadline Retail) | 2324 | 173045 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 613 | 103401 |
| Ford Motor Co. (Automobiles) | 19693 | 213669 |
| Garmin, Ltd. (Household Durables) | 777 | 162175 |
| General Motors Co. (Automobiles) | 4848 | 238570 |
| Genuine Parts Co. (Distributors) | 700 | 84917 |
| Hasbro, Inc. (Leisure Products) | 664 | 49016 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 1198 | 319075 |
| Las Vegas Sands Corp. (Hotels, <br>Restaurants & Leisure) | 1710 | 74402 |
| Lennar Corp.—Class A (Household Durables) | 1171 | 129524 |
| LKQ Corp. (Distributors) | 1302 | 48187 |
| Lowe's Cos., Inc. (Specialty Retail) | 2822 | 626117 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 557 | 132332 |
| Marriott International, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 1147 | 313336 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 2858 | 835022 |
| MGM Resorts International (Hotels, <br>Restaurants & Leisure) | 1043 | 35869 |
| Mohawk Industries, Inc.\* (Household <br>Durables) | 262 | 27468 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 5940 | 421978 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 2253 | 45691 |
| NVR, Inc.\* (Household Durables) | 15 | 110785 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 4310 | 388460 |
| Pool Corp. (Distributors) | 190 | 55381 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PulteGroup, Inc. (Household Durables) | 1011 | $106620 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 201 | 55130 |
| Ross Stores, Inc. (Specialty Retail) | 1658 | 211528 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 1260 | 394556 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 5730 | 525040 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 1047 | 91937 |
| Tesla, Inc.\* (Automobiles) | 10012 | 3180412 |
| The Home Depot, Inc. (Specialty Retail) | 3551 | 1301940 |
| The TJX Cos., Inc. (Specialty Retail) | 5629 | 695125 |
| Tractor Supply Co. (Specialty Retail) | 2673 | 141054 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 228 | 106663 |
| Williams-Sonoma, Inc. (Specialty Retail) | 620 | 101289 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 444 | 41589 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 1402 | 207748 |
| **TOTAL COMMON STOCKS**<br> (Cost $8,912,174) |  | **19441679** |

---

**Repurchase Agreements<sup>(a)</sup> (1.8%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $359,042 | $359000 | $359000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $359,000) |  | **359000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $9,271,174)—100.6% |  | **19800679** |
| Net other assets (liabilities)—(0.6)% |  | (120447) |
| **NET ASSETS—100.0%** |  | $**19680232** |

---

\* Non-income producing security.

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

**See accompanying notes to financial statements.**

------

**20 :: ProFund VP Consumer Discretionary ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Consumer Discretionary <br>Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $131881 | $1036 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 Discretionary invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Automobile Components | $74906 | 0.4% |
| Automobiles | 3632651 | 18.5% |
| Broadline Retail | 4708056 | 23.9% |
| Distributors | 188485 | 1.0% |
| Hotels, Restaurants & Leisure | 5291248 | 26.9% |
| Household Durables | 716287 | 3.6% |
| Leisure Products | 49017 | 0.2% |
| Specialty Retail | 4000803 | 20.3% |
| Textiles, Apparel & Luxury Goods | 780226 | 4.0% |
| Other\*\* | 238553 | 1.2% |
| **Total** | $**19680232** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Consumer Staples :: 21**

**Common Stocks (97.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Altria Group, Inc. (Tobacco) | 7694 | $451099 |
| Archer-Daniels-Midland Co. (Food Products) | 3087 | 162932 |
| Brown-Forman Corp.—Class B (Beverages) | 1170 | 31485 |
| Bunge Global SA (Food Products) | 863 | 69282 |
| Campbell Soup Co. (Food Products) | 1264 | 38742 |
| Church & Dwight Co., Inc. (Household <br>Products) | 1582 | 152046 |
| Colgate-Palmolive Co. (Household Products) | 5004 | 454864 |
| Conagra Brands, Inc. (Food Products) | 3067 | 62781 |
| Constellation Brands, Inc.—Class A <br>(Beverages) | 983 | 159914 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 1033 | 1022609 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 1413 | 161619 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 1269 | 125682 |
| General Mills, Inc. (Food Products) | 3518 | 182268 |
| Hormel Foods Corp. (Food Products) | 1872 | 56628 |
| Kellanova (Food Products) | 1727 | 137348 |
| Kenvue, Inc. (Personal Care Products) | 12335 | 258172 |
| Keurig Dr Pepper, Inc. (Beverages) | 8726 | 288482 |
| Kimberly-Clark Corp. (Household Products) | 2132 | 274857 |
| Lamb Weston Holdings, Inc. (Food Products) | 907 | 47028 |
| McCormick & Co., Inc. (Food Products) | 1623 | 123056 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 1101 | 52947 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 6885 | 464323 |
| Monster Beverage Corp.\* (Beverages) | 4511 | 282569 |
| PepsiCo, Inc. (Beverages) | 3549 | 468610 |
| Philip Morris International, Inc. (Tobacco) | 3626 | 660404 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 3114 | 235854 |
| Target Corp. (Consumer Staples <br>Distribution & Retail) | 2919 | 287959 |
| The Clorox Co. (Household Products) | 792 | 95095 |
| The Coca-Cola Co. (Beverages) | 9023 | 638377 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 1505 | 121604 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Hershey Co. (Food Products) | 951 | $157818 |
| The J.M. Smucker Co. (Food Products) | 684 | 67169 |
| The Kraft Heinz Co. (Food Products) | 5551 | 143327 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 3936 | 282329 |
| The Procter & Gamble Co. (Household <br>Products) | 5461 | 870047 |
| Tyson Foods, Inc.—Class A (Food Products) | 1839 | 102874 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 4611 | 52934 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 10064 | 984058 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,076,463) |  | **10229192** |

---

**Repurchase Agreements<sup>(a)</sup> (1.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $157,019 | $157000 | $157000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $157,000) |  | **157000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,233,463)—99.3% |  | **10386192** |
| Net other assets (liabilities)—0.7% |  | 75626 |
| **NET ASSETS—100.0%** |  | $**10461818** |

---

\* Non-income producing security.

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Consumer Staples <br>Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $169605 | $(2043) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**22 :: ProFund VP Consumer Staples ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Consumer Staples invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Beverages | $1922384 | 18.4% |
| Consumer Staples Distribution & Retail | 3153044 | 30.1% |
| Food Products | 1815576 | 17.4% |
| Household Products | 1846909 | 17.7% |
| Personal Care Products | 379776 | 3.6% |
| Tobacco | 1111503 | 10.6% |
| Other\*\* | 232626 | 2.2% |
| **Total** | $**10461818** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Dow 30 :: 23**

**Repurchase Agreements<sup>(a)(b)</sup> (99.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $364,043 | $364000 | $364000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $364,000) |  | **364000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $364,000)—99.5% |  | **364000** |
| Net other assets (liabilities)—0.5% |  | 1813 |
| **NET ASSETS—100.0%** |  | $**365813** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $51,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Dow Jones Industrial Average | Goldman Sachs International | 7/28/25 | 5.08% | $293416 | $1709 |
| Dow Jones Industrial Average | UBS AG | 7/28/25 | 5.13% | 71897 | 419 |
|  |  |  |  | $**365313** | $**2128** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**24 :: ProFund VP Emerging Markets ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (92.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alibaba Group Holding, Ltd.<sup>ADR</sup> <br>(Broadline Retail) | 34076 | $3864559 |
| Ambev S.A.<sup>ADR</sup> (Beverages) | 75297 | 181466 |
| America Movil S.A.B. de C.V.<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 16049 | 287919 |
| ASE Technology Holding Co., Ltd.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 29411 | 303816 |
| Baidu, Inc.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 4746 | 407017 |
| Banco Bradesco S.A.<sup>ADR</sup> (Banks) | 90349 | 279178 |
| Banco de Chile<sup>ADR</sup> (Banks) | 3792 | 115353 |
| BeiGene, Ltd.\*<sup>ADR</sup> (Biotechnology) | 1085 | 262646 |
| Cemex S.A.B. de C.V.<sup>ADR</sup> (Construction <br>Materials) | 25848 | 179127 |
| Centrais Eletricas Brasileiras S.A.<sup>ADR(a)</sup> <br>(Electric Utilities) | 15578 | 115745 |
| Chunghwa Telecom Co., Ltd.<sup>ADR</sup> <br>(Diversified Telecommunication Services) | 6484 | 302219 |
| Cia de Saneamento Basico do Estado de <br>Sao Paulo SABESP<sup>ADR</sup> (Water Utilities) | 7806 | 171498 |
| Dr. Reddy's Laboratories, Ltd.<sup>ADR</sup> <br>(Pharmaceuticals) | 10405 | 156387 |
| Embraer S.A.\*<sup>ADR</sup> (Aerospace & Defense) | 2972 | 169137 |
| Fomento Economico Mexicano <br>S.A.B. de C.V.<sup>ADR</sup> (Beverages) | 2941 | 302863 |
| Full Truck Alliance Co., Ltd.\*<sup>ADR</sup> <br>(Ground Transportation) | 12678 | 149727 |
| Gold Fields, Ltd.<sup>ADR</sup> (Metals & Mining) | 15290 | 361914 |
| Grupo Aeroportuario del Pacifico <br>S.A.B. de C.V.\*<sup>ADR</sup> (Transportation <br>Infrastructure) | 697 | 160046 |
| Grupo Aeroportuario del Sureste <br>S.A.B. de C.V.\*<sup>ADR</sup> (Transportation <br>Infrastructure) | 297 | 94704 |
| H World Group, Ltd.<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 2778 | 94230 |
| Harmony Gold Mining Co., Ltd.<sup>ADR</sup> <br>(Metals & Mining) | 9540 | 133274 |
| HDFC Bank, Ltd.<sup>ADR(a)</sup> (Banks) | 32225 | 2470691 |
| ICICI Bank, Ltd.<sup>ADR</sup> (Banks) | 37042 | 1246093 |
| Infosys, Ltd.<sup>ADR</sup> (IT Services) | 61708 | 1143449 |
| Itau Unibanco Holding S.A.<sup>ADR</sup> (Banks) | 91055 | 618263 |
| JD.com, Inc.\*<sup>ADR</sup> (Broadline Retail) | 24755 | 808003 |
| Kanzhun, Ltd.\*<sup>ADR</sup> (Interactive Media & <br>Services) | 5851 | 104382 |
| KB Financial Group, Inc.<sup>ADR</sup> (Banks) | 6316 | 521638 |
| KE Holdings, Inc.\*<sup>ADR</sup> (Real Estate <br>Management & Development) | 12011 | 213075 |
| Li Auto, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 10949 | 296828 |
| NetEase, Inc.<sup>ADR</sup> (Entertainment) | 5840 | 785947 |
| New Oriental Education & <br>Technology Group, Inc.<sup>ADR</sup> (Diversified <br>Consumer Services) | 2091 | 112809 |
| NIO, Inc.\*<sup>ADR(a)</sup> (Automobiles) | 30133 | 103356 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 12007 | 1256653 |
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 31777 | 397530 |
| POSCO Holdings, Inc.<sup>ADR</sup> (Metals & Mining) | 4978 | 241383 |
| Shinhan Financial Group Co., Ltd.<sup>ADR</sup> (Banks) | 8470 | 382675 |
| Suzano S.A.<sup>ADR(a)</sup> (Paper & Forest Products) | 11863 | 111631 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Taiwan Semiconductor <br>Manufacturing Co., Ltd.<sup>ADR</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 25713 | $5823738 |
| TAL Education Group\*<sup>ADR</sup> (Diversified <br>Consumer Services) | 9518 | 97274 |
| Telekomunikasi Indonesia Persero Tbk.<sup>ADR</sup> <br>(Diversified Telecommunication Services) | 8116 | 137485 |
| Tencent Music Entertainment Group<sup>ADR</sup> <br>(Entertainment) | 9189 | 179094 |
| Trip.com Group, Ltd.\*<sup>ADR</sup> (Hotels, <br>Restaurants & Leisure) | 9152 | 536673 |
| United Microelectronics Corp.<sup>ADR(a)</sup> <br>(Semiconductors & Semiconductor <br>Equipment) | 39885 | 305120 |
| Vale S.A.<sup>ADR</sup> (Metals & Mining) | 61240 | 594640 |
| Wipro, Ltd.<sup>ADR</sup> (IT Services) | 48255 | 145730 |
| Woori Financial Group, Inc.<sup>ADR</sup> (Banks) | 3760 | 186985 |
| XPeng, Inc.\*<sup>ADR</sup> (Automobiles) | 11275 | 201597 |
| ZTO Express Cayman, Inc.<sup>ADR</sup> (Air Freight & <br>Logistics) | 6337 | 112482 |
| **TOTAL COMMON STOCKS**<br> (Cost $15,188,727) |  | **27228049** |

---

**Preferred Stocks (1.4%)**

---

| | | |
|:---|:---|:---|
| Petroleo Brasileiro S.A.<sup>ADR</sup> (Oil, Gas & <br>Consumable Fuels) | 36700 | 423518 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $143,800) |  | **423518** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (1.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $331,039 | $331000 | $331000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $331,000) |  | **331000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (13.5%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(e)</sup> | 3998532 | $3998532 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $3,998,532) |  | **3998532** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $19,662,059)—108.0% |  | **31981099** |
| Net other assets (liabilities)—(8.0)% |  | (2378699) |
| **NET ASSETS—100.0%** |  | $**29602400** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $3,308,507.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Emerging Markets :: 25**

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

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $331,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>ADR</sup> American Depositary Receipt

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 7/28/25 | 5.08% | $759634 | $(1513) |
| S&P Emerging 50 ADR Index (USD) | UBS AG | 7/28/25 | 5.13% | 1183265 | (1505) |
|  |  |  |  | $**1942899** | $**(3018)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $169136 | 0.6% |
| Air Freight & Logistics | 112482 | 0.4% |
| Automobiles | 601781 | 2.1% |
| Banks | 5820876 | 19.7% |
| Beverages | 484330 | 1.6% |
| Biotechnology | 262646 | 0.9% |
| Broadline Retail | 5929215 | 20.0% |
| Construction Materials | 179126 | 0.6% |
| Diversified Consumer Services | 210083 | 0.7% |
| Diversified Telecommunication Services | 439704 | 1.5% |
| Electric Utilities | 115745 | 0.4% |
| Entertainment | 965041 | 3.3% |
| Ground Transportation | 149727 | 0.5% |
| Hotels, Restaurants & Leisure | 630903 | 2.1% |
| Interactive Media & Services | 511399 | 1.7% |
| IT Services | 1289180 | 4.4% |
| Metals & Mining | 1331212 | 4.5% |
| Oil, Gas & Consumable Fuels | 821048 | 2.7% |
| Paper & Forest Products | 111631 | 0.4% |
| Pharmaceuticals | 156387 | 0.5% |
| Real Estate Management & Development | 213075 | 0.7% |
| Semiconductors & Semiconductor <br>Equipment | 6432673 | 21.7% |
| Transportation Infrastructure | 254750 | 0.8% |
| Water Utilities | 171498 | 0.6% |
| Wireless Telecommunication Services | 287919 | 1.0% |
| Other\*\* | 1950833 | 6.6% |
| **Total** | $**29602400** | **100.0%** |

---

ProFund VP Emerging Markets invested in securities with exposure to the following countries as or June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Brazil | $3062606 | 10.3% |
| Chile | 115353 | 0.4% |
| China | 9049679 | 30.6% |
| India | 5162351 | 17.5% |
| Indonesia | 137485 | 0.5% |
| Mexico | 1024659 | 3.4% |
| Singapore | 536673 | 1.8% |
| South Africa | 495188 | 1.7% |
| South Korea | 1332681 | 4.5% |
| Taiwan | 6734892 | 22.7% |
| Other\*\* | 1950833 | 6.6% |
| **Total** | $**29602400** | **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.

**See accompanying notes to financial statements.**

------

**26 :: ProFund VP Energy ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (98.9%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| APA Corp. (Oil, Gas & Consumable Fuels) | 8623 | $157715 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 23675 | 907700 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 33171 | 4749754 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 25783 | 2313766 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 18239 | 462906 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 15343 | 488061 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 4468 | 613903 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 12085 | 1445487 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 14305 | 834268 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 5175 | 605165 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 67765 | 7305066 |
| Halliburton Co. (Energy Equipment & <br>Services) | 20544 | 418687 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 6625 | 917828 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 46195 | 1358133 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 7341 | 1219414 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 16932 | 711313 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 14926 | 1218409 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 9736 | 1161505 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 32502 | 1098567 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 5184 | $902431 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 450 | 475376 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 24390 | 1531936 |
| Valero Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 7484 | 1005999 |
| **TOTAL COMMON STOCKS**<br> (Cost $8,994,360) |  | **31903389** |

---

**Repurchase Agreements<sup>(a)</sup> (2.5%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $818,097 | $818000 | $818000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $818,000) |  | **818000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $9,812,360)—101.4% |  | **32721389** |
| Net other assets (liabilities)—(1.4)% |  | (445063) |
| **NET ASSETS—100.0%** |  | $**32276326** |

---

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Energy Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $508288 | $(28181) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Energy Equipment & Services | $2424954 | 7.5% |
| Oil, Gas & Consumable Fuels | 29478435 | 91.4% |
| Other\*\* | 372937 | 1.1% |
| **Total** | $**32276326** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Europe 30 :: 27**

**Common Stocks (99.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Anheuser-Busch InBev S.A./N.V.<sup>ADR(a)</sup> <br>(Beverages) | 12839 | $882296 |
| ArcelorMittal SA<sup>ADR</sup> (Metals & Mining) | 17601 | 555840 |
| Argenx SE\*<sup>ADR</sup> (Biotechnology) | 1036 | 571064 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 5799 | 937930 |
| ASML Holding N.V.<sup>NYS</sup> (Semiconductors & <br>Semiconductor Equipment) | 829 | 664352 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 7454 | 520886 |
| Barclays PLC<sup>ADR</sup> (Banks) | 36650 | 681324 |
| BioNTech SE\*<sup>ADR(a)</sup> (Biotechnology) | 3727 | 396814 |
| BP PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) | 20084 | 601114 |
| British American Tobacco PLC<sup>ADR</sup> (Tobacco) | 16152 | 764474 |
| Diageo PLC<sup>ADR</sup> (Beverages) | 4348 | 438452 |
| Equinor ASA<sup>ADR(a)</sup> (Oil, Gas & Consumable <br>Fuels) | 23605 | 593430 |
| GSK PLC<sup>ADR</sup> (Pharmaceuticals) | 16358 | 628147 |
| Haleon PLC<sup>ADR</sup> (Personal Care Products) | 49283 | 511065 |
| HSBC Holdings PLC<sup>ADR(a)</sup> (Banks) | 17601 | 1069964 |
| ING Groep N.V.<sup>ADR</sup> (Banks) | 31887 | 697369 |
| Jumia Technologies AG\*<sup>ADR(a)</sup> (Advertising & <br>Marketing) | 86345 | 347107 |
| National Grid PLC<sup>ADR(a)</sup> (Multi-Utilities) | 8904 | 662547 |
| Nokia Oyj<sup>ADR(a)</sup> (Communications Equipment) | 94632 | 490194 |
| Novo Nordisk A/S<sup>ADR</sup> (Pharmaceuticals) | 9525 | 657416 |
| RELX PLC<sup>ADR</sup> (Professional Services) | 13046 | 708920 |
| Rio Tinto PLC<sup>ADR</sup> (Metals & Mining) | 10977 | 640288 |
| Ryanair Holdings PLC<sup>ADR</sup> (Passenger Airlines) | 9525 | 549307 |
| Sanofi S.A.<sup>ADR</sup> (Pharmaceuticals) | 14495 | 700253 |
| SAP SE<sup>ADR</sup> (Software) | 4970 | 1511376 |
| Shell PLC<sup>ADR</sup> (Oil, Gas & Consumable Fuels) | 10354 | 729025 |
| Telefonaktiebolaget LM Ericsson<sup>ADR</sup> <br>(Communications Equipment) | 52802 | 447761 |
| Tenaris S.A.<sup>ADR</sup> (Energy Equipment & <br>Services) | 10973 | 410390 |
| TotalEnergies SE<sup>ADR</sup> (Oil, Gas & Consumable <br>Fuels) | 11804 | 724648 |
| Vodafone Group PLC<sup>ADR</sup> (Wireless <br>Telecommunication Services) | 49076 | 523150 |
| **TOTAL COMMON STOCKS**<br> (Cost $13,204,816) |  | **19616903** |

---

**Collateral for Securities Loaned<sup>(b)</sup> (17.7%)**

---

| | |
|:---|:---|
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(c)</sup> | 3487637 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $3,487,637) | **3487637** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $16,692,453)—117.5% | **23104540** |
| Net other assets (liabilities)—(17.5)% | (3438588) |
| **NET ASSETS—100.0%** | $**19665952** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $3,427,029.

<sup>(b)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(c)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>ADR</sup> American Depositary Receipt

<sup>NYS</sup> New York Shares

ProFund VP Europe 30 invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Advertising & Marketing | $347107 | 1.8% |
| Banks | 2448657 | 12.4% |
| Beverages | 1320748 | 6.7% |
| Biotechnology | 967877 | 4.9% |
| Communications Equipment | 937955 | 4.8% |
| Energy Equipment & Services | 410390 | 2.1% |
| Metals & Mining | 1196128 | 6.1% |
| Multi-Utilities | 662547 | 3.4% |
| Oil, Gas & Consumable Fuels | 2648217 | 13.4% |
| Passenger Airlines | 549307 | 2.8% |
| Personal Care Products | 511065 | 2.6% |
| Pharmaceuticals | 2506702 | 12.8% |
| Professional Services | 708920 | 3.6% |
| Semiconductors & Semiconductor <br>Equipment | 1602282 | 8.1% |
| Software | 1511377 | 7.7% |
| Tobacco | 764474 | 3.9% |
| Wireless Telecommunication Services | 523150 | 2.7% |
| Other\*\* | 49049 | 0.2% |
| **Total** | $**19665952** | **100.0%** |

---

ProFund VP Europe 30 invested in securities with exposure to the following countries as or June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Belgium | $882296 | 4.5% |
| Denmark | 657416 | 3.3% |
| Finland | 490194 | 2.5% |
| France | 1424901 | 7.3% |
| Germany | 2255297 | 11.5% |
| Ireland | 549307 | 2.8% |
| Luxembourg | 966230 | 4.9% |
| Netherlands | 1932785 | 9.8% |
| Norway | 593430 | 3.0% |
| Sweden | 447761 | 2.3% |
| United Kingdom | 9417286 | 47.9% |
| Other\*\* | 49049 | 0.2% |
| **Total** | $**19665952** | **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.

**See accompanying notes to financial statements.**

------

**28 :: ProFund VP Falling U.S. Dollar ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (98.5%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $694,082 | $694000 | $694000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $694,000) |  | **694000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $694,000)—98.5% |  | **694000** |
| Net other assets (liabilities)—1.5% |  | 10218 |
| **NET ASSETS—100.0%** |  | $**704218** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $6,000.

As of June 30, 2025, the ProFund VP Falling U.S. Dollar's forward currency contracts with Goldman Sachs International were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description and amount of <br>currency purchased | Description and amount of <br>currency purchased | Description and amount of <br>currency sold | Description and amount of <br>currency sold | Delivery<br>Date | Fair<br>Value | Unrealized<br>Appreciation/<br>(Depreciation) |
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 32382 | U.S. dollar | $43753 | 07/11/25 | $44443 | $690 |
| Canadian dollar | 45994 | U.S. dollar | 33690 | 07/11/25 | 33800 | 110 |
| Euro | 186781 | U.S. dollar | 214485 | 07/11/25 | 220166 | 5681 |
| Japanese yen | 7568498 | U.S. dollar | 52378 | 07/11/25 | 52634 | 256 |
| Swedish krona | 150111 | U.S. dollar | 15691 | 07/11/25 | 15885 | 194 |
| Swiss franc | 11456 | U.S. dollar | 14011 | 07/11/25 | 14467 | 456 |
| Total Long Contracts |  |  | $374008 |  | $381395 | $7387 |

---

As of June 30, 2025, the ProFund VP Falling U.S. Dollar's forward currency contracts with UBS AG were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** | **Long:** |
| British pound | 27922 | U.S. dollar | $37727 | 07/11/25 | $38322 | $595 |
| Canadian dollar | 39892 | U.S. dollar | 29219 | 07/11/25 | 29316 | 97 |
| Euro | 160643 | U.S. dollar | 184509 | 07/11/25 | 189356 | 4847 |
| Japanese yen | 5833913 | U.S. dollar | 40383 | 07/11/25 | 40571 | 188 |
| Swedish krona | 125707 | U.S. dollar | 13141 | 07/11/25 | 13303 | 162 |
| Swiss franc | 8876 | U.S. dollar | 10858 | 07/11/25 | 11209 | 351 |
| Total Long Contracts |  |  | $315837 |  | $322077 | $6240 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | $13627 |
| Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) | Total unrealized (depreciation) |  |
| Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | Total net unrealized appreciation/(depreciation) | $13627 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFunds VP Financials :: 29**

**Common Stocks (97.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Aflac, Inc. (Insurance) | 2332 | $245933 |
| Allstate Corp. (Insurance) | 1269 | 255462 |
| American Express Co. (Consumer Finance) | 2653 | 846254 |
| American International Group, Inc. (Insurance) | 2763 | 236485 |
| Ameriprise Financial, Inc. (Capital Markets) | 456 | 243381 |
| Aon PLC—Class A (Insurance) | 1035 | 369247 |
| Apollo Global Management, Inc. (Financial <br>Services) | 2164 | 307007 |
| Arch Capital Group, Ltd.\* (Insurance) | 1789 | 162888 |
| Arthur J. Gallagher & Co. (Insurance) | 1228 | 393107 |
| Assurant, Inc. (Insurance) | 243 | 47990 |
| Bank of America Corp. (Banks) | 31410 | 1486321 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 8790 | 4269918 |
| BlackRock, Inc. (Capital Markets) | 698 | 732377 |
| Blackstone, Inc. (Capital Markets) | 3497 | 523081 |
| Brown & Brown, Inc. (Insurance) | 1343 | 148898 |
| Capital One Financial Corp. (Consumer <br>Finance) | 3066 | 652322 |
| Cboe Global Markets, Inc. (Capital Markets) | 502 | 117071 |
| Chubb, Ltd. (Insurance) | 1786 | 517440 |
| Cincinnati Financial Corp. (Insurance) | 749 | 111541 |
| Citigroup, Inc. (Banks) | 8953 | 762079 |
| Citizens Financial Group, Inc. (Banks) | 2079 | 93035 |
| CME Group, Inc. (Capital Markets) | 1727 | 475996 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 1013 | 355046 |
| Corpay, Inc.\* (Software) | 338 | 112155 |
| Erie Indemnity Co.\*—Class A (Insurance) | 120 | 41615 |
| Everest Group, Ltd. (Insurance) | 204 | 69329 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 182 | 81405 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 2518 | 204990 |
| Fifth Third Bancorp (Banks) | 3200 | 131616 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | 8 |
| Fiserv, Inc.\* (Financial Services) | 2658 | 458266 |
| Franklin Resources, Inc. (Capital Markets) | 1486 | 35441 |
| Global Payments, Inc. (Financial Services) | 1169 | 93567 |
| Globe Life, Inc. (Insurance) | 396 | 49219 |
| Huntington Bancshares, Inc. (Banks) | 6983 | 117035 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 2750 | 504543 |
| Invesco, Ltd. (Capital Markets) | 2145 | 33827 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 349 | 62879 |
| JPMorgan Chase & Co. (Banks) | 13321 | 3861892 |
| KeyCorp (Banks) | 4728 | 82362 |
| KKR & Co., Inc. (Capital Markets) | 3245 | 431682 |
| Loews Corp. (Insurance) | 834 | 76444 |
| M&T Bank Corp. (Banks) | 769 | 149178 |
| MarketAxess Holdings, Inc. (Capital Markets) | 180 | 40201 |
| Marsh & McLennan Cos., Inc. (Insurance) | 2362 | 516428 |
| MasterCard, Inc.—Class A (Financial Services) | 3888 | 2184823 |
| MetLife, Inc. (Insurance) | 2703 | 217375 |
| Moody's Corp. (Capital Markets) | 742 | 372180 |
| Morgan Stanley (Capital Markets) | 5921 | 834032 |
| MSCI, Inc. (Capital Markets) | 371 | 213971 |
| Nasdaq, Inc. (Capital Markets) | 1981 | 177141 |
| Northern Trust Corp. (Capital Markets) | 933 | 118295 |
| PayPal Holdings, Inc.\* (Financial Services) | 4662 | 346480 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PNC Financial Services Group, Inc. (Banks) | 1896 | $353452 |
| Principal Financial Group, Inc. (Insurance) | 989 | 78556 |
| Prudential Financial, Inc. (Insurance) | 1697 | 182326 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 870 | 133432 |
| Regions Financial Corp. (Banks) | 4309 | 101348 |
| S&P Global, Inc. (Capital Markets) | 1505 | 793571 |
| State Street Corp. (Capital Markets) | 1367 | 145367 |
| Synchrony Financial (Consumer Finance) | 1825 | 121801 |
| T. Rowe Price Group, Inc. (Capital Markets) | 1056 | 101904 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 3429 | 312416 |
| The Charles Schwab Corp. (Capital Markets) | 8187 | 746982 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 1471 | 1041100 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 1362 | 172797 |
| The Progressive Corp. (Insurance) | 2810 | 749878 |
| The Travelers Cos., Inc. (Insurance) | 1086 | 290548 |
| Truist Financial Corp. (Banks) | 6277 | 269848 |
| U.S. Bancorp (Banks) | 7468 | 337927 |
| Visa, Inc.—Class A (Financial Services) | 8201 | 2911765 |
| W.R. Berkley Corp. (Insurance) | 1437 | 105576 |
| Wells Fargo & Co. (Banks) | 15599 | 1249792 |
| Willis Towers Watson PLC (Insurance) | 475 | 145588 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,456,456) |  | **35317232** |

---

**Repurchase Agreements<sup>(b)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $368,043 | $368000 | $368000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $368,000) |  | **368000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,824,456)—98.3% |  | **35685232** |
| Net other assets (liabilities)—1.7% |  | 605766 |
| **NET ASSETS—100.0%** |  | $**36290998** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

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

**See accompanying notes to financial statements.**

------

**30 :: ProFunds VP Financials ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Financial Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $802083 | $19541 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 Financials invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Banks | $8995893 | 24.8% |
| Capital Markets | 8564442 | 23.6% |
| Consumer Finance | 1620377 | 4.4% |
| Financial Services | 10839695 | 29.9% |
| Insurance | 5184670 | 14.3% |
| Software | 112155 | 0.3% |
| Other\*\* | 973766 | 2.7% |
| **Total** | $**36290998** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Government Money Market :: 31**

**U.S. Treasury Obligations (49.4%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| U.S. Treasury Bills<br>0.00%<sup>(a)</sup>, 7/1/25 | $2000000 | $2000000 |
| 2.79%<sup>(a)</sup>, 7/3/25 | 2000000 | 1999536 |
| 3.62%<sup>(a)</sup>, 7/8/25 | 2000000 | 1998384 |
| 3.77%<sup>(a)</sup>, 7/10/25 | 2000000 | 1997924 |
| 3.87%<sup>(a)</sup>, 7/15/25 | 4000000 | 3993475 |
| 3.89%<sup>(a)</sup>, 7/17/25 | 2000000 | 1996294 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br>(Cost $13,985,613) |  | **13985613** |

---

**Repurchase Agreements<sup>(b)</sup> (50.3%)**

---

| | |
|:---|:---|
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $14,271,684 | 14270000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $14,270,000) | **14270000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $28,255,613)—99.7% | **28255613** |
| Net other assets (liabilities)—0.3% | 90875 |
| **NET ASSETS—100.0%** | $**28346488** |

---

<sup>(a)</sup> Reflects the effective yield or interest rate in effect at June 30, 2025.

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

**See accompanying notes to financial statements.**

------

**32 :: ProFund VP Health Care ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (97.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 10667 | $1450819 |
| AbbVie, Inc. (Biotechnology) | 10830 | 2010265 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 1748 | 206281 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 418 | 79140 |
| Amgen, Inc. (Biotechnology) | 3297 | 920555 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 3146 | 95261 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 1757 | 302643 |
| Biogen, Inc.\* (Biotechnology) | 898 | 112780 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 961 | 49443 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 9071 | 974316 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 12477 | 577560 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 1463 | 245784 |
| Cencora, Inc. (Health Care Providers & Services) | 1058 | 317241 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 3051 | 165608 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 301 | 45671 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 7756 | 535009 |
| Danaher Corp. (Life Sciences Tools & Services) | 3905 | 771394 |
| DaVita, Inc.\* (Health Care Providers & Services) | 255 | 36325 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 2404 | 209845 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 3597 | 281321 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 1385 | 538710 |
| Eli Lilly & Co. (Pharmaceuticals) | 4823 | 3759673 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 2807 | 207914 |
| Gilead Sciences, Inc. (Biotechnology) | 7627 | 845605 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 1062 | 406852 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 746 | 54495 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 1366 | 89009 |
| Humana, Inc. (Health Care Providers & Services) | 740 | 180915 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 493 | 264416 |
| Incyte Corp.\* (Biotechnology) | 985 | 67079 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 431 | 135412 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 2198 | 1194415 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 1008 | 158851 |
| Johnson & Johnson (Pharmaceuticals) | 14752 | 2253368 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 513 | 134668 |
| McKesson Corp. (Health Care Providers & <br>Services) | 767 | 562042 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 7863 | 685418 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Merck & Co., Inc. (Pharmaceuticals) | 15395 | $1218668 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 127 | 149189 |
| Moderna, Inc.\* (Biotechnology) | 2087 | 57580 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 332 | 98903 |
| Pfizer, Inc. (Pharmaceuticals) | 34858 | 844958 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 684 | 122867 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 637 | 334425 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 899 | 231942 |
| Revvity, Inc. (Life Sciences Tools & Services) | 723 | 69929 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 849 | 64388 |
| STERIS PLC (Health Care Equipment & Supplies) | 602 | 144612 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 2109 | 834384 |
| The Cigna Group (Health Care Providers & <br>Services) | 1638 | 541490 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 1226 | 87242 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 2314 | 938234 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 5562 | 1735177 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 351 | 63584 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 1574 | 700745 |
| Viatris, Inc. (Pharmaceuticals) | 7196 | 64260 |
| Waters Corp.\* (Life Sciences Tools & Services) | 365 | 127400 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 440 | 96272 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 1213 | 110638 |
| Zoetis, Inc. (Pharmaceuticals) | 2730 | 425744 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,683,179) |  | **29988734** |

---

**Repurchase Agreements<sup>(a)</sup> (1.9%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $572,067 | $572000 | $572000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $572,000) |  | **572000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,255,179)—99.2% |  | **30560734** |
| Net other assets (liabilities)—0.8% |  | 259435 |
| **NET ASSETS—100.0%** |  | $**30820169** |

---

\* Non-income producing security.

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Health Care :: 33**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Health Care Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $876737 | $13795 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Biotechnology | $5049034 | 16.4% |
| Health Care Equipment & Supplies | 7443135 | 24.1% |
| Health Care Providers & Services | 5739670 | 18.6% |
| Life Sciences Tools & Services | 2612664 | 8.5% |
| Pharmaceuticals | 9144231 | 29.7% |
| Other\*\* | 831435 | 2.7% |
| **Total** | $**30820169** | **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.

**See accompanying notes to financial statements.**

------

**34 :: ProFund VP Industrials ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (97.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 2279 | $346955 |
| A.O. Smith Corp. (Building Products) | 492 | 32260 |
| Allegion PLC (Building Products) | 364 | 52460 |
| AMETEK, Inc. (Electrical Equipment) | 978 | 176979 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 1719 | 530139 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 313 | 259145 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 497 | 120786 |
| Builders FirstSource, Inc.\* (Building Products) | 468 | 54611 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 503 | 48263 |
| Carrier Global Corp. (Building Products) | 3377 | 247163 |
| Caterpillar, Inc. (Machinery) | 1992 | 773315 |
| Cintas Corp. (Commercial Services & Supplies) | 1454 | 324053 |
| Copart, Inc.\* (Commercial Services & Supplies) | 3724 | 182737 |
| CSX Corp. (Ground Transportation) | 7956 | 259604 |
| Cummins, Inc. (Machinery) | 583 | 190933 |
| Dayforce, Inc.\* (Professional Services) | 677 | 37499 |
| Deere & Co. (Machinery) | 1069 | 543576 |
| Delta Air Lines, Inc. (Passenger Airlines) | 2765 | 135983 |
| Dover Corp. (Machinery) | 581 | 106457 |
| Eaton Corp. PLC (Electrical Equipment) | 1657 | 591532 |
| Emerson Electric Co. (Electrical Equipment) | 2382 | 317592 |
| Equifax, Inc. (Professional Services) | 526 | 136429 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 580 | 66265 |
| Fastenal Co. (Trading Companies & Distributors) | 4859 | 204078 |
| FedEx Corp. (Air Freight & Logistics) | 934 | 212308 |
| Fortive Corp. (Machinery) | 1440 | 75067 |
| GE Vernova, Inc.\* (Electrical Equipment) | 1156 | 611698 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 250 | 35803 |
| General Dynamics Corp. (Aerospace & Defense) | 1067 | 311201 |
| General Electric Co. (Industrial Conglomerates) | 4517 | 1162631 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 2722 | 633899 |
| Howmet Aerospace, Inc. (Aerospace & Defense) | 1710 | 318282 |
| Hubbell, Inc. (Electrical Equipment) | 226 | 92301 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 166 | 40082 |
| IDEX Corp. (Machinery) | 320 | 56182 |
| Illinois Tool Works, Inc. (Machinery) | 1129 | 279145 |
| Ingersoll Rand, Inc. (Machinery) | 1709 | 142155 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 332 | 47675 |
| Jacobs Solutions, Inc. (Professional Services) | 509 | 66908 |
| Johnson Controls International PLC (Building <br>Products) | 2787 | 294363 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 792 | 198665 |
| Leidos Holdings, Inc. (Professional Services) | 545 | 85979 |
| Lennox International, Inc. (Building Products) | 135 | 77387 |
| Lockheed Martin Corp. (Aerospace & Defense) | 883 | 408953 |
| Masco Corp. (Building Products) | 893 | 57473 |
| Nordson Corp. (Machinery) | 229 | 49091 |
| Norfolk Southern Corp. (Ground Transportation) | 955 | 244451 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 573 | 286489 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 788 | 127892 |
| Otis Worldwide Corp. (Machinery) | 1672 | 165561 |
| PACCAR, Inc. (Machinery) | 2223 | 211318 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Parker-Hannifin Corp. (Machinery) | 541 | $377872 |
| Paychex, Inc. (Professional Services) | 1358 | 197535 |
| Paycom Software, Inc. (Professional Services) | 206 | 47668 |
| Pentair PLC (Machinery) | 697 | 71554 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 628 | 237434 |
| Ralliant Corp.\* (Electrical Equipment) | 1 | 48 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 5658 | 826182 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 860 | 212085 |
| Rockwell Automation, Inc. (Electrical Equipment) | 477 | 158445 |
| Rollins, Inc. (Commercial Services & Supplies) | 1191 | 67196 |
| Snap-on, Inc. (Machinery) | 221 | 68771 |
| Southwest Airlines Co. (Passenger Airlines) | 2414 | 78310 |
| Stanley Black & Decker, Inc. (Machinery) | 655 | 44376 |
| Textron, Inc. (Aerospace & Defense) | 765 | 61422 |
| The Boeing Co.\* (Aerospace & Defense) | 3193 | 669029 |
| Trane Technologies PLC (Building Products) | 945 | 413353 |
| TransDigm Group, Inc. (Aerospace & Defense) | 238 | 361912 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 8857 | 826359 |
| Union Pacific Corp. (Ground Transportation) | 2531 | 582333 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 1383 | 110128 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 3108 | 313721 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 275 | 207185 |
| Veralto Corp. (Commercial Services & Supplies) | 1050 | 105998 |
| Verisk Analytics, Inc. (Professional Services) | 592 | 184408 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 185 | 192444 |
| Wabtec Corp. (Machinery) | 725 | 151779 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 1551 | 354899 |
| Xylem, Inc. (Machinery) | 1031 | 133370 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,615,655) |  | **19087589** |

---

**Repurchase Agreements<sup>(a)</sup> (2.2%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $440,052 | $440000 | $440000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $440,000) |  | **440000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $8,055,655)—99.4% |  | **19527589** |
| Net other assets (liabilities)—0.6% |  | 126531 |
| **NET ASSETS—100.0%** |  | $**19654120** |

---

\* Non-income producing security.

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Industrials :: 35**

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Industrials Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $506110 | $10497 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $3741362 | 19.0% |
| Air Freight & Logistics | 640557 | 3.3% |
| Building Products | 1229070 | 6.3% |
| Commercial Services & Supplies | 1246968 | 6.3% |
| Construction & Engineering | 237434 | 1.2% |
| Electrical Equipment | 1984398 | 10.1% |
| Ground Transportation | 2088314 | 10.6% |
| Industrial Conglomerates | 2143485 | 10.9% |
| Machinery | 3440522 | 17.5% |
| Passenger Airlines | 324421 | 1.7% |
| Professional Services | 1407351 | 7.2% |
| Trading Companies & Distributors | 603707 | 3.1% |
| Other\*\* | 566531 | 2.8% |
| **Total** | $**19654120** | **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.

**See accompanying notes to financial statements.**

------

**36 :: ProFund VP International ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (98.6%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $12,687,497 | $12686000 | $12686000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,686,000) |  | **12686000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,686,000)—98.6% |  | **12686000** |
| Net other assets (liabilities)—1.4% |  | 176948 |
| **NET ASSETS—100.0%** |  | $**12862948** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $1,695,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| MSCI EAFE Index | Goldman Sachs International | 7/28/25 | 4.98% | $6523640 | $(91) |
| MSCI EAFE Index | UBS AG | 7/28/25 | 5.13% | 6333254 | (153) |
|  |  |  |  | $**12856894** | $**(244)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Internet :: 37**

**Common Stocks (97.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 2579 | $341305 |
| Akamai Technologies, Inc.\* (IT Services) | 874 | 69710 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 4421 | 779113 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 3567 | 632750 |
| Amazon.com, Inc.\* (Broadline Retail) | 6669 | 1463112 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 6155 | 629718 |
| Atlassian Corp.\*—Class A (Software) | 988 | 200653 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 117 | 677340 |
| Box, Inc.\*—Class A (Software) | 865 | 29557 |
| Carvana Co.\* (Specialty Retail) | 742 | 250024 |
| Ciena Corp.\* (Communications Equipment) | 850 | 69131 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 11075 | 768383 |
| Cloudflare, Inc.\*—Class A (IT Services) | 1856 | 363461 |
| Confluent, Inc.\*—Class A (Software) | 1711 | 42655 |
| Copart, Inc.\* (Commercial Services & Supplies) | 5254 | 257814 |
| Datadog, Inc.\*—Class A (Software) | 1909 | 256436 |
| DocuSign, Inc.\* (Software) | 1210 | 94247 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2049 | 505099 |
| DraftKings, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2966 | 127212 |
| Dropbox, Inc.\*—Class A (Software) | 1173 | 33548 |
| Duolingo, Inc.\* (Diversified Consumer Services) | 235 | 96355 |
| eBay, Inc. (Broadline Retail) | 2755 | 205137 |
| F5, Inc.\* (Communications Equipment) | 343 | 100952 |
| Flutter Entertainment PLC\* (Hotels, <br>Restaurants & Leisure) | 1056 | 301763 |
| GoDaddy, Inc.\*—Class A (IT Services) | 852 | 153411 |
| HubSpot, Inc.\* (Software) | 315 | 175338 |
| Juniper Networks, Inc. (Communications <br>Equipment) | 1979 | 79021 |
| MARA Holdings, Inc.\*<sup>(a)</sup> (Software) | 2103 | 32975 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 2048 | 1511608 |
| Netflix, Inc.\* (Entertainment) | 1166 | 1561425 |
| Nutanix, Inc.\*—Class A (Software) | 1482 | 113284 |
| Okta, Inc.\* (IT Services) | 999 | 99870 |
| Paycom Software, Inc. (Professional Services) | 291 | 67337 |
| PayPal Holdings, Inc.\* (Financial Services) | 5812 | 431948 |
| ROBLOX Corp.\*—Class A (Entertainment) | 3313 | 348528 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Salesforce, Inc. (Software) | 2406 | $656093 |
| Snowflake, Inc.\*—Class A (IT Services) | 1994 | 446198 |
| Veeva Systems, Inc.\*—Class A (Health Care <br>Technology) | 896 | 258030 |
| VeriSign, Inc.\* (IT Services) | 483 | 139490 |
| Workday, Inc.\*—Class A (Software) | 1295 | 310800 |
| Zoom Video Communications, Inc.\* (Software) | 1569 | 122351 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,653,414) |  | **14803182** |

---

**Repurchase Agreements<sup>(b)</sup> (2.3%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $356,042 | $356000 | $356000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $356,000) |  | **356000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (0.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(d)</sup> | 29605 | $29605 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $29,605) |  | **29605** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,039,019)—99.9% |  | **15188787** |
| Net other assets (liabilities)—0.1% |  | 22499 |
| **NET ASSETS—100.0%** |  | $**15211286** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $29,949.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Dow Jones Internet Composite Index | Goldman Sachs International | 7/23/25 | 5.08% | $301847 | $10162 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**38 :: ProFund VP Internet ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Internet invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Broadline Retail | $1668249 | 11.0% |
| Commercial Services & Supplies | 257814 | 1.7% |
| Communications Equipment | 1647205 | 10.8% |
| Diversified Consumer Services | 96355 | 0.6% |
| Entertainment | 1909953 | 12.6% |
| Financial Services | 431948 | 2.9% |
| Health Care Technology | 258030 | 1.7% |
| Hotels, Restaurants & Leisure | 1952719 | 12.8% |
| Interactive Media & Services | 2923471 | 19.2% |
| IT Services | 1272140 | 8.4% |
| Professional Services | 67337 | 0.4% |
| Software | 2067936 | 13.6% |
| Specialty Retail | 250025 | 1.7% |
| Other\*\* | 408104 | 2.6% |
| **Total** | $**15211286** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Japan :: 39**

**Repurchase Agreements<sup>(a)</sup> (112.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $12,637,491 | $12636000 | $12636000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $12,636,000) |  | **12636000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,636,000)—112.0% |  | **12636000** |
| Net other assets (liabilities)—(12.0)% |  | (1352400) |
| **NET ASSETS—100.0%** |  | $**11283600** |

---

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

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Index Futures Contracts | 55 | 9/12/25 | $11108625 | $622875 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| Nikkei 225 Stock Average | Goldman Sachs International | 7/28/25 | 4.78% | $178855 | $(1207) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**40 :: ProFund VP Large-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (99.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AbbVie, Inc. (Biotechnology) | 930 | $172627 |
| Adobe, Inc.\* (Software) | 224 | 86661 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 540 | 71464 |
| Allegion PLC (Building Products) | 57 | 8215 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 7295 | 1285598 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 5884 | 1043763 |
| Altria Group, Inc. (Tobacco) | 968 | 56754 |
| Amazon.com, Inc.\* (Broadline Retail) | 6870 | 1507209 |
| American Express Co. (Consumer Finance) | 694 | 221372 |
| Ameriprise Financial, Inc. (Capital Markets) | 121 | 64581 |
| AMETEK, Inc. (Electrical Equipment) | 136 | 24611 |
| Amgen, Inc. (Biotechnology) | 290 | 80971 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 1514 | 149508 |
| ANSYS, Inc.\* (Software) | 49 | 17210 |
| Aon PLC—Class A (Insurance) | 138 | 49233 |
| Apollo Global Management, Inc. <br>(Financial Services) | 564 | 80015 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 8611 | 1766719 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 426 | 77988 |
| Arch Capital Group, Ltd.\* (Insurance) | 465 | 42338 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 1288 | 131775 |
| Arthur J. Gallagher & Co. (Insurance) | 145 | 46417 |
| Autodesk, Inc.\* (Software) | 269 | 83274 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 290 | 89436 |
| AutoZone, Inc.\* (Specialty Retail) | 21 | 77957 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 79 | 16076 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 93 | 76998 |
| Berkshire Hathaway, Inc.\*—Class B <br>(Financial Services) | 1127 | 547463 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 42 | 243148 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 1852 | 198923 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5894 | 1624682 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 65 | 15797 |
| Brown & Brown, Inc. (Insurance) | 350 | 38805 |
| Builders FirstSource, Inc.\* (Building Products) | 70 | 8168 |
| Cadence Design Systems, Inc.\* (Software) | 189 | 58240 |
| Camden Property Trust (Residential REITs) | 66 | 7438 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 1311 | 36865 |
| Carrier Global Corp. (Building Products) | 475 | 34765 |
| Caterpillar, Inc. (Machinery) | 589 | 228655 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 367 | 51424 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 1685 | 94613 |
| Cincinnati Financial Corp. (Insurance) | 103 | 15339 |
| Cintas Corp. (Commercial Services & Supplies) | 430 | 95834 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 130 | $45564 |
| Colgate-Palmolive Co. (Household Products) | 444 | 40360 |
| Constellation Energy Corp. (Electric Utilities) | 393 | 126844 |
| Copart, Inc.\* (Commercial Services & Supplies) | 1098 | 53879 |
| Corpay, Inc.\* (Software) | 89 | 29532 |
| Costco Wholesale Corp. (Consumer Staples <br>Distribution & Retail) | 556 | 550407 |
| Crowdstrike Holdings, Inc.\*—Class A (Software) | 311 | 158395 |
| CSX Corp. (Ground Transportation) | 1079 | 35208 |
| Cummins, Inc. (Machinery) | 173 | 56658 |
| Darden Restaurants, Inc. (Hotels, Restaurants & <br>Leisure) | 63 | 13732 |
| DaVita, Inc.\* (Health Care Providers & Services) | 52 | 7407 |
| Dayforce, Inc.\* (Professional Services) | 198 | 10967 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 188 | 19377 |
| Deere & Co. (Machinery) | 139 | 70680 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 173 | 21210 |
| Delta Air Lines, Inc. (Passenger Airlines) | 816 | 40131 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 210 | 18331 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 18 | 8111 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 430 | 105999 |
| Dover Corp. (Machinery) | 77 | 14109 |
| Eaton Corp. PLC (Electrical Equipment) | 489 | 174568 |
| eBay, Inc. (Broadline Retail) | 385 | 28667 |
| Ecolab, Inc. (Chemicals) | 156 | 42033 |
| Electronic Arts, Inc. (Entertainment) | 114 | 18206 |
| Eli Lilly & Co. (Pharmaceuticals) | 987 | 769396 |
| Emerson Electric Co. (Electrical Equipment) | 479 | 63865 |
| Equinix, Inc. (Specialized REITs) | 57 | 45342 |
| Erie Indemnity Co.\*—Class A (Insurance) | 33 | 11444 |
| Essex Property Trust, Inc. (Residential REITs) | 40 | 11335 |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 151 | 25471 |
| Extra Space Storage, Inc. (Specialized REITs) | 118 | 17398 |
| F5, Inc.\* (Communications Equipment) | 34 | 10007 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 22 | 9840 |
| Fair Isaac Corp.\* (Software) | 32 | 58495 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 817 | 34314 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | —<br> <sup>(b)</sup> |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 72 | 11919 |
| Fiserv, Inc.\* (Financial Services) | 694 | 119653 |
| Fortinet, Inc.\* (Software) | 793 | 83836 |
| Garmin, Ltd. (Household Durables) | 194 | 40492 |
| Gartner, Inc.\* (IT Services) | 98 | 39614 |
| GE Vernova, Inc.\* (Electrical Equipment) | 343 | 181498 |
| Gen Digital, Inc. (Software) | 394 | 11584 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 46 | 6588 |
| General Electric Co. (Industrial Conglomerates) | 548 | 141050 |
| GoDaddy, Inc.\*—Class A (IT Services) | 178 | 32051 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Large-Cap Growth :: 41**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 129 | $49420 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 348 | 48212 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 298 | 79369 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 545 | 8371 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 506 | 94182 |
| Hubbell, Inc. (Electrical Equipment) | 67 | 27363 |
| Illinois Tool Works, Inc. (Machinery) | 137 | 33873 |
| Incyte Corp.\* (Biotechnology) | 118 | 8036 |
| Ingersoll Rand, Inc. (Machinery) | 504 | 41923 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 89 | 27962 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 374 | 68618 |
| International Business Machines Corp. <br>(IT Services) | 1167 | 344008 |
| Intuit, Inc. (Software) | 351 | 276458 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 449 | 243992 |
| Iron Mountain, Inc. (Specialized REITs) | 368 | 37746 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 36 | 6486 |
| JPMorgan Chase & Co. (Banks) | 1986 | 575761 |
| KKR & Co., Inc. (Capital Markets) | 371 | 49354 |
| KLA Corp. (Semiconductors & Semiconductor <br>Equipment) | 166 | 148693 |
| Las Vegas Sands Corp. (Hotels, Restaurants & <br>Leisure) | 422 | 18361 |
| Leidos Holdings, Inc. (Professional Services) | 83 | 13094 |
| Lennox International, Inc. (Building Products) | 41 | 23503 |
| Live Nation Entertainment, Inc.\* <br>(Entertainment) | 195 | 29500 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 64 | 15205 |
| Marriott International, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 285 | 77953 |
| Marsh & McLennan Cos., Inc. (Insurance) | 272 | 59470 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 40 | 21958 |
| Masco Corp. (Building Products) | 106 | 6822 |
| MasterCard, Inc.—Class A (Financial Services) | 1016 | 570931 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 2722 | 2009080 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 11 | 12922 |
| Microsoft Corp. (Software) | 4843 | 2408957 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 59 | 8733 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 59 | 43151 |
| Monster Beverage Corp.\* (Beverages) | 385 | 24116 |
| Moody's Corp. (Capital Markets) | 102 | 51162 |
| Morgan Stanley (Capital Markets) | 696 | 98039 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 211 | 88717 |
| MSCI, Inc. (Capital Markets) | 98 | 56521 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Nasdaq, Inc. (Capital Markets) | 210 | $18778 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 117 | 12466 |
| Netflix, Inc.\* (Entertainment) | 533 | 713756 |
| NextEra Energy, Inc. (Electric Utilities) | 1725 | 119750 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 555 | 11255 |
| NRG Energy, Inc. (Electric Utilities) | 243 | 39021 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 30571 | 4829913 |
| NVR, Inc.\* (Household Durables) | 2 | 14771 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 125 | 27311 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 108 | 17528 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 435 | 35509 |
| Oracle Corp. (Software) | 2039 | 445787 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 1069 | 96349 |
| PACCAR, Inc. (Machinery) | 360 | 34222 |
| Packaging Corp. of America (Containers & <br>Packaging) | 56 | 10553 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 2665 | 363293 |
| Palo Alto Networks, Inc.\* (Software) | 828 | 169442 |
| Parker-Hannifin Corp. (Machinery) | 161 | 112453 |
| Paychex, Inc. (Professional Services) | 188 | 27346 |
| Paycom Software, Inc. (Professional Services) | 60 | 13884 |
| PayPal Holdings, Inc.\* (Financial Services) | 814 | 60496 |
| Pentair PLC (Machinery) | 131 | 13448 |
| Philip Morris International, Inc. (Tobacco) | 1055 | 192147 |
| PPL Corp. (Electric Utilities) | 477 | 16166 |
| PTC, Inc.\* (Software) | 71 | 12236 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 292 | 24581 |
| Public Storage (Specialized REITs) | 198 | 58097 |
| PulteGroup, Inc. (Household Durables) | 249 | 26260 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 187 | 70701 |
| Ralph Lauren Corp. (Textiles, Apparel & Luxury <br>Goods) | 50 | 13714 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 140 | 21472 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 955 | 139450 |
| Republic Services, Inc. (Commercial Services & <br>Supplies) | 254 | 62639 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 185 | 47730 |
| Rollins, Inc. (Commercial Services & Supplies) | 202 | 11397 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 312 | 97700 |
| S&P Global, Inc. (Capital Markets) | 186 | 98075 |
| Salesforce, Inc. (Software) | 1202 | 327773 |
| ServiceNow, Inc.\* (Software) | 260 | 267301 |
| Simon Property Group, Inc. (Retail REITs) | 384 | 61732 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 229 | 90599 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 640 | 31366 |
| Synchrony Financial (Consumer Finance) | 473 | 31568 |

---

**See accompanying notes to financial statements.**

------

**42 :: ProFund VP Large-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Synopsys, Inc.\* (Software) | 102 | $52293 |
| Tapestry, Inc. (Textiles, Apparel & Luxury <br>Goods) | 257 | 22567 |
| Targa Resources Corp. (Oil, Gas & Consumable <br>Fuels) | 271 | 47176 |
| Tesla, Inc.\* (Automobiles) | 3512 | 1115622 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 24 | 25353 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 482 | 43915 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 193 | 24486 |
| The Home Depot, Inc. (Specialty Retail) | 548 | 200919 |
| The Progressive Corp. (Insurance) | 735 | 196142 |
| The Sherwin-Williams Co. (Chemicals) | 165 | 56654 |
| The TJX Cos., Inc. (Specialty Retail) | 825 | 101879 |
| The Williams Cos., Inc. (Oil, Gas & Consumable <br>Fuels) | 793 | 49808 |
| TKO Group Holdings, Inc.\* (Entertainment) | 83 | 15102 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 316 | 75290 |
| Tractor Supply Co. (Specialty Retail) | 356 | 18786 |
| Trane Technologies PLC (Building Products) | 280 | 122475 |
| TransDigm Group, Inc. (Aerospace & Defense) | 71 | 107965 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 128 | 9725 |
| Tyler Technologies, Inc.\* (Software) | 55 | 32606 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 2618 | 244260 |
| UDR, Inc. (Residential REITs) | 167 | 6819 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 407 | 32409 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 81 | 61026 |
| Veralto Corp. (Commercial Services & Supplies) | 147 | 14840 |
| Verisk Analytics, Inc. (Professional Services) | 77 | 23986 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 321 | 142909 |
| Visa, Inc.—Class A (Financial Services) | 2144 | 761227 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 424 | 82175 |
| Vulcan Materials Co. (Construction Materials) | 103 | 26865 |
| W.R. Berkley Corp. (Insurance) | 205 | 15061 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 55 | 57213 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Wabtec Corp. (Machinery) | 214 | $44801 |
| Walmart, Inc. (Consumer Staples Distribution & <br>Retail) | 3626 | 354550 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 243 | 55603 |
| Waters Corp.\* (Life Sciences Tools & Services) | 35 | 12216 |
| Welltower, Inc. (Health Care REITs) | 420 | 64567 |
| Williams-Sonoma, Inc. (Specialty Retail) | 154 | 25159 |
| Willis Towers Watson PLC (Insurance) | 59 | 18084 |
| Workday, Inc.\*—Class A (Software) | 128 | 30720 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 107 | 10023 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 141 | 20893 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 29 | 8942 |
| **TOTAL COMMON STOCKS**<br> (Cost $16,433,923) |  | **35175664** |

---

**Repurchase Agreements<sup>(c)</sup> (0.5%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $160,019 | $160000 | $160000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $160,000) |  | **160000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $16,593,923)—100.3% |  | **35335664** |
| Net other assets (liabilities)—(0.3)% |  | (104059) |
| **NET ASSETS—100.0%** |  | $**35231605** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> Amount is less than $0.50.

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

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Large-Cap Growth :: 43**

ProFund VP Large-Cap Growth invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $418595 | 1.2% |
| Automobiles | 1115622 | 3.2% |
| Banks | 575762 | 1.6% |
| Beverages | 24116 | 0.1% |
| Biotechnology | 404543 | 1.1% |
| Broadline Retail | 1535876 | 4.3% |
| Building Products | 203948 | 0.6% |
| Capital Markets | 625919 | 1.8% |
| Chemicals | 98687 | 0.3% |
| Commercial Services & Supplies | 294192 | 0.8% |
| Communications Equipment | 230499 | 0.7% |
| Construction & Engineering | 70701 | 0.2% |
| Construction Materials | 48823 | 0.1% |
| Consumer Finance | 252940 | 0.7% |
| Consumer Staples Distribution & Retail | 904957 | 2.6% |
| Containers & Packaging | 10553 | <sup>NM</sup> |
| Electric Utilities | 301781 | 0.9% |
| Electrical Equipment | 478493 | 1.4% |
| Electronic Equipment, Instruments & <br>Components | 168175 | 0.5% |
| Entertainment | 776563 | 2.2% |
| Financial Services | 2146271 | 6.1% |
| Ground Transportation | 296995 | 0.8% |
| Health Care Equipment & Supplies | 627537 | 1.8% |
| Health Care Providers & Services | 56827 | 0.1% |
| Health Care REITs | 64567 | 0.2% |
| Hotel & Resort REITs | 8371 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 914957 | 2.6% |
| Household Durables | 81523 | 0.2% |
| Household Products | 40360 | 0.1% |
| Independent Power/Renewable <br>Electricity Producers | 82175 | 0.2% |
| Industrial Conglomerates | 141050 | 0.4% |
| Insurance | 516819 | 1.5% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $4338442 | 12.3% |
| IT Services | 415673 | 1.2% |
| Life Sciences Tools & Services | 25138 | 0.1% |
| Machinery | 650823 | 1.8% |
| Multi-Utilities | 24581 | 0.1% |
| Oil, Gas & Consumable Fuels | 206058 | 0.6% |
| Passenger Airlines | 72540 | 0.2% |
| Pharmaceuticals | 769396 | 2.2% |
| Professional Services | 194510 | 0.6% |
| Real Estate Management & <br>Development | 51424 | 0.1% |
| Residential REITs | 50401 | 0.1% |
| Retail REITs | 61732 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 6763656 | 19.2% |
| Software | 4974093 | 14.1% |
| Specialized REITs | 158583 | 0.5% |
| Specialty Retail | 521049 | 1.5% |
| Technology Hardware, Storage & <br>Peripherals | 1831761 | 5.2% |
| Textiles, Apparel & Luxury Goods | 70863 | 0.2% |
| Tobacco | 248901 | 0.7% |
| Trading Companies & Distributors | 152553 | 0.4% |
| Wireless Telecommunication Services | 75290 | 0.2% |
| Other\*\* | 55941 | 0.2% |
| **Total** | $**35231605** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**44 :: ProFund VP Large-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (99.8%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 323 | $49174 |
| A.O. Smith Corp. (Building Products) | 70 | 4590 |
| Abbott Laboratories (Health Care <br>Equipment & Supplies) | 1042 | 141723 |
| AbbVie, Inc. (Biotechnology) | 614 | 113970 |
| Accenture PLC—Class A (IT Services) | 375 | 112084 |
| Adobe, Inc.\* (Software) | 148 | 57257 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 971 | 137784 |
| Aflac, Inc. (Insurance) | 291 | 30689 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 171 | 20180 |
| Air Products & Chemicals, Inc. (Chemicals) | 133 | 37514 |
| Akamai Technologies, Inc.\* (IT Services) | 88 | 7019 |
| Albemarle Corp. (Chemicals) | 71 | 4450 |
| Alexandria Real Estate Equities, Inc. (Office <br>REITs) | 93 | 6755 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 40 | 7573 |
| Allegion PLC (Building Products) | 25 | 3603 |
| Alliant Energy Corp. (Electric Utilities) | 154 | 9312 |
| Allstate Corp. (Insurance) | 158 | 31807 |
| Altria Group, Inc. (Tobacco) | 545 | 31953 |
| Amazon.com, Inc.\* (Broadline Retail) | 2377 | 521490 |
| Amcor PLC (Containers & Packaging) | 1372 | 12609 |
| Ameren Corp. (Multi-Utilities) | 162 | 15558 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 320 | 33203 |
| American International Group, Inc. (Insurance) | 345 | 29529 |
| American Tower Corp.—Class A (Specialized <br>REITs) | 281 | 62106 |
| American Water Works Co., Inc. (Water <br>Utilities) | 117 | 16276 |
| AMETEK, Inc. (Electrical Equipment) | 73 | 13210 |
| Amgen, Inc. (Biotechnology) | 184 | 51375 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 297 | 70692 |
| ANSYS, Inc.\* (Software) | 30 | 10537 |
| Aon PLC—Class A (Insurance) | 63 | 22476 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 216 | 3951 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 4832 | 991381 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 282 | 51626 |
| Aptiv PLC\* (Automobile Components) | 131 | 8937 |
| Archer-Daniels-Midland Co. (Food Products) | 287 | 15148 |
| Arthur J. Gallagher & Co. (Insurance) | 85 | 27210 |
| Assurant, Inc. (Insurance) | 31 | 6122 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 4311 | 124760 |
| Atmos Energy Corp. (Gas Utilities) | 95 | 14640 |
| Automatic Data Processing, Inc. (Professional <br>Services) | 104 | 32074 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 47 | 9565 |
| Avery Dennison Corp. (Containers & Packaging) | 47 | 8247 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 593 | 22736 |
| Ball Corp. (Containers & Packaging) | 166 | 9311 |
| Bank of America Corp. (Banks) | 3926 | 185778 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 307 | $9296 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 171 | 29455 |
| Berkshire Hathaway, Inc.\*—Class B (Financial <br>Services) | 560 | 272031 |
| Best Buy Co., Inc. (Specialty Retail) | 115 | 7720 |
| Biogen, Inc.\* (Biotechnology) | 88 | 11052 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 94 | 4836 |
| BlackRock, Inc. (Capital Markets) | 88 | 92334 |
| Blackstone, Inc. (Capital Markets) | 437 | 65366 |
| Boston Properties, Inc. (Office REITs) | 88 | 5937 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 1219 | 56428 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 39 | 9478 |
| Brown-Forman Corp.—Class B (Beverages) | 109 | 2933 |
| Builders FirstSource, Inc.\* (Building Products) | 31 | 3617 |
| Bunge Global SA (Food Products) | 81 | 6503 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 71 | 6812 |
| Cadence Design Systems, Inc.\* (Software) | 74 | 22803 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 125 | 3549 |
| Camden Property Trust (Residential REITs) | 31 | 3493 |
| Campbell Soup Co. (Food Products) | 118 | 3617 |
| Capital One Financial Corp. (Consumer Finance) | 383 | 81487 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 143 | 24024 |
| CarMax, Inc.\* (Specialty Retail) | 92 | 6183 |
| Carrier Global Corp. (Building Products) | 248 | 18151 |
| Cboe Global Markets, Inc. (Capital Markets) | 63 | 14692 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 79 | 14109 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 103 | 30885 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 298 | 16175 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 391 | 14365 |
| CF Industries Holdings, Inc. (Chemicals) | 97 | 8924 |
| Charles River Laboratories International, Inc.\* <br>(Life Sciences Tools & Services) | 30 | 4552 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 57 | 23302 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 973 | 139324 |
| Chubb, Ltd. (Insurance) | 223 | 64608 |
| Church & Dwight Co., Inc. (Household <br>Products) | 148 | 14224 |
| Cincinnati Financial Corp. (Insurance) | 44 | 6552 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 2384 | 165402 |
| Citigroup, Inc. (Banks) | 1119 | 95249 |
| Citizens Financial Group, Inc. (Banks) | 260 | 11635 |
| CME Group, Inc. (Capital Markets) | 216 | 59534 |
| CMS Energy Corp. (Multi-Utilities) | 179 | 12401 |
| Cognizant Technology Solutions Corp.—<br>Class A (IT Services) | 295 | 23019 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 65 | 22782 |
| Colgate-Palmolive Co. (Household Products) | 272 | 24725 |
| Comcast Corp.—Class A (Media) | 2231 | 79624 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Large-Cap Value :: 45**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Conagra Brands, Inc. (Food Products) | 286 | $5854 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 756 | 67843 |
| Consolidated Edison, Inc. (Multi-Utilities) | 216 | 21676 |
| Constellation Brands, Inc.—Class A (Beverages) | 92 | 14967 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 462 | 24297 |
| Corteva, Inc. (Chemicals) | 408 | 30408 |
| CoStar Group, Inc.\* (Real Estate Management & <br>Development) | 253 | 20341 |
| Coterra Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 457 | 11599 |
| Crown Castle International Corp. (Specialized <br>REITs) | 261 | 26813 |
| CSX Corp. (Ground Transportation) | 607 | 19806 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 758 | 52287 |
| D.R. Horton, Inc. (Household Durables) | 165 | 21271 |
| Danaher Corp. (Life Sciences Tools & Services) | 382 | 75460 |
| Darden Restaurants, Inc. (Hotels, Restaurants & <br>Leisure) | 40 | 8719 |
| Deere & Co. (Machinery) | 85 | 43221 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 95 | 11647 |
| Devon Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 385 | 12247 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 134 | 11697 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 112 | 15389 |
| Digital Realty Trust, Inc. (Specialized REITs) | 190 | 33122 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 132 | 15098 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 118 | 11687 |
| Dominion Energy, Inc. (Multi-Utilities) | 511 | 28882 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 12 | 5407 |
| Dover Corp. (Machinery) | 45 | 8245 |
| Dow, Inc. (Chemicals) | 423 | 11201 |
| DTE Energy Co. (Multi-Utilities) | 124 | 16425 |
| Duke Energy Corp. (Electric Utilities) | 466 | 54988 |
| DuPont de Nemours, Inc. (Chemicals) | 251 | 17216 |
| Eastman Chemical Co. (Chemicals) | 69 | 5152 |
| eBay, Inc. (Broadline Retail) | 92 | 6850 |
| Ecolab, Inc. (Chemicals) | 77 | 20747 |
| Edison International (Electric Utilities) | 230 | 11868 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 351 | 27452 |
| Electronic Arts, Inc. (Entertainment) | 82 | 13095 |
| Elevance Health, Inc. (Health Care Providers & <br>Services) | 136 | 52898 |
| Emerson Electric Co. (Electrical Equipment) | 108 | 14400 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 79 | 3132 |
| Entergy Corp. (Electric Utilities) | 268 | 22276 |
| EOG Resources, Inc. (Oil, Gas & Consumable <br>Fuels) | 327 | 39112 |
| EPAM Systems, Inc.\* (IT Services) | 33 | 5835 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 358 | 20879 |
| Equifax, Inc. (Professional Services) | 75 | 19453 |
| Equinix, Inc. (Specialized REITs) | 31 | 24660 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Equity Residential (Residential REITs) | 205 | $13836 |
| Essex Property Trust, Inc. (Residential REITs) | 20 | 5668 |
| Everest Group, Ltd. (Insurance) | 26 | 8836 |
| Evergy, Inc. (Electric Utilities) | 138 | 9512 |
| Eversource Energy (Electric Utilities) | 220 | 13996 |
| Exelon Corp. (Electric Utilities) | 604 | 26226 |
| Expand Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 130 | 15202 |
| Expeditors International of Washington, Inc. <br>(Air Freight & Logistics) | 82 | 9369 |
| Extra Space Storage, Inc. (Specialized REITs) | 70 | 10321 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 2582 | 278341 |
| F5, Inc.\* (Communications Equipment) | 19 | 5592 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 13 | 5815 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 295 | 12390 |
| Federal Realty Investment Trust (Retail REITs) | 46 | 4370 |
| FedEx Corp. (Air Freight & Logistics) | 132 | 30005 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 315 | 25644 |
| Fifth Third Bancorp (Banks) | 399 | 16411 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | 10 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 31 | 5132 |
| FirstEnergy Corp. (Electric Utilities) | 308 | 12400 |
| Ford Motor Co. (Automobiles) | 2339 | 25378 |
| Fortive Corp.\* (Machinery) | 204 | 10635 |
| Fox Corp.\*—Class A (Media) | 128 | 7173 |
| Fox Corp.—Class B (Media) | 79 | 4079 |
| Franklin Resources, Inc. (Capital Markets) | 185 | 4412 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 860 | 37281 |
| GE HealthCare Technologies, Inc. (Health Care <br>Equipment & Supplies) | 275 | 20369 |
| Gen Digital, Inc. (Software) | 137 | 4028 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 14 | 2005 |
| General Dynamics Corp. (Aerospace & <br>Defense) | 151 | 44041 |
| General Electric Co. (Industrial Conglomerates) | 377 | 97036 |
| General Mills, Inc. (Food Products) | 328 | 16994 |
| General Motors Co. (Automobiles) | 576 | 28345 |
| Genuine Parts Co. (Distributors) | 83 | 10068 |
| Gilead Sciences, Inc. (Biotechnology) | 745 | 82598 |
| Global Payments, Inc. (Financial Services) | 146 | 11686 |
| Globe Life, Inc. (Insurance) | 49 | 6090 |
| Halliburton Co. (Energy Equipment & Services) | 514 | 10475 |
| Hasbro, Inc. (Leisure Products) | 79 | 5832 |
| HCA Healthcare, Inc. (Health Care Providers & <br>Services) | 42 | 16090 |
| Healthpeak Properties, Inc. (Health Care REITs) | 415 | 7267 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 73 | 5333 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 787 | 16094 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 134 | 8731 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 385 | 89659 |
| Hormel Foods Corp. (Food Products) | 174 | 5264 |

---

**See accompanying notes to financial statements.**

------

**46 :: ProFund VP Large-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 153 | $2350 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 564 | 13795 |
| Humana, Inc. (Health Care Providers & <br>Services) | 72 | 17603 |
| Huntington Bancshares, Inc. (Banks) | 873 | 14631 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 24 | 5795 |
| IDEX Corp. (Machinery) | 45 | 7901 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 48 | 25744 |
| Illinois Tool Works, Inc. (Machinery) | 94 | 23241 |
| Incyte Corp.\* (Biotechnology) | 38 | 2588 |
| Intel Corp. (Semiconductors & Semiconductor <br>Equipment) | 2612 | 58509 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 165 | 30273 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 154 | 11327 |
| International Paper Co. (Containers & <br>Packaging) | 316 | 14798 |
| Invesco, Ltd. (Capital Markets) | 267 | 4211 |
| Invitation Homes, Inc. (Residential REITs) | 341 | 11185 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 98 | 15444 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 47 | 6749 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 64 | 13958 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 27 | 4865 |
| Jacobs Solutions, Inc. (Professional Services) | 72 | 9464 |
| Johnson & Johnson (Pharmaceuticals) | 1442 | 220265 |
| Johnson Controls International PLC (Building <br>Products) | 395 | 41720 |
| JPMorgan Chase & Co. (Banks) | 716 | 207576 |
| Juniper Networks, Inc. (Communications <br>Equipment) | 199 | 7946 |
| Kellanova (Food Products) | 161 | 12804 |
| Kenvue, Inc. (Personal Care Products) | 1150 | 24069 |
| Keurig Dr Pepper, Inc. (Beverages) | 814 | 26911 |
| KeyCorp (Banks) | 590 | 10278 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 103 | 16878 |
| Kimberly-Clark Corp. (Household Products) | 199 | 25655 |
| Kimco Realty Corp. (Retail REITs) | 405 | 8513 |
| Kinder Morgan, Inc. (Oil, Gas & Consumable <br>Fuels) | 1158 | 34045 |
| KKR & Co., Inc. (Capital Markets) | 227 | 30198 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 112 | 28094 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 50 | 13126 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 767 | 74660 |
| Lamb Weston Holdings, Inc. (Food Products) | 85 | 4407 |
| Leidos Holdings, Inc. (Professional Services) | 37 | 5837 |
| Lennar Corp.—Class A (Household Durables) | 139 | 15375 |
| Linde PLC (Chemicals) | 282 | 132308 |
| LKQ Corp. (Distributors) | 154 | 5700 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lockheed Martin Corp. (Aerospace & Defense) | 125 | $57893 |
| Loews Corp. (Insurance) | 104 | 9533 |
| Lowe's Cos., Inc. (Specialty Retail) | 336 | 74548 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 35 | 8315 |
| LyondellbBasell Industries N.V.—Class A <br>(Chemicals) | 155 | 8968 |
| M&T Bank Corp. (Banks) | 96 | 18623 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 184 | 30564 |
| MarketAxess Holdings, Inc. (Capital Markets) | 23 | 5137 |
| Marriott International, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | —<br> <sup>(a)</sup> | 85 |
| Marsh & McLennan Cos., Inc. (Insurance) | 165 | 36076 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 18 | 9882 |
| Masco Corp. (Building Products) | 75 | 4827 |
| Match Group, Inc.\* (Interactive Media & <br>Services) | 146 | 4510 |
| McCormick & Co., Inc. (Food Products) | 152 | 11525 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 428 | 125049 |
| McKesson Corp. (Health Care Providers & <br>Services) | 75 | 54958 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 769 | 67034 |
| Merck & Co., Inc. (Pharmaceuticals) | 1504 | 119057 |
| MetLife, Inc. (Insurance) | 338 | 27182 |
| Mettler-Toledo International, Inc.\* (Life Sciences <br>Tools & Services) | 7 | 8223 |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 124 | 4264 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 322 | 22659 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 669 | 82454 |
| Microsoft Corp. (Software) | 2138 | 1063462 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 41 | 6068 |
| Moderna, Inc.\* (Biotechnology) | 203 | 5601 |
| Mohawk Industries, Inc.\* (Household Durables) | 31 | 3250 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 32 | 9533 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 102 | 4905 |
| Mondelez International, Inc.—Class A (Food <br>Products) | 776 | 52332 |
| Monster Beverage Corp.\* (Beverages) | 235 | 14720 |
| Moody's Corp. (Capital Markets) | 44 | 22070 |
| Morgan Stanley (Capital Markets) | 407 | 57330 |
| Nasdaq, Inc. (Capital Markets) | 146 | 13055 |
| NetApp, Inc. (Technology Hardware, Storage & <br>Peripherals) | 65 | 6926 |
| Newmont Corp. (Metals & Mining) | 666 | 38800 |
| News Corp.—Class A (Media) | 226 | 6717 |
| News Corp.—Class B (Media) | 67 | 2299 |
| NextEra Energy, Inc. (Electric Utilities) | 407 | 28254 |
| NIKE, Inc.—Class B (Textiles, Apparel & Luxury <br>Goods) | 706 | 50155 |
| NiSource, Inc. (Multi-Utilities) | 282 | 11376 |
| Nordson Corp. (Machinery) | 32 | 6860 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Large-Cap Value :: 47**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Norfolk Southern Corp. (Ground Transportation) | 135 | $34556 |
| Northern Trust Corp. (Capital Markets) | 116 | 14708 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 81 | 40498 |
| Nucor Corp. (Metals & Mining) | 138 | 17877 |
| NVR, Inc.\* (Household Durables) | 1 | 7386 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 91 | 19883 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 424 | 17812 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 60 | 9738 |
| Omnicom Group, Inc. (Media) | 117 | 8417 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 250 | 13103 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 164 | 13387 |
| Otis Worldwide Corp. (Machinery) | 236 | 23368 |
| PACCAR, Inc. (Machinery) | 142 | 13499 |
| Packaging Corp. of America (Containers & <br>Packaging) | 27 | 5088 |
| Paramount Global<sup>(b)</sup>—Class B (Media) | 359 | 4631 |
| Paychex, Inc. (Professional Services) | 101 | 14691 |
| PayPal Holdings, Inc.\* (Financial Services) | 192 | 14269 |
| Pentair PLC (Machinery) | 34 | 3490 |
| PepsiCo, Inc. (Beverages) | 822 | 108537 |
| Pfizer, Inc. (Pharmaceuticals) | 3406 | 82561 |
| PG&E Corp. (Electric Utilities) | 1316 | 18345 |
| Philip Morris International, Inc. (Tobacco) | 429 | 78134 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 244 | 29109 |
| Pinnacle West Capital Corp. (Electric Utilities) | 72 | 6442 |
| PNC Financial Services Group, Inc. (Banks) | 237 | 44182 |
| Pool Corp. (Distributors) | 23 | 6704 |
| PPG Industries, Inc. (Chemicals) | 136 | 15470 |
| PPL Corp. (Electric Utilities) | 212 | 7185 |
| Principal Financial Group, Inc. (Insurance) | 124 | 9849 |
| Prologis, Inc. (Industrial REITs) | 556 | 58447 |
| Prudential Financial, Inc. (Insurance) | 212 | 22777 |
| PTC, Inc.\* (Software) | 38 | 6549 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 158 | 13300 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 657 | 104634 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 67 | 12035 |
| Ralliant Corp.\* (Electrical Equipment) | 1 | 48 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 41 | 6288 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 344 | 50231 |
| Realty Income Corp. (Retail REITs) | 541 | 31167 |
| Regency Centers Corp. (Retail REITs) | 97 | 6909 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 62 | 32550 |
| Regions Financial Corp. (Banks) | 538 | 12654 |
| Revvity, Inc. (Life Sciences Tools & Services) | 71 | 6867 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 68 | 22588 |
| Rollins, Inc. (Commercial Services & Supplies) | 71 | 4006 |
| Roper Technologies, Inc. (Software) | 64 | 36278 |
| Ross Stores, Inc. (Specialty Retail) | 197 | 25133 |
| S&P Global, Inc. (Capital Markets) | 99 | 52202 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 64 | $15030 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 815 | 27547 |
| Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | 127 | 18330 |
| Sempra (Multi-Utilities) | 391 | 29627 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 90 | 6707 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 297 | 12816 |
| Snap-on, Inc. (Machinery) | 31 | 9647 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 83 | 6295 |
| Southwest Airlines Co. (Passenger Airlines) | 341 | 11062 |
| Stanley Black & Decker, Inc. (Machinery) | 93 | 6301 |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 681 | 62400 |
| State Street Corp. (Capital Markets) | 171 | 18184 |
| Steel Dynamics, Inc. (Metals & Mining) | 83 | 10625 |
| STERIS PLC (Health Care Equipment & <br>Supplies) | 59 | 14173 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 96 | 37980 |
| Synopsys, Inc.\* (Software) | 44 | 22558 |
| Sysco Corp. (Consumer Staples Distribution & <br>Retail) | 290 | 21965 |
| T. Rowe Price Group, Inc. (Capital Markets) | 132 | 12738 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 101 | 24528 |
| Target Corp. (Consumer Staples Distribution & <br>Retail) | 273 | 26931 |
| TE Connectivity, Ltd. (Electronic Equipment, <br>Instruments & Components) | 178 | 30023 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 29 | 14857 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 96 | 8632 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 544 | 112945 |
| Textron, Inc. (Aerospace & Defense) | 108 | 8671 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 425 | 4471 |
| The Bank of New York Mellon Corp. (Capital <br>Markets) | 197 | 17949 |
| The Boeing Co.\* (Aerospace & Defense) | 452 | 94708 |
| The Charles Schwab Corp. (Capital Markets) | 1024 | 93430 |
| The Cigna Group (Health Care Providers & <br>Services) | 160 | 52893 |
| The Clorox Co. (Household Products) | 74 | 8885 |
| The Coca-Cola Co. (Beverages) | 2321 | 164210 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 120 | 8539 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 141 | 11393 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 184 | 130225 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 77 | 9769 |
| The Hershey Co. (Food Products) | 89 | 14770 |
| The Home Depot, Inc. (Specialty Retail) | 334 | 122459 |
| The Interpublic Group of Cos., Inc. (Media) | 221 | 5410 |
| The J.M. Smucker Co. (Food Products) | 64 | 6285 |

---

**See accompanying notes to financial statements.**

------

**48 :: ProFund VP Large-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Kraft Heinz Co. (Food Products) | 517 | $13349 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 367 | 26325 |
| The Mosaic Co. (Chemicals) | 190 | 6931 |
| The Procter & Gamble Co. (Household <br>Products) | 1404 | 223686 |
| The Sherwin-Williams Co. (Chemicals) | 59 | 20258 |
| The Southern Co. (Electric Utilities) | 658 | 60425 |
| The TJX Cos., Inc. (Specialty Retail) | 275 | 33960 |
| The Travelers Cos., Inc. (Insurance) | 136 | 36385 |
| The Walt Disney Co. (Entertainment) | 1077 | 133559 |
| The Williams Cos., Inc. (Oil, Gas & Consumable <br>Fuels) | 351 | 22046 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 226 | 91634 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 134 | 31927 |
| Tractor Supply Co. (Specialty Retail) | 146 | 7704 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 80 | 6078 |
| Truist Financial Corp. (Banks) | 784 | 33704 |
| Tyson Foods, Inc.—Class A (Food Products) | 171 | 9566 |
| U.S. Bancorp (Banks) | 933 | 42218 |
| UDR, Inc. (Residential REITs) | 99 | 4042 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 27 | 12631 |
| Union Pacific Corp. (Ground Transportation) | 358 | 82369 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 440 | 44413 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 543 | 169399 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 34 | 6159 |
| Valero Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 188 | 25271 |
| Ventas, Inc. (Health Care REITs) | 271 | 17114 |
| Veralto Corp. (Commercial Services & Supplies) | 77 | 7773 |
| VeriSign, Inc.\* (IT Services) | 48 | 13862 |
| Verisk Analytics, Inc. (Professional Services) | 47 | 14641 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 2525 | 109257 |
| Viatris, Inc. (Pharmaceuticals) | 702 | 6269 |
| VICI Properties, Inc. (Specialized REITs) | 633 | 20636 |
| Vulcan Materials Co. (Construction Materials) | 31 | 8085 |
| W.R. Berkley Corp. (Insurance) | 81 | 5951 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 429 | 4925 |
| Walmart, Inc. (Consumer Staples Distribution & <br>Retail) | 854 | 83504 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 1347 | 15437 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 103 | 23568 |
| Waters Corp.\* (Life Sciences Tools & Services) | 20 | 6981 |
| WEC Energy Group, Inc. (Multi-Utilities) | 191 | 19902 |
| Wells Fargo & Co. (Banks) | 1950 | 156234 |
| Welltower, Inc. (Health Care REITs) | 171 | 26287 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 43 | 9408 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Western Digital Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 209 | $13374 |
| Weyerhaeuser Co. (Specialized REITs) | 434 | 11149 |
| Willis Towers Watson PLC (Insurance) | 31 | 9502 |
| Workday, Inc.\*—Class A (Software) | 69 | 16560 |
| Xcel Energy, Inc. (Electric Utilities) | 345 | 23495 |
| Xylem, Inc. (Machinery) | 146 | 18887 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 98 | 14522 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 17 | 5242 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 118 | 10763 |
| Zoetis, Inc. (Pharmaceuticals) | 267 | 41639 |
| **TOTAL COMMON STOCKS**<br> (Cost $10,264,361) |  | **14641264** |

---

**Repurchase Agreements<sup>(c)</sup> (0.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $49,006 | $49000 | $49000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $49,000) |  | **49000** |

---

**Collateral for Securities Loaned<sup>(d)NM</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.37%<sup>(e)</sup> | 4335 | $4335 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $4,335) |  | **4335** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,317,696)—100.1% |  | **14694599** |
| Net other assets (liabilities)—(0.1)% |  | (14495) |
| **NET ASSETS—100.0%** |  | $**14680104** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $4,386.

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

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Large-Cap Value :: 49**

ProFund VP Large-Cap Value invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $329930 | 2.3% |
| Air Freight & Logistics | 90600 | 0.6% |
| Automobile Components | 8937 | 0.1% |
| Automobiles | 53723 | 0.4% |
| Banks | 849183 | 5.8% |
| Beverages | 337184 | 2.3% |
| Biotechnology | 299734 | 2.0% |
| Broadline Retail | 528340 | 3.6% |
| Building Products | 76508 | 0.5% |
| Capital Markets | 772933 | 5.3% |
| Chemicals | 330874 | 2.3% |
| Commercial Services & Supplies | 35348 | 0.2% |
| Communications Equipment | 178940 | 1.2% |
| Construction Materials | 17967 | 0.1% |
| Consumer Finance | 81487 | 0.6% |
| Consumer Staples Distribution & Retail | 190435 | 1.3% |
| Containers & Packaging | 62869 | 0.4% |
| Distributors | 22472 | 0.2% |
| Diversified Telecommunication Services | 234017 | 1.6% |
| Electric Utilities | 337926 | 2.3% |
| Electrical Equipment | 52251 | 0.4% |
| Electronic Equipment, Instruments & <br>Components | 125442 | 0.9% |
| Energy Equipment & Services | 60758 | 0.4% |
| Entertainment | 186619 | 1.3% |
| Financial Services | 328495 | 2.2% |
| Food Products | 178417 | 1.2% |
| Gas Utilities | 14641 | 0.1% |
| Ground Transportation | 153218 | 1.0% |
| Health Care Equipment & Supplies | 426824 | 2.9% |
| Health Care Providers & Services | 533398 | 3.6% |
| Health Care REITs | 50668 | 0.3% |
| Hotel & Resort REITs | 2350 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 223995 | 1.5% |
| Household Durables | 47282 | 0.3% |
| Household Products | 297175 | 2.0% |
| Independent Power/Renewable <br>Electricity Producers | 4471 | <sup>NM</sup> |
| Industrial Conglomerates | 235868 | 1.6% |
| Industrial REITs | 58447 | 0.4% |
| Insurance | 400943 | 2.7% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Interactive Media & Services | $4510 | <sup>NM</sup> |
| IT Services | 161819 | 1.1% |
| Leisure Products | 5832 | <sup>NM</sup> |
| Life Sciences Tools & Services | 243585 | 1.7% |
| Machinery | 175295 | 1.2% |
| Media | 141652 | 1.0% |
| Metals & Mining | 104583 | 0.7% |
| Multi-Utilities | 183512 | 1.3% |
| Office REITs | 12692 | 0.1% |
| Oil, Gas & Consumable Fuels | 776120 | 5.3% |
| Passenger Airlines | 11062 | 0.1% |
| Personal Care Products | 35462 | 0.2% |
| Pharmaceuticals | 526219 | 3.6% |
| Professional Services | 105638 | 0.7% |
| Real Estate Management & <br>Development | 20341 | 0.1% |
| Residential REITs | 53857 | 0.4% |
| Retail REITs | 50959 | 0.4% |
| Semiconductors & Semiconductor <br>Equipment | 772552 | 5.3% |
| Software | 1240033 | 8.4% |
| Specialized REITs | 203837 | 1.4% |
| Specialty Retail | 290338 | 2.0% |
| Technology Hardware, Storage & <br>Peripherals | 1071547 | 7.3% |
| Textiles, Apparel & Luxury Goods | 58470 | 0.4% |
| Tobacco | 110087 | 0.8% |
| Trading Companies & Distributors | 12390 | 0.1% |
| Water Utilities | 16276 | 0.1% |
| Wireless Telecommunication Services | 31927 | 0.2% |
| Other\*\* | 38840 | 0.2% |
| **Total** | $**14680104** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**50 :: ProFund VP Materials ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (97.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Air Products & Chemicals, Inc. (Chemicals) | 1884 | $531401 |
| Albemarle Corp. (Chemicals) | 1907 | 119512 |
| Amcor PLC (Containers & Packaging) | 37129 | 341216 |
| Avery Dennison Corp. (Containers & <br>Packaging) | 1267 | 222320 |
| Ball Corp. (Containers & Packaging) | 4495 | 252125 |
| CF Industries Holdings, Inc. (Chemicals) | 2625 | 241500 |
| Corteva, Inc. (Chemicals) | 7057 | 525958 |
| Dow, Inc. (Chemicals) | 11454 | 303302 |
| DuPont de Nemours, Inc. (Chemicals) | 6781 | 465109 |
| Eastman Chemical Co. (Chemicals) | 1871 | 139689 |
| Ecolab, Inc. (Chemicals) | 2136 | 575524 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 12402 | 537627 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 4145 | 304865 |
| International Paper Co. (Containers & <br>Packaging) | 8554 | 400583 |
| LyondellBasell Industries N.V.—A (Chemicals) | 4166 | 241045 |
| Martin Marietta Materials, Inc. (Construction <br>Materials) | 932 | 511631 |
| New Linde PLC (Chemicals) | 3986 | 1870150 |
| Newmont Corp. (Metals & Mining) | 9540 | 555801 |
| Nucor Corp. (Metals & Mining) | 3739 | 484350 |
| Packaging Corp. of America (Containers & <br>Packaging) | 1448 | 272876 |
| PPG Industries, Inc. (Chemicals) | 3678 | 418373 |
| Smurfit WestRock PLC (Containers & <br>Packaging) | 8035 | 346710 |
| Steel Dynamics, Inc. (Metals & Mining) | 2237 | 286358 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Mosaic Co. (Chemicals) | 5140 | $187507 |
| The Sherwin-Williams Co. (Chemicals) | 1952 | 670239 |
| Vulcan Materials Co. (Construction Materials) | 1948 | 508077 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,292,429) |  | **11313848** |

---

**Repurchase Agreements<sup>(a)</sup> (2.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $259,031 | $259000 | $259000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $259,000) |  | **259000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,551,429)—99.3% |  | **11572848** |
| Net other assets (liabilities)—0.7% |  | 78144 |
| **NET ASSETS—100.0%** |  | $**11650992** |

---

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Materials Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $430353 | $1978 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Chemicals | $6594174 | 56.6% |
| Construction Materials | 1019708 | 8.7% |
| Containers & Packaging | 1835830 | 15.8% |
| Metals & Mining | 1864136 | 16.0% |
| Other\*\* | 337144 | 2.9% |
| **Total** | $**11650992** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Mid-Cap :: 51**

**Repurchase Agreements<sup>(a)(b)</sup> (99.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $10,336,220 | $10335000 | $10335000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $10,335,000) |  | **10335000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,335,000)—99.0% |  | **10335000** |
| Net other assets (liabilities)—1.0% |  | 102726 |
| **NET ASSETS—100.0%** |  | $**10437726** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $1,267,000.

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration <br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini S&P MidCap 400 Futures Contracts | 5 | 9/22/25 | $1562750 | $15132 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination <br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 7/28/25 | 4.98% | $3280509 | $282 |
| S&P MidCap 400 | UBS AG | 7/28/25 | 5.13% | 5592923 | 410 |
|  |  |  |  | $**8873432** | $**692** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**52 :: ProFund VP Mid-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (99.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AAON, Inc. (Building Products) | 617 | $45504 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) | 435 | 36040 |
| Acuity Brands, Inc. (Electrical Equipment) | 279 | 83237 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 310 | 35607 |
| AECOM (Construction & Engineering) | 640 | 72230 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 107 | 21054 |
| Agree Realty Corp. (Retail REITs) | 411 | 30028 |
| Alaska Air Group, Inc.\* (Passenger Airlines) | 1109 | 54873 |
| Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 454 | 15522 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) | 6026 | 67612 |
| American Financial Group, Inc. (Insurance) | 288 | 36348 |
| American Homes 4 Rent—Class A (Residential <br>REITs) | 1103 | 39785 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 1532 | 29031 |
| API Group Corp.\* (Industrial Support Services) | 1313 | 67029 |
| Appfolio, Inc.\*—Class A (Software) | 210 | 48359 |
| Applied Industrial Technologies, Inc. (Trading <br>Companies & Distributors) | 348 | 80893 |
| AptarGroup, Inc. (Containers & Packaging) | 320 | 50058 |
| ATI, Inc.\* (Metals & Mining) | 1289 | 111292 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 1079 | 32036 |
| Bath & Body Works, Inc. (Retail—Discretionary) | 992 | 29720 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 361 | 41804 |
| BellRing Brands, Inc.\* (Personal Care Products) | 534 | 30935 |
| BJ's Wholesale Club Holdings, Inc.\* (Consumer <br>Staples Distribution & Retail) | 567 | 61140 |
| Blackbaud, Inc.\* (Software) | 168 | 10787 |
| Boyd Gaming Corp.\* (Hotels, Restaurants & <br>Leisure) | 341 | 26676 |
| Brixmor Property Group, Inc. (Retail REITs) | 1510 | 39320 |
| Bruker Corp. (Life Sciences Tools & Services) | 465 | 19158 |
| Burlington Stores, Inc.\* (Specialty Retail) | 576 | 134001 |
| BWX Technologies, Inc. (Aerospace & Defense) | 834 | 120146 |
| Cabot Corp. (Chemicals) | 275 | 20625 |
| CACI International, Inc.\*—Class A (Professional <br>Services) | 120 | 57204 |
| Carlisle Cos., Inc. (Building Products) | 394 | 147120 |
| Carpenter Technology Corp. (Metals & Mining) | 455 | 125754 |
| Casey's General Stores, Inc. (Consumer Staples <br>Distribution & Retail) | 234 | 119403 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | 585 | 49275 |
| Celsius Holdings, Inc.\* (Beverages) | 919 | 42632 |
| ChampionX Corp. (Energy Equipment & <br>Services) | 700 | 17388 |
| Chart Industries, Inc.\* (Machinery) | 410 | 67507 |
| Chemed Corp. (Health Care Providers & <br>Services) | 62 | 30190 |
| Chewy, Inc.\*—Class A (Specialty Retail) | 1683 | 71729 |
| Choice Hotels International, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 202 | 25630 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) | 660 | 66660 |
| Ciena Corp.\* (Communications Equipment) | 779 | 63356 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 297 | $30964 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) | 460 | 106343 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) | 1322 | 44525 |
| Coca-Cola Consolidated, Inc. (Beverages) | 536 | 59845 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 614 | 19476 |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) | 1420 | 126679 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 321 | 172123 |
| Commerce Bancshares, Inc. (Banks) | 632 | 39291 |
| CommVault Systems, Inc.\* (Software) | 403 | 70255 |
| COPT Defense Properties (Office REITs) | 536 | 14783 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 1073 | 64756 |
| Crane Co. (Machinery) | 237 | 45004 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 181 | 9756 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 512 | 51855 |
| CubeSmart (Specialized REITs) | 1125 | 47813 |
| Cullen/Frost Bankers, Inc. (Banks) | 411 | 52830 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 345 | 168550 |
| Cytokinetics, Inc.\* (Biotechnology) | 546 | 18040 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 310 | 61321 |
| DocuSign, Inc.\* (Software) | 1850 | 144097 |
| Donaldson Co., Inc. (Machinery) | 623 | 43205 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 1220 | 74835 |
| Dropbox, Inc.\*—Class A (Software) | 1094 | 31288 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 928 | 101996 |
| Duolingo, Inc.\* (Diversified Consumer Services) | 359 | 147198 |
| Dynatrace, Inc.\* (Software) | 2738 | 151164 |
| Eagle Materials, Inc. (Construction Materials) | 304 | 61441 |
| East West Bancorp, Inc. (Banks) | 1259 | 127133 |
| EastGroup Properties, Inc. (Industrial REITs) | 225 | 37602 |
| EchoStar Corp.\*—Class A (Media) | 601 | 16648 |
| elf Beauty, Inc.\* (Personal Care Products) | 515 | 64086 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 408 | 218235 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 654 | 80200 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 719 | 57987 |
| Equitable Holdings, Inc. (Financial Services) | 2776 | 155733 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 873 | 53838 |
| Esab Corp. (Machinery) | 520 | 62686 |
| Euronet Worldwide, Inc.\* (Financial Services) | 220 | 22304 |
| Evercore Partners, Inc. (Capital Markets) | 328 | 88567 |
| Exelixis, Inc.\* (Biotechnology) | 2491 | 109791 |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 1486 | 65072 |
| Exponent, Inc. (Professional Services) | 278 | 20769 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 327 | 96360 |
| Federated Hermes, Inc.—B (Capital Markets) | 421 | 18659 |
| First Financial Bankshares, Inc. (Banks) | 659 | 23711 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Mid-Cap Growth :: 53**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 654 | $31477 |
| FirstCash Holdings, Inc.\* (Consumer Finance) | 226 | 30542 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 551 | 41854 |
| Flowserve Corp. (Machinery) | 836 | 43765 |
| GameStop Corp.\*<sup>(a)</sup>—Class A (Specialty Retail) | 1637 | 39926 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 1079 | 50368 |
| GATX Corp.\* (Trading Companies & <br>Distributors) | 202 | 31019 |
| Genpact, Ltd. (Professional Services) | 779 | 34284 |
| Gentex Corp. (Automobile Components) | 843 | 18538 |
| Glacier Bancorp, Inc. (Banks) | 486 | 20937 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 1032 | 60909 |
| Graco, Inc. (Machinery) | 748 | 64306 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) | 255 | 48195 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 1076 | 22671 |
| Guidewire Software, Inc.\* (Software) | 766 | 180354 |
| H&R Block, Inc. (Diversified Consumer <br>Services) | 1223 | 67130 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 266 | 19846 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) | 1126 | 58575 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | 396 | 56280 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 791 | 82865 |
| Hexcel Corp. (Aerospace & Defense) | 367 | 20732 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 527 | 21886 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 1791 | 89281 |
| Home BancShares, Inc. (Banks) | 637 | 18129 |
| Houlihan Lokey, Inc. (Capital Markets) | 491 | 88355 |
| Hyatt Hotels Corp.—Class A (Hotels, <br>Restaurants & Leisure) | 383 | 53486 |
| IDACORP, Inc. (Electric Utilities) | 202 | 23321 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 752 | 71749 |
| Independence Realty Trust, Inc.\* (Residential <br>REITs) | 1280 | 22643 |
| Ingredion, Inc. (Food Products) | 252 | 34176 |
| Interactive Brokers Group, Inc.—A (Capital <br>Markets) | 3981 | 220587 |
| International Bancshares Corp. (Banks) | 347 | 23096 |
| Iridium Communications, Inc.\* (Diversified <br>Telecommunication Services) | 485 | 14632 |
| ITT, Inc. (Machinery) | 510 | 79983 |
| Janus Henderson Group PLC (Capital Markets) | 461 | 17905 |
| Jefferies Financial Group, Inc. (Capital Markets) | 789 | 43150 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 230 | 58829 |
| KB Home (Household Durables) | 341 | 18063 |
| KBR, Inc. (Professional Services) | 498 | 23874 |
| Kinsale Capital Group, Inc. (Insurance) | 202 | 97748 |
| Kirby Corp.\* (Marine Transportation) | 512 | 58066 |
| Kite Realty Group Trust (Retail REITs) | 864 | 19570 |
| Knife River Corp.\* (Construction Materials) | 517 | 42208 |
| Kyndryl Holdings, Inc.\* (IT Services) | 1190 | 49932 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lamar Advertising Co.—Class A (Specialized <br>REITs) | 506 | $61407 |
| Lancaster Colony Corp. (Food Products) | 86 | 14858 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 632 | 51736 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 616 | 30178 |
| Light & Wonder, Inc.\* (Hotels, Restaurants & <br>Leisure) | 771 | 74216 |
| Lincoln Electric Holdings, Inc. (Machinery) | 290 | 60123 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 204 | 9184 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 565 | 48584 |
| Lumentum Holdings, Inc.\* (Communications <br>Equipment) | 399 | 37929 |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 544 | 77949 |
| Manhattan Associates, Inc.\* (Software) | 555 | 109596 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 690 | 31216 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 411 | 69138 |
| MasTec, Inc.\* (Construction & Engineering) | 560 | 95441 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 680 | 32450 |
| Medpace Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 215 | 67480 |
| MGIC Investment Corp. (Financial Services) | 1042 | 29009 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 251 | 24939 |
| Morningstar, Inc. (Capital Markets) | 243 | 76285 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 180 | 30155 |
| Mueller Industries, Inc. (Machinery) | 1011 | 80343 |
| Murphy USA, Inc. (Specialty Retail) | 164 | 66715 |
| National Storage Affiliates Trust (Specialized <br>REITs) | 642 | 20538 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) | 904 | 113623 |
| NewMarket Corp. (Chemicals) | 31 | 21417 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 200 | 25786 |
| nVent Electric PLC (Electrical Equipment) | 1504 | 110168 |
| Okta, Inc.\* (IT Services) | 1527 | 152655 |
| Ollie's Bargain Outlet Holdings, Inc.\* (Broadline <br>Retail) | 331 | 43619 |
| Omega Healthcare Investors, Inc. (Health Care <br>REITs) | 1058 | 38776 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 250 | 25233 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 237 | 19851 |
| Owens Corning (Building Products) | 777 | 106853 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 896 | 9166 |
| Parsons Corp.\* (Professional Services) | 430 | 30861 |
| Paylocity Holding Corp.\* (Professional Services) | 394 | 71389 |
| Pegasystems, Inc. (Software) | 813 | 44008 |

---

**See accompanying notes to financial statements.**

------

**54 :: ProFund VP Mid-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 230 | $59025 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 5827 | 79364 |
| Pilgrim's Pride Corp.\* (Food Products) | 368 | 16553 |
| Pinnacle Financial Partners, Inc. (Banks) | 449 | 49574 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 766 | 83532 |
| Post Holdings, Inc.\* (Food Products) | 231 | 25186 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 174 | 9727 |
| Primerica, Inc. (Insurance) | 301 | 82375 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 2839 | 163470 |
| Qualys, Inc.\* (Software) | 193 | 27574 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 981 | 62804 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1004 | 40833 |
| Rb Global, Inc. (Commercial Services & <br>Supplies) | 1692 | 179673 |
| RBC Bearings, Inc.\* (Machinery) | 286 | 110052 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 444 | 107848 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 200 | 24876 |
| RH\* (Specialty Retail) | 70 | 13231 |
| RLI Corp.\* (Insurance) | 763 | 55104 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 3846 | 43344 |
| Royal Gold, Inc. (Metals & Mining) | 271 | 48195 |
| RPM International, Inc. (Chemicals) | 669 | 73482 |
| Ryan Specialty Holdings, Inc. (Insurance) | 983 | 66834 |
| Ryder System, Inc. (Ground Transportation) | 200 | 31800 |
| Saia, Inc.\* (Ground Transportation) | 243 | 66579 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 898 | 15356 |
| SEI Investments Co. (Capital Markets) | 527 | 47356 |
| Service Corp. International (Diversified <br>Consumer Services) | 793 | 64550 |
| Shift4 Payments, Inc.\*—Class A (Financial <br>Services) | 617 | 61151 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 128 | 18862 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 252 | 39138 |
| SLM Corp. (Consumer Finance) | 1917 | 62858 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 645 | 7172 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 894 | 147188 |
| Stifel Financial Corp. (Capital Markets) | 666 | 69117 |
| Synovus Financial Corp. (Banks) | 622 | 32189 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 1113 | 75740 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 517 | 90993 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 2407 | 86556 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 606 | 113571 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 192 | 17144 |
| The Carlyle Group, Inc. (Capital Markets) | 720 | 37008 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 521 | $80369 |
| The New York Times Co.—Class A (Media) | 800 | 44784 |
| The Scotts Miracle-Gro Co.\* (Chemicals) | 147 | 9696 |
| The Toro Co. (Machinery) | 383 | 27070 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 664 | 7583 |
| Toll Brothers, Inc. (Household Durables) | 908 | 103630 |
| TopBuild Corp.\* (Household Durables) | 260 | 84172 |
| Travel + Leisure Co.\* (Hotels, Restaurants & <br>Leisure) | 606 | 31276 |
| Trex Co., Inc.\* (Building Products) | 480 | 26102 |
| UMB Financial Corp. (Banks) | 379 | 39856 |
| United Therapeutics Corp.\* (Biotechnology) | 412 | 118387 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 186 | 28730 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 181 | 28441 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 597 | 25139 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 133 | 43434 |
| Valvoline, Inc.\* (Specialty Retail) | 1162 | 44005 |
| Viper Energy, Inc. (Oil & Gas Producers) | 1197 | 45642 |
| Vontier Corp.\* (Electronic Equipment, <br>Instruments & Components) | 567 | 20922 |
| Vornado Realty Trust (Office REITs) | 1113 | 42561 |
| Voya Financial, Inc. (Financial Services) | 458 | 32518 |
| Warner Music Group Corp.\*—Class A <br>(Entertainment) | 640 | 17434 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 198 | 87440 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 128 | 31474 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 318 | 15999 |
| Western Alliance Bancorp (Banks) | 995 | 77590 |
| WEX, Inc.\* (Financial Services) | 219 | 32169 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 254 | 85532 |
| Wintrust Financial Corp. (Banks) | 318 | 39426 |
| Woodward, Inc. (Aerospace & Defense) | 544 | 133329 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 704 | 57172 |
| XPO, Inc.\* (Ground Transportation) | 527 | 66555 |
| YETI Holdings, Inc.\* (Leisure Products) | 318 | 10023 |
| Zions Bancorp N.A. (Banks) | 540 | 28048 |
| **TOTAL COMMON STOCKS**<br> (Cost $10,089,717) |  | **13955120** |

---

**Repurchase Agreements<sup>(b)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $51,006 | $51000 | $51000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $51,000) |  | **51000** |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Mid-Cap Growth :: 55**

**Collateral for Securities Loaned<sup>(c)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency Portfolio—<br>Institutional Shares, 4.37%<sup>(d)</sup> | 62219 | $62219 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $62,219) |  | **62219** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $10,202,936)—100.4% |  | **14068339** |
| Net other assets (liabilities)—(0.4)% |  | (62047) |
| **NET ASSETS—100.0%** |  | $**14006292** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $61,756.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>REIT</sup> Real Estate Investment Trust

ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $442757 | 3.1% |
| Automobile Components | 18538 | 0.1% |
| Banks | 571810 | 4.1% |
| Beverages | 102477 | 0.7% |
| Biotechnology | 477117 | 3.4% |
| Broadline Retail | 43619 | 0.3% |
| Building Products | 400323 | 2.8% |
| Capital Markets | 784324 | 5.6% |
| Chemicals | 157256 | 1.1% |
| Commercial Services & Supplies | 419871 | 3.0% |
| Communications Equipment | 101285 | 0.7% |
| Construction & Engineering | 601464 | 4.3% |
| Construction Materials | 103649 | 0.8% |
| Consumer Finance | 93400 | 0.6% |
| Consumer Staples Distribution & Retail | 358946 | 2.6% |
| Containers & Packaging | 72729 | 0.5% |
| Diversified Consumer Services | 327073 | 2.3% |
| Diversified Telecommunication Services | 14632 | 0.1% |
| Electric Utilities | 23321 | 0.2% |
| Electrical Equipment | 193405 | 1.4% |
| Electronic Equipment, Instruments & <br>Components | 340783 | 2.4% |
| Energy Equipment & Services | 58526 | 0.4% |
| Entertainment | 17434 | 0.1% |
| Financial Services | 332884 | 2.4% |
| Food Products | 90773 | 0.6% |
| Ground Transportation | 164934 | 1.2% |
| Health Care Equipment & Supplies | 269838 | 1.9% |
| Health Care Providers & Services | 453898 | 3.3% |
| Health Care REITs | 38776 | 0.3% |
| Health Care Technology | 74835 | 0.5% |
| Hotel & Resort REITs | 9166 | 0.1% |
| Hotels, Restaurants & Leisure | 675661 | 4.8% |
| Household Durables | 281605 | 2.0% |
| Independent Power/Renewable <br>Electricity Producers | 19851 | 0.1% |
| Industrial REITs | 69079 | 0.5% |
| Industrial Support Services | 67029 | 0.5% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Insurance | $446257 | 3.2% |
| IT Services | 202586 | 1.5% |
| Leisure Facilities & Services | 49275 | 0.4% |
| Leisure Products | 10023 | 0.1% |
| Life Sciences Tools & Services | 190434 | 1.4% |
| Machinery | 715519 | 5.1% |
| Marine Transportation | 58066 | 0.4% |
| Media | 61432 | 0.5% |
| Metals & Mining | 285240 | 2.0% |
| Office REITs | 57344 | 0.4% |
| Oil & Gas Producers | 45642 | 0.3% |
| Oil, Gas & Consumable Fuels | 328199 | 2.4% |
| Paper & Forest Products | 48585 | 0.4% |
| Passenger Airlines | 122485 | 0.9% |
| Personal Care Products | 95021 | 0.7% |
| Professional Services | 303453 | 2.2% |
| Real Estate Management & Development | 58829 | 0.4% |
| Residential REITs | 116266 | 0.8% |
| Retail—Discretionary | 29720 | 0.2% |
| Retail REITs | 88918 | 0.6% |
| Semiconductors & Semiconductor <br>Equipment | 382895 | 2.7% |
| Software | 817483 | 5.8% |
| Specialized REITs | 180126 | 1.3% |
| Specialty Retail | 508822 | 3.6% |
| Technology Hardware, Storage & <br>Peripherals | 163469 | 1.2% |
| Textiles, Apparel & Luxury Goods | 51855 | 0.4% |
| Trading Companies & Distributors | 264108 | 1.9% |
| Other\*\* | 51172 | 0.4% |
| **Total** | $**14006292** | **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.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**56 :: ProFund VP Mid-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (99.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Acadia Healthcare Company, Inc.\* <br>(Health Care Providers & Services) | 660 | $14975 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 263 | 30208 |
| AECOM (Construction & Engineering) | 445 | 50223 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 121 | 23809 |
| AGCO Corp. (Machinery) | 443 | 45700 |
| Agree Realty Corp. (Retail REITs) | 463 | 33827 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 2884 | 62035 |
| Alcoa Corp. (Metals & Mining) | 1853 | 54682 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 580 | 19830 |
| ALLETE, Inc. (Electric Utilities) | 415 | 26589 |
| Ally Financial, Inc. (Consumer Finance) | 1978 | 77043 |
| Amedisys, Inc.\* (Health Care Providers & <br>Services) | 235 | 23122 |
| American Financial Group, Inc. (Insurance) | 288 | 36348 |
| American Homes 4 Rent—Class A <br>(Residential REITs) | 1410 | 50859 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 813 | 17065 |
| Annaly Capital Management, Inc. <br>(Mortgage REITs) | 4330 | 81490 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 1200 | 22740 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2089 | 84145 |
| API Group Corp.\* (Industrial Support <br>Services) | 715 | 36501 |
| AptarGroup, Inc. (Containers & Packaging) | 222 | 34727 |
| Aramark (Hotels, Restaurants & Leisure) | 1875 | 78507 |
| Arrow Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 371 | 47277 |
| ASGN, Inc.\* (IT Services) | 314 | 15678 |
| Ashland, Inc. (Chemicals) | 327 | 16442 |
| Associated Banc-Corp. (Banks) | 1169 | 28512 |
| Autoliv, Inc.\* (Automobile Components) | 509 | 56957 |
| AutoNation, Inc.\* (Specialty Retail) | 178 | 35360 |
| Avantor, Inc.\* (Life Sciences Tools & <br>Services) | 4876 | 65630 |
| Avient Corp. (Chemicals) | 656 | 21195 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) | 121 | 20455 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) | 601 | 31901 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 720 | 21377 |
| Bank OZK (Banks) | 756 | 35577 |
| Bath & Body Works, Inc. <br>(Retail—Discretionary) | 747 | 22380 |
| BellRing Brands, Inc.\* (Personal Care <br>Products) | 490 | 28385 |
| BILL Holdings, Inc.\* (Software) | 678 | 31364 |
| BioMarin Pharmaceutical, Inc.\* <br>(Biotechnology) | 1373 | 75474 |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) | 133 | 32096 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 501 | 54023 |
| Black Hills Corp. (Multi-Utilities) | 520 | 29172 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Blackbaud, Inc.\* (Software) | 137 | $8797 |
| Boyd Gaming Corp.\* (Hotels, Restaurants & <br>Leisure) | 170 | 13299 |
| Brighthouse Financial, Inc.\* (Insurance) | 410 | 22046 |
| Brixmor Property Group, Inc. (Retail REITs) | 1008 | 26248 |
| Bruker Corp. (Life Sciences Tools & <br>Services) | 427 | 17592 |
| Brunswick Corp. (Leisure Products) | 470 | 25963 |
| Cabot Corp. (Chemicals) | 169 | 12675 |
| CACI International, Inc.\*—Class A (Professional <br>Services) | 63 | 30032 |
| Cadence Bank (Banks) | 1334 | 42661 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 843 | 14921 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 82 | 41842 |
| Cava Group, Inc.\* (Leisure Facilities & <br>Services) | 129 | 10866 |
| Celsius Holdings, Inc.\* (Beverages) | 405 | 18788 |
| ChampionX Corp. (Energy Equipment & <br>Services) | 822 | 20418 |
| Chemed Corp. (Health Care Providers & <br>Services) | 56 | 27268 |
| Chord Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 414 | 40096 |
| Ciena Corp.\* (Communications Equipment) | 407 | 33101 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 149 | 15534 |
| Civitas Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 610 | 16787 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) | 3468 | 26357 |
| CNH Industrial N.V.\* (Machinery) | 6259 | 81118 |
| CNO Financial Group, Inc.\* (Insurance) | 710 | 27392 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 721 | 22870 |
| Columbia Banking System, Inc. (Banks) | 1504 | 35164 |
| Columbia Sportswear Co.\* (Textiles, <br>Apparel & Luxury Goods) | 219 | 13377 |
| Comerica, Inc. (Banks) | 940 | 56071 |
| Commerce Bancshares, Inc. (Banks) | 374 | 23252 |
| Commercial Metals Co. (Metals & Mining) | 808 | 39519 |
| Concentrix Corp. (Professional Services) | 329 | 17389 |
| COPT Defense Properties (Office REITs) | 386 | 10646 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 515 | 31080 |
| Coty, Inc.\*—Class A (Personal Care Products) | 2621 | 12188 |
| Cousins Properties, Inc. (Office REITs) | 1202 | 36096 |
| Crane Co. (Machinery) | 164 | 31142 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 212 | 11427 |
| Crown Holdings, Inc. (Containers & Packaging) | 824 | 84856 |
| CubeSmart (Specialized REITs) | 750 | 31875 |
| Cullen/Frost Bankers, Inc. (Banks) | 138 | 17739 |
| Cytokinetics, Inc.\* (Biotechnology) | 427 | 14108 |
| Darling Ingredients, Inc.\* (Food Products) | 1133 | 42986 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 1426 | 22645 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 162 | 32045 |
| Dolby Laboratories, Inc.\*—Class A <br>(Software) | 440 | 32674 |
| Donaldson Co., Inc. (Machinery) | 368 | 25521 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Mid-Cap Value :: 57**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Dropbox, Inc.\*—Class A (Software) | 548 | $15673 |
| EastGroup Properties, Inc. (Industrial <br>REITs) | 198 | 33090 |
| EchoStar Corp.\*—Class A (Media) | 489 | 13545 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 209 | 25630 |
| EnerSys (Electrical Equipment) | 283 | 24273 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 521 | 42020 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 1213 | 23702 |
| EPR Properties (Specialized REITs) | 544 | 31693 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 685 | 42244 |
| Essent Group, Ltd. (Financial Services) | 726 | 44090 |
| Essential Utilities, Inc. (Water Utilities) | 1846 | 68560 |
| Euronet Worldwide, Inc.\* (Financial <br>Services) | 119 | 12064 |
| Exponent, Inc. (Professional Services) | 145 | 10833 |
| F.N.B. Corp.\* (Banks) | 2575 | 37544 |
| Federated Hermes, Inc.—B (Capital <br>Markets) | 211 | 9352 |
| Fidelity National Financial, Inc. (Insurance) | 1867 | 104664 |
| First American Financial Corp. (Insurance) | 737 | 45244 |
| First Financial Bankshares, Inc. (Banks) | 405 | 14572 |
| First Horizon Corp. (Banks) | 3630 | 76956 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 436 | 20985 |
| FirstCash Holdings, Inc.\* (Consumer <br>Finance) | 100 | 13514 |
| Five Below, Inc.\* (Specialty Retail) | 394 | 51684 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) | 2742 | 136880 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 339 | 25750 |
| Flowers Foods, Inc. (Food Products) | 1405 | 22452 |
| Flowserve Corp. (Machinery) | 281 | 14710 |
| Fluor Corp.\* (Construction & Engineering) | 1178 | 60395 |
| Fortune Brands Innovations, Inc. (Building <br>Products) | 860 | 44272 |
| Frontier Communications Parent, Inc.\* <br>(Diversified Telecommunication Services) | 1594 | 58022 |
| FTI Consulting, Inc.\* (Professional Services) | 241 | 38922 |
| GameStop Corp.\*<sup>(a)</sup>—Class A (Specialty <br>Retail) | 1631 | 39780 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 1121 | 52329 |
| GATX Corp.\* (Trading Companies & <br>Distributors) | 97 | 14895 |
| Genpact, Ltd. (Professional Services) | 541 | 23809 |
| Gentex Corp. (Automobile Components) | 949 | 20869 |
| Glacier Bancorp, Inc. (Banks) | 467 | 20118 |
| Graco, Inc. (Machinery) | 610 | 52442 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 24 | 22708 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 1317 | 27749 |
| Greif, Inc.\*—Class A (Containers & <br>Packaging) | 187 | 12153 |
| GXO Logistics, Inc.\* (Air Freight & <br>Logistics) | 819 | 39885 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) | 151 | 11266 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Hancock Whitney Corp. (Banks) | 613 | $35186 |
| Harley-Davidson, Inc. (Automobiles) | 782 | 18455 |
| Healthcare Realty Trust, Inc. (Health Care <br>REITs) | 2515 | 39888 |
| Hexcel Corp. (Aerospace & Defense) | 288 | 16269 |
| HF Sinaclair Corp. (Oil, Gas & Consumable <br>Fuels) | 1146 | 47078 |
| Home BancShares, Inc. (Banks) | 815 | 23195 |
| IDACORP, Inc. (Electric Utilities) | 229 | 26438 |
| Illumina, Inc.\* (Life Sciences Tools & <br>Services) | 543 | 51808 |
| Independence Realty Trust, Inc.\* <br>(Residential REITs) | 668 | 11817 |
| Ingredion, Inc. (Food Products) | 263 | 35668 |
| Insperity, Inc. (Professional Services) | 256 | 15391 |
| International Bancshares Corp. (Banks) | 111 | 7388 |
| IPG Photonics Corp.\* (Electronic <br>Equipment, Instruments & Components) | 189 | 12975 |
| Iridium Communications, Inc.\* (Diversified <br>Telecommunication Services) | 395 | 11917 |
| ITT, Inc. (Machinery) | 163 | 25563 |
| Janus Henderson Group PLC (Capital <br>Markets) | 541 | 21012 |
| Jazz Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 442 | 46906 |
| Jefferies Financial Group, Inc. (Capital <br>Markets) | 549 | 30025 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 160 | 40925 |
| KB Home (Household Durables) | 246 | 13031 |
| KBR, Inc. (Professional Services) | 538 | 25792 |
| Kemper Corp.\* (Insurance) | 430 | 27752 |
| Kilroy Realty Corp.\* (Office REITs) | 762 | 26144 |
| Kite Realty Group Trust (Retail REITs) | 896 | 20294 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 1160 | 51307 |
| Kyndryl Holdings, Inc.\* (IT Services) | 733 | 30757 |
| Lamar Advertising Co.—Class A <br>(Specialized REITs) | 233 | 28277 |
| Lancaster Colony Corp. (Food Products) | 71 | 12267 |
| Landstar System, Inc. (Ground <br>Transportation) | 250 | 34755 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 502 | 24593 |
| Lear Corp. (Automobile Components) | 382 | 36282 |
| Lincoln Electric Holdings, Inc. (Machinery) | 171 | 35452 |
| Lithia Motors, Inc.—A (Specialty Retail) | 186 | 62834 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 177 | 40131 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 231 | 10400 |
| Lumentum Holdings, Inc.\* <br>(Communications Equipment) | 184 | 17491 |
| Macy's, Inc. (Broadline Retail) | 1993 | 23238 |
| ManpowerGroup, Inc. (Professional <br>Services) | 331 | 13372 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 635 | 28727 |
| Marriott Vacations Worldwide Corp.\* <br>(Hotels, Restaurants & Leisure) | 228 | 16487 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 300 | 14316 |

---

**See accompanying notes to financial statements.**

------

**58 :: ProFund VP Mid-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Mattel, Inc.\* (Leisure Products) | 2310 | $45553 |
| Maximus, Inc. (Professional Services) | 403 | 28291 |
| MGIC Investment Corp. (Financial Services) | 884 | 24611 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 284 | 28218 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 140 | 23454 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) | 319 | 27121 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 960 | 21600 |
| National Fuel Gas Co.\* (Gas Utilities) | 646 | 54723 |
| National Retail Properties, Inc. (Retail <br>REITs) | 1346 | 58121 |
| New Jersey Resources Corp. (Gas Utilities) | 718 | 32181 |
| New York Community Bancorp, Inc. <br>(Banks) | 2168 | 22981 |
| NewMarket Corp. (Chemicals) | 30 | 20726 |
| Nexstar Media Group, Inc. (Media) | 203 | 35110 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 1029 | 55947 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 440 | 22572 |
| NOV, Inc. (Energy Equipment & Services) | 2688 | 33412 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 101 | 13022 |
| OGE Energy Corp. (Electric Utilities) | 1441 | 63952 |
| Old National Bancorp\* (Banks) | 2330 | 49722 |
| Old Republic International Corp. <br>(Insurance) | 1627 | 62542 |
| Olin Corp. (Chemicals) | 824 | 16554 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) | 180 | 23721 |
| Omega Healthcare Investors, Inc. (Health <br>Care REITs) | 1243 | 45556 |
| ONE Gas, Inc.\* (Gas Utilities) | 429 | 30828 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 154 | 15543 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 1172 | 38067 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 227 | 19014 |
| Oshkosh Corp. (Machinery) | 460 | 52228 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 1860 | 70773 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 728 | 7447 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 703 | 15234 |
| Penske Automotive Group, Inc.\* (Specialty <br>Retail) | 133 | 22851 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 97 | 24893 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) | 1117 | 97704 |
| Perrigo Co. PLC (Pharmaceuticals) | 984 | 26292 |
| Pinnacle Financial Partners, Inc. (Banks) | 198 | 21861 |
| Polaris Industries, Inc.\* (Leisure Products) | 378 | 15366 |
| Portland General Electric Co. (Electric <br>Utilities) | 783 | 31813 |
| Post Holdings, Inc.\* (Food Products) | 142 | 15482 |
| PotlatchDeltic Corp. (Specialized REITs) | 512 | 19645 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 266 | 14869 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Prosperity Bancshares, Inc.\* (Banks) | 682 | $47904 |
| PVH Corp. (Textiles, Apparel & Luxury <br>Goods) | 344 | 23598 |
| Qualys, Inc.\* (Software) | 109 | 15573 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 924 | 37579 |
| Rayonier, Inc. (Specialized REITs) | 1003 | 22247 |
| Regal Rexnord Corp. (Electrical Equipment) | 475 | 68856 |
| Reinsurance Group of America, Inc. <br>(Insurance) | 473 | 93824 |
| Reliance Steel & Aluminum Co. (Metals & <br>Mining) | 376 | 118026 |
| Repligen Corp.\* (Life Sciences Tools & <br>Services) | 217 | 26990 |
| Rexford Industrial Realty, Inc. (Industrial <br>REITs) | 1690 | 60113 |
| RH\* (Specialty Retail) | 54 | 10207 |
| Royal Gold, Inc. (Metals & Mining) | 259 | 46061 |
| RPM International, Inc. (Chemicals) | 395 | 43387 |
| Ryder System, Inc. (Ground Transportation) | 139 | 22101 |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 1703 | 31403 |
| Science Applications International Corp. <br>(Professional Services) | 338 | 38062 |
| SEI Investments Co. (Capital Markets) | 264 | 23723 |
| Selective Insurance Group, Inc. (Insurance) | 435 | 37693 |
| Sensata Technologies Holding PLC <br>(Electrical Equipment) | 1047 | 31525 |
| Service Corp. International (Diversified <br>Consumer Services) | 397 | 32316 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 133 | 19599 |
| Siligan Holdings, Inc. (Containers & <br>Packaging) | 582 | 31533 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 102 | 15842 |
| Skechers U.S.A., Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 933 | 58872 |
| Sonoco Products Co.\* (Containers & <br>Packaging) | 705 | 30710 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 591 | 6572 |
| SouthState Corp. (Banks) | 704 | 64789 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 432 | 32136 |
| Spire, Inc.\* (Gas Utilities) | 423 | 30875 |
| STAG Industrial, Inc. (Industrial REITs) | 1336 | 48470 |
| Starwood Property Trust, Inc. (Mortgage <br>REITs) | 2308 | 46322 |
| Stifel Financial Corp. (Capital Markets) | 213 | 22105 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 276 | 17890 |
| Synovus Financial Corp. (Banks) | 507 | 26237 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 718 | 44100 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) | 535 | 72599 |
| Tempur Sealy International, Inc. <br>(Household Durables) | 606 | 41238 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 260 | 45759 |
| Terex Corp. (Machinery) | 470 | 21944 |
| Texas Capital Bancshares, Inc.\* (Banks) | 328 | 26043 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Mid-Cap Value :: 59**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Boston Beer Co., Inc.\*—Class A <br>(Beverages) | 59 | $11258 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 151 | 13483 |
| The Carlyle Group, Inc. (Capital Markets) | 961 | 49396 |
| The Gap, Inc. (Specialty Retail) | 1591 | 34700 |
| The Goodyear Tire & Rubber Co.\* <br>(Automobile Components) | 2044 | 21196 |
| The Hanover Insurance Group, Inc.\* <br>(Insurance) | 257 | 43657 |
| The Middleby Corp.\* (Machinery) | 382 | 55008 |
| The New York Times Co.—Class A (Media) | 534 | 29893 |
| The Scotts Miracle-Gro Co.\* (Chemicals) | 195 | 12862 |
| The Timken Co. (Machinery) | 456 | 33083 |
| The Toro Co. (Machinery) | 415 | 29332 |
| The Wendy's Co. (Hotels, Restaurants & <br>Leisure) | 634 | 7240 |
| The Western Union Co. (Financial Services) | 2365 | 19913 |
| Thor Industries, Inc. (Automobiles) | 381 | 33837 |
| Trex Co., Inc.\* (Building Products) | 392 | 21317 |
| TXNM Energy, Inc. (Electric Utilities) | 663 | 37340 |
| UFP Industries, Inc. (Building Products) | 432 | 42924 |
| UGI Corp. (Gas Utilities) | 1535 | 55904 |
| UMB Financial Corp. (Banks) | 214 | 22504 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 1351 | 9227 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) | 915 | 5938 |
| United Bankshares, Inc. (Banks) | 1014 | 36940 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 170 | 26258 |
| Unum Group (Insurance) | 1148 | 92712 |
| US Foods Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 1656 | 127529 |
| Vail Resorts, Inc. (Hotels, Restaurants & <br>Leisure) | 126 | 19798 |
| Valley National Bancorp\* (Banks) | 3408 | 30433 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 38 | 12410 |
| VF Corp. (Textiles, Apparel & Luxury <br>Goods) | 2369 | 27836 |
| Visteon Corp.\* (Automobile Components) | 195 | 18194 |
| Vontier Corp.\* (Electronic Equipment, <br>Instruments & Components) | 614 | 22657 |
| Vornado Realty Trust (Office REITs) | 323 | 12352 |
| Voya Financial, Inc. (Financial Services) | 330 | 23430 |
| Warner Music Group Corp.\*—Class A <br>(Entertainment) | 543 | 14791 |
| Watsco, Inc. (Trading Companies & <br>Distributors) | 95 | 41954 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 97 | 23851 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 270 | 13584 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Webster Financial Corp. (Banks) | 1204 | $65738 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 318 | 58894 |
| Westlake Corp.\* (Chemicals) | 239 | 18147 |
| WEX, Inc.\* (Financial Services) | 74 | 10870 |
| Whirlpool Corp. (Household Durables) | 398 | 40365 |
| Wintrust Financial Corp. (Banks) | 230 | 28515 |
| WP Carey, Inc. (Equity REIT—Diversified) | 1567 | 97749 |
| XPO, Inc.\* (Ground Transportation) | 430 | 54305 |
| YETI Holdings, Inc.\* (Leisure Products) | 344 | 10843 |
| Zions Bancorp N.A. (Banks) | 634 | 32930 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 1859 | 18813 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,794,165) |  | **9861425** |

---

**Repurchase Agreements<sup>(b)</sup> (0.5%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $51,006 | $51000 | $51000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $51,000) |  | **51000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(d)</sup> | 37539 | $37539 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $37,539) |  | **37539** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,882,704)—100.3% |  | **9949964** |
| Net other assets (liabilities)—(0.3)% |  | (29471) |
| **NET ASSETS—100.0%** |  | $**9920493** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $37,756.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**60 :: ProFund VP Mid-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $16269 | 0.2% |
| Air Freight & Logistics | 39885 | 0.4% |
| Automobile Components | 153498 | 1.5% |
| Automobiles | 52292 | 0.5% |
| Banks | 930533 | 9.4% |
| Beverages | 30046 | 0.3% |
| Biotechnology | 89582 | 0.9% |
| Broadline Retail | 46959 | 0.5% |
| Building Products | 154563 | 1.6% |
| Capital Markets | 179421 | 1.8% |
| Chemicals | 183365 | 1.8% |
| Commercial Services & Supplies | 36937 | 0.4% |
| Communications Equipment | 50592 | 0.5% |
| Construction & Engineering | 123028 | 1.2% |
| Consumer Finance | 90557 | 0.9% |
| Consumer Staples Distribution & Retail | 411860 | 4.2% |
| Containers & Packaging | 221728 | 2.2% |
| Diversified Consumer Services | 55024 | 0.6% |
| Diversified Telecommunication Services | 69939 | 0.7% |
| Electric Utilities | 186132 | 1.9% |
| Electrical Equipment | 180601 | 1.8% |
| Electronic Equipment, Instruments & <br>Components | 411739 | 4.2% |
| Energy Equipment & Services | 67414 | 0.7% |
| Entertainment | 14791 | 0.1% |
| Equity REIT—Diversified | 97749 | 1.0% |
| Financial Services | 134978 | 1.3% |
| Food Products | 128855 | 1.3% |
| Gas Utilities | 236647 | 2.4% |
| Ground Transportation | 182923 | 1.8% |
| Health Care Equipment & Supplies | 92906 | 0.9% |
| Health Care Providers & Services | 174821 | 1.8% |
| Health Care REITs | 116847 | 1.2% |
| Hotel & Resort REITs | 7447 | 0.1% |
| Hotels, Restaurants & Leisure | 135331 | 1.4% |
| Household Durables | 138733 | 1.4% |
| Independent Power/Renewable <br>Electricity Producers | 19014 | 0.2% |
| Industrial REITs | 162658 | 1.6% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Industrial Support Services | $36501 | 0.4% |
| Insurance | 593875 | 6.0% |
| Interactive Media & Services | 18813 | 0.2% |
| IT Services | 46435 | 0.5% |
| Leisure Facilities & Services | 10865 | 0.1% |
| Leisure Products | 97724 | 1.0% |
| Life Sciences Tools & Services | 200689 | 2.0% |
| Machinery | 527093 | 5.3% |
| Media | 78548 | 0.8% |
| Metals & Mining | 284645 | 2.9% |
| Mortgage REITs | 127812 | 1.3% |
| Multi-Utilities | 51744 | 0.5% |
| Office REITs | 85238 | 0.9% |
| Oil, Gas & Consumable Fuels | 370348 | 3.7% |
| Personal Care Products | 40573 | 0.4% |
| Pharmaceuticals | 73197 | 0.8% |
| Professional Services | 241893 | 2.4% |
| Real Estate Management & <br>Development | 40925 | 0.4% |
| Residential REITs | 104920 | 1.0% |
| Retail—Discretionary | 22380 | 0.2% |
| Retail REITs | 138490 | 1.4% |
| Semiconductors & Semiconductor <br>Equipment | 241419 | 2.4% |
| Software | 104081 | 1.0% |
| Specialized REITs | 186066 | 1.9% |
| Specialty Retail | 315212 | 3.2% |
| Textiles, Apparel & Luxury Goods | 153770 | 1.5% |
| Trading Companies & Distributors | 173945 | 1.8% |
| Water Utilities | 68560 | 0.7% |
| Other\*\* | 59068 | 0.6% |
| **Total** | $**9920493** | **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.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Nasdaq-100 :: 61**

**Common Stocks (72.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Adobe, Inc.\* (Software) | 2902 | $1122726 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 11041 | 1566718 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2939 | 388947 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 16109 | 2838889 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 15109 | 2680186 |
| Amazon.com, Inc.\* (Broadline Retail) | 29384 | 6446556 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 3637 | 377375 |
| Amgen, Inc. (Biotechnology) | 3661 | 1022188 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3379 | 804270 |
| ANSYS, Inc.\* (Software) | 599 | 210381 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 41339 | 8481523 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5465 | 1000478 |
| AppLovin Corp\*—Class A (Software) | 2095 | 733418 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 911 | 147345 |
| ASML Holding N.V.<sup>NYS</sup> (Semiconductors & <br>Semiconductor Equipment) | 595 | 476828 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 4058 | 283573 |
| Atlassian Corp.\*—Class A (Software) | 1125 | 228476 |
| Autodesk, Inc.\* (Software) | 1457 | 451043 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 2764 | 852417 |
| Axon Enterprise, Inc.\* (Aerospace & <br>Defense) | 530 | 438808 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 6746 | 258642 |
| Biogen, Inc.\* (Biotechnology) | 997 | 125213 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 221 | 1279421 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 21523 | 5932815 |
| Cadence Design Systems, Inc.\* <br>(Software) | 1860 | 573159 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 897 | 160195 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 956 | 390822 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 2750 | 612893 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 26965 | 1870832 |
| Coca-Cola European Partners PLC <br>(Beverages) | 3127 | 289935 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 3357 | 261947 |
| Comcast Corp.—Class A (Media) | 25360 | 905099 |
| Constellation Energy Corp. (Electric <br>Utilities) | 2134 | 688769 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 6578 | 322782 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 2872 | 230909 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 3021 | $2990609 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 1696 | 863790 |
| CSX Corp. (Ground Transportation) | 12792 | 417403 |
| Datadog, Inc.\*—Class A (Software) | 2175 | 292168 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 2670 | 233064 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 1990 | 273426 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 2715 | 669275 |
| Electronic Arts, Inc. (Entertainment) | 1708 | 272768 |
| Exelon Corp. (Electric Utilities) | 6875 | 298513 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 7812 | 328104 |
| Fortinet, Inc.\* (Software) | 5212 | 551013 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 3118 | 230950 |
| Gilead Sciences, Inc. (Biotechnology) | 8471 | 939180 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 3765 | 143823 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 4377 | 1019316 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 547 | 293378 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 29703 | 665347 |
| Intuit, Inc. (Software) | 1899 | 1495709 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 2441 | 1326464 |
| Keurig Dr Pepper, Inc. (Beverages) | 9249 | 305772 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 901 | 807062 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 8710 | 847831 |
| Linde PLC (Chemicals) | 3206 | 1504191 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 783 | 186025 |
| Marriott International, Inc.—Class A <br>(Hotels, Restaurants & Leisure) | 1865 | 509537 |
| Marvell Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5871 | 454415 |
| MercadoLibre, Inc.\* (Broadline Retail) | 346 | 904316 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 6009 | 4435183 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 3673 | 258469 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 7610 | 937933 |
| Microsoft Corp. (Software) | 20571 | 10232221 |
| MicroStrategy, Inc.\*—Class A (Software) | 1728 | 698509 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 8817 | 594619 |
| Monster Beverage Corp.\* (Beverages) | 6641 | 415992 |
| Netflix, Inc.\* (Entertainment) | 2898 | 3880798 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 67534 | 10669697 |

---

**See accompanying notes to financial statements.**

------

**62 :: ProFund VP Nasdaq-100 ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 1721 | $376021 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 1439 | 233550 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 2845 | 149106 |
| O'Reilly Automotive, Inc.\* (Specialty <br>Retail) | 5821 | 524646 |
| PACCAR, Inc. (Machinery) | 3574 | 339744 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 15409 | 2100555 |
| Palo Alto Networks, Inc.\* (Software) | 4541 | 929270 |
| Paychex, Inc. (Professional Services) | 2452 | 356668 |
| PayPal Holdings, Inc.\* (Financial Services) | 6623 | 492221 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 4549 | 476098 |
| PepsiCo, Inc. (Beverages) | 9337 | 1232858 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 7477 | 1190787 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 723 | 379575 |
| Roper Technologies, Inc. (Software) | 732 | 414927 |
| Ross Stores, Inc. (Specialty Retail) | 2239 | 285652 |
| Shopify, Inc.\*—Class A (It Services) | 8295 | 956828 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 7739 | 709125 |
| Synopsys, Inc.\* (Software) | 1056 | 541390 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 1241 | 301377 |
| Tesla, Inc.\* (Automobiles) | 10074 | 3200107 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 6186 | 1284337 |
| The Kraft Heinz Co. (Food Products) | 8059 | 208083 |
| The Trade Desk, Inc.\*—Class A (Media) | 3052 | 219713 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 7732 | 1842226 |
| Verisk Analytics, Inc. (Professional <br>Services) | 953 | 296860 |
| Vertex Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1749 | 778655 |
| Warner Bros. Discovery, Inc.\* <br>(Entertainment) | 16848 | 193078 |
| Workday, Inc.\*—Class A (Software) | 1470 | 352800 |
| Xcel Energy, Inc. (Electric Utilities) | 3928 | 267497 |
| Zscaler, Inc.\* (Software) | 1060 | 332776 |
| **TOTAL COMMON STOCKS**<br> (Cost $27,592,476) |  | **116368978** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (26.8%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $42,860,058 | $42855000 | $42855000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $42,855,000) |  | **42855000** |

---

**Collateral for Securities Loaned<sup>(d)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(e)</sup> | 507 | $507 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $507) |  | **507** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $70,447,983)—99.5% |  | **159224485** |
| Net other assets (liabilities)—0.5% |  | 731974 |
| **NET ASSETS—100.0%** |  | $**159956459** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $485.

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

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $3,568,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>ADR</sup> American Depositary Receipt

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>NYS</sup> New York Shares

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Nasdaq-100 :: 63**

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-Mini Nasdaq-100 Index Futures Contracts | 30 | 9/22/25 | $13735950 | $421347 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 7/28/25 | 5.08% | $23205163 | $147808 |
| Nasdaq-100 Index | UBS AG | 7/28/25 | 5.13% | 6724326 | 40319 |
|  |  |  |  | $**29929489** | $**188127** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 Nasdaq-100 invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $438808 | 0.3% |
| Automobiles | 3200107 | 2.0% |
| Beverages | 2244557 | 1.4% |
| Biotechnology | 3244811 | 2.0% |
| Broadline Retail | 7826971 | 4.9% |
| Chemicals | 1504191 | 0.9% |
| Commercial Services & Supplies | 935675 | 0.6% |
| Communications Equipment | 1870832 | 1.2% |
| Consumer Staples Distribution & Retail | 2990609 | 1.9% |
| Electric Utilities | 1632154 | 1.0% |
| Electronic Equipment, Instruments & <br>Components | 160195 | 0.1% |
| Energy Equipment & Services | 258642 | 0.1% |
| Entertainment | 4648021 | 2.9% |
| Financial Services | 492221 | 0.3% |
| Food Products | 802702 | 0.5% |
| Ground Transportation | 650953 | 0.4% |
| Health Care Equipment & Supplies | 2083856 | 1.3% |
| Hotels, Restaurants & Leisure | 3556305 | 2.3% |
| Industrial Conglomerates | 1019316 | 0.6% |
| Interactive Media & Services | 9954258 | 6.2% |
| It Services | 956828 | 0.6% |
| IT Services | 261947 | 0.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Machinery | $339744 | 0.2% |
| Media | 1515634 | 0.9% |
| Oil, Gas & Consumable Fuels | 273426 | 0.2% |
| Pharmaceuticals | 283573 | 0.1% |
| Professional Services | 1505945 | 1.0% |
| Real Estate Management & <br>Development | 230909 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 27713281 | 17.3% |
| Software | 22124331 | 13.8% |
| Specialty Retail | 810298 | 0.5% |
| Technology Hardware, Storage & <br>Peripherals | 8481523 | 5.3% |
| Textiles, Apparel & Luxury Goods | 186025 | 0.1% |
| Trading Companies & Distributors | 328104 | 0.2% |
| Wireless Telecommunication Services | 1842226 | 1.2% |
| Other\*\* | 43587481 | 27.3% |
| **Total** | $**159956459** | **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.

**See accompanying notes to financial statements.**

------

**64 :: ProFund VP Pharmaceuticals ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (98.2%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 20701 | $167471 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 6329 | 145314 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 2792 | 182178 |
| Arvinas, Inc.\* (Pharmaceuticals) | 11179 | 82277 |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) | 2680 | 279765 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 5775 | 267325 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 3917 | 115826 |
| Corcept Therapeutics, Inc.\* (Pharmaceuticals) | 4066 | 298444 |
| CorMedix, Inc.\* (Pharmaceuticals) | 8601 | 105964 |
| Edgewise Therapeutics, Inc.\* <br>(Pharmaceuticals) | 11044 | 144787 |
| Elanco Animal Health, Inc.\* (Pharmaceuticals) | 20301 | 289898 |
| Eli Lilly & Co. (Pharmaceuticals) | 358 | 279072 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) | 3076 | 61705 |
| Evolus, Inc.\* (Pharmaceuticals) | 7918 | 72925 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 6374 | 59979 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 6627 | 209413 |
| Harrow, Inc.\* (Pharmaceuticals) | 4372 | 133521 |
| Innoviva, Inc.\* (Pharmaceuticals) | 7663 | 153950 |
| Jazz Pharmaceuticals PLC\* <br>(Pharmaceuticals) | 2622 | 278247 |
| Johnson & Johnson (Pharmaceuticals) | 1866 | 285032 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 2136 | 62606 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 1235 | 140395 |
| Liquidia Corp.\* (Pharmaceuticals) | 8868 | 110495 |
| Merck & Co., Inc. (Pharmaceuticals) | 3607 | 285530 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 9908 | 64303 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 34575 | 67421 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 16348 | 151709 |
| Organon & Co. (Pharmaceuticals) | 28739 | 278194 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 8240 | 196936 |
| Perrigo Co. PLC (Pharmaceuticals) | 10584 | 282804 |
| Pfizer, Inc. (Pharmaceuticals) | 11834 | 286856 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 2474 | 63186 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 3403 | $271730 |
| Royalty Pharma PLC\*—Class A <br>(Pharmaceuticals) | 8508 | 306543 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 4913 | 154858 |
| Tarsus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 7033 | 284907 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 13386 | 73221 |
| Viatris, Inc. (Pharmaceuticals) | 32260 | 288082 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 16434 | 106821 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 31573 | 147446 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 4184 | 36861 |
| Zoetis, Inc. (Pharmaceuticals) | 1742 | 271665 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,212,491) |  | **7545662** |

---

**Repurchase Agreements<sup>(a)</sup> (1.4%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $111,013 | $111000 | $111000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $111,000) |  | **111000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,323,491)—99.6% |  | **7656662** |
| Net other assets (liabilities)—0.4% |  | 31484 |
| **NET ASSETS—100.0%** |  | $**7688146** |

---

\* Non-income producing security.

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Pharmaceuticals Select <br>Industry Index | Goldman Sachs International | 7/23/25 | 5.08% | $125458 | $(3067) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Pharmaceuticals :: 65**

ProFund VP Pharmaceuticals invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Biotechnology | $62606 | 0.8% |
| Pharmaceuticals | 7483056 | 97.4% |
| Other\*\* | 142484 | 1.8% |
| **Total** | $**7688146** | **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.

**See accompanying notes to financial statements.**

------

**66 :: ProFund VP Precious Metals ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (123.8%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $43,195,098 | $43190000 | $43190000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $43,190,000) |  | **43190000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $43,190,000)—123.8% |  | **43190000** |
| Net other assets (liabilities)—(23.8)% |  | (8296439) |
| **NET ASSETS—100.0%** |  | $**34893561** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $7,363,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Precious <br>Metals Index | Goldman Sachs International | 7/23/25 | 5.08% | $21595387 | $(389257) |
| Dow Jones Precious <br>Metals Index | UBS AG | 7/23/25 | 5.13% | 13293843 | (402139) |
|  |  |  |  | $**34889230** | $**(791396)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Real Estate :: 67**

**Common Stocks (97.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alexandria Real Estate Equities, Inc. <br>(Office REITs) | 690 | $50115 |
| American Tower Corp.—Class A <br>(Specialized REITs) | 2097 | 463478 |
| AvalonBay Communities, Inc. <br>(Residential REITs) | 637 | 129630 |
| Boston Properties, Inc. (Office REITs) | 653 | 44058 |
| Camden Property Trust (Residential REITs) | 479 | 53979 |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 1315 | 184258 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 1890 | 151956 |
| Crown Castle International Corp. <br>(Specialized REITs) | 1951 | 200426 |
| Digital Realty Trust, Inc. (Specialized REITs) | 1418 | 247200 |
| Equinix, Inc. (Specialized REITs) | 438 | 348416 |
| Equity Residential (Residential REITs) | 1532 | 103395 |
| Essex Property Trust, Inc. (Residential REITs) | 288 | 81619 |
| Extra Space Storage, Inc. (Specialized REITs) | 951 | 140215 |
| Federal Realty Investment Trust (Retail REITs) | 348 | 33057 |
| Healthpeak Properties, Inc. (Health Care REITs) | 3112 | 54491 |
| Host Hotels & Resorts, Inc. (Hotel & <br>Resort REITs) | 3108 | 47739 |
| Invitation Homes, Inc. (Residential REITs) | 2554 | 83771 |
| Iron Mountain, Inc. (Specialized REITs) | 1322 | 135598 |
| Kimco Realty Corp. (Retail REITs) | 3031 | 63712 |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 524 | 77557 |
| Prologis, Inc. (Industrial REITs) | 4157 | 436984 |
| Public Storage (Specialized REITs) | 707 | 207448 |
| Realty Income Corp. (Retail REITs) | 4046 | 233090 |
| Regency Centers Corp. (Retail REITs) | 732 | 52140 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 481 | 112958 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Simon Property Group, Inc. (Retail REITs) | 1375 | $221045 |
| UDR, Inc. (Residential REITs) | 1351 | 55161 |
| Ventas, Inc. (Health Care REITs) | 2022 | 127689 |
| VICI Properties, Inc. (Specialized REITs) | 4734 | 154328 |
| Welltower, Inc. (Health Care REITs) | 2783 | 427831 |
| Weyerhaeuser Co. (Specialized REITs) | 3249 | 83467 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,482,429) |  | **4806811** |

---

**Repurchase Agreements<sup>(a)</sup> (1.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $55,006 | $55000 | $55000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $55,000) |  | **55000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,537,429)—98.5% |  | **4861811** |
| Net other assets (liabilities)—1.5% |  | 72230 |
| **NET ASSETS—100.0%** |  | $**4934041** |

---

\* Non-income producing security.

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

<sup>REIT</sup> Real Estate Investment Trust

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| S&P Real Estate <br>Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $86152 | $(2060) |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Health Care REITs | $610011 | 12.4% |
| Hotel & Resort REITs | 47739 | 1.0% |
| Industrial REITs | 436984 | 8.8% |
| Office REITs | 94173 | 1.9% |
| Real Estate Management & Development | 336214 | 6.8% |
| Residential REITs | 585112 | 11.9% |
| Retail REITs | 603043 | 12.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Specialized REITs | $2093535 | 42.4% |
| Other\*\* | 127230 | 2.6% |
| **Total** | $**4934041** | **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.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**68 :: ProFund VP Rising Rates Opportunity ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (102.4%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $7,276,859 | $7276000 | $7276000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $7,276,000) |  | **7276000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $7,276,000)—102.4% |  | **7276000** |
| Net other assets (liabilities)—(2.4)% |  | (168442) |
| **NET ASSETS—100.0%** |  | $**7107558** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $432,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Citibank North America | 7/15/25 | (4.31)% | $(3921731) | $(81123) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Societe Generale | 7/15/25 | (4.24)% | (4932177) | (91987) |
|  |  |  |  | $**(8853908)** | $**(173110)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Semiconductor :: 69**

**Common Stocks (43.9%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 6111 | $867151 |
| Allegro MicroSystems, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 493 | 16856 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 428 | 8984 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1869 | 444859 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3062 | 560560 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 121 | 8432 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 17721 | 4884794 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 200 | 20851 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 495 | 19627 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 571 | 46051 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 314 | 11995 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 16440 | 368256 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 498 | 446079 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 4821 | 469276 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 518 | 25377 |
| Marvell Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3256 | 252014 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 2027 | 142640 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4212 | 519129 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 253 | 25138 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 180 | 131648 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 91916 | 14521810 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 952 | 208002 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1575 | 82546 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 184 | 18571 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 212 | 11851 |
| Qorvo, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 352 | 29888 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4135 | $658540 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 405 | 25928 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 123 | 18125 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 566 | 42178 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 605 | 54402 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 3424 | 710891 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 167 | 25795 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,377,418) |  | **25678244** |

---

**Repurchase Agreements<sup>(a)</sup> (2.0%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $1,163,137 | $1163000 | $1163000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,163,000) |  | **1163000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,540,418)—45.9% |  | **26841244** |
| Net other assets (liabilities)—54.1% |  | 31600766 |
| **NET ASSETS—100.0%** |  | $**58442010** |

---

\* Non-income producing security.

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

**See accompanying notes to financial statements.**

------

**70 :: ProFund VP Semiconductor ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones U.S. Semiconductors Index | Goldman Sachs International | 7/23/25 | 5.08% | $32255032 | $74851 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 Semiconductor invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Semiconductors & Semiconductor <br>Equipment | $25678244 | 43.9% |
| Other\*\* | 32763766 | 56.1% |
| **Total** | $**58442010** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Short Dow 30 :: 71**

**Repurchase Agreements<sup>(a)(b)</sup> (85.2%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $6,001 | $6000 | $6000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $6,000) |  | **6000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,000)—85.2% |  | **6000** |
| Net other assets (liabilities)—14.8% |  | 1044 |
| **NET ASSETS—100.0%** |  | $**7044** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $4,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Industrial Average | Goldman Sachs International | 7/28/25 | (4.83)% | $(1842) | $(11) |
| Dow Jones Industrial Average | UBS AG | 7/28/25 | (4.73)% | (5184) | (30) |
|  |  |  |  | $**(7026)** | $**(41)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**72 :: ProFund VP Short Emerging Markets ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (99.9%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $295,035 | $295000 | $295000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $295,000) |  | **295000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $295,000)—99.9% |  | **295000** |
| Net other assets (liabilities)—0.1% |  | 273 |
| **NET ASSETS—100.0%** |  | $**295273** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $54,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P Emerging 50 ADR Index (USD) | Goldman Sachs International | 7/28/25 | (4.13)% | $(142606) | $165 |
| S&P Emerging 50 ADR Index (USD) | UBS AG | 7/28/25 | (4.33)% | (152713) | 184 |
|  |  |  |  | $**(295319)** | $**349** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Short International :: 73**

**Repurchase Agreements<sup>(a)(b)</sup> (100.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $2,080,246 | $2080000 | $2080000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,080,000) |  | **2080000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,080,000)—100.1% |  | **2080000** |
| Net other assets (liabilities)—(0.1)% |  | (2523) |
| **NET ASSETS—100.0%** |  | $**2077477** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $331,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| MSCI EAFE Index | Goldman Sachs International | 7/28/25 | (4.28)% | $(1009123) | $(49) |
| MSCI EAFE Index | UBS AG | 7/28/25 | (4.63)% | (1055875) | (19) |
|  |  |  |  | $**(2064998)** | $**(68)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**74 :: ProFund VP Short Mid-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (97.9%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $56,007 | $56000 | $56000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $56,000) |  | **56000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $56,000)—97.9% |  | **56000** |
| Net other assets (liabilities)—2.1% |  | 1228 |
| **NET ASSETS—100.0%** |  | $**57228** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $17,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 7/28/25 | (4.58)% | $(30225) | $(4) |
| S&P MidCap 400 | UBS AG | 7/28/25 | (4.73)% | (26789) | (3) |
|  |  |  |  | $**(57014)** | $**(7)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Short Nasdaq-100 :: 75**

**Repurchase Agreements<sup>(a)(b)</sup> (98.1%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $2,082,246 | $2082000 | $2082000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,082,000) |  | **2082000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $2,082,000)—98.1% |  | **2082000** |
| Net other assets (liabilities)—1.9% |  | 40772 |
| **NET ASSETS—100.0%** |  | $**2122772** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $285,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-Mini Nasdaq-100 Index Futures Contracts | 1 | 9/22/25 | $(457865) | $(14057) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 7/28/25 | (4.83)% | $(712121) | $(4561) |
| Nasdaq-100 Index | UBS AG | 7/28/25 | (4.73)% | (952518) | (5743) |
|  |  |  |  | $**(1664639)** | $**(10304)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**76 :: ProFund VP Short Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (96.9%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $814,096 | $814000 | $814000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $814,000) |  | **814000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $814,000)—96.9% |  | **814000** |
| Net other assets (liabilities)—3.1% |  | 25802 |
| **NET ASSETS—100.0%** |  | $**839802** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $92,000.

**Futures Contracts Sold**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-mini Russell 2000 Index Futures Contracts | 2 | 9/22/25 | $(219170) | $(1469) |

---

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Russell 2000 Index | Goldman Sachs International | 7/28/25 | (4.48)% | $(404557) | $(527) |
| Russell 2000 Index | UBS AG | 7/28/25 | (4.63)% | (215329) | (272) |
|  |  |  |  | $**(619886)** | $**(799)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 77**

**Common Stocks (82.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 10X Genomics Inc\*—Class A (Medical <br>Equipment & Devices) | 241 | $2791 |
| 1-800-Flowers.com, Inc.\*—Class A (Specialty <br>Retail) | 50 | 246 |
| 1st Source Corp. (Banks) | 44 | 2731 |
| 3D Systems Corp.\* (Machinery) | 301 | 464 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) | 92 | 341 |
| 89bio, Inc.\* (Biotechnology) | 285 | 2799 |
| 8x8, Inc.\* (Software) | 298 | 584 |
| 908 Devices, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 63 | 449 |
| A10 Networks, Inc.\* (Software) | 169 | 3270 |
| AAR Corp.\* (Aerospace & Defense) | 82 | 5641 |
| Aardvark Therapeutics, Inc.\* (Biotech & Pharma) | 13 | 176 |
| Abeona Therapeutics, Inc.\* (Biotech & Pharma) | 100 | 568 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) | 108 | 8948 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) | 142 | 6704 |
| Absci Corp.\* (Biotechnology) | 249 | 640 |
| Acacia Research Corp.\* (Financial Services) | 78 | 279 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) | 152 | 6811 |
| ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | 284 | 6126 |
| Acadia Realty Trust (Retail REITs) | 302 | 5608 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 124 | 1459 |
| ACCO Brands Corp. (Commercial Services & <br>Supplies) | 200 | 716 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) | 232 | 318 |
| ACI Worldwide, Inc.\* (Software) | 241 | 11064 |
| Aclaris Therapeutics, Inc.\* (Biotech & Pharma) | 207 | 294 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 116 | 3004 |
| Acme United Corp. (Wholesale—Discretionary) | 8 | 332 |
| ACNB Corp. (Banks) | 24 | 1028 |
| ACRES Commercial Realty Corp.\* (Specialty <br>Finance) | 14 | 251 |
| Actuate Therapeutics, Inc.\* (Biotech & Pharma) | 13 | 79 |
| Acuren Corp.\* (Asset Management) | 237 | 2617 |
| Acushnet Holdings Corp. (Leisure Products) | 64 | 4660 |
| ACV Auctions, Inc.\*—Class A (Commercial <br>Services & Supplies) | 384 | 6228 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) | 211 | 1990 |
| Adaptive Biotechnologies Corp.\* (Life Sciences <br>Tools & Services) | 342 | 3984 |
| ADC Therapeutics SA\* (Biotechnology) | 166 | 445 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 42 | 4838 |
| Adeia, Inc. (Software) | 249 | 3521 |
| Adient PLC (Automobile Components) | 192 | 3736 |
| ADMA Biologics, Inc.\* (Biotechnology) | 530 | 9651 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) | 84 | 10687 |
| ADTRAN Holdings, Inc. (Communications <br>Equipment) | 170 | 1525 |
| Advance Auto Parts, Inc. (Specialty Retail) | 137 | 6369 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Advanced Emissions Solutions, Inc.\* <br>(Chemicals) | 72 | $387 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 86 | 11395 |
| AdvanSix, Inc. (Chemicals) | 60 | 1425 |
| Advantage Solutions, Inc.\* (Media) | 215 | 284 |
| Aehr Test Systems\*<sup>(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 65 | 840 |
| Aeluma, Inc.\* (Semiconductors) | 22 | 360 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 65 | 18522 |
| AerSale Corp.\* (Aerospace & Defense) | 74 | 445 |
| Aeva Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 70 | 2645 |
| AFC Gamma, Inc.\* (Mortgage REITs) | 42 | 188 |
| AG Mortgage Investment Trust, Inc.\* <br>(Mortgage REITs) | 64 | 483 |
| agilon health, Inc.\* (Health Care Providers & <br>Services) | 705 | 1622 |
| Agilysys, Inc.\* (Software) | 59 | 6764 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 129 | 4291 |
| AirJoule Technologies Corp.\* (Electrical <br>Equipment) | 49 | 227 |
| AirSculpt Technologies, Inc.\* (Health Care <br>Providers & Services) | 29 | 140 |
| Airship AI Holdings, Inc.\* (Software) | 46 | 271 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 571 | 2078 |
| Akero Therapeutics, Inc.\* (Biotechnology) | 160 | 8538 |
| Alamo Group, Inc. (Machinery) | 24 | 5241 |
| Alarm.com Holdings, Inc.\* (Software) | 109 | 6166 |
| Albany International Corp. (Machinery) | 69 | 4839 |
| Aldeyra Therapeutics, Inc.\* (Biotechnology) | 124 | 475 |
| Alector, Inc.\* (Biotechnology) | 182 | 255 |
| Alerus Financial Corp. (Financial Services) | 51 | 1104 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) | 167 | 2978 |
| Alexander's, Inc.\* (Retail REITs) | 5 | 1127 |
| Alico, Inc.\* (Food Products) | 12 | 392 |
| Alight, Inc.\*—Class A (Professional Services) | 986 | 5581 |
| Alignment Healthcare, Inc.\* (Health Care <br>Providers & Services) | 292 | 4088 |
| Alkami Technology, Inc.\* (Software) | 156 | 4702 |
| Alkermes PLC\* (Biotechnology) | 370 | 10586 |
| Allegiant Travel Co. (Passenger Airlines) | 33 | 1813 |
| ALLETE, Inc. (Electric Utilities) | 134 | 8585 |
| Allied Motion Technologies, Inc. (Electrical <br>Equipment) | 33 | 1198 |
| Allogene Therapeutics, Inc.\* (Biotechnology) | 346 | 391 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor Equipment) | 57 | 1463 |
| Alpha Metallurgical Resources, Inc. (Metals & <br>Mining) | 27 | 3037 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) | 25 | 123 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 265 | 2942 |
| Alpine Income Property Trust, Inc. (Equity <br>REIT—Diversified) | 29 | 427 |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) | 46 | 291 |
| AlTi Global, Inc.\* (Capital Markets) | 97 | 403 |
| Altice USA, Inc.\*—Class A (Cable & Satellite) | 597 | 1278 |
| Altimmune, Inc.\*<sup>(a)</sup> (Biotechnology) | 177 | 685 |

---

**See accompanying notes to financial statements.**

------

**78 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alumis, Inc.\* (Pharmaceuticals) | 110 | $330 |
| Amalgamated Financial Corp. (Banks) | 54 | 1685 |
| A-Mark Precious Metals, Inc. (Distributors) | 43 | 954 |
| Ambac Financial Group, Inc.\* (Insurance) | 109 | 774 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 93 | 6144 |
| AMC Entertainment Holdings, Inc.\* <br>(Entertainment) | 995 | 3085 |
| AMC Networks, Inc.\*—Class A (Media) | 74 | 464 |
| Amerant Bancorp, Inc. (Banks) | 85 | 1550 |
| Ameresco, Inc.\*—Class A (Construction & <br>Engineering) | 73 | 1109 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 119 | 2350 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) | 264 | 1077 |
| American Battery Technology Co.\* (Metals & <br>Mining) | 185 | 300 |
| American Eagle Outfitters, Inc. (Specialty Retail) | 372 | 3579 |
| American Healthcare REIT, Inc. (Health Care <br>REITs) | 364 | 13374 |
| American Outdoor Brands Inc.\* (Leisure <br>Products) | 28 | 293 |
| American Public Education, Inc.\* (Diversified <br>Consumer Services) | 40 | 1218 |
| American Reality Investors, Inc.\* (Real Estate <br>Management & Development) | 3 | 42 |
| American States Water Co. (Water Utilities) | 88 | 6746 |
| American Superconductor Corp.\* (Electrical <br>Equipment) | 87 | 3192 |
| American Vanguard Corp.\* (Chemicals) | 60 | 235 |
| American Woodmark Corp.\* (Building Products) | 34 | 1815 |
| America's Car-Mart, Inc.\* (Specialty Retail) | 17 | 953 |
| Ameris Bancorp (Banks) | 151 | 9770 |
| AMERISAFE, Inc. (Insurance) | 43 | 1880 |
| Ames National Corp. (Banks) | 20 | 356 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 636 | 3644 |
| AMMO, Inc.\* (Leisure Products) | 201 | 257 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) | 88 | 1819 |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 344 | 2783 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 85 | 1952 |
| Amplitude, Inc.\*—Class A (Software) | 199 | 2468 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) | 213 | 897 |
| Amylyx Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 158 | 1013 |
| AnaptysBio, Inc.\* (Biotechnology) | 45 | 999 |
| Anavex Life Sciences Corp.\*<sup>(a)</sup> (Biotechnology) | 191 | 1761 |
| Angel Oak Mortgage REIT, Inc. (Mortgage <br>REITs) | 28 | 264 |
| Angi, Inc.\* (Interactive Media & Services) | 99 | 1511 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) | 89 | 883 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 42 | 2741 |
| Anika Therapeutics, Inc.\* (Biotechnology) | 28 | 296 |
| Annexon, Inc.\* (Biotechnology) | 219 | 526 |
| Anteris Technologies Global Corp.\* (Medical <br>Equipment & Devices) | 49 | 186 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Anterix, Inc.\* (Diversified Telecommunication <br>Services) | 30 | $770 |
| Anywhere Real Estate, Inc.\* (Real Estate <br>Management & Development) | 241 | 872 |
| Apartment Investment and Management Co.\* <br>(Residential REITs) | 302 | 2612 |
| Apogee Enterprises, Inc. (Building Products) | 48 | 1949 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | 73 | 3170 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) | 319 | 3088 |
| Apollo Medical Holdings, Inc.\* (Health Care <br>Providers & Services) | 93 | 2314 |
| Appian Corp.\*—Class A (Software) | 90 | 2687 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 512 | 5975 |
| Applied Digital Corp.\*<sup>(a)</sup> (IT Services) | 404 | 4068 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) | 123 | 3160 |
| Aquestive Therapeutics, Inc.\* (Pharmaceuticals) | 197 | 652 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) | 436 | 4665 |
| Arbutus Biopharma Corp.\* (Biotechnology) | 346 | 1069 |
| ArcBest Corp. (Ground Transportation) | 53 | 4082 |
| Arcellx, Inc.\* (Biotechnology) | 84 | 5531 |
| Archer Aviation, Inc.\*—Class A (Aerospace & <br>Defense) | 1246 | 13519 |
| Archrock, Inc. (Energy Equipment & Services) | 378 | 9386 |
| Arcosa, Inc. (Construction & Engineering) | 111 | 9625 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 58 | 755 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 158 | 1286 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 245 | 3435 |
| Ardagh Metal Packaging SA (Containers & <br>Packaging) | 319 | 1365 |
| Ardelyx, Inc.\* (Biotechnology) | 539 | 2113 |
| Ardent Health Partners, Inc.\* (Health Care <br>Providers & Services) | 53 | 724 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) | 79 | 758 |
| Ares Commercial Real Estate Corp. (Mortgage <br>REITs) | 121 | 577 |
| Argan, Inc. (Construction & Engineering) | 30 | 6614 |
| Arhaus, Inc. (Specialty Retail) | 117 | 1014 |
| Aris Water Solutions, Inc.—Class A <br>(Commercial Services & Supplies) | 71 | 1679 |
| Arko Corp. (Specialty Retail) | 176 | 744 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 227 | 3850 |
| Armada Hoffler Properties, Inc. (Equity REIT—<br>Diversified) | 183 | 1257 |
| ARMOUR Residential REIT, Inc.<sup>(a)</sup> (Mortgage <br>REITs) | 189 | 3177 |
| Array Technologies, Inc.\* (Electrical Equipment) | 347 | 2047 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 53 | 1154 |
| Arrow Financial Corp. (Banks) | 38 | 1004 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 276 | 4361 |
| ARS Pharmaceuticals, Inc.\*<sup>(a)</sup> (Biotechnology) | 125 | 2181 |
| Arteris, Inc.\* (Software) | 64 | 610 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) | 143 | 6339 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 79**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 87 | $2706 |
| Arvinas, Inc.\* (Pharmaceuticals) | 150 | 1104 |
| Asana, Inc.\*—Class A (Software) | 213 | 2876 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) | 45 | 10734 |
| Ascent Industries Co.\* (Steel) | 18 | 227 |
| ASGN, Inc.\* (IT Services) | 98 | 4893 |
| ASP Isotopes, Inc.\* (Chemicals) | 130 | 957 |
| Aspen Aerogels, Inc.\* (Chemicals) | 152 | 900 |
| Associated Banc-Corp. (Banks) | 380 | 9268 |
| Astec Industries, Inc. (Machinery) | 52 | 2168 |
| Astria Therapeutics, Inc. (Biotechnology) | 98 | 525 |
| Astronics Corp.\* (Aerospace & Defense) | 69 | 2310 |
| Asure Software, Inc.\* (Professional Services) | 56 | 547 |
| Atea Pharmaceuticals, Inc.\* (Pharmaceuticals) | 175 | 630 |
| Atkore, Inc. (Electrical Equipment) | 79 | 5573 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 106 | 4958 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 15 | 738 |
| Atlantic International Corp.\* (Biotech & Pharma) | 25 | 51 |
| Atlantic Union Bankshares Corp. (Banks) | 326 | 10197 |
| Atlanticus Holdings Corp.\* (Consumer Finance) | 12 | 657 |
| Atlas Energy Solutions, Inc.<sup>(a)</sup> (Energy <br>Equipment & Services) | 177 | 2366 |
| Atmus Filtration Technologies, Inc.\* (Machinery) | 191 | 6956 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) | 23 | 374 |
| Atomera, Inc.\* (Semiconductors) | 67 | 338 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) | 111 | 3637 |
| aTyr Pharma, Inc.\* (Biotech & Pharma) | 199 | 1009 |
| AudioEye, Inc.\* (Software) | 18 | 210 |
| Aura Biosciences, Inc.\* (Biotechnology) | 86 | 538 |
| Aurinia Pharmaceuticals, Inc.\* (Biotechnology) | 269 | 2278 |
| Avadel Pharmaceuticals PLC\* (Pharmaceuticals) | 204 | 1805 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 102 | 1248 |
| Aveanna Healthcare Holdings, Inc.\* (Health <br>Care Providers & Services) | 106 | 554 |
| AvePoint, Inc.\* (Software) | 304 | 5870 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) | 26 | 625 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 262 | 7441 |
| AvidXchange Holdings, Inc.\* (Financial <br>Services) | 391 | 3828 |
| Avient Corp. (Chemicals) | 210 | 6785 |
| Avista Corp. (Multi-Utilities) | 184 | 6983 |
| Avita Medical, Inc.\* (Biotechnology) | 61 | 323 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 74 | 5157 |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) | 100 | 1085 |
| Axos Financial, Inc.\* (Banks) | 119 | 9049 |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) | 92 | 9603 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 93 | 2863 |
| AZZ, Inc. (Building Products) | 68 | 6425 |
| B&G Foods, Inc.<sup>(a)</sup> (Food Products) | 176 | 744 |
| Backblaze, Inc.\*—Class A (IT Services) | 122 | 671 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) | 68 | 16657 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bakkt Holdings, Inc.\* (Institutional Financial <br>Services) | 12 | $167 |
| Balchem Corp. (Chemicals) | 75 | 11940 |
| Bally's Corp.\* (Leisure Facilities & Services) | 17 | 163 |
| Banc of California, Inc. (Banks) | 317 | 4454 |
| BancFirst Corp. (Banks) | 48 | 5934 |
| Banco Latinoamericano de Comercio Exterior <br>S.A.—Class E (Financial Services) | 67 | 2700 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) | 61 | 970 |
| Bank First Corp.\* (Banks) | 21 | 2471 |
| Bank of Hawaii Corp. (Banks) | 90 | 6078 |
| Bank of Marin Bancorp (Banks) | 34 | 777 |
| Bank7 Corp. (Banks) | 10 | 418 |
| BankFinancial Corp.\* (Banking) | 25 | 289 |
| BankUnited, Inc. (Banks) | 173 | 6157 |
| Bankwell Financial Group, Inc. (Banks) | 16 | 576 |
| Banner Corp. (Banks) | 78 | 5004 |
| Bar Harbor Bankshares (Banks) | 34 | 1019 |
| BARK, Inc.\* (Specialty Retail) | 244 | 215 |
| Barnes & Noble Education, Inc.\* (Retail—<br>Discretionary) | 34 | 400 |
| Barrett Business Services, Inc. (Professional <br>Services) | 57 | 2376 |
| Bassett Furniture Industries, Inc.\* (Retail—<br>Discretionary) | 19 | 289 |
| BayCom Corp.\* (Banks) | 24 | 665 |
| BCB Bancorp, Inc. (Banks) | 35 | 295 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 218 | 3708 |
| Beazer Homes USA, Inc.\* (Household Durables) | 66 | 1476 |
| Bel Fuse, Inc.—Class A (Electronic Equipment, <br>Instruments & Components) | 4 | 359 |
| Bel Fuse, Inc.—Class B (Electronic Equipment, <br>Instruments & Components) | 24 | 2345 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 91 | 10538 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 82 | 3184 |
| Benitec Biopharma, Inc.\* (Biotech & Pharma) | 33 | 386 |
| Berkshire Hills Bancorp, Inc. (Banks) | 106 | 2654 |
| Berry Corp.\* (Oil, Gas & Consumable Fuels) | 176 | 488 |
| Beta Bionics, Inc.\* (Biotechnology) | 30 | 437 |
| Better Home & Finance Holding Co.\* <br>(Specialty Finance) | 11 | 136 |
| Beyond Meat, Inc.\*<sup>(a)</sup> (Food Products) | 168 | 586 |
| Beyond, Inc.\* (Specialty Retail) | 126 | 867 |
| BGC Group, Inc.—Class A (Capital Markets) | 819 | 8378 |
| Bicara Therapeutics, Inc.\* (Biotechnology) | 78 | 725 |
| BigBear.ai Holdings, Inc.\* (IT Services) | 660 | 4481 |
| BigCommerce Holdings, Inc.\*—Class 1 <br>(IT Services) | 150 | 750 |
| Biglari Holdings, Inc.\*—Class B (Hotels, <br>Restaurants & Leisure) | 2 | 584 |
| BioAge Labs, Inc.\* (Pharmaceuticals) | 54 | 223 |
| BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | 479 | 4292 |
| Biohaven, Ltd.\* (Biotechnology) | 207 | 2921 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) | 87 | 1874 |
| Biote Corp.\*—Class A (Pharmaceuticals) | 67 | 269 |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) | 105 | 695 |

---

**See accompanying notes to financial statements.**

------

**80 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bit Digital, Inc.\* (Software) | 415 | $909 |
| Bitdeer Technologies Group\* (Technology <br>Services) | 205 | 2354 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) | 49 | 2185 |
| BK Technologies Corp\* (Technology Hardware) | 6 | 283 |
| BKV Corp.\* (Oil, Gas & Consumable Fuels) | 38 | 917 |
| Black Hills Corp. (Multi-Utilities) | 166 | 9312 |
| Blackbaud, Inc. (Software) | 88 | 5650 |
| BlackLine, Inc.\* (Software) | 120 | 6794 |
| BlackSky Technology, Inc.\* (Professional <br>Services) | 64 | 1317 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 372 | 7162 |
| Blade Air Mobility, Inc.\*—Class A (Passenger <br>Airlines) | 147 | 592 |
| Blend Labs, Inc.\*—Class A (Software) | 480 | 1584 |
| Bloom Energy Corp.\*—Class A (Electrical <br>Equipment) | 468 | 11195 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 192 | 1653 |
| Blue Bird Corp.\* (Machinery) | 74 | 3194 |
| Blue Foundry Bancorp\* (Banks) | 44 | 421 |
| Blue Ridge Bankshares, Inc.\* (Banking) | 147 | 528 |
| BlueLinx Holdings, Inc.\* (Trading Companies & <br>Distributors) | 18 | 1339 |
| Blueprint Medicines Corp.\* (Biotechnology) | 146 | 18713 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 87 | 7553 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 70 | 10640 |
| Borr Drilling, Ltd.\* (Energy Equipment & <br>Services) | 509 | 931 |
| Boston Omaha Corp.\*—Class A (Media) | 50 | 702 |
| Bowhead Specialty Holdings, Inc.\* (Insurance) | 36 | 1351 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) | 32 | 920 |
| Box, Inc.\*—Class A (Software) | 321 | 10969 |
| Braemar Hotels & Resports, Inc.\* (Hotel & <br>Resort REITs) | 135 | 331 |
| Brandywine Realty Trust (Office REITs) | 394 | 1690 |
| Braze, Inc.\*—Class A (Software) | 174 | 4889 |
| BRC, Inc.\*—Class A (Food Products) | 142 | 186 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) | 107 | 6112 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 357 | 15414 |
| Bridgewater Bancshares, Inc.\* (Banks) | 48 | 764 |
| Brighsphere Investment Group, Inc. (Capital <br>Markets) | 64 | 2255 |
| Bright Minds Biosciences, Inc. (Biotech & <br>Pharma) | 11 | 287 |
| BrightSpire Capital, Inc. (Mortgage REITs) | 295 | 1490 |
| BrightSpring Health Services, Inc.\* (Health <br>Care Providers & Services) | 193 | 4553 |
| BrightView Holdings, Inc.\* (Commercial <br>Services & Supplies) | 138 | 2298 |
| Brinker International, Inc. (Hotels, <br>Restaurants & Leisure) | 101 | 18213 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 65 | 2143 |
| Broadstone Net Lease, Inc. (Equity REIT—<br>Diversified) | 434 | 6966 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Brookdale Senior Living, Inc.\* (Health Care <br>Providers & Services) | 525 | $3654 |
| Brookfield Business Corp.—Class A (Industrial <br>Conglomerates) | 55 | 1716 |
| Brookfield Infrastructure Corp.—Class A <br>(Gas & Water Utilities) | 275 | 11440 |
| Brookline Bancorp, Inc. (Banks) | 201 | 2121 |
| BRT Apartments Corp.\* (Residential REITs) | 25 | 391 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) | 28 | 1444 |
| Bumble, Inc.\*—Class A (Interactive Media & <br>Services) | 166 | 1094 |
| Burford Capital, Ltd.\* (Financial Services) | 439 | 6260 |
| Burke & Herbert Financial Services Corp. <br>(Banks) | 31 | 1852 |
| Business First Bancshares, Inc. (Banks) | 65 | 1602 |
| Butterfly Network, Inc.\* (Medical Equipment & <br>Devices) | 439 | 878 |
| BV Financial, Inc.\* (Banking) | 20 | 305 |
| Byline Bancorp, Inc. (Banks) | 62 | 1657 |
| Byrna Technologies, Inc.\* (Aerospace & <br>Defense) | 41 | 1266 |
| C&F Financial Corp.\* (Banking) | 7 | 432 |
| C3.ai, Inc.\*—Class A (Software) | 277 | 6806 |
| Cable One, Inc. (Media) | 12 | 1630 |
| Cabot Corp. (Chemicals) | 124 | 9300 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 157 | 6864 |
| Cadence Bank (Banks) | 401 | 12823 |
| Cadiz, Inc.\* (Water Utilities) | 126 | 377 |
| Cadre Holdings, Inc. (Aerospace & Defense) | 65 | 2070 |
| Calavo Growers, Inc. (Food Products) | 38 | 1010 |
| Caledonia Mining Corp. PLC (Metals & Mining) | 38 | 734 |
| Caleres, Inc. (Specialty Retail) | 75 | 917 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 149 | 6805 |
| California Water Service Group (Water Utilities) | 137 | 6231 |
| Calix, Inc.\* (Communications Equipment) | 135 | 7181 |
| Cal-Maine Foods, Inc. (Food Products) | 105 | 10462 |
| Calumet, Inc.\* (Chemicals) | 158 | 2489 |
| Camden National Corp. (Banks) | 38 | 1542 |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) | 138 | 2372 |
| Candel Therapeutics, Inc.\* (Biotechnology) | 90 | 455 |
| Cannae Holdings, Inc. (Financial Services) | 132 | 2752 |
| Cantaloupe, Inc.\* (Financial Services) | 121 | 1330 |
| Capital Bancorp, Inc. (Banks) | 27 | 907 |
| Capital City Bank Group, Inc. (Banks) | 32 | 1259 |
| Capitol Federal Financial, Inc. (Banks) | 282 | 1720 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 266 | 4708 |
| Capricor Therapeutics, Inc.\*<sup>(a)</sup> (Biotechnology) | 88 | 874 |
| Cardiff Oncology, Inc.\* (Biotechnology) | 142 | 447 |
| CareDx, Inc.\* (Biotechnology) | 125 | 2443 |
| CareTrust REIT, Inc. (Health Care REITs) | 432 | 13219 |
| Cargo Therapeutics, Inc.\* (Biotechnology) | 81 | 334 |
| Cargurus, Inc.\* (Interactive Media & Services) | 188 | 6293 |
| Carriage Services, Inc.\* (Diversified Consumer <br>Services) | 32 | 1464 |
| Cars.com, Inc.\* (Interactive Media & Services) | 133 | 1576 |
| Carter Bankshares, Inc. (Banks) | 52 | 902 |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 81 | 2441 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 81**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Cartesian Therapeutics, Inc.\* (Biotechnology) | 21 | $218 |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) | 144 | 16614 |
| Cass Information Systems, Inc. (Financial <br>Services) | 28 | 1217 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) | 65 | 1327 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 265 | 5751 |
| Cathay General Bancorp (Banks) | 154 | 7012 |
| Cavco Industries, Inc.\* (Household Durables) | 17 | 7385 |
| CB Financial Services, Inc.\* (Banking) | 11 | 314 |
| CBIZ, Inc.\* (Professional Services) | 120 | 8605 |
| CBL & Associates Properties, Inc.\* (Retail <br>REITs) | 42 | 1066 |
| CECO Environmental Corp.\* (Commercial <br>Services & Supplies) | 67 | 1897 |
| Celcuity, Inc.\* (Biotechnology) | 66 | 881 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | 149 | 3032 |
| Centerspace (Residential REITs) | 39 | 2347 |
| Central Garden & Pet Co.\* (Household <br>Products) | 21 | 739 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 118 | 3692 |
| Central Pacific Financial Corp. (Banks) | 61 | 1710 |
| Centrus Energy Corp.\*—Class A (Oil, Gas & <br>Consumable Fuels) | 34 | 6228 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) | 39 | 875 |
| Century Aluminum Co.\* (Metals & Mining) | 119 | 2144 |
| Century Communities, Inc. (Household <br>Durables) | 61 | 3436 |
| Cerence, Inc.\* (Software) | 100 | 1021 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) | 57 | 1068 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) | 422 | 595 |
| CEVA, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 54 | 1187 |
| CF Bankshares, Inc.\* (Banking) | 9 | 216 |
| CG Oncology, Inc.\* (Biotechnology) | 128 | 3328 |
| Chain Bridge Bancorp Inc\* (Banking) | 5 | 129 |
| Champion Homes, Inc.\* (Household Durables) | 124 | 7764 |
| ChampionX Corp. (Energy Equipment & <br>Services) | 439 | 10905 |
| Chart Industries, Inc.\* (Machinery) | 103 | 16959 |
| Chatham Lodging Trust (Hotel & Resort REITs) | 107 | 746 |
| Chemung Financial Corp. (Banks) | 10 | 485 |
| Chesapeake Utilities Corp. (Gas Utilities) | 52 | 6251 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) | 40 | 558 |
| Chimera Investment Corp. (Mortgage REITs) | 182 | 2524 |
| ChoiceOne Financial Services, Inc. (Banks) | 33 | 947 |
| ChromaDex Corp.\* (Life Sciences Tools & <br>Services) | 119 | 1715 |
| Cidara Therapeutics, Inc.\* (Biotech & Pharma) | 38 | 1851 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) | 34 | 1598 |
| Cinemark Holdings, Inc. (Entertainment) | 244 | 7364 |
| Cipher Mining, Inc.\* (Software) | 606 | 2897 |
| Citi Trends, Inc. (Specialty Retail) | 11 | 367 |
| Citizens & Northern Corp. (Banks) | 34 | 644 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Citizens Community Bancorp, Inc./WI\* <br>(Banking) | 22 | $304 |
| Citizens Financial Services, Inc. (Banks) | 10 | 593 |
| CITIZENS, INC.\* (Insurance) | 103 | 359 |
| City Holding Co. (Banks) | 33 | 4040 |
| City Office REIT, Inc. (Office REITs) | 89 | 475 |
| Civista Bancshares, Inc.\* (Banks) | 35 | 812 |
| Claritev Corp. (Technology Services) | 18 | 812 |
| Claros Mortgage Trust, Inc. (Mortgage REITs) | 211 | 601 |
| Clarus Corp.\* (Leisure Products) | 67 | 232 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) | 403 | 786 |
| Cleanspark, Inc. (Software) | 634 | 6993 |
| Clear Secure, Inc.—Class A (Software) | 191 | 5302 |
| Clearfield, Inc.\* (Communications Equipment) | 27 | 1172 |
| ClearPoint Neuro, Inc.\* (Medical Equipment & <br>Devices) | 60 | 716 |
| Clearwater Analytics Holdings, Inc.\*—Class A <br>(Software) | 564 | 12369 |
| Clearwater Paper Corp.\* (Paper & Forest <br>Products) | 36 | 981 |
| Climb Global Solutions, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 9 | 962 |
| Clipper Realty, Inc.\* (Residential REITs) | 32 | 117 |
| Clover Health Investments Corp.\* (Health Care <br>Facilities & Services) | 923 | 2576 |
| CNB Financial Corp. (Banks) | 47 | 1074 |
| CNO Financial Group, Inc. (Insurance) | 227 | 8758 |
| CNX Resources Corp.\* (Oil, Gas & Consumable <br>Fuels) | 326 | 10980 |
| Coastal Financial Corp.\* (Banks) | 29 | 2809 |
| Codexis, Inc.\* (Life Sciences Tools & Services) | 187 | 456 |
| Coeur Mining, Inc.\* (Metals & Mining) | 1464 | 12970 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 243 | 1745 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 103 | 4965 |
| Cohen & Steers, Inc. (Capital Markets) | 63 | 4747 |
| Coherus Biosciences, Inc.\* (Biotechnology) | 242 | 177 |
| Cohu, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 105 | 2020 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 73 | 2159 |
| Colony Bankcorp, Inc.\* (Banks) | 39 | 642 |
| Columbia Financial, Inc.\* (Banks) | 62 | 900 |
| Columbus McKinnon Corp. (Machinery) | 65 | 993 |
| Commercial Metals Co. (Metals & Mining) | 259 | 12668 |
| CommScope Holding Co., Inc.\* <br>(Communications Equipment) | 488 | 4041 |
| Community Financial System, Inc. (Banks) | 121 | 6881 |
| Community Health Systems, Inc.\* (Health Care <br>Providers & Services) | 297 | 1010 |
| Community Healthcare Trust, Inc. (Health Care <br>REITs) | 63 | 1048 |
| Community Trust Bancorp, Inc. (Banks) | 36 | 1905 |
| Community West Bancshares (Banks) | 38 | 741 |
| CommVault Systems, Inc.\* (Software) | 101 | 17606 |
| Compass Diversified Holdings (Financial <br>Services) | 154 | 967 |
| Compass Minerals International, Inc. (Metals & <br>Mining) | 79 | 1587 |
| Compass Therapeutics, Inc.\* (Biotechnology) | 209 | 543 |

---

**See accompanying notes to financial statements.**

------

**82 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) | 1042 | $6545 |
| Complete Solaria Inc\* (Renewable Energy) | 138 | 254 |
| CompoSecure, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 100 | 1409 |
| Computer Programs & Systems, Inc.\* <br>(Software) | 23 | 539 |
| CompX International, Inc.\* (Commercial <br>Services & Supplies) | 4 | 106 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 169 | 4676 |
| Concentra Group Holdings Parent, Inc. (Health <br>Care Providers & Services) | 267 | 5492 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) | 52 | 320 |
| Conduent, Inc.\* (Professional Services) | 341 | 900 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) | 71 | 3698 |
| ConnectOne Bancorp, Inc. (Banks) | 109 | 2524 |
| Consensus Cloud Solutions, Inc.\* (Software) | 44 | 1015 |
| Consolidated Water Co., Ltd. (Water Utilities) | 35 | 1051 |
| Constellium SE\* (Metals & Mining) | 325 | 4323 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) | 107 | 11372 |
| Consumer Portfolio Services, Inc.\* (Consumer <br>Finance) | 21 | 206 |
| Contango ORE, Inc.\* (Metals & Mining) | 20 | 390 |
| Cooper-Standard Holdings, Inc.\* (Automobile <br>Components) | 39 | 839 |
| COPT Defense Properties (Office REITs) | 261 | 7198 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 107 | 1233 |
| Core Molding Technologies, Inc.\* (Chemicals) | 19 | 315 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 121 | 8439 |
| Core Scientific, Inc.\* (IT Services) | 631 | 10771 |
| CoreCard Corp.\* (Software) | 13 | 377 |
| CoreCivic, Inc. (Commercial Services & <br>Supplies) | 247 | 5204 |
| CorMedix, Inc.\* (Pharmaceuticals) | 147 | 1811 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 107 | 1009 |
| CorVel Corp.\* (Health Care Providers & <br>Services) | 67 | 6886 |
| Corvus Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 120 | 480 |
| Costamare Bulkers Holdings Ltd.\* (Marine <br>Transportation) | 20 | 173 |
| Costamare, Inc. (Marine Transportation) | 101 | 920 |
| Couchbase, Inc.\* (IT Services) | 98 | 2389 |
| Coursera, Inc.\* (Diversified Consumer Services) | 316 | 2768 |
| Covenant Logistics Group, Inc. (Ground <br>Transportation) | 37 | 892 |
| CPI Card Group, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 14 | 332 |
| CRA International, Inc. (Professional Services) | 15 | 2811 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) | 51 | 3115 |
| Crawford & Co.—Class A (Insurance) | 37 | 391 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 335 | $31019 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 409 | 3517 |
| Crexendo, Inc.\* (Technology Services) | 33 | 200 |
| Cricut, Inc.\*—Class A (Household Durables) | 105 | 711 |
| Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | 207 | 5953 |
| CRISPR Therapeutics AG\* (Biotechnology) | 189 | 9193 |
| Critical Metals Corp.\* (Metals & Mining) | 74 | 265 |
| Cross Country Healthcare, Inc.\* (Health Care <br>Providers & Services) | 71 | 927 |
| CryoPort, Inc.\* (Life Sciences Tools & Services) | 112 | 836 |
| CS Disco, Inc.\* (Software) | 54 | 236 |
| CSG Systems International, Inc. (Professional <br>Services) | 64 | 4180 |
| CSP, Inc.\* (Technology Services) | 16 | 207 |
| CSW Industrials, Inc. (Building Products) | 37 | 10613 |
| CTO Realty Growth, Inc. (Equity REIT—<br>Diversified) | 70 | 1208 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 68 | 2897 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 117 | 881 |
| Curbline Properties Corp.\* (Retail REITs) | 223 | 5091 |
| CuriosityStream, Inc.\* (Entertainment Content) | 73 | 411 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 529 | 5856 |
| Custom Truck One Source, Inc.\* (Trading <br>Companies & Distributors) | 138 | 682 |
| Customers Bancorp, Inc.\* (Banks) | 68 | 3994 |
| CVB Financial Corp. (Banks) | 302 | 5977 |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 71 | 1906 |
| CVRx, Inc.\* (Health Care Equipment & Supplies) | 37 | 218 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) | 268 | 911 |
| Cytokinetics, Inc.\* (Biotechnology) | 267 | 8822 |
| Daily Journal Corp.\* (Software) | 3 | 1267 |
| Dakota Gold Corp.\* (Metals & Mining) | 197 | 727 |
| Daktronics, Inc. (Electronic Equipment, <br>Instruments & Components) | 94 | 1421 |
| Dana, Inc. (Automobile Components) | 303 | 5196 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 62 | 1865 |
| Dave, Inc.\* (Software) | 21 | 5637 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 164 | 1066 |
| Definitive Healthcare Corp.\* (Health Care <br>Technology) | 81 | 316 |
| Delcath Systems Inc\* (Medical Equipment & <br>Devices) | 69 | 938 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 139 | 2944 |
| Deluxe Corp. (Commercial Services & Supplies) | 101 | 1607 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 303 | 4239 |
| Denny's Corp.\* (Hotels, Restaurants & Leisure) | 115 | 472 |
| Designer Brands, Inc.—Class A (Specialty <br>Retail) | 74 | 176 |
| DHT Holdings, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 291 | 3146 |
| DiaMedica Therapeutics, Inc.\* (Biotech & <br>Pharma) | 60 | 234 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 83**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Diamond Hill Investment Group, Inc. (Capital <br>Markets) | 6 | $872 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) | 477 | 3654 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 45 | 838 |
| Diebold Nixdorf, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 58 | 3213 |
| Digi International, Inc.\* (Communications <br>Equipment) | 83 | 2893 |
| Digimarc Corp.\* (Software) | 36 | 476 |
| Digital Turbine, Inc.\* (Software) | 233 | 1375 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) | 392 | 4057 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 148 | 4227 |
| Dime Community Bancshares, Inc. (Banks) | 91 | 2452 |
| Dine Brands Global, Inc. (Hotels, Restaurants & <br>Leisure) | 35 | 852 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 105 | 5553 |
| Disc Medicine, Inc.\* (Biotechnology) | 56 | 2966 |
| Diversified Energy Co. PLC (Oil, Gas & <br>Consumable Fuels) | 126 | 1848 |
| Diversified Healthcare Trust (Health Care REITs) | 502 | 1797 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) | 44 | 355 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 246 | 3648 |
| DocGo, Inc.\* (Health Care Providers & Services) | 208 | 327 |
| Dole PLC (Food Products) | 152 | 2126 |
| Domo, Inc.\*—Class B (Software) | 79 | 1104 |
| Donegal Group, Inc.—Class A (Insurance) | 37 | 741 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 61 | 3761 |
| Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 85 | 2072 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 63 | 7728 |
| Douglas Dynamics, Inc. (Machinery) | 52 | 1532 |
| Douglas Elliman, Inc.\* (Real Estate Services) | 168 | 390 |
| Douglas Emmett, Inc. (Office REITs) | 370 | 5565 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 69 | 1734 |
| Driven Brands Holdings, Inc.\* (Commercial <br>Services & Supplies) | 137 | 2406 |
| Ducommun, Inc.\* (Aerospace & Defense) | 32 | 2644 |
| D-Wave Quantum, Inc.\* (Software) | 659 | 9648 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 30 | 2630 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 64 | 15641 |
| Dynavax Technologies Corp.\* (Biotechnology) | 240 | 2381 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 214 | 2037 |
| Dynex Capital, Inc.\* (Mortgage REITs) | 241 | 2945 |
| E2open Parent Holdings, Inc.\* (Software) | 418 | 1350 |
| Eagle Bancorp Montana, Inc. (Banking) | 17 | 283 |
| Eagle Bancorp, Inc. (Banks) | 68 | 1325 |
| Eagle Financial Services, Inc.\* (Banking) | 11 | 337 |
| Easterly Government Properties, Inc. (Office <br>REITs) | 91 | 2020 |
| Eastern Bankshares, Inc. (Banks) | 450 | 6872 |
| Eastman Kodak Co.\* (Technology Hardware, <br>Storage & Peripherals) | 145 | 819 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ECB BanCorp., Inc./MD\* (Banking) | 18 | $278 |
| EchoStar Corp.\*—Class A (Media) | 310 | 8587 |
| Ecovyst, Inc.\* (Chemicals) | 247 | 2033 |
| Edgewell Personal Care Co. (Personal Care <br>Products) | 107 | 2505 |
| Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | 167 | 2189 |
| Editas Medicine, Inc.\* (Biotechnology) | 193 | 425 |
| eGain Corp.\* (Software) | 42 | 263 |
| eHealth, Inc.\* (Insurance) | 66 | 287 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 60 | 661 |
| ELECTROMED, INC.\* (Medical Equipment & <br>Devices) | 16 | 352 |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 134 | 363 |
| Ellington Financial, Inc. (Mortgage REITs) | 211 | 2741 |
| Elme Communities (Residential REITs) | 201 | 3196 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) | 134 | 1298 |
| Emerald Holding, Inc.\* (Media) | 32 | 155 |
| Emergent BioSolutions, Inc.\* (Biotechnology) | 123 | 785 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) | 33 | 174 |
| Empire State Realty Trust, Inc. (Equity REIT—<br>Diversified) | 316 | 2556 |
| Employers Holdings, Inc. (Insurance) | 55 | 2595 |
| Enact Holdings, Inc. (Financial Services) | 66 | 2452 |
| Enanta Pharmaceuticals, Inc.\* (Biotechnology) | 46 | 348 |
| Encore Capital Group, Inc.\* (Consumer Finance) | 53 | 2052 |
| Encore Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 421 | 1204 |
| Energizer Holdings, Inc. (Household Products) | 151 | 3044 |
| Energy Fuels, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 476 | 2737 |
| Energy Recovery, Inc.\* (Machinery) | 122 | 1559 |
| Energy Services of America Corp.\* <br>(Engineering & Construction) | 27 | 268 |
| Enerpac Tool Group Corp. (Machinery) | 124 | 5029 |
| EnerSys (Electrical Equipment) | 90 | 7719 |
| Enhabit, Inc.\* (Health Care Providers & Services) | 113 | 1089 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) | 74 | 1484 |
| Ennis, Inc. (Commercial Services & Supplies) | 57 | 1034 |
| Enova International, Inc.\* (Consumer Finance) | 56 | 6245 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 131 | 4108 |
| Enovix Corp.\*<sup>(a)</sup> (Electrical Equipment) | 377 | 3898 |
| Enpro, Inc. (Machinery) | 48 | 9194 |
| Enstar Group, Ltd.\* (Insurance) | 27 | 9083 |
| Enterprise Bancorp, Inc. (Banks) | 23 | 912 |
| Enterprise Financial Services Corp. (Banks) | 84 | 4628 |
| Entrada Therapeutics, Inc.\* (Biotechnology) | 64 | 430 |
| Entravision Communications Corp.—Class A <br>(Media) | 142 | 329 |
| Envela Corp.\* (Renewable Energy) | 15 | 92 |
| Enviri Corp. (Commercial Services & Supplies) | 174 | 1510 |
| Eos Energy Enterprises, Inc.\* (Renewable <br>Energy) | 509 | 2606 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 60 | 4326 |
| Epsilon Energy Ltd.\* (Oil & Gas Producers) | 44 | 325 |
| Equity Bancshares, Inc.\*—Class A (Banks) | 36 | 1469 |

---

**See accompanying notes to financial statements.**

------

**84 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Erasca, Inc.\* (Biotechnology) | 397 | $504 |
| Ermenegildo Zegna NV\* (Apparel & Textile <br>Products) | 141 | 1205 |
| Escalade, Inc. (Leisure Products) | 23 | 322 |
| ESCO Technologies, Inc. (Machinery) | 59 | 11320 |
| Esperion Therapeutics, Inc.\* (Pharmaceuticals) | 456 | 449 |
| Esquire Financial Holdings, Inc. (Banks) | 16 | 1515 |
| ESSA Bancorp, Inc. (Banks) | 20 | 388 |
| Essent Group, Ltd. (Financial Services) | 227 | 13785 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) | 454 | 14486 |
| Ethan Allen Interiors, Inc. (Household Durables) | 53 | 1476 |
| Eton Pharmaceuticals, Inc.\* (Biotech & Pharma) | 59 | 841 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) | 67 | 377 |
| Eve Holding, Inc.\* (Aerospace & Defense) | 117 | 803 |
| Eventbrite, Inc.\*—Class A (Entertainment) | 170 | 447 |
| EverCommerce, Inc.\* (Software) | 34 | 357 |
| EverQuote, Inc.\*—Class A (Interactive Media & <br>Services) | 63 | 1523 |
| EVERTEC, Inc. (Financial Services) | 147 | 5299 |
| EVgo, Inc.\* (Specialty Retail) | 293 | 1069 |
| EVI Industries, Inc. (Trading Companies & <br>Distributors) | 12 | 262 |
| Evolent Health, Inc.\*—Class A (Health Care <br>Technology) | 268 | 3018 |
| Evolus, Inc.\* (Pharmaceuticals) | 122 | 1124 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 71 | 334 |
| Evolv Technologies Holdings, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 264 | 1647 |
| Excelerate Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 53 | 1554 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 179 | 1629 |
| Expensify, Inc.\* (Software) | 137 | 355 |
| Exponent, Inc. (Professional Services) | 116 | 8666 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 236 | 2027 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 302 | 5421 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 142 | 1336 |
| F&G Annuities & Life, Inc. (Insurance) | 49 | 1567 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 83 | 24457 |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) | 203 | 341 |
| Farmers & Merchants Bancorp, Inc. (Banks) | 29 | 733 |
| Farmers National Banc Corp. (Banks) | 83 | 1145 |
| Farmland Partners, Inc. (Specialized REITs) | 95 | 1093 |
| FARO Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 43 | 1889 |
| Fastly, Inc.\*—Class A (IT Services) | 313 | 2210 |
| Fate Therapeutics, Inc.\* (Biotechnology) | 249 | 279 |
| FB BanCorp, Inc.\* (Banking) | 41 | 461 |
| FB Financial Corp.\* (Banks) | 96 | 4349 |
| Federal Agricultural Mortgage Corp.—Class C <br>(Financial Services) | 21 | 4080 |
| Federal Signal Corp. (Machinery) | 137 | 14580 |
| Fennec Pharmaceuticals, Inc.\* (Biotechnology) | 54 | 448 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ferroglobe PLC\* (Metals & Mining) | 273 | $1002 |
| Fidelis Insurance Holdings, Ltd. (Insurance) | 136 | 2255 |
| Fidelity D&D Bancorp, Inc. (Banks) | 11 | 506 |
| Figs, Inc.\*—Class A (Textiles, Apparel & Luxury <br>Goods) | 202 | 1139 |
| Finance Of America Cos, Inc.\* (Specialty <br>Finance) | 10 | 233 |
| Financial Institutions, Inc. (Banks) | 45 | 1156 |
| Finward BanCorp.\* (Banking) | 8 | 221 |
| Finwise BanCorp.\* (Banking) | 21 | 315 |
| First Advantage Corp.\* (Professional Services) | 181 | 3006 |
| First Bancorp (Banks) | 92 | 4056 |
| First Bancorp (Banks) | 370 | 7707 |
| First Bank/Hamilton NJ\* (Banks) | 49 | 758 |
| First Busey Corp. (Banks) | 196 | 4485 |
| First Business Financial Services, Inc. (Banks) | 18 | 912 |
| First Capital, Inc.\* (Banking) | 7 | 289 |
| First Commonwealth Financial Corp. (Banks) | 232 | 3765 |
| First Community Bancshares, Inc.\* (Banks) | 36 | 1410 |
| First Community Corp./SC\* (Banking) | 17 | 414 |
| First Financial Bancorp (Banks) | 218 | 5289 |
| First Financial Bankshares, Inc. (Banks) | 308 | 11082 |
| First Financial Corp. (Banks) | 26 | 1409 |
| First Foundation, Inc. (Banks) | 145 | 740 |
| First Internet Bancorp (Banks) | 18 | 484 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 201 | 5793 |
| First Merchants Corp. (Banks) | 133 | 5094 |
| First Mid Bancshares, Inc. (Banks) | 47 | 1762 |
| First National Corp.\* (Banking) | 18 | 350 |
| First Savings Financial Group, Inc.\* (Banking) | 13 | 326 |
| First United Corp.\* (Banking) | 14 | 434 |
| First Watch Restaurant Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 93 | 1492 |
| First Western Financial, Inc.\* (Banks) | 19 | 429 |
| FirstCash Holdings, Inc. (Consumer Finance) | 91 | 12298 |
| Firstsun Capital BanCorp.\* (Banking) | 29 | 1007 |
| FitLife Brands, Inc.\* (Biotech & Pharma) | 9 | 117 |
| Five Star Bancorp (Banks) | 36 | 1027 |
| Five9, Inc.\* (Software) | 175 | 4634 |
| FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 71 | 1561 |
| Flexsteel Industries, Inc. (Household Durables) | 8 | 288 |
| Flotek Industries Inc\* (Oil & Gas Services & <br>Equipment) | 33 | 487 |
| Flowco Holdings, Inc.\*—Class A (Oil & Gas <br>Services & Equipment) | 42 | 748 |
| Fluence Energy, Inc.\* (Electrical Equipment) | 174 | 1168 |
| Fluor Corp. (Construction & Engineering) | 383 | 19635 |
| Flushing Financial Corp. (Banks) | 74 | 879 |
| Flywire Corp.\* (Financial Services) | 268 | 3136 |
| Foghorn Therapeutics, Inc.\* (Biotechnology) | 75 | 353 |
| Foot Locker, Inc.\* (Specialty Retail) | 196 | 4802 |
| Forafric Global PLC\* (Food Products) | 12 | 94 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) | 44 | 880 |
| Forge Global Holdings, Inc.\* (Institutional <br>Financial Services) | 23 | 438 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 178 | 6125 |
| Forrester Research, Inc.\* (Professional Services) | 26 | 257 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 85**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 209 | $1032 |
| Forum Energy Technologies, Inc.\* (Energy <br>Equipment & Services) | 25 | 487 |
| Forward Air Corp. (Air Freight & Logistics) | 51 | 1252 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 228 | 6135 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) | 96 | 2490 |
| Franklin BSP Reality Trust, Inc. (Mortgage <br>REITs) | 187 | 1999 |
| Franklin Covey Co.\* (Professional Services) | 25 | 571 |
| Franklin Electric Co., Inc. (Machinery) | 91 | 8166 |
| Franklin Financial Services Corp.\* (Banking) | 10 | 346 |
| Franklin Street Properties Corp. (Office REITs) | 174 | 285 |
| Frequency Electronics Inc\* (Technology <br>Hardware) | 15 | 341 |
| Fresh Del Monte Produce, Inc. (Food Products) | 76 | 2464 |
| Freshworks, Inc.\*—Class A (Software) | 466 | 6948 |
| Freyr Battery, Inc.\* (Electrical Equipment) | 255 | 314 |
| Friedman Industries, Inc.\* (Steel) | 15 | 248 |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) | 170 | 10020 |
| Frontier Group Holdings, Inc.\* (Passenger <br>Airlines) | 193 | 701 |
| FrontView REIT, Inc. (Retail REITs) | 40 | 480 |
| FRP Holdings, Inc.\* (Real Estate <br>Management & Development) | 27 | 726 |
| FS Bancorp, Inc. (Banks) | 15 | 591 |
| FTAI Infrastructure, Inc. (Ground Transportation) | 223 | 1376 |
| fuboTV, Inc.\* (Interactive Media & Services) | 763 | 2945 |
| Fulcrum Therapeutics, Inc.\* (Pharmaceuticals) | 122 | 839 |
| Fulgent Genetics, Inc.\* (Health Care <br>Providers & Services) | 48 | 954 |
| Fulton Financial Corp. (Banks) | 417 | 7523 |
| Funko, Inc.\*—Class A (Leisure Products) | 79 | 376 |
| FutureFuel Corp.\* (Oil, Gas & Consumable <br>Fuels) | 58 | 225 |
| FVCBankcorp, Inc.\* (Banks) | 36 | 425 |
| Gaia, Inc.\* (Retail—Discretionary) | 39 | 171 |
| Gambling.com Group, Ltd.\* (Media) | 38 | 452 |
| Gannett Co., Inc.\* (Media) | 322 | 1153 |
| Garret Motion, Inc.\* (Automotive) | 290 | 3048 |
| GATX Corp. (Trading Companies & Distributors) | 82 | 12592 |
| GBank Financial Holdings, Inc.\* (Specialty <br>Finance) | 21 | 745 |
| GCM Grosvenor, Inc.—Class A (Capital Markets) | 101 | 1168 |
| Genco Shipping & Trading, Ltd. (Marine <br>Transportation) | 90 | 1176 |
| Gencor Industries, Inc.\* (Machinery) | 24 | 336 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) | 43 | 3969 |
| Genesco, Inc.\* (Specialty Retail) | 23 | 453 |
| Genie Energy, Ltd.—Class B (Electric Utilities) | 49 | 1317 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) | 506 | 5262 |
| Gentherm, Inc.\* (Automobile Components) | 70 | 1980 |
| Genworth Financial, Inc.\*—Class A (Insurance) | 942 | 7329 |
| German American Bancorp, Inc.\* (Banks) | 83 | 3196 |
| Geron Corp.\* (Biotechnology) | 1387 | 1956 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Getty Images Holdings, Inc.\* (Interactive <br>Media & Services) | 252 | $418 |
| Getty Realty Corp. (Retail REITs) | 119 | 3289 |
| Gevo, Inc.\* (Renewable Energy) | 529 | 698 |
| Gibraltar Industries, Inc.\* (Building Products) | 68 | 4012 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) | 61 | 1207 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 90 | 2016 |
| Ginkgo Bioworks Holdings, Inc.\* (Health Care <br>Facilities & Services) | 89 | 1001 |
| Glacier Bancorp, Inc. (Banks) | 261 | 11243 |
| Gladstone Commercial Corp. (Equity REIT—<br>Diversified) | 105 | 1505 |
| Gladstone Land Corp. (Specialized REITs) | 78 | 793 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 128 | 13220 |
| Global Business Travel Group I\* (Hotels, <br>Restaurants & Leisure) | 216 | 1361 |
| Global Industrial Co. (Trading Companies & <br>Distributors) | 33 | 891 |
| Global Medical REIT, Inc. (Health Care REITs) | 146 | 1012 |
| Global Net Lease, Inc. (Equity REIT—Diversified) | 452 | 3413 |
| Global Water Resources, Inc. (Water Utilities) | 28 | 285 |
| Globalstar, Inc.\* (Telecommunications) | 115 | 2708 |
| GMS, Inc.\* (Trading Companies & Distributors) | 88 | 9570 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 157 | 2305 |
| GoHealth, Inc.\*—Class A (Insurance) | 11 | 61 |
| Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 229 | 9433 |
| Golden Entertainment, Inc. ARS (Hotels, <br>Restaurants & Leisure) | 45 | 1324 |
| Golden Matrix Group, Inc.\* (Entertainment) | 33 | 56 |
| Golden Ocean Group, Ltd. (Marine <br>Transportation) | 234 | 1713 |
| Goosehead Insurance, Inc.—Class A (Insurance) | 55 | 5803 |
| Gossamer Bio, Inc.\* (Biotech & Pharma) | 434 | 534 |
| Graham Corp. (Machinery) | 24 | 1188 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 7 | 6623 |
| GRAIL, Inc.\* (Biotechnology) | 70 | 3599 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 100 | 9351 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 124 | 790 |
| Gray Television, Inc. (Media) | 201 | 911 |
| Great Ajax Corp.\* (Specialty Finance) | 96 | 259 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 152 | 1853 |
| Great Southern Bancorp, Inc. (Banks) | 20 | 1176 |
| Green Brick Partners, Inc.\* (Household <br>Durables) | 72 | 4527 |
| Green Dot Corp.\*—Class A (Consumer Finance) | 123 | 1326 |
| Green Plains, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 147 | 886 |
| Greene County Bancorp, Inc. (Banks) | 16 | 356 |
| Greenlight Capital Re, Ltd.\*—Class A (Insurance) | 60 | 862 |
| Greenwich Lifesciences, Inc.\* (Biotechnology) | 14 | 127 |
| Greif, Inc.—Class A (Containers & Packaging) | 58 | 3769 |
| Greif, Inc.—Class B (Containers & Packaging) | 11 | 759 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 151 | 1744 |

---

**See accompanying notes to financial statements.**

------

**86 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Griffon Corp. (Building Products) | 90 | $6513 |
| Grindr, Inc.\* (Interactive Media & Services) | 76 | 1725 |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 217 | 2695 |
| Group 1 Automotive, Inc. (Specialty Retail) | 29 | 12665 |
| Groupon, Inc.\* (Broadline Retail) | 57 | 1907 |
| Guaranty Bancshares, Inc. (Banks) | 20 | 849 |
| Guardant Health, Inc.\* (Health Care Providers & <br>Services) | 273 | 14207 |
| Guardian Pharmacy Services, Inc.\* (Consumer <br>Staples Distribution & Retail) | 29 | 618 |
| Gulport Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 35 | 7041 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 31 | 228 |
| H.B. Fuller Co. (Chemicals) | 125 | 7519 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 280 | 7521 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 115 | 8580 |
| Hallador Energy Co.\* (Oil, Gas & Consumable <br>Fuels) | 71 | 1124 |
| Hamilton Beach Brands Holding Co.\*—Class A <br>(Household Durables) | 16 | 286 |
| Hamilton Insurance Group, Ltd.\*—Class B <br>(Insurance) | 103 | 2227 |
| Hancock Whitney Corp. (Banks) | 197 | 11307 |
| Hanesbrands, Inc.\* (Textiles, Apparel & Luxury <br>Goods) | 803 | 3678 |
| Hanmi Financial Corp. (Banks) | 69 | 1703 |
| Hanover Bancorp, Inc.\* (Banking) | 11 | 252 |
| HarborOne Bancorp, Inc. (Banks) | 87 | 1016 |
| Harmonic, Inc.\* (Communications Equipment) | 257 | 2434 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 100 | 3160 |
| Harrow, Inc.\* (Pharmaceuticals) | 72 | 2199 |
| Haverty Furniture Cos., Inc. (Specialty Retail) | 31 | 631 |
| Hawaiian Electric Industries, Inc. (Electric <br>Utilities) | 399 | 4241 |
| Hawkins, Inc. (Chemicals) | 45 | 6395 |
| Hawthorn Bancshares, Inc.\* (Banking) | 13 | 379 |
| HBT Financial, Inc.\* (Banks) | 29 | 731 |
| HCI Group, Inc.\* (Insurance) | 20 | 3044 |
| Health Catalyst, Inc.\* (Health Care Technology) | 155 | 584 |
| Healthcare Services Group, Inc. (Commercial <br>Services & Supplies) | 167 | 2510 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 195 | 20428 |
| HealthStream, Inc. (Health Care Technology) | 56 | 1550 |
| Heartland Express, Inc. (Ground Transportation) | 117 | 1011 |
| Hecla Mining Co. (Metals & Mining) | 1372 | 8218 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 47 | 2151 |
| Heilos Technologies, Inc. (Machinery) | 76 | 2536 |
| Helen of Troy, Ltd.\* (Household Durables) | 52 | 1476 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 328 | 2047 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 221 | 3350 |
| Herbalife, Ltd.\* (Personal Care Products) | 231 | 1991 |
| Herc Holdings, Inc. (Trading Companies & <br>Distributors) | 75 | 9877 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Heritage Commerce Corp. (Banks) | 137 | $1360 |
| Heritage Financial Corp. (Banks) | 78 | 1860 |
| Heritage Insurance Holdings, Inc.\* (Insurance) | 51 | 1272 |
| Heron Therapeutics, Inc.\* (Biotechnology) | 350 | 725 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 270 | 1844 |
| HF Foods Group, Inc.\* (Consumer Staples <br>Distribution & Retail) | 92 | 293 |
| HighPeak Energy, Inc.<sup>(a)</sup> (Oil, Gas & <br>Consumable Fuels) | 42 | 412 |
| Hillenbrand, Inc. (Machinery) | 161 | 3231 |
| Hillman Solutions Corp. (Machinery) | 453 | 3234 |
| Hilltop Holdings, Inc.\* (Banks) | 105 | 3187 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 140 | 5814 |
| Himalaya Shipping, Ltd. (Marine Transportation) | 68 | 392 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 436 | 21736 |
| Hingham Institution for Savings (Banks) | 4 | 993 |
| Hippo Holdings, Inc.\* (Insurance) | 41 | 1145 |
| HireQuest, Inc. (Professional Services) | 13 | 130 |
| HNI Corp. (Commercial Services & Supplies) | 106 | 5213 |
| Holley, Inc.\* (Automobile Components) | 136 | 272 |
| Hologic, Inc.\* (Biotechnology) | 72 | 243 |
| Home Bancorp, Inc. (Banks) | 16 | 828 |
| Home BancShares, Inc. (Banks) | 431 | 12265 |
| HomeStreet, Inc.\* (Banks) | 42 | 549 |
| HomeTrust Bancshares, Inc. (Banks) | 37 | 1384 |
| Hope Bancorp, Inc. (Banks) | 267 | 2865 |
| Horace Mann Educators Corp. (Insurance) | 93 | 3996 |
| Horizon Bancorp, Inc. (Banks) | 99 | 1523 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 11 | 1150 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 137 | 4580 |
| Hudson Pacific Properties, Inc. (Office REITs) | 730 | 2000 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 89 | 723 |
| Humacyte, Inc.\* (Biotechnology) | 286 | 598 |
| Huron Consulting Group, Inc.\* (Professional <br>Services) | 39 | 5364 |
| Hut 8 Corp.\* (Software) | 215 | 3999 |
| Hyliion Holdings Corp.\* (Machinery) | 296 | 391 |
| Hyster-Yale, Inc.—Class A (Machinery) | 27 | 1074 |
| I3 Verticals, Inc.\*—Class A (Financial Services) | 53 | 1456 |
| IBEX Holdings, Ltd.\* (Professional Services) | 23 | 669 |
| Ibotta, Inc.\*—Class A (Media) | 30 | 1098 |
| ICF International, Inc. (Professional Services) | 42 | 3558 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 78 | 1532 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 55 | 7268 |
| Idaho Strategic Resources, Inc.\* (Metals & <br>Mining) | 29 | 379 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 191 | 4015 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 37 | 2528 |
| IES Holdings, Inc.\* (Construction & Engineering) | 21 | 6221 |
| iHeartMedia, Inc.\*—Class A (Media) | 273 | 480 |
| IMAX Corp.\* (Entertainment) | 99 | 2768 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 87**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Immersion Corp. (Technology Hardware, <br>Storage & Peripherals) | 68 | $536 |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 526 | 1389 |
| Immunome, Inc.\* (Biotechnology) | 168 | 1562 |
| Immunovant, Inc.\* (Biotechnology) | 156 | 2496 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 59 | 6553 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 532 | 9412 |
| Independent Bank Corp. (Banks) | 98 | 6163 |
| Independent Bank Corp.\* (Banks) | 46 | 1491 |
| indie Semiconductor, Inc.\*<sup>(a)</sup>—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 443 | 1577 |
| Indivior PLC\* (Biotech & Pharma) | 277 | 4083 |
| Industrial Logistics Properties Trust (Industrial <br>REITs) | 122 | 555 |
| Infinity Natural Resources, Inc.\*—Class A <br>(Oil & Gas Producers) | 34 | 623 |
| Information Services Group, Inc. (IT Services) | 81 | 389 |
| Ingevity Corp.\* (Chemicals) | 83 | 3576 |
| Ingles Markets, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 33 | 2092 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 138 | 269 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) | 21 | 300 |
| Inmune Bio, Inc.\* (Biotechnology) | 38 | 88 |
| Innodata, Inc.\* (Professional Services) | 69 | 3534 |
| Innospec, Inc. (Chemicals) | 57 | 4793 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) | 46 | 170 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 64 | 3534 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 89 | 1390 |
| Innoviva, Inc.\* (Pharmaceuticals) | 144 | 2893 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) | 54 | 380 |
| Inseego Corp.\* (Technology Hardware) | 28 | 231 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 63 | 8699 |
| Insperity, Inc. (Professional Services) | 82 | 4930 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 57 | 466 |
| Installed Building Products, Inc. (Household <br>Durables) | 54 | 9737 |
| Insteel Industries, Inc. (Building Products) | 43 | 1600 |
| Intapp, Inc.\* (Software) | 127 | 6556 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 79 | 9715 |
| Integra LifeSciences Holdings Corp.\* (Health <br>Care Equipment & Supplies) | 153 | 1877 |
| Integral Ad Science Holding Corp.\* (Media) | 174 | 1446 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 235 | 2204 |
| Inter Parfums, Inc. (Personal Care Products) | 42 | 5515 |
| InterDigital, Inc. (Software) | 59 | 13229 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 133 | 2784 |
| International Bancshares Corp. (Banks) | 125 | 8320 |
| International Game Technology PLC (Hotels, <br>Restaurants & Leisure) | 256 | 4047 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| International Money Express, Inc.\* (Financial <br>Services) | 64 | $646 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 92 | 3356 |
| Intrepid Potash, Inc.\* (Chemicals) | 25 | 893 |
| Intuitive Machines, Inc.\* (Aerospace & Defense) | 250 | 2718 |
| InvenTrust Properties Corp. (Retail REITs) | 178 | 4877 |
| Invesco Mortgage Capital, Inc. (Mortgage <br>REITs) | 151 | 1184 |
| Investar Holding Corp. (Banks) | 21 | 406 |
| Investors Title Co.\* (Insurance) | 3 | 634 |
| IonQ, Inc.\* (Technology Hardware, Storage & <br>Peripherals) | 542 | 23290 |
| Iovance Biotheraputics, Inc.\* (Biotechnology) | 586 | 1008 |
| iRadimed Corp. (Health Care Equipment & <br>Supplies) | 19 | 1136 |
| iRhythm Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 73 | 11239 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) | 366 | 263 |
| Ispire Technology, Inc.\* (Tobacco) | 43 | 110 |
| iTeos Therapeutics, Inc.\* (Biotechnology) | 68 | 678 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 104 | 13690 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) | 196 | 1778 |
| J & J Snack Foods Corp. (Food Products) | 35 | 3970 |
| J Jill, Inc. (Specialty Retail) | 17 | 249 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 43 | 751 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 164 | 14561 |
| Jade Biosciences, Inc.\* (Biotech & Pharma) | 74 | 739 |
| JAKKS Pacific, Inc.\* (Leisure Products) | 20 | 416 |
| James River Group Holdings, Ltd. (Insurance) | 84 | 492 |
| Jamf Holding Corp.\* (Software) | 154 | 1465 |
| Janus International Group, Inc.\* (Building <br>Products) | 310 | 2523 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 90 | 2079 |
| JBG SMITH Properties (Office REITs) | 169 | 2924 |
| JELD-WEN Holding, Inc.\* (Building Products) | 194 | 760 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 735 | 3109 |
| Joby Aviation, Inc.\* (Passenger Airlines) | 1055 | 11131 |
| John B. Sanfilippo & Son, Inc. (Food Products) | 18 | 1138 |
| John Bean Technologies Corp. (Machinery) | 119 | 14311 |
| John Marshall Bancorp, Inc. (Banks) | 29 | 537 |
| John Wiley & Sons, Inc.—Class A (Media) | 94 | 4195 |
| Johnson Outdoors, Inc.—Class A (Leisure <br>Products) | 12 | 363 |
| Journey Medical Corp.\* (Biotech & Pharma) | 28 | 201 |
| Kadant, Inc. (Machinery) | 27 | 8571 |
| Kaiser Aluminum Corp. (Metals & Mining) | 37 | 2956 |
| Kaltura, Inc.\* (Software) | 186 | 374 |
| KalVista Pharmaceuticals, Inc.\* (Biotechnology) | 86 | 972 |
| KAR Auction Services, Inc.\* (Commercial <br>Services & Supplies) | 243 | 5941 |
| Karat Packaging, Inc. (Trading Companies & <br>Distributors) | 16 | 451 |
| KB Home (Household Durables) | 160 | 8475 |
| Kearney Financial Corp. (Banks) | 131 | 846 |
| Kelly Services, Inc.—Class A (Professional <br>Services) | 69 | 808 |

---

**See accompanying notes to financial statements.**

------

**88 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kennametal, Inc. (Machinery) | 177 | $4064 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 277 | 1884 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 77 | 1028 |
| Kestra Medical Technologies Ltd.\* (Medical <br>Equipment & Devices) | 30 | 497 |
| Kforce, Inc. (Professional Services) | 41 | 1686 |
| Kimball Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 56 | 1077 |
| KinderCare Learning Cos., Inc.\* (Diversified <br>Consumer Services) | 72 | 727 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 101 | 4449 |
| Kingstone Companies, Inc.\* (Insurance) | 25 | 385 |
| Kingsway Financial Services, Inc.\* (Insurance) | 41 | 555 |
| Kite Realty Group Trust (Retail REITs) | 505 | 11439 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) | 131 | 1149 |
| Knife River Corp. (Construction Materials) | 131 | 10695 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 198 | 3489 |
| Kodiak Gas Services, Inc. (Energy Equipment & <br>Services) | 123 | 4215 |
| Kodiak Sciences, Inc.\* (Biotechnology) | 75 | 280 |
| Kohl's Corp. (Broadline Retail) | 249 | 2111 |
| Kolibri Global Energy, Inc.\* (Oil & Gas Producers) | 81 | 555 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 126 | 8311 |
| Kopin Corp.\* (Technology Hardware) | 342 | 523 |
| Koppers Holdings, Inc. (Chemicals) | 44 | 1415 |
| Korn Ferry (Professional Services) | 118 | 8653 |
| Korro Bio, Inc.\* (Biotechnology) | 15 | 187 |
| Kosmos Energy, Ltd.\* (Oil, Gas & Consumable <br>Fuels) | 1084 | 1864 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 376 | 17465 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 176 | 512 |
| Kronos Worldwide, Inc.\* (Chemicals) | 50 | 310 |
| Krystal Biotech, Inc.\* (Biotechnology) | 57 | 7835 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 119 | 4117 |
| KULR Technology Group, Inc.\* (Technology <br>Hardware) | 75 | 535 |
| Kura Oncology, Inc.\* (Biotechnology) | 181 | 1044 |
| Kura Sushi USA, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 14 | 1205 |
| Kymera Therapeutics, Inc.\* (Biotechnology) | 107 | 4669 |
| L.B. Foster Co.\*—Class A (Machinery) | 23 | 503 |
| Ladder Capital Corp.\* (Mortgage REITs) | 261 | 2806 |
| Lakeland Financial Corp. (Banks) | 59 | 3626 |
| Lakeland Industries, Inc.\* (Apparel & Textile <br>Products) | 21 | 286 |
| Lancaster Colony Corp. (Food Products) | 46 | 7948 |
| Landec Corp.\* (Life Sciences Tools & Services) | 63 | 512 |
| Landmark BanCorp, Inc./Manhattan KS\* <br>(Banking) | 10 | 264 |
| Lands' End, Inc.\* (Specialty Retail) | 27 | 289 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 154 | 12606 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Larimar Therapeutics, Inc.\* (Biotechnology) | 97 | $280 |
| Latham Group, Inc.\* (Leisure Products) | 103 | 657 |
| Laureate Education, Inc.\* (Diversified <br>Consumer Services) | 294 | 6874 |
| Lawson Products, Inc.\* (Trading Companies & <br>Distributors) | 22 | 604 |
| La-Z-Boy, Inc. (Household Durables) | 95 | 3531 |
| LCI Industries (Automobile Components) | 56 | 5107 |
| LCNB Corp. (Banks) | 31 | 450 |
| Legacy Housing Corp.\* (Household Durables) | 20 | 453 |
| Legalzoom.com, Inc.\* (Professional Services) | 253 | 2254 |
| Leggett & Platt, Inc. (Household Durables) | 305 | 2721 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 48 | 3986 |
| Lemonade, Inc.\* (Insurance) | 127 | 5564 |
| LendingClub Corp.\* (Consumer Finance) | 259 | 3116 |
| LendingTree, Inc.\* (Consumer Finance) | 26 | 964 |
| LENSAR, Inc.\* (Medical Equipment & Devices) | 22 | 290 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 41 | 1202 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 55 | 221 |
| Lexington Realty Trust (Industrial REITs) | 667 | 5509 |
| LGI Homes, Inc.\* (Household Durables) | 48 | 2473 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 361 | 4144 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication Services) | 67 | 409 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication Services) | 287 | 1785 |
| Life Time Group Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 310 | 9402 |
| Life360, Inc.\* (Software) | 37 | 2414 |
| LifeMD, Inc.\* (Health Care Technology) | 84 | 1144 |
| LifeStance Health Group, Inc.\* (Health Care <br>Providers & Services) | 303 | 1567 |
| LIFEVANTAGE CORPORATION\* (Food Products) | 24 | 314 |
| Lifeway Foods, Inc.\* (Food Products) | 12 | 296 |
| Lifezone Metals, Ltd.\* (Metals & Mining) | 63 | 260 |
| Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | 44 | 5002 |
| Lightbridge Corp.\* (Electrical Equipment) | 43 | 575 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) | 24 | 3362 |
| Limoneira Co.\* (Food Products) | 38 | 595 |
| Lincoln Educational Services Corp.\* <br>(Diversified Consumer Services) | 68 | 1567 |
| Lindblad Expeditions Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 86 | 1004 |
| Lindsay Corp. (Machinery) | 25 | 3606 |
| LINKBANCORP, Inc.\* (Banks) | 49 | 358 |
| Lionsgate Studios Corp.\* (Entertainment) | 438 | 2545 |
| Liquidia Corp.\* (Pharmaceuticals) | 147 | 1832 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 53 | 1250 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 125 | 5628 |
| Live Oak Bancshares, Inc. (Banks) | 81 | 2414 |
| LiveRamp Holdings, Inc.\* (Software) | 148 | 4890 |
| Livewire Group, Inc.\* (Automobiles) | 84 | 386 |
| loanDepot, Inc.\* (Specialty Finance) | 187 | 237 |
| Logistic Properties Of The Americas\* (Real <br>Estate Owners & Developers) | 7 | 48 |
| LSB Industries, Inc.\* (Chemicals) | 123 | 959 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 89**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| LSI Industries, Inc. (Electrical Equipment) | 61 | $1038 |
| LTC Properties, Inc. (Health Care REITs) | 104 | 3599 |
| Lucid Diagnostics, Inc.\* (Medical Equipment & <br>Devices) | 158 | 182 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) | 2181 | 9552 |
| Lument Finance Trust Inc\* (Specialty Finance) | 104 | 230 |
| Luminar Technologies, Inc.\* (Automobile <br>Components) | 92 | 264 |
| Luxfer Holdings PLC\* (Machinery) | 61 | 743 |
| M/I Homes, Inc.\* (Household Durables) | 61 | 6839 |
| Mack-Cali Realty Corp.\* (Residential REITs) | 181 | 2695 |
| Madison Square Garden Entertainment Corp.\* <br>(Entertainment) | 91 | 3637 |
| Madrigal Pharmaceuticals, Inc.\* (Biotechnology) | 39 | 11803 |
| Magnera Corp.\* (Forestry, Paper & Wood <br>Products) | 76 | 918 |
| Magnite, Inc.\* (Media) | 320 | 7718 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 426 | 9576 |
| MainStreet Bancshares, Inc.\* (Banking) | 16 | 302 |
| Malibu Boats, Inc.\*—Class A (Leisure Products) | 43 | 1348 |
| Mama's Creations, Inc.\* (Food Products) | 78 | 647 |
| Mammoth Energy Services, Inc.\* (Energy <br>Equipment & Services) | 55 | 154 |
| Mannkind Corp.\* (Biotechnology) | 692 | 2588 |
| MARA Holdings, Inc.\*<sup>(a)</sup> (Software) | 793 | 12434 |
| Maravai LifeSciences Holdings, Inc.\*—Class A <br>(Life Sciences Tools & Services) | 279 | 672 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 55 | 1689 |
| Marex Group PLC\* (Institutional Financial <br>Services) | 73 | 2882 |
| Marine Products Corp.\* (Leisure Products) | 20 | 170 |
| MarineMax, Inc.\* (Specialty Retail) | 43 | 1081 |
| MarketWise, Inc. (Capital Markets) | 5 | 99 |
| Marqeta, Inc.\*—Class A (Financial Services) | 879 | 5125 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) | 73 | 5279 |
| Marten Transport, Ltd. (Ground Transportation) | 133 | 1728 |
| Masterbrand, Inc.\* (Building Products) | 290 | 3170 |
| MasterCraft Boat Holdings, Inc.\* (Leisure <br>Products) | 37 | 687 |
| Materion Corp. (Metals & Mining) | 47 | 3730 |
| Mativ Holdings, Inc.\* (Chemicals) | 124 | 846 |
| Matrix Service Co.\* (Construction & <br>Engineering) | 61 | 824 |
| Matson, Inc. (Marine Transportation) | 74 | 8240 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) | 68 | 1626 |
| Maui Land & Pineapple Co., Inc.\* (Real Estate <br>Management & Development) | 16 | 291 |
| MaxCyte, Inc.\* (Life Sciences Tools & Services) | 231 | 504 |
| Maximus, Inc. (Professional Services) | 129 | 9057 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 187 | 2657 |
| Mayville Engineering Co., Inc.\* (Machinery) | 33 | 527 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 20 | 245 |
| MBIA, Inc.\* (Insurance) | 104 | 451 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 39 | 445 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| McGrath RentCorp (Trading Companies & <br>Distributors) | 56 | $6494 |
| Medallion Financial Corp.\* (Consumer Finance) | 37 | 353 |
| MediaAlpha, Inc.\*—Class A (Interactive <br>Media & Services) | 76 | 832 |
| Medifast, Inc. (Personal Care Products) | 25 | 351 |
| MediWound, Ltd.\* (Pharmaceuticals) | 18 | 349 |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 195 | 2798 |
| MeiraGTx Holdings PLC\* (Biotechnology) | 95 | 619 |
| Mercantile Bank Corp.\* (Banks) | 36 | 1671 |
| Merchants Bancorp (Financial Services) | 59 | 1951 |
| Mercurity Fintech Holding, Inc.\* (Commercial <br>Support Services) | 73 | 281 |
| Mercury General Corp. (Insurance) | 62 | 4175 |
| Mercury Systems, Inc.\* (Aerospace & Defense) | 119 | 6409 |
| Meridian Bank of Malvern, PA (Banking) | 21 | 271 |
| MeridianLink, Inc.\* (Software) | 73 | 1185 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 134 | 12526 |
| Meritage Homes Corp. (Household Durables) | 162 | 10849 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 12 | 1131 |
| Metals Acquisition, Ltd.\*—Class A (Metals & <br>Mining) | 163 | 1971 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 77 | 732 |
| Metrocity Bankshares, Inc. (Banks) | 45 | 1286 |
| Metropolitan Bank Holding Corp.\* (Banks) | 22 | 1540 |
| Metsera, Inc.\* (Biotechnology) | 41 | 1166 |
| MFA Financial, Inc.\* (Mortgage REITs) | 235 | 2223 |
| MGE Energy, Inc. (Electric Utilities) | 84 | 7429 |
| MGP Ingredients, Inc. (Beverages) | 32 | 959 |
| Microvast Holdings, Inc.\* (Automotive) | 455 | 1652 |
| MicroVision, Inc.\*<sup>(a)</sup> (Electronic Equipment, <br>Instruments & Components) | 561 | 640 |
| Mid Penn Bancorp, Inc.\* (Banks) | 46 | 1297 |
| Middlefield Banc Corp. (Banks) | 17 | 512 |
| Middlesex Water Co. (Water Utilities) | 41 | 2221 |
| Midland States Bankcorp, Inc. (Banks) | 47 | 814 |
| MidWestOne Financial Group, Inc.\* (Banks) | 47 | 1352 |
| Miller Industries, Inc. (Machinery) | 25 | 1112 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 155 | 3010 |
| MiMedx Group, Inc.\* (Biotechnology) | 270 | 1650 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 172 | 1116 |
| Minerals Technologies, Inc. (Chemicals) | 73 | 4020 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) | 89 | 1204 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 480 | 10334 |
| Mirum Pharmaceuticals, Inc.\* (Biotechnology) | 99 | 5038 |
| Mission Produce, Inc.\* (Food Products) | 110 | 1289 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 227 | 1364 |
| Mistras Group, Inc.\* (Professional Services) | 38 | 304 |
| Mitek Systems, Inc.\* (Software) | 102 | 1010 |
| Mobile Infrastructure Corp.\* (Real Estate <br>Owners & Developers) | 33 | 149 |
| Modine Manufacturing Co.\* (Automobile <br>Components) | 120 | 11820 |

---

**See accompanying notes to financial statements.**

------

**90 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Modiv Industrial, Inc.\* (Retail REITs) | 21 | $296 |
| Moelis & Co.—Class A (Capital Markets) | 170 | 10594 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 29 | 2507 |
| Monopar Therapeutics, Inc.\* (Biotech & Pharma) | 9 | 322 |
| Monro, Inc. (Specialty Retail) | 68 | 1014 |
| Montauk Renewables, Inc.\* (Independent <br>Power/Renewable Electricity Producers) | 154 | 342 |
| Monte Rosa Therapeutics, Inc.\* (Biotechnology) | 107 | 483 |
| Montrose Environemental Group, Inc.\* <br>(Commercial Services & Supplies) | 74 | 1620 |
| Moog, Inc.—Class A (Aerospace & Defense) | 64 | 11582 |
| Motorcar Parts of America, Inc.\* (Automotive) | 42 | 470 |
| Movado Group, Inc. (Textiles, Apparel & Luxury <br>Goods) | 35 | 534 |
| MRC Global, Inc.\* (Trading Companies & <br>Distributors) | 195 | 2673 |
| M-Tron Industries, Inc.\* (Electrical Equipment) | 6 | 252 |
| Mueller Water Products, Inc.—Class A, <br>Series A (Machinery) | 357 | 8582 |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 309 | 6953 |
| MVB Financial Corp.\* (Banks) | 26 | 586 |
| Myers Industries, Inc.\* (Containers & Packaging) | 85 | 1232 |
| Myomo, Inc.\* (Medical Equipment & Devices) | 74 | 160 |
| MYR Group, Inc.\* (Construction & Engineering) | 35 | 6351 |
| Myriad Genetics, Inc.\* (Biotechnology) | 208 | 1104 |
| N-able, Inc.\* (Software) | 165 | 1337 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) | 32 | 897 |
| NACCO Industries, Inc.\*—Class A (Oil, Gas & <br>Consumable Fuels) | 9 | 399 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) | 61 | 2104 |
| Nano-X Imaging, Ltd.\* (Health Care <br>Providers & Services) | 147 | 760 |
| Napco Security Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 81 | 2405 |
| Nathan's Famous, Inc. (Hotels, Restaurants & <br>Leisure) | 6 | 663 |
| National Bank Holdings Corp.—Class A (Banks) | 87 | 3272 |
| National Bankshares, Inc. (Banks) | 14 | 381 |
| National Beverage Corp. (Beverages) | 55 | 2378 |
| National CineMedia, Inc.\* (Media) | 147 | 712 |
| National Energy Services Reunited Corp.\* <br>(Oil & Gas Services & Equipment) | 139 | 837 |
| National Health Investors, Inc.\* (Health Care <br>REITs) | 106 | 7433 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 29 | 3103 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) | 12 | 1176 |
| National Research Corp. (Health Care <br>Providers & Services) | 29 | 487 |
| National Vision Holdings, Inc.\* (Specialty Retail) | 178 | 4096 |
| Natural Gas Services Group, Inc.\* (Energy <br>Equipment & Services) | 23 | 594 |
| Natural Grocers by Vitamin Cottage, Inc. <br>(Consumer Staples Distribution & Retail) | 29 | 1138 |
| Nature's Sunshine Products, Inc. (Personal <br>Care Products) | 33 | 488 |
| Navient Corp. (Consumer Finance) | 161 | 2270 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Navigator Holdings Ltd.\* (Transportation & <br>Logistics) | 75 | $1061 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 306 | 2004 |
| NB Bancorp, Inc.\* (Banks) | 80 | 1429 |
| NBT Bancorp, Inc. (Banks) | 117 | 4861 |
| NCR Atleos Corp.\* (Financial Services) | 167 | 4765 |
| NCR Voyix Corp.\* (Software) | 318 | 3730 |
| Nektar Therapeutics\* (Pharmaceuticals) | 1 | 26 |
| Nelnet, Inc.—Class A (Consumer Finance) | 32 | 3876 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 500 | 2390 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 295 | 2156 |
| Neonode, Inc.\* (Technology Hardware) | 24 | 611 |
| NerdWallet, Inc.\*—Class A (Consumer Finance) | 95 | 1042 |
| Nerdy, Inc.\* (Diversified Consumer Services) | 132 | 215 |
| NET Lease Office Properties (Office REITs) | 34 | 1107 |
| Net Power, Inc.\* (Electrical Equipment) | 78 | 193 |
| NETGEAR, Inc.\* (Communications Equipment) | 63 | 1831 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 160 | 3970 |
| NETSTREIT Corp.\* (Retail REITs) | 188 | 3183 |
| Neurogene, Inc.\* (Biotechnology) | 22 | 329 |
| Neuronetics, Inc.\* (Health Care Facilities & <br>Services) | 83 | 290 |
| NeuroPace, Inc.\* (Health Care Equipment & <br>Supplies) | 55 | 613 |
| New Fortress Energy Inc (Oil & Gas Producers) | 387 | 1284 |
| New Jersey Resources Corp. (Gas Utilities) | 231 | 10353 |
| New York Community Bancorp, Inc. (Banks) | 695 | 7367 |
| New York Mortgage Trust, Inc. (Mortgage REITs) | 194 | 1300 |
| Newmark Group, Inc.—Class A (Real Estate <br>Management & Development) | 312 | 3791 |
| Newpark Resources, Inc.\* (Energy <br>Equipment & Services) | 184 | 1566 |
| Newsmax, Inc.\* (Internet Media & Services) | 17 | 257 |
| NewtekOne, Inc.\* (Financial Services) | 57 | 643 |
| NexPoint Diversified Real Estate Trust\* (Equity <br>REIT—Diversified) | 78 | 327 |
| Nexpoint Real Estate Finance, Inc. (Mortgage <br>REITs) | 17 | 234 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 51 | 1699 |
| NextDecade Corp.\* (Oil, Gas & Consumable <br>Fuels) | 306 | 2726 |
| Nextdoor Holdings, Inc.\* (Interactive Media & <br>Services) | 484 | 803 |
| NextNav, Inc.\* (Software) | 201 | 3055 |
| NextNRG, Inc.\* (Oil & Gas Producers) | 40 | 111 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 324 | 17615 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) | 86 | 895 |
| NI Holdings, Inc.\* (Insurance) | 16 | 204 |
| Nicolet Bankshares, Inc.\* (Banks) | 31 | 3828 |
| NioCorp. Developments Ltd.\* (Metals & Mining) | 118 | 275 |
| Nkarta, Inc.\* (Biotechnology) | 122 | 203 |
| NL Industries, Inc.\* (Commercial Services & <br>Supplies) | 19 | 122 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 91**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 110 | $2165 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 179 | 7552 |
| Noble Corp. PLC (Energy Equipment & Services) | 289 | 7673 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) | 469 | 1233 |
| Northeast Bank (Banks) | 17 | 1513 |
| Northeast Community Bancorp, Inc. (Banks) | 28 | 651 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 211 | 5982 |
| Northfield Bancorp, Inc. (Banks) | 86 | 987 |
| Northpointe Bancshares, Inc. (Banking) | 24 | 329 |
| Northrim Bancorp, Inc. (Banks) | 12 | 1119 |
| Northwest Bancshares, Inc. (Banks) | 292 | 3732 |
| Northwest Natural Holding Co. (Gas Utilities) | 93 | 3694 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) | 22 | 902 |
| NorthWestern Energy Group, Inc. (Multi-Utilities) | 141 | 7233 |
| Norwood Financial Corp.\* (Banks) | 20 | 516 |
| NovaGold Resources, Inc.\* (Metals & Mining) | 570 | 2331 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 83 | 10701 |
| Novavax, Inc.\* (Biotechnology) | 342 | 2155 |
| Novocure, Ltd.\* (Health Care Equipment & <br>Supplies) | 232 | 4130 |
| Nu Skin Enterprises, Inc.—Class A (Personal <br>Care Products) | 112 | 895 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 172 | 1959 |
| NuScale Power Corp.\* (Electrical Equipment) | 290 | 11472 |
| Nutex Health, Inc.\* (Software) | 8 | 996 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 98 | 7477 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 570 | 1112 |
| Nuvectis Pharma, Inc.\* (Biotech & Pharma) | 29 | 217 |
| NV5 Global, Inc.\* (Professional Services) | 133 | 3071 |
| NVE Corp. (Semiconductors & Semiconductor <br>Equipment) | 11 | 810 |
| Oak Valley Bancorp. (Banks) | 16 | 436 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 215 | 4455 |
| OceanFirst Financial Corp. (Banks) | 131 | 2307 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 321 | 2979 |
| OFG Bancorp (Banks) | 104 | 4451 |
| Ohio Valley Banc Corp.\* (Asset Management) | 9 | 290 |
| O-I Glass, Inc. (Containers & Packaging) | 351 | 5175 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) | 134 | 718 |
| Oil-Dri Corp. of America (Household Products) | 23 | 1357 |
| Oklo, Inc.\* (Electric Utilities) | 235 | 13159 |
| Olaplex Holdings, Inc.\* (Personal Care Products) | 321 | 449 |
| Old National Bancorp (Banks) | 733 | 15641 |
| Old Point Financial Corp\* (Banking) | 9 | 353 |
| Old Second Bancorp, Inc. (Banks) | 99 | 1756 |
| Olema Pharmaceuticals, Inc.\* (Biotechnology) | 136 | 579 |
| Olo, Inc.\* (Software) | 264 | 2350 |
| Olympic Steel, Inc. (Metals & Mining) | 23 | 750 |
| Omega Flex, Inc. (Machinery) | 8 | 259 |
| Omeros Corp.\* (Pharmaceuticals) | 129 | 387 |
| OmniAb, Inc.\* (Life Sciences Tools & Services) | 229 | 398 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 106 | 3116 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ON24, Inc.\* (Software) | 86 | $467 |
| Oncology Institute, Inc./The\* (Health Care <br>Facilities & Services) | 135 | 277 |
| ONE Gas, Inc. (Gas Utilities) | 137 | 9845 |
| One Liberty Properties, Inc. (Equity REIT—<br>Diversified) | 42 | 1002 |
| OneSpan, Inc.\* (Software) | 82 | 1369 |
| OneSpaWorld Holdings, Ltd. (Diversified <br>Consumer Services) | 217 | 4425 |
| OneWater Marine, Inc.\* (Specialty Retail) | 26 | 348 |
| Onity Group, Inc.\* (Financial Services) | 15 | 573 |
| Ooma, Inc.\* (Software) | 58 | 748 |
| OP Bancorp (Banking) | 27 | 351 |
| OPAL Fuels, Inc.\* (Renewable Energy) | 48 | 116 |
| Open Lending Corp.\* (Capital Markets) | 234 | 454 |
| OPKO Health, Inc.\* (Health Care Providers & <br>Services) | 827 | 1092 |
| Oportun Financial Corp.\* (Specialty Finance) | 77 | 551 |
| OppFi, Inc.\* (Consumer Finance) | 55 | 769 |
| OptimizeRx Corp.\* (Health Care Technology) | 39 | 527 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 377 | 12245 |
| Orange County Bancorp, Inc. (Banks) | 22 | 568 |
| OraSure Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 172 | 516 |
| Orchid Island Capital, Inc. (Mortgage REITs) | 246 | 1724 |
| Organogenesis Holdings, Inc.\* (Biotechnology) | 156 | 571 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 103 | 1045 |
| Origin Bancorp, Inc. (Banks) | 68 | 2430 |
| Orion Group Holdings, Inc.\* (Construction & <br>Engineering) | 86 | 780 |
| Orion SA (Chemicals) | 127 | 1332 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 140 | 11726 |
| Orrstown Financial Services, Inc. (Banks) | 43 | 1369 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 89 | 992 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) | 39 | 838 |
| Oruka Therapeutics Inc\* (Biotech & Pharma) | 62 | 695 |
| Oscar Health, Inc.\*—Class A (Insurance) | 419 | 8984 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 37 | 8320 |
| Otter Tail Corp. (Electric Utilities) | 88 | 6784 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 116 | 2813 |
| Outbrain, Inc.\* (Interactive Media & Services) | 82 | 203 |
| Outfront Media, Inc. (Specialized REITs) | 319 | 5206 |
| Outset Medical, Inc.\* (Software) | 40 | 768 |
| Owens & Minor, Inc. (Health Care Providers & <br>Services) | 172 | 1565 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 32 | 1288 |
| P10, Inc.\*—Class A (Capital Markets) | 124 | 1267 |
| Pacific Biosciences of California, Inc.\* (Life <br>Sciences Tools & Services) | 631 | 782 |
| Pacific Premier Bancorp, Inc. (Banks) | 220 | 4640 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 105 | 2510 |
| PACS Group, Inc.\* (Health Care Providers & <br>Services) | 101 | 1305 |
| Pagaya Technologies, Ltd.\*—Class A (Software) | 96 | 2047 |

---

**See accompanying notes to financial statements.**

------

**92 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| PagerDuty, Inc.\* (Software) | 193 | $2949 |
| Pagseguro Digital, Ltd.\*—Class A (Financial <br>Services) | 406 | 3914 |
| Palladyne AI Corp.\* (Machinery) | 58 | 502 |
| Palomar Holdings, Inc.\* (Insurance) | 60 | 9256 |
| Palvella Therapeutics, Inc.\* (Biotech & Pharma) | 16 | 361 |
| PAM Transportation Services, Inc.\*<sup>(a)</sup> (Ground <br>Transportation) | 14 | 180 |
| Pangaea Logistics Solutions, Ltd. (Marine <br>Transportation) | 68 | 320 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 75 | 3671 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 122 | 3237 |
| PAR Technology Corp.\* (Electronic Equipment, <br>Instruments & Components) | 92 | 6382 |
| Paramount Group, Inc.\* (Office REITs) | 427 | 2605 |
| Park Aerospace Corp. (Aerospace & Defense) | 42 | 620 |
| Park National Corp. (Banks) | 34 | 5687 |
| Parke Bancorp, Inc.\* (Banks) | 23 | 469 |
| Park-Ohio Holdings Corp.\* (Machinery) | 22 | 393 |
| Pathward Financial, Inc. (Banks) | 54 | 4272 |
| Patria Investments, Ltd.—Class A (Capital <br>Markets) | 137 | 1926 |
| Patrick Industries, Inc. (Automobile <br>Components) | 74 | 6828 |
| Patriot National Bancorp Inc\* (Banking) | 100 | 152 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 808 | 4791 |
| Payoneer Global, Inc.\* (Financial Services) | 637 | 4363 |
| Paysafe, Ltd.\* (Financial Services) | 74 | 934 |
| Paysign, Inc.\* (Financial Services) | 78 | 562 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 192 | 4161 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) | 25 | 1645 |
| PCB Bancorp (Banks) | 25 | 525 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 73 | 1561 |
| Peabody Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 280 | 3758 |
| Peakstone Realty Trust (Office REITs) | 84 | 1110 |
| Peapack-Gladstone Financial Corp. (Banks) | 37 | 1045 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 269 | 2687 |
| Peloton Interactive, Inc.\*—Class A (Leisure <br>Products) | 843 | 5851 |
| Penns Woods Bancorp Inc.\* (Banking) | 17 | 516 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 67 | 6676 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 199 | 2559 |
| Peoples Bancorp of North Carolina, Inc. (Banks) | 10 | 289 |
| Peoples Bancorp, Inc.\* (Banks) | 80 | 2443 |
| Peoples Financial Services Corp. (Banks) | 21 | 1037 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 141 | 4609 |
| Perella Weinberg Partners (Capital Markets) | 139 | 2699 |
| Performant Financial Corp.\* (Commercial <br>Services & Supplies) | 160 | 640 |
| Perimeter Solutions SA\* (Chemicals) | 318 | 4427 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) | 40 | $421 |
| Perpetua Resources Corp.\* (Metals & Mining) | 105 | 1275 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) | 115 | 754 |
| Perspective Therapeutics, Inc.\* (Biotechnology) | 136 | 468 |
| Petco Health & Wellness Co., Inc.\* (Specialty <br>Retail) | 179 | 507 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 96 | 921 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 47 | 1200 |
| Phillips Edison & Co., Inc. (Retail REITs) | 289 | 10124 |
| Phinia, Inc. (Automobile Components) | 90 | 4004 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 141 | 2655 |
| Phreesia, Inc.\* (Health Care Technology) | 129 | 3671 |
| Piedmont Lithium, Inc.\* (Metals & Mining) | 47 | 274 |
| Piedmont Office Realty Trust, Inc. (Office REITs) | 284 | 2070 |
| Pioneer Bancorp, Inc.\* (Banks) | 26 | 313 |
| Piper Sandler Cos. (Capital Markets) | 40 | 11119 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 420 | 4582 |
| PJT Partners, Inc.—Class A (Capital Markets) | 53 | 8746 |
| Planet Labs PBC\* (Professional Services) | 490 | 2989 |
| Playstudios, Inc.\* (Entertainment) | 202 | 265 |
| Playtika Holding, Corp.\* (Entertainment Content) | 129 | 610 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 61 | 8254 |
| Plug Power, Inc.\*<sup>(a)</sup> (Electrical Equipment) | 2089 | 3113 |
| Plumas Bancorp\* (Banks) | 12 | 534 |
| Plymouth Industrial REIT, Inc. (Industrial REITs) | 94 | 1510 |
| Polaris Industries, Inc.\* (Leisure Products) | 122 | 4960 |
| Ponce Financial Group, Inc.\* (Banks) | 45 | 623 |
| Porch Group, Inc.\* (Software) | 184 | 2169 |
| Portillo's, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 129 | 1505 |
| Portland General Electric Co. (Electric Utilities) | 252 | 10239 |
| Postal Realty Trust, Inc.—Class A (Office REITs) | 51 | 751 |
| Potbelly Corp.\* (Hotels, Restaurants & Leisure) | 58 | 711 |
| PotlatchDeltic Corp. (Specialized REITs) | 179 | 6869 |
| Powell Industries, Inc. (Electrical Equipment) | 22 | 4630 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 130 | 7267 |
| Power Solutions International, Inc.\* (Machinery) | 15 | 970 |
| Powerfleet, Inc.\* (Electronic Equipment,<br> Instruments & Components) | 284 | 1224 |
| PRA Group, Inc.\* (Consumer Finance) | 90 | 1328 |
| Prairie Operating Co.\* (Software) | 49 | 147 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 41 | 1724 |
| Precigen, Inc.\* (Biotechnology) | 343 | 487 |
| Preferred Bank (Banks) | 28 | 2423 |
| Preformed Line Products Co.\* (Electrical <br>Equipment) | 6 | 959 |
| Premier, Inc.—Class A (Health Care Providers & <br>Services) | 209 | 4583 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 113 | 9023 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 59 | 6197 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 93**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Prime Medicine, Inc.\* (Biotechnology) | 133 | $329 |
| PrimeEnergy Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 1 | 146 |
| Primis Financial Corp. (Banks) | 48 | 521 |
| Primoris Services Corp. (Construction & <br>Engineering) | 124 | 9665 |
| Princeton Bancorp, Inc. (Banks) | 12 | 366 |
| Priority Technology Holdings, Inc.\* (Financial <br>Services) | 57 | 443 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 263 | 6049 |
| ProAssurance Corp. (Insurance) | 117 | 2671 |
| PROCEPT BioRobotics Corp.\* (Health Care <br>Equipment & Supplies) | 120 | 6912 |
| Pro-Dex, Inc.\* (Medical Equipment & Devices) | 5 | 218 |
| Proficient Auto Logistics, Inc.\* (Ground <br>Transportation) | 54 | 392 |
| ProFrac Holding Corp.\*<sup>(a)</sup>—Class A (Energy <br>Equipment & Services) | 28 | 217 |
| PROG Holdings, Inc. (Consumer Finance) | 92 | 2700 |
| Progress Software Corp. (Software) | 98 | 6256 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 157 | 3454 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) | 183 | 1093 |
| PROS Holdings, Inc.\* (Software) | 100 | 1566 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | 133 | 7351 |
| Protalix Biotherapeutics Inc\* (Biotech & Pharma) | 159 | 235 |
| Protara Therapeutics, Inc.\* (Biotech & Pharma) | 74 | 224 |
| Prothena Corp. PLC\* (Biotechnology) | 89 | 540 |
| Proto Labs, Inc.\* (Machinery) | 54 | 2162 |
| Provident Bancorp, Inc.\* (Banks) | 37 | 462 |
| Provident Financial Services, Inc. (Banks) | 295 | 5171 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 178 | 8694 |
| PubMatic, Inc.\*—Class A (Media) | 95 | 1182 |
| Pulmonx Corp.\* (Health Care Equipment & <br>Supplies) | 87 | 225 |
| Pulse Biosciences, Inc.\*<sup>(a)</sup> (Health Care <br>Equipment & Supplies) | 41 | 619 |
| Puma Biotechnology, Inc.\* (Biotechnology) | 97 | 333 |
| Pure Cycle Corp.\* (Water Utilities) | 45 | 482 |
| PureCycle Technologies, Inc.\*<sup>(a)</sup> (Chemicals) | 297 | 4069 |
| Q2 Holdings, Inc.\* (Software) | 142 | 13289 |
| QCR Holdings, Inc. (Banks) | 38 | 2580 |
| Quad/Graphics, Inc. (Commercial Services & <br>Supplies) | 66 | 373 |
| Quaker Chemical Corp. (Chemicals) | 32 | 3582 |
| Qualys, Inc.\* (Software) | 84 | 12001 |
| Quanex Building Products Corp. (Building <br>Products) | 108 | 2041 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) | 84 | 559 |
| Quantum Computing Inc\* (Software) | 263 | 5042 |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) | 322 | 631 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) | 155 | 4467 |
| QuinStreet, Inc.\* (Interactive Media & Services) | 124 | 1996 |
| Rackspace Technology, Inc.\* (IT Services) | 191 | 244 |
| Radian Group, Inc. (Financial Services) | 323 | 11634 |
| Radiant Logistics, Inc.\* (Air Freight & Logistics) | 76 | 462 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 152 | $8650 |
| Ramaco Resources, Inc.—Class A (Metals & <br>Mining) | 81 | 1064 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 247 | 15814 |
| Ranger Bermuda Topco Ltd.\* (Insurance) | 4 | 106 |
| Ranger Energy Services, Inc.\* (Energy <br>Equipment & Services) | 39 | 466 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) | 107 | 382 |
| Rapid7, Inc.\* (Software) | 146 | 3377 |
| Rapport Therapeutics, Inc.\* (Pharmaceuticals) | 40 | 455 |
| Rayonier Advanced Materials, Inc. (Chemicals) | 147 | 566 |
| RBB Bancorp (Banks) | 39 | 671 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 19 | 724 |
| RCM TECHNOLOGIES, INC.\* (Technology <br>Services) | 11 | 259 |
| RE/MAX Holdings, Inc.\*—Class A (Real Estate <br>Management & Development) | 42 | 344 |
| Ready Capital Corp.<sup>(a)</sup> (Mortgage REITs) | 381 | 1665 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 776 | 3927 |
| Red Cat Holdings, Inc.\* (Aerospace & Defense) | 171 | 1245 |
| Red River Bancshares, Inc.\* (Banks) | 11 | 646 |
| Red Rock Resorts, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 112 | 5827 |
| Red Violet, Inc.\* (Software) | 26 | 1279 |
| Redwire Corp.\*<sup>(a)</sup> (Aerospace & Defense) | 77 | 1255 |
| Redwood Trust, Inc. (Mortgage REITs) | 304 | 1797 |
| REGENXBIO, Inc.\* (Biotechnology) | 107 | 878 |
| Regional Management Corp.\* (Consumer <br>Finance) | 21 | 613 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 303 | 1048 |
| Remitly Global, Inc.\* (Financial Services) | 355 | 6663 |
| Renasant Corp. (Banks) | 216 | 7761 |
| Repay Holdings Corp.\* (Financial Services) | 178 | 858 |
| Replimune Group, Inc.\* (Biotechnology) | 150 | 1394 |
| ReposiTrak, Inc.\* (Software) | 26 | 511 |
| Repro-Med Systems, Inc.\* (Medical <br>Equipment & Devices) | 97 | 347 |
| Republic Bancorp, Inc.\*—Class A (Banks) | 19 | 1389 |
| Reservoir Media, Inc.\* (Entertainment) | 47 | 360 |
| Resideo Technologies, Inc.\* (Building Products) | 340 | 7500 |
| Resolute Holdings Management, Inc.\* (Asset <br>Management) | 10 | 319 |
| Resources Connection, Inc. (Professional <br>Services) | 74 | 397 |
| REV Group, Inc. (Machinery) | 117 | 5568 |
| Revolve Group, Inc.\* (Specialty Retail) | 93 | 1865 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 34 | 1656 |
| Rezolute, Inc.\* (Biotech & Pharma) | 153 | 682 |
| Rezolve AI PLC\* (Software) | 208 | 640 |
| RGC Resources, Inc.\* (Gas Utilities) | 19 | 425 |
| Rhinebeck BanCorp, Inc.\* (Banking) | 10 | 117 |
| Rhythm Pharmaceuticals, Inc.\* (Biotechnology) | 124 | 7836 |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) | 214 | 858 |

---

**See accompanying notes to financial statements.**

------

**94 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Richardson Electronics, Ltd.\* (Electronic <br>Equipment, Instruments & Components) | 28 | $270 |
| Richmond Mutual BanCorp, Inc.\* (Banking) | 21 | 290 |
| Richtech Robotics, Inc.\* (Machinery) | 158 | 308 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) | 40 | 749 |
| Rigetti Computing, Inc.\*<sup>(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 647 | 7673 |
| Riley Exploration Permian, Inc. (Oil, Gas & <br>Consumable Fuels) | 30 | 787 |
| Rimini Street, Inc.\* (Software) | 112 | 422 |
| Riot Platforms, Inc.\* (Software) | 756 | 8543 |
| Riverview Bancorp, Inc.\* (Banking) | 47 | 259 |
| RLJ Lodging Trust (Hotel & Resort REITs) | 339 | 2468 |
| Rocket Pharmaceuticals, Inc.\* (Biotechnology) | 192 | 470 |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury <br>Goods) | 16 | 355 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 42 | 2876 |
| Root, Inc.\*—Class A (Insurance) | 24 | 3071 |
| RPC, Inc. (Energy Equipment & Services) | 204 | 965 |
| Rumble, Inc.\* (Internet Media & Services) | 180 | 1616 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 143 | 7366 |
| Rush Enterprises, Inc.—Class B (Trading <br>Companies & Distributors) | 21 | 1102 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) | 203 | 3025 |
| RXO, Inc.\* (Ground Transportation) | 372 | 5847 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) | 85 | 1105 |
| Ryerson Holding Corp.\* (Metals & Mining) | 62 | 1337 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) | 135 | 13319 |
| S&T Bancorp, Inc. (Banks) | 87 | 3290 |
| Sable Offshore Corp.\* (Oil, Gas & Consumable <br>Fuels) | 156 | 3429 |
| Sabra Health Care REIT, Inc. (Health Care REITs) | 544 | 10031 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) | 829 | 2620 |
| Safe Builders, Inc. (Marine Transportation) | 132 | 477 |
| Safehold, Inc. (Specialized REITs) | 128 | 1992 |
| Safety Insurance Group, Inc. (Insurance) | 34 | 2699 |
| Sage Therapeutics, Inc.\* (Biotechnology) | 130 | 1186 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) | 234 | 2167 |
| Sana Biotechnology, Inc.\* (Biotechnology) | 305 | 833 |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) | 7 | 199 |
| SandRidge Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 83 | 898 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 119 | 11642 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) | 16 | 526 |
| Sapiens International Corp. N.V. (Software) | 71 | 2077 |
| Satellogic, Inc.\* (Telecommunications) | 158 | 572 |
| Saul Centers, Inc. (Retail REITs) | 28 | 956 |
| Savara, Inc.\* (Biotechnology) | 289 | 659 |
| Savers Value Village, Inc.\* (Broadline Retail) | 53 | 541 |
| SB Financial Group\* (Banking) | 14 | 267 |
| SBC Medical Group Holdings, Inc.\* (Health <br>Care Facilities & Services) | 13 | 60 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 50 | $2091 |
| Schnitzer Steel Industries, Inc.—Class A <br>(Metals & Mining) | 63 | 1870 |
| Scholar Rock Holding Corp.\* (Biotechnology) | 186 | 6588 |
| Scholastic Corp. (Media) | 50 | 1049 |
| Schrodinger, Inc.\* (Health Care Technology) | 129 | 2595 |
| Scilex Holding Co.\* (Biotech & Pharma) | 6 | 33 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br>Fuels) | 100 | 3913 |
| scPharmaceuticals, Inc.\* (Pharmaceuticals) | 78 | 297 |
| Seacoast Banking Corp. of Florida (Banks) | 194 | 5358 |
| SEACOR Marine Holdings, Inc.\* (Energy <br>Equipment & Services) | 47 | 240 |
| Seadrill, Ltd.\* (Energy Equipment & Services) | 144 | 3780 |
| Seaport Entertainment Group Inc\* (Real Estate <br>Owners & Developers) | 17 | 317 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 62 | 2923 |
| Security National Financial Corp.\*—Class A <br>(Specialty Finance) | 34 | 335 |
| Select Energy Services, Inc.—Class A (Energy <br>Equipment & Services) | 213 | 1840 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 256 | 3886 |
| Selective Insurance Group, Inc. (Insurance) | 139 | 12045 |
| Selectquote, Inc.\* (Insurance) | 314 | 747 |
| SELLAS Life Sciences Group, Inc.\* (Biotech & <br>Pharma) | 218 | 477 |
| Semler Scientific, Inc.\* (Health Care <br>Equipment & Supplies) | 19 | 736 |
| SEMrush Holdings, Inc.\* (Software) | 105 | 950 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 199 | 8983 |
| Seneca Foods Corp.\*—Class A (Food Products) | 11 | 1116 |
| Sensient Technologies Corp. (Chemicals) | 97 | 9556 |
| Septerna, Inc.\* (Pharmaceuticals) | 49 | 518 |
| Serve Robotics, Inc.\* (Internet Media & Services) | 107 | 1224 |
| Service Properties Trust (Hotel & Resort REITs) | 353 | 844 |
| ServisFirst Bancshares, Inc. (Banks) | 118 | 9146 |
| Seven Hills Realty Trust (Mortgage REITs) | 33 | 398 |
| Sezzle, Inc.\* (Financial Services) | 34 | 6095 |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 277 | 2307 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 89 | 12513 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 116 | 1585 |
| Shoals Technologies Group, Inc.\*—Class A <br>(Electrical Equipment) | 384 | 1632 |
| Shoe Carnival, Inc. (Specialty Retail) | 41 | 767 |
| Shore Bancshares, Inc. (Banks) | 71 | 1116 |
| ShotSpotter, Inc.\* (Software) | 22 | 287 |
| Shutterstock, Inc. (Interactive Media & Services) | 55 | 1043 |
| SI-BONE, Inc.\* (Health Care Equipment & <br>Supplies) | 87 | 1637 |
| Siebert Financial Corp.\* (Asset Management) | 32 | 141 |
| Sierra Bancorp (Banks) | 29 | 861 |
| SIGA Technologies, Inc. (Pharmaceuticals) | 94 | 613 |
| Sight Sciences, Inc.\* (Health Care Equipment & <br>Supplies) | 94 | 388 |
| Signet Jewelers, Ltd. (Specialty Retail) | 95 | 7557 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 95**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sila Realty Trust, Inc.\* (Health Care REITs) | 127 | $3006 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 74 | 10905 |
| Silvaco Group, Inc.\* (Software) | 18 | 85 |
| Silvercrest Asset Management Group, Inc.—<br>Class A (Capital Markets) | 18 | 285 |
| Simmons First National Corp.—Class A (Banks) | 287 | 5442 |
| Simulations Plus, Inc. (Health Care Technology) | 38 | 663 |
| Sinclair, Inc.\* (Media) | 88 | 1216 |
| Sionna Therapeutics, Inc.\* (Medical <br>Equipment & Devices) | 28 | 486 |
| SiriusPoint, Ltd.\* (Insurance) | 234 | 4771 |
| SITE Centers Corp. (Retail REITs) | 115 | 1301 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 48 | 10228 |
| Sitio Royalties Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 179 | 3290 |
| Six Flags Entertainment Corp.\* (Hotels, <br>Restaurants & Leisure) | 219 | 6664 |
| SJW Group (Water Utilities) | 73 | 3794 |
| Skillsoft Corp.\* (Software) | 10 | 160 |
| Sky Harbour Group Corp.\* (Transportation <br>Infrastructure) | 49 | 479 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) | 82 | 4739 |
| SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 60 | 590 |
| SkyWest, Inc.\* (Passenger Airlines) | 93 | 9576 |
| SKYX Platforms Corp.\* (Electrical Equipment) | 140 | 146 |
| SL Green Realty Corp. (Office REITs) | 164 | 10152 |
| Sleep Number Corp.\* (Specialty Retail) | 48 | 324 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 261 | 6449 |
| SMART Global Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 122 | 2417 |
| SmartFinancial, Inc.\* (Banks) | 33 | 1115 |
| Smartstop Self Storage REIT, Inc.\* (REITS & <br>Real Estate Management) | 65 | 2355 |
| Smith & Wesson Brands, Inc. (Leisure Products) | 100 | 868 |
| Smith-Midland Corp.\* (Construction Materials) | 6 | 201 |
| Solaris Energy Infrastructure, Inc.\*—Class A <br>(Energy Equipment & Services) | 83 | 2348 |
| Soleno Therapeutics, Inc.\* (Biotechnology) | 92 | 7708 |
| Solesence, Inc.\* (Household Products) | 43 | 187 |
| Solid Biosciences, Inc.\* (Biotechnology) | 151 | 735 |
| Solid Power, Inc.\* (Automobile Components) | 331 | 725 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) | 34 | 2718 |
| Sonida Senior Living, Inc.\* (Health Care <br>Providers & Services) | 13 | 324 |
| Sonos, Inc.\* (Household Durables) | 269 | 2908 |
| Sound Financial Bancorp, Inc.\* (Banking) | 5 | 230 |
| SoundHound AI, Inc.\*<sup>(a)</sup>—Class A (Software) | 837 | 8981 |
| South Plains Financial, Inc. (Banks) | 29 | 1045 |
| Southern California BanCorp\* (Banks) | 51 | 804 |
| Southern First Bancshares, Inc.\* (Banks) | 18 | 685 |
| Southern Missouri Bancorp, Inc. (Banks) | 22 | 1205 |
| Southland Holdings, Inc.\* (Construction & <br>Engineering) | 24 | 100 |
| Southside Bancshares, Inc. (Banks) | 66 | 1942 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 148 | 11010 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 77 | $2040 |
| Spectrum Brands Holdings, Inc. (Household <br>Products) | 58 | 3074 |
| Sphere Entertainment Co.\* (Entertainment) | 64 | 2675 |
| Spire Global, Inc.\* (Professional Services) | 63 | 750 |
| Spire, Inc. (Gas Utilities) | 132 | 9635 |
| Spirit Aviation Holdings, Inc.\* (Transportation & <br>Logistics) | 37 | 185 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) | 47 | 831 |
| Sprinklr, Inc.\*—Class A (Software) | 252 | 2132 |
| Sprout Social, Inc.\*—Class A (Software) | 118 | 2467 |
| SPS Commerce, Inc.\* (Software) | 87 | 11840 |
| SPX Technologies, Inc.\* (Machinery) | 104 | 17438 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 114 | 1707 |
| SR BanCorp, Inc.\* (Banking) | 18 | 243 |
| SSR Mining, Inc. (Metals & Mining) | 466 | 5937 |
| STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | 114 | 1913 |
| Stagwell, Inc. (Media) | 264 | 1188 |
| Standard BioTools, Inc.\* (Life Sciences Tools & <br>Services) | 684 | 821 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 48 | 1475 |
| Standex International Corp. (Machinery) | 27 | 4225 |
| Starz Entertainment Corp.\* (Entertainment) | 29 | 466 |
| Steelcase, Inc.—Class A (Commercial <br>Services & Supplies) | 192 | 2003 |
| Stellar Bancorp, Inc. (Banks) | 108 | 3022 |
| Stepan Co. (Chemicals) | 49 | 2674 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 143 | 7937 |
| Stereotaxis, Inc.\* (Health Care Equipment & <br>Supplies) | 131 | 278 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 68 | 15690 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 159 | 3813 |
| Stewart Information Services Corp. (Insurance) | 64 | 4166 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) | 243 | 899 |
| Stock Yards Bancorp, Inc. (Banks) | 60 | 4739 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 94 | 1067 |
| StoneCo, Ltd.\* (Financial Services) | 554 | 8886 |
| StoneX Group, Inc.\* (Capital Markets) | 103 | 9387 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 55 | 4682 |
| Strattec Security Corporation\* (Industrial <br>Intermediate Prod) | 9 | 560 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) | 15 | 283 |
| Strawberry Fields REIT, Inc. (Health Care REITs) | 16 | 169 |
| Stride, Inc.\* (Diversified Consumer Services) | 98 | 14230 |
| Sturm Ruger & Co., Inc. (Leisure Products) | 37 | 1328 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 251 | 1278 |
| Summit Midstream Corp.\* (Oil & Gas Producers) | 23 | 564 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 117 | 1375 |
| SunCoke Energy, Inc. (Metals & Mining) | 194 | 1666 |
| SunOpta, Inc.\* (Food Products) | 219 | 1270 |

---

**See accompanying notes to financial statements.**

------

**96 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sunrise Realty Trust, Inc. (Mortgage REITs) | 23 | $244 |
| Sunrun, Inc.\* (Electrical Equipment) | 479 | 3918 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) | 441 | 3828 |
| Super Group SGHC, Ltd. (Hotels, <br>Restaurants & Leisure) | 364 | 3993 |
| Superior Group of Cos., Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 26 | 268 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 123 | 3877 |
| Surgery Partners, Inc.\* (Health Care <br>Providers & Services) | 177 | 3935 |
| Surmodics, Inc.\* (Health Care Equipment & <br>Supplies) | 32 | 951 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 237 | 3527 |
| SWK Holdings Corp.\* (Financial Services) | 7 | 103 |
| Sylvamo Corp. (Paper & Forest Products) | 79 | 3958 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 89 | 5769 |
| Synchronoss Technologies, Inc.\* (Software) | 25 | 171 |
| Syndax Pharmaceuticals, Inc.\* (Biotechnology) | 195 | 1826 |
| System1, Inc.\* (Interactive Media & Services) | —<br> <sup>(b)</sup> | 2 |
| Tactile Systems Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 54 | 548 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) | 281 | 781 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 275 | 2332 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 153 | 2852 |
| Tanger, Inc. (Retail REITs) | 256 | 7828 |
| Tango Therapeutics, Inc.\* (Biotechnology) | 175 | 896 |
| Target Hospitality Corp.\* (Hotels, Restaurants & <br>Leisure) | 73 | 520 |
| Tarsus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 89 | 3605 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 225 | 13821 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) | 379 | 875 |
| TechTarget, Inc.\* (Media) | 61 | 474 |
| Tecnoglass, Inc. (Building Products) | 56 | 4332 |
| Tectonic Therapeutic, Inc.\* (Biotech & Pharma) | 25 | 497 |
| Teekay Corp. (Transportation & Logistics) | 119 | 982 |
| Teekay Tankers, Ltd.\*—Class A <br>(Transportation & Logistics) | 55 | 2294 |
| TEGNA, Inc. (Media) | 368 | 6168 |
| Tejon Ranch Co.\* (Real Estate Management & <br>Development) | 48 | 814 |
| Teladoc Health, Inc.\* (Health Care Technology) | 402 | 3501 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) | 224 | 7970 |
| Telos Corp.\* (Software) | 125 | 396 |
| Tenable Holdings, Inc.\* (Software) | 273 | 9222 |
| Tennant Co. (Machinery) | 43 | 3332 |
| Terawulf, Inc.\* (Software) | 609 | 2667 |
| Terex Corp. (Machinery) | 149 | 6957 |
| Terns Pharmaceuticals, Inc.\* (Pharmaceuticals) | 165 | 615 |
| Terreno Realty Corp. (Industrial REITs) | 234 | 13121 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 290 | 974 |
| Tevogen Bio Holdings, Inc.\* (Biotechnology) | 65 | 81 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Texas Capital Bancshares, Inc.\* (Banks) | 104 | $8258 |
| TG Therapeutics, Inc.\* (Biotechnology) | 332 | 11948 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 75 | 2756 |
| The Arena Group Holdings, Inc.\* (Advertising & <br>Marketing) | 29 | 180 |
| The Baldwin Insurance Group, Inc.\* (Insurance) | 161 | 6892 |
| The Bancorp, Inc.\* (Banks) | 104 | 5925 |
| The Bank of NT Butterfield & Son, Ltd. (Banks) | 100 | 4428 |
| The Beauty Health Co.\* (Personal Care Products) | 261 | 499 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 99 | 8840 |
| The Buckle, Inc. (Specialty Retail) | 72 | 3265 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 106 | 6642 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) | 83 | 5296 |
| The Chemours Co.\* (Chemicals) | 344 | 3939 |
| The E.W. Scripps Co.\*—Class A (Media) | 144 | 423 |
| The Eastern Co.\* (Machinery) | 13 | 297 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 128 | 19745 |
| The First Bancorp, Inc.\* (Banks) | 25 | 635 |
| The GEO Group, Inc.\* (Commercial Services & <br>Supplies) | 313 | 7496 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 597 | 6191 |
| The Gorman-Rupp Co. (Machinery) | 48 | 1763 |
| The Greenbrier Cos., Inc. (Machinery) | 70 | 3224 |
| The Hackett Group, Inc.\* (IT Services) | 57 | 1449 |
| The Hain Celestial Group, Inc.\* (Food Products) | 207 | 315 |
| The Honest Co., Inc.\* (Personal Care Products) | 213 | 1084 |
| The Joint Corp.\* (Health Care Providers & <br>Services) | 34 | 392 |
| The Lovesac Co.\* (Household Durables) | 31 | 564 |
| The Macerich Co. (Retail REITs) | 581 | 9401 |
| The Manitowoc Co., Inc.\* (Machinery) | 79 | 950 |
| The Marcus Corp.\* (Entertainment) | 54 | 910 |
| The ODP Corp.\* (Specialty Retail) | 63 | 1142 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) | 77 | 2298 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) | 242 | 1091 |
| The RealReal, Inc.\* (Specialty Retail) | 218 | 1044 |
| The RMR Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 35 | 572 |
| The Shyft Group, Inc. (Machinery) | 74 | 928 |
| The Simply Good Foods Co.\* (Food Products) | 214 | 6761 |
| The St. Joe Co. (Real Estate Management & <br>Development) | 87 | 4150 |
| The Vita Coco Co., Inc.\* (Beverages) | 92 | 3321 |
| The York Water Co.\* (Water Utilities) | 33 | 1043 |
| Theravance Biopharma, Inc.\* (Pharmaceuticals) | 87 | 960 |
| Thermon Group Holdings, Inc.\* (Electrical <br>Equipment) | 76 | 2134 |
| Third Coast Bancshares, Inc.\* (Banks) | 29 | 947 |
| Third Harmonic Bio, Inc.\* (Pharmaceuticals) | 57 | 310 |
| ThredUp, Inc.\*—Class A (Specialty Retail) | 208 | 1558 |
| Thryv Holdings, Inc.\* (Media) | 85 | 1034 |
| Tidewater, Inc.\* (Energy Equipment & Services) | 116 | 5351 |
| Tile Shop Holdings, Inc. (Specialty Retail) | 66 | 420 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 97**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Timberland Bancorp, Inc./WA (Banks) | 17 | $530 |
| TimkenSteel Corp.\* (Metals & Mining) | 84 | 1294 |
| Tiptree, Inc. (Insurance) | 54 | 1273 |
| Titan America SA\* (Construction Materials) | 56 | 699 |
| Titan International, Inc. (Machinery) | 111 | 1140 |
| Titan Machinery, Inc.\* (Trading Companies & <br>Distributors) | 48 | 951 |
| Tompkins Financial Corp. (Banks) | 31 | 1945 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) | 17 | 612 |
| Tootsie Roll Industries, Inc.\* (Food Products) | 40 | 1338 |
| Topgolf Callaway Brands Corp.\* (Leisure <br>Products) | 302 | 2431 |
| Torrid Holdings, Inc.\* (Specialty Retail) | 54 | 159 |
| Tourmaline Bio, Inc.\* (Biotechnology) | 43 | 688 |
| TowneBank\* (Banks) | 162 | 5537 |
| TPG RE Finance Trust, Inc. (Mortgage REITs) | 157 | 1212 |
| Traeger, Inc.\* (Household Durables) | 72 | 123 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) | 21 | 1805 |
| Transcontinental Realty Investors, Inc.\* (Real <br>Estate Management & Development) | 4 | 170 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 76 | 10185 |
| Transocean, Ltd. (Energy Equipment & <br>Services) | 1703 | 4411 |
| TRAVELZOO INC.\* (Internet Media & Services) | 15 | 191 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 201 | 2975 |
| Treace Medical Concepts, Inc.\* (Health Care <br>Equipment & Supplies) | 109 | 641 |
| Tredegar Corp.\* (Metals & Mining) | 61 | 537 |
| TreeHouse Foods, Inc.\* (Food Products) | 115 | 2233 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 173 | 946 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 204 | 6518 |
| TriCo Bancshares (Banks) | 70 | 2834 |
| Triller Group, Inc.\* (Internet Media & Services) | 235 | 219 |
| TriMas Corp.\* (Containers & Packaging) | 76 | 2174 |
| TriNet Group, Inc. (Professional Services) | 68 | 4974 |
| Trinity Industries, Inc. (Machinery) | 187 | 5051 |
| Trinseo PLC\* (Chemicals) | 78 | 243 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | 266 | 3472 |
| TriSalus Life Sciences, Inc.\* (Biotech & Pharma) | 36 | 196 |
| Triumph Financial, Inc.\* (Banks) | 51 | 2811 |
| Triumph Group, Inc. (Aerospace & Defense) | 170 | 4378 |
| Tronox Holdings PLC—Class A (Chemicals) | 273 | 1384 |
| TrueBlue, Inc.\* (Professional Services) | 65 | 421 |
| TrueCar, Inc.\* (Interactive Media & Services) | 180 | 342 |
| Trupanion, Inc.\* (Insurance) | 85 | 4705 |
| TrustCo Bank Corp. (Banks) | 43 | 1437 |
| Trustmark Corp. (Banks) | 130 | 4740 |
| TSS Inc/MD\* (Engineering & Construction) | 42 | 1211 |
| TTEC Holdings, Inc. (Professional Services) | 45 | 216 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 230 | 9389 |
| Tucows, Inc.\*—Class A (IT Services) | 15 | 296 |
| TuHURA Biosciences, Inc.\* (Biotech & Pharma) | 59 | 132 |
| Turning Point Brands, Inc. (Tobacco) | 39 | 2955 |
| Turtle Beach Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 34 | 470 |
| Tutor Perini Corp.\* (Construction & Engineering) | 102 | 4772 |
| Tvardi Therapeutics, Inc.\* (Biotech & Pharma) | 8 | 187 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Twist Bioscience Corp.\* (Biotechnology) | 135 | $4967 |
| Two Harbors Investment Corp. (Mortgage <br>REITs) | 239 | 2574 |
| TXNM Energy, Inc. (Electric Utilities) | 212 | 11940 |
| Tyra Biosciences, Inc.\* (Biotechnology) | 55 | 526 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 34 | 2659 |
| Udemy, Inc.\* (Diversified Consumer Services) | 222 | 1561 |
| UFP Industries, Inc. (Building Products) | 138 | 13712 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 17 | 4151 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 102 | 2302 |
| UMB Financial Corp. (Banks) | 166 | 17456 |
| UMH Properties, Inc. (Residential REITs) | 178 | 2989 |
| UniFirst Corp. (Commercial Services & Supplies) | 34 | 6399 |
| Union Bankshares, Inc./Morrisville VT\* (Banking) | 8 | 213 |
| Unisys Corp.\* (IT Services) | 152 | 689 |
| United Bankshares, Inc. (Banks) | 324 | 11802 |
| United Community Banks, Inc. (Banks) | 276 | 8222 |
| United Fire Group, Inc. (Insurance) | 48 | 1378 |
| United Insurance Holdings Corp.\* (Insurance) | 56 | 623 |
| United Natural Foods, Inc.\* (Consumer Staples <br>Distribution & Retail) | 137 | 3193 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 32 | 277 |
| United States Antimony Corp.\* (Metals & <br>Mining) | 209 | 456 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 25 | 2495 |
| Uniti Group, Inc. (Specialized REITs) | 543 | 2346 |
| Unitil Corp. (Multi-Utilities) | 37 | 1930 |
| Unity Bancorp, Inc. (Banks) | 17 | 800 |
| Universal Corp.\* (Tobacco) | 55 | 3203 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 29 | 1159 |
| Universal Insurance Holdings, Inc. (Insurance) | 58 | 1608 |
| Universal Logistics Holdings, Inc. (Ground <br>Transportation) | 15 | 381 |
| Universal Technical Institute, Inc.\* (Diversified <br>Consumer Services) | 103 | 3491 |
| Univest Financial Corp. (Banks) | 66 | 1983 |
| Upbound Group, Inc. (Specialty Retail) | 120 | 3012 |
| Upstart Holdings, Inc.\* (Consumer Finance) | 192 | 12418 |
| Upstream Bio, Inc.\* (Biotechnology) | 80 | 878 |
| Upwork, Inc.\* (Professional Services) | 284 | 3817 |
| Uranium Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 973 | 6616 |
| Urban Edge Properties (Retail REITs) | 291 | 5430 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 145 | 10518 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 84 | 1151 |
| US Gold Corp.\* (Metals & Mining) | 25 | 305 |
| US Goldmining, Inc.\* (Metals & Mining) | 4 | 33 |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 25 | 763 |
| USCB Financial Holdings, Inc. (Banks) | 24 | 397 |
| Utah Medical Products, Inc. (Health Care <br>Equipment & Supplies) | 7 | 398 |
| Utz Brands, Inc. (Food Products) | 165 | 2071 |
| V2X, Inc.\* (Aerospace & Defense) | 39 | 1893 |

---

**See accompanying notes to financial statements.**

------

**98 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| VAALCO Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 237 | $856 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 146 | 6148 |
| Valhi, Inc. (Chemicals) | 6 | 97 |
| Valley National Bancorp (Banks) | 1109 | 9903 |
| Value Line, Inc. (Capital Markets) | 2 | 78 |
| Vanda Pharmaceuticals, Inc.\* (Biotechnology) | 127 | 599 |
| Varex Imaging Corp.\* (Health Care <br>Equipment & Supplies) | 94 | 815 |
| Varonis Systems, Inc.\* (Software) | 252 | 12788 |
| Vaxcyte, Inc.\* (Biotechnology) | 287 | 9330 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 131 | 2662 |
| Velocity Financial, Inc.\* (Financial Services) | 26 | 482 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 118 | 2780 |
| Veracyte, Inc.\* (Biotechnology) | 179 | 4838 |
| Verastem, Inc.\* (Biotechnology) | 104 | 432 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 10 | 34 |
| Vericel Corp.\* (Biotechnology) | 115 | 4893 |
| Verint Systems, Inc.\* (Software) | 142 | 2793 |
| Veritex Holdings, Inc. (Banks) | 121 | 3158 |
| Verra Mobility Corp.\*—Class A (Professional <br>Services) | 365 | 9268 |
| Vertex, Inc.\*—Class A (Software) | 149 | 5265 |
| Verve Therapeutics, Inc.\* (Biotechnology) | 156 | 1752 |
| Vestis Corp. (Commercial Services & Supplies) | 264 | 1513 |
| Viad Corp.\* (Commercial Services & Supplies) | 49 | 1413 |
| Viant Technology, Inc.\*—Class A (Software) | 36 | 476 |
| Viasat, Inc.\* (Communications Equipment) | 259 | 3781 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 506 | 5095 |
| Vicor Corp.\* (Electrical Equipment) | 53 | 2404 |
| Victoria's Secret & Co.\* (Specialty Retail) | 156 | 2889 |
| Victory Capital Holdings, Inc.—Class A (Capital <br>Markets) | 101 | 6431 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 80 | 553 |
| Village Super Market, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 21 | 809 |
| Vimeo, Inc.\* (Interactive Media & Services) | 360 | 1454 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 204 | 1028 |
| Virco Mfg. Corp.\* (Commercial Services & <br>Supplies) | 25 | 200 |
| Virginia National Bankshares Corp. (Banks) | 11 | 407 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 159 | 2223 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 15 | 2721 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 277 | 4399 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 27 | 759 |
| Visteon Corp.\* (Automobile Components) | 63 | 5878 |
| Vital Energy, Inc.\* (Oil, Gas & Consumable Fuels) | 68 | 1094 |
| Vital Farms, Inc.\* (Food Products) | 79 | 3043 |
| Vitesse Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 67 | 1480 |
| Vivid Seats, Inc.—Class A (Entertainment) | 149 | 252 |
| Vox Royalty Corp.\* (Metals & Mining) | 92 | 291 |
| Voyager Therapeutics, Inc.\* (Biotechnology) | 106 | 330 |
| Vroom, Inc.\* (Specialty Finance) | 2 | 57 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| VSE Corp. (Commercial Services & Supplies) | 46 | $6025 |
| VTEX\* (Software) | 132 | 871 |
| Vuzix Corp.\* (Technology Hardware) | 147 | 429 |
| W&T Offshore, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 227 | 375 |
| Wabash National Corp. (Machinery) | 94 | 999 |
| WaFd, Inc.\* (Banks) | 44 | 1244 |
| Waldencast PLC\*—Class A (Personal Care <br>Products) | 97 | 238 |
| Walker & Dunlop, Inc. (Financial Services) | 75 | 5286 |
| Warby Parker, Inc.\*—Class A (Specialty Retail) | 224 | 4912 |
| Warrior Met Coal, Inc. (Metals & Mining) | 119 | 5454 |
| Washington Federal, Inc. (Banks) | 184 | 5388 |
| Waterstone Financial, Inc. (Financial Services) | 36 | 497 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 63 | 15491 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 256 | 1664 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 208 | 8501 |
| WD-40 Co. (Household Products) | 31 | 7071 |
| Weave Communications, Inc.\* (Software) | 133 | 1107 |
| WEBTOON Entertainment, Inc.\* (Interactive <br>Media & Services) | 41 | 372 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) | 38 | 2755 |
| Werner Enterprises, Inc. (Ground Transportation) | 137 | 3748 |
| WesBanco, Inc. (Banks) | 216 | 6832 |
| West Bancorp, Inc.\* (Banks) | 35 | 687 |
| Westamerica Bancorp (Banks) | 58 | 2810 |
| Western New England Bancorp, Inc.\* (Banking) | 42 | 388 |
| Westrock Coffee Co.\* (Food Products) | 82 | 470 |
| WESTWOOD HOLDINGS GROUP INC\* (Asset <br>Management) | 17 | 265 |
| Weyco Group, Inc. (Distributors) | 14 | 464 |
| Whitestone REIT (Retail REITs) | 103 | 1285 |
| WideOpenWest, Inc.\* (Media) | 116 | 471 |
| Willdan Group, Inc.\* (Professional Services) | 32 | 2000 |
| Willis Lease Finance Corp. (Trading <br>Companies & Distributors) | 8 | 1142 |
| Winmark Corp. (Specialty Retail) | 7 | 2643 |
| Winnebago Industries, Inc. (Automobiles) | 62 | 1798 |
| WisdomTree, Inc. (Capital Markets) | 275 | 3165 |
| WK Kellogg Co. (Food Products) | 142 | 2263 |
| WM Technology, Inc.\* (Software) | 200 | 179 |
| WNS Holdings, Ltd.\* (Professional Services) | 93 | 5881 |
| Wolfspeed, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 357 | 142 |
| Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | 184 | 3327 |
| Workiva, Inc.\* (Software) | 115 | 7872 |
| World Acceptance Corp.\* (Consumer Finance) | 8 | 1321 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 126 | 3572 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 72 | 4582 |
| Worthington Steel, Inc. (Metals & Mining) | 75 | 2237 |
| WSFS Financial Corp. (Banks) | 133 | 7315 |
| Xencor, Inc.\* (Biotechnology) | 161 | 1265 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 232 | 2916 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 99**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 174 | $5446 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 343 | 1602 |
| Xerox Holdings Corp.<sup>(a)</sup> (Technology Hardware, <br>Storage & Peripherals) | 269 | 1418 |
| XOMA Royalty Corp.\* (Biotechnology) | 21 | 529 |
| Xometry, Inc.\*—Class A (Trading Companies & <br>Distributors) | 99 | 3345 |
| XPEL, Inc.\* (Automobile Components) | 55 | 1975 |
| Xperi, Inc.\* (Software) | 102 | 807 |
| Xponential Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 63 | 472 |
| Yelp, Inc.\* (Interactive Media & Services) | 141 | 4833 |
| Yext, Inc.\* (Software) | 236 | 2006 |
| Y-mAbs Therapeutics, Inc.\* (Biotechnology) | 84 | 379 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 37 | 359 |
| Zeta Global Holdings Corp.\*—Class A (Software) | 430 | 6661 |
| Zevia PBC\* (Beverages) | 72 | 232 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 124 | 1092 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 97 | 2936 |
| Zimvie, Inc.\* (Health Care Equipment & <br>Supplies) | 63 | 589 |
| ZipRecruiter, Inc.\* (Interactive Media & <br>Services) | 150 | 752 |
| Zspace, Inc.\* (Software) | 5 | 16 |
| Zumiez, Inc.\* (Specialty Retail) | 36 | 477 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 344 | 12580 |
| Zymeworks, Inc.\* (Biotechnology) | 112 | 1406 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,896,715) |  | **5810922** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>†CVR</sup> (Health Care) | 445 |
| Chinook Therapeutics\*<sup>†CVR</sup> (Health Care) | 222 |
| **TOTAL RIGHTS**<br> (Cost $—) |  |

---

**Trust (0.0%)**

---

| | | |
|:---|:---|:---|
| | Interest <br>Units | Value |
| Ferroglobe Representation and Warranty<br>Insurance\*<sup>†</sup> (Metals & Mining) | 250 | $— |
| **TOTAL TRUST**<br> (Cost $—) |  | **—** |

---

**Repurchase Agreements<sup>(c)(d)</sup> (16.6%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $1,172,138 | $1172000 | $1172000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,172,000) |  | **1172000** |

---

**Collateral for Securities Loaned<sup>(e)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(f)</sup> | 71394 | $71394 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $71,394) |  | **71394** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,140,109)—99.7% |  | **7054316** |
| Net other assets (liabilities)—0.3% |  | 23284 |
| **NET ASSETS—100.0%** |  | $**7077600** |

---

\* Non-income producing security.

<sup>†</sup> These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2025, these securities represented 0.0% of the net assets of the Fund.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $68,590.

<sup>(b)</sup> Number of shares is less than 0.50.

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

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $103,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>CVR</sup> Contingent Value Rights

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**100 :: ProFund VP Small-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number <br>of <br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| E-mini Russell 2000 Index Futures Contracts | 4 | 9/22/25 | $438340 | $2915 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Russell 2000 Index | Goldman Sachs International | 7/28/25 | 4.88% | $519835 | $645 |
| Russell 2000 Index | UBS AG | 7/28/25 | 5.03% | 297980 | 366 |
|  |  |  |  | $**817815** | $**1011** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap :: 101**

ProFund VP Small-Cap invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Advertising & Marketing | $1075 | <sup>NM</sup> |
| Aerospace & Defense | 95960 | 1.3% |
| Air Freight & Logistics | 6294 | 0.1% |
| Apparel & Textile Products | 1491 | <sup>NM</sup> |
| Asset Management | 3632 | 0.1% |
| Automobile Components | 67585 | 1.0% |
| Automobiles | 2184 | <sup>NM</sup> |
| Automotive | 5170 | 0.1% |
| Banking | 13031 | 0.2% |
| Banks | 600213 | 8.5% |
| Beverages | 6890 | 0.1% |
| Biotech & Pharma | 24014 | 0.3% |
| Biotechnology | 396233 | 5.6% |
| Broadline Retail | 4559 | 0.1% |
| Building Products | 79545 | 1.1% |
| Cable & Satellite | 1278 | <sup>NM</sup> |
| Capital Markets | 94830 | 1.3% |
| Chemicals | 99362 | 1.4% |
| Commercial Services & Supplies | 113582 | 1.6% |
| Commercial Support Services | 281 | <sup>NM</sup> |
| Communications Equipment | 43988 | 0.6% |
| Construction & Engineering | 125983 | 1.8% |
| Construction Materials | 14090 | 0.2% |
| Consumer Finance | 59666 | 0.8% |
| Consumer Staples Distribution & Retail | 29882 | 0.4% |
| Containers & Packaging | 14856 | 0.2% |
| Distributors | 2625 | <sup>NM</sup> |
| Diversified Consumer Services | 76901 | 1.1% |
| Diversified Telecommunication Services | 22938 | 0.3% |
| Electric Utilities | 63693 | 0.9% |
| Electrical Equipment | 89613 | 1.3% |
| Electronic Equipment, Instruments & <br>Components | 203017 | 2.9% |
| Energy Equipment & Services | 100524 | 1.4% |
| Engineering & Construction | 1479 | <sup>NM</sup> |
| Entertainment | 30526 | 0.4% |
| Entertainment Content | 1021 | <sup>NM</sup> |
| Equity REIT—Diversified | 38475 | 0.5% |
| Financial Services | 151378 | 2.1% |
| Food Products | 55140 | 0.8% |
| Forestry, Paper & Wood Products | 918 | <sup>NM</sup> |
| Gas & Water Utilities | 11440 | 0.2% |
| Gas Utilities | 51213 | 0.7% |
| Ground Transportation | 21481 | 0.3% |
| Health Care Equipment & Supplies | 164864 | 2.3% |
| Health Care Facilities & Services | 4957 | 0.1% |
| Health Care Providers & Services | 189205 | 2.7% |
| Health Care REITs | 55847 | 0.8% |
| Health Care Technology | 26070 | 0.4% |
| Hotel & Resort REITs | 38047 | 0.5% |
| Hotels, Restaurants & Leisure | 122223 | 1.7% |
| Household Durables | 105303 | 1.5% |
| Household Products | 19164 | 0.3% |
| Independent Power/Renewable Electricity <br>Producers | 12069 | 0.2% |
| Industrial Conglomerates | 1716 | <sup>NM</sup> |
| Industrial Intermediate Prod | 560 | <sup>NM</sup> |
| Industrial REITs | 24229 | 0.3% |
| Institutional Financial Services | 3487 | 0.1% |
| Insurance | 137974 | 2.0% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $36125 | 0.5% |
| Internet Media & Services | 3507 | 0.1% |
| IT Services | 39271 | 0.5% |
| Leisure Facilities & Services | 5425 | 0.1% |
| Leisure Products | 25219 | 0.4% |
| Life Sciences Tools & Services | 19681 | 0.3% |
| Machinery | 218160 | 3.1% |
| Marine Transportation | 13411 | 0.2% |
| Media | 43521 | 0.6% |
| Medical Equipment & Devices | 8567 | 0.1% |
| Metals & Mining | 86825 | 1.2% |
| Mortgage REITs | 53531 | 0.8% |
| Multi-Utilities | 25458 | 0.3% |
| Office REITs | 39952 | 0.6% |
| Oil & Gas Producers | 3462 | 0.1% |
| Oil & Gas Services & Equipment | 2072 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 169913 | 2.4% |
| Paper & Forest Products | 4938 | 0.1% |
| Passenger Airlines | 28297 | 0.4% |
| Personal Care Products | 14778 | 0.2% |
| Pharmaceuticals | 85191 | 1.2% |
| Professional Services | 115699 | 1.6% |
| Real Estate Management & Development | 35686 | 0.5% |
| Real Estate Owners & Developers | 514 | <sup>NM</sup> |
| Real Estate Services | 390 | <sup>NM</sup> |
| REITS & Real Estate Management | 2355 | <sup>NM</sup> |
| Renewable Energy | 3766 | 0.1% |
| Residential REITs | 25458 | 0.4% |
| Retail—Discretionary | 860 | <sup>NM</sup> |
| Retail REITs | 72780 | 1.1% |
| Semiconductors | 698 | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 160730 | 2.3% |
| Software | 375662 | 5.3% |
| Specialized REITs | 24434 | 0.3% |
| Specialty Finance | 3034 | <sup>NM</sup> |
| Specialty Retail | 131937 | 1.9% |
| Steel | 475 | <sup>NM</sup> |
| Technology Hardware | 2954 | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 32496 | 0.5% |
| Technology Services | 3832 | 0.1% |
| Telecommunications | 3280 | <sup>NM</sup> |
| Textiles, Apparel & Luxury Goods | 31878 | 0.4% |
| Tobacco | 6269 | 0.1% |
| Trading Companies & Distributors | 75991 | 1.1% |
| Transportation & Logistics | 4522 | 0.1% |
| Transportation Infrastructure | 479 | <sup>NM</sup> |
| Water Utilities | 22230 | 0.3% |
| Wholesale—Discretionary | 332 | <sup>NM</sup> |
| Wireless Telecommunication Services | 11106 | 0.2% |
| Other\*\* | 1266678 | 17.9% |
| **Total** | $**7077600** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**102 :: ProFund VP Small-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (99.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| A10 Networks, Inc.\* (Software) | 990 | $19157 |
| ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | 1959 | 42256 |
| Acadia Realty Trust (Retail REITs) | 2071 | 38458 |
| ACI Worldwide, Inc.\* (Software) | 2405 | 110414 |
| Acushnet Holdings Corp. (Leisure Products) | 340 | 24759 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 258 | 29719 |
| Adeia, Inc. (Software) | 919 | 12995 |
| ADMA Biologics, Inc.\* (Biotechnology) | 5473 | 99663 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) | 823 | 104710 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 423 | 56048 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 646 | 184077 |
| Agilysys, Inc.\* (Software) | 515 | 59040 |
| Alamo Group, Inc. (Machinery) | 105 | 22930 |
| Alarm.com Holdings, Inc.\* (Software) | 685 | 38750 |
| Albany International Corp. (Machinery) | 346 | 24265 |
| Alkermes PLC\* (Biotechnology) | 2420 | 69236 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 268 | 6877 |
| Alpha Metallurgical Resources, Inc. (Metals & <br>Mining) | 159 | 17884 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 638 | 12601 |
| American States Water Co. (Water Utilities) | 442 | 33884 |
| Ameris Bancorp (Banks) | 711 | 46002 |
| AMERISAFE, Inc. (Insurance) | 197 | 8615 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 531 | 12192 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 390 | 25448 |
| Apogee Enterprises, Inc. (Building Products) | 494 | 20056 |
| Apollo Medical Holdings, Inc.\* (Health Care <br>Providers & Services) | 951 | 23661 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 2486 | 29012 |
| Archrock, Inc. (Energy Equipment & Services) | 4054 | 100661 |
| Arcosa, Inc. (Construction & Engineering) | 717 | 62171 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 1554 | 12650 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1350 | 22896 |
| Armada Hoffler Properties, Inc. (Equity REIT—<br>Diversified) | 1175 | 8072 |
| ARMOUR Residential REIT, Inc. (Mortgage <br>REITs) | —<br> <sup>(a)</sup> | 7 |
| Armstrong World Industries, Inc. (Building <br>Products) | 995 | 161629 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1123 | 17743 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) | 775 | 34356 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 881 | 27399 |
| Assured Guaranty, Ltd. (Insurance) | 519 | 45205 |
| Atlas Energy Solutions, Inc.<sup>(b)</sup> (Energy <br>Equipment & Services) | 1672 | 22355 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 435 | 30315 |
| Axos Financial, Inc.\* (Banks) | 1228 | 93378 |
| Azenta, Inc. (Life Sciences Tools & Services) | 514 | 15821 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AZZ, Inc. (Building Products) | 686 | $64813 |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) | 676 | 165586 |
| Balchem Corp. (Chemicals) | 748 | 119083 |
| BancFirst Corp. (Banks) | 458 | 56618 |
| Bank of Hawaii Corp. (Banks) | 419 | 28295 |
| BankUnited, Inc. (Banks) | 793 | 28223 |
| Banner Corp. (Banks) | 405 | 25981 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 463 | 17978 |
| BGC Group, Inc.—Class A (Capital Markets) | 4775 | 48848 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) | 850 | 18309 |
| BlackLine, Inc.\* (Software) | 1186 | 67151 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 702 | 106704 |
| Box, Inc.\*—Class A (Software) | 3321 | 113479 |
| Brady Corp.—Class A (Commercial Services & <br>Supplies) | 643 | 43705 |
| Brighsphere Investment Group, Inc. (Capital <br>Markets) | 615 | 21673 |
| Brinker International, Inc. (Hotels, <br>Restaurants & Leisure) | 1019 | 183757 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 1570 | 68640 |
| Calix, Inc.\* (Communications Equipment) | 529 | 28137 |
| Cal-Maine Foods, Inc. (Food Products) | 989 | 98535 |
| CareTrust REIT, Inc. (Health Care REITs) | 2153 | 65882 |
| Cargurus, Inc.\* (Interactive Media & Services) | 1940 | 64931 |
| Cars.com, Inc.\* (Interactive Media & Services) | 583 | 6909 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 2628 | 57028 |
| Cathay General Bancorp (Banks) | 803 | 36561 |
| Cavco Industries, Inc.\* (Household Durables) | 184 | 79935 |
| Centerspace (Residential REITs) | 215 | 12941 |
| Central Pacific Financial Corp. (Banks) | 383 | 10735 |
| Century Aluminum Co.\* (Metals & Mining) | 1197 | 21570 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 262 | 5759 |
| Champion Homes, Inc.\* (Household Durables) | 1208 | 75633 |
| Chesapeake Utilities Corp. (Gas Utilities) | 305 | 36667 |
| Cinemark Holdings, Inc. (Entertainment) | 2314 | 69837 |
| City Holding Co. (Banks) | 332 | 40643 |
| Cleanspark, Inc.\* (Software) | 6377 | 70338 |
| Clear Secure, Inc.—Class A (Software) | 2115 | 58712 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 973 | 46908 |
| Cohen & Steers, Inc. (Capital Markets) | 620 | 46717 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 737 | 21793 |
| Community Financial System, Inc. (Banks) | 775 | 44074 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 1062 | 29386 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 1023 | 21043 |
| Corcept Therapeutics, Inc.\* (Pharmaceuticals) | 2165 | 158910 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 515 | 5933 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 1147 | 79992 |
| CoreCivic, Inc. (Commercial Services & <br>Supplies) | 1325 | 27918 |
| CorVel Corp.\* (Health Care Providers & Services) | 625 | 64238 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Growth :: 103**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CSG Systems International, Inc. (Professional <br>Services) | 323 | $21095 |
| CSW Industrials, Inc. (Building Products) | 385 | 110430 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 411 | 17513 |
| Curbline Properties Corp.\* (Retail REITs) | 2171 | 49564 |
| CVB Financial Corp. (Banks) | 1217 | 24084 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 633 | 19041 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) | 4730 | 36232 |
| Digi International, Inc.\* (Communications <br>Equipment) | 501 | 17465 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 1440 | 41127 |
| DNOW, Inc.\* (Trading Companies & <br>Distributors) | 1379 | 20451 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 245 | 15104 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 623 | 76424 |
| DoubleVerify Holdings, Inc.\* (Software) | 1731 | 25913 |
| Douglas Emmett, Inc. (Office REITs) | 2226 | 33479 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 657 | 16510 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 292 | 25594 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 660 | 161297 |
| Dynavax Technologies Corp.\* (Biotechnology) | 1049 | 10406 |
| Element Solutions, Inc. (Chemicals) | 2353 | 53295 |
| Elme Communities (Residential REITs) | 1191 | 18937 |
| Employers Holdings, Inc. (Insurance) | 287 | 13541 |
| Enact Holdings, Inc.\* (Financial Services) | 150 | 5573 |
| Energizer Holdings, Inc. (Household Products) | 632 | 12741 |
| Enerpac Tool Group Corp. (Machinery) | 1240 | 50294 |
| Enova International, Inc.\* (Consumer Finance) | 582 | 64904 |
| Enpro, Inc. (Machinery) | 299 | 57273 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 284 | 20476 |
| ESCO Technologies, Inc. (Machinery) | 593 | 113779 |
| Essential Properties Realty Trust, Inc. (Equity <br>REIT—Diversified) | 4529 | 144520 |
| Etsy, Inc.\* (Broadline Retail) | 1171 | 58737 |
| EVERTEC, Inc. (Financial Services) | 948 | 34175 |
| Everus Contruction Group, Inc.\* <br>(Construction & Engineering) | 562 | 35704 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 1465 | 26297 |
| FB Financial Corp. (Banks) | 356 | 16127 |
| Federal Signal Corp. (Machinery) | 1398 | 148775 |
| First Bancorp (Banks) | 2244 | 46743 |
| First Commonwealth Financial Corp. (Banks) | 1126 | 18275 |
| First Financial Bancorp (Banks) | 1031 | 25012 |
| First Hawaiian, Inc. (Banks) | 1238 | 30900 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 795 | 27356 |
| Forward Air Corp. (Air Freight & Logistics) | 187 | 4589 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 1244 | 33476 |
| Franklin Electric Co., Inc. (Machinery) | 549 | 49267 |
| Freshpet, Inc.\* (Retail—Discretionary) | 1118 | 75979 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Frontdoor, Inc.\* (Diversified Consumer <br>Services) | 1687 | $99432 |
| Fulton Financial Corp. (Banks) | 1959 | 35340 |
| Gates Industrial Corp. PLC\* (Machinery) | 3471 | 79937 |
| Getty Realty Corp. (Retail REITs) | 502 | 13875 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 1310 | 135309 |
| GMS, Inc.\* (Trading Companies & Distributors) | 564 | 61334 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 630 | 9248 |
| Goosehead Insurance, Inc.—Class A (Insurance) | 575 | 60668 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 1003 | 93791 |
| Green Brick Partners, Inc.\* (Household Durables) | 695 | 43702 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 946 | 10926 |
| Griffon Corp. (Building Products) | 895 | 64771 |
| Group 1 Automotive, Inc. (Specialty Retail) | 142 | 62013 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 1496 | 40183 |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury <br>Goods) | 4297 | 19680 |
| Harmonic, Inc.\* (Communications Equipment) | 1321 | 12510 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 882 | 27871 |
| Hawkins, Inc. (Chemicals) | 434 | 61672 |
| HCI Group, Inc. (Insurance) | 214 | 32571 |
| HealthStream, Inc. (Health Care Technology) | 320 | 8854 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 256 | 11715 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 1861 | 11613 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 1321 | 20026 |
| Highwoods Properties, Inc. (Office REITs) | 1508 | 46884 |
| HNI Corp. (Commercial Services & Supplies) | 555 | 27295 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 565 | 74665 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 539 | 59867 |
| Ingevity Corp.\* (Chemicals) | 427 | 18399 |
| Innospec, Inc. (Chemicals) | 286 | 24050 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 437 | 24131 |
| Innoviva, Inc.\* (Pharmaceuticals) | 696 | 13983 |
| Inspire Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 677 | 87854 |
| Installed Building Products, Inc. (Household <br>Durables) | 523 | 94307 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 800 | 98376 |
| Inter Parfums, Inc. (Personal Care Products) | 413 | 54231 |
| InterDigital, Inc. (Software) | 595 | 133417 |
| Interface, Inc. (Commercial Services & <br>Supplies) | 1343 | 28109 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 528 | 19261 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1045 | 137553 |
| J & J Snack Foods Corp. (Food Products) | 196 | 22228 |
| John Bean Technologies Corp. (Machinery) | 446 | 53636 |
| John Wiley & Sons, Inc.—Class A (Media) | 552 | 24635 |

---

**See accompanying notes to financial statements.**

------

**104 :: ProFund VP Small-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kadant, Inc. (Machinery) | 270 | $85712 |
| KAR Auction Services, Inc.\* (Commercial <br>Services & Supplies) | 2462 | 60196 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 1008 | 6854 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 1146 | 75602 |
| Korn Ferry (Professional Services) | 735 | 53898 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 2211 | 102701 |
| Krystal Biotech, Inc.\* (Biotechnology) | 584 | 80277 |
| Lakeland Financial Corp. (Banks) | 317 | 19480 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 472 | 39200 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 2042 | 23442 |
| Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | 243 | 27624 |
| Lindsay Corp. (Machinery) | 112 | 16156 |
| Liquidity Services, Inc.\* (Commercial <br>Services & Supplies) | 522 | 12314 |
| LiveRamp Holdings, Inc.\* (Software) | 784 | 25903 |
| LTC Properties, Inc. (Health Care REITs) | 494 | 17097 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) | 11996 | 52543 |
| M/I Homes, Inc.\* (Household Durables) | 326 | 36551 |
| Mack-Cali Realty Corp. (Residential REITs) | 798 | 11882 |
| Madison Square Garden Sports Corp.\* <br>(Entertainment) | 385 | 80446 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 2742 | 61640 |
| MARA Holdings, Inc.\*<sup>(b)</sup> (Software) | 8069 | 126522 |
| Matson, Inc. (Marine Transportation) | 479 | 53337 |
| Mercury General Corp. (Insurance) | 610 | 41077 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 1355 | 126665 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 84 | 7914 |
| MGE Energy, Inc. (Electric Utilities) | 520 | 45988 |
| Middlesex Water Co. (Water Utilities) | 206 | 11161 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 1014 | 6094 |
| Moelis & Co.—Class A (Capital Markets) | 867 | 54031 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 292 | 25240 |
| Moog, Inc.—Class A (Aerospace & Defense) | 649 | 117450 |
| MP Materials Corp.\*<sup>(b)</sup> (Metals & Mining) | 1220 | 40589 |
| Mueller Water Products, Inc.—Class A, <br>Series A (Machinery) | 3592 | 86352 |
| MYR Group, Inc.\* (Construction & Engineering) | 203 | 36834 |
| N-able, Inc.\* (Software) | 724 | 5864 |
| National Bank Holdings Corp.—Class A (Banks) | 392 | 14743 |
| National Beverage Corp. (Beverages) | 279 | 12064 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 182 | 19476 |
| NBT Bancorp, Inc. (Banks) | 527 | 21897 |
| NCR Atleos Corp.\* (Financial Services) | 741 | 21141 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 1327 | 9700 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 504 | 16793 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 1792 | $75603 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 2252 | 63844 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 2306 | 47780 |
| OFG Bancorp (Banks) | 607 | 25980 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 358 | 80500 |
| Otter Tail Corp. (Electric Utilities) | 433 | 33380 |
| Outfront Media, Inc. (Specialized REITs) | 3179 | 51881 |
| Palomar Holdings, Inc.\* (Insurance) | 614 | 94710 |
| Park National Corp. (Banks) | 221 | 36964 |
| Pathward Financial, Inc. (Banks) | 541 | 42804 |
| Patrick Industries, Inc. (Automobile <br>Components) | 368 | 33955 |
| Payoneer Global, Inc.\* (Financial Services) | 5970 | 40895 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 717 | 15329 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 1360 | 13586 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 748 | 24452 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 466 | 11902 |
| Phillips Edison & Co., Inc. (Retail REITs) | 1265 | 44313 |
| Phinia, Inc. (Automobile Components) | 466 | 20732 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 612 | 11524 |
| Piper Sandler Cos. (Capital Markets) | 377 | 104783 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 1699 | 18536 |
| PJT Partners, Inc.—Class A (Capital Markets) | 561 | 92571 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 423 | 57236 |
| Powell Industries, Inc. (Electrical Equipment) | 216 | 45457 |
| Preferred Bank (Banks) | 265 | 22934 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 680 | 54298 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 1658 | 38134 |
| PROG Holdings, Inc. (Consumer Finance) | 925 | 27149 |
| Progress Software Corp. (Software) | 986 | 62946 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 855 | 18810 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | 1421 | 78539 |
| QuinStreet, Inc.\* (Interactive Media & Services) | 1305 | 21011 |
| Radian Group, Inc. (Financial Services) | 1386 | 49924 |
| RadNet, Inc.\* (Health Care Providers & <br>Services) | 1514 | 86162 |
| RPC, Inc. (Energy Equipment & Services) | 1007 | 4763 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 870 | 44814 |
| RXO, Inc.\* (Ground Transportation) | 1536 | 24146 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) | 1376 | 135770 |
| S&T Bancorp, Inc. (Banks) | 465 | 17586 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) | 8891 | 28096 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 589 | 57622 |
| Saul Centers, Inc. (Retail REITs) | 147 | 5019 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Growth :: 105**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Schrodinger, Inc.\* (Health Care Technology) | 678 | $13642 |
| Sealed Air Corp. (Containers & Packaging) | 1315 | 40804 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 1987 | 89693 |
| Sensient Technologies Corp. (Chemicals) | 516 | 50836 |
| ServisFirst Bancshares, Inc. (Banks) | 1152 | 89292 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 922 | 129633 |
| Simulations Plus, Inc. (Health Care Technology) | 205 | 3577 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 478 | 101852 |
| Six Flags Entertainment Corp. (Hotels, <br>Restaurants & Leisure) | 2155 | 65577 |
| SkyWest, Inc.\* (Passenger Airlines) | 928 | 95556 |
| SL Green Realty Corp. (Office REITs) | 1140 | 70566 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 1311 | 32395 |
| SolarEdge Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 405 | 8262 |
| Sprinklr, Inc.\*—Class A (Software) | 999 | 8452 |
| SPS Commerce, Inc.\* (Software) | 870 | 118398 |
| SPX Technologies, Inc.\* (Machinery) | 1071 | 179585 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 647 | 10857 |
| Standex International Corp. (Machinery) | 180 | 28166 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 862 | 47841 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 698 | 161050 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 1098 | 26330 |
| StoneX Group, Inc.\* (Capital Markets) | 529 | 48213 |
| Stride, Inc.\* (Diversified Consumer Services) | 984 | 142867 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 1227 | 6245 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) | 4559 | 39572 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 654 | 20614 |
| Sylvamo Corp. (Paper & Forest Products) | 784 | 39278 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 1526 | 28445 |
| Tanger, Inc. (Retail REITs) | 1738 | 53148 |
| TechTarget, Inc.\* (Media) | 279 | 2168 |
| Teradata Corp.\* (Software) | 767 | 17112 |
| Terreno Realty Corp. (Industrial REITs) | 1161 | 65097 |
| TG Therapeutics, Inc.\* (Biotechnology) | 3110 | 111928 |
| The Bancorp, Inc.\* (Banks) | 1071 | 61015 |
| The Buckle, Inc. (Specialty Retail) | 348 | 15782 |
| The Cheesecake Factory, Inc.<sup>(b)</sup> (Hotels, <br>Restaurants & Leisure) | 690 | 43235 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) | 811 | 51750 |
| The GEO Group, Inc. (Commercial Services & <br>Supplies) | 3177 | 76089 |
| The Greenbrier Cos., Inc. (Machinery) | 719 | 33110 |
| The Macerich Co. (Retail REITs) | 3823 | 61857 |
| The Simply Good Foods Co.\* (Food Products) | 969 | 30611 |
| The St. Joe Co. (Real Estate Management & <br>Development) | 867 | 41356 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Thryv Holdings, Inc.\* (Media) | 348 | $4232 |
| Tidewater, Inc.\* (Energy Equipment & <br>Services) | 1043 | 48114 |
| Tompkins Financial Corp. (Banks) | 115 | 7214 |
| Tootsie Roll Industries, Inc. (Food Products) | 218 | 7292 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 775 | 103858 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 1060 | 33867 |
| Trinity Industries, Inc. (Machinery) | 1871 | 50536 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | 1814 | 23673 |
| Triumph Financial, Inc.\* (Banks) | 311 | 17139 |
| Triumph Group, Inc. (Aerospace & Defense) | 1065 | 27424 |
| Trupanion, Inc.\* (Insurance) | 775 | 42896 |
| TTM Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 1212 | 49474 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 171 | 13372 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 168 | 41019 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 155 | 29174 |
| Uniti Group, Inc. (Specialized REITs) | 2644 | 11422 |
| Unitil Corp. (Multi-Utilities) | 145 | 7562 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 146 | 5836 |
| Urban Edge Properties (Retail REITs) | 1729 | 32263 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 584 | 42363 |
| Vericel Corp.\* (Biotechnology) | 1154 | 49103 |
| Verra Mobility Corp.\*—Class A (Professional <br>Services) | 3655 | 92800 |
| Viad Corp. (Commercial Services & Supplies) | 492 | 14184 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 2201 | 22164 |
| Vicor Corp.\* (Electrical Equipment) | 297 | 13472 |
| Virtu Financial, Inc.—Class A (Capital Markets) | 1852 | 82951 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 58 | 10521 |
| Warrior Met Coal, Inc. (Metals & Mining) | 1205 | 55226 |
| WD-40 Co. (Household Products) | 190 | 43337 |
| Westamerica Bancorp (Banks) | 330 | 15985 |
| Whitestone REIT (Retail REITs) | 513 | 6402 |
| WillScot Mobile Mini Holdings Corp. <br>(Biotech & Pharma) | 2593 | 71048 |
| WisdomTree, Inc. (Capital Markets) | 2656 | 30571 |
| WK Kellogg Co. (Food Products) | 943 | 15031 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 1263 | 22835 |
| WSFS Financial Corp. (Banks) | 599 | 32945 |
| Xencor, Inc.\* (Biotechnology) | 685 | 5384 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 2263 | 28446 |
| XPEL, Inc.\* (Automobile Components) | 520 | 18668 |
| Yelp, Inc.\* (Interactive Media & Services) | 805 | 27587 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 3241 | 118523 |
| **TOTAL COMMON STOCKS**<br> (Cost $11,919,076) |  | **15756930** |

---

**See accompanying notes to financial statements.**

------

**106 :: ProFund VP Small-Cap Growth ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(c)</sup> (0.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $31,004 | $31000 | $31000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $31,000) |  | **31000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (1.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(e)</sup> | 217229 | $217229 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $217,229) |  | **217229** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,167,305)—101.3% |  | **16005159** |
| Net other assets (liabilities)—(1.3)% |  | (204277) |
| **NET ASSETS—100.0%** |  | $**15800882** |

---

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $215,894.

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

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Growth :: 107**

ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $431652 | 2.7% |
| Air Freight & Logistics | 4589 | <sup>NM</sup> |
| Automobile Components | 149779 | 0.9% |
| Banks | 1032969 | 6.5% |
| Beverages | 12064 | 0.1% |
| Biotech & Pharma | 71048 | 0.4% |
| Biotechnology | 634213 | 4.0% |
| Broadline Retail | 58738 | 0.4% |
| Building Products | 540221 | 3.4% |
| Capital Markets | 638180 | 4.0% |
| Chemicals | 327334 | 2.1% |
| Commercial Services & Supplies | 337520 | 2.1% |
| Communications Equipment | 106573 | 0.7% |
| Construction & Engineering | 550847 | 3.5% |
| Consumer Finance | 92053 | 0.6% |
| Consumer Staples Distribution & Retail | 51750 | 0.3% |
| Containers & Packaging | 40805 | 0.3% |
| Diversified Consumer Services | 377555 | 2.4% |
| Diversified Telecommunication Services | 99451 | 0.6% |
| Electric Utilities | 79369 | 0.5% |
| Electrical Equipment | 58929 | 0.4% |
| Electronic Equipment, Instruments & <br>Components | 682882 | 4.3% |
| Energy Equipment & Services | 353327 | 2.3% |
| Entertainment | 150282 | 0.9% |
| Equity REIT—Diversified | 165193 | 1.0% |
| Financial Services | 267494 | 1.7% |
| Food Products | 173697 | 1.1% |
| Gas Utilities | 36667 | 0.2% |
| Ground Transportation | 24146 | 0.2% |
| Health Care Equipment & Supplies | 773647 | 4.9% |
| Health Care Providers & Services | 324315 | 2.0% |
| Health Care REITs | 88815 | 0.6% |
| Health Care Technology | 26073 | 0.2% |
| Hotel & Resort REITs | 288863 | 1.8% |
| Hotels, Restaurants & Leisure | 494578 | 3.1% |
| Household Durables | 380506 | 2.4% |
| Household Products | 56078 | 0.4% |
| Industrial REITs | 89229 | 0.6% |
| Insurance | 339283 | 2.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $144111 | 0.9% |
| IT Services | 52053 | 0.3% |
| Leisure Products | 24759 | 0.2% |
| Life Sciences Tools & Services | 42044 | 0.3% |
| Machinery | 1079774 | 6.8% |
| Marine Transportation | 53336 | 0.4% |
| Media | 31035 | 0.2% |
| Metals & Mining | 135269 | 0.8% |
| Mortgage REITs | 6 | <sup>NM</sup> |
| Multi-Utilities | 7561 | 0.1% |
| Office REITs | 150929 | 1.0% |
| Oil, Gas & Consumable Fuels | 286518 | 1.8% |
| Paper & Forest Products | 39278 | 0.2% |
| Passenger Airlines | 95556 | 0.6% |
| Personal Care Products | 54231 | 0.3% |
| Pharmaceuticals | 374635 | 2.4% |
| Professional Services | 179508 | 1.1% |
| Real Estate Management & Development | 48210 | 0.3% |
| Residential REITs | 60553 | 0.4% |
| Retail—Discretionary | 75979 | 0.5% |
| Retail REITs | 304899 | 1.9% |
| Semiconductors & Semiconductor <br>Equipment | 356834 | 2.3% |
| Software | 1074563 | 6.8% |
| Specialized REITs | 96779 | 0.6% |
| Specialty Retail | 226862 | 1.4% |
| Textiles, Apparel & Luxury Goods | 144447 | 0.9% |
| Trading Companies & Distributors | 152193 | 1.0% |
| Water Utilities | 45045 | 0.3% |
| Wireless Telecommunication Services | 9249 | 0.1% |
| Other\*\* | 43952 | 0.3% |
| **Total** | $**15800882** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**108 :: ProFund VP Small-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (100.6%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| A10 Networks, Inc.\* (Software) | 630 | $12191 |
| AAR Corp. (Aerospace & Defense) | 775 | 53312 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) | 1359 | 64157 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) | 1453 | 65109 |
| ACADIA Pharmaceuticals, Inc.\* <br>(Biotechnology) | 839 | 18097 |
| Acadia Realty Trust (Retail REITs) | 887 | 16472 |
| Acushnet Holdings Corp. (Leisure Products) | 254 | 18496 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) | 2306 | 21746 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 150 | 17279 |
| Adeia, Inc. (Software) | 1493 | 21111 |
| Adient PLC (Automobile Components) | 1835 | 35709 |
| Advance Auto Parts, Inc. (Specialty Retail) | 1307 | 60762 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 419 | 55518 |
| AdvanSix, Inc. (Chemicals) | 586 | 13918 |
| Air Lease Corp. (Trading Companies & <br>Distributors) | 2270 | 132772 |
| Alamo Group, Inc. (Machinery) | 128 | 27953 |
| Alarm.com Holdings, Inc.\* (Software) | 434 | 24551 |
| Albany International Corp. (Machinery) | 330 | 23143 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) | 1588 | 28314 |
| Alkermes PLC\* (Biotechnology) | 1296 | 37078 |
| Allegiant Travel Co. (Passenger Airlines) | 316 | 17364 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 277 | 7108 |
| Alpha Metallurgical Resources, Inc. (Metals & <br>Mining) | 89 | 10011 |
| Amentum Holdings, Inc.\* (Technology Services) | 3295 | 77795 |
| American Assets Trust, Inc. (Equity REIT—<br>Diversified) | 422 | 8335 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) | 2586 | 10551 |
| American Eagle Outfitters, Inc. (Specialty Retail) | 3444 | 33131 |
| American States Water Co. (Water Utilities) | 420 | 32197 |
| American Woodmark Corp.\* (Building <br>Products) | 324 | 17292 |
| Ameris Bancorp (Banks) | 733 | 47425 |
| AMERISAFE, Inc. (Insurance) | 229 | 10014 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) | 836 | 17280 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 297 | 6819 |
| Angi, Inc.\* (Interactive Media & Services) | 923 | 14085 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) | 2792 | 27027 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 2466 | 28778 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) | 4198 | 44919 |
| ArcBest Corp. (Ground Transportation) | 500 | 38505 |
| Arcosa, Inc. (Construction & Engineering) | 384 | 33297 |
| Arlo Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 972 | 16485 |
| Armada Hoffler Properties, Inc. (Equity REIT—<br>Diversified) | 632 | 4342 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ARMOUR Residential REIT, Inc.<sup>(a)</sup> (Mortgage <br>REITs) | 1786 | $30023 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1675 | 26465 |
| Artisan Partners Asset Management, Inc.—<br>Class A (Capital Markets) | 800 | 35464 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) | 429 | 102335 |
| Assured Guaranty, Ltd. (Insurance) | 514 | 44769 |
| Astec Industries, Inc. (Machinery) | 499 | 20803 |
| Atlantic Union Bankshares Corp. (Banks) | 3112 | 97344 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 1011 | 12375 |
| Avista Corp. (Multi-Utilities) | 1760 | 66792 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 288 | 20071 |
| Azenta, Inc. (Life Sciences Tools & Services) | 510 | 15698 |
| B&G Foods, Inc.<sup>(a)</sup> (Food Products) | 1744 | 7377 |
| Banc of California, Inc. (Banks) | 2796 | 39284 |
| Bank of Hawaii Corp. (Banks) | 468 | 31604 |
| BankUnited, Inc. (Banks) | 887 | 31568 |
| Banner Corp. (Banks) | 370 | 23736 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 347 | 13474 |
| Berkshire Hills Bancorp, Inc. (Banks) | 996 | 24940 |
| BGC Group, Inc.—Class A (Capital Markets) | 3723 | 38086 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) | 483 | 21542 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 3696 | 71148 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 1655 | 14250 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 822 | 71366 |
| BorgWarner, Inc. (Automobile Components) | 4800 | 160703 |
| Brady Corp.—Class A (Commercial Services & <br>Supplies) | 344 | 23382 |
| Brandywine Realty Trust (Office REITs) | 3778 | 16208 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) | 1016 | 58033 |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 540 | 17804 |
| Brookline Bancorp, Inc. (Banks) | 1946 | 20530 |
| Cable One, Inc. (Media) | 101 | 13717 |
| Caleres, Inc. (Specialty Retail) | 745 | 9104 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1519 | 69373 |
| California Water Service Group (Water Utilities) | 1301 | 59168 |
| Calix, Inc.\* (Communications Equipment) | 756 | 40211 |
| Capitol Federal Financial, Inc. (Banks) | 2669 | 16281 |
| CareTrust REIT, Inc. (Health Care REITs) | 2135 | 65331 |
| Cars.com, Inc.\* (Interactive Media & Services) | 708 | 8390 |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 796 | 23983 |
| Cathay General Bancorp (Banks) | 765 | 34830 |
| Celanese Corp. (Chemicals) | 2389 | 132182 |
| Centerspace (Residential REITs) | 160 | 9630 |
| Central Garden & Pet Co.\* (Household Products) | 184 | 6473 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 1079 | 33763 |
| Central Pacific Financial Corp. (Banks) | 224 | 6279 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Value :: 109**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Century Communities, Inc. (Household <br>Durables) | 587 | $33060 |
| Certara, Inc.\* (Health Care Technology) | 2410 | 28197 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 272 | 5979 |
| Chesapeake Utilities Corp. (Gas Utilities) | 219 | 26328 |
| Clearway Energy, Inc.—Class A (Independent <br>Power/Renewable Electricity Producers) | 756 | 22877 |
| Clearway Energy, Inc.—Class C (Independent <br>Power/Renewable Electricity Producers) | 1818 | 58176 |
| Cohu, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1015 | 19529 |
| Community Financial System, Inc. (Banks) | 415 | 23601 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 971 | 26868 |
| Concentra Group Holdings Parent, Inc. (Health <br>Care Providers & Services) | 1404 | 28880 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) | 676 | 35206 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 532 | 6129 |
| CoreCivic, Inc. (Commercial Services & <br>Supplies) | 1121 | 23619 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 995 | 9383 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) | 486 | 29685 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 4015 | 34529 |
| CSG Systems International, Inc. (Professional <br>Services) | 296 | 19332 |
| CTS Corp. (Electronic Equipment, <br>Instruments & Components) | 261 | 11121 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 5052 | 55926 |
| Customers Bancorp, Inc.\* (Banks) | 642 | 37711 |
| CVB Financial Corp. (Banks) | 1669 | 33030 |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 746 | 20030 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) | 2242 | 7623 |
| Dana, Inc. (Automobile Components) | 2833 | 48586 |
| Deluxe Corp. (Commercial Services & Supplies) | 978 | 15560 |
| Digi International, Inc.\* (Communications <br>Equipment) | 332 | 11574 |
| Dime Community Bancshares, Inc. (Banks) | 862 | 23222 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1013 | 53577 |
| DNOW, Inc.\* (Trading Companies & Distributors) | 992 | 14711 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 322 | 19851 |
| Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 795 | 19382 |
| DoubleVerify Holdings, Inc.\* (Software) | 1296 | 19401 |
| Douglas Emmett, Inc. (Office REITs) | 1537 | 23116 |
| DXC Technology Co.\* (IT Services) | 3960 | 60548 |
| Dynavax Technologies Corp.\* (Biotechnology) | 1439 | 14275 |
| Eagle Bancorp, Inc. (Banks) | 664 | 12935 |
| Easterly Government Properties, Inc. (Office <br>REITs) | 922 | 20468 |
| Edgewell Personal Care Co. (Personal Care <br>Products) | 1027 | 24042 |
| Element Solutions, Inc. (Chemicals) | 2631 | 59592 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ellington Financial, Inc. (Mortgage REITs) | 2065 | $26824 |
| Elme Communities (Residential REITs) | 789 | 12545 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) | 1277 | 12374 |
| Employers Holdings, Inc. (Insurance) | 252 | 11889 |
| Enact Holdings, Inc.\* (Financial Services) | 479 | 17795 |
| Encore Capital Group, Inc.\* (Consumer Finance) | 510 | 19742 |
| Energizer Holdings, Inc. (Household Products) | 832 | 16773 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 1247 | 39106 |
| Enpro, Inc. (Machinery) | 174 | 33330 |
| Enviri Corp. (Commercial Services & Supplies) | 1759 | 15268 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 305 | 21991 |
| Ethan Allen Interiors, Inc. (Household Durables) | 494 | 13758 |
| Etsy, Inc.\* (Broadline Retail) | 1162 | 58286 |
| EVERTEC, Inc. (Financial Services) | 486 | 17520 |
| Everus Contruction Group, Inc.\* <br>(Construction & Engineering) | 579 | 36784 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 1877 | 17081 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 1513 | 27158 |
| EZCORP, Inc.\*—Class A (Consumer Finance) | 1137 | 15782 |
| FB Financial Corp. (Banks) | 414 | 18754 |
| First Bancorp (Banks) | 905 | 39901 |
| First Bancorp (Banks) | 1367 | 28475 |
| First Commonwealth Financial Corp. (Banks) | 1211 | 19655 |
| First Financial Bancorp (Banks) | 1108 | 26880 |
| First Hawaiian, Inc. (Banks) | 1565 | 39062 |
| FMC Corp. (Chemicals) | 2728 | 113894 |
| Foot Locker, Inc. (Specialty Retail) | 1816 | 44492 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 926 | 31864 |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 1978 | 9771 |
| Forward Air Corp. (Air Freight & Logistics) | 280 | 6871 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 1009 | 27152 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) | 911 | 23631 |
| Franklin BSP Reality Trust, Inc. (Mortgage <br>REITs) | 1796 | 19199 |
| Franklin Electric Co., Inc. (Machinery) | 334 | 29973 |
| Fresh Del Monte Produce, Inc. (Food Products) | 732 | 23731 |
| Fulton Financial Corp. (Banks) | 2104 | 37956 |
| Gates Industrial Corp. PLC\* (Machinery) | 1704 | 39243 |
| Gentherm, Inc.\* (Automobile Components) | 675 | 19096 |
| Genworth Financial, Inc.\*—Class A (Insurance) | 9054 | 70440 |
| Getty Realty Corp. (Retail REITs) | 635 | 17551 |
| Gibraltar Industries, Inc.\* (Building Products) | 644 | 37996 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 832 | 18637 |
| Global Net Lease, Inc. (Equity REIT—<br>Diversified) | 4188 | 31619 |
| GMS, Inc.\* (Trading Companies & Distributors) | 302 | 32843 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 706 | 10364 |
| Golden Entertainment, Inc. ARS (Hotels, <br>Restaurants & Leisure) | 433 | 12743 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 465 | 5371 |

---

**See accompanying notes to financial statements.**

------

**110 :: ProFund VP Small-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 2141 | $26591 |
| Group 1 Automotive, Inc. (Specialty Retail) | 141 | 61576 |
| Guess?, Inc. (Specialty Retail) | 602 | 7278 |
| H.B. Fuller Co. (Chemicals) | 1184 | 71218 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 1215 | 32635 |
| Hanesbrands, Inc. (Textiles, Apparel & Luxury <br>Goods) | 3632 | 16635 |
| Hanmi Financial Corp. (Banks) | 655 | 16165 |
| Harmonic, Inc.\* (Communications Equipment) | 1211 | 11468 |
| Hayward Holdings, Inc.\* (Building Products) | 3118 | 43028 |
| Healthcare Services Group, Inc. (Commercial <br>Services & Supplies) | 1593 | 23943 |
| HealthStream, Inc. (Health Care Technology) | 221 | 6115 |
| Heartland Express, Inc. (Ground Transportation) | 944 | 8156 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 207 | 9472 |
| Helen of Troy, Ltd.\* (Household Durables) | 501 | 14218 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 1339 | 8355 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 912 | 13826 |
| Heritage Financial Corp. (Banks) | 745 | 17761 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 2703 | 18461 |
| Highwoods Properties, Inc. (Office REITs) | 919 | 28572 |
| Hillenbrand, Inc. (Machinery) | 1538 | 30868 |
| Hilltop Holdings, Inc.\* (Banks) | 995 | 30198 |
| HNI Corp. (Commercial Services & Supplies) | 488 | 24000 |
| Hope Bancorp, Inc. (Banks) | 2769 | 29711 |
| Horace Mann Educators Corp. (Insurance) | 891 | 38286 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 1325 | 44295 |
| IAC Inc.\* (Interactive Media & Services) | 1424 | 53171 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 745 | 14632 |
| Independent Bank Corp. (Banks) | 931 | 58546 |
| Ingevity Corp.\* (Chemicals) | 391 | 16848 |
| Innospec, Inc. (Chemicals) | 273 | 22957 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 195 | 10768 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 844 | 13183 |
| Innoviva, Inc.\* (Pharmaceuticals) | 543 | 10909 |
| Insight Enterprises, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 600 | 82850 |
| Insteel Industries, Inc. (Building Products) | 424 | 15777 |
| Integra LifeSciences Holdings Corp.\* (Health <br>Care Equipment & Supplies) | 1460 | 17914 |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 380 | 13862 |
| J & J Snack Foods Corp. (Food Products) | 153 | 17352 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 413 | 7211 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 1560 | 138512 |
| JBG SMITH Properties (Office REITs) | 1595 | 27594 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 6657 | 28159 |
| John B. Sanfilippo & Son, Inc. (Food Products) | 200 | 12648 |
| John Bean Technologies Corp. (Machinery) | 586 | 70471 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| John Wiley & Sons, Inc.—Class A (Media) | 366 | $16334 |
| Kaiser Aluminum Corp. (Metals & Mining) | 350 | 27965 |
| Kennametal, Inc. (Machinery) | 1665 | 38228 |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 1638 | 11138 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) | 1245 | 10919 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 1900 | 33478 |
| Kohl's Corp.<sup>(a)</sup> (Broadline Retail) | 2432 | 20623 |
| Koppers Holdings, Inc. (Chemicals) | 437 | 14050 |
| Korn Ferry (Professional Services) | 428 | 31385 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 1526 | 70883 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 1153 | 39894 |
| Lakeland Financial Corp. (Banks) | 257 | 15793 |
| La-Z-Boy, Inc. (Household Durables) | 902 | 33527 |
| LCI Industries (Automobile Components) | 551 | 50246 |
| Leggett & Platt, Inc. (Household Durables) | 2953 | 26341 |
| Lexington Realty Trust (Industrial REITs) | 6461 | 53368 |
| LGI Homes, Inc.\* (Household Durables) | 450 | 23184 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 1592 | 18276 |
| Ligand Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 189 | 21486 |
| Lincoln National Corp. (Insurance) | 3729 | 129024 |
| Lindsay Corp. (Machinery) | 131 | 18897 |
| LiveRamp Holdings, Inc.\* (Software) | 689 | 22765 |
| LTC Properties, Inc. (Health Care REITs) | 532 | 18413 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) | 10981 | 48097 |
| M/I Homes, Inc.\* (Household Durables) | 275 | 30833 |
| Mack-Cali Realty Corp. (Residential REITs) | 1010 | 15039 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 1470 | 33046 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 528 | 16215 |
| MarineMax, Inc.\* (Specialty Retail) | 412 | 10358 |
| Marten Transport, Ltd. (Ground Transportation) | 1264 | 16419 |
| Masterbrand, Inc.\* (Building Products) | 2768 | 30254 |
| Materion Corp. (Metals & Mining) | 454 | 36034 |
| Matson, Inc. (Marine Transportation) | 257 | 28617 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) | 678 | 16211 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1717 | 24399 |
| MDU Resources Group, Inc. (Construction & <br>Engineering) | 4463 | 74398 |
| Medical Properties Trust, Inc.<sup>(a)</sup> (Health Care <br>REITs) | 13124 | 56564 |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 1839 | 26390 |
| Mercury Systems, Inc.\* (Aerospace & Defense) | 1109 | 59731 |
| Meritage Homes Corp. (Household Durables) | 1569 | 105076 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 39 | 3675 |
| MGE Energy, Inc. (Electric Utilities) | 303 | 26797 |
| MGP Ingredients, Inc. (Beverages) | 297 | 8901 |
| Middlesex Water Co. (Water Utilities) | 195 | 10565 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Value :: 111**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 1480 | $28742 |
| Millrose Properties Inc\* (Specialized REITs) | 2626 | 74867 |
| Minerals Technologies, Inc. (Chemicals) | 693 | 38164 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 1091 | 6557 |
| Moelis & Co.—Class A (Capital Markets) | 794 | 49482 |
| Monro, Inc. (Specialty Retail) | 655 | 9766 |
| MP Materials Corp.\*<sup>(a)</sup> (Metals & Mining) | 1480 | 49239 |
| Mr. Cooper Group, Inc.\* (Financial Services) | 1398 | 208597 |
| MYR Group, Inc.\* (Construction & <br>Engineering) | 145 | 26310 |
| Myriad Genetics, Inc.\* (Biotechnology) | 2015 | 10700 |
| N-able, Inc.\* (Software) | 879 | 7120 |
| National Bank Holdings Corp.—Class A (Banks) | 457 | 17188 |
| National Beverage Corp. (Beverages) | 245 | 10594 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 98 | 10487 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) | 113 | 11069 |
| National Vision Holdings, Inc.\* (Specialty Retail) | 1727 | 39738 |
| Navient Corp. (Consumer Finance) | 1591 | 22433 |
| NBT Bancorp, Inc. (Banks) | 640 | 26592 |
| NCR Atleos Corp.\* (Financial Services) | 899 | 25648 |
| NCR Voyix Corp.\* (Software) | 3009 | 35295 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 4315 | 20626 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 1547 | 11309 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 1558 | 38654 |
| New York Mortgage Trust, Inc. (Mortgage <br>REITs) | 1974 | 13226 |
| Newell Brands, Inc. (Household Durables) | 9125 | 49275 |
| Northwest Bancshares, Inc. (Banks) | 2791 | 35669 |
| Northwest Natural Holding Co. (Gas Utilities) | 881 | 34994 |
| NV5 Global, Inc.\* (Professional Services) | 1147 | 26484 |
| OFG Bancorp (Banks) | 403 | 17248 |
| O-I Glass, Inc. (Containers & Packaging) | 3379 | 49806 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 1023 | 30076 |
| Organon & Co. (Pharmaceuticals) | 5679 | 54973 |
| Otter Tail Corp. (Electric Utilities) | 503 | 38777 |
| Owens & Minor, Inc. (Health Care Providers & <br>Services) | 1605 | 14606 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 306 | 12317 |
| Pacific Premier Bancorp, Inc. (Banks) | 2120 | 44711 |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 1011 | 24163 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 715 | 34992 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 1127 | 29899 |
| Park National Corp. (Banks) | 109 | 18231 |
| Patrick Industries, Inc. (Automobile <br>Components) | 380 | 35063 |
| Patterson-UTI Energy, Inc. (Energy <br>Equipment & Services) | 7673 | 45501 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) | 261 | 17169 |
| Peabody Energy Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2657 | 35657 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 1297 | $12957 |
| PENN Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 3178 | 56790 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 1900 | 24434 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 633 | 20693 |
| Phillips Edison & Co., Inc. (Retail REITs) | 1533 | 53701 |
| Phinia, Inc. (Automobile Components) | 426 | 18953 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 805 | 15158 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 1826 | 19922 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 189 | 25574 |
| PRA Group, Inc.\* (Consumer Finance) | 866 | 12774 |
| Premier, Inc.—Class A (Health Care <br>Providers & Services) | 1798 | 39429 |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 431 | 34415 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 544 | 57141 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 710 | 16330 |
| ProAssurance Corp. (Insurance) | 1120 | 25570 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 814 | 17908 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) | 1749 | 10442 |
| Proto Labs, Inc.\* (Machinery) | 519 | 20781 |
| Provident Financial Services, Inc. (Banks) | 2854 | 50031 |
| Qorvo, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 2040 | 173215 |
| Quaker Chemical Corp. (Chemicals) | 297 | 33246 |
| Quanex Building Products Corp. (Building <br>Products) | 1026 | 19391 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) | 1448 | 41731 |
| Radian Group, Inc. (Financial Services) | 1614 | 58136 |
| Ralliant Corp.\* (Electrical Equipment) | 2501 | 121273 |
| Ready Capital Corp.<sup>(a)</sup> (Mortgage REITs) | 3725 | 16278 |
| Redwood Trust, Inc. (Mortgage REITs) | 2908 | 17186 |
| Renasant Corp. (Banks) | 2013 | 72327 |
| Resideo Technologies, Inc. (Building Products) | 3243 | 71542 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 320 | 15587 |
| Robert Half, Inc. (Professional Services) | 2193 | 90023 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 369 | 25269 |
| RPC, Inc. (Energy Equipment & Services) | 888 | 4200 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 508 | 26167 |
| RXO, Inc.\* (Ground Transportation) | 1651 | 25954 |
| S&T Bancorp, Inc. (Banks) | 394 | 14901 |
| Safehold, Inc. (Specialized REITs) | 1002 | 15591 |
| Safety Insurance Group, Inc. (Insurance) | 326 | 25881 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) | 2205 | 20418 |
| Sandisk Corp.\* (Semiconductors) | 2951 | 133828 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 607 | 59382 |
| Saul Centers, Inc. (Retail REITs) | 125 | 4268 |

---

**See accompanying notes to financial statements.**

------

**112 :: ProFund VP Small-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 454 | $18982 |
| Schneider National, Inc.—Class B (Ground <br>Transportation) | 1026 | 24778 |
| Scholastic Corp. (Media) | 514 | 10784 |
| Schrodinger, Inc.\* (Health Care Technology) | 574 | 11549 |
| Seacoast Banking Corp. of Florida (Banks) | 1857 | 51290 |
| Sealed Air Corp. (Containers & Packaging) | 1959 | 60788 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 2274 | 34518 |
| Sensient Technologies Corp. (Chemicals) | 435 | 42856 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 1006 | 13742 |
| Shoe Carnival, Inc. (Specialty Retail) | 388 | 7259 |
| Shutterstock, Inc. (Interactive Media & Services) | 531 | 10068 |
| Signet Jewelers, Ltd. (Specialty Retail) | 937 | 74538 |
| Simmons First National Corp.—Class A (Banks) | 2751 | 52159 |
| Simulations Plus, Inc. (Health Care Technology) | 160 | 2792 |
| SiriusPoint, Ltd.\* (Insurance) | 2012 | 41025 |
| SITE Centers Corp. (Retail REITs) | 1031 | 11661 |
| SJW Group (Water Utilities) | 680 | 35340 |
| SL Green Realty Corp. (Office REITs) | 465 | 28783 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 1250 | 30888 |
| SMART Global Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 1153 | 22841 |
| SolarEdge Technologies, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 903 | 18421 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) | 316 | 25258 |
| Sonos, Inc.\* (Household Durables) | 2624 | 28365 |
| Southside Bancshares, Inc. (Banks) | 621 | 18276 |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 739 | 19576 |
| Sprinklr, Inc.\*—Class A (Software) | 1555 | 13155 |
| STAAR Surgical Co.\* (Health Care <br>Equipment & Supplies) | 465 | 7803 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 456 | 14008 |
| Standex International Corp. (Machinery) | 93 | 14553 |
| Stellar Bancorp, Inc. (Banks) | 1000 | 27980 |
| Stepan Co. (Chemicals) | 463 | 25271 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 620 | 34410 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 539 | 12925 |
| Stewart Information Services Corp. (Insurance) | 610 | 39711 |
| StoneX Group, Inc.\* (Capital Markets) | 447 | 40740 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 522 | 44438 |
| Sturm Ruger & Co., Inc. (Leisure Products) | 362 | 12996 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 1219 | 6205 |
| Sun Country Airlines Holdings, Inc.\* <br>(Passenger Airlines) | 860 | 10105 |
| SunCoke Energy, Inc. (Metals & Mining) | 1850 | 15892 |
| Sunrun, Inc.\* (Electrical Equipment) | 4992 | 40835 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 599 | 18880 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 2690 | $22811 |
| Tanger, Inc. (Retail REITs) | 816 | 24953 |
| TechTarget, Inc.\* (Media) | 327 | 2541 |
| TEGNA, Inc. (Media) | 3510 | 58827 |
| Teleflex, Inc. (Health Care Equipment & <br>Supplies) | 965 | 114217 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) | 2154 | 76639 |
| Tennant Co. (Machinery) | 408 | 31612 |
| Teradata Corp.\* (Software) | 1357 | 30275 |
| Terreno Realty Corp. (Industrial REITs) | 1151 | 64536 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 704 | 25872 |
| The Buckle, Inc. (Specialty Retail) | 331 | 15011 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 339 | 21242 |
| The Chemours Co.\* (Chemicals) | 3269 | 37430 |
| The Macerich Co. (Retail REITs) | 1876 | 30354 |
| The Simply Good Foods Co.\* (Food Products) | 1084 | 34243 |
| Thryv Holdings, Inc.\* (Media) | 566 | 6883 |
| TimkenSteel Corp. (Metals & Mining) | 808 | 12451 |
| Titan International, Inc. (Machinery) | 1058 | 10866 |
| Tompkins Financial Corp. (Banks) | 164 | 10288 |
| Tootsie Roll Industries, Inc. (Food Products) | 157 | 5252 |
| Topgolf Callaway Brands Corp.\* (Leisure <br>Products) | 3091 | 24883 |
| TreeHouse Foods, Inc.\* (Food Products) | 992 | 19265 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 970 | 30992 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | 851 | 11106 |
| Triumph Financial, Inc.\* (Banks) | 189 | 10416 |
| Triumph Group, Inc. (Aerospace & Defense) | 677 | 17433 |
| TrustCo Bank Corp. (Banks) | 415 | 13869 |
| Trustmark Corp. (Banks) | 1321 | 48164 |
| TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1065 | 43473 |
| Two Harbors Investment Corp. (Mortgage <br>REITs) | 2272 | 24469 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 169 | 13216 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 986 | 22254 |
| UniFirst Corp. (Commercial Services & <br>Supplies) | 180 | 33880 |
| United Community Banks, Inc. (Banks) | 2653 | 79034 |
| United Fire Group, Inc. (Insurance) | 467 | 13403 |
| United Natural Foods, Inc.\* (Consumer Staples <br>Distribution & Retail) | 1322 | 30816 |
| Uniti Group, Inc. (Specialized REITs) | 2843 | 12282 |
| Unitil Corp. (Multi-Utilities) | 216 | 11264 |
| Universal Corp. (Tobacco) | 540 | 31450 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 139 | 5556 |
| Upbound Group, Inc. (Specialty Retail) | 1124 | 28212 |
| Urban Edge Properties (Retail REITs) | 1099 | 20507 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 680 | 49327 |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 236 | 7205 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 1309 | 26599 |
| Veritex Holdings, Inc. (Banks) | 1186 | 30955 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Small-Cap Value :: 113**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Vestis Corp. (Commercial Services & Supplies) | 2505 | $14354 |
| Viasat, Inc.\* (Communications Equipment) | 1861 | 27171 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 2779 | 27985 |
| Vicor Corp.\* (Electrical Equipment) | 222 | 10070 |
| Victoria's Secret & Co.\* (Specialty Retail) | 1744 | 32299 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 2024 | 10201 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 87 | 15782 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 2454 | 38970 |
| Vital Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 594 | 9557 |
| Walker & Dunlop, Inc. (Financial Services) | 705 | 49688 |
| Washington Federal, Inc. (Banks) | 1751 | 51269 |
| WD-40 Co. (Household Products) | 116 | 26458 |
| Werner Enterprises, Inc. (Ground <br>Transportation) | 1349 | 36909 |
| Westamerica Bancorp (Banks) | 257 | 12449 |
| Whitestone REIT (Retail REITs) | 489 | 6103 |
| WillScot Mobile Mini Holdings Corp.\* <br>(Biotech & Pharma) | 1513 | 41456 |
| Winnebago Industries, Inc. (Automobiles) | 612 | 17748 |
| WK Kellogg Co. (Food Products) | 551 | 8783 |
| Wolverine World Wide, Inc. (Textiles, <br>Apparel & Luxury Goods) | 567 | 10251 |
| World Acceptance Corp.\* (Consumer Finance) | 68 | 11228 |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 1237 | 35069 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 676 | 43021 |
| Worthington Steel, Inc. (Metals & Mining) | 765 | 22820 |
| WSFS Financial Corp. (Banks) | 670 | 36850 |
| Xencor, Inc.\* (Biotechnology) | 902 | 7090 |
| Xerox Holdings Corp. (Technology Hardware, <br>Storage & Peripherals) | 2557 | 13475 |
| Yelp, Inc.\* (Interactive Media & Services) | 628 | 21522 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 920 | 27848 |
| **TOTAL COMMON STOCKS**<br> (Cost $12,669,527) |  | **14015211** |

---

**Repurchase Agreements<sup>(b)</sup> (0.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $15,002 | $15000 | $15000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $15,000) |  | **15000** |

---

**Collateral for Securities Loaned<sup>(c)</sup> (1.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(d)</sup> | 233713 | $233713 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $233,713) |  | **233713** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $12,918,240)—102.4% |  | **14263924** |
| Net other assets (liabilities)—(2.4)% |  | (338268) |
| **NET ASSETS—100.0%** |  | $**13925656** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $221,596.

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

<sup>(c)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(d)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**114 :: ProFund VP Small-Cap Value ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP Small-Cap Value invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Aerospace & Defense | $212428 | 1.5% |
| Air Freight & Logistics | 51166 | 0.4% |
| Automobile Components | 416546 | 3.0% |
| Automobiles | 17748 | 0.1% |
| Banks | 1623073 | 11.7% |
| Beverages | 19495 | 0.2% |
| Biotech & Pharma | 41456 | 0.3% |
| Biotechnology | 123906 | 0.9% |
| Broadline Retail | 78909 | 0.6% |
| Building Products | 235280 | 1.7% |
| Capital Markets | 233815 | 1.7% |
| Chemicals | 621626 | 4.5% |
| Commercial Services & Supplies | 303038 | 2.2% |
| Communications Equipment | 184221 | 1.3% |
| Construction & Engineering | 170789 | 1.2% |
| Consumer Finance | 139992 | 1.0% |
| Consumer Staples Distribution & Retail | 159997 | 1.2% |
| Containers & Packaging | 110594 | 0.8% |
| Diversified Consumer Services | 71687 | 0.5% |
| Diversified Telecommunication Services | 61839 | 0.4% |
| Electric Utilities | 65574 | 0.5% |
| Electrical Equipment | 172178 | 1.2% |
| Electronic Equipment, Instruments & <br>Components | 463736 | 3.3% |
| Energy Equipment & Services | 137716 | 1.0% |
| Equity REIT—Diversified | 72610 | 0.5% |
| Financial Services | 548531 | 3.9% |
| Food Products | 128651 | 0.9% |
| Gas Utilities | 61322 | 0.4% |
| Ground Transportation | 169182 | 1.2% |
| Health Care Equipment & Supplies | 331428 | 2.4% |
| Health Care Providers & Services | 269378 | 1.9% |
| Health Care REITs | 145864 | 1.1% |
| Health Care Technology | 48653 | 0.4% |
| Hotel & Resort REITs | 47940 | 0.4% |
| Hotels, Restaurants & Leisure | 198455 | 1.4% |
| Household Durables | 431650 | 3.1% |
| Household Products | 83466 | 0.6% |
| Independent Power/Renewable Electricity <br>Producers | 81053 | 0.6% |
| Industrial REITs | 128672 | 0.9% |
| Insurance | 450012 | 3.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $146190 | 1.1% |
| IT Services | 65919 | 0.5% |
| Leisure Products | 56375 | 0.4% |
| Life Sciences Tools & Services | 36767 | 0.3% |
| Machinery | 410721 | 3.0% |
| Marine Transportation | 28617 | 0.2% |
| Media | 109086 | 0.8% |
| Metals & Mining | 174412 | 1.2% |
| Mortgage REITs | 325652 | 2.3% |
| Multi-Utilities | 78056 | 0.5% |
| Office REITs | 144741 | 1.0% |
| Oil, Gas & Consumable Fuels | 396558 | 2.8% |
| Passenger Airlines | 55628 | 0.4% |
| Personal Care Products | 31247 | 0.2% |
| Pharmaceuticals | 171645 | 1.2% |
| Professional Services | 176696 | 1.3% |
| Real Estate Management & <br>Development | 100360 | 0.7% |
| Residential REITs | 37215 | 0.3% |
| Retail REITs | 185569 | 1.3% |
| Semiconductors | 133828 | 1.0% |
| Semiconductors & Semiconductor <br>Equipment | 495541 | 3.6% |
| Software | 185864 | 1.3% |
| Specialized REITs | 129892 | 0.9% |
| Specialty Retail | 695972 | 5.0% |
| Technology Hardware, Storage & <br>Peripherals | 22858 | 0.2% |
| Technology Services | 77795 | 0.5% |
| Textiles, Apparel & Luxury Goods | 94748 | 0.7% |
| Tobacco | 31450 | 0.2% |
| Trading Companies & Distributors | 277859 | 2.0% |
| Water Utilities | 137271 | 1.0% |
| Wireless Telecommunication Services | 87003 | 0.6% |
| Other\*\* | (89555) | (0.6)% |
| **Total** | $**13925656** | **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.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Technology :: 115**

**Common Stocks (97.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Accenture PLC—Class A (IT Services) | 3358 | $1003673 |
| Adobe, Inc.\* (Software) | 2286 | 884408 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 8697 | 1234104 |
| Akamai Technologies, Inc.\* (IT Services) | 784 | 62532 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 6488 | 640690 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2660 | 633133 |
| ANSYS, Inc.\* (Software) | 472 | 165776 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 30702 | 6299129 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4358 | 797819 |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 5524 | 565160 |
| Autodesk, Inc.\* (Software) | 1148 | 355386 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 9665 | 2664157 |
| Cadence Design Systems, Inc.\* (Software) | 1465 | 451440 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 706 | 126085 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 21340 | 1480569 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 2644 | 206311 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 4135 | 217460 |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 1336 | 680438 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 1607 | 197018 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 704 | 27914 |
| EPAM Systems, Inc.\* (IT Services) | 304 | 53753 |
| F5, Inc.\* (Communications Equipment) | 308 | 90651 |
| Fair Isaac Corp.\* (Software) | 131 | 239463 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 575 | 95186 |
| Fortinet, Inc.\* (Software) | 3408 | 360294 |
| Gartner, Inc.\* (IT Services) | 413 | 166943 |
| Gen Digital, Inc. (Software) | 2928 | 86083 |
| GoDaddy, Inc.\*—Class A (IT Services) | 764 | 137566 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 7046 | 144091 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 5057 | 123694 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 23398 | 524115 |
| International Business Machines Corp. <br>(IT Services) | 4985 | 1469478 |
| Intuit, Inc. (Software) | 1500 | 1181445 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 576 | 125626 |
| Juniper Networks, Inc. <br>(Communications Equipment) | 1776 | 70916 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 927 | 151898 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 709 | 635080 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 6861 | $667849 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 2885 | 203017 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5995 | 738884 |
| Microsoft Corp. (Software) | 15278 | 7599429 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 257 | 187965 |
| Motorola Solutions, Inc. <br>(Communications Equipment) | 895 | 376312 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 1091 | 116246 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 50131 | 7920197 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 1355 | 296054 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 2242 | 117503 |
| Oracle Corp. (Software) | 8724 | 1907328 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 11410 | 1555411 |
| Palo Alto Networks, Inc.\* (Software) | 3552 | 726881 |
| PTC, Inc.\* (Software) | 643 | 110815 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5885 | 937245 |
| Roper Technologies, Inc. (Software) | 577 | 327067 |
| Salesforce, Inc. (Software) | 5147 | 1403535 |
| Seagate Technology Holdings PLC <br>(Technology Hardware, Storage & <br>Peripherals) | 1138 | 164248 |
| ServiceNow, Inc.\* (Software) | 1110 | 1141169 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 805 | 59989 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 2753 | 134925 |
| Synopsys, Inc.\* (Software) | 829 | 425012 |
| TE Connectivity, Ltd. (Electronic <br>Equipment, Instruments & Components) | 1591 | 268354 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 251 | 128590 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 861 | 77421 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 4873 | 1011732 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 1280 | 97254 |
| Tyler Technologies, Inc.\* (Software) | 231 | 136946 |
| VeriSign, Inc.\* (IT Services) | 433 | 125050 |
| Western Digital Corp.\* (Technology <br>Hardware, Storage & Peripherals) | 1871 | 119725 |
| Workday, Inc.\*—Class A (Software) | 1162 | 278880 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 273 | 84182 |
| **TOTAL COMMON STOCKS**<br> (Cost $23,740,152) |  | **53794699** |

---

**See accompanying notes to financial statements.**

------

**116 :: ProFund VP Technology ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)</sup> (1.0%)**

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $528,062 | $528000 | $528000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $528,000) |  | **528000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $24,268,152)—98.1% |  | **54322699** |
| Net other assets (liabilities)—1.9% |  | 1054804 |
| **NET ASSETS—100.0%** |  | $**55377503** |

---

\* Non-income producing security.

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Technology Select<br>Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $1391047 | $46184 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Communications Equipment | $2583608 | 4.7% |
| Electronic Equipment, Instruments & <br>Components | 1840139 | 3.3% |
| IT Services | 3225306 | 5.8% |
| Semiconductors & Semiconductor <br>Equipment | 18829365 | 34.0% |
| Software | 20017206 | 36.2% |
| Technology Hardware, Storage & <br>Peripherals | 7299075 | 13.1% |
| Other\*\* | 1582804 | 2.9% |
| **Total** | $**55377503** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraBull :: 117**

**Common Stocks (67.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 3M Co. (Industrial Conglomerates) | 131 | $19943 |
| A.O. Smith Corp. (Building Products) | 28 | 1836 |
| Abbott Laboratories (Health Care Equipment & <br>Supplies) | 425 | 57805 |
| AbbVie, Inc. (Biotechnology) | 433 | 80373 |
| Accenture PLC—Class A (IT Services) | 153 | 45730 |
| Adobe, Inc.\* (Software) | 103 | 39849 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 397 | 56334 |
| Aflac, Inc. (Insurance) | 119 | 12550 |
| Agilent Technologies, Inc. (Life Sciences <br>Tools & Services) | 71 | 8379 |
| Air Products & Chemicals, Inc. (Chemicals) | 54 | 15231 |
| Airbnb, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 105 | 13896 |
| Akamai Technologies, Inc.\* (IT Services) | 36 | 2871 |
| Albemarle Corp. (Chemicals) | 29 | 1817 |
| Alexandria Real Estate Equities, Inc. (Office <br>REITs) | 37 | 2688 |
| Align Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 16 | 3029 |
| Allegion PLC (Building Products) | 21 | 3027 |
| Alliant Energy Corp. (Electric Utilities) | 63 | 3810 |
| Allstate Corp. (Insurance) | 66 | 13286 |
| Alphabet, Inc.—Class A (Interactive Media & <br>Services) | 1425 | 251128 |
| Alphabet, Inc.—Class C (Interactive Media & <br>Services) | 1150 | 203999 |
| Altria Group, Inc. (Tobacco) | 412 | 24156 |
| Amazon.com, Inc.\* (Broadline Retail) | 2312 | 507229 |
| Amcor PLC (Containers & Packaging) | 562 | 5165 |
| Ameren Corp. (Multi-Utilities) | 66 | 6339 |
| American Electric Power Co., Inc. (Electric <br>Utilities) | 131 | 13593 |
| American Express Co. (Consumer Finance) | 135 | 43062 |
| American International Group, Inc. (Insurance) | 141 | 12068 |
| American Tower Corp.—Class A <br>(Specialized REITs) | 115 | 25418 |
| American Water Works Co., Inc. (Water Utilities) | 47 | 6538 |
| Ameriprise Financial, Inc. (Capital Markets) | 22 | 11742 |
| AMETEK, Inc. (Electrical Equipment) | 56 | 10134 |
| Amgen, Inc. (Biotechnology) | 131 | 36577 |
| Amphenol Corp.—Class A (Electronic <br>Equipment, Instruments & Components) | 296 | 29229 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 123 | 29276 |
| ANSYS, Inc.\* (Software) | 21 | 7376 |
| Aon PLC—Class A (Insurance) | 52 | 18552 |
| APA Corp. (Oil, Gas & Consumable Fuels) | 87 | 1591 |
| Apollo Global Management, Inc. (Financial <br>Services) | 111 | 15748 |
| Apple, Inc. (Technology Hardware, Storage & <br>Peripherals) | 3654 | 749691 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 200 | 36614 |
| Aptiv PLC\* (Automobile Components) | 53 | 3616 |
| Arch Capital Group, Ltd. (Insurance) | 92 | 8377 |
| Archer-Daniels-Midland Co. (Food <br>Products) | 117 | 6175 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Arista Networks, Inc.\* (Communications <br>Equipment) | 252 | $25782 |
| Arthur J. Gallagher & Co. (Insurance) | 63 | 20168 |
| Assurant, Inc. (Insurance) | 14 | 2765 |
| AT&T, Inc. (Diversified Telecommunication <br>Services) | 1760 | 50934 |
| Atmos Energy Corp. (Gas Utilities) | 40 | 6164 |
| Autodesk, Inc.\* (Software) | 52 | 16098 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 99 | 30531 |
| AutoZone, Inc.\* (Specialty Retail) | 4 | 14849 |
| AvalonBay Communities, Inc. (Residential <br>REITs) | 36 | 7325 |
| Avery Dennison Corp. (Containers & Packaging) | 18 | 3158 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 18 | 14903 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 242 | 9278 |
| Ball Corp. (Containers & Packaging) | 68 | 3814 |
| Bank of America Corp. (Banks) | 1604 | 75900 |
| Baxter International, Inc. (Health Care <br>Equipment & Supplies) | 126 | 3815 |
| Becton, Dickinson & Co. (Health Care <br>Equipment & Supplies) | 71 | 12230 |
| Berkshire Hathaway, Inc.\*—Class B <br>(Financial Services) | 450 | 218597 |
| Best Buy Co., Inc. (Specialty Retail) | 48 | 3222 |
| Biogen, Inc.\* (Biotechnology) | 36 | 4521 |
| Bio-Techne Corp. (Life Sciences Tools & <br>Services) | 38 | 1955 |
| BlackRock, Inc. (Capital Markets) | 36 | 37773 |
| Blackstone, Inc. (Capital Markets) | 179 | 26775 |
| Booking Holdings, Inc. (Hotels, Restaurants & <br>Leisure) | 8 | 46314 |
| Boston Properties, Inc. (Office REITs) | 37 | 2496 |
| Boston Scientific Corp.\* (Health Care <br>Equipment & Supplies) | 362 | 38882 |
| Bristol-Myers Squibb Co. (Pharmaceuticals) | 499 | 23099 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 1151 | 317274 |
| Broadridge Financial Solutions, Inc. <br>(Professional Services) | 28 | 6805 |
| Brown & Brown, Inc. (Insurance) | 59 | 6541 |
| Brown-Forman Corp.—Class B (Beverages) | 44 | 1184 |
| Builders FirstSource, Inc.\* (Building Products) | 28 | 3267 |
| Bunge Global SA (Food Products) | 34 | 2730 |
| C.H. Robinson Worldwide, Inc. (Air Freight & <br>Logistics) | 30 | 2879 |
| Cadence Design Systems, Inc.\* (Software) | 68 | 20954 |
| Caesars Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 51 | 1448 |
| Camden Property Trust (Residential REITs) | 26 | 2930 |
| Campbell Soup Co. (Food Products) | 49 | 1502 |
| Capital One Financial Corp. (Consumer Finance) | 156 | 33191 |
| Cardinal Health, Inc. (Health Care Providers & <br>Services) | 59 | 9912 |
| CarMax, Inc.\* (Specialty Retail) | 37 | 2487 |
| Carnival Corp.\* (Hotels, Restaurants & Leisure) | 257 | 7227 |
| Carrier Global Corp. (Building Products) | 195 | 14272 |
| Caterpillar, Inc. (Machinery) | 115 | 44643 |
| Cboe Global Markets, Inc. (Capital Markets) | 26 | 6063 |

---

**See accompanying notes to financial statements.**

------

**118 :: ProFund VP UltraBull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| CBRE Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 71 | $9949 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 33 | 5893 |
| Cencora, Inc. (Health Care Providers & <br>Services) | 42 | 12594 |
| Centene Corp.\* (Health Care Providers & <br>Services) | 123 | 6676 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 159 | 5842 |
| CF Industries Holdings, Inc. (Chemicals) | 39 | 3588 |
| Charles River Laboratories International, <br>Inc.\* (Life Sciences Tools & Services) | 12 | 1821 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 22 | 8994 |
| Chevron Corp. (Oil, Gas & Consumable Fuels) | 397 | 56846 |
| Chipotle Mexican Grill, Inc.\* (Hotels, <br>Restaurants & Leisure) | 330 | 18530 |
| Chubb, Ltd. (Insurance) | 92 | 26654 |
| Church & Dwight Co., Inc. (Household <br>Products) | 60 | 5767 |
| Cincinnati Financial Corp. (Insurance) | 38 | 5659 |
| Cintas Corp. (Commercial Services & Supplies) | 85 | 18944 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 973 | 67508 |
| Citigroup, Inc. (Banks) | 457 | 38900 |
| Citizens Financial Group, Inc. (Banks) | 105 | 4699 |
| CME Group, Inc. (Capital Markets) | 89 | 24530 |
| CMS Energy Corp. (Multi-Utilities) | 73 | 5057 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 120 | 9364 |
| Coinbase Global, Inc.\*—Class A (Capital <br>Markets) | 50 | 17525 |
| Colgate-Palmolive Co. (Household Products) | 200 | 18180 |
| Comcast Corp.—Class A (Media) | 912 | 32549 |
| Conagra Brands, Inc. (Food Products) | 115 | 2354 |
| ConocoPhillips (Oil, Gas & Consumable Fuels) | 308 | 27640 |
| Consolidated Edison, Inc. (Multi-Utilities) | 88 | 8831 |
| Constellation Brands, Inc.—Class A (Beverages) | 38 | 6182 |
| Constellation Energy Corp. (Electric Utilities) | 77 | 24853 |
| Copart, Inc.\* (Commercial Services & Supplies) | 215 | 10550 |
| Corning, Inc. (Electronic Equipment, <br>Instruments & Components) | 189 | 9940 |
| Corpay, Inc.\* (Software) | 16 | 5309 |
| Corteva, Inc. (Chemicals) | 167 | 12447 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 103 | 8281 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 108 | 106914 |
| Coterra Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 185 | 4695 |
| Crowdstrike Holdings, Inc.\*—Class A (Software) | 61 | 31068 |
| Crown Castle International Corp. <br>(Specialized REITs) | 106 | 10889 |
| CSX Corp. (Ground Transportation) | 459 | 14977 |
| Cummins, Inc. (Machinery) | 35 | 11463 |
| CVS Health Corp. (Health Care Providers & <br>Services) | 310 | 21384 |
| D.R. Horton, Inc. (Household Durables) | 68 | 8767 |
| Danaher Corp. (Life Sciences Tools & Services) | 156 | 30816 |
| Darden Restaurants, Inc. (Hotels, <br>Restaurants & Leisure) | 28 | 6103 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| DaVita, Inc.\* (Health Care Providers & <br>Services) | 10 | $1425 |
| Dayforce, Inc.\* (Professional Services) | 38 | 2105 |
| Deckers Outdoor Corp.\* (Textiles, Apparel & <br>Luxury Goods) | 38 | 3917 |
| Deere & Co. (Machinery) | 63 | 32034 |
| Dell Technologies, Inc.—Class C (Technology <br>Hardware, Storage & Peripherals) | 73 | 8950 |
| Delta Air Lines, Inc. (Passenger Airlines) | 161 | 7919 |
| Devon Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 157 | 4994 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 95 | 8293 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 44 | 6046 |
| Digital Realty Trust, Inc. (Specialized REITs) | 77 | 13423 |
| Dollar General Corp. (Consumer Staples <br>Distribution & Retail) | 54 | 6177 |
| Dollar Tree, Inc.\* (Consumer Staples <br>Distribution & Retail) | 49 | 4853 |
| Dominion Energy, Inc. (Multi-Utilities) | 207 | 11700 |
| Domino's Pizza, Inc. (Hotels, Restaurants & <br>Leisure) | 10 | 4506 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 82 | 20214 |
| Dover Corp. (Machinery) | 35 | 6413 |
| Dow, Inc. (Chemicals) | 172 | 4555 |
| DTE Energy Co. (Multi-Utilities) | 50 | 6623 |
| Duke Energy Corp. (Electric Utilities) | 190 | 22420 |
| DuPont de Nemours, Inc. (Chemicals) | 102 | 6996 |
| Eastman Chemical Co. (Chemicals) | 28 | 2090 |
| Eaton Corp. PLC (Electrical Equipment) | 97 | 34628 |
| eBay, Inc. (Broadline Retail) | 113 | 8414 |
| Ecolab, Inc. (Chemicals) | 63 | 16975 |
| Edison International (Electric Utilities) | 94 | 4850 |
| Edwards LifeSciences Corp.\* (Health Care <br>Equipment & Supplies) | 144 | 11262 |
| Electronic Arts, Inc. (Entertainment) | 56 | 8943 |
| Elevance Health, Inc. (Health Care <br>Providers & Services) | 54 | 21004 |
| Eli Lilly & Co. (Pharmaceuticals) | 191 | 148890 |
| Emerson Electric Co. (Electrical Equipment) | 137 | 18266 |
| Enphase Energy, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 31 | 1229 |
| Entergy Corp. (Electric Utilities) | 108 | 8977 |
| EOG Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 133 | 15908 |
| EPAM Systems, Inc.\* (IT Services) | 14 | 2475 |
| EQT Corp. (Oil, Gas & Consumable Fuels) | 145 | 8456 |
| Equifax, Inc. (Professional Services) | 30 | 7781 |
| Equinix, Inc. (Specialized REITs) | 24 | 19092 |
| Equity Residential (Residential REITs) | 85 | 5737 |
| Erie Indemnity Co.\*—Class A (Insurance) | 7 | 2428 |
| Essex Property Trust, Inc. (Residential REITs) | 14 | 3968 |
| Everest Group, Ltd. (Insurance) | 12 | 4078 |
| Evergy, Inc. (Electric Utilities) | 56 | 3860 |
| Eversource Energy (Electric Utilities) | 89 | 5662 |
| Exelon Corp. (Electric Utilities) | 246 | 10681 |
| Expand Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 52 | 6081 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraBull :: 119**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Expedia Group, Inc.\* (Hotels, Restaurants & <br>Leisure) | 30 | $5060 |
| Expeditors International of Washington, <br>Inc. (Air Freight & Logistics) | 35 | 3999 |
| Extra Space Storage, Inc. (Specialized REITs) | 52 | 7667 |
| Exxon Mobil Corp. (Oil, Gas & Consumable <br>Fuels) | 1056 | 113838 |
| F5, Inc.\* (Communications Equipment) | 14 | 4120 |
| FactSet Research Systems, Inc. (Capital <br>Markets) | 10 | 4473 |
| Fair Isaac Corp.\* (Software) | 7 | 12796 |
| Fastenal Co. (Trading Companies & Distributors) | 280 | 11760 |
| Federal Realty Investment Trust (Retail REITs) | 18 | 1710 |
| FedEx Corp. (Air Freight & Logistics) | 54 | 12275 |
| Fidelity National Information Services, Inc. <br>(Financial Services) | 129 | 10502 |
| Fifth Third Bancorp (Banks) | 164 | 6745 |
| First Horizon Corp. (Banks) | —<br> <sup>(a)</sup> | 6 |
| First Solar, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 26 | 4304 |
| FirstEnergy Corp. (Electric Utilities) | 126 | 5073 |
| Fiserv, Inc.\* (Financial Services) | 135 | 23275 |
| Ford Motor Co. (Automobiles) | 954 | 10351 |
| Fortinet, Inc.\* (Software) | 155 | 16387 |
| Fortive Corp. (Machinery) | 84 | 4379 |
| Fox Corp.—Class A (Media) | 53 | 2970 |
| Fox Corp.—Class B (Media) | 33 | 1704 |
| Franklin Resources, Inc. (Capital Markets) | 74 | 1765 |
| Freeport-McMoRan, Inc. (Metals & Mining) | 351 | 15216 |
| Garmin, Ltd. (Household Durables) | 38 | 7931 |
| Gartner, Inc.\* (IT Services) | 18 | 7276 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 113 | 8370 |
| GE Vernova, Inc. (Electrical Equipment) | 68 | 35982 |
| Gen Digital, Inc. (Software) | 133 | 3910 |
| Generac Holdings, Inc.\* (Electrical Equipment) | 14 | 2005 |
| General Dynamics Corp. (Aerospace & Defense) | 63 | 18375 |
| General Electric Co. (Industrial <br>Conglomerates) | 261 | 67179 |
| General Mills, Inc. (Food Products) | 135 | 6994 |
| General Motors Co. (Automobiles) | 235 | 11564 |
| Genuine Parts Co. (Distributors) | 35 | 4245 |
| Gilead Sciences, Inc. (Biotechnology) | 304 | 33704 |
| Global Payments, Inc. (Financial Services) | 60 | 4802 |
| Globe Life, Inc. (Insurance) | 21 | 2610 |
| GoDaddy, Inc.\*—Class A (IT Services) | 36 | 6482 |
| Halliburton Co. (Energy Equipment & Services) | 210 | 4280 |
| Hasbro, Inc. (Leisure Products) | 31 | 2288 |
| HCA Healthcare, Inc. (Health Care <br>Providers & Services) | 42 | 16090 |
| Healthpeak Properties, Inc. (Health Care REITs) | 168 | 2942 |
| Henry Schein, Inc.\* (Health Care Providers & <br>Services) | 30 | 2192 |
| Hess Corp. (Oil, Gas & Consumable Fuels) | 68 | 9421 |
| Hewlett Packard Enterprise Co. (Technology <br>Hardware, Storage & Peripherals) | 321 | 6564 |
| Hilton Worldwide Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 59 | 15714 |
| Hologic, Inc.\* (Health Care Equipment & <br>Supplies) | 53 | 3453 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 157 | $36562 |
| Hormel Foods Corp. (Food Products) | 71 | 2148 |
| Host Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 168 | 2580 |
| Howmet Aerospace, Inc. (Aerospace & <br>Defense) | 99 | 18427 |
| HP, Inc. (Technology Hardware, Storage & <br>Peripherals) | 231 | 5650 |
| Hubbell, Inc. (Electrical Equipment) | 14 | 5718 |
| Humana, Inc. (Health Care Providers & <br>Services) | 30 | 7334 |
| Huntington Bancshares, Inc. (Banks) | 356 | 5967 |
| Huntington Ingalls Industries, Inc. <br>(Aerospace & Defense) | 10 | 2415 |
| IDEX Corp. (Machinery) | 18 | 3160 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 18 | 9654 |
| Illinois Tool Works, Inc. (Machinery) | 66 | 16319 |
| Incyte Corp.\* (Biotechnology) | 38 | 2588 |
| Ingersoll Rand, Inc. (Machinery) | 99 | 8235 |
| Insulet Corp.\* (Health Care Equipment & <br>Supplies) | 16 | 5027 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 1065 | 23856 |
| Intercontinental Exchange, Inc. (Capital <br>Markets) | 141 | 25869 |
| International Business Machines Corp. (IT <br>Services) | 228 | 67211 |
| International Flavors & Fragrances, Inc. <br>(Chemicals) | 63 | 4634 |
| International Paper Co. (Containers & <br>Packaging) | 129 | 6042 |
| Intuit, Inc. (Software) | 68 | 53559 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 89 | 48364 |
| Invesco, Ltd. (Capital Markets) | 107 | 1687 |
| Invitation Homes, Inc. (Residential REITs) | 139 | 4559 |
| IQVIA Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 40 | 6304 |
| Iron Mountain, Inc. (Specialized REITs) | 73 | 7488 |
| J.B. Hunt Transport Services, Inc. (Ground <br>Transportation) | 18 | 2585 |
| Jabil, Inc. (Electronic Equipment, <br>Instruments & Components) | 26 | 5671 |
| Jack Henry & Associates, Inc. (Financial <br>Services) | 16 | 2883 |
| Jacobs Solutions, Inc. (Professional Services) | 30 | 3944 |
| Johnson & Johnson (Pharmaceuticals) | 589 | 89970 |
| Johnson Controls International PLC <br>(Building Products) | 162 | 17110 |
| JPMorgan Chase & Co. (Banks) | 679 | 196848 |
| Juniper Networks, Inc. (Communications <br>Equipment) | 80 | 3194 |
| Kellanova (Food Products) | 65 | 5169 |
| Kenvue, Inc. (Personal Care Products) | 469 | 9816 |
| Keurig Dr Pepper, Inc. (Beverages) | 333 | 11009 |
| KeyCorp (Banks) | 240 | 4181 |
| Keysight Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 42 | 6882 |
| Kimberly-Clark Corp. (Household Products) | 80 | 10314 |

---

**See accompanying notes to financial statements.**

------

**120 :: ProFund VP UltraBull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kimco Realty Corp. (Retail REITs) | 164 | $3447 |
| Kinder Morgan, Inc. (Oil, Gas & <br>Consumable Fuels) | 472 | 13877 |
| KKR & Co., Inc. (Capital Markets) | 166 | 22083 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 33 | 29559 |
| L3Harris Technologies, Inc. (Aerospace & <br>Defense) | 44 | 11037 |
| Labcorp Holdings, Inc. (Health Care <br>Providers & Services) | 21 | 5513 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 314 | 30565 |
| Lamb Weston Holdings, Inc. (Food Products) | 35 | 1815 |
| Las Vegas Sands Corp. (Hotels, <br>Restaurants & Leisure) | 82 | 3568 |
| Leidos Holdings, Inc. (Professional Services) | 33 | 5206 |
| Lennar Corp.—Class A (Household Durables) | 56 | 6194 |
| Lennox International, Inc. (Building Products) | 8 | 4586 |
| Linde PLC (Chemicals) | 115 | 53955 |
| Live Nation Entertainment, Inc.\* (Entertainment) | 40 | 6051 |
| LKQ Corp. (Distributors) | 64 | 2369 |
| Lockheed Martin Corp. (Aerospace & Defense) | 50 | 23157 |
| Loews Corp. (Insurance) | 42 | 3850 |
| Lowe's Cos., Inc. (Specialty Retail) | 137 | 30396 |
| Lululemon Athletica, Inc.\* (Textiles, Apparel & <br>Luxury Goods) | 26 | 6177 |
| LyondellbBasell Industries N.V.—Class A <br>(Chemicals) | 63 | 3645 |
| M&T Bank Corp. (Banks) | 40 | 7760 |
| Marathon Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 75 | 12458 |
| MarketAxess Holdings, Inc. (Capital Markets) | 10 | 2233 |
| Marriott International, Inc.—Class A <br>(Hotels, Restaurants & Leisure) | 54 | 14823 |
| Marsh & McLennan Cos., Inc. (Insurance) | 120 | 26237 |
| Martin Marietta Materials, Inc. <br>(Construction Materials) | 14 | 7685 |
| Masco Corp. (Building Products) | 52 | 3347 |
| MasterCard, Inc.—Class A (Financial Services) | 197 | 110702 |
| Match Group, Inc.\* (Interactive Media & <br>Services) | 59 | 1823 |
| McCormick & Co., Inc. (Food Products) | 62 | 4701 |
| McDonald's Corp. (Hotels, Restaurants & <br>Leisure) | 176 | 51421 |
| McKesson Corp. (Health Care Providers & <br>Services) | 30 | 21983 |
| Medtronic PLC (Health Care Equipment & <br>Supplies) | 314 | 27371 |
| Merck & Co., Inc. (Pharmaceuticals) | 614 | 48604 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 529 | 390449 |
| MetLife, Inc. (Insurance) | 139 | 11178 |
| Mettler-Toledo International, Inc.\* (Life <br>Sciences Tools & Services) | 7 | 8223 |
| MGM Resorts International\* (Hotels, <br>Restaurants & Leisure) | 51 | 1754 |
| Microchip Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 130 | 9148 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 272 | 33524 |
| Microsoft Corp. (Software) | 1820 | 905285 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Mid-America Apartment Communities, Inc. <br>(Residential REITs) | 28 | $4144 |
| Moderna, Inc.\* (Biotechnology) | 82 | 2262 |
| Mohawk Industries, Inc.\* (Household Durables) | 13 | 1363 |
| Molina Healthcare, Inc.\* (Health Care <br>Providers & Services) | 14 | 4171 |
| Molson Coors Beverage Co.—Class B <br>(Beverages) | 41 | 1972 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 317 | 21379 |
| Monolithic Power Systems, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 12 | 8777 |
| Monster Beverage Corp.\* (Beverages) | 173 | 10837 |
| Moody's Corp. (Capital Markets) | 38 | 19060 |
| Morgan Stanley (Capital Markets) | 303 | 42682 |
| Motorola Solutions, Inc. (Communications <br>Equipment) | 42 | 17659 |
| MSCI, Inc. (Capital Markets) | 18 | 10381 |
| Nasdaq, Inc. (Capital Markets) | 101 | 9031 |
| NetApp, Inc. (Technology Hardware, <br>Storage & Peripherals) | 50 | 5328 |
| Netflix, Inc.\* (Entertainment) | 103 | 137931 |
| Newmont Corp. (Metals & Mining) | 271 | 15789 |
| News Corp.—Class A (Media) | 92 | 2734 |
| News Corp.—Class B (Media) | 26 | 892 |
| NextEra Energy, Inc. (Electric Utilities) | 503 | 34919 |
| NIKE, Inc.—Class B (Textiles, Apparel & <br>Luxury Goods) | 290 | 20601 |
| NiSource, Inc. (Multi-Utilities) | 115 | 4639 |
| Nordson Corp. (Machinery) | 14 | 3001 |
| Norfolk Southern Corp. (Ground <br>Transportation) | 54 | 13822 |
| Northern Trust Corp. (Capital Markets) | 47 | 5959 |
| Northrop Grumman Corp. (Aerospace & <br>Defense) | 35 | 17499 |
| Norwegian Cruise Lines Holdings, Ltd.\* <br>(Hotels, Restaurants & Leisure) | 108 | 2190 |
| NRG Energy, Inc. (Electric Utilities) | 47 | 7547 |
| Nucor Corp. (Metals & Mining) | 56 | 7254 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 5969 | 943043 |
| NXP Semiconductors N.V. (Semiconductors & <br>Semiconductor Equipment) | 63 | 13765 |
| Occidental Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 174 | 7310 |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 44 | 7141 |
| Omnicom Group, Inc. (Media) | 49 | 3525 |
| ON Semiconductor Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 102 | 5346 |
| ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 154 | 12571 |
| Oracle Corp. (Software) | 399 | 87233 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 210 | 18927 |
| Otis Worldwide Corp. (Machinery) | 95 | 9407 |
| PACCAR, Inc. (Machinery) | 129 | 12263 |
| Packaging Corp. of America (Containers & <br>Packaging) | 22 | 4146 |
| Palantir Technologies, Inc.\*—Class A (Software) | 522 | 71159 |
| Palo Alto Networks, Inc.\* (Software) | 162 | 33152 |
| Paramount Global<sup>(b)</sup>—Class B (Media) | 145 | 1871 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraBull :: 121**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Parker-Hannifin Corp. (Machinery) | 33 | $23049 |
| Paychex, Inc. (Professional Services) | 78 | 11345 |
| Paycom Software, Inc. (Professional Services) | 12 | 2777 |
| PayPal Holdings, Inc.\* (Financial Services) | 239 | 17762 |
| Pentair PLC (Machinery) | 39 | 4004 |
| PepsiCo, Inc. (Beverages) | 335 | 44233 |
| Pfizer, Inc. (Pharmaceuticals) | 1390 | 33694 |
| PG&E Corp. (Electric Utilities) | 537 | 7486 |
| Philip Morris International, Inc. (Tobacco) | 382 | 69573 |
| Phillips 66 (Oil, Gas & Consumable Fuels) | 99 | 11811 |
| Pinnacle West Capital Corp. (Electric Utilities) | 30 | 2684 |
| PNC Financial Services Group, Inc. (Banks) | 97 | 18083 |
| Pool Corp. (Distributors) | 10 | 2915 |
| PPG Industries, Inc. (Chemicals) | 56 | 6370 |
| PPL Corp. (Electric Utilities) | 180 | 6100 |
| Principal Financial Group, Inc. (Insurance) | 50 | 3972 |
| Prologis, Inc. (Industrial REITs) | 228 | 23967 |
| Prudential Financial, Inc. (Insurance) | 87 | 9347 |
| PTC, Inc.\* (Software) | 30 | 5170 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 123 | 10354 |
| Public Storage (Specialized REITs) | 40 | 11737 |
| PulteGroup, Inc. (Household Durables) | 49 | 5168 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 269 | 42841 |
| Quanta Services, Inc. (Construction & <br>Engineering) | 36 | 13611 |
| Quest Diagnostics, Inc. (Health Care <br>Providers & Services) | 26 | 4670 |
| Ralliant Corp.\* (Electrical Equipment) | 1 | 48 |
| Ralph Lauren Corp. (Textiles, Apparel & <br>Luxury Goods) | 10 | 2743 |
| Raymond James Financial, Inc. (Capital <br>Markets) | 44 | 6748 |
| Raytheon Technologies Corp. (Aerospace & <br>Defense) | 327 | 47748 |
| Realty Income Corp. (Retail REITs) | 221 | 12732 |
| Regency Centers Corp. (Retail REITs) | 41 | 2920 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 24 | 12600 |
| Regions Financial Corp. (Banks) | 219 | 5151 |
| Republic Services, Inc. (Commercial <br>Services & Supplies) | 49 | 12084 |
| ResMed, Inc. (Health Care Equipment & <br>Supplies) | 36 | 9288 |
| Revvity, Inc. (Life Sciences Tools & Services) | 28 | 2708 |
| Rockwell Automation, Inc. (Electrical <br>Equipment) | 28 | 9301 |
| Rollins, Inc. (Commercial Services & Supplies) | 68 | 3837 |
| Roper Technologies, Inc. (Software) | 26 | 14738 |
| Ross Stores, Inc. (Specialty Retail) | 80 | 10206 |
| Royal Caribbean Cruises, Ltd. (Hotels, <br>Restaurants & Leisure) | 63 | 19728 |
| S&P Global, Inc. (Capital Markets) | 77 | 40602 |
| Salesforce, Inc. (Software) | 235 | 64082 |
| SBA Communications Corp.—Class A <br>(Specialized REITs) | 26 | 6106 |
| Schlumberger N.V. (Energy Equipment & <br>Services) | 333 | 11255 |
| Seagate Technology Holdings PLC (Technology <br>Hardware, Storage & Peripherals) | 52 | 7505 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sempra (Multi-Utilities) | 159 | $12046 |
| ServiceNow, Inc.\* (Software) | 50 | 51404 |
| Simon Property Group, Inc. (Retail REITs) | 75 | 12057 |
| Skyworks Solutions, Inc. (Semiconductors & <br>Semiconductor Equipment) | 37 | 2757 |
| Smurfit WestRock PLC (Containers & Packaging) | 123 | 5307 |
| Snap-on, Inc. (Machinery) | 14 | 4357 |
| Solventum Corp.\* (Health Care Equipment & <br>Supplies) | 34 | 2579 |
| Southwest Airlines Co. (Passenger Airlines) | 139 | 4509 |
| Stanley Black & Decker, Inc. (Machinery) | 38 | 2575 |
| Starbucks Corp. (Hotels, Restaurants & Leisure) | 278 | 25473 |
| State Street Corp. (Capital Markets) | 71 | 7550 |
| Steel Dynamics, Inc. (Metals & Mining) | 35 | 4480 |
| STERIS PLC (Health Care Equipment & Supplies) | 24 | 5765 |
| Stryker Corp. (Health Care Equipment & <br>Supplies) | 85 | 33629 |
| Super Micro Computer, Inc.\* (Technology <br>Hardware, Storage & Peripherals) | 127 | 6224 |
| Synchrony Financial (Consumer Finance) | 93 | 6207 |
| Synopsys, Inc.\* (Software) | 38 | 19482 |
| Sysco Corp. (Consumer Staples <br>Distribution & Retail) | 118 | 8937 |
| T. Rowe Price Group, Inc. (Capital Markets) | 54 | 5211 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 42 | 10200 |
| Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 50 | 4391 |
| Targa Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 52 | 9052 |
| Target Corp. (Consumer Staples <br>Distribution & Retail) | 111 | 10950 |
| TE Connectivity, Ltd. (Electronic <br>Equipment, Instruments & Components) | 73 | 12313 |
| Teledyne Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 12 | 6148 |
| Teradyne, Inc. (Semiconductors & <br>Semiconductor Equipment) | 39 | 3507 |
| Tesla, Inc.\* (Automobiles) | 687 | 218233 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 222 | 46092 |
| Texas Pacific Land Corp. (Oil, Gas & <br>Consumable Fuels) | 7 | 7395 |
| Textron, Inc.\* (Aerospace & Defense) | 44 | 3533 |
| The AES Corp. (Independent <br>Power/Renewable Electricity Producers) | 174 | 1830 |
| The Bank of New York Mellon Corp. <br>(Capital Markets) | 175 | 15944 |
| The Boeing Co.\* (Aerospace & Defense) | 184 | 38553 |
| The Charles Schwab Corp. (Capital Markets) | 417 | 38047 |
| The Cigna Group (Health Care Providers & <br>Services) | 66 | 21818 |
| The Clorox Co. (Household Products) | 30 | 3602 |
| The Coca-Cola Co. (Beverages) | 949 | 67141 |
| The Cooper Cos., Inc.\* (Health Care <br>Equipment & Supplies) | 49 | 3487 |
| The Estee Lauder Cos., Inc. (Personal Care <br>Products) | 59 | 4767 |
| The Goldman Sachs Group, Inc. (Capital <br>Markets) | 75 | 53082 |
| The Hartford Financial Services Group, Inc. <br>(Insurance) | 71 | 9008 |

---

**See accompanying notes to financial statements.**

------

**122 :: ProFund VP UltraBull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Hershey Co. (Food Products) | 36 | $5974 |
| The Home Depot, Inc. (Specialty Retail) | 242 | 88728 |
| The Interpublic Group of Cos., Inc. (Media) | 90 | 2203 |
| The J.M. Smucker Co. (Food Products) | 26 | 2553 |
| The Kraft Heinz Co. (Food Products) | 210 | 5422 |
| The Kroger Co. (Consumer Staples <br>Distribution & Retail) | 150 | 10760 |
| The Mosaic Co. (Chemicals) | 77 | 2809 |
| The Procter & Gamble Co. (Household Products) | 574 | 91449 |
| The Progressive Corp. (Insurance) | 143 | 38160 |
| The Sherwin-Williams Co. (Chemicals) | 56 | 19228 |
| The Southern Co. (Electric Utilities) | 268 | 24610 |
| The TJX Cos., Inc. (Specialty Retail) | 272 | 33589 |
| The Travelers Cos., Inc. (Insurance) | 54 | 14447 |
| The Walt Disney Co. (Entertainment) | 441 | 54689 |
| The Williams Cos., Inc. (Oil, Gas & <br>Consumable Fuels) | 298 | 18717 |
| Thermo Fisher Scientific, Inc. (Life Sciences <br>Tools & Services) | 92 | 37301 |
| TKO Group Holdings, Inc.\* (Entertainment) | 16 | 2911 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 117 | 27876 |
| Tractor Supply Co. (Specialty Retail) | 130 | 6860 |
| Trane Technologies PLC (Building Products) | 54 | 23620 |
| TransDigm Group, Inc. (Aerospace & Defense) | 14 | 21289 |
| Trimble, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 59 | 4483 |
| Truist Financial Corp. (Banks) | 320 | 13757 |
| Tyler Technologies, Inc.\* (Software) | 12 | 7114 |
| Tyson Foods, Inc.—Class A (Food Products) | 71 | 3972 |
| U.S. Bancorp (Banks) | 383 | 17331 |
| Uber Technologies, Inc.\* (Ground <br>Transportation) | 511 | 47677 |
| UDR, Inc. (Residential REITs) | 73 | 2981 |
| Ulta Beauty, Inc.\* (Specialty Retail) | 12 | 5614 |
| Union Pacific Corp. (Ground Transportation) | 148 | 34052 |
| United Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 80 | 6370 |
| United Parcel Service, Inc.—Class B (Air <br>Freight & Logistics) | 180 | 18168 |
| United Rentals, Inc. (Trading Companies & <br>Distributors) | 14 | 10548 |
| UnitedHealth Group, Inc. (Health Care <br>Providers & Services) | 222 | 69257 |
| Universal Health Services, Inc.—Class B <br>(Health Care Providers & Services) | 14 | 2536 |
| Valero Energy Corp. (Oil, Gas & <br>Consumable Fuels) | 77 | 10350 |
| Ventas, Inc. (Health Care REITs) | 110 | 6947 |
| Veralto Corp. (Commercial Services & Supplies) | 60 | 6057 |
| VeriSign, Inc.\* (IT Services) | 18 | 5198 |
| Verisk Analytics, Inc. (Professional Services) | 35 | 10903 |
| Verizon Communications, Inc. (Diversified <br>Telecommunication Services) | 1033 | 44698 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 63 | 28048 |
| Viatris, Inc. (Pharmaceuticals) | 284 | 2536 |
| VICI Properties, Inc. (Specialized REITs) | 259 | 8443 |
| Visa, Inc.—Class A (Financial Services) | 420 | 149121 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 82 | 15893 |
| Vulcan Materials Co. (Construction Materials) | 33 | 8608 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| W.R. Berkley Corp. (Insurance) | 73 | $5363 |
| W.W. Grainger, Inc. (Trading Companies & <br>Distributors) | 12 | 12482 |
| Wabtec Corp. (Machinery) | 42 | 8793 |
| Walgreens Boots Alliance, Inc. (Consumer <br>Staples Distribution & Retail) | 176 | 2020 |
| Walmart, Inc. (Consumer Staples <br>Distribution & Retail) | 1058 | 103451 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 551 | 6314 |
| Waste Management, Inc. (Commercial <br>Services & Supplies) | 91 | 20822 |
| Waters Corp.\* (Life Sciences Tools & Services) | 14 | 4887 |
| WEC Energy Group, Inc. (Multi-Utilities) | 78 | 8128 |
| Wells Fargo & Co. (Banks) | 797 | 63856 |
| Welltower, Inc. (Health Care REITs) | 153 | 23520 |
| West Pharmaceutical Services, Inc. (Life <br>Sciences Tools & Services) | 16 | 3501 |
| Western Digital Corp.\* (Technology <br>Hardware, Storage & Peripherals) | 86 | 5503 |
| Weyerhaeuser Co. (Specialized REITs) | 176 | 4521 |
| Williams-Sonoma, Inc. (Specialty Retail) | 30 | 4901 |
| Willis Towers Watson PLC (Insurance) | 24 | 7356 |
| Workday, Inc.\*—Class A (Software) | 52 | 12480 |
| Wynn Resorts, Ltd. (Hotels, Restaurants & <br>Leisure) | 22 | 2061 |
| Xcel Energy, Inc. (Electric Utilities) | 141 | 9602 |
| Xylem, Inc. (Machinery) | 61 | 7891 |
| Yum! Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 68 | 10076 |
| Zebra Technologies Corp.\* (Electronic <br>Equipment, Instruments & Components) | 14 | 4317 |
| Zimmer Biomet Holdings, Inc. (Health Care <br>Equipment & Supplies) | 49 | 4469 |
| Zoetis, Inc. (Pharmaceuticals) | 108 | 16843 |
| **TOTAL COMMON STOCKS** <br> (Cost $2,348,380) |  | **12846965** |

---

**Repurchase Agreements<sup>(c)(d)</sup> (54.3%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $10,416,229 | $10415000 | $10415000 |
| **TOTAL REPURCHASE AGREEMENTS** <br> (Cost $10,415,000) |  | **10415000** |

---

**Collateral for Securities Loaned<sup>(e)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(f)</sup> | 3710 | $3710 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $3,710) |  | **3710** |
| **TOTAL INVESTMENT SECURITIES** <br> (Cost $12,767,090)—121.4% |  | **23265675** |
| Net other assets (liabilities)—(21.4)% |  | (4095117) |
| **NET ASSETS—100.0%** |  | $**19170558** |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraBull :: 123**

\* Non-income producing security.

<sup>(a)</sup> Number of shares is less than 0.50.

<sup>(b)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $1,871.

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

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At

June 30, 2025, the aggregate amount held in a segregated account was $5,365,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-Mini S&P 500 Futures Contracts | 17 | 9/22/25 | $5315688 | $131623 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P 500 | Goldman Sachs International | 7/28/25 | 5.08% | $5879190 | $90425 |
| SPDR S&P 500 ETF | Goldman Sachs International | 7/28/25 | 4.99% | 4236257 | 35331 |
|  |  |  |  | $10115447 | $125756 |
| S&P 500 | UBS AG | 7/28/25 | 5.13% | $6540017 | $59437 |
| SPDR S&P 500 ETF | UBS AG | 7/28/25 | 5.13% | 3514045 | 15229 |
|  |  |  |  | $10054062 | $74666 |
|  |  |  |  | $**20169509** | $**200422** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**124 :: ProFund VP UltraBull ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

ProFund VP UltraBull invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $216936 | 1.1% |
| Air Freight & Logistics | 37321 | 0.2% |
| Automobile Components | 3616 | <sup>NM</sup> |
| Automobiles | 240148 | 1.3% |
| Banks | 459184 | 2.4% |
| Beverages | 142558 | 0.7% |
| Biotechnology | 200674 | 1.0% |
| Broadline Retail | 515644 | 2.7% |
| Building Products | 71065 | 0.4% |
| Capital Markets | 436815 | 2.3% |
| Chemicals | 154341 | 0.8% |
| Commercial Services & Supplies | 72294 | 0.4% |
| Communications Equipment | 118263 | 0.6% |
| Construction & Engineering | 13611 | 0.1% |
| Construction Materials | 16292 | 0.1% |
| Consumer Finance | 82460 | 0.4% |
| Consumer Staples Distribution & Retail | 254062 | 1.3% |
| Containers & Packaging | 27632 | 0.2% |
| Distributors | 9529 | <sup>NM</sup> |
| Diversified Telecommunication Services | 95632 | 0.5% |
| Electric Utilities | 196727 | 1.0% |
| Electrical Equipment | 116082 | 0.6% |
| Electronic Equipment, Instruments & <br>Components | 84876 | 0.5% |
| Energy Equipment & Services | 24813 | 0.1% |
| Entertainment | 227039 | 1.2% |
| Financial Services | 553392 | 2.9% |
| Food Products | 72888 | 0.4% |
| Gas Utilities | 6164 | <sup>NM</sup> |
| Ground Transportation | 120254 | 0.6% |
| Health Care Equipment & Supplies | 296772 | 1.5% |
| Health Care Providers & Services | 228559 | 1.2% |
| Health Care REITs | 33409 | 0.2% |
| Hotel & Resort REITs | 2581 | <sup>NM</sup> |
| Hotels, Restaurants & Leisure | 270106 | 1.4% |
| Household Durables | 29422 | 0.2% |
| Household Products | 129312 | 0.7% |
| Independent Power/Renewable <br>Electricity Producers | 17723 | 0.1% |
| Industrial Conglomerates | 123684 | 0.6% |
| Industrial REITs | 23967 | 0.1% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Insurance | $264654 | 1.4% |
| Interactive Media & Services | 847398 | 4.4% |
| IT Services | 146607 | 0.8% |
| Leisure Products | 2288 | <sup>NM</sup> |
| Life Sciences Tools & Services | 105895 | 0.6% |
| Machinery | 201986 | 1.0% |
| Media | 57442 | 0.3% |
| Metals & Mining | 42739 | 0.2% |
| Multi-Utilities | 79559 | 0.4% |
| Office REITs | 5184 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 359057 | 1.9% |
| Passenger Airlines | 18798 | 0.1% |
| Personal Care Products | 14583 | 0.1% |
| Pharmaceuticals | 363635 | 1.9% |
| Professional Services | 81397 | 0.4% |
| Real Estate Management & <br>Development | 18230 | 0.1% |
| Residential REITs | 31644 | 0.2% |
| Retail REITs | 32866 | 0.2% |
| Semiconductors & Semiconductor <br>Equipment | 1637810 | 8.6% |
| Software | 1478605 | 7.7% |
| Specialized REITs | 114783 | 0.6% |
| Specialty Retail | 219779 | 1.1% |
| Technology Hardware, Storage & <br>Peripherals | 795416 | 4.1% |
| Textiles, Apparel & Luxury Goods | 37829 | 0.2% |
| Tobacco | 93729 | 0.5% |
| Trading Companies & Distributors | 34790 | 0.2% |
| Water Utilities | 6538 | 0.1% |
| Wireless Telecommunication Services | 27877 | 0.2% |
| Other\*\* | 6323593 | 32.9% |
| **Total** | $**19170558** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraMid-Cap :: 125**

**Common Stocks (66.1%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| AAON, Inc. (Building Products) | 141 | $10399 |
| Abercrombie & Fitch Co.\*—Class A <br>(Specialty Retail) | 99 | 8202 |
| Acadia Healthcare Company, Inc.\* (Health <br>Care Providers & Services) | 192 | 4356 |
| Acuity Brands, Inc. (Electrical Equipment) | 64 | 19094 |
| Advanced Drainage Systems, Inc. (Building <br>Products) | 147 | 16884 |
| AECOM (Construction & Engineering) | 275 | 31037 |
| Affiliated Managers Group, Inc. (Capital <br>Markets) | 59 | 11609 |
| AGCO Corp. (Machinery) | 129 | 13308 |
| Agree Realty Corp. (Retail REITs) | 229 | 16731 |
| Alaska Air Group, Inc.\* (Passenger Airlines) | 253 | 12518 |
| Albertsons Cos., Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 839 | 18047 |
| Alcoa Corp. (Metals & Mining) | 539 | 15906 |
| Allegro MicroSystems, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 272 | 9300 |
| ALLETE, Inc. (Electric Utilities) | 121 | 7752 |
| Ally Financial, Inc. (Consumer Finance) | 576 | 22436 |
| Amedisys, Inc.\* (Health Care Providers & <br>Services) | 68 | 6691 |
| American Airlines Group, Inc.\* (Passenger <br>Airlines) | 1373 | 15406 |
| American Financial Group, Inc. (Insurance) | 150 | 18932 |
| American Homes 4 Rent—Class A <br>(Residential REITs) | 662 | 23878 |
| Amkor Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 237 | 4975 |
| Annaly Capital Management, Inc. <br>(Mortgage REITs) | 1260 | 23713 |
| Antero Midstream Corp. (Oil, Gas & <br>Consumable Fuels) | 698 | 13227 |
| Antero Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 608 | 24491 |
| API Group Corp.\* (Industrial Support Services) | 507 | 25882 |
| Appfolio, Inc.\*—Class A (Software) | 48 | 11053 |
| Applied Industrial Technologies, Inc. <br>(Trading Companies & Distributors) | 79 | 18364 |
| AptarGroup, Inc. (Containers & Packaging) | 137 | 21431 |
| Aramark (Hotels, Restaurants & Leisure) | 546 | 22861 |
| Arrow Electronics, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 108 | 13762 |
| ASGN, Inc.\* (IT Services) | 91 | 4544 |
| Ashland, Inc. (Chemicals) | 95 | 4777 |
| Associated Banc-Corp. (Banks) | 340 | 8293 |
| ATI, Inc.\* (Metals & Mining) | 294 | 25384 |
| Autoliv, Inc.\* (Automobile Components) | 148 | 16562 |
| AutoNation, Inc.\* (Specialty Retail) | 52 | 10330 |
| Avantor, Inc.\* (Life Sciences Tools & Services) | 1419 | 19100 |
| Avient Corp. (Chemicals) | 191 | 6171 |
| Avis Budget Group, Inc.\* (Ground <br>Transportation) | 35 | 5917 |
| Avnet, Inc. (Electronic Equipment, <br>Instruments & Components) | 175 | 9289 |
| Axalta Coating Systems, Ltd.\* (Chemicals) | 455 | 13509 |
| Bank OZK (Banks) | 220 | 10353 |
| Bath & Body Works, Inc. <br>(Retail—Discretionary) | 443 | 13272 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 82 | $9496 |
| BellRing Brands, Inc.\* (Personal Care Products) | 264 | 15294 |
| BILL Holdings, Inc.\* (Software) | 197 | 9113 |
| BioMarin Pharmaceutical, Inc.\* (Biotechnology) | 399 | 21933 |
| Bio-Rad Laboratories, Inc.\*—Class A (Life <br>Sciences Tools & Services) | 39 | 9411 |
| BJ's Wholesale Club Holdings, Inc.\* <br>(Consumer Staples Distribution & Retail) | 275 | 29653 |
| Black Hills Corp. (Multi-Utilities) | 151 | 8472 |
| Blackbaud, Inc.\* (Software) | 78 | 5008 |
| Boyd Gaming Corp.\* (Hotels, Restaurants & <br>Leisure) | 127 | 9935 |
| Brighthouse Financial, Inc.\* (Insurance) | 120 | 6452 |
| Brixmor Property Group, Inc. (Retail REITs) | 637 | 16587 |
| Bruker Corp. (Life Sciences Tools & Services) | 230 | 9476 |
| Brunswick Corp. (Leisure Products) | 137 | 7568 |
| Burlington Stores, Inc.\* (Specialty Retail) | 131 | 30475 |
| BWX Technologies, Inc. (Aerospace & Defense) | 190 | 27371 |
| Cabot Corp. (Chemicals) | 112 | 8400 |
| CACI International, Inc.\*—Class A <br>(Professional Services) | 46 | 21929 |
| Cadence Bank (Banks) | 388 | 12408 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 245 | 4337 |
| Carlisle Cos., Inc. (Building Products) | 90 | 33606 |
| Carpenter Technology Corp. (Metals & Mining) | 104 | 28744 |
| Casey's General Stores, Inc. (Consumer <br>Staples Distribution & Retail) | 77 | 39290 |
| Cava Group, Inc.\* (Leisure Facilities & Services) | 171 | 14403 |
| Celsius Holdings, Inc.\* (Beverages) | 327 | 15170 |
| ChampionX Corp. (Energy Equipment & <br>Services) | 399 | 9911 |
| Chart Industries, Inc.\* (Machinery) | 94 | 15477 |
| Chemed Corp. (Health Care Providers & <br>Services) | 30 | 14608 |
| Chewy, Inc.\*—Class A (Specialty Retail) | 457 | 19477 |
| Choice Hotels International, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 46 | 5836 |
| Chord Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 120 | 11622 |
| Churchill Downs, Inc. (Hotels, Restaurants & <br>Leisure) | 150 | 15150 |
| Ciena Corp.\* (Communications Equipment) | 296 | 24073 |
| Cirrus Logic, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 111 | 11572 |
| Civitas Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 177 | 4871 |
| Clean Harbors, Inc.\* (Commercial Services & <br>Supplies) | 105 | 24274 |
| Cleveland-Cliffs, Inc.\* (Metals & Mining) | 1009 | 7668 |
| CNH Industrial N.V.\* (Machinery) | 1821 | 23600 |
| CNO Financial Group, Inc.\* (Insurance) | 206 | 7947 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 301 | 10138 |
| Coca-Cola Consolidated, Inc. (Beverages) | 122 | 13621 |
| Cognex Corp. (Electronic Equipment, <br>Instruments & Components) | 349 | 11070 |
| Coherent Corp.\* (Electronic Equipment, <br>Instruments & Components) | 324 | 28904 |
| Columbia Banking System, Inc. (Banks) | 438 | 10240 |

---

**See accompanying notes to financial statements.**

------

**126 :: ProFund VP UltraMid-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Columbia Sportswear Co.\* (Textiles, Apparel & <br>Luxury Goods) | 64 | $3909 |
| Comerica, Inc. (Banks) | 274 | 16344 |
| Comfort Systems USA, Inc. (Construction & <br>Engineering) | 73 | 39143 |
| Commerce Bancshares, Inc. (Banks) | 253 | 15729 |
| Commercial Metals Co. (Metals & Mining) | 235 | 11494 |
| CommVault Systems, Inc.\* (Software) | 92 | 16038 |
| Concentrix Corp. (Professional Services) | 96 | 5074 |
| COPT Defense Properties (Office REITs) | 235 | 6481 |
| Core & Main, Inc.\*—Class A (Trading <br>Companies & Distributors) | 394 | 23778 |
| Coty, Inc.\*—Class A (Personal Care Products) | 763 | 3548 |
| Cousins Properties, Inc. (Office REITs) | 350 | 10511 |
| Crane Co. (Machinery) | 102 | 19369 |
| Crane NXT Co. (Electronic Equipment, <br>Instruments & Components) | 103 | 5552 |
| Crocs, Inc.\* (Textiles, Apparel & Luxury Goods) | 117 | 11850 |
| Crown Holdings, Inc. (Containers & Packaging) | 240 | 24716 |
| CubeSmart (Specialized REITs) | 475 | 20188 |
| Cullen/Frost Bankers, Inc. (Banks) | 134 | 17224 |
| Curtiss-Wright Corp. (Aerospace & Defense) | 78 | 38107 |
| Cytokinetics, Inc.\* (Biotechnology) | 249 | 8227 |
| Darling Ingredients, Inc.\* (Food Products) | 329 | 12482 |
| DENTSPLY SIRONA, Inc. (Health Care <br>Equipment & Supplies) | 415 | 6590 |
| Dick's Sporting Goods, Inc. (Specialty Retail) | 118 | 23342 |
| DocuSign, Inc.\* (Software) | 422 | 32870 |
| Dolby Laboratories, Inc.\*—Class A (Software) | 128 | 9505 |
| Donaldson Co., Inc. (Machinery) | 249 | 17268 |
| Doximity, Inc.\*—Class A (Health Care <br>Technology) | 278 | 17053 |
| Dropbox, Inc.\*—Class A (Software) | 408 | 11669 |
| DT Midstream, Inc. (Oil, Gas & Consumable <br>Fuels) | 211 | 23191 |
| Duolingo, Inc.\* (Diversified Consumer Services) | 82 | 33623 |
| Dynatrace, Inc.\* (Software) | 624 | 34451 |
| Eagle Materials, Inc. (Construction Materials) | 69 | 13945 |
| East West Bancorp, Inc. (Banks) | 287 | 28981 |
| EastGroup Properties, Inc. (Industrial REITs) | 109 | 18216 |
| EchoStar Corp.\*—Class A (Media) | 279 | 7728 |
| elf Beauty, Inc.\* (Personal Care Products) | 117 | 14559 |
| EMCOR Group, Inc. (Construction & <br>Engineering) | 93 | 49744 |
| Encompass Health Corp. (Health Care <br>Providers & Services) | 210 | 25752 |
| EnerSys (Electrical Equipment) | 82 | 7033 |
| Entegris, Inc. (Semiconductors & <br>Semiconductor Equipment) | 315 | 25406 |
| Envista Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 353 | 6898 |
| EPR Properties (Specialized REITs) | 158 | 9205 |
| Equitable Holdings, Inc. (Financial Services) | 633 | 35512 |
| Equity LifeStyle Properties, Inc. (Residential <br>REITs) | 398 | 24545 |
| Esab Corp. (Machinery) | 119 | 14345 |
| Essent Group, Ltd. (Financial Services) | 211 | 12814 |
| Essential Utilities, Inc. (Water Utilities) | 537 | 19944 |
| Euronet Worldwide, Inc.\* (Financial Services) | 85 | 8617 |
| Evercore Partners, Inc. (Capital Markets) | 75 | 20252 |
| Exelixis, Inc.\* (Biotechnology) | 568 | 25035 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ExlService Holdings, Inc.\* (Professional <br>Services) | 339 | $14845 |
| Exponent, Inc. (Professional Services) | 106 | 7919 |
| F.N.B. Corp.\* (Banks) | 749 | 10920 |
| Fabrinet\* (Electronic Equipment, <br>Instruments & Components) | 75 | 22101 |
| Federated Hermes, Inc.—B (Capital Markets) | 157 | 6958 |
| Fidelity National Financial, Inc. (Insurance) | 543 | 30440 |
| First American Financial Corp. (Insurance) | 214 | 13137 |
| First Financial Bankshares, Inc. (Banks) | 268 | 9643 |
| First Horizon Corp. (Banks) | 1056 | 22387 |
| First Industrial Realty Trust, Inc. (Industrial <br>REITs) | 276 | 13284 |
| FirstCash Holdings, Inc.\* (Consumer Finance) | 80 | 10811 |
| Five Below, Inc.\* (Specialty Retail) | 115 | 15086 |
| Flex, Ltd.\* (Electronic Equipment, <br>Instruments & Components) | 798 | 39836 |
| Floor & Decor Holdings, Inc.\*—Class A <br>(Specialty Retail) | 224 | 17015 |
| Flowers Foods, Inc. (Food Products) | 409 | 6536 |
| Flowserve Corp. (Machinery) | 272 | 14239 |
| Fluor Corp.\* (Construction & Engineering) | 343 | 17586 |
| Fortune Brands Innovations, Inc. (Building <br>Products) | 250 | 12870 |
| Frontier Communications Parent, Inc.\* <br>(Diversified Telecommunication Services) | 464 | 16890 |
| FTI Consulting, Inc.\* (Professional Services) | 70 | 11305 |
| GameStop Corp.\*<sup>(a)</sup>—Class A (Specialty Retail) | 847 | 20658 |
| Gaming and Leisure Properties, Inc. <br>(Specialized REITs) | 572 | 26700 |
| GATX Corp.\* (Trading Companies & <br>Distributors) | 74 | 11363 |
| Genpact, Ltd. (Professional Services) | 335 | 14743 |
| Gentex Corp. (Automobile Components) | 468 | 10291 |
| Glacier Bancorp, Inc. (Banks) | 246 | 10598 |
| Globus Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 235 | 13870 |
| Graco, Inc. (Machinery) | 348 | 29919 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 7 | 6623 |
| Grand Canyon Education, Inc.\* (Diversified <br>Consumer Services) | 58 | 10962 |
| Graphic Packaging Holding Co. (Containers & <br>Packaging) | 628 | 13232 |
| Greif, Inc.\*—Class A (Containers & Packaging) | 54 | 3509 |
| Guidewire Software, Inc.\* (Software) | 175 | 41205 |
| GXO Logistics, Inc.\* (Air Freight & Logistics) | 238 | 11591 |
| H&R Block, Inc. (Diversified Consumer Services) | 279 | 15314 |
| Haemonetics Corp.\* (Health Care <br>Equipment & Supplies) | 105 | 7834 |
| Halozyme Therapeutics, Inc.\* (Biotechnology) | 257 | 13369 |
| Hamilton Lane, Inc.—Class A (Capital Markets) | 90 | 12791 |
| Hancock Whitney Corp. (Banks) | 178 | 10217 |
| Harley-Davidson, Inc. (Automobiles) | 228 | 5381 |
| Healthcare Realty Trust, Inc. (Health Care REITs) | 732 | 11610 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 180 | 18857 |
| Hexcel Corp. (Aerospace & Defense) | 167 | 9434 |
| HF Sinaclair Corp. (Oil, Gas & Consumable <br>Fuels) | 333 | 13680 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraMid-Cap :: 127**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 120 | $4984 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 408 | 20339 |
| Home BancShares, Inc. (Banks) | 382 | 10872 |
| Houlihan Lokey, Inc. (Capital Markets) | 112 | 20154 |
| Hyatt Hotels Corp.—Class A (Hotels, <br>Restaurants & Leisure) | 87 | 12150 |
| IDACORP, Inc. (Electric Utilities) | 112 | 12930 |
| Illumina, Inc.\* (Life Sciences Tools & Services) | 330 | 31486 |
| Independence Realty Trust, Inc.\* <br>(Residential REITs) | 486 | 8597 |
| Ingredion, Inc. (Food Products) | 134 | 18173 |
| Insperity, Inc. (Professional Services) | 74 | 4449 |
| Interactive Brokers Group, Inc.—A (Capital <br>Markets) | 907 | 50257 |
| International Bancshares Corp. (Banks) | 111 | 7388 |
| IPG Photonics Corp.\* (Electronic <br>Equipment, Instruments & Components) | 55 | 3776 |
| Iridium Communications, Inc.\* (Diversified <br>Telecommunication Services) | 225 | 6788 |
| ITT, Inc. (Machinery) | 164 | 25720 |
| Janus Henderson Group PLC (Capital Markets) | 262 | 10176 |
| Jazz Pharmaceuticals PLC\* (Pharmaceuticals) | 128 | 13583 |
| Jefferies Financial Group, Inc. (Capital Markets) | 339 | 18540 |
| Jones Lang LaSalle, Inc.\* (Real Estate <br>Management & Development) | 99 | 25322 |
| KB Home (Household Durables) | 149 | 7893 |
| KBR, Inc. (Professional Services) | 270 | 12944 |
| Kemper Corp.\* (Insurance) | 125 | 8068 |
| Kilroy Realty Corp.\* (Office REITs) | 222 | 7617 |
| Kinsale Capital Group, Inc. (Insurance) | 46 | 22259 |
| Kirby Corp.\* (Marine Transportation) | 117 | 13269 |
| Kite Realty Group Trust (Retail REITs) | 458 | 10374 |
| Knife River Corp.\* (Construction Materials) | 118 | 9634 |
| Knight-Swift Transportation Holdings, Inc. <br>(Ground Transportation) | 337 | 14906 |
| Kyndryl Holdings, Inc.\* (IT Services) | 484 | 20309 |
| Lamar Advertising Co.—Class A <br>(Specialized REITs) | 183 | 22209 |
| Lancaster Colony Corp. (Food Products) | 40 | 6911 |
| Landstar System, Inc. (Ground Transportation) | 73 | 10148 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 144 | 11788 |
| Lattice Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 286 | 14011 |
| Lear Corp. (Automobile Components) | 111 | 10543 |
| Light & Wonder, Inc.\* (Hotels, Restaurants & <br>Leisure) | 176 | 16942 |
| Lincoln Electric Holdings, Inc. (Machinery) | 116 | 24049 |
| Lithia Motors, Inc.—A (Specialty Retail) | 54 | 18242 |
| Littelfuse, Inc. (Electronic Equipment, <br>Instruments & Components) | 51 | 11563 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 114 | 5132 |
| Louisiana-Pacific Corp. (Paper & Forest <br>Products) | 129 | 11093 |
| Lumentum Holdings, Inc.\* <br>(Communications Equipment) | 144 | 13689 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| MACOM Technology Solutions Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 124 | $17768 |
| Macy's, Inc. (Broadline Retail) | 580 | 6763 |
| Manhattan Associates, Inc.\* (Software) | 126 | 24881 |
| ManpowerGroup, Inc. (Professional Services) | 96 | 3878 |
| Maplebear, Inc.\* (Consumer Staples <br>Distribution & Retail) | 342 | 15472 |
| Marriott Vacations Worldwide Corp.\* <br>(Hotels, Restaurants & Leisure) | 66 | 4772 |
| Masimo Corp.\* (Health Care Equipment & <br>Supplies) | 94 | 15813 |
| MasTec, Inc.\* (Construction & Engineering) | 128 | 21815 |
| Matador Resources Co. (Oil, Gas & <br>Consumable Fuels) | 242 | 11548 |
| Mattel, Inc.\* (Leisure Products) | 672 | 13252 |
| Maximus, Inc. (Professional Services) | 117 | 8213 |
| Medpace Holdings, Inc.\* (Life Sciences <br>Tools & Services) | 49 | 15379 |
| MGIC Investment Corp. (Financial Services) | 494 | 13753 |
| MKS Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 140 | 13910 |
| Morningstar, Inc. (Capital Markets) | 55 | 17266 |
| MSA Safety, Inc. (Commercial Services & <br>Supplies) | 82 | 13737 |
| MSC Industrial Direct Co., Inc. (Trading <br>Companies & Distributors) | 93 | 7907 |
| Mueller Industries, Inc. (Machinery) | 230 | 18278 |
| Murphy Oil Corp. (Oil, Gas & Consumable <br>Fuels) | 279 | 6278 |
| Murphy USA, Inc. (Specialty Retail) | 37 | 15052 |
| National Fuel Gas Co.\* (Gas Utilities) | 188 | 15925 |
| National Retail Properties, Inc. (Retail REITs) | 391 | 16883 |
| National Storage Affiliates Trust (Specialized <br>REITs) | 146 | 4671 |
| Neurocrine Biosciences, Inc.\* (Biotechnology) | 206 | 25892 |
| New Jersey Resources Corp. (Gas Utilities) | 209 | 9367 |
| New York Community Bancorp, Inc. (Banks) | 631 | 6689 |
| NewMarket Corp. (Chemicals) | 16 | 11054 |
| Nexstar Media Group, Inc. (Media) | 59 | 10204 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 299 | 16257 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 128 | 6566 |
| NOV, Inc. (Energy Equipment & Services) | 782 | 9720 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 75 | 9670 |
| nVent Electric PLC (Electrical Equipment) | 343 | 25124 |
| OGE Energy Corp. (Electric Utilities) | 419 | 18595 |
| Okta, Inc.\* (IT Services) | 348 | 34789 |
| Old National Bancorp\* (Banks) | 678 | 14469 |
| Old Republic International Corp. (Insurance) | 473 | 18182 |
| Olin Corp. (Chemicals) | 240 | 4822 |
| Ollie's Bargain Outlet Holdings, Inc.\* <br>(Broadline Retail) | 128 | 16868 |
| Omega Healthcare Investors, Inc. (Health <br>Care REITs) | 602 | 22063 |
| ONE Gas, Inc.\* (Gas Utilities) | 125 | 8983 |
| Onto Innovation, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 102 | 10295 |

---

**See accompanying notes to financial statements.**

------

**128 :: ProFund VP UltraMid-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 341 | $11076 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 120 | 10051 |
| Oshkosh Corp. (Machinery) | 134 | 15214 |
| Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 541 | 20585 |
| Owens Corning (Building Products) | 177 | 24341 |
| Park Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 416 | 4256 |
| Parsons Corp.\* (Professional Services) | 98 | 7033 |
| Paylocity Holding Corp.\* (Professional Services) | 90 | 16308 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 205 | 4442 |
| Pegasystems, Inc. (Software) | 185 | 10014 |
| Penske Automotive Group, Inc.\* (Specialty <br>Retail) | 39 | 6701 |
| Penumbra, Inc.\* (Health Care Equipment & <br>Supplies) | 81 | 20786 |
| Performance Food Group Co.\* (Consumer <br>Staples Distribution & Retail) | 325 | 28428 |
| Permian Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 1328 | 18087 |
| Perrigo Co. PLC (Pharmaceuticals) | 286 | 7642 |
| Pilgrim's Pride Corp.\* (Food Products) | 84 | 3778 |
| Pinnacle Financial Partners, Inc. (Banks) | 160 | 17666 |
| Planet Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 175 | 19084 |
| Polaris Industries, Inc.\* (Leisure Products) | 110 | 4472 |
| Portland General Electric Co. (Electric Utilities) | 228 | 9264 |
| Post Holdings, Inc.\* (Food Products) | 94 | 10249 |
| PotlatchDeltic Corp. (Specialized REITs) | 149 | 5717 |
| Power Integrations, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 117 | 6540 |
| Primerica, Inc. (Insurance) | 68 | 18610 |
| Prosperity Bancshares, Inc.\* (Banks) | 198 | 13908 |
| Pure Storage, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 647 | 37254 |
| PVH Corp. (Textiles, Apparel & Luxury Goods) | 100 | 6860 |
| Qualys, Inc.\* (Software) | 76 | 10858 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 224 | 14340 |
| Range Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 497 | 20213 |
| Rayonier, Inc. (Specialized REITs) | 292 | 6477 |
| Rb Global, Inc. (Commercial Services & <br>Supplies) | 386 | 40990 |
| RBC Bearings, Inc.\* (Machinery) | 65 | 25012 |
| Regal Rexnord Corp. (Electrical Equipment) | 138 | 20004 |
| Reinsurance Group of America, Inc. (Insurance) | 138 | 27374 |
| Reliance Steel & Aluminum Co. (Metals & <br>Mining) | 109 | 34214 |
| RenaissanceRe Holdings, Ltd. (Insurance) | 101 | 24533 |
| Repligen Corp.\* (Life Sciences Tools & Services) | 109 | 13557 |
| Rexford Industrial Realty, Inc. (Industrial REITs) | 492 | 17500 |
| RH\* (Specialty Retail) | 32 | 6048 |
| RLI Corp.\* (Insurance) | 174 | 12566 |
| Roivant Sciences, Ltd.\* (Biotechnology) | 876 | 9873 |
| Royal Gold, Inc. (Metals & Mining) | 137 | 24364 |
| RPM International, Inc. (Chemicals) | 267 | 29327 |
| Ryan Specialty Holdings, Inc. (Insurance) | 224 | 15230 |
| Ryder System, Inc. (Ground Transportation) | 86 | 13674 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Sabra Health Care REIT, Inc. (Health Care <br>REITs) | 495 | $9128 |
| Saia, Inc.\* (Ground Transportation) | 55 | 15069 |
| Sarepta Therapeutics, Inc.\* (Biotechnology) | 205 | 3506 |
| Science Applications International Corp. <br>(Professional Services) | 98 | 11036 |
| SEI Investments Co. (Capital Markets) | 197 | 17702 |
| Selective Insurance Group, Inc. (Insurance) | 127 | 11005 |
| Sensata Technologies Holding PLC <br>(Electrical Equipment) | 305 | 9184 |
| Service Corp. International (Diversified <br>Consumer Services) | 296 | 24094 |
| Shift4 Payments, Inc.\*<sup>(a)</sup>—Class A (Financial <br>Services) | 140 | 13875 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 68 | 10020 |
| Siligan Holdings, Inc. (Containers & Packaging) | 169 | 9156 |
| Simpson Manufacturing Co., Inc. (Building <br>Products) | 87 | 13512 |
| Skechers U.S.A., Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 271 | 17099 |
| SLM Corp. (Consumer Finance) | 437 | 14329 |
| Sonoco Products Co.\* (Containers & Packaging) | 205 | 8930 |
| Sotera Health Co.\* (Life Sciences Tools & <br>Services) | 319 | 3547 |
| SouthState Corp. (Banks) | 205 | 18866 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 126 | 9373 |
| Spire, Inc.\* (Gas Utilities) | 123 | 8978 |
| Sprouts Farmers Market, Inc.\* (Consumer <br>Staples Distribution & Retail) | 204 | 33587 |
| STAG Industrial, Inc. (Industrial REITs) | 388 | 14077 |
| Starwood Property Trust, Inc. (Mortgage REITs) | 671 | 13467 |
| Stifel Financial Corp. (Capital Markets) | 214 | 22209 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 80 | 5186 |
| Synovus Financial Corp. (Banks) | 289 | 14956 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 209 | 12837 |
| TD SYNNEX Corp. (Electronic Equipment, <br>Instruments & Components) | 155 | 21034 |
| Tempur Sealy International, Inc. (Household <br>Durables) | 430 | 29261 |
| Tenet Healthcare Corp.\* (Health Care <br>Providers & Services) | 193 | 33968 |
| Terex Corp. (Machinery) | 137 | 6397 |
| Tetra Tech, Inc. (Commercial Services & <br>Supplies) | 549 | 19742 |
| Texas Capital Bancshares, Inc.\* (Banks) | 96 | 7622 |
| Texas Roadhouse, Inc. (Hotels, Restaurants & <br>Leisure) | 138 | 25862 |
| The Boston Beer Co., Inc.\*—Class A (Beverages) | 17 | 3244 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 87 | 7768 |
| The Carlyle Group, Inc. (Capital Markets) | 444 | 22822 |
| The Ensign Group, Inc. (Health Care <br>Providers & Services) | 119 | 18357 |
| The Gap, Inc. (Specialty Retail) | 463 | 10098 |
| The Goodyear Tire & Rubber Co.\* <br>(Automobile Components) | 595 | 6170 |
| The Hanover Insurance Group, Inc.\* (Insurance) | 75 | 12740 |
| The Middleby Corp.\* (Machinery) | 111 | 15984 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraMid-Cap :: 129**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The New York Times Co.—Class A (Media) | 338 | $18921 |
| The Scotts Miracle-Gro Co.\* (Chemicals) | 90 | 5936 |
| The Timken Co. (Machinery) | 133 | 9649 |
| The Toro Co. (Machinery) | 208 | 14701 |
| The Wendy's Co. (Hotels, Restaurants & Leisure) | 336 | 3837 |
| The Western Union Co. (Financial Services) | 688 | 5793 |
| Thor Industries, Inc. (Automobiles) | 111 | 9858 |
| Toll Brothers, Inc. (Household Durables) | 207 | 23624 |
| TopBuild Corp.\* (Household Durables) | 59 | 19101 |
| Travel + Leisure Co.\* (Hotels, Restaurants & <br>Leisure) | 138 | 7122 |
| Trex Co., Inc.\* (Building Products) | 223 | 12127 |
| TXNM Energy, Inc. (Electric Utilities) | 193 | 10870 |
| UFP Industries, Inc. (Building Products) | 126 | 12519 |
| UGI Corp. (Gas Utilities) | 446 | 16244 |
| UMB Financial Corp. (Banks) | 149 | 15669 |
| Under Armour, Inc.\*—Class A (Textiles, <br>Apparel & Luxury Goods) | 393 | 2684 |
| Under Armour, Inc.\*—Class C (Textiles, <br>Apparel & Luxury Goods) | 267 | 1733 |
| United Bankshares, Inc. (Banks) | 295 | 10747 |
| United Therapeutics Corp.\* (Biotechnology) | 94 | 27010 |
| Universal Display Corp. (Semiconductors & <br>Semiconductor Equipment) | 92 | 14210 |
| Unum Group (Insurance) | 334 | 26974 |
| US Foods Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 482 | 37119 |
| Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 78 | 12256 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 136 | 5727 |
| Valley National Bancorp\* (Banks) | 992 | 8859 |
| Valmont Industries, Inc. (Construction & <br>Engineering) | 42 | 13716 |
| Valvoline, Inc.\* (Specialty Retail) | 265 | 10036 |
| VF Corp. (Textiles, Apparel & Luxury Goods) | 689 | 8096 |
| Viper Energy, Inc. (Oil & Gas Producers) | 273 | 10409 |
| Visteon Corp.\* (Automobile Components) | 57 | 5318 |
| Vontier Corp.\* (Electronic Equipment, <br>Instruments & Components) | 308 | 11365 |
| Vornado Realty Trust (Office REITs) | 348 | 13307 |
| Voya Financial, Inc. (Financial Services) | 200 | 14200 |
| Warner Music Group Corp.\*—Class A <br>(Entertainment) | 304 | 8281 |
| Watsco, Inc. (Trading Companies & Distributors) | 73 | 32238 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 57 | 14016 |
| Weatherford International PLC (Energy <br>Equipment & Services) | 151 | 7597 |
| Webster Financial Corp. (Banks) | 350 | 19110 |
| WESCO International, Inc. (Trading <br>Companies & Distributors) | 92 | 17038 |
| Western Alliance Bancorp (Banks) | 227 | 17701 |
| Westlake Corp.\* (Chemicals) | 69 | 5239 |
| WEX, Inc.\* (Financial Services) | 71 | 10429 |
| Whirlpool Corp. (Household Durables) | 116 | 11765 |
| Wingstop, Inc. (Hotels, Restaurants & Leisure) | 58 | 19531 |
| Wintrust Financial Corp. (Banks) | 139 | 17233 |
| Woodward, Inc. (Aerospace & Defense) | 124 | 30391 |
| WP Carey, Inc. (Equity REIT—Diversified) | 456 | 28445 |
| Wyndham Hotels & Resorts, Inc. (Hotels, <br>Restaurants & Leisure) | 160 | 12994 |
| XPO, Inc.\* (Ground Transportation) | 245 | 30941 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| YETI Holdings, Inc.\* (Leisure Products) | 172 | $5421 |
| Zions Bancorp N.A. (Banks) | 307 | 15946 |
| ZoomInfo Technologies, Inc.\* (Interactive <br>Media & Services) | 541 | 5475 |
| **TOTAL COMMON STOCKS**<br> (Cost $3,485,729) |  | **6051697** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (33.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $3,033,358 | $3033000 | $3033000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,033,000) |  | **3033000** |

---

**Collateral for Securities Loaned<sup>(d)</sup> (0.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(e)</sup> | 35055 | $35055 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $35,055) |  | **35055** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $6,553,784)—99.6% |  | **9119752** |
| Net other assets (liabilities)—0.4% |  | 33715 |
| **NET ASSETS—100.0%** |  | $**9153467** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $34,952.

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

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $1,418,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**130 :: ProFund VP UltraMid-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-mini S&P MidCap 400 Futures Contracts | 3 | 9/22/25 | $937650 | $9079 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| S&P MidCap 400 | Goldman Sachs International | 7/28/25 | 4.98% | $4304767 | $370 |
| SPDR S&P MidCap 400 ETF | Goldman Sachs International | 7/28/25 | 4.75% | 2823865 | (1269) |
|  |  |  |  | $7128632 | $(899) |
| S&P MidCap 400 | UBS AG | 7/28/25 | 5.13% | $3603984 | $264 |
| SPDR S&P MidCap 400 ETF | UBS AG | 7/28/25 | 5.13% | 594685 | (286) |
|  |  |  |  | $4198669 | $(22) |
|  |  |  |  | $**11327301** | $**(921)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraMid-Cap :: 131**

ProFund VP UltraMid-Cap invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value  | % of<br>Net Assets |
| Aerospace & Defense | $105303 | 1.1% |
| Air Freight & Logistics | 11591 | 0.1% |
| Automobile Components | 48884 | 0.5% |
| Automobiles | 15239 | 0.2% |
| Banks | 401037 | 4.4% |
| Beverages | 32035 | 0.3% |
| Biotechnology | 134845 | 1.5% |
| Broadline Retail | 23631 | 0.3% |
| Building Products | 136258 | 1.5% |
| Capital Markets | 230737 | 2.5% |
| Chemicals | 89235 | 1.0% |
| Commercial Services & Supplies | 106511 | 1.2% |
| Communications Equipment | 37762 | 0.4% |
| Construction & Engineering | 173041 | 1.9% |
| Construction Materials | 23579 | 0.2% |
| Consumer Finance | 47576 | 0.5% |
| Consumer Staples Distribution & Retail | 201596 | 2.2% |
| Containers & Packaging | 80974 | 0.9% |
| Diversified Consumer Services | 90616 | 1.0% |
| Diversified Telecommunication Services | 23678 | 0.2% |
| Electric Utilities | 59411 | 0.6% |
| Electrical Equipment | 96696 | 1.1% |
| Electronic Equipment, Instruments & <br>Components | 197418 | 2.2% |
| Energy Equipment & Services | 32955 | 0.4% |
| Entertainment | 8281 | 0.1% |
| Equity REIT—Diversified | 28445 | 0.3% |
| Financial Services | 114993 | 1.3% |
| Food Products | 58129 | 0.6% |
| Gas Utilities | 68870 | 0.8% |
| Ground Transportation | 90655 | 1.0% |
| Health Care Equipment & Supplies | 88711 | 0.9% |
| Health Care Providers & Services | 154004 | 1.7% |
| Health Care REITs | 42801 | 0.5% |
| Health Care Technology | 17053 | 0.2% |
| Hotel & Resort REITs | 4256 | 0.1% |
| Hotels, Restaurants & Leisure | 193316 | 2.1% |
| Household Durables | 104481 | 1.1% |
| Independent Power/Renewable <br>Electricity Producers | 10051 | 0.1% |
| Industrial REITs | 63077 | 0.7% |
| Industrial Support Services | 25882 | 0.3% |

---

---

| | | |
|:---|:---|:---|
| | Value  | % of<br>Net Assets |
| Insurance | $274449 | 3.0% |
| Interactive Media & Services | 5475 | 0.1% |
| IT Services | 59642 | 0.6% |
| Leisure Facilities & Services | 14403 | 0.2% |
| Leisure Products | 30713 | 0.3% |
| Life Sciences Tools & Services | 101956 | 1.1% |
| Machinery | 316545 | 3.5% |
| Marine Transportation | 13269 | 0.1% |
| Media | 36853 | 0.4% |
| Metals & Mining | 147775 | 1.6% |
| Mortgage REITs | 37180 | 0.4% |
| Multi-Utilities | 15038 | 0.2% |
| Office REITs | 37916 | 0.4% |
| Oil & Gas Producers | 10410 | 0.1% |
| Oil, Gas & Consumable Fuels | 182372 | 2.0% |
| Paper & Forest Products | 11092 | 0.1% |
| Passenger Airlines | 27924 | 0.3% |
| Personal Care Products | 33401 | 0.4% |
| Pharmaceuticals | 21225 | 0.2% |
| Professional Services | 139676 | 1.5% |
| Real Estate Management & Development | 25322 | 0.3% |
| Residential REITs | 57020 | 0.6% |
| Retail—Discretionary | 13272 | 0.2% |
| Retail REITs | 60575 | 0.7% |
| Semiconductors & Semiconductor <br>Equipment | 157533 | 1.7% |
| Software | 216665 | 2.4% |
| Specialized REITs | 95167 | 1.0% |
| Specialty Retail | 210762 | 2.3% |
| Technology Hardware, Storage & <br>Peripherals | 37254 | 0.4% |
| Textiles, Apparel & Luxury Goods | 56568 | 0.6% |
| Trading Companies & Distributors | 110688 | 1.2% |
| Water Utilities | 19944 | 0.2% |
| Other\*\* | 3101770 | 33.9% |
| **Total** | $**9153467** | **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.

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**132 :: ProFund VP UltraNasdaq-100 ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks (70.3%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Adobe, Inc.\* (Software) | 4701 | $1818723 |
| Advanced Micro Devices, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 17886 | 2538023 |
| Airbnb, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 4761 | 630071 |
| Alphabet, Inc.—Class A (Interactive <br>Media & Services) | 26095 | 4598722 |
| Alphabet, Inc.—Class C (Interactive <br>Media & Services) | 24476 | 4341798 |
| Amazon.com, Inc.\* (Broadline Retail) | 47600 | 10442965 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 5891 | 611250 |
| Amgen, Inc. (Biotechnology) | 5932 | 1656273 |
| Analog Devices, Inc. (Semiconductors & <br>Semiconductor Equipment) | 5473 | 1302683 |
| ANSYS, Inc.\* (Software) | 969 | 340332 |
| Apple, Inc. (Technology Hardware, <br>Storage & Peripherals) | 66967 | 13739619 |
| Applied Materials, Inc. (Semiconductors & <br>Semiconductor Equipment) | 8853 | 1620719 |
| AppLovin Corp\*—Class A (Software) | 3394 | 1188172 |
| ARM Holdings PLC\*<sup>ADR(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 1476 | 238728 |
| ASML Holding N.V.<sup>NYS</sup> (Semiconductors & <br>Semiconductor Equipment) | 964 | 772540 |
| AstraZeneca PLC<sup>ADR</sup> (Pharmaceuticals) | 6573 | 459321 |
| Atlassian Corp.\*—Class A (Software) | 1822 | 370030 |
| Autodesk, Inc.\* (Software) | 2361 | 730895 |
| Automatic Data Processing, Inc. <br>(Professional Services) | 4477 | 1380706 |
| Axon Enterprise, Inc.\* (Aerospace & Defense) | 858 | 710373 |
| Baker Hughes Co. (Energy Equipment & <br>Services) | 10927 | 418941 |
| Biogen, Inc.\* (Biotechnology) | 1617 | 203079 |
| Booking Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 359 | 2078337 |
| Broadcom, Inc. (Semiconductors & <br>Semiconductor Equipment) | 34868 | 9611364 |
| Cadence Design Systems, Inc.\* (Software) | 3013 | 928456 |
| CDW Corp. (Electronic Equipment, <br>Instruments & Components) | 1452 | 259313 |
| Charter Communications, Inc.\*—Class A <br>(Media) | 1548 | 632838 |
| Cintas Corp. (Commercial Services & <br>Supplies) | 4455 | 992886 |
| Cisco Systems, Inc. (Communications <br>Equipment) | 43681 | 3030588 |
| Coca-Cola European Partners PLC <br>(Beverages) | 5065 | 469627 |
| Cognizant Technology Solutions <br>Corp.—Class A (IT Services) | 5437 | 424249 |
| Comcast Corp.—Class A (Media) | 41079 | 1466109 |
| Constellation Energy Corp. (Electric Utilities) | 3458 | 1116104 |
| Copart, Inc.\* (Commercial Services & <br>Supplies) | 10655 | 522841 |
| CoStar Group, Inc.\* (Real Estate <br>Management & Development) | 4654 | 374182 |
| Costco Wholesale Corp. (Consumer <br>Staples Distribution & Retail) | 4895 | 4845756 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Crowdstrike Holdings, Inc.\*—Class A <br>(Software) | 2746 | $1398565 |
| CSX Corp. (Ground Transportation) | 20720 | 676094 |
| Datadog, Inc.\*—Class A (Software) | 3523 | 473245 |
| Dexcom, Inc.\* (Health Care Equipment & <br>Supplies) | 4325 | 377529 |
| Diamondback Energy, Inc. (Oil, Gas & <br>Consumable Fuels) | 3222 | 442703 |
| DoorDash, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 4397 | 1083904 |
| Electronic Arts, Inc. (Entertainment) | 2766 | 441730 |
| Exelon Corp. (Electric Utilities) | 11135 | 483482 |
| Fastenal Co. (Trading Companies & <br>Distributors) | 12653 | 531426 |
| Fortinet, Inc.\* (Software) | 8444 | 892700 |
| GE HealthCare Technologies, Inc. (Health <br>Care Equipment & Supplies) | 5049 | 373979 |
| Gilead Sciences, Inc. (Biotechnology) | 13722 | 1521358 |
| GLOBALFOUNDRIES, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 6097 | 232905 |
| Honeywell International, Inc. (Industrial <br>Conglomerates) | 7089 | 1650886 |
| IDEXX Laboratories, Inc.\* (Health Care <br>Equipment & Supplies) | 887 | 475734 |
| Intel Corp. (Semiconductors & <br>Semiconductor Equipment) | 48115 | 1077776 |
| Intuit, Inc. (Software) | 3076 | 2422750 |
| Intuitive Surgical, Inc.\* (Health Care <br>Equipment & Supplies) | 3953 | 2148100 |
| Keurig Dr Pepper, Inc. (Beverages) | 14980 | 495239 |
| KLA Corp. (Semiconductors & <br>Semiconductor Equipment) | 1460 | 1307780 |
| Lam Research Corp. (Semiconductors & <br>Semiconductor Equipment) | 14109 | 1373370 |
| Linde PLC (Chemicals) | 5193 | 2436452 |
| Lululemon Athletica, Inc.\* (Textiles, <br>Apparel & Luxury Goods) | 1268 | 301251 |
| Marriott International, Inc.—Class A <br>(Hotels, Restaurants & Leisure) | 3022 | 825641 |
| Marvell Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 9509 | 735997 |
| MercadoLibre, Inc.\* (Broadline Retail) | 559 | 1461019 |
| Meta Platforms, Inc.—Class A (Interactive <br>Media & Services) | 9735 | 7185306 |
| Microchip Technology, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 5950 | 418702 |
| Micron Technology, Inc. (Semiconductors & <br>Semiconductor Equipment) | 12328 | 1519426 |
| Microsoft Corp. (Software) | 33325 | 16576187 |
| MicroStrategy, Inc.\*—Class A (Software) | 2800 | 1131844 |
| Mondelez International, Inc.—Class A <br>(Food Products) | 14281 | 963111 |
| Monster Beverage Corp.\* (Beverages) | 10757 | 673818 |
| Netflix, Inc.\* (Entertainment) | 4694 | 6285876 |
| NVIDIA Corp. (Semiconductors & <br>Semiconductor Equipment) | 109401 | 17284265 |
| NXP Semiconductors N.V. <br>(Semiconductors & Semiconductor <br>Equipment) | 2788 | 609150 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraNasdaq-100 :: 133**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Old Dominion Freight Line, Inc. (Ground <br>Transportation) | 2331 | $378321 |
| ON Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 4608 | 241505 |
| O'Reilly Automotive, Inc.\* (Specialty Retail) | 9429 | 849835 |
| PACCAR, Inc. (Machinery) | 5791 | 550492 |
| Palantir Technologies, Inc.\*—Class A <br>(Software) | 24961 | 3402684 |
| Palo Alto Networks, Inc.\* (Software) | 7355 | 1505127 |
| Paychex, Inc. (Professional Services) | 3974 | 578058 |
| PayPal Holdings, Inc.\* (Financial Services) | 10727 | 797231 |
| PDD Holdings, Inc.\*<sup>ADR</sup> (Broadline Retail) | 7368 | 771135 |
| PepsiCo, Inc. (Beverages) | 15125 | 1997105 |
| QUALCOMM, Inc. (Semiconductors & <br>Semiconductor Equipment) | 12112 | 1928957 |
| Regeneron Pharmaceuticals, Inc.\* <br>(Biotechnology) | 1171 | 614775 |
| Roper Technologies, Inc. (Software) | 1186 | 672272 |
| Ross Stores, Inc. (Specialty Retail) | 3627 | 462733 |
| Shopify, Inc.\*—Class A (It Services) | 13437 | 1549958 |
| Starbucks Corp. (Hotels, Restaurants & <br>Leisure) | 12534 | 1148490 |
| Synopsys, Inc.\* (Software) | 1711 | 877195 |
| Take-Two Interactive Software, Inc.\* <br>(Entertainment) | 2009 | 487886 |
| Tesla, Inc.\* (Automobiles) | 16319 | 5183894 |
| Texas Instruments, Inc. (Semiconductors & <br>Semiconductor Equipment) | 10022 | 2080768 |
| The Kraft Heinz Co. (Food Products) | 13054 | 337054 |
| The Trade Desk, Inc.\*—Class A (Media) | 4941 | 355703 |
| T-Mobile U.S., Inc. (Wireless <br>Telecommunication Services) | 12524 | 2983968 |
| Verisk Analytics, Inc. (Professional Services) | 1543 | 480645 |
| Vertex Pharmaceuticals, Inc.\* (Biotechnology) | 2833 | 1261252 |
| Warner Bros. Discovery, Inc.\* (Entertainment) | 27289 | 312732 |
| Workday, Inc.\*—Class A (Software) | 2384 | 572160 |
| Xcel Energy, Inc. (Electric Utilities) | 6361 | 433184 |
| Zscaler, Inc.\* (Software) | 1718 | 539349 |
| **TOTAL COMMON STOCKS**<br> (Cost $75,024,150) |  | **188510381** |

---

**Repurchase Agreements<sup>(b)(c)</sup> (27.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $72,999,615 | $72991000 | $72991000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $72,991,000) |  | **72991000** |

---

**Collateral for Securities Loaned<sup>(d)(NM)</sup>**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(e)</sup> | 120328 | $120328 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $120,328) |  | **120328** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $148,135,478)—97.5% |  | **261621709** |
| Net other assets (liabilities)—2.5% |  | 6798776 |
| **NET ASSETS—100.0%** |  | $**268420485** |

---

\* Non-income producing security.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $115,159.

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

<sup>(c)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $41,190,000.

<sup>(d)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(e)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>ADR</sup> American Depositary Receipt

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>NYS</sup> New York Shares

**See accompanying notes to financial statements.**

------

**134 :: ProFund VP UltraNasdaq-100 ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional <br>Amount | Value and <br>Unrealized <br>Appreciation/ <br>(Depreciation) |
| E-Mini Nasdaq-100 Index Futures Contracts | 52 | 9/22/25 | $23808980 | $730335 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Invesco QQQ Trust, Series 1 ETF | Goldman Sachs International | 7/28/25 | 4.88% | $75681728 | $456402 |
| Nasdaq-100 Index | Goldman Sachs International | 7/28/25 | 5.08% | 101529392 | 588785 |
|  |  |  |  | $177211120 | $1045187 |
| Invesco QQQ Trust, Series 1 ETF | UBS AG | 7/28/25 | 5.13% | $16648222 | $100053 |
| Nasdaq-100 Index | UBS AG | 7/28/25 | 5.13% | 127771274 | 766124 |
|  |  |  |  | $144419496 | $866177 |
|  |  |  |  | $**321630616** | $**1911364** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 UltraNasdaq-100 invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Aerospace & Defense | $710373 | 0.3% |
| Automobiles | 5183894 | 1.9% |
| Beverages | 3635789 | 1.4% |
| Biotechnology | 5256737 | 2.0% |
| Broadline Retail | 12675118 | 4.7% |
| Chemicals | 2436452 | 0.9% |
| Commercial Services & Supplies | 1515727 | 0.6% |
| Communications Equipment | 3030588 | 1.1% |
| Consumer Staples Distribution & Retail | 4845756 | 1.8% |
| Electric Utilities | 2644020 | 1.0% |
| Electronic Equipment, Instruments & <br>Components | 259313 | 0.1% |
| Energy Equipment & Services | 418941 | 0.1% |
| Entertainment | 7528224 | 2.8% |
| Financial Services | 797231 | 0.3% |
| Food Products | 1300165 | 0.5% |
| Ground Transportation | 1054415 | 0.4% |
| Health Care Equipment & Supplies | 3375342 | 1.2% |
| Hotels, Restaurants & Leisure | 5766443 | 2.2% |
| Industrial Conglomerates | 1650886 | 0.6% |
| Interactive Media & Services | 16125826 | 6.0% |
| It Services | 1549958 | 0.6% |
| IT Services | 424249 | 0.2% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Machinery | $550492 | 0.2% |
| Media | 2454650 | 0.9% |
| Oil, Gas & Consumable Fuels | 442703 | 0.2% |
| Pharmaceuticals | 459321 | 0.2% |
| Professional Services | 2439409 | 0.9% |
| Real Estate Management & <br>Development | 374182 | 0.1% |
| Semiconductors & Semiconductor <br>Equipment | 44894658 | 16.7% |
| Software | 35840686 | 13.4% |
| Specialty Retail | 1312568 | 0.5% |
| Technology Hardware, Storage & <br>Peripherals | 13739619 | 5.1% |
| Textiles, Apparel & Luxury Goods | 301252 | 0.1% |
| Trading Companies & Distributors | 531426 | 0.2% |
| Wireless Telecommunication Services | 2983968 | 1.1% |
| Other\*\* | 79910104 | 29.7% |
| **Total** | $**268420485** | **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.

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraShort Dow 30 :: 135**

**Repurchase Agreements<sup>(a)</sup> (42.2%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $1,000 | $1000 | $1000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,000) |  | **1000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $1,000)—42.2% |  | **1000** |
| Net other assets (liabilities)—57.8% |  | 1368 |
| **NET ASSETS—100.0%** |  | $**2368** |

---

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

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| Dow Jones Industrial Average | Goldman Sachs International | 7/28/25 | (4.83)% | $(1718) | $(11) |
| Dow Jones Industrial Average | UBS AG | 7/28/25 | (4.73)% | (3012) | (18) |
|  |  |  |  | $**(4730)** | $**(29)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

**136 :: ProFund VP UltraShort Nasdaq-100 ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Repurchase Agreements<sup>(a)(b)</sup> (101.1%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $242,029 | $242000 | $242000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $242,000) |  | **242000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $242,000)—101.1% |  | **242000** |
| Net other assets (liabilities)—(1.1)% |  | (2676) |
| **NET ASSETS—100.0%** |  | $**239324** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $95,000.

**Total Return Swap Agreements—Short**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| Nasdaq-100 Index | Goldman Sachs International | 7/28/25 | (4.83)% | $(139959) | $(911) |
| Nasdaq-100 Index | UBS AG | 7/28/25 | (4.73)% | (336711) | (2030) |
|  |  |  |  | $**(476670)** | $**(2941)** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 137**

**Common Stocks (67.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| 10X Genomics Inc\*—Class A <br>(Medical Equipment & Devices) | 369 | $4272 |
| 1-800-Flowers.com, Inc.\*—Class A (Specialty <br>Retail) | 76 | 374 |
| 1st Source Corp. (Banks) | 67 | 4159 |
| 3D Systems Corp.\* (Machinery) | 460 | 708 |
| 4D Molecular Therapeutics, Inc.\* <br>(Biotechnology) | 140 | 519 |
| 89bio, Inc.\* (Biotechnology) | 436 | 4282 |
| 8x8, Inc.\* (Software) | 455 | 892 |
| 908 Devices, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 96 | 684 |
| A10 Networks, Inc.\* (Software) | 258 | 4992 |
| AAR Corp. (Aerospace & Defense) | 125 | 8599 |
| Aardvark Therapeutics, Inc.\* (Biotech & Pharma) | 20 | 270 |
| Abeona Therapeutics, Inc.\* (Biotech & Pharma) | 152 | 863 |
| Abercrombie & Fitch Co.\*—Class A (Specialty <br>Retail) | 165 | 13670 |
| ABM Industries, Inc. (Commercial Services & <br>Supplies) | 216 | 10197 |
| Absci Corp.\* (Biotechnology) | 381 | 979 |
| Acacia Research Corp.\* (Financial Services) | 119 | 426 |
| Academy Sports & Outdoors, Inc. (Specialty <br>Retail) | 232 | 10396 |
| ACADIA Pharmaceuticals, Inc.\* (Biotechnology) | 434 | 9361 |
| Acadia Realty Trust (Retail REITs) | 461 | 8561 |
| Accel Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 189 | 2225 |
| ACCO Brands Corp. (Commercial Services & <br>Supplies) | 305 | 1092 |
| Accuray, Inc.\* (Health Care Equipment & <br>Supplies) | 354 | 485 |
| ACI Worldwide, Inc.\* (Software) | 368 | 16895 |
| Aclaris Therapeutics, Inc.\* (Biotech & Pharma) | 317 | 450 |
| ACM Research, Inc.\*—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 176 | 4558 |
| Acme United Corp. (Wholesale—Discretionary) | 12 | 497 |
| ACNB Corp. (Banks) | 36 | 1542 |
| ACRES Commercial Realty Corp.\* (Specialty <br>Finance) | 21 | 377 |
| Actuate Therapeutics, Inc.\* (Biotech & Pharma) | 21 | 128 |
| Acuren Corp.\* (Asset Management) | 361 | 3985 |
| Acushnet Holdings Corp. (Leisure Products) | 98 | 7136 |
| ACV Auctions, Inc.\*—Class A (Commercial <br>Services & Supplies) | 586 | 9505 |
| AdaptHealth Corp.\* (Health Care Providers & <br>Services) | 323 | 3046 |
| Adaptive Biotechnologies Corp.\* (Life Sciences <br>Tools & Services) | 522 | 6080 |
| ADC Therapeutics SA\* (Biotechnology) | 253 | 678 |
| Addus HomeCare Corp.\* (Health Care <br>Providers & Services) | 63 | 7257 |
| Adeia, Inc. (Software) | 380 | 5373 |
| Adient PLC (Automobile Components) | 294 | 5721 |
| ADMA Biologics, Inc.\* (Biotechnology) | 809 | 14731 |
| Adtalem Global Education, Inc.\* (Diversified <br>Consumer Services) | 129 | 16413 |
| ADTRAN Holdings, Inc. (Communications <br>Equipment) | 260 | 2332 |
| Advance Auto Parts, Inc. (Specialty Retail) | 210 | 9763 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Advanced Emissions Solutions, Inc.\* <br>(Chemicals) | 110 | $591 |
| Advanced Energy Industries, Inc. (Electronic <br>Equipment, Instruments & Components) | 132 | 17490 |
| AdvanSix, Inc. (Chemicals) | 92 | 2185 |
| Advantage Solutions, Inc.\* (Media) | 329 | 434 |
| Aehr Test Systems\*<sup>(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 99 | 1280 |
| Aeluma, Inc.\* (Semiconductors) | 34 | 557 |
| AeroVironment, Inc.\* (Aerospace & Defense) | 99 | 28211 |
| AerSale Corp.\* (Aerospace & Defense) | 112 | 673 |
| Aeva Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 107 | 4044 |
| AFC Gamma, Inc. (Mortgage REITs) | 64 | 287 |
| AG Mortgage Investment Trust, Inc. (Mortgage <br>REITs) | 97 | 732 |
| agilon health, Inc.\* (Health Care Providers & <br>Services) | 1077 | 2477 |
| Agilysys, Inc.\* (Software) | 90 | 10318 |
| Agios Pharmaceuticals, Inc.\* (Biotechnology) | 197 | 6552 |
| AirJoule Technologies Corp.\* (Electrical <br>Equipment) | 75 | 347 |
| AirSculpt Technologies, Inc.\* (Health Care <br>Providers & Services) | 45 | 217 |
| Airship AI Holdings, Inc.\* (Software) | 70 | 412 |
| Akebia Therapeutics, Inc.\* (Biotechnology) | 873 | 3178 |
| Akero Therapeutics, Inc. (Biotechnology) | 244 | 13020 |
| Alamo Group, Inc. (Machinery) | 36 | 7862 |
| Alarm.com Holdings, Inc.\* (Software) | 166 | 9391 |
| Albany International Corp. (Machinery) | 106 | 7434 |
| Aldeyra Therapeutics, Inc.\* (Biotechnology) | 189 | 724 |
| Alector, Inc.\* (Biotechnology) | 278 | 389 |
| Alerus Financial Corp. (Financial Services) | 79 | 1710 |
| Alexander & Baldwin, Inc. (Equity REIT—<br>Diversified) | 255 | 4547 |
| Alexander's, Inc. (Retail REITs) | 8 | 1803 |
| Alico, Inc. (Food Products) | 19 | 621 |
| Alight, Inc.—Class A (Professional Services) | 1506 | 8524 |
| Alignment Healthcare, Inc.\* (Health Care <br>Providers & Services) | 445 | 6230 |
| Alkami Technology, Inc.\* (Software) | 238 | 7173 |
| Alkermes PLC\* (Biotechnology) | 566 | 16192 |
| Allegiant Travel Co.\* (Passenger Airlines) | 50 | 2748 |
| ALLETE, Inc. (Electric Utilities) | 204 | 13070 |
| Allied Motion Technologies, Inc. (Electrical <br>Equipment) | 50 | 1816 |
| Allogene Therapeutics, Inc.\* (Biotechnology) | 529 | 598 |
| Alpha and Omega Semiconductor, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 86 | 2207 |
| Alpha Metallurgical Resources, Inc. (Metals & <br>Mining) | 41 | 4612 |
| Alpha Teknova, Inc.\* (Biotech & Pharma) | 38 | 187 |
| Alphatec Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 405 | 4496 |
| Alpine Income Property Trust, Inc. <br>(Equity REIT—Diversified) | 44 | 647 |
| Alta Equipment Group, Inc. (Trading <br>Companies & Distributors) | 71 | 449 |
| AlTi Global, Inc.\* (Capital Markets) | 149 | 618 |
| Altice USA, Inc.\*—Class A (Cable & Satellite) | 912 | 1952 |

---

**See accompanying notes to financial statements.**

------

**138 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Altimmune, Inc.\* (Biotechnology) | 271 | $1049 |
| Alumis, Inc.\* (Pharmaceuticals) | 168 | 504 |
| Amalgamated Financial Corp. (Banks) | 82 | 2558 |
| A-Mark Precious Metals, Inc.\* (Distributors) | 66 | 1464 |
| Ambac Financial Group, Inc.\* (Insurance) | 166 | 1179 |
| Ambarella, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 142 | 9381 |
| AMC Entertainment Holdings, Inc.\* <br>(Entertainment) | 1519 | 4709 |
| AMC Networks, Inc.\*—Class A (Media) | 113 | 709 |
| Amerant Bancorp, Inc.\* (Banks) | 130 | 2370 |
| Ameresco, Inc.\*—Class A (Construction & <br>Engineering) | 112 | 1701 |
| American Assets Trust, Inc. (Equity <br>REIT—Diversified) | 182 | 3595 |
| American Axle & Manufacturing Holdings, <br>Inc.\* (Automobile Components) | 404 | 1648 |
| American Battery Technology Co.\* (Metals & <br>Mining) | 283 | 458 |
| American Eagle Outfitters, Inc. (Specialty Retail) | 567 | 5455 |
| American Healthcare REIT, Inc. (Health Care <br>REITs) | 556 | 20428 |
| American Outdoor Brands Inc.\* (Leisure <br>Products) | 43 | 449 |
| American Public Education, Inc.\* (Diversified <br>Consumer Services) | 61 | 1858 |
| American Reality Investors, Inc.\* (Real Estate <br>Management & Development) | 5 | 71 |
| American States Water Co. (Water Utilities) | 135 | 10349 |
| American Superconductor Corp.\* (Electrical <br>Equipment) | 133 | 4880 |
| American Vanguard Corp.\* (Chemicals) | 91 | 357 |
| American Woodmark Corp.\* (Building Products) | 51 | 2722 |
| America's Car-Mart, Inc.\* (Specialty Retail) | 26 | 1457 |
| Ameris Bancorp (Banks) | 231 | 14946 |
| AMERISAFE, Inc. (Insurance) | 66 | 2886 |
| Ames National Corp.\* (Banks) | 31 | 552 |
| Amicus Therapeutics, Inc.\* (Biotechnology) | 972 | 5570 |
| AMMO, Inc.\* (Leisure Products) | 307 | 393 |
| AMN Healthcare Services, Inc.\* (Health Care <br>Providers & Services) | 134 | 2770 |
| Amneal Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 525 | 4247 |
| Amphastar Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 130 | 2985 |
| Amplitude, Inc.\*—Class A (Software) | 304 | 3770 |
| Amprius Technologies, Inc.\* (Electrical <br>Equipment) | 325 | 1368 |
| Amylyx Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 242 | 1551 |
| AnaptysBio, Inc.\* (Biotechnology) | 68 | 1510 |
| Anavex Life Sciences Corp.\*<sup>(a)</sup> (Biotechnology) | 292 | 2692 |
| Angel Oak Mortgage REIT, Inc. (Mortgage <br>REITs) | 43 | 405 |
| Angi, Inc.\* (Interactive Media & Services) | 151 | 2304 |
| AngioDynamics, Inc.\* (Health Care <br>Equipment & Supplies) | 136 | 1349 |
| ANI Pharmaceuticals, Inc.\* (Pharmaceuticals) | 63 | 4111 |
| Anika Therapeutics, Inc.\* (Biotechnology) | 43 | 455 |
| Annexon, Inc.\* (Biotechnology) | 334 | 802 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Anteris Technologies Global Corp.\* (Medical <br>Equipment & Devices) | 75 | $284 |
| Anterix, Inc.\* (Diversified Telecommunication <br>Services) | 45 | 1154 |
| Anywhere Real Estate, Inc.\* (Real Estate <br>Management & Development) | 368 | 1332 |
| Apartment Investment and Management Co.\* <br>(Residential REITs) | 461 | 3988 |
| Apogee Enterprises, Inc. (Building Products) | 74 | 3004 |
| Apogee Therapeutics, Inc.\* (Biotechnology) | 111 | 4821 |
| Apollo Commercial Real Estate Finance, Inc. <br>(Mortgage REITs) | 488 | 4724 |
| Apollo Medical Holdings, Inc.\* (Health Care <br>Providers & Services) | 142 | 3533 |
| Appian Corp.\*—Class A (Software) | 138 | 4121 |
| Apple Hospitality REIT, Inc. (Hotel & Resort <br>REITs) | 782 | 9126 |
| Applied Digital Corp.\*<sup>(a)</sup> (IT Services) | 617 | 6213 |
| Applied Optoelectronics, Inc.\* <br>(Communications Equipment) | 188 | 4830 |
| Aquestive Therapeutics, Inc.\* (Pharmaceuticals) | 300 | 993 |
| Arbor Realty Trust, Inc.<sup>(a)</sup> (Mortgage REITs) | 666 | 7126 |
| Arbutus Biopharma Corp.\* (Biotechnology) | 528 | 1632 |
| ArcBest Corp. (Ground Transportation) | 81 | 6238 |
| Arcellx, Inc.\* (Biotechnology) | 128 | 8429 |
| Archer Aviation, Inc.\*—Class A (Aerospace & <br>Defense) | 1903 | 20648 |
| Archrock, Inc. (Energy Equipment & Services) | 577 | 14327 |
| Arcosa, Inc. (Construction & Engineering) | 170 | 14741 |
| Arcturus Therapeutics Holdings, Inc.\* <br>(Biotechnology) | 88 | 1145 |
| Arcus Biosciences, Inc.\* (Biotechnology) | 241 | 1962 |
| Arcutis Biotherapeutics, Inc.\* (Biotechnology) | 374 | 5243 |
| Ardagh Metal Packaging SA (Containers & <br>Packaging) | 487 | 2084 |
| Ardelyx, Inc.\* (Biotechnology) | 824 | 3230 |
| Ardent Health Partners, Inc.\* (Health Care <br>Providers & Services) | 81 | 1106 |
| Ardmore Shipping Corp. (Oil, Gas & <br>Consumable Fuels) | 120 | 1152 |
| Ares Commercial Real Estate Corp. (Mortgage <br>REITs) | 185 | 882 |
| Argan, Inc. (Construction & Engineering) | 46 | 10142 |
| Arhaus, Inc. (Specialty Retail) | 179 | 1552 |
| Aris Water Solutions, Inc.—Class A <br>(Commercial Services & Supplies) | 108 | 2554 |
| Arko Corp. (Specialty Retail) | 268 | 1134 |
| Arlo Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 347 | 5885 |
| Armada Hoffler Properties, Inc. (Equity <br>REIT—Diversified) | 279 | 1917 |
| ARMOUR Residential REIT, Inc.<sup>(a)</sup> (Mortgage <br>REITs) | 288 | 4841 |
| Array Technologies, Inc.\* (Electrical Equipment) | 530 | 3127 |
| ArriVent Biopharma, Inc.\* (Biotechnology) | 80 | 1742 |
| Arrow Financial Corp. (Banks) | 58 | 1532 |
| Arrowhead Pharmaceuticals, Inc.\* <br>(Biotechnology) | 421 | 6652 |
| ARS Pharmaceuticals, Inc.\* (Biotechnology) | 191 | 3333 |
| Arteris, Inc.\* (Software) | 98 | 934 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 139**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Artisan Partners Asset Management, <br>Inc.—Class A (Capital Markets) | 219 | $9708 |
| Artivion, Inc.\* (Health Care Equipment & <br>Supplies) | 133 | 4136 |
| Arvinas, Inc.\* (Pharmaceuticals) | 229 | 1685 |
| Asana, Inc.\*—Class A (Software) | 326 | 4401 |
| Asbury Automotive Group, Inc.\* (Specialty <br>Retail) | 69 | 16459 |
| Ascent Industries Co.\* (Steel) | 28 | 353 |
| ASGN, Inc.\* (IT Services) | 149 | 7440 |
| ASP Isotopes, Inc.\* (Chemicals) | 198 | 1457 |
| Aspen Aerogels, Inc.\* (Chemicals) | 231 | 1368 |
| Associated Banc-Corp. (Banks) | 581 | 14171 |
| Astec Industries, Inc. (Machinery) | 80 | 3335 |
| Astria Therapeutics, Inc. (Biotechnology) | 149 | 799 |
| Astronics Corp.\* (Aerospace & Defense) | 106 | 3549 |
| Asure Software, Inc.\* (Professional Services) | 86 | 839 |
| Atea Pharmaceuticals, Inc.\* (Pharmaceuticals) | 268 | 965 |
| Atkore, Inc. (Electrical Equipment) | 120 | 8466 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 161 | 7530 |
| Atlanta Braves Holdings, Inc.\* (Entertainment) | 24 | 1181 |
| Atlantic International Corp.\* (Biotech & Pharma) | 38 | 77 |
| Atlantic Union Bankshares Corp. (Banks) | 498 | 15577 |
| Atlanticus Holdings Corp.\* (Consumer Finance) | 19 | 1040 |
| Atlas Energy Solutions, Inc.\*<sup>(a)</sup> (Energy <br>Equipment & Services) | 271 | 3623 |
| Atmus Filtration Technologies, Inc. (Machinery) | 292 | 10635 |
| ATN International, Inc. (Diversified <br>Telecommunication Services) | 35 | 569 |
| Atomera, Inc.\* (Semiconductors) | 102 | 514 |
| AtriCure, Inc.\* (Health Care Equipment & <br>Supplies) | 169 | 5538 |
| aTyr Pharma, Inc.\* (Biotech & Pharma) | 304 | 1541 |
| AudioEye, Inc.\* (Software) | 28 | 326 |
| Aura Biosciences, Inc.\* (Biotechnology) | 131 | 820 |
| Aurinia Pharmaceuticals, Inc.\* (Biotechnology) | 411 | 3481 |
| Avadel Pharmaceuticals PLC\* (Pharmaceuticals) | 312 | 2761 |
| Avanos Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 156 | 1909 |
| Aveanna Healthcare Holdings, Inc.\* (Health <br>Care Providers & Services) | 161 | 842 |
| AvePoint, Inc.\* (Software) | 464 | 8960 |
| Aviat Networks, Inc.\* (Communications <br>Equipment) | 40 | 962 |
| Avidity Biosciences, Inc.\* (Biotechnology) | 399 | 11332 |
| AvidXchange Holdings, Inc.\* (Financial <br>Services) | 597 | 5845 |
| Avient Corp. (Chemicals) | 321 | 10372 |
| Avista Corp. (Multi-Utilities) | 281 | 10664 |
| Avita Medical, Inc.\* (Biotechnology) | 93 | 492 |
| Axcelis Technologies, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 113 | 7875 |
| Axogen, Inc.\* (Health Care Equipment & <br>Supplies) | 153 | 1660 |
| Axos Financial, Inc.\* (Banks) | 182 | 13839 |
| Axsome Therapeutics, Inc.\* (Pharmaceuticals) | 141 | 14718 |
| Azenta, Inc.\* (Life Sciences Tools & Services) | 142 | 4370 |
| AZZ, Inc. (Building Products) | 104 | 9826 |
| B&G Foods, Inc. (Food Products) | 269 | 1138 |
| Backblaze, Inc.\*—Class A (IT Services) | 187 | 1029 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Badger Meter, Inc. (Electronic Equipment, <br>Instruments & Components) | 104 | $25475 |
| Bakkt Holdings, Inc.\* (Institutional Financial <br>Services) | 18 | 251 |
| Balchem Corp. (Chemicals) | 115 | 18307 |
| Bally's Corp.\* (Leisure Facilities & Services) | 26 | 249 |
| Banc of California, Inc. (Banks) | 484 | 6800 |
| BancFirst Corp. (Banks) | 73 | 9024 |
| Banco Latinoamericano de Comercio <br>Exterior S.A.—Class E (Financial Services) | 102 | 4111 |
| Bandwidth, Inc.\*—Class A (Diversified <br>Telecommunication Services) | 94 | 1495 |
| Bank First Corp. (Banks) | 32 | 3765 |
| Bank of Hawaii Corp. (Banks) | 138 | 9319 |
| Bank of Marin Bancorp (Banks) | 51 | 1165 |
| Bank7 Corp. (Banks) | 15 | 627 |
| BankFinancial Corp.\* (Banking) | 39 | 451 |
| BankUnited, Inc. (Banks) | 264 | 9396 |
| Bankwell Financial Group, Inc. (Banks) | 25 | 901 |
| Banner Corp. (Banks) | 119 | 7634 |
| Bar Harbor Bankshares (Banks) | 53 | 1588 |
| BARK, Inc.\* (Specialty Retail) | 373 | 328 |
| Barnes & Noble Education, Inc.\* (Retail—<br>Discretionary) | 52 | 612 |
| Barrett Business Services, Inc. (Professional <br>Services) | 87 | 3627 |
| Bassett Furniture Industries, Inc.\* (Retail—<br>Discretionary) | 28 | 426 |
| BayCom Corp.\* (Banks) | 36 | 998 |
| BCB Bancorp, Inc. (Banks) | 54 | 455 |
| Beam Therapeutics, Inc.\* (Biotechnology) | 334 | 5681 |
| Beazer Homes USA, Inc.\* (Household Durables) | 101 | 2259 |
| Bel Fuse, Inc.—Class A (Electronic Equipment, <br>Instruments & Components) | 6 | 539 |
| Bel Fuse, Inc.—Class B (Electronic Equipment, <br>Instruments & Components) | 36 | 3517 |
| Belden, Inc. (Electronic Equipment, <br>Instruments & Components) | 138 | 15980 |
| Benchmark Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 125 | 4854 |
| Benitec Biopharma, Inc.\* (Biotech & Pharma) | 50 | 585 |
| Berkshire Hills Bancorp, Inc. (Banks) | 162 | 4056 |
| Berry Corp. (Oil, Gas & Consumable Fuels) | 269 | 745 |
| Beta Bionics, Inc.\* (Biotechnology) | 46 | 670 |
| Better Home & Finance Holding Co.\* <br>(Specialty Finance) | 17 | 211 |
| Beyond Meat, Inc.\*<sup>(a)</sup> (Food Products) | 257 | 897 |
| Beyond, Inc.\* (Specialty Retail) | 192 | 1321 |
| BGC Group, Inc.—Class A (Capital Markets) | 1251 | 12798 |
| Bicara Therapeutics, Inc.\* (Biotechnology) | 119 | 1106 |
| BigBear.ai Holdings, Inc.\* (IT Services) | 1008 | 6844 |
| BigCommerce Holdings, Inc.\*—Class 1 <br>(IT Services) | 229 | 1145 |
| Biglari Holdings, Inc.\*—Class B (Hotels, <br>Restaurants & Leisure) | 2 | 584 |
| BioAge Labs, Inc.\* (Pharmaceuticals) | 83 | 343 |
| BioCryst Pharmaceuticals, Inc.\* (Biotechnology) | 731 | 6550 |
| Biohaven, Ltd.\* (Biotechnology) | 316 | 4459 |
| BioLife Solutions, Inc.\* (Life Sciences Tools & <br>Services) | 132 | 2843 |
| Biote Corp.\*—Class A (Pharmaceuticals) | 102 | 410 |

---

**See accompanying notes to financial statements.**

------

**140 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bioventus, Inc.\*—Class A (Health Care <br>Equipment & Supplies) | 161 | $1066 |
| Bit Digital, Inc.\* (Software) | 633 | 1386 |
| Bitdeer Technologies Group\* (Technology <br>Services) | 313 | 3592 |
| BJ's Restaurants, Inc.\* (Hotels, Restaurants & <br>Leisure) | 75 | 3345 |
| BK Technologies Corp\* (Technology Hardware) | 9 | 424 |
| BKV Corp.\* (Oil, Gas & Consumable Fuels) | 58 | 1399 |
| Black Hills Corp. (Multi-Utilities) | 254 | 14249 |
| Blackbaud, Inc.\* (Software) | 134 | 8604 |
| BlackLine, Inc.\* (Software) | 184 | 10418 |
| BlackSky Technology, Inc.\* (Professional <br>Services) | 98 | 2017 |
| Blackstone Mortgage Trust, Inc.—Class A <br>(Mortgage REITs) | 568 | 10934 |
| Blade Air Mobility, Inc.\*—Class A (Passenger <br>Airlines) | 224 | 903 |
| Blend Labs, Inc.\*—Class A (Software) | 733 | 2419 |
| Bloom Energy Corp.\*—Class A (Electrical <br>Equipment) | 715 | 17103 |
| Bloomin' Brands, Inc. (Hotels, Restaurants & <br>Leisure) | 293 | 2523 |
| Blue Bird Corp.\* (Machinery) | 113 | 4877 |
| Blue Foundry Bancorp\* (Banks) | 67 | 641 |
| Blue Ridge Bankshares, Inc.\* (Banking) | 224 | 804 |
| BlueLinx Holdings, Inc.\* (Trading Companies & <br>Distributors) | 27 | 2008 |
| Blueprint Medicines Corp.\* (Biotechnology) | 223 | 28583 |
| Bluerock Homes Trust, Inc.\* (Residential REITs) | 1 | 9 |
| Boise Cascade Co. (Trading Companies & <br>Distributors) | 133 | 11547 |
| Boot Barn Holdings, Inc.\* (Specialty Retail) | 107 | 16264 |
| Borr Drilling, Ltd.\* (Energy Equipment & <br>Services) | 777 | 1422 |
| Boston Omaha Corp.\*—Class A (Media) | 76 | 1067 |
| Bowhead Specialty Holdings, Inc.\* (Insurance) | 55 | 2064 |
| Bowman Consulting Group, Ltd.\* <br>(Construction & Engineering) | 49 | 1409 |
| Box, Inc.\*—Class A (Software) | 491 | 16777 |
| Braemar Hotels & Resports, Inc.\* (Hotel & <br>Resort REITs) | 206 | 505 |
| Brandywine Realty Trust (Office REITs) | 601 | 2578 |
| Braze, Inc.\*—Class A (Software) | 266 | 7475 |
| BRC, Inc.\*—Class A (Food Products) | 216 | 283 |
| Bread Financial Holdings, Inc. (Consumer <br>Finance) | 163 | 9311 |
| Bridgebio Pharma, Inc.\* (Biotechnology) | 546 | 23575 |
| Bridgewater Bancshares, Inc.\* (Banks) | 73 | 1161 |
| Brighsphere Investment Group, Inc. (Capital <br>Markets) | 97 | 3418 |
| Bright Minds Biosciences, Inc.\* (Biotech & <br>Pharma) | 16 | 418 |
| BrightSpire Capital, Inc. (Mortgage REITs) | 450 | 2273 |
| BrightSpring Health Services, Inc.\* (Health <br>Care Providers & Services) | 295 | 6959 |
| BrightView Holdings, Inc.\* (Commercial <br>Services & Supplies) | 210 | 3497 |
| Brinker International, Inc. (Hotels, <br>Restaurants & Leisure) | 155 | 27951 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Bristow Group, Inc.\* (Energy Equipment & <br>Services) | 99 | $3264 |
| Broadstone Net Lease, Inc. (Equity REIT—<br>Diversified) | 662 | 10624 |
| Brookdale Senior Living, Inc.\* (Health Care <br>Providers & Services) | 801 | 5575 |
| Brookfield Business Corp.—Class A (Industrial <br>Conglomerates) | 83 | 2590 |
| Brookfield Infrastructure Corp.—Class A (Gas & <br>Water Utilities) | 421 | 17514 |
| Brookline Bancorp, Inc. (Banks) | 306 | 3228 |
| BRT Apartments Corp. (Residential REITs) | 38 | 594 |
| Build-A-Bear Workshop, Inc. (Specialty Retail) | 43 | 2217 |
| Bumble, Inc.\*—Class A (Interactive Media & <br>Services) | 254 | 1674 |
| Burford Capital, Ltd.\* (Financial Services) | 670 | 9554 |
| Burke & Herbert Financial Services Corp. <br>(Banks) | 47 | 2807 |
| Business First Bancshares, Inc. (Banks) | 99 | 2440 |
| Butterfly Network, Inc.\* (Medical Equipment & <br>Devices) | 670 | 1340 |
| BV Financial, Inc.\* (Banking) | 30 | 457 |
| Byline Bancorp, Inc. (Banks) | 95 | 2539 |
| Byrna Technologies, Inc. (Aerospace & Defense) | 63 | 1945 |
| C&F Financial Corp.\* (Banking) | 11 | 679 |
| C3.ai, Inc.\*—Class A (Software) | 423 | 10393 |
| Cable One, Inc. (Media) | 18 | 2445 |
| Cabot Corp. (Chemicals) | 189 | 14175 |
| Cactus, Inc.—Class A (Energy Equipment & <br>Services) | 239 | 10449 |
| Cadence Bank (Banks) | 612 | 19573 |
| Cadiz, Inc.\* (Water Utilities) | 192 | 574 |
| Cadre Holdings, Inc. (Aerospace & Defense) | 99 | 3153 |
| Calavo Growers, Inc. (Food Products) | 59 | 1569 |
| Caledonia Mining Corp. PLC (Metals & Mining) | 58 | 1121 |
| Caleres, Inc. (Specialty Retail) | 115 | 1405 |
| California Resources Corp. (Oil, Gas & <br>Consumable Fuels) | 228 | 10413 |
| California Water Service Group (Water Utilities) | 209 | 9505 |
| Calix, Inc.\* (Communications Equipment) | 206 | 10956 |
| Cal-Maine Foods, Inc. (Food Products) | 160 | 15940 |
| Calumet, Inc.\* (Chemicals) | 241 | 3797 |
| Camden National Corp. (Banks) | 59 | 2394 |
| Camping World Holdings, Inc.—Class A <br>(Specialty Retail) | 210 | 3610 |
| Candel Therapeutics, Inc.\* (Biotechnology) | 137 | 693 |
| Cannae Holdings, Inc. (Financial Services) | 201 | 4191 |
| Cantaloupe, Inc.\* (Financial Services) | 186 | 2044 |
| Capital Bancorp, Inc. (Banks) | 41 | 1377 |
| Capital City Bank Group, Inc. (Banks) | 48 | 1889 |
| Capitol Federal Financial, Inc. (Banks) | 430 | 2623 |
| Capri Holdings, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 406 | 7186 |
| Capricor Therapeutics, Inc.\*<sup>(a)</sup> (Biotechnology) | 134 | 1331 |
| Cardiff Oncology, Inc.\* (Biotechnology) | 216 | 680 |
| CareDx, Inc.\* (Biotechnology) | 190 | 3713 |
| CareTrust REIT, Inc. (Health Care REITs) | 660 | 20197 |
| Cargo Therapeutics, Inc.\* (Biotechnology) | 124 | 511 |
| Cargurus, Inc.\* (Interactive Media & Services) | 287 | 9607 |
| Carriage Services, Inc.\* (Diversified Consumer <br>Services) | 50 | 2287 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 141**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Cars.com, Inc.\* (Interactive Media & Services) | 203 | $2406 |
| Carter Bankshares, Inc.\* (Banks) | 80 | 1387 |
| Carter's, Inc. (Textiles, Apparel & Luxury Goods) | 124 | 3736 |
| Cartesian Therapeutics, Inc.\* (Biotechnology) | 32 | 332 |
| Casella Waste Systems, Inc.\*—Class A <br>(Commercial Services & Supplies) | 220 | 25383 |
| Cass Information Systems, Inc. (Financial <br>Services) | 42 | 1825 |
| Castle Biosciences, Inc.\* (Health Care <br>Providers & Services) | 99 | 2022 |
| Catalyst Pharmaceuticals, Inc.\* (Biotechnology) | 404 | 8767 |
| Cathay General Bancorp (Banks) | 235 | 10700 |
| Cavco Industries, Inc.\* (Household Durables) | 27 | 11730 |
| CB Financial Services, Inc.\* (Banking) | 16 | 456 |
| CBIZ, Inc.\* (Professional Services) | 183 | 13123 |
| CBL & Associates Properties, Inc.\* <br>(Retail REITs) | 64 | 1625 |
| CECO Environmental Corp.\* (Commercial <br>Services & Supplies) | 102 | 2888 |
| Celcuity, Inc.\* (Biotechnology) | 100 | 1335 |
| Celldex Therapeutics, Inc.\* (Biotechnology) | 228 | 4640 |
| Centerspace (Residential REITs) | 59 | 3551 |
| Central Garden & Pet Co.\* (Household Products) | 32 | 1126 |
| Central Garden & Pet Co.\*—Class A <br>(Household Products) | 180 | 5632 |
| Central Pacific Financial Corp. (Banks) | 93 | 2607 |
| Centrus Energy Corp.\*—Class A (Oil, Gas & <br>Consumable Fuels) | 52 | 9525 |
| Centuri Holdings, Inc.\* (Construction & <br>Engineering) | 59 | 1324 |
| Century Aluminum Co.\* (Metals & Mining) | 182 | 3280 |
| Century Communities, Inc. (Household <br>Durables) | 94 | 5294 |
| Cerence, Inc.\* (Software) | 153 | 1562 |
| CeriBell, Inc.\* (Health Care Equipment & <br>Supplies) | 87 | 1630 |
| Cerus Corp.\* (Health Care Equipment & <br>Supplies) | 645 | 909 |
| CEVA, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 82 | 1802 |
| CF Bankshares, Inc.\* (Banking) | 13 | 312 |
| CG Oncology, Inc.\* (Biotechnology) | 195 | 5070 |
| Chain Bridge Bancorp Inc\* (Banking) | 8 | 206 |
| Champion Homes, Inc.\* (Household Durables) | 189 | 11833 |
| ChampionX Corp. (Energy Equipment & <br>Services) | 670 | 16643 |
| Chart Industries, Inc.\* (Machinery) | 158 | 26014 |
| Chatham Lodging Trust (Hotel & Resort REITs) | 163 | 1136 |
| Chemung Financial Corp. (Banks) | 15 | 727 |
| Chesapeake Utilities Corp. (Gas Utilities) | 80 | 9618 |
| Chicago Atlantic Real Estate Finance, Inc. <br>(Mortgage REITs) | 61 | 852 |
| Chimera Investment Corp. (Mortgage REITs) | 278 | 3856 |
| ChoiceOne Financial Services, Inc. (Banks) | 50 | 1435 |
| ChromaDex Corp.\* (Life Sciences Tools & <br>Services) | 182 | 2623 |
| Cidara Therapeutics, Inc.\* (Biotech & Pharma) | 59 | 2874 |
| Cimpress PLC\* (Commercial Services & <br>Supplies) | 52 | 2444 |
| Cinemark Holdings, Inc. (Entertainment) | 372 | 11227 |
| Cipher Mining, Inc. (Software) | 926 | 4426 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Citi Trends, Inc. (Specialty Retail) | 17 | $568 |
| Citizens & Northern Corp. (Banks) | 52 | 985 |
| Citizens Community Bancorp, Inc./WI\* <br>(Banking) | 33 | 455 |
| Citizens Financial Services, Inc. (Banks) | 16 | 949 |
| CITIZENS, INC.\* (Insurance) | 158 | 551 |
| City Holding Co. (Banks) | 50 | 6121 |
| City Office REIT, Inc.\* (Office REITs) | 137 | 732 |
| Civista Bancshares, Inc.\* (Banks) | 53 | 1230 |
| Claritev Corp.\* (Technology Services) | 27 | 1219 |
| Claros Mortgage Trust, Inc. (Mortgage REITs) | 322 | 918 |
| Clarus Corp.\* (Leisure Products) | 103 | 357 |
| Clean Energy Fuels Corp.\* (Oil, Gas & <br>Consumable Fuels) | 615 | 1199 |
| Cleanspark, Inc. (Software) | 969 | 10688 |
| Clear Secure, Inc.—Class A (Software) | 292 | 8106 |
| Clearfield, Inc.\* (Communications Equipment) | 41 | 1780 |
| ClearPoint Neuro, Inc.\* (Medical Equipment & <br>Devices) | 91 | 1087 |
| Clearwater Analytics Holdings, Inc.\*—Class A <br>(Software) | 862 | 18904 |
| Clearwater Paper Corp.\* (Paper & Forest <br>Products) | 55 | 1498 |
| Climb Global Solutions, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 14 | 1497 |
| Clipper Realty, Inc.\* (Residential REITs) | 48 | 176 |
| Clover Health Investments Corp.\* (Health Care <br>Facilities & Services) | 1409 | 3931 |
| CNB Financial Corp. (Banks) | 72 | 1646 |
| CNO Financial Group, Inc. (Insurance) | 346 | 13349 |
| CNX Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 497 | 16740 |
| Coastal Financial Corp.\* (Banks) | 45 | 4359 |
| Codexis, Inc.\* (Life Sciences Tools & Services) | 286 | 698 |
| Coeur Mining, Inc.\* (Metals & Mining) | 2236 | 19812 |
| Cogent Biosciences, Inc.\* (Biotechnology) | 371 | 2664 |
| Cogent Communications Holdings, Inc. <br>(Diversified Telecommunication Services) | 157 | 7569 |
| Cohen & Steers, Inc. (Capital Markets) | 97 | 7309 |
| Coherus Biosciences, Inc.\* (Biotechnology) | 370 | 271 |
| Cohu, Inc.\* (Semiconductors & Semiconductor <br>Equipment) | 160 | 3078 |
| Collegium Pharmaceutical, Inc.\* <br>(Pharmaceuticals) | 112 | 3312 |
| Colony Bankcorp, Inc.\* (Banks) | 59 | 972 |
| Columbia Financial, Inc.\* (Banks) | 95 | 1378 |
| Columbus McKinnon Corp. (Machinery) | 99 | 1512 |
| Commercial Metals Co. (Metals & Mining) | 396 | 19368 |
| CommScope Holding Co., Inc.\* <br>(Communications Equipment) | 745 | 6169 |
| Community Financial System, Inc. (Banks) | 185 | 10521 |
| Community Health Systems, Inc.\* (Health <br>Care Providers & Services) | 453 | 1540 |
| Community Healthcare Trust, Inc. (Health <br>Care REITs) | 96 | 1596 |
| Community Trust Bancorp, Inc. (Banks) | 56 | 2964 |
| Community West Bancshares (Banks) | 58 | 1132 |
| CommVault Systems, Inc.\* (Software) | 155 | 27021 |
| Compass Diversified Holdings (Financial <br>Services) | 235 | 1476 |

---

**See accompanying notes to financial statements.**

------

**142 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Compass Minerals International, Inc. (Metals & <br>Mining) | 121 | $2431 |
| Compass Therapeutics, Inc.\* (Biotechnology) | 320 | 832 |
| Compass, Inc.\*—Class A (Real Estate <br>Management & Development) | 1591 | 9990 |
| Complete Solaria Inc\* (Renewable Energy) | 210 | 386 |
| CompoSecure, Inc.\*—Class A (Technology <br>Hardware, Storage & Peripherals) | 153 | 2156 |
| Computer Programs & Systems, Inc.\* (Software) | 35 | 820 |
| CompX International, Inc.\* (Commercial <br>Services & Supplies) | 5 | 133 |
| Comstock Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 259 | 7167 |
| Concentra Group Holdings Parent, Inc. <br>(Health Care Providers & Services) | 408 | 8393 |
| Concrete Pumping Holdings, Inc.\* <br>(Construction & Engineering) | 79 | 486 |
| Conduent, Inc.\* (Professional Services) | 520 | 1373 |
| CONMED Corp. (Health Care Equipment & <br>Supplies) | 109 | 5677 |
| ConnectOne Bancorp, Inc. (Banks) | 166 | 3845 |
| Consensus Cloud Solutions, Inc.\* (Software) | 68 | 1568 |
| Consolidated Water Co., Ltd. (Water Utilities) | 53 | 1591 |
| Constellium SE\* (Metals & Mining) | 497 | 6610 |
| Construction Partners, Inc.\*—Class A <br>(Construction & Engineering) | 164 | 17430 |
| Consumer Portfolio Services, Inc.\* (Consumer <br>Finance) | 32 | 315 |
| Contango ORE, Inc.\* (Metals & Mining) | 30 | 584 |
| Cooper-Standard Holdings, Inc.\* (Automobile <br>Components) | 59 | 1269 |
| COPT Defense Properties (Office REITs) | 398 | 10977 |
| Core Laboratories, Inc. (Energy Equipment & <br>Services) | 164 | 1889 |
| Core Molding Technologies, Inc.\* (Chemicals) | 30 | 498 |
| Core Natural Resources, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 185 | 12902 |
| Core Scientific, Inc.\* (IT Services) | 964 | 16454 |
| CoreCard Corp.\* (Software) | 20 | 579 |
| CoreCivic, Inc. (Commercial Services & <br>Supplies) | 377 | 7943 |
| CorMedix, Inc.\* (Pharmaceuticals) | 224 | 2760 |
| Corsair Gaming, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 163 | 1537 |
| CorVel Corp.\* (Health Care Providers & Services) | 102 | 10484 |
| Corvus Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 183 | 732 |
| Costamare Bulkers Holdings Ltd.\* (Marine <br>Transportation) | 30 | 260 |
| Costamare, Inc. (Marine Transportation) | 155 | 1412 |
| Couchbase, Inc.\* (IT Services) | 150 | 3657 |
| Coursera, Inc.\* (Diversified Consumer Services) | 483 | 4231 |
| Covenant Logistics Group, Inc. (Ground <br>Transportation) | 57 | 1374 |
| CPI Card Group, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 21 | 498 |
| CRA International, Inc. (Professional Services) | 23 | 4310 |
| Cracker Barrel Old Country Store, Inc. (Hotels, <br>Restaurants & Leisure) | 78 | 4764 |
| Crawford & Co.—Class A (Insurance) | 57 | 603 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Credo Technology Group Holding, Ltd.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 512 | $47407 |
| Crescent Energy Co.—Class A (Oil, Gas & <br>Consumable Fuels) | 625 | 5375 |
| Crexendo, Inc.\* (Technology Services) | 50 | 304 |
| Cricut, Inc.\*—Class A (Household Durables) | 161 | 1090 |
| Crinetics Pharmaceuticals, Inc.\* (Biotechnology) | 316 | 9088 |
| CRISPR Therapeutics AG\* (Biotechnology) | 289 | 14057 |
| Critical Metals Corp.\* (Metals & Mining) | 112 | 401 |
| Cross Country Healthcare, Inc.\* (Health Care <br>Providers & Services) | 109 | 1422 |
| CryoPort, Inc.\* (Life Sciences Tools & Services) | 171 | 1276 |
| CS Disco, Inc.\* (Software) | 83 | 363 |
| CSG Systems International, Inc. (Professional <br>Services) | 97 | 6335 |
| CSP, Inc.\* (Technology Services) | 24 | 311 |
| CSW Industrials, Inc. (Building Products) | 57 | 16349 |
| CTO Realty Growth, Inc. (Equity REIT—<br>Diversified) | 106 | 1830 |
| CTS Corp. (Electronic Equipment, Instruments & <br>Components) | 103 | 4389 |
| Cullinan Therapeutics, Inc.\* (Biotechnology) | 178 | 1340 |
| Curbline Properties Corp.\* (Retail REITs) | 340 | 7762 |
| CuriosityStream, Inc.\* (Entertainment Content) | 112 | 631 |
| Cushman & Wakefield PLC\* (Real Estate <br>Management & Development) | 808 | 8945 |
| Custom Truck One Source, Inc.\* (Trading <br>Companies & Distributors) | 210 | 1037 |
| Customers Bancorp, Inc.\* (Banks) | 103 | 6050 |
| CVB Financial Corp. (Banks) | 462 | 9143 |
| CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 108 | 2900 |
| CVRx, Inc.\* (Health Care Equipment & Supplies) | 56 | 329 |
| Cytek Biosciences, Inc.\* (Life Sciences Tools & <br>Services) | 409 | 1391 |
| Cytokinetics, Inc.\* (Biotechnology) | 408 | 13480 |
| Daily Journal Corp.\* (Software) | 4 | 1689 |
| Dakota Gold Corp.\* (Metals & Mining) | 300 | 1107 |
| Daktronics, Inc. (Electronic Equipment, <br>Instruments & Components) | 144 | 2177 |
| Dana, Inc. (Automobile Components) | 462 | 7923 |
| Dave & Buster's Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 95 | 2858 |
| Dave, Inc.\* (Software) | 32 | 8589 |
| Day One Biopharmaceuticals, Inc.\* <br>(Biotechnology) | 251 | 1632 |
| Definitive Healthcare Corp.\* (Health Care <br>Technology) | 124 | 484 |
| Delcath Systems Inc\* (Medical Equipment & <br>Devices) | 105 | 1428 |
| Delek US Holdings, Inc. (Oil, Gas & <br>Consumable Fuels) | 212 | 4490 |
| Deluxe Corp. (Commercial Services & Supplies) | 154 | 2450 |
| Denali Therapeutics, Inc.\* (Biotechnology) | 462 | 6463 |
| Denny's Corp.\* (Hotels, Restaurants & Leisure) | 176 | 722 |
| Designer Brands, Inc.—Class A (Specialty Retail) | 112 | 267 |
| DHT Holdings, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 445 | 4810 |
| DiaMedica Therapeutics, Inc.\* (Biotech & <br>Pharma) | 92 | 359 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 143**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Diamond Hill Investment Group, Inc. <br>(Capital Markets) | 10 | $1453 |
| DiamondRock Hospitality Co. (Hotel & Resort <br>REITs) | 729 | 5584 |
| Dianthus Therapeutics, Inc.\* (Biotechnology) | 68 | 1267 |
| Diebold Nixdorf, Inc.\* (Technology Hardware, <br>Storage & Peripherals) | 89 | 4931 |
| Digi International, Inc.\* (Communications <br>Equipment) | 127 | 4427 |
| Digimarc Corp.\* (Software) | 55 | 727 |
| Digital Turbine, Inc.\* (Software) | 356 | 2100 |
| DigitalBridge Group, Inc. (Real Estate <br>Management & Development) | 598 | 6189 |
| DigitalOcean Holdings, Inc.\* (IT Services) | 226 | 6455 |
| Dime Community Bancshares, Inc. (Banks) | 139 | 3745 |
| Dine Brands Global, Inc.\* (Hotels, <br>Restaurants & Leisure) | 53 | 1289 |
| Diodes, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 160 | 8462 |
| Disc Medicine, Inc.\* (Biotechnology) | 86 | 4555 |
| Diversified Energy Co. PLC\* (Oil, Gas & <br>Consumable Fuels) | 192 | 2817 |
| Diversified Healthcare Trust\* (Health Care REITs) | 766 | 2742 |
| DMC Global, Inc.\* (Energy Equipment & <br>Services) | 68 | 548 |
| DNOW, Inc.\* (Trading Companies & Distributors) | 376 | 5576 |
| DocGo, Inc.\* (Health Care Providers & Services) | 318 | 499 |
| Dole PLC (Food Products) | 232 | 3246 |
| Domo, Inc.\*—Class B (Software) | 120 | 1676 |
| Donegal Group, Inc.—Class A (Insurance) | 57 | 1141 |
| Donnelley Financial Solutions, Inc.\* (Capital <br>Markets) | 93 | 5733 |
| Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels) | 130 | 3169 |
| Dorman Products, Inc.\* (Automobile <br>Components) | 96 | 11776 |
| Douglas Dynamics, Inc. (Machinery) | 79 | 2328 |
| Douglas Elliman, Inc.\* (Real Estate Services) | 256 | 594 |
| Douglas Emmett, Inc. (Office REITs) | 566 | 8513 |
| Dream Finders Homes, Inc.\*—Class A <br>(Household Durables) | 105 | 2639 |
| Driven Brands Holdings, Inc.\* (Commercial <br>Services & Supplies) | 209 | 3670 |
| Ducommun, Inc.\* (Aerospace & Defense) | 48 | 3966 |
| D-Wave Quantum, Inc.\* (Software) | 1006 | 14728 |
| DXP Enterprises, Inc.\* (Trading Companies & <br>Distributors) | 45 | 3944 |
| Dycom Industries, Inc.\* (Construction & <br>Engineering) | 98 | 23950 |
| Dynavax Technologies Corp.\* (Biotechnology) | 367 | 3641 |
| Dyne Therapeutics, Inc.\* (Biotechnology) | 328 | 3123 |
| Dynex Capital, Inc.\* (Mortgage REITs) | 368 | 4497 |
| E2open Parent Holdings, Inc.\* (Software) | 639 | 2064 |
| Eagle Bancorp Montana, Inc.\* (Banking) | 26 | 433 |
| Eagle Bancorp, Inc. (Banks) | 104 | 2026 |
| Eagle Financial Services, Inc.\* (Banking) | 16 | 490 |
| Easterly Government Properties, Inc. <br>(Office REITs) | 139 | 3086 |
| Eastern Bankshares, Inc. (Banks) | 687 | 10490 |
| Eastman Kodak Co.\* (Technology Hardware, <br>Storage & Peripherals) | 222 | 1254 |
| ECB BanCorp., Inc./MD\* (Banking) | 27 | 417 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| EchoStar Corp.\*—Class A (Media) | 474 | $13129 |
| Ecovyst, Inc.\* (Chemicals) | 377 | 3103 |
| Edgewell Personal Care Co. (Personal Care <br>Products) | 163 | 3816 |
| Edgewise Therapeutics, Inc.\* (Pharmaceuticals) | 255 | 3343 |
| Editas Medicine, Inc.\* (Biotechnology) | 295 | 649 |
| eGain Corp.\* (Software) | 64 | 400 |
| eHealth, Inc.\* (Insurance) | 100 | 435 |
| El Pollo Loco Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 92 | 1013 |
| ELECTROMED, INC.\* (Medical Equipment & <br>Devices) | 24 | 528 |
| Eledon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 205 | 556 |
| Ellington Financial, Inc. (Mortgage REITs) | 322 | 4183 |
| Elme Communities (Residential REITs) | 307 | 4881 |
| Embecta Corp. (Health Care Equipment & <br>Supplies) | 204 | 1977 |
| Emerald Holding, Inc.\* (Media) | 49 | 238 |
| Emergent BioSolutions, Inc.\* (Biotechnology) | 188 | 1199 |
| Empire Petroleum Corp.\* (Oil, Gas & <br>Consumable Fuels) | 51 | 269 |
| Empire State Realty Trust, Inc. (Equity <br>REIT—Diversified) | 482 | 3899 |
| Employers Holdings, Inc. (Insurance) | 84 | 3963 |
| Enact Holdings, Inc. (Financial Services) | 101 | 3752 |
| Enanta Pharmaceuticals, Inc.\* (Biotechnology) | 70 | 529 |
| Encore Capital Group, Inc.\* (Consumer Finance) | 81 | 3136 |
| Encore Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 643 | 1839 |
| Energizer Holdings, Inc. (Household Products) | 231 | 4657 |
| Energy Fuels, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 727 | 4180 |
| Energy Recovery, Inc.\* (Machinery) | 186 | 2377 |
| Energy Services of America Corp.\* <br>(Engineering & Construction) | 41 | 408 |
| Enerpac Tool Group Corp. (Machinery) | 189 | 7666 |
| EnerSys (Electrical Equipment) | 137 | 11750 |
| Enhabit, Inc.\* (Health Care Providers & <br>Services) | 173 | 1668 |
| Enliven Therapeutics, Inc.\* (Pharmaceuticals) | 112 | 2247 |
| Ennis, Inc. (Commercial Services & Supplies) | 87 | 1578 |
| Enova International, Inc.\* (Consumer Finance) | 85 | 9479 |
| Enovis Corp.\* (Health Care Equipment & <br>Supplies) | 200 | 6272 |
| Enovix Corp.\*<sup>(a)</sup> (Electrical Equipment) | 575 | 5946 |
| Enpro, Inc. (Machinery) | 74 | 14175 |
| Enstar Group, Ltd.\* (Insurance) | 42 | 14127 |
| Enterprise Bancorp, Inc. (Banks) | 35 | 1387 |
| Enterprise Financial Services Corp. (Banks) | 128 | 7053 |
| Entrada Therapeutics, Inc.\* (Biotechnology) | 98 | 659 |
| Entravision Communications Corp.—Class A <br>(Media) | 217 | 503 |
| Envela Corp.\* (Renewable Energy) | 23 | 141 |
| Enviri Corp. (Commercial Services & Supplies) | 265 | 2300 |
| Eos Energy Enterprises, Inc.\* (Renewable <br>Energy) | 777 | 3978 |
| ePlus, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 92 | 6633 |
| Epsilon Energy Ltd.\* (Oil & Gas Producers) | 67 | 494 |
| Equity Bancshares, Inc.\*—Class A (Banks) | 56 | 2285 |

---

**See accompanying notes to financial statements.**

------

**144 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Erasca, Inc.\* (Biotechnology) | 606 | $770 |
| Ermenegildo Zegna NV\* (Apparel & Textile <br>Products) | 216 | 1846 |
| Escalade, Inc. (Leisure Products) | 35 | 489 |
| ESCO Technologies, Inc. (Machinery) | 91 | 17460 |
| Esperion Therapeutics, Inc.\* (Pharmaceuticals) | 697 | 686 |
| Esquire Financial Holdings, Inc. (Banks) | 25 | 2367 |
| ESSA Bancorp, Inc. (Banks) | 30 | 582 |
| Essent Group, Ltd. (Financial Services) | 347 | 21073 |
| Essential Properties Realty Trust, Inc. <br>(Equity REIT—Diversified) | 694 | 22145 |
| Ethan Allen Interiors, Inc. (Household Durables) | 81 | 2256 |
| Eton Pharmaceuticals, Inc.\* (Biotech & Pharma) | 89 | 1268 |
| European Wax Center, Inc.\*—Class A <br>(Diversified Consumer Services) | 102 | 574 |
| Eve Holding, Inc.\* (Aerospace & Defense) | 178 | 1221 |
| Eventbrite, Inc.\*—Class A (Entertainment) | 260 | 684 |
| EverCommerce, Inc.\* (Software) | 51 | 536 |
| EverQuote, Inc.\*—Class A (Interactive Media & <br>Services) | 96 | 2321 |
| EVERTEC, Inc. (Financial Services) | 225 | 8111 |
| EVgo, Inc.\* (Specialty Retail) | 447 | 1632 |
| EVI Industries, Inc. (Trading Companies & <br>Distributors) | 18 | 393 |
| Evolent Health, Inc.\*—Class A (Health Care <br>Technology) | 410 | 4617 |
| Evolus, Inc.\* (Pharmaceuticals) | 186 | 1713 |
| Evolution Petroleum Corp. (Oil, Gas & <br>Consumable Fuels) | 109 | 512 |
| Evolv Technologies Holdings, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 404 | 2521 |
| Excelerate Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 80 | 2346 |
| eXp World Holdings, Inc. (Real Estate <br>Management & Development) | 274 | 2493 |
| Expensify, Inc.\* (Software) | 209 | 541 |
| Exponent, Inc. (Professional Services) | 177 | 13224 |
| Expro Group Holdings N.V.\* (Energy <br>Equipment & Services) | 360 | 3092 |
| Extreme Networks, Inc.\* (Communications <br>Equipment) | 461 | 8275 |
| EyePoint Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 216 | 2033 |
| F&G Annuities & Life, Inc. (Insurance) | 74 | 2367 |
| Fabrinet\* (Electronic Equipment, Instruments & <br>Components) | 126 | 37131 |
| Faraday Future Intelligent Electric, Inc.\* <br>(Software) | 311 | 522 |
| Farmers & Merchants Bancorp, Inc. (Banks) | 44 | 1112 |
| Farmers National Banc Corp. (Banks) | 127 | 1751 |
| Farmland Partners, Inc. (Specialized REITs) | 145 | 1669 |
| FARO Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 66 | 2899 |
| Fastly, Inc.\*—Class A (IT Services) | 478 | 3375 |
| Fate Therapeutics, Inc.\* (Biotechnology) | 380 | 426 |
| FB BanCorp, Inc.\* (Banking) | 62 | 698 |
| FB Financial Corp. (Banks) | 146 | 6614 |
| Federal Agricultural Mortgage Corp.—Class C <br>(Financial Services) | 33 | 6411 |
| Federal Signal Corp. (Machinery) | 210 | 22348 |
| Fennec Pharmaceuticals, Inc.\* (Biotechnology) | 82 | 681 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ferroglobe PLC\* (Metals & Mining) | 417 | $1530 |
| Fidelis Insurance Holdings, Ltd. (Insurance) | 208 | 3449 |
| Fidelity D&D Bancorp, Inc. (Banks) | 17 | 782 |
| Figs, Inc.\*—Class A (Textiles, Apparel & Luxury <br>Goods) | 309 | 1743 |
| Finance Of America Cos, Inc.\* (Specialty <br>Finance) | 15 | 350 |
| Financial Institutions, Inc. (Banks) | 69 | 1772 |
| Finward BanCorp.\* (Banking) | 12 | 331 |
| Finwise BanCorp.\* (Banking) | 32 | 480 |
| First Advantage Corp.\* (Professional Services) | 276 | 4584 |
| First Bancorp (Banks) | 141 | 6217 |
| First Bancorp (Banks) | 565 | 11769 |
| First Bank/Hamilton NJ (Banks) | 75 | 1160 |
| First Busey Corp. (Banks) | 299 | 6843 |
| First Business Financial Services, Inc. (Banks) | 28 | 1418 |
| First Capital, Inc.\* (Banking) | 11 | 454 |
| First Commonwealth Financial Corp. (Banks) | 354 | 5745 |
| First Community Bancshares, Inc.\* (Banks) | 55 | 2154 |
| First Community Corp./SC\* (Banking) | 26 | 634 |
| First Financial Bancorp (Banks) | 333 | 8079 |
| First Financial Bankshares, Inc. (Banks) | 470 | 16911 |
| First Financial Corp. (Banks) | 40 | 2168 |
| First Foundation, Inc. (Banks) | 222 | 1132 |
| First Internet Bancorp (Banks) | 27 | 726 |
| First Interstate BancSystem, Inc.—Class A <br>(Banks) | 307 | 8848 |
| First Merchants Corp. (Banks) | 204 | 7813 |
| First Mid Bancshares, Inc. (Banks) | 72 | 2699 |
| First National Corp.\* (Banking) | 27 | 526 |
| First Savings Financial Group, Inc.\* (Banking) | 19 | 476 |
| First United Corp.\* (Banking) | 21 | 651 |
| First Watch Restaurant Group, Inc.\* (Hotels, <br>Restaurants & Leisure) | 143 | 2294 |
| First Western Financial, Inc.\* (Banks) | 29 | 654 |
| FirstCash Holdings, Inc. (Consumer Finance) | 138 | 18648 |
| Firstsun Capital BanCorp.\* (Banking) | 44 | 1528 |
| FitLife Brands, Inc.\* (Biotech & Pharma) | 14 | 182 |
| Five Star Bancorp (Banks) | 54 | 1541 |
| Five9, Inc.\* (Software) | 267 | 7070 |
| FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels) | 109 | 2396 |
| Flexsteel Industries, Inc. (Household Durables) | 13 | 468 |
| Flotek Industries Inc\* (Oil & Gas Services & <br>Equipment) | 50 | 738 |
| Flowco Holdings, Inc.\*—Class A (Oil & Gas <br>Services & Equipment) | 65 | 1158 |
| Fluence Energy, Inc.\* (Electrical Equipment) | 265 | 1778 |
| Fluor Corp. (Construction & Engineering) | 585 | 29993 |
| Flushing Financial Corp. (Banks) | 113 | 1342 |
| Flywire Corp.\* (Financial Services) | 409 | 4785 |
| Foghorn Therapeutics, Inc.\* (Biotechnology) | 114 | 536 |
| Foot Locker, Inc. (Specialty Retail) | 299 | 7326 |
| Forafric Global PLC\* (Food Products) | 18 | 140 |
| Forestar Group, Inc.\* (Real Estate <br>Management & Development) | 67 | 1340 |
| Forge Global Holdings, Inc.\* (Institutional <br>Financial Services) | 36 | 685 |
| FormFactor, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 272 | 9360 |
| Forrester Research, Inc.\* (Professional Services) | 40 | 396 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 145**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Fortrea Holdings, Inc.\* (Life Sciences Tools & <br>Services) | 319 | $1576 |
| Forum Energy Technologies, Inc.\* (Energy <br>Equipment & Services) | 39 | 759 |
| Forward Air Corp. (Air Freight & Logistics) | 79 | 1939 |
| Four Corners Property Trust, Inc. (Specialized <br>REITs) | 348 | 9365 |
| Fox Factory Holding Corp.\* (Automobile <br>Components) | 147 | 3813 |
| Franklin BSP Reality Trust, Inc. <br>(Mortgage REITs) | 286 | 3057 |
| Franklin Covey Co.\* (Professional Services) | 39 | 890 |
| Franklin Electric Co., Inc. (Machinery) | 139 | 12474 |
| Franklin Financial Services Corp.\* (Banking) | 15 | 519 |
| Franklin Street Properties Corp. (Office REITs) | 265 | 435 |
| Frequency Electronics Inc\* (Technology <br>Hardware) | 23 | 522 |
| Fresh Del Monte Produce, Inc. (Food Products) | 116 | 3761 |
| Freshworks, Inc.\*—Class A (Software) | 712 | 10616 |
| Freyr Battery, Inc.\* (Electrical Equipment) | 389 | 478 |
| Friedman Industries, Inc.\* (Steel) | 23 | 381 |
| Frontdoor, Inc.\* (Diversified Consumer Services) | 260 | 15324 |
| Frontier Group Holdings, Inc.\* (Passenger <br>Airlines) | 295 | 1071 |
| FrontView REIT, Inc. (Retail REITs) | 62 | 744 |
| FRP Holdings, Inc.\* (Real Estate Management & <br>Development) | 41 | 1102 |
| FS Bancorp, Inc. (Banks) | 23 | 906 |
| FTAI Infrastructure, Inc. (Ground Transportation) | 341 | 2104 |
| fuboTV, Inc.\* (Interactive Media & Services) | 1165 | 4497 |
| Fulcrum Therapeutics, Inc.\* (Pharmaceuticals) | 186 | 1280 |
| Fulgent Genetics, Inc.\* (Health Care Providers & <br>Services) | 73 | 1451 |
| Fulton Financial Corp. (Banks) | 637 | 11491 |
| Funko, Inc.\*—Class A (Leisure Products) | 121 | 576 |
| FutureFuel Corp.\* (Oil, Gas & Consumable <br>Fuels) | 88 | 341 |
| FVCBankcorp, Inc.\* (Banks) | 55 | 649 |
| Gaia, Inc.\* (Retail—Discretionary) | 59 | 259 |
| Gambling.com Group, Ltd.\* (Media) | 57 | 678 |
| Gannett Co., Inc.\* (Media) | 492 | 1761 |
| Garret Motion, Inc.\* (Automotive) | 443 | 4656 |
| GATX Corp. (Trading Companies & Distributors) | 125 | 19195 |
| GBank Financial Holdings, Inc.\* (Specialty <br>Finance) | 31 | 1098 |
| GCM Grosvenor, Inc.—Class A (Capital Markets) | 155 | 1792 |
| Genco Shipping & Trading, Ltd. (Marine <br>Transportation) | 137 | 1791 |
| Gencor Industries, Inc.\* (Machinery) | 36 | 504 |
| GeneDx Holdings Corp.\* (Health Care <br>Providers & Services) | 66 | 6092 |
| Genesco, Inc.\* (Specialty Retail) | 35 | 689 |
| Genie Energy, Ltd.—Class B (Electric Utilities) | 74 | 1989 |
| Genius Sports Ltd.\* (Leisure Facilities & <br>Services) | 773 | 8039 |
| Gentherm, Inc.\* (Automobile Components) | 106 | 2999 |
| Genworth Financial, Inc.\*—Class A (Insurance) | 1438 | 11188 |
| German American Bancorp, Inc.\* (Banks) | 127 | 4891 |
| Geron Corp.\* (Biotechnology) | 2119 | 2988 |
| Getty Images Holdings, Inc.\* (Interactive <br>Media & Services) | 384 | 637 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Getty Realty Corp. (Retail REITs) | 181 | $5003 |
| Gevo, Inc.\* (Renewable Energy) | 808 | 1067 |
| Gibraltar Industries, Inc.\* (Building Products) | 104 | 6136 |
| GigaCloud Technology, Inc.\*—Class A <br>(Distributors) | 92 | 1819 |
| G-III Apparel Group, Ltd.\* (Textiles, Apparel & <br>Luxury Goods) | 137 | 3069 |
| Ginkgo Bioworks Holdings, Inc.\* (Health Care <br>Facilities & Services) | 136 | 1530 |
| Glacier Bancorp, Inc. (Banks) | 399 | 17189 |
| Gladstone Commercial Corp. (Equity REIT—<br>Diversified) | 160 | 2293 |
| Gladstone Land Corp. (Specialized REITs) | 119 | 1210 |
| Glaukos Corp.\* (Health Care Equipment & <br>Supplies) | 195 | 20143 |
| Global Business Travel Group I\* (Hotels, <br>Restaurants & Leisure) | 330 | 2079 |
| Global Industrial Co. (Trading Companies & <br>Distributors) | 50 | 1351 |
| Global Medical REIT, Inc. (Health Care REITs) | 223 | 1545 |
| Global Net Lease, Inc. (Equity REIT—Diversified) | 690 | 5210 |
| Global Water Resources, Inc. (Water Utilities) | 43 | 438 |
| Globalstar, Inc.\* (Telecommunications) | 176 | 4145 |
| GMS, Inc.\* (Trading Companies & Distributors) | 135 | 14681 |
| Gogo, Inc.\* (Wireless Telecommunication <br>Services) | 239 | 3509 |
| GoHealth, Inc.\*—Class A (Insurance) | 17 | 94 |
| Golar LNG, Ltd. (Oil, Gas & Consumable Fuels) | 349 | 14375 |
| Golden Entertainment, Inc. ARS (Hotels, <br>Restaurants & Leisure) | 68 | 2001 |
| Golden Matrix Group, Inc.\* (Entertainment) | 50 | 85 |
| Golden Ocean Group, Ltd. (Marine <br>Transportation) | 357 | 2613 |
| Goosehead Insurance, Inc.—Class A (Insurance) | 83 | 8757 |
| Gossamer Bio, Inc.\* (Biotech & Pharma) | 663 | 815 |
| Graham Corp. (Machinery) | 36 | 1782 |
| Graham Holdings Co.—Class B (Diversified <br>Consumer Services) | 11 | 10408 |
| GRAIL, Inc.\* (Biotechnology) | 106 | 5451 |
| Granite Construction, Inc. (Construction & <br>Engineering) | 153 | 14307 |
| Granite Ridge Resources, Inc. (Oil, Gas & <br>Consumable Fuels) | 189 | 1204 |
| Gray Television, Inc. (Media) | 307 | 1391 |
| Great Ajax Corp.\* (Specialty Finance) | 147 | 397 |
| Great Lakes Dredge & Dock Corp.\* <br>(Construction & Engineering) | 232 | 2828 |
| Great Southern Bancorp, Inc. (Banks) | 30 | 1763 |
| Green Brick Partners, Inc.\* (Household Durables) | 111 | 6980 |
| Green Dot Corp.\*—Class A (Consumer Finance) | 187 | 2016 |
| Green Plains, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 224 | 1351 |
| Greene County Bancorp, Inc. (Banks) | 24 | 533 |
| Greenlight Capital Re, Ltd.\*—Class A <br>(Insurance) | 92 | 1322 |
| Greenwich Lifesciences, Inc.\* (Biotechnology) | 21 | 190 |
| Greif, Inc.—Class A (Containers & Packaging) | 88 | 5719 |
| Greif, Inc.—Class B (Containers & Packaging) | 16 | 1104 |
| Grid Dynamics Holdings, Inc.\* (IT Services) | 230 | 2657 |
| Griffon Corp. (Building Products) | 137 | 9915 |
| Grindr, Inc.\* (Interactive Media & Services) | 116 | 2633 |

---

**See accompanying notes to financial statements.**

------

**146 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Grocery Outlet Holding Corp.\* (Consumer <br>Staples Distribution & Retail) | 331 | $4111 |
| Group 1 Automotive, Inc. (Specialty Retail) | 44 | 19216 |
| Groupon, Inc.\* (Broadline Retail) | 87 | 2910 |
| Guaranty Bancshares, Inc. (Banks) | 31 | 1316 |
| Guardant Health, Inc.\* (Health Care Providers & <br>Services) | 417 | 21701 |
| Guardian Pharmacy Services, Inc.\* (Consumer <br>Staples Distribution & Retail) | 45 | 959 |
| Gulport Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 53 | 10662 |
| Gyre Therapeutics, Inc.\* (Biotechnology) | 47 | 345 |
| H.B. Fuller Co. (Chemicals) | 191 | 11489 |
| HA Sustainable Infrastructure Capital, Inc. <br>(Financial Services) | 427 | 11469 |
| Haemonetics Corp.\* (Health Care Equipment & <br>Supplies) | 176 | 13131 |
| Hallador Energy Co.\* (Oil, Gas & Consumable <br>Fuels) | 108 | 1710 |
| Hamilton Beach Brands Holding Co.\*—Class A <br>(Household Durables) | 25 | 447 |
| Hamilton Insurance Group, Ltd.\*—Class B <br>(Insurance) | 157 | 3394 |
| Hancock Whitney Corp. (Banks) | 301 | 17277 |
| Hanesbrands, Inc.\* (Textiles, Apparel & Luxury <br>Goods) | 1227 | 5620 |
| Hanmi Financial Corp. (Banks) | 105 | 2591 |
| Hanover Bancorp, Inc.\* (Banking) | 17 | 389 |
| HarborOne Bancorp, Inc. (Banks) | 134 | 1565 |
| Harmonic, Inc.\* (Communications Equipment) | 393 | 3722 |
| Harmony Biosciences Holdings, Inc.\* <br>(Pharmaceuticals) | 153 | 4835 |
| Harrow, Inc.\* (Pharmaceuticals) | 110 | 3359 |
| Haverty Furniture Cos., Inc. (Specialty Retail) | 47 | 956 |
| Hawaiian Electric Industries, Inc. (Electric <br>Utilities) | 609 | 6474 |
| Hawkins, Inc. (Chemicals) | 68 | 9663 |
| Hawthorn Bancshares, Inc.\* (Banking) | 20 | 583 |
| HBT Financial, Inc.\* (Banks) | 44 | 1109 |
| HCI Group, Inc.\* (Insurance) | 30 | 4566 |
| Health Catalyst, Inc.\* (Health Care Technology) | 236 | 890 |
| Healthcare Services Group, Inc. (Commercial <br>Services & Supplies) | 255 | 3833 |
| HealthEquity, Inc.\* (Health Care Providers & <br>Services) | 298 | 31218 |
| HealthStream, Inc. (Health Care Technology) | 86 | 2380 |
| Heartland Express, Inc. (Ground Transportation) | 178 | 1538 |
| Hecla Mining Co. (Metals & Mining) | 2095 | 12549 |
| Heidrick & Struggles International, Inc. <br>(Professional Services) | 72 | 3295 |
| Heilos Technologies, Inc. (Machinery) | 116 | 3871 |
| Helen of Troy, Ltd.\* (Household Durables) | 80 | 2270 |
| Helix Energy Solutions Group, Inc.\* (Energy <br>Equipment & Services) | 501 | 3126 |
| Helmerich & Payne, Inc. (Energy Equipment & <br>Services) | 338 | 5124 |
| Herbalife, Ltd.\* (Personal Care Products) | 353 | 3043 |
| Herc Holdings, Inc. (Trading Companies & <br>Distributors) | 114 | 15013 |
| Heritage Commerce Corp. (Banks) | 209 | 2075 |
| Heritage Financial Corp. (Banks) | 119 | 2837 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Heritage Insurance Holdings, Inc.\* (Insurance) | 78 | $1945 |
| Heron Therapeutics, Inc.\* (Biotechnology) | 534 | 1105 |
| Hertz Global Holdings, Inc.\* (Ground <br>Transportation) | 412 | 2814 |
| HF Foods Group, Inc.\* (Consumer Staples <br>Distribution & Retail) | 140 | 445 |
| HighPeak Energy, Inc.<sup>(a)</sup> (Oil, Gas & Consumable <br>Fuels) | 64 | 627 |
| Hillenbrand, Inc. (Machinery) | 247 | 4957 |
| Hillman Solutions Corp. (Machinery) | 692 | 4941 |
| Hilltop Holdings, Inc.\* (Banks) | 161 | 4886 |
| Hilton Grand Vacations, Inc.\* (Hotels, <br>Restaurants & Leisure) | 214 | 8887 |
| Himalaya Shipping, Ltd. (Marine Transportation) | 104 | 600 |
| Hims & Hers Health, Inc.\* (Health Care <br>Providers & Services) | 665 | 33151 |
| Hingham Institution for Savings (Banks) | 5 | 1242 |
| Hippo Holdings, Inc.\* (Insurance) | 62 | 1732 |
| HireQuest, Inc. (Professional Services) | 19 | 190 |
| HNI Corp. (Commercial Services & Supplies) | 162 | 7967 |
| Holley, Inc.\* (Automobile Components) | 208 | 416 |
| Hologic, Inc.\* (Biotechnology) | 110 | 371 |
| Home Bancorp, Inc. (Banks) | 24 | 1243 |
| Home BancShares, Inc. (Banks) | 658 | 18728 |
| HomeStreet, Inc.\* (Banks) | 64 | 836 |
| HomeTrust Bancshares, Inc. (Banks) | 56 | 2095 |
| Hope Bancorp, Inc. (Banks) | 408 | 4378 |
| Horace Mann Educators Corp. (Insurance) | 142 | 6102 |
| Horizon Bancorp, Inc. (Banks) | 152 | 2338 |
| Hovnanian Enterprises, Inc.\*—Class A <br>(Household Durables) | 17 | 1777 |
| Hub Group, Inc.—Class A (Air Freight & <br>Logistics) | 209 | 6987 |
| Hudson Pacific Properties, Inc. (Office REITs) | 1115 | 3055 |
| Hudson Technologies, Inc.\* (Trading <br>Companies & Distributors) | 136 | 1104 |
| Humacyte, Inc.\* (Biotechnology) | 437 | 913 |
| Huron Consulting Group, Inc.\* (Professional <br>Services) | 60 | 8252 |
| Hut 8 Corp.\* (Software) | 329 | 6119 |
| Hyliion Holdings Corp.\* (Machinery) | 452 | 597 |
| Hyster-Yale, Inc.—Class A (Machinery) | 41 | 1631 |
| I3 Verticals, Inc.\*—Class A (Financial Services) | 81 | 2226 |
| IBEX Holdings, Ltd.\* (Professional Services) | 35 | 1019 |
| Ibotta, Inc.\*—Class A (Media) | 46 | 1684 |
| ICF International, Inc. (Professional Services) | 64 | 5421 |
| Ichor Holdings, Ltd.\* (Semiconductors & <br>Semiconductor Equipment) | 119 | 2337 |
| ICU Medical, Inc.\* (Health Care Equipment & <br>Supplies) | 84 | 11101 |
| Idaho Strategic Resources, Inc.\* (Metals & <br>Mining) | 44 | 576 |
| Ideaya Biosciences, Inc.\* (Biotechnology) | 292 | 6138 |
| IDT Corp.—Class B (Diversified <br>Telecommunication Services) | 57 | 3894 |
| IES Holdings, Inc.\* (Construction & <br>Engineering) | 32 | 9479 |
| iHeartMedia, Inc.\*—Class A (Media) | 416 | 732 |
| IMAX Corp.\* (Entertainment) | 151 | 4222 |
| Immersion Corp. (Technology Hardware, <br>Storage & Peripherals) | 103 | 812 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 147**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| ImmunityBio, Inc.\*<sup>(a)</sup> (Biotechnology) | 803 | $2120 |
| Immunome, Inc.\* (Biotechnology) | 257 | 2390 |
| Immunovant, Inc.\* (Biotechnology) | 238 | 3808 |
| Impinj, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 91 | 10107 |
| Independence Realty Trust, Inc. (Residential <br>REITs) | 812 | 14364 |
| Independent Bank Corp. (Banks) | 149 | 9370 |
| Independent Bank Corp.\* (Banks) | 71 | 2301 |
| indie Semiconductor, Inc.\*<sup>(a)</sup>—Class A <br>(Semiconductors & Semiconductor <br>Equipment) | 677 | 2410 |
| Indivior PLC\* (Biotech & Pharma) | 423 | 6235 |
| Industrial Logistics Properties Trust (Industrial <br>REITs) | 187 | 851 |
| Infinity Natural Resources, Inc.\*—Class A (Oil & <br>Gas Producers) | 51 | 934 |
| Information Services Group, Inc. (IT Services) | 123 | 590 |
| Ingevity Corp.\* (Chemicals) | 127 | 5472 |
| Ingles Markets, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 51 | 3232 |
| Inhibikase Therapeutics, Inc.\* (Biotech & <br>Pharma) | 211 | 411 |
| Inhibrx Biosciences, Inc.\* (Biotechnology) | 32 | 457 |
| Inmune Bio, Inc.\* (Biotechnology) | 58 | 134 |
| Innodata, Inc.\* (Professional Services) | 106 | 5429 |
| Innospec, Inc. (Chemicals) | 88 | 7400 |
| Innovage Holding Corp.\* (Health Care <br>Providers & Services) | 71 | 262 |
| Innovative Industrial Properties, Inc. (Industrial <br>REITs) | 97 | 5356 |
| Innovex International, Inc.\* (Energy <br>Equipment & Services) | 135 | 2109 |
| Innoviva, Inc.\* (Pharmaceuticals) | 220 | 4420 |
| Inogen, Inc.\* (Health Care Equipment & <br>Supplies) | 83 | 583 |
| Inseego Corp.\* (Technology Hardware) | 43 | 354 |
| Insight Enterprises, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 97 | 13394 |
| Insperity, Inc. (Professional Services) | 126 | 7575 |
| Inspired Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 87 | 711 |
| Installed Building Products, Inc. (Household <br>Durables) | 82 | 14786 |
| Insteel Industries, Inc. (Building Products) | 65 | 2419 |
| Intapp, Inc.\* (Software) | 194 | 10014 |
| Integer Holdings Corp.\* (Health Care <br>Equipment & Supplies) | 120 | 14756 |
| Integra LifeSciences Holdings Corp.\* (Health <br>Care Equipment & Supplies) | 234 | 2871 |
| Integral Ad Science Holding Corp.\* (Media) | 266 | 2210 |
| Intellia Therapeutics, Inc.\* (Biotechnology) | 360 | 3377 |
| Inter Parfums, Inc. (Personal Care Products) | 64 | 8404 |
| InterDigital, Inc. (Software) | 90 | 20181 |
| Interface, Inc. (Commercial Services & Supplies) | 202 | 4228 |
| International Bancshares Corp. (Banks) | 190 | 12646 |
| International Game Technology PLC (Hotels, <br>Restaurants & Leisure) | 390 | 6166 |
| International Money Express, Inc.\* (Financial <br>Services) | 98 | 989 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| International Seaways, Inc. (Oil, Gas & <br>Consumable Fuels) | 140 | $5107 |
| Intrepid Potash, Inc.\* (Chemicals) | 38 | 1358 |
| Intuitive Machines, Inc.\* (Aerospace & Defense) | 382 | 4152 |
| InvenTrust Properties Corp. (Retail REITs) | 272 | 7453 |
| Invesco Mortgage Capital, Inc. (Mortgage <br>REITs) | 230 | 1803 |
| Investar Holding Corp. (Banks) | 32 | 618 |
| Investors Title Co.\* (Insurance) | 5 | 1057 |
| IonQ, Inc.\* (Technology Hardware, Storage & <br>Peripherals) | 828 | 35579 |
| Iovance Biotheraputics, Inc.\* (Biotechnology) | 895 | 1539 |
| iRadimed Corp. (Health Care Equipment & <br>Supplies) | 28 | 1674 |
| iRhythm Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 111 | 17090 |
| Ironwood Pharmaceuticals, Inc.\* <br>(Biotechnology) | 558 | 400 |
| Ispire Technology, Inc.\* (Tobacco) | 66 | 169 |
| iTeos Therapeutics, Inc.\* (Biotechnology) | 104 | 1037 |
| Itron, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 159 | 20929 |
| Ivanhoe Electric, Inc.\* (Metals & Mining) | 299 | 2712 |
| J & J Snack Foods Corp. (Food Products) | 54 | 6124 |
| J Jill, Inc. (Specialty Retail) | 26 | 381 |
| Jack in the Box, Inc. (Hotels, Restaurants & <br>Leisure) | 65 | 1135 |
| Jackson Financial, Inc.—Class A (Financial <br>Services) | 250 | 22197 |
| Jade Biosciences, Inc.\* (Biotech & Pharma) | 113 | 1129 |
| JAKKS Pacific, Inc.\* (Leisure Products) | 31 | 644 |
| James River Group Holdings, Ltd. (Insurance) | 129 | 756 |
| Jamf Holding Corp.\* (Software) | 235 | 2235 |
| Janus International Group, Inc.\* (Building <br>Products) | 473 | 3850 |
| Janux Therapeutics, Inc.\* (Biotechnology) | 137 | 3165 |
| JBG SMITH Properties (Office REITs) | 258 | 4463 |
| JELD-WEN Holding, Inc.\* (Building Products) | 297 | 1164 |
| JetBlue Airways Corp.\* (Passenger Airlines) | 1123 | 4750 |
| Joby Aviation, Inc.\* (Passenger Airlines) | 1611 | 16995 |
| John B. Sanfilippo & Son, Inc. (Food Products) | 27 | 1707 |
| John Bean Technologies Corp. (Machinery) | 182 | 21887 |
| John Marshall Bancorp, Inc. (Banks) | 44 | 815 |
| John Wiley & Sons, Inc.—Class A (Media) | 144 | 6427 |
| Johnson Outdoors, Inc.—Class A (Leisure <br>Products) | 19 | 575 |
| Journey Medical Corp.\* (Biotech & Pharma) | 42 | 302 |
| Kadant, Inc. (Machinery) | 41 | 13015 |
| Kaiser Aluminum Corp. (Metals & Mining) | 56 | 4474 |
| Kaltura, Inc.\* (Software) | 284 | 571 |
| KalVista Pharmaceuticals, Inc.\* (Biotechnology) | 132 | 1492 |
| KAR Auction Services, Inc.\* (Commercial <br>Services & Supplies) | 371 | 9071 |
| Karat Packaging, Inc. (Trading Companies & <br>Distributors) | 24 | 676 |
| KB Home (Household Durables) | 244 | 12925 |
| Kearney Financial Corp. (Banks) | 200 | 1292 |
| Kelly Services, Inc.—Class A (Professional <br>Services) | 106 | 1241 |
| Kennametal, Inc. (Machinery) | 270 | 6199 |

---

**See accompanying notes to financial statements.**

------

**148 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Kennedy-Wilson Holdings, Inc. (Real Estate <br>Management & Development) | 422 | $2870 |
| Keros Therapeutics, Inc.\* (Biotechnology) | 118 | 1575 |
| Kestra Medical Technologies Ltd.\* (Medical <br>Equipment & Devices) | 46 | 763 |
| Kforce, Inc. (Professional Services) | 63 | 2591 |
| Kimball Electronics, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 85 | 1635 |
| KinderCare Learning Cos., Inc.\* (Diversified <br>Consumer Services) | 110 | 1111 |
| Kinetik Holdings, Inc. (Oil, Gas & Consumable <br>Fuels) | 155 | 6828 |
| Kingstone Companies, Inc.\* (Insurance) | 39 | 601 |
| Kingsway Financial Services, Inc.\* (Insurance) | 63 | 853 |
| Kite Realty Group Trust (Retail REITs) | 771 | 17462 |
| KKR Real Estate Finance Trust, Inc. (Mortgage <br>REITs) | 199 | 1745 |
| Knife River Corp. (Construction Materials) | 200 | 16328 |
| Knowles Corp.\* (Electronic Equipment, <br>Instruments & Components) | 302 | 5321 |
| Kodiak Gas Services, Inc. (Energy Equipment & <br>Services) | 188 | 6443 |
| Kodiak Sciences, Inc.\* (Biotechnology) | 114 | 425 |
| Kohl's Corp. (Broadline Retail) | 381 | 3231 |
| Kolibri Global Energy, Inc.\* (Oil & Gas Producers) | 123 | 843 |
| Kontoor Brands, Inc. (Textiles, Apparel & <br>Luxury Goods) | 192 | 12666 |
| Kopin Corp.\* (Technology Hardware) | 522 | 799 |
| Koppers Holdings, Inc. (Chemicals) | 67 | 2154 |
| Korn Ferry (Professional Services) | 180 | 13199 |
| Korro Bio, Inc.\* (Biotechnology) | 23 | 287 |
| Kosmos Energy, Ltd.\* (Oil, Gas & Consumable <br>Fuels) | 1656 | 2848 |
| Kratos Defense & Security Solutions, Inc.\* <br>(Aerospace & Defense) | 574 | 26662 |
| Krispy Kreme, Inc. (Hotels, Restaurants & <br>Leisure) | 269 | 783 |
| Kronos Worldwide, Inc.\* (Chemicals) | 76 | 471 |
| Krystal Biotech, Inc.\* (Biotechnology) | 87 | 11959 |
| Kulicke & Soffa Industries, Inc. <br>(Semiconductors & Semiconductor <br>Equipment) | 182 | 6297 |
| KULR Technology Group, Inc.\* (Technology <br>Hardware) | 115 | 820 |
| Kura Oncology, Inc.\* (Biotechnology) | 276 | 1593 |
| Kura Sushi USA, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 22 | 1894 |
| Kymera Therapeutics, Inc. (Biotechnology) | 163 | 7113 |
| L.B. Foster Co.\*—Class A (Machinery) | 36 | 787 |
| Ladder Capital Corp.\* (Mortgage REITs) | 399 | 4289 |
| Lakeland Financial Corp. (Banks) | 89 | 5469 |
| Lakeland Industries, Inc.\* (Apparel & Textile <br>Products) | 32 | 436 |
| Lancaster Colony Corp. (Food Products) | 70 | 12094 |
| Landec Corp.\* (Life Sciences Tools & Services) | 96 | 780 |
| Landmark BanCorp, Inc./Manhattan KS\* <br>(Banking) | 16 | 423 |
| Lands' End, Inc.\* (Specialty Retail) | 42 | 450 |
| Lantheus Holdings, Inc.\* (Health Care <br>Equipment & Supplies) | 236 | 19319 |
| Larimar Therapeutics, Inc.\* (Biotechnology) | 148 | 428 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Latham Group, Inc.\* (Leisure Products) | 157 | $1002 |
| Laureate Education, Inc.\* (Diversified <br>Consumer Services) | 449 | 10498 |
| Lawson Products, Inc.\* (Trading Companies & <br>Distributors) | 34 | 934 |
| La-Z-Boy, Inc. (Household Durables) | 145 | 5390 |
| LCI Industries (Automobile Components) | 86 | 7842 |
| LCNB Corp. (Banks) | 47 | 683 |
| Legacy Housing Corp.\* (Household Durables) | 30 | 680 |
| Legalzoom.com, Inc.\* (Professional Services) | 387 | 3448 |
| Leggett & Platt, Inc. (Household Durables) | 466 | 4157 |
| LeMaitre Vascular, Inc. (Health Care <br>Equipment & Supplies) | 73 | 6063 |
| Lemonade, Inc.\* (Insurance) | 194 | 8499 |
| LendingClub Corp.\* (Consumer Finance) | 395 | 4752 |
| LendingTree, Inc.\* (Consumer Finance) | 39 | 1446 |
| LENSAR, Inc.\* (Medical Equipment & Devices) | 33 | 435 |
| LENZ Therapeutics, Inc.\* (Biotechnology) | 62 | 1817 |
| Lexeo Therapeutics, Inc.\* (Biotechnology) | 83 | 334 |
| Lexington Realty Trust (Industrial REITs) | 1018 | 8409 |
| LGI Homes, Inc.\* (Household Durables) | 73 | 3761 |
| Liberty Energy, Inc. (Energy Equipment & <br>Services) | 552 | 6337 |
| Liberty Latin America, Ltd.\*—Class A <br>(Diversified Telecommunication Services) | 102 | 622 |
| Liberty Latin America, Ltd.\*—Class C <br>(Diversified Telecommunication Services) | 438 | 2724 |
| Life Time Group Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 474 | 14376 |
| Life360, Inc.\* (Software) | 56 | 3654 |
| LifeMD, Inc.\* (Health Care Technology) | 129 | 1757 |
| LifeStance Health Group, Inc.\* (Health Care <br>Providers & Services) | 462 | 2389 |
| LIFEVANTAGE CORPORATION\* (Food Products) | 37 | 484 |
| Lifeway Foods, Inc.\* (Food Products) | 18 | 444 |
| Lifezone Metals, Ltd.\* (Metals & Mining) | 97 | 400 |
| Ligand Pharmaceuticals, Inc.\* (Pharmaceuticals) | 67 | 7617 |
| Lightbridge Corp.\* (Electrical Equipment) | 65 | 869 |
| Limbach Holdings, Inc.\* (Construction & <br>Engineering) | 37 | 5184 |
| Limoneira Co.\* (Food Products) | 58 | 908 |
| Lincoln Educational Services Corp.\* (Diversified <br>Consumer Services) | 103 | 2374 |
| Lindblad Expeditions Holdings, Inc.\* (Hotels, <br>Restaurants & Leisure) | 131 | 1529 |
| Lindsay Corp. (Machinery) | 38 | 5482 |
| LINKBANCORP, Inc.\* (Banks) | 75 | 548 |
| Lionsgate Studios Corp.\* (Entertainment) | 669 | 3887 |
| Liquidia Corp.\* (Pharmaceuticals) | 224 | 2791 |
| Liquidity Services, Inc.\* (Commercial Services & <br>Supplies) | 81 | 1911 |
| LivaNova PLC\* (Health Care Equipment & <br>Supplies) | 190 | 8554 |
| Live Oak Bancshares, Inc. (Banks) | 123 | 3665 |
| LiveRamp Holdings, Inc.\* (Software) | 226 | 7467 |
| Livewire Group, Inc.\* (Automobiles) | 128 | 589 |
| loanDepot, Inc.\* (Specialty Finance) | 285 | 362 |
| Logistic Properties Of The Americas\* (Real <br>Estate Owners & Developers) | 11 | 75 |
| LSB Industries, Inc.\* (Chemicals) | 188 | 1466 |
| LSI Industries, Inc. (Electrical Equipment) | 93 | 1582 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 149**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| LTC Properties, Inc. (Health Care REITs) | 159 | $5503 |
| Lucid Diagnostics, Inc.\* (Medical Equipment & <br>Devices) | 242 | 278 |
| Lumen Technologies, Inc. (Diversified <br>Telecommunication Services) | 3331 | 14590 |
| Lument Finance Trust Inc\* (Specialty Finance) | 159 | 351 |
| Luminar Technologies, Inc.\* (Automobile <br>Components) | 140 | 402 |
| Luxfer Holdings PLC\* (Machinery) | 93 | 1133 |
| Lyell Immunopharma, Inc.\* (Biotechnology) | 1 | 9 |
| M/I Homes, Inc.\* (Household Durables) | 92 | 10315 |
| Mack-Cali Realty Corp.\* (Residential REITs) | 276 | 4110 |
| Madison Square Garden Entertainment Corp.\* <br>(Entertainment) | 138 | 5516 |
| Madrigal Pharmaceuticals, Inc.\* (Biotechnology) | 59 | 17855 |
| Magnera Corp.\* (Forestry, Paper & Wood <br>Products) | 116 | 1401 |
| Magnite, Inc.\* (Media) | 489 | 11794 |
| Magnolia Oil & Gas Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 651 | 14634 |
| MainStreet Bancshares, Inc.\* (Banking) | 25 | 473 |
| Malibu Boats, Inc.\*—Class A (Leisure Products) | 66 | 2068 |
| Mama's Creations, Inc.\* (Food Products) | 119 | 988 |
| Mammoth Energy Services, Inc.\* (Energy <br>Equipment & Services) | 85 | 238 |
| Mannkind Corp.\* (Biotechnology) | 1057 | 3953 |
| MARA Holdings, Inc.\*<sup>(a)</sup> (Software) | 1212 | 19004 |
| Maravai LifeSciences Holdings, Inc.\*—Class A <br>(Life Sciences Tools & Services) | 426 | 1027 |
| Marcus & Millichap, Inc. (Real Estate <br>Management & Development) | 84 | 2580 |
| Marex Group PLC\* (Institutional Financial <br>Services) | 111 | 4382 |
| Marine Products Corp.\* (Leisure Products) | 31 | 264 |
| MarineMax, Inc.\* (Specialty Retail) | 66 | 1659 |
| MarketWise, Inc. (Capital Markets) | 8 | 158 |
| Marqeta, Inc.\*—Class A (Financial Services) | 1343 | 7830 |
| Marriott Vacations Worldwide Corp.\* (Hotels, <br>Restaurants & Leisure) | 112 | 8099 |
| Marten Transport, Ltd. (Ground Transportation) | 204 | 2650 |
| Masterbrand, Inc.\* (Building Products) | 444 | 4853 |
| MasterCraft Boat Holdings, Inc.\* (Leisure <br>Products) | 57 | 1059 |
| Materion Corp. (Metals & Mining) | 72 | 5715 |
| Mativ Holdings, Inc.\* (Chemicals) | 189 | 1289 |
| Matrix Service Co.\* (Construction & <br>Engineering) | 93 | 1256 |
| Matson, Inc. (Marine Transportation) | 114 | 12693 |
| Matthews International Corp.—Class A <br>(Commercial Services & Supplies) | 104 | 2487 |
| Maui Land & Pineapple Co., Inc.\* (Real Estate <br>Management & Development) | 24 | 437 |
| MaxCyte, Inc.\* (Life Sciences Tools & Services) | 353 | 770 |
| Maximus, Inc. (Professional Services) | 198 | 13900 |
| MaxLinear, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 285 | 4050 |
| Mayville Engineering Co., Inc.\* (Machinery) | 50 | 798 |
| Maze Therapeutics, Inc.\* (Biotechnology) | 31 | 380 |
| MBIA, Inc.\* (Insurance) | 160 | 694 |
| MBX Biosciences, Inc.\* (Pharmaceuticals) | 60 | 685 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| McGrath RentCorp\* (Trading Companies & <br>Distributors) | 86 | $9973 |
| Medallion Financial Corp.\* (Consumer Finance) | 57 | 543 |
| MediaAlpha, Inc.\*—Class A (Interactive <br>Media & Services) | 116 | 1270 |
| Medifast, Inc. (Personal Care Products) | 38 | 534 |
| MediWound, Ltd.\* (Pharmaceuticals) | 27 | 523 |
| Mednax, Inc.\* (Health Care Providers & <br>Services) | 298 | 4276 |
| MeiraGTx Holdings PLC\* (Biotechnology) | 145 | 945 |
| Mercantile Bank Corp.\* (Banks) | 55 | 2553 |
| Merchants Bancorp (Financial Services) | 91 | 3009 |
| Mercurity Fintech Holding, Inc.\* (Commercial <br>Support Services) | 112 | 431 |
| Mercury General Corp. (Insurance) | 94 | 6330 |
| Mercury Systems, Inc.\* (Aerospace & Defense) | 182 | 9803 |
| Meridian Bank of Malvern, PA (Banking) | 32 | 412 |
| MeridianLink, Inc.\* (Software) | 111 | 1802 |
| Merit Medical Systems, Inc.\* (Health Care <br>Equipment & Supplies) | 204 | 19070 |
| Meritage Homes Corp. (Household Durables) | 248 | 16609 |
| Mesa Laboratories, Inc. (Life Sciences Tools & <br>Services) | 18 | 1696 |
| Metals Acquisition, Ltd.\*—Class A (Metals & <br>Mining) | 249 | 3010 |
| Methode Electronics, Inc. (Electronic <br>Equipment, Instruments & Components) | 118 | 1122 |
| Metrocity Bankshares, Inc. (Banks) | 68 | 1943 |
| Metropolitan Bank Holding Corp.\* (Banks) | 34 | 2380 |
| Metsera, Inc.\*<sup>(a)</sup> (Biotechnology) | 62 | 1764 |
| MFA Financial, Inc.\* (Mortgage REITs) | 360 | 3406 |
| MGE Energy, Inc. (Electric Utilities) | 129 | 11409 |
| MGP Ingredients, Inc. (Beverages) | 49 | 1469 |
| Microvast Holdings, Inc.\* (Automotive) | 694 | 2519 |
| MicroVision, Inc.\*<sup>(a)</sup> (Electronic Equipment, <br>Instruments & Components) | 856 | 976 |
| Mid Penn Bancorp, Inc.\* (Banks) | 70 | 1974 |
| Middlefield Banc Corp. (Banks) | 26 | 783 |
| Middlesex Water Co. (Water Utilities) | 62 | 3359 |
| Midland States Bankcorp, Inc. (Banks) | 72 | 1247 |
| MidWestOne Financial Group, Inc.\* (Banks) | 72 | 2071 |
| Miller Industries, Inc. (Machinery) | 39 | 1734 |
| MillerKnoll, Inc. (Commercial Services & <br>Supplies) | 236 | 4583 |
| MiMedx Group, Inc.\* (Biotechnology) | 413 | 2523 |
| Mind Medicine MindMed, Inc.\* <br>(Pharmaceuticals) | 263 | 1707 |
| Minerals Technologies, Inc. (Chemicals) | 112 | 6168 |
| Mineralys Therapeutics, Inc.\* (Biotechnology) | 137 | 1854 |
| Mirion Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 733 | 15781 |
| Mirum Pharmaceuticals, Inc.\* (Biotechnology) | 152 | 7735 |
| Mission Produce, Inc.\* (Food Products) | 168 | 1969 |
| Mister Car Wash, Inc.\* (Diversified Consumer <br>Services) | 346 | 2079 |
| Mistras Group, Inc.\* (Professional Services) | 57 | 457 |
| Mitek Systems, Inc.\* (Software) | 155 | 1535 |
| Mobile Infrastructure Corp.\* (Real Estate <br>Owners & Developers) | 50 | 227 |
| Modine Manufacturing Co.\* (Automobile <br>Components) | 183 | 18026 |

---

**See accompanying notes to financial statements.**

------

**150 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Modiv Industrial, Inc.\* (Retail REITs) | 33 | $465 |
| Moelis & Co.—Class A (Capital Markets) | 260 | 16203 |
| Monarch Casino & Resort, Inc. (Hotels, <br>Restaurants & Leisure) | 45 | 3890 |
| Monopar Therapeutics, Inc.\* (Biotech & Pharma) | 14 | 501 |
| Monro, Inc. (Specialty Retail) | 104 | 1551 |
| Montauk Renewables, Inc.\* (Independent <br>Power/Renewable Electricity Producers) | 235 | 522 |
| Monte Rosa Therapeutics, Inc.\* (Biotechnology) | 163 | 735 |
| Montrose Environemental Group, Inc.\* <br>(Commercial Services & Supplies) | 113 | 2474 |
| Moog, Inc.—Class A (Aerospace & Defense) | 98 | 17735 |
| Motorcar Parts of America, Inc.\* (Automotive) | 64 | 717 |
| Movado Group, Inc. (Textiles, Apparel & Luxury <br>Goods) | 53 | 808 |
| MRC Global, Inc.\* (Trading Companies & <br>Distributors) | 298 | 4086 |
| M-Tron Industries, Inc.\* (Electrical Equipment) | 9 | 378 |
| Mueller Water Products, Inc.—Class A, Series A <br>(Machinery) | 545 | 13102 |
| Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 472 | 10620 |
| MVB Financial Corp.\* (Banks) | 40 | 901 |
| Myers Industries, Inc.\* (Containers & Packaging) | 130 | 1884 |
| Myomo, Inc.\* (Medical Equipment & Devices) | 114 | 246 |
| MYR Group, Inc.\* (Construction & Engineering) | 54 | 9798 |
| Myriad Genetics, Inc.\* (Biotechnology) | 318 | 1689 |
| N-able, Inc.\* (Software) | 252 | 2041 |
| Nabors Industries, Ltd.\* (Energy Equipment & <br>Services) | 49 | 1373 |
| NACCO Industries, Inc.\*—Class A (Oil, Gas & <br>Consumable Fuels) | 14 | 620 |
| NANO Nuclear Energy, Inc.\* (Electrical <br>Equipment) | 93 | 3208 |
| Nano-X Imaging, Ltd.\* (Health Care Providers & <br>Services) | 224 | 1158 |
| Napco Security Technologies, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 123 | 3652 |
| Nathan's Famous, Inc. (Hotels, Restaurants & <br>Leisure) | 9 | 995 |
| National Bank Holdings Corp.—Class A (Banks) | 132 | 4965 |
| National Bankshares, Inc. (Banks) | 22 | 598 |
| National Beverage Corp. (Beverages) | 84 | 3632 |
| National CineMedia, Inc.\* (Media) | 224 | 1085 |
| National Energy Services Reunited Corp.\* <br>(Oil & Gas Services & Equipment) | 213 | 1282 |
| National Health Investors, Inc.\* (Health Care <br>REITs) | 161 | 11289 |
| National HealthCare Corp. (Health Care <br>Providers & Services) | 44 | 4708 |
| National Presto Industries, Inc.\* (Aerospace & <br>Defense) | 18 | 1763 |
| National Research Corp. (Health Care <br>Providers & Services) | 44 | 739 |
| National Vision Holdings, Inc.\* (Specialty Retail) | 272 | 6259 |
| Natural Gas Services Group, Inc.\* (Energy <br>Equipment & Services) | 35 | 903 |
| Natural Grocers by Vitamin Cottage, Inc. <br>(Consumer Staples Distribution & Retail) | 45 | 1766 |
| Nature's Sunshine Products, Inc. (Personal <br>Care Products) | 51 | 754 |
| Navient Corp. (Consumer Finance) | 246 | 3469 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Navigator Holdings Ltd.\* (Transportation & <br>Logistics) | 114 | $1613 |
| Navitas Semiconductor Corp.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 468 | 3065 |
| NB Bancorp, Inc.\* (Banks) | 122 | 2179 |
| NBT Bancorp, Inc. (Banks) | 179 | 7437 |
| NCR Atleos Corp.\* (Financial Services) | 256 | 7304 |
| NCR Voyix Corp.\* (Software) | 486 | 5701 |
| Nektar Therapeutics\* (Pharmaceuticals) | 1 | 26 |
| Nelnet, Inc.—Class A (Consumer Finance) | 49 | 5935 |
| Neogen Corp.\* (Health Care Equipment & <br>Supplies) | 763 | 3647 |
| NeoGenomics, Inc.\* (Health Care Providers & <br>Services) | 450 | 3290 |
| Neonode, Inc.\* (Technology Hardware) | 37 | 944 |
| NerdWallet, Inc.\*—Class A (Consumer Finance) | 144 | 1580 |
| Nerdy, Inc.\* (Diversified Consumer Services) | 202 | 329 |
| NET Lease Office Properties (Office REITs) | 52 | 1693 |
| Net Power, Inc.\* (Electrical Equipment) | 119 | 294 |
| NETGEAR, Inc.\* (Communications Equipment) | 97 | 2820 |
| NetScout Systems, Inc.\* (Communications <br>Equipment) | 244 | 6054 |
| NETSTREIT Corp.\* (Retail REITs) | 287 | 4859 |
| Neurogene, Inc.\* (Biotechnology) | 34 | 508 |
| Neuronetics, Inc.\* (Health Care Facilities & <br>Services) | 126 | 440 |
| NeuroPace, Inc.\* (Health Care Equipment & <br>Supplies) | 84 | 936 |
| New Fortress Energy Inc (Oil & Gas Producers) | 590 | 1958 |
| New Jersey Resources Corp. (Gas Utilities) | 353 | 15821 |
| New York Community Bancorp, Inc. (Banks) | 1061 | 11247 |
| New York Mortgage Trust, Inc. (Mortgage <br>REITs) | 297 | 1992 |
| Newmark Group, Inc.—Class A (Real Estate <br>Management & Development) | 476 | 5783 |
| Newpark Resources, Inc.\* (Energy <br>Equipment & Services) | 281 | 2391 |
| Newsmax, Inc.\* (Internet Media & Services) | 27 | 409 |
| NewtekOne, Inc.\* (Financial Services) | 87 | 981 |
| NexPoint Diversified Real Estate Trust\* <br>(Equity REIT—Diversified) | 119 | 499 |
| Nexpoint Real Estate Finance, Inc. (Mortgage <br>REITs) | 27 | 372 |
| NexPoint Residential Trust, Inc. (Residential <br>REITs) | 78 | 2599 |
| NextDecade Corp.\* (Oil, Gas & Consumable <br>Fuels) | 467 | 4161 |
| Nextdoor Holdings, Inc.\* (Interactive Media & <br>Services) | 739 | 1227 |
| NextNav, Inc.\* (Software) | 307 | 4666 |
| NextNRG, Inc.\* (Oil & Gas Producers) | 61 | 169 |
| NEXTracker, Inc.\*—Class A (Electrical <br>Equipment) | 495 | 26912 |
| Nexxen International Ltd.\* (Advertising & <br>Marketing) | 132 | 1374 |
| NI Holdings, Inc.\* (Insurance) | 24 | 306 |
| Nicolet Bankshares, Inc.\* (Banks) | 47 | 5804 |
| NioCorp. Developments Ltd.\* (Metals & Mining) | 181 | 422 |
| Nkarta, Inc.\* (Biotechnology) | 187 | 310 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 151**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| NL Industries, Inc.\* (Commercial Services & <br>Supplies) | 29 | $186 |
| nLight, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 168 | 3306 |
| NMI Holdings, Inc.\*—Class A (Financial <br>Services) | 273 | 11518 |
| Noble Corp. PLC (Energy Equipment & <br>Services) | 441 | 11709 |
| Nordic American Tankers, Ltd. (Oil, Gas & <br>Consumable Fuels) | 716 | 1883 |
| Northeast Bank (Banks) | 26 | 2314 |
| Northeast Community Bancorp, Inc. (Banks) | 43 | 1000 |
| Northern Oil and Gas, Inc. (Oil, Gas & <br>Consumable Fuels) | 323 | 9157 |
| Northfield Bancorp, Inc. (Banks) | 132 | 1515 |
| Northpointe Bancshares, Inc. (Banking) | 37 | 507 |
| Northrim Bancorp, Inc. (Banks) | 19 | 1772 |
| Northwest Bancshares, Inc. (Banks) | 445 | 5687 |
| Northwest Natural Holding Co. (Gas Utilities) | 141 | 5601 |
| Northwest Pipe Co.\* (Construction & <br>Engineering) | 34 | 1394 |
| NorthWestern Energy Group, Inc. <br>(Multi-Utilities) | 215 | 11030 |
| Norwood Financial Corp. (Banks) | 30 | 773 |
| NovaGold Resources, Inc.\* (Metals & Mining) | 870 | 3558 |
| Novanta, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 126 | 16245 |
| Novavax, Inc.\* (Biotechnology) | 523 | 3295 |
| Novocure, Ltd.\* (Health Care Equipment & <br>Supplies) | 355 | 6319 |
| Nu Skin Enterprises, Inc.—Class A (Personal <br>Care Products) | 171 | 1366 |
| Nurix Therapeutics, Inc.\* (Biotechnology) | 263 | 2996 |
| NuScale Power Corp.\* (Electrical Equipment) | 443 | 17525 |
| Nutex Health, Inc.\* (Software) | 12 | 1494 |
| Nuvalent, Inc.\*—Class A (Biotechnology) | 150 | 11445 |
| Nuvation Bio, Inc.\* (Pharmaceuticals) | 871 | 1698 |
| Nuvectis Pharma, Inc.\* (Biotech & Pharma) | 45 | 336 |
| NV5 Global, Inc.\* (Professional Services) | 203 | 4687 |
| NVE Corp. (Semiconductors & Semiconductor <br>Equipment) | 17 | 1251 |
| Oak Valley Bancorp. (Banks) | 24 | 654 |
| Oceaneering International, Inc.\* (Energy <br>Equipment & Services) | 328 | 6796 |
| OceanFirst Financial Corp. (Banks) | 200 | 3522 |
| Ocular Therapeutix, Inc.\* (Pharmaceuticals) | 491 | 4556 |
| OFG Bancorp (Banks) | 158 | 6762 |
| Ohio Valley Banc Corp.\* (Asset Management) | 13 | 419 |
| O-I Glass, Inc. (Containers & Packaging) | 537 | 7916 |
| Oil States International, Inc.\* (Energy <br>Equipment & Services) | 204 | 1093 |
| Oil-Dri Corp. of America (Household Products) | 35 | 2065 |
| Oklo, Inc.\* (Electric Utilities) | 358 | 20044 |
| Olaplex Holdings, Inc.\* (Personal Care Products) | 490 | 686 |
| Old National Bancorp (Banks) | 1119 | 23880 |
| Old Point Financial Corp\* (Banking) | 14 | 550 |
| Old Second Bancorp, Inc. (Banks) | 152 | 2696 |
| Olema Pharmaceuticals, Inc.\* (Biotechnology) | 208 | 886 |
| Olo, Inc.\* (Software) | 403 | 3587 |
| Olympic Steel, Inc. (Metals & Mining) | 35 | 1141 |
| Omega Flex, Inc. (Machinery) | 12 | 389 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Omeros Corp.\* (Pharmaceuticals) | 197 | $591 |
| OmniAb, Inc.\* (Life Sciences Tools & Services) | 350 | 609 |
| Omnicell, Inc.\* (Health Care Equipment & <br>Supplies) | 163 | 4792 |
| ON24, Inc.\* (Software) | 131 | 711 |
| Oncology Institute, Inc./The\* (Health Care <br>Facilities & Services) | 206 | 422 |
| ONE Gas, Inc. (Gas Utilities) | 209 | 15019 |
| One Liberty Properties, Inc. (Equity <br>REIT—Diversified) | 64 | 1527 |
| OneSpan, Inc.\* (Software) | 126 | 2103 |
| OneSpaWorld Holdings, Ltd. (Diversified <br>Consumer Services) | 331 | 6749 |
| OneWater Marine, Inc.\* (Specialty Retail) | 39 | 522 |
| Onity Group, Inc.\* (Financial Services) | 23 | 878 |
| Ooma, Inc.\* (Software) | 89 | 1148 |
| OP Bancorp (Banking) | 41 | 533 |
| OPAL Fuels, Inc.\* (Renewable Energy) | 74 | 179 |
| Open Lending Corp.\* (Capital Markets) | 358 | 695 |
| OPKO Health, Inc.\* (Health Care Providers & <br>Services) | 1263 | 1667 |
| Oportun Financial Corp.\* (Specialty Finance) | 117 | 838 |
| OppFi, Inc.\* (Consumer Finance) | 85 | 1189 |
| OptimizeRx Corp.\* (Health Care Technology) | 60 | 810 |
| Option Care Health, Inc.\* (Health Care <br>Providers & Services) | 575 | 18676 |
| Orange County Bancorp, Inc. (Banks) | 33 | 853 |
| OraSure Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 262 | 786 |
| Orchid Island Capital, Inc. (Mortgage REITs) | 376 | 2636 |
| Organogenesis Holdings, Inc.\* (Biotechnology) | 238 | 871 |
| ORIC Pharmaceuticals, Inc.\* (Biotechnology) | 157 | 1594 |
| Origin Bancorp, Inc. (Banks) | 104 | 3717 |
| Orion Group Holdings, Inc.\* (Construction & <br>Engineering) | 132 | 1197 |
| Orion SA (Chemicals) | 194 | 2035 |
| Ormat Technologies, Inc. (Independent <br>Power/Renewable Electricity Producers) | 213 | 17841 |
| Orrstown Financial Services, Inc. (Banks) | 65 | 2069 |
| Orthofix Medical, Inc.\* (Health Care <br>Equipment & Supplies) | 135 | 1505 |
| OrthoPediatrics Corp.\* (Health Care <br>Equipment & Supplies) | 59 | 1267 |
| Oruka Therapeutics Inc\* (Biotech & Pharma) | 95 | 1065 |
| Oscar Health, Inc.\*—Class A (Insurance) | 639 | 13700 |
| OSI Systems, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 56 | 12592 |
| Otter Tail Corp. (Electric Utilities) | 135 | 10407 |
| Ouster, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 177 | 4292 |
| Outbrain, Inc.\* (Interactive Media & Services) | 126 | 312 |
| Outfront Media, Inc. (Specialized REITs) | 486 | 7932 |
| Outset Medical, Inc.\* (Software) | 62 | 1191 |
| Owens & Minor, Inc. (Health Care Providers & <br>Services) | 263 | 2393 |
| Oxford Industries, Inc. (Textiles, Apparel & <br>Luxury Goods) | 49 | 1972 |
| P10, Inc.\*—Class A (Capital Markets) | 190 | 1942 |
| Pacific Biosciences of California, Inc.\* <br>(Life Sciences Tools & Services) | 964 | 1195 |
| Pacific Premier Bancorp, Inc. (Banks) | 335 | 7065 |

---

**See accompanying notes to financial statements.**

------

**152 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Pacira BioSciences, Inc.\* (Pharmaceuticals) | 161 | $3848 |
| PACS Group, Inc.\* (Health Care Providers & <br>Services) | 154 | 1990 |
| Pagaya Technologies, Ltd.\*—Class A (Software) | 147 | 3134 |
| PagerDuty, Inc.\* (Software) | 295 | 4508 |
| Pagseguro Digital, Ltd.\*—Class A (Financial <br>Services) | 619 | 5967 |
| Palladyne AI Corp.\* (Machinery) | 89 | 771 |
| Palomar Holdings, Inc.\* (Insurance) | 92 | 14191 |
| Palvella Therapeutics, Inc.\* (Biotech & Pharma) | 24 | 541 |
| PAM Transportation Services, Inc.\*<sup>(a)</sup> (Ground <br>Transportation) | 21 | 270 |
| Pangaea Logistics Solutions, Ltd. (Marine <br>Transportation) | 104 | 489 |
| Papa John's International, Inc. (Hotels, <br>Restaurants & Leisure) | 114 | 5579 |
| Par Pacific Holdings, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 186 | 4935 |
| PAR Technology Corp.\* (Electronic Equipment, <br>Instruments & Components) | 140 | 9712 |
| Paramount Group, Inc.\* (Office REITs) | 652 | 3977 |
| Park Aerospace Corp. (Aerospace & Defense) | 64 | 945 |
| Park National Corp. (Banks) | 52 | 8698 |
| Parke Bancorp, Inc.\* (Banks) | 35 | 713 |
| Park-Ohio Holdings Corp.\* (Machinery) | 34 | 607 |
| Pathward Financial, Inc. (Banks) | 82 | 6488 |
| Patria Investments, Ltd.—Class A (Capital <br>Markets) | 210 | 2953 |
| Patrick Industries, Inc. (Automobile <br>Components) | 113 | 10427 |
| Patriot National Bancorp Inc\* (Banking) | 153 | 233 |
| Patterson-UTI Energy, Inc. (Energy Equipment & <br>Services) | 1233 | 7312 |
| Payoneer Global, Inc.\* (Financial Services) | 972 | 6658 |
| Paysafe, Ltd.\* (Financial Services) | 113 | 1426 |
| Paysign, Inc.\* (Financial Services) | 120 | 864 |
| PBF Energy, Inc.—Class A (Oil, Gas & <br>Consumable Fuels) | 293 | 6349 |
| PC Connection, Inc. (Electronic Equipment, <br>Instruments & Components) | 39 | 2565 |
| PCB Bancorp (Banks) | 38 | 797 |
| PDF Solutions, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 111 | 2373 |
| Peabody Energy Corp. (Oil, Gas & Consumable <br>Fuels) | 427 | 5730 |
| Peakstone Realty Trust (Office REITs) | 128 | 1691 |
| Peapack-Gladstone Financial Corp. (Banks) | 56 | 1582 |
| Pebblebrook Hotel Trust (Hotel & Resort REITs) | 411 | 4106 |
| Peloton Interactive, Inc.\*—Class A (Leisure <br>Products) | 1287 | 8933 |
| Penns Woods Bancorp Inc.\* (Banking) | 26 | 789 |
| PennyMac Financial Services, Inc. (Financial <br>Services) | 102 | 10163 |
| PennyMac Mortgage Investment Trust <br>(Mortgage REITs) | 305 | 3922 |
| Peoples Bancorp of North Carolina, Inc. (Banks) | 15 | 433 |
| Peoples Bancorp, Inc.\* (Banks) | 122 | 3726 |
| Peoples Financial Services Corp. (Banks) | 32 | 1580 |
| Perdoceo Education Corp. (Diversified <br>Consumer Services) | 215 | 7028 |
| Perella Weinberg Partners (Capital Markets) | 213 | 4136 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Performant Financial Corp.\* (Commercial <br>Services & Supplies) | 245 | $980 |
| Perimeter Solutions SA\* (Chemicals) | 486 | 6765 |
| Perma-Fix Environmental Services, Inc.\* <br>(Commercial Services & Supplies) | 60 | 631 |
| Perpetua Resources Corp.\* (Metals & Mining) | 161 | 1955 |
| Personalis, Inc.\* (Health Care Facilities & <br>Services) | 175 | 1148 |
| Perspective Therapeutics, Inc.\* (Biotechnology) | 208 | 716 |
| Petco Health & Wellness Co., Inc.\* (Specialty <br>Retail) | 274 | 775 |
| Phathom Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 147 | 1410 |
| Phibro Animal Health Corp.—Class A <br>(Pharmaceuticals) | 71 | 1813 |
| Phillips Edison & Co., Inc. (Retail REITs) | 441 | 15448 |
| Phinia, Inc. (Automobile Components) | 138 | 6140 |
| Photronics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 215 | 4048 |
| Phreesia, Inc.\* (Health Care Technology) | 197 | 5606 |
| Piedmont Lithium, Inc.\* (Metals & Mining) | 72 | 419 |
| Piedmont Office Realty Trust, Inc. (Office REITs) | 434 | 3164 |
| Pioneer Bancorp, Inc.\* (Banks) | 39 | 469 |
| Piper Sandler Cos. (Capital Markets) | 61 | 16955 |
| Pitney Bowes, Inc. (Commercial Services & <br>Supplies) | 641 | 6993 |
| PJT Partners, Inc.—Class A (Capital Markets) | 80 | 13201 |
| Planet Labs PBC\* (Professional Services) | 748 | 4563 |
| Playstudios, Inc.\* (Entertainment) | 308 | 403 |
| Playtika Holding, Corp.\* (Entertainment <br>Content) | 196 | 927 |
| Plexus Corp.\* (Electronic Equipment, <br>Instruments & Components) | 94 | 12719 |
| Plug Power, Inc.\*<sup>(a)</sup> (Electrical Equipment) | 3191 | 4755 |
| Plumas Bancorp\* (Banks) | 18 | 800 |
| Plymouth Industrial REIT, Inc. (Industrial REITs) | 143 | 2297 |
| Polaris Industries, Inc.\* (Leisure Products) | 186 | 7562 |
| Ponce Financial Group, Inc.\* (Banks) | 69 | 955 |
| Porch Group, Inc.\* (Software) | 281 | 3313 |
| Portillo's, Inc.\*—Class A (Hotels, Restaurants & <br>Leisure) | 197 | 2299 |
| Portland General Electric Co. (Electric Utilities) | 385 | 15643 |
| Postal Realty Trust, Inc.—Class A (Office REITs) | 78 | 1149 |
| Potbelly Corp.\* (Hotels, Restaurants & Leisure) | 89 | 1090 |
| PotlatchDeltic Corp. (Specialized REITs) | 274 | 10513 |
| Powell Industries, Inc. (Electrical Equipment) | 33 | 6945 |
| Power Integrations, Inc. (Semiconductors & <br>Semiconductor Equipment) | 198 | 11068 |
| Power Solutions International, Inc.\* (Machinery) | 23 | 1488 |
| Powerfleet, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 434 | 1871 |
| PRA Group, Inc.\* (Consumer Finance) | 138 | 2036 |
| Prairie Operating Co.\* (Software) | 75 | 225 |
| Praxis Precision Medicines, Inc.\* <br>(Biotechnology) | 62 | 2607 |
| Precigen, Inc.\* (Biotechnology) | 524 | 744 |
| Preferred Bank (Banks) | 43 | 3721 |
| Preformed Line Products Co.\* (Electrical <br>Equipment) | 8 | 1278 |
| Premier, Inc.—Class A (Health Care Providers & <br>Services) | 319 | 6996 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 153**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Prestige Consumer Healthcare, Inc.\* <br>(Pharmaceuticals) | 173 | $13813 |
| PriceSmart, Inc. (Consumer Staples <br>Distribution & Retail) | 90 | 9454 |
| Prime Medicine, Inc.\* (Biotechnology) | 204 | 504 |
| PrimeEnergy Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 2 | 293 |
| Primis Financial Corp. (Banks) | 73 | 792 |
| Primoris Services Corp. (Construction & <br>Engineering) | 189 | 14731 |
| Princeton Bancorp, Inc. (Banks) | 19 | 580 |
| Priority Technology Holdings, Inc.\* (Financial <br>Services) | 87 | 677 |
| Privia Health Group, Inc.\* (Health Care <br>Providers & Services) | 402 | 9246 |
| ProAssurance Corp. (Insurance) | 178 | 4064 |
| PROCEPT BioRobotics Corp.\* (Health Care <br>Equipment & Supplies) | 183 | 10541 |
| Pro-Dex, Inc.\* (Medical Equipment & Devices) | 7 | 305 |
| Proficient Auto Logistics, Inc.\* (Ground <br>Transportation) | 82 | 595 |
| ProFrac Holding Corp.\*—Class A (Energy <br>Equipment & Services) | 43 | 334 |
| PROG Holdings, Inc. (Consumer Finance) | 140 | 4109 |
| Progress Software Corp. (Software) | 150 | 9576 |
| Progyny, Inc.\* (Health Care Providers & <br>Services) | 240 | 5280 |
| ProPetro Holding Corp.\* (Energy Equipment & <br>Services) | 280 | 1672 |
| PROS Holdings, Inc.\* (Software) | 153 | 2396 |
| Protagonist Therapeutics, Inc.\* (Biotechnology) | 203 | 11220 |
| Protalix Biotherapeutics Inc\* (Biotech & Pharma) | 243 | 360 |
| Protara Therapeutics, Inc.\* (Biotech & Pharma) | 113 | 342 |
| Prothena Corp. PLC\* (Biotechnology) | 135 | 819 |
| Proto Labs, Inc.\* (Machinery) | 83 | 3323 |
| Provident Bancorp, Inc.\* (Banks) | 56 | 699 |
| Provident Financial Services, Inc. (Banks) | 450 | 7889 |
| PTC Therapeutics, Inc.\* (Biotechnology) | 271 | 13236 |
| PubMatic, Inc.\*—Class A (Media) | 146 | 1816 |
| Pulmonx Corp.\* (Health Care Equipment & <br>Supplies) | 133 | 344 |
| Pulse Biosciences, Inc.\*<sup>(a)</sup> (Health Care <br>Equipment & Supplies) | 62 | 936 |
| Puma Biotechnology, Inc.\* (Biotechnology) | 148 | 508 |
| Pure Cycle Corp.\* (Water Utilities) | 69 | 740 |
| PureCycle Technologies, Inc.\*<sup>(a)</sup> (Chemicals) | 453 | 6206 |
| Q2 Holdings, Inc.\* (Software) | 217 | 20309 |
| QCR Holdings, Inc. (Banks) | 58 | 3938 |
| Quad/Graphics, Inc. (Commercial Services & <br>Supplies) | 101 | 571 |
| Quaker Chemical Corp. (Chemicals) | 49 | 5485 |
| Qualys, Inc.\* (Software) | 128 | 18287 |
| Quanex Building Products Corp. (Building <br>Products) | 165 | 3119 |
| Quanterix Corp.\* (Life Sciences Tools & <br>Services) | 128 | 851 |
| Quantum Computing Inc\* (Software) | 402 | 7706 |
| Quantum-Si, Inc.\* (Life Sciences Tools & <br>Services) | 492 | 964 |
| QuidelOrtho Corp.\* (Health Care Equipment & <br>Supplies) | 237 | 6830 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| QuinStreet, Inc.\* (Interactive Media & Services) | 190 | $3059 |
| Rackspace Technology, Inc.\* (IT Services) | 292 | 374 |
| Radian Group, Inc. (Financial Services) | 494 | 17794 |
| Radiant Logistics, Inc.\* (Air Freight & Logistics) | 116 | 705 |
| RadNet, Inc.\* (Health Care Providers & Services) | 232 | 13203 |
| Ramaco Resources, Inc.—Class A (Metals & <br>Mining) | 124 | 1629 |
| Rambus, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 377 | 24137 |
| Ranger Bermuda Topco Ltd.\* (Insurance) | 6 | 159 |
| Ranger Energy Services, Inc.\* (Energy <br>Equipment & Services) | 60 | 716 |
| Ranpak Holdings Corp.\* (Containers & <br>Packaging) | 164 | 585 |
| Rapid7, Inc.\* (Software) | 223 | 5158 |
| Rapport Therapeutics, Inc.\* (Pharmaceuticals) | 61 | 694 |
| Rayonier Advanced Materials, Inc. (Chemicals) | 225 | 866 |
| RBB Bancorp (Banks) | 59 | 1015 |
| RCI Hospitality Holdings, Inc. (Hotels, <br>Restaurants & Leisure) | 29 | 1105 |
| RCM TECHNOLOGIES, INC.\* (Technology <br>Services) | 17 | 401 |
| RE/MAX Holdings, Inc.\*—Class A (Real Estate <br>Management & Development) | 64 | 524 |
| Ready Capital Corp.<sup>(a)</sup> (Mortgage REITs) | 582 | 2543 |
| Recursion Pharmaceuticals, Inc.\*<sup>(a)</sup>—Class A <br>(Biotechnology) | 1185 | 5996 |
| Red Cat Holdings, Inc.\* (Aerospace & Defense) | 261 | 1900 |
| Red River Bancshares, Inc.\* (Banks) | 16 | 939 |
| Red Rock Resorts, Inc.—Class A (Hotels, <br>Restaurants & Leisure) | 171 | 8897 |
| Red Violet, Inc.\* (Software) | 39 | 1919 |
| Redwire Corp.\*<sup>(a)</sup> (Aerospace & Defense) | 117 | 1907 |
| Redwood Trust, Inc. (Mortgage REITs) | 464 | 2742 |
| REGENXBIO, Inc.\* (Biotechnology) | 163 | 1338 |
| Regional Management Corp.\* (Consumer <br>Finance) | 32 | 935 |
| Relay Therapeutics, Inc.\* (Biotechnology) | 462 | 1599 |
| Remitly Global, Inc.\* (Financial Services) | 541 | 10155 |
| Renasant Corp. (Banks) | 329 | 11821 |
| Repay Holdings Corp.\* (Financial Services) | 272 | 1311 |
| Replimune Group, Inc.\* (Biotechnology) | 230 | 2137 |
| ReposiTrak, Inc.\* (Software) | 39 | 766 |
| Repro-Med Systems, Inc.\* (Medical <br>Equipment & Devices) | 148 | 530 |
| Republic Bancorp, Inc.\*—Class A (Banks) | 29 | 2120 |
| Reservoir Media, Inc.\* (Entertainment) | 71 | 545 |
| Resideo Technologies, Inc.\* (Building Products) | 519 | 11449 |
| Resolute Holdings Management, Inc.\* (Asset <br>Management) | 15 | 478 |
| Resources Connection, Inc. (Professional <br>Services) | 114 | 612 |
| REV Group, Inc. (Machinery) | 179 | 8519 |
| Revolve Group, Inc.\* (Specialty Retail) | 142 | 2847 |
| REX American Resources Corp.\* (Oil, Gas & <br>Consumable Fuels) | 52 | 2533 |
| Rezolute, Inc.\* (Biotech & Pharma) | 234 | 1044 |
| Rezolve AI PLC\* (Software) | 317 | 975 |
| RGC Resources, Inc.\* (Gas Utilities) | 29 | 649 |
| Rhinebeck BanCorp, Inc.\* (Banking) | 16 | 188 |
| Rhythm Pharmaceuticals, Inc.\* (Biotechnology) | 190 | 12006 |

---

**See accompanying notes to financial statements.**

------

**154 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Ribbon Communications, Inc.\* <br>(Communications Equipment) | 327 | $1311 |
| Richardson Electronics, Ltd.\* (Electronic <br>Equipment, Instruments & Components) | 42 | 405 |
| Richmond Mutual BanCorp, Inc.\* (Banking) | 32 | 442 |
| Richtech Robotics, Inc.\* (Machinery) | 241 | 470 |
| Rigel Pharmaceuticals, Inc.\* (Biotechnology) | 61 | 1143 |
| Rigetti Computing, Inc.\*<sup>(a)</sup> (Semiconductors & <br>Semiconductor Equipment) | 988 | 11718 |
| Riley Exploration Permian, Inc. (Oil, Gas & <br>Consumable Fuels) | 46 | 1207 |
| Rimini Street, Inc.\* (Software) | 170 | 641 |
| Riot Platforms, Inc.\* (Software) | 1154 | 13040 |
| Riverview Bancorp, Inc.\* (Banking) | 71 | 391 |
| RLJ Lodging Trust (Hotel & Resort REITs) | 518 | 3771 |
| Rocket Pharmaceuticals, Inc.\* (Biotechnology) | 293 | 718 |
| Rocky Brands, Inc. (Textiles, Apparel & Luxury <br>Goods) | 25 | 555 |
| Rogers Corp.\* (Electronic Equipment, <br>Instruments & Components) | 65 | 4451 |
| Root, Inc.\*—Class A (Insurance) | 37 | 4735 |
| RPC, Inc. (Energy Equipment & Services) | 312 | 1476 |
| Rumble, Inc.\* (Internet Media & Services) | 275 | 2469 |
| Rush Enterprises, Inc.—Class A (Trading <br>Companies & Distributors) | 219 | 11281 |
| Rush Enterprises, Inc.—Class B (Trading <br>Companies & Distributors) | 32 | 1679 |
| Rush Street Interactive, Inc.\* (Hotels, <br>Restaurants & Leisure) | 310 | 4619 |
| RXO, Inc.\* (Ground Transportation) | 568 | 8929 |
| RxSight, Inc.\* (Health Care Equipment & <br>Supplies) | 130 | 1690 |
| Ryerson Holding Corp.\* (Metals & Mining) | 95 | 2049 |
| Ryman Hospitality Properties, Inc. (Hotel & <br>Resort REITs) | 205 | 20227 |
| S&T Bancorp, Inc. (Banks) | 134 | 5068 |
| Sable Offshore Corp.\* (Oil, Gas & Consumable <br>Fuels) | 239 | 5253 |
| Sabra Health Care REIT, Inc. (Health Care REITs) | 830 | 15305 |
| Sabre Corp.\* (Hotels, Restaurants & Leisure) | 1266 | 4001 |
| Safe Builders, Inc. (Marine Transportation) | 201 | 726 |
| Safehold, Inc. (Specialized REITs) | 196 | 3050 |
| Safety Insurance Group, Inc. (Insurance) | 52 | 4128 |
| Sage Therapeutics, Inc.\* (Biotechnology) | 198 | 1806 |
| Sally Beauty Holdings, Inc.\* (Specialty Retail) | 357 | 3306 |
| Sana Biotechnology, Inc.\* (Biotechnology) | 466 | 1272 |
| Sanara Medtech, Inc.\* (Health Care <br>Equipment & Supplies) | 11 | 312 |
| SandRidge Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 127 | 1374 |
| Sanmina Corp.\* (Electronic Equipment, <br>Instruments & Components) | 182 | 17805 |
| SANUWAVE Health, Inc.\* (Medical <br>Equipment & Devices) | 24 | 789 |
| Sapiens International Corp. N.V. (Software) | 109 | 3188 |
| Satellogic, Inc.\* (Telecommunications) | 241 | 872 |
| Saul Centers, Inc. (Retail REITs) | 43 | 1468 |
| Savara, Inc.\* (Biotechnology) | 442 | 1008 |
| Savers Value Village, Inc.\* (Broadline Retail) | 81 | 826 |
| SB Financial Group\* (Banking) | 21 | 401 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SBC Medical Group Holdings, Inc.\* <br>(Health Care Facilities & Services) | 20 | $93 |
| ScanSource, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 76 | 3178 |
| Schnitzer Steel Industries, Inc.—Class A <br>(Metals & Mining) | 97 | 2880 |
| Scholar Rock Holding Corp.\* (Biotechnology) | 283 | 10024 |
| Scholastic Corp. (Media) | 76 | 1594 |
| Schrodinger, Inc.\* (Health Care Technology) | 197 | 3964 |
| Scilex Holding Co.\* (Biotech & Pharma) | 8 | 47 |
| Scorpio Tankers, Inc. (Oil, Gas & Consumable <br>Fuels) | 152 | 5948 |
| scPharmaceuticals, Inc.\* (Pharmaceuticals) | 119 | 453 |
| Seacoast Banking Corp. of Florida (Banks) | 297 | 8203 |
| SEACOR Marine Holdings, Inc.\* (Energy <br>Equipment & Services) | 72 | 367 |
| Seadrill, Ltd.\* (Energy Equipment & Services) | 219 | 5749 |
| Seaport Entertainment Group Inc\* (Real Estate <br>Owners & Developers) | 26 | 485 |
| SeaWorld Entertainment, Inc.\* (Hotels, <br>Restaurants & Leisure) | 95 | 4479 |
| Security National Financial Corp.\*—Class A <br>(Specialty Finance) | 51 | 502 |
| Select Energy Services, Inc.—Class A (Energy <br>Equipment & Services) | 326 | 2817 |
| Select Medical Holdings Corp. (Health Care <br>Providers & Services) | 390 | 5920 |
| Selective Insurance Group, Inc. (Insurance) | 212 | 18369 |
| Selectquote, Inc.\* (Insurance) | 480 | 1142 |
| SELLAS Life Sciences Group, Inc.\* (Biotech & <br>Pharma) | 333 | 729 |
| Semler Scientific, Inc.\* (Health Care <br>Equipment & Supplies) | 29 | 1123 |
| SEMrush Holdings, Inc.\* (Software) | 161 | 1457 |
| Semtech Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 304 | 13723 |
| Seneca Foods Corp.\*—Class A (Food Products) | 16 | 1623 |
| Sensient Technologies Corp. (Chemicals) | 148 | 14581 |
| Septerna, Inc.\* (Pharmaceuticals) | 75 | 793 |
| Serve Robotics, Inc.\* (Internet Media & <br>Services) | 164 | 1876 |
| Service Properties Trust (Hotel & Resort REITs) | 540 | 1291 |
| ServisFirst Bancshares, Inc. (Banks) | 180 | 13952 |
| Seven Hills Realty Trust (Mortgage REITs) | 51 | 616 |
| Sezzle, Inc.\* (Financial Services) | 52 | 9321 |
| SFL Corp., Ltd. (Oil, Gas & Consumable Fuels) | 423 | 3524 |
| Shake Shack, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 136 | 19122 |
| Shenandoah Telecommunications Co. <br>(Diversified Telecommunication Services) | 177 | 2418 |
| Shoals Technologies Group, Inc.\*—Class A <br>(Electrical Equipment) | 587 | 2495 |
| Shoe Carnival, Inc. (Specialty Retail) | 63 | 1179 |
| Shore Bancshares, Inc. (Banks) | 108 | 1698 |
| ShotSpotter, Inc.\* (Software) | 33 | 431 |
| Shutterstock, Inc. (Interactive Media & <br>Services) | 84 | 1593 |
| SI-BONE, Inc.\* (Health Care Equipment & <br>Supplies) | 133 | 2503 |
| Siebert Financial Corp.\* (Asset Management) | 49 | 217 |
| Sierra Bancorp (Banks) | 44 | 1306 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 155**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| SIGA Technologies, Inc. (Pharmaceuticals) | 143 | $932 |
| Sight Sciences, Inc.\* (Health Care Equipment & <br>Supplies) | 144 | 595 |
| Signet Jewelers, Ltd. (Specialty Retail) | 146 | 11614 |
| Sila Realty Trust, Inc.\* (Health Care REITs) | 194 | 4592 |
| Silicon Laboratories, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 113 | 16652 |
| Silvaco Group, Inc.\* (Software) | 27 | 127 |
| Silvercrest Asset Management Group, <br>Inc.—Class A (Capital Markets) | 28 | 444 |
| Simmons First National Corp.—Class A (Banks) | 438 | 8304 |
| Simulations Plus, Inc. (Health Care Technology) | 58 | 1012 |
| Sinclair, Inc.\* (Media) | 135 | 1866 |
| Sionna Therapeutics, Inc.\* (Medical <br>Equipment & Devices) | 43 | 746 |
| SiriusPoint, Ltd.\* (Insurance) | 358 | 7300 |
| SITE Centers Corp. (Retail REITs) | 175 | 1979 |
| SiTime Corp.\* (Semiconductors & <br>Semiconductor Equipment) | 74 | 15768 |
| Sitio Royalties Corp.—Class A (Oil, Gas & <br>Consumable Fuels) | 273 | 5018 |
| Six Flags Entertainment Corp.\* (Hotels, <br>Restaurants & Leisure) | 335 | 10194 |
| SJW Group (Water Utilities) | 111 | 5769 |
| Skillsoft Corp.\* (Software) | 16 | 256 |
| Sky Harbour Group Corp.\* (Transportation <br>Infrastructure) | 74 | 723 |
| Skyward Specialty Insurance Group, Inc.\* <br>(Insurance) | 125 | 7224 |
| SkyWater Technology, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 92 | 905 |
| SkyWest, Inc.\* (Passenger Airlines) | 141 | 14519 |
| SKYX Platforms Corp.\* (Electrical Equipment) | 214 | 224 |
| SL Green Realty Corp. (Office REITs) | 251 | 15536 |
| Sleep Number Corp.\* (Specialty Retail) | 73 | 493 |
| SM Energy Co. (Oil, Gas & Consumable Fuels) | 399 | 9859 |
| SMART Global Holdings, Inc.\* <br>(Semiconductors & Semiconductor <br>Equipment) | 186 | 3685 |
| SmartFinancial, Inc.\* (Banks) | 51 | 1723 |
| Smartstop Self Storage REIT, Inc.\* (REITS & <br>Real Estate Management) | 99 | 3587 |
| Smith & Wesson Brands, Inc. (Leisure Products) | 153 | 1328 |
| Smith-Midland Corp.\* (Construction Materials) | 10 | 336 |
| Solaris Energy Infrastructure, Inc.\*—Class A <br>(Energy Equipment & Services) | 127 | 3593 |
| Soleno Therapeutics, Inc.\* (Biotechnology) | 140 | 11729 |
| Solesence, Inc.\* (Household Products) | 66 | 288 |
| Solid Biosciences, Inc.\* (Biotechnology) | 230 | 1120 |
| Solid Power, Inc.\* (Automobile Components) | 506 | 1108 |
| Sonic Automotive, Inc.—Class A (Specialty <br>Retail) | 52 | 4156 |
| Sonida Senior Living, Inc.\* (Health Care <br>Providers & Services) | 19 | 474 |
| Sonos, Inc.\* (Household Durables) | 411 | 4443 |
| Sound Financial Bancorp, Inc.\* (Banking) | 7 | 322 |
| SoundHound AI, Inc.\*—Class A (Software) | 1279 | 13724 |
| South Plains Financial, Inc. (Banks) | 45 | 1622 |
| Southern California BanCorp\* (Banks) | 78 | 1229 |
| Southern First Bancshares, Inc.\* (Banks) | 27 | 1027 |
| Southern Missouri Bancorp, Inc. (Banks) | 34 | 1863 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Southland Holdings, Inc.\* (Construction & <br>Engineering) | 37 | $155 |
| Southside Bancshares, Inc. (Banks) | 101 | 2972 |
| Southwest Gas Holdings, Inc. (Gas Utilities) | 226 | 16811 |
| SpartanNash Co. (Consumer Staples <br>Distribution & Retail) | 118 | 3126 |
| Spectrum Brands Holdings, Inc. (Household <br>Products) | 89 | 4717 |
| Sphere Entertainment Co.\* (Entertainment) | 97 | 4055 |
| Spire Global, Inc.\* (Professional Services) | 96 | 1142 |
| Spire, Inc. (Gas Utilities) | 201 | 14671 |
| Spirit Aviation Holdings, Inc.\* (Transportation & <br>Logistics) | 56 | 279 |
| Spok Holdings, Inc. (Wireless <br>Telecommunication Services) | 71 | 1255 |
| Sprinklr, Inc.\*—Class A (Software) | 384 | 3249 |
| Sprout Social, Inc.\*—Class A (Software) | 180 | 3764 |
| SPS Commerce, Inc.\* (Software) | 133 | 18100 |
| SPX Technologies, Inc.\* (Machinery) | 159 | 26660 |
| Spyre Therapeutics, Inc.\* (Biotechnology) | 174 | 2605 |
| SR BanCorp, Inc.\* (Banking) | 27 | 365 |
| SSR Mining, Inc. (Metals & Mining) | 711 | 9058 |
| STAAR Surgical Co.\* (Health Care Equipment & <br>Supplies) | 174 | 2920 |
| Stagwell, Inc. (Media) | 403 | 1814 |
| Standard BioTools, Inc.\* (Life Sciences Tools & <br>Services) | 1045 | 1254 |
| Standard Motor Products, Inc. (Automobile <br>Components) | 74 | 2273 |
| Standex International Corp. (Machinery) | 41 | 6416 |
| Starz Entertainment Corp.\* (Entertainment) | 45 | 723 |
| Steelcase, Inc.—Class A (Commercial <br>Services & Supplies) | 293 | 3056 |
| Stellar Bancorp, Inc. (Banks) | 164 | 4589 |
| Stepan Co. (Chemicals) | 75 | 4094 |
| StepStone Group, Inc.—Class A (Capital <br>Markets) | 219 | 12155 |
| Stereotaxis, Inc.\* (Health Care Equipment & <br>Supplies) | 200 | 424 |
| Sterling Infrastructure, Inc.\* (Construction & <br>Engineering) | 104 | 23996 |
| Steven Madden, Ltd. (Textiles, Apparel & <br>Luxury Goods) | 242 | 5803 |
| Stewart Information Services Corp. (Insurance) | 97 | 6315 |
| Stitch Fix, Inc.\*—Class A (Specialty Retail) | 371 | 1373 |
| Stock Yards Bancorp, Inc. (Banks) | 92 | 7266 |
| Stoke Therapeutics, Inc.\* (Biotechnology) | 143 | 1623 |
| StoneCo, Ltd.\* (Financial Services) | 847 | 13586 |
| StoneX Group, Inc.\* (Capital Markets) | 158 | 14400 |
| Strategic Education, Inc. (Diversified <br>Consumer Services) | 84 | 7151 |
| Strattec Security Corporation\* (Industrial <br>Intermediate Prod) | 14 | 871 |
| Stratus Properties, Inc.\* (Real Estate <br>Management & Development) | 23 | 434 |
| Strawberry Fields REIT, Inc. (Health Care REITs) | 25 | 264 |
| Stride, Inc.\* (Diversified Consumer Services) | 149 | 21634 |
| Sturm Ruger & Co., Inc. (Leisure Products) | 56 | 2010 |
| Summit Hotel Properties, Inc. (Hotel & Resort <br>REITs) | 383 | 1949 |

---

**See accompanying notes to financial statements.**

------

**156 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Summit Midstream Corp.\* (Oil & Gas <br>Producers) | 35 | $859 |
| Sun Country Airlines Holdings, Inc.\* (Passenger <br>Airlines) | 178 | 2092 |
| SunCoke Energy, Inc. (Metals & Mining) | 297 | 2551 |
| SunOpta, Inc.\* (Food Products) | 334 | 1937 |
| Sunrise Realty Trust, Inc. (Mortgage REITs) | 35 | 371 |
| Sunrun, Inc.\* (Electrical Equipment) | 732 | 5988 |
| Sunstone Hotel Investors, Inc. (Hotel & Resort <br>REITs) | 673 | 5842 |
| Super Group SGHC, Ltd. (Hotels, Restaurants & <br>Leisure) | 556 | 6099 |
| Superior Group of Cos., Inc. (Textiles, Apparel & <br>Luxury Goods) | 39 | 402 |
| Supernus Pharmaceuticals, Inc.\* <br>(Pharmaceuticals) | 188 | 5926 |
| Surgery Partners, Inc.\* (Health Care Providers & <br>Services) | 270 | 6002 |
| Surmodics, Inc.\* (Health Care Equipment & <br>Supplies) | 49 | 1456 |
| Sweetgreen, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 361 | 5372 |
| SWK Holdings Corp.\* (Financial Services) | 11 | 162 |
| Sylvamo Corp. (Paper & Forest Products) | 120 | 6012 |
| Synaptics, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 136 | 8816 |
| Synchronoss Technologies, Inc.\* (Software) | 38 | 260 |
| Syndax Pharmaceuticals, Inc.\* (Biotechnology) | 297 | 2781 |
| System1, Inc.\* (Interactive Media & Services) | —<br> <sup>(b)</sup> | 2 |
| Tactile Systems Technology, Inc.\* (Health Care <br>Equipment & Supplies) | 82 | 831 |
| Talkspace, Inc.\* (Health Care Providers & <br>Services) | 430 | 1195 |
| Talos Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 420 | 3562 |
| Tandem Diabetes Care, Inc.\* (Health Care <br>Equipment & Supplies) | 233 | 4343 |
| Tanger, Inc. (Retail REITs) | 390 | 11926 |
| Tango Therapeutics, Inc.\* (Biotechnology) | 268 | 1372 |
| Target Hospitality Corp.\* (Hotels, Restaurants & <br>Leisure) | 112 | 797 |
| Tarsus Pharmaceuticals, Inc.\* (Pharmaceuticals) | 135 | 5469 |
| Taylor Morrison Home Corp.\* (Household <br>Durables) | 344 | 21129 |
| Taysha Gene Therapies, Inc.\* (Biotechnology) | 578 | 1335 |
| TechTarget, Inc.\* (Media) | 93 | 723 |
| Tecnoglass, Inc. (Building Products) | 85 | 6576 |
| Tectonic Therapeutic, Inc.\* (Biotech & Pharma) | 38 | 755 |
| Teekay Corp.\* (Transportation & Logistics) | 182 | 1502 |
| Teekay Tankers, Ltd.—Class A (Transportation & <br>Logistics) | 84 | 3505 |
| TEGNA, Inc. (Media) | 562 | 9418 |
| Tejon Ranch Co.\* (Real Estate Management & <br>Development) | 73 | 1238 |
| Teladoc Health, Inc.\* (Health Care Technology) | 614 | 5347 |
| Telephone and Data Systems, Inc. (Wireless <br>Telecommunication Services) | 343 | 12204 |
| Telos Corp.\* (Software) | 191 | 605 |
| Tenable Holdings, Inc.\* (Software) | 417 | 14086 |
| Tennant Co. (Machinery) | 66 | 5114 |
| Terawulf, Inc.\* (Software) | 930 | 4073 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Terex Corp. (Machinery) | 228 | $10645 |
| Terns Pharmaceuticals, Inc.\* (Pharmaceuticals) | 252 | 940 |
| Terreno Realty Corp. (Industrial REITs) | 357 | 20016 |
| TETRA Technologies, Inc.\* (Energy <br>Equipment & Services) | 443 | 1488 |
| Tevogen Bio Holdings, Inc.\* (Biotechnology) | 99 | 124 |
| Texas Capital Bancshares, Inc.\* (Banks) | 159 | 12625 |
| TG Therapeutics, Inc.\* (Biotechnology) | 507 | 18246 |
| The Andersons, Inc. (Consumer Staples <br>Distribution & Retail) | 114 | 4190 |
| The Arena Group Holdings, Inc.\* (Advertising & <br>Marketing) | 45 | 279 |
| The Baldwin Insurance Group, Inc.\* (Insurance) | 245 | 10488 |
| The Bancorp, Inc.\* (Banks) | 159 | 9058 |
| The Bank of NT Butterfield & Son, Ltd. (Banks) | 152 | 6731 |
| The Beauty Health Co.\* (Personal Care <br>Products) | 399 | 762 |
| The Brink's Co. (Commercial Services & <br>Supplies) | 151 | 13482 |
| The Buckle, Inc. (Specialty Retail) | 110 | 4989 |
| The Cheesecake Factory, Inc.<sup>(a)</sup> (Hotels, <br>Restaurants & Leisure) | 161 | 10088 |
| The Chefs' Warehouse, Inc.\* (Consumer <br>Staples Distribution & Retail) | 127 | 8104 |
| The Chemours Co.\* (Chemicals) | 526 | 6023 |
| The E.W. Scripps Co.\*—Class A (Media) | 219 | 644 |
| The Eastern Co.\* (Machinery) | 20 | 456 |
| The Ensign Group, Inc. (Health Care Providers & <br>Services) | 196 | 30235 |
| The First Bancorp, Inc.\* (Banks) | 38 | 966 |
| The GEO Group, Inc.\* (Commercial Services & <br>Supplies) | 478 | 11448 |
| The Goodyear Tire & Rubber Co.\* (Automobile <br>Components) | 912 | 9457 |
| The Gorman-Rupp Co. (Machinery) | 73 | 2681 |
| The Greenbrier Cos., Inc. (Machinery) | 107 | 4927 |
| The Hackett Group, Inc.\* (IT Services) | 88 | 2237 |
| The Hain Celestial Group, Inc.\* (Food Products) | 316 | 480 |
| The Honest Co., Inc.\* (Personal Care Products) | 326 | 1659 |
| The Joint Corp.\* (Health Care Providers & <br>Services) | 53 | 612 |
| The Lovesac Co.\* (Household Durables) | 47 | 855 |
| The Macerich Co. (Retail REITs) | 887 | 14352 |
| The Manitowoc Co., Inc.\* (Machinery) | 121 | 1454 |
| The Marcus Corp.\* (Entertainment) | 83 | 1399 |
| The ODP Corp.\* (Specialty Retail) | 96 | 1740 |
| The Pennant Group, Inc.\* (Health Care <br>Providers & Services) | 118 | 3522 |
| The Real Brokerage, Inc.\* (Real Estate <br>Management & Development) | 370 | 1669 |
| The RealReal, Inc.\* (Specialty Retail) | 333 | 1595 |
| The RMR Group, Inc.\*—Class A (Real Estate <br>Management & Development) | 54 | 883 |
| The Shyft Group, Inc. (Machinery) | 113 | 1417 |
| The Simply Good Foods Co.\* (Food Products) | 327 | 10330 |
| The St. Joe Co. (Real Estate Management & <br>Development) | 133 | 6344 |
| The Vita Coco Co., Inc.\* (Beverages) | 140 | 5054 |
| The York Water Co.\* (Water Utilities) | 50 | 1580 |
| Theravance Biopharma, Inc.\* (Pharmaceuticals) | 132 | 1456 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 157**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Thermon Group Holdings, Inc.\* (Electrical <br>Equipment) | 116 | $3257 |
| Third Coast Bancshares, Inc.\* (Banks) | 45 | 1470 |
| Third Harmonic Bio, Inc.\* (Pharmaceuticals) | 88 | 478 |
| ThredUp, Inc.\*—Class A (Specialty Retail) | 318 | 2382 |
| Thryv Holdings, Inc.\* (Media) | 130 | 1581 |
| Tidewater, Inc.\* (Energy Equipment & Services) | 177 | 8165 |
| Tile Shop Holdings, Inc. (Specialty Retail) | 101 | 642 |
| Timberland Bancorp, Inc./WA (Banks) | 26 | 811 |
| TimkenSteel Corp.\* (Metals & Mining) | 128 | 1972 |
| Tiptree, Inc. (Insurance) | 82 | 1934 |
| Titan America SA\* (Construction Materials) | 85 | 1061 |
| Titan International, Inc. (Machinery) | 170 | 1746 |
| Titan Machinery, Inc.\* (Trading Companies & <br>Distributors) | 73 | 1446 |
| Tompkins Financial Corp. (Banks) | 47 | 2948 |
| Tonix Pharmaceuticals Holding Corp.\* <br>(Biotech & Pharma) | 26 | 935 |
| Tootsie Roll Industries, Inc.\* (Food Products) | 61 | 2040 |
| Topgolf Callaway Brands Corp.\* (Leisure <br>Products) | 461 | 3711 |
| Torrid Holdings, Inc.\* (Specialty Retail) | 83 | 245 |
| Tourmaline Bio, Inc.\* (Biotechnology) | 66 | 1055 |
| TowneBank\* (Banks) | 247 | 8442 |
| TPG RE Finance Trust, Inc. (Mortgage REITs) | 239 | 1845 |
| Traeger, Inc.\* (Household Durables) | 111 | 190 |
| Transcat, Inc.\* (Trading Companies & <br>Distributors) | 32 | 2751 |
| Transcontinental Realty Investors, Inc.\* (Real <br>Estate Management & Development) | 7 | 298 |
| TransMedics Group, Inc.\* (Health Care <br>Equipment & Supplies) | 116 | 15545 |
| Transocean, Ltd. (Energy Equipment & Services) | 2602 | 6739 |
| TRAVELZOO INC.\* (Internet Media & Services) | 22 | 280 |
| Travere Therapeutics, Inc.\* (Biotechnology) | 308 | 4558 |
| Treace Medical Concepts, Inc.\* (Health Care <br>Equipment & Supplies) | 166 | 976 |
| Tredegar Corp.\* (Metals & Mining) | 93 | 818 |
| TreeHouse Foods, Inc.\* (Food Products) | 176 | 3418 |
| Trevi Therapeutics, Inc.\* (Pharmaceuticals) | 265 | 1450 |
| Tri Pointe Homes, Inc.\* (Household Durables) | 312 | 9968 |
| TriCo Bancshares (Banks) | 107 | 4332 |
| Triller Group, Inc.\* (Internet Media & Services) | 360 | 335 |
| TriMas Corp.\* (Containers & Packaging) | 116 | 3319 |
| TriNet Group, Inc. (Professional Services) | 104 | 7607 |
| Trinity Industries, Inc. (Machinery) | 286 | 7725 |
| Trinseo PLC\* (Chemicals) | 119 | 371 |
| TripAdvisor, Inc.\* (Interactive Media & Services) | 406 | 5298 |
| TriSalus Life Sciences, Inc.\* (Biotech & Pharma) | 56 | 305 |
| Triumph Financial, Inc.\* (Banks) | 78 | 4299 |
| Triumph Group, Inc. (Aerospace & Defense) | 259 | 6669 |
| Tronox Holdings PLC—Class A (Chemicals) | 417 | 2114 |
| TrueBlue, Inc.\* (Professional Services) | 100 | 648 |
| TrueCar, Inc.\* (Interactive Media & Services) | 275 | 523 |
| Trupanion, Inc.\* (Insurance) | 130 | 7196 |
| TrustCo Bank Corp. (Banks) | 65 | 2172 |
| Trustmark Corp. (Banks) | 198 | 7219 |
| TSS Inc/MD\* (Engineering & Construction) | 64 | 1845 |
| TTEC Holdings, Inc. (Professional Services) | 69 | 332 |
| TTM Technologies, Inc.\* (Electronic Equipment, <br>Instruments & Components) | 352 | 14369 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Tucows, Inc.\*—Class A (IT Services) | 24 | $473 |
| TuHURA Biosciences, Inc.\* (Biotech & Pharma) | 90 | 201 |
| Turning Point Brands, Inc. (Tobacco) | 60 | 4546 |
| Turtle Beach Corp.\* (Technology Hardware, <br>Storage & Peripherals) | 52 | 719 |
| Tutor Perini Corp.\* (Construction & Engineering) | 155 | 7251 |
| Tvardi Therapeutics, Inc.\* (Biotech & Pharma) | 12 | 280 |
| Twist Bioscience Corp.\* (Biotechnology) | 206 | 7579 |
| Two Harbors Investment Corp. (Mortgage <br>REITs) | 365 | 3931 |
| TXNM Energy, Inc. (Electric Utilities) | 324 | 18248 |
| Tyra Biosciences, Inc.\* (Biotechnology) | 84 | 804 |
| U.S. Physical Therapy, Inc. (Health Care <br>Providers & Services) | 53 | 4145 |
| Udemy, Inc.\* (Diversified Consumer Services) | 339 | 2383 |
| UFP Industries, Inc. (Building Products) | 211 | 20965 |
| UFP Technologies, Inc.\* (Health Care <br>Equipment & Supplies) | 26 | 6348 |
| Ultra Clean Holdings, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 156 | 3521 |
| UMB Financial Corp. (Banks) | 254 | 26712 |
| UMH Properties, Inc. (Residential REITs) | 273 | 4584 |
| UniFirst Corp. (Commercial Services & Supplies) | 53 | 9976 |
| Union Bankshares, Inc./Morrisville VT\* (Banking) | 13 | 346 |
| Unisys Corp.\* (IT Services) | 233 | 1055 |
| United Bankshares, Inc. (Banks) | 494 | 17997 |
| United Community Banks, Inc. (Banks) | 421 | 12542 |
| United Fire Group, Inc. (Insurance) | 73 | 2095 |
| United Insurance Holdings Corp.\* (Insurance) | 85 | 945 |
| United Natural Foods, Inc.\* (Consumer Staples <br>Distribution & Retail) | 209 | 4872 |
| United Security Bancshares/Fresno CA\* <br>(Banking) | 48 | 415 |
| United States Antimony Corp.\* (Metals & <br>Mining) | 320 | 698 |
| United States Lime & Minerals, Inc. <br>(Construction Materials) | 38 | 3792 |
| Uniti Group, Inc. (Specialized REITs) | 829 | 3581 |
| Unitil Corp. (Multi-Utilities) | 56 | 2920 |
| Unity Bancorp, Inc. (Banks) | 26 | 1224 |
| Universal Corp.\* (Tobacco) | 84 | 4892 |
| Universal Health Realty Income Trust (Health <br>Care REITs) | 45 | 1799 |
| Universal Insurance Holdings, Inc. (Insurance) | 89 | 2468 |
| Universal Logistics Holdings, Inc. (Ground <br>Transportation) | 24 | 609 |
| Universal Technical Institute, Inc.\* (Diversified <br>Consumer Services) | 157 | 5321 |
| Univest Financial Corp. (Banks) | 101 | 3034 |
| Upbound Group, Inc. (Specialty Retail) | 183 | 4593 |
| Upstart Holdings, Inc.\* (Consumer Finance) | 294 | 19015 |
| Upstream Bio, Inc.\* (Biotechnology) | 122 | 1340 |
| Upwork, Inc.\* (Professional Services) | 434 | 5833 |
| Uranium Energy Corp.\* (Oil, Gas & Consumable <br>Fuels) | 1486 | 10105 |
| Urban Edge Properties (Retail REITs) | 444 | 8285 |
| Urban Outfitters, Inc.\* (Specialty Retail) | 221 | 16031 |
| UroGen Pharma, Ltd.\* (Biotechnology) | 129 | 1767 |
| US Gold Corp.\* (Metals & Mining) | 38 | 464 |
| US Goldmining, Inc.\* (Metals & Mining) | 6 | 49 |

---

**See accompanying notes to financial statements.**

------

**158 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| USANA Health Sciences, Inc.\* (Personal Care <br>Products) | 39 | $1191 |
| USCB Financial Holdings, Inc. (Banks) | 37 | 612 |
| Utah Medical Products, Inc. (Health Care <br>Equipment & Supplies) | 11 | 626 |
| Utz Brands, Inc. (Food Products) | 253 | 3175 |
| V2X, Inc.\* (Aerospace & Defense) | 60 | 2913 |
| VAALCO Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 361 | 1303 |
| Valaris, Ltd.\* (Energy Equipment & Services) | 223 | 9391 |
| Valhi, Inc. (Chemicals) | 8 | 129 |
| Valley National Bancorp (Banks) | 1694 | 15127 |
| Value Line, Inc. (Capital Markets) | 3 | 117 |
| Vanda Pharmaceuticals, Inc.\* (Biotechnology) | 194 | 916 |
| Varex Imaging Corp.\* (Health Care Equipment & <br>Supplies) | 143 | 1240 |
| Varonis Systems, Inc.\* (Software) | 385 | 19539 |
| Vaxcyte, Inc.\* (Biotechnology) | 439 | 14271 |
| Veeco Instruments, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 200 | 4064 |
| Velocity Financial, Inc.\* (Financial Services) | 39 | 723 |
| Vera Therapeutics, Inc.\* (Biotechnology) | 180 | 4241 |
| Veracyte, Inc.\* (Biotechnology) | 274 | 7406 |
| Verastem, Inc.\* (Biotechnology) | 158 | 656 |
| Verde Clean Fuels, Inc.\* (Oil, Gas & <br>Consumable Fuels) | 15 | 52 |
| Vericel Corp.\* (Biotechnology) | 176 | 7489 |
| Verint Systems, Inc.\* (Software) | 217 | 4268 |
| Veritex Holdings, Inc. (Banks) | 185 | 4829 |
| Verra Mobility Corp.\*—Class A (Professional <br>Services) | 558 | 14168 |
| Vertex, Inc.\*—Class A (Software) | 227 | 8021 |
| Verve Therapeutics, Inc.\* (Biotechnology) | 238 | 2673 |
| Vestis Corp. (Commercial Services & Supplies) | 403 | 2309 |
| Viad Corp.\* (Commercial Services & Supplies) | 74 | 2133 |
| Viant Technology, Inc.\*—Class A (Software) | 55 | 728 |
| Viasat, Inc.\* (Communications Equipment) | 396 | 5782 |
| Viavi Solutions, Inc.\* (Communications <br>Equipment) | 773 | 7784 |
| Vicor Corp.\* (Electrical Equipment) | 82 | 3720 |
| Victoria's Secret & Co.\* (Specialty Retail) | 239 | 4426 |
| Victory Capital Holdings, Inc.—Class A <br>(Capital Markets) | 155 | 9869 |
| Viemed Healthcare, Inc.\* (Health Care <br>Providers & Services) | 122 | 843 |
| Village Super Market, Inc.—Class A (Consumer <br>Staples Distribution & Retail) | 32 | 1232 |
| Vimeo, Inc.\* (Interactive Media & Services) | 549 | 2218 |
| Vir Biotechnology, Inc.\* (Biotechnology) | 311 | 1567 |
| Virco Mfg. Corp.\* (Commercial Services & <br>Supplies) | 38 | 303 |
| Virginia National Bankshares Corp. (Banks) | 17 | 629 |
| Viridian Therapeutics, Inc.\* (Biotechnology) | 242 | 3383 |
| Virtus Investment Partners, Inc. (Capital <br>Markets) | 23 | 4172 |
| Vishay Intertechnology, Inc. (Electronic <br>Equipment, Instruments & Components) | 423 | 6717 |
| Vishay Precision Group, Inc.\* (Electronic <br>Equipment, Instruments & Components) | 42 | 1180 |
| Visteon Corp.\* (Automobile Components) | 96 | 8957 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Vital Energy, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 104 | $1673 |
| Vital Farms, Inc.\* (Food Products) | 121 | 4661 |
| Vitesse Energy, Inc. (Oil, Gas & Consumable <br>Fuels) | 103 | 2275 |
| Vivid Seats, Inc.—Class A (Entertainment) | 228 | 385 |
| Vox Royalty Corp.\* (Metals & Mining) | 140 | 442 |
| Voyager Therapeutics, Inc.\* (Biotechnology) | 163 | 507 |
| Vroom, Inc.\* (Specialty Finance) | 4 | 114 |
| VSE Corp. (Commercial Services & Supplies) | 71 | 9300 |
| VTEX\* (Software) | 202 | 1333 |
| Vuzix Corp.\* (Technology Hardware) | 224 | 654 |
| W&T Offshore, Inc.\* (Oil, Gas & Consumable <br>Fuels) | 346 | 571 |
| Wabash National Corp. (Machinery) | 144 | 1531 |
| WaFd, Inc.\* (Banks) | 67 | 1895 |
| Waldencast PLC\*—Class A (Personal Care <br>Products) | 148 | 363 |
| Walker & Dunlop, Inc. (Financial Services) | 115 | 8105 |
| Warby Parker, Inc.\*—Class A (Specialty Retail) | 343 | 7522 |
| Warrior Met Coal, Inc. (Metals & Mining) | 182 | 8341 |
| Washington Federal, Inc. (Banks) | 281 | 8228 |
| Waterstone Financial, Inc. (Financial Services) | 55 | 760 |
| Watts Water Technologies, Inc.—Class A <br>(Machinery) | 96 | 23605 |
| WaVe Life Sciences, Ltd.\* (Pharmaceuticals) | 391 | 2542 |
| Waystar Holding Corp.\* (Health Care <br>Technology) | 318 | 12996 |
| WD-40 Co. (Household Products) | 48 | 10948 |
| Weave Communications, Inc.\* (Software) | 204 | 1697 |
| WEBTOON Entertainment, Inc.\* (Interactive <br>Media & Services) | 63 | 572 |
| Weis Markets, Inc. (Consumer Staples <br>Distribution & Retail) | 58 | 4204 |
| Werner Enterprises, Inc. (Ground Transportation) | 210 | 5746 |
| WesBanco, Inc. (Banks) | 331 | 10470 |
| West Bancorp, Inc.\* (Banks) | 53 | 1040 |
| Westamerica Bancorp (Banks) | 89 | 4311 |
| Western New England Bancorp, Inc.\* (Banking) | 64 | 591 |
| Westrock Coffee Co.\* (Food Products) | 126 | 722 |
| WESTWOOD HOLDINGS GROUP INC\* (Asset <br>Management) | 26 | 406 |
| Weyco Group, Inc. (Distributors) | 22 | 730 |
| Whitestone REIT (Retail REITs) | 158 | 1972 |
| WideOpenWest, Inc.\* (Media) | 177 | 719 |
| Willdan Group, Inc.\* (Professional Services) | 49 | 3063 |
| Willis Lease Finance Corp. (Trading <br>Companies & Distributors) | 12 | 1713 |
| Winmark Corp. (Specialty Retail) | 10 | 3776 |
| Winnebago Industries, Inc. (Automobiles) | 95 | 2755 |
| WisdomTree, Inc. (Capital Markets) | 420 | 4834 |
| WK Kellogg Co. (Food Products) | 217 | 3459 |
| WM Technology, Inc.\* (Software) | 305 | 273 |
| WNS Holdings, Ltd.\* (Professional Services) | 141 | 8917 |
| Wolfspeed, Inc.\* (Semiconductors & <br>Semiconductor Equipment) | 545 | 217 |
| Wolverine World Wide, Inc. (Textiles, Apparel & <br>Luxury Goods) | 281 | 5080 |
| Workiva, Inc.\* (Software) | 176 | 12047 |
| World Acceptance Corp.\* (Consumer Finance) | 12 | 1981 |

---

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 159**

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| World Kinect Corp. (Oil, Gas & Consumable <br>Fuels) | 193 | $5472 |
| Worthington Enterprises, Inc. (Household <br>Durables) | 110 | 7000 |
| Worthington Steel, Inc. (Metals & Mining) | 115 | 3430 |
| WSFS Financial Corp. (Banks) | 203 | 11165 |
| Xencor, Inc.\* (Biotechnology) | 246 | 1934 |
| Xenia Hotels & Resorts, Inc. (Hotel & Resort <br>REITs) | 355 | 4462 |
| Xenon Pharmaceuticals, Inc.\* (Biotech & <br>Pharma) | 265 | 8296 |
| Xeris Biopharma Holdings, Inc.\* <br>(Pharmaceuticals) | 523 | 2442 |
| Xerox Holdings Corp.<sup>(a)</sup> (Technology Hardware, <br>Storage & Peripherals) | 411 | 2166 |
| XOMA Royalty Corp.\* (Biotechnology) | 33 | 832 |
| Xometry, Inc.\*—Class A (Trading Companies & <br>Distributors) | 152 | 5136 |
| XPEL, Inc.\* (Automobile Components) | 84 | 3016 |
| Xperi, Inc.\* (Software) | 156 | 1234 |
| Xponential Fitness, Inc.\*—Class A (Hotels, <br>Restaurants & Leisure) | 96 | 719 |
| Yelp, Inc.\* (Interactive Media & Services) | 216 | 7402 |
| Yext, Inc.\* (Software) | 361 | 3069 |
| Y-mAbs Therapeutics, Inc.\* (Biotechnology) | 129 | 582 |
| Zenas Biopharma, Inc.\* (Biotechnology) | 57 | 552 |
| Zeta Global Holdings Corp.\*—Class A (Software) | 656 | 10161 |
| Zevia PBC\* (Beverages) | 110 | 354 |
| Zevra Therapeutics, Inc.\* (Pharmaceuticals) | 189 | 1665 |
| Ziff Davis, Inc.\* (Interactive Media & Services) | 149 | 4510 |
| Zimvie, Inc.\* (Health Care Equipment & <br>Supplies) | 96 | 898 |
| ZipRecruiter, Inc.\* (Interactive Media & Services) | 229 | 1147 |
| Zspace, Inc.\* (Software) | 8 | 26 |
| Zumiez, Inc.\* (Specialty Retail) | 55 | 729 |
| Zurn Elkay Water Solutions Corp. (Building <br>Products) | 525 | 19199 |
| Zymeworks, Inc.\* (Biotechnology) | 171 | 2146 |
| **TOTAL COMMON STOCKS**<br> (Cost $5,840,868) |  | **8874128** |

---

**Rights (0.0%)**

---

| | |
|:---|:---|
| Cartesian Therapeutics, Inc.\*<sup>†CVR</sup> (Health Care) | 403 |
| Chinook Therapeutics\*<sup>†CVR</sup> (Health Care) | 243 |
| **TOTAL RIGHTS**<br> (Cost $—) |  |

---

**Trust (0.0%)**

---

| | | |
|:---|:---|:---|
| | Interest<br>Units | Value |
| Ferroglobe Representation and Warranty<br>Insurance\*<sup>†</sup> (Metals & Mining) | 510 | $— |
| **TOTAL TRUST**<br> (Cost $—) |  | **—** |

---

**Repurchase Agreements<sup>(c)(d)</sup> (29.7%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $3,915,462 | $3915000 | $3915000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,915,000) |  | **3915000** |

---

**Collateral for Securities Loaned<sup>(e)</sup> (0.7%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Invesco Government & Agency <br>Portfolio—Institutional Shares, 4.37%<sup>(f)</sup> | 89417 | $89417 |
| **TOTAL COLLATERAL FOR SECURITIES LOANED**<br> (Cost $89,417) |  | **89417** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $9,845,285)—97.8% |  | **12878545** |
| Net other assets (liabilities)—2.2% |  | 284425 |
| **NET ASSETS—100.0%** |  | $**13162970** |

---

\* Non-income producing security.

<sup>†</sup> These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2025, these securities represented 0.0% of the net assets of the Fund.

<sup>(a)</sup> All or part of this security was on loan as of June 30, 2025. The total value of securities on loan as of June 30, 2025 was $84,959.

<sup>(b)</sup> Number of shares is less than 0.50.

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

<sup>(d)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $2,135,000.

<sup>(e)</sup> Securities were purchased with cash collateral held from securities on loan at June 30, 2025.

<sup>(f)</sup> Rate periodically changes. Rate disclosed is the daily yield as of June 30, 2025.

<sup>CVR</sup> Contingent Value Rights

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**160 :: ProFund VP UltraSmall-Cap ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**Futures Contracts Purchased**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Number<br>of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Value and <br>Unrealized<br>Appreciation/ <br>(Depreciation) |
| E-mini Russell 2000 Index Futures Contracts | 8 | 9/22/25 | $876680 | $5830 |

---

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| iShares Russell 2000 ETF | Goldman Sachs International | 7/28/25 | 4.53% | $2945359 | $3122 |
| Russell 2000 Index | Goldman Sachs International | 7/28/25 | 4.88% | 5977010 | 7089 |
|  |  |  |  | $8922369 | $10211 |
| iShares Russell 2000 ETF | UBS AG | 7/28/25 | 5.13% | $1649764 | $1667 |
| Russell 2000 Index | UBS AG | 7/28/25 | 5.03% | 5966135 | 7330 |
|  |  |  |  | $7615899 | $8997 |
|  |  |  |  | $**16538268** | $**19208** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP UltraSmall-Cap :: 161**

ProFund VP UltraSmall-Cap invested in the following industries as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Advertising & Marketing | $1653 | <sup>NM</sup> |
| Aerospace & Defense | 146414 | 1.1% |
| Air Freight & Logistics | 9631 | 0.1% |
| Apparel & Textile Products | 2282 | <sup>NM</sup> |
| Asset Management | 5505 | <sup>NM</sup> |
| Automobile Components | 103213 | 0.8% |
| Automobiles | 3344 | <sup>NM</sup> |
| Automotive | 7892 | 0.1% |
| Banking | 19810 | 0.2% |
| Banks | 916153 | 7.0% |
| Beverages | 10509 | 0.1% |
| Biotech & Pharma | 36670 | 0.3% |
| Biotechnology | 604843 | 4.6% |
| Broadline Retail | 6967 | 0.1% |
| Building Products | 121546 | 0.9% |
| Cable & Satellite | 1952 | <sup>NM</sup> |
| Capital Markets | 145063 | 1.1% |
| Chemicals | 151809 | 1.1% |
| Commercial Services & Supplies | 173556 | 1.3% |
| Commercial Support Services | 431 | <sup>NM</sup> |
| Communications Equipment | 67204 | 0.5% |
| Construction & Engineering | 192752 | 1.5% |
| Construction Materials | 21517 | 0.2% |
| Consumer Finance | 90935 | 0.7% |
| Consumer Staples Distribution & Retail | 45695 | 0.3% |
| Containers & Packaging | 22611 | 0.2% |
| Distributors | 4013 | <sup>NM</sup> |
| Diversified Consumer Services | 117752 | 0.9% |
| Diversified Telecommunication Services | 35035 | 0.3% |
| Electric Utilities | 97284 | 0.7% |
| Electrical Equipment | 136489 | 1.0% |
| Electronic Equipment, Instruments & <br>Components | 309932 | 2.3% |
| Energy Equipment & Services | 153477 | 1.2% |
| Engineering & Construction | 2253 | <sup>NM</sup> |
| Entertainment | 46551 | 0.4% |
| Entertainment Content | 1558 | <sup>NM</sup> |
| Equity REIT—Diversified | 58733 | 0.5% |
| Financial Services | 231387 | 1.8% |
| Food Products | 84158 | 0.6% |
| Forestry, Paper & Wood Products | 1401 | <sup>NM</sup> |
| Gas & Water Utilities | 17514 | 0.1% |
| Gas Utilities | 78190 | 0.6% |
| Ground Transportation | 32867 | 0.3% |
| Health Care Equipment & Supplies | 251521 | 1.9% |
| Health Care Facilities & Services | 7564 | 0.1% |
| Health Care Providers & Services | 288874 | 2.2% |
| Health Care REITs | 85259 | 0.6% |
| Health Care Technology | 39863 | 0.3% |
| Hotel & Resort REITs | 57999 | 0.4% |
| Hotels, Restaurants & Leisure | 186573 | 1.4% |
| Household Durables | 161251 | 1.2% |
| Household Products | 29433 | 0.2% |
| Independent Power/Renewable <br>Electricity Producers | 18363 | 0.1% |
| Industrial Conglomerates | 2590 | <sup>NM</sup> |
| Industrial Intermediate Prod | 871 | <sup>NM</sup> |
| Industrial REITs | 36929 | 0.3% |
| Institutional Financial Services | 5318 | <sup>NM</sup> |
| Insurance | 210763 | 1.6% |

---

---

| | | |
|:---|:---|:---|
| | Value | % of <br>Net Assets |
| Interactive Media & Services | $55211 | 0.4% |
| Internet Media & Services | 5369 | 0.1% |
| IT Services | 59998 | 0.4% |
| Leisure Facilities & Services | 8288 | 0.1% |
| Leisure Products | 38556 | 0.3% |
| Life Sciences Tools & Services | 30004 | 0.2% |
| Machinery | 333570 | 2.5% |
| Marine Transportation | 20584 | 0.2% |
| Media | 66463 | 0.5% |
| Medical Equipment & Devices | 13031 | 0.1% |
| Metals & Mining | 132626 | 1.0% |
| Mortgage REITs | 81780 | 0.6% |
| Multi-Utilities | 38863 | 0.3% |
| Office REITs | 61049 | 0.5% |
| Oil & Gas Producers | 5257 | <sup>NM</sup> |
| Oil & Gas Services & Equipment | 3178 | <sup>NM</sup> |
| Oil, Gas & Consumable Fuels | 259509 | 2.0% |
| Paper & Forest Products | 7510 | 0.1% |
| Passenger Airlines | 43078 | 0.3% |
| Personal Care Products | 22578 | 0.2% |
| Pharmaceuticals | 130028 | 1.0% |
| Professional Services | 176831 | 1.3% |
| Real Estate Management & <br>Development | 54523 | 0.4% |
| Real Estate Owners & Developers | 787 | <sup>NM</sup> |
| Real Estate Services | 594 | <sup>NM</sup> |
| REITS & Real Estate Management | 3587 | <sup>NM</sup> |
| Renewable Energy | 5751 | <sup>NM</sup> |
| Residential REITs | 38856 | 0.3% |
| Retail—Discretionary | 1297 | <sup>NM</sup> |
| Retail REITs | 111167 | 0.9% |
| Semiconductors | 1071 | <sup>NM</sup> |
| Semiconductors & Semiconductor <br>Equipment | 245622 | 1.9% |
| Software | 573619 | 4.4% |
| Specialized REITs | 37320 | 0.3% |
| Specialty Finance | 4600 | <sup>NM</sup> |
| Specialty Retail | 201293 | 1.5% |
| Steel | 734 | <sup>NM</sup> |
| Technology Hardware | 4517 | <sup>NM</sup> |
| Technology Hardware, Storage & <br>Peripherals | 49652 | 0.4% |
| Technology Services | 5826 | 0.1% |
| Telecommunications | 5017 | <sup>NM</sup> |
| Textiles, Apparel & Luxury Goods | 48640 | 0.4% |
| Tobacco | 9607 | 0.1% |
| Trading Companies & Distributors | 115973 | 0.9% |
| Transportation & Logistics | 6898 | 0.1% |
| Transportation Infrastructure | 723 | <sup>NM</sup> |
| Water Utilities | 33905 | 0.3% |
| Wholesale—Discretionary | 498 | <sup>NM</sup> |
| Wireless Telecommunication Services | 16968 | 0.1% |
| Other\*\* | 4288842 | 32.6% |
| **Total** | $**13162970** | **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.

<sup>NM</sup> Not meaningful, amount is less than 0.05%

<sup>REIT</sup> Real Estate Investment Trust

**See accompanying notes to financial statements.**

------

**162 :: ProFund VP U.S. Government Plus ::** Schedule of Portfolio Investments :: June 30, 2025 (unaudited)

**U.S. Treasury Obligations (44.5%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| U.S. Treasury Bonds 4.75%, 5/15/55 | $2740000 | $2724588 |
| **TOTAL U.S. TREASURY OBLIGATIONS** <br> (Cost $2,651,541) |  | **2724588** |

---

**Repurchase Agreements<sup>(a)(b)</sup> (53.6%)**

---

| | |
|:---|:---|
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $3,287,388 | 3287000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $3,287,000) | **3287000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $5,938,541)—98.1% | **6011588** |
| Net other assets (liabilities)—1.9% | 117117 |
| **NET ASSETS—100.0%** | $**6128705** |

---

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

<sup>(b)</sup> A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2025, the aggregate amount held in a segregated account was $100,000.

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid<br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Citibank North America | 7/15/25 | 4.61% | $2691188 | $53269 |
| 30-Year U.S. Treasury Bond, <br>4.75%, due 5/15/55 | Societe Generale | 7/15/25 | 4.68% | 2180963 | 40232 |
|  |  |  |  | $**4872151** | $**93501** |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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).

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) :: Schedule of Portfolio Investments **:: ProFund VP Utilities :: 163**

**Common Stocks (97.4%)**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| Alliant Energy Corp. (Electric Utilities) | 10170 | $614980 |
| Ameren Corp. (Multi-Utilities) | 10700 | 1027628 |
| American Electric Power Co., Inc. <br>(Electric Utilities) | 21148 | 2194316 |
| American Water Works Co., Inc. <br>(Water Utilities) | 7720 | 1073929 |
| Atmos Energy Corp. (Gas Utilities) | 6288 | 969044 |
| CenterPoint Energy, Inc. (Multi-Utilities) | 25841 | 949398 |
| CMS Energy Corp. (Multi-Utilities) | 11842 | 820414 |
| Consolidated Edison, Inc. (Multi-Utilities) | 14264 | 1431392 |
| Constellation Energy Corp. (Electric Utilities) | 12408 | 4004807 |
| Dominion Energy, Inc. (Multi-Utilities) | 33761 | 1908172 |
| DTE Energy Co. (Multi-Utilities) | 8215 | 1088159 |
| Duke Energy Corp. (Electric Utilities) | 30771 | 3630978 |
| Edison International (Electric Utilities) | 15233 | 786023 |
| Entergy Corp. (Electric Utilities) | 17670 | 1468730 |
| Evergy, Inc. (Electric Utilities) | 9109 | 627883 |
| Eversource Energy (Electric Utilities) | 14544 | 925289 |
| Exelon Corp. (Electric Utilities) | 39967 | 1735367 |
| FirstEnergy Corp. (Electric Utilities) | 20336 | 818727 |
| NextEra Energy, Inc. (Electric Utilities) | 81500 | 5657731 |
| NiSource, Inc. (Multi-Utilities) | 18635 | 751736 |
| NRG Energy, Inc. (Electric Utilities) | 7740 | 1242889 |
| PG&E Corp. (Electric Utilities) | 87005 | 1212850 |
| Pinnacle West Capital Corp. (Electric Utilities) | 4727 | 422925 |
| PPL Corp. (Electric Utilities) | 29267 | 991859 |
| Public Service Enterprise Group, Inc. <br>(Multi-Utilities) | 19755 | 1662976 |
| Sempra (Multi-Utilities) | 25819 | 1956305 |
| The AES Corp. (Independent Power/Renewable <br>Electricity Producers) | 28184 | 296496 |

---

**Common Stocks, continued**

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| The Southern Co. (Electric Utilities) | 43511 | $3995615 |
| Vistra Corp. (Independent Power/Renewable <br>Electricity Producers) | 13434 | 2603643 |
| WEC Energy Group, Inc. (Multi-Utilities) | 12634 | 1316463 |
| Xcel Energy, Inc. (Electric Utilities) | 22834 | 1554995 |
| **TOTAL COMMON STOCKS**<br> (Cost $28,859,310) |  | **49741719** |

---

**Repurchase Agreements<sup>(a)</sup> (2.0%)**

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| Repurchase Agreements with various <br>counterparties, rates 4.10%–4.30%, <br>dated 6/30/25, due 7/1/25, total to be <br>received $1,000,118 | $1000000 | $1000000 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,000,000) |  | **1000000** |
| **TOTAL INVESTMENT SECURITIES**<br> (Cost $29,859,310)—99.4% |  | **50741719** |
| Net other assets (liabilities)—0.6% |  | 285930 |
| **NET ASSETS—100.0%** |  | $**51027649** |

---

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

**Total Return Swap Agreements—Long**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Underlying Instrument | Counterparty | Termination<br>Date<sup>(1)</sup> | Rate Paid <br>(Received)<sup>(2)</sup> | Notional<br>Amount | Value and<br>Unrealized<br>Appreciation/<br>(Depreciation) |
| S&P Utilities Select Sector Index | Goldman Sachs International | 7/23/25 | 5.08% | $965948 | $8779 |

---

<sup>(1)</sup> Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

<sup>(2)</sup> Reflects the floating financing rate, as of June 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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| | Value | % of<br>Net Assets |
| Electric Utilities | $31885964 | 62.5% |
| Gas Utilities | 969044 | 1.9% |
| Independent Power/Renewable <br>Electricity Producers | 2900139 | 5.6% |
| Multi-Utilities | 12912643 | 25.3% |
| Water Utilities | 1073929 | 2.1% |
| Other\*\* | 1285930 | 2.6% |
| **Total** | $**51027649** | **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.

**See accompanying notes to financial statements.**

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This Page Intentionally Left Blank

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**Statements of Assets and Liabilities**

------

**166 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund <br>Access VP <br>High Yield | ProFund VP <br>Asia 30 | ProFund VP <br>Banks | ProFund VP <br>Bear | ProFund VP<br>Biotechnology |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $12203000 | $12714202 | $2628459 | $1729000 | $19590010 |
| Securities, at value<sup>(a)</sup> |  | 20841537 | 4300276 |  | 29919991 |
| Repurchase agreements, at value | 12203000 |  | 93000 | 1729000 | 274000 |
| Total Investment Securities, at value | 12203000 | 20841537 | 4393276 | 1729000 | 30193991 |
| Cash | 536 |  | 336 | 707 | 695 |
| Segregated cash balances for futures contracts with brokers |  |  |  | 22179 |  |
| Segregated cash balances for swap agreements with custodian | 1603500 |  | 60000 | 75 | 73000 |
| Dividends and interest receivable | 1440 | 81647 | 8871 | 264 | 2398 |
| Receivable for capital shares issued | 12456 | 4832 | 8718 | 3081 | 2216 |
| Receivable for investments sold |  |  |  |  |  |
| Unrealized appreciation on swap agreements | 110417 |  | 2909 |  | 11233 |
| Variation margin on futures contracts |  |  |  |  |  |
| Receivable from Advisor |  |  |  | 5957 |  |
| Receivable for tax reclaims |  | 1725 |  |  |  |
| Prepaid expenses | 27 | 33 | 8 | 4 | 59 |
| TOTAL ASSETS | 13931376 | 20929774 | 4474118 | 1761267 | 30283592 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  | 102925 |  |  |  |
| Payable for investments purchased |  |  |  |  |  |
| Payable for collateral for securities loaned |  | 2264883 | 43483 |  | 1153195 |
| Payable for capital shares redeemed | 2897 | 19836 | 300 | 16575 | 7249 |
| Unrealized depreciation on swap agreements |  |  |  | 6947 |  |
| Variation margin on futures contracts |  |  |  | 1514 |  |
| Advisory fees payable | 8522 | 10495 | 2446 | 1149 | 18322 |
| Management services fees payable | 1136 | 1400 | 326 | 154 | 2443 |
| Administration and fund accounting fees payable | 2108 | 2848 | 745 | 329 | 4808 |
| Administrative services fees payable | 2755 | 2614 | 813 | 405 | 3999 |
| Distribution fees payable | 2840 | 3829 | 866 | 434 | 6107 |
| Transfer agent fees payable | 1581 | 2280 | 532 | 264 | 3678 |
| Compliance services fees payable | 50 | 64 | 15 | 7 | 109 |
| Interest payable |  |  |  | 5957 |  |
| Other accrued expenses | 6671 | 8393 | 3092 | 1535 | 25013 |
| TOTAL LIABILITIES | 28560 | 2419567 | 52618 | 35270 | 1224923 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $13902816 | $18510207 | $4421500 | $1725997 | $29058669 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $17842032 | $16136491 | $8372486 | $25879150 | $23776596 |
| Total distributable earnings (loss) | (3939216) | 2373716 | (3950986) | (24153153) | 5282073 |
| NET ASSETS | $13902816 | $18510207 | $4421500 | $1725997 | $29058669 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 542385 | 415474 | 133925 | 170073 | 783456 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $25.63 | $44.55 | $33.01 | $10.15 | $37.09 |
| <sup>(a)</sup> Includes securities on loan valued at | $— | $2162888 | $41803 | $— | $1142151 |

---

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) **:: Statements of Assets and Liabilities :: 167**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Bull | ProFund VP <br>Communication <br>Services | ProFund VP <br>Consumer <br>Discretionary | ProFund VP <br>Consumer <br>Staples | ProFund VP <br>Dow 30 |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $17969514 | $9954410 | $9271174 | $5233463 | $364000 |
| Securities, at value<sup>(a)</sup> | 45532644 | 14856680 | 19441679 | 10229192 |  |
| Repurchase agreements, at value | 7772000 | 196000 | 359000 | 157000 | 364000 |
| Total Investment Securities, at value | 53304644 | 15052680 | 19800679 | 10386192 | 364000 |
| Cash | 13023 | 413 | 282 | 705 | 424 |
| Segregated cash balances for futures contracts with brokers | 213157 |  |  |  |  |
| Segregated cash balances for swap agreements with custodian | 442 | 70000 | 210000 | 50000 |  |
| Dividends and interest receivable | 23262 | 6969 | 5363 | 25434 | 43 |
| Receivable for capital shares issued | 26321 | 489513 | 12354 | 32180 |  |
| Receivable for investments sold | 4752 |  | 1097806 |  |  |
| Unrealized appreciation on swap agreements | 24653 | 13279 | 1036 |  | 2128 |
| Variation margin on futures contracts | 13555 |  |  |  |  |
| Receivable from Advisor |  |  |  |  |  |
| Receivable for tax reclaims |  |  |  |  |  |
| Prepaid expenses | 98 | 22 | 37 | 20 | 1 |
| TOTAL ASSETS | 53623907 | 15632876 | 21127557 | 10494531 | 366596 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  |  |
| Payable for investments purchased |  | 400796 |  |  |  |
| Payable for collateral for securities loaned | 6286 | 149201 |  |  |  |
| Payable for capital shares redeemed | 30120 | 684 | 1414044 | 15773 | 89 |
| Unrealized depreciation on swap agreements |  |  |  | 2043 |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 32283 | 7214 | 10384 | 5346 | 219 |
| Management services fees payable | 4305 | 962 | 1384 | 712 | 29 |
| Administration and fund accounting fees payable | 8671 | 2029 | 3133 | 1641 | 55 |
| Administrative services fees payable | 9869 | 2653 | 3973 | 2032 | 43 |
| Distribution fees payable | 10890 | 2725 | 3976 | 2133 | 73 |
| Transfer agent fees payable | 6334 | 1530 | 2373 | 1297 | 43 |
| Compliance services fees payable | 188 | 45 | 69 | 37 | 1 |
| Interest payable |  |  |  |  |  |
| Other accrued expenses | 34829 | 4547 | 7989 | 1699 | 231 |
| TOTAL LIABILITIES | 143775 | 572386 | 1447325 | 32713 | 783 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $53480132 | $15060490 | $19680232 | $10461818 | $365813 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $13098945 | $9937851 | $7776962 | $4917129 | $1954471 |
| Total distributable earnings (loss) | 40381187 | 5122639 | 11903270 | 5544689 | (1588658) |
| NET ASSETS | $53480132 | $15060490 | $19680232 | $10461818 | $365813 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 869677 | 266379 | 275881 | 317704 | 15745 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $61.49 | $56.54 | $71.34 | $32.93 | $23.23 |
| <sup>(a)</sup> Includes securities on loan valued at | $6360 | $150956 | $— | $— | $— |

---

**See accompanying notes to financial statements.**

------

**168 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Emerging <br>Markets | ProFund VP <br>Energy | ProFund VP <br>Europe 30 | ProFund VP <br>Falling <br>U.S. Dollar | ProFund VP <br>Financials |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $19662059 | $9812360 | $16692453 | $694000 | $7824456 |
| Securities, at value<sup>(a)</sup> | 31650099 | 31903389 | 23104540 |  | 35317232 |
| Repurchase agreements, at value | 331000 | 818000 |  | 694000 | 368000 |
| Total Investment Securities, at value | 31981099 | 32721389 | 23104540 | 694000 | 35685232 |
| Cash | 1661551 | 913 |  | 248 | 679 |
| Segregated cash balances for swap agreements with custodian | 862 | 210000 |  |  | 150000 |
| Segregated cash balances for forward currency contracts with<br>custodian |  |  |  | 1070 |  |
| Dividends and interest receivable | 184713 | 13717 | 61981 | 82 | 13659 |
| Receivable for capital shares issued | 27271 | 156 | 61696 | 215 | 495521 |
| Receivable for investments sold | 9096505 | 10297337 |  |  |  |
| Receivable for closed swap agreements |  |  |  |  |  |
| Unrealized appreciation on swap agreements |  |  |  |  | 19541 |
| Unrealized appreciation on forward currency contracts |  |  |  | 13627 |  |
| Receivable for tax reclaims | 2976 |  | 38616 |  |  |
| Prepaid expenses | 46 | 83 | 33 | 1 | 67 |
| TOTAL ASSETS | 42955023 | 43243595 | 23266866 | 709243 | 36364699 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  | 62557 |  |  |
| Payable for investments purchased |  |  |  |  |  |
| Payable for collateral for securities loaned | 3998532 |  | 3487637 |  |  |
| Payable for capital shares redeemed | 9285488 | 10869524 | 14414 | 2600 | 4248 |
| Unrealized depreciation on swap agreements | 3018 | 28181 |  |  |  |
| Advisory fees payable | 19084 | 23658 | 12042 | 159 | 22214 |
| Management services fees payable | 2544 | 3154 | 1605 | 21 | 2962 |
| Administration and fund accounting fees payable | 4687 | 6238 | 2968 | 104 | 5643 |
| Administrative services fees payable | 5853 | 7627 | 3300 | 130 | 6119 |
| Distribution fees payable | 6651 | 8275 | 4138 | 141 | 7405 |
| Transfer agent fees payable | 3872 | 4840 | 2510 | 90 | 4441 |
| Compliance services fees payable | 100 | 151 | 67 | 2 | 128 |
| Other accrued expenses | 22794 | 15621 | 9676 | 1778 | 20541 |
| TOTAL LIABILITIES | 13352623 | 10967269 | 3600914 | 5025 | 73701 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $29602400 | $32276326 | $19665952 | $704218 | $36290998 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $27689461 | $5295499 | $15746672 | $1057853 | $13079840 |
| Total distributable earnings (loss) | 1912939 | 26980827 | 3919280 | (353635) | 23211158 |
| NET ASSETS | $29602400 | $32276326 | $19665952 | $704218 | $36290998 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 838168 | 792184 | 668692 | 45318 | 631688 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $35.32 | $40.74 | $29.41 | $15.54 | $57.45 |
| <sup>(a)</sup> Includes securities on loan valued at | $3308507 | $— | $3427029 | $— | $— |

---

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) **:: Statements of Assets and Liabilities :: 169**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Government <br>Money Market | ProFund VP <br>Health Care | ProFund VP <br>Industrials | ProFund VP <br>International | ProFund VP <br>Internet |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $28255613 | $6255179 | $8055655 | $12686000 | $6039019 |
| Securities, at value<sup>(a)</sup> | 13985613 | 29988734 | 19087589 |  | 14832787 |
| Repurchase agreements, at value | 14270000 | 572000 | 440000 | 12686000 | 356000 |
| Total Investment Securities, at value | 28255613 | 30560734 | 19527589 | 12686000 | 15188787 |
| Cash | 822 | 568 | 963 | 336 | 973 |
| Segregated cash balances for swap agreements with custodian |  | 200000 | 120000 | 154 | 80000 |
| Segregated cash balances for forward currency contracts with<br>custodian |  |  |  |  |  |
| Dividends and interest receivable | 1684 | 24849 | 9811 | 1497 | 1140 |
| Receivable for capital shares issued | 128623 | 93358 | 20175 | 133718 | 489029 |
| Receivable for investments sold |  |  | 23224 |  |  |
| Receivable for closed swap agreements |  |  |  | 68064 |  |
| Unrealized appreciation on swap agreements |  | 13795 | 10497 |  | 10162 |
| Unrealized appreciation on forward currency contracts |  |  |  |  |  |
| Receivable for tax reclaims |  |  |  |  |  |
| Prepaid expenses | 52 | 69 | 27 | 23 | 22 |
| TOTAL ASSETS | 28386794 | 30893373 | 19712286 | 12889792 | 15770113 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Cash overdraft |  |  |  |  |  |
| Payable for investments purchased |  |  |  |  | 501043 |
| Payable for collateral for securities loaned |  |  |  |  | 29605 |
| Payable for capital shares redeemed | 2049 | 21154 | 22400 | 1395 | 4623 |
| Unrealized depreciation on swap agreements |  |  |  | 244 |  |
| Advisory fees payable | 10566 | 16356 | 10847 | 7623 | 8059 |
| Management services fees payable | 1409 | 2181 | 1446 | 1017 | 1075 |
| Administration and fund accounting fees payable | 4525 | 4970 | 2708 | 1878 | 2171 |
| Administrative services fees payable |  | 5101 | 3327 | 2439 | 2732 |
| Distribution fees payable |  | 6262 | 3616 | 2541 | 2890 |
| Transfer agent fees payable | 3477 | 3976 | 2172 | 1510 | 1657 |
| Compliance services fees payable | 99 | 121 | 57 | 44 | 46 |
| Other accrued expenses | 18181 | 13083 | 11593 | 8153 | 4926 |
| TOTAL LIABILITIES | 40306 | 73204 | 58166 | 26844 | 558827 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $28346488 | $30820169 | $19654120 | $12862948 | $15211286 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $28385920 | $2724896 | $7946269 | $12855975 | $6311232 |
| Total distributable earnings (loss) | (39432) | 28095273 | 11707851 | 6973 | 8900054 |
| NET ASSETS | $28346488 | $30820169 | $19654120 | $12862948 | $15211286 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 28385949 | 489868 | 198766 | 541310 | 519649 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $1.00 | $62.92 | $98.88 | $23.76 | $29.27 |
| <sup>(a)</sup> Includes securities on loan valued at | $— | $— | $— | $— | $29949 |

---

**See accompanying notes to financial statements.**

------

**170 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Japan | ProFund VP <br>Large-Cap <br>Growth | ProFund VP <br>Large-Cap <br>Value | ProFund VP <br>Materials | ProFund VP <br>Mid-Cap |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $12636000 | $16593923 | $10317696 | $5551429 | $10335000 |
| Securities, at value<sup>(a)</sup> |  | 35175664 | 14645599 | 11313848 |  |
| Repurchase agreements, at value | 12636000 | 160000 | 49000 | 259000 | 10335000 |
| Total Investment Securities, at value | 12636000 | 35335664 | 14694599 | 11572848 | 10335000 |
| Cash | 257252 | 120 | 454 | 479 | 4103 |
| Segregated cash balances for futures contracts with brokers | 917810 |  |  |  | 118864 |
| Segregated cash balances for swap agreements with custodian | 30000 |  |  | 84000 | 123 |
| Dividends and interest receivable | 4702 | 6563 | 12946 | 9904 | 1553 |
| Receivable for capital shares issued |  | 5166 | 3210 | 5287 | 18 |
| Receivable for investments sold |  | 1550828 | 3248 |  |  |
| Unrealized appreciation on swap agreements |  |  |  | 1978 | 692 |
| Variation margin on futures contracts | 139856 |  |  |  |  |
| Prepaid expenses | 21 | 52 | 29 | 22 | 17 |
| TOTAL ASSETS | 13985641 | 36898393 | 14714486 | 11674518 | 10460370 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned |  |  | 4335 |  |  |
| Payable for capital shares redeemed | 2676360 | 1604467 | 2119 | 1760 | 2888 |
| Unrealized depreciation on swap agreements | 1207 |  |  |  |  |
| Variation margin on futures contracts |  |  |  |  | 167 |
| Advisory fees payable | 8196 | 19328 | 8372 | 6955 | 5697 |
| Management services fees payable | 1093 | 2577 | 1116 | 927 | 760 |
| Administration and fund accounting fees payable | 1935 | 5076 | 2622 | 1936 | 1478 |
| Administrative services fees payable | 2634 | 6300 | 2996 | 2284 | 1945 |
| Distribution fees payable | 2732 | 6679 | 3081 | 2531 | 1945 |
| Transfer agent fees payable | 1443 | 3808 | 1848 | 1487 | 1142 |
| Compliance services fees payable | 43 | 106 | 54 | 43 | 33 |
| Other accrued expenses | 6398 | 18447 | 7839 | 5603 | 6589 |
| TOTAL LIABILITIES | 2702041 | 1666788 | 34382 | 23526 | 22644 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $11283600 | $35231605 | $14680104 | $11650992 | $10437726 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $8660414 | $14519374 | $10503040 | $5228008 | $11473986 |
| Total distributable earnings (loss) | 2623186 | 20712231 | 4177064 | 6422984 | (1036260) |
| NET ASSETS | $11283600 | $35231605 | $14680104 | $11650992 | $10437726 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 160200 | 481907 | 294352 | 133078 | 584966 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $70.43 | $73.11 | $49.87 | $87.55 | $17.84 |
| <sup>(a)</sup> Includes securities on loan valued at | $— | $— | $4386 | $— | $— |

---

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) **:: Statements of Assets and Liabilities :: 171**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Mid-Cap <br>Growth | ProFund VP <br>Mid-Cap <br>Value | ProFund VP <br>Nasdaq-100 | ProFund VP <br>Pharmaceuticals | ProFund VP <br>Precious <br>Metals |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $10202936 | $7882704 | $70447983 | $5323491 | $43190000 |
| Securities, at value<sup>(a)</sup> | 14017339 | 9898964 | 116369485 | 7545662 |  |
| Repurchase agreements, at value | 51000 | 51000 | 42855000 | 111000 | 43190000 |
| Total Investment Securities, at value | 14068339 | 9949964 | 159224485 | 7656662 | 43190000 |
| Cash | 419 | 140 | 52209 | 209 | 698 |
| Segregated cash balances for futures contracts with brokers |  |  | 2066932 |  |  |
| Segregated cash balances for swap agreements with custodian |  |  | 565 | 50000 | 971 |
| Dividends and interest receivable | 5699 | 15359 | 27898 | 2706 | 5098 |
| Receivable for capital shares issued | 20742 | 12627 | 14178 | 2062 |  |
| Receivable for investments sold |  |  |  |  |  |
| Unrealized appreciation on swap agreements |  |  | 188127 |  |  |
| Variation margin on futures contracts |  |  | 83946 |  |  |
| Prepaid expenses | 21 | 17 | 261 | 16 | 61 |
| TOTAL ASSETS | 14095220 | 9978107 | 161658601 | 7711655 | 43196828 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for collateral for securities loaned | 62219 | 37539 | 507 |  |  |
| Payable for capital shares redeemed | 343 | 906 | 1398632 | 3593 | 7441969 |
| Unrealized depreciation on swap agreements |  |  |  | 3067 | 791396 |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 7665 | 5271 | 88640 | 4712 | 21691 |
| Management services fees payable | 1022 | 703 | 11819 | 628 | 2892 |
| Administration and fund accounting fees payable | 2230 | 1709 | 22746 | 1287 | 5641 |
| Administrative services fees payable | 2845 | 1989 | 29105 | 1584 | 7380 |
| Distribution fees payable | 2784 | 1940 | 30258 | 1628 | 7779 |
| Transfer agent fees payable | 1625 | 1141 | 17361 | 976 | 4336 |
| Compliance services fees payable | 44 | 33 | 509 | 29 | 124 |
| Other accrued expenses | 8151 | 6383 | 102565 | 6005 | 20059 |
| TOTAL LIABILITIES | 88928 | 57614 | 1702142 | 23509 | 8303267 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $14006292 | $9920493 | $159956459 | $7688146 | $34893561 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $9488164 | $8270626 | $55953935 | $6479466 | $86767437 |
| Total distributable earnings (loss) | 4518128 | 1649867 | 104002524 | 1208680 | (51873876) |
| NET ASSETS | $14006292 | $9920493 | $159956459 | $7688146 | $34893561 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 352322 | 227468 | 2368252 | 258395 | 874749 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $39.75 | $43.61 | $67.54 | $29.75 | $39.89 |
| <sup>(a)</sup> Includes securities on loan valued at | $61756 | $37756 | $485 | $— | $— |

---

**See accompanying notes to financial statements.**

------

**172 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Real Estate | ProFund VP <br>Rising Rates <br>Opportunity | ProFund VP <br>Semiconductor | ProFund VP <br>Short Dow 30 | ProFund VP <br>Short <br>Emerging <br>Markets |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $1537429 | $7276000 | $2540418 | $6000 | $295000 |
| Securities, at value<sup>(a)</sup> | 4806811 |  | 25678244 |  |  |
| Repurchase agreements, at value | 55000 | 7276000 | 1163000 | 6000 | 295000 |
| Total Investment Securities, at value | 4861811 | 7276000 | 26841244 | 6000 | 295000 |
| Cash | 536 | 239 | 445 | 797 | 38 |
| Segregated cash balances for futures contracts with brokers |  |  |  |  |  |
| Segregated cash balances for swap agreements with custodian | 30000 | 1090 | 260000 | 300 | 956 |
| Dividends and interest receivable | 14715 | 859 | 6844 | 1 | 35 |
| Receivable for capital shares issued | 40095 | 19309 | 733334 |  |  |
| Receivable for investments sold |  |  | 30653068 |  |  |
| Unrealized appreciation on swap agreements |  |  | 74851 |  | 349 |
| Variation margin on futures contracts |  |  |  |  |  |
| Receivable from Advisor |  | 229894 |  |  |  |
| Prepaid expenses | 10 | 15 | 145 |  | 1 |
| TOTAL ASSETS | 4947167 | 7527406 | 58569931 | 7098 | 296379 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  |  |  |  |
| Payable for collateral for securities loaned |  |  |  |  |  |
| Payable for capital shares redeemed | 20 | 3069 | 3545 |  | 249 |
| Unrealized depreciation on swap agreements | 2060 | 173110 |  | 41 |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 2825 | 4495 | 31909 | 5 | 186 |
| Management services fees payable | 377 | 599 | 4254 | 1 | 25 |
| Administration and fund accounting fees payable | 819 | 1173 | 9002 | 1 | 57 |
| Administrative services fees payable | 1031 | 1071 | 9178 |  | 66 |
| Distribution fees payable | 1039 | 1499 | 10636 | 1 | 69 |
| Transfer agent fees payable | 633 | 904 | 6025 | 1 | 41 |
| Compliance services fees payable | 19 | 27 | 233 |  | 1 |
| Interest payable |  | 229894 |  |  |  |
| Other accrued expenses | 4303 | 4007 | 53139 | 4 | 412 |
| TOTAL LIABILITIES | 13126 | 419848 | 127921 | 54 | 1106 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $4934041 | $7107558 | $58442010 | $7044 | $295273 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $1762668 | $33206041 | $5774489 | $127506 | $3132964 |
| Total distributable earnings (loss) | 3171373 | (26098483) | 52667521 | (120462) | (2837691) |
| NET ASSETS | $4934041 | $7107558 | $58442010 | $7044 | $295273 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 103556 | 245575 | 996350 | 373 | 16485 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $47.65 | $28.94 | $58.66 | $18.88 | $17.91 |
| <sup>(a)</sup> Includes securities on loan valued at | $— | $— | $— | $— | $— |

---

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) **:: Statements of Assets and Liabilities :: 173**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Short <br>International | ProFund VP <br>Short <br>Mid-Cap | ProFund VP <br>Short <br>Nasdaq-100 | ProFund VP <br>Short <br>Small-Cap | ProFund VP<br>Small-Cap |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $2080000 | $56000 | $2082000 | $814000 | $5140109 |
| Securities, at value<sup>(a)</sup> |  |  |  |  | 5882316 |
| Repurchase agreements, at value | 2080000 | 56000 | 2082000 | 814000 | 1172000 |
| Total Investment Securities, at value | 2080000 | 56000 | 2082000 | 814000 | 7054316 |
| Cash | 913 | 729 | 531 | 193 | 11401 |
| Segregated cash balances for futures contracts with brokers |  |  | 66303 | 37152 | 81434 |
| Segregated cash balances for swap agreements with custodian | 652 | 652 | 460 | 863 | 606 |
| Dividends and interest receivable | 245 | 7 | 390 | 177 | 6082 |
| Receivable for capital shares issued |  |  | 1675 |  | 112 |
| Receivable for investments sold |  |  |  |  | 15554 |
| Unrealized appreciation on swap agreements |  |  |  |  | 1011 |
| Variation margin on futures contracts |  |  |  |  | 586 |
| Receivable from Advisor |  |  |  |  |  |
| Prepaid expenses | 1 |  | 5 | 4 | 12 |
| TOTAL ASSETS | 2081811 | 57388 | 2151364 | 852389 | 7171114 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  |  |  | 2666 |
| Payable for collateral for securities loaned |  |  |  |  | 71394 |
| Payable for capital shares redeemed | 878 | 3 | 12375 | 7810 | 2233 |
| Unrealized depreciation on swap agreements | 68 | 7 | 10304 | 799 |  |
| Variation margin on futures contracts |  |  | 2933 | 294 |  |
| Advisory fees payable | 1294 | 44 | 854 | 1025 | 2905 |
| Management services fees payable | 173 | 6 | 114 | 137 | 387 |
| Administration and fund accounting fees payable | 269 | 12 | 331 | 259 | 2500 |
| Administrative services fees payable | 397 | 12 | 377 | 333 | 1362 |
| Distribution fees payable | 431 | 12 | 397 | 354 | 1419 |
| Transfer agent fees payable | 256 | 13 | 276 | 194 | 828 |
| Compliance services fees payable | 4 |  | 8 | 6 | 24 |
| Interest payable |  |  |  |  |  |
| Other accrued expenses | 564 | 51 | 623 | 1376 | 7796 |
| TOTAL LIABILITIES | 4334 | 160 | 28592 | 12587 | 93514 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $2077477 | $57228 | $2122772 | $839802 | $7077600 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $4917900 | $2684480 | $21271085 | $7384794 | $5421462 |
| Total distributable earnings (loss) | (2840423) | (2627252) | (19148313) | (6544992) | 1656138 |
| NET ASSETS | $2077477 | $57228 | $2122772 | $839802 | $7077600 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 99496 | 9147 | 242159 | 42140 | 196396 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $20.88 | $6.26 | $8.77 | $19.93 | $36.04 |
| <sup>(a)</sup> Includes securities on loan valued at | $— | $— | $— | $— | $68590 |

---

**See accompanying notes to financial statements.**

------

**174 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Small-Cap <br>Growth | ProFund VP <br>Small-Cap <br>Value | ProFund VP <br>Technology | ProFund VP <br>UltraBull | ProFund VP <br>UltraMid-Cap |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $12167305 | $12918240 | $24268152 | $12767090 | $6553784 |
| Securities, at value<sup>(a)</sup> | 15974159 | 14248924 | 53794699 | 12850675 | 6086752 |
| Repurchase agreements, at value | 31000 | 15000 | 528000 | 10415000 | 3033000 |
| Total Investment Securities, at value | 16005159 | 14263924 | 54322699 | 23265675 | 9119752 |
| Cash | 802 | 653 | 907 | 24636 | 12244 |
| Segregated cash balances for futures contracts with brokers |  |  |  | 402629 | 71318 |
| Segregated cash balances for swap agreements with custodian |  |  | 170000 | 182 | 764 |
| Dividends and interest receivable | 12323 | 21956 | 8874 | 15962 | 6426 |
| Receivable for capital shares issued | 27320 | 15567 | 12456898 |  |  |
| Receivable for investments sold | 570 | 815 |  | 14019734 |  |
| Due from Advisor under an expense limitation agreement |  |  |  |  |  |
| Unrealized appreciation on swap agreements |  |  | 46184 | 200422 |  |
| Variation margin on futures contracts |  |  |  | 25604 |  |
| Prepaid expenses | 26 | 26 | 94 | 49 | 16 |
| TOTAL ASSETS | 16046200 | 14302941 | 67005656 | 37954893 | 9210520 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  | 121288 | 11494195 |  |  |
| Payable for collateral for securities loaned | 217229 | 233713 |  | 3710 | 35055 |
| Payable for capital shares redeemed | 5870 | 2933 | 42374 | 18709022 | 5387 |
| Unrealized depreciation on swap agreements |  |  |  |  | 921 |
| Variation margin on futures contracts |  |  |  |  | 100 |
| Advisory fees payable | 8179 | 6801 | 25815 | 22055 | 4412 |
| Management services fees payable | 1091 | 907 | 3442 | 2941 | 589 |
| Administration and fund accounting fees payable | 2624 | 2530 | 6872 | 5680 | 1612 |
| Administrative services fees payable | 2675 | 2584 | 5187 | 6181 | 1705 |
| Distribution fees payable | 3174 | 2834 | 8605 | 7351 | 1689 |
| Transfer agent fees payable | 1872 | 1683 | 5057 | 4259 | 989 |
| Compliance services fees payable | 52 | 49 | 165 | 109 | 30 |
| Other accrued expenses | 2552 | 1963 | 36441 | 23027 | 4564 |
| TOTAL LIABILITIES | 245318 | 377285 | 11628153 | 18784335 | 57053 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $15800882 | $13925656 | $55377503 | $19170558 | $9153467 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $11287972 | $14380835 | $12864652 | $16771769 | $7591604 |
| Total distributable earnings (loss) | 4512910 | (455179) | 42512851 | 2398789 | 1561863 |
| NET ASSETS | $15800882 | $13925656 | $55377503 | $19170558 | $9153467 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 523787 | 337550 | 662733 | 430688 | 239449 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $30.17 | $41.26 | $83.56 | $44.51 | $38.23 |
| <sup>(a)</sup> Includes securities on loan valued at | $215894 | $221596 | $— | $1871 | $34952 |

---

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

**See accompanying notes to financial statements.**

------

June 30, 2025 (unaudited) **:: Statements of Assets and Liabilities :: 175**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>UltraNasdaq-100 | ProFund VP <br>UltraShort <br>Dow 30 | ProFund VP <br>UltraShort <br>Nasdaq-100 | ProFund VP <br>UltraSmall-Cap | ProFund VP <br>U.S. Government <br>Plus |
| ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $148135478 | $1000 | $242000 | $9845285 | $5938541 |
| Securities, at value<sup>(a)</sup> | 188630709 |  |  | 8963545 | 2724588 |
| Repurchase agreements, at value | 72991000 | 1000 | 242000 | 3915000 | 3287000 |
| Total Investment Securities, at value | 261621709 | 1000 | 242000 | 12878545 | 6011588 |
| Cash | 90116 | 430 | 635 | 57743 | 772 |
| Segregated cash balances for futures contracts with brokers | 3582683 |  |  | 162868 |  |
| Segregated cash balances for swap agreements with custodian | 87 | 971 | 213 | 772 | 81 |
| Dividends and interest receivable | 44569 |  | 29 | 9584 | 17010 |
| Receivable for capital shares issued | 1677636 |  |  | 131296 | 14168 |
| Receivable for investments sold |  |  |  | 23820 |  |
| Due from Advisor under an expense limitation agreement |  |  | 263 |  |  |
| Unrealized appreciation on swap agreements | 1911364 |  |  | 19208 | 93501 |
| Variation margin on futures contracts | 145507 |  |  | 1173 |  |
| Prepaid expenses | 376 |  | 5 | 22 | 12 |
| TOTAL ASSETS | 269074047 | 2401 | 243145 | 13285031 | 6137132 |
| LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: | LIABILITIES: |
| Payable for investments purchased |  |  |  | 4152 |  |
| Payable for collateral for securities loaned | 120328 |  |  | 89417 |  |
| Payable for capital shares redeemed | 40186 |  | 48 | 234 | 1304 |
| Unrealized depreciation on swap agreements |  | 29 | 2941 |  |  |
| Variation margin on futures contracts |  |  |  |  |  |
| Advisory fees payable | 152473 | 2 |  | 6021 | 27 |
| Management services fees payable | 20330 |  |  | 803 | 5 |
| Administration and fund accounting fees payable | 37516 |  | 198 | 3361 | 976 |
| Administrative services fees payable | 52604 |  | 35 | 2489 | 1104 |
| Distribution fees payable | 51429 | 1 | 54 | 2585 | 1264 |
| Transfer agent fees payable | 29128 |  | 215 | 1477 | 796 |
| Compliance services fees payable | 797 |  | 6 | 44 | 22 |
| Other accrued expenses | 148771 | 1 | 324 | 11478 | 2929 |
| TOTAL LIABILITIES | 653562 | 33 | 3821 | 122061 | 8427 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $268420485 | $2368 | $239324 | $13162970 | $6128705 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $126281877 | $972719 | $11018881 | $18773715 | $15991352 |
| Total distributable earnings (loss) | 142138608 | (970351) | (10779557) | (5610745) | (9862647) |
| NET ASSETS | $268420485 | $2368 | $239324 | $13162970 | $6128705 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 5671595 | 1027 | 13113 | 962859 | 573967 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $47.33 | $2.31 | $18.25 | $13.67 | $10.68 |
| <sup>(a)</sup> Includes securities on loan valued at | $115159 | $— | $— | $84959 | $— |

---

**See accompanying notes to financial statements.**

------

**176 :: Statements of Assets and Liabilities ::** June 30, 2025 (unaudited)

---

| | |
|:---|:---|
| | ProFund VP <br>Utilities |
| ASSETS: | ASSETS: |
| Total Investment Securities, at cost | $29859310 |
| Securities, at value<sup>(a)</sup> | 49741719 |
| Repurchase agreements, at value | 1000000 |
| Total Investment Securities, at value | 50741719 |
| Cash | 367 |
| Segregated cash balances for swap agreements with custodian | 400000 |
| Dividends and interest receivable | 32258 |
| Receivable for capital shares issued | 17367549 |
| Unrealized appreciation on swap agreements | 8779 |
| Prepaid expenses | 60 |
| TOTAL ASSETS | 68550732 |
| LIABILITIES: | LIABILITIES: |
| Payable for investments purchased | 17424402 |
| Payable for capital shares redeemed | 30583 |
| Advisory fees payable | 20317 |
| Management services fees payable | 2709 |
| Administration and fund accounting fees payable | 5173 |
| Administrative services fees payable | 6349 |
| Distribution fees payable | 6853 |
| Transfer agent fees payable | 4152 |
| Compliance services fees payable | 116 |
| Other accrued expenses | 22429 |
| TOTAL LIABILITIES | 17523083 |
| Commitments and contingencies (Note 4) | Commitments and contingencies (Note 4) |
| NET ASSETS | $51027649 |
| NET ASSETS CONSIST OF: | NET ASSETS CONSIST OF: |
| Capital | $31216537 |
| Total distributable earnings (loss) | 19811112 |
| NET ASSETS | $51027649 |
| SHARES OF BENEFICAL INTEREST OUTSTANDING <br>(unlimited number of shares authorized, <br>no par value): | 1054458 |
| NET ASSET VALUE <br>(offering and redemption price per share): | $48.39 |
| <sup>(a)</sup> Includes securities on loan valued at | $— |

---

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

**See accompanying notes to financial statements.**

------

**Statements of Operations**

------

**178 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund <br>Access VP <br>High Yield | ProFund VP <br>Asia 30 | ProFund VP <br>Banks | ProFund VP <br>Bear | ProFund VP<br>Biotechnology |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $174312 | $66016 | $— | $40344 |
| Interest | 267647 |  | 1077 | 44612 | 10060 |
| Foreign tax withholding |  | (7456) |  |  |  |
| Net income from securities lending |  | 28260 | 350 |  | 9136 |
| TOTAL INVESTMENT INCOME | 267647 | 195116 | 67443 | 44612 | 59540 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 49766 | 65234 | 17255 | 7826 | 119071 |
| Management services fees | 6635 | 8698 | 2301 | 1043 | 15876 |
| Administration and fund accounting fees | 8419 | 10367 | 3387 | 1480 | 23094 |
| Distribution fees | 16589 | 21745 | 5751 | 2609 | 39690 |
| Transfer agency fees | 4617 | 5821 | 1706 | 832 | 12176 |
| Administrative sevices fees | 15987 | 16416 | 6451 | 2793 | 28292 |
| Custody fees | 1220 | 19169 | 355 | 189 | 2578 |
| Trustee fees | 82 | 105 | 32 | 15 | 227 |
| Compliance service fees | 58 | 78 | 21 | 10 | 153 |
| Other fees | 5797 | 7329 | 2886 | 1270 | 19304 |
| Recoupment of prior expenses reduced by Advisor | 974 |  |  |  |  |
| Total Gross Expenses before reductions | 110144 | 154962 | 40145 | 18067 | 260461 |
| Expenses reduced and reimbursed by the Advisor |  | (9069) | (1140) | (516) |  |
| Fees paid indirectly | (953) | (34) | (355) | (22) | (1496) |
| TOTAL NET EXPENSES | 109191 | 145859 | 38650 | 17529 | 258965 |
| NET INVESTMENT INCOME (LOSS) | 158456 | 49257 | 28793 | 27083 | (199425) |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | (756951) | 91400 |  | (3677681) |
| Net realized gains (losses) on futures contracts |  |  |  | 8334 |  |
| Net realized gains (losses) on swap agreements | 127304 |  | 5116 | (255550) | (117101) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 2463313 | (119616) |  | 788174 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  | (18972) |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 73209 |  | 3307 | (23833) | 16774 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 200513 | 1706362 | (19793) | (290021) | (2989834) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $358969 | $1755619 | $9000 | $(262938) | $(3189259) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated (unaudited) **:: Statements of Operations :: 179**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Bull | ProFund VP <br>Communication<br>Services | ProFund VP <br>Consumer<br>Discretionary | ProFund VP <br>Consumer<br>Staples | ProFund VP <br>Dow 30 |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $299684 | $72748 | $99127 | $138509 | $— |
| Interest | 210559 | 4932 | 5559 | 3538 | 7609 |
| Foreign tax withholding | (70) |  |  |  |  |
| Net income from securities lending | 14 | 224 |  |  |  |
| TOTAL INVESTMENT INCOME | 510187 | 77904 | 104686 | 142047 | 7609 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 204579 | 46703 | 79490 | 39101 | 1338 |
| Management services fees | 27277 | 6227 | 10599 | 5213 | 178 |
| Administration and fund accounting fees | 38192 | 7002 | 12368 | 5054 | 240 |
| Distribution fees | 68193 | 15568 | 26497 | 13034 | 446 |
| Transfer agency fees | 20021 | 3868 | 6459 | 2787 | 131 |
| Administrative sevices fees | 66181 | 16145 | 28243 | 14495 | 262 |
| Custody fees | 4268 | 1026 | 1595 | 798 | 30 |
| Trustee fees | 374 | 70 | 122 | 52 | 2 |
| Compliance service fees | 245 | 56 | 80 | 45 | 2 |
| Other fees | 31597 | 6844 | 10759 | 4762 | 221 |
| Recoupment of prior expenses reduced by Advisor |  | 3179 | 5883 | 4407 |  |
| Total Gross Expenses before reductions | 460927 | 106688 | 182095 | 89748 | 2850 |
| Expenses reduced and reimbursed by the Advisor | (2578) | (1190) | (1928) | (1318) |  |
| Fees paid indirectly | (91) | (664) | (1575) | (648) | (5) |
| TOTAL NET EXPENSES | 458258 | 104834 | 178592 | 87782 | 2845 |
| NET INVESTMENT INCOME (LOSS) | 51929 | (26930) | (73906) | 54265 | 4764 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 4817437 | 572862 | 702483 | (318770) |  |
| Net realized gains (losses) on futures contracts | (66841) |  |  |  |  |
| Net realized gains (losses) on swap agreements | 222189 | 14438 | (42198) | 7612 | 1004 |
| Change in net unrealized appreciation/depreciation on <br>investment securities | (3313525) | 694499 | (1774294) | 538969 |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 159757 |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 125801 | 18806 | 5293 | (1670) | 6332 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 1944818 | 1300605 | (1108716) | 226141 | 7336 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $1996747 | $1273675 | $(1182622) | $280406 | $12100 |

---

**See accompanying notes to financial statements.**

------

**180 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Emerging <br>Markets | ProFund VP <br>Energy | ProFund VP <br>Europe 30 | ProFund VP <br>Falling<br>U.S. Dollar | ProFund VP <br>Financials |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $437197 | $645352 | $390209 | $— | $273747 |
| Interest | 5236 | 13005 |  | 13175 | 13733 |
| Foreign tax withholding | (27744) |  | (30726) |  |  |
| Net income from securities lending | 15328 |  | 7764 |  |  |
| TOTAL INVESTMENT INCOME | 430017 | 658357 | 367247 | 13175 | 287480 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 96040 | 149149 | 63095 | 2364 | 135201 |
| Management services fees | 12805 | 19887 | 8413 | 315 | 18027 |
| Administration and fund accounting fees | 16382 | 22284 | 11135 | 273 | 23244 |
| Distribution fees | 32013 | 49716 | 21032 | 788 | 45067 |
| Transfer agency fees | 9701 | 12396 | 6575 | 160 | 12832 |
| Administrative sevices fees | 29513 | 48170 | 18152 | 718 | 40991 |
| Custody fees | 14882 | 3087 | 8914 | 3202 | 2903 |
| Trustee fees | 169 | 222 | 115 | 3 | 234 |
| Compliance service fees | 112 | 180 | 77 | 3 | 152 |
| Licensing fees | 2296 | 5514 |  | 876 | 5547 |
| Other fees | 12540 | 15470 | 8916 | 205 | 16913 |
| Recoupment of prior expenses reduced by Advisor |  | 12280 |  |  | 3996 |
| Total Gross Expenses before reductions | 226453 | 338355 | 146424 | 8907 | 305107 |
| Expenses reduced and reimbursed by the Advisor | (8716) | (1426) | (5090) | (3599) |  |
| Fees paid indirectly | (1836) | (1885) |  | (13) | (2075) |
| TOTAL NET EXPENSES | 215901 | 335044 | 141334 | 5295 | 303032 |
| NET INVESTMENT INCOME (LOSS) | 214116 | 323313 | 225913 | 7880 | (15552) |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | (515447) | 3773148 | (357719) |  | 191216 |
| Net realized gains (losses) on swap agreements | 119522 | (24915) |  |  | 37863 |
| Net realized gains (losses) on foreign currency contracts |  |  |  | 42198 |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 3545767 | (2088914) | 2275258 |  | 2054812 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 9256 | (33643) |  |  | 18510 |
| Change in net unrealized appreciation/depreciation on <br>foreign currency contracts |  |  |  | 21932 |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 3159098 | 1625676 | 1917539 | 64130 | 2302401 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $3373214 | $1948989 | $2143452 | $72010 | $2286849 |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated (unaudited) **:: Statements of Operations :: 181**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Government <br>Money Market | ProFund VP <br>Health Care | ProFund VP<br>Industrials | ProFund VP<br>International | ProFund VP <br>Internet |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $314277 | $112502 | $— | $20503 |
| Interest | 602658 | 13271 | 6076 | 245166 | 4099 |
| Foreign tax withholding |  |  |  |  |  |
| Net income from securities lending |  |  |  |  | 5 |
| TOTAL INVESTMENT INCOME | 602658 | 327548 | 118578 | 245166 | 24607 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 107791 | 127594 | 60928 | 43494 | 49008 |
| Management services fees | 14372 | 17012 | 8124 | 5799 | 6534 |
| Administration and fund accounting fees | 20774 | 19748 | 11135 | 8159 | 7421 |
| Distribution fees |  | 42531 | 20310 | 14498 | 16336 |
| Transfer agency fees | 10944 | 10732 | 6131 | 4660 | 4051 |
| Administrative sevices fees |  | 40587 | 20863 | 14071 | 17323 |
| Custody fees | 3315 | 2482 | 1323 | 947 | 1151 |
| Trustee fees | 207 | 197 | 110 | 84 | 73 |
| Compliance service fees | 132 | 131 | 73 | 56 | 49 |
| Licensing fees |  | 4645 | 2601 |  | 1170 |
| Other fees | 13650 | 13553 | 7505 | 5738 | 5163 |
| Recoupment of prior expenses reduced by Advisor |  | 12180 |  |  | 3437 |
| Total Gross Expenses before reductions | 171185 | 291392 | 139103 | 97506 | 111716 |
| Expenses reduced and reimbursed by the Advisor | (41840) | (3023) | (1713) |  | (760) |
| Fees paid indirectly | (4) | (2128) | (910) | (79) | (896) |
| TOTAL NET EXPENSES | 129341 | 286241 | 136480 | 97427 | 110060 |
| NET INVESTMENT INCOME (LOSS) | 473317 | 41307 | (17902) | 147739 | (85453) |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | 1357789 | 571274 |  | 479302 |
| Net realized gains (losses) on swap agreements |  | (31868) | 5742 | 1607105 | 2032 |
| Net realized gains (losses) on foreign currency contracts |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | (2308292) | 1371982 |  | 729124 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  | 17643 | 13508 | 81943 | 16119 |
| Change in net unrealized appreciation/depreciation on <br>foreign currency contracts |  |  |  |  |  |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS |  | (964728) | 1962506 | 1689048 | 1226577 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $473317 | $(923421) | $1944604 | $1836787 | $1141124 |

---

**See accompanying notes to financial statements.**

------

**182 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Japan | ProFund VP <br>Large-Cap<br>Growth | ProFund VP <br>Large-Cap <br>Value | ProFund VP <br>Materials | ProFund VP <br>Mid-Cap |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $103670 | $154681 | $128412 | $— |
| Interest | 229165 | 2449 | 1418 | 4515 | 205715 |
| Foreign tax withholding |  | (37) | (29) |  |  |
| Net income from securities lending |  |  | 8 | 3 |  |
| TOTAL INVESTMENT INCOME | 229165 | 106082 | 156078 | 132930 | 205715 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 40927 | 114258 | 56753 | 46591 | 36124 |
| Management services fees | 5457 | 15234 | 7567 | 6212 | 4817 |
| Administration and fund accounting fees | 7028 | 20479 | 10420 | 7346 | 6612 |
| Distribution fees | 13642 | 38086 | 18918 | 15530 | 12041 |
| Transfer agency fees | 4018 | 11218 | 5262 | 4009 | 3605 |
| Administrative sevices fees | 13818 | 43205 | 21666 | 15694 | 11797 |
| Custody fees | 806 | 2537 | 1154 | 995 | 786 |
| Trustee fees | 72 | 204 | 97 | 76 | 67 |
| Compliance service fees | 49 | 132 | 66 | 48 | 44 |
| Other fees | 4952 | 17795 | 8467 | 6601 | 5268 |
| Recoupment of prior expenses reduced by Advisor | 1184 |  |  | 2810 |  |
| Total Gross Expenses before reductions | 91953 | 263148 | 130370 | 105912 | 81161 |
| Expenses reduced and reimbursed by the Advisor |  | (7209) | (3240) | (793) | (171) |
| Fees paid indirectly | (354) | (2) | (2) | (639) | (72) |
| TOTAL NET EXPENSES | 91599 | 255937 | 127128 | 104480 | 80918 |
| NET INVESTMENT INCOME (LOSS) | 137566 | (149855) | 28950 | 28450 | 124797 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  | (355133) | (435111) | 11256 |  |
| Net realized gains (losses) on futures contracts | (284783) |  |  |  | (152515) |
| Net realized gains (losses) on swap agreements | 3386 |  |  | (7315) | (334891) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  | 2591240 | 459259 | (532325) |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 628075 |  |  |  | 117366 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 1507 |  |  | 4238 | 50443 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 348185 | 2236107 | 24148 | (524146) | (319597) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $485751 | $2086252 | $53098 | $(495696) | $(194800) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated (unaudited) **:: Statements of Operations :: 183**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Mid-Cap<br>Growth | ProFund VP <br>Mid-Cap<br>Value | ProFund VP<br>Nasdaq-100 | ProFund VP<br>Pharmaceuticals | ProFund VP <br>Precious<br>Metals |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $61213 | $112735 | $447201 | $56647 | $— |
| Interest | 1199 | 923 | 625627 | 3466 | 689351 |
| Foreign tax withholding | (145) |  | (931) |  |  |
| Net income from securities lending | 13 | 6 | 84 | 1 |  |
| TOTAL INVESTMENT INCOME | 62280 | 113664 | 1071981 | 60114 | 689351 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 47975 | 37111 | 543004 | 31689 | 124840 |
| Management services fees | 6397 | 4948 | 72400 | 4225 | 16645 |
| Administration and fund accounting fees | 8971 | 7380 | 98841 | 5899 | 21361 |
| Distribution fees | 15992 | 12370 | 181001 | 10563 | 41613 |
| Transfer agency fees | 4709 | 3686 | 53981 | 3117 | 12454 |
| Administrative sevices fees | 20275 | 15246 | 180629 | 10658 | 42454 |
| Custody fees | 1128 | 1012 | 11498 | 873 | 2771 |
| Trustee fees | 86 | 69 | 984 | 58 | 231 |
| Compliance service fees | 57 | 44 | 658 | 39 | 142 |
| Other fees | 7500 | 5763 | 92030 | 5073 | 19723 |
| Recoupment of prior expenses reduced by Advisor |  |  |  |  | 475 |
| Total Gross Expenses before reductions | 113090 | 87629 | 1235026 | 72194 | 282709 |
| Expenses reduced and reimbursed by the Advisor | (5624) | (4498) | (18127) | (734) | (2030) |
| Fees paid indirectly | (2) | (4) | (663) | (477) | (324) |
| TOTAL NET EXPENSES | 107464 | 83127 | 1216236 | 70983 | 280355 |
| NET INVESTMENT INCOME (LOSS) | (45184) | 30537 | (144255) | (10869) | 408996 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | (13394) | (188244) | 4091048 | (58567) |  |
| Net realized gains (losses) on futures contracts |  |  | (538771) |  |  |
| Net realized gains (losses) on swap agreements |  |  | 38321 | (33145) | 12818564 |
| Change in net unrealized appreciation/depreciation on <br>investment securities | (8907) | (20493) | 3804508 | (383763) |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | 1173552 |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  |  | 631370 | (1135) | (424974) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (22301) | (208737) | 9200028 | (476610) | 12393590 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(67485) | $(178200) | $9055773 | $(487479) | $12802586 |

---

**See accompanying notes to financial statements.**

------

**184 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Real Estate | ProFund VP <br>Rising Rates<br>Opportunity | ProFund VP <br>Semiconductor | ProFund VP <br>Short Dow 30 | ProFund VP <br>Short Emerging <br>Markets |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $91359 | $— | $177838 | $— | $— |
| Interest | 1783 | 170772 | 43341 | 117 | 8989 |
| Foreign tax withholding |  |  | (897) |  |  |
| Net income from securities lending |  |  | 2 |  |  |
| TOTAL INVESTMENT INCOME | 93142 | 170772 | 220284 | 117 | 8989 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 19707 | 30228 | 259788 | 24 | 1551 |
| Management services fees | 2628 | 4030 | 34638 | 3 | 207 |
| Administration and fund accounting fees | 4078 | 5127 | 52800 | 4 | 288 |
| Distribution fees | 6569 | 10076 | 86596 | 8 | 517 |
| Transfer agency fees | 2068 | 2814 | 26340 | 2 | 152 |
| Administrative sevices fees | 7889 | 7937 | 78548 | 2 | 501 |
| Custody fees | 392 | 613 | 6689 |  | 31 |
| Trustee fees | 38 | 54 | 496 |  | 3 |
| Compliance service fees | 27 | 33 | 342 |  | 2 |
| Licensing fees | 886 |  | 7677 | 1 | 56 |
| Other fees | 2452 | 3474 | 30281 | 5 | 173 |
| Recoupment of prior expenses reduced by Advisor |  |  |  | 1 | 38 |
| Total Gross Expenses before reductions | 46734 | 64386 | 584195 | 50 | 3519 |
| Expenses reduced and reimbursed by the Advisor | (2224) |  | (1196) |  | (27) |
| Fees paid indirectly | (366) | (136) | (4579) | (1) | (9) |
| TOTAL NET EXPENSES | 44144 | 64250 | 578420 | 49 | 3483 |
| NET INVESTMENT INCOME (LOSS) | 48998 | 106522 | (358136) | 68 | 5506 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 300153 |  | 2650811 |  |  |
| Net realized gains (losses) on futures contracts |  |  |  |  |  |
| Net realized gains (losses) on swap agreements | (448) | 297485 | 2292056 | (233) | (22082) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | (244008) |  | (8781303) |  |  |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  |  |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (3042) | (449829) | 132243 | (104) | (5795) |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 52655 | (152344) | (3706193) | (337) | (27877) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $101653 | $(45822) | $(4064329) | $(269) | $(22371) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated (unaudited) **:: Statements of Operations :: 185**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Short<br>International | ProFund VP <br>Short Mid-Cap | ProFund VP <br>Short<br>Nasdaq-100 | ProFund VP <br>Short<br>Small-Cap | ProFund VP<br>Small-Cap |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $— | $— | $— | $— | $43189 |
| Interest | 23444 | 2309 | 51062 | 32925 | 31988 |
| Foreign tax withholding |  |  |  |  | (60) |
| Net income from securities lending |  |  |  |  | 653 |
| TOTAL INVESTMENT INCOME | 23444 | 2309 | 51062 | 32925 | 75770 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 4101 | 408 | 9118 | 5778 | 27507 |
| Management services fees | 547 | 54 | 1216 | 771 | 3667 |
| Administration and fund accounting fees | 631 | 71 | 1281 | 854 | 8584 |
| Distribution fees | 1367 | 136 | 3039 | 1926 | 9169 |
| Transfer agency fees | 414 | 38 | 695 | 486 | 2531 |
| Administrative sevices fees | 1225 | 153 | 3154 | 1801 | 8663 |
| Custody fees | 87 | 8 | 181 | 110 | 559 |
| Trustee fees | 7 | 1 | 14 | 9 | 48 |
| Compliance service fees | 4 |  | 9 | 6 | 33 |
| Licensing fees |  | 7 | 366 | 958 | 4673 |
| Other fees | 571 | 55 | 804 | 642 | 3425 |
| Recoupment of prior expenses reduced by Advisor | 16 |  | 1167 |  |  |
| Total Gross Expenses before reductions | 8970 | 931 | 21044 | 13341 | 68859 |
| Expenses reduced and reimbursed by the Advisor |  | (10) | (419) | (380) | (7208) |
| Fees paid indirectly | (9) | (8) | (62) | (17) | (36) |
| TOTAL NET EXPENSES | 8961 | 913 | 20563 | 12944 | 61615 |
| NET INVESTMENT INCOME (LOSS) | 14483 | 1396 | 30499 | 19981 | 14155 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities |  |  |  |  | 256930 |
| Net realized gains (losses) on futures contracts |  |  | 6190 | (3345) | (55483) |
| Net realized gains (losses) on swap agreements | (231105) | (12720) | (277529) | (23785) | (53130) |
| Change in net unrealized appreciation/depreciation on <br>investment securities |  |  |  |  | (443020) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  | (30784) | (10272) | 38125 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | (4209) | (347) | (44576) | (14481) | 24618 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (235314) | (13067) | (346699) | (51883) | (231960) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(220831) | $(11671) | $(316200) | $(31902) | $(217805) |

---

**See accompanying notes to financial statements.**

------

**186 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP <br>Small-Cap <br>Growth | ProFund VP <br>Small-Cap<br>Value | ProFund VP <br>Technology | ProFund VP <br>UltraBull | ProFund VP<br>UltraMid-Cap |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $95482 | $168375 | $184748 | $155166 | $52777 |
| Interest | 1237 | 1003 | 15595 | 185503 | 54581 |
| Foreign tax withholding |  |  | (393) | (35) | (37) |
| Net income from securities lending | 196 | 1066 |  | 5 | 5 |
| TOTAL INVESTMENT INCOME | 96915 | 170444 | 199950 | 340639 | 107326 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 56908 | 55965 | 179838 | 118204 | 33638 |
| Management services fees | 7588 | 7462 | 23978 | 15760 | 4485 |
| Administration and fund accounting fees | 8102 | 8104 | 34572 | 23320 | 6630 |
| Distribution fees | 18969 | 18655 | 59946 | 39401 | 11213 |
| Transfer agency fees | 4155 | 3930 | 18034 | 12596 | 3055 |
| Administrative sevices fees | 19243 | 19329 | 40806 | 35186 | 12821 |
| Custody fees | 965 | 884 | 4283 | 2581 | 774 |
| Trustee fees | 77 | 74 | 333 | 232 | 57 |
| Compliance service fees | 66 | 64 | 229 | 145 | 38 |
| Licensing fees | 886 | 857 | 7471 | 2029 | 679 |
| Other fees | 5845 | 5563 | 18947 | 17713 | 4354 |
| Recoupment of prior expenses reduced by Advisor | 6639 | 6905 |  |  |  |
| Total Gross Expenses before reductions | 129443 | 127792 | 388437 | 267167 | 77744 |
| Expenses reduced and reimbursed by the Advisor | (1675) | (2119) |  | (2288) | (1754) |
| Fees paid indirectly | (1) | (3) | (2116) | (101) | (78) |
| TOTAL NET EXPENSES | 127767 | 125670 | 386321 | 264778 | 75912 |
| NET INVESTMENT INCOME (LOSS) | (30852) | 44774 | (186371) | 75861 | 31414 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 80566 | (417514) | 2377380 | 1572973 | 348272 |
| Net realized gains (losses) on futures contracts |  |  |  | (55375) | (133510) |
| Net realized gains (losses) on swap agreements |  |  | (76242) | 616273 | (648048) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | (378247) | (1051555) | (2543448) | (113048) | (598172) |
| Change in net unrealized appreciation/depreciation on <br>futures contracts |  |  |  | 266323 | 90866 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements |  |  | 69070 | 803858 | 66325 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | (297681) | (1469069) | (173240) | 3091004 | (874267) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $(328533) | $(1424295) | $(359611) | $3166865 | $(842853) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated (unaudited) **:: Statements of Operations :: 187**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ProFund VP<br>UltraNasdaq-100 | ProFund VP<br>UltraShort <br>Dow 30 | ProFund VP <br>UltraShort<br>Nasdaq-100 | ProFund VP<br>UltraSmall-Cap | ProFund VP <br>U.S.<br>Government <br>Plus |
|  | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 | Six Months<br>Ended<br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $644025 | $— | $— | $64974 | $— |
| Interest | 1279405 | 23 | 63450 | 85903 | 144299 |
| Foreign tax withholding | (1341) |  |  | (89) |  |
| Net income from securities lending | 96 |  |  | 1041 |  |
| TOTAL INVESTMENT INCOME | 1922185 | 23 | 63450 | 151829 | 144299 |
| EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: | EXPENSES: |
| Advisory fees | 846863 | 10 | 10848 | 47612 | 16218 |
| Management services fees | 112914 | 2 | 1446 | 6348 | 3244 |
| Administration and fund accounting fees | 148741 | 1 | 1730 | 11101 | 2760 |
| Distribution fees | 282288 | 4 | 3616 | 15871 | 8109 |
| Transfer agency fees | 82427 |  | 821 | 4096 | 1524 |
| Administrative sevices fees | 304162 |  | 2332 | 16234 | 7878 |
| Custody fees | 15620 |  | 492 | 1016 | 449 |
| Trustee fees | 1482 |  | 26 | 76 | 29 |
| Compliance service fees | 988 |  | 6 | 51 | 28 |
| Licensing fees | 46951 |  | 203 | 7611 |  |
| Other fees | 98040 | 1 | 995 | 5385 | 4923 |
| Recoupment of prior expenses reduced by Advisor |  | 5 | 1904 |  | 2386 |
| Total Gross Expenses before reductions | 1940476 | 23 | 24419 | 115401 | 47548 |
| Expenses reduced and reimbursed by the Advisor | (41570) |  | (614) | (7863) | (3000) |
| Fees paid indirectly | (1935) |  | (29) | (148) | (274) |
| TOTAL NET EXPENSES | 1896971 | 23 | 23776 | 107390 | 44274 |
| NET INVESTMENT INCOME (LOSS) | 25214 |  | 39674 | 44439 | 100025 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 372228 |  |  | 408774 | (147527) |
| Net realized gains (losses) on futures contracts | (1609683) |  |  | (300712) |  |
| Net realized gains (losses) on swap agreements | 3111240 | (184) | (898327) | (1044495) | (369094) |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 9596938 |  |  | (945849) | 139776 |
| Change in net unrealized appreciation/depreciation on <br>futures contracts | 2162712 |  |  | 173078 |  |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 8224196 | (84) | (19888) | 138895 | 233033 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 21857631 | (268) | (918215) | (1570309) | (143812) |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $21882845 | $(268) | $(878541) | $(1525870) | $(43787) |

---

**See accompanying notes to financial statements.**

------

**188 :: Statements of Operations ::** For the Periods Indicated (unaudited)

---

| | |
|:---|:---|
| | ProFund VP <br>Utilities |
| | Six Months<br>Ended <br>June 30,<br>2025 |
| INVESTMENT INCOME: | INVESTMENT INCOME: |
| Dividends | $513240 |
| Interest | 11790 |
| TOTAL INVESTMENT INCOME | 525030 |
| EXPENSES: | EXPENSES: |
| Advisory fees | 123647 |
| Management services fees | 16486 |
| Administration and fund accounting fees | 22495 |
| Distribution fees | 41216 |
| Transfer agency fees | 12317 |
| Administrative sevices fees | 42316 |
| Custody fees | 3080 |
| Trustee fees | 225 |
| Compliance service fees | 148 |
| Other fees | 21134 |
| Total Gross Expenses before reductions | 283064 |
| Expenses reduced and reimbursed by the Advisor | (4506) |
| Fees paid indirectly | (1588) |
| TOTAL NET EXPENSES | 276970 |
| NET INVESTMENT INCOME (LOSS) | 248060 |
| REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: | REALIZED AND UNREALIZED GAINS (LOSSES) <br>ON INVESTMENTS: |
| Net realized gains (losses) on investment securities | 445993 |
| Net realized gains (losses) on swap agreements | 31216 |
| Change in net unrealized appreciation/depreciation on <br>investment securities | 1682540 |
| Change in net unrealized appreciation/depreciation on <br>swap agreements | 13949 |
| NET REALIZED AND UNREALIZED GAINS <br>(LOSSES) ON INVESTMENTS | 2173698 |
| CHANGE IN NET ASSETS RESULTING <br>FROM OPERATIONS | $2421758 |

---

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

**See accompanying notes to financial statements.**

------

**Statements of Changes in Net Assets**

------

**190 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ProFund Access VP High Yield | ProFund Access VP High Yield | ProFund VP Asia 30 | ProFund VP Asia 30 | ProFund VP Banks | ProFund VP Banks |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $158456 | $411012 | $49257 | $273764 | $28793 | $56250 |
| Net realized gains (losses) on investments | 127304 | 1210690 | (756951) | 370985 | 96516 | 550967 |
| Change in unrealized appreciation/depreciation <br>on investments | 73209 | (693513) | 2463313 | 685851 | (116309) | 145014 |
| Change in net assets resulting from operations | 358969 | 928189 | 1755619 | 1330600 | 9000 | 752231 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | (149958) | (798444) |  | (132757) |  | (85083) |
| Change in net assets resulting from distributions | (149958) | (798444) |  | (132757) |  | (85083) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 8928702 | 5776765 | 18905058 | 22396586 | 8022420 | 14950191 |
| Distributions reinvested | 149958 | 798444 |  | 132757 |  | 85083 |
| Value of shares redeemed | (9895596) | (8674748) | (18370612) | (22752083) | (8423266) | (16504407) |
| Change in net assets resulting from capital transactions | (816936) | (2099539) | 534446 | (222740) | (400846) | (1469133) |
| Change in net assets | (607925) | (1969794) | 2290065 | 975103 | (391846) | (801985) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 14510741 | 16480535 | 16220142 | 15245039 | 4813346 | 5615331 |
| End of period | $13902816 | $14510741 | $18510207 | $16220142 | $4421500 | $4813346 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 355744 | 231126 | 443779 | 603196 | 253409 | 487733 |
| Reinvested | 6020 | 32675 |  | 3581 |  | 3247 |
| Redeemed | (401348) | (347379) | (441341) | (623478) | (266820) | (548871) |
| Change in shares | (39584) | (83578) | 2438 | (16701) | (13411) | (57891) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 191**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Bear | ProFund VP Bear | ProFund VP Biotechnology | ProFund VP Biotechnology |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $27083 | $64199 | $(199425) | $(535706) |
| Net realized gains (losses) on investments | (247216) | (366567) | (3794782) | 1077859 |
| Change in unrealized appreciation/depreciation <br>on investments | (42805) | 40737 | 804948 | (915516) |
| Change in net assets resulting from operations | (262938) | (261631) | (3189259) | (373363) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (205227) |  | (16706394) |
| Change in net assets resulting from distributions |  | (205227) |  | (16706394) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 7569451 | 11151435 | 38557230 | 42425170 |
| Distributions reinvested |  | 205227 |  | 16706394 |
| Value of shares redeemed | (7058643) | (12165347) | (42441581) | (50453622) |
| Change in net assets resulting from capital transactions | 510808 | (808685) | (3884351) | 8677942 |
| Change in net assets | 247870 | (1275543) | (7073610) | (8401815) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 1478127 | 2753670 | 36132279 | 44534094 |
| End of period | $1725997 | $1478127 | $29058669 | $36132279 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 671527 | 917800 | 1047296 | 840366 |
| Reinvested |  | 17140 |  | 395605 |
| Redeemed | (635851) | (991828) | (1153425) | (1013537) |
| Change in shares | 35676 | (56888) | (106129) | 222434 |

---

**See accompanying notes to financial statements.**

------

**192 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Bull | ProFund VP Bull | ProFund VP<br>Communication Services | ProFund VP<br>Communication Services | ProFund VP <br>Consumer Discretionary | ProFund VP <br>Consumer Discretionary |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $51929 | $214845 | $(26930) | $(45154) | $(73906) | $(168050) |
| Net realized gains (losses) on investments | 4972785 | 3048104 | 587300 | 523868 | 660285 | 1572995 |
| Change in unrealized appreciation/depreciation <br>on investments | (3027967) | 9007061 | 713305 | 2466288 | (1769001) | 3710532 |
| Change in net assets resulting from operations | 1996747 | 12270010 | 1273675 | 2945002 | (1182622) | 5115477 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (3350805) |  |  |  | (2497723) |
| Change in net assets resulting from distributions |  | (3350805) |  |  |  | (2497723) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 166028364 | 217784799 | 29754725 | 21660643 | 15827133 | 20147194 |
| Distributions reinvested |  | 3350805 |  |  |  | 2497723 |
| Value of shares redeemed | (173568336) | (225408730) | (28715823) | (20325836) | (21309909) | (22702669) |
| Change in net assets resulting from capital transactions | (7539972) | (4273126) | 1038902 | 1334807 | (5482776) | (57752) |
| Change in net assets | (5543225) | 4646079 | 2312577 | 4279809 | (6665398) | 2560002 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 59023357 | 54377278 | 12747913 | 8468104 | 26345630 | 23785628 |
| End of period | $53480132 | $59023357 | $15060490 | $12747913 | $19680232 | $26345630 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 2935790 | 3863739 | 584117 | 485353 | 226456 | 303605 |
| Reinvested |  | 61348 |  |  |  | 41754 |
| Redeemed | (3075404) | (3992025) | (569718) | (455390) | (306640) | (349721) |
| Change in shares | (139614) | (66938) | 14399 | 29963 | (80184) | (4362) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 193**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Consumer Staples | ProFund VP Consumer Staples | ProFund VP Dow 30 | ProFund VP Dow 30 |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $54265 | $107308 | $4764 | $12898 |
| Net realized gains (losses) on investments | (311158) | 1067308 | 1004 | 36870 |
| Change in unrealized appreciation/depreciation <br>on investments | 537299 | (77413) | 6332 | (4384) |
| Change in net assets resulting from operations | 280406 | 1097203 | 12100 | 45384 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (3510813) |  | (10184) |
| Change in net assets resulting from distributions |  | (3510813) |  | (10184) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 13166233 | 39106461 | 13079 | 81030 |
| Distributions reinvested |  | 3510813 |  | 10184 |
| Value of shares redeemed | (12894114) | (41043154) | (39558) | (72958) |
| Change in net assets resulting from capital transactions | 272119 | 1574120 | (26479) | 18256 |
| Change in net assets | 552525 | (839490) | (14379) | 53456 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 9909293 | 10748783 | 380192 | 326736 |
| End of period | $10461818 | $9909293 | $365813 | $380192 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 400966 | 947815 | 558 | 3819 |
| Reinvested |  | 112526 |  | 490 |
| Redeemed | (394609) | (992602) | (1709) | (3274) |
| Change in shares | 6357 | 67739 | (1151) | 1035 |

---

**See accompanying notes to financial statements.**

------

**194 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Emerging Markets | ProFund VP Emerging Markets | ProFund VP Energy | ProFund VP Energy | ProFund VP Europe 30 | ProFund VP Europe 30 |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $214116 | $247894 | $323313 | $711087 | $225913 | $319488 |
| Net realized gains (losses) on investments | (395925) | 1003188 | 3748233 | 4346681 | (357719) | 1322700 |
| Change in unrealized appreciation/depreciation <br>on investments | 3555023 | (279461) | (2122557) | (3173700) | 2275258 | (974197) |
| Change in net assets resulting from operations | 3373214 | 971621 | 1948989 | 1884068 | 2143452 | 667991 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (333422) |  | (2921466) |  | (773494) |
| Change in net assets resulting from distributions |  | (333422) |  | (2921466) |  | (773494) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 168602297 | 63727095 | 287410888 | 144057113 | 18086093 | 16284499 |
| Distributions reinvested |  | 333422 |  | 2921466 |  | 773494 |
| Value of shares redeemed | (160940945) | (66924009) | (293597624) | (153858406) | (11610433) | (21209682) |
| Change in net assets resulting from capital transactions | 7661352 | (2863492) | (6186736) | (6879827) | 6475660 | (4151689) |
| Change in net assets | 11034566 | (2225293) | (4237747) | (7917225) | 8619112 | (4257192) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 18567834 | 20793127 | 36514073 | 44431298 | 11046840 | 15304032 |
| End of period | $29602400 | $18567834 | $32276326 | $36514073 | $19665952 | $11046840 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 5100788 | 2141998 | 7047737 | 3237911 | 655987 | 605659 |
| Reinvested |  | 11230 |  | 67377 |  | 29693 |
| Redeemed | (4880625) | (2270189) | (7147826) | (3466187) | (418329) | (795228) |
| Change in shares | 220163 | (116961) | (100089) | (160899) | 237658 | (159876) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 195**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Falling U.S. Dollar | ProFund VP Falling U.S. Dollar | ProFund VP Financials | ProFund VP Financials |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $7880 | $16609 | $(15552) | $2364 |
| Net realized gains (losses) on investments | 42198 | (13858) | 229079 | 548903 |
| Change in unrealized appreciation/depreciation <br>on investments | 21932 | (32691) | 2073322 | 6850672 |
| Change in net assets resulting from operations | 72010 | (29940) | 2286849 | 7401939 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (29158) |  | (2922655) |
| Change in net assets resulting from distributions |  | (29158) |  | (2922655) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 1009367 | 704839 | 67175822 | 30664404 |
| Distributions reinvested |  | 29158 |  | 2922655 |
| Value of shares redeemed | (814791) | (1387784) | (68151006) | (29991753) |
| Change in net assets resulting from capital transactions | 194576 | (653787) | (975184) | 3595306 |
| Change in net assets | 266586 | (712885) | 1311665 | 8074590 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 437632 | 1150517 | 34979333 | 26904743 |
| End of period | $704218 | $437632 | $36290998 | $34979333 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 68134 | 48295 | 1222755 | 613258 |
| Reinvested |  | 2068 |  | 64504 |
| Redeemed | (54465) | (92521) | (1250013) | (604669) |
| Change in shares | 13669 | (42158) | (27258) | 73093 |

---

**See accompanying notes to financial statements.**

------

**196 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP<br>Government Money Market | ProFund VP<br>Government Money Market | ProFund VP Health Care | ProFund VP Health Care | ProFund VP Industrials | ProFund VP Industrials |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $473317 | $1306032 | $41307 | $1410 | $(17902) | $(18137) |
| Net realized gains (losses) on investments |  |  | 1325921 | 3852790 | 577016 | 411043 |
| Change in unrealized appreciation/depreciation <br>on investments |  |  | (2290649) | (3207872) | 1385490 | 1989642 |
| Change in net assets resulting from operations | 473317 | 1306032 | (923421) | 646328 | 1944604 | 2382548 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | (473317) | (1306098) |  | (1733203) |  | (2225904) |
| Change in net assets resulting from distributions | (473317) | (1306098) |  | (1733203) |  | (2225904) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 27509228 | 40374383 | 154605490 | 27540482 | 20832034 | 20758246 |
| Distributions reinvested | 473317 | 1306098 |  | 1733203 |  | 2225904 |
| Value of shares redeemed | (30639754) | (41617261) | (155381224) | (32908168) | (19780283) | (22215797) |
| Change in net assets resulting from capital transactions | (2657209) | 63220 | (775734) | (3634483) | 1051751 | 768353 |
| Change in net assets | (2657209) | 63154 | (1699155) | (4721358) | 2996355 | 924997 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 31003697 | 30940543 | 32519324 | 37240682 | 16657765 | 15732768 |
| End of period | $28346488 | $31003697 | $30820169 | $32519324 | $19654120 | $16657765 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 27509228 | 40374413 | 2331096 | 394461 | 222895 | 225878 |
| Reinvested | 473317 | 1306098 |  | 25306 |  | 27115 |
| Redeemed | (30639755) | (41617262) | (2347643) | (471676) | (212133) | (242463) |
| Change in shares | (2657210) | 63249 | (16547) | (51909) | 10762 | 10530 |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 197**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP International | ProFund VP International | ProFund VP Internet | ProFund VP Internet |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $147739 | $369306 | $(85453) | $(166256) |
| Net realized gains (losses) on investments | 1607105 | (199279) | 481334 | 1624856 |
| Change in unrealized appreciation/depreciation <br>on investments | 81943 | (47817) | 745243 | 1737253 |
| Change in net assets resulting from operations | 1836787 | 122210 | 1141124 | 3195853 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (371382) |  | (257577) |
| Change in net assets resulting from distributions |  | (371382) |  | (257577) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 13596485 | 17892610 | 7046073 | 13235724 |
| Distributions reinvested |  | 371382 |  | 257577 |
| Value of shares redeemed | (12581235) | (18463016) | (6796716) | (15102233) |
| Change in net assets resulting from capital transactions | 1015250 | (199024) | 249357 | (1608932) |
| Change in net assets | 2852037 | (448196) | 1390481 | 1329344 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 10010911 | 10459107 | 13820805 | 12491461 |
| End of period | $12862948 | $10010911 | $15211286 | $13820805 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 613358 | 845082 | 256568 | 570814 |
| Reinvested |  | 17829 |  | 11613 |
| Redeemed | (571695) | (871467) | (255107) | (657730) |
| Change in shares | 41663 | (8556) | 1461 | (75303) |

---

**See accompanying notes to financial statements.**

------

**198 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Japan | ProFund VP Japan | ProFund VP Large-Cap Growth | ProFund VP Large-Cap Growth | ProFund VP Large-Cap Value | ProFund VP Large-Cap Value |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $137566 | $452816 | $(149855) | $(285173) | $28950 | $94171 |
| Net realized gains (losses) on investments | (281397) | 1630022 | (355133) | 3327302 | (435111) | 2361997 |
| Change in unrealized appreciation/depreciation <br>on investments | 629582 | 55389 | 2591240 | 4862021 | 459259 | (856769) |
| Change in net assets resulting from operations | 485751 | 2138227 | 2086252 | 7904150 | 53098 | 1599399 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (2031226) |  | (530748) |  | (1916764) |
| Change in net assets resulting from distributions |  | (2031226) |  | (530748) |  | (1916764) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 9990105 | 26913768 | 20394676 | 43399752 | 12340595 | 12202822 |
| Distributions reinvested |  | 2031226 |  | 530748 |  | 1916764 |
| Value of shares redeemed | (9552941) | (29438943) | (21376099) | (43262659) | (14681090) | (17133520) |
| Change in net assets resulting from capital transactions | 437164 | (493949) | (981423) | 667841 | (2340495) | (3013934) |
| Change in net assets | 922915 | (386948) | 1104829 | 8041243 | (2287397) | (3331299) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 10360685 | 10747633 | 34126776 | 26085533 | 16967501 | 20298800 |
| End of period | $11283600 | $10360685 | $35231605 | $34126776 | $14680104 | $16967501 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 152633 | 376420 | 296028 | 716920 | 253304 | 241209 |
| Reinvested |  | 30353 |  | 8548 |  | 41310 |
| Redeemed | (144879) | (419101) | (317393) | (727714) | (307610) | (336826) |
| Change in shares | 7754 | (12328) | (21365) | (2246) | (54306) | (54307) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 199**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Materials | ProFund VP Materials | ProFund VP Mid-Cap | ProFund VP Mid-Cap |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $28450 | $27562 | $124797 | $372308 |
| Net realized gains (losses) on investments | 3941 | 1794442 | (487406) | 769514 |
| Change in unrealized appreciation/depreciation <br>on investments | (528087) | (2014322) | 167809 | (150412) |
| Change in net assets resulting from operations | (495696) | (192318) | (194800) | 991410 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (73395) |  | (316090) |
| Change in net assets resulting from distributions |  | (73395) |  | (316090) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 37366583 | 10204904 | 2500955 | 7976517 |
| Distributions reinvested |  | 73395 |  | 316090 |
| Value of shares redeemed | (37909028) | (11933009) | (2063754) | (9107501) |
| Change in net assets resulting from capital transactions | (542445) | (1654710) | 437201 | (814894) |
| Change in net assets | (1038141) | (1920423) | 242401 | (139574) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 12689133 | 14609556 | 10195325 | 10334899 |
| End of period | $11650992 | $12689133 | $10437726 | $10195325 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 437874 | 112743 | 139257 | 443643 |
| Reinvested |  | 832 |  | 18615 |
| Redeemed | (456332) | (132957) | (119323) | (515542) |
| Change in shares | (18458) | (19382) | 19934 | (53284) |

---

**See accompanying notes to financial statements.**

------

**200 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Mid-Cap Growth | ProFund VP Mid-Cap Growth | ProFund VP Mid-Cap Value | ProFund VP Mid-Cap Value | ProFund VP Nasdaq-100 | ProFund VP Nasdaq-100 |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(45184) | $(99731) | $30537 | $36545 | $(144255) | $625620 |
| Net realized gains (losses) on investments | (13394) | 1363849 | (188244) | 1088339 | 3590598 | 12618034 |
| Change in unrealized appreciation/depreciation <br>on investments | (8907) | 270655 | (20493) | (309896) | 5609430 | 18874491 |
| Change in net assets resulting from operations | (67485) | 1534773 | (178200) | 814988 | 9055773 | 32118145 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (596396) |  | (502670) |  | (19907327) |
| Change in net assets resulting from distributions |  | (596396) |  | (502670) |  | (19907327) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 5452795 | 20588502 | 7527091 | 14350559 | 175571495 | 290912754 |
| Distributions reinvested |  | 596396 |  | 502670 |  | 19907327 |
| Value of shares redeemed | (4412027) | (24026112) | (7879133) | (17001185) | (203699911) | (291449558) |
| Change in net assets resulting from capital transactions | 1040768 | (2841214) | (352042) | (2147956) | (28128416) | 19370523 |
| Change in net assets | 973283 | (1902837) | (530242) | (1835638) | (19072643) | 31581341 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 13033009 | 14935846 | 10450735 | 12286373 | 179029102 | 147447761 |
| End of period | $14006292 | $13033009 | $9920493 | $10450735 | $159956459 | $179029102 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 142637 | 507923 | 172065 | 332842 | 2847339 | 4794145 |
| Reinvested |  | 15395 |  | 12662 |  | 334915 |
| Redeemed | (117099) | (605763) | (181983) | (400199) | (3321827) | (4834164) |
| Change in shares | 25538 | (82445) | (9918) | (54695) | (474488) | 294896 |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 201**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Pharmaceuticals | ProFund VP Pharmaceuticals | ProFund VP Precious Metals | ProFund VP Precious Metals |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(10869) | $19410 | $408996 | $898696 |
| Net realized gains (losses) on investments | (91712) | 416485 | 12818564 | 45898 |
| Change in unrealized appreciation/depreciation <br>on investments | (384898) | (92793) | (424974) | 61569 |
| Change in net assets resulting from operations | (487479) | 343102 | 12802586 | 1006163 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (1036921) |  | (809641) |
| Change in net assets resulting from distributions |  | (1036921) |  | (809641) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 2888800 | 12138332 | 66437765 | 285992607 |
| Distributions reinvested |  | 1036921 |  | 809641 |
| Value of shares redeemed | (4087331) | (13246589) | (67621680) | (288414917) |
| Change in net assets resulting from capital transactions | (1198531) | (71336) | (1183915) | (1612669) |
| Change in net assets | (1686010) | 765155 | 11618671 | (1416147) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 9374156 | 10139311 | 23274890 | 24691037 |
| End of period | $7688146 | $9374156 | $34893561 | $23274890 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 97417 | 361701 | 1846888 | 11151633 |
| Reinvested |  | 35162 |  | 30997 |
| Redeemed | (135032) | (395689) | (1861724) | (11264992) |
| Change in shares | (37615) | 1174 | (14836) | (82362) |

---

**See accompanying notes to financial statements.**

------

**202 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Real Estate | ProFund VP Real Estate | ProFund VP<br>Rising Rates Opportunity | ProFund VP<br>Rising Rates Opportunity | ProFund VP Semiconductor | ProFund VP Semiconductor |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $48998 | $84357 | $106522 | $282615 | $(358136) | $(863303) |
| Net realized gains (losses) on investments | 299705 | (115350) | 297485 | 704325 | 4942867 | 26602274 |
| Change in unrealized appreciation/depreciation <br>on investments | (247050) | 157793 | (449829) | 367284 | (8649060) | 11848350 |
| Change in net assets resulting from operations | 101653 | 126800 | (45822) | 1354224 | (4064329) | 37587321 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions | (40325) | (290646) |  | (4486965) |  | (5758274) |
| Change in net assets resulting from distributions | (40325) | (290646) |  | (4486965) |  | (5758274) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 7392213 | 9808392 | 2545324 | 8832077 | 34197746 | 115641392 |
| Distributions reinvested | 40325 | 290646 |  | 4486965 |  | 5758274 |
| Value of shares redeemed | (9878442) | (9103725) | (4174175) | (9623958) | (68641295) | (114501252) |
| Change in net assets resulting from capital transactions | (2445904) | 995313 | (1628851) | 3695084 | (34443549) | 6898414 |
| Change in net assets | (2384576) | 831467 | (1674673) | 562343 | (38507878) | 38727461 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 7318617 | 6487150 | 8782231 | 8219888 | 96949888 | 58222427 |
| End of period | $4934041 | $7318617 | $7107558 | $8782231 | $58442010 | $96949888 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 154689 | 203425 | 88634 | 237565 | 730627 | 2579027<br> <sup>(a)</sup> |
| Reinvested | 840 | 6615 |  | 144433 |  | 115062<br> <sup>(a)</sup> |
| Redeemed | (208376) | (190482) | (146177) | (262787) | (1646249) | (2624529)<sup>(a)</sup> |
| Change in shares | (52847) | 19558 | (57543) | 119211 | (915622) | 69560 |

---

<sup>(a)</sup> As described in Note 8, share amounts have been adjusted for 4:1 share split that occurred October 14, 2024.

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 203**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Short Dow 30 | ProFund VP Short Dow 30 | ProFund VP Short Emerging Markets | ProFund VP Short Emerging Markets |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $68 | $178 | $5506 | $17444 |
| Net realized gains (losses) on investments | (233) | (670) | (22082) | (50060) |
| Change in unrealized appreciation/depreciation <br>on investments | (104) | 67 | (5795) | 7423 |
| Change in net assets resulting from operations | (269) | (425) | (22371) | (25193) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (200) |  | (29923) |
| Change in net assets resulting from distributions |  | (200) |  | (29923) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 1475 |  | 1530626 | 2067830 |
| Distributions reinvested |  | 200 |  | 29923 |
| Value of shares redeemed | (20) | (40) | (1661273) | (2107533) |
| Change in net assets resulting from capital transactions | 1455 | 160 | (130647) | (9780) |
| Change in net assets | 1186 | (465) | (153018) | (64896) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 5858 | 6323 | 448291 | 513187 |
| End of period | $7044 | $5858 | $295273 | $448291 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 73 |  | 75303 | 95472 |
| Reinvested |  | 10 |  | 1413 |
| Redeemed | (1) | (2) | (80066) | (97485) |
| Change in shares | 72 | 8 | (4763) | (600) |

---

**See accompanying notes to financial statements.**

------

**204 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Short International | ProFund VP Short International | ProFund VP Short Mid-Cap | ProFund VP Short Mid-Cap | ProFund VP Short Nasdaq-100 | ProFund VP Short Nasdaq-100 |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $14483 | $18684 | $1396 | $2666 | $30499 | $119093 |
| Net realized gains (losses) on investments | (231105) | 16786 | (12720) | (9160) | (271339) | (761121) |
| Change in unrealized appreciation/depreciation <br>on investments | (4209) | 2523 | (347) | (312) | (75360) | 66215 |
| Change in net assets resulting from operations | (220831) | 37993 | (11671) | (6806) | (316200) | (575813) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (29900) |  | (7165) |  | (205004) |
| Change in net assets resulting from distributions |  | (29900) |  | (7165) |  | (205004) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 3212177 | 1217426 | 802026 | 879391 | 14663548 | 50890508 |
| Distributions reinvested |  | 29900 |  | 7165 |  | 205004 |
| Value of shares redeemed | (1424558) | (1261957) | (793777) | (881291) | (14152812) | (52755845) |
| Change in net assets resulting from capital transactions | 1787619 | (14631) | 8249 | 5265 | 510736 | (1660333) |
| Change in net assets | 1566788 | (6538) | (3422) | (8706) | 194536 | (2441150) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 510689 | 517227 | 60650 | 69356 | 1928236 | 4369386 |
| End of period | $2077477 | $510689 | $57228 | $60650 | $2122772 | $1928236 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 137424 | 50254 | 121140 | 131138 | 1457128 | 4566264 |
| Reinvested |  | 1279 |  | 1094 |  | 20460 |
| Redeemed | (58534) | (51715) | (121686) | (131846) | (1416791) | (4740213) |
| Change in shares | 78890 | (182) | (546) | 386 | 40337 | (153489) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 205**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP Short Small-Cap | ProFund VP Short Small-Cap | ProFund VP Small-Cap | ProFund VP Small-Cap |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $19981 | $50717 | $14155 | $68524 |
| Net realized gains (losses) on investments | (27130) | (199626) | 148317 | (307812) |
| Change in unrealized appreciation/depreciation <br>on investments | (24753) | (2827) | (380277) | 587908 |
| Change in net assets resulting from operations | (31902) | (151736) | (217805) | 348620 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (109373) |  | (99601) |
| Change in net assets resulting from distributions |  | (109373) |  | (99601) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 15031379 | 19757460 | 380853 | 13621549 |
| Distributions reinvested |  | 109373 |  | 99601 |
| Value of shares redeemed | (16434025) | (19525204) | (3774589) | (18438772) |
| Change in net assets resulting from capital transactions | (1402646) | 341629 | (3393736) | (4717622) |
| Change in net assets | (1434548) | 80520 | (3611541) | (4468603) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 2274350 | 2193830 | 10689141 | 15157744 |
| End of period | $839802 | $2274350 | $7077600 | $10689141 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 710793 | 931874 | 10986 | 373849 |
| Reinvested |  | 5109 |  | 2959 |
| Redeemed | (784679) | (920233) | (103348) | (529966) |
| Change in shares | (73886) | 16750 | (92362) | (153158) |

---

**See accompanying notes to financial statements.**

------

**206 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP Small-Cap Growth | ProFund VP Small-Cap Growth | ProFund VP Small-Cap Value | ProFund VP Small-Cap Value | ProFund VP Technology | ProFund VP Technology |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $(30852) | $(80349) | $44774 | $50126 | $(186371) | $(486233) |
| Net realized gains (losses) on investments | 80566 | 1230870 | (417514) | 478643 | 2301138 | 11924986 |
| Change in unrealized appreciation/depreciation <br>on investments | (378247) | (335913) | (1051555) | 25951 | (2474378) | (911177) |
| Change in net assets resulting from operations | (328533) | 814608 | (1424295) | 554720 | (359611) | 10527576 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (752384) |  | (151910) |  | (4305449) |
| Change in net assets resulting from distributions |  | (752384) |  | (151910) |  | (4305449) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 2625443 | 14773733 | 3482982 | 17499182 | 71440152 | 20251373 |
| Distributions reinvested |  | 752384 |  | 151910 |  | 4305449 |
| Value of shares redeemed | (2833587) | (15448735) | (6744445) | (18889381) | (75309379) | (28281623) |
| Change in net assets resulting from capital transactions | (208144) | 77382 | (3261463) | (1238289) | (3869227) | (3724801) |
| Change in net assets | (536677) | 139606 | (4685758) | (835479) | (4228838) | 2497326 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 16337559 | 16197953 | 18611414 | 19446893 | 59606341 | 57109015 |
| End of period | $15800882 | $16337559 | $13925656 | $18611414 | $55377503 | $59606341 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 89809 | 473605 | 81466 | 395114 | 952699 | 269551 |
| Reinvested |  | 26025 |  | 3836 |  | 57056 |
| Redeemed | (96405) | (508912) | (157375) | (438182) | (1062755) | (379366) |
| Change in shares | (6596) | (9282) | (75909) | (39232) | (110056) | (52759) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 207**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP UltraBull | ProFund VP UltraBull | ProFund VP UltraMid-Cap | ProFund VP UltraMid-Cap |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $75861 | $144096 | $31414 | $95833 |
| Net realized gains (losses) on investments | 2133871 | 4235812 | (433286) | 885719 |
| Change in unrealized appreciation/depreciation <br>on investments | 957133 | 2079358 | (440981) | 349740 |
| Change in net assets resulting from operations | 3166865 | 6459266 | (842853) | 1331292 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (123401) |  | (69792) |
| Change in net assets resulting from distributions |  | (123401) |  | (69792) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 18351044 | 49338317 | 3130274 | 14012828 |
| Distributions reinvested |  | 123401 |  | 69792 |
| Value of shares redeemed | (35788123) | (41016653) | (3780136) | (15489202) |
| Change in net assets resulting from capital transactions | (17437079) | 8445065 | (649862) | (1406582) |
| Change in net assets | (14270214) | 14780930 | (1492715) | (145082) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 33440772 | 18659842 | 10646182 | 10791264 |
| End of period | $19170558 | $33440772 | $9153467 | $10646182 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 488991 | 1287710 | 79781 | 357974 |
| Reinvested |  | 3247 |  | 1878 |
| Redeemed | (847984) | (1122886) | (101586) | (406476) |
| Change in shares | (358993) | 168071 | (21805) | (46624) |

---

**See accompanying notes to financial statements.**

------

**208 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | ProFund VP UltraNasdaq-100 | ProFund VP UltraNasdaq-100 | ProFund VP UltraShort Dow 30 | ProFund VP UltraShort Dow 30 | ProFund VP UltraShort Nasdaq-100 | ProFund VP UltraShort Nasdaq-100 |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended <br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $25214 | $620132 | $— | $53 | $39674 | $54484 |
| Net realized gains (losses) on investments | 1873785 | 48911907 | (184) | (687) | (898327) | (1123833) |
| Change in unrealized appreciation/depreciation <br>on investments | 19983846 | 23637106 | (84) | 62 | (19888) | 10975 |
| Change in net assets resulting from operations | 21882845 | 73169145 | (268) | (572) | (878541) | (1058374) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (662578) |  | (108) |  | (71933) |
| Change in net assets resulting from distributions |  | (662578) |  | (108) |  | (71933) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 143498076 | 222076664 |  |  | 148371217 | 96862012 |
| Distributions reinvested |  | 662578 |  | 108 |  | 71933 |
| Value of shares redeemed | (141510077) | (237629066) | (34) | (94) | (147625065) | (96046247) |
| Change in net assets resulting from capital transactions | 1987999 | (14889824) | (34) | 14 | 746152 | 887698 |
| Change in net assets | 23870844 | 57616743 | (302) | (666) | (132389) | (242609) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 244549641 | 186932898 | 2670 | 3336 | 371713 | 614322 |
| End of period | $268420485 | $244549641 | $2368 | $2670 | $239324 | $371713 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 3625588 | 6005833 |  |  | 6112444 | 3629958 |
| Reinvested |  | 16348 |  | 36 |  | 2843 |
| Redeemed | (3559045) | (6459050) | (12) | (32) | (6115948) | (3633542) |
| Change in shares | 66543 | (436869) | (12) | 4 | (3504) | (741) |

---

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

**See accompanying notes to financial statements.**

------

For the Periods Indicated **:: Statements of Changes in Net Assets :: 209**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ProFund VP UltraSmall-Cap | ProFund VP UltraSmall-Cap | ProFund VP U.S. Government Plus | ProFund VP U.S. Government Plus |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $44439 | $121854 | $100025 | $242469 |
| Net realized gains (losses) on investments | (936433) | 50933 | (516621) | (689226) |
| Change in unrealized appreciation/depreciation <br>on investments | (633876) | 928206 | 372809 | (616406) |
| Change in net assets resulting from operations | (1525870) | 1100993 | (43787) | (1063163) |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (104681) | (100025) | (242414) |
| Change in net assets resulting from distributions |  | (104681) | (100025) | (242414) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 14819812 | 43412836 | 4351966 | 11766747 |
| Distributions reinvested |  | 104681 | 100025 | 242307 |
| Value of shares redeemed | (15837495) | (45807082) | (4232436) | (14491148) |
| Change in net assets resulting from capital transactions | (1017683) | (2289565) | 219555 | (2482094) |
| Change in net assets | (2543553) | (1293253) | 75743 | (3787671) |
| NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 15706523 | 16999776 | 6052962 | 9840633 |
| End of period | $13162970 | $15706523 | $6128705 | $6052962 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 1127646 | 2937168 | 397690 | 999005 |
| Reinvested |  | 7985 | 9223 | 20815 |
| Redeemed | (1200728) | (3140355) | (397642) | (1228536) |
| Change in shares | (73082) | (195202) | 9271 | (208716) |

---

**See accompanying notes to financial statements.**

------

**210 :: Statements of Changes in Net Assets ::** For the Periods Indicated

---

| | | |
|:---|:---|:---|
| | ProFund VP Utilities | ProFund VP Utilities |
| | Six Months<br>Ended<br>June 30,<br>2025<br>(unaudited) | Year Ended<br>December 31,<br>2024 |
| FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: | FROM INVESTMENT ACTIVITIES: |
| OPERATIONS: | OPERATIONS: | OPERATIONS: |
| Net investment income (loss) | $248060 | $448436 |
| Net realized gains (losses) on investments | 477209 | 56094 |
| Change in unrealized appreciation/depreciation <br>on investments | 1696489 | 4702233 |
| Change in net assets resulting from operations | 2421758 | 5206763 |
| DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: | DISTRIBUTIONS TO SHAREHOLDERS: |
| Total distributions |  | (470058) |
| Change in net assets resulting from distributions |  | (470058) |
| CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: | CAPITAL TRANSACTIONS: |
| Proceeds from shares issued | 192866539 | 80065990 |
| Distributions reinvested |  | 470058 |
| Value of shares redeemed | (177268895) | (78383497) |
| Change in net assets resulting from capital transactions | 15597644 | 2152551 |
| Change in net assets | 18019402 | 6889256 |
| NET ASSETS: | NET ASSETS: | NET ASSETS: |
| Beginning of period | 33008247 | 26118991 |
| End of period | $51027649 | $33008247 |
| SHARE TRANSACTIONS: | SHARE TRANSACTIONS: | SHARE TRANSACTIONS: |
| Issued | 4116380 | 1834619 |
| Reinvested |  | 11615 |
| Redeemed | (3801266) | (1804685) |
| Change in shares | 315114 | 41549 |

---

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

**See accompanying notes to financial statements.**

------

**Financial Highlights**

------

**212 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | In Excess<br>of Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** |
| For the Six Months <br>Ended June 30, 2025 <br>(unaudited) | $24.93 | 0.30 | 0.65 | 0.95 | (0.25) |  |  | (0.25) |
| Year Ended <br>December 31, 2024 | $24.76 | 0.67 | 0.84 | 1.51 | (0.67) | (0.67) |  | (1.34) |
| Year Ended <br>December 31, 2023 | $23.59 | 0.67 | 1.75 | 2.42 | (0.67) | (0.58) |  | (1.25) |
| Year Ended <br>December 31, 2022 | $26.51 | 0.11 | (2.22) | (2.11) | (0.11) | (0.70) |  | (0.81) |
| Year Ended <br>December 31, 2021 | $27.10 | (0.34) | 0.41 | 0.07 |  | (0.66) |  | (0.66) |
| Year Ended <br>December 31, 2020 | $28.71 | (0.31) | 0.16 | (0.15) |  | (1.46) |  | (1.46) |
| **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** |
| For the Six Months <br>Ended June 30, 2025 <br>(unaudited) | $39.27 | 0.12 | 5.16 | 5.28 |  |  |  |  |
| Year Ended <br>December 31, 2024 | $35.48 | 0.65 | 3.43 | 4.08 | (0.29) |  |  | (0.29) |
| Year Ended <br>December 31, 2023 | $35.46 | (0.03) | 1.62 | 1.59 | (0.04) |  | (1.53) | (1.57) |
| Year Ended <br>December 31, 2022 | $53.26 | (0.17) | (12.40) | (12.57) | (0.21) |  | (5.02) | (5.23) |
| Year Ended <br>December 31, 2021 | $75.87 | 0.24 | (12.05) | (11.81) |  |  | (10.80) | (10.80) |
| Year Ended <br>December 31, 2020 | $62.15 | (0.11) | 21.13 | 21.02 | (0.72) |  | (6.58) | (7.30) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Ratios to<br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** |
| For the Six Months <br>Ended June 30, 2025 <br>(unaudited) | $25.63 | 3.86% | 1.66% | 1.65% | 2.39% | $13903 | —<br> <sup>(f)</sup> |
| Year Ended <br>December 31, 2024 | $24.93 | 6.31% | 1.69% | 1.68% | 2.69% | $14511 | 1298% |
| Year Ended <br>December 31, 2023 | $24.76 | 10.43% | 1.72% | 1.68% | 2.77% | $16481 | 1254% |
| Year Ended <br>December 31, 2022 | $23.59 | (7.97)% | 1.69% | 1.68% | 0.46% | $17015 | 1532% |
| Year Ended <br>December 31, 2021 | $26.51 | 0.27% | 1.72% | 1.68% | (1.28)% | $15325 | 1351% |
| Year Ended <br>December 31, 2020 | $27.10 | 0.06% | 1.87% | 1.68% | (1.16)% | $19923 | 1447% |
| **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** |
| For the Six Months <br>Ended June 30, 2025 <br>(unaudited) | $44.55 | 13.45% | 1.78% | 1.68% | 0.57% | $18510 | 114% |
| Year Ended <br>December 31, 2024 | $39.27 | 11.56% | 1.83% | 1.68% | 1.75% | $16220 | 141% |
| Year Ended <br>December 31, 2023 | $35.48 | 4.32% | 1.83% | 1.68% | (0.09)% | $15245 | 151% |
| Year Ended <br>December 31, 2022 | $35.46 | (24.42)% | 1.74% | 1.68% | (0.44)% | $17741 | 202% |
| Year Ended <br>December 31, 2021 | $53.26 | (18.52)%<sup>(g)</sup> | 1.68% | 1.68% | 0.33% | $21907 | 125% |
| Year Ended <br>December 31, 2020 | $75.87 | 35.55% | 1.71% | 1.68% | (0.18)% | $29494 | 130% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) During October 2024, the Fund's principal investment strategy changed the types of instruments used to obtain exposure to the high yield market.

(g) During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.34%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 213**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $32.67 | 0.20 | 0.14<br> <sup>(f)</sup> | 0.34 |  |  |  |
| Year Ended December 31, 2024 | $27.36 | 0.36 | 5.57 | 5.93 | (0.62) |  | (0.62) |
| Year Ended December 31, 2023 | $25.10 | 0.46 | 2.11 | 2.57 | (0.31) |  | (0.31) |
| Year Ended December 31, 2022 | $31.63 | 0.20 | (6.49) | (6.29) | (0.24) |  | (0.24) |
| Year Ended December 31, 2021 | $23.77 | 0.17 | 7.93 | 8.10 | (0.24) |  | (0.24) |
| Year Ended December 31, 2020 | $28.74 | 0.36 | (4.85) | (4.49) | (0.48) |  | (0.48) |
| **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $11.00 | 0.14 | (0.99) | (0.85) |  |  |  |
| Year Ended December 31, 2024 | $14.40 | 0.42 | (2.33) | (1.91) | (0.99) | (0.50) | (1.49) |
| Year Ended December 31, 2023 | $17.04 | 0.52 | (3.11) | (2.59) | (0.05) |  | (0.05) |
| Year Ended December 31, 2022 | $14.56 | 0.03 | 2.45 | 2.48 |  |  |  |
| Year Ended December 31, 2021 | $19.59 | (0.28) | (4.49) | (4.77) |  | (0.26) | (0.26) |
| Year Ended December 31, 2020 | $26.47 | (0.35) | (6.41) | (6.76) | (0.12) |  | (0.12) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $33.01 | 1.04<br> %<sup>(g)</sup> | 1.74% | 1.68% | 1.25% | $4422 | 142% |
| Year Ended December 31, 2024 | $32.67 | 22.24<br> %<sup>(h)</sup> | 1.79% | 1.68% | 1.22% | $4813 | 262% |
| Year Ended December 31, 2023 | $27.36 | 10.39% | 1.79% | 1.68% | 1.98% | $5615 | 430% |
| Year Ended December 31, 2022 | $25.10 | (19.88)% | 1.74% | 1.68% | 0.69% | $4496 | 599% |
| Year Ended December 31, 2021 | $31.63 | 34.09% | 1.68% | 1.68% | 0.57% | $7500 | 551% |
| Year Ended December 31, 2020 | $23.77 | (15.21)% | 1.74% | 1.68% | 1.74% | $4823 | 478% |
| **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $10.15 | (7.73)% | 1.73% | 1.68% | 2.60% | $1726 |  |
| Year Ended December 31, 2024 | $11.00 | (13.71)% | 2.05% | 1.68% | 3.42% | $1478 |  |
| Year Ended December 31, 2023 | $14.40 | (15.27)% | 1.72% | 1.68% | 3.31% | $2754 |  |
| Year Ended December 31, 2022 | $17.04 | 17.03% | 1.70% | 1.68% | 0.20% | $4958 |  |
| Year Ended December 31, 2021 | $14.56 | (24.57)% | 1.69% | 1.68% | (1.68)% | $1557 |  |
| Year Ended December 31, 2020 | $19.59 | (25.61)% | 1.79% | 1.68% | (1.40)% | $2352 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(g) During the six months ended June 30, 2025, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.12%.

(h) During the year ended December 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.21%.

**See accompanying notes to financial statements.**

------

**214 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $40.62 | (0.24) | (3.29) | (3.53) |  |  |  |
| Year Ended December 31, 2024 | $66.75 | (0.66) | 1.61 | 0.95 |  | (27.08) | (27.08) |
| Year Ended December 31, 2023 | $70.69 | (0.64) | 7.07 | 6.43 |  | (10.37) | (10.37) |
| Year Ended December 31, 2022 | $94.46 | (0.14) | (8.78) | (8.92) |  | (14.85) | (14.85) |
| Year Ended December 31, 2021 | $82.13 | (0.14) | 13.01 | 12.87 |  | (0.54) | (0.54) |
| Year Ended December 31, 2020 | $76.13 | (0.05) | 11.57 | 11.52 | (0.01) | (5.51) | (5.52) |
| **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $58.48 | 0.05 | 2.96 | 3.01 |  |  |  |
| Year Ended December 31, 2024 | $50.53 | 0.20 | 10.95 | 11.15 | (0.42) | (2.78) | (3.20) |
| Year Ended December 31, 2023 | $48.67 | 0.43 | 10.74 | 11.17 |  | (9.31) | (9.31) |
| Year Ended December 31, 2022 | $70.29 | (0.05) | (13.46) | (13.51) |  | (8.11) | (8.11) |
| Year Ended December 31, 2021 | $59.38 | (0.42) | 15.37 | 14.95 |  | (4.04) | (4.04) |
| Year Ended December 31, 2020 | $53.62 | (0.23) | 8.70 | 8.47 | (0.05) | (2.66) | (2.71) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $37.09 | (8.69)% | 1.64% | 1.63% | (1.26)% | $29059 | 125% |
| Year Ended December 31, 2024 | $40.62 | (0.15)% | 1.67% | 1.66% | (1.24)% | $36132 | 134% |
| Year Ended December 31, 2023 | $66.75 | 10.14% | 1.68% | 1.67% | (0.99)% | $44534 | 130% |
| Year Ended December 31, 2022 | $70.69 | (7.71)% | 1.63% | 1.63% | (0.19)% | $49395 | 29% |
| Year Ended December 31, 2021 | $94.46 | 15.73% | 1.58% | 1.58% | (0.15)% | $61798 | 43% |
| Year Ended December 31, 2020 | $82.13 | 15.38% | 1.67% | 1.67% | (0.06)% | $60969 | 70% |
| **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $61.49 | 5.15% | 1.69% | 1.68% | 0.19% | $53480 | 78% |
| Year Ended December 31, 2024 | $58.48 | 22.49% | 1.71% | 1.68% | 0.36% | $59023 | 64% |
| Year Ended December 31, 2023 | $50.53 | 23.74% | 1.75% | 1.68% | 0.86% | $54377 | 125% |
| Year Ended December 31, 2022 | $48.67 | (19.74)% | 1.71% | 1.68% | (0.10)% | $43609 | 199% |
| Year Ended December 31, 2021 | $70.29 | 26.33% | 1.65% | 1.65% | (0.66)% | $65540 | 49% |
| Year Ended December 31, 2020 | $59.38 | 16.03% | 1.72% | 1.69<br> %<sup>(f)</sup> | (0.44)% | $66044 | 4% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 215**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $50.59 | (0.11) | 6.06 | 5.95 |  |  |  |
| Year Ended December 31, 2024 | $38.14 | (0.19) | 12.64 | 12.45 |  |  |  |
| Year Ended December 31, 2023 | $29.19 | (0.09) | 9.36 | 9.27 | (0.32) |  | (0.32) |
| Year Ended December 31, 2022 | $37.77 | 0.36 | (8.35) | (7.99) | (0.59) |  | (0.59) |
| Year Ended December 31, 2021 | $32.25 | 0.53 | 5.38 | 5.91 | (0.39) |  | (0.39) |
| Year Ended December 31, 2020 | $31.53 | 0.41 | 0.57 | 0.98 | (0.26) |  | (0.26) |
| **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $73.99 | (0.24) | (2.41) | (2.65) |  |  |  |
| Year Ended December 31, 2024 | $65.99 | (0.48) | 15.06 | 14.58 |  | (6.58) | (6.58) |
| Year Ended December 31, 2023 | $52.38 | (0.42) | 17.08 | 16.66 |  | (3.05) | (3.05) |
| Year Ended December 31, 2022 | $77.36 | (0.43) | (23.92) | (24.35) |  | (0.63) | (0.63) |
| Year Ended December 31, 2021 | $76.15 | (0.76) | 8.12 | 7.36 |  | (6.15) | (6.15) |
| Year Ended December 31, 2020 | $82.97 | (0.56) | 22.85 | 22.29 |  | (29.11) | (29.11) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $56.54 | 11.76% | 1.71% | 1.68% | (0.43)% | $15060 | 196% |
| Year Ended December 31, 2024 | $50.59 | 32.64% | 1.75% | 1.68% | (0.43)% | $12748 | 119% |
| Year Ended December 31, 2023 | $38.14 | 31.82% | 1.77% | 1.68% | (0.26)% | $8468 | 186% |
| Year Ended December 31, 2022 | $29.19 | (21.22)% | 1.73% | 1.68% | 1.14% | $3864 | 56% |
| Year Ended December 31, 2021 | $37.77 | 18.41% | 1.69% | 1.68% | 1.50% | $7438 | 105% |
| Year Ended December 31, 2020 | $32.25 | 3.15% | 1.77% | 1.68% | 1.36% | $6626 | 107% |
| **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $71.34 | (3.58)% | 1.72% | 1.69<br> %<sup>(f)</sup> | (0.70)% | $19680 | 57% |
| Year Ended December 31, 2024 | $73.99 | 24.44% | 1.75% | 1.68% | (0.73)% | $26346 | 53% |
| Year Ended December 31, 2023 | $65.99 | 32.05% | 1.77% | 1.68% | (0.70)% | $23786 | 91% |
| Year Ended December 31, 2022 | $52.38 | (31.53)% | 1.72% | 1.68% | (0.71)% | $15454 | 19% |
| Year Ended December 31, 2021 | $77.36 | 10.23% | 1.68% | 1.68% | (0.99)% | $30884 | 39% |
| Year Ended December 31, 2020 | $76.15 | 28.34% | 1.75% | 1.68% | (0.72)% | $31935 | 116% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

**See accompanying notes to financial statements.**

------

**216 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $31.83 | 0.17 | 0.93 | 1.10 |  |  |  |
| Year Ended December 31, 2024 | $44.12 | 0.36 | 3.88 | 4.24 | (0.73) | (15.80) | (16.53) |
| Year Ended December 31, 2023 | $50.22 | 0.59 | 1.74 | 2.33 | (0.11) | (8.32) | (8.43) |
| Year Ended December 31, 2022 | $69.45 | 0.09 | (17.04) | (16.95) | (0.03) | (2.25) | (2.28) |
| Year Ended December 31, 2021 | $62.19 | 0.02 | 11.42 | 11.44 | (0.27) | (3.91) | (4.18) |
| Year Ended December 31, 2020 | $48.21 | 0.25 | 14.61 | 14.86 | (0.38) | (0.50) | (0.88) |
| **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $22.50 | 0.30 | 0.43 | 0.73 |  |  |  |
| Year Ended December 31, 2024 | $20.60 | 0.74 | 1.72 | 2.46 | (0.56) |  | (0.56) |
| Year Ended December 31, 2023 | $18.15 | 0.61 | 1.85 | 2.46 | (0.01) |  | (0.01) |
| Year Ended December 31, 2022 | $23.90 | 0.01 | (2.22) | (2.21) |  | (3.54) | (3.54) |
| Year Ended December 31, 2021 | $23.26 | (0.34) | 4.18 | 3.84 |  | (3.20) | (3.20) |
| Year Ended December 31, 2020 | $28.16 | (0.31) | 2.05 | 1.74 | (0.13) | (6.51) | (6.64) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $32.93 | 3.46% | 1.72% | 1.68% | 1.04% | $10462 | 101% |
| Year Ended December 31, 2024 | $31.83 | 10.36% | 1.76% | 1.68% | 0.96% | $9909 | 327% |
| Year Ended December 31, 2023 | $44.12 | 3.92% | 1.77% | 1.68% | 1.21% | $10749 | 167% |
| Year Ended December 31, 2022 | $50.22 | (24.70)% | 1.73% | 1.68% | 0.15% | $11460 | 88% |
| Year Ended December 31, 2021 | $69.45 | 19.65% | 1.69% | 1.68% | 0.03% | $26376 | 65% |
| Year Ended December 31, 2020 | $62.19 | 31.05% | 1.75% | 1.68% | 0.50% | $18373 | 141% |
| **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $23.23 | 3.24% | 1.60% | 1.59% | 2.67% | $366 |  |
| Year Ended December 31, 2024 | $22.50 | 12.15% | 1.62% | 1.62% | 3.44% | $380 |  |
| Year Ended December 31, 2023 | $20.60 | 13.54% | 1.64% | 1.63% | 3.26% | $327 |  |
| Year Ended December 31, 2022 | $18.15 | (8.85)% | 1.57% | 1.57% | 0.05% | $269 |  |
| Year Ended December 31, 2021 | $23.90 | 17.51% | 1.47% | 1.47% | (1.47)% | $218 |  |
| Year Ended December 31, 2020 | $23.26 | 7.41% | 1.58% | 1.58% | (1.31)% | $385 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 217**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $30.04 | 0.27 | 5.01 | 5.28 |  |  |  |
| Year Ended December 31, 2024 | $28.29 | 0.34 | 1.88 | 2.22 | (0.47) |  | (0.47) |
| Year Ended December 31, 2023 | $25.02 | 0.34 | 3.49 | 3.83 | (0.56) |  | (0.56) |
| Year Ended December 31, 2022 | $30.04 | 0.63 | (5.48) | (4.85) | (0.17) |  | (0.17) |
| Year Ended December 31, 2021 | $36.64 | 0.15 | (6.75) | (6.60) |  |  |  |
| Year Ended December 31, 2020 | $29.08 | (0.08) | 7.82 | 7.74 | (0.18) |  | (0.18) |
| **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $40.92 | 0.33 | (0.51) | (0.18) |  |  |  |
| Year Ended December 31, 2024 | $42.19 | 0.70 | 1.06 | 1.76 | (0.95) | (2.08) | (3.03) |
| Year Ended December 31, 2023 | $44.29 | 0.75 | (1.84) | (1.09) | (1.01) |  | (1.01) |
| Year Ended December 31, 2022 | $28.04 | 0.82 | 15.85 | 16.67 | (0.42) |  | (0.42) |
| Year Ended December 31, 2021 | $18.78 | 0.58 | 9.13 | 9.71 | (0.45) |  | (0.45) |
| Year Ended December 31, 2020 | $29.86 | 0.57 | (10.93) | (10.36) | (0.50) | (0.22) | (0.72) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $35.32 | 17.58% | 1.77% | 1.68% | 1.67% | $29602 | 698% |
| Year Ended December 31, 2024 | $30.04 | 7.85% | 1.81% | 1.68% | 1.16% | $18568 | 230% |
| Year Ended December 31, 2023 | $28.29 | 15.31<br> %<sup>(f)</sup> | 1.81% | 1.68% | 1.26% | $20793 | 141% |
| Year Ended December 31, 2022 | $25.02 | (16.19)% | 1.78% | 1.68% | 2.38% | $18753 | 53% |
| Year Ended December 31, 2021 | $30.04 | (18.01)% | 1.69% | 1.68% | 0.43% | $19702 | 60% |
| Year Ended December 31, 2020 | $36.64 | 26.72<br> %<sup>(g)</sup> | 1.74% | 1.68% | (0.29)% | $26509 | 108% |
| **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $40.74 | (0.42)% | 1.70% | 1.68% | 1.63% | $32276 | 804% |
| Year Ended December 31, 2024 | $40.92 | 3.77% | 1.74% | 1.68% | 1.60% | $36514 | 291% |
| Year Ended December 31, 2023 | $42.19 | (2.49)% | 1.75% | 1.68% | 1.74% | $44431 | 72% |
| Year Ended December 31, 2022 | $44.29 | 59.43% | 1.71% | 1.68% | 2.09% | $63086 | 48% |
| Year Ended December 31, 2021 | $28.04 | 51.93% | 1.69% | 1.68% | 2.30% | $30740 | 80% |
| Year Ended December 31, 2020 | $18.78 | (34.46)% | 1.76% | 1.68% | 3.00% | $18535 | 130% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) During the year ended December 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.13%.

(g) During the year ended December 31, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.20%.

**See accompanying notes to financial statements.**

------

**218 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $25.63 | 0.37 | 3.41 | 3.78 |  |  |  |
| Year Ended December 31, 2024 | $25.90 | 0.59 | 0.56 | 1.15 | (0.51) | (0.91) | (1.42) |
| Year Ended December 31, 2023 | $22.52 | 0.44 | 3.46 | 3.90 | (0.52) |  | (0.52) |
| Year Ended December 31, 2022 | $25.62 | 0.43 | (2.37) | (1.94) | (0.29) | (0.87) | (1.16) |
| Year Ended December 31, 2021 | $20.76 | 0.32 | 4.76 | 5.08 | (0.22) |  | (0.22) |
| Year Ended December 31, 2020 | $23.50 | 0.22 | (2.43) | (2.21) | (0.53) |  | (0.53) |
| **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $13.83 | 0.18 | 1.53 | 1.71 |  |  |  |
| Year Ended December 31, 2024 | $15.59 | 0.51 | (1.29) | (0.78) | (0.98) |  | (0.98) |
| Year Ended December 31, 2023 | $15.10 | 0.50 | (0.01) | 0.49 |  |  |  |
| Year Ended December 31, 2022 | $16.55 | (0.01) | (1.44) | (1.45) |  |  |  |
| Year Ended December 31, 2021 | $18.37 | (0.30) | (1.15) | (1.45) |  | (0.37) | (0.37) |
| Year Ended December 31, 2020 | $17.60 | (0.25) | 1.09 | 0.84 | (0.07) |  | (0.07) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $29.41 | 14.75% | 1.74% | 1.68% | 2.68% | $19666 | 50% |
| Year Ended December 31, 2024 | $25.63 | 4.35% | 1.78% | 1.68% | 2.21% | $11047 | 116% |
| Year Ended December 31, 2023 | $25.90 | 17.47% | 1.77% | 1.68% | 1.83% | $15304 | 120% |
| Year Ended December 31, 2022 | $22.52 | (7.76)% | 1.75% | 1.68% | 1.82% | $14379 | 131% |
| Year Ended December 31, 2021 | $25.62 | 24.53% | 1.69% | 1.68% | 1.30% | $17489 | 138% |
| Year Ended December 31, 2020 | $20.76 | (9.23)% | 1.77% | 1.68% | 1.10% | $14729 | 63% |
| **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $15.54 | 12.36% | 2.82% | 1.68% | 2.50% | $704 |  |
| Year Ended December 31, 2024 | $13.83 | (5.12)% | 3.32% | 1.68% | 3.43% | $438 |  |
| Year Ended December 31, 2023 | $15.59 | 3.25% | 2.97% | 1.68% | 3.28% | $1151 |  |
| Year Ended December 31, 2022 | $15.10 | (8.76)% | 2.41% | 1.68% | (0.05)% | $505 |  |
| Year Ended December 31, 2021 | $16.55 | (8.03)% | 2.23% | 1.68% | (1.68)% | $481 |  |
| Year Ended December 31, 2020 | $18.37 | 4.80% | 3.18% | 1.68% | (1.44)% | $1336 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 219**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $53.08 | (0.02) | 4.39 | 4.37 |  |  |  |
| Year Ended December 31, 2024 | $45.92 | —<br> <sup>(f)</sup> | 12.20 | 12.20 | (0.14) | (4.90) | (5.04) |
| Year Ended December 31, 2023 | $42.23 | 0.13 | 5.59 | 5.72 | (0.20) | (1.83) | (2.03) |
| Year Ended December 31, 2022 | $50.42 | 0.15 | (7.78) | (7.63) | (0.04) | (0.52) | (0.56) |
| Year Ended December 31, 2021 | $41.61 | 0.03 | 12.16 | 12.19 | (0.17) | (3.21) | (3.38) |
| Year Ended December 31, 2020 | $46.06 | 0.23 | (1.41) | (1.18) | (0.28) | (2.99) | (3.27) |
| **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $1.000 | 0.020 |  | 0.020 | (0.020) |  | (0.020) |
| Year Ended December 31, 2024 | $1.000 | 0.042 |  | 0.042 | (0.042) |  | (0.042) |
| Year Ended December 31, 2023 | $1.000 | 0.041 | —<br> <sup>(f)</sup> | 0.041 | (0.041) |  | (0.041) |
| Year Ended December 31, 2022 | $1.000 | 0.010 | —<br> <sup>(f)</sup> | 0.010 | (0.010) |  | (0.010) |
| Year Ended December 31, 2021 | $1.000 | —<br> <sup>(f)</sup> | —<br> <sup>(f)</sup> |  | —<br> <sup>(f)</sup> |  | —<br> <sup>(f)</sup> |
| Year Ended December 31, 2020 | $1.000 | 0.001 | —<br> <sup>(f)</sup> | 0.001 | (0.001) |  | (0.001) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $57.45 | 8.23% | 1.69% | 1.68% | (0.09)% | $36291 | 151% |
| Year Ended December 31, 2024 | $53.08 | 28.45% | 1.73% | 1.68% | 0.01% | $34979 | 21% |
| Year Ended December 31, 2023 | $45.92 | 13.88% | 1.75% | 1.68% | 0.31% | $26905 | 48% |
| Year Ended December 31, 2022 | $42.23 | (15.14)% | 1.71% | 1.68% | 0.33% | $27395 | 14% |
| Year Ended December 31, 2021 | $50.42 | 30.10% | 1.68% | 1.68% | 0.07% | $41801 | 31% |
| Year Ended December 31, 2020 | $41.61 | (1.77)% | 1.74% | 1.68% | 0.58% | $27234 | 145% |
| **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $1.000 | 1.64% | 1.19% | 0.90% | 3.29% | $28346 |  |
| Year Ended December 31, 2024 | $1.000 | 4.31% | 1.17% | 0.90% | 4.23% | $31004 |  |
| Year Ended December 31, 2023 | $1.000 | 4.15% | 1.28% | 0.90<br> %<sup>(g)</sup> | 4.06% | $30941 |  |
| Year Ended December 31, 2022 | $1.000 | 1.02% | 1.16% | 0.49<br> %<sup>(h)(i)</sup> | 1.01% | $36622 |  |
| Year Ended December 31, 2021 | $1.000 | 0.01% | 1.07% | —<br> %<sup>(h)(j)</sup> | 0.01% | $46350 |  |
| Year Ended December 31, 2020 | $1.000 | 0.04% | 1.16% | 0.52<br> %<sup>(h)</sup> | 0.05% | $48075 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) Amount is less than $0.0005.

(g) The Advisor voluntarily waived fees and expenses to limit the annual expense ratio to 0.90% through September 30, 2023. Effective October 1, 2023, the contractual expense limit was reduced from 1.35% to 0.90%.

(h) The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield.

(i) The Advisor voluntarily waived fees and expenses to limit the annual expense ratio to 0.90% (excluding amounts contractually waived to support a minimum net yield).

(j) Amount is less than 0.005%.

**See accompanying notes to financial statements.**

------

**220 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $64.21 | 0.08 | (1.37) | (1.29) |  |  |  |
| Year Ended December 31, 2024 | $66.70 | —<br> <sup>(f)</sup> | 0.75 | 0.75 | (0.04) | (3.20) | (3.24) |
| Year Ended December 31, 2023 | $74.44 | 0.05 | 0.51 | 0.56 |  | (8.30) | (8.30) |
| Year Ended December 31, 2022 | $84.07 | (0.15) | (5.18) | (5.33) |  | (4.30) | (4.30) |
| Year Ended December 31, 2021 | $75.46 | (0.24) | 15.51 | 15.27 | (0.03) | (6.63) | (6.66) |
| Year Ended December 31, 2020 | $74.91 | 0.03 | 10.27 | 10.30 |  | (9.75) | (9.75) |
| **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $88.60 | (0.10) | 10.38 | 10.28 |  |  |  |
| Year Ended December 31, 2024 | $88.65 | (0.10) | 12.81 | 12.71 | (0.18) | (12.58) | (12.76) |
| Year Ended December 31, 2023 | $83.02 | 0.18 | 13.02 | 13.20 |  | (7.57) | (7.57) |
| Year Ended December 31, 2022 | $99.95 | (0.18) | (15.43) | (15.61) |  | (1.32) | (1.32) |
| Year Ended December 31, 2021 | $90.68 | (0.44) | 15.06 | 14.62 |  | (5.35) | (5.35) |
| Year Ended December 31, 2020 | $79.25 | (0.15) | 13.24 | 13.09 | (0.14) | (1.52) | (1.66) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $62.92 | (2.01)% | 1.71% | 1.68% | 0.24% | $30820 | 444% |
| Year Ended December 31, 2024 | $64.21 | 0.82% | 1.74% | 1.68% | —<br> %<sup>(g)</sup> | $32519 | 41% |
| Year Ended December 31, 2023 | $66.70 | 0.82% | 1.74% | 1.68% | 0.07% | $37241 | 13% |
| Year Ended December 31, 2022 | $74.44 | (6.03)% | 1.69% | 1.68% | (0.20)% | $43635 | 30% |
| Year Ended December 31, 2021 | $84.07 | 21.54% | 1.68% | 1.68% | (0.30)% | $55677 | 10% |
| Year Ended December 31, 2020 | $75.46 | 14.44% | 1.73% | 1.68% | 0.04% | $52001 | 58% |
| **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $98.88 | 11.60% | 1.71% | 1.68% | (0.22)% | $19654 | 86% |
| Year Ended December 31, 2024 | $88.60 | 15.47% | 1.74% | 1.68% | (0.11)% | $16658 | 59% |
| Year Ended December 31, 2023 | $88.65 | 16.30% | 1.76% | 1.68% | 0.21% | $15733 | 82% |
| Year Ended December 31, 2022 | $83.02 | (15.60)% | 1.72% | 1.68% | (0.21)% | $14194 | 73% |
| Year Ended December 31, 2021 | $99.95 | 16.40% | 1.69% | 1.68% | (0.45)% | $21804 | 72% |
| Year Ended December 31, 2020 | $90.68 | 16.76% | 1.75% | 1.68% | (0.20)% | $17080 | 123% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) Amount is less than $0.005.

(g) Amount is less than 0.005%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 221**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $20.04 | 0.28 | 3.44 | 3.72 |  |  |  |
| Year Ended December 31, 2024 | $20.58 | 0.72 | (0.51) | 0.21 | (0.75) |  | (0.75) |
| Year Ended December 31, 2023 | $17.81 | 0.62 | 2.15 | 2.77 |  |  |  |
| Year Ended December 31, 2022 | $22.33 | (0.03) | (3.63) | (3.66) |  | (0.86) | (0.86) |
| Year Ended December 31, 2021 | $20.52 | (0.35) | 2.16 | 1.81 |  |  |  |
| Year Ended December 31, 2020 | $19.66 | (0.24) | 1.19 | 0.95 | (0.09) |  | (0.09) |
| **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $26.67 | (0.17) | 2.77 | 2.60 |  |  |  |
| Year Ended December 31, 2024 | $21.05 | (0.30) | 6.38 | 6.08 |  | (0.46) | (0.46) |
| Year Ended December 31, 2023 | $16.40 | (0.26) | 8.12 | 7.86 |  | (3.21) | (3.21) |
| Year Ended December 31, 2022 | $51.30 | (0.36) | (21.75) | (22.11) |  | (12.79) | (12.79) |
| Year Ended December 31, 2021 | $58.55 | (0.84) | 3.30 | 2.46 |  | (9.71) | (9.71) |
| Year Ended December 31, 2020 | $43.10 | (0.69) | 22.44 | 21.75 |  | (6.30) | (6.30) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $23.76 | 18.56% | 1.68% | 1.68% | 2.55% | $12863 |  |
| Year Ended December 31, 2024 | $20.04 | 0.88% | 1.70% | 1.68% | 3.43% | $10011 |  |
| Year Ended December 31, 2023 | $20.58 | 15.55% | 1.71% | 1.68% | 3.19% | $10459 |  |
| Year Ended December 31, 2022 | $17.81 | (16.45)% | 1.68% | 1.65% | (0.16)% | $12772 |  |
| Year Ended December 31, 2021 | $22.33 | 8.82% | 1.60% | 1.60% | (1.60)% | $12151 |  |
| Year Ended December 31, 2020 | $20.52 | 4.90% | 1.68% | 1.68% | (1.36)% | $5532 |  |
| **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $29.27 | 9.75% | 1.71% | 1.68% | (1.31)% | $15211 | 29% |
| Year Ended December 31, 2024 | $26.67 | 29.34<br> %<sup>(f)</sup> | 1.74% | 1.68% | (1.29)% | $13821 | 76% |
| Year Ended December 31, 2023 | $21.05 | 49.85% | 1.76% | 1.68% | (1.34)% | $12491 | 83% |
| Year Ended December 31, 2022 | $16.40 | (46.13)% | 1.70% | 1.69<br> %<sup>(g)</sup> | (1.40)% | $8133 | 28% |
| Year Ended December 31, 2021 | $51.30 | 5.30% | 1.68% | 1.68% | (1.47)% | $19532 | 57% |
| Year Ended December 31, 2020 | $58.55 | 50.82% | 1.71% | 1.68% | (1.36)% | $26399 | 116% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) During the year ended December 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.44%.

(g) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

**See accompanying notes to financial statements.**

------

**222 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $67.96 | 0.82 | 1.65 | 2.47 |  |  |  |
| Year Ended December 31, 2024 | $65.23 | 2.39 | 11.89 | 14.28 | (1.89) | (9.66) | (11.55) |
| Year Ended December 31, 2023 | $48.48 | 1.93 | 14.82 | 16.75 |  |  |  |
| Year Ended December 31, 2022 | $56.77 | (0.12) | (5.32) | (5.44) |  | (2.85) | (2.85) |
| Year Ended December 31, 2021 | $63.65 | (1.02) | 3.20 | 2.18 |  | (9.06) | (9.06) |
| Year Ended December 31, 2020 | $55.06 | (0.73) | 9.48 | 8.75 | (0.16) |  | (0.16) |
| **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $67.81 | (0.33) | 5.63 | 5.30 |  |  |  |
| Year Ended December 31, 2024 | $51.60 | (0.60) | 17.94 | 17.34 |  | (1.13) | (1.13) |
| Year Ended December 31, 2023 | $47.65 | (0.18) | 13.09 | 12.91 |  | (8.96) | (8.96) |
| Year Ended December 31, 2022 | $85.95 | (0.46) | (24.71) | (25.17) |  | (13.13) | (13.13) |
| Year Ended December 31, 2021 | $77.23 | (0.75) | 20.84 | 20.09 |  | (11.37) | (11.37) |
| Year Ended December 31, 2020 | $64.35 | (0.35) | 20.11 | 19.76 |  | (6.88) | (6.88) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $70.43 | 3.65% | 1.68% | 1.68% | 2.52% | $11284 |  |
| Year Ended December 31, 2024 | $67.96 | 22.22% | 1.71% | 1.68% | 3.37% | $10361 |  |
| Year Ended December 31, 2023 | $65.23 | 34.51% | 1.73% | 1.68% | 3.26% | $10748 |  |
| Year Ended December 31, 2022 | $48.48 | (9.92)% | 1.69% | 1.68% | (0.22)% | $7448 |  |
| Year Ended December 31, 2021 | $56.77 | 3.89% | 1.69% | 1.68% | (1.68)% | $7261 |  |
| Year Ended December 31, 2020 | $63.65 | 15.93% | 1.75% | 1.68% | (1.38)% | $11668 |  |
| **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $73.11 | 7.82% | 1.73% | 1.68% | (0.98)% | $35232 | 57% |
| Year Ended December 31, 2024 | $67.81 | 33.78% | 1.75% | 1.68% | (0.99)% | $34127 | 163% |
| Year Ended December 31, 2023 | $51.60 | 27.86% | 1.78% | 1.68% | (0.36)% | $26086 | 178% |
| Year Ended December 31, 2022 | $47.65 | (30.64)% | 1.73% | 1.68% | (0.76)% | $15799 | 132% |
| Year Ended December 31, 2021 | $85.95 | 29.86% | 1.69% | 1.68% | (0.94)% | $37180 | 122% |
| Year Ended December 31, 2020 | $77.23 | 30.93% | 1.75% | 1.68% | (0.52)% | $29963 | 150% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 223**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $48.67 | 0.09 | 1.11 | 1.20 |  |  |  |
| Year Ended December 31, 2024 | $50.37 | 0.28 | 4.66 | 4.94 | (0.20) | (6.44) | (6.64) |
| Year Ended December 31, 2023 | $45.11 | 0.16 | 8.71 | 8.87 | (0.24) | (3.37) | (3.61) |
| Year Ended December 31, 2022 | $49.32 | 0.23 | (3.59) | (3.36) | (0.23) | (0.62) | (0.85) |
| Year Ended December 31, 2021 | $40.50 | 0.22 | 9.03 | 9.25 | (0.43) |  | (0.43) |
| Year Ended December 31, 2020 | $47.60 | 0.43 | (1.06) | (0.63) | (0.50) | (5.97) | (6.47) |
| **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $83.74 | 0.19 | 3.62<br> <sup>(f)</sup> | 3.81 |  |  |  |
| Year Ended December 31, 2024 | $85.48 | 0.17 | (1.47) | (1.30) | (0.37) | (0.07) | (0.44) |
| Year Ended December 31, 2023 | $76.40 | 0.33 | 9.12 | 9.45 | (0.37) |  | (0.37) |
| Year Ended December 31, 2022 | $84.94 | 0.36 | (8.08) | (7.72) | (0.13) | (0.69) | (0.82) |
| Year Ended December 31, 2021 | $69.36 | 0.14 | 17.52 | 17.66 | (0.23) | (1.85) | (2.08) |
| Year Ended December 31, 2020 | $64.71 | 0.32 | 9.87 | 10.19 | (0.42) | (5.12) | (5.54) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $49.87 | 2.47% | 1.72% | 1.68% | 0.38% | $14680 | 72% |
| Year Ended December 31, 2024 | $48.67 | 10.42% | 1.77% | 1.68% | 0.55% | $16968 | 91% |
| Year Ended December 31, 2023 | $50.37 | 20.09% | 1.78% | 1.68% | 0.34% | $20299 | 151% |
| Year Ended December 31, 2022 | $45.11 | (6.82)% | 1.73% | 1.68% | 0.51% | $15986 | 214% |
| Year Ended December 31, 2021 | $49.32 | 22.93% | 1.70% | 1.68% | 0.48% | $17877 | 79% |
| Year Ended December 31, 2020 | $40.50 | (0.06)% | 1.77% | 1.68% | 1.05% | $14607 | 97% |
| **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $87.55 | 4.55% | 1.71% | 1.68% | 0.46% | $11651 | 290% |
| Year Ended December 31, 2024 | $83.74 | (1.55)% | 1.75% | 1.68% | 0.19% | $12689 | 48% |
| Year Ended December 31, 2023 | $85.48 | 12.38% | 1.77% | 1.68% | 0.40% | $14610 | 69% |
| Year Ended December 31, 2022 | $76.40 | (9.14)% | 1.71% | 1.68% | 0.46% | $13568 | 65% |
| Year Ended December 31, 2021 | $84.94 | 25.63% | 1.68% | 1.68% | 0.18% | $17284 | 134% |
| Year Ended December 31, 2020 | $69.36 | 16.49% | 1.73% | 1.68% | 0.53% | $16416 | 135% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

**See accompanying notes to financial statements.**

------

**224 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $18.04 | 0.22 | (0.42) | (0.20) |  |  |  |
| Year Ended December 31, 2024 | $16.71 | 0.60 | 1.23 | 1.83 | (0.50) |  | (0.50) |
| Year Ended December 31, 2023 | $14.68 | 0.49 | 1.54 | 2.03 |  |  |  |
| Year Ended December 31, 2022 | $21.47 | (0.04) | (3.10) | (3.14) |  | (3.65) | (3.65) |
| Year Ended December 31, 2021 | $18.15 | (0.33) | 4.31 | 3.98 |  | (0.66) | (0.66) |
| Year Ended December 31, 2020 | $23.89 | (0.26) | 1.63 | 1.37 | (0.22) | (6.89) | (7.11) |
| **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $39.88 | (0.13) | —<br> <sup>(g)</sup> | (0.13) |  |  |  |
| Year Ended December 31, 2024 | $36.50 | (0.27) | 5.29 | 5.02 |  | (1.64) | (1.64) |
| Year Ended December 31, 2023 | $31.75 | (0.13) | 5.07 | 4.94 |  | (0.19) | (0.19) |
| Year Ended December 31, 2022 | $50.76 | (0.21) | (9.92) | (10.13) |  | (8.88) | (8.88) |
| Year Ended December 31, 2021 | $47.68 | (0.51) | 8.14 | 7.63 |  | (4.55) | (4.55) |
| Year Ended December 31, 2020 | $43.13 | (0.28) | 8.71 | 8.43 |  | (3.88) | (3.88) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $17.84 | (1.11)% | 1.69% | 1.68% | 2.59% | $10438 |  |
| Year Ended December 31, 2024 | $18.04 | 11.14% | 1.70% | 1.68% | 3.41% | $10195 |  |
| Year Ended December 31, 2023 | $16.71 | 13.83% | 1.74% | 1.68% | 3.19% | $10335 |  |
| Year Ended December 31, 2022 | $14.68 | (14.92)% | 1.70% | 1.67% | (0.22)% | $9993 |  |
| Year Ended December 31, 2021 | $21.47 | 22.21% | 1.61% | 1.61% | (1.61)% | $15850 |  |
| Year Ended December 31, 2020 | $18.15 | 10.76% | 1.70% | 1.70<br> %<sup>(f)</sup> | (1.34)% | $10731 |  |
| **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $39.75 | (0.33)% | 1.77% | 1.68% | (0.71)% | $14006 | 37% |
| Year Ended December 31, 2024 | $39.88 | 13.89% | 1.80% | 1.68% | (0.68)% | $13033 | 164% |
| Year Ended December 31, 2023 | $36.50 | 15.56% | 1.82% | 1.68% | (0.40)% | $14936 | 150% |
| Year Ended December 31, 2022 | $31.75 | (20.34)% | 1.76% | 1.68% | (0.57)% | $11954 | 94% |
| Year Ended December 31, 2021 | $50.76 | 16.97% | 1.73% | 1.68% | (1.02)% | $20702 | 113% |
| Year Ended December 31, 2020 | $47.68 | 20.90% | 1.78% | 1.68% | (0.68)% | $21028 | 184% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(g) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 225**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $44.02 | 0.13 | (0.54) | (0.41) |  |  |  |
| Year Ended December 31, 2024 | $42.06 | 0.14 | 3.80 | 3.94 | (0.11) | (1.87) | (1.98) |
| Year Ended December 31, 2023 | $39.51 | 0.07 | 5.15 | 5.22 | (0.12) | (2.55) | (2.67) |
| Year Ended December 31, 2022 | $50.46 | 0.11 | (4.32) | (4.21) | (0.07) | (6.67) | (6.74) |
| Year Ended December 31, 2021 | $39.36 | 0.04 | 11.18 | 11.22 | (0.12) |  | (0.12) |
| Year Ended December 31, 2020 | $42.15 | 0.21 | 0.13 | 0.34 | (0.15) | (2.98) | (3.13) |
| **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $62.98 | (0.06) | 4.62 | 4.56 |  |  |  |
| Year Ended December 31, 2024 | $57.87 | 0.24 | 12.84 | 13.08 | (0.26) | (7.71) | (7.97) |
| Year Ended December 31, 2023 | $38.21 | 0.28 | 19.64 | 19.92 |  | (0.26) | (0.26) |
| Year Ended December 31, 2022 | $73.87 | (0.34) | (23.34) | (23.68) |  | (11.98) | (11.98) |
| Year Ended December 31, 2021 | $70.73 | (0.81) | 15.53 | 14.72 |  | (11.58) | (11.58) |
| Year Ended December 31, 2020 | $51.68 | (0.59) | 24.00 | 23.41 |  | (4.36) | (4.36) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $43.61 | (0.93)% | 1.77% | 1.68% | 0.62% | $9920 | 63% |
| Year Ended December 31, 2024 | $44.02 | 9.85% | 1.80% | 1.68% | 0.33% | $10451 | 144% |
| Year Ended December 31, 2023 | $42.06 | 13.45% | 1.81% | 1.68% | 0.19% | $12286 | 130% |
| Year Ended December 31, 2022 | $39.51 | (8.45)% | 1.74% | 1.68% | 0.25% | $13192 | 175% |
| Year Ended December 31, 2021 | $50.46 | 28.53% | 1.70% | 1.68% | 0.08% | $18681 | 172% |
| Year Ended December 31, 2020 | $39.36 | 2.30% | 1.80% | 1.68% | 0.60% | $12472 | 163% |
| **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $67.54 | 7.24% | 1.71% | 1.68% | (0.20)% | $159956 | 1% |
| Year Ended December 31, 2024 | $62.98 | 23.43% | 1.74% | 1.68% | 0.40% | $179029 | 8% |
| Year Ended December 31, 2023 | $57.87 | 52.17% | 1.76% | 1.68% | 0.57% | $147448 | 22% |
| Year Ended December 31, 2022 | $38.21 | (33.91)% | 1.74% | 1.68% | (0.67)% | $76535 | 9% |
| Year Ended December 31, 2021 | $73.87 | 24.80% | 1.68% | 1.68% | (1.15)% | $177581 | 13% |
| Year Ended December 31, 2020 | $70.73 | 45.57% | 1.73% | 1.68% | (0.99)% | $155209 | 10% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

**226 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | <br>Investment Activities | <br>Investment Activities | <br>Investment Activities | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From | <br>Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $31.67 | (0.04) | (1.88) | (1.92) |  |  |  |
| Year Ended December 31, 2024 | $34.39 | 0.06 | 0.84 | 0.90 |  | (3.62) | (3.62) |
| Year Ended December 31, 2023 | $37.31 | 0.03 | (2.07) | (2.04) | (0.19) | (0.69) | (0.88) |
| Year Ended December 31, 2022 | $42.16 | 0.16 | (2.71) | (2.55) | (0.03) | (2.27) | (2.30) |
| Year Ended December 31, 2021 | $38.54 | 0.07 | 4.18 | 4.25 | (0.11) | (0.52) | (0.63) |
| Year Ended December 31, 2020 | $34.29 | —<br> <sup>(g)</sup> | 4.29 | 4.29 | (0.04) |  | (0.04) |
| **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $26.16 | 0.42 | 13.31 | 13.73 |  |  |  |
| Year Ended December 31, 2024 | $25.40 | 0.93 | 0.74 | 1.67 | (0.91) |  | (0.91) |
| Year Ended December 31, 2023 | $25.03 | 0.82 | (0.45) | 0.37 |  |  |  |
| Year Ended December 31, 2022 | $28.13 | (0.09) | (3.01) | (3.10) |  |  |  |
| Year Ended December 31, 2021 | $30.89 | (0.49) | (2.27) | (2.76) |  |  |  |
| Year Ended December 31, 2020 | $24.94 | (0.42) | 6.44 | 6.02 | (0.07) |  | (0.07) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $29.75 | (6.06)% | 1.71% | 1.68% | (0.26)% | $7688 | 35% |
| Year Ended December 31, 2024 | $31.67 | 3.41<br> %<sup>(f)</sup> | 1.74% | 1.68% | 0.19% | $9374 | 107% |
| Year Ended December 31, 2023 | $34.39 | (5.49)% | 1.77% | 1.68% | 0.09% | $10139 | 128% |
| Year Ended December 31, 2022 | $37.31 | (6.13)% | 1.70% | 1.68% | 0.41% | $13527 | 64% |
| Year Ended December 31, 2021 | $42.16 | 11.20% | 1.68% | 1.68% | 0.18% | $16790 | 60% |
| Year Ended December 31, 2020 | $38.54 | 12.51% | 1.73% | 1.68% | 0.01% | $16271 | 91% |
| **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $39.89 | 52.48% | 1.69% | 1.68% | 2.45% | $34894 |  |
| Year Ended December 31, 2024 | $26.16 | 6.58% | 1.73% | 1.68% | 3.41% | $23275 |  |
| Year Ended December 31, 2023 | $25.40 | 1.48% | 1.76% | 1.68% | 3.25% | $24691 |  |
| Year Ended December 31, 2022 | $25.03 | (11.02)% | 1.71% | 1.68% | (0.33)% | $27228 |  |
| Year Ended December 31, 2021 | $28.13 | (8.94)% | 1.68% | 1.68% | (1.68)% | $30204 |  |
| Year Ended December 31, 2020 | $30.89 | 24.10% | 1.74% | 1.68% | (1.43)% | $38371 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) During the year ended December 31, 2024, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.15%.

(g) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 227**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Return<br>of<br>Capital | Total<br>Distributions |
| **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $46.79 | 0.44 | 0.79 | 1.23 | (0.37) |  |  | (0.37) |
| Year Ended December 31, 2024 | $47.41 | 0.56 | 0.97 | 1.53 | (0.67) | (1.48) |  | (2.15) |
| Year Ended December 31, 2023 | $54.22 | 0.68 | 4.03 | 4.71 | (0.57) | (10.95) |  | (11.52) |
| Year Ended December 31, 2022 | $79.69 | 0.32 | (21.06) | (20.74) | (0.48) | (4.25) |  | (4.73) |
| Year Ended December 31, 2021 | $58.15 | 0.19 | 21.37 | 21.56 | (0.02) |  |  | (0.02) |
| Year Ended December 31, 2020 | $65.05 | 0.42 | (4.66) | (4.24) | (0.78) | (1.71) | (0.17) | (2.66) |
| **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $28.97 | 0.38 | (0.41) | (0.03) |  |  |  |  |
| Year Ended December 31, 2024 | $44.70 | 1.11 | 6.10 | 7.21 | (1.45) | (21.49) |  | (22.94) |
| Year Ended December 31, 2023 | $43.99 | 1.44 | (0.67) | 0.77 | (0.06) |  |  | (0.06) |
| Year Ended December 31, 2022 | $27.76 | 0.04 | 16.19 | 16.23 |  |  |  |  |
| Year Ended December 31, 2021 | $27.78 | (0.50) | 0.48 | (0.02) |  |  |  |  |
| Year Ended December 31, 2020 | $38.21 | (0.37) | (9.84) | (10.21) | (0.22) |  |  | (0.22) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $47.65 | 2.62% | 1.78% | 1.68% | 1.86% | $4934 | 108% |
| Year Ended December 31, 2024 | $46.79 | 3.55% | 1.77% | 1.68% | 1.19% | $7319 | 82% |
| Year Ended December 31, 2023 | $47.41 | 9.73% | 1.80% | 1.68% | 1.38% | $6487 | 114% |
| Year Ended December 31, 2022 | $54.22 | (26.56)% | 1.74% | 1.68% | 0.49% | $5596 | 85% |
| Year Ended December 31, 2021 | $79.69 | 37.07% | 1.69% | 1.68% | 0.27% | $13927 | 147% |
| Year Ended December 31, 2020 | $58.15 | (6.29)% | 1.76% | 1.68% | 0.72% | $9729 | 150% |
| **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $28.94 | (0.10)% | 1.60% | 1.59% | 2.64% | $7108 |  |
| Year Ended December 31, 2024 | $28.97 | 19.00% | 4.44% | 1.66% | 3.42% | $8782 |  |
| Year Ended December 31, 2023 | $44.70 | 1.75% | 1.68% | 1.67% | 3.21% | $8220 |  |
| Year Ended December 31, 2022 | $43.99 | 58.47% | 1.66% | 1.66% | 0.10% | $16990 |  |
| Year Ended December 31, 2021 | $27.76 | (0.07)% | 1.64% | 1.64% | (1.64)% | $5890 |  |
| Year Ended December 31, 2020 | $27.78 | (26.70)% | 1.73% | 1.68% | (1.30)% | $4441 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

**228 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $50.71 | (0.25) | 8.20<br> <sup>(f)</sup> | 7.95 |  |  |  |
| Year Ended December 31, 2024<sup>(g)</sup> | $31.60 | (0.45) | 22.77 | 22.32 |  | (3.21) | (3.21) |
| Year Ended December 31, 2023<sup>(g)</sup> | $16.46 | (0.14) | 15.52 | 15.38 |  | (0.24) | (0.24) |
| Year Ended December 31, 2022<sup>(g)</sup> | $27.88 | (0.07) | (10.22) | (10.29) |  | (1.13) | (1.13) |
| Year Ended December 31, 2021<sup>(g)</sup> | $20.63 | (0.13) | 9.24 | 9.11 |  | (1.86) | (1.86) |
| Year Ended December 31, 2020<sup>(g)</sup> | $15.15 | (0.02) | 6.68 | 6.66 | (0.06) | (1.12) | (1.18) |
| **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $19.48 | 0.21 | (0.81) | (0.60) |  |  |  |
| Year Ended December 31, 2024 | $21.58 | 0.60 | (2.02) | (1.42) | (0.68) |  | (0.68) |
| Year Ended December 31, 2023 | $23.45 | 0.68 | (2.55) | (1.87) |  |  |  |
| Year Ended December 31, 2022 | $22.35 | (0.04) | 1.14 | 1.10 |  |  |  |
| Year Ended December 31, 2021 | $27.63 | (0.41) | (4.87) | (5.28) |  |  |  |
| Year Ended December 31, 2020 | $35.04 | (0.56) | (6.78) | (7.34) | (0.07) |  | (0.07) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $58.66 | 15.68% | 1.69% | 1.67% | (1.03)% | $58442 | 214% |
| Year Ended December 31, 2024<sup>(g)</sup> | $50.71 | 70.73% | 1.70% | 1.68% | (1.00)% | $96950 | 323% |
| Year Ended December 31, 2023<sup>(g)</sup> | $31.60 | 93.66% | 1.70% | 1.68% | 0.55% | $58222 | 176% |
| Year Ended December 31, 2022<sup>(g)</sup> | $16.46 | (37.50)% | 1.70% | 1.69<br> %<sup>(h)</sup> | (0.36)% | $7904 | 276% |
| Year Ended December 31, 2021<sup>(g)</sup> | $27.88 | 48.49% | 1.64% | 1.64% | (0.55)% | $21310 | 230% |
| Year Ended December 31, 2020<sup>(g)</sup> | $20.63 | 44.85% | 1.72% | 1.70<br> %<sup>(h)</sup> | (0.09)% | $13106 | 348% |
| **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $18.88 | (3.08)% | 1.55% | 1.55% | 2.16% | $7 |  |
| Year Ended December 31, 2024 | $19.48 | (6.75)% | 1.76% | 1.68% | 2.93% | $6 |  |
| Year Ended December 31, 2023 | $21.58 | (8.01)% | 1.69% | 1.68% | 2.91% | $6 |  |
| Year Ended December 31, 2022 | $23.45 | 4.92% | 1.74% | 1.68% | (0.17)% | $7 |  |
| Year Ended December 31, 2021 | $22.35 | (19.12)%<sup>(i)</sup> | 1.68% | 1.68% | (1.68)% | $7 |  |
| Year Ended December 31, 2020 | $27.63 | (20.89)% | 1.75% | 1.68% | (1.63)% | $16 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(g) As described in the accompanying notes to financial statements, share amounts have been adjusted for 4:1 share split that occurred October 14, 2024.

(h) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(i) During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.60%.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 229**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $21.10 | 0.26 | (3.45) | (3.19) |  |  |  |
| Year Ended December 31, 2024 | $23.49 | 0.75 | (1.85) | (1.10) | (1.29) |  | (1.29) |
| Year Ended December 31, 2023 | $26.73 | 0.83 | (3.97) | (3.14) | (0.05) | (0.05) | (0.10) |
| Year Ended December 31, 2022 | $25.52 | 0.04 | 1.64 | 1.68 |  | (0.47) | (0.47) |
| Year Ended December 31, 2021 | $23.20 | (0.39) | 2.71 | 2.32 |  |  |  |
| Year Ended December 31, 2020 | $34.35 | (0.51) | (10.35) | (10.86) | (0.29) |  | (0.29) |
| **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $24.78 | 0.29 | (4.19) | (3.90) |  |  |  |
| Year Ended December 31, 2024 | $24.88 | 0.82 | —<br> <sup>(g)</sup> | 0.82 | (0.92) |  | (0.92) |
| Year Ended December 31, 2023 | $28.27 | 0.86 | (3.77) | (2.91) | (0.48) |  | (0.48) |
| Year Ended December 31, 2022 | $25.14 | 0.21 | 2.92 | 3.13 |  |  |  |
| Year Ended December 31, 2021 | $29.03 | (0.43) | (3.46) | (3.89) |  |  |  |
| Year Ended December 31, 2020 | $35.17 | (0.53) | (5.40) | (5.93) | (0.21) |  | (0.21) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $17.91 | (15.12)% | 1.70% | 1.68% | 2.66% | $295 |  |
| Year Ended December 31, 2024 | $21.10 | (4.65)% | 1.72% | 1.68% | 3.42% | $448 |  |
| Year Ended December 31, 2023 | $23.49 | (11.78)% | 1.75% | 1.68% | 3.32% | $513 |  |
| Year Ended December 31, 2022 | $26.73 | 6.69% | 1.70% | 1.67% | 0.14% | $862 |  |
| Year Ended December 31, 2021 | $25.52 | 9.96% | 1.68% | 1.68% | (1.68)% | $711 |  |
| Year Ended December 31, 2020 | $23.20 | (31.76)% | 1.72% | 1.69<br> %<sup>(f)</sup> | (1.43)% | $366 |  |
| **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $20.88 | (15.74)% | 1.64% | 1.64% | 2.65% | $2077 |  |
| Year Ended December 31, 2024 | $24.78 | 3.50% | 1.69% | 1.68% | 3.41% | $511 |  |
| Year Ended December 31, 2023 | $24.88 | (10.29)% | 1.72% | 1.68% | 3.27% | $517 |  |
| Year Ended December 31, 2022 | $28.27 | 12.45% | 1.68% | 1.67% | 0.71% | $3016 |  |
| Year Ended December 31, 2021 | $25.14 | (13.40)% | 1.63% | 1.63% | (1.63)% | $537 |  |
| Year Ended December 31, 2020 | $29.03 | (16.94)% | 1.70% | 1.68% | (1.43)% | $685 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(g) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**230 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $6.26 | 0.08 | (0.08) |  |  |  |  |
| Year Ended December 31, 2024 | $7.45 | 0.22 | (0.68) | (0.46) | (0.73) |  | (0.73) |
| Year Ended December 31, 2023 | $8.29 | 0.26 | (1.03) | (0.77) | (0.07) |  | (0.07) |
| Year Ended December 31, 2022 | $7.60 | 0.03 | 0.66 | 0.69 |  |  |  |
| Year Ended December 31, 2021 | $20.13 | (0.18) | (4.08) | (4.26) |  | (8.27) | (8.27) |
| Year Ended December 31, 2020 | $27.75 | (0.44) | (6.91) | (7.35) | (0.27) |  | (0.27) |
| **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $9.55 | 0.12 | (0.90) | (0.78) |  |  |  |
| Year Ended December 31, 2024 | $12.30 | 0.38 | (2.34) | (1.96) | (0.79) |  | (0.79) |
| Year Ended December 31, 2023 | $18.22 | 0.47 | (6.36) | (5.89) |  | (0.03) | (0.03) |
| Year Ended December 31, 2022 | $13.49 | (0.01) | 4.74 | 4.73 |  |  |  |
| Year Ended December 31, 2021 | $18.22 | (0.27) | (4.26) | (4.53) |  | (0.20) | (0.20) |
| Year Ended December 31, 2020 | $31.90 | (0.32) | (13.32) | (13.64) | (0.04) |  | (0.04) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $6.26 | —<br> <sup>(f)</sup> | 1.71% | 1.68% | 2.57% | $57 |  |
| Year Ended December 31, 2024 | $6.26 | (6.55)% | 1.79% | 1.68% | 3.33% | $61 |  |
| Year Ended December 31, 2023 | $7.45 | (9.35)% | 1.80% | 1.68% | 3.27% | $69 |  |
| Year Ended December 31, 2022 | $8.29 | 9.08% | 1.71% | 1.68% | 0.41% | $96 |  |
| Year Ended December 31, 2021 | $7.60 | (23.87)%<sup>(g)</sup> | 1.69% | 1.68% | (1.68)% | $45 |  |
| Year Ended December 31, 2020 | $20.13 | (26.65)% | 1.76% | 1.69<br> %<sup>(h)</sup> | (1.49)% | $68 |  |
| **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $8.77 | (8.17)% | 1.73% | 1.69<br> %<sup>(h)</sup> | 2.51% | $2123 |  |
| Year Ended December 31, 2024 | $9.55 | (16.21)% | 1.75% | 1.68% | 3.45% | $1928 |  |
| Year Ended December 31, 2023 | $12.30 | (32.40)% | 1.78% | 1.68% | 3.24% | $4369 |  |
| Year Ended December 31, 2022 | $18.22 | 35.06% | 1.73% | 1.68% | (0.04)% | $7484 |  |
| Year Ended December 31, 2021 | $13.49 | (25.13)% | 1.68% | 1.68% | (1.68)% | $1823 |  |
| Year Ended December 31, 2020 | $18.22 | (42.77)% | 1.75% | 1.68% | (1.33)% | $5120 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) Amount is less than 0.005%.

(g) During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.16%.

(h) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 231**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $19.60 | 0.27 | 0.06<br> <sup>(f)</sup> | 0.33 |  |  |  |
| Year Ended December 31, 2024 | $22.10 | 0.71 | (2.06) | (1.35) | (1.15) |  | (1.15) |
| Year Ended December 31, 2023 | $26.34 | 0.83 | (3.67) | (2.84) | (0.07) | (1.33) | (1.40) |
| Year Ended December 31, 2022 | $22.35 | 0.08 | 3.91 | 3.99 |  |  |  |
| Year Ended December 31, 2021 | $27.61 | (0.39) | (4.87) | (5.26) |  |  |  |
| Year Ended December 31, 2020<sup>(g)</sup> | $40.78 | (0.56) | (12.42) | (12.98) | (0.19) |  | (0.19) |
| **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $37.02 | 0.07 | (1.05) | (0.98) |  |  |  |
| Year Ended December 31, 2024 | $34.30 | 0.24 | 2.96 | 3.20 | (0.48) |  | (0.48) |
| Year Ended December 31, 2023 | $29.85 | 0.26 | 4.19 | 4.45 |  |  |  |
| Year Ended December 31, 2022 | $43.20 | (0.07) | (9.16) | (9.23) |  | (4.12) | (4.12) |
| Year Ended December 31, 2021 | $39.82 | (0.50) | 5.55 | 5.05 |  | (1.67) | (1.67) |
| Year Ended December 31, 2020 | $35.40 | (0.28) | 6.01 | 5.73 | (0.02) | (1.29) | (1.31) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $19.93 | 1.68% | 1.73% | 1.68% | 2.59% | $840 |  |
| Year Ended December 31, 2024 | $19.60 | (6.51)% | 1.81% | 1.68% | 3.38% | $2274 |  |
| Year Ended December 31, 2023 | $22.10 | (10.88)% | 1.81% | 1.68% | 3.32% | $2194 |  |
| Year Ended December 31, 2022 | $26.34 | 17.81% | 1.79% | 1.68% | 0.32% | $3045 |  |
| Year Ended December 31, 2021 | $22.35 | (19.05)% | 1.69% | 1.68% | (1.68)% | $996 |  |
| Year Ended December 31, 2020<sup>(g)</sup> | $27.61 | (31.96)% | 1.83% | 1.68% | (1.36)% | $1084 |  |
| **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $36.04 | (2.65)% | 1.88% | 1.68% | 0.39% | $7078 | 9% |
| Year Ended December 31, 2024 | $37.02 | 9.46% | 1.85% | 1.68% | 0.67% | $10689 | 13% |
| Year Ended December 31, 2023 | $34.30 | 14.91% | 1.87% | 1.68% | 0.84% | $15158 | 15% |
| Year Ended December 31, 2022 | $29.85 | (21.85)% | 1.80% | 1.68% | (0.19)% | $10221 | 12% |
| Year Ended December 31, 2021 | $43.20 | 12.88% | 1.70% | 1.68% | (1.13)% | $14587 | 24% |
| Year Ended December 31, 2020 | $39.82 | 17.06% | 1.82% | 1.68% | (0.85)% | $18385 | 26% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(g) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**232 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $30.80 | (0.06) | (0.57) | (0.63) |  |  |  |
| Year Ended December 31, 2024 | $30.01 | (0.15) | 2.40 | 2.25 |  | (1.46) | (1.46) |
| Year Ended December 31, 2023 | $26.82 | (0.07) | 4.10 | 4.03 |  | (0.84) | (0.84) |
| Year Ended December 31, 2022 | $40.99 | (0.16) | (8.79) | (8.95) |  | (5.22) | (5.22) |
| Year Ended December 31, 2021 | $36.56 | (0.33) | 7.53 | 7.20 |  | (2.77) | (2.77) |
| Year Ended December 31, 2020 | $35.85 | (0.22) | 5.52 | 5.30 |  | (4.59) | (4.59) |
| **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $45.01 | 0.12 | (3.87) | (3.75) |  |  |  |
| Year Ended December 31, 2024 | $42.96 | 0.12 | 2.35 | 2.47 | (0.16) | (0.26) | (0.42) |
| Year Ended December 31, 2023 | $39.83 | 0.11 | 4.96 | 5.07 | (0.01) | (1.93) | (1.94) |
| Year Ended December 31, 2022 | $54.49 | 0.02 | (6.33) | (6.31) |  | (8.35) | (8.35) |
| Year Ended December 31, 2021 | $42.42 | (0.01) | 12.12 | 12.11 | (0.04) |  | (0.04) |
| Year Ended December 31, 2020 | $48.67 | 0.09 | (0.82) | (0.73) | (0.01) | (5.51) | (5.52) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $30.17 | (2.05)% | 1.71% | 1.68% | (0.41)% | $15801 | 18% |
| Year Ended December 31, 2024 | $30.80 | 7.80% | 1.74% | 1.68% | (0.48)% | $16338 | 116% |
| Year Ended December 31, 2023 | $30.01 | 15.19<br> %<sup>(f)</sup> | 1.77% | 1.68% | (0.25)% | $16198 | 95% |
| Year Ended December 31, 2022 | $26.82 | (22.41)% | 1.71% | 1.68% | (0.52)% | $13844 | 73% |
| Year Ended December 31, 2021 | $40.99 | 20.64% | 1.68% | 1.68% | (0.82)% | $25215 | 112% |
| Year Ended December 31, 2020 | $36.56 | 17.39% | 1.74% | 1.68% | (0.69)% | $22530 | 148% |
| **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $41.26 | (8.33)% | 1.71% | 1.69<br> %<sup>(g)</sup> | 0.60% | $13926 | 28% |
| Year Ended December 31, 2024 | $45.01 | 5.87% | 1.75% | 1.68% | 0.29% | $18611 | 130% |
| Year Ended December 31, 2023 | $42.96 | 12.94% | 1.78% | 1.68% | 0.28% | $19447 | 98% |
| Year Ended December 31, 2022 | $39.83 | (12.41)% | 1.71% | 1.68% | 0.04% | $18404 | 102% |
| Year Ended December 31, 2021 | $54.49 | 28.56% | 1.69% | 1.68% | (0.01)% | $27120 | 147% |
| Year Ended December 31, 2020 | $42.42 | 1.06% | 1.78% | 1.68% | 0.23% | $21789 | 192% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) During the year ended December 31, 2023, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.11%.

(g) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 233**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $77.13 | (0.29) | 6.72<br> <sup>(f)</sup> | 6.43 |  |  |  |
| Year Ended December 31, 2024 | $69.18 | (0.61) | 14.18 | 13.57 |  | (5.62) | (5.62) |
| Year Ended December 31, 2023 | $48.61 | (0.40) | 28.03 | 27.63 |  | (7.06) | (7.06) |
| Year Ended December 31, 2022 | $92.90 | (0.57) | (30.90) | (31.47) |  | (12.82) | (12.82) |
| Year Ended December 31, 2021 | $75.35 | (0.76) | 24.96 | 24.20 |  | (6.65) | (6.65) |
| Year Ended December 31, 2020 | $56.87 | (0.43) | 25.75 | 25.32 |  | (6.84) | (6.84) |
| **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $42.35 | 0.10 | 2.06 | 2.16 |  |  |  |
| Year Ended December 31, 2024 | $30.02 | 0.26 | 12.32 | 12.58 | (0.25) |  | (0.25) |
| Year Ended December 31, 2023 | $20.67 | 0.20 | 9.15 | 9.35 |  |  |  |
| Year Ended December 31, 2022 | $46.43 | (0.06) | (17.03) | (17.09) |  | (8.67) | (8.67) |
| Year Ended December 31, 2021 | $29.36 | (0.28) | 17.35 | 17.07 |  |  |  |
| Year Ended December 31, 2020<sup>(h)</sup> | $64.84 | (0.07) | 8.84 | 8.77 | (0.49) | (43.76) | (44.25) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental<br>Data | Supplemental<br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $83.56 | 8.34% | 1.62% | 1.61% | (0.78)% | $55378 | 128% |
| Year Ended December 31, 2024 | $77.13 | 19.80% | 1.65% | 1.65% | (0.82)% | $59606 | 41% |
| Year Ended December 31, 2023 | $69.18 | 57.95% | 1.67% | 1.66% | (0.65)% | $57109 | 33% |
| Year Ended December 31, 2022 | $48.61 | (35.72)% | 1.63% | 1.63% | (0.90)% | $27032 | 179% |
| Year Ended December 31, 2021 | $92.90 | 34.96% | 1.58% | 1.58% | (0.92)% | $54587 | 163% |
| Year Ended December 31, 2020 | $75.35 | 44.80% | 1.65% | 1.65% | (0.66)% | $45261 | 187% |
| **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $44.51 | 5.10% | 1.69% | 1.68% | 0.48% | $19171 | 44% |
| Year Ended December 31, 2024 | $42.35 | 42.02% | 1.72% | 1.68% | 0.68% | $33441 | 79% |
| Year Ended December 31, 2023 | $30.02 | 45.23% | 1.74% | 1.70<br> %<sup>(g)</sup> | 0.80% | $18660 | 44% |
| Year Ended December 31, 2022 | $20.67 | (39.12)% | 1.72% | 1.72<br> %<sup>(g)</sup> | (0.21)% | $10253 | 31% |
| Year Ended December 31, 2021 | $46.43 | 58.14% | 1.67% | 1.67% | (0.76)% | $19780 | 443% |
| Year Ended December 31, 2020<sup>(h)</sup> | $29.36 | 19.83% | 1.69% | 1.69<br> %<sup>(g)</sup> | (0.16)% | $17072 | 1415% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

(g) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(h) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**234 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $40.75 | 0.13 | (2.65) | (2.52) |  |  |  |
| Year Ended December 31, 2024 | $35.05 | 0.35 | 5.59 | 5.94 | (0.24) |  | (0.24) |
| Year Ended December 31, 2023 | $28.67 | 0.23 | 6.15 | 6.38 |  |  |  |
| Year Ended December 31, 2022 | $73.95 | (0.10) | (21.97) | (22.07) |  | (23.21) | (23.21) |
| Year Ended December 31, 2021 | $50.42 | (0.55) | 24.08 | 23.53 |  |  |  |
| Year Ended December 31, 2020 | $61.51 | (0.21) | (0.36) | (0.57) | (0.12) | (10.40) | (10.52) |
| **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $43.63 | —<br> <sup>(g)</sup> | 3.70 | 3.70 |  |  |  |
| Year Ended December 31, 2024 | $30.94 | 0.11 | 12.69 | 12.80 | (0.11) |  | (0.11) |
| Year Ended December 31, 2023 | $14.36 | 0.11 | 16.47 | 16.58 |  |  |  |
| Year Ended December 31, 2022 | $99.32 | (0.21) | (51.50) | (51.71) |  | (33.25) | (33.25) |
| Year Ended December 31, 2021 | $92.87 | (1.08) | 35.05 | 33.97 |  | (27.52) | (27.52) |
| Year Ended December 31, 2020<sup>(h)</sup> | $61.10 | (0.76) | 52.59 | 51.83 |  | (20.06) | (20.06) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $38.23 | (6.18)% | 1.73% | 1.69<br> %<sup>(f)</sup> | 0.70% | $9153 | 22% |
| Year Ended December 31, 2024 | $40.75 | 17.02% | 1.77% | 1.68% | 0.90% | $10646 | 34% |
| Year Ended December 31, 2023 | $35.05 | 22.21% | 1.80% | 1.68% | 0.75% | $10791 | 31% |
| Year Ended December 31, 2022 | $28.67 | (32.17)% | 1.73% | 1.68% | (0.24)% | $8402 | 42% |
| Year Ended December 31, 2021 | $73.95 | 46.67% | 1.69% | 1.68% | (0.83)% | $17870 | 66% |
| Year Ended December 31, 2020 | $50.42 | 5.22% | 1.79% | 1.68% | (0.48)% | $12722 | 488% |
| **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $47.33 | 8.48% | 1.72% | 1.68% | 0.02% | $268420 | 21% |
| Year Ended December 31, 2024 | $43.63 | 41.41% | 1.77% | 1.68% | 0.28% | $244550 | 15% |
| Year Ended December 31, 2023 | $30.94 | 115.46% | 1.78% | 1.68% | 0.46% | $186933 | 39% |
| Year Ended December 31, 2022 | $14.36 | (60.93)% | 1.77% | 1.68% | (0.69)% | $84528 | 25% |
| Year Ended December 31, 2021 | $99.32 | 52.51% | 1.69% | 1.68% | (1.20)% | $268234 | 20% |
| Year Ended December 31, 2020<sup>(h)</sup> | $92.87 | 86.30% | 1.74% | 1.68% | (1.05)% | $206580 | 55% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(g) Amount is less than $0.005.

(h) As described in the accompanying notes to financial statements, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 235**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $2.57 | —<br> <sup>(f)</sup> | (0.26) | (0.26) |  |  |  |
| Year Ended December 31, 2024 | $3.22 | 0.05 | (0.59) | (0.54) | (0.11) |  | (0.11) |
| Year Ended December 31, 2023 | $3.97 | 0.10 | (0.84) | (0.74) | (0.01) |  | (0.01) |
| Year Ended December 31, 2022 | $3.72 | 0.01 | 0.24 | 0.25 |  |  |  |
| Year Ended December 31, 2021 | $73.45 | (0.09) | (19.00) | (19.09) |  | (50.64) | (50.64) |
| Year Ended December 31, 2020<sup>(i)</sup> | $147.61 | (1.40) | (64.52) | (65.92) | (8.24) |  | (8.24) |
| **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $22.37 | 0.33 | (4.45) | (4.12) |  |  |  |
| Year Ended December 31, 2024 | $35.39 | 0.98 | (12.81) | (11.83) | (1.19) |  | (1.19) |
| Year Ended December 31, 2023<sup>(j)</sup> | $83.33 | 1.90 | (49.84) | (47.94) |  |  |  |
| Year Ended December 31, 2022<sup>(j)</sup> | $53.33 | (0.10) | 30.10 | 30.00 |  |  |  |
| Year Ended December 31, 2021<sup>(j)</sup> | $107.14 | (1.25) | (38.86) | (40.11) |  | (13.70) | (13.70) |
| Year Ended December 31, 2020<sup>(j)(k)</sup> | $380.35 | (2.95) | (268.61) | (271.56) | (1.65) |  | (1.65) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $2.31 | (10.12)% | 1.72% | 1.68% | —<br> <sup>(g)</sup> | $2 |  |
| Year Ended December 31, 2024 | $2.57 | (17.34)% | 1.89% | 1.58% | 1.79% | $3 |  |
| Year Ended December 31, 2023 | $3.22 | (18.76)% | 1.54% | 1.51% | 2.72% | $3 |  |
| Year Ended December 31, 2022 | $3.97 | 6.72% | 1.37% | 1.35% | 0.13% | $4 |  |
| Year Ended December 31, 2021 | $3.72 | (35.11)%<sup>(h)</sup> | 1.41% | 1.41% | (1.41)% | $4 |  |
| Year Ended December 31, 2020<sup>(i)</sup> | $73.45 | (45.44)% | 1.46% | 1.46% | (1.28)% | $6 |  |
| **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $18.25 | (18.42)% | 1.69% | 1.65% | 2.75% | $239 |  |
| Year Ended December 31, 2024 | $22.37 | (33.81)% | 1.69% | 1.68% | 3.61% | $372 |  |
| Year Ended December 31, 2023<sup>(j)</sup> | $35.39 | (57.49)% | 1.82% | 1.68% | 3.40% | $614 |  |
| Year Ended December 31, 2022<sup>(j)</sup> | $83.33 | 56.04% | 1.75% | 1.68% | (0.10)% | $4664 |  |
| Year Ended December 31, 2021<sup>(j)</sup> | $53.33 | (42.71)% | 1.74% | 1.68% | (1.68)% | $449 |  |
| Year Ended December 31, 2020<sup>(j)(k)</sup> | $107.14 | (71.46)% | 1.78% | 1.68% | (1.49)% | $237 |  |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) Amount is less than $0.005.

(g) Amount is less than 0.005%.

(h) During the year ended December 31, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.40%.

(i) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020.

(j) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

(k) As described in the accompanying notes to financial statements, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

**See accompanying notes to financial statements.**

------

**236 :: Financial Highlights**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Return<br>of<br>Capital | Total<br>Distributions |
| **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $15.16 | 0.05 | (1.54) | (1.49) |  |  |  |  |
| Year Ended December 31, 2024 | $13.81 | 0.12 | 1.34 | 1.46 | (0.11) |  |  | (0.11) |
| Year Ended December 31, 2023 | $11.27 | 0.09 | 2.45 | 2.54 |  |  |  |  |
| Year Ended December 31, 2022 | $26.25 | (0.05) | (10.86) | (10.91) |  | (4.07) |  | (4.07) |
| Year Ended December 31, 2021 | $23.21 | (0.33) | 5.56 | 5.23 |  | (2.19) |  | (2.19) |
| Year Ended December 31, 2020 | $23.72 | (0.15) | 2.55 | 2.40 | (0.03) | (2.88) |  | (2.91) |
| **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $10.72 | 0.16 | (0.04) | 0.12 | (0.16) |  |  | (0.16) |
| Year Ended December 31, 2024 | $12.72 | 0.39 | (2.00) | (1.61) | (0.39) |  |  | (0.39) |
| Year Ended December 31, 2023 | $13.27 | 0.42 | (0.43) | (0.01) | (0.54) |  | —<br> <sup>(g)</sup> | (0.54) |
| Year Ended December 31, 2022 | $22.76 | 0.13 | (9.62) | (9.49) |  |  |  |  |
| Year Ended December 31, 2021 | $30.55 | (0.12) | (2.80) | (2.92) |  | (4.87) |  | (4.87) |
| Year Ended December 31, 2020 | $27.15 | (0.25) | 6.06 | 5.81 | (0.02) | (2.39) |  | (2.41) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $13.67 | (9.83)% | 1.82% | 1.69<br> %<sup>(f)</sup> | 0.70% | $13163 | 25% |
| Year Ended December 31, 2024 | $15.16 | 10.70% | 1.88% | 1.68% | 0.80% | $15707 | 34% |
| Year Ended December 31, 2023 | $13.81 | 22.54% | 1.90% | 1.68% | 0.72% | $17000 | 33% |
| Year Ended December 31, 2022 | $11.27 | (43.68)% | 1.84% | 1.68% | (0.35)% | $12588 | 51% |
| Year Ended December 31, 2021 | $26.25 | 23.30% | 1.72% | 1.68% | (1.20)% | $28250 | 24% |
| Year Ended December 31, 2020 | $23.21 | 16.39% | 1.86% | 1.68% | (0.91)% | $21108 | 34% |
| **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $10.68 | 1.14% | 1.47% | 1.37% | 3.08% | $6129 | 195% |
| Year Ended December 31, 2024 | $10.72 | (12.83)% | 1.44% | 1.38% | 3.36% | $6053 | 401% |
| Year Ended December 31, 2023 | $12.72 | 0.04% | 1.48% | 1.38% | 3.20% | $9841 | 394% |
| Year Ended December 31, 2022 | $13.27 | (41.70)% | 1.43% | 1.38% | 0.76% | $7614 | 395% |
| Year Ended December 31, 2021 | $22.76 | (7.08)% | 1.39% | 1.38% | (0.49)% | $15215 | 393% |
| Year Ended December 31, 2020 | $30.55 | 20.69% | 1.48% | 1.38% | (0.75)% | $22395 | 398% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

(f) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end.

(g) Amount is less than $0.005.

**See accompanying notes to financial statements.**

------

**Financial Highlights :: 237**

**ProFunds Financial Highlights** FOR THE PERIODS INDICATED

**Selected data for a share of beneficial interest outstanding throughout the periods indicated.**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Investment Activities | Investment Activities | Investment Activities | Distributions to Shareholders From | Distributions to Shareholders From | Distributions to Shareholders From |
| |<br>Net Asset<br>Value,<br>Beginning<br>of Period | Net<br>Investment<br>Income<br>(Loss)<sup>(a)</sup> | Net<br>Realized<br>and<br>Unrealized<br>Gains<br>(Losses) on<br>Investments | Total from<br>Investment<br>Activities | Net<br>Investment<br>Income | Net<br>Realized<br>Gains on<br>Investments | Total<br>Distributions |
| **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $44.65 | 0.35 | 3.39 | 3.74 |  |  |  |
| Year Ended December 31, 2024 | $37.43 | 0.62 | 7.27 | 7.89 | (0.67) |  | (0.67) |
| Year Ended December 31, 2023 | $41.50 | 0.58 | (4.11) | (3.53) | (0.54) |  | (0.54) |
| Year Ended December 31, 2022 | $42.47 | 0.41 | (0.51) | (0.10) | (0.42) | (0.45) | (0.87) |
| Year Ended December 31, 2021 | $37.37 | 0.51 | 5.18 | 5.69 | (0.59) |  | (0.59) |
| Year Ended December 31, 2020 | $50.44 | 0.57 | (2.39) | (1.82) | (0.75) | (10.50) | (11.25) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Ratios to <br>Average Net Assets | Supplemental <br>Data | Supplemental <br>Data |
| |<br>Net<br>Asset<br>Value,<br>End of<br>Period |<br>Total<br>Return<sup>(b)(c)</sup> | Gross<br>Expenses<sup>(b)(d)</sup> | Net<br>Expenses<sup>(b)(d)</sup> | Net<br>Investment<br>Income<br>(Loss)<sup>(b)(d)</sup> | Net<br>Assets,<br>End of<br>Period<br>(000's) | Portfolio<br>Turnover<br>Rate<sup>(c)(e)</sup> |
| **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** |
| For the Six Months Ended <br>June 30, 2025 (unaudited) | $48.39 | 8.38% | 1.72% | 1.68% | 1.50% | $51028 | 485% |
| Year Ended December 31, 2024 | $44.65 | 21.27% | 1.75% | 1.68% | 1.48% | $33008 | 178% |
| Year Ended December 31, 2023 | $37.43 | (8.59)% | 1.78% | 1.68% | 1.49% | $26119 | 29% |
| Year Ended December 31, 2022 | $41.50 | (0.25)% | 1.71% | 1.68% | 0.99% | $39018 | 29% |
| Year Ended December 31, 2021 | $42.47 | 15.41% | 1.69% | 1.68% | 1.31% | $34775 | 24% |
| Year Ended December 31, 2020 | $37.37 | (2.40)% | 1.75% | 1.68% | 1.31% | $32543 | 50% |

---

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

(b) Does not reflect the fees and expenses associated with the separate account that invests in the Fund or any variable annuity or variable insurance contract for which the Fund serves as an investment option.

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

(d) Annualized for periods less than one year.

(e) Portfolio turnover rate is calculated without regard to instruments having a maturity of less than one year from acquisition or derivative instruments (including swap agreements and futures contracts). The portfolio turnover rate can be high and volatile due to the amount and timing of sales and purchases of fund shares during the period.

**See accompanying notes to financial statements.**

------

This Page Intentionally Left Blank

------

**Notes to Financial Statements**

------

**240 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

**1. Organization**

ProFunds (the "Trust") consists of 117 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series.

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

**Classic ProFunds VP:**

---

| | |
|:---|:---|
| ProFund VP Asia 30 | ProFund VP Large-Cap Value |
| ProFund VP Bull | ProFund VP Mid-Cap |
| ProFund VP Dow 30 | ProFund VP Mid-Cap Growth |
| ProFund VP Emerging Markets | ProFund VP Mid-Cap Value |
| ProFund VP Europe 30 | ProFund VP Nasdaq-100 |
| ProFund VP International | ProFund VP Small-Cap |
| ProFund VP Japan | ProFund VP Small-Cap Growth |
| ProFund VP Large-Cap Growth | ProFund VP Small-Cap Value |

---

**Ultra ProFunds VP:**

ProFund VP UltraBull ProFund VP UltraNasdaq-100 <br> ProFund VP UltraMid-Cap ProFund VP UltraSmall-Cap

**Inverse ProFunds VP:**

---

| | |
|:---|:---|
| ProFund VP Bear | ProFund VP Short Nasdaq-100 |
| ProFund VP Short Dow 30 | ProFund VP Short Small-Cap |
| ProFund VP Short Emerging Markets | ProFund VP UltraShort Dow 30 |
| ProFund VP Short International | ProFund VP UltraShort Nasdaq-100 |
| ProFund VP Short Mid-Cap | |

---

**Sector ProFunds VP:**

---

| | |
|:---|:---|
| ProFund VP Banks | ProFund VP Internet |
| ProFund VP Biotechnology | ProFund VP Materials |
| ProFund VP Communication Services | ProFund VP Pharmaceuticals |
| ProFund VP Consumer Discretionary | ProFund VP Precious Metals |
| ProFund VP Consumer Staples | ProFund VP Real Estate |
| ProFund VP Energy | ProFund VP Semiconductor |
| ProFund VP Financials | ProFund VP Technology |
| ProFund VP Health Care | ProFund VP Utilities |
| ProFund VP Industrials | |

---

**Non-Equity ProFunds VP:**

ProFund Access VP High Yield ProFund VP Rising Rates Opportunity <br> ProFund VP Falling U.S. Dollar ProFund VP U.S. Government Plus

**Money Market ProFund VP:**

ProFund VP Government Money Market

Each ProFund VP's investment objective is disclosed in its prospectus. The ProFunds VP, excluding ProFund VP Government Money Market, are referred to as the "non-money market ProFunds VP." Each non-money market ProFund VP, other than ProFund VP Consumer Discretionary, ProFund VP Europe 30, ProFund VP Industrials, ProFund VP Large-Cap Growth, ProFund VP Large-Cap Value, ProFund VP Mid-Cap Growth, ProFund VP Mid-Cap Value, ProFund VP Real Estate, ProFund VP Small-Cap Growth, ProFund VP Small-Cap Value, and ProFund VP Utilities, is classified as non-diversified under the 1940 Act. Each ProFund VP has one class of shares.

Under the Trust's organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust and ProFund VPs' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the ProFunds VP.

Each ProFund VP included herein is deemed to be an individual reporting segment and Officers of the Trust collectively act as the ProFund VP's chief operating decision maker ("CODM"). The CODM monitors the operating results of each ProFund VP as a whole and each ProFund VP's long-term strategic asset allocation is guided by the ProFund VP's investment objective and principal investment strategies as described in its prospectus and executed by ProFund Advisors LLC (the "Advisor"). The financial information provided to and reviewed by the CODM is consistent with that presented in the ProFund VP's financial statements.

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 241**

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by each ProFund VP in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The actual results could differ from those estimates.

**Investment Valuation**

The ProFunds VP record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.

**Cash**

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

**Repurchase Agreements**

Each ProFund VP may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds VP as short-term investments for cash positions. Under a repurchase agreement, a ProFund VP purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is typically greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser's holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year.

The ProFunds VP follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions generally with major, global financial institutions whose creditworthiness is continuously monitored by the Advisor. In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. ProFunds VP within the Trust invest in repurchase agreements jointly. Each ProFund VP, therefore, holds a pro rata share of the collateral and interest income based upon the dollar amount of the repurchase agreements entered into by each ProFund VP. The collateral underlying the repurchase agreement is held by the ProFund VP's custodian. In the event of a default or bankruptcy by a selling financial institution, a ProFund VP will seek to liquidate such collateral which could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the ProFund VP could suffer a loss. A ProFund VP also may experience difficulties and incur certain costs in exercising its rights to the collateral and may lose the interest the ProFund VP expected to receive under the repurchase agreement. Repurchase agreements usually are for short periods, such as one week or less, but may be longer. It is the current policy of the ProFunds VP not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the ProFund VP, amounts to more than 15% of the ProFund VP's total net assets. The investments of each of the ProFunds VP in repurchase agreements at times may be substantial when, in the view of the Advisor, liquidity, investment, regulatory, or other considerations so warrant. During periods of high demand for repurchase agreements, the ProFunds VP may be unable to invest available cash in these instruments to the extent desired by the Advisor.

Information concerning the counterparties, value of, collateralization and amounts due under repurchase agreement transactions may be found in the table below.

As of June 30, 2025, the ProFunds VP had undivided interest in joint repurchase agreements with the following counterparties, for the time periods and rates indicated. Amounts shown in the table below represent principal amount, cost and value for each respective repurchase agreement.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Credit Agricole,<br>4.26%<br>dated 6/30/25,<br>due 7/1/25<sup>(1)</sup> | HSBC Securities<br>(USA), Inc.,<br>4.30%<br>dated 6/30/25,<br>due 7/1/25<sup>(2)</sup> | Natwest<br>Markets, LLC,<br>4.24%<br>dated 6/30/25,<br>due 7/1/25<sup>(3)</sup> | RBC Capital<br>Markets, LLC,<br>4.15%<br>dated 6/30/25,<br>due 7/1/25<sup>(4)</sup> | Societe<br>Generale,<br>4.26%<br>dated 6/30/25,<br>due 7/1/25<sup>(5)</sup> | UMB Bank,<br>N.A.,<br>4.10%<br>dated 6/30/25,<br>due 7/1/25<sup>(6)</sup> |
| ProFund Access VP High Yield | $1500000 | $4447000 | $1232000 | $750000 | $3000000 | $1274000 |
| ProFund VP Banks | 11000 | 33000 | 9000 | 5000 | 22000 | 13000 |
| ProFund VP Bear | 212000 | 628000 | 173000 | 105000 | 424000 | 187000 |
| ProFund VP Biotechnology | 33000 | 99000 | 27000 | 16000 | 67000 | 32000 |
| ProFund VP Bull | 954000 | 2831000 | 784000 | 476000 | 1910000 | 817000 |
| ProFund VP Communication <br>Services | 24000 | 71000 | 19000 | 12000 | 48000 | 22000 |
| ProFund VP Consumer Discretionary | 44000 | 130000 | 36000 | 22000 | 88000 | 39000 |
| ProFund VP Consumer Staples | 19000 | 57000 | 15000 | 9000 | 38000 | 19000 |
| ProFund VP Dow 30 | 43000 | 131000 | 35000 | 21000 | 87000 | 47000 |
| ProFund VP Emerging Markets | 39000 | 120000 | 33000 | 19000 | 80000 | 40000 |
| ProFund VP Energy | 100000 | 298000 | 82000 | 50000 | 201000 | 87000 |

---

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**242 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Credit Agricole,<br>4.26%<br>dated 6/30/25,<br>due 7/1/25<sup>(1)</sup> | HSBC Securities<br>(USA), Inc.,<br>4.30%<br>dated 6/30/25,<br>due 7/1/25<sup>(2)</sup> | Natwest<br>Markets, LLC,<br>4.24%<br>dated 6/30/25,<br>due 7/1/25<sup>(3)</sup> | RBC Capital<br>Markets, LLC,<br>4.15%<br>dated 6/30/25,<br>due 7/1/25<sup>(4)</sup> | Societe<br>Generale,<br>4.26%<br>dated 6/30/25,<br>due 7/1/25<sup>(5)</sup> | UMB Bank,<br>N.A.,<br>4.10%<br>dated 6/30/25,<br>due 7/1/25<sup>(6)</sup> |
| ProFund VP Falling U.S. Dollar | $84000 | $252000 | $69000 | $42000 | $170000 | $77000 |
| ProFund VP Financials | 45000 | 134000 | 37000 | 22000 | 90000 | 40000 |
| ProFund VP Government Money <br>Market | 1754000 | 5200000 | 1441000 | 877000 | 3508000 | 1490000 |
| ProFund VP Health Care | 70000 | 208000 | 57000 | 35000 | 140000 | 62000 |
| ProFund VP Industrials | 54000 | 160000 | 44000 | 27000 | 108000 | 47000 |
| ProFund VP International | 1558000 | 4622000 | 1280000 | 778000 | 3118000 | 1330000 |
| ProFund VP Internet | 43000 | 129000 | 35000 | 21000 | 87000 | 41000 |
| ProFund VP Japan | 1553000 | 4605000 | 1276000 | 776000 | 3107000 | 1319000 |
| ProFund VP Large-Cap Growth | 19000 | 58000 | 16000 | 9000 | 39000 | 19000 |
| ProFund VP Large-Cap Value | 6000 | 17000 | 4000 | 3000 | 12000 | 7000 |
| ProFund VP Materials | 31000 | 94000 | 26000 | 15000 | 63000 | 30000 |
| ProFund VP Mid-Cap | 1269000 | 3765000 | 1042000 | 634000 | 2540000 | 1085000 |
| ProFund VP Mid-Cap Growth | 6000 | 18000 | 5000 | 3000 | 12000 | 7000 |
| ProFund VP Mid-Cap Value | 6000 | 18000 | 5000 | 3000 | 12000 | 7000 |
| ProFund VP Nasdaq-100 | 5267000 | 15617000 | 4326000 | 2633000 | 10536000 | 4476000 |
| ProFund VP Pharmaceuticals | 13000 | 40000 | 11000 | 6000 | 27000 | 14000 |
| ProFund VP Precious Metals | 5309000 | 15739000 | 4361000 | 2654000 | 10619000 | 4508000 |
| ProFund VP Real Estate | 6000 | 20000 | 5000 | 3000 | 13000 | 8000 |
| ProFund VP Rising Rates <br>Opportunity | 893000 | 2650000 | 734000 | 446000 | 1787000 | 766000 |
| ProFund VP Semiconductor | 142000 | 423000 | 117000 | 71000 | 285000 | 125000 |
| ProFund VP Short Dow 30 |  | 1000 |  |  |  | 5000 |
| ProFund VP Short Emerging Markets | 35000 | 106000 | 29000 | 17000 | 71000 | 37000 |
| ProFund VP Short International | 255000 | 757000 | 209000 | 126000 | 511000 | 222000 |
| ProFund VP Short Mid-Cap | 5000 | 20000 | 4000 | 2000 | 12000 | 13000 |
| ProFund VP Short Nasdaq-100 | 254000 | 757000 | 209000 | 126000 | 510000 | 226000 |
| ProFund VP Short Small-Cap | 99000 | 296000 | 81000 | 49000 | 199000 | 90000 |
| ProFund VP Small-Cap | 143000 | 425000 | 116000 | 71000 | 287000 | 130000 |
| ProFund VP Small-Cap Growth | 3000 | 11000 | 3000 | 1000 | 7000 | 6000 |
| ProFund VP Small-Cap Value | 1000 | 5000 | 1000 |  | 3000 | 5000 |
| ProFund VP Technology | 64000 | 192000 | 53000 | 32000 | 129000 | 58000 |
| ProFund VP UltraBull | 1279000 | 3795000 | 1050000 | 639000 | 2559000 | 1093000 |
| ProFund VP UltraMid-Cap | 371000 | 1104000 | 305000 | 185000 | 744000 | 324000 |
| ProFund VP UltraNasdaq-100 | 8972000 | 26601000 | 7370000 | 4485000 | 17946000 | 7617000 |
| ProFund VP UltraShort Dow 30 |  |  |  |  |  | 1000 |
| ProFund VP UltraShort Nasdaq-100 | 29000 | 87000 | 23000 | 14000 | 58000 | 31000 |
| ProFund VP UltraSmall-Cap | 479000 | 1425000 | 393000 | 239000 | 961000 | 418000 |
| ProFund VP U.S. Government Plus | 402000 | 1197000 | 330000 | 200000 | 807000 | 351000 |
| ProFund VP Utilities | 122000 | 364000 | 100000 | 61000 | 245000 | 108000 |
|  | $33620000 | $99757000 | $27612000 | $16790000 | $67287000 | $28770000 |

---

Each repurchase agreement was fully collateralized by U.S. government securities as of June 30, 2025, as follows:

<sup>(1)</sup> U.S. Treasury Notes, 3.75% to 4.125%, due 8/15/2027 to 3/31/2032, which had an aggregate value of $34,358,390.

<sup>(2)</sup> U.S. Treasury Bonds, 4.375% to 4.75%, due 8/15/2043 to 11/15/2043, which had an aggregate value of $101,756,631.

<sup>(3)</sup> U.S. Treasury Notes, 4.125%, due 11/30/2029, total value $28,169,594.

<sup>(4)</sup> U.S. Treasury Notes, 3.75%, due 8/15/2027, total value $17,130,961.

<sup>(5)</sup> U.S. Treasury Bonds, 1.875% to 2.00%, due 11/15/2041 to 11/15/2051, which had an aggregate value of $68,635,268.

<sup>(6)</sup> U.S. Treasury Notes, 3.75% to 4.25%, due 3/15/2027 to 5/15/2028, which had an aggregate value of $29,345,663.

**Investments in Other Investment Companies**

Each non money-market ProFund VP may invest in other investment companies, including exchange-traded funds ("ETFs") and unit investment trusts ("UITs"), to the extent that such an investment would be consistent with the requirements of the 1940 Act. If the ProFund VP invests in, and thus, is a shareholder of, another investment company, the ProFund VP's shareholders will indirectly bear the ProFund VP's proportionate share of the

fees and expenses paid by such other investment company, including advisory fees, in addition to both the management fees payable directly by the ProFund VP to the ProFund VP's own investment adviser and the other expenses that the ProFund VP bears directly in connection with the ProFund VP's own operations. Because most ETFs are investment companies, the ProFund VP's investments in such investment companies generally would be limited under applicable federal statutory provisions. Those provisions typically restrict the ProFund VP's investment in the

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 243**

shares of another investment company to up to 5% of its assets (which may represent no more than 3% of the securities of such other investment company) and limit aggregate investments in all investment companies to 10% of assets. The ProFund VP may invest in certain ETFs in excess of the statutory limit in reliance on Rule 12d1-4. Rule 12d1-4 outlines the requirements of fund of funds agreements and specifies the responsibilities of the board related to "funds of funds" arrangements.

**Depositary Receipts**

Each non-money market ProFund VP, may invest in American Depositary Receipts ("ADRs"), New York Shares ("NYSs") and Global Depositary Receipts ("GDRs"). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter ("OTC"), are issued by domestic banks. NYSs (or "direct shares") are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.

**Real Estate Investment Trusts**

Each non-money market ProFund VP (other than the Non-Equity ProFunds VP) may invest in real estate investment trusts ("REITs") which report information on the source of their distributions annually. Equity REITs invest primarily in real property while mortgage REITs invest in constructions, development, and long-term mortgage loans. Their value may be affected by changes in the value of the underlying property of the REITs, the creditworthiness of the issuer, property taxes, interest rates, and tax regulatory requirements, such as those relating to the environment. REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation, the possibility of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended, and the possibility of failing to maintain exempt status under the 1940 Act. Certain distributions received from REITs during the year are recorded as realized gains or return of capital when such information becomes known.

**Derivative Instruments**

In seeking to achieve each ProFund VP's investment objective, the Advisor uses a mathematical approach to investing. Using this approach, the Advisor determines the type, quantity and mix of investment positions. Certain ProFunds VP may obtain investment exposure through derivative instruments such as futures contracts, forward currency contracts and swap agreements that a ProFund VP should hold to approximate the daily performance, inverse performance, or multiple thereof, as applicable, of its benchmark. All derivative instruments held during the period ended June 30, 2025, were utilized to gain exposure or inverse exposure to each ProFund VP's benchmark (e.g., index, etc.) to meet its investment objective.

Each non-money market ProFund VP, other than the Classic ProFunds VP, the Sector ProFunds VP and the ProFund VP Falling U.S. Dollar, does not seek to achieve its investment objective over a period of time greater than a single day.

All open derivative positions at period end are reflected on each respective ProFund VP's Schedule of Portfolio Investments. The volume associated with derivative positions varies on a daily basis as each ProFund VP transacts in derivative contracts in order to achieve the appropriate exposure, as expressed in notional amount (contract value for forward currency contracts), in comparison to net assets consistent with each ProFund VP's investment objective.

Certain ProFunds VP utilized a varying level of derivative instruments in conjunction with the investment securities to meet their investment objective during the period ended June 30, 2025. With the exception of the ProFunds VP listed below, the notional amount of open derivative positions relative to each ProFund VP's net assets at year end is generally representative of the notional amount of open positions to net assets throughout the year. The volume associated with swap agreements in the ProFund VP Semiconductor and ProFund VP Short Small-Cap was 19% and 86%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2025. The volume associated with futures contracts in the ProFund VP UltraBull and ProFund VP Short Small-Cap was 15% and 14%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2025.

In connection with its management of certain series of the Trust included in this report (ProFund VP UltraShort Dow 30 and ProFund VP UltraShort Nasdaq-100 (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

The following is a description of the derivative instruments utilized by the ProFunds VP, including certain risks related to each instrument type.

Futures Contracts

Each non-money market ProFund VP may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

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**244 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

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

Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security, or index. The extent of a ProFund VP's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

Upon entering into a futures contract, each ProFund VP will be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 5% to 10% of the contract amount for equity index futures and in the range of approximately 1% to 3% of the contract amount for treasury futures (this amount is subject to change by the exchange on which the contract is traded). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the contract and is returned to the ProFund VP upon termination of the futures contract, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the asset underlying the futures contract fluctuates, making the long and short positions in the futures contract more or less valuable, a process known as "marking-to-market." At any time prior to expiration of a futures contract, a ProFund VP may elect to close its position by taking an opposite position, which will operate to terminate the ProFund VP's existing position in the contract.

The primary risks associated with the use of futures contracts are imperfect correlation between movements in the price of futures and the market value of the underlying assets, and the possibility of an illiquid market for a futures contract. Although each ProFund VP intends to sell futures contracts only if there is an active market for such contracts, no assurance can be given that a liquid market will exist for any particular contract at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a ProFund VP to substantial losses. If trading is not

possible, or if a ProFund VP determines not to close a futures position in anticipation of adverse price movements, the ProFund VP will be required to make daily cash payments of variation margin. The risk that the ProFund VP will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. In addition, although the counterparty to a futures contract is often a clearing organization, backed by a group of financial institutions, there may be instances in which the counterparty could fail to perform its obligations, causing significant losses to a ProFund VP.

Forward Currency Contracts

The ProFund VP Falling U.S. Dollar may invest in forward currency contracts for investment or risk management purposes. A forward currency contract is an obligation to buy or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts are entered into on the interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

It is possible that, under certain circumstances, this ProFund VP may have to limit its currency transactions to qualify as a "regulated investment company" ("RIC") under the Internal Revenue Code. The ProFund VP Falling U.S. Dollar does not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.

At or before the maturity of a forward currency contract, the ProFund VP Falling U.S. Dollar may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If this ProFund VP engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If the ProFund VP Falling U.S. Dollar engages in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the ProFund VP Falling U.S. Dollar enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund VP will realize a gain to the extent that the price of ProFund VP currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund VP will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

The ProFund VP Falling U.S. Dollar collateralizes forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian,

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 245**

to protect the counterparty against non-payment by the respective ProFund VP. Similarly, the ProFund VP Falling U.S. Dollar has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund VP post collateral for the benefit of the ProFund VP in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds. In the event of a default by the counterparty, the ProFund VP will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the ProFund VP Falling U.S. Dollar may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFund VP Falling U.S. Dollar may obtain only limited recovery or may obtain no recovery in such circumstances. The ProFund VP Falling U.S. Dollar will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of June 30, 2025, there was no collateral posted by counterparties.

Swap Agreements

Each non-money market ProFund VP may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

On a typical long swap, the counterparty will generally agree to pay the ProFund VP the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund VP will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund VP on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund VP on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds VP may also enter into swap agreements that provide the opposite return of their benchmark or security ("short" the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund VP on the notional amount outstanding and that dividends or interest on the

underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund VP will agree to pay to the counterparty commissions or trading spreads on the notional amount.

Most swap agreements entered into by a ProFund VP calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a ProFund VP's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). When investing in index swap agreements, the ProFunds VP may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.

A ProFund VP's current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund VP) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund VP reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated of in the ordinary course of business within seven days at approximately the amount a ProFund VP has valued the asset may be considered to be illiquid for purposes of a ProFund VP's illiquid investment limitations.

A ProFund VP bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund VP will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund VP's rights as a creditor. A ProFund VP will only enter into swap agreements with counterparties that meet the ProFund VP's standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund VP's repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.

Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund VP is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund VP's risk of loss consists of the net amount of payments that such ProFund VP is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund VP's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund VP's custodian.

In the normal course of business, a ProFund VP enters into International Swap Dealers Association, Inc. ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and

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**246 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

termination events, and various covenants and representations. Certain of the ProFund VP's ISDA agreements contain provisions that require the ProFund VP to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the ProFund VP's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund VP were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund VP will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. The ProFunds VP seek to mitigate risks by generally requiring that the counterparties for each ProFund VP agree to post collateral for the benefit of the ProFund VP, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds, although the ProFunds VP may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds VP will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings.

The use of swaps is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund VP's transactions in swap agreements.

Offsetting Assets and Liabilities

The ProFunds VP are subject to master netting agreements for swap agreements and forward currency contracts that allow for amounts owed between the ProFund VP and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.

As described above, the ProFunds VP utilize derivative instruments to achieve their investment objective during the period. The amounts shown in the Statements of Assets and Liabilities generally do not take into consideration the effects of legally enforceable master netting agreements.

Summary of Derivative Instruments

The following table summarizes the fair values of derivative instruments on the ProFund VP's Statement of Assets and Liabilities, categorized by risk exposure, as of June 30, 2025.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| Fund Name | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Appreciation <br>on Swap <br>Agreements | Unrealized <br>Appreciation <br>on Forward <br>Currency <br>Contracts | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Depreciation <br>on Swap <br>Agreements | Unrealized <br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| ProFund VP Banks | $— | $2909 | $— | $— | $— | $— |
| ProFund VP Bear |  |  |  | 7749 | 6947 |  |
| ProFund VP Biotechnology |  | 11233 |  |  |  |  |
| ProFund VP Bull | 69957 | 24653 |  |  |  |  |
| ProFund VP Communication Services |  | 13279 |  |  |  |  |
| ProFund VP Consumer Discretionary |  | 1036 |  |  |  |  |
| ProFund VP Consumer Staples |  |  |  |  | 2043 |  |
| ProFund VP Dow 30 |  | 2128 |  |  |  |  |
| ProFund VP Emerging Markets |  |  |  |  | 3018 |  |
| ProFund VP Energy |  |  |  |  | 28181 |  |
| ProFund VP Financials |  | 19541 |  |  |  |  |
| ProFund VP Health Care |  | 13795 |  |  |  |  |
| ProFund VP Industrials |  | 10497 |  |  |  |  |
| ProFund VP International |  |  |  |  | 244 |  |
| ProFund VP Internet |  | 10162 |  |  |  |  |
| ProFund VP Japan | 622875 |  |  |  | 1207 |  |
| ProFund VP Materials |  | 1978 |  |  |  |  |
| ProFund VP Mid-Cap | 15132 | 692 |  |  |  |  |
| ProFund VP Nasdaq-100 | 421347 | 188127 |  |  |  |  |
| ProFund VP Pharmaceuticals |  |  |  |  | 3067 |  |
| ProFund VP Precious Metals |  |  |  |  | 791396 |  |
| ProFund VP Real Estate |  |  |  |  | 2060 |  |
| ProFund VP Semiconductor |  | 74851 |  |  |  |  |
| ProFund VP Short Dow 30 |  |  |  |  | 41 |  |

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 247**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Assets | Assets | Assets | Liabilities | Liabilities | Liabilities |
| Fund Name | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Appreciation <br>on Swap <br>Agreements | Unrealized <br>Appreciation <br>on Forward <br>Currency <br>Contracts | Variation <br>Margin on <br>Futures <br>Contracts\* | Unrealized <br>Depreciation <br>on Swap <br>Agreements | Unrealized <br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| ProFund VP Short Emerging Markets | $— | $349 | $— | $— | $— | $— |
| ProFund VP Short International |  |  |  |  | 68 |  |
| ProFund VP Short Mid-Cap |  |  |  |  | 7 |  |
| ProFund VP Short Nasdaq-100 |  |  |  | 14057 | 10304 |  |
| ProFund VP Short Small-Cap |  |  |  | 1469 | 799 |  |
| ProFund VP Small-Cap | 2915 | 1011 |  |  |  |  |
| ProFund VP Technology |  | 46184 |  |  |  |  |
| ProFund VP UltraBull | 131623 | 200422 |  |  |  |  |
| ProFund VP UltraMid-Cap | 9079 |  |  |  | 921 |  |
| ProFund VP UltraNasdaq-100 | 730335 | 1911364 |  |  |  |  |
| ProFund VP UltraShort Dow 30 |  |  |  |  | 29 |  |
| ProFund VP UltraShort Nasdaq-100 |  |  |  |  | 2941 |  |
| ProFund VP UltraSmall-Cap | 5830 | 19208 |  |  |  |  |
| ProFund VP Utilities |  | 8779 |  |  |  |  |
| Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: |
| ProFund VP Falling U.S. Dollar |  |  | 13627 |  |  |  |
| Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: |
| ProFund Access VP High Yield |  | 110417 |  |  |  |  |
| ProFund VP Rising Rates Opportunity |  |  |  |  | 173110 |  |
| ProFund VP U.S. Government Plus |  | 93501 |  |  |  |  |

---

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

The following table presents the effect of derivative instruments on the ProFund VP's Statement of Operations, categorized by risk exposure, for the period ended June 30, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations |
| Fund Name | Net <br>Realized <br>Gains (Losses) <br>on Futures <br>Contracts | Net <br>Realized <br>Gains (Losses) <br>on Swap <br>Agreements | Net <br>Realized <br>Gains (Losses) <br>on Forward <br>Currency <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Futures <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Swap <br>Agreements | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: | Equity Risk Exposure: |
| ProFund VP Banks | $— | $5116 | $— | $— | $3307 | $— |
| ProFund VP Bear | 8334 | (255550) |  | (18972) | (23833) |  |
| ProFund VP Biotechnology |  | (117101) |  |  | 16774 |  |
| ProFund VP Bull | (66841) | 222189 |  | 159757 | 125801 |  |
| ProFund VP Communication Services |  | 14438 |  |  | 18806 |  |
| ProFund VP Consumer Discretionary |  | (42198) |  |  | 5293 |  |
| ProFund VP Consumer Staples |  | 7612 |  |  | (1670) |  |
| ProFund VP Dow 30 |  | 1004 |  |  | 6332 |  |
| ProFund VP Emerging Markets |  | 119522 |  |  | 9256 |  |
| ProFund VP Energy |  | (24915) |  |  | (33643) |  |
| ProFund VP Financials |  | 37863 |  |  | 18510 |  |
| ProFund VP Health Care |  | (31868) |  |  | 17643 |  |
| ProFund VP Industrials |  | 5742 |  |  | 13508 |  |
| ProFund VP International |  | 1607105 |  |  | 81943 |  |
| ProFund VP Internet |  | 2032 |  |  | 16119 |  |
| ProFund VP Japan | (284783) | 3386 |  | 628075 | 1507 |  |
| ProFund VP Materials |  | (7315) |  |  | 4238 |  |
| ProFund VP Mid-Cap | (152515) | (334891) |  | 117366 | 50443 |  |
| ProFund VP Nasdaq-100 | (538771) | 38321 |  | 1173552 | 631370 |  |
| ProFund VP Pharmaceuticals |  | (33145) |  |  | (1135) |  |
| ProFund VP Precious Metals |  | 12818564 |  |  | (424974) |  |

---

------

**248 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Realized Gain (Loss) on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations | Change in Net Unrealized Appreciation/<br>Depreciation on Derivatives <br>Recognized as a Result from Operations |
| Fund Name | Net <br>Realized <br>Gains (Losses) <br>on Futures <br>Contracts | Net <br>Realized <br>Gains (Losses) <br>on Swap <br>Agreements | Net <br>Realized <br>Gains (Losses) <br>on Forward <br>Currency <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Futures <br>Contracts | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Swap <br>Agreements | Change in <br>Net <br>Unrealized <br>Appreciation/<br>Depreciation <br>on Forward <br>Currency <br>Contracts |
| ProFund VP Real Estate | $— | $(448) | $— | $— | $(3042) | $— |
| ProFund VP Semiconductor |  | 2292056 |  |  | 132243 |  |
| ProFund VP Short Dow 30 |  | (233) |  |  | (104) |  |
| ProFund VP Short Emerging Markets |  | (22082) |  |  | (5795) |  |
| ProFund VP Short International |  | (231105) |  |  | (4209) |  |
| ProFund VP Short Mid-Cap |  | (12720) |  |  | (347) |  |
| ProFund VP Short Nasdaq-100 | 6190 | (277529) |  | (30784) | (44576) |  |
| ProFund VP Short Small-Cap | (3345) | (23785) |  | (10272) | (14481) |  |
| ProFund VP Small-Cap | (55483) | (53130) |  | 38125 | 24618 |  |
| ProFund VP Technology |  | (76242) |  |  | 69070 |  |
| ProFund VP UltraBull | (55375) | 616273 |  | 266323 | 803858 |  |
| ProFund VP UltraMid-Cap | (133510) | (648048) |  | 90866 | 66325 |  |
| ProFund VP UltraNasdaq-100 | (1609683) | 3111240 |  | 2162712 | 8224196 |  |
| ProFund VP UltraShort Dow 30 |  | (184) |  |  | (84) |  |
| ProFund VP UltraShort Nasdaq-100 |  | (898327) |  |  | (19888) |  |
| ProFund VP UltraSmall-Cap | (300712) | (1044495) |  | 173078 | 138895 |  |
| ProFund VP Utilities |  | 31216 |  |  | 13949 |  |
| Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: | Foreign Exchange Rate Risk Exposure: |
| ProFund VP Falling U.S. Dollar |  |  | 42198 |  |  | 21932 |
| Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: | Interest Rate Risk Exposure: |
| ProFund Access VP High Yield |  | 127304 |  |  | 73209 |  |
| ProFund VP Rising Rates Opportunity |  | 297485 |  |  | (449829) |  |
| ProFund VP U.S. Government Plus |  | (369094) |  |  | 233033 |  |

---

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds for swap agreements and forward currency contracts as of June 30, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at period end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** |
| Swap Agreements — Goldman Sachs International | $59818 | $— | $— | $59818 |
| Swap Agreements — UBS AG | 50599 |  |  | 50599 |
| **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** |
| Swap Agreements — Goldman Sachs International | 2909 |  |  | 2909 |
| **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** |
| Swap Agreements — Goldman Sachs International | (6494) | 6494 |  |  |
| Swap Agreements — UBS AG | (453) | 453 |  |  |
| **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** |
| Swap Agreements — Goldman Sachs International | 11233 |  |  | 11233 |
| **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** |
| Swap Agreements — Goldman Sachs International | 7686 |  |  | 7686 |
| Swap Agreements — UBS AG | 16967 |  |  | 16967 |
| **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** |
| Swap Agreements — Goldman Sachs International | 13279 |  |  | 13279 |
| **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** |
| Swap Agreements — Goldman Sachs International | 1036 |  |  | 1036 |

---

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 249**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** |
| Swap Agreements — Goldman Sachs International | $(2043) | $— | $2043 | $— |
| **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** |
| Swap Agreements — Goldman Sachs International | 1709 |  |  | 1709 |
| Swap Agreements — UBS AG | 419 |  |  | 419 |
| **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** |
| Swap Agreements — Goldman Sachs International | (1513) | 1513 |  |  |
| Swap Agreements — UBS AG | (1505) | 1505 |  |  |
| **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** |
| Swap Agreements — Goldman Sachs International | (28181) |  | 28181 |  |
| **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** |
| Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International | Forward Currency Contracts — Goldman Sachs International |
| Appreciation | 7387 |  |  |  |
| Depreciation |  |  |  |  |
| Net Depreciation | 7387 |  |  | 7387 |
| Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG | Forward Currency Contracts — UBS AG |
| Appreciation | 6240 |  |  |  |
| Depreciation |  |  |  |  |
| Net Depreciation | 6240 |  |  | 6240 |
| **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** |
| Swap Agreements — Goldman Sachs International | 19541 |  |  | 19541 |
| **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** |
| Swap Agreements — Goldman Sachs International | 13795 |  |  | 13795 |
| **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** |
| Swap Agreements — Goldman Sachs International | 10497 |  |  | 10497 |
| **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** |
| Swap Agreements — Goldman Sachs International | (91) | 91 |  |  |
| Swap Agreements — UBS AG | (153) | 153 |  |  |
| **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** |
| Swap Agreements — Goldman Sachs International | 10162 |  |  | 10162 |
| **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** |
| Swap Agreements — Goldman Sachs International | (1207) |  | 1207 |  |
| **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** |
| Swap Agreements — Goldman Sachs International | 1978 |  |  | 1978 |
| **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** |
| Swap Agreements — Goldman Sachs International | 282 |  |  | 282 |
| Swap Agreements — UBS AG | 410 |  |  | 410 |
| **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** |
| Swap Agreements — Goldman Sachs International | 147808 |  |  | 147808 |
| Swap Agreements — UBS AG | 40319 |  |  | 40319 |
| **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** |
| Swap Agreements — Goldman Sachs International | (3067) |  | 3067 |  |
| **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** |
| Swap Agreements — Goldman Sachs International | (389257) | 389257 |  |  |
| Swap Agreements — UBS AG | (402139) | 402139 |  |  |
| **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** |
| Swap Agreements — Goldman Sachs International | (2060) |  | 2060 |  |
| **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** |
| Swap Agreements — Citibank North America | (81123) | 81123 |  |  |
| Swap Agreements — Societe Generale | (91987) |  | 90 | (91897) |
| **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** |
| Swap Agreements — Goldman Sachs International | 74851 |  |  | 74851 |
| **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** |
| Swap Agreements — Goldman Sachs International | (11) |  | 11 |  |
| Swap Agreements — UBS AG | (30) | 30 |  |  |
| **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** |
| Swap Agreements — Goldman Sachs International | 165 |  |  | 165 |
| Swap Agreements — UBS AG | 184 |  |  | 184 |

---

------

**250 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* | Gross Amounts Not Offset in the <br>Statement of Assets and Liabilities\* |
| Fund Name | Gross <br>Asset (Liability) as <br>presented in <br>the Statement of <br>Assets and Liabilities | Financial <br>Instruments <br>(Received) <br>Pledged\*\* | Cash <br>Collateral <br>(Received) <br>Pledged\*\* | Net Amount |
| **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** |
| Swap Agreements — Goldman Sachs International | $(49) | $49 | $— | $— |
| Swap Agreements — UBS AG | (19) | 19 |  |  |
| **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** |
| Swap Agreements — Goldman Sachs International | (4) | 4 |  |  |
| Swap Agreements — UBS AG | (3) | 3 |  |  |
| **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** |
| Swap Agreements — Goldman Sachs International | (4561) | 4561 |  |  |
| Swap Agreements — UBS AG | (5743) | 5743 |  |  |
| **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** |
| Swap Agreements — Goldman Sachs International | (527) | 527 |  |  |
| Swap Agreements — UBS AG | (272) | 272 |  |  |
| **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** |
| Swap Agreements — Goldman Sachs International | 645 |  |  | 645 |
| Swap Agreements — UBS AG | 366 |  |  | 366 |
| **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** |
| Swap Agreements — Goldman Sachs International | 46184 |  |  | 46184 |
| **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** |
| Swap Agreements — Goldman Sachs International | 125756 |  |  | 125756 |
| Swap Agreements — UBS AG | 74666 |  |  | 74666 |
| **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** |
| Swap Agreements — Goldman Sachs International | (899) | 899 |  |  |
| Swap Agreements — UBS AG | (22) | 22 |  |  |
| **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** |
| Swap Agreements — Goldman Sachs International | 1045187 |  |  | 1045187 |
| Swap Agreements — UBS AG | 866177 |  |  | 866177 |
| **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** |
| Swap Agreements — Goldman Sachs International | (11) |  | 11 |  |
| Swap Agreements — UBS AG | (18) |  |  | (18) |
| **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** |
| Swap Agreements — Goldman Sachs International | (911) | 911 |  |  |
| Swap Agreements — UBS AG | (2030) | 2030 |  |  |
| **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** |
| Swap Agreements — Goldman Sachs International | 10211 |  |  | 10211 |
| Swap Agreements — UBS AG | 8997 |  |  | 8997 |
| **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** |
| Swap Agreements — Citibank North America | 53269 |  |  | 53269 |
| Swap Agreements — Societe Generale | 40232 |  |  | 40232 |
| **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** |
| Swap Agreements — Goldman Sachs International | 8779 |  |  | 8779 |

---

\* The actual financial instruments and cash collateral (received) pledged may be in excess of the amounts shown in the table. The table only reflects collateral amounts up to the amount of the financial instrument disclosed on the Statement of Assets and Liabilities.

\*\* Financial instruments and cash collateral received are not disclosed on the Statement of Assets and Liabilities because the Fund does not have effective control of the collateral.

**Securities Lending**

Each ProFund VP may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar- denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund VP lends its securities, it continues to receive payments equal to the dividends and interest

paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund VP in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund VP in connection with these loans may not be sold or pledged by the ProFund VP and, accordingly, is not reflected in the ProFund VP's assets and liabilities. The ProFunds VP may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds VP are typically compensated by the difference between the amount

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 251**

earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund VP if a material event affecting the ProFund VP's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund VP or the borrower at any time. No securities loan shall be made on behalf of a ProFund VP if, as a result, the aggregate value of all securities loaned by the particular ProFund VP exceeds one-third of the value of such ProFund VP's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund VP has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund VP would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund VP's securities as agreed, the ProFund VP may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund VP. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund VP could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund VP and any additional required collateral is delivered to the ProFund VP, or excess collateral returned by the ProFund VP, on the next business day.

The following table is a summary of the ProFunds VP securities lending transactions as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| Fund Name | Value of<br>Securities on <br>Loan | Value of<br>Cash <br>Collateral <br>Received\* |
| ProFund VP Asia 30 | $2162888 | $2264883 |
| ProFund VP Banks | 41803 | 43483 |
| ProFund VP Biotechnology | 1142151 | 1153195 |
| ProFund VP Bull | 6360 | 6286 |
| ProFund VP Communication Services | 150956 | 149201 |
| ProFund VP Emerging Markets | 3308507 | 3998532 |
| ProFund VP Europe 30 | 3427029 | 3487637 |
| ProFund VP Internet | 29949 | 29605 |
| ProFund VP Large-Cap Value | 4386 | 4335 |
| ProFund VP Mid-Cap Growth | 61756 | 62219 |
| ProFund VP Mid-Cap Value | 37756 | 37539 |
| ProFund VP Nasdaq-100 | 485 | 507 |
| ProFund VP Small-Cap | 68590 | 71394 |
| ProFund VP Small-Cap Growth | 215894 | 217229 |
| ProFund VP Small-Cap Value | 221596 | 233713 |
| ProFund VP UltraBull | 1871 | 3710 |
| ProFund VP UltraMid-Cap | 34952 | 35055 |
| ProFund VP UltraNasdaq-100 | 115159 | 120328 |
| ProFund VP UltraSmall-Cap | 84959 | 89417 |

---

\* Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loan section of the Schedule of Portfolio Investments.

**Investment Transactions and Related Income**

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or accretion of discount. Dividend income is recorded on the ex-dividend date except in the case of depositary receipts, in which case dividends are recorded as soon as such information becomes available. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash, if any, are recorded at the fair value of the securities received. Gains or losses realized on sales of securities are determined using the

specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds. Gains or losses from class action settlements are recorded when such information becomes known or can be reasonably estimated; for non-recurring class action settlements, this generally occurs with the receipt or payment of cash consistent with the terms of such settlement.

**Allocations**

Expenses directly attributable to a ProFund VP are charged to that ProFund VP, while expenses which are attributable to more than one fund in the Trust, or jointly with an affiliate, are allocated among the respective funds in the Trust and/or affiliate based upon relative net assets or another reasonable basis.

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**252 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

**Distributions to Shareholders**

Each of the ProFunds VP (except ProFund Access VP High Yield, ProFund VP Government Money Market, ProFund VP Real Estate, and ProFund VP U.S. Government Plus) intends to declare and distribute net investment income at least annually, if any. ProFund VP Government Money Market and ProFund VP U.S. Government Plus declare dividends from net investment income daily, if any, and pay dividends on a monthly basis. ProFund Access VP High Yield and ProFund VP Real Estate declare and pay dividends from net investment income quarterly, if any. Net realized capital gains, if any, will be distributed annually.

The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., passive foreign investment company ("PFIC") sales, return of capital, net operating loss, and distribution reclassification), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., PFIC mark-to-market, corporate actions, wash sales and mark-to-market on derivative instruments) do not require a reclassification. The ProFunds VP may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. For ProFund Access VP High Yield, distributions which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net investment income or net realized gains. To the extent they exceed net investment income and net realized capital gains for tax purposes, they are reported as distribution of capital.

**Federal Income Taxes**

Each of the ProFunds VP intends to continue to qualify each year as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended. A RIC generally is not subject to federal income tax on income and gains distributed in a timely manner to its shareholders. The ProFunds VP intend to make timely distributions in order to avoid tax liability. Accordingly, no provision for federal income taxes is required in the financial statements. The ProFunds VP have a calendar tax year end.

Management of the ProFunds VP has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then, as applicable). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken and the ProFunds VP are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

**Other**

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as "Fees paid indirectly."

**3. Investment Valuation Summary**

Pursuant to Rule 2a-5 (the "Rule"), the Trust's Board of Trustees designated the Advisor the "Valuation Designee" as contemplated by the Rule. The Valuation Designee is responsible for assessing and managing valuation risks, administering the pricing and valuation guidelines approved by the Board of Trustees, and overseeing pricing services utilized in valuing the Trust's security holdings, among other responsibilities outlined in the Rule. When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with the pricing and valuation guidelines. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund VP's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund VP could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund VP may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy, as described below.

The valuation techniques employed by the ProFunds VP, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds VP (observable inputs) and the ProFunds' VP own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' VP investments are summarized in the three broad levels listed below:

• **Level 1**–quoted prices in active markets for identical assets

**• Level 2**–other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)

**• Level 3**–significant unobservable inputs (including the ProFunds' VP own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 253**

Security prices are generally valued at their market value using information provided by a third-party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market ProFund VP, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described above.

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described above may be applied.

For the period ended June 30, 2025, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value, nor were there any transfers in or out of Level 3 investments for the year.

A summary of the valuations as of June 30, 2025, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund VP:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** | **ProFund Access VP High Yield** |
| Repurchase Agreements | $— | $— | $12203000 | $— | $12203000 | $— |
| Swap Agreements |  |  |  | 110417 |  | 110417 |
| Total | $— | $— | $12203000 | $110417 | $12203000 | $110417 |
| **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** | **ProFund VP Asia 30** |
| Common Stocks | $18576654 | $— | $— | $— | $18576654 | $— |
| Collateral for Securities Loaned | 2264883 |  |  |  | 2264883 |  |
| Total | $20841537 | $— | $— | $— | $20841537 | $— |
| **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** | **ProFund VP Banks** |
| Common Stocks | $4256793 | $— | $— | $— | $4256793 | $— |
| Repurchase Agreements |  |  | 93000 |  | 93000 |  |
| Collateral for Securities Loaned | 43483 |  |  |  | 43483 |  |
| Swap Agreements |  |  |  | 2909 |  | 2909 |
| Total | $4300276 | $— | $93000 | $2909 | $4393276 | $2909 |
| **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** | **ProFund VP Bear** |
| Repurchase Agreements | $— | $— | $1729000 | $— | $1729000 | $— |
| Futures Contracts |  | (7749) |  |  |  | (7749) |
| Swap Agreements |  |  |  | (6947) |  | (6947) |
| Total | $— | $(7749) | $1729000 | $(6947) | $1729000 | $(14696) |
| **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** | **ProFund VP Biotechnology** |
| Common Stocks | $28766796 | $— | $— | $— | $28766796 | $— |
| Repurchase Agreements |  |  | 274000 |  | 274000 |  |
| Collateral for Securities Loaned | 1153195 |  |  |  | 1153195 |  |
| Swap Agreements |  |  |  | 11233 |  | 11233 |
| Total | $29919991 | $— | $274000 | $11233 | $30193991 | $11233 |

---

------

**254 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** | **ProFund VP Bull** |
| Common Stocks | $45526358 | $— | $— | $— | $45526358 | $— |
| Repurchase Agreements |  |  | 7772000 |  | 7772000 |  |
| Collateral for Securities Loaned | 6286 |  |  |  | 6286 |  |
| Futures Contracts |  | 69957 |  |  |  | 69957 |
| Swap Agreements |  |  |  | 24653 |  | 24653 |
| Total | $45532644 | $69957 | $7772000 | $24653 | $53304644 | $94610 |
| **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** | **ProFund VP Communication Services** |
| Common Stocks | $14707479 | $— | $— | $— | $14707479 | $— |
| Repurchase Agreements |  |  | 196000 |  | 196000 |  |
| Collateral for Securities Loaned | 149201 |  |  |  | 149201 |  |
| Swap Agreements |  |  |  | 13279 |  | 13279 |
| Total | $14856680 | $— | $196000 | $13279 | $15052680 | $13279 |
| **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** | **ProFund VP Consumer Discretionary** |
| Common Stocks | $19441679 | $— | $— | $— | $19441679 | $— |
| Repurchase Agreements |  |  | 359000 |  | 359000 |  |
| Swap Agreements |  |  |  | 1036 |  | 1036 |
| Total | $19441679 | $— | $359000 | $1036 | $19800679 | $1036 |
| **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** | **ProFund VP Consumer Staples** |
| Common Stocks | $10229192 | $— | $— | $— | $10229192 | $— |
| Repurchase Agreements |  |  | 157000 |  | 157000 |  |
| Swap Agreements |  |  |  | (2043) |  | (2043) |
| Total | $10229192 | $— | $157000 | $(2043) | $10386192 | $(2043) |
| **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** | **ProFund VP Dow 30** |
| Repurchase Agreements | $— | $— | $364000 | $— | $364000 | $— |
| Swap Agreements |  |  |  | 2128 |  | 2128 |
| Total | $— | $— | $364000 | $2128 | $364000 | $2128 |
| **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** | **ProFund VP Emerging Markets** |
| Common Stocks | $27228049 | $— | $— | $— | $27228049 | $— |
| Preferred Stocks | 423518 |  |  |  | 423518 |  |
| Repurchase Agreements |  |  | 331000 |  | 331000 |  |
| Collateral for Securities Loaned | 3998532 |  |  |  | 3998532 |  |
| Swap Agreements |  |  |  | (3018) |  | (3018) |
| Total | $31650099 | $— | $331000 | $(3018) | $31981099 | $(3018) |
| **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** | **ProFund VP Energy** |
| Common Stocks | $31903389 | $— | $— | $— | $31903389 | $— |
| Repurchase Agreements |  |  | 818000 |  | 818000 |  |
| Swap Agreements |  |  |  | (28181) |  | (28181) |
| Total | $31903389 | $— | $818000 | $(28181) | $32721389 | $(28181) |
| **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** | **ProFund VP Europe 30** |
| Common Stocks | $19616903 | $— | $— | $— | $19616903 | $— |
| Collateral for Securities Loaned | 3487637 |  |  |  | 3487637 |  |
| Total | $23104540 | $— | $— | $— | $23104540 | $— |
| **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** | **ProFund VP Falling U.S. Dollar** |
| Repurchase Agreements | $— | $— | $694000 | $— | $694000 | $— |
| Forward Currency Contracts |  |  | 13627 |  | 13627 |  |
| Total | $— | $— | $707627 | $— | $707627 | $— |
| **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** | **ProFund VP Financials** |
| Common Stocks | $35317232 | $— | $— | $— | $35317232 | $— |
| Repurchase Agreements |  |  | 368000 |  | 368000 |  |
| Swap Agreements |  |  |  | 19541 |  | 19541 |
| Total | $35317232 | $— | $368000 | $19541 | $35685232 | $19541 |

---

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 255**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** | **ProFund VP Government Money Market** |
| U.S. Treasury Obligations | $— | $— | $13985613 | $— | $13985613 | $— |
| Repurchase Agreements |  |  | 14270000 |  | 14270000 |  |
| Total | $— | $— | $28255613 | $— | $28255613 | $— |
| **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** | **ProFund VP Health Care** |
| Common Stocks | $29988734 | $— | $— | $— | $29988734 | $— |
| Repurchase Agreements |  |  | 572000 |  | 572000 |  |
| Swap Agreements |  |  |  | 13795 |  | 13795 |
| Total | $29988734 | $— | $572000 | $13795 | $30560734 | $13795 |
| **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** | **ProFund VP Industrials** |
| Common Stocks | $19087589 | $— | $— | $— | $19087589 | $— |
| Repurchase Agreements |  |  | 440000 |  | 440000 |  |
| Swap Agreements |  |  |  | 10497 |  | 10497 |
| Total | $19087589 | $— | $440000 | $10497 | $19527589 | $10497 |
| **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** | **ProFund VP International** |
| Repurchase Agreements | $— | $— | $12686000 | $— | $12686000 | $— |
| Swap Agreements |  |  |  | (244) |  | (244) |
| Total | $— | $— | $12686000 | $(244) | $12686000 | $(244) |
| **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** | **ProFund VP Internet** |
| Common Stocks | $14803182 | $— | $— | $— | $14803182 | $— |
| Repurchase Agreements |  |  | 356000 |  | 356000 |  |
| Collateral for Securities Loaned | 29605 |  |  |  | 29605 |  |
| Swap Agreements |  |  |  | 10162 |  | 10162 |
| Total | $14832787 | $— | $356000 | $10162 | $15188787 | $10162 |
| **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** | **ProFund VP Japan** |
| Repurchase Agreements | $— | $— | $12636000 | $— | $12636000 | $— |
| Futures Contracts |  | 622875 |  |  |  | 622875 |
| Swap Agreements |  |  |  | (1207) |  | (1207) |
| Total | $— | $622875 | $12636000 | $(1207) | $12636000 | $621668 |
| **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** | **ProFund VP Large-Cap Growth** |
| Common Stocks | $35175664 | $— | $— | $— | $35175664 | $— |
| Repurchase Agreements |  |  | 160000 |  | 160000 |  |
| Total | $35175664 | $— | $160000 | $— | $35335664 | $— |
| **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** | **ProFund VP Large-Cap Value** |
| Common Stocks | $14641264 | $— | $— | $— | $14641264 | $— |
| Repurchase Agreements |  |  | 49000 |  | 49000 |  |
| Collateral for Securities Loaned | 4335 |  |  |  | 4335 |  |
| Total | $14645599 | $— | $49000 | $— | $14694599 | $— |
| **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** | **ProFund VP Materials** |
| Common Stocks | $11313848 | $— | $— | $— | $11313848 | $— |
| Repurchase Agreements |  |  | 259000 |  | 259000 |  |
| Swap Agreements |  |  |  | 1978 |  | 1978 |
| Total | $11313848 | $— | $259000 | $1978 | $11572848 | $1978 |
| **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** | **ProFund VP Mid-Cap** |
| Repurchase Agreements | $— | $— | $10335000 | $— | $10335000 | $— |
| Futures Contracts |  | 15132 |  |  |  | 15132 |
| Swap Agreements |  |  |  | 692 |  | 692 |
| Total | $— | $15132 | $10335000 | $692 | $10335000 | $15824 |

---

------

**256 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** | **ProFund VP Mid-Cap Growth** |
| Common Stocks | $13955120 | $— | $— | $— | $13955120 | $— |
| Repurchase Agreements |  |  | 51000 |  | 51000 |  |
| Collateral for Securities Loaned | 62219 |  |  |  | 62219 |  |
| Total | $14017339 | $— | $51000 | $— | $14068339 | $— |
| **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** | **ProFund VP Mid-Cap Value** |
| Common Stocks | $9861425 | $— | $— | $— | $9861425 | $— |
| Repurchase Agreements |  |  | 51000 |  | 51000 |  |
| Collateral for Securities Loaned | 37539 |  |  |  | 37539 |  |
| Total | $9898964 | $— | $51000 | $— | $9949964 | $— |
| **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** | **ProFund VP Nasdaq-100** |
| Common Stocks | $116368978 | $— | $— | $— | $116368978 | $— |
| Repurchase Agreements |  |  | 42855000 |  | 42855000 |  |
| Collateral for Securities Loaned | 507 |  |  |  | 507 |  |
| Futures Contracts |  | 421347 |  |  |  | 421347 |
| Swap Agreements |  |  |  | 188127 |  | 188127 |
| Total | $116369485 | $421347 | $42855000 | $188127 | $159224485 | $609474 |
| **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** | **ProFund VP Pharmaceuticals** |
| Common Stocks | $7545662 | $— | $— | $— | $7545662 | $— |
| Repurchase Agreements |  |  | 111000 |  | 111000 |  |
| Swap Agreements |  |  |  | (3067) |  | (3067) |
| Total | $7545662 | $— | $111000 | $(3067) | $7656662 | $(3067) |
| **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** | **ProFund VP Precious Metals** |
| Repurchase Agreements | $— | $— | $43190000 | $— | $43190000 | $— |
| Swap Agreements |  |  |  | (791396) |  | (791396) |
| Total | $— | $— | $43190000 | $(791396) | $43190000 | $(791396) |
| **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** | **ProFund VP Real Estate** |
| Common Stocks | $4806811 | $— | $— | $— | $4806811 | $— |
| Repurchase Agreements |  |  | 55000 |  | 55000 |  |
| Swap Agreements |  |  |  | (2060) |  | (2060) |
| Total | $4806811 | $— | $55000 | $(2060) | $4861811 | $(2060) |
| **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** | **ProFund VP Rising Rates Opportunity** |
| Repurchase Agreements | $— | $— | $7276000 | $— | $7276000 | $— |
| Swap Agreements |  |  |  | (173110) |  | (173110) |
| Total | $— | $— | $7276000 | $(173110) | $7276000 | $(173110) |
| **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** | **ProFund VP Semiconductor** |
| Common Stocks | $25678244 | $— | $— | $— | $25678244 | $— |
| Repurchase Agreements |  |  | 1163000 |  | 1163000 |  |
| Swap Agreements |  |  |  | 74851 |  | 74851 |
| Total | $25678244 | $— | $1163000 | $74851 | $26841244 | $74851 |
| **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** | **ProFund VP Short Dow 30** |
| Repurchase Agreements | $— | $— | $6000 | $— | $6000 | $— |
| Swap Agreements |  |  |  | (41) |  | (41) |
| Total | $— | $— | $6000 | $(41) | $6000 | $(41) |
| **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** | **ProFund VP Short Emerging Markets** |
| Repurchase Agreements | $— | $— | $295000 | $— | $295000 | $— |
| Swap Agreements |  |  |  | 349 |  | 349 |
| Total | $— | $— | $295000 | $349 | $295000 | $349 |
| **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** | **ProFund VP Short International** |
| Repurchase Agreements | $— | $— | $2080000 | $— | $2080000 | $— |
| Swap Agreements |  |  |  | (68) |  | (68) |
| Total | $— | $— | $2080000 | $(68) | $2080000 | $(68) |

---

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 257**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** | **ProFund VP Short Mid-Cap** |
| Repurchase Agreements | $— | $— | $56000 | $— | $56000 | $— |
| Swap Agreements |  |  |  | (7) |  | (7) |
| Total | $— | $— | $56000 | $(7) | $56000 | $(7) |
| **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** | **ProFund VP Short Nasdaq-100** |
| Repurchase Agreements | $— | $— | $2082000 | $— | $2082000 | $— |
| Futures Contracts |  | (14057) |  |  |  | (14057) |
| Swap Agreements |  |  |  | (10304) |  | (10304) |
| Total | $— | $(14057) | $2082000 | $(10304) | $2082000 | $(24361) |
| **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** | **ProFund VP Short Small-Cap** |
| Repurchase Agreements | $— | $— | $814000 | $— | $814000 | $— |
| Futures Contracts |  | (1469) |  |  |  | (1469) |
| Swap Agreements |  |  |  | (799) |  | (799) |
| Total | $— | $(1469) | $814000 | $(799) | $814000 | $(2268) |
| **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** | **ProFund VP Small-Cap** |
| Common Stocks | $5810922 | $— | $— | $— | $5810922 | $— |
| Rights\* |  |  |  |  |  |  |
| Trust\* |  |  |  |  |  |  |
| Repurchase Agreements |  |  | 1172000 |  | 1172000 |  |
| Collateral for Securities Loaned | 71394 |  |  |  | 71394 |  |
| Futures Contracts |  | 2915 |  |  |  | 2915 |
| Swap Agreements |  |  |  | 1011 |  | 1011 |
| Total | $5882316 | $2915 | $1172000 | $1011 | $7054316 | $3926 |
| **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** | **ProFund VP Small-Cap Growth** |
| Common Stocks | $15756930 | $— | $— | $— | $15756930 | $— |
| Repurchase Agreements |  |  | 31000 |  | 31000 |  |
| Collateral for Securities Loaned | 217229 |  |  |  | 217229 |  |
| Total | $15974159 | $— | $31000 | $— | $16005159 | $— |
| **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** | **ProFund VP Small-Cap Value** |
| Common Stocks | $14015211 | $— | $— | $— | $14015211 | $— |
| Repurchase Agreements |  |  | 15000 |  | 15000 |  |
| Collateral for Securities Loaned | 233713 |  |  |  | 233713 |  |
| Total | $14248924 | $— | $15000 | $— | $14263924 | $— |
| **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** | **ProFund VP Technology** |
| Common Stocks | $53794699 | $— | $— | $— | $53794699 | $— |
| Repurchase Agreements |  |  | 528000 |  | 528000 |  |
| Swap Agreements |  |  |  | 46184 |  | 46184 |
| Total | $53794699 | $— | $528000 | $46184 | $54322699 | $46184 |
| **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** | **ProFund VP UltraBull** |
| Common Stocks | $12846965 | $— | $— | $— | $12846965 | $— |
| Repurchase Agreements |  |  | 10415000 |  | 10415000 |  |
| Collateral for Securities Loaned | 3710 |  |  |  | 3710 |  |
| Futures Contracts |  | 131623 |  |  |  | 131623 |
| Swap Agreements |  |  |  | 200422 |  | 200422 |
| Total | $12850675 | $131623 | $10415000 | $200422 | $23265675 | $332045 |
| **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** | **ProFund VP UltraMid-Cap** |
| Common Stocks | $6051697 | $— | $— | $— | $6051697 | $— |
| Repurchase Agreements |  |  | 3033000 |  | 3033000 |  |
| Collateral for Securities Loaned | 35055 |  |  |  | 35055 |  |
| Futures Contracts |  | 9079 |  |  |  | 9079 |
| Swap Agreements |  |  |  | (921) |  | (921) |
| Total | $6086752 | $9079 | $3033000 | $(921) | $9119752 | $8158 |

---

------

**258 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | LEVEL 1 - Quoted Prices | LEVEL 1 - Quoted Prices | LEVEL 2 - Other Significant<br>Observable Inputs | LEVEL 2 - Other Significant<br>Observable Inputs | Total | Total |
| Fund Name | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ | Investment<br>Securities | Other Financial<br>Instruments^ |
| **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** | **ProFund VP UltraNasdaq-100** |
| Common Stocks | $188510381 | $— | $— | $— | $188510381 | $— |
| Repurchase Agreements |  |  | 72991000 |  | 72991000 |  |
| Collateral for Securities Loaned | 120328 |  |  |  | 120328 |  |
| Futures Contracts |  | 730335 |  |  |  | 730335 |
| Swap Agreements |  |  |  | 1911364 |  | 1911364 |
| Total | $188630709 | $730335 | $72991000 | $1911364 | $261621709 | $2641699 |
| **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** | **ProFund VP UltraShort Dow 30** |
| Repurchase Agreements | $— | $— | $1000 | $— | $1000 | $— |
| Swap Agreements |  |  |  | (29) |  | (29) |
| Total | $— | $— | $1000 | $(29) | $1000 | $(29) |
| **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** | **ProFund VP UltraShort Nasdaq-100** |
| Repurchase Agreements | $— | $— | $242000 | $— | $242000 | $— |
| Swap Agreements |  |  |  | (2941) |  | (2941) |
| Total | $— | $— | $242000 | $(2941) | $242000 | $(2941) |
| **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** | **ProFund VP UltraSmall-Cap** |
| Common Stocks | $8874128 | $— | $— | $— | $8874128 | $— |
| Rights\* |  |  |  |  |  |  |
| Trust\* |  |  |  |  |  |  |
| Repurchase Agreements |  |  | 3915000 |  | 3915000 |  |
| Collateral for Securities Loaned | 89417 |  |  |  | 89417 |  |
| Futures Contracts |  | 5830 |  |  |  | 5830 |
| Swap Agreements |  |  |  | 19208 |  | 19208 |
| Total | $8963545 | $5830 | $3915000 | $19208 | $12878545 | $25038 |
| **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** | **ProFund VP U.S. Government Plus** |
| U.S. Treasury Obligations | $— | $— | $2724588 | $— | $2724588 | $— |
| Repurchase Agreements |  |  | 3287000 |  | 3287000 |  |
| Swap Agreements |  |  |  | 93501 |  | 93501 |
| Total | $— | $— | $6011588 | $93501 | $6011588 | $93501 |
| **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** | **ProFund VP Utilities** |
| Common Stocks | $49741719 | $— | $— | $— | $49741719 | $— |
| Repurchase Agreements |  |  | 1000000 |  | 1000000 |  |
| Swap Agreements |  |  |  | 8779 |  | 8779 |
| Total | $49741719 | $— | $1000000 | $8779 | $50741719 | $8779 |

---

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

\* Cartesian Therapeutics, Inc., Chinook Therapeutics, and Ferroglobe Representation and Warranty Insurance were each valued at $0 and categorized as Level 2 within the fair value hierarchy.

**4. Fees and Transactions with Affiliates and Other Parties**

The ProFunds VP have entered into an Investment Advisory Agreement with the Advisor. Under this agreement, the ProFunds VP (excluding ProFund VP U.S. Government Plus) each pay the Advisor a fee at an annualized rate of 0.75% of the average daily net assets of each respective ProFund VP. The ProFund VP U.S. Government Plus pays the Advisor a fee at an annualized rate of 0.50% of its average daily net assets.

In addition, subject to the condition that the aggregate daily net assets of the Trust be equal to or greater than $10 billion, the Advisor has agreed to the following fee reductions with respect to each individual ProFund VP: 0.025% of the ProFund VP's daily net assets in excess of $500 million to $1 billion, 0.05% of the

ProFund VP's daily net assets in excess of $1 billion to $2 billion, and 0.075% of the ProFund VP's net assets in excess of $2 billion. During the period ended June 30, 2025, no Fund's annual investment advisory fee was subject to such reductions.

Ultimus Fund Solutions, LLC ("Ultimus") acts as the Trust's administrator (the "Administrator") and fund accounting agent. The Trust pays Ultimus for its services as Administrator and fund accounting agent, an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.0075% to 0.08%, and an annual base fee. Administration and fund accounting fees also include additional fees paid to Ultimus by the Trust for additional services provided, including support of the Trust's compliance program. Additionally, Ultimus provides legal administration services to the Trust pursuant to a separate agreement. The Trust pays

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 259**

Ultimus a monthly fee for its services as Legal Administrator. Fees paid for the period ended June 30, 2025, to Ultimus by the ProFund VPs for administrator and fund accounting services, are reflected on the Statements of Operations as "Administration and fund accounting fees".

FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, service charges, fees based on the number of VP Funds, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund VP may pay financial intermediaries such as broker-dealers, insurance companies and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets as compensation for the distribution-related activities and/or shareholder services.

Distribution Fees were suspended throughout the period ended June 30, 2025, for ProFund VP Government Money Market to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to 0.25% of its average daily net assets, the Distribution Fees would have been $35,930 for the period ended June 30, 2025. The Distributor may reinstate all or a portion of the Distribution Fees for ProFund VP Government Money Market at any time.

The Advisor, pursuant to a separate Management Services Agreement, performs certain client support services and other administrative services on behalf of the ProFunds VP. For these services, each ProFund VP pays the Advisor a fee at the annual rate of 0.10% of its average daily net assets.

The Trust, on behalf of the ProFunds VP, has entered into an administrative services agreement with certain insurance companies, pursuant to which the insurance companies will provide administrative services with respect to the ProFunds VP. For these services, the ProFunds VP may pay the insurance companies administrative services fees, a monthly/quarterly fee equal on an annual basis of up to 0.35% of their average daily net assets as reflected on the Statement of Operations as "Administrative services fees." Throughout the period ended June 30, 2025, the administrative services fees of ProFund VP Government Money Market were suspended to maintain a more competitive net yield. If ProFund VP Government Money Market had paid an amount equal to the full amount per the administrative services agreements, the administrative services fees would have been $35,280 for the period ended June 30, 2025. All or a portion of the Administrative services fees of ProFund VP Government Money Market may be reinstated at any time.

Certain Officers and a Trustee of the Trust are affiliated with the Advisor or the Administrator. Except as noted below with respect to the Trust's Chief Compliance Officer, such Officers and Trustee receive no compensation from the ProFunds VP for serving in their respective roles. The Trust, together with affiliated Trusts, pays each Independent Trustee compensation for their services at an annual rate of $325,000, inclusive of all meetings. During the period ended June 30, 2025, actual Trustee compensation was $487,500 in aggregate from the Trust and affiliated trusts. There are certain employees of the Advisor, such as the Trust's Chief Compliance Officer and staff who administer the Trust's compliance program, in which the ProFunds VP reimburse the Advisor for their related compensation and certain other expenses incurred as reflected on the Statement of Operations as "Compliance services fees."

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds VP in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) to an annualized rate of 0.90% of the average daily net assets of ProFund VP Government Money Market, 1.38% of the average daily net assets of ProFund VP U.S. Government Plus and 1.68% of the average daily net assets of each other ProFund VP. For the non-money market ProFunds VP, these expense limitations remain in effect until at least April 30, 2026.

Amounts waived under the contractual expense limitation agreement are allocated proportionally as waivers of advisory and management services fees, to the extent of these fees as reflected on the Statements of Operations. During the year, the allocation of expenses reduced and reimbursed by the Advisor between advisory and management services fees, and if necessary, reimbursement of other expenses was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Expenses<br>reduced and<br>reimbursed by<br>the Advisor | Waivers of<br>advisory fees | Waivers of<br>management<br>services fees | Reimbursements of<br>other expenses |
| ProFund VP Asia 30 | $(9069) | $(8002) | $(1067) | $— |
| ProFund VP Banks | (1140) | (1006) | (134) |  |
| ProFund VP Bear | (516) | (455) | (61) |  |
| ProFund VP Bull | (2578) | (2275) | (303) |  |
| ProFund VP Communication Services | (1190) | (1050) | (140) |  |
| ProFund VP Consumer Discretionary | (1928) | (1701) | (227) |  |
| ProFund VP Consumer Staples | (1318) | (1163) | (155) |  |
| ProFund VP Emerging Markets | (8716) | (7691) | (1025) |  |
| ProFund VP Energy | (1426) | (1258) | (168) |  |
| ProFund VP Europe 30 | (5090) | (4491) | (599) |  |
| ProFund VP Falling U.S. Dollar | (3599) | (2364) | (315) | (920) |
| ProFund VP Government Money Market | (41840) | (36918) | (4922) |  |
| ProFund VP Health Care | (3023) | (2667) | (356) |  |

---

------

**260 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Expenses<br>reduced and<br>reimbursed by<br>the Advisor | Waivers of<br>advisory fees | Waivers of<br>management<br>services fees | Reimbursements of<br>other expenses |
| ProFund VP Industrials | $(1713) | $(1511) | $(202) | $— |
| ProFund VP Internet | (760) | (671) | (89) |  |
| ProFund VP Large-Cap Growth | (7209) | (6361) | (848) |  |
| ProFund VP Large-Cap Value | (3240) | (2859) | (381) |  |
| ProFund VP Materials | (793) | (700) | (93) |  |
| ProFund VP Mid-Cap | (171) | (151) | (20) |  |
| ProFund VP Mid-Cap Growth | (5624) | (4962) | (662) |  |
| ProFund VP Mid-Cap Value | (4498) | (3969) | (529) |  |
| ProFund VP Nasdaq-100 | (18127) | (15994) | (2133) |  |
| ProFund VP Pharmaceuticals | (734) | (648) | (86) |  |
| ProFund VP Precious Metals | (2030) | (1791) | (239) |  |
| ProFund VP Real Estate | (2224) | (1962) | (262) |  |
| ProFund VP Semiconductor | (1196) | (1055) | (141) |  |
| ProFund VP Short Emerging Markets | (27) | (24) | (3) |  |
| ProFund VP Short Mid-Cap | (10) | (9) | (1) |  |
| ProFund VP Short Nasdaq-100 | (419) | (370) | (49) |  |
| ProFund VP Short Small-Cap | (380) | (335) | (45) |  |
| ProFund VP Small-Cap | (7208) | (6360) | (848) |  |
| ProFund VP Small-Cap Growth | (1675) | (1478) | (197) |  |
| ProFund VP Small-Cap Value | (2119) | (1870) | (249) |  |
| ProFund VP UltraBull | (2288) | (2019) | (269) |  |
| ProFund VP UltraMid-Cap | (1754) | (1548) | (206) |  |
| ProFund VP UltraNasdaq-100 | (41570) | (36679) | (4891) |  |
| ProFund VP UltraShort Nasdaq-100 | (614) | (542) | (72) |  |
| ProFund VP UltraSmall-Cap | (7863) | (6938) | (925) |  |
| ProFund VP U.S. Government Plus | (3000) | (2500) | (500) |  |
| ProFund VP Utilities | (4506) | (3976) | (530) |  |

---

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." These amounts are allocated proportionally as recoupments of advisory and management services fees, respectively, as shown in the table below.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Recoupment of<br>prior expenses<br>reduced by<br>the Advisor | Recoupment<br>allocated to<br>advisory fees | Recoupment<br>allocated to<br>management<br>services fees |
| ProFund Access VP High Yield | $974 | $859 | $115 |
| ProFund VP Communication Services | 3179 | 2805 | 374 |
| ProFund VP Consumer Discretionary | 5883 | 5191 | 692 |
| ProFund VP Consumer Staples | 4407 | 3889 | 518 |
| ProFund VP Energy | 12280 | 10835 | 1445 |
| ProFund VP Financials | 3996 | 3526 | 470 |
| ProFund VP Health Care | 12180 | 10747 | 1433 |
| ProFund VP Internet | 3437 | 3033 | 404 |
| ProFund VP Japan | 1184 | 1045 | 139 |
| ProFund VP Materials | 2810 | 2479 | 331 |
| ProFund VP Precious Metals | 475 | 419 | 56 |
| ProFund VP Short Dow 30 | 1 | 1 |  |
| ProFund VP Short Emerging Markets | 38 | 34 | 4 |
| ProFund VP Short International | 16 | 14 | 2 |
| ProFund VP Short Nasdaq-100 | 1167 | 1030 | 137 |
| ProFund VP Small-Cap Growth | 6639 | 5858 | 781 |
| ProFund VP Small-Cap Value | 6905 | 6093 | 812 |
| ProFund VP UltraShort Dow 30 | 5 | 4 | 1 |
| ProFund VP UltraShort Nasdaq-100 | 1904 | 1680 | 224 |
| ProFund VP U.S. Government Plus | 2386 | 1988 | 398 |

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------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 261**

As of June 30, 2025, the recoupments that may potentially be made by the ProFunds VP are shown in the table below. As of June 30, 2025, no commitment or contingent liability is expected:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Expires<br>4/30/26 | Expires<br>4/30/27 | Expires<br>4/30/28 | Expires<br>4/30/29 | Total |
| ProFund Access VP High Yield | $3223 | $2316 | $— | $— | $5539 |
| ProFund VP Asia 30 | 15415 | 25206 | 22715 | 3606 | 66942 |
| ProFund VP Banks | 6886 | 4317 | 3111 | 466 | 14314 |
| ProFund VP Bear | 565 | 1200 | 829 | 313 | 2594 |
| ProFund VP Bull | 21942 | 34434 | 5741 | 1635 | 62117 |
| ProFund VP Communication Services | 3195 | 7684 |  | 1190 | 10879 |
| ProFund VP Consumer Discretionary | 6182 | 21213 |  | 1928 | 27395 |
| ProFund VP Consumer Staples | 7736 | 12311 |  | 1318 | 20047 |
| ProFund VP Emerging Markets | 25649 | 28104 | 21265 | 2129 | 75018 |
| ProFund VP Energy | 23266 | 29540 |  | 1426 | 52806 |
| ProFund VP Europe 30 | 15452 | 11637 | 16835 | 723 | 43924 |
| ProFund VP Falling U.S. Dollar | 4514 | 12693 | 7152 | 910 | 24359 |
| ProFund VP Financials | 15820 | 19042 |  |  | 34862 |
| ProFund VP Government Money Market |  | 81574 | 69853 | 15665 | 151427 |
| ProFund VP Health Care | 9366 | 20257 |  | 3023 | 29623 |
| ProFund VP Industrials | 4461 | 15135 | 5989 | 412 | 25585 |
| ProFund VP International | 5551 | 548 | 1464 |  | 7563 |
| ProFund VP Internet | 3370 | 8967 |  | 760 | 12337 |
| ProFund VP Japan | 1092 | 4677 |  |  | 5769 |
| ProFund VP Large-Cap Growth | 12667 | 21702 | 17711 | 3367 | 52080 |
| ProFund VP Large-Cap Value | 10632 | 15437 | 13155 | 1669 | 39224 |
| ProFund VP Materials | 6866 | 12928 |  | 793 | 19794 |
| ProFund VP Mid-Cap | 5489 | 5855 | 602 | 171 | 11946 |
| ProFund VP Mid-Cap Growth | 12813 | 18465 | 15244 | 2347 | 46522 |
| ProFund VP Mid-Cap Value | 10985 | 14821 | 12133 | 2160 | 37939 |
| ProFund VP Nasdaq-100 | 65747 | 81574 | 61717 | 12003 | 209038 |
| ProFund VP Pharmaceuticals | 6166 | 8879 | 1741 | 400 | 16786 |
| ProFund VP Precious Metals | 12968 | 18972 | 6453 | 2030 | 38393 |
| ProFund VP Real Estate | 2821 | 8241 | 4939 | 770 | 16001 |
| ProFund VP Semiconductor |  |  | 8861 |  | 8861 |
| ProFund VP Short Emerging Markets | 560 | 478 |  | 27 | 1038 |
| ProFund VP Short International | 328 |  |  |  | 328 |
| ProFund VP Short Mid-Cap | 178 | 147 | 56 | 2 | 381 |
| ProFund VP Short Nasdaq-100 | 6338 | 4372 |  | 419 | 10710 |
| ProFund VP Short Small-Cap | 3055 | 4004 | 1226 | 190 | 8285 |
| ProFund VP Small-Cap | 18514 | 20201 | 16853 | 2999 | 55568 |
| ProFund VP Small-Cap Growth | 2546 | 14265 |  | 1675 | 16811 |
| ProFund VP Small-Cap Value | 5595 | 16930 |  | 2119 | 22525 |
| ProFund VP UltraBull | 1022 | 6763 | 8379 |  | 16164 |
| ProFund VP UltraMid-Cap | 3796 | 12122 | 6981 | 815 | 22899 |
| ProFund VP UltraNasdaq-100 | 136878 | 142350 | 158394 | 17608 | 437622 |
| ProFund VP UltraShort Nasdaq-100 | 2908 | 1846 |  | 614 | 4754 |
| ProFund VP UltraSmall-Cap | 31072 | 28036 | 23765 | 4355 | 82873 |
| ProFund VP U.S. Government Plus | 5622 | 7199 |  | 3000 | 12821 |
| ProFund VP Utilities | 18146 | 32709 | 7351 | 1099 | 58206 |

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The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of ProFund VP Government Money Market through April 30, 2026, to the extent necessary to maintain a certain minimum net yield as determined by the Advisor.

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the minimum yield limit period in which they were taken. Such recoupments shall be made monthly, but only to the extent that such recoupments would not cause the ProFund VP Government Money Market's net yield to fall below the highest previously determined minimum yield, and such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of June 30, 2025, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:

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| | | |
|:---|:---|:---|
| Fund Name | Expires<br>4/30/26 | Total |
| ProFund VP Government Money Market | $28512 | $28512 |

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**262 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

**5. Securities Transactions**

The cost of security purchases and the proceeds from the sale of securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
| ProFund VP Asia 30 | $20663740 | $20023265 |
| ProFund VP Banks | 6505190 | 6934728 |
| ProFund VP Biotechnology | 39452918 | 43668063 |
| ProFund VP Bull | 36318662 | 42133062 |
| ProFund VP Communication Services | 25293470 | 24400742 |
| ProFund VP Consumer Discretionary | 12150870 | 17787379 |
| ProFund VP Consumer Staples | 10740734 | 10480038 |
| ProFund VP Emerging Markets | 162973917 | 156167795 |
| ProFund VP Energy | 276034441 | 281946901 |
| ProFund VP Europe 30 | 15051395 | 8396569 |
| ProFund VP Financials | 54467594 | 55802370 |
| ProFund VP Health Care | 142863216 | 144064694 |
| ProFund VP Industrials | 14679075 | 14087694 |
| ProFund VP Internet | 3875114 | 3928096 |
| ProFund VP Large-Cap Growth | 18381061 | 19786910 |
| ProFund VP Large-Cap Value | 11444469 | 13666116 |
| ProFund VP Materials | 35042214 | 35699750 |
| ProFund VP Mid-Cap Growth | 5699281 | 4770516 |
| ProFund VP Mid-Cap Value | 6469126 | 6835211 |
| ProFund VP Nasdaq-100 | 1663926 | 16747434 |
| ProFund VP Pharmaceuticals | 2991177 | 4150992 |
| ProFund VP Real Estate | 5877976 | 8324911 |
| ProFund VP Semiconductor | 112088385 | 123125446 |
| ProFund VP Small-Cap | 555058 | 1166967 |
| ProFund VP Small-Cap Growth | 2818598 | 3065559 |
| ProFund VP Small-Cap Value | 4349078 | 7403748 |
| ProFund VP Technology | 63067970 | 68091557 |
| ProFund VP UltraBull | 9351125 | 19701111 |
| ProFund VP UltraMid-Cap | 1470453 | 2622077 |
| ProFund VP UltraNasdaq-100 | 36410888 | 35303861 |
| ProFund VP UltraSmall-Cap | 2270335 | 3151116 |
| ProFund VP Utilities | 179202255 | 164076173 |

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The cost of U.S. government security purchases and the proceeds from the sale of U.S. government securities (excluding securities maturing less than one year from acquisition) during the period ended June 30, 2025, were as follows:

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| | | |
|:---|:---|:---|
| Fund Name | Purchases | Sales |
| ProFund VP U.S. Government Plus | $5443897 | $5520650 |

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**6. Investment Risks**

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

**Risks Associated with the Use of Derivatives**

Certain ProFunds VP may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund VP to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). The risks of using derivatives include: 1) the risk that

there may be imperfect correlation between the price of the financial instruments and movements in the prices of the reference asset(s); 2) the risk that an instrument is mispriced; 3) credit or counterparty risk on the amount a ProFund VP expects to receive from a counterparty; 4) the risk that securities prices, interest rates and currency markets will move adversely and a ProFund VP will incur significant losses; 5) the risk that the cost of holding a financial instrument might exceed its total return; and 6) the possible absence of a liquid secondary market for a particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to adjust a ProFund VP's position in a particular instrument when desired. Each of these factors may prevent a ProFund VP from achieving its investment objective and may increase the volatility (i.e., fluctuations) of the ProFund VP's returns. Because derivatives often require limited initial investment, the use of derivatives also may expose a ProFund VP to losses in excess of those amounts initially invested.

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 263**

Certain ProFunds VP may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund VP invests in swaps that use an ETF as the reference asset, each ProFund VP may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund VP only used swaps on the Index.

Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund VP's net assets, the terms of a swap agreement between the ProFund VP and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund VP. In that event, the ProFund VP may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund VP's investment objective. This, in turn, may prevent the ProFund VP from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund VP may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund VP's return.

**Holding Period Risk**

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

**Leverage Risk**

Certain ProFunds VP utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the ProFunds VP that utilize leverage include either multipliers of 2x or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment

**Active Investor Risk**

Each ProFund VP permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets

invested in a ProFund VP to come from professional money managers and investors who use the ProFund VP as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund VP. In addition, large movements of assets into and out of the ProFund VP may have a negative impact on the ProFund VP's ability to achieve its investment objective or maintain a consistent level of operating expenses. In certain circumstances, the ProFund VP's expense ratio may vary from current estimates or the historical ratio disclosed in the ProFund VP's prospectus.

**Active Management Risk**

ProFund Access VP High Yield Fund is actively managed, and its performance reflects the investment decisions that the Advisor makes for the ProFund. The Advisor's judgements about the ProFund VP's investments may prove to be incorrect. If the investments selected and strategies employed by the ProFund VP fail to produce the intended results, the ProFund VP could underperform or have negative returns as compared to other funds with a similar investment objective and/ or strategies.

**Concentration Risk**

Certain non-money market ProFunds VP may be subject to concentration risk. Concentration risk results from maintaining concentrated exposure to certain types of issuers, industries, market sectors, countries or geographical regions. A ProFund VP that concentrates its investments will be more susceptible to risks associated with that concentration. With respect to the Sector ProFunds VP, a ProFund VP may have significant exposure to an individual industry that constitutes a significant portion of that ProFund VP's benchmark. Such a ProFund VP will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund VP will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds VP that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds VP may be more volatile than a more geographically diversified ProFund VP. The Schedule of Portfolio Investments includes information on each ProFund VP's holdings, including industry and/or geographical composition, as relevant.

**Correlation Risk**

There is no guarantee that a ProFund VP will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund VP from achieving its investment objective, and the percentage change of the ProFund VP's NAV each day may differ, perhaps significantly, from the percentage change of the ProFund VP's benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.

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**264 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

In order to achieve a high degree of correlation with the Index, a ProFund VP seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund VP from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund VP's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund VP will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund VP's correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund VP invests. A ProFund VP may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund VP may invest in securities not included in the benchmark or in financial instruments. Each ProFund VP may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund VP's correlation with its benchmark. A ProFund VP may also be subject to large movements of assets into and out of the ProFund VP, potentially resulting in the ProFund VP being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund VP's underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund VP. Each ProFund VP (other than the ProFund Access VP High Yield, the Classic ProFunds VP, the Sector ProFunds VP, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund VP and may hinder a ProFund VP's ability to meet its investment objective on or around that day.

**Counterparty Risk**

A ProFund VP that will invest in financial instruments involving third parties (i.e., counterparties) is subject to counterparty risk. The use of financial instruments, such as swap agreements or futures contracts, involves risks that are different from those associated with ordinary portfolio securities transactions. Certain ProFunds VP will be subject to credit risk (i.e., the risk that a counterparty is unwilling or unable to make timely payments to meet its contractual obligations) with respect to the amount they expect to receive from counterparties to financial instruments and repurchase agreements entered into by the ProFunds VP. Each ProFund VP generally structures the agreement such that either party can terminate the contract without penalty prior to the termination date. A ProFund VP may be negatively impacted if a counterparty becomes bankrupt or otherwise fails to perform its obligations, the value of an investment in each ProFund VP may

decline. A ProFund VP may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding and a ProFund VP may obtain only limited recovery or may obtain no recovery in such circumstances.

The ProFunds VP typically enter into transactions with counterparties whose credit rating at the time of the transaction is investment grade, as determined by a nationally recognized statistical rating organization, or, if unrated, judged by the Advisor to be of comparable quality. These are usually major, global financial institutions. Although the counterparty to an exchange-traded futures contract is often backed by a futures commission merchant ("FCM") or clearing organization that is further backed by a group of financial institutions, there may be instances in which the FCM or the clearing organization could fail to perform its obligations, causing significant losses to the ProFund VP. For example, a ProFund VP could lose margin payments it has deposited with a clearing organization as well as gains owed but not paid to the ProFund VP if the clearing organization becomes insolvent or otherwise fails to perform its obligations.

Under current CFTC regulations, a FCM maintains customers' assets in a bulk segregated account. If a FCM fails to do so, or is unable to satisfy a substantial deficit in a customer account, its other customers may be subject to risk of loss of their funds in the event of that FCM's bankruptcy. In that event, in the case of futures, the FCM's customers are entitled to recover, even in respect of property specifically traceable to them, only a proportional share of all property available for distribution to all of that FCM's customers. In the case of cleared swaps, customers of a FCM in bankruptcy are entitled to recover assets specifically attributable to them pursuant to new CFTC regulations, but may nevertheless risk loss of some or all of their assets due to accounting or operational issues or due to legal risk in connection with the application of bankruptcy law to cleared swaps.

**Cybersecurity Risk**

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, each ProFund VP, financial intermediaries, service providers and the relevant listing exchange are susceptible to operational, information security and related "cyber" risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing among other behaviors, stealing or corrupting data maintained online or digitally, and denial of service attacks on websites. Cybersecurity failures or breaches of a ProFund VP's third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities and/or financial instruments in which the ProFund VP invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of ProFund VP shareholders to transact business, violations of applicable privacy and other laws. For instance, cyber attacks may interfere with the processing of shareholder transactions, impact the ProFund VP's ability to calculate its NAV, cause the release of private shareholder information or confidential ProFund VP

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 265**

information, impede trading, cause reputational damage, and subject the ProFund VP to regulatory fines, reputational damage, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. A ProFund VP and its shareholders could be negatively impacted as a result. While a ProFund VP or its service providers may have established business continuity plans and systems designed to guard against such cyber attacks or adverse effects of such attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified, in large part because different unknown threats may emerge in the future. Similar types of cybersecurity risks also are present for issuers of securities in which a ProFund VP invests, which could result in material adverse consequences for such issuers, and may cause the ProFund VP's investments in such securities to lose value. In addition, cyber attacks involving a counterparty to a ProFund VP could affect such a counterparty's ability to meets it obligations to the ProFund VP, which may result in losses to the ProFund VP and its shareholders. The Advisor and the Trust do not control the cybersecurity plans and systems put in place by third party service providers, and such third party service providers may have no or limited indemnification obligations to the Advisor or to a ProFund VP.

**Natural Disaster/Epidemic Risk**

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

current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the ProFund VP's performance, resulting in losses to your investment.

**Risk of Global Economic Shock**

Widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets. Health crises could exacerbate political, social, and economic risks, and result in breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains, with potential corresponding results on the performance of a ProFund VP and its investments.

Additionally, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union, and other countries against Russia. The ongoing hostilities between the two countries could result in additional widespread conflict and could have a severe adverse effect on the region and certain markets. Sanctions on Russian exports could have a significant adverse impact on the Russian economy and related markets and could affect the value of a ProFund VP's investments, even beyond any direct exposure a ProFund VP may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. Furthermore, the possibility of a prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in the conflict, such as the Houthi movement's attacks on marine vessels in the Red Sea, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the ProFund VP performance and the value of an investment in the ProFund VP.

**Debt Instruments Risk**

The ProFunds VP may invest in, or seek exposure to, debt instruments. Debt instruments are subject to adverse issuer, political, regulatory, market and economic developments, as well as developments that affect specific economic sectors, industries or segments of the fixed income market. Additionally, the credit quality of the issuer of a debt instrument (including the risk of a potential default) can also affect the price of a debt instrument. The perceived or actual inability of issuers, guarantors, or liquidity providers of debt instruments to make scheduled interest payments can negatively impact the performance of the ProFund VP. Debt instruments may have varying levels of sensitivity to changes in interest rates and other factors.

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**266 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

Typically, the price of outstanding debt instruments falls when interest rates rise. Without taking into account other factors, the prices of debt instruments with longer maturities may fluctuate more in response to interest rate changes than those of debt instruments with shorter maturities. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal (in part or in whole) prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates, as a ProFund VP may be required to reinvest the proceeds received at lower interest rates. These factors may cause the value of an investment in the ProFund VP to change. Also, the securities of certain U.S. government agencies, authorities or instrumentalities are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to more credit risk than those issued by and guaranteed as to principal and interest by the U.S. government. All U.S. government securities are subject to credit risk. It is possible that the U.S. government may not be able to meet its financial obligations or that securities issued by the U.S. government may experience credit downgrades. Such a credit event may also adversely impact the financial markets. Certain ProFunds VP are inversely correlated to bond prices and will typically respond differently to the above factors than would a ProFund VP positively correlated to bond prices.

**High Yield Risk**

Investment in or exposure to high yield (lower rated) debt instruments (also known as "junk bonds") may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher rated instruments. High yield debt instruments may be more sensitive to economic changes, political changes, or adverse developments specific to a company than other fixed income instruments. These securities are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. High yield debt instruments are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments and, therefore, such instruments generally involve greater risk of default or price changes than higher rated debt instruments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce market liquidity (liquidity risk). Less active markets may diminish a ProFund VP's ability to obtain accurate market quotations when valuing the portfolio securities and thereby give rise to valuation risk. High yield debt instruments may also present risks based on payment expectations. For example, these instruments may contain redemption or call provisions. If an issuer exercises these provisions in a declining interest rate market, the ProFund VP would have to replace the security with a lower yielding security, resulting in a decreased return for investors. If the issuer of a security is in default with respect to interest or principal payments, the issuer's security could lose its entire value. Furthermore, the transaction costs associated with the purchase and sale of high yield debt instruments may vary greatly depending upon a number of factors and may adversely affect a ProFund VP's performance.

**Index Performance Risk**

Certain ProFunds VP linked to an index will be subject to index performance risk. There is no guarantee or assurance that the

methodology used by the third-party provider to create the Index will result in the ProFund VP achieving high, or even positive, returns. Further, there can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error. It is also possible that the value of the Index may be subject to intentional manipulation by third-party market participants. The Index may underperform, and the ProFund VP could lose value, while other indices or measures of market performance increase in value.

**Financing Rates Associated with Derivatives**

The performance of ProFunds VP that use derivatives was impacted by the related financing costs. Financial instruments such as futures contracts carry implied financing costs. Forward and swap financing rates are negotiated between the ProFunds VP and their counterparties, and are set at the Fed Funds rate ("FEDL01") plus or minus a negotiated spread. The Fed Funds rate remained around 4.33% during the period ended June 30, 2025. Each ProFund VP with long exposure via derivatives was generally negatively affected by financing rates. Conversely, most ProFunds VP with short/inverse derivative exposure generally benefited from financing rates.

**Inflation Risk**

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

**Liquidity Risk**

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund VP invests, the ProFunds VP might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund VP invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund VP from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

**Risks of Government Regulation**

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

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June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 267**

**7. Federal Income Tax Information**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2024 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 | Year Ended December 31, 2023 |
| Fund Name | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from <br>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total<br>Distributions<br>Paid | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from<br>Net Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total<br>Distributions<br>Paid |
| ProFund Access VP High Yield | $798444 | $— | $— | $798444 | $811910 | $— | $— | $811910 |
| ProFund VP Asia 30 | 132757 |  |  | 132757 | 17533 | 669693 |  | 687226 |
| ProFund VP Banks | 85083 |  |  | 85083 | 65310 |  |  | 65310 |
| ProFund VP Bear | 131745 |  |  | 131745 | 7959 |  |  | 7959 |
| ProFund VP Biotechnology |  | 16706394 |  | 16706394 |  | 6518064 |  | 6518064 |
| ProFund VP Bull | 3046049 | 304756 |  | 3350805 |  | 8734170 |  | 8734170 |
| ProFund VP Communication <br>Services |  |  |  |  | 58848 |  |  | 58848 |
| ProFund VP Consumer <br>Discretionary | 48876 | 2448847 |  | 2497723 |  | 1013997 |  | 1013997 |
| ProFund VP Consumer Staples | 214461 | 3296352 |  | 3510813 | 343272 | 1462883 |  | 1806155 |
| ProFund VP Dow 30 | 10184 |  |  | 10184 | 129 |  |  | 129 |
| ProFund VP Emerging Markets | 333422 |  |  | 333422 | 422942 |  |  | 422942 |
| ProFund VP Energy | 919340 | 2002126 |  | 2921466 | 1187917 |  |  | 1187917 |
| ProFund VP Europe 30 | 277716 | 495778 |  | 773494 | 314873 |  |  | 314873 |
| ProFund VP Falling U.S. Dollar | 29158 |  |  | 29158 |  |  |  |  |
| ProFund VP Financials | 318825 | 2603830 |  | 2922655 | 118059 | 1067782 |  | 1185841 |
| ProFund VP Government <br>Money Market | 1306098 |  |  | 1306098 | 1426790 |  |  | 1426790 |
| ProFund VP Health Care | 23646 | 1709557 |  | 1733203 |  | 4450779 |  | 4450779 |
| ProFund VP Industrials | 117546 | 2108358 |  | 2225904 |  | 1349793 |  | 1349793 |
| ProFund VP International | 371382 |  |  | 371382 |  |  |  |  |
| ProFund VP Internet | 257577 |  |  | 257577 |  | 1717154 |  | 1717154 |
| ProFund VP Japan | 1012848 | 1018378 |  | 2031226 |  |  |  |  |
| ProFund VP Large-Cap Growth | 294318 | 236430 |  | 530748 |  | 3728772 |  | 3728772 |
| ProFund VP Large-Cap Value | 1512248 | 404516 |  | 1916764 | 87129 | 1233407 |  | 1320536 |
| ProFund VP Materials | 62256 | 11139 |  | 73395 | 72950 |  |  | 72950 |
| ProFund VP Mid-Cap | 316090 |  |  | 316090 |  |  |  |  |
| ProFund VP Mid-Cap Growth | 20691 | 575705 |  | 596396 |  | 81372 |  | 81372 |
| ProFund VP Mid-Cap Value | 408837 | 93833 |  | 502670 | 33606 | 695642 |  | 729248 |
| ProFund VP Nasdaq-100 | 11487731 | 8419596 |  | 19907327 |  | 620919 |  | 620919 |
| ProFund VP Pharmaceuticals |  | 1036921 |  | 1036921 | 61386 | 228205 |  | 289591 |
| ProFund VP Precious Metals | 809641 |  |  | 809641 |  |  |  |  |
| ProFund VP Real Estate | 143996 | 146650 |  | 290646 | 65712 | 1191790 |  | 1257502 |
| ProFund VP Rising Rates <br>Opportunity | 1635070 | 16086 |  | 1651156 | 16031 |  |  | 16031 |
| ProFund VP Semiconductor | 5756750 | 1524 |  | 5758274 |  | 397743 |  | 397743 |
| ProFund VP Short Dow 30 | 200 |  |  | 200 |  |  |  |  |
| ProFund VP Short Emerging <br>Markets | 29923 |  |  | 29923 | 4519 |  |  | 4519 |
| ProFund VP Short International | 29900 |  |  | 29900 | 13615 |  |  | 13615 |
| ProFund VP Short Mid-Cap | 7165 |  |  | 7165 | 1059 |  |  | 1059 |
| ProFund VP Short Nasdaq-100 | 205004 |  |  | 205004 | 3135 | 5864 |  | 8999 |
| ProFund VP Short Small-Cap | 109373 |  |  | 109373 | 131293 | 11997 |  | 143290 |
| ProFund VP Small-Cap | 99601 |  |  | 99601 |  |  |  |  |
| ProFund VP Small-Cap Growth | 42550 | 709834 |  | 752384 |  | 435031 |  | 435031 |
| ProFund VP Small-Cap Value | 151910 |  |  | 151910 | 3178 | 789010 |  | 792188 |
| ProFund VP Technology | 224890 | 4080559 |  | 4305449 |  | 5510738 |  | 5510738 |
| ProFund VP UltraBull | 123401 |  |  | 123401 |  |  |  |  |
| ProFund VP UltraMid-Cap | 69792 |  |  | 69792 |  |  |  |  |
| ProFund VP UltraNasdaq-100 | 662578 |  |  | 662578 |  |  |  |  |
| ProFund VP UltraShort Dow 30 | 108 |  |  | 108 | 6 |  |  | 6 |
| ProFund VP UltraShort <br>Nasdaq-100 | 71933 |  |  | 71933 |  |  |  |  |
| ProFund VP UltraSmall-Cap | 104681 |  |  | 104681 |  |  |  |  |
| ProFund VP U.S. Government <br>Plus | 242414 |  |  | 242414 | 362281 |  | 249 | 362530 |
| ProFund VP Utilities | 470058 |  |  | 470058 | 406380 |  |  | 406380 |

---

------

**268 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

As of the latest tax year ended December 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Undistributed <br>Ordinary <br>Income | Undistributed<br>Long-Term<br>Capital Gains | Distributions<br>Payable | Accumulated<br>Capital and <br>Other Losses | Unrealized<br>Appreciation/<br>(Depreciation) | Total<br>Accumulated<br>Earnings/<br>(Deficit) |
| ProFund Access VP High Yield | $60271 | $— | $— | $(4245706) | $37208 | $(4148227) |
| ProFund VP Asia 30 | 682256 |  |  | (395584) | 331425 | 618097 |
| ProFund VP Banks | 57391 |  |  | (5198327) | 1180950 | (3959986) |
| ProFund VP Bear | 64197 |  |  | (23971298) | 16886 | (23890215) |
| ProFund VP Biotechnology | 1636654 | 871007 |  |  | 5963671 | 8471332 |
| ProFund VP Bull | 2615974 | 344359 |  |  | 35424107 | 38384440 |
| ProFund VP Communication Services |  |  |  | (75962) | 3924926 | 3848964 |
| ProFund VP Consumer Discretionary | 469303 | 1134473 |  |  | 11482116 | 13085892 |
| ProFund VP Consumer Staples | 347628 | 940490 |  |  | 3976165 | 5264283 |
| ProFund VP Dow 30 | 38592 |  |  | (1635146) | (4204) | (1600758) |
| ProFund VP Emerging Markets | 281952 |  |  | (7275316) | 5533089 | (1460275) |
| ProFund VP Energy | 751081 | 3928158 |  |  | 20352599 | 25031838 |
| ProFund VP Europe 30 | 391104 | 549801 |  |  | 834924 | 1775829 |
| ProFund VP Falling U.S. Dollar | 16608 |  |  | (442253) |  | (425645) |
| ProFund VP Financials | 215849 | 301656 |  |  | 20406804 | 20924309 |
| ProFund VP Government Money <br>Market |  |  | (66) | (39366) |  | (39432) |
| ProFund VP Health Care | 44276 | 3598010 |  |  | 25376408 | 29018694 |
| ProFund VP Industrials | 278579 | 184009 |  |  | 9300659 | 9763247 |
| ProFund VP International | 369307 |  |  | (2116934) | (82187) | (1829814) |
| ProFund VP Internet | 116678 |  |  |  | 7642252 | 7758930 |
| ProFund VP Japan | 1158430 | 981719 |  |  | (2714) | 2137435 |
| ProFund VP Large-Cap Growth | 599496 | 2431510 |  |  | 15594973 | 18625979 |
| ProFund VP Large-Cap Value | 308422 | 1581058 |  |  | 2234486 | 4123966 |
| ProFund VP Materials | 27562 | 1633612 |  |  | 5257506 | 6918680 |
| ProFund VP Mid-Cap | 372307 |  |  | (1164016) | (49751) | (841460) |
| ProFund VP Mid-Cap Growth | 268922 | 982938 |  |  | 3333753 | 4585613 |
| ProFund VP Mid-Cap Value | 225085 | 825661 |  |  | 777321 | 1828067 |
| ProFund VP Nasdaq-100 | 5981376 | 5578152 |  |  | 83387223 | 94946751 |
| ProFund VP Pharmaceuticals | 20150 |  |  | (22836) | 1698845 | 1696159 |
| ProFund VP Precious Metals | 898696 |  |  | (65208736) | (366422) | (64676462) |
| ProFund VP Real Estate | 30100 |  |  | (19838) | 3099783 | 3110045 |
| ProFund VP Rising Rates Opportunity | 777027 |  |  | (27106407) | 276719 | (26052661) |
| ProFund VP Semiconductor | 19714057 | 11680933 |  |  | 25336859 | 56731849 |
| ProFund VP Short Dow 30 | 178 |  |  | (120434) | 63 | (120193) |
| ProFund VP Short Emerging Markets | 17444 |  |  | (2838908) | 6144 | (2815320) |
| ProFund VP Short International | 18684 |  |  | (2642417) | 4141 | (2619592) |
| ProFund VP Short Mid-Cap | 2665 |  |  | (2618586) | 340 | (2615581) |
| ProFund VP Short Nasdaq-100 | 119094 |  |  | (18985479) | 34272 | (18832113) |
| ProFund VP Short Small-Cap | 50717 |  |  | (6577489) | 13682 | (6513090) |
| ProFund VP Small-Cap | 109381 |  |  | (386055) | 2150617 | 1873943 |
| ProFund VP Small-Cap Growth |  | 1311001 |  |  | 3530442 | 4841443 |
| ProFund VP Small-Cap Value | 71619 | 654356 |  |  | 243141 | 969116 |
| ProFund VP Technology |  | 11365424 |  |  | 31507038 | 42872462 |
| ProFund VP UltraBull | 2624792 | 122954 |  | (12975169) | 9459347 | (768076) |
| ProFund VP UltraMid-Cap | 96263 |  |  | (537442) | 2845895 | 2404716 |
| ProFund VP UltraNasdaq-100 | 23200607 | 4658651 |  | (2888790) | 95285295 | 120255763 |
| ProFund VP UltraShort Dow 30 | 53 |  |  | (970194) | 58 | (970083) |
| ProFund VP UltraShort Nasdaq-100 | 54484 |  |  | (9972447) | 16947 | (9901016) |
| ProFund VP UltraSmall-Cap | 176464 |  |  | (7337956) | 3076617 | (4084875) |
| ProFund VP U.S. Government Plus | 55 |  |  | (9512629) | (206261) | (9718835) |
| ProFund VP Utilities | 448828 | 14457 |  |  | 16926069 | 17389354 |

---

As of the latest tax year ended December 31, 2024, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.

---

| | |
|:---|:---|
| Fund Name | No Expiration<br>Date |
| ProFund Access VP High Yield | $4245706<br> \* |
| ProFund VP Asia 30 | 395584 |
| ProFund VP Banks | 5198327<br> \* |
| ProFund VP Bear | 23971298<br> \* |

---

------

June 30, 2025 (unaudited) **:: Notes to Financial Statements :: 269**

---

| | |
|:---|:---|
| Fund Name | No Expiration<br>Date |
| ProFund VP Communication Services | $75962 |
| ProFund VP Dow 30 | 1635146<br> \* |
| ProFund VP Emerging Markets | 7275316 |
| ProFund VP Falling U.S. Dollar | 442253<br> \* |
| ProFund VP Government Money Market | 39366 |
| ProFund VP International | 2116934<br> \* |
| ProFund VP Mid-Cap | 1164016 |
| ProFund VP Pharmaceuticals | 22836 |
| ProFund VP Precious Metals | 65208736<br> \* |
| ProFund VP Real Estate | 19838 |
| ProFund VP Rising Rates Opportunity | 27106407<br> \* |
| ProFund VP Short Dow 30 | 120434<br> \* |
| ProFund VP Short Emerging Markets | 2838908<br> \* |
| ProFund VP Short International | 2642417<br> \* |
| ProFund VP Short Mid-Cap | 2618586<br> \* |
| ProFund VP Short Nasdaq-100 | 18985479<br> \* |
| ProFund VP Short Small-Cap | 6577489<br> \* |
| ProFund VP Small-Cap | 386055 |
| ProFund VP UltraBull | 12975169<br> \* |
| ProFund VP UltraMid-Cap | 537442 |
| ProFund VP UltraNasdaq-100 | 2888790<br> \* |
| ProFund VP UltraShort Dow 30 | 970194<br> \* |
| ProFund VP UltraShort Nasdaq-100 | 9972447<br> \* |
| ProFund VP UltraSmall-Cap | 7337956 |
| ProFund VP U.S. Government Plus | 9512629<br> \* |

---

\* All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years.

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax years. The Trust's Board of Trustees does not intend to authorize a distribution of any realized gain for a ProFund VP until any applicable CLCF has been offset or expires.

As of December 31, 2024, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Tax<br>Unrealized<br>Appreciation | Tax<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
| ProFund Access VP High Yield | $14697000 | $37208 | $— | $37208 |
| ProFund VP Asia 30 | 17197808 | 5971072 | (5639647) | 331425 |
| ProFund VP Banks | 3635138 | 1903165 | (722215) | 1180950 |
| ProFund VP Bear | 1462223 | 16886 |  | 16886 |
| ProFund VP Biotechnology | 30760063 | 10849046 | (4885375) | 5963671 |
| ProFund VP Bull | 23255680 | 38762826 | (3338719) | 35424107 |
| ProFund VP Communication Services | 8904938 | 4447756 | (522830) | 3924926 |
| ProFund VP Consumer Discretionary | 14710464 | 12650655 | (1168539) | 11482116 |
| ProFund VP Consumer Staples | 5866769 | 4686685 | (710520) | 3976165 |
| ProFund VP Dow 30 | 385000 |  | (4204) | (4204) |
| ProFund VP Emerging Markets | 13914843 | 8856344 | (3323255) | 5533089 |
| ProFund VP Energy | 16169872 | 25176713 | (4824114) | 20352599 |
| ProFund VP Europe 30 | 12076040 | 4203520 | (3368596) | 834924 |
| ProFund VP Falling U.S. Dollar | 430695 |  |  |  |
| ProFund VP Financials | 14239985 | 25833371 | (5426567) | 20406804 |
| ProFund VP Government Money Market | 29047518 |  |  |  |
| ProFund VP Health Care | 6941036 | 26714626 | (1338218) | 25376408 |
| ProFund VP Industrials | 7249510 | 10113612 | (812953) | 9300659 |
| ProFund VP International | 10239000 |  | (82187) | (82187) |
| ProFund VP Internet | 6001383 | 8438745 | (796493) | 7642252 |
| ProFund VP Japan | 9818800 |  | (2714) | (2714) |
| ProFund VP Large-Cap Growth | 18855986 | 16212123 | (617150) | 15594973 |
| ProFund VP Large-Cap Value | 14763356 | 4160337 | (1925851) | 2234486 |
| ProFund VP Materials | 7369688 | 6570437 | (1312931) | 5257506 |
| ProFund VP Mid-Cap | 10091766 |  | (49751) | (49751) |
| ProFund VP Mid-Cap Growth | 9751102 | 3949579 | (615826) | 3333753 |
| ProFund VP Mid-Cap Value | 9688068 | 2230158 | (1452837) | 777321 |

---

------

**270 :: Notes to Financial Statements ::** June 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund Name | Tax Cost | Tax<br>Unrealized<br>Appreciation | Tax<br>Unrealized<br>Depreciation | Net Unrealized<br>Appreciation<br>(Depreciation) |
| ProFund VP Nasdaq-100 | $76789146 | $86065719 | $(2678496) | $83387223 |
| ProFund VP Pharmaceuticals | 7624624 | 3012181 | (1313336) | 1698845 |
| ProFund VP Precious Metals | 23851000 |  | (366422) | (366422) |
| ProFund VP Real Estate | 4117251 | 3583427 | (483644) | 3099783 |
| ProFund VP Rising Rates Opportunity | 8505000 | 276719 |  | 276719 |
| ProFund VP Semiconductor | 18815359 | 33110916 | (7774057) | 25336859 |
| ProFund VP Short Dow 30 | 5000 | 63 |  | 63 |
| ProFund VP Short Emerging Markets | 446000 | 6144 |  | 6144 |
| ProFund VP Short International | 517000 | 4141 |  | 4141 |
| ProFund VP Short Mid-Cap | 59000 | 340 |  | 340 |
| ProFund VP Short Nasdaq-100 | 1944727 | 34272 |  | 34272 |
| ProFund VP Short Small-Cap | 2238803 | 13682 |  | 13682 |
| ProFund VP Small-Cap | 8503573 | 2919127 | (768510) | 2150617 |
| ProFund VP Small-Cap Growth | 12861397 | 4520038 | (989596) | 3530442 |
| ProFund VP Small-Cap Value | 18501628 | 2844698 | (2601557) | 243141 |
| ProFund VP Technology | 28074577 | 33003585 | (1496547) | 31507038 |
| ProFund VP UltraBull | 23712575 | 10655951 | (1196604) | 9459347 |
| ProFund VP UltraMid-Cap | 7666411 | 3362090 | (516195) | 2845895 |
| ProFund VP UltraNasdaq-100 | 145044656 | 105495637 | (10210342) | 95285295 |
| ProFund VP UltraShort Dow 30 | 2000 | 58 |  | 58 |
| ProFund VP UltraShort Nasdaq-100 | 381000 | 16947 |  | 16947 |
| ProFund VP UltraSmall-Cap | 11808996 | 4440970 | (1364353) | 3076617 |
| ProFund VP U.S. Government Plus | 6141348 |  | (206261) | (206261) |
| ProFund VP Utilities | 16003864 | 19199869 | (2273800) | 16926069 |

---

**8. Share Splits and Reverse Share Splits**

Effective October 14, 2024, the ProFund VP Semiconductor underwent a 4-for-1 share split.

Effective March 13, 2023, the ProFund VP UltraShort Nasdaq-100 underwent a 1-for-5 reverse share split.

Effective December 14, 2020, the ProFund VP UltraNasdaq-100 underwent a 2-for-1 share split, the ProFund VP Short Small-Cap, the ProFund VP UltraBull, and the ProFund VP UltraShort Nasdaq-100 each underwent a 1-for-4 reverse share split and the ProFund VP UltraShort Dow 30 underwent a 1-for-5 reverse share split.

The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits and reverse share splits.

**9. Shareholder Concentration**

As of June 30, 2025, the Advisor was deemed a significant shareholder of each of ProFund VP Dow 30, ProFund VP Short Dow 30, and ProFund VP UltraShort Dow 30 as the Advisor's ownership of total shares outstanding of each ProFund VP was 42%, 54%, and 97% respectively.

**10. New Accounting Pronouncements**

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Improvements to Income Tax Disclosures, which enhances quantitative and qualitative income tax disclosure requirements for disclosure consistency through providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Fund Management is currently evaluating the amendment and its impact to the financial statements.

**11. Subsequent Events**

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

------

**Form N-CSR – Items 8-11 (unaudited)**

------

**272 :: Form N-CSR – Items 8-11 ::** June 30, 2025 (unaudited)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

None.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

None.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers, and others is part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

None.

------

![](j25101303_za003.jpg)

P.O. Box 182800

Columbus, OH 43218-2800

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

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

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

06/25

------

(b) The Financial Highlights are included as a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Changes in and disagreements with accountants, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Proxy disclosures, if any, are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration paid to Trustees, Officers and others are part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Approval of Investment Advisory Contract, if approved by the Board of Directors in the most recent half-year, is a part of the Financial Statements filed under Item 7(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer and principal financial officer have concluded, based
on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this
report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed
by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and
Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined
in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected
or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

Not applicable.

**Item 19. Exhibits.**

(a)(1) Not applicable – only for annual reports.

(a)(2) Not applicable.

[(a)(3) The certifications required by Rule 30a-2(a) of the Investment Company Act of 1940 are attached hereto.](tm2510130d1_ex99-cert.htm)

[(b) The certifications required by Rule 30a-2(b) of the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](tm2510130d1_ex99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ProFunds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd B. Johnson |
|  | Todd B. Johnson, President and Principal Executive Officer |

---

Date <u>September 2, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Todd B. Johnson |
|  | Todd B. Johnson, President and Principal Executive Officer |

---

Date <u>September 2, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Rebecca Colvin |
|  | Rebecca Colvin, Treasurer and Principal Financial Officer |

---

Date <u>August 28, 2025</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Exhibit 99.CERT**

<u>Section 302 – CERTIFICATIONS</u>

I, Todd B. Johnson, certify that:

1. I have reviewed this report on Form N-CSR of ProFunds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| September 2, 2025 | /s/ Todd B. Johnson |
| Date | Todd B. Johnson |
|  | President and Principal Executive Officer |

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<u>Section 302 – CERTIFICATIONS</u>

I, Rebecca Colvin, certify that:

1. I have reviewed this report on Form N-CSR of ProFunds (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes
in net assets and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of,
and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have
disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent
functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| August 28, 2025 | /s/ Rebecca Colvin |
| Date | Rebecca Colvin |
|  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

**Exhibit 99.906CERT**

<u>Section 906 – CERTIFICATIONS</u>

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of ProFunds (the "Registrant").

Each of the undersigned, being the Principal Executive Officer and Principal Financial Officer of the Registrant, hereby certifies that, to such officer's knowledge:

1. the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

2. the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date | September 2, 2025 | /s/ Todd B. Johnson |
| | | Todd B. Johnson |
| | | President and Principal Executive Officer |
| Date | August 28, 2025 | /s/ Rebecca Colvin |
| | | Rebecca Colvin |
| | | Treasurer and Principal Financial Officer |

---

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.