UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number                811-08239                                                                         

ProFunds

(Exact name of registrant as specified in charter)

7272 Wisconsin Avenue, 21st Floor                Bethesda, MD	20814
(Address of principal executive offices)	(Zip code)

Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code:         (240) 497-6400        

Date of fiscal year end:         December 31        

Date of reporting period:         June 30, 2023        

Item 1. Reports to Stockholders.

Semiannual Report 

JUNE 30, 2023

Government Money Market ProFund

Table of Contents

1	Message from the Chairman
3	Allocation of Portfolio Holdings and Expense Examples
5	Financial Statements and Financial Highlights
9	Notes to Financial Statements
15	Government Cash Management Portfolio

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Message from the Chairman

Dear Shareholder:

Even though sentiment has become more positive over the past 12 months, lingering concerns about inflation and broader market uncertainty continue to pose headwinds. ProFunds is committed to helping you, our investors, meet these challenging times by providing an array of products and services designed to help you meet your objectives under a range of conditions. Following is the Government Money Market ProFund Semiannual Report to Shareholders for the six months ending June 30, 2023.

The Government Money Market ProFund invests substantially all of its assets in the Government Cash Management Portfolio, a separate investment company managed by DWS Investment Management Americas, Inc.

Money market rates moved in a range of between 4.3% and 5.1% during the period, closely tracking the effective Federal Funds Rate, which ended the period at 5.1%.

Global Interest Rates Increase as Policymakers Continue to Fight Inflation

Concerns about persistently high inflation and the possibility of recession continued to dominate economic policymaking over the past six months. In the United States, the Federal Reserve continued to tighten monetary policy, albeit at a slower pace than in 2022, raising its short-term rate to a target range of between 5% and 5.25% through May. With inflation showing signs of moderation in the spring, the Fed paused rate increases entirely in June following 15 months of consecutive increases. However, Fed Chair Jerome Powell cautioned that rate hikes are likely to resume before the end of the year. Indeed, the Fed raised rates again on July 26, after the close of the reporting period.

Despite concerns that the Fed's rate hikes would trigger a recession, the U.S. economy showed signs of continued resilience during the first six months of 2023. U.S. real GDP growth remained positive, increasing by 2.0% in the first quarter of 2023. Labor markets also remain tight. While unemployment has ticked up slightly since April, hitting 3.6% in June 2023, the U.S. unemployment rate remains low by historical standards.

Government Money Market ProFund

Despite persistent (though moderating) inflation and rising interest rates over the period, the Government Money Market ProFund continued to achieve its objective of maintaining a stable net asset value of $1.00 per share for investors. The fund potentially benefits investors by seeking a higher level of current income consistent with liquidity and capital preservation. It also serves investors as a vehicle for moving money between ProFunds products, or for holding assets until they are ready to invest.

We thank you for the trust and confidence you have placed in us by using the Government Money Market ProFund, and we appreciate the opportunity to continue serving your investment needs.

Sincerely,

Michael L. Sapir 

Chairman of the Board of Trustees

1 

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Allocation of Portfolio Holdings and Expense Examples

4 :: Government Money Market ProFund :: Allocation of Portfolio Holdings and Expense Examples :: June 30, 2023 (unaudited)

Investment Objective: The Government Money Market ProFund seeks a high level of current income consistent with liquidity and preservation of capital.

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

Allocation of Portfolio Holdings

Government Money Market ProFund Market Exposure

Investment Type	% of Net Assets
Investment in Government Cash Management Portfolio(a)		97	%
Total Exposure		97	%

^(a)  The Government Cash Management Portfolio holdings are included in the accompanying financial statements of the ProFund.

Government Cash Management Portfolio Asset Allocation^(a)

Investment Type	% of Net Assets
Government & Agency Obligations
U.S. Government Sponsored Agencies		17	%
U.S. Treasury Obligations		17	%
Repurchase Agreements		67	%

Expense Examples

As a ProFund shareholder, you may incur two types of costs: (1) transaction costs, including wire redemption fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other ProFund expenses (including expenses allocated from the Government Cash Management Portfolio). These examples are intended to help you understand your ongoing costs (in dollars) of investing in the ProFund and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher. Therefore, these examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the entire period ended June 30, 2023.

The columns below under the heading entitled "Actual" provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the entire period ended June 30, 2023.

The columns below under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on the ProFund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the ProFund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the ProFund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

						Actual				Hypothetical (5% return before expense)
	Annualized Expense Ratio During Period			Beginning Account Value 1/1/23		Ending Account Value 6/30/23		Expenses Paid During Period*		Ending Account Value 6/30/23		Expenses Paid During Period*
Government Money Market ProFund – Investor Class		0.98	%	$	1,000.00	$	1,018.90	$	4.91	$	1,019.93	$	4.91
Government Money Market ProFund – Service Class		1.98	%		1,000.00		1,013.80		9.89		1,014.98		9.89

* Expenses are equal to the average account value over the period multiplied by the ProFund's annualized expense ratio multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

Financial Statements and Financial Highlights

6 :: Government Money Market ProFund :: Financial Statements

Statement of Assets and Liabilities (unaudited)
June 30, 2023

ASSETS:
Investment in Government Cash Management Portfolio, at value	$	184,270,777
Receivable for capital shares issued		12,291,277
Prepaid expenses		28,265
TOTAL ASSETS		196,590,319
LIABILITIES:
Distributions payable		8,991
Payable for capital shares redeemed		7,204,479
Management services fees payable		71,225
Administration fees payable		5,175
Distribution and services fees payable-Service Class		8,012
Trustee fees payable		62
Transfer agency fees payable		21,537
Fund accounting fees payable		5,000
Compliance services fees payable		1,040
Service fees payable		1,323
Other accrued expenses		124,073
TOTAL LIABILITIES		7,450,917
NET ASSETS	$	189,139,402
NET ASSETS CONSIST OF:
Capital	$	189,396,015
Total distributable earnings (loss)		(256,613	)
NET ASSETS	$	189,139,402
INVESTOR CLASS:
Net Assets	$	180,057,635
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		180,301,187
Net Asset Value (offering and redemption price per share)	$	1.00
SERVICE CLASS:
Net Assets	$	9,081,767
Shares of Beneficial Interest Outstanding (unlimited number of shares authorized, no par value)		9,094,707
Net Asset Value (offering and redemption price per share)	$	1.00

Statement of Operations (unaudited)
For the Period Ended June 30, 2023

INVESTMENT INCOME:
Interest	$	4,669,853	(a)
Expenses		(67,684	)(a)(b)
TOTAL INVESTMENT INCOME		4,602,169
EXPENSES:
Management services fees		343,860
Administration fees		33,106
Distribution and services fees-Service Class		50,523
Transfer agency fees		134,550
Administrative services fees		88,237
Registration and filing fees		30,080
Fund accounting fees		5,000
Trustee fees		2,998
Compliance services fees		983
Service fees		8,500
Audit fees		75,677
Other fees		43,327
Recoupment of prior expenses reimbursed by the Advisor		129,121
TOTAL NET EXPENSES		945,962
NET INVESTMENT INCOME		3,656,207
REALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,756	(a)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,657,963

^(a)  Allocated from Government Cash Management Portfolio.

^(b)  For the period ended June 30, 2023, the Advisor to the Government Cash Management Portfolio waived fees, of which $66,446 was allocated to the Government Money Market ProFund on a pro-rated basis.

See accompanying notes to the financial statements.

Financial Statements :: Government Money Market ProFund :: 7

Statements of Changes in Net Assets

	Period Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income	$	3,656,207		$	2,111,073
Net realized gains (losses) on investments		1,756			(258,080	)
Change in net assets resulting from operations		3,657,963			1,852,993
DISTRIBUTIONS TO SHAREHOLDERS:
Total Distributions
Investor Class		(3,515,640	)		(2,049,183	)
Service Class		(140,561	)		(63,462	)
Change in net assets resulting from distributions		(3,656,201	)		(2,112,645	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued
Investor Class		1,196,612,686			3,014,039,725
Service Class		18,297,902			54,449,952
Distributions reinvested
Investor Class		3,451,482			1,979,126
Service Class		140,306			63,462
Value of shares redeemed
Investor Class		(1,208,259,944	)		(3,021,602,279	)
Service Class		(20,049,620	)		(52,955,225	)
Change in net assets resulting from capital transactions		(9,807,188	)		(4,025,239	)
Change in net assets		(9,805,426	)		(4,284,891	)
NET ASSETS:
Beginning of period		198,944,828			203,229,719
End of period	$	189,139,402		$	198,944,828
SHARE TRANSACTIONS:
Issued
Investor Class		1,196,612,869			3,014,039,725
Service Class		18,297,902			54,449,952
Reinvested
Investor Class		3,451,482			1,979,126
Service Class		140,306			63,462
Redeemed
Investor Class		(1,208,259,944	)		(3,021,602,279	)
Service Class		(20,049,620	)		(52,955,225	)
Change in shares		(9,807,005	)		(4,025,239	)

See accompanying notes to the financial statements.

8 :: Government Money Market ProFund :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From										Ratios to Average Net Assets							Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income(a)(b)		Net Realized Gains (Losses) on Investments(b)		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions		Net Asset Value, End of Period		Total Return(c)		Gross Expenses(b)(d)(e)			Net Expenses(b)(d)		Net Investment Income(b)(d)		Net Assets, End of Period (000's)
Government Money Market ProFund
Investor Class
Period Ended June 30, 2023 (unaudited)	$	1.000	0.019		—	(f)	0.019		(0.019	)	—		(0.019	)	$	1.000	1.89	%		0.98	%	0.98	%	3.77	%	$	180,058
Year Ended December 31, 2022	$	1.000	0.010		—	(f)	0.010		(0.010	)	—		(0.010	)	$	1.000	0.99	%		0.86	%	0.68	%(g)	0.97	%	$	188,251
Year Ended December 31, 2021	$	1.000	—	(f)	—	(f)	—	(f)	—	(f)	—		—	(f)	$	1.000	0.02	%		0.70	%	0.04	%(g)	0.02	%	$	194,082
Year Ended December 31, 2020	$	1.000	0.001		—	(f)	0.001		(0.001	)	—		(0.001	)	$	1.000	0.14	%		0.84	%	0.34	%(g)	0.14	%	$	224,414
Year Ended December 31, 2019	$	1.000	0.013		—	(f)	0.013		(0.013	)	—		(0.013	)	$	1.000	1.25	%		0.98	%	0.98	%	1.26	%	$	277,733
Year Ended December 31, 2018	$	1.000	0.009		—	(f)	0.009		(0.009	)	—	(f)	(0.009	)	$	1.000	0.86	%		1.01	%	1.01	%	0.87	%	$	460,210
Service Class
Period Ended June 30, 2023 (unaudited)	$	1.000	0.014		—	(f)	0.014		(0.014	)	—		(0.014	)	$	1.000	1.38	%		1.98	%	1.98	%	2.77	%	$	9,082
Year Ended December 31, 2022	$	1.000	0.006		—	(f)	0.006		(0.006	)	—		(0.006	)	$	1.000	0.61	%		1.22	%	1.04	%(g)	0.57	%	$	10,694
Year Ended December 31, 2021	$	1.000	—	(f)	—	(f)	—	(f)	—	(f)	—		—	(f)	$	1.000	0.02	%		0.70	%	0.04	%(g)	0.02	%	$	9,148
Year Ended December 31, 2020	$	1.000	—	(f)	—	(f)	—	(f)	—	(f)	—		—	(f)	$	1.000	0.02	%		1.24	%	0.41	%(g)	0.02	%	$	9,637
Year Ended December 31, 2019	$	1.000	0.003		—	(f)	0.003		(0.003	)	—		(0.003	)	$	1.000	0.31	%		1.98	%	1.98	%	0.32	%	$	8,436
Year Ended December 31, 2018	$	1.000	0.002		—	(f)	0.002		(0.002	)	—	(f)	(0.002	)	$	1.000	0.20	%		1.64	%	1.64	%	0.20	%	$	14,517

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

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

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

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

^(e)  For the periods ended June 30, 2023, December 31, 2022, December 31, 2021, December 31, 2020, December 31, 2019, and December 31, 2018, the Advisor to the Government Cash Management Portfolio waived fees which were allocated to the Government Money Market ProFund on a pro-rata basis. If included, the corresponding impact to the gross expense ratio would be an increase of 0.07%, 0.08%, 0.11%, 0.06%, 0.07%, and 0.04%, respectively.

^(f)  Amount is less than $0.0005.

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

See accompanying notes to the financial statements.

Notes to Financial Statements

10 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2023 (unaudited)

1. Organization

ProFunds (the "Trust") consists of 116 separate investment portfolios and is registered as an open-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and thus follows accounting and reporting guidance for investment companies. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of shares of beneficial interest of no par value which may be issued in more than one class or series. The accompanying financial statements relate to the Government Money Market ProFund, (the "ProFund"). The ProFund has two classes of shares: the Investor Class and Service Class. The ProFund is a feeder fund in a master-feeder fund structure and seeks to achieve its objective by investing all of its investable assets in the Government Cash Management Portfolio (the "Portfolio"), an open-end management investment company that is advised by DWS Investment Management Americas, Inc. ("DIMA") and has the same investment objective as the ProFund. As of June 30, 2023, 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.

2. Significant Accounting Policies

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

Investment Valuation

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

Investment Transactions and Related Income

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 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

June 30, 2023 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 11

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, 2023, the ProFund's $184,270,777 investment in the Portfolio, which is a registered investment company, is based on Level 2 inputs due to the ProFund's master-feeder structure. There were no Level 1 or Level 3 investments held by the ProFund during the period ended June 30, 2023.

4. Fees and Transactions with Affiliates and Other Parties

ProFund Advisors LLC (the "Advisor") serves as the investment advisor of the ProFund for an annual fee equal to 0.35% of the average daily net assets of the ProFund, although no fee is payable under the agreement unless the master-feeder relationship with the Portfolio is terminated and the Advisor directly invests the assets of the ProFund. DIMA is the investment advisor to the Portfolio in which the ProFund invests its assets.

Citi Fund Services Ohio, Inc. ("Citi") acts as the Trust's administrator (the "Administrator"). For its services as Administrator, the Trust pays Citi an annual fee based on the Trust's aggregate average net assets at an annualized tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.

FIS Investor Services LLC ("FIS") acts as the Trust's transfer agent. For these services, the Trust pays FIS a base fee, account and service charges, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, the ProFund may pay financial intermediaries such as broker-dealers, investment advisors and the Distributor up to 1.00%, on an annualized basis, of the average daily net assets attributable to Service Class shares as compensation for service and distribution-related activities and/or shareholder services with respect to Service Class shares.

The 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, 2023, 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, 2023 through April 30, 2024						For the Period May 1, 2022 through April 30, 2023
	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, 2024 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, 2024.

12 :: Government Money Market ProFund :: Notes to Financial Statements :: June 30, 2023 (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, 2023, the recoupments that may potentially be made by the ProFund are as follows:

	Expires 4/30/24		Expires 4/30/25		Total
Government Money Market ProFund	$	1,608,312	$	1,234,557	$	2,842,869

5. Investment Risks

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

Government Default Risk

Due to the rising US government debt burden and potential limitations caused by the statutory debt ceiling, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. In the past, US 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 fund. From time to time, uncertainty regarding the status of negotiations in the US government to increase the statutory debt ceiling and/or failure to increase the statutory debt ceiling could increase the risk that the US government may default on payments on certain US government securities, cause the credit rating of the US government to be downgraded or increase volatility in financial markets, result in higher interest rates, reduce prices of US Treasury securities and/or increase the costs of certain kinds of debt.

Natural Disaster/Epidemic Risk

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics (for example, the novel coronavirus (COVID-19)), have been and can be highly disruptive to economies and markets and have recently led, and may continue to lead, to increased market volatility and significant market losses. Such as natural disaster and health crises could exacerbate political, social, and economic risks previously mentioned, and result in significant breakdowns, delays, shutdowns, social isolation, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the ProFund and its investments. A climate of uncertainty and panic, including the contagion of infectious viruses or diseases, may adversely affect global, regional, and local economies and reduce the availability of potential investment opportunities, and increases the difficulty of performing due diligence and modeling market conditions, potentially reducing the accuracy of financial projections. Under these circumstances, the ProFund may have difficulty achieving its investment objective which may adversely impact performance.

Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the ProFund's investment advisor and third-party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the ProFund's investments. These factors can cause substantial market volatility, exchange trading suspensions and closures and can impact the ability of the ProFund to complete redemptions and otherwise affect ProFund performance and ProFund trading in the secondary market. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on the ProFund's performance, resulting in losses to your investment.

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

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the ProFund to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the ProFund's investments, even beyond any direct exposure the ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the ProFund performance and the value of an investment in the ProFund.

June 30, 2023 (unaudited) :: Notes to Financial Statements :: Government Money Market ProFund :: 13

6. Federal Income Tax Information

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

	Ordinary Income		Total Distributions Paid
December 31, 2022
Government Money Market ProFund	$	2,111,273	$	2,111,273
December 31, 2021
Government Money Market ProFund	$	47,673	$	47,673

As of the most recent tax year ended December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Total Unrealized Appreciation (Depreciation)		Accumulated Earnings (Deficit)
Government Money Market ProFund	$	—	$	—	$	—	$	(258,375	)	$	—	$	(258,375	)

As of the tax year ended December 31, 2022, the ProFund had net capital loss carryforwards ("CLCFs") as summarized in the table below:

	No Expiration Date
Government Money Market ProFund	$	258,375

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

7. Subsequent Events

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

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Government Cash Management Portfolio

16 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2023 (unaudited)

Investment Portfolio

Government & Agency Obligations 33.3%

U.S. Government Sponsored Agencies 16.8%

	Principal Amount		Value
Federal Home Loan Bank Discount Notes:
4.867%(a)​, 7/3/2023	$	1,074,000	$	1,073,714
5.293%(a)​, 2/6/2024		96,425,000		93,349,042
5.298%(a)​, 10/2/2023		7,050,000		6,954,840
Federal Home Loan Banks:
4.779%(a)​, 8/4/2023		490,000,000		487,818,466
5.009%(a)​, 7/25/2023		227,300,000		226,551,425
5.039%(a)​, 11/17/2023		524,000,000		513,944,585
SOFR + 0.02%, 5.08%(b)​, 9/18/2023		944,500,000		944,500,000
SOFR + 0.03%, 5.09%(b)​, 11/10/2023		993,000,000		993,000,000
SOFR + 0.07%, 5.13%(b)​, 11/27/2023		370,000,000		370,000,000
SOFR + 0.09%, 5.15%(b)​, 12/1/2023		1,399,000,000		1,399,000,000
				5,036,192,072
U.S. Treasury Obligations 16.5%
U.S. Treasury Bills:
4.684%(a)​, 9/21/2023		810,000,000		801,476,098
4.879%(a)​, 8/17/2023		1,000,000		993,717
5.242%(a)​, 12/21/2023		1,410,000		1,374,969
5.258%(a)​, 11/24/2023		443,000,000		433,682,774
5.272%(a)​, 10/26/2023		200,000,000		196,585,031
5.274%(a)​, 10/26/2023		121,000,000		118,989,283
5.305%(a)​, 8/24/2023		409,250,000		406,037,898
5.323%(a)​, 12/7/2023		1,184,000		1,156,546
5.384%(a)​, 11/9/2023		441,500,000		432,969,116
U.S. Treasury Floating Rate Notes:
3-month U.S. Treasury Bill Money Market Yield minus 0.015%, 5.234%(b)​, 1/31/2024		800,000,000		800,243,776
3-month U.S. Treasury Bill Money Market Yield + 0.029%, 5.278%(b)​, 7/31/2023		1,300,000,000		1,300,140,944
3-month U.S. Treasury Bill Money Market Yield + 0.035%, 5.284%(b)​, 10/31/2023		457,000,000		457,204,395
				4,950,854,547
Total Government & Agency Obligations (Cost $9,987,046,619)				9,987,046,619
Repurchase Agreements 66.6%
Barclays Bank PLC, 5.05%, dated 6/30/2023, to be repurchased at $91,638,548 on 7/3/2023(c)​		91,600,000		91,600,000
BNP Paribas, 5.05%, dated 6/30/2023, to be repurchased at $964,865,877 on 7/3/2023(d)​		964,460,000		964,460,000
Citigroup Global Markets, Inc., 5.05%, dated 6/30/2023, to be repurchased at $8,103,409 on 7/3/2023(e)​		8,100,000		8,100,000
Federal Reserve Bank of New York, 5.05%, dated 6/30/2023, to be repurchased at $15,206,396,667 on 7/3/2023(f)​		15,200,000,000		15,200,000,000
Fixed Income Clearing Corp.:
4.9%, dated 6/30/2023, to be repurchased at $275,112,292 on 7/3/2023(g)​		275,000,000		275,000,000
5.06%, dated 6/30/2023, to be repurchased at $1,700,716,833 on 7/3/2023(h)​		1,700,000,000		1,700,000,000
Goldman Sachs & Co.:
3.0%, dated 6/30/2023, to be repurchased at $347,586,875 on 7/3/2023(i)​		347,500,000		347,500,000
5.06%, dated 6/30/2023, to be repurchased at $400,168,667 on 7/3/2023(j)​		400,000,000		400,000,000
HSBC Securities, Inc., 5.05%, dated 6/30/2023, to be repurchased at $34,214,393 on 7/3/2023(k)​		34,200,000		34,200,000
JPMorgan Securities, Inc.:
5.05%, dated 6/30/2023, to be repurchased at $55,803,474 on 7/3/2023(l)​		55,780,000		55,780,000
5.06%, dated 6/30/2023, to be repurchased at $459,493,672 on 7/3/2023(m)​		459,300,000		459,300,000
Merrill Lynch & Co., Inc., 5.06%, dated 6/30/2023, to be repurchased at $300,126,500 on 7/3/2023(n)​		300,000,000		300,000,000
Royal Bank of Canada, 5.05%, dated 6/30/2023, to be repurchased at $21,909,216 on 7/3/2023(o)​		21,900,000		21,900,000
Wells Fargo Bank:
5.05%, dated 6/30/2023, to be repurchased at $46,859,712 on 7/3/2023(p)​		46,840,000		46,840,000
5.06%, dated 6/30/2023, to be repurchased at $89,177,587 on 7/3/2023(q)​		89,140,000		89,140,000
Total Repurchase Agreements (Cost $19,993,820,000)				19,993,820,000

	% of Net Assets		Value
Total Investment Portfolio (Cost $29,980,866,619)		99.9		29,980,866,619
Other Assets and Liabilities, Net		0.1		40,604,845
Net Assets		100.0	$	30,021,471,464

^(a)    Annualized yield at time of purchase; not a coupon rate.

^(b)    Floating rate security. These securities are shown at their current rate as of June 30, 2023.

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

as of June 30, 2023 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 17

^(c)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
98,820,500	U.S. Treasury Notes		0.375–3.5	7/31/2027–1/31/2028		93,432,073

^(d)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
64,978,100	U.S. Treasury Bills		Zero Coupon	8/1/2023–6/13/2024		63,993,625
1,315,000	U.S. Treasury Bonds		6.25	8/15/2023		1,347,136
120,534,200	U.S. Treasury Inflation-Indexed Notes		0.125	10/15/2026		124,909,285
804,747,800	U.S. Treasury Notes		1.75–4.625	8/15/2024–6/30/2030		793,499,140
51	U.S. Treasury STRIPS		Zero Coupon	5/15/2024–11/15/2039		31
Total Collateral Value						983,749,217

^(e)    Collateralized by:

Principal Amount ($)	Security	Rate (%)	Maturity Date	Collateral Value ($)
100	U.S. Treasury Bills	Zero Coupon	8/1/2023–6/13/2024		95
8,388,700	U.S. Treasury Notes	1.25–4.625	6/30/2025–6/30/2030		8,261,967
Total Collateral Value					8,262,062

^(f)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
178,281,500	U.S. Treasury Bonds		1.375	8/15/2050		103,030,619
16,788,293,700	U.S. Treasury Notes		1.125–2.25	2/15/2027–11/15/2031		15,103,366,087
Total Collateral Value						15,206,396,706

^(g)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
302,938,500	U.S. Treasury Notes		0.5	03/31/2025		280,500,048

^(h)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
280,002,800	U.S. Treasury Bonds		1.125–4.625	2/15/2040–8/15/2049		230,956,073
1,596,311,400	U.S. Treasury Notes		0.125–3.5	7/15/2030–2/15/2033		1,503,044,000
Total Collateral Value						1,734,000,073

⁽ⁱ⁾    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
24,500	U.S. Treasury Bills		Zero Coupon	8/24/2023		24,306
1,873,500	U.S. Treasury Bonds		5.5	8/15/2028		2,021,546
384,467,600	U.S. Treasury Notes		0.5–3.875	5/31/2027–9/30/2029		352,404,182
Total Collateral Value						354,450,034

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

18 :: Government Cash Management Portfolio :: Investment Portfolio :: as of June 30, 2023 (unaudited)

^(j)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
33,475,512	Federal Home Loan Mortgage Corp.		2.5–7.0	6/1/2026–2/1/2053		32,136,916
104,857,361	Federal National Mortgage Association		2.0–5.5	4/1/2026–8/1/2056		96,247,192
12,733,415	Government National Mortgage Association		2.45–4.6	9/20/2043–9/15/2063		12,040,716
301,194,000	U.S. Treasury Bonds		3.25	5/15/2042		267,575,177
Total Collateral Value						408,000,001

^(k)   Collateralized by:

Principal Amount ($)	Security	Rate (%)	Maturity Date	Collateral Value ($)
27,639,900	U.S. Treasury Bills	Zero Coupon	11/24/2023		27,063,746
8,363,400	U.S. Treasury Notes	1.375–3.875	11/30/2027–12/31/2028		7,820,314
Total Collateral Value					34,884,060

^(l)    Collateralized by:

Principal Amount ($)	Security	Rate (%)	Maturity Date	Collateral Value ($)
5,900	U.S. Treasury Bills	Zero Coupon	7/13/2023–12/21/2023		5,755
11,700	U.S. Treasury Bonds	1.625–6.0	2/15/2026–5/15/2051		9,405
36,545,700	U.S. Treasury Notes	0.25–5.389	6/30/2024–6/30/2030		33,801,303
3,900	U.S. Treasury Inflation-Indexed Bonds	1.75–2.375	1/15/2025–1/15/2028		5,953
20,328,900	U.S. Treasury Inflation-Indexed Notes	0.125–1.625	10/15/2024–1/15/2028		22,962,461
125,053	U.S. Treasury STRIPS	Zero Coupon	11/15/2023–2/15/2053		110,723
Total Collateral Value					56,895,600

^(m)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
544,776	Federal Home Loan Mortgage Corp.		3.0–4.098	1/1/2037–12/1/2051		498,314
501,644,872	Federal National Mortgage Association		1.5–7.5	10/1/2025–7/1/2060		467,987,687
Total Collateral Value						468,486,001

⁽ⁿ⁾    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
5,445,000	Corporate Bonds		1.25–4.25	1/9/2026–2/10/2031		5,224,778
288,567,800	U.S. Treasury Inflation-Indexed Notes		0.125–0.875	7/15/2028–1/15/2032		300,924,558
Total Collateral Value						306,149,336

^(o)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
23,717,600	U.S. Treasury Notes		2.625	5/31/2027		22,338,081

^(p)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
41,787,994	U.S. Treasury Inflation-Indexed Notes		0.125–1.625	7/15/2023–7/15/2031		47,776,808

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

as of June 30, 2023 (unaudited) :: Investment Portfolio :: Government Cash Management Portfolio :: 19

^(q)    Collateralized by:

Principal Amount ($)	Security	Rate (%)		Maturity Date	Collateral Value ($)
92,105,713	Federal National Mortgage Association		1.5–7.0	9/1/2025–5/1/2058		90,922,800

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, 2023 in valuing the Portfolio's investments. For information on the Portfolio's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Investments in Securities(a)​	$	—	$	9,987,046,619	$	—	$	9,987,046,619
Repurchase Agreements	$	—	$	19,993,820,000	$	—	$	19,993,820,000
Total	$	—	$	29,980,866,619	$	—	$	29,980,866,619

^(a)   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, 2023

ASSETS:
Investments in non-affiliated securities, valued at amortized cost	$	9,987,046,619
Repurchase agreements, valued at amortized cost		19,993,820,000
Cash		58,610
Interest receivable		42,785,631
Other assets		265,114
TOTAL ASSETS		30,023,975,974
LIABILITIES:
Accrued investment advisory fee		1,383,275
Accrued Trustees' fees		91,250
Other accrued expenses and payables		1,029,985
TOTAL LIABILITIES		2,504,510
NET ASSETS, AT VALUE	$	30,021,471,464

Statement of Operations (unaudited)
For the Six Months Ended June 30, 2023

INVESTMENT INCOME:
Income:
Interest	$	684,582,461
EXPENSES:
Management fee		13,722,235
Administration fee		4,332,332
Custodian fee		127,515
Professional fees		258,592
Reports to shareholders		17,618
Trustees' fees and expenses		561,351
Other		639,461
Total expenses before expense reductions		19,659,104
Expense reductions		(9,590,364	)
TOTAL EXPENSES AFTER EXPENSE REDUCTIONS		10,068,740
NET INVESTMENT INCOME		674,513,721
Net realized gain (loss) from investments		263,606
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	674,777,327

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

Financial Statements :: Government Cash Management Portfolio :: 21

Statements of Changes in Net Assets

	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income	$	674,513,721		$	512,471,247
Net realized gain (loss)		263,606			(15,759,146	)
Net increase (decrease) in net assets resulting from operations		674,777,327			496,712,101
CAPITAL TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST:
Proceeds from capital invested		56,343,417,940			118,068,249,636
Value of capital withdrawn		(59,210,863,295	)		(119,999,687,552	)
Net increase (decrease) in net assets from capital transactions in shares of beneficial interest		(2,867,445,355	)		(1,931,437,916	)
INCREASE (DECREASE) IN NET ASSETS		(2,192,668,028	)		(1,434,725,815	)
Net assets at beginning of period		32,214,139,492			33,648,865,307
Net assets at end of period	$	30,021,471,464		$	32,214,139,492

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

22 :: Government Cash Management Portfolio :: Financial Highlights

	Six Months Ended 6/30/23 (unaudited)			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019			Year Ended December 31, 2018
RATIOS TO AVERAGE NET ASSETS AND SUPPLEMENTAL DATA
Net assets, end of period ($ millions)		30,021			32,214			33,649			26,122			18,891			15,720
Ratio of expenses before expense reductions (%)		.14	*		.14			.13			.13			.14			.14
Ratio of expenses after expense reductions (%)		.07	*		.06			.03			.07			.07			.10
Ratio of net investment income (%)		4.67	*		1.67			.03			.36			2.13			1.76
Total Return (%)(a)​		2.34	(b)​**		1.62	(b)		.03	(b)		.41	(c)		2.17	(c)		1.78	(c)

^(a)    Total return would have been lower had certain expenses not been reduced.

^(b)    Total return for the Portfolio was derived from the performance of DWS Government Money Market Series.

^(c)    Total return for the Portfolio was derived from the performance of DWS Government Cash Reserves Fund Institutional.

*      Annualized

**    Not annualized

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

June 30, 2023 (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, 2023, DWS Government Money Market Series owned approximately 99% of the Portfolio.

The Portfolio's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Portfolio qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Portfolio in the preparation of its financial statements.

Security Valuation

Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Portfolio's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The Portfolio values all securities utilizing the amortized cost method permitted in accordance with Rule 2a-7 under the 1940 Act and certain conditions therein. Under this method, which does not take into account unrealized capital gains or losses on securities, an instrument is initially valued at its cost and thereafter assumes a constant accretion/amortization rate to maturity of any discount or premium. Securities held by the Portfolio are reflected as Level 2 because the securities are valued at amortized cost (which approximates fair value) and, accordingly, the inputs used to determine value are not quoted prices in an active market.

Repurchase Agreements

The Portfolio may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, with certain banks and broker/dealers whereby the Portfolio, through its custodian or a sub-custodian bank, receives delivery of the underlying securities, the amount of which at the time of purchase and each subsequent business day is required to be maintained at such a level that the value is equal to at least the principal amount of the repurchase price plus accrued interest. The custodian bank or another designated sub-custodian bank holds the collateral in a separate account until the agreement matures. If the value of the securities falls below the principal amount of the repurchase agreement plus accrued interest, the financial institution deposits additional collateral by the following business day. If the financial institution either fails to deposit the required additional collateral or fails to repurchase the securities as agreed, the Portfolio has the right to sell the securities and recover any resulting loss from the financial institution. If the financial institution enters into bankruptcy, the Portfolio's claims on the collateral may be subject to legal proceedings.

As of June 30, 2023, the Portfolio held repurchase agreements with a gross value of $19,993,820,000. The value of the related collateral exceeded the value of the repurchase agreements at period end. The detail of the related collateral is included in the footnotes following the Portfolio's Investment Portfolio.

Federal Income Taxes

The Portfolio is considered a Partnership under the Internal Revenue Code 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, 2023, Government Cash Management Portfolio had an aggregate cost of investments for federal income tax purposes of $29,980,866,619.

The Portfolio has reviewed the tax positions for the open tax years as of December 31, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Portfolio's financial statements. The Portfolio's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Contingencies

In the normal course of business, the Portfolio may enter into contracts with service providers that contain general indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolio that have not yet been made. However, based on experience, the Portfolio expects the risk of loss to be remote.

24 :: Government Cash Management Portfolio :: Notes to Financial Statements :: June 30, 2023 (unaudited)

Other

Investment transactions are accounted for on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All 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 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, 2023, the fee pursuant to the Investment Management Agreement was equivalent to an annualized rate (exclusive of any applicable waivers/reimbursements) of 0.095% of the Portfolio's average daily net assets.

In addition, 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, 2023, fees waived and/or expenses reimbursed are $9,590,364.

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, 2023, the Administration Fee was $4,332,332, of which $741,859 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, 2023, the amount charged to the Portfolio by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $450, of which $170 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 $375 million revolving credit facility provided by a syndication of banks. The Portfolio may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee, which is allocated based on net assets, among each of the Participants. Interest is calculated at a daily fluctuating rate per annum equal to the sum of 0.10% plus the higher of the Federal Funds Effective Rate and the Overnight Bank Funding Rate, plus 1.25%. The Portfolio may borrow up to a maximum of 33 percent of its net assets under the agreement. The Portfolio had no outstanding loans at June 30, 2023.

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. Recently, there have been signs of inflationary price movements. As such, fixed-income and related markets may experience heightened levels of interest rate volatility and liquidity risk. A sharp rise in interest rates could cause the value of the Portfolio's investments to decline and impair the Portfolio'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 fund 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

June 30, 2023 (unaudited) :: Notes to Financial Statements :: Government Cash Management Portfolio :: 25

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.

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.

PRO0623

 

Semiannual Report

JUNE 30, 2023

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

Nasdaq-100

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

UltraNasdaq-100

UltraShort Dow 30

UltraShort Nasdaq-100

UltraSmall-Cap

U.S. Government Plus

Utilities

Table of Contents

1	Message from the Chairman
3	Allocation of Portfolio Holdings and Index Composition
21	Expense Examples
25	Schedules of Portfolio Investments
26	ProFund Access VP High Yield
27	ProFund VP Asia 30
28	ProFund VP Banks
30	ProFund VP Bear
31	ProFund VP Biotechnology
34	ProFund VP Bull
42	ProFund VP Communication Services
44	ProFund VP Consumer Discretionary
46	ProFund VP Consumer Staples
48	ProFund VP Dow 30
49	ProFund VP Emerging Markets
51	ProFund VP Energy
52	ProFund VP Europe 30
53	ProFund VP Falling U.S. Dollar
54	ProFund VP Financials
56	ProFund VP Government Money Market
57	ProFund VP Health Care
59	ProFund VP Industrials
61	ProFund VP International
62	ProFund VP Internet
64	ProFund VP Japan
65	ProFund VP Large-Cap Growth
69	ProFund VP Large-Cap Value
75	ProFund VP Materials
76	ProFund VP Mid-Cap
77	ProFund VP Mid-Cap Growth
81	ProFund VP Mid-Cap Value
86	ProFund VP Nasdaq-100
89	ProFund VP Pharmaceuticals
91	ProFund VP Precious Metals
92	ProFund VP Real Estate
93	ProFund VP Rising Rates Opportunity
94	ProFund VP Semiconductor
96	ProFund VP Short Dow 30
97	ProFund VP Short Emerging Markets
98	ProFund VP Short International
99	ProFund VP Short Mid-Cap
100	ProFund VP Short Nasdaq-100
101	ProFund VP Short Small-Cap
102	ProFund VP Small-Cap
127	ProFund VP Small-Cap Growth
133	ProFund VP Small-Cap Value
140	ProFund VP Technology
142	ProFund VP UltraBull
150	ProFund VP UltraMid-Cap
157	ProFund VP UltraNasdaq-100
160	ProFund VP UltraShort Dow 30
161	ProFund VP UltraShort Nasdaq-100
162	ProFund VP UltraSmall-Cap
188	ProFund VP U.S. Government Plus
189	ProFund VP Utilities
191	Statements of Assets and Liabilities
203	Statements of Operations
215	Statements of Changes in Net Assets
237	Financial Highlights
265	Notes to Financial Statements
298	Liquidity Risk Management Program

 

Message from the Chairman

Dear Shareholder:

Even though sentiment has become more positive over the past 12 months, lingering concerns about inflation and broader market uncertainty continue to pose headwinds. ProFunds is committed to helping you, our investors, meet these challenging times by providing an innovative array of products and services designed to help you meet your objectives under a range of conditions. Following is the ProFunds VP Semiannual Report to Shareholders for the six months ending June 30, 2023.

Global Interest Rates Increase as Policymakers Continue to Fight Inflation

Concerns about persistently high inflation and the possibility of recession continued to dominate economic policymaking over the past six months. In the United States, the Federal Reserve continued to tighten monetary policy, albeit at a slower pace than in 2022, raising its short-term rate to a target range of between 5% and 5.25% through May. With inflation showing signs of moderation in the spring, the Fed paused rate increases entirely in June following 15 months of consecutive increases. However, Fed Chair Jerome Powell cautioned that rate hikes were likely to resume before the end of the year. Indeed, the Fed raised rates again on July 26, after the close of the reporting period.

Outside of the United States, interest rates continued to increase. The European Central Bank (ECB), the Bank of England, and other developed world central banks all raised interest rates over the period, with one ECB policymaker saying in June that hikes are likely to continue even as the economy slows. The Bank of Japan, which continued to hold its short-term rate at -0.1%, remained a notable exception in the developed world.

U.S. Markets Outperform the Rest of the World

As inflation moderated and investors began to anticipate a slowdown in the Fed's tightening campaign, U.S. markets posted significant gains for the period. Those gains, however, were concentrated among larger companies and technology firms: the large-cap S&P 500^® rose 16.9% over the period, and the tech-heavy Nasdaq-100 Index^® gained 39.4%. The broader market, including mid- and small-cap firms, saw more modest gains over the six months. The Dow Jones Industrial Average^® rose 4.9%, the S&P MidCap 400^® increased 8.8%, and the small-cap Russell 2000 Index^® gained 8.1%. Six of the Dow Jones U.S. Industrial Index sectors rose. Technology was the best performer by far, rising 47.1% over the period, with consumer services (22.1%) and consumer goods (16.2%) posting strong results as well. Of the four sectors that fell, the weakest performers were utilities (-5.8%), telecommunications (-5.4%), and oil & gas (-5.4%).

International equity markets also rallied, though generally not to the same extent as those in the United States. The MSCI EAFE Index^®, which tracks developed markets outside of North America, rose 11.7% for the period, and the MSCI Europe Index^® gained 13.6%. The strongest performer in

1

the developed world was Japan – the Nikkei ended the period up 16.5%. The BNY Mellon Emerging Markets 50 ADR Index^® rose 8.6%. The main exception to this global strength was China, which did not experience as significant an economic bounce following the end of its COVID restrictions. The BNY China Select ADR Index^® fell 5.0% for the six months.

Following an extremely challenging 2022, bond markets experienced small gains in the first half of 2023, as moderating inflation and a slowdown in the Fed's interest rate hikes eased some of the pressures on bonds. The Bloomberg Barclays U.S. Aggregate Bond Index returned 2.1% over the period.

Economy Shows Signs of Resilience

Despite concerns that the Federal Reserve's rate hikes would trigger a recession, the U.S. economy showed signs of continued resilience during the first six months of 2023. U.S. real GDP growth remained positive, increasing by 2.0% in the first quarter of 2023. Labor markets also remained tight. While unemployment ticked up slightly since April, reaching 3.6% in June 2023, the U.S. unemployment rate remains low by historical standards. The U.S. dollar declined 1.1%, based on the Bloomberg Dollar Spot Index^®.

ProFunds VP Trust Results Mirror the Markets

ProFunds' index-based mutual funds offer many advantages, such as diverse market exposures, a transparent investment process, efficient fund management, and high daily correlation to their indexes. Reflecting the pressures in the market over the past six months, opportunities for ProFunds VP investors to gain came primarily from domestic equity strategies, particularly those focused on large-cap companies and the tech sector.

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

Sincerely,

 

Michael L. Sapir

Chairman of the Board of Trustees

2

Allocation of Portfolio Holdings and Index Composition

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

ProFund Access VP High Yield

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

Market Exposure

Investment Type	% of Net Assets
U.S. Treasury Obligation		47	%
Futures Contracts		15	%
Credit Default Swap Agreements		80	%
Total Exposure		142	%

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

Holdings

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

Industry Exposure

	% of Market Exposure (CDS)
Consumer Cyclical		28	%
Consumer Non-Cyclical		15	%
Communications		13	%
Financial		11	%
Energy		9	%
Industrials		9	%
Basic Materials		7	%
Technology		4	%
Utilities		4	%

ProFund VP Asia 30

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		11.3	%
Alibaba Group Holding, Ltd.		7.0	%
BHP Group, Ltd.		6.8	%
HDFC Bank, Ltd.		6.3	%
NetEase, Inc.		5.0	%

ProFunds Asia 30^® Index – Composition

Industry Breakdown	% of Index
Information Technology		25	%
Consumer Discretionary		23	%
Communication Services		21	%
Financials		14	%
Materials		7	%
Industrials		5	%
Real Estate		3	%
Health Care		2	%
Country Composition
China		58	%
Taiwan		16	%
India		14	%
Australia		7	%
Other		5	%

ProFund VP Banks

Investment Objective: The ProFund VP Banks seeks investment results, before fees and expenses, that correspond to the performance of the S&P Banks Select Industry Index.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		95	%
Swap Agreements		5	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Apollo Global Management, Inc.		1.5	%
Wintrust Financial Corp.		1.5	%
JPMorgan Chase & Co.		1.5	%
Jackson Financial, Inc.		1.5	%
New York Community Bancorp, Inc.		1.5	%

S&P Banks Select Industry Index – Composition

	% of Index
Regional Banks		68	%
Diversified Banks		15	%
Commercial & Residential Mortgage Finance		8	%
Other Diversified Financial Services		6	%
Asset Management & Custody Banks		3	%

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

ProFund VP Bear

Investment Objective: The ProFund VP Bear seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the return of the S&P 500^®  for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(9	)%
Swap Agreements		(91	)%
Total Exposure		(100	)%

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

Holdings

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

S&P 500^® Index – Composition

	% of Index
Information Technology		30	%
Health Care		13	%
Financials		12	%
Consumer Discretionary		11	%
Industrials		8	%
Communication Services		8	%
Consumer Staples		7	%
Energy		4	%
Utilities		3	%
Materials		2	%
Real Estate		2	%

ProFund VP Biotechnology

Investment Objective: The ProFund VP Biotechnology seeks investment results, before fees and expenses, that correspond to the performance of the S&P Biotechnology Select Industry Index.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		97	%
Swap Agreements		4	%
Total Exposure		101	%

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

Largest Equity Holdings

Company	% of Net Assets
Catalyst Pharmaceuticals, Inc.		1.2	%
Blueprint Medicines Corp.		1.2	%
Bridgebio Pharma, Inc.		1.2	%
Exact Sciences Corp.		1.1	%
Halozyme Therapeutics, Inc.		1.1	%

S&P Biotechnology Select Industry Index – Composition

	% of Index
Biotechnology		100	%

ProFund VP Bull

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		70	%
Futures Contracts		5	%
Swap Agreements		25	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		5.4	%
Microsoft Corp.		4.8	%
Alphabet, Inc.		2.5	%
Amazon.com, Inc.		2.2	%
NVIDIA Corp.		2.0	%

S&P 500^®  Index – Composition

	% of Index
Information Technology		30	%
Health Care		13	%
Financials		12	%
Consumer Discretionary		11	%
Industrials		8	%
Communication Services		8	%
Consumer Staples		7	%
Energy		4	%
Utilities		3	%
Materials		2	%
Real Estate		2	%

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

ProFund VP Communication Services (formerly ProFund VP Telecommunications)

Investment Objective: The ProFund VP Communication Services seeks investment results, before fees and expenses, that correspond to the performance of the S&P Communication Services Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Meta Platforms, Inc.		24.0	%
Alphabet, Inc.		21.7	%
T-Mobile U.S., Inc.		4.6	%
Activision Blizzard, Inc.		4.5	%
Verizon Communications, Inc.		4.5	%

S&P Communication Services Select Sector Index – Composition

	% of Index
Interactive Media & Services		53	%
Entertainment		22	%
Media		14	%
Diversified Telecommunication Services		7	%
Wireless Telecommunication Services		4	%

ProFund VP Consumer Discretionary (formerly ProFund VP Consumer Services)

Investment Objective: The ProFund VP Consumer Discretionary seeks investment results, before fees and expenses, that correspond to the performance of the S&P Consumer Discretionary Select Sector Index.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		96	%
Swap Agreements		3	%
Total Exposure		99	%

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

Largest Equity Holdings

Company	% of Net Assets
Amazon.com, Inc.		22.1	%
Tesla, Inc.		18.7	%
The Home Depot, Inc.		4.3	%
McDonald's Corp.		4.3	%
NIKE, Inc.		4.1	%

S&P Consumer Discretionary Select Sector Index – Composition

	% of Index
Retailing		44	%
Automobiles & Components		24	%
Consumer Services		22	%
Consumer Durables & Apparel		10	%

ProFund VP Consumer Staples (formerly ProFund VP Consumer Goods)

Investment Objective: The ProFund VP Consumer Staples seeks investment results, before fees and expenses, that correspond to the performance of the S&P Consumer Staples Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
The Procter & Gamble Co.		14.2	%
PepsiCo, Inc.		10.2	%
Costco Wholesale Corp.		9.5	%
The Coca-Cola Co.		9.3	%
Philip Morris International, Inc.		4.6	%

S&P Consumer Staples Select Sector Index – Composition

	% of Index
Food, Beverage & Tobacco		52	%
Food & Staples Retailing		24	%
Household & Personal Products		24	%

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

ProFund VP Dow 30

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

Market Exposure

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

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

Holdings

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

Dow Jones Industrial Average^® Index – Composition

	% of Index
Financials		20	%
Health Care		19	%
Information Technology		18	%
Industrials		15	%
Consumer Discretionary		14	%
Consumer Staples		8	%
Energy		3	%
Communication Services		2	%
Materials		1	%

ProFund VP Emerging Markets

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		93	%
Swap Agreements		7	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd.		18.7	%
Alibaba Group Holding, Ltd.		11.3	%
HDFC Bank, Ltd.		6.8	%
ICICI Bank, Ltd.		4.2	%
Infosys, Ltd.		4.1	%

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

Industry Breakdown	% of Index
Information Technology		28	%
Consumer Discretionary		22	%
Financials		18	%
Materials		10	%
Communication Services		10	%
Energy		4	%
Consumer Staples		3	%
Industrials		2	%
Health Care		1	%
Utilities		1	%
Real Estate		1	%
Country Composition
China		31	%
Taiwan		24	%
India		17	%
Brazil		14	%
Other		14	%

ProFund VP Energy (formerly ProFund VP Oil & Gas)

Investment Objective: The ProFund VP Energy seeks investment results, before fees and expenses, that correspond to the performance of the S&P Energy Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Exxon Mobil Corp.		22.7	%
Chevron Corp.		19.2	%
Schlumberger N.V.		4.9	%
ConocoPhillips		4.4	%
EOG Resources, Inc.		4.4	%

S&P Energy Select Sector Index – Composition

	% of Index
Oil, Gas & Consumable Fuels		90	%
Energy Equipment & Services		10	%

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

ProFund VP Europe 30

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Novo Nordisk A/S		7.2	%
ASML Holding N.V.		7.0	%
SAP SE		4.9	%
Shell PLC		4.7	%
HSBC Holdings PLC		4.5	%

ProFunds Europe 30^® Index – Composition

Industry Breakdown	% of Index
Health Care		25	%
Energy		18	%
Information Technology		16	%
Consumer Staples		10	%
Financials		10	%
Materials		9	%
Industrials		7	%
Utilities		3	%
Communication Services		2	%
Country Composition
United Kingdom		41	%
Netherlands		15	%
Denmark		9	%
France		7	%
Ireland		7	%
Other		21	%

ProFund VP Falling U.S. Dollar

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

Market Exposure

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

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

Holdings

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

U.S. Dollar Index – Composition

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

ProFund VP Financials

Investment Objective: The ProFund VP Financials seeks investment results, before fees and expenses, that correspond to the performance of the S&P Financial Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Berkshire Hathaway, Inc.		12.6	%
JPMorgan Chase & Co.		8.8	%
Visa, Inc.		8.0	%
Mastercard, Inc.		6.8	%
Bank of America Corp.		4.1	%

S&P Financial Select Sector Index – Composition

	% of Index
Diversified Financials		59	%
Banks		24	%
Insurance		17	%

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

ProFund VP Government Money Market

Investment Objective: The ProFund VP Government Money Market seeks, as its investment objective, a high level of current income consistent with liquidity and preservation of capital.

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

Market Exposure

Investment Type	% of Net Assets
U.S. Treasury Obligations		34	%
Repurchase Agreements		67	%
Total Exposure		101	%

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

ProFund VP Health Care

Investment Objective: The ProFund VP Health Care seeks investment results, before fees and expenses, that correspond to the performance of the S&P Health Care Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
UnitedHealth Group, Inc.		8.9	%
Johnson & Johnson		8.6	%
Eli Lilly & Co.		7.4	%
Merck & Co., Inc.		5.8	%
AbbVie, Inc.		4.7	%

S&P Health Care Select Sector Index – Composition

	% of Index
Pharmaceuticals		30	%
Health Care Equipment & Supplies		22	%
Health Care Providers & Services		22	%
Biotechnology		14	%
Life Sciences Tools & Services		12	%

ProFund VP Industrials

Investment Objective: The ProFund VP Industrials seeks investment results, before fees and expenses, that correspond to the performance of the S&P Industrials Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Raytheon Technologies Corp.		4.4	%
Honeywell International, Inc.		4.2	%
United Parcel Service, Inc.		4.0	%
Caterpillar, Inc.		3.9	%
Union Pacific Corp.		3.8	%

S&P Industrials Select Sector Index – Composition

	% of Index
Capital Goods		67	%
Transportation		19	%
Commercial & Professional Services		14	%

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

ProFund VP International

Investment Objective: The ProFund VP International seeks investment results, before fees and expenses, that correspond to the performance of the Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE") Index^®.

Market Exposure

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

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

Holdings

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

MSCI EAFE Index – Composition

Industry Breakdown	% of Index
Financials		20	%
Industrials		16	%
Health Care		13	%
Consumer Discretionary		13	%
Consumer Staples		10	%
Information Technology		8	%
Materials		7	%
Energy		4	%
Communication Services		4	%
Utilities		3	%
Real Estate		2	%
Country Composition
Japan		22	%
United Kingdom		15	%
France		12	%
Switzerland		10	%
Germany		9	%
Other		32	%

ProFund VP Internet

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Alphabet, Inc.		9.1	%
Amazon.com, Inc.		9.1	%
Meta Platforms, Inc.		7.3	%
Cisco Systems, Inc.		4.9	%
Netflix, Inc.		4.9	%

Dow Jones Internet Composite^SM Index – Composition

	% of Index
Interactive Media & Services		24	%
Software		21	%
Multiline Retail		13	%
Communications Equipment		11	%
IT Services		10	%
Hotels, Restaurants & Leisure		7	%
Entertainment		5	%
Diversified Financial Services		3	%
Health Care Technology		3	%
Real Estate Management & Development		3	%

ProFund VP Japan

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

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		99	%
Swap Agreements		1	%
Total Exposure		100	%

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

Nikkei 225 Stock Average Index – Composition

	% of Index
Consumer Discretionary		22	%
Information Technology		21	%
Industrials		20	%
Health Care		11	%
Communication Services		10	%
Materials		6	%
Consumer Staples		6	%
Financials		3	%
Real Estate		1	%

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

ProFund VP Large-Cap Growth

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		14.2	%
Microsoft Corp.		7.3	%
Alphabet, Inc.		6.6	%
NVIDIA Corp.		5.2	%
Tesla, Inc.		3.5	%

S&P 500^® Growth Index – Composition

	% of Index
Information Technology		39	%
Health Care		17	%
Consumer Discretionary		10	%
Communication Services		7	%
Financials		7	%
Consumer Staples		6	%
Energy		6	%
Industrials		5	%
Materials		2	%
Real Estate		1	%

ProFund VP Large-Cap Value

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		6.2	%
Meta Platforms, Inc.		3.7	%
Amazon.com, Inc.		3.7	%
Berkshire Hathaway, Inc.		3.6	%
JPMorgan Chase & Co.		2.5	%

S&P 500^® Value Index – Composition

	% of Index
Financials		20	%
Information Technology		18	%
Industrials		12	%
Consumer Discretionary		11	%
Communication Services		10	%
Health Care		9	%
Consumer Staples		7	%
Utilities		5	%
Real Estate		4	%
Materials		3	%
Energy		1	%

ProFund VP Materials (formerly ProFund VP Basic Materials)

Investment Objective: The ProFund VP Materials seeks investment results, before fees and expenses, that correspond to the performance of the S&P Materials Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Linde PLC		19.7	%
Air Products and Chemicals, Inc.		7.0	%
The Sherwin-Williams Co.		6.6	%
Freeport-McMoRan, Inc.		6.1	%
Ecolab, Inc.		4.9	%

S&P Materials Select Sector Index – Composition

	% of Index
Chemicals		69	%
Metals & Mining		16	%
Containers & Packaging		9	%
Construction Materials		6	%

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

ProFund VP Mid-Cap

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

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		14	%
Swap Agreements		86	%
Total Exposure		100	%

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

S&P MidCap 400^®  Index – Composition

	% of Index
Industrials		25	%
Consumer Discretionary		15	%
Financials		14	%
Information Technology		10	%
Health Care		9	%
Real Estate		7	%
Materials		7	%
Consumer Staples		4	%
Energy		4	%
Utilities		3	%
Communication Services		2	%

ProFund VP Mid-Cap Growth

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Hubbell, Inc.		1.5	%
Builders FirstSource, Inc.		1.5	%
Reliance Steel & Aluminum Co.		1.4	%
Deckers Outdoor Corp.		1.2	%
Lattice Semiconductor Corp.		1.1	%

S&P MidCap 400^® Growth Index – Composition

	% of Index
Industrials		26	%
Consumer Discretionary		13	%
Health Care		11	%
Financials		10	%
Information Technology		10	%
Materials		9	%
Energy		7	%
Real Estate		5	%
Consumer Staples		4	%
Utilities		3	%
Communication Services		2	%

ProFund VP Mid-Cap Value

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Jabil, Inc.		1.3	%
Regal Rexnord Corp.		0.9	%
Reinsurance Group of America, Inc.		0.8	%
Fortune Brands Innovations, Inc.		0.8	%
Unum Group		0.8	%

S&P MidCap 400^® Value Index – Composition

	% of Index
Industrials		21	%
Consumer Discretionary		17	%
Financials		17	%
Information Technology		11	%
Real Estate		10	%
Health Care		8	%
Materials		6	%
Consumer Staples		4	%
Utilities		3	%
Communication Services		2	%
Energy		1	%

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

ProFund VP Nasdaq-100

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		60	%
Futures Contracts		1	%
Swap Agreements		39	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		7.8	%
Apple, Inc.		7.6	%
Alphabet, Inc.		4.4	%
NVIDIA Corp.		4.2	%
Amazon.com, Inc.		4.1	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		53	%
Communication Services		16	%
Consumer Discretionary		15	%
Health Care		6	%
Consumer Staples		5	%
Industrials		4	%
Utilities		1	%

ProFund VP Pharmaceuticals

Investment Objective: The ProFund VP Pharmaceuticals seeks investment results, before fees and expenses, that correspond to the performance of the S&P Pharmaceuticals Select Industry Index.

Market Exposure

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

^ Amount is less than 0.5%

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

Largest Equity Holdings

Company	% of Net Assets
Catalent, Inc.		4.9	%
Elanco Animal Health, Inc.		4.8	%
Reata Pharmaceuticals, Inc.		4.7	%
Viatris, Inc.		4.6	%
Zoetis, Inc.		4.6	%

S&P Pharmaceuticals Select Industry Index – Composition

	% of Index
Pharmaceuticals		100	%

ProFund VP Precious Metals

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

Market Exposure

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

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

Holdings

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

Dow Jones Precious Metals^SM Index – Composition

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

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

ProFund VP Real Estate

Investment Objective: The ProFund VP Real Estate seeks investment results, before fees and expenses, that correspond to the performance of the S&P Real Estate Select Sector Index.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		98	%
Swap Agreements		3	%
Total Exposure		101	%

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

Largest Equity Holdings

Company	% of Net Assets
Prologis, Inc.		12.0	%
American Tower Corp.		9.6	%
Equinix, Inc.		7.8	%
Crown Castle, Inc.		5.2	%
Public Storage		4.9	%

S&P Real Estate Select Sector Index – Composition

	% of Index
Specialized REITs		43	%
Residential REITs		14	%
Industrial REITs		12	%
Retail REITs		12	%
Health Care REITs		8	%
Real Estate Management & Development		7	%
Office REITs		3	%
Hotel & Resort REITs		1	%

ProFund VP Rising Rates Opportunity

Investment Objective: The ProFund VP Rising Rates Opportunity seeks daily investment results, before fees and expenses, that correspond to one and one-quarter times the inverse (-1.25x) of the daily movement of the most recently issued 30-year U.S. Treasury Bond for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(128	)%
Total Exposure		(128	)%

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

Holdings

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

ProFund VP Semiconductor

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		67	%
Swap Agreements		33	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
NVIDIA Corp.		24.7	%
Broadcom, Inc.		8.5	%
Advanced Micro Devices, Inc.		4.3	%
Texas Instruments, Inc.		3.9	%
Intel Corp.		3.3	%

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

	% of Index
Semiconductors & Semiconductor Equipment		100	%

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

ProFund VP Short Dow 30

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

Market Exposure

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

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

Holdings

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

Dow Jones Industrial Average^® Index – Composition

	% of Index
Financials		20	%
Health Care		19	%
Information Technology		18	%
Industrials		15	%
Consumer Discretionary		14	%
Consumer Staples		8	%
Energy		3	%
Communication Services		2	%
Materials		1	%

ProFund VP Short Emerging Markets

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

Market Exposure

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

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

Holdings

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

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

Industry Breakdown	% of Index
Information Technology		28	%
Consumer Discretionary		22	%
Financials		18	%
Materials		10	%
Communication Services		10	%
Energy		4	%
Consumer Staples		3	%
Industrials		2	%
Health Care		1	%
Utilities		1	%
Real Estate		1	%
Country Composition
China		31	%
Taiwan		24	%
India		17	%
Brazil		14	%
Other		14	%

ProFund VP Short International

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

Market Exposure

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

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

Holdings

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

MSCI EAFE Index – Composition

Industry Breakdown	% of Index
Financials		20	%
Industrials		16	%
Health Care		13	%
Consumer Discretionary		13	%
Consumer Staples		10	%
Information Technology		8	%
Materials		7	%
Energy		4	%
Communication Services		4	%
Utilities		3	%
Real Estate		2	%

Country Composition
Japan	22	%
United Kingdom	15	%
France	12	%
Switzerland	10	%
Germany	9	%
Other	32	%

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

ProFund VP Short Mid-Cap

Investment Objective: The ProFund VP Short Mid-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the S&P MidCap 400^® Index for a single day, not for any other period.

Market Exposure

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

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

Holdings

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

S&P MidCap 400^® Index – Composition

	% of Index
Industrials		25	%
Consumer Discretionary		15	%
Financials		14	%
Information Technology		10	%
Health Care		9	%
Real Estate		7	%
Materials		7	%
Consumer Staples		4	%
Energy		4	%
Utilities		3	%
Communication Services		2	%

ProFund VP Short Nasdaq-100

Investment Objective: The ProFund VP Short Nasdaq-100 seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(15	)%
Swap Agreements		(85	)%
Total Exposure		(100	)%

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

Holdings

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

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		53	%
Communication Services		16	%
Consumer Discretionary		15	%
Health Care		6	%
Consumer Staples		5	%
Industrials		4	%
Utilities		1	%

ProFund VP Short Small-Cap

Investment Objective: The ProFund VP Short Small-Cap seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Russell 2000^® Index for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Futures Contracts		(5	)%
Swap Agreements		(95	)%
Total Exposure		(100	)%

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

Holdings

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

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Health Care		17	%
Financials		15	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		5	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

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

ProFund VP Small-Cap

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

Market Exposure

Investment Type	% of Net Assets
Equity Securities		59	%
Futures Contracts		3	%
Swap Agreements		38	%
Total Exposure		100	%

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

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.3	%
SPS Commerce, Inc.		0.2	%
Rambus, Inc.		0.2	%
Chart Industries, Inc.		0.2	%
Novanta, Inc.		0.2	%

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Health Care		17	%
Financials		15	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		5	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

ProFund VP Small-Cap Growth

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
SPS Commerce, Inc.		1.4	%
Rambus, Inc.		1.4	%
Axcelis Technologies, Inc.		1.2	%
Comfort Systems USA, Inc.		1.2	%
elf Beauty, Inc.		1.2	%

S&P SmallCap 600^® Growth Index – Composition

	% of Index
Information Technology		20	%
Industrials		19	%
Financials		14	%
Health Care		13	%
Consumer Discretionary		8	%
Materials		7	%
Consumer Staples		6	%
Energy		5	%
Real Estate		4	%
Utilities		2	%
Communication Services		2	%

ProFund VP Small-Cap Value

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

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Meritage Homes Corp.		1.1	%
Insight Enterprises, Inc.		0.9	%
Radian Group, Inc.		0.8	%
John Bean Technologies Corp.		0.8	%
Group 1 Automotive, Inc.		0.8	%

S&P SmallCap 600^® Value Index – Composition

	% of Index
Consumer Discretionary		19	%
Financials		18	%
Industrials		16	%
Real Estate		12	%
Information Technology		9	%
Health Care		8	%
Materials		5	%
Energy		4	%
Consumer Staples		4	%
Communication Services		3	%
Utilities		2	%

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

ProFund VP Technology

Investment Objective: The ProFund VP Technology seeks investment results, before fees and expenses, that correspond to the performance of the S&P Technology Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		23.0	%
Microsoft Corp.		22.3	%
NVIDIA Corp.		4.6	%
Broadcom, Inc.		4.3	%
Adobe, Inc.		2.7	%

S&P Technology Select Sector Index – Composition

	% of Index
Software & Services		44	%
Technology Hardware & Equipment		31	%
Semiconductors & Semiconductor Equipment		25	%

ProFund VP UltraBull

Investment Objective: The ProFund VP UltraBull seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P^®  for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		71	%
Futures Contracts		4	%
Swap Agreements		125	%
Total Exposure		200	%

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

Largest Equity Holdings

Company	% of Net Assets
Apple, Inc.		5.5	%
Microsoft Corp.		4.8	%
Alphabet, Inc.		2.5	%
Amazon.com, Inc.		2.2	%
NVIDIA Corp.		2.0	%

S&P 500^® Index – Composition

	% of Index
Information Technology		30	%
Health Care		13	%
Financials		12	%
Consumer Discretionary		11	%
Industrials		8	%
Communication Services		8	%
Consumer Staples		7	%
Energy		4	%
Utilities		3	%
Materials		2	%
Real Estate		2	%

ProFund VP UltraMid-Cap

Investment Objective: The ProFund VP UltraMid-Cap seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P MidCap 400^®  for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		71	%
Futures Contracts		11	%
Swap Agreements		118	%
Total Exposure		200	%

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

Largest Equity Holdings

Company	% of Net Assets
Hubbell, Inc.		0.6	%
Builders FirstSource, Inc.		0.5	%
Reliance Steel & Aluminum Co.		0.5	%
Graco, Inc.		0.5	%
Jabil, Inc.		0.4	%

S&P MidCap 400^® Index – Composition

	% of Index
Industrials		25	%
Consumer Discretionary		15	%
Financials		14	%
Information Technology		10	%
Health Care		9	%
Real Estate		7	%
Materials		7	%
Consumer Staples		4	%
Energy		4	%
Utilities		3	%
Communication Services		2	%

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

ProFund VP UltraNasdaq-100

Investment Objective: The ProFund VP UltraNasdaq-100 seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		60	%
Futures Contracts		9	%
Swap Agreements		131	%
Total Exposure		200	%

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

Largest Equity Holdings

Company	% of Net Assets
Microsoft Corp.		7.8	%
Apple, Inc.		7.6	%
Alphabet, Inc.		4.4	%
NVIDIA Corp.		4.2	%
Amazon.com, Inc.		4.1	%

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		53	%
Communication Services		16	%
Consumer Discretionary		15	%
Health Care		6	%
Consumer Staples		5	%
Industrials		4	%
Utilities		1	%

ProFund VP UltraShort Dow 30

Investment Objective: The ProFund VP UltraShort Dow 30 seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Dow Jones Industrial Average^®  for a single day, not for any other period.

Market Exposure

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

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

Holdings

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

Dow Jones Industrial Average^® Index – Composition

	% of Index
Financials		20	%
Health Care		19	%
Information Technology		18	%
Industrials		15	%
Consumer Discretionary		14	%
Consumer Staples		8	%
Energy		3	%
Communication Services		2	%
Materials		1	%

ProFund VP UltraShort Nasdaq-100

Investment Objective: The ProFund VP UltraShort Nasdaq-100 seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq-100^® Index for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Swap Agreements		(199	)%
Total Exposure		(199	)%

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

Nasdaq-100^® Index – Composition

	% of Index
Information Technology		53	%
Communication Services		16	%
Consumer Discretionary		15	%
Health Care		6	%
Consumer Staples		5	%
Industrials		4	%
Utilities		1	%

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

ProFund VP UltraSmall-Cap

Investment Objective: The ProFund VP UltraSmall-Cap seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Russell 2000^® Index for a single day, not for any other period.

Market Exposure

Investment Type	% of Net Assets
Equity Securities		73	%
Futures Contracts		6	%
Swap Agreements		120	%
Total Exposure		199	%

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

Largest Equity Holdings

Company	% of Net Assets
Super Micro Computer, Inc.		0.4	%
Rambus, Inc.		0.2	%
SPS Commerce, Inc.		0.2	%
Chart Industries, Inc.		0.2	%
Novanta, Inc.		0.2	%

Russell 2000^® Index – Composition

	% of Index
Industrials		17	%
Health Care		17	%
Financials		15	%
Information Technology		14	%
Consumer Discretionary		11	%
Energy		7	%
Real Estate		6	%
Materials		5	%
Consumer Staples		3	%
Utilities		3	%
Communication Services		2	%

ProFund VP U.S. Government Plus

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

Market Exposure

Investment Type	% of Net Assets
U.S. Treasury Obligation		43	%
Swap Agreements		81	%
Total Exposure		124	%

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

Holdings

The 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.

ProFund VP Utilities

Investment Objective: The ProFund VP Utilities seeks investment results, before fees and expenses, that correspond to the performance of the S&P Utilities Select Sector Index.

Market Exposure

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

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

Largest Equity Holdings

Company	% of Net Assets
NextEra Energy, Inc.		15.4	%
The Southern Co.		7.9	%
Duke Energy Corp.		7.1	%
Sempra Energy		4.7	%
American Electric Power Co., Inc.		4.4	%

S&P Utilities Select Sector Index – Composition

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

Expense Examples

22 :: Expense Examples (unaudited)

As a ProFund VP shareholder, you may incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; distribution fees; and other ProFund VP expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a ProFund VP and to compare these costs with the ongoing cost of investing in other mutual funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the examples are useful in comparing ongoing costs only and will not help you determine the relative total cost of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. These examples also do not reflect fees associated with insurance company or insurance contracts. If those fees were reflected, expenses would be higher.

Actual Expenses

The actual examples are based on an investment of $1,000 invested at the beginning of a six-month period and held for the entire period ended June 30, 2023.

The columns below under the heading entitled "Actual" provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purpose

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six-month period and held throughout the period ended June 30, 2023.

The columns below under the heading entitled "Hypothetical" provide information about hypothetical account values and hypothetical expenses based on each ProFund VP's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each ProFund VP's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your ProFund VP and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 1/1/23		Ending Account Value 6/30/23		Expenses Paid During the Period(1)		Ending Account Value 6/30/23		Expenses Paid During the Period(1)
ProFund Access VP High Yield		1.68	%	$	1,000.00	$	1,040.30	$	8.50	$	1,016.46	$	8.40
ProFund VP Asia 30		1.68	%		1,000.00		1,014.40		8.39		1,016.46		8.40
ProFund VP Banks		1.68	%		1,000.00		854.60		7.73		1,016.46		8.40
ProFund VP Bear		1.68	%		1,000.00		880.90		7.83		1,016.46		8.40
ProFund VP Biotechnology		1.71	%		1,000.00		1,030.30		8.61		1,016.31		8.55
ProFund VP Bull		1.68	%		1,000.00		1,157.60		8.99		1,016.46		8.40
ProFund VP Communication Services†		1.68	%		1,000.00		1,183.60		9.10		1,016.46		8.40
ProFund VP Consumer Discretionary†		1.68	%		1,000.00		1,260.20		9.41		1,016.46		8.40
ProFund VP Consumer Staples†		1.68	%		1,000.00		1,064.10		8.60		1,016.46		8.40
ProFund VP Dow 30		1.65	%		1,000.00		1,036.90		8.33		1,016.61		8.25
ProFund VP Emerging Markets		1.68	%		1,000.00		1,076.30		8.65		1,016.46		8.40
ProFund VP Energy†		1.68	%		1,000.00		935.70		8.06		1,016.46		8.40
ProFund VP Europe 30		1.68	%		1,000.00		1,079.90		8.66		1,016.46		8.40
ProFund VP Falling U.S. Dollar		1.68	%		1,000.00		1,008.60		8.37		1,016.46		8.40
ProFund VP Financials		1.68	%		1,000.00		1,019.40		8.41		1,016.46		8.40
ProFund VP Government Money Market		0.90	%		1,000.00		1,018.80		4.50		1,020.33		4.51
ProFund VP Health Care		1.68	%		1,000.00		981.60		8.25		1,016.46		8.40
ProFund VP Industrials		1.68	%		1,000.00		1,093.80		8.72		1,016.46		8.40
ProFund VP International		1.68	%		1,000.00		1,108.40		8.78		1,016.46		8.40
ProFund VP Internet		1.68	%		1,000.00		1,317.10		9.65		1,016.46		8.40
ProFund VP Japan		1.68	%		1,000.00		1,323.80		9.68		1,016.46		8.40
ProFund VP Large-Cap Growth		1.68	%		1,000.00		1,202.30		9.17		1,016.46		8.40
ProFund VP Large-Cap Value		1.68	%		1,000.00		1,111.70		8.80		1,016.46		8.40
ProFund VP Materials†		1.68	%		1,000.00		1,085.20		8.69		1,016.46		8.40
ProFund VP Mid-Cap		1.68	%		1,000.00		1,076.30		8.65		1,016.46		8.40
ProFund VP Mid-Cap Growth		1.68	%		1,000.00		1,095.10		8.73		1,016.46		8.40
ProFund VP Mid-Cap Value		1.68	%		1,000.00		1,063.30		8.59		1,016.46		8.40

Expense Examples (unaudited) :: 23

						Actual				Hypothetical (5% return before expenses)
	Annualized Expense Ratio			Beginning Account Value 1/1/23		Ending Account Value 6/30/23		Expenses Paid During the Period(1)		Ending Account Value 6/30/23		Expenses Paid During the Period(1)
ProFund VP Nasdaq-100		1.68	%	$	1,000.00	$	1,380.50	$	9.92	$	1,016.46	$	8.40
ProFund VP Pharmaceuticals		1.68	%		1,000.00		932.50		8.05		1,016.46		8.40
ProFund VP Precious Metals		1.68	%		1,000.00		993.20		8.30		1,016.46		8.40
ProFund VP Real Estate		1.68	%		1,000.00		1,022.90		8.43		1,016.46		8.40
ProFund VP Rising Rates Opportunity		1.68	%		1,000.00		971.10		8.21		1,016.46		8.40
ProFund VP Semiconductor		1.68	%		1,000.00		1,659.70		11.08		1,016.46		8.40
ProFund VP Short Dow 30		1.68	%		1,000.00		981.20		8.25		1,016.46		8.40
ProFund VP Short Emerging Markets		1.68	%		1,000.00		934.50		8.06		1,016.46		8.40
ProFund VP Short International		1.68	%		1,000.00		915.50		7.98		1,016.46		8.40
ProFund VP Short Mid-Cap		1.68	%		1,000.00		939.70		8.08		1,016.46		8.40
ProFund VP Short Nasdaq-100		1.68	%		1,000.00		730.50		7.21		1,016.46		8.40
ProFund VP Short Small-Cap		1.68	%		1,000.00		941.10		8.09		1,016.46		8.40
ProFund VP Small-Cap		1.68	%		1,000.00		1,071.70		8.63		1,016.46		8.40
ProFund VP Small-Cap Growth		1.68	%		1,000.00		1,062.30		8.59		1,016.46		8.40
ProFund VP Small-Cap Value		1.68	%		1,000.00		1,041.70		8.50		1,016.46		8.40
ProFund VP Technology		1.68	%		1,000.00		1,432.60		10.13		1,016.46		8.40
ProFund VP UltraBull		1.73	%		1,000.00		1,303.80		9.88		1,016.22		8.65
ProFund VP UltraMid-Cap		1.68	%		1,000.00		1,124.80		8.85		1,016.46		8.40
ProFund VP UltraNasdaq-100		1.68	%		1,000.00		1,832.90		11.80		1,016.46		8.40
ProFund VP UltraShort Dow 30		1.52	%		1,000.00		944.60		7.33		1,017.26		7.60
ProFund VP UltraShort Nasdaq-100		1.68	%		1,000.00		514.50		6.31		1,016.46		8.40
ProFund VP UltraSmall-Cap		1.68	%		1,000.00		1,106.40		8.77		1,016.46		8.40
ProFund VP U.S. Government Plus		1.38	%		1,000.00		1,037.10		6.97		1,017.95		6.90
ProFund VP Utilities		1.68	%		1,000.00		935.70		8.06		1,016.46		8.40

⁽¹⁾ Expenses are equal to the average account value, multiplied by the ProFund VP's annualized expense ratio, multiplied by 181/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

^† As described in Note 1 of the Notes to Financial Statements, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

This Page Intentionally Left Blank

Schedules of Portfolio Investments

26 :: ProFund Access VP High Yield :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

U.S. Treasury Obligation (47.4%)

	Principal Amount		Value
U.S. Treasury Notes, 3.63%, 5/31/28	$	8,050,000	$	7,876,107
TOTAL U.S. TREASURY OBLIGATION (Cost $7,955,624)				7,876,107
Repurchase Agreements(a)  (44.4%)
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $7,376,027		7,373,000		7,373,000
TOTAL REPURCHASE AGREEMENTS (Cost $7,373,000)				7,373,000
TOTAL INVESTMENT SECURITIES (Cost $15,328,624)—91.8%				15,249,107
Net other assets (liabilities)—8.2%				1,363,428
NET ASSETS—100.0%			$	16,612,535

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

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
5-Year U.S. Treasury Note Futures Contracts		24	10/2/23	$	2,571,375	$	(32,165	)

Centrally Cleared Swap Agreements

Credit Default Swap Agreements—Sell Protection⁽¹⁾

Underlying Instrument	Payment Frequency	Fixed Deal Receive Rate			Maturity Date	Implied Credit Spread at June 30, 2023(2)			Notional Amount(3)		Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)		Variation Margin
CDX North America High Yield Index Swap Agreement, Series 40	Daily		5.00	%	6/20/28		4.28	%	$	13,310,000	$	373,337	$	124,694	$	248,643	$	92,202

⁽¹⁾  When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

⁽²⁾  Implied credit spread, represented in absolute terms, utilized in determining the value of the credit default swap agreements as of period end will serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default or other credit event for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.

⁽³⁾  The notional amount represents the maximum potential amount the Fund could be required pay as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement, for each security included in the CDX North America High Yield Index.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Asia 30 :: 27

Common Stocks (99.7%)

	Shares		Value
Alibaba Group Holding, Ltd.*ADR (Broadline Retail)		13,147	$	1,095,803
ASE Technology Holding Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		50,945		396,862
Baidu, Inc.*ADR  (Interactive Media & Services)		4,740		648,953
BHP Group, Ltd.ADR  (Metals & Mining)		17,698		1,056,040
Bilibili, Inc.*ADR(a)  (Entertainment)		16,371		247,202
Daqo New Energy Corp.*ADR (Semiconductors & Semiconductor Equipment)		9,165		363,851
Full Truck Alliance Co., Ltd.*ADR (Ground Transportation)		49,048		305,079
Futu Holdings, Ltd.*ADR(a)  (Capital Markets)		6,321		251,197
GDS Holdings, Ltd.*ADR(a)  (IT Services)		15,170		166,718
HDFC Bank, Ltd.ADR  (Banks)		14,095		982,421
ICICI Bank, Ltd.ADR  (Banks)		32,362		746,915
Infosys, Ltd.ADR  (IT Services)		30,213		485,523
iQIYI, Inc.*ADR  (Entertainment)		69,970		373,640
JD.com, Inc.ADR  (Broadline Retail)		8,280		282,596
JinkoSolar Holding Co., Ltd.*ADR(a) (Semiconductors & Semiconductor Equipment)		8,659		384,286
Kanzhun, Ltd.*ADR  (Interactive Media & Services)		19,215		289,186
KE Holdings, Inc.*ADR  (Real Estate Management & Development)		30,529		453,356
Li Auto, Inc.*ADR  (Automobiles)		16,371		574,622
Lufax Holding, Ltd.ADR  (Consumer Finance)		183,994		263,111
NetEase, Inc.ADR  (Entertainment)		8,027		776,130
NIO, Inc.*ADR(a)  (Automobiles)		42,348		410,352
PDD Holdings, Inc.*ADR  (Broadline Retail)		7,648		528,783
Sea, Ltd.*ADR  (Entertainment)		9,228		535,593
Taiwan Semiconductor Manufacturing Co., Ltd.ADR (Semiconductors & Semiconductor Equipment)		17,445		1,760,549
Tencent Music Entertainment Group*ADR (Entertainment)		49,617		366,173
Trip.com Group, Ltd.*ADR  (Hotels, Restaurants & Leisure)		7,016		245,560
United Microelectronics Corp.ADR(a) (Semiconductors & Semiconductor Equipment)		48,922		385,995
XPeng, Inc.*ADR(a)  (Automobiles)		32,299		433,453
Zai Lab, Ltd.*ADR(a)  (Biotechnology)		11,756		325,994
ZTO Express Cayman, Inc.ADR (Air Freight & Logistics)		16,876		423,250
TOTAL COMMON STOCKS (Cost $10,174,600)				15,559,193

Repurchase Agreements^(b)  (0.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $18,007	$	18,000	$	18,000
TOTAL REPURCHASE AGREEMENTS (Cost $18,000)				18,000

Collateral for Securities Loaned^(c)  (11.9%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		1,853,791	$	1,853,791
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $1,853,791)				1,853,791
TOTAL INVESTMENT SECURITIES (Cost $12,046,391)—111.7%				17,430,984
Net other assets (liabilities)—(11.7)%				(1,828,548	)
NET ASSETS—100.0%			$	15,602,436

*  Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $1,887,939.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^ADR  American Depositary Receipt

ProFund VP Asia 30 invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Air Freight & Logistics	$	423,250		2.7	%
Automobiles		1,418,427		9.1	%
Banks		1,729,336		11.1	%
Biotechnology		325,994		2.1	%
Broadline Retail		1,907,182		12.2	%
Capital Markets		251,197		1.6	%
Consumer Finance		263,111		1.7	%
Entertainment		2,298,738		14.6	%
Ground Transportation		305,079		2.0	%
Hotels, Restaurants & Leisure		245,560		1.6	%
Interactive Media & Services		938,139		6.0	%
IT Services		652,241		4.2	%
Metals & Mining		1,056,040		6.8	%
Real Estate Management & Development		453,356		2.9	%
Semiconductors & Semiconductor Equipment		3,291,543		21.1	%
Other**		43,243		0.3	%
Total	$	15,602,436		100.0	%

ProFund VP Asia 30 invested in securities with exposure to the following countries as of June 30, 2023:

			% of
	Value		Net Assets
Australia	$	1,056,040		6.8	%
China		8,680,512		55.6	%
India		2,214,859		14.2	%
Ireland		528,783		3.4	%
Singapore		535,593		3.4	%
Taiwan		2,543,406		16.3	%
Other**		43,243		0.3	%
Total	$	15,602,436		100.0	%

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

See accompanying notes to financial statements.

28 :: ProFund VP Banks :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (95.1%)

	Shares		Value
Ameris Bancorp (Banks)		787	$	26,923
Apollo Global Management, Inc. (Financial Services)		756		58,069
Associated Banc-Corp. (Banks)		3,258		52,877
Atlantic Union Bankshares Corp. (Banks)		1,165		30,232
Axos Financial, Inc.* (Banks)		833		32,854
Bank of America Corp. (Banks)		1,885		54,081
Bank of Hawaii Corp.(a)  (Banks)		1,209		49,847
Bank OZK(a)  (Banks)		1,390		55,822
BankUnited, Inc. (Banks)		2,158		46,505
Banner Corp. (Banks)		386		16,857
BOK Financial Corp. (Banks)		360		29,081
Cadence Bank (Banks)		2,502		49,139
Cathay General Bancorp (Banks)		571		18,380
Citigroup, Inc. (Banks)		1,143		52,624
Citizens Financial Group, Inc. (Banks)		1,948		50,804
Columbia Banking System, Inc. (Banks)		2,407		48,814
Comerica, Inc. (Banks)		1,311		55,534
Commerce Bancshares, Inc. (Banks)		1,082		52,693
Community Bank System, Inc. (Banks)		580		27,190
Cullen/Frost Bankers, Inc. (Banks)		503		54,088
CVB Financial Corp. (Banks)		2,777		36,879
East West Bancorp, Inc. (Banks)		1,045		55,166
Eastern Bankshares, Inc. (Banks)		1,819		22,319
Equitable Holdings, Inc. (Financial Services)		2,077		56,411
Essent Group, Ltd. (Financial Services)		720		33,696
F.N.B. Corp. (Banks)		4,497		51,446
Fifth Third Bancorp (Banks)		2,090		54,779
First Bancorp (Banks)		2,120		25,906
First Citizens BancShares, Inc.—Class A (Banks)		43		55,188
First Financial Bancorp (Banks)		556		11,365
First Financial Bankshares, Inc. (Banks)		1,209		34,444
First Hawaiian, Inc. (Banks)		1,861		33,517
First Horizon Corp. (Banks)		4,713		53,111
First Interstate BancSystem, Inc.—Class A (Banks)		1,503		35,832
First Merchants Corp. (Banks)		429		12,111
Fulton Financial Corp. (Banks)		2,334		27,821
Glacier Bancorp, Inc. (Banks)		1,273		39,679
Hancock Whitney Corp. (Banks)		1,047		40,184
Hilltop Holdings, Inc. (Banks)		574		18,058
Home BancShares, Inc. (Banks)		1,972		44,962
Huntington Bancshares, Inc. (Banks)		5,039		54,320
Independent Bank Corp. (Banks)		517		23,012
Independent Bank Group, Inc. (Banks)		529		18,266
International Bancshares Corp. (Banks)		363		16,045
Jackson Financial, Inc.—Class A (Financial Services)		1,860		56,935
JPMorgan Chase & Co. (Banks)		392		57,011
KeyCorp (Banks)		5,166		47,734
Lakeland Financial Corp. (Banks)		265		12,858
M&T Bank Corp. (Banks)		435		53,836
MGIC Investment Corp. (Financial Services)		3,481		54,965
Mr. Cooper Group, Inc.* (Financial Services)		908		45,981
New York Community Bancorp, Inc. (Banks)		5,039		56,638
NMI Holdings, Inc.*—Class A (Financial Services)		537		13,865
Northern Trust Corp. (Capital Markets)		737		54,641
Old National Bancorp (Banks)		4,028		56,150
Pacific Premier Bancorp, Inc. (Banks)		1,204		24,899
PennyMac Financial Services, Inc. (Financial Services)		622		43,733
Pinnacle Financial Partners, Inc. (Banks)		996		56,423
Popular, Inc. (Banks)		885		53,560
Prosperity Bancshares, Inc. (Banks)		906		51,171
Radian Group, Inc. (Financial Services)		2,101		53,113
Regions Financial Corp. (Banks)		2,988		53,246
Renasant Corp. (Banks)		397		10,374
Seacoast Banking Corp. of Florida (Banks)		1,454		32,133
ServisFirst Bancshares, Inc. (Banks)		519		21,237
Simmons First National Corp.—Class A (Banks)		1,062		18,320
SouthState Corp. (Banks)		781		51,390
Synovus Financial Corp. (Banks)		1,784		53,966
Texas Capital Bancshares, Inc.* (Banks)		911		46,917
The Bank of New York Mellon Corp. (Capital Markets)		1,242		55,294
The PNC Financial Services Group, Inc. (Banks)		428		53,907
Triumph Financial, Inc.* (Banks)		321		19,491
Truist Financial Corp. (Banks)		1,691		51,322
Trustmark Corp. (Banks)		553		11,679
U.S. Bancorp (Banks)		1,680		55,507
UMB Financial Corp. (Banks)		683		41,595
United Bankshares, Inc. (Banks)		1,273		37,770
United Community Banks, Inc. (Banks)		1,221		30,513
Valley National Bancorp (Banks)		6,592		51,088
Voya Financial, Inc. (Financial Services)		769		55,145
Walker & Dunlop, Inc. (Financial Services)		361		28,551
Washington Federal, Inc. (Banks)		1,277		33,866
Webster Financial Corp. (Banks)		1,424		53,756
Wells Fargo & Co. (Banks)		1,310		55,911
WesBanco, Inc. (Banks)		415		10,628
Western Alliance Bancorp (Banks)		1,415		51,605
Wintrust Financial Corp. (Banks)		786		57,078
WSFS Financial Corp. (Banks)		505		19,049
Zions Bancorp NA(a)  (Banks)		1,788		48,026
TOTAL COMMON STOCKS (Cost $2,965,251)				3,619,808

Repurchase Agreements^(b)  (1.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $45,018	$	45,000	$	45,000
TOTAL REPURCHASE AGREEMENTS (Cost $45,000)				45,000

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Banks :: 29

Collateral for Securities Loaned^(c)  (3.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		128,455	$	128,455
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $128,455)				128,455
TOTAL INVESTMENT SECURITIES (Cost $3,138,706)—99.7%				3,793,263
Net other assets (liabilities)—0.3%				11,578
NET ASSETS—100.0%			$	3,804,841

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $123,561.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Banks Select Industry Index	Goldman Sachs International	7/24/23		5.67	%	$	180,708	$	2,573

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Banks	$	3,009,409		79.0	%
Capital Markets		109,935		2.9	%
Financial Services		500,464		13.2	%
Other**		185,033		4.9	%
Total	$	3,804,841		100.0	%

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

See accompanying notes to financial statements.

30 :: ProFund VP Bear :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (93.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $4,703,931	$	4,702,000	$	4,702,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,702,000)				4,702,000
TOTAL INVESTMENT SECURITIES (Cost $4,702,000)—93.8%				4,702,000
Net other assets (liabilities)—6.2%				310,652
NET ASSETS—100.0%			$	5,012,652

^(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $501,000.

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

Futures Contracts Sold

	Number of Contracts	Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	2	9/18/23	$	(448,825	)	$	(15,524	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/23		(5.42	)%	$	(2,492,213	)	$	(39,611	)
S&P 500	UBS AG	7/27/23		(5.22	)%		(2,056,521	)		(28,799	)
						$	(4,548,734	)	$	(68,410	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Biotechnology :: 31

Common Stocks (96.9%)

	Shares		Value
2seventy bio, Inc.* (Biotechnology)		13,860	$	140,263
4D Molecular Therapeutics, Inc.* (Biotechnology)		9,513		171,900
89bio, Inc.* (Biotechnology)		24,109		456,866
AbbVie, Inc. (Biotechnology)		3,607		485,971
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		20,164		482,928
ADMA Biologics, Inc.* (Biotechnology)		43,091		159,006
Agenus, Inc.* (Biotechnology)		86,279		138,046
Agios Pharmaceuticals, Inc.* (Biotechnology)		9,813		277,904
Akero Therapeutics, Inc.* (Biotechnology)		9,496		443,368
Aldeyra Therapeutics, Inc.* (Biotechnology)		15,190		127,444
Alector, Inc.* (Biotechnology)		9,976		59,956
Alkermes PLC* (Biotechnology)		16,012		501,176
Allakos, Inc.* (Biotechnology)		21,199		92,428
Allogene Therapeutics, Inc.* (Biotechnology)		45,823		227,740
Alnylam Pharmaceuticals, Inc.* (Biotechnology)		2,612		496,123
Amgen, Inc. (Biotechnology)		2,279		505,984
Amicus Therapeutics, Inc.* (Biotechnology)		38,911		488,722
AnaptysBio, Inc.* (Biotechnology)		5,564		113,172
Anavex Life Sciences Corp.*(a)  (Biotechnology)		21,039		171,047
Anika Therapeutics, Inc.* (Biotechnology)		1,686		43,802
Apellis Pharmaceuticals, Inc.* (Biotechnology)		5,538		504,512
Arcellx, Inc.* (Biotechnology)		8,648		273,450
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		9,511		272,775
Arcus Biosciences, Inc.* (Biotechnology)		18,007		365,722
Arcutis Biotherapeutics, Inc.* (Biotechnology)		29,994		285,843
Ardelyx, Inc.* (Biotechnology)		125,238		424,557
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		14,112		503,234
Avid Bioservices, Inc.* (Biotechnology)		12,264		171,328
Avidity Biosciences, Inc.* (Biotechnology)		32,880		364,639
Beam Therapeutics, Inc.* (Biotechnology)		15,475		494,117
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		58,503		411,861
Biogen, Inc.* (Biotechnology)		1,614		459,748
Biohaven, Ltd.* (Biotechnology)		11,375		272,090
BioMarin Pharmaceutical, Inc.* (Biotechnology)		5,455		472,839
Biomea Fusion, Inc.*(a)  (Biotechnology)		8,218		180,385
Bioxcel Therapeutics, Inc.*(a)  (Biotechnology)		11,860		78,988
Bluebird Bio, Inc.* (Biotechnology)		98,865		325,266
Blueprint Medicines Corp.* (Biotechnology)		8,525		538,779
Bridgebio Pharma, Inc.* (Biotechnology)		31,153		535,831
CareDx, Inc.* (Biotechnology)		20,575		174,888
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		42,895		576,509
Celldex Therapeutics, Inc.* (Biotechnology)		12,333		418,459
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		10,602		337,038
Chinook Therapeutics, Inc.* (Biotechnology)		12,494		480,019
Cogent Biosciences, Inc.* (Biotechnology)		12,373		146,496
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		8,291		149,404
CRISPR Therapeutics AG*(a) (Biotechnology)		8,139		456,923
Cytokinetics, Inc.* (Biotechnology)		13,461		439,098
Day One Biopharmaceuticals, Inc.* (Biotechnology)		17,455		208,413
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		13,870		195,290
Denali Therapeutics, Inc.* (Biotechnology)		14,910		439,994
Dynavax Technologies Corp.* (Biotechnology)		25,622		331,036
Dyne Therapeutics, Inc.* (Biotechnology)		7,034		79,133
Editas Medicine, Inc.* (Biotechnology)		34,509		284,009
Emergent BioSolutions, Inc.* (Biotechnology)		34,901		256,522
Enanta Pharmaceuticals, Inc.* (Biotechnology)		5,535		118,449
EQRx, Inc.* (Biotechnology)		37,186		69,166
Exact Sciences Corp.* (Biotechnology)		5,676		532,975
Exelixis, Inc.* (Biotechnology)		25,961		496,115
Fate Therapeutics, Inc.* (Biotechnology)		57,306		272,777
FibroGen, Inc.* (Biotechnology)		21,778		58,801
Geron Corp.* (Biotechnology)		79,497		255,185
Gilead Sciences, Inc. (Biotechnology)		6,381		491,784
Halozyme Therapeutics, Inc.* (Biotechnology)		14,677		529,398
Horizon Therapeutics PLC* (Biotechnology)		5,022		516,513
Ideaya Biosciences, Inc.* (Biotechnology)		7,499		176,227
ImmunoGen, Inc.* (Biotechnology)		20,235		381,834
Immunovant, Inc.* (Biotechnology)		15,099		286,428
Incyte Corp.* (Biotechnology)		8,166		508,334
Inhibrx, Inc.* (Biotechnology)		7,932		205,915
Insmed, Inc.* (Biotechnology)		22,266		469,813
Intellia Therapeutics, Inc.* (Biotechnology)		11,527		470,071
Intercept Pharmaceuticals, Inc.* (Biotechnology)		24,737		273,591
Ionis Pharmaceuticals, Inc.* (Biotechnology)		12,262		503,110
Iovance Biotherapeutics, Inc.* (Biotechnology)		63,174		444,745
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		43,511		462,957
iTeos Therapeutics, Inc.* (Biotechnology)		5,192		68,742
IVERIC bio, Inc.* (Biotechnology)		13,076		514,410
Karuna Therapeutics, Inc.* (Biotechnology)		2,190		474,902
Keros Therapeutics, Inc.* (Biotechnology)		4,220		169,560
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		7,158		100,785
Krystal Biotech, Inc.* (Biotechnology)		3,188		374,271
Kura Oncology, Inc.* (Biotechnology)		11,860		125,479
Kymera Therapeutics, Inc.* (Biotechnology)		12,866		295,789
Lyell Immunopharma, Inc.* (Biotechnology)		19,519		62,070
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		1,877		433,587
MannKind Corp.* (Biotechnology)		71,066		289,239
Mersana Therapeutics, Inc.* (Biotechnology)		20,204		66,471
MiMedx Group, Inc.* (Biotechnology)		8,061		53,283
Mirati Therapeutics, Inc.* (Biotechnology)		13,124		474,170
Mirum Pharmaceuticals, Inc.* (Biotechnology)		6,956		179,952
Moderna, Inc.* (Biotechnology)		4,044		491,346
Morphic Holding, Inc.* (Biotechnology)		7,801		447,231

See accompanying notes to financial statements.

32 :: ProFund VP Biotechnology :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Myriad Genetics, Inc.* (Biotechnology)		11,773	$	272,898
Natera, Inc.* (Biotechnology)		10,303		501,344
Neurocrine Biosciences, Inc.* (Biotechnology)		5,337		503,279
Novavax, Inc.*(a)  (Biotechnology)		66,726		495,774
Nurix Therapeutics, Inc.* (Biotechnology)		6,865		68,581
Nuvalent, Inc.*—Class A (Biotechnology)		4,838		204,018
Point Biopharma Global, Inc.* (Biotechnology)		11,744		106,401
Protagonist Therapeutics, Inc.* (Biotechnology)		17,135		473,269
Prothena Corp. PLC* (Biotechnology)		7,172		489,704
PTC Therapeutics, Inc.* (Biotechnology)		11,592		471,447
RAPT Therapeutics, Inc.* (Biotechnology)		7,635		142,775
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology)		19,227		143,626
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		668		479,985
REGENXBIO, Inc.* (Biotechnology)		9,422		188,346
Relay Therapeutics, Inc.* (Biotechnology)		37,618		472,482
Replimune Group, Inc.* (Biotechnology)		8,685		201,666
REVOLUTION Medicines, Inc.* (Biotechnology)		19,495		521,491
Rhythm Pharmaceuticals, Inc.*(a)  (Biotechnology)		15,565		256,667
Rocket Pharmaceuticals, Inc.* (Biotechnology)		13,985		277,882
Roivant Sciences, Ltd.* (Biotechnology)		43,216		435,617
Sage Therapeutics, Inc.* (Biotechnology)		8,322		391,300
Sana Biotechnology, Inc.* (Biotechnology)		20,148		120,082
Sarepta Therapeutics, Inc.* (Biotechnology)		3,904		447,086
Seagen, Inc.* (Biotechnology)		2,535		487,886
Seres Therapeutics, Inc.* (Biotechnology)		46,403		222,270
SpringWorks Therapeutics, Inc.* (Biotechnology)		14,451		378,905
Syndax Pharmaceuticals, Inc.* (Biotechnology)		20,118		421,070
TG Therapeutics, Inc.* (Biotechnology)		18,152		450,896
Travere Therapeutics, Inc.* (Biotechnology)		29,901		459,279
Twist Bioscience Corp.*(a)  (Biotechnology)		24,826		507,940
Ultragenyx Pharmaceutical, Inc.* (Biotechnology)		9,701		447,507
uniQure N.V.* (Biotechnology)		11,888		136,236
United Therapeutics Corp.* (Biotechnology)		2,181		481,456
Vanda Pharmaceuticals, Inc.* (Biotechnology)		13,203		87,008
Vaxcyte, Inc.* (Biotechnology)		9,858		492,309
Veracyte, Inc.* (Biotechnology)		14,602		371,913
Vericel Corp.* (Biotechnology)		5,607		210,655
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,492		525,048
Verve Therapeutics, Inc.* (Biotechnology)		14,393		269,869
Viking Therapeutics, Inc.* (Biotechnology)		20,538		332,921
Vir Biotechnology, Inc.* (Biotechnology)		18,705		458,834
Viridian Therapeutics, Inc.* (Biotechnology)		14,643		348,357
Xencor, Inc.* (Biotechnology)		7,139		178,261
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		15,056		424,730
TOTAL COMMON STOCKS (Cost $38,247,481)				44,997,586

Repurchase Agreements^(b)  (3.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $1,419,583	$	1,419,000	$	1,419,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,419,000)				1,419,000

Collateral for Securities Loaned^(c)  (4.9%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		2,275,184	$	2,275,184
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,275,184)				2,275,184
TOTAL INVESTMENT SECURITIES (Cost $41,941,665)—104.9%				48,691,770
Net other assets (liabilities)—(4.9)%				(2,277,881	)
NET ASSETS—100.0%			$	46,413,889

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $2,126,429.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Biotechnology :: 33

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Biotechnology Select Industry Index	Goldman Sachs International	7/24/23		5.67	%	$	1,667,560	$	(38,951	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Biotechnology	$	44,997,587		96.9	%
Other**		1,416,302		3.1	%
Total	$	46,413,889		100.0	%

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

See accompanying notes to financial statements.

34 :: ProFund VP Bull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (70.2%)

	Shares		Value
3M Co. (Industrial Conglomerates)		556	$	55,650
A.O. Smith Corp. (Building Products)		125		9,098
Abbott Laboratories (Health Care Equipment & Supplies)		1,752		191,002
AbbVie, Inc. (Biotechnology)		1,778		239,549
Accenture PLC—Class A (IT Services)		636		196,257
Activision Blizzard, Inc.* (Entertainment)		721		60,780
Adobe, Inc.* (Software)		462		225,912
Advance Auto Parts, Inc. (Specialty Retail)		60		4,218
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,623		184,876
Aflac, Inc. (Insurance)		554		38,669
Agilent Technologies, Inc. (Life Sciences Tools & Services)		298		35,835
Air Products and Chemicals, Inc. (Chemicals)		224		67,095
Akamai Technologies, Inc.* (IT Services)		153		13,750
Alaska Air Group, Inc.* (Passenger Airlines)		129		6,860
Albemarle Corp. (Chemicals)		118		26,325
Alexandria Real Estate Equities, Inc. (Office REITs)		159		18,045
Align Technology, Inc.* (Health Care Equipment & Supplies)		72		25,462
Allegion PLC (Building Products)		89		10,682
Alliant Energy Corp. (Electric Utilities)		253		13,277
Alphabet, Inc.*—Class A (Interactive Media & Services)		5,986		716,524
Alphabet, Inc.*—Class C (Interactive Media & Services)		5,149		622,875
Altria Group, Inc. (Tobacco)		1,799		81,495
Amazon.com, Inc.* (Broadline Retail)		8,994		1,172,457
Amcor PLC (Containers & Packaging)		1,483		14,800
Ameren Corp. (Multi-Utilities)		265		21,643
American Airlines Group, Inc.* (Passenger Airlines)		658		11,805
American Electric Power Co., Inc. (Electric Utilities)		519		43,700
American Express Co. (Consumer Finance)		599		104,346
American International Group, Inc. (Insurance)		729		41,947
American Tower Corp. (Specialized REITs)		470		91,152
American Water Works Co., Inc. (Water Utilities)		196		27,979
Ameriprise Financial, Inc. (Capital Markets)		105		34,877
AmerisourceBergen Corp. (Health Care Providers & Services)		163		31,366
AMETEK, Inc. (Electrical Equipment)		232		37,556
Amgen, Inc. (Biotechnology)		538		119,447
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		600		50,970
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		510		99,353
ANSYS, Inc.* (Software)		87		28,733
Aon PLC—Class A (Insurance)		206		71,111
APA Corp. (Oil, Gas & Consumable Fuels)		311		10,627
Apple, Inc. (Technology Hardware, Storage & Peripherals)		14,897		2,889,571
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		852		123,148
Aptiv PLC* (Automobile Components)		273		27,871
Arch Capital Group, Ltd.* (Insurance)		375		28,069
Archer-Daniels-Midland Co. (Food Products)		549		41,482
Arista Networks, Inc.* (Communications Equipment)		252		40,839
Arthur J. Gallagher & Co. (Insurance)		216		47,427
Assurant, Inc. (Insurance)		54		6,789
AT&T, Inc. (Diversified Telecommunication Services)		7,203		114,888
Atmos Energy Corp. (Gas Utilities)		146		16,986
Autodesk, Inc.* (Software)		216		44,196
Automatic Data Processing, Inc. (Professional Services)		416		91,434
AutoZone, Inc.* (Specialty Retail)		19		47,374
AvalonBay Communities, Inc. (Residential REITs)		143		27,065
Avery Dennison Corp. (Containers & Packaging)		81		13,916
Axon Enterprise, Inc.* (Aerospace & Defense)		71		13,854
Baker Hughes Co. (Energy Equipment & Services)		1,020		32,242
Ball Corp. (Containers & Packaging)		317		18,452
Bank of America Corp. (Banks)		6,986		200,428
Bath & Body Works, Inc. (Specialty Retail)		231		8,663
Baxter International, Inc. (Health Care Equipment & Supplies)		510		23,236
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		286		75,507
Berkshire Hathaway, Inc.*—Class B (Financial Services)		1,797		612,777
Best Buy Co., Inc. (Specialty Retail)		196		16,062
Biogen, Inc.* (Biotechnology)		146		41,588
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		22		8,341
Bio-Techne Corp. (Life Sciences Tools & Services)		159		12,979
BlackRock, Inc. (Capital Markets)		151		104,362
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		37		99,912
BorgWarner, Inc. (Automobile Components)		236		11,543
Boston Properties, Inc. (Office REITs)		144		8,293
Boston Scientific Corp.* (Health Care Equipment & Supplies)		1,449		78,376
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,117		135,382
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		420		364,322
Broadridge Financial Solutions, Inc. (Professional Services)		119		19,710
Brown & Brown, Inc. (Insurance)		237		16,315
Brown-Forman Corp.—Class B (Beverages)		184		12,288
Bunge, Ltd. (Food Products)		152		14,341
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		117		11,039
Cadence Design Systems, Inc.* (Software)		275		64,493
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		217		11,060
Camden Property Trust (Residential REITs)		108		11,758
Campbell Soup Co. (Food Products)		202		9,233
Capital One Financial Corp. (Consumer Finance)		385		42,107
Cardinal Health, Inc. (Health Care Providers & Services)		257		24,304
CarMax, Inc.* (Specialty Retail)		159		13,308

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Bull :: 35

Common Stocks, continued

	Shares		Value
Carnival Corp.* (Hotels, Restaurants & Leisure)		1,012	$	19,056
Carrier Global Corp. (Building Products)		841		41,806
Catalent, Inc.* (Pharmaceuticals)		181		7,848
Caterpillar, Inc. (Machinery)		519		127,700
Cboe Global Markets, Inc. (Capital Markets)		106		14,629
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		313		25,262
CDW Corp. (Electronic Equipment, Instruments & Components)		136		24,956
Celanese Corp. (Chemicals)		101		11,696
Centene Corp.* (Health Care Providers & Services)		553		37,300
CenterPoint Energy, Inc. (Multi-Utilities)		636		18,539
Ceridian HCM Holding, Inc.* (Professional Services)		156		10,447
CF Industries Holdings, Inc. (Chemicals)		196		13,606
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		52		10,933
Charter Communications, Inc.*—Class A (Media)		105		38,574
Chevron Corp. (Oil, Gas & Consumable Fuels)		1,757		276,464
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		28		59,892
Chubb, Ltd. (Insurance)		417		80,297
Church & Dwight Co., Inc. (Household Products)		246		24,657
Cincinnati Financial Corp. (Insurance)		158		15,377
Cintas Corp. (Commercial Services & Supplies)		87		43,246
Cisco Systems, Inc. (Communications Equipment)		4,127		213,531
Citigroup, Inc. (Banks)		1,961		90,284
Citizens Financial Group, Inc. (Banks)		488		12,727
CME Group, Inc. (Capital Markets)		362		67,075
CMS Energy Corp. (Multi-Utilities)		294		17,273
Cognizant Technology Solutions Corp.— Class A (IT Services)		511		33,358
Colgate-Palmolive Co. (Household Products)		836		64,405
Comcast Corp.—Class A (Media)		4,191		174,135
Comerica, Inc. (Banks)		133		5,634
Conagra Brands, Inc. (Food Products)		481		16,219
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,219		126,301
Consolidated Edison, Inc. (Multi-Utilities)		349		31,550
Constellation Brands, Inc.—Class A (Beverages)		162		39,873
Constellation Energy Corp. (Electric Utilities)		327		29,937
Copart, Inc.* (Commercial Services & Supplies)		432		39,403
Corning, Inc. (Electronic Equipment, Instruments & Components)		771		27,016
Corteva, Inc. (Chemicals)		716		41,027
CoStar Group, Inc.* (Professional Services)		412		36,668
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		447		240,656
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		763		19,304
Crown Castle, Inc. (Specialized REITs)		437		49,792
CSX Corp. (Ground Transportation)		2,048		69,837
Cummins, Inc. (Machinery)		143		35,058
CVS Health Corp. (Health Care Providers & Services)		1,292		89,316
D.R. Horton, Inc. (Household Durables)		313		38,090
Danaher Corp. (Life Sciences Tools & Services)		669		160,560
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		122		20,384
DaVita, Inc.* (Health Care Providers & Services)		56		5,626
Deere & Co. (Machinery)		272		110,212
Delta Air Lines, Inc.* (Passenger Airlines)		648		30,806
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		214		8,564
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		647		31,276
Dexcom, Inc.* (Health Care Equipment & Supplies)		391		50,247
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		182		23,908
Digital Realty Trust, Inc. (Specialized REITs)		294		33,478
Discover Financial Services (Consumer Finance)		256		29,914
Dollar General Corp. (Consumer Staples Distribution & Retail)		221		37,521
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		210		30,135
Dominion Energy, Inc. (Multi-Utilities)		842		43,607
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		36		12,132
Dover Corp. (Machinery)		141		20,819
Dow, Inc. (Chemicals)		713		37,974
DTE Energy Co. (Multi-Utilities)		208		22,884
Duke Energy Corp. (Electric Utilities)		776		69,638
DuPont de Nemours, Inc. (Chemicals)		462		33,005
DXC Technology Co.* (IT Services)		229		6,119
Eastman Chemical Co. (Chemicals)		120		10,046
Eaton Corp. PLC (Electrical Equipment)		402		80,842
eBay, Inc. (Broadline Retail)		539		24,087
Ecolab, Inc. (Chemicals)		250		46,673
Edison International (Electric Utilities)		386		26,808
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		611		57,636
Electronic Arts, Inc. (Entertainment)		262		33,981
Elevance Health, Inc. (Health Care Providers & Services)		239		106,186
Eli Lilly & Co. (Pharmaceuticals)		794		372,370
Emerson Electric Co. (Electrical Equipment)		576		52,065
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		138		23,112
Entergy Corp. (Electric Utilities)		213		20,740
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		589		67,405
EPAM Systems, Inc.* (IT Services)		58		13,036
EQT Corp. (Oil, Gas & Consumable Fuels)		364		14,971
Equifax, Inc. (Professional Services)		124		29,177
Equinix, Inc. (Specialized REITs)		94		73,690
Equity Residential (Residential REITs)		344		22,694
Essex Property Trust, Inc. (Residential REITs)		65		15,230
Etsy, Inc.* (Broadline Retail)		124		10,492
Everest Re Group, Ltd. (Insurance)		43		14,700
Evergy, Inc. (Electric Utilities)		231		13,495
Eversource Energy (Electric Utilities)		351		24,893
Exelon Corp. (Electric Utilities)		1,002		40,821

See accompanying notes to financial statements.

36 :: ProFund VP Bull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		144	$	15,752
Expeditors International of Washington, Inc. (Air Freight & Logistics)		154		18,654
Extra Space Storage, Inc. (Specialized REITs)		136		20,244
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		4,074		436,937
F5, Inc.* (Communications Equipment)		61		8,922
FactSet Research Systems, Inc. (Capital Markets)		39		15,625
Fair Isaac Corp.* (Software)		25		20,230
Fastenal Co. (Trading Companies & Distributors)		575		33,919
Federal Realty Investment Trust (Diversified REITs)		74		7,161
FedEx Corp. (Air Freight & Logistics)		233		57,761
Fidelity National Information Services, Inc. (Financial Services)		597		32,656
Fifth Third Bancorp (Banks)		686		17,980
First Horizon Corp. (Banks)		1		6
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		100		19,009
FirstEnergy Corp. (Electric Utilities)		548		21,306
Fiserv, Inc.* (Financial Services)		622		78,465
FleetCor Technologies, Inc.* (Financial Services)		74		18,580
FMC Corp. (Chemicals)		126		13,147
Ford Motor Co. (Automobile Components)		3,960		59,914
Fortinet, Inc.* (Software)		657		49,663
Fortive Corp. (Machinery)		356		26,618
Fox Corp.—Class A (Media)		271		9,214
Fox Corp.—Class B (Media)		138		4,401
Franklin Resources, Inc.(a)  (Capital Markets)		288		7,692
Freeport-McMoRan, Inc. (Metals & Mining)		1,444		57,759
Garmin, Ltd. (Household Durables)		154		16,061
Gartner, Inc.* (IT Services)		80		28,025
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		394		32,009
Gen Digital, Inc. (Software)		573		10,629
Generac Holdings, Inc.* (Electrical Equipment)		63		9,395
General Dynamics Corp. (Aerospace & Defense)		227		48,839
General Electric Co. (Industrial Conglomerates)		1,097		120,505
General Mills, Inc. (Food Products)		592		45,406
General Motors Co. (Automobile Components)		1,401		54,023
Genuine Parts Co. (Distributors)		142		24,031
Gilead Sciences, Inc. (Biotechnology)		1,257		96,877
Global Payments, Inc. (Financial Services)		264		26,009
Globe Life, Inc. (Insurance)		90		9,866
Halliburton Co. (Energy Equipment & Services)		909		29,988
Hartford Financial Services Group, Inc. (Insurance)		313		22,542
Hasbro, Inc. (Leisure Products)		131		8,485
HCA Healthcare, Inc. (Health Care Providers & Services)		208		63,124
Healthpeak Properties, Inc. (Health Care REITs)		551		11,075
Henry Schein, Inc.* (Health Care Providers & Services)		132		10,705
Hess Corp. (Oil, Gas & Consumable Fuels)		278		37,794
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		1,306		21,941
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		267		38,862
Hologic, Inc.* (Health Care Equipment & Supplies)		248		20,081
Honeywell International, Inc. (Industrial Conglomerates)		670		139,025
Hormel Foods Corp. (Food Products)		292		11,744
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		717		12,067
Howmet Aerospace, Inc. (Aerospace & Defense)		371		18,387
HP, Inc. (Technology Hardware, Storage & Peripherals)		873		26,810
Humana, Inc. (Health Care Providers & Services)		126		56,338
Huntington Bancshares, Inc. (Banks)		1,455		15,685
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		40		9,104
IDEX Corp. (Machinery)		76		16,360
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		84		42,187
Illinois Tool Works, Inc. (Machinery)		279		69,795
Illumina, Inc.* (Life Sciences Tools & Services)		159		29,811
Incyte Corp.* (Biotechnology)		187		11,641
Ingersoll Rand, Inc. (Machinery)		408		26,667
Insulet Corp.* (Health Care Equipment & Supplies)		70		20,184
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,203		140,548
Intercontinental Exchange, Inc. (Capital Markets)		564		63,777
International Business Machines Corp. (IT Services)		915		122,436
International Flavors & Fragrances, Inc. (Chemicals)		257		20,455
International Paper Co. (Containers & Packaging)		350		11,134
Intuit, Inc. (Software)		283		129,668
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		353		120,705
Invesco, Ltd. (Capital Markets)		462		7,766
Invitation Homes, Inc. (Residential REITs)		586		20,158
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		187		42,032
Iron Mountain, Inc. (Specialized REITs)		294		16,705
J.B. Hunt Transport Services, Inc. (Ground Transportation)		84		15,207
Jack Henry & Associates, Inc. (Professional Services)		73		12,215
Jacobs Solutions, Inc. (Professional Services)		128		15,218
Johnson & Johnson (Pharmaceuticals)		2,618		433,332
Johnson Controls International PLC (Building Products)		691		47,084
JPMorgan Chase & Co. (Banks)		2,944		428,176

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Bull :: 37

Common Stocks, continued

	Shares		Value
Juniper Networks, Inc. (Communications Equipment)		324	$	10,151
Kellogg Co. (Food Products)		259		17,457
Keurig Dr Pepper, Inc. (Beverages)		849		26,548
KeyCorp (Banks)		942		8,704
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		179		29,974
Kimberly-Clark Corp. (Household Products)		340		46,940
Kimco Realty Corp. (Retail REITs)		625		12,325
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		1,987		34,216
KLA Corp. (Semiconductors & Semiconductor Equipment)		138		66,933
L3Harris Technologies, Inc. (Aerospace & Defense)		191		37,392
Laboratory Corp. of America Holdings (Health Care Providers & Services)		89		21,478
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		135		86,786
Lamb Weston Holding, Inc. (Food Products)		147		16,898
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		331		19,198
Leidos Holdings, Inc. (Professional Services)		138		12,210
Lennar Corp.—Class A (Household Durables)		256		32,079
Lincoln National Corp. (Insurance)		155		3,993
Linde PLC (Chemicals)		493		187,872
Live Nation Entertainment, Inc.* (Entertainment)		145		13,211
LKQ Corp. (Distributors)		256		14,917
Lockheed Martin Corp. (Aerospace & Defense)		227		104,506
Loews Corp. (Insurance)		191		11,342
Lowe's Cos., Inc. (Specialty Retail)		601		135,646
LyondellBasell Industries N.V.—Class A (Chemicals)		256		23,508
M&T Bank Corp. (Banks)		167		20,668
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		622		14,318
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		427		49,788
MarketAxess Holdings, Inc. (Capital Markets)		38		9,934
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		261		47,914
Marsh & McLennan Cos., Inc. (Insurance)		498		93,663
Martin Marietta Materials, Inc. (Construction Materials)		62		28,625
Masco Corp. (Building Products)		227		13,025
Mastercard, Inc.—Class A (Financial Services)		843		331,552
Match Group, Inc.* (Interactive Media & Services)		281		11,760
McCormick & Co., Inc. (Food Products)		253		22,069
McDonald's Corp. (Hotels, Restaurants & Leisure)		736		219,631
McKesson Corp. (Health Care Providers & Services)		137		58,541
Medtronic PLC (Health Care Equipment & Supplies)		1,340		118,054
Merck & Co., Inc. (Pharmaceuticals)		2,557		295,052
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		2,229		639,678
MetLife, Inc. (Insurance)		648		36,631
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		22		28,856
MGM Resorts International (Hotels, Restaurants & Leisure)		304		13,352
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		552		49,454
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,103		69,610
Microsoft Corp. (Software)		7,492		2,551,325
Mid-America Apartment Communities, Inc. (Residential REITs)		118		17,919
Moderna, Inc.* (Biotechnology)		330		40,095
Mohawk Industries, Inc.* (Household Durables)		53		5,467
Molina Healthcare, Inc.* (Health Care Providers & Services)		59		17,773
Molson Coors Beverage Co.—Class B (Beverages)		189		12,444
Mondelez International, Inc.—Class A (Food Products)		1,372		100,074
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		45		24,310
Monster Beverage Corp.* (Beverages)		770		44,229
Moody's Corp. (Capital Markets)		159		55,287
Morgan Stanley (Capital Markets)		1,314		112,216
Motorola Solutions, Inc. (Communications Equipment)		169		49,564
MSCI, Inc. (Capital Markets)		81		38,012
Nasdaq, Inc. (Capital Markets)		341		16,999
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		216		16,502
Netflix, Inc.* (Entertainment)		448		197,341
Newell Brands, Inc. (Household Durables)		380		3,306
Newmont Corp. (Metals & Mining)		801		34,171
News Corp.—Class A (Media)		384		7,488
News Corp.—Class B (Media)		118		2,327
NextEra Energy, Inc. (Electric Utilities)		2,039		151,295
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		1,241		136,970
NiSource, Inc. (Multi-Utilities)		416		11,378
Nordson Corp. (Machinery)		54		13,402
Norfolk Southern Corp. (Ground Transportation)		229		51,928
Northern Trust Corp. (Capital Markets)		210		15,569
Northrop Grumman Corp. (Aerospace & Defense)		144		65,635
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		427		9,296
NRG Energy, Inc. (Electric Utilities)		232		8,674
Nucor Corp. (Metals & Mining)		253		41,487
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		2,492		1,054,167
NVR, Inc.* (Household Durables)		3		19,052
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		262		53,626
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		724		42,571
Old Dominion Freight Line, Inc. (Ground Transportation)		91		33,647
Omnicom Group, Inc. (Media)		201		19,125
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		435		41,142
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		451		27,836
Oracle Corp. (Software)		1,551		184,709

See accompanying notes to financial statements.

38 :: ProFund VP Bull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
O'Reilly Automotive, Inc.* (Specialty Retail)		61	$	58,273
Organon & Co. (Pharmaceuticals)		257		5,348
Otis Worldwide Corp. (Machinery)		416		37,028
PACCAR, Inc. (Machinery)		527		44,084
Packaging Corp. of America (Containers & Packaging)		91		12,027
Palo Alto Networks, Inc.*(a)  (Software)		305		77,931
Paramount Global(a)—Class B (Media)		511		8,130
Parker-Hannifin Corp. (Machinery)		129		50,315
Paychex, Inc. (Professional Services)		323		36,134
Paycom Software, Inc. (Professional Services)		49		15,741
PayPal Holdings, Inc.* (Financial Services)		1,124		75,005
Pentair PLC (Machinery)		166		10,724
PepsiCo, Inc. (Beverages)		1,388		257,085
Pfizer, Inc. (Pharmaceuticals)		5,688		208,636
PG&E Corp.* (Electric Utilities)		1,629		28,149
Philip Morris International, Inc. (Tobacco)		1,564		152,677
Phillips 66 (Oil, Gas & Consumable Fuels)		462		44,066
Pinnacle West Capital Corp. (Electric Utilities)		114		9,286
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		236		48,894
Pool Corp. (Distributors)		39		14,611
PPG Industries, Inc. (Chemicals)		237		35,147
PPL Corp. (Electric Utilities)		743		19,660
Principal Financial Group, Inc. (Insurance)		227		17,216
Prologis, Inc. (Industrial REITs)		930		114,046
Prudential Financial, Inc. (Insurance)		368		32,465
PTC, Inc.* (Software)		107		15,226
Public Service Enterprise Group, Inc. (Multi-Utilities)		503		31,493
Public Storage (Specialized REITs)		159		46,409
PulteGroup, Inc. (Household Durables)		225		17,478
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		101		10,305
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		1,122		133,563
Quanta Services, Inc. (Construction & Engineering)		146		28,682
Quest Diagnostics, Inc. (Health Care Providers & Services)		113		15,883
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		41		5,055
Raymond James Financial, Inc. (Capital Markets)		192		19,924
Raytheon Technologies Corp. (Aerospace & Defense)		1,472		144,197
Realty Income Corp. (Retail REITs)		678		40,538
Regency Centers Corp. (Retail REITs)		155		9,574
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		109		78,321
Regions Financial Corp. (Banks)		945		16,840
Republic Services, Inc. (Commercial Services & Supplies)		207		31,706
ResMed, Inc. (Health Care Equipment & Supplies)		148		32,338
Revvity, Inc. (Life Sciences Tools & Services)		126		14,968
Robert Half International, Inc. (Professional Services)		109		8,199
Rockwell Automation, Inc. (Electrical Equipment)		116		38,216
Rollins, Inc. (Commercial Services & Supplies)		233		9,979
Roper Technologies, Inc. (Software)		107		51,446
Ross Stores, Inc. (Specialty Retail)		345		38,685
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		222		23,030
S&P Global, Inc. (Capital Markets)		330		132,295
Salesforce, Inc.* (Software)		986		208,302
SBA Communications Corp. (Specialized REITs)		109		25,262
Schlumberger N.V. (Energy Equipment & Services)		1,436		70,536
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		194		12,003
Sealed Air Corp. (Containers & Packaging)		145		5,800
Sempra Energy (Multi-Utilities)		317		46,151
ServiceNow, Inc.* (Software)		205		115,204
Simon Property Group, Inc. (Retail REITs)		329		37,993
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		160		17,710
Snap-on, Inc. (Machinery)		53		15,274
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		57		15,336
Southwest Airlines Co. (Passenger Airlines)		600		21,726
Stanley Black & Decker, Inc. (Machinery)		154		14,431
Starbucks Corp. (Hotels, Restaurants & Leisure)		1,155		114,414
State Street Corp. (Capital Markets)		337		24,662
Steel Dynamics, Inc. (Metals & Mining)		162		17,647
STERIS PLC (Health Care Equipment & Supplies)		100		22,498
Stryker Corp. (Health Care Equipment & Supplies)		340		103,731
Synchrony Financial (Consumer Finance)		432		14,653
Synopsys, Inc.* (Software)		153		66,618
Sysco Corp. (Consumer Staples Distribution & Retail)		511		37,916
T. Rowe Price Group, Inc. (Capital Markets)		226		25,317
Take-Two Interactive Software, Inc.* (Entertainment)		160		23,546
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		234		10,015
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		228		17,351
Target Corp. (Consumer Staples Distribution & Retail)		465		61,334
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		318		44,571
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		47		19,322
Teleflex, Inc. (Health Care Equipment & Supplies)		47		11,375
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		156		17,367
Tesla, Inc.* (Automobile Components)		2,714		710,443
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		915		164,718
Textron, Inc. (Aerospace & Defense)		203		13,729
The AES Corp. (Independent Power and Renewable Electricity Producers)		674		13,972
The Allstate Corp. (Insurance)		265		28,896
The Bank of New York Mellon Corp. (Capital Markets)		724		32,232
The Boeing Co.* (Aerospace & Defense)		570		120,361

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Bull :: 39

Common Stocks, continued

	Shares		Value
The Charles Schwab Corp. (Capital Markets)		1,497	$	84,850
The Cigna Group (Health Care Providers & Services)		298		83,619
The Clorox Co. (Household Products)		125		19,880
The Coca-Cola Co. (Beverages)		3,922		236,183
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		50		19,172
The Estee Lauder Cos., Inc. (Personal Care Products)		234		45,953
The Goldman Sachs Group, Inc. (Capital Markets)		335		108,051
The Hershey Co. (Food Products)		148		36,956
The Home Depot, Inc. (Specialty Retail)		1,020		316,853
The Interpublic Group of Cos., Inc. (Media)		389		15,008
The JM Smucker Co. (Food Products)		107		15,801
The Kraft Heinz Co. (Food Products)		804		28,542
The Kroger Co. (Consumer Staples Distribution & Retail)		658		30,926
The Mosaic Co. (Chemicals)		335		11,725
The PNC Financial Services Group, Inc. (Banks)		402		50,632
The Procter & Gamble Co. (Household Products)		2,375		360,383
The Progressive Corp. (Insurance)		590		78,098
The Sherwin-Williams Co. (Chemicals)		236		62,663
The Southern Co. (Electric Utilities)		1,099		77,205
The TJX Cos., Inc. (Specialty Retail)		1,160		98,356
The Travelers Cos., Inc. (Insurance)		233		40,463
The Walt Disney Co.* (Entertainment)		1,841		164,364
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,227		40,037
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		389		202,960
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		580		80,562
Tractor Supply Co. (Specialty Retail)		110		24,321
Trane Technologies PLC (Building Products)		230		43,990
TransDigm Group, Inc. (Aerospace & Defense)		53		47,391
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		250		13,235
Truist Financial Corp. (Banks)		1,342		40,730
Tyler Technologies, Inc.* (Software)		42		17,492
Tyson Foods, Inc.—Class A (Food Products)		288		14,700
U.S. Bancorp (Banks)		1,406		46,454
UDR, Inc. (Residential REITs)		312		13,404
Ulta Beauty, Inc.* (Specialty Retail)		50		23,530
Union Pacific Corp. (Ground Transportation)		614		125,636
United Airlines Holdings, Inc.* (Passenger Airlines)		330		18,107
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		730		130,852
United Rentals, Inc. (Trading Companies & Distributors)		69		30,731
UnitedHealth Group, Inc. (Health Care Providers & Services)		938		450,841
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		63		9,940
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		364		42,697
Ventas, Inc. (Health Care REITs)		403		19,050
VeriSign, Inc.* (IT Services)		91		20,563
Verisk Analytics, Inc. (Professional Services)		146		33,000
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,236		157,537
Vertex Pharmaceuticals, Inc.* (Biotechnology)		260		91,497
VF Corp. (Textiles, Apparel & Luxury Goods)		333		6,357
Viatris, Inc. (Pharmaceuticals)		1,208		12,056
VICI Properties, Inc. (Specialized REITs)		1,012		31,807
Visa, Inc.—Class A (Financial Services)		1,630		387,092
Vulcan Materials Co. (Construction Materials)		134		30,209
W.R. Berkley Corp. (Insurance)		202		12,031
W.W. Grainger, Inc. (Trading Companies & Distributors)		45		35,486
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		722		20,570
Walmart, Inc. (Consumer Staples Distribution & Retail)		1,413		222,095
Warner Bros. Discovery, Inc.* (Entertainment)		2,234		28,014
Waste Management, Inc. (Commercial Services & Supplies)		373		64,686
Waters Corp.* (Life Sciences Tools & Services)		59		15,726
WEC Energy Group, Inc. (Multi-Utilities)		318		28,060
Wells Fargo & Co. (Banks)		3,781		161,373
Welltower, Inc. (Health Care REITs)		501		40,526
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		75		28,685
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		322		12,213
Westinghouse Air Brake Technologies Corp. (Machinery)		181		19,850
Westrock Co. (Containers & Packaging)		258		7,500
Weyerhaeuser Co. (Specialized REITs)		738		24,730
Whirlpool Corp. (Household Durables)		55		8,183
Willis Towers Watson PLC (Insurance)		107		25,199
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		104		10,983
Xcel Energy, Inc. (Electric Utilities)		555		34,504
Xylem, Inc. (Machinery)		241		27,141
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		282		39,071
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		52		15,383
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		210		30,576
Zions Bancorp NA(a)  (Banks)		149		4,002
Zoetis, Inc. (Pharmaceuticals)		466		80,250
TOTAL COMMON STOCKS (Cost $10,183,638)				37,444,015

Repurchase Agreements^(b)(c)  (27.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $14,651,013	$	14,645,000	$	14,645,000
TOTAL REPURCHASE AGREEMENTS (Cost $14,645,000)				14,645,000

See accompanying notes to financial statements.

40 :: ProFund VP Bull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

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

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		98,937	$	98,937
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $98,937)				98,937
TOTAL INVESTMENT SECURITIES (Cost $24,927,575)—97.9%				52,187,952
Net other assets (liabilities)—2.1%				1,133,727
NET ASSETS—100.0%			$	53,321,679

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $97,335.

^(b)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $1,415,000.

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

^(d)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(e)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT  Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	12	9/18/23	$	2,692,950	$	93,066

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/23		5.67	%	$	8,891,859	$	137,253
S&P 500	UBS AG	7/27/23		5.57	%		4,294,617		53,596
						$	13,186,476	$	190,849

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Bull :: 41

ProFund VP Bull invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	623,395		1.2	%
Air Freight & Logistics		218,306		0.4	%
Automobile Components		863,794		1.6	%
Banks		1,120,323		2.1	%
Beverages		628,650		1.2	%
Biotechnology		719,015		1.3	%
Broadline Retail		1,207,036		2.2	%
Building Products		165,685		0.3	%
Capital Markets		991,151		1.9	%
Chemicals		641,964		1.2	%
Commercial Services & Supplies		189,020		0.4	%
Communications Equipment		323,007		0.6	%
Construction & Engineering		28,682		0.1	%
Construction Materials		58,834		0.1	%
Consumer Finance		191,020		0.4	%
Consumer Staples Distribution & Retail		681,153		1.3	%
Containers & Packaging		83,629		0.2	%
Distributors		53,559		0.1	%
Diversified REITs		7,161		NM
Diversified Telecommunication Services		272,425		0.5	%
Electric Utilities		633,388		1.2	%
Electrical Equipment		218,074		0.4	%
Electronic Equipment, Instruments & Components		225,427		0.4	%
Energy Equipment & Services		132,766		0.2	%
Entertainment		521,237		1.0	%
Financial Services		1,562,136		2.9	%
Food Products		390,922		0.7	%
Gas Utilities		16,986		NM
Ground Transportation		296,255		0.6	%
Health Care Equipment & Supplies		1,082,940		2.0	%
Health Care Providers & Services		1,082,340		2.0	%
Health Care REITs		70,651		0.1	%
Hotel & Resort REITs		12,067		NM
Hotels, Restaurants & Leisure		773,939		1.5	%
Household Durables		139,716		0.3	%
Household Products		516,265		1.0	%
Independent Power and Renewable Electricity Producers		13,972		NM
Industrial Conglomerates		315,180		0.6	%
Industrial REITs		114,046		0.2	%
Insurance		773,106		1.4	%
Interactive Media & Services		1,990,837		3.7	%
IT Services		433,544		0.8	%
Leisure Products		8,485		NM
Life Sciences Tools & Services		591,686		1.1	%
Machinery		665,478		1.1	%
Media		278,402		0.5	%
Metals & Mining		151,064		0.3	%
Multi-Utilities		272,578		0.5	%
Office REITs		26,338		NM
Oil, Gas & Consumable Fuels		1,406,761		2.7	%
Passenger Airlines		89,304		0.2	%
Personal Care Products		45,953		0.1	%
Pharmaceuticals		1,550,274		3.0	%
Professional Services		320,153		0.6	%
Real Estate Management & Development		25,262		NM
Residential REITs		128,228		0.3	%
Retail REITs		100,430		0.2	%
Semiconductors & Semiconductor Equipment		2,759,395		5.2	%
Software		3,861,777		7.1	%
Specialized REITs		413,269		0.9	%
Specialty Retail		785,289		1.5	%
Technology Hardware, Storage & Peripherals		2,979,040		5.6	%
Textiles, Apparel & Luxury Goods		158,397		0.3	%
Tobacco		234,172		0.4	%
Trading Companies & Distributors		100,136		0.2	%
Water Utilities		27,979		0.1	%
Wireless Telecommunication Services		80,562		0.2	%
Other**		15,877,664		29.8	%
Total	$	53,321,679		100.0	%

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

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

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

42 :: ProFund VP Communication Services^†  :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (99.1%)

	Shares		Value
Activision Blizzard, Inc.* (Entertainment)		3,189	$	268,832
Alphabet, Inc.*—Class A (Interactive Media & Services)		5,748		688,036
Alphabet, Inc.*—Class C (Interactive Media & Services)		4,946		598,318
AT&T, Inc. (Diversified Telecommunication Services)		16,077		256,428
Charter Communications, Inc.*—Class A (Media)		641		235,484
Comcast Corp.—Class A (Media)		6,374		264,840
Electronic Arts, Inc. (Entertainment)		1,607		208,428
Fox Corp.—Class A (Media)		1,662		56,508
Fox Corp.—Class B (Media)		844		26,915
Live Nation Entertainment, Inc.* (Entertainment)		889		80,997
Match Group, Inc.* (Interactive Media & Services)		1,719		71,940
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		4,946		1,419,402
Netflix, Inc.* (Entertainment)		609		268,258
News Corp.—Class A (Media)		2,352		45,864
News Corp.—Class B (Media)		727		14,336
Omnicom Group, Inc. (Media)		1,230		117,035
Paramount Global(a)—Class B (Media)		3,130		49,798
Take-Two Interactive Software, Inc.* (Entertainment)		979		144,070
The Interpublic Group of Cos., Inc. (Media)		2,383		91,936
The Walt Disney Co.* (Entertainment)		2,789		249,002
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		1,952		271,133
Verizon Communications, Inc. (Diversified Telecommunication Services)		7,229		268,847
Warner Bros. Discovery, Inc.* (Entertainment)		13,679		171,535
TOTAL COMMON STOCKS (Cost $4,751,592)				5,867,942

Repurchase Agreements^(b)  (2.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $158,065	$	158,000	$	158,000
TOTAL REPURCHASE AGREEMENTS (Cost $158,000)				158,000

Collateral for Securities Loaned^(c)  (0.8%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		45,144	$	45,144
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $45,144)				45,144
TOTAL INVESTMENT SECURITIES (Cost $4,954,736)—102.6%				6,071,086
Net other assets (liabilities)—(2.6)%				(151,163	)
NET ASSETS—100.0%			$	5,919,923

^†  As described in Note 1, effective March 17, 2023, this ProFund's name changed due to a change to its underlying benchmark index.

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $43,530.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Communication Services Select Sector Index	Goldman Sachs International	7/24/23		5.67	%	$	56,909	$	3,493

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Communication Services^†  :: 43

ProFund VP Communication Services invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Diversified Telecommunication Services	$	525,275		8.9	%
Entertainment		1,391,122		23.5	%
Interactive Media & Services		2,777,697		46.9	%
Media		902,716		15.2	%
Wireless Telecommunication Services		271,133		4.6	%
Other**		51,980		0.9	%
Total	$	5,919,923		100.0	%

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

See accompanying notes to financial statements.

44 :: ProFund VP Consumer Discretionary^†  :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (96.2%)

	Shares		Value
Advance Auto Parts, Inc. (Specialty Retail)		393	$	27,628
Amazon.com, Inc.* (Broadline Retail)		37,522		4,891,369
Aptiv PLC* (Automobile Components)		1,801		183,864
AutoZone, Inc.* (Specialty Retail)		123		306,683
Bath & Body Works, Inc. (Specialty Retail)		1,523		57,113
Best Buy Co., Inc. (Specialty Retail)		1,294		106,043
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		246		664,281
BorgWarner, Inc. (Automobile Components)		1,560		76,300
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,432		72,989
CarMax, Inc.* (Specialty Retail)		1,051		87,969
Carnival Corp.* (Hotels, Restaurants & Leisure)		6,688		125,935
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		183		391,437
D.R. Horton, Inc. (Household Durables)		2,067		251,533
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		805		134,499
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		235		79,193
eBay, Inc. (Broadline Retail)		3,560		159,096
Etsy, Inc.* (Broadline Retail)		820		69,380
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		948		103,702
Ford Motor Co. (Automobile Components)		26,171		395,967
Garmin, Ltd. (Household Durables)		1,018		106,167
General Motors Co. (Automobile Components)		9,258		356,988
Genuine Parts Co. (Distributors)		935		158,230
Hasbro, Inc. (Leisure Products)		866		56,091
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		1,763		256,605
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		2,187		126,846
Lennar Corp.—Class A (Household Durables)		1,689		211,649
LKQ Corp. (Distributors)		1,689		98,418
Lowe's Cos., Inc. (Specialty Retail)		3,971		896,255
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1,718		315,555
McDonald's Corp. (Hotels, Restaurants & Leisure)		3,159		942,677
MGM Resorts International (Hotels, Restaurants & Leisure)		2,009		88,235
Mohawk Industries, Inc.* (Household Durables)		350		36,106
Newell Brands, Inc. (Household Durables)		2,506		21,802
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		8,205		905,585
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		2,823		61,457
NVR, Inc.* (Household Durables)		21		133,363
O'Reilly Automotive, Inc.* (Specialty Retail)		406		387,852
Pool Corp. (Distributors)		260		97,406
PulteGroup, Inc. (Household Durables)		1,486		115,432
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		273		33,661
Ross Stores, Inc. (Specialty Retail)		2,277		255,320
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		1,463		151,772
Starbucks Corp. (Hotels, Restaurants & Leisure)		7,634		756,224
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		1,541		65,955
Tesla, Inc.* (Automobile Components)		15,786		4,132,302
The Home Depot, Inc. (Specialty Retail)		3,047		946,519
The TJX Cos., Inc. (Specialty Retail)		7,667		650,085
Tractor Supply Co. (Specialty Retail)		729		161,182
Ulta Beauty, Inc.* (Specialty Retail)		333		156,708
VF Corp. (Textiles, Apparel & Luxury Goods)		2,198		41,960
Whirlpool Corp. (Household Durables)		364		54,160
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		689		72,765
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		1,865		258,396
TOTAL COMMON STOCKS (Cost $13,901,584)				21,294,709

Repurchase Agreements^(a)  (3.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $793,326	$	793,000	$	793,000
TOTAL REPURCHASE AGREEMENTS (Cost $793,000)				793,000
TOTAL INVESTMENT SECURITIES (Cost $14,694,584)—99.8%				22,087,709
Net other assets (liabilities)—0.2%				55,318
NET ASSETS—100.0%			$	22,143,027

†	As described in Note 1, effective March 17, 2023, this ProFund's name changed due to a change to its underlying benchmark index.
*	Non-income producing security.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Consumer Discretionary^†  :: 45

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Consumer Discretionary Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	770,812	$	12,775

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Automobile Components	$	5,145,421		23.3	%
Broadline Retail		5,119,845		23.1	%
Distributors		354,054		1.6	%
Hotels, Restaurants & Leisure		4,602,568		20.8	%
Household Durables		930,212		4.2	%
Leisure Products		56,091		0.3	%
Specialty Retail		4,039,357		18.2	%
Textiles, Apparel & Luxury Goods		1,047,161		4.7	%
Other**		848,318		3.8	%
Total	$	22,143,027		100.0	%

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

See accompanying notes to financial statements.

46 :: ProFund VP Consumer Staples^†  :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (98.6%)

	Shares		Value
Altria Group, Inc. (Tobacco)		10,570	$	478,821
Archer-Daniels-Midland Co. (Food Products)		3,225		243,681
Brown-Forman Corp.—Class B (Beverages)		1,083		72,323
Bunge, Ltd. (Food Products)		891		84,066
Campbell Soup Co. (Food Products)		1,188		54,303
Church & Dwight Co., Inc. (Household Products)		1,446		144,933
Colgate-Palmolive Co. (Household Products)		4,912		378,420
Conagra Brands, Inc. (Food Products)		2,824		95,225
Constellation Brands, Inc.—Class A (Beverages)		955		235,054
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		2,297		1,236,658
Dollar General Corp. (Consumer Staples Distribution & Retail)		1,297		220,205
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		1,231		176,649
General Mills, Inc. (Food Products)		3,478		266,763
Hormel Foods Corp. (Food Products)		1,715		68,977
Kellogg Co. (Food Products)		1,522		102,583
Keurig Dr Pepper, Inc. (Beverages)		4,987		155,943
Kimberly-Clark Corp. (Household Products)		1,998		275,844
Lamb Weston Holding, Inc. (Food Products)		863		99,202
McCormick & Co., Inc. (Food Products)		1,485		129,537
Molson Coors Beverage Co.—Class B (Beverages)		1,112		73,214
Mondelez International, Inc.—Class A (Food Products)		7,755		565,649
Monster Beverage Corp.* (Beverages)		4,525		259,916
PepsiCo, Inc. (Beverages)		7,136		1,321,730
Philip Morris International, Inc. (Tobacco)		6,111		596,556
Sysco Corp. (Consumer Staples Distribution & Retail)		3,000		222,600
Target Corp. (Consumer Staples Distribution & Retail)		2,733		360,483
The Clorox Co. (Household Products)		732		116,417
The Coca-Cola Co. (Beverages)		20,160		1,214,035
The Estee Lauder Cos., Inc. (Personal Care Products)		1,373		269,630
The Hershey Co. (Food Products)		872		217,738
The JM Smucker Co. (Food Products)		631		93,180
The Kraft Heinz Co. (Food Products)		4,724		167,702
The Kroger Co. (Consumer Staples Distribution & Retail)		3,867		181,749
The Procter & Gamble Co. (Household Products)		12,208		1,852,442
Tyson Foods, Inc.—Class A (Food Products)		1,691		86,309
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		4,240		120,798
Walmart, Inc. (Consumer Staples Distribution & Retail)		3,696		580,937
TOTAL COMMON STOCKS (Cost $7,640,060)				12,820,272

Repurchase Agreements^(a)  (1.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $163,067	$	163,000	$	163,000
TOTAL REPURCHASE AGREEMENTS (Cost $163,000)				163,000
TOTAL INVESTMENT SECURITIES (Cost $7,803,060)—99.9%				12,983,272
Net other assets (liabilities)—0.1%				16,668
NET ASSETS—100.0%			$	12,999,940

†	As described in Note 1, effective March 17, 2023, this ProFund's name changed due to a change to its underlying benchmark index.
*	Non-income producing security.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Consumer Staples Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	165,434	$	1,320

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Consumer Staples^†  :: 47

ProFund VP Consumer Staples invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Beverages	$	3,332,215		25.6	%
Consumer Staples Distribution & Retail		3,100,079		23.8	%
Food Products		2,274,915		17.5	%
Household Products		2,768,056		21.3	%
Personal Care Products		269,630		2.1	%
Tobacco		1,075,377		8.3	%
Other**		179,668		1.4	%
Total	$	12,999,940		100.0	%

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

See accompanying notes to financial statements.

48 :: ProFund VP Dow 30 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (98.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $320,131	$	320,000	$	320,000
TOTAL REPURCHASE AGREEMENTS (Cost $320,000)				320,000
TOTAL INVESTMENT SECURITIES (Cost $320,000)—98.6%				320,000
Net other assets (liabilities)—1.4%				4,572
NET ASSETS—100.0%			$	324,572

(a)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $192,000.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International		7/27/23		5.67	%	$	267,186	$	3,625
Dow Jones Industrial Average	UBS AG		7/27/23		5.22	%		57,203		775
							$	324,389	$	4,400

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Emerging Markets :: 49

Common Stocks (90.6%)

	Shares		Value
Alibaba Group Holding, Ltd.*ADR  (Broadline Retail)		32,330	$	2,694,706
Ambev S.A.ADR  (Beverages)		73,771		234,592
America Movil S.A.B. de C.V.ADR  (Wireless Telecommunication Services)		17,441		377,423
AngloGold Ashanti, Ltd.ADR  (Metals & Mining)		7,014		147,925
ASE Technology Holding Co., Ltd.ADR  (Semiconductors & Semiconductor Equipment)		28,525		222,210
Baidu, Inc.*ADR  (Interactive Media & Services)		4,743		649,364
Banco Bradesco S.A.ADR  (Banks)		88,836		307,373
Banco de ChileADR  (Banks)		3,632		76,127
Beigene, Ltd.*ADR  (Biotechnology)		1,101		196,308
Bilibili, Inc.*ADR(a)  (Entertainment)		4,047		61,110
Cemex S.A.B. de C.V.*ADR  (Construction Materials)		25,316		179,237
Centrais Eletricas Brasileiras S.A.ADR(a)  (Electric Utilities)		21,295		176,110
Chunghwa Telecom Co., Ltd.ADR  (Diversified Telecommunication Services)		6,357		237,053
Coca-Cola Femsa S.A.B. de C.V.ADR  (Beverages)		878		73,146
Dr. Reddy's Laboratories, Ltd.ADR  (Pharmaceuticals)		2,033		128,303
Fomento Economico Mexicano S.A.B. de C.V.ADR  (Beverages)		3,072		340,501
Gerdau S.A.ADR  (Metals & Mining)		18,181		94,905
Gold Fields, Ltd.ADR  (Metals & Mining)		14,943		206,662
Grupo Aeroportuario del Pacifico S.A.B. de C.V.ADR  (Transportation Infrastructure)		626		111,879
Grupo Aeroportuario del Sureste S.A.B. de C.V.ADR  (Transportation Infrastructure)		315		87,472
H World Group, Ltd.*ADR  (Hotels, Restaurants & Leisure)		2,345		90,939
HDFC Bank, Ltd.ADR  (Banks)		23,052		1,606,725
ICICI Bank, Ltd.ADR  (Banks)		43,240		997,979
Infosys, Ltd.ADR  (IT Services)		60,373		970,194
Itau Unibanco Holding S.A.ADR  (Banks)		81,042		478,147
JD.com, Inc.ADR  (Broadline Retail)		20,555		701,542
KB Financial Group, Inc.ADR  (Banks)		6,343		230,885
KE Holdings, Inc.*ADR  (Real Estate Management & Development)		11,334		168,310
NetEase, Inc.ADR  (Entertainment)		6,125		592,226
New Oriental Education & Technology Group, Inc.*ADR  (Diversified Consumer Services)		2,501		98,764
NIO, Inc.*ADR(a)  (Automobiles)		23,753		230,167
PDD Holdings, Inc.*ADR  (Broadline Retail)		9,093		628,690
Petroleo Brasileiro S.A.ADR  (Oil, Gas & Consumable Fuels)		31,117		430,348
POSCOADR(a)  (Metals & Mining)		4,922		363,982
PT Telekomunikasi Indonesia TbkADR  (Diversified Telecommunication Services)		7,952		212,080
Sasol, Ltd.ADR  (Chemicals)		9,760		120,829
Shinhan Financial Group Co., Ltd.ADR  (Banks)		8,447		220,129
Sibanye Stillwater, Ltd.ADR  (Metals & Mining)		11,835		73,850
Sociedad Quimica y Minera de Chile S.A.ADR(a)  (Chemicals)		2,389		173,489
Suzano Papel e Celulose S.A.ADR  (Paper & Forest Products)		12,844		118,422
Taiwan Semiconductor Manufacturing Co., Ltd.ADR  (Semiconductors & Semiconductor Equipment)		43,979		4,438,360
Tencent Music Entertainment Group*ADR  (Entertainment)		10,481		77,350
Trip.com Group, Ltd.*ADR  (Hotels, Restaurants & Leisure)		8,908		311,780
United Microelectronics Corp.ADR(a)  (Semiconductors & Semiconductor Equipment)		38,898		306,905
Vale S.A.ADR  (Metals & Mining)		60,728		814,969
Vipshop Holdings, Ltd.*ADR  (Broadline Retail)		5,523		91,130
Wipro, Ltd.ADR  (IT Services)		24,781		116,966
Woori Financial Group, Inc.ADR  (Banks)		3,612		97,343
ZTO Express Cayman, Inc.ADR  (Air Freight & Logistics)		6,957		174,482
TOTAL COMMON STOCKS (Cost $14,064,946)				21,539,388

Preferred Stock (2.0%)

Petroleo Brasileiro S.A.ADR  (Oil, Gas & Consumable Fuels)	38,412	475,156
TOTAL PREFERRED STOCK (Cost $169,515)		475,156

Repurchase Agreements^(b)(c)  (3.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $753,309	$	753,000	$	753,000
TOTAL REPURCHASE AGREEMENTS (Cost $753,000)				753,000

Collateral for Securities Loaned^(d)  (2.4%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		568,025	$	568,025
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $568,025)				568,025
TOTAL INVESTMENT SECURITIES (Cost $15,555,486)—98.2%				23,335,569
Net other assets (liabilities)—1.8%				427,726
NET ASSETS—100.0%			$	23,763,295

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $563,013.
(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $277,000.
(c)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(d)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(e)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.
ADR	American Depositary Receipt

See accompanying notes to financial statements.

50 :: ProFund VP Emerging Markets :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Emerging 50 ADR Index (USD)	Goldman Sachs International		7/27/23		5.67	%	$	1,363,148	$	(7,650	)
S&P Emerging 50 ADR Index (USD)	UBS AG		7/27/23		5.57	%		356,342		(5,560	)
							$	1,719,490	$	(13,210	)

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Air Freight & Logistics	$	174,482		0.7	%
Automobiles		230,167		1.0	%
Banks		4,014,708		16.9	%
Beverages		648,239		2.7	%
Biotechnology		196,308		0.8	%
Broadline Retail		4,116,068		17.3	%
Chemicals		294,318		1.3	%
Construction Materials		179,237		0.8	%
Diversified Consumer Services		98,764		0.4	%
Diversified Telecommunication Services		449,133		1.9	%
Electric Utilities		176,110		0.7	%
Entertainment		730,686		3.1	%
Hotels, Restaurants & Leisure		402,719		1.7	%
Interactive Media & Services		649,364		2.7	%
IT Services		1,087,160		4.6	%
Metals & Mining		1,702,293		7.2	%
Oil, Gas & Consumable Fuels		905,504		3.8	%
Paper & Forest Products		118,422		0.5	%
Pharmaceuticals		128,303		0.5	%
Real Estate Management & Development		168,310		0.7	%
Semiconductors & Semiconductor Equipment		4,967,475		20.9	%
Transportation Infrastructure		199,351		0.8	%
Wireless Telecommunication Services		377,423		1.6	%
Other**		1,748,751		7.4	%
Total	$	23,763,295		100.0	%

ProFund VP Emerging Markets invested in securities with exposure to the following countries as of June 30, 2023:

	Value		% of Net Assets
Brazil	$	3,130,022		13.2	%
Chile		249,616		1.1	%
China		6,138,178		25.8	%
India		3,820,167		16.1	%
Indonesia		212,080		0.9	%
Ireland		628,690		2.6	%
Mexico		1,169,658		4.9	%
South Africa		549,266		2.3	%
South Korea		912,339		3.8	%
Taiwan		5,204,528		21.9	%
Other**		1,748,751		7.4	%
Total	$	23,763,295		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Energy^†  :: 51

Common Stocks (99.4%)

	Shares		Value
APA Corp. (Oil, Gas & Consumable Fuels)		11,805	$	403,377
Baker Hughes Co. (Energy Equipment & Services)		38,727		1,224,160
Chevron Corp. (Oil, Gas & Consumable Fuels)		59,445		9,353,671
ConocoPhillips (Oil, Gas & Consumable Fuels)		20,859		2,161,201
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		28,970		732,941
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		24,548		1,186,650
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		6,928		910,062
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		18,641		2,133,276
EQT Corp. (Oil, Gas & Consumable Fuels)		13,834		568,992
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		103,137		11,061,443
Halliburton Co. (Energy Equipment & Services)		34,513		1,138,584
Hess Corp. (Oil, Gas & Consumable Fuels)		10,571		1,437,127
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		75,448		1,299,215
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		23,626		543,871
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		16,231		1,892,535
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		27,485		1,616,118
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		17,117		1,056,461
Phillips 66 (Oil, Gas & Consumable Fuels)		17,553		1,674,205
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		8,941		1,852,396
Schlumberger N.V. (Energy Equipment & Services)		48,620		2,388,215
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		8,646		657,961
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		46,601		1,520,591
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		13,830		1,622,259
TOTAL COMMON STOCKS (Cost $19,407,428)				48,435,311

Repurchase Agreements^(a)  (0.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $330,135	$	330,000	$	330,000
TOTAL REPURCHASE AGREEMENTS (Cost $330,000)				330,000
TOTAL INVESTMENT SECURITIES (Cost $19,737,428)—100.1%				48,765,311
Net other assets (liabilities)—(0.1)%				(45,941	)
NET ASSETS—100.0%			$	48,719,370

†	As described in Note 1, effective March 17, 2023, this ProFund's name changed due to a change to its underlying benchmark index.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Energy Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	305,861	$	15,463

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Energy Equipment & Services	$	4,750,959		9.8	%
Oil, Gas & Consumable Fuels		43,684,352		89.6	%
Other**		284,059		0.6	%
Total	$	48,719,370		100.0	%

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

See accompanying notes to financial statements.

52 :: ProFund VP Europe 30 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (99.5%)

	Shares		Value
Anheuser-Busch InBev N.V.ADR(a) (Beverages)		9,839	$	558,068
ArcelorMittal SANYS—Class A (Metals & Mining)		12,428		339,781
Argenx SE*ADR (Biotechnology)		863		336,337
Ascendis Pharma A/S*ADR(a) (Biotechnology)		2,417		215,717
ASML Holding N.V.NYS (Semiconductors & Semiconductor Equipment)		1,381		1,000,880
AstraZeneca PLCADR (Pharmaceuticals)		8,631		617,720
Barclays PLCADR (Banks)		44,880		352,757
BioNTech SE*ADR (Biotechnology)		1,208		130,379
BP PLCADR (Oil, Gas & Consumable Fuels)		15,881		560,440
British American Tobacco PLCADR (Tobacco)		12,601		418,353
CRH PLCADR(a) (Construction Materials)		8,631		481,005
Diageo PLCADR(a) (Beverages)		2,934		508,990
Equinor ASAADR(a) (Oil, Gas & Consumable Fuels)		15,708		458,831
GSK PLCADR (Pharmaceuticals)		8,976		319,905
HSBC Holdings PLCADR (Banks)		16,399		649,728
ING Groep N.V.ADR (Banks)		31,762		427,834
Koninklijke Philips N.V.*NYS (Health Care Equipment & Supplies)		19,851		430,568
National Grid PLCADR(a) (Multi-Utilities)		6,387		430,037
Nokia OyjADR (Communications Equipment)		72,154		300,161
Novo Nordisk A/SADR (Pharmaceuticals)		6,387		1,033,608
RELX PLCADR (Professional Services)		14,672		490,485
Rio Tinto PLCADR (Metals & Mining)		8,113		517,934
Ryanair Holdings PLC*ADR  (Passenger Airlines)		4,143		458,216
SanofiADR (Pharmaceuticals)		6,387		344,259
SAP SEADR (Software)		5,179		708,539
Shell PLCADR (Oil, Gas & Consumable Fuels)		11,220		677,465
Telefonaktiebolaget LM EricssonADR (Communications Equipment)		54,029		294,458
Tenaris S.A.ADR (Energy Equipment & Services)		9,149		274,013
TotalEnergies SEADR (Oil, Gas & Consumable Fuels)		11,220		646,721
Vodafone Group PLCADR (Wireless Telecommunication Services)		33,488		316,462
TOTAL COMMON STOCKS (Cost $8,708,848)				14,299,651

Collateral for Securities Loaned^(b)  (14.9%)

Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(c)	2,136,013		2,136,013
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $2,136,013)			2,136,013
TOTAL INVESTMENT SECURITIES (Cost $10,844,861)—114.4%			16,435,664
Net other assets (liabilities)—(14.4)%			(2,069,980	)
NET ASSETS—100.0%		$	14,365,684

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $2,120,260.
(b)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(c)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.
ADR	American Depositary Receipt
NYS	New York Shares

ProFund VP Europe 30 invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Banks	$	1,430,319		10.0	%
Beverages		1,067,058		7.4	%
Biotechnology		682,433		4.7	%
Communications Equipment		594,619		4.1	%
Construction Materials		481,005		3.3	%
Energy Equipment & Services		274,013		1.9	%
Health Care Equipment & Supplies		430,568		3.0	%
Metals & Mining		857,715		6.0	%
Multi-Utilities		430,037		3.0	%
Oil, Gas & Consumable Fuels		2,343,457		16.4	%
Passenger Airlines		458,216		3.2	%
Pharmaceuticals		2,315,492		16.1	%
Professional Services		490,485		3.4	%
Semiconductors & Semiconductor Equipment		1,000,880		7.0	%
Software		708,539		4.9	%
Tobacco		418,353		2.9	%
Wireless Telecommunication Services		316,462		2.2	%
Other**		66,033		0.5	%
Total	$	14,365,684		100.0	%

ProFund VP Europe 30 invested in securities with exposure to the following countries as of June 30, 2023:

	Value		% of Net Assets
Belgium	$	558,068		3.9	%
Denmark		1,249,325		8.7	%
Finland		300,161		2.1	%
France		990,980		6.9	%
Germany		838,918		5.8	%
Ireland		939,221		6.5	%
Luxembourg		613,794		4.3	%
Netherlands		2,195,619		15.3	%
Norway		458,831		3.2	%
Sweden		294,458		2.0	%
United Kingdom		5,860,276		40.8	%
Other**		66,033		0.5	%
Total	$	14,365,684		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Falling U.S. Dollar :: 53

Repurchase Agreements^(a)(b)  (100.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $1,123,461	$	1,123,000	$	1,123,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,123,000)				1,123,000
TOTAL INVESTMENT SECURITIES (Cost $1,123,000)—100.7%				1,123,000
Net other assets (liabilities)—(0.7)%				(7,703	)
NET ASSETS—100.0%			$	1,115,297

(a)	A portion of these securities were held in a segregated account for the benefit of forward currency contract counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $73,000.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

As of June 30, 2023, the ProFund VP Falling U.S. Dollar's forward currency contracts with Goldman Sachs International, were as follows:

Description and amount of currency purchased		Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Long:
British pound	42,720	U.S. dollar	$	53,336	7/14/23	$	54,251	$	915
Canadian dollar	69,425	U.S. dollar		51,847	7/14/23		52,424		577
Euro	230,164	U.S. dollar		247,315	7/14/23		251,318		4,003
Japanese yen	14,330,166	U.S. dollar		103,406	7/14/23		99,554		(3,852	)
Swedish krona	305,776	U.S. dollar		28,285	7/14/23		28,381		96
Swiss franc	13,549	U.S. dollar		15,011	7/14/23		15,166		155
Total Long Contracts			$	499,200		$	501,094	$	1,894

As of June 30, 2023, the ProFund VP Falling U.S. Dollar's forward currency contracts with UBS AG, were as follows:

Description and amount of currency purchased		Description and amount of currency sold			Delivery Date	Fair Value		Unrealized Appreciation/ (Depreciation)
Long:
British pound	61,348	U.S. dollar	$	76,704	7/14/23	$	77,908	$	1,204
Canadian dollar	63,554	U.S. dollar		47,520	7/14/23		47,991		471
Euro	356,653	U.S. dollar		383,846	7/14/23		389,432		5,586
Japanese yen	7,313,544	U.S. dollar		52,440	7/14/23		50,808		(1,632	)
Swedish krona	194,879	U.S. dollar		18,036	7/14/23		18,088		52
Swiss franc	22,239	U.S. dollar		24,660	7/14/23		24,893		233
Total Long Contracts			$	603,206		$	609,120	$	5,914
Total unrealized appreciation								$	13,292
Total unrealized (depreciation)									(5,484	)
Total net unrealized appreciation/(depreciation)								$	7,808

See accompanying notes to financial statements.

54 :: ProFund VP Financials :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (95.6%)

	Shares			Value
Aflac, Inc. (Insurance)		2,795		$	195,091
American Express Co. (Consumer Finance)		3,022			526,433
American International Group, Inc. (Insurance)		3,680			211,747
Ameriprise Financial, Inc. (Capital Markets)		529			175,713
Aon PLC—Class A (Insurance)		1,038			358,318
Arch Capital Group, Ltd.* (Insurance)		1,893			141,691
Arthur J. Gallagher & Co. (Insurance)		1,089			239,112
Assurant, Inc. (Insurance)		271			34,070
Bank of America Corp. (Banks)		35,243			1,011,122
Berkshire Hathaway, Inc.*—Class B (Financial Services)		9,064			3,090,825
BlackRock, Inc. (Capital Markets)		761			525,958
Brown & Brown, Inc. (Insurance)		1,197			82,401
Capital One Financial Corp. (Consumer Finance)		1,941			212,287
Cboe Global Markets, Inc. (Capital Markets)		536			73,973
Chubb, Ltd. (Insurance)		2,105			405,338
Cincinnati Financial Corp. (Insurance)		799			77,759
Citigroup, Inc. (Banks)		9,896			455,612
Citizens Financial Group, Inc. (Banks)		2,461			64,183
CME Group, Inc. (Capital Markets)		1,828			338,710
Comerica, Inc. (Banks)		670			28,381
Discover Financial Services (Consumer Finance)		1,291			150,853
Everest Re Group, Ltd. (Insurance)		218			74,525
FactSet Research Systems, Inc. (Capital Markets)		194			77,726
Fidelity National Information Services, Inc. (Financial Services)		3,012			164,756
Fifth Third Bancorp (Banks)		3,462			90,739
First Horizon Corp. (Banks)		—	(a)		4
Fiserv, Inc.* (Financial Services)		3,138			395,859
FleetCor Technologies, Inc.* (Financial Services)		375			94,155
Franklin Resources, Inc.(b)  (Capital Markets)		1,452			38,783
Global Payments, Inc. (Financial Services)		1,331			131,130
Globe Life, Inc. (Insurance)		451			49,439
Hartford Financial Services Group, Inc. (Insurance)		1,578			113,648
Huntington Bancshares, Inc. (Banks)		7,339			79,114
Intercontinental Exchange, Inc. (Capital Markets)		2,846			321,826
Invesco, Ltd. (Capital Markets)		2,330			39,167
Jack Henry & Associates, Inc. (Professional Services)		370			61,912
JPMorgan Chase & Co. (Banks)		14,854			2,160,366
KeyCorp (Banks)		4,754			43,927
Lincoln National Corp. (Insurance)		785			20,222
Loews Corp. (Insurance)		962			57,124
M&T Bank Corp. (Banks)		843			104,330
MarketAxess Holdings, Inc. (Capital Markets)		191			49,931
Marsh & McLennan Cos., Inc. (Insurance)		2,515			473,020
Mastercard, Inc.—Class A (Financial Services)		4,254			1,673,098
MetLife, Inc. (Insurance)		3,271			184,910
Moody's Corp. (Capital Markets)		802			278,871
Morgan Stanley (Capital Markets)		6,623			565,604
MSCI, Inc. (Capital Markets)		407			191,001
Nasdaq, Inc. (Capital Markets)		1,722			85,842
Northern Trust Corp. (Capital Markets)		1,059			78,514
PayPal Holdings, Inc.* (Financial Services)		5,671			378,426
Principal Financial Group, Inc. (Insurance)		1,147			86,988
Prudential Financial, Inc. (Insurance)		1,856			163,736
Raymond James Financial, Inc. (Capital Markets)		970			100,657
Regions Financial Corp. (Banks)		4,770			85,001
S&P Global, Inc. (Capital Markets)		1,667			668,283
State Street Corp. (Capital Markets)		1,700			124,406
Synchrony Financial (Consumer Finance)		2,179			73,912
T. Rowe Price Group, Inc. (Capital Markets)		1,142			127,927
The Allstate Corp. (Insurance)		1,336			145,677
The Bank of New York Mellon Corp. (Capital Markets)		3,651			162,543
The Charles Schwab Corp. (Capital Markets)		7,555			428,217
The Goldman Sachs Group, Inc. (Capital Markets)		1,690			545,093
The PNC Financial Services Group, Inc. (Banks)		2,029			255,553
The Progressive Corp. (Insurance)		2,975			393,801
The Travelers Cos., Inc. (Insurance)		1,174			203,877
Truist Financial Corp. (Banks)		6,771			205,500
U.S. Bancorp (Banks)		7,092			234,320
Visa, Inc.—Class A (Financial Services)		8,225			1,953,273
W.R. Berkley Corp. (Insurance)		1,021			60,811
Wells Fargo & Co. (Banks)		19,074			814,078
Willis Towers Watson PLC (Insurance)		541			127,406
Zions Bancorp NA(b)  (Banks)		754			20,252
TOTAL COMMON STOCKS (Cost $7,055,862)					23,458,857

Repurchase Agreements^(c)  (4.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $1,132,465	$	1,132,000	$	1,132,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,132,000)				1,132,000

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

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		60,987	$	60,987
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $60,987)				60,987
TOTAL INVESTMENT SECURITIES (Cost $8,248,849)—100.4%				24,651,844
Net other assets (liabilities)—(0.4)%				(108,127	)
NET ASSETS—100.0%			$	24,543,717

*	Non-income producing security.
(a)	Number of shares is less than 0.50
(b)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $58,982.
(c)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(d)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(e)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Financials :: 55

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Financial Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	929,997	$	8,841

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Banks	$	5,652,482		23.0	%
Capital Markets		4,998,745		20.4	%
Consumer Finance		963,485		3.9	%
Financial Services		7,881,522		32.1	%
Insurance		3,900,711		15.9	%
Professional Services		61,912		0.3	%
Other**		1,084,860		4.4	%
Total	$	24,543,717		100.0	%

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

See accompanying notes to financial statements.

56 :: ProFund VP Government Money Market :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

U.S. Treasury Obligations (34.3%)

	Principal Amount		Value
U.S. Treasury Bills 4.17%+, 7/6/23	$	2,000,000	$	1,998,611
4.46%+, 7/13/23		2,000,000		1,996,784
4.92%+, 8/1/23		2,000,000		1,991,285
4.96%+, 8/3/23		2,000,000		1,990,678
5.03%+, 8/10/23		2,000,000		1,988,600
5.01%+, 8/17/23		2,000,000		1,986,736
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,952,694)				11,952,694

Repurchase Agreements^(a)  (66.5%)   

Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $23,205,524	23,196,000		23,196,000
TOTAL REPURCHASE AGREEMENTS (Cost $23,196,000)			23,196,000
TOTAL INVESTMENT SECURITIES (Cost $35,148,694)—100.8%			35,148,694
Net other assets (liabilities)—(0.8)%			(278,749	)
NET ASSETS—100.0%		$	34,869,945

+	Reflects the effective yield or interest rate in effect at June 30, 2023.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Health Care :: 57

Common Stocks (99.5%)

	Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		13,244	$	1,443,860
AbbVie, Inc. (Biotechnology)		13,436		1,810,231
Agilent Technologies, Inc. (Life Sciences Tools & Services)		2,252		270,803
Align Technology, Inc.* (Health Care Equipment & Supplies)		542		191,673
AmerisourceBergen Corp. (Health Care Providers & Services)		1,234		237,459
Amgen, Inc. (Biotechnology)		4,069		903,399
Baxter International, Inc. (Health Care Equipment & Supplies)		3,852		175,497
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		2,163		571,054
Biogen, Inc.* (Biotechnology)		1,102		313,905
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		163		61,797
Bio-Techne Corp. (Life Sciences Tools & Services)		1,199		97,874
Boston Scientific Corp.* (Health Care Equipment & Supplies)		10,949		592,231
Bristol-Myers Squibb Co. (Pharmaceuticals)		16,002		1,023,328
Cardinal Health, Inc. (Health Care Providers & Services)		1,939		183,371
Catalent, Inc.* (Pharmaceuticals)		1,373		59,533
Centene Corp.* (Health Care Providers & Services)		4,179		281,874
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		390		81,998
CVS Health Corp. (Health Care Providers & Services)		9,763		674,916
Danaher Corp. (Life Sciences Tools & Services)		5,058		1,213,919
DaVita, Inc.* (Health Care Providers & Services)		421		42,298
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		1,619		64,792
Dexcom, Inc.* (Health Care Equipment & Supplies)		2,952		379,362
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		4,617		435,522
Elevance Health, Inc. (Health Care Providers & Services)		1,805		801,942
Eli Lilly & Co. (Pharmaceuticals)		6,000		2,813,881
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		2,977		241,851
Gilead Sciences, Inc. (Biotechnology)		9,499		732,088
HCA Healthcare, Inc. (Health Care Providers & Services)		1,571		476,767
Henry Schein, Inc.* (Health Care Providers & Services)		998		80,938
Hologic, Inc.* (Health Care Equipment & Supplies)		1,874		151,738
Humana, Inc. (Health Care Providers & Services)		952		425,668
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		632		317,409
Illumina, Inc.* (Life Sciences Tools & Services)		1,204		225,738
Incyte Corp.* (Biotechnology)		1,410		87,773
Insulet Corp.* (Health Care Equipment & Supplies)		531		153,109
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		2,669		912,637
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		1,413		317,600
Johnson & Johnson (Pharmaceuticals)		19,791		3,275,807
Laboratory Corp. of America Holdings (Health Care Providers & Services)		675		162,898
McKesson Corp. (Health Care Providers & Services)		1,033		441,411
Medtronic PLC (Health Care Equipment & Supplies)		10,132		892,629
Merck & Co., Inc. (Pharmaceuticals)		19,324		2,229,796
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		168		220,356
Moderna, Inc.* (Biotechnology)		2,497		303,386
Molina Healthcare, Inc.* (Health Care Providers & Services)		444		133,751
Organon & Co. (Pharmaceuticals)		1,942		40,413
Pfizer, Inc. (Pharmaceuticals)		42,993		1,576,983
Quest Diagnostics, Inc. (Health Care Providers & Services)		853		119,898
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		822		590,640
ResMed, Inc. (Health Care Equipment & Supplies)		1,119		244,502
Revvity, Inc. (Life Sciences Tools & Services)		955		113,444
STERIS PLC (Health Care Equipment & Supplies)		756		170,085
Stryker Corp. (Health Care Equipment & Supplies)		2,573		784,997
Teleflex, Inc. (Health Care Equipment & Supplies)		358		86,647
The Cigna Group (Health Care Providers & Services)		2,253		632,192
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		377		144,553
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		2,938		1,532,901
UnitedHealth Group, Inc. (Health Care Providers & Services)		7,090		3,407,737
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		479		75,572
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,961		690,096
Viatris, Inc. (Pharmaceuticals)		9,132		91,137
Waters Corp.* (Life Sciences Tools & Services)		450		119,943
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		565		216,096
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		1,588		231,213
Zoetis, Inc. (Pharmaceuticals)		3,519		606,007
TOTAL COMMON STOCKS (Cost $8,254,268)				37,984,925

See accompanying notes to financial statements.

58 :: ProFund VP Health Care :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)  (0.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $180,074	$	180,000	$	180,000
TOTAL REPURCHASE AGREEMENTS (Cost $180,000)				180,000
TOTAL INVESTMENT SECURITIES (Cost $8,434,268)—100.0%				38,164,925
Net other assets (liabilities)—NM				12,894
NET ASSETS—100.0%			$	38,177,819

*	Non-income producing security.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
NM	Not meaningful, amount is less than 0.05%

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Health Care Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	221,560	$	37

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Biotechnology	$	5,431,518		14.2	%
Health Care Equipment & Supplies		8,185,361		21.4	%
Health Care Providers & Services		8,178,692		21.4	%
Life Sciences Tools & Services		4,472,469		11.7	%
Pharmaceuticals		11,716,885		30.8	%
Other**		192,894		0.5	%
Total	$	38,177,819		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Industrials :: 59

Common Stocks (96.0%)

	Shares		Value
3M Co. (Industrial Conglomerates)		2,549	$	255,129
A.O. Smith Corp. (Building Products)		575		41,849
Alaska Air Group, Inc.* (Passenger Airlines)		591		31,429
Allegion PLC (Building Products)		406		48,728
American Airlines Group, Inc.* (Passenger Airlines)		3,017		54,125
AMETEK, Inc. (Electrical Equipment)		1,065		172,402
Automatic Data Processing, Inc. (Professional Services)		1,909		419,579
Axon Enterprise, Inc.* (Aerospace & Defense)		324		63,219
Broadridge Financial Solutions, Inc. (Professional Services)		545		90,268
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		538		50,760
Carrier Global Corp. (Building Products)		3,857		191,731
Caterpillar, Inc. (Machinery)		2,381		585,844
Ceridian HCM Holding, Inc.* (Professional Services)		716		47,951
Cintas Corp. (Commercial Services & Supplies)		399		198,335
Copart, Inc.* (Commercial Services & Supplies)		1,982		180,778
CSX Corp. (Ground Transportation)		9,394		320,335
Cummins, Inc. (Machinery)		654		160,335
Deere & Co. (Machinery)		1,246		504,866
Delta Air Lines, Inc.* (Passenger Airlines)		2,970		141,194
Dover Corp. (Machinery)		646		95,382
Eaton Corp. PLC (Electrical Equipment)		1,842		370,427
Emerson Electric Co. (Electrical Equipment)		2,641		238,720
Equifax, Inc. (Professional Services)		567		133,415
Expeditors International of Washington, Inc. (Air Freight & Logistics)		706		85,518
Fastenal Co. (Trading Companies & Distributors)		2,638		155,616
FedEx Corp. (Air Freight & Logistics)		1,068		264,757
Fortive Corp. (Machinery)		1,634		122,174
Generac Holdings, Inc.* (Electrical Equipment)		287		42,800
General Dynamics Corp. (Aerospace & Defense)		1,039		223,541
General Electric Co. (Industrial Conglomerates)		5,032		552,765
Honeywell International, Inc. (Industrial Conglomerates)		3,073		637,648
Howmet Aerospace, Inc. (Aerospace & Defense)		1,700		84,252
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		184		41,878
IDEX Corp. (Machinery)		349		75,126
Illinois Tool Works, Inc. (Machinery)		1,278		319,703
Ingersoll Rand, Inc. (Machinery)		1,869		122,158
J.B. Hunt Transport Services, Inc. (Ground Transportation)		383		69,334
Jacobs Solutions, Inc. (Professional Services)		586		69,670
Johnson Controls International PLC (Building Products)		3,170		216,004
L3Harris Technologies, Inc. (Aerospace & Defense)		875		171,299
Leidos Holdings, Inc. (Professional Services)		634		56,096
Lockheed Martin Corp. (Aerospace & Defense)		1,041		479,256
Masco Corp. (Building Products)		1,040		59,675
Nordson Corp. (Machinery)		249		61,797
Norfolk Southern Corp. (Ground Transportation)		1,052		238,552
Northrop Grumman Corp. (Aerospace & Defense)		660		300,828
Old Dominion Freight Line, Inc. (Ground Transportation)		415		153,446
Otis Worldwide Corp. (Machinery)		1,910		170,009
PACCAR, Inc. (Machinery)		2,415		202,015
Parker-Hannifin Corp. (Machinery)		593		231,294
Paychex, Inc. (Professional Services)		1,482		165,791
Paycom Software, Inc. (Professional Services)		225		72,279
Pentair PLC (Machinery)		762		49,225
Quanta Services, Inc. (Construction & Engineering)		671		131,818
Raytheon Technologies Corp. (Aerospace & Defense)		6,751		661,328
Republic Services, Inc. (Commercial Services & Supplies)		950		145,512
Robert Half International, Inc. (Professional Services)		498		37,460
Rockwell Automation, Inc. (Electrical Equipment)		531		174,938
Rollins, Inc. (Commercial Services & Supplies)		1,070		45,828
Snap-on, Inc. (Machinery)		245		70,607
Southwest Airlines Co. (Passenger Airlines)		2,750		99,578
Stanley Black & Decker, Inc. (Machinery)		708		66,347
Textron, Inc. (Aerospace & Defense)		932		63,031
The Boeing Co.* (Aerospace & Defense)		2,613		551,761
Trane Technologies PLC (Building Products)		1,054		201,588
TransDigm Group, Inc. (Aerospace & Defense)		241		215,495
Union Pacific Corp. (Ground Transportation)		2,817		576,415
United Airlines Holdings, Inc.* (Passenger Airlines)		1,515		83,128
United Parcel Service, Inc.—Class B(Air Freight & Logistics)		3,349		600,309
United Rentals, Inc. (Trading Companies & Distributors)		318		141,628
Verisk Analytics, Inc. (Professional Services)		669		151,214
W.W. Grainger, Inc. (Trading Companies & Distributors)		206		162,449
Waste Management, Inc. (Commercial Services & Supplies)		1,711		296,721
Westinghouse Air Brake Technologies Corp. (Machinery)		831		91,136
Xylem, Inc. (Machinery)		1,106		124,558
TOTAL COMMON STOCKS (Cost $7,313,200)				14,584,156

See accompanying notes to financial statements.

60 :: ProFund VP Industrials :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)  (1.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $292,120	$	292,000	$	292,000
TOTAL REPURCHASE AGREEMENTS (Cost $292,000)				292,000
TOTAL INVESTMENT SECURITIES (Cost $7,605,200)—97.9%				14,876,156
Net other assets (liabilities)—2.1%				311,064
NET ASSETS—100.0%			$	15,187,220

* Non-income producing security.

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

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Industrials Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	595,183	$	15,369

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	2,855,888		18.8	%
Air Freight & Logistics		1,001,344		6.6	%
Building Products		759,575		5.0	%
Commercial Services & Supplies		867,174		5.7	%
Construction & Engineering		131,818		0.9	%
Electrical Equipment		999,287		6.6	%
Ground Transportation		1,358,082		8.9	%
Industrial Conglomerates		1,445,542		9.5	%
Machinery		3,052,576		20.1	%
Passenger Airlines		409,454		2.7	%
Professional Services		1,243,723		8.2	%
Trading Companies & Distributors		459,693		3.0	%
Other**		603,064		4.0	%
Total	$	15,187,220		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP International :: 61

Repurchase Agreements^(a)(b)  (97.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be  received $11,560,745	$	11,556,000	$	11,556,000
TOTAL REPURCHASE AGREEMENTS (Cost $11,556,000)				11,556,000
TOTAL INVESTMENT SECURITIES (Cost $11,556,000)—97.1%				11,556,000
Net other assets (liabilities)—2.9%				342,441
NET ASSETS—100.0%			$	11,898,441

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $1,666,000.

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

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	7/27/23		5.57	%	$	6,848,392	$	63,694
MSCI EAFE Index	UBS AG	7/27/23		5.87	%		5,041,281		48,458
						$	11,889,673	$	112,152

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. This amount is included as part of the unrealized appreciation/(depreciation).

See accompanying notes to financial statements.

62 :: ProFund VP Internet :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (97.5%)

	Shares		Value
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,688	$	344,494
Akamai Technologies, Inc.* (IT Services)		1,997		179,470
Alphabet, Inc.*—Class A (Interactive Media & Services)		4,630		554,211
Alphabet, Inc.*—Class C (Interactive Media & Services)		3,982		481,703
Amazon.com, Inc.* (Broad line Retail)		7,922		1,032,712
Arista Networks, Inc.* (Communications Equipment)		1,834		297,218
Atlassian Corp.*—Class A (Software)		1,410		236,612
Box, Inc.*—Class A (Software)		3,855		113,260
Ciena Corp.* (Communications Equipment)		3,057		129,892
Cisco Systems, Inc. (Communications Equipment)		10,772		557,343
Cloudflare, Inc.*—Class A (IT Services)		3,297		215,525
CommScope Holding Co., Inc.* (Communications Equipment)		13,641		76,799
Confluent, Inc.*—Class A (Software)		3,845		135,767
Datadog, Inc.*—Class A (Software)		2,470		242,999
DocuSign, Inc.* (Software)		2,975		151,993
DoorDash, Inc.*—Class A (Hotels,Restaurants & Leisure)		2,974		227,273
Dropbox, Inc.*—Class A (Software)		5,616		149,779
eBay, Inc. (Broadline Retail)		5,181		231,539
Etsy, Inc.* (Broadline Retail)		1,884		159,405
Expedia Group, Inc.* (Hotels, Restaurants &Leisure)		1,774		194,058
Fastly, Inc.*—Class A (IT Services)		5,060		79,796
GoDaddy, Inc.*—Class A (IT Services)		2,309		173,475
Juniper Networks, Inc. (Communications Equipment)		5,225		163,699
Match Group, Inc.* (Interactive Media & Services)		4,223		176,733
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		2,882		827,075
Netflix, Inc.* (Entertainment)		1,263		556,339
Nutanix, Inc.*—Class A (Software)		4,631		129,900
Okta, Inc.* (IT Services)		2,325		161,239
Opendoor Technologies, Inc.* (Real Estate Management & Development)		29,911		120,242
PayPal Holdings, Inc.* (Financial Services)		5,751		383,764
Pinterest, Inc.*—Class A (Interactive Media & Services)		7,695		210,381
Salesforce, Inc.* (Software)		2,592		547,585
Smartsheet, Inc.*—Class A (Software)		2,711		103,723
Snap, Inc.*—Class A (Interactive Media & Services)		15,758		186,575
Snowflake, Inc.*—Class A (IT Services)		1,867		328,555
Teladoc Health, Inc.* (Health Care Technology)		4,397		111,332
Veeva Systems, Inc.*—Class A (Health Care Technology)		1,312		259,422
Workday, Inc.*—Class A (Software)		1,450		327,540
Zillow Group, Inc.*—Class A (Real Estate Management & Development)		908		44,674
Zillow Group, Inc.*—Class C (Real Estate Management & Development)		2,546		127,962
Zoom Video Communications, Inc.*—Class A(Software)		2,836		192,508
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		5,197		131,952
TOTAL COMMON STOCKS (Cost $5,968,577)				11,056,523

Repurchase Agreements^(a)  (3.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be  received $430,177	$	430,000	$	430,000
TOTAL REPURCHASE AGREEMENTS (Cost $430,000)				430,000
TOTAL INVESTMENT SECURITIES (Cost $6,398,577)—101.3%				11,486,523
Net other assets (liabilities)—(1.3)%				(144,054	)
NET ASSETS—100.0%			$	11,342,469

* Non-income producing security.

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

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Internet Composite Index	Goldman Sachs International	7/24/23		5.67	%	$	283,186	$	7,026

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Internet :: 63

ProFund VP Internet invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Broadline Retail	$	1,423,656		12.5	%
Communications Equipment		1,224,951		10.8	%
Entertainment		556,339		4.9	%
Financial Services		383,764		3.4	%
Health Care Technology		370,754		3.3	%
Hotels, Restaurants & Leisure		765,825		6.8	%
Interactive Media & Services		2,568,630		22.7	%
IT Services		1,138,060		10.0	%
Real Estate Management & Development		292,878		2.6	%
Software		2,331,666		20.5	%
Other**		285,946		2.5	%
Total	$	11,342,469		100.0	%

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

See accompanying notes to financial statements.

64 :: ProFund VP Japan :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)  (94.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $11,490,716	$	11,486,000	$	11,486,000
TOTAL REPURCHASE AGREEMENTS (Cost $11,486,000)				11,486,000
TOTAL INVESTMENT SECURITIES (Cost $11,486,000)—94.1%				11,486,000
Net other assets (liabilities)—5.9%				714,673
NET ASSETS—100.0%			$	12,200,673

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

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Futures Contracts		72	9/8/23	$	12,060,000	$	509,039

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 Stock Average	Goldman Sachs International		7/27/23		5.52	%	$	106,753	$	1,417

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Growth :: 65

Common Stocks (99.6%)

	Shares		Value
Abbott Laboratories (Health Care Equipment & Supplies)		1,152	$	125,591
AbbVie, Inc. (Biotechnology)		2,248		302,872
Accenture PLC—Class A (IT Services)		393		121,272
Activision Blizzard, Inc.* (Entertainment)		537		45,269
Adobe, Inc.* (Software)		275		134,472
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		1,108		126,212
Agilent Technologies, Inc. (Life Sciences Tools & Services)		226		27,177
Air Products and Chemicals, Inc. (Chemicals)		283		84,767
Albemarle Corp. (Chemicals)		150		33,464
Alphabet, Inc.*—Class A (Interactive Media & Services)		7,568		905,889
Alphabet, Inc.*—Class C (Interactive Media & Services)		6,510		787,515
Altria Group, Inc. (Tobacco)		1,181		53,499
Amazon.com, Inc.* (Broadline Retail)		5,230		681,783
American Express Co. (Consumer Finance)		372		64,802
American Tower Corp. (Specialized REITs)		314		60,898
Ameriprise Financial, Inc. (Capital Markets)		134		44,509
AMETEK, Inc. (Electrical Equipment)		148		23,958
Amgen, Inc. (Biotechnology)		682		151,417
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		758		64,392
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		303		59,027
Aon PLC—Class A (Insurance)		172		59,374
APA Corp. (Oil, Gas & Consumable Fuels)		392		13,395
Apple, Inc. (Technology Hardware,Storage & Peripherals)		18,835		3,653,425
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		1,076		155,525
Arch Capital Group, Ltd.* (Insurance)		475		35,554
Archer-Daniels-Midland Co. (Food Products)		339		25,615
Arista Networks, Inc.* (Communications Equipment)		318		51,535
Arthur J. Gallagher & Co. (Insurance)		174		38,205
Atmos Energy Corp. (Gas Utilities)		112		13,030
Autodesk, Inc.* (Software)		150		30,692
Automatic Data Processing, Inc. (Professional Services)		527		115,828
AutoZone, Inc.* (Specialty Retail)		24		59,841
Axon Enterprise, Inc.* (Aerospace & Defense)		89		17,366
Biogen, Inc.* (Biotechnology)		87		24,782
Bio-Techne Corp. (Life Sciences Tools & Services)		97		7,918
Boston Scientific Corp.* (Health Care Equipment & Supplies)		971		52,521
Bristol-Myers Squibb Co. (Pharmaceuticals)		2,676		171,130
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		318		275,843
Broadridge Financial Solutions, Inc. (Professional Services)		72		11,925
Brown & Brown, Inc. (Insurance)		176		12,116
Brown-Forman Corp.—Class B (Beverages)		128		8,548
Bunge, Ltd. (Food Products)		78		7,359
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		79		7,454
Cadence Design Systems, Inc.* (Software)		348		81,613
Campbell Soup Co. (Food Products)		150		6,857
Caterpillar, Inc. (Machinery)		393		96,698
Cboe Global Markets, Inc. (Capital Markets)		89		12,283
CDW Corp. (Electronic Equipment,Instruments & Components)		109		20,002
CF Industries Holdings, Inc. (Chemicals)		248		17,216
Chevron Corp. (Oil, Gas & Consumable Fuels)		2,221		349,473
Chipotle Mexican Grill, Inc.* (Hotels,Restaurants & Leisure)		36		77,004
Chubb, Ltd. (Insurance)		300		57,768
Cintas Corp. (Commercial Services & Supplies)		65		32,310
Colgate-Palmolive Co. (Household Products)		580		44,683
ConocoPhillips (Oil, Gas & Consumable Fuels)		1,541		159,663
Constellation Brands, Inc.—Class A(Beverages)		115		28,305
Copart, Inc.* (Commercial Services & Supplies)		547		49,892
Corteva, Inc. (Chemicals)		624		35,755
CoStar Group, Inc.* (Professional Services)		521		46,369
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		373		200,815
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		963		24,364
CSX Corp. (Ground Transportation)		1,242		42,352
Cummins, Inc. (Machinery)		92		22,555
D.R. Horton, Inc. (Household Durables)		198		24,095
Danaher Corp. (Life Sciences Tools & Services)		846		203,040
Deere & Co. (Machinery)		343		138,981
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		817		39,494
Dexcom, Inc.* (Health Care Equipment & Supplies)		493		63,355
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		230		30,213
Discover Financial Services (Consumer Finance)		187		21,851
Dollar General Corp. (Consumer Staples Distribution & Retail)		279		47,369
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		265		38,028
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		22		7,414
Electronic Arts, Inc. (Entertainment)		225		29,183
Elevance Health, Inc. (Health Care Providers & Services)		302		134,176
Eli Lilly & Co. (Pharmaceuticals)		1,004		470,855
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		174		29,142
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		745		85,258
EPAM Systems, Inc.* (IT Services)		51		11,462
EQT Corp. (Oil, Gas & Consumable Fuels)		459		18,879
Equifax, Inc. (Professional Services)		76		17,883
Etsy, Inc.* (Broadline Retail)		90		7,615
Everest Re Group, Ltd. (Insurance)		32		10,940
Expeditors International of Washington, Inc. (Air Freight & Logistics)		195		23,620

See accompanying notes to financial statements.

66 :: ProFund VP Large-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares			Value
Extra Space Storage, Inc. (Specialized REITs)		86		$	12,801
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		5,150			552,337
FactSet Research Systems, Inc. (Capital Markets)		29			11,619
Fair Isaac Corp.* (Software)		32			25,895
Fastenal Co. (Trading Companies & Distributors)		355			20,941
First Horizon Corp. (Banks)		—	(a)		—	(b)
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		126			23,951
Fiserv, Inc.* (Financial Services)		542			68,373
FleetCor Technologies, Inc.* (Financial Services)		50			12,554
FMC Corp. (Chemicals)		159			16,590
Fortinet, Inc.* (Software)		829			62,664
Freeport-McMoRan, Inc. (Metals & Mining)		1,825			72,999
Gartner, Inc.* (IT Services)		100			35,031
Gen Digital, Inc. (Software)		382			7,086
General Dynamics Corp. (Aerospace &Defense)		152			32,703
General Mills, Inc. (Food Products)		509			39,040
Genuine Parts Co. (Distributors)		128			21,662
Gilead Sciences, Inc. (Biotechnology)		1,588			122,387
Globe Life, Inc. (Insurance)		79			8,660
HCA Health Care, Inc. (Health Care Providers & Services)		141			42,791
Hess Corp. (Oil, Gas & Consumable Fuels)		352			47,854
Hilton Worldwide Holdings, Inc. (Hotels,Restaurants & Leisure)		162			23,579
Hologic, Inc.* (Health Care Equipment & Supplies)		313			25,344
Hormel Foods Corp. (Food Products)		264			10,618
Humana, Inc. (Health Care Providers & Services)		101			45,160
IDEX Corp. (Machinery)		55			11,839
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		52			26,116
Illinois Tool Works, Inc. (Machinery)		179			44,779
Incyte Corp.* (Biotechnology)		235			14,629
Insulet Corp.* (Health Care Equipment & Supplies)		88			25,374
Intuit, Inc. (Software)		190			87,056
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		220			75,227
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		113			25,399
Iron Mountain, Inc. (Specialized REITs)		234			13,296
J.B. Hunt Transport Services, Inc. (Ground Transportation)		107			19,370
Jack Henry & Associates, Inc. (Professional Services)		93			15,562
Johnson & Johnson (Pharmaceuticals)		2,053			339,813
Kellogg Co. (Food Products)		179			12,065
Keurig Dr Pepper, Inc. (Beverages)		534			16,698
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		123			20,596
Kimberly-Clark Corp. (Household Products)		207			28,578
KLA Corp. (Semiconductors & Semiconductor Equipment)		174			84,393
L3Harris Technologies, Inc. (Aerospace & Defense)		121			23,688
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		171			109,929
Lamb Weston Holding, Inc. (Food Products)		185			21,266
Leidos Holdings, Inc. (Professional Services)		113			9,998
Linde PLC (Chemicals)		380			144,811
Lockheed Martin Corp. (Aerospace & Defense)		204			93,918
Lowe's Cos., Inc. (Specialty Retail)		524			118,267
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		786			18,094
Marathon Petroleum Corp. (Oil, Gas &Consumable Fuels)		259			30,199
MarketAxess Holdings, Inc. (Capital Markets)		24			6,274
Marriott International, Inc.—Class A (Hotels,Restaurants & Leisure)		167			30,735
Marsh & McLennan Cos., Inc. (Insurance)		403			75,796
Masco Corp. (Building Products)		203			11,648
Mastercard, Inc.—Class A (Financial Services)		1,065			418,865
McCormick & Co., Inc. (Food Products)		162			14,131
McDonald's Corp. (Hotels, Restaurants & Leisure)		576			171,885
McKesson Corp. (Health Care Providers & Services)		79			33,757
Merck & Co., Inc. (Pharmaceuticals)		3,233			373,056
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		17			22,298
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		341			30,550
Microsoft Corp. (Software)		5,494			1,870,926
Moderna, Inc.* (Biotechnology)		417			50,666
Molina Health Care, Inc.* (Health Care Providers & Services)		74			22,292
Mondelez International, Inc.—Class A(Food Products)		937			68,344
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		58			31,333
Monster Beverage Corp.* (Beverages)		973			55,889
Moody's Corp. (Capital Markets)		95			33,033
Motorola Solutions, Inc. (Communications Equipment)		117			34,314
MSCI, Inc. (Capital Markets)		58			27,219
Nasdaq, Inc. (Capital Markets)		275			13,709
Northrop Grumman Corp. (Aerospace & Defense)		130			59,254
NRG Energy, Inc. (Electric Utilities)		137			5,122
Nucor Corp. (Metals & Mining)		321			52,638
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		3,151			1,332,937
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		196			40,117
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		915			53,802
Old Dominion Freight Line, Inc. (Ground Transportation)		114			42,152
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		550			52,019

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Growth :: 67

Common Stocks, continued

	Shares		Value
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		569	$	35,119
Oracle Corp. (Software)		1,158		137,906
O'Reilly Automotive, Inc.* (Specialty Retail)		78		74,513
Palo Alto Networks, Inc.*(c)  (Software)		386		98,627
Paychex, Inc. (Professional Services)		234		26,178
Paycom Software, Inc. (Professional Services)		62		19,917
PepsiCo, Inc. (Beverages)		1,754		324,876
Pfizer, Inc. (Pharmaceuticals)		7,192		263,803
PG&E Corp.* (Electric Utilities)		2,058		35,563
Philip Morris International, Inc. (Tobacco)		1,067		104,161
Pioneer Natural Resources Co. (Oil, Gas &Consumable Fuels)		298		61,740
Pool Corp. (Distributors)		32		11,988
Principal Financial Group, Inc. (Insurance)		175		13,272
PTC, Inc.* (Software)		136		19,353
Public Storage (Specialized REITs)		125		36,485
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		1,418		168,799
Quanta Services, Inc. (Construction & Engineering)		185		36,343
Quest Diagnostics, Inc. (Health Care Providers & Services)		95		13,353
Raymond James Financial, Inc. (Capital Markets)		242		25,112
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		138		99,159
Republic Services, Inc. (Commercial Services & Supplies)		143		21,903
ResMed, Inc. (Health Care Equipment & Supplies)		101		22,069
Rollins, Inc. (Commercial Services & Supplies)		293		12,549
SBA Communications Corp. (Specialized REITs)		78		18,077
Schlumberger N.V. (Energy Equipment & Services)		962		47,253
Sempra Energy (Multi-Utilities)		240		34,941
ServiceNow, Inc.* (Software)		260		146,112
Snap-on, Inc. (Machinery)		39		11,239
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		72		19,372
Starbucks Corp. (Hotels, Restaurants & Leisure)		745		73,800
Steel Dynamics, Inc. (Metals & Mining)		205		22,331
Synopsys, Inc.* (Software)		195		84,905
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		287		21,841
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		97		10,799
Tesla, Inc.* (Automobile Components)		3,431		898,132
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		728		131,055
The AES Corp. (Independent Power and Renewable Electricity Producers)		501		10,386
The Charles Schwab Corp. (Capital Markets)		1,116		63,255
The Cigna Group (Health Care Providers & Services)		185		51,911
The Clorox Co. (Household Products)		71		11,292
The Coca-Cola Co. (Beverages)		3,223		194,089
The Hershey Co. (Food Products)		187		46,694
The Home Depot, Inc. (Specialty Retail)		684		212,477
The Mosaic Co. (Chemicals)		421		14,735
The Procter & Gamble Co. (Household Products)		1,651		250,523
The Progressive Corp. (Insurance)		746		98,748
The TJX Cos., Inc. (Specialty Retail)		939		79,618
The Travelers Cos., Inc. (Insurance)		159		27,612
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		1,550		50,577
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		491		256,178
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		499		69,311
Tractor Supply Co. (Specialty Retail)		139		30,733
TransDigm Group, Inc. (Aerospace & Defense)		32		28,613
Tyler Technologies, Inc.* (Software)		25		10,412
Ulta Beauty, Inc.* (Specialty Retail)		64		30,118
Union Pacific Corp. (Ground Transportation)		389		79,597
UnitedHealth Group, Inc. (Health Care Providers & Services)		1,186		570,039
VeriSign, Inc.* (IT Services)		57		12,880
Verisk Analytics, Inc. (Professional Services)		85		19,213
Vertex Pharmaceuticals, Inc.* (Biotechnology)		327		115,075
VICI Properties, Inc. (Specialized REITs)		728		22,881
Visa, Inc.—Class A (Financial Services)		2,060		489,209
Vulcan Materials Co. (Construction Materials)		100		22,544
W.R. Berkley Corp. (Insurance)		255		15,188
W.W. Grainger, Inc. (Trading Companies & Distributors)		57		44,950
Waste Management, Inc. (Commercial Services & Supplies)		278		48,211
Waters Corp.* (Life Sciences Tools & Services)		75		19,991
WEC Energy Group, Inc. (Multi-Utilities)		209		18,442
Weyerhaeuser Co. (Specialized REITs)		530		17,760
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		228		31,589
TOTAL COMMON STOCKS (Cost $15,289,491)				25,662,452

Repurchase Agreements^(d)  (0.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $144,059	$	144,000	$	144,000
TOTAL REPURCHASE AGREEMENTS (Cost $144,000)				144,000

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

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(f)		91,509	$	91,509
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $91,509)				91,509
TOTAL INVESTMENT SECURITIES (Cost $15,525,000)—100.6%				25,897,961
Net other assets (liabilities)—(0.6)%				(136,900	)
NET ASSETS—100.0%			$	25,761,061

* Non-income producing security.

See accompanying notes to financial statements.

68 :: ProFund VP Large-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

^(a) Number of shares is less than 0.50

^(b) Amount is less than $0.50.

^(c) All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $90,451.

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

^(e) Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(f) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT Real Estate Investment Trust

ProFund VP Large-Cap Growth invested in the following industries as of June 30, 2023:

	Value			% of Net Assets
Aerospace & Defense	$	255,542			1.0	%
Air Freight & Logistics		31,074			0.1	%
Automobile Components		898,132			3.5	%
Banks		—	^		NM
Beverages		628,405			2.4	%
Biotechnology		880,987			3.4	%
Broadline Retail		689,398			2.7	%
Building Products		11,648			NM
Capital Markets		237,013			0.9	%
Chemicals		347,338			1.3	%
Commercial Services & Supplies		164,865			0.6	%
Communications Equipment		85,849			0.3	%
Construction & Engineering		36,343			0.1	%
Construction Materials		22,544			0.1	%
Consumer Finance		86,653			0.3	%
Consumer Staples Distribution & Retail		286,212			1.1	%
Distributors		33,650			0.1	%
Electric Utilities		40,685			0.2	%
Electrical Equipment		23,958			0.1	%
Electronic Equipment, Instruments & Components		104,990			0.4	%
Energy Equipment & Services		47,253			0.2	%
Entertainment		74,452			0.3	%
Financial Services		989,001			3.8	%
Food Products		251,989			1.0	%
Gas Utilities		13,030			0.1	%
Ground Transportation		183,471			0.7	%
Health Care Equipment & Supplies		415,597			1.6	%
Health Care Providers & Services		913,479			3.5	%
Hotels, Restaurants & Leisure		416,006			1.6	%
Household Durables		24,095			0.1	%
Household Products		335,076			1.3	%
Independent Power and Renewable Electricity Producers		10,386			NM
Insurance		453,233			1.8	%
Interactive Media & Services		1,693,404			6.6	%
IT Services		180,645			0.7	%
Life Sciences Tools & Services		562,001			2.2	%
Machinery		326,091			1.3	%
Metals & Mining		147,968			0.6	%
Multi-Utilities		53,383			0.2	%
Oil, Gas & Consumable Fuels		1,592,302			6.2	%
Pharmaceuticals		1,618,657			6.3	%
Professional Services		282,873			1.1	%
Semiconductors & Semiconductor Equipment		2,681,003			10.4	%
Software		2,797,719			10.9	%
Specialized REITs		182,198			0.7	%
Specialty Retail		605,567			2.4	%
Technology Hardware, Storage & Peripherals		3,653,425			14.2	%
Tobacco		157,660			0.6	%
Trading Companies & Distributors		65,891			0.3	%
Wireless Telecommunication Services		69,311			0.3	%
Other**		98,609			0.4	%
Total	$	25,761,061			100.0	%

^ Amount is less than $0.50

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

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

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 69

Common Stocks (99.9%)

	Shares		Value
3M Co. (Industrial Conglomerates)		557	$	55,750
A.O. Smith Corp. (Building Products)		125		9,098
Abbott Laboratories (Health Care Equipment &Supplies)		843		91,904
Accenture PLC—Class A (IT Services)		325		100,289
Activision Blizzard, Inc.* (Entertainment)		296		24,953
Adobe, Inc.* (Software)		245		119,803
Advance Auto Parts, Inc. (Specialty Retail)		60		4,218
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		748		85,205
Aflac, Inc. (Insurance)		554		38,670
Agilent Technologies, Inc. (Life Sciences Tools & Services)		120		14,430
Akamai Technologies, Inc.* (IT Services)		154		13,840
Alaska Air Group, Inc.* (Passenger Airlines)		127		6,754
Alexandria Real Estate Equities, Inc. (Office REITs)		160		18,158
Align Technology, Inc.* (Health Care Equipment & Supplies)		72		25,462
Allegion PLC (Building Products)		89		10,682
Alliant Energy Corp. (Electric Utilities)		252		13,225
Altria Group, Inc. (Tobacco)		863		39,094
Amazon.com, Inc.* (Broad line Retail)		4,869		634,724
Amcor PLC (Containers & Packaging)		1,482		14,790
Ameren Corp. (Multi-Utilities)		265		21,643
American Airlines Group, Inc.* (Passenger Airlines)		655		11,751
American Electric Power Co., Inc. (Electric Utilities)		519		43,700
American Express Co. (Consumer Finance)		305		53,130
American International Group, Inc. (Insurance)		730		42,005
American Tower Corp. (Specialized REITs)		222		43,055
American Water Works Co., Inc. (Water Utilities)		197		28,122
AmerisourceBergen Corp. (Health Care Providers & Services)		164		31,559
AMETEK, Inc. (Electrical Equipment)		117		18,940
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		272		52,988
ANSYS, Inc.* (Software)		88		29,064
Aon PLC—Class A (Insurance)		70		24,164
Aptiv PLC* (Automobile Components)		273		27,871
Archer-Daniels-Midland Co. (Food Products)		281		21,232
Arthur J. Gallagher & Co. (Insurance)		78		17,126
Assurant, Inc. (Insurance)		54		6,789
AT&T, Inc. (Diversified Telecommunication Services)		7,216		115,095
Atmos Energy Corp. (Gas Utilities)		57		6,631
Autodesk, Inc.* (Software)		98		20,052
AvalonBay Communities, Inc. (Residential REITs)		144		27,254
Avery Dennison Corp. (Containers & Packaging)		81		13,916
Baker Hughes Co. (Energy Equipment & Services)		1,019		32,211
Ball Corp. (Containers & Packaging)		316		18,394
Bank of America Corp. (Banks)		6,997		200,744
Bath & Body Works, Inc. (Specialty Retail)		229		8,588
Baxter International, Inc. (Health Care Equipment & Supplies)		509		23,190
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		287		75,771
Berkshire Hathaway, Inc.*—Class B(Financial Services)		1,800		613,800
Best Buy Co., Inc. (Specialty Retail)		196		16,062
Biogen, Inc.* (Biotechnology)		78		22,218
Bio-Rad Laboratories, Inc.*—Class A(Life Sciences Tools & Services)		22		8,341
Bio-Techne Corp. (Life Sciences Tools & Services)		82		6,694
BlackRock, Inc. (Capital Markets)		152		105,053
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		37		99,911
BorgWarner, Inc. (Automobile Components)		235		11,494
Boston Properties, Inc. (Office REITs)		142		8,178
Boston Scientific Corp.* (Health Care Equipment & Supplies)		680		36,781
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		169		146,596
Broadridge Financial Solutions, Inc. (Professional Services)		62		10,269
Brown & Brown, Inc. (Insurance)		97		6,677
Brown-Forman Corp.—Class B (Beverages)		81		5,409
Bunge, Ltd. (Food Products)		90		8,492
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		54		5,095
Caesars Entertainment, Inc.* (Hotels,Restaurants & Leisure)		215		10,959
Camden Property Trust (Residential REITs)		108		11,758
Campbell Soup Co. (Food Products)		80		3,657
Capital One Financial Corp. (Consumer Finance)		386		42,217
Cardinal Health, Inc. (Health Care Providers & Services)		257		24,304
CarMax, Inc.* (Specialty Retail)		160		13,392
Carnival Corp.* (Hotels, Restaurants & Leisure)		1,011		19,037
Carrier Global Corp. (Building Products)		842		41,856
Catalent, Inc.* (Pharmaceuticals)		181		7,848
Caterpillar, Inc. (Machinery)		209		51,425
Cboe Global Markets, Inc. (Capital Markets)		35		4,830
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		314		25,343
CDW Corp. (Electronic Equipment,Instruments & Components)		51		9,359
Celanese Corp. (Chemicals)		101		11,696
Centene Corp.* (Health Care Providers &Services)		553		37,300
CenterPoint Energy, Inc. (Multi-Utilities)		634		18,481
Ceridian HCM Holding, Inc.* (Professional Services)		156		10,447
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		52		10,933
Charter Communications, Inc.*—Class A(Media)		105		38,575
Chubb, Ltd. (Insurance)		181		34,853
Church & Dwight Co., Inc. (Household Products)		246		24,657
Cincinnati Financial Corp. (Insurance)		159		15,474
Cintas Corp. (Commercial Services & Supplies)		36		17,895
Cisco Systems, Inc. (Communications Equipment)		4,134		213,894
Citigroup, Inc. (Banks)		1,963		90,377
Citizens Financial Group, Inc. (Banks)		487		12,701

See accompanying notes to financial statements.

70 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares			Value
CME Group, Inc. (Capital Markets)		364		$	67,446
CMS Energy Corp. (Multi-Utilities)		293			17,214
Cognizant Technology Solutions Corp.—Class A (IT Services)		511			33,358
Colgate-Palmolive Co. (Household Products)		376			28,967
Comcast Corp.—Class A (Media)		4,197			174,386
Comerica, Inc. (Banks)		131			5,549
Conagra Brands, Inc. (Food Products)		478			16,118
Consolidated Edison, Inc. (Multi-Utilities)		350			31,640
Constellation Brands, Inc.—Class A(Beverages)		72			17,721
Constellation Energy Corp. (Electric Utilities)		328			30,028
Corning, Inc. (Electronic Equipment,Instruments & Components)		769			26,946
Corteva, Inc. (Chemicals)		220			12,606
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		153			82,372
Crown Castle, Inc. (Specialized REITs)		439			50,020
CSX Corp. (Ground Transportation)		1,063			36,248
Cummins, Inc. (Machinery)		70			17,161
CVS Health Corp. (Health Care Providers &Services)		1,293			89,385
D.R. Horton, Inc. (Household Durables)		157			19,105
Darden Restaurants, Inc. (Hotels,Restaurants & Leisure)		123			20,551
DaVita, Inc.* (Health Care Providers & Services)		56			5,626
Delta Air Lines, Inc.* (Passenger Airlines)		647			30,759
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		212			8,484
Digital Realty Trust, Inc. (Specialized REITs)		294			33,478
Discover Financial Services (Consumer Finance)		108			12,620
Dominion Energy, Inc. (Multi-Utilities)		842			43,606
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		19			6,403
Dover Corp. (Machinery)		142			20,966
Dow, Inc. (Chemicals)		713			37,974
DTE Energy Co. (Multi-Utilities)		209			22,994
Duke Energy Corp. (Electric Utilities)		778			69,818
DuPont de Nemours, Inc. (Chemicals)		462			33,005
DXC Technology Co.* (IT Services)		228			6,092
Eastman Chemical Co. (Chemicals)		121			10,130
Eaton Corp. PLC (Electrical Equipment)		403			81,043
eBay, Inc. (Broadline Retail)		538			24,043
Ecolab, Inc. (Chemicals)		250			46,673
Edison International (Electric Utilities)		386			26,808
Edwards Life sciences Corp.* (Health Care Equipment & Supplies)		612			57,730
Electronic Arts, Inc. (Entertainment)		83			10,765
Emerson Electric Co. (Electrical Equipment)		576			52,065
Entergy Corp. (Electric Utilities)		214			20,837
EPAM Systems, Inc.* (IT Services)		19			4,270
Equifax, Inc. (Professional Services)		63			14,824
Equinix, Inc. (Specialized REITs)		95			74,474
Equity Residential (Residential REITs)		344			22,694
Essex Property Trust, Inc. (Residential REITs)		65			15,230
Etsy, Inc.* (Broadline Retail)		53			4,484
Everest Re Group, Ltd. (Insurance)		18			6,153
Evergy, Inc. (Electric Utilities)		231			13,495
Eversource Energy (Electric Utilities)		352			24,964
Exelon Corp. (Electric Utilities)		1,001			40,781
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		145			15,862
Extra Space Storage, Inc. (Specialized REITs)		68			10,122
F5, Inc.* (Communications Equipment)		61			8,922
FactSet Research Systems, Inc. (Capital Markets)		16			6,410
Fastenal Co. (Trading Companies & Distributors)		292			17,225
Federal Realty Investment Trust(Diversified REITs)		74			7,161
FedEx Corp. (Air Freight & Logistics)		234			58,009
Fidelity National Information Services,Inc. (Financial Services)		596			32,601
Fifth Third Bancorp (Banks)		684			17,928
First Horizon Corp. (Banks)		—	(a)		5
FirstEnergy Corp. (Electric Utilities)		547			21,267
Fiserv, Inc.* (Financial Services)		193			24,347
FleetCor Technologies, Inc.* (Financial Services)		35			8,788
Ford Motor Co. (Automobile Components)		3,964			59,975
Fortive Corp. (Machinery)		355			26,543
Fox Corp.—Class A (Media)		269			9,146
Fox Corp.—Class B (Media)		134			4,273
Franklin Resources, Inc.(b)  (Capital Markets)		286			7,639
Garmin, Ltd. (Household Durables)		155			16,165
GE Health Care Technologies, Inc. (Health Care Equipment & Supplies)		394			32,009
Gen Digital, Inc. (Software)		268			4,971
Generac Holdings, Inc.* (Electrical Equipment)		63			9,395
General Dynamics Corp. (Aerospace & Defense)		107			23,021
General Electric Co. (Industrial Conglomerates)		1,100			120,835
General Mills, Inc. (Food Products)		189			14,496
General Motors Co. (Automobile Components)		1,400			53,984
Genuine Parts Co. (Distributors)		40			6,769
Global Payments, Inc. (Financial Services)		264			26,009
Globe Life, Inc. (Insurance)		27			2,960
Halliburton Co. (Energy Equipment & Services)		907			29,922
Hartford Financial Services Group,Inc. (Insurance)		312			22,470
Hasbro, Inc. (Leisure Products)		130			8,420
HCA Health Care, Inc. (Health Care Providers & Services)		96			29,134
Healthpeak Properties, Inc. (Health Care REITs)		550			11,055
Henry Schein, Inc.* (Health Care Providers & Services)		133			10,786
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		1,306			21,941
Hilton Worldwide Holdings, Inc. (Hotels,Restaurants & Leisure)		138			20,086
Honeywell International, Inc. (Industrial Conglomerates)		672			139,440
Hormel Foods Corp. (Food Products)		79			3,177
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		715			12,033
Howmet Aerospace, Inc. (Aerospace & Defense)		370			18,337
HP, Inc. (Technology Hardware, Storage & Peripherals)		872			26,779
Humana, Inc. (Health Care Providers & Services)		46			20,568
Huntington Bancshares, Inc. (Banks)		1,453			15,663

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 71

Common Stocks, continued

	Shares		Value
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		40	$	9,104
IDEX Corp. (Machinery)		33		7,104
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		43		21,596
Illinois Tool Works, Inc. (Machinery)		136		34,022
Illumina, Inc.* (Life Sciences Tools & Services)		160		29,999
Ingersoll Rand, Inc. (Machinery)		406		26,536
Intel Corp. (Semiconductors & Semiconductor Equipment)		4,209		140,749
Intercontinental Exchange, Inc. (Capital Markets)		565		63,890
International Business Machines Corp. (IT Services)		916		122,570
International Flavors & Fragrances, Inc. (Chemicals)		257		20,455
International Paper Co. (Containers & Packaging)		348		11,070
Intuit, Inc. (Software)		134		61,397
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		181		61,891
Invesco, Ltd. (Capital Markets)		459		7,716
Invitation Homes, Inc. (Residential REITs)		584		20,090
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		98		22,027
Iron Mountain, Inc. (Specialized REITs)		106		6,023
Jacobs Solutions, Inc. (Professional Services)		129		15,337
Johnson & Johnson (Pharmaceuticals)		998		165,189
Johnson Controls International PLC (Building roducts)		690		47,016
JPMorgan Chase & Co. (Banks)		2,952		429,338
Juniper Networks, Inc. (Communications Equipment)		322		10,088
Kellogg Co. (Food Products)		116		7,818
Keurig Dr Pepper, Inc. (Beverages)		422		13,196
KeyCorp (Banks)		940		8,686
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		82		13,731
Kimberly-Clark Corp. (Household Products)		178		24,575
Kimco Realty Corp. (Retail REITs)		622		12,266
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		1,989		34,251
L3Harris Technologies, Inc. (Aerospace & Defense)		96		18,794
Laboratory Corp. of America Holdings (Health Care Providers & Services)		90		21,720
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		330		19,140
Leidos Holdings, Inc. (Professional Services)		49		4,336
Lennar Corp.—Class A (Household Durables)		257		32,204
Lincoln National Corp. (Insurance)		153		3,941
Linde PLC (Chemicals)		193		73,548
Live Nation Entertainment, Inc.* (Entertainment)		146		13,302
LKQ Corp. (Distributors)		254		14,800
Lockheed Martin Corp. (Aerospace & Defense)		66		30,385
Loews Corp. (Insurance)		189		11,223
Lowe's Cos., Inc. (Specialty Retail)		187		42,206
LyondellBasell Industries N.V.—Class A(Chemicals)		256		23,508
M&T Bank Corp. (Banks)		168		20,792
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		224		26,118
MarketAxess Holdings, Inc. (Capital Markets)		19		4,967
Marriott International, Inc.—Class A (Hotels,Restaurants & Leisure)		128		23,570
Marsh & McLennan Cos., Inc. (Insurance)		181		34,042
Martin Marietta Materials, Inc. (Construction Materials)		63		29,087
Masco Corp. (Building Products)		64		3,672
Match Group, Inc.* (Interactive Media & Services)		279		11,676
McCormick & Co., Inc. (Food Products)		125		10,904
McDonald's Corp. (Hotels, Restaurants & Leisure)		281		83,853
McKesson Corp. (Health Care Providers & Services)		74		31,621
Medtronic PLC (Health Care Equipment & Supplies)		1,343		118,317
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		2,234		641,113
MetLife, Inc. (Insurance)		648		36,632
Mettler-Toledo International, Inc.* (LifeSciences Tools & Services)		8		10,493
MGM Resorts International (Hotels,Restaurants & Leisure)		303		13,308
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		282		25,264
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,106		69,800
Microsoft Corp. (Software)		3,154		1,074,061
Mid-America Apartment Communities,Inc. (Residential REITs)		118		17,919
Mohawk Industries, Inc.* (Household Durables)		54		5,571
Molson Coors Beverage Co.—Class B(Beverages)		188		12,378
Mondelez International, Inc.—Class A (Food Products)		631		46,026
Moody's Corp. (Capital Markets)		85		29,556
Morgan Stanley (Capital Markets)		1,317		112,472
Motorola Solutions, Inc. (Communications Equipment)		76		22,289
MSCI, Inc. (Capital Markets)		35		16,425
Nasdaq, Inc. (Capital Markets)		121		6,032
NetApp, Inc. (Technology Hardware,Storage & Peripherals)		216		16,502
Netflix, Inc.* (Entertainment)		450		198,220
Newell Brands, Inc. (Household Durables)		375		3,263
Newmont Corp. (Metals & Mining)		800		34,128
News Corp.—Class A (Media)		382		7,449
News Corp.—Class B (Media)		117		2,307
NextEra Energy, Inc. (Electric Utilities)		2,043		151,590
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		1,244		137,299
NiSource, Inc. (Multi-Utilities)		414		11,323
Nordson Corp. (Machinery)		55		13,650
Norfolk Southern Corp. (Ground Transportation)		231		52,382
Northern Trust Corp. (Capital Markets)		210		15,569
Northrop Grumman Corp. (Aerospace & Defense)		41		18,688

See accompanying notes to financial statements.

72 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		426	$	9,274
NRG Energy, Inc. (Electric Utilities)		121		4,524
NVR, Inc.* (Household Durables)		3		19,052
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		108		22,105
Omnicom Group, Inc. (Media)		202		19,220
Oracle Corp. (Software)		637		75,860
Organon & Co. (Pharmaceuticals)		256		5,327
Otis Worldwide Corp. (Machinery)		417		37,117
PACCAR, Inc. (Machinery)		527		44,084
Packaging Corp. of America (Containers & Packaging)		91		12,027
Paramount Global(b) —Class B (Media)		509		8,098
Parker-Hannifin Corp. (Machinery)		130		50,705
Paychex, Inc. (Professional Services)		139		15,550
PayPal Holdings, Inc.* (Financial Services)		1,126		75,138
Pentair PLC (Machinery)		165		10,659
Philip Morris International, Inc. (Tobacco)		722		70,482
Phillips 66 (Oil, Gas & Consumable Fuels)		462		44,065
Pinnacle West Capital Corp. (Electric Utilities)		115		9,368
Pool Corp. (Distributors)		15		5,620
PPG Industries, Inc. (Chemicals)		239		35,444
PPL Corp. (Electric Utilities)		741		19,607
Principal Financial Group, Inc. (Insurance)		89		6,750
Prologis, Inc. (Industrial REITs)		933		114,414
Prudential Financial, Inc. (Insurance)		369		32,553
Public Service Enterprise Group, Inc. (Multi-Utilities)		503		31,493
Public Storage (Specialized REITs)		61		17,805
PulteGroup, Inc. (Household Durables)		225		17,478
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		101		10,305
Quest Diagnostics, Inc. (Health Care Providers & Services)		39		5,482
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		42		5,179
Raytheon Technologies Corp. (Aerospace & Defense)		1,475		144,490
Realty Income Corp. (Retail REITs)		678		40,537
Regency Centers Corp. (Retail REITs)		154		9,513
Regions Financial Corp. (Banks)		944		16,822
Republic Services, Inc. (Commercial Services & Supplies)		94		14,398
ResMed, Inc. (Health Care Equipment &Supplies)		69		15,077
Revvity, Inc. (Life Sciences Tools & Services)		127		15,086
Robert Half International, Inc. (Professional Services)		109		8,199
Rockwell Automation, Inc. (Electrical Equipment)		116		38,216
Roper Technologies, Inc. (Software)		108		51,926
Ross Stores, Inc. (Specialty Retail)		346		38,797
Royal Caribbean Cruises, Ltd.* (Hotels,Restaurants & Leisure)		223		23,134
S&P Global, Inc. (Capital Markets)		331		132,696
Salesforce, Inc.* (Software)		989		208,936
SBA Communications Corp. (Specialized REITs)		48		11,124
Schlumberger N.V. (Energy Equipment & Services)		675		33,156
Seagate Technology Holdings PLC(Technology Hardware, Storage & Peripherals)		193		11,941
Sealed Air Corp. (Containers & Packaging)		143		5,720
Sempra Energy (Multi-Utilities)		128		18,636
Simon Property Group, Inc. (Retail REITs)		330		38,108
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		161		17,821
Snap-on, Inc. (Machinery)		23		6,628
Southwest Airlines Co. (Passenger Airlines)		597		21,617
Stanley Black & Decker, Inc. (Machinery)		155		14,525
Starbucks Corp. (Hotels, Restaurants & Leisure)		567		56,167
State Street Corp. (Capital Markets)		337		24,662
STERIS PLC (Health Care Equipment & Supplies)		101		22,723
Stryker Corp. (Health Care Equipment & Supplies)		341		104,036
Synchrony Financial (Consumer Finance)		429		14,552
Sysco Corp. (Consumer Staples Distribution & Retail)		512		37,990
T. Rowe Price Group, Inc. (Capital Markets)		228		25,541
Take-Two Interactive Software, Inc.* (Entertainment)		161		23,693
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		232		9,930
Target Corp. (Consumer Staples Distribution & Retail)		466		61,465
TE Connectivity, Ltd. (Electronic Equipment,Instruments & Components)		318		44,571
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		48		19,733
Teleflex, Inc. (Health Care Equipment & Supplies)		48		11,617
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		80		8,906
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		339		61,027
Textron, Inc. (Aerospace & Defense)		202		13,661
The AES Corp. (Independent Power and Renewable Electricity Producers)		275		5,701
The Allstate Corp. (Insurance)		266		29,005
The Bank of New York Mellon Corp. (Capital Markets)		724		32,232
The Boeing Co.* (Aerospace & Defense)		571		120,572
The Charles Schwab Corp. (Capital Markets)		614		34,802
The Cigna Group (Health Care Providers & Services)		153		42,932
The Clorox Co. (Household Products)		69		10,974
The Coca-Cola Co. (Beverages)		1,375		82,803
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		50		19,172
The Estee Lauder Cos., Inc. (Personal Care Products)		235		46,149
The Goldman Sachs Group, Inc. (Capital Markets)		336		108,373
The Home Depot, Inc. (Specialty Retail)		481		149,418
The Interpublic Group of Cos., Inc. (Media)		387		14,930
The JM Smucker Co. (Food Products)		108		15,948
The Kraft Heinz Co. (Food Products)		803		28,507
The Kroger Co. (Consumer Staples Distribution & Retail)		658		30,926
The PNC Financial Services Group, Inc. (Banks)		403		50,758
The Procter & Gamble Co. (Household Products)		1,070		162,362

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Large-Cap Value :: 73

Common Stocks, continued

	Shares		Value
The Sherwin-Williams Co. (Chemicals)		238	$	63,194
The Southern Co. (Electric Utilities)		1,101		77,345
The TJX Cos., Inc. (Specialty Retail)		417		35,357
The Travelers Cos., Inc. (Insurance)		108		18,755
The Walt Disney Co.* (Entertainment)		1,845		164,722
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		187		25,974
Trane Technologies PLC (Building Products)		231		44,181
TransDigm Group, Inc. (Aerospace & Defense)		27		24,143
Trimble, Inc.* (Electronic Equipment,Instruments & Components)		248		13,129
Truist Financial Corp. (Banks)		1,342		40,730
Tyler Technologies, Inc.* (Software)		23		9,579
Tyson Foods, Inc.—Class A (Food Products)		286		14,597
U.S. Bancorp (Banks)		1,406		46,454
UDR, Inc. (Residential REITs)		311		13,361
Union Pacific Corp. (Ground Transportation)		308		63,023
United Airlines Holdings, Inc.* (Passenger Airlines)		329		18,052
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		733		131,390
United Rentals, Inc. (Trading Companies & Distributors)		70		31,176
Universal Health Services, Inc.—Class B(Health Care Providers & Services)		64		10,097
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		365		42,815
Ventas, Inc. (Health Care REITs)		402		19,003
VeriSign, Inc.* (IT Services)		47		10,621
Verisk Analytics, Inc. (Professional Services)		79		17,856
Verizon Communications, Inc. (Diversified Telecommunication Services)		4,242		157,760
VF Corp. (Textiles, Apparel & Luxury Goods)		331		6,319
Viatris, Inc. (Pharmaceuticals)		1,207		12,046
VICI Properties, Inc. (Specialized REITs)		433		13,609
Vulcan Materials Co. (Construction Materials)		55		12,399
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		720		20,513
Walmart, Inc. (Consumer Staples Distribution & Retail)		1,417		222,724
Warner Bros. Discovery, Inc.* (Entertainment)		2,235		28,027
Waste Management, Inc. (Commercial Services & Supplies)		154		26,707
WEC Energy Group, Inc. (Multi-Utilities)		153		13,501
Wells Fargo & Co. (Banks)		3,785		161,544
Welltower, Inc. (Health Care REITs)		502		40,607
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		75		28,685
Western Digital Corp.* (Technology Hardware,Storage & Peripherals)		319		12,100
Westinghouse Air Brake Technologies Corp. (Machinery)		182		19,960
Westrock Co. (Containers & Packaging)		256		7,442
Weyerhaeuser Co. (Specialized REITs)		314		10,522
Whirlpool Corp. (Household Durables)		55		8,183
Willis Towers Watson PLC (Insurance)		108		25,434
Wynn Resorts, Ltd. (Hotels, Restaurants &Leisure)		105		11,089
Xcel Energy, Inc. (Electric Utilities)		555		34,504
Xylem, Inc. (Machinery)		243		27,367
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		102		14,132
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		52		15,383
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		211		30,722
Zions Bancorp NA(b)  (Banks)		146		3,922
Zoetis, Inc. (Pharmaceuticals)		466		80,250
TOTAL COMMON STOCKS (Cost $11,876,063)				17,183,025

Repurchase Agreements^(c)  (0.1%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be  received $21,009	$	21,000	$	21,000
TOTAL REPURCHASE AGREEMENTS (Cost $21,000)				21,000

Collateral for Securities Loaned^(d)  (0.1%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		18,631	$	18,631
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $18,631)				18,631
TOTAL INVESTMENT SECURITIES (Cost $11,915,694)—100.1%				17,222,656
Net other assets (liabilities)—(0.1)%				(21,021	)
NET ASSETS—100.0%			$	17,201,635

^* Non-income producing security.

 ^(a) Number of shares is less than 0.50

 ^(b) All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $18,001.

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

 ^(d) Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

 ^(e) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

74 :: ProFund VP Large-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP Large-Cap Value invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	421,195		2.4	%
Air Freight & Logistics		194,494		1.1	%
Automobile Components		153,324		0.9	%
Banks		1,122,013		6.6	%
Beverages		131,507		0.8	%
Biotechnology		22,218		0.1	%
Broadline Retail		663,251		3.9	%
Building Products		156,505		0.9	%
Capital Markets		806,311		4.7	%
Chemicals		368,233		2.2	%
Commercial Services & Supplies		59,000		0.3	%
Communications Equipment		255,193		1.5	%
Construction Materials		41,486		0.2	%
Consumer Finance		122,519		0.7	%
Consumer Staples Distribution & Retail		455,990		2.6	%
Containers & Packaging		83,359		0.5	%
Distributors		27,189		0.2	%
Diversified REITs		7,161		NM
Diversified Telecommunication Services		272,855		1.6	%
Electric Utilities		601,861		3.6	%
Electrical Equipment		199,659		1.2	%
Electronic Equipment, Instruments & Components		142,852		0.8	%
Energy Equipment & Services		95,289		0.6	%
Entertainment		463,682		2.7	%
Financial Services		780,683		4.5	%
Food Products		190,972		1.1	%
Gas Utilities		6,631		NM
Ground Transportation		151,653		0.9	%
Health Care Equipment & Supplies		756,482		4.3	%
Health Care Providers & Services		360,514		2.1	%
Health Care REITs		70,664		0.4	%
Hotel & Resort REITs		12,033		0.1	%
Hotels, Restaurants & Leisure		446,476		2.6	%
Household Durables		121,021		0.7	%
Household Products		251,534		1.5	%
Independent Power and Renewable Electricity Producers		5,701		NM
Industrial Conglomerates		316,025		1.8	%
Industrial REITs		114,414		0.7	%
Insurance		415,676		2.4	%
Interactive Media & Services		652,789		3.7	%
IT Services		291,040		1.7	%
Leisure Products		8,420		NM
Life Sciences Tools & Services		146,688		0.9	%
Machinery		408,452		2.4	%
Media		278,384		1.6	%
Metals & Mining		34,128		0.2	%
Multi-Utilities		230,531		1.3	%
Office REITs		26,336		0.2	%
Oil, Gas & Consumable Fuels		147,249		0.8	%
Passenger Airlines		88,933		0.5	%
Personal Care Products		46,149		0.3	%
Pharmaceuticals		270,660		1.6	%
Professional Services		96,818		0.6	%
Real Estate Management & Development		25,343		0.1	%
Residential REITs		128,306		0.7	%
Retail REITs		100,424		0.6	%
Semiconductors & Semiconductor Equipment		640,766		3.7	%
Software		1,655,649		9.7	%
Specialized REITs		270,232		1.6	%
Specialty Retail		308,038		1.8	%
Technology Hardware, Storage & Peripherals		89,263		0.5	%
Textiles, Apparel & Luxury Goods		158,727		0.9	%
Tobacco		109,576		0.6	%
Trading Companies & Distributors		48,401		0.3	%
Water Utilities		28,122		0.2	%
Wireless Telecommunication Services		25,974		0.2	%
Other**		18,612		0.1	%
Total	$	17,201,635		100.0	%

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

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

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Materials^†  :: 75

Common Stocks (98.0%)

	Shares		Value
Air Products and Chemicals, Inc. (Chemicals)		3,865	$	1,157,682
Albemarle Corp. (Chemicals)		2,042		455,550
Amcor PLC (Containers & Packaging)		25,605		255,538
Avery Dennison Corp. (Containers & Packaging)		1,405		241,379
Ball Corp. (Containers & Packaging)		5,476		318,758
Celanese Corp. (Chemicals)		1,742		201,724
CF Industries Holdings, Inc. (Chemicals)		3,392		235,473
Corteva, Inc. (Chemicals)		12,370		708,801
Dow, Inc. (Chemicals)		12,308		655,524
DuPont de Nemours, Inc. (Chemicals)		7,988		570,663
Eastman Chemical Co. (Chemicals)		2,073		173,552
Ecolab, Inc. (Chemicals)		4,311		804,821
FMC Corp. (Chemicals)		2,176		227,044
Freeport-McMoRan, Inc. (Metals & Mining)		24,941		997,640
International Flavors & Fragrances, Inc. (Chemicals)		4,439		353,300
International Paper Co. (Containers & Packaging)		6,039		192,101
Linde PLC (Chemicals)		8,520		3,246,801
LyondellBasell Industries N.V.—Class A (Chemicals)		4,415		405,429
Martin Marietta Materials, Inc. (Construction Materials)		1,078		497,702
Newmont Corp. (Metals & Mining)		13,829		589,945
Nucor Corp. (Metals & Mining)		4,372		716,921
Packaging Corp. of America (Containers & Packaging)		1,565		206,830
PPG Industries, Inc. (Chemicals)		4,097		607,585
Sealed Air Corp. (Containers & Packaging)		2,513		100,520
Steel Dynamics, Inc. (Metals & Mining)		2,794		304,350
The Mosaic Co. (Chemicals)		5,779		202,265
The Sherwin-Williams Co. (Chemicals)		4,084		1,084,384
Vulcan Materials Co. (Construction Materials)		2,315		521,893
Westrock Co. (Containers & Packaging)		4,457		129,565
TOTAL COMMON STOCKS (Cost $7,471,111)				16,163,740

Repurchase Agreements^(a)  (1.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $249,102	$	249,000	$	249,000
TOTAL REPURCHASE AGREEMENTS (Cost $249,000)				249,000
TOTAL INVESTMENT SECURITIES (Cost $7,720,111)—99.5%				16,412,740
Net other assets (liabilities)—0.5%				75,919
NET ASSETS—100.0%			$	16,488,659

†	As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.
(a)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Materials Select Sector Index	Goldman Sachs International		7/24/23		5.67	%	$	365,735	$	6,729

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Chemicals	$	11,090,598		67.2	%
Construction Materials		1,019,595		6.2	%
Containers & Packaging		1,444,691		8.8	%
Metals & Mining		2,608,856		15.8	%
Other**		324,919		2.0	%
Total	$	16,488,659		100.0	%

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

See accompanying notes to financial statements.

76 :: ProFund VP Mid-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (97.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $9,521,908	$	9,518,000	$	9,518,000
TOTAL REPURCHASE AGREEMENTS (Cost $9,518,000)				9,518,000
TOTAL INVESTMENT SECURITIES (Cost $9,518,000)—97.8%				9,518,000
Net other assets (liabilities)—2.2%				213,911
NET ASSETS—100.0%			$	9,731,911

(a)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $1,153,000.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P MidCap 400 Futures Contracts		5	9/18/23	$	1,322,050	$	43,442

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International		7/27/23		5.57	%	$	3,641,512	$	65,798
S&P MidCap 400	UBS AG		7/27/23		5.42	%		4,766,496		86,147
							$	8,408,008	$	151,945

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Growth :: 77

Common Stocks (99.7%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		552	$	43,961
Acuity Brands, Inc. (Electrical Equipment)		166		27,071
Advanced Drainage Systems, Inc. (Building Products)		501		57,004
AECOM (Construction & Engineering)		778		65,889
Affiliated Managers Group, Inc. (Capital Markets)		247		37,023
AGCO Corp. (Machinery)		336		44,157
Agree Realty Corp. (Retail REITs)		666		43,550
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		263		11,872
American Financial Group, Inc. (Insurance)		327		38,831
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,043		31,029
Annaly Capital Management, Inc. (Mortgage REITs)		5,122		102,491
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		3,484		40,414
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		2,863		65,935
AptarGroup, Inc. (Containers & Packaging)		320		37,075
Aramark (Hotels, Restaurants & Leisure)		1,107		47,656
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		531		18,935
Ashland, Inc. (Chemicals)		338		29,376
Autoliv, Inc. (Automobile Components)		256		21,770
AutoNation, Inc.* (Specialty Retail)		150		24,692
Avis Budget Group, Inc.* (Ground Transportation)		248		56,710
Axalta Coating Systems, Ltd.* (Chemicals)		1,031		33,827
Belden, Inc. (Electronic Equipment, Instruments & Components)		442		42,277
BellRing Brands, Inc.* (Personal Care Products)		565		20,679
Berry Global Group, Inc. (Containers & Packaging)		543		34,937
BJ's Wholesale Club Holdings, Inc.* (Consumer Staples Distribution & Retail)		793		49,967
Black Hills Corp. (Multi-Utilities)		358		21,573
Blackbaud, Inc.* (Software)		217		15,446
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		469		32,535
Brixmor Property Group, Inc. (Retail REITs)		1,527		33,594
Bruker Corp. (Life Sciences Tools & Services)		610		45,091
Brunswick Corp. (Leisure Products)		433		37,515
Builders FirstSource, Inc.* (Building Products)		1,330		180,879
BWX Technologies, Inc. (Aerospace & Defense)		948		67,848
Cabot Corp. (Chemicals)		581		38,863
CACI International, Inc.*—Class A (Professional Services)		151		51,467
Calix, Inc.* (Communications Equipment)		597		29,796
Carlisle Cos., Inc. (Building Products)		529		135,704
Casey's General Stores, Inc. (Consumer Staples Distribution & Retail)		388		94,625
Cathay General Bancorp (Banks)		382		12,297
Celsius Holdings, Inc.* (Beverages)		423		63,107
ChampionX Corp. (Energy Equipment & Services)		2,052		63,694
Chart Industries, Inc.* (Machinery)		196		31,319
Chemed Corp. (Health Care Providers & Services)		106		57,417
Choice Hotels International, Inc.(a)  (Hotels, Restaurants & Leisure)		162		19,038
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		328		50,446
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		683		95,052
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		572		46,338
Clean Harbors, Inc.* (Commercial Services & Supplies)		523		85,997
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		1,717		30,425
Cognex Corp. (Electronic Equipment, Instruments & Components)		931		52,155
Columbia Banking System, Inc. (Banks)		1,123		22,774
Commerce Bancshares, Inc. (Banks)		799		38,911
Commercial Metals Co. (Metals & Mining)		679		35,756
CommVault Systems, Inc.* (Software)		307		22,294
Concentrix Corp. (Professional Services)		443		35,772
Corporate Office Properties Trust (Office REITs)		605		14,369
Crane Co. (Machinery)		250		22,280
Crane NXT Co. (Machinery)		248		13,997
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		644		72,411
Crown Holdings, Inc. (Containers & Packaging)		485		42,132
CubeSmart (Specialized REITs)		1,257		56,138
Cullen/Frost Bankers, Inc. (Banks)		448		48,172
Curtiss-Wright Corp. (Aerospace & Defense)		399		73,281
Darling Ingredients, Inc.* (Food Products)		1,653		105,445
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		273		144,052
Dick's Sporting Goods, Inc. (Specialty Retail)		320		42,301
Donaldson Co., Inc. (Machinery)		804		50,258
Doximity, Inc.*—Class A (Health Care Technology)		724		24,630
Dropbox, Inc.*—Class A (Software)		2,820		75,209
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		1,005		49,818
Dynatrace, Inc.* (Software)		2,248		115,706
Eagle Materials, Inc. (Construction Materials)		374		69,721
East West Bancorp, Inc. (Banks)		748		39,487
EastGroup Properties, Inc. (Industrial REITs)		253		43,921
EMCOR Group, Inc. (Construction & Engineering)		494		91,281
Encompass Health Corp. (Health Care Providers & Services)		477		32,298
Envestnet, Inc.* (Software)		275		16,321
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		2,065		19,741
Essential Utilities, Inc. (Water Utilities)		2,494		99,536
Euronet Worldwide, Inc.* (Financial Services)		240		28,169
Evercore, Inc. (Capital Markets)		183		22,617
Exelixis, Inc.* (Biotechnology)		3,377		64,534
ExlService Holdings, Inc.* (Professional Services)		345		52,116
Exponent, Inc. (Professional Services)		364		33,968
Federated Hermes, Inc. (Capital Markets)		608		21,797
First Financial Bankshares, Inc. (Banks)		712		20,285
First Horizon Corp. (Banks)		3,678		41,451

See accompanying notes to financial statements.

78 :: ProFund VP Mid-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
First Industrial Realty Trust, Inc. (Industrial REITs)		698	$	36,743
FirstCash Holdings, Inc. (Consumer Finance)		382		35,652
Five Below, Inc.* (Specialty Retail)		400		78,615
Flowers Foods, Inc. (Food Products)		1,257		31,274
Fox Factory Holding Corp.* (Automobile Components)		439		47,636
FTI Consulting, Inc.* (Professional Services)		353		67,141
GATX Corp. (Trading Companies & Distributors)		191		24,589
Genpact, Ltd. (Professional Services)		999		37,532
Gentex Corp. (Automobile Components)		1,114		32,596
Glacier Bancorp, Inc. (Banks)		619		19,294
Globus Medical, Inc.* (Health Care Equipment & Supplies)		829		49,359
Graco, Inc. (Machinery)		1,134		97,921
Grand Canyon Education, Inc.* (Diversified Consumer Services)		320		33,027
Graphic Packaging Holding Co. (Containers & Packaging)		2,259		54,283
H&R Block, Inc. (Diversified Consumer Services)		1,577		50,259
Haemonetics Corp.* (Health Care Equipment & Supplies)		523		44,528
Halozyme Therapeutics, Inc.* (Biotechnology)		1,364		49,199
Hancock Whitney Corp. (Banks)		436		16,734
Harley-Davidson, Inc. (Automobile Components)		851		29,964
HealthEquity, Inc.* (Health Care Providers & Services)		885		55,879
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		588		26,231
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		406		18,449
Hubbell, Inc. (Electrical Equipment)		557		184,680
IDACORP, Inc. (Electric Utilities)		279		28,625
Inari Medical, Inc.* (Health Care Equipment & Supplies)		532		30,930
Insperity, Inc. (Professional Services)		372		44,253
Interactive Brokers Group, Inc. (Capital Markets)		597		49,593
International Bancshares Corp. (Banks)		333		14,719
Iridium Communications, Inc. (Diversified Telecommunication Services)		1,306		81,129
ITT, Inc. (Machinery)		395		36,818
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		664		82,316
Jefferies Financial Group, Inc. (Capital Markets)		1,935		64,183
KBR, Inc. (Professional Services)		1,409		91,670
Kinsale Capital Group, Inc. (Insurance)		226		84,569
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		835		46,393
Lamar Advertising Co.—Class A (Specialized REITs)		509		50,518
Lancaster Colony Corp. (Food Products)		206		41,425
Landstar System, Inc. (Ground Transportation)		373		71,818
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		707		59,331
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		1,428		137,187
Lennox International, Inc. (Building Products)		208		67,823
Life Storage, Inc. (Specialized REITs)		539		71,665
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		433		29,773
Lincoln Electric Holdings, Inc. (Machinery)		597		118,582
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		160		46,610
Louisiana-Pacific Corp. (Paper & Forest Products)		747		56,010
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		535		35,059
Manhattan Associates, Inc.* (Software)		373		74,555
Masimo Corp.* (Health Care Equipment & Supplies)		318		52,327
Matador Resources Co. (Oil, Gas & Consumable Fuels)		1,174		61,424
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		256		61,484
Mercury Systems, Inc.* (Aerospace & Defense)		349		12,072
MP Materials Corp.* (Metals & Mining)		957		21,896
MSA Safety, Inc. (Commercial Services & Supplies)		211		36,706
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		245		23,344
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		1,521		58,254
Murphy USA, Inc. (Specialty Retail)		208		64,711
National Fuel Gas Co. (Gas Utilities)		666		34,206
National Instruments Corp. (Electronic Equipment, Instruments & Components)		790		45,346
National Storage Affiliates Trust (Specialized REITs)		400		13,932
Neurocrine Biosciences, Inc.* (Biotechnology)		1,012		95,432
New Jersey Resources Corp. (Gas Utilities)		653		30,822
NewMarket Corp. (Chemicals)		36		14,476
Nexstar Media Group, Inc. (Media)		372		61,956
NNN REIT, Inc. (Retail REITs)		1,000		42,790
NOV, Inc. (Energy Equipment & Services)		4,082		65,476
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		371		68,301
nVent Electric PLC (Electrical Equipment)		1,717		88,717
OGE Energy Corp. (Electric Utilities)		2,076		74,549
Olin Corp. (Chemicals)		1,246		64,032
Ollie's Bargain Outlet Holdings, Inc.* (Broadline Retail)		291		16,858
Omega Healthcare Investors, Inc. (Health Care REITs)		1,188		36,460
ONE Gas, Inc.(a)  (Gas Utilities)		573		44,011
Option Care Health, Inc.* (Health Care Providers & Services)		1,713		55,655
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		322		25,908
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		1,950		74,238
Owens Corning (Building Products)		506		66,033
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		139		10,262
Paylocity Holding Corp.* (Professional Services)		429		79,163
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		1,136		46,508
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		907		64,524

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Growth :: 79

Common Stocks, continued

	Shares		Value
Penumbra, Inc.* (Health Care Equipment & Supplies)		250	$	86,015
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		729		43,915
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		598		40,329
PNM Resources, Inc. (Electric Utilities)		551		24,850
Polaris, Inc. (Leisure Products)		289		34,949
PotlatchDeltic Corp. (Specialized REITs)		471		24,892
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		593		56,139
Primerica, Inc. (Insurance)		259		51,220
Progyny, Inc.* (Health Care Providers & Services)		293		11,527
Qualys, Inc.* (Software)		349		45,080
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		309		25,604
Range Resources Corp. (Oil, Gas & Consumable Fuels)		2,501		73,529
Rayonier, Inc. (Specialized REITs)		842		26,439
Reliance Steel & Aluminum Co. (Metals & Mining)		610		165,671
RenaissanceRe Holdings, Ltd. (Insurance)		292		54,464
Repligen Corp.* (Life Sciences Tools & Services)		538		76,105
Rexford Industrial Realty, Inc. (Industrial REITs)		1,187		61,984
RLI Corp. (Insurance)		421		57,454
Royal Gold, Inc. (Metals & Mining)		681		78,165
RPM International, Inc. (Chemicals)		1,337		119,970
Saia, Inc.* (Ground Transportation)		157		53,758
Science Applications International Corp. (Professional Services)		375		42,180
SEI Investments Co. (Capital Markets)		1,051		62,661
Selective Insurance Group, Inc. (Insurance)		627		60,161
Service Corp. International (Diversified Consumer Services)		1,567		101,213
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		380		108,457
Silgan Holdings, Inc. (Containers & Packaging)		868		40,701
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		177		27,920
Simpson Manufacturing Co., Inc. (Building Products)		443		61,356
SLM Corp. (Consumer Finance)		2,513		41,012
Sonoco Products Co. (Containers & Packaging)		517		30,513
SouthState Corp. (Banks)		447		29,413
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		11,421		68,640
Spire, Inc. (Gas Utilities)		265		16,812
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		577		21,193
STAAR Surgical Co.* (Health Care Equipment & Supplies)		339		17,821
STAG Industrial, Inc. (Industrial REITs)		835		29,960
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		379		94,466
Tempur Sealy International, Inc. (Household Durables)		1,784		71,484
Teradata Corp.* (Software)		482		25,744
Tetra Tech, Inc. (Commercial Services & Supplies)		316		51,742
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		695		78,035
The Boston Beer Co., Inc.*—Class A (Beverages)		68		20,974
The Brink's Co. (Commercial Services & Supplies)		227		15,397
The Chemours Co. (Chemicals)		879		32,426
The Hanover Insurance Group, Inc. (Insurance)		219		24,754
The Middleby Corp.* (Machinery)		266		39,323
The New York Times Co.—Class A (Media)		848		33,394
The Timken Co. (Machinery)		335		30,663
The Toro Co. (Machinery)		1,082		109,985
The Wendy's Co. (Hotels, Restaurants & Leisure)		1,748		38,019
TopBuild Corp.* (Household Durables)		175		46,554
Trex Co., Inc.* (Building Products)		597		39,139
UFP Industries, Inc. (Building Products)		644		62,500
United Bankshares, Inc. (Banks)		668		19,820
United Therapeutics Corp.* (Biotechnology)		487		107,506
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		285		41,077
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		658		28,952
Valaris, Ltd.* (Energy Equipment & Services)		623		39,205
Valmont Industries, Inc. (Construction & Engineering)		219		63,740
Valvoline, Inc. (Specialty Retail)		661		24,794
Vicor Corp.* (Electrical Equipment)		98		5,292
Visteon Corp.* (Automobile Components)		294		42,221
Watsco, Inc.(a)  (Trading Companies & Distributors)		347		132,370
Watts Water Technologies, Inc.—Class A (Machinery)		148		27,192
WESCO International, Inc. (Trading Companies & Distributors)		211		37,782
Westlake Corp. (Chemicals)		358		42,770
WEX, Inc.* (Financial Services)		445		81,021
Williams-Sonoma, Inc. (Specialty Retail)		328		41,046
Wingstop, Inc. (Hotels, Restaurants & Leisure)		312		62,450
Wolfspeed, Inc.*(a)  (Semiconductors & Semiconductor Equipment)		580		32,242
World Wrestling Entertainment, Inc.— Class A (Entertainment)		451		48,920
Worthington Industries, Inc. (Metals & Mining)		154		10,698
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		461		31,611
YETI Holdings, Inc.* (Leisure Products)		494		19,187
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		1,453		36,892
TOTAL COMMON STOCKS (Cost $8,805,023)				12,234,769

See accompanying notes to financial statements.

80 :: ProFund VP Mid-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(b)  (0.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $31,013	$	31,000	$	31,000
TOTAL REPURCHASE AGREEMENTS (Cost $31,000)				31,000

Collateral for Securities Loaned^(c)  (1.7%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		204,644	$	204,644
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $204,644)				204,644
TOTAL INVESTMENT SECURITIES (Cost $9,040,667)—101.7%				12,470,413
Net other assets (liabilities)—(1.7)%				(213,669	)
NET ASSETS—100.0%			$	12,256,744

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $201,653.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.
REIT	Real Estate Investment Trust

ProFund VP Mid-Cap Growth invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	153,201		1.2	%
Automobile Components		174,187		1.4	%
Banks		323,357		2.6	%
Beverages		84,081		0.7	%
Biotechnology		335,606		2.7	%
Broadline Retail		16,858		0.1	%
Building Products		670,438		5.4	%
Capital Markets		257,874		2.1	%
Chemicals		375,740		3.0	%
Commercial Services & Supplies		189,842		1.5	%
Communications Equipment		29,796		0.2	%
Construction & Engineering		220,910		1.8	%
Construction Materials		69,721		0.6	%
Consumer Finance		76,664		0.6	%
Consumer Staples Distribution & Retail		238,652		1.9	%
Containers & Packaging		239,641		2.0	%
Diversified Consumer Services		184,499		1.5	%
Diversified Telecommunication Services		81,129		0.7	%
Electric Utilities		128,024		1.1	%
Electrical Equipment		305,760		2.5	%
Electronic Equipment, Instruments & Components		254,689		2.1	%
Energy Equipment & Services		168,375		1.4	%
Entertainment		48,920		0.4	%
Financial Services		109,190		0.9	%
Food Products		178,144		1.5	%
Gas Utilities		125,851		1.0	%
Ground Transportation		228,679		1.9	%
Health Care Equipment & Supplies		474,372		3.9	%
Health Care Providers & Services		256,737		2.1	%
Health Care REITs		36,460		0.3	%
Health Care Technology		24,630		0.2	%
Hotels, Restaurants & Leisure		503,209		4.0	%
Household Durables		118,038		1.0	%
Independent Power and Renewable Electricity Producers		25,908		0.2	%
Industrial REITs		172,608		1.4	%
Insurance		371,453		3.1	%
Interactive Media & Services		36,892		0.3	%
Leisure Products		91,651		0.7	%
Life Sciences Tools & Services		182,680		1.5	%
Machinery		622,495		5.1	%
Media		95,350		0.7	%
Metals & Mining		312,186		2.5	%
Mortgage REITs		102,491		0.8	%
Multi-Utilities		21,573		0.2	%
Office REITs		14,369		0.1	%
Oil, Gas & Consumable Fuels		730,127		5.9	%
Paper & Forest Products		56,010		0.5	%
Personal Care Products		20,679		0.2	%
Pharmaceuticals		82,316		0.7	%
Professional Services		535,262		4.4	%
Retail REITs		119,934		1.0	%
Semiconductors & Semiconductor Equipment		418,863		3.4	%
Software		390,355		3.2	%
Specialized REITs		243,584		2.0	%
Specialty Retail		276,159		2.3	%
Technology Hardware, Storage & Peripherals		94,466		0.8	%
Textiles, Apparel & Luxury Goods		216,463		1.8	%
Trading Companies & Distributors		218,085		1.8	%
Water Utilities		99,536		0.8	%
Other**		21,975		0.3	%
Total	$	12,256,744		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Value :: 81

Common Stocks (99.7%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		418	$	33,290
ACI Worldwide, Inc.* (Software)		1,172		27,155
Acuity Brands, Inc. (Electrical Equipment)		172		28,050
Adient PLC* (Automobile Components)		1,024		39,240
Advanced Drainage Systems, Inc. (Building Products)		156		17,750
AECOM (Construction & Engineering)		692		58,605
Affiliated Managers Group, Inc. (Capital Markets)		133		19,935
AGCO Corp. (Machinery)		323		42,449
Agree Realty Corp. (Retail REITs)		312		20,402
Alcoa Corp. (Metals & Mining)		1,929		65,451
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		430		19,410
ALLETE, Inc. (Electric Utilities)		620		35,941
Amedisys, Inc.* (Health Care Providers & Services)		352		32,187
American Financial Group, Inc. (Insurance)		415		49,281
Apartment Income REIT Corp. (Residential REITs)		1,614		58,249
AptarGroup, Inc. (Containers & Packaging)		376		43,563
Aramark (Hotels, Restaurants & Leisure)		1,664		71,635
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		611		87,513
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		601		21,432
ASGN, Inc.* (Professional Services)		533		40,311
Ashland, Inc. (Chemicals)		173		15,035
Aspen Technology, Inc.* (Software)		316		52,965
Associated Banc-Corp. (Banks)		1,631		26,471
Autoliv, Inc. (Automobile Components)		568		48,303
AutoNation, Inc.* (Specialty Retail)		184		30,288
Avient Corp. (Chemicals)		926		37,873
Avnet, Inc. (Electronic Equipment, Instruments & Components)		988		49,845
Axalta Coating Systems, Ltd.* (Chemicals)		1,318		43,244
Azenta, Inc.* (Life Sciences Tools & Services)		705		32,909
Bank OZK (Banks)		1,166		46,827
BellRing Brands, Inc.* (Personal Care Products)		847		31,000
Berry Global Group, Inc. (Containers & Packaging)		722		46,453
BJ's Wholesale Club Holdings, Inc.* (Consumer Staples Distribution & Retail)		625		39,381
Black Hills Corp. (Multi-Utilities)		346		20,850
Blackbaud, Inc.* (Software)		264		18,792
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		340		23,586
Brighthouse Financial, Inc.* (Insurance)		723		34,234
Brixmor Property Group, Inc. (Retail REITs)		1,658		36,476
Bruker Corp. (Life Sciences Tools & Services)		442		32,673
Brunswick Corp. (Leisure Products)		314		27,205
Cable One, Inc. (Media)		51		33,511
CACI International, Inc.*—Class A (Professional Services)		89		30,335
Cadence Bank (Banks)		1,976		38,809
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		1,360		48,810
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		408		29,621
Cathay General Bancorp (Banks)		384		12,361
Chart Industries, Inc.* (Machinery)		250		39,948
Chemed Corp. (Health Care Providers & Services)		52		28,167
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure)		118		13,867
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		108		16,610
Ciena Corp.* (Communications Equipment)		1,613		68,537
Cleveland-Cliffs, Inc.* (Metals & Mining)		5,569		93,337
CNO Financial Group, Inc. (Insurance)		1,239		29,327
Coca-Cola Consolidated, Inc. (Beverages)		50		31,801
Cognex Corp. (Electronic Equipment, Instruments & Components)		896		50,194
Coherent Corp.* (Electronic Equipment, Instruments & Components)		1,507		76,827
Columbia Banking System, Inc. (Banks)		1,083		21,963
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		382		29,506
Commerce Bancshares, Inc. (Banks)		393		19,139
Commercial Metals Co. (Metals & Mining)		557		29,332
CommVault Systems, Inc.* (Software)		157		11,401
Corporate Office Properties Trust (Office REITs)		584		13,870
Coty, Inc.*—Class A (Personal Care Products)		3,966		48,742
Cousins Properties, Inc. (Office REITs)		1,641		37,415
Crane Co. (Machinery)		261		23,260
Crane NXT Co. (Machinery)		261		14,731
Crown Holdings, Inc. (Containers & Packaging)		792		68,802
CubeSmart (Specialized REITs)		1,118		49,930
Cullen/Frost Bankers, Inc. (Banks)		230		24,732
Dick's Sporting Goods, Inc. (Specialty Retail)		333		44,019
Donaldson Co., Inc. (Machinery)		472		29,505
Doximity, Inc.*—Class A (Health Care Technology)		526		17,895
East West Bancorp, Inc. (Banks)		750		39,593
EastGroup Properties, Inc. (Industrial REITs)		216		37,498
Encompass Health Corp. (Health Care Providers & Services)		585		39,610
Energizer Holdings, Inc. (Household Products)		719		24,144
EnerSys (Electrical Equipment)		442		47,966
Enovis Corp.* (Health Care Equipment & Supplies)		519		33,278
Envestnet, Inc.* (Software)		300		17,805
Envista Holdings Corp.* (Health Care Equipment & Supplies)		1,770		59,896
EPR Properties (Specialized REITs)		814		38,095
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		2,530		24,187
Esab Corp. (Machinery)		560		37,262
Essent Group, Ltd. (Financial Services)		1,160		54,288
Euronet Worldwide, Inc.* (Financial Services)		260		30,516
Evercore, Inc. (Capital Markets)		191		23,606
Exponent, Inc. (Professional Services)		170		15,864
F.N.B. Corp. (Banks)		3,905		44,673
Federated Hermes, Inc. (Capital Markets)		285		10,217
First American Financial Corp. (Insurance)		1,116		63,634
First Financial Bankshares, Inc. (Banks)		660		18,803
First Horizon Corp. (Banks)		1,976		22,270
First Industrial Realty Trust, Inc. (Industrial REITs)		701		36,901
Five Below, Inc.* (Specialty Retail)		187		36,753
Flowers Foods, Inc. (Food Products)		771		19,182
Flowserve Corp. (Machinery)		1,418		52,679
Fluor Corp.* (Construction & Engineering)		1,549		45,850

See accompanying notes to financial statements.

82 :: ProFund VP Mid-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Foot Locker, Inc. (Specialty Retail)		859	$	23,287
Fortune Brands Innovations, Inc. (Building Products)		1,370		98,571
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services)		2,415		45,016
GameStop Corp.*(a) —Class A (Specialty Retail)		2,734		66,300
GATX Corp. (Trading Companies & Distributors)		183		23,559
Genpact, Ltd. (Professional Services)		788		29,605
Gentex Corp. (Automobile Components)		1,365		39,940
Glacier Bancorp, Inc. (Banks)		552		17,206
Graco, Inc. (Machinery)		637		55,004
Graham Holdings Co.—Class B (Diversified Consumer Services)		41		23,431
Graphic Packaging Holding Co. (Containers & Packaging)		963		23,141
Greif, Inc.—Class A (Containers & Packaging)		281		19,358
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail)		967		29,600
GXO Logistics, Inc.* (Air Freight & Logistics)		1,286		80,787
Hancock Whitney Corp. (Banks)		475		18,231
Harley-Davidson, Inc. (Automobile Components)		523		18,415
Hawaiian Electric Industries, Inc. (Electric Utilities)		1,185		42,897
Healthcare Realty Trust, Inc. (Health Care REITs)		4,119		77,685
Helen of Troy, Ltd.* (Household Durables)		260		28,085
Hertz Global Holdings, Inc.* (Ground Transportation)		1,705		31,355
Hexcel Corp. (Aerospace & Defense)		912		69,330
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		780		34,796
Highwoods Properties, Inc. (Office REITs)		1,141		27,281
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		407		18,494
Home BancShares, Inc. (Banks)		2,040		46,512
ICU Medical, Inc.* (Health Care Equipment & Supplies)		219		39,024
IDACORP, Inc. (Electric Utilities)		257		26,368
Independence Realty Trust, Inc. (Residential REITs)		2,426		44,202
Ingredion, Inc. (Food Products)		714		75,649
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		771		31,711
Interactive Brokers Group, Inc. (Capital Markets)		490		40,704
International Bancshares Corp. (Banks)		223		9,857
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		338		45,907
ITT, Inc. (Machinery)		481		44,834
Jabil, Inc. (Electronic Equipment, Instruments & Components)		1,435		154,879
Janus Henderson Group PLC (Capital Markets)		1,433		39,049
JetBlue Airways Corp.* (Passenger Airlines)		3,546		31,418
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		517		80,549
KB Home (Household Durables)		868		44,884
Kemper Corp. (Insurance)		692		33,396
Kilroy Realty Corp. (Office REITs)		1,140		34,303
Kirby Corp.* (Marine Transportation)		649		49,941
Kite Realty Group Trust (Retail REITs)		2,372		52,990
Knife River Corp.* (Construction Materials)		551		23,969
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		871		48,393
Kohl's Corp. (Broadline Retail)		1,198		27,614
Kyndryl Holdings, Inc.* (IT Services)		2,214		29,402
Lamar Advertising Co.—Class A (Specialized REITs)		416		41,288
Lear Corp. (Automobile Components)		638		91,584
Leggett & Platt, Inc. (Household Durables)		1,440		42,653
Lennox International, Inc. (Building Products)		133		43,367
Life Storage, Inc. (Specialized REITs)		359		47,733
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		532		36,580
Lithia Motors, Inc. (Specialty Retail)		298		90,625
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		102		29,714
LivaNova PLC* (Health Care Equipment & Supplies)		582		29,932
Lumentum Holdings, Inc.* (Communications Equipment)		743		42,150
Macy's, Inc. (Broadline Retail)		2,945		47,267
Manhattan Associates, Inc.* (Software)		282		56,366
ManpowerGroup, Inc. (Professional Services)		545		43,273
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		398		48,843
Masimo Corp.* (Health Care Equipment & Supplies)		194		31,923
MasTec, Inc.* (Construction & Engineering)		645		76,091
Mattel, Inc.* (Leisure Products)		3,827		74,780
Maximus, Inc. (Professional Services)		657		55,523
MDU Resources Group, Inc. (Construction & Engineering)		2,202		46,110
Medical Properties Trust, Inc.(a)  (Health Care REITs)		6,471		59,921
Mercury Systems, Inc.* (Aerospace & Defense)		264		9,132
MGIC Investment Corp. (Financial Services)		3,100		48,949
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		621		67,129
MSA Safety, Inc. (Commercial Services & Supplies)		180		31,313
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		256		24,392
National Fuel Gas Co. (Gas Utilities)		298		15,305
National Instruments Corp. (Electronic Equipment, Instruments & Components)		597		34,268
National Storage Affiliates Trust (Specialized REITs)		471		16,405
NCR Corp.* (Software)		1,518		38,254
Neogen Corp.* (Health Care Equipment & Supplies)		2,338		50,852
New Jersey Resources Corp. (Gas Utilities)		367		17,322
New York Community Bancorp, Inc. (Banks)		7,810		87,783
NewMarket Corp. (Chemicals)		33		13,270
NNN REIT, Inc. (Retail REITs)		926		39,624
Nordstrom, Inc. (Broadline Retail)		1,222		25,014
NorthWestern Corp. (Multi-Utilities)		647		36,724
Old National Bancorp (Banks)		3,165		44,120
Old Republic International Corp. (Insurance)		2,945		74,126
Ollie's Bargain Outlet Holdings, Inc.* (Broadline Retail)		318		18,422
Omega Healthcare Investors, Inc. (Health Care REITs)		1,293		39,682
Omnicell, Inc.* (Health Care Equipment & Supplies)		488		35,951

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Value :: 83

Common Stocks, continued

	Shares		Value
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		233	$	18,747
Oshkosh Corp. (Machinery)		706		61,132
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		608		23,147
Owens Corning (Building Products)		448		58,464
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		177		13,068
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)		2,332		29,896
Patterson Cos., Inc. (Health Care Providers & Services)		940		31,264
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure)		1,666		40,034
Penumbra, Inc.* (Health Care Equipment & Supplies)		153		52,641
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		929		55,963
Perrigo Co. PLC (Pharmaceuticals)		1,464		49,703
Physicians Realty Trust (Health Care REITs)		2,577		36,052
Pilgrim's Pride Corp.* (Food Products)		486		10,444
Pinnacle Financial Partners, Inc. (Banks)		830		47,020
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		294		19,827
PNM Resources, Inc. (Electric Utilities)		353		15,920
Polaris, Inc. (Leisure Products)		278		33,619
Portland General Electric Co. (Electric Utilities)		1,045		48,938
Post Holdings, Inc.* (Food Products)		579		50,170
PotlatchDeltic Corp. (Specialized REITs)		372		19,660
Primerica, Inc. (Insurance)		121		23,929
Progyny, Inc.* (Health Care Providers & Services)		521		20,496
Prosperity Bancshares, Inc. (Banks)		1,020		57,610
PVH Corp. (Textiles, Apparel & Luxury Goods)		679		57,695
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		263		21,792
R1 RCM, Inc.* (Health Care Providers & Services)		1,493		27,546
Rayonier, Inc. (Specialized REITs)		721		22,639
Regal Rexnord Corp. (Electrical Equipment)		717		110,345
Reinsurance Group of America, Inc. (Insurance)		720		99,857
RenaissanceRe Holdings, Ltd. (Insurance)		239		44,578
Rexford Industrial Realty, Inc. (Industrial REITs)		934		48,773
RH* (Specialty Retail)		193		63,611
Ryder System, Inc. (Ground Transportation)		503		42,649
Sabra Health Care REIT, Inc. (Health Care REITs)		2,500		29,425
Saia, Inc.* (Ground Transportation)		123		42,116
Science Applications International Corp. (Professional Services)		193		21,709
Sensient Technologies Corp. (Chemicals)		457		32,506
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		163		25,712
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		1,452		76,461
Sonoco Products Co. (Containers & Packaging)		519		30,631
Sotera Health Co.* (Life Sciences Tools & Services)		1,069		20,140
SouthState Corp. (Banks)		353		23,227
Southwest Gas Holdings, Inc. (Gas Utilities)		710		45,192
Spire, Inc. (Gas Utilities)		290		18,398
Spirit Realty Capital, Inc. (Retail REITs)		1,528		60,172
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		513		18,842
STAAR Surgical Co.* (Health Care Equipment & Supplies)		167		8,779
STAG Industrial, Inc. (Industrial REITs)		1,067		38,284
Starwood Property Trust, Inc. (Mortgage REITs)		3,375		65,475
Stericycle, Inc.* (Commercial Services & Supplies)		1,000		46,439
Stifel Financial Corp. (Capital Markets)		1,148		68,502
Sunrun, Inc.* (Electrical Equipment)		2,332		41,650
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		99		24,675
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		427		36,457
Syneos Health, Inc.* (Life Sciences Tools & Services)		1,121		47,239
Synovus Financial Corp. (Banks)		1,580		47,795
Taylor Morrison Home Corp.* (Household Durables)		1,180		57,549
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components)		449		42,206
TEGNA, Inc. (Media)		2,434		39,528
Tenet Healthcare Corp.* (Health Care Providers & Services)		1,102		89,681
Teradata Corp.* (Software)		590		31,512
Terex Corp. (Machinery)		733		43,855
Tetra Tech, Inc. (Commercial Services & Supplies)		248		40,608
Texas Capital Bancshares, Inc.* (Banks)		518		26,677
The Boston Beer Co., Inc.*—Class A (Beverages)		31		9,562
The Brink's Co. (Commercial Services & Supplies)		266		18,043
The Chemours Co. (Chemicals)		694		25,602
The Gap, Inc. (Specialty Retail)		2,307		20,602
The Goodyear Tire & Rubber Co.* (Automobile Components)		3,065		41,929
The Hanover Insurance Group, Inc. (Insurance)		158		17,859
The Middleby Corp.* (Machinery)		301		44,497
The New York Times Co.—Class A (Media)		886		34,891
The Scotts Miracle-Gro Co. (Chemicals)		443		27,772
The Timken Co. (Machinery)		363		33,225
The Western Union Co. (Financial Services)		4,050		47,507
Thor Industries, Inc. (Automobile Components)		579		59,927
Toll Brothers, Inc. (Household Durables)		1,114		88,084
TopBuild Corp.* (Household Durables)		161		42,829
Topgolf Callaway Brands Corp.* (Leisure Products)		1,505		29,874
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		825		33,281
Trex Co., Inc.* (Building Products)		553		36,255
TripAdvisor, Inc.* (Interactive Media & Services)		1,147		18,914
UGI Corp. (Gas Utilities)		2,264		61,060
UMB Financial Corp. (Banks)		472		28,745
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		2,041		14,736
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		2,050		13,756
United Bankshares, Inc. (Banks)		757		22,460
United States Steel Corp. (Metals & Mining)		2,449		61,249
Univar Solutions, Inc.* (Trading Companies & Distributors)		1,706		61,143

See accompanying notes to financial statements.

84 :: ProFund VP Mid-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		174	$	25,079
Unum Group (Insurance)		2,004		95,591
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		1,765		77,661
Valley National Bancorp (Banks)		4,559		35,332
Valvoline, Inc. (Specialty Retail)		810		30,383
Vicor Corp.* (Electrical Equipment)		138		7,452
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		1,380		40,572
Vontier Corp. (Electronic Equipment, Instruments & Components)		1,683		54,209
Vornado Realty Trust (Office REITs)		1,743		31,618
Voya Financial, Inc. (Financial Services)		1,063		76,227
Watts Water Technologies, Inc.—Class A (Machinery)		142		26,090
Webster Financial Corp. (Banks)		1,890		71,348
Werner Enterprises, Inc. (Ground Transportation)		637		28,143
WESCO International, Inc. (Trading Companies & Distributors)		268		47,988
Williams-Sonoma, Inc. (Specialty Retail)		369		46,177
Wintrust Financial Corp. (Banks)		662		48,074
Wolfspeed, Inc.* (Semiconductors & Semiconductor Equipment)		740		41,137
Woodward, Inc. (Aerospace & Defense)		649		77,173
Worthington Industries, Inc. (Metals & Mining)		167		11,601
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		446		30,582
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		1,222		18,196
XPO, Inc.* (Ground Transportation)		1,253		73,926
YETI Holdings, Inc.* (Leisure Products)		422		16,390
Ziff Davis, Inc.* (Interactive Media & Services)		511		35,800
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		1,399		35,521
TOTAL COMMON STOCKS (Cost $9,070,534)				11,882,565

Repurchase Agreements^(b)  (0.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $39,016	$	39,000	$	39,000
TOTAL REPURCHASE AGREEMENTS (Cost $39,000)				39,000

Collateral for Securities Loaned^(c)  (1.1%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		128,938	$	128,938
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $128,938)				128,938
TOTAL INVESTMENT SECURITIES (Cost $9,238,472)—101.1%				12,050,503
Net other assets (liabilities)—(1.1)%				(129,402	)
NET ASSETS—100.0%			$	11,921,101

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $124,078.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.
REIT	Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Mid-Cap Value :: 85

ProFund VP Mid-Cap Value invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	155,635		1.3	%
Air Freight & Logistics		80,787		0.7	%
Automobile Components		339,338		2.8	%
Banks		947,638		8.0	%
Beverages		41,363		0.3	%
Biotechnology		21,432		0.2	%
Broadline Retail		118,317		1.0	%
Building Products		254,407		2.1	%
Capital Markets		202,013		1.7	%
Chemicals		195,302		1.6	%
Commercial Services & Supplies		136,403		1.1	%
Communications Equipment		110,687		0.9	%
Construction & Engineering		226,656		1.9	%
Construction Materials		23,969		0.2	%
Consumer Staples Distribution & Retail		221,447		1.9	%
Containers & Packaging		231,948		1.9	%
Diversified Consumer Services		23,431		0.2	%
Diversified Telecommunication Services		45,016		0.4	%
Electric Utilities		170,064		1.4	%
Electrical Equipment		235,463		2.0	%
Electronic Equipment, Instruments & Components		666,134		5.7	%
Financial Services		257,487		2.2	%
Food Products		155,445		1.3	%
Gas Utilities		157,277		1.3	%
Ground Transportation		266,582		2.2	%
Health Care Equipment & Supplies		395,779		3.3	%
Health Care Providers & Services		302,241		2.5	%
Health Care REITs		242,765		1.9	%
Health Care Technology		17,895		0.2	%
Hotel & Resort REITs		29,896		0.3	%
Hotels, Restaurants & Leisure		349,797		2.9	%
Household Durables		304,084		2.6	%
Household Products		24,144		0.2	%
Independent Power and Renewable Electricity Producers		18,747		0.2	%
Industrial REITs		161,456		1.4	%
Insurance		565,812		4.7	%
Interactive Media & Services		90,235		0.8	%
IT Services		29,402		0.2	%
Leisure Products		181,868		1.5	%
Life Sciences Tools & Services		132,961		1.1	%
Machinery		548,471		4.7	%
Marine Transportation		49,941		0.4	%
Media		107,930		0.8	%
Metals & Mining		260,970		2.3	%
Mortgage REITs		65,475		0.5	%
Multi-Utilities		57,574		0.5	%
Office REITs		144,487		1.2	%
Oil, Gas & Consumable Fuels		98,740		0.8	%
Passenger Airlines		31,418		0.3	%
Personal Care Products		79,742		0.7	%
Pharmaceuticals		49,703		0.4	%
Professional Services		236,620		2.0	%
Real Estate Management & Development		80,549		0.7	%
Residential REITs		102,451		0.9	%
Retail REITs		209,664		1.8	%
Semiconductors & Semiconductor Equipment		214,924		1.8	%
Software		254,250		2.1	%
Specialized REITs		235,750		1.9	%
Specialty Retail		452,045		3.8	%
Technology Hardware, Storage & Peripherals		42,871		0.4	%
Textiles, Apparel & Luxury Goods		270,585		2.3	%
Trading Companies & Distributors		157,082		1.3	%
Other**		38,536		0.3	%
Total	$	11,921,101		100.0	%

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

See accompanying notes to financial statements.

86 :: ProFund VP Nasdaq-100 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (60.2%)

	Shares		Value
Activision Blizzard, Inc.* (Entertainment)		4,112	$	346,642
Adobe, Inc.* (Software)		2,399		1,173,087
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		8,423		959,464
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,157		276,441
Align Technology, Inc.* (Health Care Equipment & Supplies)		400		141,456
Alphabet, Inc.*—Class A (Interactive Media & Services)		24,414		2,922,356
Alphabet, Inc.*—Class C (Interactive Media & Services)		23,683		2,864,933
Amazon.com, Inc.* (Broadline Retail)		41,369		5,392,863
American Electric Power Co., Inc. (Electric Utilities)		2,693		226,752
Amgen, Inc. (Biotechnology)		2,795		620,545
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		2,623		510,987
ANSYS, Inc.* (Software)		453		149,612
Apple, Inc. (Technology Hardware, Storage & Peripherals)		51,006		9,893,634
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		4,392		634,820
ASML Holding N.V.NYS  (Semiconductors & Semiconductor Equipment)		459		332,660
AstraZeneca PLCADR  (Pharmaceuticals)		3,096		221,581
Atlassian Corp.*—Class A (Software)		794		133,241
Autodesk, Inc.* (Software)		1,120		229,163
Automatic Data Processing, Inc. (Professional Services)		2,161		474,966
Baker Hughes Co. (Energy Equipment & Services)		5,295		167,375
Biogen, Inc.* (Biotechnology)		757		215,631
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		193		521,164
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,181		1,891,865
Cadence Design Systems, Inc.* (Software)		1,426		334,426
Charter Communications, Inc.*—Class A (Media)		788		289,488
Cintas Corp. (Commercial Services & Supplies)		532		264,447
Cisco Systems, Inc. (Communications Equipment)		21,315		1,102,838
Cognizant Technology Solutions Corp.— Class A (IT Services)		2,654		173,253
Comcast Corp.—Class A (Media)		21,756		903,961
Constellation Energy Corp. (Electric Utilities)		1,697		155,360
Copart, Inc.* (Commercial Services & Supplies)		2,497		227,751
CoStar Group, Inc.* (Professional Services)		2,137		190,193
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		2,320		1,249,041
Crowdstrike Holdings, Inc.*—Class A (Software)		1,172		172,132
CSX Corp. (Ground Transportation)		10,634		362,619
Datadog, Inc.*—Class A (Software)		1,550		152,489
Dexcom, Inc.* (Health Care Equipment & Supplies)		2,028		260,618
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		947		124,398
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		1,153		165,456
eBay, Inc. (Broadline Retail)		2,797		124,998
Electronic Arts, Inc. (Entertainment)		1,426		184,952
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		717		120,083
Exelon Corp. (Electric Utilities)		5,202		211,929
Fastenal Co. (Trading Companies & Distributors)		2,987		176,203
Fortinet, Inc.* (Software)		4,107		310,448
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		2,378		193,189
Gilead Sciences, Inc. (Biotechnology)		6,524		502,805
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment)		2,865		185,022
Honeywell International, Inc. (Industrial Conglomerates)		3,482		722,515
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		434		217,968
Illumina, Inc.* (Life Sciences Tools & Services)		827		155,054
Intel Corp. (Semiconductors & Semiconductor Equipment)		21,817		729,560
Intuit, Inc. (Software)		1,465		671,248
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		1,833		626,776
JD.com, Inc.ADR  (Broadline Retail)		2,375		81,059
Keurig Dr Pepper, Inc. (Beverages)		7,343		229,616
KLA Corp. (Semiconductors & Semiconductor Equipment)		718		348,244
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		703		451,931
Lucid Group, Inc.*(a)  (Automobile Components)		9,594		66,103
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		639		241,862
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		1,594		292,802
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		4,498		268,890
MercadoLibre, Inc.* (Broadline Retail)		263		311,550
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		11,571		3,320,645
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		2,853		255,600
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		5,724		361,242
Microsoft Corp. (Software)		29,854		10,166,481
Moderna, Inc.* (Biotechnology)		1,994		242,271
Mondelez International, Inc.—Class A (Food Products)		7,123		519,551
Monster Beverage Corp.* (Beverages)		5,475		314,484
Netflix, Inc.* (Entertainment)		2,325		1,024,139
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		12,920		5,465,419
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,359		278,160
Old Dominion Freight Line, Inc. (Ground Transportation)		574		212,237
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,259		213,656
O'Reilly Automotive, Inc.* (Specialty Retail)		318		303,785

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Nasdaq-100 :: 87

Common Stocks, continued

	Shares		Value
PACCAR, Inc. (Machinery)		2,733	$	228,615
Palo Alto Networks, Inc.*(a)  (Software)		1,600		408,816
Paychex, Inc. (Professional Services)		1,886		210,987
PayPal Holdings, Inc.* (Financial Services)		5,836		389,436
PDD Holdings, Inc.*ADR  (Broadline Retail)		3,194		220,833
PepsiCo, Inc. (Beverages)		7,206		1,334,696
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		5,827		693,646
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		564		405,257
Ross Stores, Inc. (Specialty Retail)		1,789		200,601
Seagen, Inc.* (Biotechnology)		981		188,803
Sirius XM Holdings, Inc.(a)  (Media)		20,234		91,660
Starbucks Corp. (Hotels, Restaurants & Leisure)		5,996		593,963
Synopsys, Inc.* (Software)		796		346,586
Tesla, Inc.* (Automobile Components)		12,779		3,345,158
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		4,748		854,735
The Kraft Heinz Co. (Food Products)		6,419		227,875
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		6,276		871,736
Verisk Analytics, Inc. (Professional Services)		757		171,105
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,347		474,023
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		4,513		128,575
Warner Bros. Discovery, Inc.* (Entertainment)		12,742		159,785
Workday, Inc.*—Class A (Software)		1,077		243,284
Xcel Energy, Inc. (Electric Utilities)		2,879		178,987
Zoom Video Communications, Inc.*— Class A (Software)		1,312		89,059
Zscaler, Inc.* (Software)		759		111,042
TOTAL COMMON STOCKS (Cost $16,926,806)				78,701,448

Repurchase Agreements^(b)(c)  (38.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $49,652,379	$	49,632,000	$	49,632,000
TOTAL REPURCHASE AGREEMENTS (Cost $49,632,000)				49,632,000

Collateral for Securities Loaned^(d)  (0.6%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		758,667	$	758,667
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $758,667)				758,667
TOTAL INVESTMENT SECURITIES (Cost $67,317,473)—98.8%				129,092,115
Net other assets (liabilities)—1.2%				1,527,523
NET ASSETS—100.0%			$	130,619,638

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $751,269.
(b)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $4,902,000.
(c)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(d)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(e)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.
ADR	American Depositary Receipt
NYS	New York Shares

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		5	9/18/23	$	1,533,700	$	44,629

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International		7/27/23		5.67	%	$	50,243,185	$	718,872
Nasdaq-100 Index	UBS AG		7/27/23		5.87	%		151,792		2,268
							$	50,394,977	$	721,140

(1)	Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.
(2)	Reflects the floating financing rate, as of June 30, 2023, 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.

88 :: ProFund VP Nasdaq-100 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP Nasdaq-100 invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Automobile Components	$	3,411,261		2.6	%
Beverages		1,878,796		1.4	%
Biotechnology		2,649,335		2.0	%
Broadline Retail		6,131,303		4.7	%
Commercial Services & Supplies		492,198		0.4	%
Communications Equipment		1,102,838		0.8	%
Consumer Staples Distribution & Retail		1,543,072		1.2	%
Electric Utilities		773,028		0.6	%
Energy Equipment & Services		167,375		0.1	%
Entertainment		1,715,518		1.3	%
Financial Services		389,436		0.3	%
Food Products		747,426		0.6	%
Ground Transportation		574,856		0.4	%
Health Care Equipment & Supplies		1,440,007		1.1	%
Hotels, Restaurants & Leisure		1,684,370		1.3	%
Industrial Conglomerates		722,515		0.6	%
Interactive Media & Services		9,107,934		6.9	%
IT Services		173,253		0.1	%
Life Sciences Tools & Services		155,054		0.1	%
Machinery		228,615		0.2	%
Media		1,285,109		1.0	%
Oil, Gas & Consumable Fuels		124,398		0.1	%
Pharmaceuticals		221,581		0.2	%
Professional Services		1,047,251		0.8	%
Semiconductors & Semiconductor Equipment		14,555,984		11.1	%
Software		14,691,114		11.3	%
Specialty Retail		504,386		0.4	%
Technology Hardware, Storage & Peripherals		9,893,634		7.6	%
Textiles, Apparel & Luxury Goods		241,862		0.2	%
Trading Companies & Distributors		176,203		0.1	%
Wireless Telecommunication Services		871,736		0.7	%
Other**		51,918,190		39.8	%
Total	$	130,619,638		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Pharmaceuticals :: 89

Common Stocks (99.5%)

	Shares		Value
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		5,910		61,287
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		3,243		186,375
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		10,409		224,522
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		607		32,675
Arvinas, Inc.* (Pharmaceuticals)		4,959		123,082
Axsome Therapeutics, Inc.*(a)  (Pharmaceuticals)		6,659		478,516
Bristol-Myers Squibb Co. (Pharmaceuticals)		7,579		484,677
Cassava Sciences, Inc.*(a)  (Pharmaceuticals)		6,999		171,616
Catalent, Inc.* (Pharmaceuticals)		12,664		549,111
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		3,547		76,225
Corcept Therapeutics, Inc.* (Pharmaceuticals)		7,409		164,850
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		14,474		158,490
DICE Therapeutics, Inc.* (Pharmaceuticals)		4,605		213,948
Elanco Animal Health, Inc.* (Pharmaceuticals)		54,202		545,271
Eli Lilly & Co. (Pharmaceuticals)		1,101		516,347
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		6,888		242,389
Harrow Health, Inc.* (Pharmaceuticals)		4,256		81,034
Innoviva, Inc.* (Pharmaceuticals)		6,071		77,284
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		7,425		470,151
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		3,863		478,896
Johnson & Johnson (Pharmaceuticals)		3,069		507,981
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		1,078		77,724
Merck & Co., Inc. (Pharmaceuticals)		4,435		511,755
Ocular Therapeutix, Inc.* (Pharmaceuticals)		7,460		38,494
Organon & Co. (Pharmaceuticals)		22,402		466,186
Pacira BioSciences, Inc.* (Pharmaceuticals)		5,803		232,526
Perrigo Co. PLC (Pharmaceuticals)		12,543		425,835
Pfizer, Inc. (Pharmaceuticals)		12,601		462,205
Pliant Therapeutics, Inc.* (Pharmaceuticals)		6,802		123,252
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		2,503		148,753
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals)		5,235		533,761
Revance Therapeutics, Inc.* (Pharmaceuticals)		13,780		348,772
Royalty Pharma PLC—Class A (Pharmaceuticals)		14,921		458,672
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		4,143		124,539
Theravance Biopharma, Inc.* (Pharmaceuticals)		5,341		55,279
Ventyx Biosciences, Inc.* (Pharmaceuticals)		9,286		304,581
Viatris, Inc. (Pharmaceuticals)		52,354		522,493
Zoetis, Inc. (Pharmaceuticals)		3,011		518,524
TOTAL COMMON STOCKS (Cost $8,673,395)				11,198,078

Repurchase Agreements^(b)  (0.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $43,018	$	43,000	$	43,000
TOTAL REPURCHASE AGREEMENTS (Cost $43,000)				43,000

Collateral for Securities Loaned^(c)  (6.0%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		670,975	$	670,975
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $670,975)				670,975
TOTAL INVESTMENT SECURITIES (Cost $9,387,370)—105.9%				11,912,053
Net other assets (liabilities)—(5.9)%				(663,957	)
NET ASSETS—100.0%			$	11,248,096

*	Non-income producing security.
(a)	All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $650,131.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.
(c)	Securities were purchased with cash collateral held from securities on loan at June 30, 2023.
(d)	Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Pharmaceuticals Select Industry Index	Goldman Sachs International	7/24/23		5.67	%	$	42,506	$	(9,803	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

90 :: ProFund VP Pharmaceuticals :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP Pharmaceuticals invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Pharmaceuticals	$	11,198,078		99.5	%
Other**		50,018		0.5	%
Total	$	11,248,096		100.0	%

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Precious Metals :: 91

Repurchase Agreements^(a)(b)  (98.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $24,207,936	$	24,198,000	$	24,198,000
TOTAL REPURCHASE AGREEMENTS (Cost $24,198,000)				24,198,000
TOTAL INVESTMENT SECURITIES (Cost $24,198,000)—98.5%				24,198,000
Net other assets (liabilities)—1.5%				378,336
NET ASSETS—100.0%			$	24,576,336

(a)	A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $3,930,000.
(b)	The ProFund VP invests in Repurchase Agreements jointly with other funds in the Trust. See "Repurchase Agreements" under Note 2 in the Notes to Financial Statements to view the details of each individual agreement and counterparty as well as a description of the securities subject to repurchase.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Precious Metals Index	Goldman Sachs International	7/24/23		5.67	%	$	8,027,933	$	74,991
Dow Jones Precious Metals Index	UBS AG	7/24/23		5.82	%		16,397,085		185,921
						$	24,425,018	$	260,912

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

92 :: ProFund VP Real Estate :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (98.1%)

	Shares		Value
Alexandria Real Estate Equities, Inc. (Office REITs)		899	$	102,028
American Tower Corp. (Specialized REITs)		2,662		516,269
AvalonBay Communities, Inc. (Residential REITs)		811		153,498
Boston Properties, Inc. (Office REITs)		815		46,936
Camden Property Trust (Residential REITs)		610		66,411
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		1,775		143,260
CoStar Group, Inc.* (Professional Services)		2,334		207,726
Crown Castle, Inc. (Specialized REITs)		2,477		282,229
Digital Realty Trust, Inc. (Specialized REITs)		1,664		189,480
Equinix, Inc. (Specialized REITs)		534		418,624
Equity Commonwealth (Office REITs)		1		15
Equity Residential (Residential REITs)		1,948		128,510
Essex Property Trust, Inc. (Residential REITs)		367		85,988
Extra Space Storage, Inc. (Specialized REITs)		771		114,763
Federal Realty Investment Trust (Diversified REITs)		419		40,547
Healthpeak Properties, Inc. (Health Care REITs)		3,125		62,813
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		4,063		68,380
Invitation Homes, Inc. (Residential REITs)		3,321		114,242
Iron Mountain, Inc. (Specialized REITs)		1,666		94,662
Kimco Realty Corp. (Retail REITs)		3,541		69,829
Mid-America Apartment Communities, Inc. (Residential REITs)		666		101,139
Prologis, Inc. (Industrial REITs)		5,275		646,873
Public Storage (Specialized REITs)		904		263,860
Realty Income Corp. (Retail REITs)		3,846		229,951
Regency Centers Corp. (Retail REITs)		879		54,296
SBA Communications Corp. (Specialized REITs)		619		143,459
Simon Property Group, Inc. (Retail REITs)		1,868		215,717
UDR, Inc. (Residential REITs)		1,768		75,953
Ventas, Inc. (Health Care REITs)		2,285		108,012
VICI Properties, Inc. (Specialized REITs)		5,737		180,314
Welltower, Inc. (Health Care REITs)		2,839		229,646
Weyerhaeuser Co. (Specialized REITs)		4,183		140,172
TOTAL COMMON STOCKS (Cost $2,317,363)				5,295,602

Repurchase Agreements^(a)  (2.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $135,055	$	135,000	$	135,000
TOTAL REPURCHASE AGREEMENTS (Cost $135,000)				135,000
TOTAL INVESTMENT SECURITIES (Cost $2,452,363)—100.6%				5,430,602
Net other assets (liabilities)—(0.6)%				(32,929	)
NET ASSETS—100.0%			$	5,397,673

* Non-income producing security.

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

^REIT Real Estate Investment Trust

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Real Estate Select Sector Index	Goldman Sachs International	7/24/23		5.67	%	$	147,596	$	7,071

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Diversified REITs	$	40,547		0.8	%
Health Care REITs		400,471		7.4	%
Hotel & Resort REITs		68,380		1.3	%
Industrial REITs		646,873		12.0	%
Office REITs		148,979		2.8	%
Professional Services		207,726		3.8	%
Real Estate Management & Development		143,260		2.7	%
Residential REITs		725,741		13.4	%
Retail REITs		569,793		10.6	%
Specialized REITs		2,343,832		43.3	%
Other**		102,071		1.9	%
Total	$	5,397,673		100.0	%

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

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Rising Rates Opportunity :: 93

Repurchase Agreements^(a)(b)  (99.8%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $10,266,213	$	10,262,000	$	10,262,000
TOTAL REPURCHASE AGREEMENTS (Cost $10,262,000)				10,262,000
TOTAL INVESTMENT SECURITIES (Cost $10,262,000)—99.8%				10,262,000
Net other assets (liabilities)—0.2%				18,398
NET ASSETS—100.0%			$	10,280,398

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $311,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 3.625% due on 5/15/53	Citibank North America	7/17/23		(4.95	)%	$	(6,740,553	)	$	6,652
30-Year U.S. Treasury Bond, 3.625% due on 5/15/53	Societe' Generale	7/17/23		(4.89	)%		(6,404,006	)		8,094
						$	(13,144,559	)	$	14,746

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

94 :: ProFund VP Semiconductor :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (67.1%)

	Shares		Value
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		17,418	$	1,984,085
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		705		31,824
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		1,089		32,398
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		5,472		1,066,000
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		9,141		1,321,240
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		4,510		3,912,110
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		598		48,444
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		1,482		248,205
Entegris, Inc. (Semiconductors & Semiconductor Equipment)		1,619		179,418
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment)		770		49,727
Intel Corp. (Semiconductors & Semiconductor Equipment)		45,119		1,508,779
KLA Corp. (Semiconductors & Semiconductor Equipment)		1,484		719,770
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		1,454		934,718
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		1,489		143,048
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		9,294		555,595
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		5,926		530,910
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		11,839		747,159
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		621		67,130
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		487		263,092
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		26,750		11,315,786
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		2,810		575,151
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		4,672		441,878
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		620		58,695
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		1,081		110,294
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		12,051		1,434,551
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		692		17,618
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		346		54,578
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		1,721		190,497
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		610		164,121
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		1,677		186,700
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		9,819		1,767,617
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		471		67,885
Wolfspeed, Inc.*(a)  (Semiconductors & Semiconductor Equipment)		1,346		74,824
TOTAL COMMON STOCKS (Cost $15,805,225)				30,803,847

Repurchase Agreements^(b)  (2.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $1,139,468	$	1,139,000	$	1,139,000
TOTAL REPURCHASE AGREEMENTS (Cost $1,139,000)				1,139,000

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

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		180,722	$	180,722
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $180,722)				180,722
TOTAL INVESTMENT SECURITIES (Cost $17,124,947)—70.0%				32,123,569
Net other assets (liabilities)—30.0%				13,762,571
NET ASSETS—100.0%			$	45,886,140

^* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $124,551.

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

^(c) Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Semiconductor :: 95

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Dow Jones U.S. Semiconductors Index	Goldman Sachs International	7/24/23		5.67	%	$	15,072,060	$	45,260

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Semiconductors & Semiconductor Equipment	$	30,803,847		67.1	%
Other**		15,082,293		32.9	%
Total	$	45,886,140		100.0	%

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

See accompanying notes to financial statements.

96 :: ProFund VP Short Dow 30 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (88.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $6,002	$	6,000	$	6,000
TOTAL REPURCHASE AGREEMENTS (Cost $6,000)				6,000
TOTAL INVESTMENT SECURITIES (Cost $6,000)—88.7%				6,000
Net other assets (liabilities)—11.3%				768
NET ASSETS—100.0%			$	6,768

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $4,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	7/27/23		(5.42	)%	$	(1,334	)	$	(20	)
Dow Jones Industrial Average	UBS AG	7/27/23		(4.92	)%		(5,431	)		(74	)
						$	(6,765	)	$	(94	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Short Emerging Markets :: 97

Repurchase Agreements^(a)(b)  (107.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $973,399	$	973,000	$	973,000
TOTAL REPURCHASE AGREEMENTS (Cost $973,000)				973,000
TOTAL INVESTMENT SECURITIES (Cost $973,000)—107.7%				973,000
Net other assets (liabilities)—(7.7)%				(69,751	)
NET ASSETS—100.0%			$	903,249

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $302,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P Emerging 50 ADR Index (USD)	Goldman Sachs International	7/27/23		(4.72	)%	$	(433,972	)	$	7,497
S&P Emerging 50 ADR Index (USD)	UBS AG	7/27/23		(4.57	)%		(468,593	)		7,271
						$	(902,565	)	$	14,768

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

98 :: ProFund VP Short International :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (109.0%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $888,365	$	888,000	$	888,000
TOTAL REPURCHASE AGREEMENTS (Cost $888,000)				888,000
TOTAL INVESTMENT SECURITIES (Cost $888,000)—109.0%				888,000
Net other assets (liabilities)—(9.0)%				(73,685	)
NET ASSETS—100.0%			$	814,315

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $133,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
MSCI EAFE Index	Goldman Sachs International	7/27/23		(4.87	)%	$	(615,685	)	$	(6,776	)
MSCI EAFE Index	UBS AG	7/27/23		(4.77	)%		(194,204	)		(1,887	)
						$	(809,889	)	$	(8,663	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Short Mid-Cap :: 99

Repurchase Agreements^(a)(b)  (102.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $148,061	$	148,000	$	148,000
TOTAL REPURCHASE AGREEMENTS (Cost $148,000)				148,000
TOTAL INVESTMENT SECURITIES (Cost $148,000)—102.7%				148,000
Net other assets (liabilities)—(2.7)%				(3,835	)
NET ASSETS—100.0%			$	144,165

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $5,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)		Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International		7/27/23		(5.17	)%	$	(62,296	)	$	(1,144	)
S&P MidCap 400	UBS AG		7/27/23		(5.07	)%		(80,592	)		(2,347	)
							$	(142,888	)	$	(3,491	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

100 :: ProFund VP Short Nasdaq-100 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreements^(a)(b)  (99.6%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $4,102,684	$	4,101,000	$	4,101,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,101,000)				4,101,000
TOTAL INVESTMENT SECURITIES (Cost $4,101,000)—99.6%				4,101,000
Net other assets (liabilities)—0.4%				14,983
NET ASSETS—100.0%			$	4,115,983

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $727,000.

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

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		2	9/18/23	$	(613,480	)	$	(23,708	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	7/27/23		(5.42	)%	$	(106,255	)	$	(1,719	)
Nasdaq-100 Index	UBS AG	7/27/23		(5.22	)%		(3,384,964	)		(52,806	)
						$	(3,491,219	)	$	(54,525	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Short Small-Cap :: 101

Repurchase Agreements^(a)(b)  (97.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $3,729,531	$	3,728,000	$	3,728,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,728,000)				3,728,000
TOTAL INVESTMENT SECURITIES (Cost $3,728,000)—97.9%				3,728,000
Net other assets (liabilities)—2.1%				78,716
NET ASSETS—100.0%			$	3,806,716

^(a) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $621,000.

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

Futures Contracts Sold

	Number of Contracts		Expiration Date	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts		2	9/18/23	$	(190,370	)	$	(854	)

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International	7/27/23		(5.07	)%	$	(2,432,684	)	$	(53,714	)
Russell 2000 Index	UBS AG	7/27/23		(4.57	)%		(1,176,679	)		(20,737	)
						$	(3,609,363	)	$	(74,451	)

⁽¹⁾ Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾ Reflects the floating financing rate, as of June 30, 2023, 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.

102 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (59.3%)

	Shares		Value
1-800-Flowers.com, Inc.*—Class A (Specialty Retail)		79	$	616
1st Source Corp. (Banks)		51		2,138
23andMe Holding Co.*—Class A (Health Care Providers & Services)		790		1,383
2seventy bio, Inc.* (Biotechnology)		153		1,548
2U, Inc.* (Diversified Consumer Services)		241		971
374Water, Inc.* (Machinery)		180		430
3D Systems Corp.* (Machinery)		388		3,853
4D Molecular Therapeutics, Inc.* (Biotechnology)		96		1,735
5E Advanced Materials, Inc.* (Metals & Mining)		120		394
89bio, Inc.* (Biotechnology)		188		3,563
8x8, Inc.* (Software)		344		1,455
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		67		460
A10 Networks, Inc. (Software)		215		3,137
Aadi Bioscience, Inc.* (Biotechnology)		49		335
AAON, Inc. (Building Products)		137		12,989
AAR Corp.* (Aerospace & Defense)		105		6,065
Aaron's Co., Inc. (The) (Specialty Retail)		96		1,357
Abercrombie & Fitch Co.* (Specialty Retail)		149		5,614
ABM Industries, Inc. (Commercial Services & Supplies)		202		8,615
Acacia Research Corp.* (Financial Services)		116		483
Academy Sports & Outdoors, Inc. (Specialty Retail)		227		12,270
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		368		8,814
Acadia Realty Trust (Retail REITs)		284		4,087
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		164		1,732
ACCO Brands Corp. (Commercial Services & Supplies)		281		1,464
Accolade, Inc.* (Health Care Providers & Services)		201		2,707
Accuray, Inc.* (Health Care Equipment & Supplies)		284		1,099
ACI Worldwide, Inc.* (Software)		330		7,646
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		211		2,188
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		146		1,910
ACNB Corp. (Banks)		25		829
Acrivon Therapeutics, Inc.* (Biotechnology)		26		337
Actinium Pharmaceuticals, Inc.* (Biotechnology)		79		586
Acushnet Holdings Corp. (Leisure Products)		95		5,195
ACV Auctions, Inc.*—Class A (Commercial Services & Supplies)		387		6,683
AdaptHealth Corp.* (Health Care Providers & Services)		224		2,726
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services)		345		2,315
Addus HomeCare Corp.* (Health Care Providers & Services)		48		4,450
Adeia, Inc. (Software)		325		3,578
Adicet Bio, Inc.* (Biotechnology)		92		224
Adient PLC* (Automobile Components)		291		11,151
ADMA Biologics, Inc.* (Biotechnology)		640		2,362
Adtalem Global Education, Inc.* (Diversified Consumer Services)		138		4,739
ADTRAN Holdings, Inc. (Communications Equipment)		237		2,496
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		114		12,705
AdvanSix, Inc. (Chemicals)		81		2,833
Advantage Solutions, Inc.* (Media)		264		618
Aehr Test Systems* (Semiconductors & Semiconductor Equipment)		79		3,259
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)		243		13,332
Aerovate Therapeutics, Inc.* (Biotechnology)		31		532
AeroVironment, Inc.* (Aerospace & Defense)		76		7,773
AerSale Corp.* (Aerospace & Defense)		78		1,147
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components)		242		303
AFC Gamma, Inc. (Mortgage REITs)		50		623
Agenus, Inc.* (Biotechnology)		1,043		1,669
Agiliti, Inc.* (Health Care Providers & Services)		90		1,485
Agilysys, Inc.* (Software)		61		4,187
Agios Pharmaceuticals, Inc.* (Biotechnology)		169		4,786
Air Transport Services Group, Inc.* (Air Freight & Logistics)		171		3,227
AirSculpt Technologies, Inc.(a) (Health Care Providers & Services)		37		319
Akero Therapeutics, Inc.* (Biotechnology)		137		6,397
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		210		668
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		55		406
Alamo Group, Inc. (Machinery)		31		5,701
Alarm.com Holdings, Inc.* (Software)		146		7,545
Albany International Corp. (Machinery)		95		8,862
Aldeyra Therapeutics, Inc.* (Biotechnology)		142		1,191
Alector, Inc.* (Biotechnology)		193		1,160
Alerus Financial Corp. (Financial Services)		55		989
Alexander & Baldwin, Inc. (Diversified REITs)		221		4,106
Alexander's, Inc. (Retail REITs)		7		1,287
Alico, Inc. (Food Products)		22		560
Alight, Inc.*—Class A (Professional Services)		1,211		11,190
Alignment Healthcare, Inc.* (Health Care Providers & Services)		259		1,489
Alkami Technology, Inc.* (Software)		120		1,967
Alkermes PLC* (Biotechnology)		504		15,775
Allakos, Inc.* (Biotechnology)		202		881
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		289		364
Allegiant Travel Co.* (Passenger Airlines)		48		6,061
ALLETE, Inc. (Electric Utilities)		176		10,203
Allied Motion Technologies, Inc. (Electronic Equipment, Instruments & Components)		42		1,677
Allogene Therapeutics, Inc.* (Biotechnology)		250		1,243
Allovir, Inc.* (Biotechnology)		127		432
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		71		2,329
Alpha Metallurgical Resources, Inc. (Metals & Mining)		39		6,410
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		234		4,207

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 103

Common Stocks, continued

	Shares		Value
Alpine Immune Sciences, Inc.* (Biotechnology)		97	$	997
Alpine Income Property Trust, Inc. (Diversified REITs)		40		650
Alta Equipment Group, Inc. (Trading Companies & Distributors)		58		1,005
Altair Engineering, Inc.*—Class A (Software)		163		12,362
AlTi Global, Inc.* (Capital Markets)		64		490
Altimmune, Inc.* (Biotechnology)		150		530
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers)		194		1,048
ALX Oncology Holdings, Inc.* (Biotechnology)		66		496
Amalgamated Financial Corp. (Banks)		54		869
A-Mark Precious Metals, Inc. (Financial Services)		58		2,171
Ambac Financial Group, Inc.* (Insurance)		135		1,922
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		111		9,287
AMC Networks, Inc.*—Class A (Media)		94		1,123
Amerant Bancorp, Inc. (Banks)		79		1,358
Ameresco, Inc.*—Class A (Construction & Engineering)		98		4,766
American Assets Trust, Inc. (Diversified REITs)		148		2,842
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)		347		2,870
American Eagle Outfitters, Inc. (Specialty Retail)		556		6,561
American Equity Investment Life Holding Co. (Insurance)		237		12,349
American National Bankshares, Inc. (Banks)		31		898
American Realty Investors, Inc.* (Real Estate Management & Development)		5		109
American Software, Inc.—Class A (Software)		97		1,019
American States Water Co. (Water Utilities)		113		9,830
American Vanguard Corp. (Chemicals)		82		1,465
American Well Corp.*—Class A (Health Care Technology)		746		1,567
American Woodmark Corp.* (Building Products)		51		3,895
America's Car-Mart, Inc.* (Specialty Retail)		18		1,796
Ameris Bancorp (Banks)		201		6,876
AMERISAFE, Inc. (Insurance)		58		3,093
Ames National Corp. (Banks)		26		469
Amicus Therapeutics, Inc.* (Biotechnology)		853		10,714
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		312		9,282
AMMO, Inc.* (Leisure Products)		274		584
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		123		13,422
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		371		1,150
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		116		6,667
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels)		110		745
Amplitude, Inc.*—Class A (Software)		206		2,266
Amprius Technologies, Inc.* (Electrical Equipment)		16		115
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		154		3,322
Amyris, Inc.* (Chemicals)		668		688
AnaptysBio, Inc.* (Biotechnology)		58		1,180
Anavex Life Sciences Corp.*(a) (Biotechnology)		213		1,732
Angel Oak Mortgage REIT, Inc. (Mortgage REITs)		36		297
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		115		1,199
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		39		2,099
Anika Therapeutics, Inc.* (Biotechnology)		44		1,143
Annexon, Inc.* (Biotechnology)		139		489
Anterix, Inc.* (Diversified Telecommunication Services)		56		1,775
Anywhere Real Estate, Inc.* (Real Estate Management & Development)		328		2,191
Apartment Investment and Management Co. (Residential REITs)		451		3,843
API Group Corp.* (Construction & Engineering)		636		17,337
Apogee Enterprises, Inc. (Building Products)		67		3,180
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		432		4,890
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		130		4,108
Appfolio, Inc.*—Class A (Software)		58		9,984
Appian Corp.*—Class A (Software)		125		5,950
Apple Hospitality REIT, Inc. (Hotel & Resort REITs)		656		9,912
Applied Digital Corp.*(a) (Software)		207		1,935
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		117		16,946
Arbor Realty Trust, Inc.(a) (Mortgage REITs)		546		8,092
Arbutus Biopharma Corp.* (Biotechnology)		379		872
ArcBest Corp. (Ground Transportation)		73		7,212
Arcellx, Inc.* (Biotechnology)		115		3,636
Arch Resources, Inc. (Oil, Gas & Consumable Fuels)		56		6,315
Archer Aviation, Inc.*—Class A (Aerospace & Defense)		464		1,912
Archrock, Inc. (Energy Equipment & Services)		423		4,336
Arconic Corp.* (Metals & Mining)		301		8,904
Arcosa, Inc. (Construction & Engineering)		148		11,214
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		71		2,036
Arcus Biosciences, Inc.* (Biotechnology)		160		3,250
Arcutis Biotherapeutics, Inc.* (Biotechnology)		156		1,487
Ardelyx, Inc.* (Biotechnology)		648		2,197
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		125		1,544
Ares Commercial Real Estate Corp. (Mortgage REITs)		158		1,604
Argan, Inc. (Construction & Engineering)		39		1,537
Argo Group International Holdings, Ltd. (Insurance)		97		2,872
Aris Water Solutions, Inc.—Class A (Commercial Services & Supplies)		91		939
Arko Corp. (Specialty Retail)		251		1,995
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		263		2,869
Armada Hoffler Properties, Inc. (Diversified REITs)		205		2,394
ARMOUR Residential REIT, Inc.(a) (Mortgage REITs)		597		3,182
Array Technologies, Inc.* (Electrical Equipment)		461		10,419

See accompanying notes to financial statements.

104 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Arrow Financial Corp. (Banks)		44	$	886
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		312		11,126
ARS Pharmaceuticals, Inc.* (Biotechnology)		74		496
Artesian Resources Corp.—Class A (Water Utilities)		26		1,228
Artisan Partners Asset Management, Inc.—Class A (Capital Markets)		187		7,351
Artivion, Inc.* (Health Care Equipment & Supplies)		120		2,063
Arvinas, Inc.* (Pharmaceuticals)		149		3,698
Asana, Inc.*—Class A (Software)		242		5,334
Asbury Automotive Group, Inc.* (Specialty Retail)		66		15,869
ASGN, Inc.* (Professional Services)		147		11,118
Aspen Aerogels, Inc.* (Chemicals)		155		1,223
Assertio Holdings, Inc.* (Pharmaceuticals)		168		911
AssetMark Financial Holdings, Inc.* (Capital Markets)		67		1,987
Associated Banc-Corp. (Banks)		461		7,482
AST SpaceMobile, Inc.* (Diversified Telecommunication Services)		184		865
Astec Industries, Inc. (Machinery)		69		3,135
Astria Therapeutics, Inc.* (Biotechnology)		78		650
Astronics Corp.* (Aerospace & Defense)		79		1,569
Asure Software, Inc.* (Professional Services)		58		705
Atara Biotherapeutics, Inc.* (Biotechnology)		290		467
Atea Pharmaceuticals, Inc.* (Pharmaceuticals)		233		871
ATI, Inc.* (Metals & Mining)		392		17,339
Atkore, Inc.* (Electrical Equipment)		120		18,712
Atlantic Union Bankshares Corp. (Banks)		229		5,943
Atlanticus Holdings Corp.* (Consumer Finance)		14		588
Atlas Energy Solutions, Inc.—Class A (Energy Equipment & Services)		49		851
ATN International, Inc. (Diversified Telecommunication Services)		33		1,208
Atomera, Inc.* (Semiconductors & Semiconductor Equipment)		64		561
AtriCure, Inc.* (Health Care Equipment & Supplies)		142		7,009
Atrion Corp. (Health Care Equipment & Supplies)		4		2,263
Aura Biosciences, Inc.* (Biotechnology)		84		1,037
Aurinia Pharmaceuticals, Inc.* (Biotechnology)		412		3,988
Aurora Innovation, Inc.* (Commercial Services & Supplies)		925		2,720
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		141		3,604
Avantax, Inc.* (Capital Markets)		120		2,686
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)		153		259
AvePoint, Inc.* (Software)		466		2,684
Aviat Networks, Inc.* (Communications Equipment)		34		1,135
Avid Bioservices, Inc.* (Biotechnology)		189		2,640
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)		103		2,627
Avidity Biosciences, Inc.* (Biotechnology)		215		2,384
AvidXchange Holdings, Inc.* (Financial Services)		454		4,713
Avient Corp. (Chemicals)		275		11,248
Avista Corp. (Multi-Utilities)		230		9,032
Avita Medical, Inc.* (Biotechnology)		76		1,293
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		99		18,150
Axogen, Inc.* (Health Care Equipment & Supplies)		124		1,132
Axonics, Inc.* (Health Care Equipment & Supplies)		149		7,520
Axos Financial, Inc.* (Banks)		173		6,823
Axsome Therapeutics, Inc.*(a) (Pharmaceuticals)		100		7,186
AZZ, Inc. (Building Products)		75		3,260
B Riley Financial, Inc.(a) (Capital Markets)		57		2,621
B&G Foods, Inc.(a) (Food Products)		216		3,007
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)		179		1,056
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		90		13,280
Bakkt Holdings, Inc.* (Capital Markets)		212		261
Balchem Corp. (Chemicals)		97		13,077
Bally's Corp.* (Hotels, Restaurants & Leisure)		90		1,400
Banc of California, Inc. (Banks)		166		1,922
BancFirst Corp.(a) (Banks)		67		6,164
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Financial Services)		84		1,853
Bandwidth, Inc.*—Class A (Diversified Telecommunication Services)		71		971
Bank First Corp. (Banks)		28		2,330
Bank of Hawaii Corp. (Banks)		119		4,906
Bank of Marin Bancorp (Banks)		48		848
Bank7 Corp. (Banks)		11		270
BankUnited, Inc. (Banks)		226		4,870
Bankwell Financial Group, Inc. (Banks)		18		439
Banner Corp. (Banks)		104		4,542
Bar Harbor Bankshares (Banks)		45		1,109
BARK, Inc.* (Specialty Retail)		333		443
Barnes Group, Inc. (Machinery)		149		6,286
Barrett Business Services, Inc. (Professional Services)		20		1,744
BayCom Corp. (Banks)		36		600
BCB Bancorp, Inc. (Banks)		46		540
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		149		12,364
Beam Therapeutics, Inc.* (Biotechnology)		208		6,641
Beazer Homes USA, Inc.* (Household Durables)		90		2,546
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		32		1,837
Belden, Inc. (Electronic Equipment, Instruments & Components)		129		12,339
BellRing Brands, Inc.* (Personal Care Products)		408		14,933
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		108		2,790
Benson Hill, Inc.* (Food Products)		527		685
Berkshire Grey, Inc.* (Machinery)		193		272
Berkshire Hills Bancorp, Inc. (Banks)		134		2,778
Berry Corp. (Oil, Gas & Consumable Fuels)		232		1,596
Beyond Air, Inc.* (Health Care Equipment & Supplies)		78		332
Beyond Meat, Inc.*(a) (Food Products)		180		2,336
BGC Partners, Inc.—Class A (Capital Markets)		956		4,235
Big 5 Sporting Goods Corp.(a) (Specialty Retail)		65		595

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 105

Common Stocks, continued

	Shares		Value
Big Lots, Inc. (Broadline Retail)		87	$	768
BigBear.ai Holdings, Inc.* (IT Services)		82		193
BigCommerce Holdings, Inc.*—Class 1 (IT Services)		204		2,030
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure)		2		394
BioAtla, Inc.* (Biotechnology)		134		402
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		576		4,055
Biohaven, Ltd.* (Biotechnology)		177		4,234
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		106		2,343
Biomea Fusion, Inc.*(a) (Biotechnology)		60		1,317
Biote Corp.*—Class A (Pharmaceuticals)		43		291
BioVie, Inc.* (Biotechnology)		10		43
Bioxcel Therapeutics, Inc.*(a) (Biotechnology)		58		386
Bit Digital, Inc.* (Software)		220		893
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)		69		2,194
Black Hills Corp. (Multi-Utilities)		203		12,233
Blackbaud, Inc.* (Software)		132		9,396
Blackline, Inc.* (Software)		171		9,203
BlackSky Technology, Inc.* (Professional Services)		359		797
Blackstone Mortgage Trust, Inc.(a) —Class A (Mortgage REITs)		524		10,904
Blade Air Mobility, Inc.* (Passenger Airlines)		178		701
Blink Charging Co.*(a) (Electrical Equipment)		140		839
Bloom Energy Corp.*—Class A (Electrical Equipment)		586		9,581
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		267		7,180
Blue Bird Corp.* (Machinery)		53		1,191
Blue Foundry Bancorp* (Banks)		75		758
Blue Ridge Bankshares, Inc. (Banks)		54		478
Bluebird Bio, Inc.* (Biotechnology)		325		1,069
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure)		33		1,176
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)		27		2,532
Blueprint Medicines Corp.* (Biotechnology)		185		11,692
Boise Cascade Co. (Trading Companies & Distributors)		121		10,932
Boot Barn Holdings, Inc.* (Specialty Retail)		91		7,707
Borr Drilling, Ltd.* (Energy Equipment & Services)		696		5,241
Boston Omaha Corp.*—Class A (Media)		70		1,317
Bowlero Corp.* (Hotels, Restaurants & Leisure)		89		1,036
Bowman Consulting Group, Ltd.* (Construction & Engineering)		31		988
Box, Inc.*—Class A (Software)		429		12,604
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs)		199		800
Brandywine Realty Trust (Office REITs)		518		2,409
Braze, Inc.*—Class A (Software)		105		4,598
BRC, Inc.*—Class A (Food Products)		113		583
Bread Financial Holdings, Inc. (Consumer Finance)		154		4,834
Bridgebio Pharma, Inc.* (Biotechnology)		348		5,986
Bridgewater Bancshares, Inc.* (Banks)		62		611
Bright Green Corp.* (Pharmaceuticals)		183		185
Brightcove, Inc.* (IT Services)		131		525
Brightsphere Investment Group, Inc. (Capital Markets)		99		2,074
BrightSpire Capital, Inc. (Mortgage REITs)		392		2,638
BrightView Holdings, Inc.* (Commercial Services & Supplies)		126		905
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		133		4,868
Bristow Group, Inc.* (Energy Equipment & Services)		72		2,069
Broadstone Net Lease, Inc. (Diversified REITs)		572		8,832
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		518		2,186
Brookfield Business Corp.—Class A (Industrial Conglomerates)		79		1,492
Brookfield Infrastructure Corp.—Class A (Gas Utilities)		300		13,674
Brookline Bancorp, Inc. (Banks)		266		2,325
BRP Group, Inc.*—Class A (Insurance)		180		4,460
BRT Apartments Corp. (Residential REITs)		36		713
Build-A-Bear Workshop, Inc. (Specialty Retail)		40		857
Bumble, Inc.*—Class A (Interactive Media & Services)		308		5,168
Burke & Herbert Financial Services Corp. (Banks)		20		1,284
Business First Bancshares, Inc. (Banks)		73		1,100
Butterfly Network, Inc.* (Health Care Equipment & Supplies)		424		975
Byline Bancorp, Inc. (Banks)		75		1,357
C&F Financial Corp. (Banks)		10		537
C3.ai, Inc.*(a) —Class A (Software)		178		6,485
Cabaletta Bio, Inc.* (Biotechnology)		78		1,007
Cabot Corp. (Chemicals)		169		11,304
Cactus, Inc.—Class A (Energy Equipment & Services)		197		8,337
Cadence Bank (Banks)		554		10,881
Cadiz, Inc.* (Water Utilities)		123		499
Cadre Holdings, Inc. (Aerospace & Defense)		59		1,286
Calavo Growers, Inc. (Food Products)		53		1,538
Caledonia Mining Corp. PLC (Metals & Mining)		50		581
Caleres, Inc. (Specialty Retail)		106		2,537
California Resources Corp. (Oil, Gas & Consumable Fuels)		219		9,919
California Water Service Group (Water Utilities)		171		8,829
Calix, Inc.* (Communications Equipment)		179		8,933
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		186		6,523
Cal-Maine Foods, Inc. (Food Products)		116		5,220
Cambium Networks Corp.* (Communications Equipment)		37		563
Cambridge Bancorp (Banks)		23		1,249
Camden National Corp. (Banks)		43		1,332
Camping World Holdings, Inc.—Class A (Specialty Retail)		127		3,823
Cannae Holdings, Inc.* (Financial Services)		218		4,406
Cano Health, Inc.* (Health Care Providers & Services)		726		1,009
Cantaloupe, Inc.* (Financial Services)		174		1,385
Capital Bancorp, Inc. (Banks)		29		525
Capital City Bank Group, Inc. (Banks)		40		1,226
Capitol Federal Financial, Inc. (Banks)		388		2,394

See accompanying notes to financial statements.

106 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Capstar Financial Holdings, Inc. (Banks)		60	$	736
Cara Therapeutics, Inc.* (Pharmaceuticals)		142		402
Cardlytics, Inc.* (Media)		103		651
CareDx, Inc.* (Biotechnology)		158		1,343
CareMax, Inc.* (Health Care Providers & Services)		228		709
CareTrust REIT, Inc. (Health Care REITs)		305		6,057
Cargurus, Inc.* (Interactive Media & Services)		298		6,744
Caribou Biosciences, Inc.* (Biotechnology)		173		735
Carisma Therapeutics, Inc. (Biotechnology)		81		710
CarParts.com, Inc.* (Specialty Retail)		161		684
Carpenter Technology Corp. (Metals & Mining)		147		8,251
Carriage Services, Inc. (Diversified Consumer Services)		41		1,331
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		112		564
Cars.com, Inc.* (Interactive Media & Services)		202		4,004
Carter Bankshares, Inc.* (Banks)		72		1,065
Carvana Co.*(a) (Specialty Retail)		292		7,569
Casella Waste Systems, Inc.* (Commercial Services & Supplies)		169		15,287
Cass Information Systems, Inc. (Financial Services)		42		1,629
Cassava Sciences, Inc.*(a) (Pharmaceuticals)		121		2,967
Castle Biosciences, Inc.* (Health Care Providers & Services)		76		1,043
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		293		3,938
Cathay General Bancorp (Banks)		212		6,824
Cavco Industries, Inc.* (Household Durables)		27		7,965
CBIZ, Inc.* (Professional Services)		146		7,779
CBL & Associates Properties, Inc.(a) (Retail REITs)		82		1,807
CECO Environmental Corp.* (Commercial Services & Supplies)		90		1,202
Celcuity, Inc.* (Biotechnology)		52		571
Celldex Therapeutics, Inc.* (Biotechnology)		141		4,784
Centerspace (Residential REITs)		46		2,823
Central Garden & Pet Co.* (Household Products)		30		1,163
Central Garden & Pet Co.*—Class A (Household Products)		120		4,375
Central Pacific Financial Corp. (Banks)		81		1,273
Central Valley Community Bancorp (Banks)		30		464
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels)		37		1,205
Century Aluminum Co.* (Metals & Mining)		160		1,395
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		84		596
Century Communities, Inc. (Household Durables)		87		6,666
Century Therapeutics, Inc.* (Biotechnology)		71		224
Cerence, Inc.* (Software)		123		3,595
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		188		5,977
Cerus Corp.* (Health Care Equipment & Supplies)		539		1,326
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		71		1,814
ChampionX Corp. (Energy Equipment & Services)		605		18,779
Charge Enterprises, Inc.* (Diversified Telecommunication Services)		410		402
Chart Industries, Inc.* (Machinery)		128		20,452
Chase Corp. (Chemicals)		23		2,788
Chatham Lodging Trust (Hotel & Resort REITs)		147		1,376
Chegg, Inc.* (Diversified Consumer Services)		359		3,188
Chemung Financial Corp. (Banks)		11		423
Chesapeake Utilities Corp. (Gas Utilities)		53		6,307
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs)		50		758
Chico's FAS, Inc.* (Specialty Retail)		371		1,985
Chimera Investment Corp.(a) (Mortgage REITs)		708		4,085
Chinook Therapeutics, Inc.* (Biotechnology)		176		6,762
ChoiceOne Financial Services, Inc. (Banks)		21		483
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		127		19,533
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		55		2,245
Cimpress PLC* (Commercial Services & Supplies)		54		3,212
Cinemark Holdings, Inc.* (Entertainment)		334		5,510
Cipher Mining, Inc.*(a) (Software)		127		363
CIRCOR International, Inc.* (Machinery)		55		3,105
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)		374		449
Citizens & Northern Corp. (Banks)		46		888
Citizens Financial Services, Inc. (Banks)		13		968
City Holding Co. (Banks)		46		4,140
City Office REIT, Inc. (Diversified REITs)		119		663
Civista Bancshares, Inc. (Banks)		47		818
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)		211		14,637
Claros Mortgage Trust, Inc. (Mortgage REITs)		276		3,130
Clarus Corp. (Leisure Products)		89		813
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		516		2,559
Cleanspark, Inc.* (Software)		233		1,000
Clear Channel Outdoor Holdings, Inc.* (Media)		1,128		1,545
Clear Secure, Inc.—Class A (Software)		254		5,885
Clearfield, Inc.* (Communications Equipment)		40		1,894
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)		70		507
Clearwater Paper Corp.* (Paper & Forest Products)		51		1,597
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components)		13		622
Clipper Realty, Inc. (Residential REITs)		39		221
CNB Financial Corp. (Banks)		63		1,112
CNO Financial Group, Inc. (Insurance)		346		8,190
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		497		8,807
Coastal Financial Corp.* (Banks)		33		1,242
Coca-Cola Consolidated, Inc. (Beverages)		15		9,540
Codexis, Inc.* (Life Sciences Tools & Services)		203		568
Codorus Valley Bancorp, Inc. (Banks)		29		569
Coeur Mining, Inc.* (Metals & Mining)		972		2,760
Cogent Biosciences, Inc.* (Biotechnology)		210		2,486
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		132		8,881
Cohen & Steers, Inc. (Capital Markets)		79		4,581
Coherus Biosciences, Inc.* (Biotechnology)		234		999

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 107

Common Stocks, continued

	Shares		Value
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		142	$	5,902
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		105		2,256
Colony Bankcorp, Inc. (Banks)		50		471
Columbia Financial, Inc.* (Banks)		90		1,556
Columbus McKinnon Corp. (Machinery)		86		3,496
Comfort Systems USA, Inc. (Construction & Engineering)		108		17,734
Commercial Metals Co. (Metals & Mining)		356		18,748
Commercial Vehicle Group, Inc.* (Machinery)		98		1,088
CommScope Holding Co., Inc.* (Communications Equipment)		630		3,547
Community Bank System, Inc. (Banks)		162		7,595
Community Health Systems, Inc.* (Health Care Providers & Services)		382		1,681
Community Healthcare Trust, Inc. (Health Care REITs)		78		2,576
Community Trust Bancorp, Inc. (Banks)		47		1,672
CommVault Systems, Inc.* (Software)		136		9,876
Compass Diversified Holdings (Financial Services)		192		4,164
Compass Minerals International, Inc. (Metals & Mining)		104		3,536
Compass Therapeutics, Inc.* (Biotechnology)		277		881
Compass, Inc.*—Class A (Real Estate Management & Development)		908		3,178
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals)		50		343
Computer Programs and Systems, Inc.* (Health Care Technology)		43		1,062
CompX International, Inc. (Commercial Services & Supplies)		5		109
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		280		3,248
Comtech Telecommunications Corp. (Communications Equipment)		83		759
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		79		634
Conduent, Inc.* (Professional Services)		523		1,778
CONMED Corp. (Health Care Equipment & Supplies)		93		12,638
ConnectOne Bancorp, Inc. (Banks)		113		1,875
Consensus Cloud Solutions, Inc.* (Software)		60		1,860
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		103		6,984
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		226		866
Consolidated Water Co., Ltd. (Water Utilities)		46		1,115
Constellium SE* (Metals & Mining)		385		6,622
Construction Partners, Inc.*—Class A (Construction & Engineering)		122		3,830
Consumer Portfolio Services, Inc.* (Consumer Finance)		28		327
Contango ORE, Inc.* (Metals & Mining)		11		280
ContextLogic, Inc.*—Class A (Broadline Retail)		67		441
Cooper-Standard Holdings, Inc.* (Automobile Components)		51		727
Corcept Therapeutics, Inc.* (Pharmaceuticals)		244		5,429
Core Laboratories, Inc. (Energy Equipment & Services)		143		3,325
Core Molding Technologies, Inc.* (Chemicals)		24		546
CoreCard Corp.* (Software)		22		558
CoreCivic, Inc.* (Commercial Services & Supplies)		346		3,256
CorMedix, Inc.* (Pharmaceuticals)		136		539
Corporate Office Properties Trust (Office REITs)		343		8,146
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		112		1,987
CorVel Corp.* (Health Care Providers & Services)		27		5,225
Costamare, Inc. (Marine Transportation)		147		1,421
Couchbase, Inc.* (Software)		103		1,629
Coursera, Inc.* (Diversified Consumer Services)		396		5,156
Covenant Logistics Group, Inc. (Ground Transportation)		26		1,140
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals)		13		302
CRA International, Inc. (Professional Services)		21		2,142
Cracker Barrel Old Country Store, Inc.(a) (Hotels, Restaurants & Leisure)		67		6,243
Crawford & Co.—Class A (Insurance)		44		488
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment)		297		5,150
Crescent Energy Co.—Class A (Oil, Gas & Consumable Fuels)		116		1,209
Cricut, Inc.(a) —Class A (Household Durables)		145		1,769
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		162		2,919
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		105		2,948
CrossFirst Bankshares, Inc.* (Banks)		136		1,360
CryoPort, Inc.* (Life Sciences Tools & Services)		130		2,243
CS Disco, Inc.* (Software)		69		567
CSG Systems International, Inc. (Professional Services)		95		5,010
CSW Industrials, Inc. (Building Products)		47		7,811
CTO Realty Growth, Inc. (Diversified REITs)		67		1,148
CTS Corp. (Electronic Equipment, Instruments & Components)		95		4,050
Cue Biopharma, Inc.* (Biotechnology)		105		383
Cullinan Oncology, Inc.* (Biotechnology)		72		775
Cushman & Wakefield PLC* (Real Estate Management & Development)		505		4,131
Custom Truck One Source, Inc.* (Trading Companies & Distributors)		172		1,159
Customers Bancorp, Inc.* (Banks)		87		2,633
Cutera, Inc.* (Health Care Equipment & Supplies)		51		772
CVB Financial Corp. (Banks)		405		5,378
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		90		2,696
CVRx, Inc.* (Health Care Equipment & Supplies)		34		525
CXApp, Inc.* (IT Services)		6		66
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		298		3,263
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)		368		3,143
Cytokinetics, Inc.* (Biotechnology)		283		9,231
Daily Journal Corp.* (Media)		4		1,157
Dakota Gold Corp.* (Metals & Mining)		163		476

See accompanying notes to financial statements.

108 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		119	$	762
Dana, Inc. (Automobile Components)		397		6,749
Danimer Scientific, Inc.* (Chemicals)		267		635
Daseke, Inc.* (Ground Transportation)		123		877
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)		132		5,882
Day One Biopharmaceuticals, Inc.* (Biotechnology)		150		1,791
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		159		2,239
Definitive Healthcare Corp.* (Health Care Technology)		137		1,507
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		202		4,838
Deluxe Corp. (Commercial Services & Supplies)		132		2,307
Denali Therapeutics, Inc.* (Biotechnology)		359		10,594
Denbury, Inc.* (Oil, Gas & Consumable Fuels)		153		13,198
Denny's Corp.* (Hotels, Restaurants & Leisure)		166		2,045
Design Therapeutics, Inc.* (Biotechnology)		100		630
Designer Brands, Inc.—Class A (Specialty Retail)		150		1,515
Desktop Metal, Inc.*(a) —Class A (Machinery)		853		1,510
Destination XL Group, Inc.* (Specialty Retail)		177		867
DHI Group, Inc.* (Interactive Media & Services)		132		506
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		417		3,557
Diamond Hill Investment Group, Inc. (Capital Markets)		9		1,542
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services)		309		4,400
DiamondRock Hospitality Co. (Hotel & Resort REITs)		640		5,126
DICE Therapeutics, Inc.* (Pharmaceuticals)		118		5,482
Digi International, Inc.* (Communications Equipment)		107		4,215
Digimarc Corp.* (Software)		43		1,266
Digital Turbine, Inc.* (Software)		288		2,673
DigitalBridge Group, Inc. (Real Estate Management & Development)		492		7,238
DigitalOcean Holdings, Inc.* (IT Services)		193		7,747
Dillard's, Inc.—Class A (Broadline Retail)		11		3,589
Dime Community Bancshares, Inc. (Banks)		106		1,869
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		48		2,785
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		137		12,671
Disc Medicine, Inc.* (Biotechnology)		24		1,066
Distribution Solutions Group, Inc.* (Building Products)		14		729
Diversey Holdings, Ltd.* (Chemicals)		239		2,005
Diversified Healthcare Trust (Health Care REITs)		727		1,636
DMC Global, Inc.* (Energy Equipment & Services)		59		1,048
DocGo, Inc.* (Health Care Providers & Services)		236		2,211
Dole PLC (Food Products)		218		2,947
Domo, Inc.*—Class B (Software)		93		1,363
Donegal Group, Inc.—Class A (Insurance)		47		678
Donnelley Financial Solutions, Inc.* (Capital Markets)		75		3,415
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)		97		2,488
Dorman Products, Inc. (Automobile Components)		80		6,306
Douglas Dynamics, Inc. (Machinery)		69		2,062
Douglas Elliman, Inc. (Real Estate Management & Development)		248		549
Douglas Emmett, Inc.(a) (Office REITs)		517		6,499
Dragonfly Energy Holdings Corp.* (Electrical Equipment)		46		68
Dream Finders Homes, Inc.*—Class A (Household Durables)		74		1,820
Dril-Quip, Inc.* (Energy Equipment & Services)		104		2,420
Ducommun, Inc.* (Aerospace & Defense)		34		1,481
Duluth Holdings, Inc.*—Class B (Specialty Retail)		41		257
Duolingo, Inc.* (Diversified Consumer Services)		87		12,435
DXP Enterprises, Inc.* (Trading Companies & Distributors)		44		1,602
Dycom Industries, Inc.* (Construction & Engineering)		87		9,888
Dynavax Technologies Corp.* (Biotechnology)		394		5,090
Dyne Therapeutics, Inc.* (Biotechnology)		129		1,451
Dynex Capital, Inc. (Mortgage REITs)		164		2,065
DZS, Inc.* (Communications Equipment)		66		262
E2open Parent Holdings, Inc.* (Software)		607		3,399
Eagle Bancorp, Inc. (Banks)		93		1,968
Eagle Bulk Shipping, Inc.(a) (Marine Transportation)		41		1,970
Eagle Pharmaceuticals, Inc.* (Biotechnology)		31		603
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels)		174		2,486
Easterly Government Properties, Inc. (Office REITs)		282		4,089
Eastern Bankshares, Inc. (Banks)		472		5,791
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		173		799
Ebix, Inc. (Software)		80		2,016
EchoStar Corp.*—Class A (Diversified Telecommunication Services)		102		1,769
Ecovyst, Inc.* (Chemicals)		290		3,323
Edgewell Personal Care Co. (Personal Care Products)		156		6,444
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		130		1,008
Editas Medicine, Inc.* (Biotechnology)		212		1,745
eGain Corp.* (Software)		65		487
eHealth, Inc.* (Insurance)		74		595
El Pollo Loco Holdings, Inc. (Hotels, Restaurants & Leisure)		87		763
elf Beauty, Inc.* (Personal Care Products)		153		17,478
Ellington Financial, Inc.(a) (Mortgage REITs)		199		2,746
Elme Communities (Residential REITs)		267		4,389
Embecta Corp. (Health Care Equipment & Supplies)		176		3,802
Emerald Holding, Inc.* (Media)		47		193
Emergent BioSolutions, Inc.* (Biotechnology)		154		1,132
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels)		31		282
Empire State Realty Trust, Inc. (Diversified REITs)		402		3,011
Employers Holdings, Inc. (Insurance)		82		3,068

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 109

Common Stocks, continued

	Shares		Value
Enact Holdings, Inc. (Financial Services)		91	$	2,287
Enanta Pharmaceuticals, Inc.* (Biotechnology)		61		1,305
Encore Capital Group, Inc.* (Consumer Finance)		71		3,452
Encore Energy Corp.* (Oil, Gas & Consumable Fuels)		431		1,039
Encore Wire Corp. (Electrical Equipment)		51		9,482
Energizer Holdings, Inc. (Household Products)		218		7,320
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		478		2,983
Energy Recovery, Inc.* (Machinery)		169		4,724
Energy Vault Holdings, Inc.* (Electrical Equipment)		298		814
Enerpac Tool Group Corp. (Machinery)		175		4,725
EnerSys (Electrical Equipment)		126		13,674
Eneti, Inc. (Marine Transportation)		75		908
Enfusion, Inc.*—Class A (Software)		78		875
EngageSmart, Inc.* (Software)		148		2,825
Enhabit, Inc.* (Health Care Providers & Services)		153		1,760
Enliven Therapeutics, Inc.*(a) (Pharmaceuticals)		71		1,449
Ennis, Inc. (Commercial Services & Supplies)		78		1,590
Enova International, Inc.* (Consumer Finance)		93		4,940
Enovix Corp.* (Electrical Equipment)		416		7,505
EnPro Industries, Inc. (Machinery)		64		8,546
Enstar Group, Ltd.* (Insurance)		36		8,793
Enterprise Bancorp, Inc. (Banks)		29		839
Enterprise Financial Services Corp. (Banks)		110		4,301
Entrada Therapeutics, Inc.* (Biotechnology)		65		984
Entravision Communications Corp.—Class A (Media)		183		803
Envela Corp.* (Specialty Retail)		23		169
Envestnet, Inc.* (Software)		152		9,021
Enviri Corp.* (Commercial Services & Supplies)		240		2,369
Enviva, Inc. (Oil, Gas & Consumable Fuels)		95		1,031
Eos Energy Enterprises, Inc.* (Electrical Equipment)		327		1,419
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		81		4,560
EQRx, Inc.* (Biotechnology)		970		1,804
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,329		12,705
Equity Bancshares, Inc.—Class A (Banks)		45		1,025
Equity Commonwealth (Office REITs)		319		6,463
Erasca, Inc.* (Biotechnology)		245		676
Escalade, Inc. (Leisure Products)		30		401
ESCO Technologies, Inc. (Machinery)		78		8,083
Esquire Financial Holdings, Inc. (Banks)		21		961
ESS Tech, Inc.* (Electrical Equipment)		277		407
ESSA Bancorp, Inc. (Banks)		26		389
Essent Group, Ltd. (Financial Services)		322		15,070
Essential Properties Realty Trust, Inc. (Diversified REITs)		453		10,664
Ethan Allen Interiors, Inc. (Household Durables)		69		1,951
European Wax Center, Inc.*—Class A (Diversified Consumer Services)		104		1,938
Evans Bancorp, Inc. (Banks)		16		399
Eve Holding, Inc.* (Aerospace & Defense)		55		576
Eventbrite, Inc.*—Class A (Interactive Media & Services)		235		2,244
Everbridge, Inc.* (Software)		124		3,336
EverCommerce, Inc.* (Software)		71		841
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure)		257		3,716
EverQuote, Inc.*—Class A (Interactive Media & Services)		64		416
EVERTEC, Inc. (Financial Services)		199		7,329
EVgo, Inc.* (Specialty Retail)		218		872
EVI Industries, Inc.* (Trading Companies & Distributors)		14		308
Evolent Health, Inc.*—Class A (Health Care Technology)		335		10,150
Evolus, Inc.* (Pharmaceuticals)		126		916
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		96		775
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components)		343		2,058
Excelerate Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		55		1,118
ExlService Holdings, Inc.* (Professional Services)		98		14,804
eXp World Holdings, Inc.(a) (Real Estate Management & Development)		211		4,279
Expensify, Inc.*—Class A (Software)		168		1,341
Exponent, Inc. (Professional Services)		154		14,371
Expro Group Holdings N.V.* (Energy Equipment & Services)		268		4,749
Extreme Networks, Inc.* (Communications Equipment)		384		10,002
Eyenovia, Inc.* (Pharmaceuticals)		85		201
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		80		696
F&G Annuities & Life, Inc. (Insurance)		57		1,412
Fabrinet* (Electronic Equipment, Instruments & Components)		112		14,547
Farmers & Merchants Bancorp, Inc. (Banks)		41		923
Farmers National Banc Corp. (Banks)		112		1,385
Farmland Partners, Inc. (Specialized REITs)		154		1,880
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		62		1,004
Fastly, Inc.*—Class A (IT Services)		361		5,693
Fate Therapeutics, Inc.* (Biotechnology)		258		1,228
FB Financial Corp. (Banks)		108		3,029
Federal Agricultural Mortgage Corp.—Class C (Financial Services)		28		4,025
Federal Signal Corp. (Machinery)		182		11,653
Fennec Pharmaceuticals, Inc.* (Biotechnology)		55		486
FibroGen, Inc.* (Biotechnology)		276		745
Fidelity D&D Bancorp, Inc. (Banks)		14		680
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		54		429
Figs, Inc.*—Class A (Health Care Equipment & Supplies)		389		3,217
Finance Of America Cos., Inc.*—Class A (Financial Services)		162		309
Financial Institutions, Inc. (Banks)		46		724
First Advantage Corp.* (Professional Services)		166		2,558
First Bancorp (Banks)		539		6,587
First Bancorp (Banks)		121		3,600
First Bank/Hamilton NJ (Banks)		49		509
First Busey Corp. (Banks)		158		3,176
First Business Financial Services, Inc. (Banks)		24		708

See accompanying notes to financial statements.

110 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
First Commonwealth Financial Corp. (Banks)		311	$	3,934
First Community Bankshares, Inc. (Banks)		54		1,605
First Community Corp. (Banks)		22		382
First Financial Bancorp (Banks)		287		5,866
First Financial Bankshares, Inc. (Banks)		397		11,311
First Financial Corp. (Banks)		36		1,169
First Foundation, Inc. (Banks)		156		619
First Interstate BancSystem, Inc.—Class A (Banks)		251		5,984
First Merchants Corp. (Banks)		180		5,081
First Mid Bancshares, Inc. (Banks)		58		1,400
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		46		777
First Western Financial, Inc.* (Banks)		24		446
FirstCash Holdings, Inc. (Consumer Finance)		115		10,733
FiscalNote Holdings, Inc.* (Professional Services)		189		688
Fisker, Inc.*(a) (Automobile Components)		597		3,367
Five Star Bancorp (Banks)		39		872
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels)		91		2,778
Fluence Energy, Inc.* (Electrical Equipment)		120		3,197
Fluor Corp.* (Construction & Engineering)		434		12,846
Flushing Financial Corp. (Banks)		86		1,057
Flywire Corp.* (Financial Services)		292		9,064
Focus Financial Partners, Inc.*—Class A (Capital Markets)		179		9,398
Foghorn Therapeutics, Inc.* (Biotechnology)		62		436
Foot Locker, Inc.(a) (Specialty Retail)		250		6,778
Forafric Global PLC* (Food Products)		16		176
Forestar Group, Inc.* (Real Estate Management & Development)		56		1,263
Forge Global Holdings, Inc.* (Capital Markets)		334		812
ForgeRock, Inc.*—Class A (Software)		144		2,958
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		235		8,042
Forrester Research, Inc.* (Professional Services)		36		1,047
Forum Energy Technologies, Inc.* (Energy Equipment & Services)		30		768
Forward Air Corp. (Air Freight & Logistics)		80		8,488
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		145		373
Four Corners Property Trust, Inc. (Specialized REITs)		264		6,706
Fox Factory Holding Corp.* (Automobile Components)		130		14,107
Franchise Group, Inc.(a) (Specialty Retail)		69		1,976
Franklin BSP Realty Trust, Inc. (Mortgage REITs)		253		3,582
Franklin Covey Co.* (Professional Services)		37		1,616
Franklin Electric Co., Inc. (Machinery)		141		14,509
Fresh Del Monte Produce, Inc. (Food Products)		104		2,674
Freshworks, Inc.*—Class A (Software)		493		8,667
Frontdoor, Inc.* (Diversified Consumer Services)		250		7,974
Frontier Group Holdings, Inc.* (Passenger Airlines)		116		1,122
FRP Holdings, Inc.* (Real Estate Management & Development)		20		1,151
FS Bancorp, Inc. (Banks)		20		601
FTAI Aviation, Ltd. (Trading Companies & Distributors)		303		9,593
FTAI Infrastructure, Inc. (Ground Transportation)		301		1,111
FTC Solar, Inc.* (Electrical Equipment)		193		621
fuboTV, Inc.* (Interactive Media & Services)		619		1,288
FuelCell Energy, Inc.* (Electrical Equipment)		1,245		2,689
Fulgent Genetics, Inc.* (Health Care Providers & Services)		62		2,296
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		100		670
Fulton Financial Corp. (Banks)		495		5,900
Funko, Inc.*—Class A (Distributors)		106		1,147
FutureFuel Corp. (Chemicals)		79		699
FVCBankcorp, Inc.* (Banks)		49		528
Gambling.com Group, Ltd.* (Media)		32		328
Gannett Co., Inc.* (Media)		439		988
GATX Corp. (Trading Companies & Distributors)		108		13,904
GCM Grosvenor, Inc.—Class A (Capital Markets)		126		950
Genco Shipping & Trading, Ltd. (Marine Transportation)		128		1,796
Gencor Industries, Inc.* (Machinery)		32		499
Genelux Corp.* (Biotechnology)		8		262
Generation Bio Co.* (Biotechnology)		138		759
Genesco, Inc.* (Specialty Retail)		37		926
Genie Energy, Ltd.—Class B (Electric Utilities)		60		848
Gentherm, Inc.* (Automobile Components)		101		5,708
Genworth Financial, Inc.* (Insurance)		1,478		7,390
German American Bancorp, Inc. (Banks)		85		2,310
Geron Corp.* (Biotechnology)		1,514		4,860
Getty Realty Corp. (Retail REITs)		136		4,600
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		711		1,081
Gibraltar Industries, Inc.* (Building Products)		94		5,914
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		128		2,467
Glacier Bancorp, Inc. (Banks)		339		10,567
Gladstone Commercial Corp. (Diversified REITs)		122		1,509
Gladstone Land Corp. (Specialized REITs)		102		1,660
Glatfelter Corp. (Paper & Forest Products)		135		408
Glaukos Corp.* (Health Care Equipment & Supplies)		143		10,183
Global Business Travel Group I* (Hotels, Restaurants & Leisure)		98		709
Global Industrial Co. (Trading Companies & Distributors)		40		1,111
Global Medical REIT, Inc. (Health Care REITs)		186		1,698
Global Net Lease, Inc. (Diversified REITs)		318		3,269
Global Water Resources, Inc. (Water Utilities)		35		444
Globalstar, Inc.* (Diversified Telecommunication Services)		2,099		2,267
GMS, Inc.* (Trading Companies & Distributors)		126		8,719
Gogo, Inc.* (Wireless Telecommunication Services)		202		3,436
GoHealth, Inc.*—Class A (Insurance)		12		237
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		308		6,212
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		62		2,592
Golden Ocean Group, Ltd.(a) (Marine Transportation)		374		2,824

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 111

Common Stocks, continued

	Shares		Value
Goosehead Insurance, Inc.*—Class A (Insurance)		66	$	4,151
GoPro, Inc.*—Class A (Household Durables)		393		1,627
GrafTech International, Ltd. (Electrical Equipment)		590		2,974
Graham Holdings Co.—Class B (Diversified Consumer Services)		11		6,286
Granite Construction, Inc. (Construction & Engineering)		134		5,331
Granite Point Mortgage Trust, Inc. (Mortgage REITs)		155		822
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels)		79		524
Graphite Bio, Inc.* (Biotechnology)		85		221
Gray Television, Inc. (Media)		252		1,986
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		199		1,624
Great Southern Bancorp, Inc. (Banks)		28		1,420
Green Brick Partners, Inc.* (Household Durables)		80		4,544
Green Dot Corp.*—Class A (Consumer Finance)		141		2,642
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		177		5,706
Greene County Bancorp, Inc. (Banks)		21		626
Greenlight Capital Re, Ltd.*—Class A (Insurance)		79		832
Greif, Inc.—Class A (Containers & Packaging)		75		5,166
Greif, Inc.—Class B (Containers & Packaging)		16		1,236
Grid Dynamics Holdings, Inc.* (IT Services)		169		1,563
Griffon Corp. (Building Products)		133		5,360
Grindr, Inc.* (Interactive Media & Services)		125		691
Gritstone bio, Inc.* (Biotechnology)		267		521
Group 1 Automotive, Inc.(a) (Specialty Retail)		42		10,840
GrowGeneration Corp.* (Specialty Retail)		179		609
Guaranty Bancshares, Inc. (Banks)		26		704
Guardant Health, Inc.* (Health Care Providers & Services)		338		12,100
Guess?, Inc.(a) (Specialty Retail)		88		1,712
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		31		3,257
H&E Equipment Services, Inc. (Trading Companies & Distributors)		98		4,484
H.B. Fuller Co. (Chemicals)		165		11,799
Haemonetics Corp.* (Health Care Equipment & Supplies)		153		13,026
Hallador Energy Co.* (Oil, Gas & Consumable Fuels)		69		591
Halozyme Therapeutics, Inc.* (Biotechnology)		406		14,644
Hamilton Lane, Inc.—Class A (Capital Markets)		111		8,878
Hancock Whitney Corp. (Banks)		264		10,132
Hanesbrands, Inc.(a) (Textiles, Apparel & Luxury Goods)		1,071		4,862
Hanmi Financial Corp. (Banks)		93		1,388
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs)		315		7,875
HarborOne Bancorp, Inc. (Banks)		128		1,111
Harmonic, Inc.* (Communications Equipment)		335		5,417
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		100		3,519
Harrow Health, Inc.* (Pharmaceuticals)		79		1,504
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		119		653
Haverty Furniture Cos., Inc. (Specialty Retail)		45		1,360
Hawaiian Holdings, Inc.* (Passenger Airlines)		155		1,669
Hawkins, Inc. (Chemicals)		59		2,814
Haynes International, Inc. (Metals & Mining)		38		1,931
HBT Financial, Inc. (Banks)		41		756
HCI Group, Inc.(a) (Insurance)		20		1,236
Health Catalyst, Inc.* (Health Care Technology)		170		2,125
Healthcare Services Group, Inc. (Commercial Services & Supplies)		226		3,374
HealthEquity, Inc.* (Health Care Providers & Services)		256		16,163
HealthStream, Inc. (Health Care Technology)		74		1,817
Heartland Express, Inc. (Ground Transportation)		143		2,347
Heartland Financial USA, Inc. (Banks)		129		3,595
Hecla Mining Co. (Metals & Mining)		1,827		9,409
Heidrick & Struggles International, Inc. (Professional Services)		60		1,588
Helen of Troy, Ltd.* (Household Durables)		73		7,885
Helios Technologies, Inc. (Machinery)		100		6,609
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		438		3,232
Helmerich & Payne, Inc. (Energy Equipment & Services)		306		10,848
Herbalife, Ltd.* (Personal Care Products)		301		3,985
Herc Holdings, Inc. (Trading Companies & Distributors)		86		11,769
Heritage Commerce Corp. (Banks)		180		1,490
Heritage Financial Corp. (Banks)		106		1,714
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		48		1,814
Heron Therapeutics, Inc.* (Biotechnology)		315		365
Hersha Hospitality Trust—Class A (Hotel & Resort REITs)		95		579
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail)		122		572
Hibbett, Inc. (Specialty Retail)		38		1,379
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		32		348
Hillenbrand, Inc. (Machinery)		210		10,769
HilleVax, Inc.* (Biotechnology)		65		1,117
Hillman Solutions Corp.* (Machinery)		525		4,730
Hilltop Holdings, Inc. (Banks)		142		4,467
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		248		11,270
Himalaya Shipping, Ltd.* (Marine Transportation)		83		461
Hims & Hers Health, Inc.* (Health Care Providers & Services)		372		3,497
Hingham Institution For Savings The (Banks)		5		1,066
Hippo Holdings, Inc.* (Insurance)		32		529
HireQuest, Inc. (Professional Services)		16		416
HireRight Holdings Corp.* (Professional Services)		46		520
HNI Corp. (Commercial Services & Supplies)		140		3,945
Holley, Inc.* (Automobile Components)		161		658
Home Bancorp, Inc. (Banks)		22		731
Home BancShares, Inc. (Banks)		580		13,223
Home Point Capital, Inc.* (Financial Services)		24		56
HomeStreet, Inc. (Banks)		55		326

See accompanying notes to financial statements.

112 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
HomeTrust Bancshares, Inc. (Banks)		47	$	982
Hooker Furnishings Corp. (Household Durables)		33		616
Hope Bancorp, Inc. (Banks)		351		2,955
Horace Mann Educators Corp. (Insurance)		125		3,708
Horizon Bancorp, Inc. (Banks)		131		1,364
Hostess Brands, Inc.* (Food Products)		404		10,229
Hovnanian Enterprises, Inc.*—Class A (Household Durables)		15		1,488
Hub Group, Inc.*—Class A (Air Freight & Logistics)		100		8,032
Hudson Pacific Properties, Inc. (Office REITs)		420		1,772
Hudson Technologies, Inc.* (Trading Companies & Distributors)		133		1,279
Humacyte, Inc.* (Biotechnology)		186		532
Huron Consulting Group, Inc.* (Professional Services)		58		4,925
Hyliion Holdings Corp.* (Machinery)		449		750
Hyster-Yale Materials Handling, Inc. (Machinery)		33		1,843
I3 Verticals, Inc.*—Class A (Financial Services)		69		1,577
i-80 Gold Corp.* (Metals & Mining)		587		1,321
IBEX Holdings, Ltd.* (Professional Services)		33		701
ICF International, Inc. (Professional Services)		57		7,090
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		87		3,263
Icosavax, Inc.* (Biotechnology)		84		834
Ideaya Biosciences, Inc.* (Biotechnology)		165		3,878
IDT Corp.*—Class B (Diversified Telecommunication Services)		47		1,215
IES Holdings, Inc.* (Construction & Engineering)		25		1,422
IGM Biosciences, Inc.* (Biotechnology)		36		332
iHeartMedia, Inc.*—Class A (Media)		312		1,136
Ikena Oncology, Inc.* (Pharmaceuticals)		65		426
IMAX Corp.* (Entertainment)		137		2,328
Immersion Corp. (Technology Hardware, Storage & Peripherals)		95		673
Immuneering Corp.*—Class A (Biotechnology)		62		629
ImmunityBio, Inc.* (Biotechnology)		335		931
ImmunoGen, Inc.* (Biotechnology)		738		13,926
Immunovant, Inc.* (Biotechnology)		164		3,111
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		70		6,276
Inari Medical, Inc.* (Health Care Equipment & Supplies)		158		9,186
Independence Realty Trust, Inc. (Residential REITs)		686		12,498
Independent Bank Corp. (Banks)		61		1,035
Independent Bank Corp. (Banks)		134		5,964
Independent Bank Group, Inc. (Banks)		110		3,798
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		419		3,939
Infinera Corp.* (Communications Equipment)		607		2,932
Information Services Group, Inc. (IT Services)		107		574
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		55		530
Ingevity Corp.* (Chemicals)		114		6,630
Ingles Markets, Inc.—Class A (Consumer Staples Distribution & Retail)		43		3,554
Inhibrx, Inc.* (Biotechnology)		104		2,700
Inmode, Ltd.* (Health Care Equipment & Supplies)		236		8,815
Innodata, Inc.* (Professional Services)		77		872
Innospec, Inc. (Chemicals)		76		7,633
Innovage Holding Corp.* (Health Care Providers & Services)		58		435
INNOVATE Corp.* (Construction & Engineering)		140		245
Innovative Industrial Properties, Inc. (Industrial REITs)		85		6,206
Innoviva, Inc.* (Pharmaceuticals)		189		2,406
Inogen, Inc.* (Health Care Equipment & Supplies)		71		820
Inozyme Pharma, Inc.* (Biotechnology)		103		574
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		87		12,732
Insmed, Inc.* (Biotechnology)		401		8,461
Insperity, Inc. (Professional Services)		111		13,205
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure)		66		971
Installed Building Products, Inc. (Household Durables)		72		10,092
Insteel Industries, Inc. (Building Products)		57		1,774
Instructure Holdings, Inc.* (Software)		59		1,484
Intapp, Inc.* (Software)		48		2,012
Integer Holdings Corp.* (Health Care Equipment & Supplies)		101		8,950
Integral Ad Science Holding Corp.* (Media)		115		2,068
Intellia Therapeutics, Inc.* (Biotechnology)		268		10,929
Inter Parfums, Inc. (Personal Care Products)		56		7,573
Intercept Pharmaceuticals, Inc.* (Biotechnology)		75		830
InterDigital, Inc. (Software)		82		7,917
Interface, Inc. (Commercial Services & Supplies)		174		1,529
International Bancshares Corp. (Banks)		163		7,205
International Game Technology PLC (Hotels, Restaurants & Leisure)		330		10,524
International Money Express, Inc.* (Financial Services)		94		2,306
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		124		4,742
inTEST Corp.* (Semiconductors & Semiconductor Equipment)		33		867
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		78		293
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		285		18,046
Intrepid Potash, Inc.* (Chemicals)		32		726
InvenTrust Properties Corp. (Retail REITs)		207		4,790
Invesco Mortgage Capital, Inc. (Mortgage REITs)		128		1,468
Investors Title Co. (Insurance)		4		584
Invitae Corp.*(a) (Health Care Providers & Services)		799		903
IonQ, Inc.* (Technology Hardware, Storage & Peripherals)		489		6,616
Iovance Biotherapeutics, Inc.* (Biotechnology)		632		4,449
iRadimed Corp. (Health Care Equipment & Supplies)		22		1,050
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		93		9,702

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 113

Common Stocks, continued

	Shares		Value
iRobot Corp.* (Household Durables)		83	$	3,756
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		421		4,479
Ispire Technology, Inc.* (Tobacco)		8		73
iTeos Therapeutics, Inc.* (Biotechnology)		75		993
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		130		515
Itron, Inc.* (Electronic Equipment, Instruments & Components)		139		10,022
Ivanhoe Electric, Inc.* (Metals & Mining)		170		2,217
IVERIC bio, Inc.* (Biotechnology)		420		16,523
J & J Snack Foods Corp. (Food Products)		46		7,285
J Jill, Inc.* (Specialty Retail)		14		300
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		63		6,144
Jackson Financial, Inc.—Class A (Financial Services)		248		7,591
JAKKS Pacific, Inc.* (Leisure Products)		22		439
James River Group Holdings, Ltd. (Insurance)		113		2,063
Jamf Holding Corp.* (Software)		212		4,138
Janus International Group, Inc.* (Building Products)		258		2,750
Janux Therapeutics, Inc.* (Biotechnology)		53		629
JBG SMITH Properties (Office REITs)		340		5,114
JELD-WEN Holding, Inc.* (Building Products)		259		4,543
JetBlue Airways Corp.* (Passenger Airlines)		1,006		8,914
Joby Aviation, Inc.* (Passenger Airlines)		848		8,701
John B Sanfilippo & Son, Inc. (Food Products)		27		3,166
John Bean Technologies Corp. (Machinery)		97		11,766
John Marshall Bancorp, Inc. (Banks)		38		763
John Wiley & Sons, Inc.—Class A (Media)		130		4,424
Johnson Outdoors, Inc.—Class A (Leisure Products)		16		983
Kadant, Inc. (Machinery)		36		7,996
Kaiser Aluminum Corp. (Metals & Mining)		49		3,510
Kaltura, Inc.* (Software)		252		534
KalVista Pharmaceuticals, Inc.* (Biotechnology)		75		675
Kaman Corp. (Aerospace & Defense)		86		2,092
Karat Packaging, Inc. (Trading Companies & Distributors)		17		310
Karyopharm Therapeutics, Inc.* (Biotechnology)		344		616
KB Home (Household Durables)		225		11,635
Kearny Financial Corp. (Banks)		174		1,227
Kelly Services, Inc.—Class A (Professional Services)		100		1,761
Kennametal, Inc. (Machinery)		245		6,956
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		364		5,944
Keros Therapeutics, Inc.* (Biotechnology)		68		2,732
Kezar Life Sciences, Inc.* (Biotechnology)		217		532
Kforce, Inc. (Professional Services)		59		3,697
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		73		2,017
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels)		52		1,827
Kingsway Financial Services, Inc.* (Insurance)		32		261
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		95		1,338
Kite Realty Group Trust (Retail REITs)		662		14,788
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)		179		2,178
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services)		39		379
Knife River Corp.* (Construction Materials)		155		6,743
Knowles Corp.* (Electronic Equipment, Instruments & Components)		273		4,930
Kodiak Sciences, Inc.* (Biotechnology)		99		683
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		169		7,115
Koppers Holdings, Inc. (Chemicals)		61		2,080
Korn Ferry (Professional Services)		159		7,877
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies)		106		366
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)		1,389		8,320
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		381		5,464
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure)		266		3,918
Kronos Worldwide, Inc. (Chemicals)		67		585
Krystal Biotech, Inc.* (Biotechnology)		66		7,748
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		169		10,047
Kura Oncology, Inc.* (Biotechnology)		198		2,095
Kura Sushi USA, Inc.*(a) —Class A (Hotels, Restaurants & Leisure)		18		1,673
KVH Industries, Inc.* (Communications Equipment)		57		521
Kymera Therapeutics, Inc.* (Biotechnology)		116		2,667
Ladder Capital Corp. (Mortgage REITs)		345		3,743
Lakeland Bancorp, Inc. (Banks)		190		2,544
Lakeland Financial Corp. (Banks)		76		3,688
Lancaster Colony Corp. (Food Products)		59		11,864
Lands' End, Inc.* (Specialty Retail)		46		357
Landsea Homes Corp.* (Household Durables)		41		383
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		207		17,372
LanzaTech Global, Inc.* (Commercial Services & Supplies)		63		430
Larimar Therapeutics, Inc.* (Biotechnology)		78		244
Latham Group, Inc.* (Leisure Products)		118		438
Laureate Education, Inc. (Diversified Consumer Services)		399		4,824
La-Z-Boy, Inc. (Household Durables)		132		3,780
Lazydays Holdings, Inc.* (Specialty Retail)		39		451
LCI Industries (Automobile Components)		75		9,477
LCNB Corp. (Banks)		32		472
Legacy Housing Corp.* (Household Durables)		30		696
Legalzoom.com, Inc.* (Professional Services)		317		3,829
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)		60		4,037
Lemonade, Inc.*(a) (Insurance)		154		2,595
LendingClub Corp.* (Consumer Finance)		324		3,159
LendingTree, Inc.* (Consumer Finance)		32		708
Leonardo DRS, Inc.* (Aerospace & Defense)		154		2,670
Leslie's, Inc.* (Specialty Retail)		540		5,071
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		282		646
LGI Homes, Inc.* (Household Durables)		63		8,498

See accompanying notes to financial statements.

114 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Liberty Energy, Inc. (Energy Equipment & Services)		520	$	6,952
Liberty Latin America, Ltd.*—Class A (Diversified Telecommunication Services)		110		963
Liberty Latin America, Ltd.*—Class C (Diversified Telecommunication Services)		438		3,776
Liberty Media Corp-Liberty Braves*—Class A (Entertainment)		31		1,269
Liberty Media Corp-Liberty Braves*—Class C (Entertainment)		114		4,517
Liberty TripAdvisor Holdings, Inc.*—Class B (Interactive Media & Services)		2		93
Li-Cycle Holdings Corp.* (Commercial Services & Supplies)		420		2,331
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure)		136		2,675
LifeStance Health Group, Inc.* (Health Care Providers & Services)		323		2,949
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		51		3,677
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		278		19,116
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components)		349		2,433
Limbach Holdings, Inc.* (Construction & Engineering)		28		692
Limoneira Co. (Food Products)		53		825
Lincoln Educational Services Corp.* (Diversified Consumer Services)		72		485
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		106		1,153
Lindsay Corp. (Machinery)		34		4,058
Lineage Cell Therapeutics, Inc.* (Biotechnology)		392		553
Lions Gate Entertainment Corp.*—Class A (Entertainment)		177		1,563
Lions Gate Entertainment Corp.*—Class B (Entertainment)		352		2,939
Liquidia Corp.* (Pharmaceuticals)		144		1,130
Liquidity Services, Inc.* (Commercial Services & Supplies)		72		1,188
LivaNova PLC* (Health Care Equipment & Supplies)		165		8,486
Live Oak Bancshares, Inc. (Banks)		102		2,684
Livent Corp.* (Chemicals)		549		15,060
LivePerson, Inc.* (Software)		193		872
LiveRamp Holdings, Inc.* (Software)		194		5,541
LiveVox Holdings, Inc.* (Software)		68		187
Livewire Group, Inc.* (Automobiles)		34		402
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals)		47		345
Loop Media, Inc.* (Entertainment)		111		265
LSB Industries, Inc.* (Chemicals)		167		1,645
LSI Industries, Inc. (Electrical Equipment)		80		1,005
LTC Properties, Inc. (Health Care REITs)		125		4,128
Lumen Technologies, Inc. (Diversified Telecommunication Services)		3,066		6,928
Luminar Technologies, Inc.*(a) (Automobile Components)		828		5,697
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		98		894
Luther Burbank Corp. (Banks)		31		277
Luxfer Holdings PLC (Machinery)		83		1,181
LXP Industrial Trust (Industrial REITs)		882		8,600
Lyell Immunopharma, Inc.* (Biotechnology)		528		1,679
M.D.C Holdings, Inc. (Household Durables)		179		8,372
M/I Homes, Inc.* (Household Durables)		82		7,150
Macatawa Bank Corp. (Banks)		80		742
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		165		10,812
MacroGenics, Inc.* (Biotechnology)		185		990
Madison Square Garden Entertainment Corp.* (Entertainment)		131		4,404
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		41		9,471
Magnite, Inc.* (Media)		407		5,555
Magnolia Oil & Gas Corp.—Class A (Oil, Gas & Consumable Fuels)		558		11,662
Maiden Holdings, Ltd.* (Insurance)		276		580
MainStreet Bancshares, Inc. (Banks)		21		476
Malibu Boats, Inc.*—Class A (Leisure Products)		62		3,637
Mammoth Energy Services, Inc.* (Energy Equipment & Services)		71		343
MannKind Corp.* (Biotechnology)		781		3,179
Marathon Digital Holdings, Inc.*(a) (Software)		512		7,096
Marcus & Millichap, Inc. (Real Estate Management & Development)		73		2,300
Marine Products Corp. (Leisure Products)		26		438
MarineMax, Inc.* (Specialty Retail)		65		2,220
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		151		1,640
MarketWise, Inc. (Capital Markets)		96		192
Marqeta, Inc.*—Class A (Financial Services)		1,491		7,261
Marten Transport, Ltd. (Ground Transportation)		177		3,806
Masonite International Corp.* (Building Products)		68		6,966
Masterbrand, Inc.* (Building Products)		395		4,594
MasterCraft Boat Holdings, Inc.* (Leisure Products)		53		1,624
Matador Resources Co. (Oil, Gas & Consumable Fuels)		345		18,050
Materion Corp. (Metals & Mining)		62		7,080
Mativ Holdings, Inc. (Chemicals)		166		2,510
Matson, Inc. (Marine Transportation)		108		8,396
Matterport, Inc.* (Software)		763		2,403
Matthews International Corp.—Class A (Commercial Services & Supplies)		90		3,836
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		23		328
MaxCyte, Inc.* (Life Sciences Tools & Services)		266		1,221
Maxeon Solar Technologies, Ltd.*(a) (Semiconductors & Semiconductor Equipment)		77		2,168
Maximus, Inc. (Professional Services)		185		15,635
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		227		7,164
Mayville Engineering Co., Inc.* (Machinery)		34		424
MBIA, Inc.* (Insurance)		147		1,270
McGrath RentCorp (Trading Companies & Distributors)		75		6,936

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 115

Common Stocks, continued

	Shares		Value
MediaAlpha, Inc.*(a) —Class A (Interactive Media & Services)		78	$	804
Medifast, Inc. (Personal Care Products)		33		3,041
MeiraGTx Holdings PLC* (Biotechnology)		99		665
Mercantile Bank Corp. (Banks)		48		1,326
Merchants Bancorp (Financial Services)		48		1,228
Mercury General Corp. (Insurance)		82		2,482
MeridianLink, Inc.* (Software)		80		1,664
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		173		14,471
Meritage Homes Corp. (Household Durables)		111		15,792
Merrimack Pharmaceuticals, Inc.* (Biotechnology)		32		394
Mersana Therapeutics, Inc.* (Biotechnology)		305		1,003
Mesa Laboratories, Inc. (Health Care Equipment & Supplies)		16		2,056
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		108		3,620
Metrocity Bankshares, Inc. (Banks)		56		1,002
Metropolitan Bank Holding Corp.* (Banks)		32		1,111
MFA Financial, Inc. (Mortgage REITs)		311		3,496
MGE Energy, Inc. (Electric Utilities)		111		8,781
MGP Ingredients, Inc. (Beverages)		48		5,101
MicroStrategy, Inc.* (Software)		34		11,642
Microvast Holdings, Inc.* (Machinery)		320		512
MicroVision, Inc.* (Electronic Equipment, Instruments & Components)		538		2,464
Mid Penn Bancorp, Inc. (Banks)		43		949
Middlefield Banc Corp. (Banks)		24		643
Middlesex Water Co. (Water Utilities)		53		4,275
Midland States Bancorp, Inc. (Banks)		65		1,294
MidWestOne Financial Group, Inc. (Banks)		43		919
Miller Industries, Inc. (Machinery)		34		1,206
MillerKnoll, Inc. (Commercial Services & Supplies)		231		3,414
MiMedx Group, Inc.* (Biotechnology)		346		2,287
Minerals Technologies, Inc. (Chemicals)		99		5,711
Mineralys Therapeutics, Inc.* (Biotechnology)		42		716
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components)		609		5,146
Mirum Pharmaceuticals, Inc.* (Biotechnology)		81		2,095
Mission Produce, Inc.* (Food Products)		147		1,782
Mistras Group, Inc.* (Professional Services)		63		486
Mitek Systems, Inc.* (Software)		130		1,409
Model N, Inc.* (Software)		114		4,031
Modine Manufacturing Co.* (Automobile Components)		157		5,184
ModivCare, Inc.* (Health Care Providers & Services)		39		1,763
Moelis & Co.—Class A (Capital Markets)		203		9,204
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)		41		2,888
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure)		138		1,230
Monro, Inc. (Specialty Retail)		95		3,860
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers)		203		1,510
Monte Rosa Therapeutics, Inc.* (Biotechnology)		93		637
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)		85		3,580
Moog, Inc.—Class A (Aerospace & Defense)		86		9,325
Morphic Holding, Inc.* (Biotechnology)		93		5,332
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		47		1,261
Mr. Cooper Group, Inc.* (Financial Services)		203		10,280
MRC Global, Inc.* (Trading Companies & Distributors)		255		2,568
Mueller Industries, Inc. (Machinery)		171		14,925
Mueller Water Products, Inc.—Class A (Machinery)		472		7,661
Mullen Automotive, Inc.* (Automobiles)		2		—	(b)
Multiplan Corp.*(a) (Health Care Technology)		1,151		2,429
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		452		17,312
MVB Financial Corp. (Banks)		35		738
Myers Industries, Inc. (Containers & Packaging)		111		2,157
MYR Group, Inc.* (Construction & Engineering)		50		6,917
Myriad Genetics, Inc.* (Biotechnology)		246		5,702
N-able, Inc.* (Software)		213		3,069
Nabors Industries, Ltd.* (Energy Equipment & Services)		28		2,605
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels)		13		451
NanoString Technologies, Inc.* (Life Sciences Tools & Services)		144		583
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies)		139		2,153
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components)		96		3,326
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		9		707
National Bank Holdings Corp.—Class A (Banks)		112		3,252
National Bankshares, Inc. (Banks)		18		525
National Beverage Corp.* (Beverages)		72		3,481
National Health Investors, Inc. (Health Care REITs)		127		6,657
National HealthCare Corp. (Health Care Providers & Services)		38		2,349
National Presto Industries, Inc. (Aerospace & Defense)		16		1,171
National Research Corp. (Health Care Providers & Services)		44		1,914
National Vision Holdings, Inc.* (Specialty Retail)		236		5,732
National Western Life Group, Inc.—Class A (Insurance)		7		2,909
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail)		28		343
Nature's Sunshine Products, Inc.* (Personal Care Products)		40		546
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services)		153		592
Navient Corp. (Consumer Finance)		282		5,240
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		310		3,267
NBT Bancorp, Inc. (Banks)		127		4,045
Nelnet, Inc.—Class A (Consumer Finance)		44		4,245
Neogen Corp.* (Health Care Equipment & Supplies)		663		14,420

See accompanying notes to financial statements.

116 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
NeoGenomics, Inc.* (Health Care Providers & Services)		387	$	6,219
NerdWallet, Inc.*—Class A (Consumer Finance)		104		979
Nerdy, Inc.* (Diversified Consumer Services)		180		751
NETGEAR, Inc.* (Communications Equipment)		87		1,232
NetScout Systems, Inc.* (Communications Equipment)		207		6,407
NETSTREIT Corp. (Retail REITs)		186		3,324
Nevro Corp.* (Health Care Equipment & Supplies)		108		2,745
New Jersey Resources Corp. (Gas Utilities)		296		13,972
New York Mortgage Trust, Inc. (Mortgage REITs)		277		2,748
Newmark Group, Inc.—Class A (Real Estate Management & Development)		409		2,544
Newpark Resources, Inc.* (Energy Equipment & Services)		231		1,208
NewtekOne, Inc. (Capital Markets)		71		1,129
NexPoint Diversified Real Estate Trust (Diversified REITs)		93		1,164
Nexpoint Real Estate Finance, Inc. (Mortgage REITs)		25		390
NexPoint Residential Trust, Inc. (Residential REITs)		69		3,138
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		93		764
Nextdoor Holdings, Inc.* (Interactive Media & Services)		443		1,444
NextGen Healthcare, Inc.* (Health Care Technology)		165		2,676
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		592		5,292
NextNav, Inc.* (Software)		165		485
NEXTracker, Inc.*—Class A (Electrical Equipment)		94		3,742
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		133		344
NI Holdings, Inc.* (Insurance)		25		371
Nicolet Bankshares, Inc. (Banks)		39		2,648
Nikola Corp.*(a) (Machinery)		1,805		2,491
NioCorp Developments, Ltd.* (Metals & Mining)		6		30
Nkarta, Inc.* (Biotechnology)		92		201
NL Industries, Inc. (Commercial Services & Supplies)		26		144
nLight, Inc.* (Electronic Equipment, Instruments & Components)		134		2,066
NMI Holdings, Inc.*—Class A (Financial Services)		250		6,455
Noble Corp. PLC* (Energy Equipment & Services)		327		13,508
Noodles & Co.* (Hotels, Restaurants & Leisure)		122		412
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		624		2,290
Northeast Bank (Banks)		24		1,000
Northeast Community Bancorp, Inc. (Banks)		41		610
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)		229		7,859
Northfield Bancorp, Inc. (Banks)		126		1,383
Northrim Bancorp, Inc. (Banks)		17		669
Northwest Bancshares, Inc. (Banks)		388		4,113
Northwest Natural Holding Co. (Gas Utilities)		109		4,692
Northwest Pipe Co.* (Construction & Engineering)		30		907
NorthWestern Corp. (Multi-Utilities)		183		10,387
Norwood Financial Corp. (Banks)		22		650
Novagold Resources, Inc.* (Metals & Mining)		736		2,937
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		109		20,066
Novavax, Inc.*(a) (Biotechnology)		265		1,969
NOW, Inc.* (Trading Companies & Distributors)		334		3,460
Nu Skin Enterprises, Inc.—Class A (Personal Care Products)		152		5,046
Nurix Therapeutics, Inc.* (Biotechnology)		142		1,419
NuScale Power Corp.* (Electrical Equipment)		163		1,108
Nuvalent, Inc.*—Class A (Biotechnology)		73		3,078
NuVasive, Inc.* (Health Care Equipment & Supplies)		161		6,696
Nuvation Bio, Inc.* (Pharmaceuticals)		443		797
Nuvectis Pharma, Inc.* (Biotechnology)		21		335
NV5 Global, Inc.* (Professional Services)		41		4,542
NVE Corp. (Semiconductors & Semiconductor Equipment)		15		1,462
Oak Valley Bancorp (Banks)		20		504
Ocean Biomedical, Inc.* (Biotechnology)		26		156
Oceaneering International, Inc.* (Energy Equipment & Services)		306		5,722
OceanFirst Financial Corp. (Banks)		177		2,765
Ocular Therapeutix, Inc.* (Pharmaceuticals)		237		1,223
Ocwen Financial Corp.* (Financial Services)		20		599
Offerpad Solutions, Inc.* (Real Estate Management & Development)		1		11
Office Properties Income Trust (Office REITs)		146		1,124
OFG Bancorp (Banks)		142		3,703
O-I Glass, Inc.* (Containers & Packaging)		473		10,088
Oil States International, Inc.* (Energy Equipment & Services)		192		1,434
Oil-Dri Corp. of America (Household Products)		15		885
Old National Bancorp (Banks)		891		12,421
Old Second Bancorp, Inc. (Banks)		132		1,724
Olema Pharmaceuticals, Inc.* (Biotechnology)		82		740
Olo, Inc.*—Class A (Software)		315		2,035
Olympic Steel, Inc. (Metals & Mining)		30		1,470
Omega Flex, Inc. (Machinery)		10		1,038
Omega Therapeutics, Inc.* (Biotechnology)		74		414
Omeros Corp.* (Pharmaceuticals)		185		1,006
OmniAb, Inc.* (Life Sciences Tools & Services)		283		1,423
Omnicell, Inc.* (Health Care Equipment & Supplies)		137		10,093
ON24, Inc. (Software)		99		804
ONE Gas, Inc.(a) (Gas Utilities)		168		12,904
One Liberty Properties, Inc. (Diversified REITs)		49		996
OneSpan, Inc.* (Software)		122		1,810
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		222		2,686
OneWater Marine, Inc.* (Specialty Retail)		35		1,268
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		149		17,354
Ooma, Inc.* (Diversified Telecommunication Services)		73		1,093
Open Lending Corp.* (Capital Markets)		303		3,185

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 117

Common Stocks, continued

	Shares		Value
Opendoor Technologies, Inc.* (Real Estate Management & Development)		1,660	$	6,673
OPENLANE, Inc.* (Commercial Services & Supplies)		328		4,992
OPKO Health, Inc.* (Health Care Providers & Services)		1,226		2,660
OppFi, Inc.* (Consumer Finance)		33		67
OptimizeRx Corp.* (Health Care Technology)		51		729
Optinose, Inc.* (Pharmaceuticals)		222		273
Option Care Health, Inc.* (Health Care Providers & Services)		517		16,796
Orange County Bancorp, Inc. (Banks)		16		592
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		227		1,137
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies)		13		91
Orchid Island Capital, Inc.(a) (Mortgage REITs)		120		1,242
Organogenesis Holdings, Inc.* (Biotechnology)		214		710
ORIC Pharmaceuticals, Inc.* (Biotechnology)		119		923
Origin Bancorp, Inc. (Banks)		89		2,608
Origin Materials, Inc.* (Chemicals)		322		1,372
Orion Office REIT, Inc. (Office REITs)		174		1,150
Orion SA (Chemicals)		171		3,629
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		163		13,115
Orrstown Financial Services, Inc. (Banks)		31		594
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		107		1,932
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		48		2,105
Oscar Health, Inc.*—Class A (Insurance)		470		3,788
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		48		5,656
Otter Tail Corp. (Electric Utilities)		126		9,949
Outbrain, Inc.* (Interactive Media & Services)		125		615
Outfront Media, Inc. (Specialized REITs)		449		7,058
Outlook Therapeutics, Inc.*(a) (Biotechnology)		472		821
Outset Medical, Inc.* (Health Care Equipment & Supplies)		150		3,281
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels)		175		730
Overstock.com, Inc.* (Specialty Retail)		137		4,462
Ovid Therapeutics, Inc.* (Biotechnology)		181		594
Owens & Minor, Inc.* (Health Care Providers & Services)		226		4,303
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		46		4,527
P10, Inc.—Class A (Capital Markets)		131		1,480
P3 Health Partners, Inc.* (Health Care Providers & Services)		121		362
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		766		10,189
Pacific Premier Bancorp, Inc. (Banks)		289		5,977
Pacira BioSciences, Inc.* (Pharmaceuticals)		138		5,530
Pactiv Evergreen, Inc. (Containers & Packaging)		122		924
PacWest Bancorp(a) (Banks)		365		2,975
PagerDuty, Inc.* (Software)		259		5,822
Pagseguro Digital, Ltd.*—Class A (Financial Services)		604		5,702
Palomar Holdings, Inc.* (Insurance)		74		4,295
PAM Transportation Services, Inc. (Ground Transportation)		19		509
Pangaea Logistics Solutions, Ltd. (Marine Transportation)		111		751
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		106		7,826
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		168		4,470
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		81		2,667
Paragon 28, Inc.* (Health Care Equipment & Supplies)		134		2,377
Paramount Group, Inc. (Office REITs)		563		2,494
Park Aerospace Corp. (Aerospace & Defense)		60		828
Park National Corp. (Banks)		44		4,502
Parke Bancorp, Inc. (Banks)		32		544
Park-Ohio Holdings Corp. (Machinery)		26		494
Parsons Corp.* (Aerospace & Defense)		126		6,066
Pathward Financial, Inc. (Banks)		84		3,894
Patria Investments, Ltd.—Class A (Capital Markets)		165		2,360
Patrick Industries, Inc. (Automobile Components)		65		5,200
Patterson Cos., Inc. (Health Care Providers & Services)		268		8,914
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		631		7,553
Payoneer Global, Inc.* (Financial Services)		806		3,877
Paysafe, Ltd.* (Financial Services)		100		1,009
Paysign, Inc.* (Financial Services)		99		243
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		354		14,493
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		35		1,579
PCB Bancorp (Banks)		33		485
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		93		4,194
PDS Biotechnology Corp.* (Biotechnology)		85		428
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		379		8,209
Peakstone Realty Trust (Office REITs)		85		2,373
Peapack-Gladstone Financial Corp. (Banks)		52		1,408
Pebblebrook Hotel Trust(a) (Hotel & Resort REITs)		370		5,158
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)		256		3,638
Penns Woods Bancorp, Inc. (Banks)		21		526
PennyMac Financial Services, Inc. (Financial Services)		78		5,484
PennyMac Mortgage Investment Trust (Mortgage REITs)		269		3,626
Peoples Bancorp, Inc. (Banks)		103		2,735
Peoples Financial Services Corp. (Banks)		21		920
PepGen, Inc.* (Biotechnology)		31		277
Perdoceo Education Corp.* (Diversified Consumer Services)		204		2,503
Perella Weinberg Partners (Capital Markets)		130		1,083
Perficient, Inc.* (IT Services)		104		8,665
Performant Financial Corp.* (Commercial Services & Supplies)		205		554
Perimeter Solutions SA* (Chemicals)		477		2,934

See accompanying notes to financial statements.

118 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		773	$	8,472
Perpetua Resources Corp.* (Metals & Mining)		115		422
PetIQ, Inc.* (Health Care Providers & Services)		83		1,259
PetMed Express, Inc. (Specialty Retail)		62		855
PGT Innovations, Inc.* (Building Products)		177		5,160
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		75		1,074
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		62		849
Phillips Edison & Co., Inc.(a) (Retail REITs)		359		12,234
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		186		4,797
Phreesia, Inc.* (Health Care Technology)		155		4,806
Physicians Realty Trust (Health Care REITs)		724		10,128
Piedmont Lithium, Inc.* (Metals & Mining)		55		3,174
Piedmont Office Realty Trust, Inc.—Class A (Office REITs)		376		2,734
Pioneer Bancorp, Inc.* (Banks)		35		313
Piper Sandler Cos. (Capital Markets)		53		6,851
Pitney Bowes, Inc. (Commercial Services & Supplies)		534		1,890
PJT Partners, Inc.—Class A (Capital Markets)		74		5,153
Planet Labs PBC* (Professional Services)		580		1,868
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		112		633
Playstudios, Inc.* (Entertainment)		260		1,277
Plexus Corp.* (Electronic Equipment, Instruments & Components)		84		8,252
Pliant Therapeutics, Inc.* (Pharmaceuticals)		172		3,117
Plumas Bancorp (Banks)		17		607
Plymouth Industrial REIT, Inc. (Industrial REITs)		131		3,016
PMV Pharmaceuticals, Inc.* (Biotechnology)		117		732
PNM Resources, Inc. (Electric Utilities)		261		11,771
Point Biopharma Global, Inc.* (Biotechnology)		275		2,492
PolyMet Mining Corp.* (Metals & Mining)		104		82
Ponce Financial Group, Inc.* (Banks)		62		539
Portillo's, Inc.*—Class A (Hotels, Restaurants & Leisure)		129		2,906
Portland General Electric Co. (Electric Utilities)		296		13,862
Poseida Therapeutics, Inc.* (Biotechnology)		207		364
Postal Realty Trust, Inc.—Class A (Office REITs)		57		838
Potbelly Corp.* (Hotels, Restaurants & Leisure)		79		694
PotlatchDeltic Corp. (Specialized REITs)		241		12,736
Powell Industries, Inc. (Electrical Equipment)		28		1,697
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		173		16,378
PowerSchool Holdings, Inc.* (Software)		170		3,254
PRA Group, Inc.* (Consumer Finance)		117		2,673
Precigen, Inc.* (Biotechnology)		411		473
Preferred Bank (Banks)		41		2,255
Preformed Line Products Co. (Electrical Equipment)		8		1,249
Prelude Therapeutics, Inc.* (Biotechnology)		30		135
Premier Financial Corp. (Banks)		108		1,730
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		152		9,033
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components)		10		52
PriceSmart, Inc. (Consumer Staples Distribution & Retail)		79		5,851
Prime Medicine, Inc.* (Biotechnology)		120		1,758
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		2		184
Primis Financial Corp. (Banks)		62		522
Primo Water Corp. (Beverages)		476		5,969
Primoris Services Corp. (Construction & Engineering)		162		4,936
Princeton Bancorp, Inc. (Banks)		15		410
Priority Technology Holdings, Inc.* (Financial Services)		54		195
Privia Health Group, Inc.* (Health Care Providers & Services)		206		5,379
ProAssurance Corp. (Insurance)		164		2,475
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies)		110		3,889
ProFrac Holding Corp.*—Class A (Energy Equipment & Services)		73		815
PROG Holdings, Inc.* (Consumer Finance)		141		4,529
Progress Software Corp. (Software)		132		7,669
Progyny, Inc.* (Health Care Providers & Services)		239		9,402
ProKidney Corp.* (Biotechnology)		188		2,104
ProPetro Holding Corp.* (Energy Equipment & Services)		300		2,472
PROS Holdings, Inc.* (Software)		136		4,189
Protagonist Therapeutics, Inc.* (Biotechnology)		165		4,557
Protalix BioTherapeutics, Inc.*(a) (Biotechnology)		171		342
Proterra, Inc.* (Machinery)		673		808
Prothena Corp. PLC* (Biotechnology)		126		8,603
Proto Labs, Inc.* (Machinery)		80		2,797
Provident Financial Services, Inc. (Banks)		223		3,644
PTC Therapeutics, Inc.* (Biotechnology)		215		8,744
PubMatic, Inc.*—Class A (Media)		132		2,413
Pulmonx Corp.* (Health Care Equipment & Supplies)		112		1,468
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		49		352
Pure Cycle Corp.* (Water Utilities)		59		649
PureCycle Technologies, Inc.* (Chemicals)		353		3,774
Purple Innovation, Inc. (Household Durables)		195		542
Q2 Holdings, Inc.* (Software)		173		5,346
QCR Holdings, Inc. (Banks)		50		2,052
Quad/Graphics, Inc.* (Commercial Services & Supplies)		95		357
Quaker Chemical Corp. (Chemicals)		42		8,186
Qualys, Inc.* (Software)		113		14,597
Quanex Building Products Corp. (Building Products)		100		2,685
Quanterix Corp.* (Life Sciences Tools & Services)		107		2,413
Quantum-Si, Inc.* (Life Sciences Tools & Services)		305		546
QuinStreet, Inc.* (Interactive Media & Services)		158		1,395
Quipt Home Medical Corp.* (Health Care Providers & Services)		123		657
Quotient Technology, Inc.* (Media)		275		1,056
Qurate Retail, Inc.*—Class B (Broadline Retail)		4		33
Rackspace Technology, Inc.* (IT Services)		240		653
Radian Group, Inc. (Financial Services)		479		12,109
Radiant Logistics, Inc.* (Air Freight & Logistics)		112		753

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 119

Common Stocks, continued

	Shares		Value
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services)		258	$	3,844
RadNet, Inc.* (Health Care Providers & Services)		150		4,893
Rain Oncology, Inc.* (Pharmaceuticals)		52		62
Rallybio Corp.* (Biotechnology)		93		526
Ramaco Resources, Inc.—Class A (Metals & Mining)		69		582
Ramaco Resources, Inc.*—Class B (Metals & Mining)		15		155
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		332		21,303
Ranger Energy Services, Inc.* (Energy Equipment & Services)		47		481
Ranpak Holdings Corp.* (Containers & Packaging)		132		597
Rapid7, Inc.* (Software)		183		8,286
RAPT Therapeutics, Inc.* (Biotechnology)		90		1,683
Rayonier Advanced Materials, Inc.* (Chemicals)		194		830
RBB Bancorp (Banks)		51		609
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		26		1,976
RE/MAX Holdings, Inc. (Real Estate Management & Development)		53		1,021
Ready Capital Corp.(a) (Mortgage REITs)		487		5,493
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals)		87		8,871
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology)		415		3,100
Red River Bancshares, Inc. (Banks)		15		737
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		48		664
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure)		145		6,783
Red Violet, Inc.* (Professional Services)		34		699
Redfin Corp.* (Real Estate Management & Development)		323		4,012
Redwire Corp.* (Aerospace & Defense)		24		61
Redwood Trust, Inc. (Mortgage REITs)		346		2,204
REGENXBIO, Inc.* (Biotechnology)		124		2,479
Regional Management Corp. (Consumer Finance)		24		732
Relay Therapeutics, Inc.* (Biotechnology)		274		3,441
Remitly Global, Inc.* (Financial Services)		257		4,837
Renasant Corp. (Banks)		168		4,390
Reneo Pharmaceuticals, Inc.* (Biotechnology)		29		190
Rent the Runway, Inc.*—Class A (Specialty Retail)		146		289
Repay Holdings Corp.* (Financial Services)		247		1,934
Replimune Group, Inc.* (Biotechnology)		124		2,879
Republic Bancorp, Inc.—Class A (Banks)		26		1,105
Reservoir Media, Inc.* (Entertainment)		60		361
Resideo Technologies, Inc.* (Building Products)		446		7,876
Resources Connection, Inc. (Professional Services)		99		1,555
Retail Opportunity Investments Corp. (Retail REITs)		375		5,066
REV Group, Inc. (Machinery)		96		1,273
Revance Therapeutics, Inc.* (Pharmaceuticals)		254		6,429
REVOLUTION Medicines, Inc.* (Biotechnology)		308		8,239
Revolve Group, Inc.* (Specialty Retail)		125		2,050
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		47		1,636
RGC Resources, Inc. (Gas Utilities)		24		481
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		156		2,572
Ribbon Communications, Inc.* (Communications Equipment)		267		745
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components)		36		594
Rigel Pharmaceuticals, Inc.* (Biotechnology)		520		671
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		27		964
Rimini Street, Inc.* (Software)		148		709
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels)		365		624
Riot Platforms, Inc.* (Software)		486		5,745
RLJ Lodging Trust (Hotel & Resort REITs)		484		4,971
Rocket Lab USA, Inc.* (Aerospace & Defense)		848		5,088
Rocket Pharmaceuticals, Inc.* (Biotechnology)		171		3,398
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		21		441
Rogers Corp.* (Electronic Equipment, Instruments & Components)		53		8,582
Rover Group, Inc.* (Diversified Consumer Services)		282		1,385
RPC, Inc. (Energy Equipment & Services)		259		1,852
RPT Realty (Retail REITs)		261		2,727
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors)		126		7,653
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors)		19		1,293
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		192		599
RXO, Inc.* (Ground Transportation)		354		8,025
RxSight, Inc.* (Health Care Equipment & Supplies)		82		2,362
Ryerson Holding Corp. (Metals & Mining)		69		2,993
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		176		16,354
S&T Bancorp, Inc. (Banks)		118		3,208
Sabra Health Care REIT, Inc. (Health Care REITs)		704		8,286
Sabre Corp.* (Hotels, Restaurants & Leisure)		997		3,180
Safe Bulkers, Inc. (Marine Transportation)		215		701
Safehold, Inc.(a) (Specialized REITs)		90		2,136
Safety Insurance Group, Inc. (Insurance)		44		3,156
Sage Therapeutics, Inc.* (Biotechnology)		161		7,570
Sally Beauty Holdings, Inc.* (Specialty Retail)		326		4,026
Sana Biotechnology, Inc.* (Biotechnology)		284		1,693
Sanara Medtech, Inc.* (Health Care Equipment & Supplies)		12		481
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)		97		1,479
Sandy Spring Bancorp, Inc. (Banks)		133		3,016
Sangamo Therapeutics, Inc.* (Biotechnology)		438		569
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		175		10,547
Sapiens International Corp. N.V. (Software)		93		2,474
Saul Centers, Inc. (Retail REITs)		35		1,289
Savara, Inc.* (Biotechnology)		232		741
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		77		2,276
Schnitzer Steel Industries, Inc. (Metals & Mining)		79		2,369

See accompanying notes to financial statements.

120 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Scholar Rock Holding Corp.* (Biotechnology)		86	$	648
Scholastic Corp. (Media)		87		3,383
Schrodinger, Inc.* (Health Care Technology)		166		8,286
Scilex Holding Co.* (Pharmaceuticals)		198		1,103
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		160		7,557
scPharmaceuticals, Inc.* (Pharmaceuticals)		88		897
Sculptor Capital Management, Inc. (Capital Markets)		76		671
Seacoast Banking Corp. of Florida (Banks)		256		5,658
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services)		73		834
Seadrill, Ltd.* (Energy Equipment & Services)		154		6,356
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		121		6,777
Security National Financial Corp.*—Class A (Financial Services)		36		319
Seer, Inc.* (Life Sciences Tools & Services)		178		760
Select Medical Holdings Corp. (Health Care Providers & Services)		316		10,068
Select Water Solutions, Inc. (Energy Equipment & Services)		259		2,098
Selecta Biosciences, Inc.* (Biotechnology)		353		395
Selective Insurance Group, Inc. (Insurance)		183		17,558
Selectquote, Inc.* (Insurance)		415		809
Semler Scientific, Inc.* (Health Care Equipment & Supplies)		15		394
SEMrush Holdings, Inc.* (Software)		95		909
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		195		4,965
Seneca Foods Corp.*—Class A (Food Products)		16		523
Sensient Technologies Corp. (Chemicals)		128		9,105
Seres Therapeutics, Inc.* (Biotechnology)		296		1,418
Service Properties Trust (Hotel & Resort REITs)		502		4,362
ServisFirst Bancshares, Inc. (Banks)		155		6,343
SES AI Corp.* (Electrical Equipment)		380		927
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		350		3,266
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)		115		8,938
Sharecare, Inc.* (Health Care Technology)		938		1,642
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		148		2,876
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment)		522		13,342
Shoe Carnival, Inc. (Specialty Retail)		51		1,197
Shore Bancshares, Inc. (Banks)		92		1,064
Shutterstock, Inc. (Interactive Media & Services)		75		3,650
SI-BONE, Inc.* (Health Care Equipment & Supplies)		106		2,860
Sierra Bancorp (Banks)		42		713
SIGA Technologies, Inc. (Pharmaceuticals)		140		707
Sight Sciences, Inc.* (Health Care Equipment & Supplies)		66		546
Signet Jewelers, Ltd. (Specialty Retail)		136		8,875
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		97		15,301
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		117		3,801
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels)		54		1,572
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets)		29		587
Simmons First National Corp.—Class A (Banks)		384		6,624
Simpson Manufacturing Co., Inc. (Building Products)		131		18,143
Simulations Plus, Inc. (Health Care Technology)		48		2,080
Sinclair, Inc. (Media)		107		1,479
SiriusPoint, Ltd.* (Insurance)		278		2,510
SITE Centers Corp. (Retail REITs)		580		7,667
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		52		6,134
Sitio Royalties Corp.—Class A (Oil, Gas & Consumable Fuels)		246		6,462
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		220		5,716
SJW Group (Water Utilities)		94		6,590
Skillsoft Corp.* (Professional Services)		243		301
Skyline Champion Corp.* (Household Durables)		163		10,668
Skyward Specialty Insurance Group, Inc.*(a) (Insurance)		32		813
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		54		509
SkyWest, Inc.* (Passenger Airlines)		147		5,986
SKYX Platforms Corp.* (Electrical Equipment)		173		460
SL Green Realty Corp.(a) (Office REITs)		200		6,010
Sleep Number Corp.* (Specialty Retail)		65		1,773
SM Energy Co. (Oil, Gas & Consumable Fuels)		365		11,545
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		147		4,264
SmartFinancial, Inc. (Banks)		48		1,032
SmartRent, Inc.* (Electronic Equipment, Instruments & Components)		560		2,145
Smith & Wesson Brands, Inc. (Leisure Products)		139		1,813
Snap One Holdings Corp.* (Household Durables)		56		652
Solaris Oilfield Infrastructure, Inc.—Class A (Energy Equipment & Services)		98		816
SolarWinds Corp.* (Software)		155		1,590
Solid Power, Inc.* (Automobile Components)		471		1,196
Solo Brands, Inc.*—Class A (Leisure Products)		67		379
SomaLogic, Inc.* (Life Sciences Tools & Services)		459		1,060
Sonic Automotive, Inc.—Class A (Specialty Retail)		48		2,288
Sonos, Inc.* (Household Durables)		386		6,303
SoundHound AI, Inc.* (Software)		426		1,938
SoundThinking, Inc.* (Software)		27		590
South Plains Financial, Inc. (Banks)		37		833
Southern First Bancshares, Inc.* (Banks)		23		569
Southern Missouri Bancorp, Inc. (Banks)		26		1,000
Southern States Bancshares, Inc. (Banks)		23		485
Southland Holdings, Inc.* (Construction & Engineering)		11		90
Southside Bancshares, Inc. (Banks)		89		2,328
SouthState Corp. (Banks)		232		15,265
Southwest Gas Holdings, Inc. (Gas Utilities)		188		11,966
Sovos Brands, Inc.* (Food Products)		121		2,367

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 121

Common Stocks, continued

	Shares		Value
SP Plus Corp.* (Commercial Services & Supplies)		60	$	2,347
SpartanNash Co. (Consumer Staples Distribution & Retail)		106		2,386
Sphere Entertainment Co.* (Entertainment)		79		2,164
Spire, Inc. (Gas Utilities)		157		9,960
Spirit Airlines, Inc. (Passenger Airlines)		334		5,731
Spok Holdings, Inc. (Wireless Telecommunication Services)		54		718
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		115		656
SpringWorks Therapeutics, Inc.* (Biotechnology)		177		4,641
Sprinklr, Inc.* (Software)		265		3,665
Sprout Social, Inc.*—Class A (Software)		145		6,693
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		315		11,570
SPS Commerce, Inc.* (Software)		112		21,512
SPX Technologies, Inc.* (Machinery)		134		11,386
Squarespace, Inc.*—Class A (IT Services)		136		4,289
STAAR Surgical Co.* (Health Care Equipment & Supplies)		148		7,780
Stagwell, Inc.* (Media)		329		2,372
Standard Motor Products, Inc. (Automobile Components)		64		2,401
Standex International Corp. (Machinery)		36		5,093
Star Holdings* (Diversified REITs)		39		572
Steelcase, Inc.—Class A (Commercial Services & Supplies)		268		2,066
Stellar Bancorp, Inc. (Banks)		148		3,388
Stem, Inc.*(a) (Electrical Equipment)		433		2,477
Stepan Co. (Chemicals)		65		6,211
StepStone Group, Inc.—Class A (Capital Markets)		164		4,069
Sterling Bancorp, Inc.* (Banks)		64		350
Sterling Check Corp.* (Professional Services)		72		883
Sterling Infrastructure, Inc.* (Construction & Engineering)		91		5,078
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		229		7,486
Stewart Information Services Corp. (Insurance)		81		3,332
Stitch Fix, Inc.*—Class A (Specialty Retail)		257		989
Stock Yards Bancorp, Inc. (Banks)		83		3,766
Stoke Therapeutics, Inc.* (Biotechnology)		84		893
StoneCo, Ltd.*—Class A (Financial Services)		885		11,275
Stoneridge, Inc.* (Automobile Components)		80		1,508
StoneX Group, Inc.* (Capital Markets)		54		4,486
Strategic Education, Inc. (Diversified Consumer Services)		69		4,681
Stratus Properties, Inc. (Real Estate Management & Development)		17		446
Stride, Inc.* (Diversified Consumer Services)		129		4,803
Sturm Ruger & Co., Inc. (Leisure Products)		53		2,807
Summit Financial Group, Inc. (Banks)		34		702
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		319		2,077
Summit Materials, Inc.*—Class A (Construction Materials)		363		13,739
Summit Therapeutics, Inc.* (Biotechnology)		352		884
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		115		2,585
SunCoke Energy, Inc. (Metals & Mining)		254		1,999
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		307		5,621
SunOpta, Inc.* (Food Products)		276		1,846
SunPower Corp.* (Electrical Equipment)		266		2,607
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)		634		6,416
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure)		415		1,204
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		141		35,143
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		149		4,479
Surgery Partners, Inc.* (Health Care Providers & Services)		205		9,223
Surmodics, Inc.* (Health Care Equipment & Supplies)		42		1,315
Sutro Biopharma, Inc.* (Biotechnology)		183		851
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure)		294		3,769
SWK Holdings Corp.* (Financial Services)		11		184
Sylvamo Corp. (Paper & Forest Products)		111		4,490
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		120		10,246
Syndax Pharmaceuticals, Inc.* (Biotechnology)		200		4,186
System1, Inc.* (Interactive Media & Services)		75		338
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		71		1,770
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		340		4,716
Tanger Factory Outlet Centers, Inc. (Retail REITs)		311		6,864
Tango Therapeutics, Inc.* (Biotechnology)		136		452
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		95		1,275
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals)		25		948
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		72		1,301
Taylor Morrison Home Corp.* (Household Durables)		320		15,606
TechTarget, Inc.* (Media)		79		2,459
Teekay Corp.* (Oil, Gas & Consumable Fuels)		203		1,226
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels)		73		2,791
TEGNA, Inc. (Media)		682		11,075
Tejon Ranch Co.* (Real Estate Management & Development)		64		1,101
Tela Bio, Inc.* (Health Care Equipment & Supplies)		48		486
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		301		2,477
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)		1,621		2,286
Tenable Holdings, Inc.* (Software)		347		15,113
Tenaya Therapeutics, Inc.* (Biotechnology)		139		816
Tennant Co. (Machinery)		56		4,542
Terawulf, Inc.* (Software)		153		268
Terex Corp. (Machinery)		204		12,205
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)		130		1,138
Terran Orbital Corp.*(a) (Aerospace & Defense)		259		389

See accompanying notes to financial statements.

122 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Terreno Realty Corp. (Industrial REITs)		249	$	14,964
TETRA Technologies, Inc.* (Energy Equipment & Services)		381		1,288
Texas Capital Bancshares, Inc.* (Banks)		146		7,519
Textainer Group Holdings, Ltd. (Trading Companies & Distributors)		131		5,159
TG Therapeutics, Inc.* (Biotechnology)		417		10,358
The Andersons, Inc. (Consumer Staples Distribution & Retail)		98		4,523
The Bancorp, Inc.* (Banks)		163		5,322
The Bank of NT Butterfield & Son, Ltd. (Banks)		152		4,159
The Beauty Health Co.* (Personal Care Products)		249		2,084
The Brink's Co. (Commercial Services & Supplies)		140		9,496
The Buckle, Inc. (Specialty Retail)		93		3,218
The Cato Corp.—Class A (Specialty Retail)		53		426
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		148		5,118
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail)		107		3,826
The Children's Place, Inc.* (Specialty Retail)		36		836
The Duckhorn Portfolio, Inc.* (Beverages)		134		1,738
The E.W. Scripps Co.*—Class A (Media)		181		1,656
The Ensign Group, Inc. (Health Care Providers & Services)		166		15,846
The First Bancorp, Inc. (Banks)		30		730
The First Bancshares, Inc. (Banks)		92		2,377
The First of Long Island Corp. (Banks)		65		781
The GEO Group, Inc.* (Commercial Services & Supplies)		362		2,592
The Goodyear Tire & Rubber Co.* (Automobile Components)		857		11,724
The Gorman-Rupp Co. (Machinery)		70		2,018
The Greenbrier Cos., Inc. (Machinery)		96		4,138
The Hackett Group, Inc. (IT Services)		76		1,699
The Hain Celestial Group, Inc.* (Food Products)		272		3,403
The Joint Corp.* (Health Care Providers & Services)		43		581
The Lovesac Co.* (Household Durables)		43		1,159
The Macerich Co. (Retail REITs)		658		7,416
The Manitowoc Co., Inc.* (Machinery)		106		1,996
The Marcus Corp. (Entertainment)		74		1,097
The Necessity Retail REIT, Inc. (Retail REITs)		409		2,765
The ODP Corp.* (Specialty Retail)		104		4,869
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure)		67		490
The Pennant Group, Inc.* (Health Care Providers & Services)		88		1,081
The RMR Group, Inc.—Class A (Real Estate Management & Development)		47		1,089
The Shyft Group, Inc. (Machinery)		105		2,316
The Simply Good Foods Co.* (Food Products)		276		10,099
The St Joe Co. (Real Estate Management & Development)		105		5,076
The Vita Coco Co., Inc.* (Beverages)		87		2,338
The York Water Co. (Water Utilities)		43		1,775
Theravance Biopharma, Inc.* (Pharmaceuticals)		188		1,946
Thermon Group Holdings, Inc.* (Electrical Equipment)		102		2,713
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals)		62		578
Third Coast Bancshares, Inc.* (Banks)		39		619
Third Harmonic Bio, Inc.* (Pharmaceuticals)		59		284
Thorne HealthTech, Inc.* (Personal Care Products)		43		202
Thoughtworks Holding, Inc.* (IT Services)		281		2,122
ThredUp, Inc.*—Class A (Specialty Retail)		218		532
Thryv Holdings, Inc.* (Media)		94		2,312
Tidewater, Inc.* (Energy Equipment & Services)		145		8,039
Tile Shop Holdings, Inc.* (Specialty Retail)		88		488
Tilly's, Inc.*—Class A (Specialty Retail)		68		477
Timberland Bancorp, Inc. (Banks)		23		588
TimkenSteel Corp.* (Metals & Mining)		132		2,847
Tingo Group, Inc.* (Electronic Equipment, Instruments & Components)		371		449
Tiptree, Inc. (Insurance)		73		1,096
Titan International, Inc.* (Machinery)		159		1,825
Titan Machinery, Inc.* (Trading Companies & Distributors)		63		1,859
Tompkins Financial Corp. (Banks)		42		2,339
Topgolf Callaway Brands Corp.* (Leisure Products)		438		8,694
Torrid Holdings, Inc.* (Specialty Retail)		37		104
Towne Bank (Banks)		214		4,973
Townsquare Media, Inc. (Media)		36		429
TPG RE Finance Trust, Inc. (Mortgage REITs)		210		1,556
TPI Composites, Inc.* (Electrical Equipment)		127		1,317
Traeger, Inc.* (Household Durables)		107		455
Transcat, Inc.* (Trading Companies & Distributors)		22		1,877
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		6		220
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		96		8,062
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment)		82		279
Travere Therapeutics, Inc.* (Biotechnology)		221		3,395
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		137		3,504
Tredegar Corp. (Metals & Mining)		80		534
TreeHouse Foods, Inc.* (Food Products)		157		7,910
Trevi Therapeutics, Inc.* (Pharmaceuticals)		127		304
Tri Pointe Homes, Inc.* (Household Durables)		302		9,924
TriCo Bancshares (Banks)		95		3,154
TriMas Corp. (Containers & Packaging)		126		3,464
TriNet Group, Inc.* (Professional Services)		115		10,922
Trinity Industries, Inc. (Machinery)		247		6,350
Trinseo PLC (Chemicals)		106		1,343
Triton International, Ltd. (Trading Companies & Distributors)		166		13,821
Triumph Financial, Inc.* (Banks)		68		4,129
Triumph Group, Inc.* (Aerospace & Defense)		196		2,425
Tronox Holdings PLC (Chemicals)		356		4,525
TrueBlue, Inc.* (Professional Services)		92		1,629
TrueCar, Inc.* (Interactive Media & Services)		268		606
Trupanion, Inc.*(a) (Insurance)		120		2,362
TrustCo Bank Corp. (Banks)		57		1,631
Trustmark Corp. (Banks)		185		3,907
TTEC Holdings, Inc. (Professional Services)		59		1,997

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 123

Common Stocks, continued

	Shares		Value
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		311	$	4,323
Tucows, Inc.*—Class A (IT Services)		30		832
Turning Point Brands, Inc. (Tobacco)		52		1,249
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals)		48		559
TuSimple Holdings, Inc.*—Class A (Ground Transportation)		502		833
Tutor Perini Corp.* (Construction & Engineering)		129		922
Twist Bioscience Corp.*(a) (Biotechnology)		173		3,540
Two Harbors Investment Corp. (Mortgage REITs)		296		4,108
Tyra Biosciences, Inc.* (Biotechnology)		43		732
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		39		4,734
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		229		2,778
Udemy, Inc.* (Diversified Consumer Services)		261		2,801
UFP Industries, Inc. (Building Products)		183		17,760
UFP Technologies, Inc.* (Health Care Equipment & Supplies)		22		4,265
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		135		5,192
UMB Financial Corp. (Banks)		135		8,222
UMH Properties, Inc. (Residential REITs)		167		2,669
UniFirst Corp. (Commercial Services & Supplies)		46		7,130
Unisys Corp.* (IT Services)		202		804
United Bankshares, Inc. (Banks)		398		11,809
United Community Banks, Inc. (Banks)		352		8,796
United Fire Group, Inc. (Insurance)		64		1,450
United Homes Group, Inc.* (Household Durables)		19		212
United Insurance Holdings Corp.* (Insurance)		60		268
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)		180		3,519
United States Lime & Minerals, Inc. (Construction Materials)		6		1,253
Uniti Group, Inc. (Specialized REITs)		725		3,350
Unitil Corp. (Multi-Utilities)		49		2,485
Unity Bancorp, Inc. (Banks)		22		519
Universal Corp. (Tobacco)		73		3,646
Universal Health Realty Income Trust (Health Care REITs)		39		1,856
Universal Insurance Holdings, Inc. (Insurance)		77		1,188
Universal Logistics Holdings, Inc. (Ground Transportation)		21		605
Universal Technical Institute, Inc.* (Diversified Consumer Services)		100		691
Univest Financial Corp. (Banks)		88		1,591
Upbound Group, Inc. (Specialty Retail)		168		5,230
Upstart Holdings, Inc.*(a) (Consumer Finance)		219		7,842
Upwork, Inc.* (Professional Services)		376		3,512
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		1,119		3,805
Urban Edge Properties (Retail REITs)		350		5,401
Urban One, Inc.* (Media)		38		228
Urban One, Inc.* (Media)		25		150
Urban Outfitters, Inc.* (Specialty Retail)		194		6,427
UroGen Pharma, Ltd.* (Biotechnology)		59		611
Urstadt Biddle Properties, Inc.—Class A (Retail REITs)		87		1,850
USANA Health Sciences, Inc.* (Personal Care Products)		35		2,206
USCB Financial Holdings, Inc.* (Banks)		32		326
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		10		932
Utz Brands, Inc. (Food Products)		219		3,583
V2X, Inc.* (Aerospace & Defense)		35		1,735
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels)		328		1,233
Valaris, Ltd.* (Energy Equipment & Services)		187		11,768
Valhi, Inc. (Chemicals)		7		90
Valley National Bancorp (Banks)		1,314		10,184
Value Line, Inc. (Capital Markets)		3		138
Vanda Pharmaceuticals, Inc.* (Biotechnology)		172		1,133
Varex Imaging Corp.* (Health Care Equipment & Supplies)		118		2,781
Varonis Systems, Inc.* (Software)		331		8,821
Vaxcyte, Inc.* (Biotechnology)		280		13,983
Vaxxinity, Inc.* (Biotechnology)		130		328
Vector Group, Ltd. (Tobacco)		442		5,661
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		155		3,980
Velo3D, Inc.*(a) (Machinery)		271		585
Velocity Financial, Inc.* (Financial Services)		27		311
Ventyx Biosciences, Inc.* (Pharmaceuticals)		142		4,658
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		80		511
Vera Therapeutics, Inc.* (Biotechnology)		103		1,653
Veracyte, Inc.* (Biotechnology)		221		5,629
Veradigm, Inc.* (Health Care Technology)		328		4,133
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels)		13		85
Vericel Corp.* (Biotechnology)		145		5,448
Verint Systems, Inc.* (Software)		192		6,732
Veris Residential, Inc.* (Residential REITs)		241		3,868
Veritex Holdings, Inc. (Banks)		160		2,869
Veritiv Corp. (Trading Companies & Distributors)		40		5,024
Veritone, Inc.* (Software)		80		314
Verra Mobility Corp.* (Professional Services)		425		8,381
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		63		364
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels)		205		1,281
Verve Therapeutics, Inc.* (Biotechnology)		154		2,888
Viad Corp.* (Commercial Services & Supplies)		62		1,667
Viant Technology, Inc.*—Class A (Software)		44		203
Viavi Solutions, Inc.* (Communications Equipment)		680		7,704
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies)		213		390
Vicor Corp.* (Electrical Equipment)		67		3,618
Victory Capital Holdings, Inc.—Class A (Capital Markets)		84		2,649
Viemed Healthcare, Inc.* (Health Care Providers & Services)		104		1,017
ViewRay, Inc.* (Health Care Equipment & Supplies)		455		160
Vigil Neuroscience, Inc.* (Biotechnology)		49		461

See accompanying notes to financial statements.

124 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Viking Therapeutics, Inc.* (Biotechnology)		292	$	4,733
Village Super Market, Inc.—Class A (Consumer Staples Distribution & Retail)		26		593
Vimeo, Inc.* (Interactive Media & Services)		463		1,908
Vir Biotechnology, Inc.* (Biotechnology)		255		6,255
Virgin Galactic Holdings, Inc.*(a) (Aerospace & Defense)		768		2,980
Virginia National Bankshares Corp. (Banks)		14		450
Viridian Therapeutics, Inc.* (Biotechnology)		128		3,045
Virtus Investment Partners, Inc. (Capital Markets)		21		4,147
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		392		11,525
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		38		1,412
Vista Outdoor, Inc.* (Leisure Products)		171		4,732
Visteon Corp.* (Automobile Components)		86		12,351
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		51		2,303
Vital Farms, Inc.* (Food Products)		93		1,115
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels)		76		1,702
Vivid Seats, Inc.*—Class A (Entertainment)		77		610
Vizio Holding Corp.*—Class A (Household Durables)		231		1,559
Vor BioPharma, Inc.* (Biotechnology)		115		355
VOXX International Corp.* (Household Durables)		42		524
Voyager Therapeutics, Inc.* (Biotechnology)		97		1,111
VSE Corp. (Commercial Services & Supplies)		32		1,750
Vuzix Corp.* (Household Durables)		179		913
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		299		1,157
Wabash National Corp. (Machinery)		144		3,692
Waldencast PLC* (Personal Care Products)		61		472
Walker & Dunlop, Inc. (Financial Services)		97		7,672
Warby Parker, Inc.*—Class A (Specialty Retail)		258		3,016
Warrior Met Coal, Inc. (Metals & Mining)		157		6,115
Washington Federal, Inc. (Banks)		199		5,277
Washington Trust Bancorp, Inc. (Banks)		51		1,367
Waterstone Financial, Inc. (Financial Services)		56		811
Watts Water Technologies, Inc.—Class A (Machinery)		83		15,250
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		180		655
WD-40 Co. (Household Products)		41		7,735
Weatherford International PLC* (Energy Equipment & Services)		217		14,413
Weave Communications, Inc.* (Software)		100		1,111
Weis Markets, Inc. (Consumer Staples Distribution & Retail)		50		3,211
Werner Enterprises, Inc. (Ground Transportation)		193		8,526
WesBanco, Inc. (Banks)		176		4,507
West Bancorp, Inc. (Banks)		49		902
Westamerica Bancorp (Banks)		80		3,064
Westrock Coffee Co.* (Food Products)		86		935
Weyco Group, Inc. (Distributors)		18		480
Whitestone REIT (Retail REITs)		148		1,436
WideOpenWest, Inc.* (Media)		156		1,317
Willdan Group, Inc.* (Professional Services)		37		709
Willis Lease Finance Corp.* (Trading Companies & Distributors)		9		352
Winmark Corp. (Specialty Retail)		9		2,992
Winnebago Industries, Inc. (Automobile Components)		90		6,002
WisdomTree, Inc. (Capital Markets)		420		2,881
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		236		3,467
Workhorse Group, Inc.* (Automobile Components)		504		439
Workiva, Inc.* (Software)		149		15,148
World Acceptance Corp.* (Consumer Finance)		11		1,474
World Kinect Corp. (Oil, Gas & Consumable Fuels)		188		3,888
Worthington Industries, Inc. (Metals & Mining)		94		6,530
WSFS Financial Corp. (Banks)		186		7,016
WW International, Inc.* (Diversified Consumer Services)		166		1,116
X4 Pharmaceuticals, Inc.* (Biotechnology)		374		726
Xencor, Inc.* (Biotechnology)		176		4,395
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		339		4,173
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals)		405		1,061
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		349		5,197
XOMA Corp.* (Biotechnology)		22		416
Xometry, Inc.*—Class A (Trading Companies & Distributors)		103		2,182
XPEL, Inc.* (Automobile Components)		69		5,811
Xperi, Inc.* (Software)		128		1,683
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		75		1,294
Yelp, Inc.* (Interactive Media & Services)		205		7,464
Yext, Inc.* (Software)		326		3,687
Y-mAbs Therapeutics, Inc.* (Biotechnology)		112		760
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		149		4,203
Zeta Global Holdings Corp.*—Class A (Software)		408		3,484
Zevia PBC*—Class A (Beverages)		76		328
Zevra Therapeutics, Inc.* (Pharmaceuticals)		105		536
Ziff Davis, Inc.* (Interactive Media & Services)		143		10,018
Zimvie, Inc.* (Health Care Equipment & Supplies)		79		887
ZipRecruiter, Inc.* (Interactive Media & Services)		212		3,765
Zumiez, Inc.* (Specialty Retail)		48		800
Zuora, Inc.*—Class A (Software)		376		4,125
Zura Bio, Ltd.* (Biotechnology)		23		189
Zurn Elkay Water Solutions Corp. (Building Products)		450		12,101
Zymeworks, Inc.* (Biotechnology)		162		1,400
Zynex, Inc.*(a) (Health Care Equipment & Supplies)		60		575
TOTAL COMMON STOCKS (Cost $6,095,915)				7,290,925

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap :: 125

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		250	$	—
TOTAL TRUST (Cost $—)				—

Repurchase Agreements^(c)(d) (34.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $4,201,724	$	4,200,000	$	4,200,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,200,000)				4,200,000

Collateral for Securities Loaned^(e) (1.8%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(f)		222,165	$	222,165
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $222,165)				222,165
TOTAL INVESTMENT SECURITIES (Cost $10,518,080)—95.3%				11,713,090
Net other assets (liabilities)—4.7%				582,095
NET ASSETS—100.0%			$	12,295,185

* Non-income producing security.

⁺  This security was fair valued based on procedures approved by the Board of Trustees. As of June 30, 2023, this security represented 0.000% of the net assets of the Fund.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $215,708.

^(b)  Amount is less than $0.50.

^(c)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $632,000.

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

^(e)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(f)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT  Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts	4	9/18/23	$	380,740	$	1,392

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Russell 2000 Index	Goldman Sachs International	7/27/23		5.47	%	$	3,072,964	$	49,533
Russell 2000 Index	UBS AG	7/27/23		5.07	%		1,548,759		32,081
						$	4,621,723	$	81,614

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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.

126 :: ProFund VP Small-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP Small-Cap invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	75,435		0.6	%
Air Freight & Logistics		20,500		0.2	%
Automobile Components		118,633		1.0	%
Automobiles		402		NM
Banks		573,049		4.8	%
Beverages		28,495		0.2	%
Biotechnology		549,184		4.4	%
Broadline Retail		4,831		NM
Building Products		127,490		1.0	%
Capital Markets		101,546		0.8	%
Chemicals		151,026		1.1	%
Commercial Services & Supplies		111,084		0.9	%
Communications Equipment		58,764		0.5	%
Construction & Engineering		108,938		0.9	%
Construction Materials		21,735		0.2	%
Consumer Finance		59,164		0.5	%
Consumer Staples Distribution & Retail		39,948		0.3	%
Containers & Packaging		23,632		0.2	%
Distributors		1,627		NM
Diversified Consumer Services		70,744		0.6	%
Diversified REITs		41,820		0.3	%
Diversified Telecommunication Services		36,823		0.3	%
Electric Utilities		55,414		0.5	%
Electrical Equipment		119,834		1.0	%
Electronic Equipment, Instruments & Components		206,821		1.7	%
Energy Equipment & Services		169,409		1.4	%
Entertainment		28,304		0.2	%
Financial Services		153,192		1.2	%
Food Products		86,658		0.7	%
Gas Utilities		73,956		0.5	%
Ground Transportation		34,991		0.3	%
Health Care Equipment & Supplies		258,800		2.1	%
Health Care Providers & Services		203,051		1.7	%
Health Care REITs		43,022		0.3	%
Health Care Technology		45,009		0.4	%
Hotel & Resort REITs		61,304		0.5	%
Hotels, Restaurants & Leisure		172,519		1.4	%
Household Durables		157,548		1.3	%
Household Products		21,478		0.2	%
Independent Power and Renewable Electricity Producers		21,294		0.2	%
Industrial Conglomerates		1,492		NM
Industrial REITs		32,786		0.3	%
Insurance		124,218		1.0	%
Interactive Media & Services		53,161		0.4	%
IT Services		37,455		0.3	%
Leisure Products		32,977		0.3	%
Life Sciences Tools & Services		30,458		0.2	%
Machinery		275,865		2.3	%
Marine Transportation		19,228		0.2	%
Media		54,221		0.5	%
Metals & Mining		133,403		1.1	%
Mortgage REITs		89,545		0.7	%
Multi-Utilities		34,137		0.3	%
Office REITs		51,215		0.4	%
Oil, Gas & Consumable Fuels		325,930		2.6	%
Paper & Forest Products		6,495		0.1	%
Passenger Airlines		41,470		0.3	%
Personal Care Products		64,010		0.5	%
Pharmaceuticals		145,885		1.2	%
Professional Services		176,947		1.4	%
Real Estate Management & Development		54,854		0.4	%
Residential REITs		34,162		0.3	%
Retail REITs		89,398		0.8	%
Semiconductors & Semiconductor Equipment		242,518		2.0	%
Software		395,439		3.2	%
Specialized REITs		35,526		0.3	%
Specialty Retail		177,672		1.4	%
Technology Hardware, Storage & Peripherals		54,539		0.4	%
Textiles, Apparel & Luxury Goods		32,874		0.3	%
Tobacco		10,629		0.1	%
Trading Companies & Distributors		150,201		1.2	%
Water Utilities		35,234		0.3	%
Wireless Telecommunication Services		9,507		0.1	%
Other**		5,004,260		40.7	%
Total	$	12,295,185		100.0	%

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

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

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 127

Common Stocks (99.5%)

	Shares	Value
8x8, Inc.* (Software)	1,536	$	6,497
A10 Networks, Inc. (Software)	1,901		27,736
AAON, Inc. (Building Products)	1,266		120,029
Academy Sports & Outdoors, Inc. (Specialty Retail)	1,070		57,834
AdaptHealth Corp.* (Health Care Providers & Services)	2,259		27,492
Addus HomeCare Corp.* (Health Care Providers & Services)	479		44,403
Adtalem Global Education, Inc.* (Diversified Consumer Services)	1,289		44,264
ADTRAN Holdings, Inc. (Communications Equipment)	1,459		15,363
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)	1,109		123,598
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)	2,243		123,073
AeroVironment, Inc.* (Aerospace & Defense)	746		76,301
Agiliti, Inc.* (Health Care Providers & Services)	446		7,359
Agilysys, Inc.* (Software)	589		40,429
Alamo Group, Inc. (Machinery)	223		41,012
Alarm.com Holdings, Inc.* (Software)	1,473		76,124
Albany International Corp. (Machinery)	920		85,818
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)	658		21,582
American Equity Investment Life Holding Co. (Insurance)	970		50,547
American States Water Co. (Water Utilities)	753		65,511
American Vanguard Corp. (Chemicals)	817		14,600
Ameris Bancorp (Banks)	1,176		40,231
AMERISAFE, Inc. (Insurance)	311		16,583
AMN Healthcare Services, Inc.* (Health Care Providers & Services)	1,172		127,889
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)	1,112		63,906
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)	214		11,520
Anika Therapeutics, Inc.* (Biotechnology)	227		5,897
Apogee Enterprises, Inc. (Building Products)	376		17,849
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)	1,142		165,395
Arcosa, Inc. (Construction & Engineering)	944		71,527
Arcus Biosciences, Inc.* (Biotechnology)	1,555		31,582
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)	1,356		14,794
Armada Hoffler Properties, Inc. (Diversified REITs)	1,304		15,231
ARMOUR Residential REIT, Inc.(a)  (Mortgage REITs)	5,782		30,818
Artisan Partners Asset Management, Inc.—Class A (Capital Markets)	1,011		39,742
Asbury Automotive Group, Inc.* (Specialty Retail)	286		68,761
Assured Guaranty, Ltd. (Insurance)	893		49,829
ATI, Inc.* (Metals & Mining)	2,356		104,205
Atlantic Union Bankshares Corp. (Banks)	864		22,421
ATN International, Inc. (Diversified Telecommunication Services)	316		11,566
Avantax, Inc.* (Capital Markets)	1,140		25,513
Avid Bioservices, Inc.* (Biotechnology)	1,274		17,798
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)	581		14,815
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)	966		177,097
Axos Financial, Inc.* (Banks)	839		33,090
B Riley Financial, Inc.(a)  (Capital Markets)	229		10,529
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)	865		127,639
Balchem Corp. (Chemicals)	952		128,339
BancFirst Corp. (Banks)	516		47,472
Bank of Hawaii Corp.(a)  (Banks)	598		24,656
Banner Corp. (Banks)	1,015		44,325
Berkshire Hills Bancorp, Inc. (Banks)	758		15,713
BioLife Solutions, Inc.* (Life Sciences Tools & Services)	1,027		22,696
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)	1,495		40,201
Boise Cascade Co. (Trading Companies & Distributors)	1,170		105,710
Boot Barn Holdings, Inc.* (Specialty Retail)	538		45,563
Brady Corp.—Class A (Commercial Services & Supplies)	886		42,146
Brightsphere Investment Group, Inc. (Capital Markets)	496		10,391
California Resources Corp. (Oil, Gas & Consumable Fuels)	605		27,400
California Water Service Group (Water Utilities)	1,025		52,921
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)	758		26,583
Cal-Maine Foods, Inc. (Food Products)	1,123		50,535
CareTrust REIT, Inc. (Health Care REITs)	1,822		36,184
Cargurus, Inc.* (Interactive Media & Services)	1,320		29,872
Cars.com, Inc.* (Interactive Media & Services)	1,833		36,330
Catalyst Pharmaceuticals, Inc.* (Biotechnology)	2,880		38,707
Cavco Industries, Inc.* (Household Durables)	239		70,505
Central Garden & Pet Co.* (Household Products)	137		5,311
Central Garden & Pet Co.*—Class A (Household Products)	585		21,329
Certara, Inc.* (Health Care Technology)	1,807		32,905
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)	422		10,782
Chesapeake Utilities Corp. (Gas Utilities)	353		42,007
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)	289		11,797
City Holding Co. (Banks)	445		40,046
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)	1,450		100,587
Clearfield, Inc.* (Communications Equipment)	375		17,756
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)	749		50,400
Coherus Biosciences, Inc.* (Biotechnology)	1,008		4,304
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)	926		38,485
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)	1,022		21,963
Comfort Systems USA, Inc. (Construction & Engineering)	1,056		173,395
Community Bank System, Inc. (Banks)	904		42,380
Community Healthcare Trust, Inc. (Health Care REITs)	434		14,331

See accompanying notes to financial statements.

128 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares	Value
Computer Programs and Systems, Inc.* (Health Care Technology)	223	$	5,506
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)	2,706		31,390
CONMED Corp. (Health Care Equipment & Supplies)	443		60,199
Consensus Cloud Solutions, Inc.* (Software)	352		10,912
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)	942		63,877
Corcept Therapeutics, Inc.* (Pharmaceuticals)	2,671		59,430
Core Laboratories, Inc. (Energy Equipment & Services)	661		15,368
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)	675		11,975
CorVel Corp.* (Health Care Providers & Services)	175		33,863
Cross Country Healthcare, Inc.* (Health Care Providers & Services)	1,009		28,333
CSG Systems International, Inc. (Professional Services)	897		47,308
CTS Corp. (Electronic Equipment, Instruments & Components)	931		39,689
Customers Bancorp, Inc.* (Banks)	434		13,133
CVB Financial Corp. (Banks)	3,869		51,380
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)	474		14,201
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)	1,040		8,882
Cytokinetics, Inc.* (Biotechnology)	2,826		92,183
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)	663		29,543
Digi International, Inc.* (Communications Equipment)	1,059		41,714
Digital Turbine, Inc.* (Software)	1,707		15,841
Dime Community Bancshares, Inc. (Banks)	963		16,978
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)	278		16,132
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)	1,350		124,862
Donnelley Financial Solutions, Inc.* (Capital Markets)	375		17,074
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)	941		24,137
Dorman Products, Inc. (Automobile Components)	837		65,982
DoubleVerify Holdings, Inc.* (Software)	2,603		101,308
Dril-Quip, Inc.* (Energy Equipment & Services)	535		12,449
Dycom Industries, Inc.* (Construction & Engineering)	590		67,054
Dynavax Technologies Corp.* (Biotechnology)	3,530		45,608
Edgewell Personal Care Co. (Personal Care Products)	724		29,908
elf Beauty, Inc.* (Personal Care Products)	1,495		170,774
Embecta Corp. (Health Care Equipment & Supplies)	795		17,172
Employers Holdings, Inc. (Insurance)	405		15,151
Enanta Pharmaceuticals, Inc.* (Biotechnology)	229		4,901
Encore Wire Corp. (Electrical Equipment)	532		98,915
Enerpac Tool Group Corp. (Machinery)	1,115		30,105
EnPro Industries, Inc. (Machinery)	617		82,388
ePlus, Inc.* (Electronic Equipment, Instruments & Components)	382		21,507
ESCO Technologies, Inc. (Machinery)	518		53,680
Ethan Allen Interiors, Inc. (Household Durables)	674		19,061
EVERTEC, Inc. (Financial Services)	1,250		46,038
eXp World Holdings, Inc. (Real Estate Management & Development)	588		11,925
Extreme Networks, Inc.* (Communications Equipment)	3,811		99,278
Fabrinet* (Electronic Equipment, Instruments & Components)	1,072		139,231
FB Financial Corp. (Banks)	519		14,558
Federal Signal Corp. (Machinery)	1,800		115,254
First Bancorp (Banks)	5,311		64,901
First Bancorp (Banks)	726		21,599
First Commonwealth Financial Corp. (Banks)	1,672		21,151
First Financial Bancorp (Banks)	1,546		31,600
First Hawaiian, Inc. (Banks)	1,960		35,300
Forward Air Corp. (Air Freight & Logistics)	766		81,280
Four Corners Property Trust, Inc. (Specialized REITs)	1,723		43,764
Franklin Electric Co., Inc. (Machinery)	1,146		117,923
Frontdoor, Inc.* (Diversified Consumer Services)	1,255		40,035
Fulgent Genetics, Inc.* (Health Care Providers & Services)	264		9,776
Fulton Financial Corp. (Banks)	2,395		28,548
FutureFuel Corp. (Chemicals)	435		3,850
Gentherm, Inc.* (Automobile Components)	597		33,736
Getty Realty Corp. (Retail REITs)	852		28,815
Glaukos Corp.* (Health Care Equipment & Supplies)	954		67,934
Gogo, Inc.* (Wireless Telecommunication Services)	1,259		21,416
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)	400		16,720
Green Brick Partners, Inc.* (Household Durables)	793		45,042
Griffon Corp. (Building Products)	1,403		56,541
H.B. Fuller Co. (Chemicals)	1,018		72,797
Hanmi Financial Corp. (Banks)	903		13,482
Harmonic, Inc.* (Communications Equipment)	3,289		53,183
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)	884		31,108
Haverty Furniture Cos., Inc. (Specialty Retail)	201		6,074
Hawkins, Inc. (Chemicals)	560		26,706
Haynes International, Inc. (Metals & Mining)	252		12,807
HealthStream, Inc. (Health Care Technology)	459		11,273
Heartland Express, Inc. (Ground Transportation)	895		14,687
Helmerich & Payne, Inc. (Energy Equipment & Services)	1,758		62,322
Heritage Financial Corp. (Banks)	1,036		16,752
Hibbett, Inc. (Specialty Retail)	200		7,258
Hillenbrand, Inc. (Machinery)	2,056		105,432
Hostess Brands, Inc.* (Food Products)	3,925		99,380
Hub Group, Inc.*—Class A (Air Freight & Logistics)	436		35,020
Independent Bank Corp. (Banks)	679		30,222
Ingevity Corp.* (Chemicals)	1,009		58,683
Innospec, Inc. (Chemicals)	734		73,723

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 129

Common Stocks, continued

	Shares	Value
Innovative Industrial Properties, Inc. (Industrial REITs)	828	$	60,452
Innoviva, Inc.* (Pharmaceuticals)	1,741		22,163
Installed Building Products, Inc. (Household Durables)	454		63,633
Insteel Industries, Inc. (Building Products)	264		8,216
Inter Parfums, Inc. (Personal Care Products)	530		71,672
InterDigital, Inc. (Software)	790		76,274
Invesco Mortgage Capital, Inc. (Mortgage REITs)	554		6,354
Ironwood Pharmaceuticals, Inc.* (Biotechnology)	2,515		26,760
iTeos Therapeutics, Inc.* (Biotechnology)	729		9,652
J & J Snack Foods Corp. (Food Products)	444		70,312
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)	609		59,396
John B Sanfilippo & Son, Inc. (Food Products)	162		18,998
Kaiser Aluminum Corp. (Metals & Mining)	472		33,814
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)	1,260		20,576
Korn Ferry (Professional Services)	742		36,759
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)	1,672		99,400
Lakeland Financial Corp. (Banks)	751		36,439
LCI Industries (Automobile Components)	374		47,259
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)	397		26,710
Leslie's, Inc.* (Specialty Retail)	2,860		26,855
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)	262		18,890
Lindsay Corp. (Machinery)	326		38,905
Liquidity Services, Inc.* (Commercial Services & Supplies)	379		6,254
Livent Corp.* (Chemicals)	5,308		145,599
LiveRamp Holdings, Inc.* (Software)	1,051		30,017
LTC Properties, Inc. (Health Care REITs)	795		26,251
Marcus & Millichap, Inc. (Real Estate Management & Development)	715		22,530
Marten Transport, Ltd. (Ground Transportation)	1,704		36,636
Materion Corp. (Metals & Mining)	348		39,742
Matson, Inc. (Marine Transportation)	1,059		82,316
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)	2,173		68,580
Medifast, Inc. (Personal Care Products)	322		29,676
Mercer International, Inc. (Paper & Forest Products)	515		4,156
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)	1,699		142,105
Mesa Laboratories, Inc. (Health Care Equipment & Supplies)	92		11,822
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)	553		18,537
MGP Ingredients, Inc. (Beverages)	455		48,358
Middlesex Water Co. (Water Utilities)	335		27,021
Mister Car Wash, Inc.*(a)  (Diversified Consumer Services)	1,208		11,657
Moelis & Co.—Class A (Capital Markets)	963		43,663
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)	396		27,898
Moog, Inc.—Class A (Aerospace & Defense)	518		56,167
Mr. Cooper Group, Inc.* (Financial Services)	2,011		101,837
Mueller Industries, Inc. (Machinery)	1,684		146,980
Myers Industries, Inc. (Containers & Packaging)	1,085		21,082
MYR Group, Inc.* (Construction & Engineering)	247		34,170
N-able, Inc.* (Software)	1,353		19,497
Nabors Industries, Ltd.* (Energy Equipment & Services)	182		16,931
National Bank Holdings Corp.—Class A (Banks)	735		21,344
National Beverage Corp.* (Beverages)	469		22,676
National Vision Holdings, Inc.* (Specialty Retail)	1,339		32,524
NBT Bancorp, Inc. (Banks)	1,268		40,386
NetScout Systems, Inc.* (Communications Equipment)	1,992		61,652
NexPoint Residential Trust, Inc. (Residential REITs)	358		16,282
NextGen Healthcare, Inc.* (Health Care Technology)	1,579		25,611
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)	1,992		17,808
NMI Holdings, Inc.*—Class A (Financial Services)	1,255		32,404
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)	2,392		82,093
Northfield Bancorp, Inc. (Banks)	654		7,181
Northwest Bancshares, Inc. (Banks)	1,952		20,691
Northwest Natural Holding Co. (Gas Utilities)	681		29,317
NV5 Global, Inc.* (Professional Services)	372		41,206
Oceaneering International, Inc.* (Energy Equipment & Services)	2,144		40,093
OFG Bancorp (Banks)	1,404		36,616
O-I Glass, Inc.* (Containers & Packaging)	2,110		45,006
OneSpan, Inc.* (Software)	514		7,628
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)	1,446		168,416
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)	235		27,690
Otter Tail Corp. (Electric Utilities)	751		59,299
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)	307		30,215
Pacira BioSciences, Inc.* (Pharmaceuticals)	1,358		54,415
Palomar Holdings, Inc.* (Insurance)	734		42,601
Park National Corp. (Banks)	425		43,486
Pathward Financial, Inc. (Banks)	573		26,564
Patterson-UTI Energy, Inc. (Energy Equipment & Services)	4,183		50,071
Payoneer Global, Inc.* (Financial Services)	2,604		12,525
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)	883		39,823
Perdoceo Education Corp.* (Diversified Consumer Services)	1,256		15,411
Perficient, Inc.* (IT Services)	587		48,915
PGT Innovations, Inc.* (Building Products)	1,735		50,575
Phillips Edison & Co., Inc.(a)  (Retail REITs)	1,491		50,812
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)	1,846		47,608
Piper Sandler Cos. (Capital Markets)	436		56,358
Plexus Corp.* (Electronic Equipment, Instruments & Components)	817		80,262
Preferred Bank (Banks)	391		21,501
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)	1,027		61,034

See accompanying notes to financial statements.

130 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares	Value
Privia Health Group, Inc.* (Health Care Providers & Services)	2,767	$	72,246
Progress Software Corp. (Software)	1,280		74,368
Quaker Chemical Corp. (Chemicals)	404		78,740
Quanex Building Products Corp. (Building Products)	559		15,009
QuinStreet, Inc.* (Interactive Media & Services)	781		6,896
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)	3,217		206,434
REGENXBIO, Inc.* (Biotechnology)	1,117		22,329
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)	452		15,734
RPC, Inc. (Energy Equipment & Services)	2,449		17,510
S&T Bancorp, Inc. (Banks)	794		21,589
Sabre Corp.* (Hotels, Restaurants & Leisure)	3,728		11,892
Safety Insurance Group, Inc. (Insurance)	250		17,930
Sanmina Corp.* (Electronic Equipment, Instruments & Components)	793		47,794
Saul Centers, Inc. (Retail REITs)	218		8,029
Schrodinger, Inc.* (Health Care Technology)	698		34,844
Seacoast Banking Corp. of Florida (Banks)	1,337		29,548
ServisFirst Bancshares, Inc. (Banks)	1,444		59,088
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)	586		45,544
Shutterstock, Inc. (Interactive Media & Services)	343		16,694
Simulations Plus, Inc. (Health Care Technology)	313		13,562
SiTime Corp.* (Semiconductors & Semiconductor Equipment)	263		31,026
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)	941		24,447
SJW Group (Water Utilities)	817		57,280
SM Energy Co. (Oil, Gas & Consumable Fuels)	3,560		112,603
Southside Bancshares, Inc. (Banks)	504		13,185
SPS Commerce, Inc.* (Software)	1,079		207,232
SPX Technologies, Inc.* (Machinery)	833		70,780
Standex International Corp. (Machinery)	239		33,811
Stellar Bancorp, Inc. (Banks)	1,339		30,650
Stepan Co. (Chemicals)	407		38,893
StoneX Group, Inc.* (Capital Markets)	522		43,368
Strategic Education, Inc. (Diversified Consumer Services)	378		25,644
Stride, Inc.* (Diversified Consumer Services)	1,208		44,973
Sturm Ruger & Co., Inc. (Leisure Products)	319		16,894
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)	1,080		24,278
SunPower Corp.* (Electrical Equipment)	1,418		13,896
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)	1,610		48,397
Sylvamo Corp. (Paper & Forest Products)	538		21,762
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)	1,723		23,898
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies)	1,145		28,098
Tanger Factory Outlet Centers, Inc. (Retail REITs)	1,709		37,717
TechTarget, Inc.* (Media)	762		23,721
The Andersons, Inc. (Consumer Staples Distribution & Retail)	409		18,875
The Bancorp, Inc.* (Banks)	1,616		52,762
The Buckle, Inc. (Specialty Retail)	607		21,002
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail)	645		23,066
The Ensign Group, Inc. (Health Care Providers & Services)	1,654		157,891
The Simply Good Foods Co.* (Food Products)	2,499		91,438
The St Joe Co. (Real Estate Management & Development)	1,000		48,339
TimkenSteel Corp.* (Metals & Mining)	496		10,699
Titan International, Inc.* (Machinery)	1,510		17,335
Tompkins Financial Corp. (Banks)	239		13,312
Tootsie Roll Industries, Inc. (Food Products)	532		18,838
TreeHouse Foods, Inc.* (Food Products)	705		35,518
Trinity Industries, Inc. (Machinery)	1,415		36,380
Triumph Financial, Inc.* (Banks)	396		24,045
Trupanion, Inc.*(a)  (Insurance)	1,047		20,605
TrustCo Bank Corp. (Banks)	372		10,643
Trustmark Corp. (Banks)	1,245		26,294
TTEC Holdings, Inc. (Professional Services)	279		9,441
U.S. Physical Therapy, Inc. (Health Care Providers & Services)	265		32,168
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)	1,320		16,012
UFP Technologies, Inc.* (Health Care Equipment & Supplies)	205		39,739
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)	725		27,884
UniFirst Corp. (Commercial Services & Supplies)	263		40,768
uniQure N.V.* (Biotechnology)	1,237		14,176
United Community Banks, Inc. (Banks)	2,211		55,253
Uniti Group, Inc. (Specialized REITs)	3,172		14,655
Unitil Corp. (Multi-Utilities)	476		24,138
Universal Health Realty Income Trust (Health Care REITs)	244		11,610
Urban Edge Properties (Retail REITs)	1,771		27,327
Urstadt Biddle Properties, Inc.—Class A (Retail REITs)	487		10,354
Vector Group, Ltd. (Tobacco)	1,724		22,084
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)	1,527		39,213
Veradigm, Inc.* (Health Care Technology)	3,228		40,674
Vericel Corp.* (Biotechnology)	801		30,094
Veris Residential, Inc.* (Residential REITs)	1,320		21,186
Veritex Holdings, Inc. (Banks)	785		14,075
Verra Mobility Corp.* (Professional Services)	4,134		81,523
Viavi Solutions, Inc.* (Communications Equipment)	3,418		38,726
Vir Biotechnology, Inc.* (Biotechnology)	2,256		55,340
Virtus Investment Partners, Inc. (Capital Markets)	103		20,339
Vista Outdoor, Inc.* (Leisure Products)	758		20,974
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)	549		24,787
Wabash National Corp. (Machinery)	813		20,845
Warrior Met Coal, Inc. (Metals & Mining)	860		33,497
Washington Federal, Inc. (Banks)	1,029		27,289
WD-40 Co. (Household Products)	260		49,050
Westamerica Bancorp (Banks)	787		30,142
Winnebago Industries, Inc. (Automobile Components)	415		27,676
WisdomTree, Inc. (Capital Markets)	1,877		12,876

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Growth :: 131

Common Stocks, continued

	Shares		Value
Xencor, Inc.* (Biotechnology)		1,785	$	44,571
XPEL, Inc.* (Automobile Components)		579		48,763
Yelp, Inc.* (Interactive Media & Services)		1,179		42,927
Zynex, Inc.*(a)  (Health Care Equipment & Supplies)		628		6,023
TOTAL COMMON STOCKS (Cost $10,548,156)				14,705,467

Repurchase Agreements^(b)  (0.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $98,040	$	98,000	$	98,000
TOTAL REPURCHASE AGREEMENTS (Cost $98,000)				98,000

Collateral for Securities Loaned^(c)  (1.0%)

	Shares	Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)	154,823	$	154,823
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $154,823)			154,823
TOTAL INVESTMENT SECURITIES (Cost $10,800,979)—101.2%			14,958,290
Net other assets (liabilities)—(1.2)%			(176,235	)
NET ASSETS—100.0%		$	14,782,055

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $149,692.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

132 :: ProFund VP Small-Cap Growth :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP Small-Cap Growth invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	255,541		1.7	%
Air Freight & Logistics		116,300		0.8	%
Automobile Components		223,416		1.5	%
Banks		1,332,021		9.0	%
Beverages		71,034		0.5	%
Biotechnology		443,902		3.0	%
Building Products		268,219		1.8	%
Capital Markets		279,853		1.9	%
Chemicals		641,930		4.4	%
Commercial Services & Supplies		89,168		0.6	%
Communications Equipment		327,672		2.2	%
Construction & Engineering		346,146		2.3	%
Consumer Staples Distribution & Retail		41,941		0.3	%
Containers & Packaging		66,088		0.4	%
Diversified Consumer Services		181,984		1.2	%
Diversified REITs		15,231		0.1	%
Diversified Telecommunication Services		61,966		0.4	%
Electric Utilities		59,299		0.4	%
Electrical Equipment		112,811		0.8	%
Electronic Equipment, Instruments & Components		640,741		4.3	%
Energy Equipment & Services		248,564		1.7	%
Financial Services		192,804		1.3	%
Food Products		385,019		2.7	%
Gas Utilities		71,324		0.5	%
Ground Transportation		51,323		0.3	%
Health Care Equipment & Supplies		399,802		2.7	%
Health Care Providers & Services		541,420		3.7	%
Health Care REITs		88,376		0.6	%
Health Care Technology		164,375		1.1	%
Hotels, Restaurants & Leisure		283,570		2.0	%
Household Durables		198,241		1.3	%
Household Products		75,690		0.5	%
Industrial REITs		60,452		0.4	%
Insurance		213,246		1.4	%
Interactive Media & Services		132,719		0.9	%
IT Services		48,915		0.3	%
Leisure Products		37,868		0.3	%
Life Sciences Tools & Services		31,578		0.2	%
Machinery		996,648		6.7	%
Marine Transportation		82,316		0.6	%
Media		23,721		0.2	%
Metals & Mining		234,764		1.6	%
Mortgage REITs		37,172		0.3	%
Multi-Utilities		24,138		0.2	%
Oil, Gas & Consumable Fuels		547,290		3.7	%
Paper & Forest Products		25,918		0.2	%
Passenger Airlines		24,278		0.2	%
Personal Care Products		302,030		2.0	%
Pharmaceuticals		392,826		2.7	%
Professional Services		216,237		1.5	%
Real Estate Management & Development		103,370		0.7	%
Residential REITs		37,468		0.3	%
Retail REITs		163,054		1.1	%
Semiconductors & Semiconductor Equipment		1,101,192		7.4	%
Software		693,863		4.7	%
Specialized REITs		58,419		0.4	%
Specialty Retail		265,871		1.8	%
Technology Hardware, Storage & Peripherals		26,790		0.2	%
Textiles, Apparel & Luxury Goods		30,215		0.2	%
Tobacco		22,084		0.1	%
Trading Companies & Distributors		271,105		1.8	%
Water Utilities		202,733		1.3	%
Wireless Telecommunication Services		21,416		0.1	%
Other**		76,588		0.5	%
Total	$	14,782,055		100.0	%

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

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 133

Common Stocks (99.9%)

	Shares	Value
3D Systems Corp.* (Machinery)	4,668	$	46,353
8x8, Inc.* (Software)	2,173		9,192
AAR Corp.* (Aerospace & Defense)	1,174		67,810
Aaron's Co., Inc. (The) (Specialty Retail)	1,100		15,554
Abercrombie & Fitch Co.* (Specialty Retail)	1,782		67,146
ABM Industries, Inc. (Commercial Services & Supplies)	2,353		100,354
Academy Sports & Outdoors, Inc. (Specialty Retail)	1,455		78,643
Acadia Realty Trust (Retail REITs)	3,389		48,768
Adeia, Inc. (Software)	3,785		41,673
ADTRAN Holdings, Inc. (Communications Equipment)	790		8,319
AdvanSix, Inc. (Chemicals)	981		34,315
Agiliti, Inc.* (Health Care Providers & Services)	658		10,857
Alamo Group, Inc. (Machinery)	100		18,391
Alexander & Baldwin, Inc. (Diversified REITs)	2,584		48,011
Allegiant Travel Co.* (Passenger Airlines)	558		70,465
Ambac Financial Group, Inc.* (Insurance)	1,613		22,969
AMC Networks, Inc.*—Class A (Media)	1,014		12,117
American Assets Trust, Inc. (Diversified REITs)	1,858		35,674
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)	4,165		34,445
American Eagle Outfitters, Inc. (Specialty Retail)	6,532		77,078
American Equity Investment Life Holding Co. (Insurance)	1,079		56,227
American States Water Co. (Water Utilities)	408		35,496
American Woodmark Corp.* (Building Products)	592		45,211
America's Car-Mart, Inc.* (Specialty Retail)	206		20,555
Ameris Bancorp (Banks)	906		30,994
AMERISAFE, Inc. (Insurance)	307		16,369
AngioDynamics, Inc.* (Health Care Equipment & Supplies)	1,397		14,571
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)	238		12,812
Anika Therapeutics, Inc.* (Biotechnology)	252		6,547
Anywhere Real Estate, Inc.* (Real Estate Management & Development)	3,929		26,246
Apogee Enterprises, Inc. (Building Products)	341		16,187
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)	4,628		52,389
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)	1,434		45,314
Arbor Realty Trust, Inc.(a)  (Mortgage REITs)	6,425		95,220
ArcBest Corp. (Ground Transportation)	853		84,276
Archrock, Inc. (Energy Equipment & Services)	4,797		49,169
Arconic Corp.* (Metals & Mining)	3,568		105,541
Arcosa, Inc. (Construction & Engineering)	586		44,401
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)	1,634		17,827
Armada Hoffler Properties, Inc. (Diversified REITs)	846		9,881
Artisan Partners Asset Management, Inc.—Class A (Capital Markets)	1,219		47,919
Artivion, Inc.* (Health Care Equipment & Supplies)	1,455		25,011
Asbury Automotive Group, Inc.* (Specialty Retail)	421		101,217
Assured Guaranty, Ltd. (Insurance)	1,034		57,697
Astec Industries, Inc. (Machinery)	809		36,761
ATI, Inc.* (Metals & Mining)	1,740		76,960
Atlantic Union Bankshares Corp. (Banks)	1,628		42,247
Avanos Medical, Inc.* (Health Care Equipment & Supplies)	1,661		42,455
Avid Bioservices, Inc.* (Biotechnology)	690		9,639
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)	487		12,418
Avista Corp. (Multi-Utilities)	2,697		105,911
Axos Financial, Inc.* (Banks)	862		33,997
AZZ, Inc. (Building Products)	887		38,549
B Riley Financial, Inc.(a)  (Capital Markets)	286		13,150
B&G Foods, Inc.(a)  (Food Products)	2,571		35,788
Banc of California, Inc. (Banks)	1,907		22,083
Bank of Hawaii Corp.(a)  (Banks)	691		28,490
BankUnited, Inc. (Banks)	2,648		57,064
Barnes Group, Inc. (Machinery)	1,801		75,984
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)	1,268		32,752
Berkshire Hills Bancorp, Inc. (Banks)	662		13,723
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)	838		26,648
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)	1,305		35,091
Boot Barn Holdings, Inc.* (Specialty Retail)	413		34,977
Brady Corp.—Class A (Commercial Services & Supplies)	575		27,353
Brandywine Realty Trust (Office REITs)	6,120		28,458
Bread Financial Holdings, Inc. (Consumer Finance)	1,783		55,968
Brightsphere Investment Group, Inc. (Capital Markets)	553		11,585
Brinker International, Inc.* (Hotels, Restaurants & Leisure)	1,576		57,682
Bristow Group, Inc.* (Energy Equipment & Services)	837		24,047
Brookline Bancorp, Inc. (Banks)	3,125		27,313
Calavo Growers, Inc. (Food Products)	632		18,341
Caleres, Inc. (Specialty Retail)	1,292		30,918
California Resources Corp. (Oil, Gas & Consumable Fuels)	1,783		80,753
California Water Service Group (Water Utilities)	757		39,084
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)	914		32,054
Capitol Federal Financial, Inc. (Banks)	4,508		27,814
CareTrust REIT, Inc. (Health Care REITs)	1,345		26,712
Cargurus, Inc.* (Interactive Media & Services)	1,590		35,982
Carpenter Technology Corp. (Metals & Mining)	1,728		96,993
Centerspace (Residential REITs)	532		32,644
Central Garden & Pet Co.* (Household Products)	178		6,901
Central Garden & Pet Co.*—Class A (Household Products)	764		27,855
Central Pacific Financial Corp. (Banks)	961		15,097
Century Aluminum Co.* (Metals & Mining)	1,840		16,045
Century Communities, Inc. (Household Durables)	1,014		77,693
Cerence, Inc.* (Software)	1,435		41,945
Certara, Inc.* (Health Care Technology)	1,577		28,717
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)	325		8,304
Chatham Lodging Trust (Hotel & Resort REITs)	1,739		16,277

See accompanying notes to financial statements.

134 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares	Value
Chesapeake Utilities Corp. (Gas Utilities)	209	$	24,871
Chico's FAS, Inc.* (Specialty Retail)	4,394		23,508
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)	297		12,124
Cinemark Holdings, Inc.* (Entertainment)	3,852		63,558
CIRCOR International, Inc.* (Machinery)	725		40,926
Clearwater Paper Corp.* (Paper & Forest Products)	602		18,855
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)	628		42,258
Coherus Biosciences, Inc.* (Biotechnology)	1,166		4,979
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)	575		23,897
Community Bank System, Inc. (Banks)	822		38,535
Community Health Systems, Inc.* (Health Care Providers & Services)	4,526		19,914
Community Healthcare Trust, Inc. (Health Care REITs)	349		11,524
Compass Minerals International, Inc. (Metals & Mining)	1,216		41,344
Computer Programs and Systems, Inc.* (Health Care Technology)	237		5,852
CONMED Corp. (Health Care Equipment & Supplies)	555		75,419
Consensus Cloud Solutions, Inc.* (Software)	199		6,169
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)	2,657		10,176
Core Laboratories, Inc. (Energy Equipment & Services)	864		20,088
CoreCivic, Inc.* (Commercial Services & Supplies)	4,041		38,026
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)	640		11,354
CorVel Corp.* (Health Care Providers & Services)	114		22,059
Cracker Barrel Old Country Store, Inc.(a)  (Hotels, Restaurants & Leisure)	788		73,426
Cushman & Wakefield PLC* (Real Estate Management & Development)	5,819		47,598
Customers Bancorp, Inc.* (Banks)	523		15,826
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)	467		13,991
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)	1,595		13,621
Dana, Inc. (Automobile Components)	4,572		77,724
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)	627		27,939
Deluxe Corp. (Commercial Services & Supplies)	1,547		27,042
Designer Brands, Inc.—Class A (Specialty Retail)	1,846		18,645
DiamondRock Hospitality Co. (Hotel & Resort REITs)	7,468		59,819
Digital Turbine, Inc.* (Software)	1,157		10,737
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)	223		12,941
DISH Network Corp.*(a) —Class A (Media)	9,005		59,343
Donnelley Financial Solutions, Inc.* (Capital Markets)	450		20,489
Douglas Emmett, Inc.(a)  (Office REITs)	6,044		75,973
Dril-Quip, Inc.* (Energy Equipment & Services)	572		13,310
DXP Enterprises, Inc.* (Trading Companies & Distributors)	519		18,897
Dycom Industries, Inc.* (Construction & Engineering)	335		38,073
Eagle Bancorp, Inc. (Banks)	1,093		23,128
Easterly Government Properties, Inc. (Office REITs)	3,324		48,198
Ebix, Inc. (Software)	836		21,067
Edgewell Personal Care Co. (Personal Care Products)	947		39,121
El Pollo Loco Holdings, Inc. (Hotels, Restaurants & Leisure)	680		5,964
Ellington Financial, Inc.(a)  (Mortgage REITs)	2,271		31,340
Elme Communities (Residential REITs)	3,123		51,342
Embecta Corp. (Health Care Equipment & Supplies)	1,081		23,350
Emergent BioSolutions, Inc.* (Biotechnology)	1,598		11,745
Employers Holdings, Inc. (Insurance)	468		17,508
Enanta Pharmaceuticals, Inc.* (Biotechnology)	429		9,181
Encore Capital Group, Inc.* (Consumer Finance)	836		40,646
Enerpac Tool Group Corp. (Machinery)	692		18,684
Enhabit, Inc.* (Health Care Providers & Services)	1,783		20,505
Enova International, Inc.* (Consumer Finance)	1,111		59,017
Enviri Corp.* (Commercial Services & Supplies)	2,839		28,021
ePlus, Inc.* (Electronic Equipment, Instruments & Components)	498		28,037
ESCO Technologies, Inc. (Machinery)	293		30,364
Essential Properties Realty Trust, Inc. (Diversified REITs)	5,298		124,715
EVERTEC, Inc. (Financial Services)	811		29,869
eXp World Holdings, Inc. (Real Estate Management & Development)	1,914		38,816
EZCORP, Inc.*—Class A (Consumer Finance)	1,867		15,645
FB Financial Corp. (Banks)	625		17,531
First Bancorp (Banks)	584		17,374
First Commonwealth Financial Corp. (Banks)	1,648		20,847
First Financial Bancorp (Banks)	1,524		31,151
First Hawaiian, Inc. (Banks)	2,180		39,262
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)	2,746		93,969
Forrester Research, Inc.* (Professional Services)	404		11,752
Four Corners Property Trust, Inc. (Specialized REITs)	1,022		25,959
Franklin BSP Realty Trust, Inc. (Mortgage REITs)	2,928		41,460
Fresh Del Monte Produce, Inc. (Food Products)	1,093		28,101
Frontdoor, Inc.* (Diversified Consumer Services)	1,396		44,533
Fulgent Genetics, Inc.* (Health Care Providers & Services)	390		14,442
Fulton Financial Corp. (Banks)	3,004		35,808
FutureFuel Corp. (Chemicals)	396		3,505
Gentherm, Inc.* (Automobile Components)	460		25,995
Genworth Financial, Inc.* (Insurance)	17,029		85,145
Getty Realty Corp. (Retail REITs)	577		19,514
Gibraltar Industries, Inc.* (Building Products)	1,082		68,079
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)	1,460		28,134

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 135

Common Stocks, continued

	Shares	Value
Glaukos Corp.* (Health Care Equipment & Supplies)	566	$	40,305
Global Net Lease, Inc. (Diversified REITs)	3,697		38,005
GMS, Inc.* (Trading Companies & Distributors)	1,471		101,793
Gogo, Inc.* (Wireless Telecommunication Services)	817		13,897
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)	308		12,874
Granite Construction, Inc. (Construction & Engineering)	1,562		62,136
Green Dot Corp.*—Class A (Consumer Finance)	1,649		30,902
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)	2,118		68,284
Group 1 Automotive, Inc.(a)  (Specialty Retail)	503		129,825
Guess?, Inc. (Specialty Retail)	1,065		20,714
H.B. Fuller Co. (Chemicals)	689		49,270
Hanesbrands, Inc.(a)  (Textiles, Apparel & Luxury Goods)	12,442		56,487
Haverty Furniture Cos., Inc. (Specialty Retail)	232		7,011
Hawaiian Holdings, Inc.* (Passenger Airlines)	1,835		19,763
Haynes International, Inc. (Metals & Mining)	149		7,572
HCI Group, Inc.(a)  (Insurance)	242		14,951
Healthcare Services Group, Inc. (Commercial Services & Supplies)	2,641		39,430
HealthStream, Inc. (Health Care Technology)	311		7,638
Heartland Express, Inc. (Ground Transportation)	581		9,534
Heidrick & Struggles International, Inc. (Professional Services)	712		18,847
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)	5,070		37,417
Helmerich & Payne, Inc. (Energy Equipment & Services)	1,533		54,345
Hibbett, Inc. (Specialty Retail)	213		7,730
Hilltop Holdings, Inc. (Banks)	1,643		51,689
HNI Corp. (Commercial Services & Supplies)	1,652		46,553
Hope Bancorp, Inc. (Banks)	4,268		35,937
Horace Mann Educators Corp. (Insurance)	1,454		43,126
Hub Group, Inc.*—Class A (Air Freight & Logistics)	642		51,565
Hudson Pacific Properties, Inc. (Office REITs)	4,563		19,256
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)	1,034		38,775
Independent Bank Corp. (Banks)	754		33,561
Independent Bank Group, Inc. (Banks)	1,263		43,611
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)	1,030		150,730
Installed Building Products, Inc. (Household Durables)	282		39,525
Insteel Industries, Inc. (Building Products)	374		11,639
Integer Holdings Corp.* (Health Care Equipment & Supplies)	1,185		105,002
Interface, Inc. (Commercial Services & Supplies)	2,064		18,143
Invesco Mortgage Capital, Inc. (Mortgage REITs)	815		9,348
iRobot Corp.* (Household Durables)	969		43,847
Ironwood Pharmaceuticals, Inc.* (Biotechnology)	1,780		18,939
Itron, Inc.* (Electronic Equipment, Instruments & Components)	1,617		116,586
James River Group Holdings, Ltd. (Insurance)	1,339		24,450
JBG SMITH Properties (Office REITs)	3,451		51,903
John B Sanfilippo & Son, Inc. (Food Products)	125		14,659
John Bean Technologies Corp. (Machinery)	1,133		137,433
John Wiley & Sons, Inc.—Class A (Media)	1,520		51,726
Kaman Corp. (Aerospace & Defense)	1,003		24,403
Kelly Services, Inc.—Class A (Professional Services)	1,166		20,533
Kennametal, Inc. (Machinery)	2,858		81,139
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)	2,699		44,075
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)	2,065		25,131
Knowles Corp.* (Electronic Equipment, Instruments & Components)	3,254		58,767
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)	1,777		74,812
Koppers Holdings, Inc. (Chemicals)	743		25,336
Korn Ferry (Professional Services)	970		48,054
La-Z-Boy, Inc. (Household Durables)	1,537		44,020
LCI Industries (Automobile Components)	450		56,862
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)	215		14,465
Leslie's, Inc.* (Specialty Retail)	1,855		17,418
LGI Homes, Inc.* (Household Durables)	737		99,414
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)	269		19,395
Liquidity Services, Inc.* (Commercial Services & Supplies)	374		6,171
LiveRamp Holdings, Inc.* (Software)	1,036		29,588
LTC Properties, Inc. (Health Care REITs)	516		17,038
Lumen Technologies, Inc. (Diversified Telecommunication Services)	32,888		74,327
LXP Industrial Trust (Industrial REITs)	10,414		101,537
M.D.C Holdings, Inc. (Household Durables)	2,082		97,375
M/I Homes, Inc.* (Household Durables)	990		86,318
MarineMax, Inc.* (Specialty Retail)	778		26,576
Masterbrand, Inc.* (Building Products)	4,574		53,196
Materion Corp. (Metals & Mining)	316		36,087
Mativ Holdings, Inc. (Chemicals)	1,952		29,514
Matthews International Corp.—Class A (Commercial Services & Supplies)	1,084		46,200
Mercer International, Inc. (Paper & Forest Products)	822		6,634
Mercury General Corp. (Insurance)	946		28,635
Meritage Homes Corp. (Household Durables)	1,308		186,089
Mesa Laboratories, Inc. (Health Care Equipment & Supplies)	68		8,738
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)	615		20,615
Middlesex Water Co. (Water Utilities)	226		18,229
MillerKnoll, Inc. (Commercial Services & Supplies)	2,692		39,788
Minerals Technologies, Inc. (Chemicals)	1,159		66,864
Mister Car Wash, Inc.*(a)  (Diversified Consumer Services)	1,399		13,500
ModivCare, Inc.* (Health Care Providers & Services)	453		20,480
Moelis & Co.—Class A (Capital Markets)	1,209		54,817
Monro, Inc. (Specialty Retail)	1,118		45,424
Moog, Inc.—Class A (Aerospace & Defense)	399		43,264

See accompanying notes to financial statements.

136 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares	Value
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)	556	$	14,917
MYR Group, Inc.* (Construction & Engineering)	297		41,087
Myriad Genetics, Inc.* (Biotechnology)	2,902		67,268
N-able, Inc.* (Software)	767		11,052
Nabors Industries, Ltd.* (Energy Equipment & Services)	104		9,675
National Bank Holdings Corp.—Class A (Banks)	456		13,242
National Beverage Corp.* (Beverages)	266		12,861
National Presto Industries, Inc. (Aerospace & Defense)	181		13,249
National Vision Holdings, Inc.* (Specialty Retail)	1,168		28,371
Navient Corp. (Consumer Finance)	3,511		65,235
NeoGenomics, Inc.* (Health Care Providers & Services)	4,541		72,974
NETGEAR, Inc.* (Communications Equipment)	1,034		14,641
New York Mortgage Trust, Inc. (Mortgage REITs)	3,245		32,190
NexPoint Residential Trust, Inc. (Residential REITs)	382		17,373
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)	2,933		26,221
NMI Holdings, Inc.*—Class A (Financial Services)	1,453		37,516
Northfield Bancorp, Inc. (Banks)	671		7,368
Northwest Bancshares, Inc. (Banks)	2,171		23,013
Northwest Natural Holding Co. (Gas Utilities)	461		19,846
NOW, Inc.* (Trading Companies & Distributors)	3,808		39,451
Nu Skin Enterprises, Inc.—Class A (Personal Care Products)	1,777		58,996
NuVasive, Inc.* (Health Care Equipment & Supplies)	1,867		77,649
Oceaneering International, Inc.* (Energy Equipment & Services)	1,004		18,775
Office Properties Income Trust (Office REITs)	1,729		13,313
O-I Glass, Inc.* (Containers & Packaging)	2,984		63,649
Oil States International, Inc.* (Energy Equipment & Services)	2,287		17,084
Olympic Steel, Inc. (Metals & Mining)	341		16,709
OneSpan, Inc.* (Software)	646		9,587
OPENLANE, Inc.* (Commercial Services & Supplies)	3,887		59,160
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)	2,607		13,061
Orion Office REIT, Inc. (Office REITs)	2,017		13,332
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)	1,235		22,304
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)	271		31,932
Otter Tail Corp. (Electric Utilities)	579		45,718
Outfront Media, Inc. (Specialized REITs)	5,227		82,168
Owens & Minor, Inc.* (Health Care Providers & Services)	2,712		51,636
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)	158		15,550
Pacific Premier Bancorp, Inc. (Banks)	3,410		70,519
PacWest Bancorp (Banks)	4,202		34,246
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)	1,999		53,193
Pathward Financial, Inc. (Banks)	268		12,424
Patrick Industries, Inc. (Automobile Components)	755		60,400
Patterson-UTI Energy, Inc. (Energy Equipment & Services)	2,372		28,393
Payoneer Global, Inc.* (Financial Services)	4,160		20,010
PC Connection, Inc. (Electronic Equipment, Instruments & Components)	403		18,175
Pebblebrook Hotel Trust(a)  (Hotel & Resort REITs)	4,382		61,085
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)	2,939		41,763
PennyMac Mortgage Investment Trust (Mortgage REITs)	3,117		42,017
Perdoceo Education Corp.* (Diversified Consumer Services)	889		10,908
Perficient, Inc.* (IT Services)	533		44,415
Phibro Animal Health Corp.—Class A (Pharmaceuticals)	724		9,919
Phillips Edison & Co., Inc.(a)  (Retail REITs)	2,380		81,110
Pitney Bowes, Inc. (Commercial Services & Supplies)	5,814		20,582
Powell Industries, Inc. (Electrical Equipment)	325		19,692
PRA Group, Inc.* (Consumer Finance)	1,394		31,853
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)	531		31,557
PriceSmart, Inc. (Consumer Staples Distribution & Retail)	894		66,209
ProAssurance Corp. (Insurance)	1,923		29,018
PROG Holdings, Inc.* (Consumer Finance)	1,663		53,416
ProPetro Holding Corp.* (Energy Equipment & Services)	3,445		28,387
Proto Labs, Inc.* (Machinery)	933		32,618
Provident Financial Services, Inc. (Banks)	2,686		43,889
Quanex Building Products Corp. (Building Products)	509		13,667
QuinStreet, Inc.* (Interactive Media & Services)	869		7,673
Radian Group, Inc. (Financial Services)	5,564		140,658
RadNet, Inc.* (Health Care Providers & Services)	2,039		66,512
RE/MAX Holdings, Inc. (Real Estate Management & Development)	645		12,423
Ready Capital Corp.(a)  (Mortgage REITs)	5,744		64,792
Redwood Trust, Inc. (Mortgage REITs)	4,059		25,856
Renasant Corp. (Banks)	1,997		52,182
Resideo Technologies, Inc.* (Building Products)	5,237		92,485
Resources Connection, Inc. (Professional Services)	1,137		17,862
Retail Opportunity Investments Corp. (Retail REITs)	4,486		60,606
Rogers Corp.* (Electronic Equipment, Instruments & Components)	663		107,360
RPT Realty (Retail REITs)	3,086		32,249
RXO, Inc.* (Ground Transportation)	4,162		94,353
S&T Bancorp, Inc. (Banks)	430		11,692
Sabre Corp.* (Hotels, Restaurants & Leisure)	7,328		23,376
Safehold, Inc.(a)  (Specialized REITs)	1,434		34,029
Safety Insurance Group, Inc. (Insurance)	227		16,280
Sally Beauty Holdings, Inc.* (Specialty Retail)	3,828		47,276
Sanmina Corp.* (Electronic Equipment, Instruments & Components)	1,122		67,623
Saul Centers, Inc. (Retail REITs)	197		7,256

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 137

Common Stocks, continued

	Shares	Value
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)	887	$	26,220
Scholastic Corp. (Media)	1,039		40,407
Schrodinger, Inc.* (Health Care Technology)	1,069		53,364
Seacoast Banking Corp. of Florida (Banks)	1,371		30,299
Select Medical Holdings Corp. (Health Care Providers & Services)	3,710		118,201
Semtech Corp.* (Semiconductors & Semiconductor Equipment)	2,277		57,972
Seneca Foods Corp.*—Class A (Food Products)	188		6,144
Service Properties Trust (Hotel & Resort REITs)	5,889		51,175
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)	627		48,730
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)	1,788		34,741
Shoe Carnival, Inc. (Specialty Retail)	603		14,158
Shutterstock, Inc. (Interactive Media & Services)	447		21,755
Signet Jewelers, Ltd. (Specialty Retail)	1,606		104,808
Simmons First National Corp.—Class A (Banks)	4,529		78,124
Simulations Plus, Inc. (Health Care Technology)	185		8,016
SiriusPoint, Ltd.* (Insurance)	3,053		27,569
SITE Centers Corp. (Retail REITs)	6,480		85,666
SiTime Corp.* (Semiconductors & Semiconductor Equipment)	270		31,852
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)	1,504		39,074
SkyWest, Inc.* (Passenger Airlines)	1,581		64,378
SL Green Realty Corp.(a)  (Office REITs)	2,292		68,875
Sleep Number Corp.* (Specialty Retail)	790		21,551
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)	1,747		50,680
Sonic Automotive, Inc.—Class A (Specialty Retail)	566		26,981
Sonos, Inc.* (Household Durables)	4,567		74,579
Southside Bancshares, Inc. (Banks)	439		11,484
SpartanNash Co. (Consumer Staples Distribution & Retail)	1,250		28,138
SPX Technologies, Inc.* (Machinery)	616		52,342
Standard Motor Products, Inc. (Automobile Components)	672		25,213
Standex International Corp. (Machinery)	136		19,240
Stepan Co. (Chemicals)	264		25,228
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)	2,543		83,131
Stewart Information Services Corp. (Insurance)	969		39,865
Strategic Education, Inc. (Diversified Consumer Services)	343		23,269
Sturm Ruger & Co., Inc. (Leisure Products)	246		13,028
Summit Hotel Properties, Inc. (Hotel & Resort REITs)	3,825		24,901
SunCoke Energy, Inc. (Metals & Mining)	2,978		23,437
SunPower Corp.* (Electrical Equipment)	1,343		13,161
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)	7,372		74,605
Sylvamo Corp. (Paper & Forest Products)	488		19,739
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)	1,768		24,522
Tandem Diabetes Care, Inc.* (Health Care Equipment & Supplies)	920		22,577
Tanger Factory Outlet Centers, Inc. (Retail REITs)	1,685		37,188
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)	3,522		28,986
Tennant Co. (Machinery)	659		53,451
The Andersons, Inc. (Consumer Staples Distribution & Retail)	628		28,982
The Buckle, Inc. (Specialty Retail)	329		11,383
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)	1,700		58,786
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail)	476		17,022
The E.W. Scripps Co.*—Class A (Media)	2,086		19,087
The GEO Group, Inc.* (Commercial Services & Supplies)	4,486		32,120
The Greenbrier Cos., Inc. (Machinery)	1,136		48,962
The Hain Celestial Group, Inc.* (Food Products)	3,183		39,819
The Macerich Co. (Retail REITs)	7,656		86,282
The Marcus Corp. (Entertainment)	876		12,991
The ODP Corp.* (Specialty Retail)	1,209		56,605
Thryv Holdings, Inc.* (Media)	1,103		27,134
TimkenSteel Corp.* (Metals & Mining)	792		17,083
Tompkins Financial Corp. (Banks)	161		8,968
TreeHouse Foods, Inc.* (Food Products)	957		48,214
Tri Pointe Homes, Inc.* (Household Durables)	3,563		117,080
Trinity Industries, Inc. (Machinery)	1,185		30,466
Trinseo PLC (Chemicals)	1,251		15,850
Triumph Financial, Inc.* (Banks)	305		18,520
Triumph Group, Inc.* (Aerospace & Defense)	2,314		28,624
TrueBlue, Inc.* (Professional Services)	1,104		19,552
TrustCo Bank Corp. (Banks)	230		6,580
Trustmark Corp. (Banks)	674		14,235
TTEC Holdings, Inc. (Professional Services)	337		11,404
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)	3,652		50,763
Two Harbors Investment Corp. (Mortgage REITs)	3,440		47,747
U.S. Physical Therapy, Inc. (Health Care Providers & Services)	204		24,764
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)	1,152		13,974
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)	716		27,537
UniFirst Corp. (Commercial Services & Supplies)	220		34,102
United Community Banks, Inc. (Banks)	1,435		35,861
United Fire Group, Inc. (Insurance)	772		17,494
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)	2,113		41,309
Uniti Group, Inc. (Specialized REITs)	4,671		21,580
Universal Corp. (Tobacco)	874		43,648
Universal Health Realty Income Trust (Health Care REITs)	158		7,518
Universal Insurance Holdings, Inc. (Insurance)	975		15,044
Upbound Group, Inc. (Specialty Retail)	1,791		55,754
Urban Edge Properties (Retail REITs)	2,051		31,647
Urban Outfitters, Inc.* (Specialty Retail)	2,142		70,964
Urstadt Biddle Properties, Inc.—Class A (Retail REITs)	443		9,418
USANA Health Sciences, Inc.* (Personal Care Products)	399		25,153

See accompanying notes to financial statements.

138 :: ProFund VP Small-Cap Value :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares	Value
Vanda Pharmaceuticals, Inc.* (Biotechnology)	2,045	$	13,477
Varex Imaging Corp.* (Health Care Equipment & Supplies)	1,438		33,894
Vector Group, Ltd. (Tobacco)	2,642		33,844
Vericel Corp.* (Biotechnology)	728		27,351
Veris Residential, Inc.* (Residential REITs)	1,249		20,046
Veritex Holdings, Inc. (Banks)	984		17,643
Veritiv Corp. (Trading Companies & Distributors)	482		60,544
Viad Corp.* (Commercial Services & Supplies)	741		19,918
Viasat, Inc.* (Communications Equipment)	2,718		112,145
Viavi Solutions, Inc.* (Communications Equipment)	3,800		43,054
Victoria's Secret & Co.* (Specialty Retail)	2,788		48,595
Virtus Investment Partners, Inc. (Capital Markets)	120		23,696
Vista Outdoor, Inc.* (Leisure Products)	1,118		30,935
Wabash National Corp. (Machinery)	709		18,179
Walker & Dunlop, Inc. (Financial Services)	1,104		87,315
Warrior Met Coal, Inc. (Metals & Mining)	814		31,705
Washington Federal, Inc. (Banks)	1,101		29,199
WD-40 Co. (Household Products)	169		31,882
Whitestone REIT (Retail REITs)	1,654		16,044
Winnebago Industries, Inc. (Automobile Components)	587		39,147
WisdomTree, Inc. (Capital Markets)	1,777		12,190
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)	2,828		41,543
World Acceptance Corp.* (Consumer Finance)	120		16,081
World Kinect Corp. (Oil, Gas & Consumable Fuels)	2,212		45,744
WSFS Financial Corp. (Banks)	2,187		82,493
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)	3,897		47,972
Xperi, Inc.* (Software)	1,513		19,896
Yelp, Inc.* (Interactive Media & Services)	1,029		37,466
TOTAL COMMON STOCKS (Cost $14,133,040)			17,240,677

Repurchase Agreements^(b)  (0.2%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $43,018	$	43,000	$	43,000
TOTAL REPURCHASE AGREEMENTS (Cost $43,000)				43,000

Collateral for Securities Loaned^(c)  (5.4%)

	Shares	Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)	938,821	$	938,821
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $938,821)			938,821
TOTAL INVESTMENT SECURITIES (Cost $15,114,861)—105.5%			18,222,498
Net other assets (liabilities)—(5.5)%			(953,715	)
NET ASSETS—100.0%		$	17,268,783

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $914,496.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Small-Cap Value :: 139

ProFund VP Small-Cap Value invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	177,350		1.0	%
Air Freight & Logistics		51,565		0.3	%
Automobile Components		319,786		1.9	%
Banks		1,305,063		7.6	%
Beverages		12,861		0.1	%
Biotechnology		169,126		1.0	%
Building Products		339,013		2.0	%
Capital Markets		183,846		1.1	%
Chemicals		249,882		1.4	%
Commercial Services & Supplies		582,963		3.3	%
Communications Equipment		178,159		1.0	%
Construction & Engineering		185,697		1.1	%
Consumer Finance		368,763		2.1	%
Consumer Staples Distribution & Retail		181,660		1.1	%
Containers & Packaging		63,649		0.4	%
Diversified Consumer Services		92,210		0.5	%
Diversified REITs		256,286		1.5	%
Diversified Telecommunication Services		126,761		0.7	%
Electric Utilities		45,718		0.3	%
Electrical Equipment		32,853		0.2	%
Electronic Equipment, Instruments & Components		727,387		4.2	%
Energy Equipment & Services		340,885		2.0	%
Entertainment		76,549		0.4	%
Financial Services		315,368		1.8	%
Food Products		191,066		1.1	%
Gas Utilities		44,717		0.3	%
Ground Transportation		188,163		1.1	%
Health Care Equipment & Supplies		518,801		3.0	%
Health Care Providers & Services		529,421		3.1	%
Health Care REITs		62,792		0.4	%
Health Care Technology		103,587		0.6	%
Hotel & Resort REITs		335,834		1.9	%
Hotels, Restaurants & Leisure		434,655		2.5	%
Household Durables		865,940		5.0	%
Household Products		66,638		0.4	%
Industrial REITs		101,537		0.6	%
Insurance		512,347		3.0	%
Interactive Media & Services		102,876		0.6	%
IT Services		44,415		0.3	%
Leisure Products		43,963		0.3	%
Life Sciences Tools & Services		13,621		0.1	%
Machinery		741,293		4.2	%
Media		209,814		1.3	%
Metals & Mining		469,476		2.7	%
Mortgage REITs		467,490		2.7	%
Multi-Utilities		105,911		0.6	%
Office REITs		319,308		1.8	%
Oil, Gas & Consumable Fuels		318,541		1.8	%
Paper & Forest Products		45,228		0.3	%
Passenger Airlines		154,606		0.9	%
Personal Care Products		123,270		0.7	%
Pharmaceuticals		73,683		0.4	%
Professional Services		148,004		0.9	%
Real Estate Management & Development		169,158		1.0	%
Residential REITs		121,405		0.7	%
Retail REITs		515,748		3.0	%
Semiconductors & Semiconductor Equipment		332,986		1.9	%
Software		200,906		1.2	%
Specialized REITs		163,736		0.9	%
Specialty Retail		1,209,385		7.1	%
Technology Hardware, Storage & Peripherals		23,772		0.1	%
Textiles, Apparel & Luxury Goods		314,574		1.8	%
Tobacco		77,492		0.4	%
Trading Companies & Distributors		220,685		1.3	%
Water Utilities		92,809		0.5	%
Wireless Telecommunication Services		77,624		0.4	%
Other**		28,106		0.1	%
Total	$	17,268,783		100.0	%

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

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

140 :: ProFund VP Technology :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (97.9%)

	Shares		Value
Accenture PLC—Class A (IT Services)		3,983	$	1,229,074
Adobe, Inc.* (Software)		2,893		1,414,648
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		10,157		1,156,984
Akamai Technologies, Inc.* (IT Services)		960		86,275
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		3,755		318,987
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		3,192		621,834
ANSYS, Inc.* (Software)		547		180,658
Apple, Inc. (Technology Hardware, Storage & Peripherals)		63,236		12,265,887
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		5,332		770,687
Arista Networks, Inc.* (Communications Equipment)		1,575		255,245
Autodesk, Inc.* (Software)		1,351		276,428
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,630		2,281,341
Cadence Design Systems, Inc.* (Software)		1,720		403,374
CDW Corp. (Electronic Equipment, Instruments & Components)		850		155,975
Cisco Systems, Inc. (Communications Equipment)		25,834		1,336,651
Cognizant Technology Solutions Corp.—Class A (IT Services)		3,201		208,961
Corning, Inc. (Electronic Equipment, Instruments & Components)		4,826		169,103
DXC Technology Co.* (IT Services)		1,436		38,370
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		864		144,703
EPAM Systems, Inc.* (IT Services)		365		82,034
F5, Inc.* (Communications Equipment)		381		55,725
Fair Isaac Corp.* (Software)		158		127,855
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		627		119,186
Fortinet, Inc.* (Software)		4,111		310,750
Gartner, Inc.* (IT Services)		499		174,805
Gen Digital, Inc. (Software)		3,588		66,557
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		8,173		137,306
HP, Inc. (Technology Hardware, Storage & Peripherals)		5,468		167,922
Intel Corp. (Semiconductors & Semiconductor Equipment)		26,311		879,840
International Business Machines Corp. (IT Services)		5,727		766,330
Intuit, Inc. (Software)		1,769		810,538
Juniper Networks, Inc. (Communications Equipment)		2,028		63,537
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		1,124		188,214
KLA Corp. (Semiconductors & Semiconductor Equipment)		865		419,542
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		847		544,502
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		3,455		309,533
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		6,903		435,648
Microsoft Corp. (Software)		35,016		11,924,349
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		284		153,425
Motorola Solutions, Inc. (Communications Equipment)		1,058		310,290
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		1,349		103,064
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		5,775		2,442,940
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,638		335,266
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,724		257,636
Oracle Corp. (Software)		9,706		1,155,888
Palo Alto Networks, Inc.*(a)  (Software)		1,909		487,769
PTC, Inc.* (Software)		672		95,626
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		630		64,279
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		7,026		836,375
Roper Technologies, Inc. (Software)		672		323,098
Salesforce, Inc.* (Software)		6,175		1,304,531
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		1,215		75,172
ServiceNow, Inc.* (Software)		1,285		722,131
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		1,004		111,133
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		355		95,513
Synopsys, Inc.* (Software)		961		418,429
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		1,988		278,638
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		297		122,100
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		978		108,881
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		5,725		1,030,615
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		1,563		82,745
Tyler Technologies, Inc.* (Software)		264		109,948
VeriSign, Inc.* (IT Services)		571		129,029
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		2,018		76,543
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		324		95,849
TOTAL COMMON STOCKS (Cost $23,985,480)				52,226,271

Repurchase Agreements^(b)  (1.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $994,408	$	994,000	$	994,000
TOTAL REPURCHASE AGREEMENTS (Cost $994,000)				994,000

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Technology :: 141

Collateral for Securities Loaned^(c)  (0.9%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(d)		493,218	$	493,218
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $493,218)				493,218
TOTAL INVESTMENT SECURITIES (Cost $25,472,698)—100.7%				53,713,489
Net other assets (liabilities)—(0.7)%				(353,211	)
NET ASSETS—100.0%			$	53,360,278

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $487,513.

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

^(c)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(d)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Technology Select Sector Index	Goldman Sachs International	7/24/23		5.67	%	$	1,053,445	$	31,388

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Communications Equipment	$	2,021,448		3.8	%
Electronic Equipment, Instruments & Components		1,411,611		2.6	%
IT Services		2,714,878		5.1	%
Semiconductors & Semiconductor Equipment		13,119,863		24.6	%
Software		20,132,577		37.8	%
Technology Hardware, Storage & Peripherals		12,825,894		24.0	%
Other**		1,134,007		2.1	%
Total	$	53,360,278		100.0	%

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

See accompanying notes to financial statements.

142 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (70.7%)

	Shares		Value
3M Co. (Industrial Conglomerates)		189	$	18,917
A.O. Smith Corp. (Building Products)		43		3,130
Abbott Laboratories (Health Care Equipment & Supplies)		594		64,759
AbbVie, Inc. (Biotechnology)		603		81,241
Accenture PLC—Class A (IT Services)		216		66,654
Activision Blizzard, Inc.* (Entertainment)		245		20,654
Adobe, Inc.* (Software)		157		76,771
Advance Auto Parts, Inc. (Specialty Retail)		20		1,406
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		550		62,651
Aflac, Inc. (Insurance)		188		13,122
Agilent Technologies, Inc. (Life Sciences Tools & Services)		101		12,145
Air Products and Chemicals, Inc. (Chemicals)		76		22,764
Akamai Technologies, Inc.* (IT Services)		52		4,673
Alaska Air Group, Inc.* (Passenger Airlines)		44		2,340
Albemarle Corp. (Chemicals)		40		8,924
Alexandria Real Estate Equities, Inc. (Office REITs)		54		6,128
Align Technology, Inc.* (Health Care Equipment & Supplies)		24		8,487
Allegion PLC (Building Products)		30		3,601
Alliant Energy Corp. (Electric Utilities)		86		4,513
Alphabet, Inc.*—Class A (Interactive Media & Services)		2,031		243,110
Alphabet, Inc.*—Class C (Interactive Media & Services)		1,747		211,335
Altria Group, Inc. (Tobacco)		610		27,633
Amazon.com, Inc.* (Broadline Retail)		3,051		397,728
Amcor PLC (Containers & Packaging)		503		5,020
Ameren Corp. (Multi-Utilities)		90		7,350
American Airlines Group, Inc.* (Passenger Airlines)		223		4,001
American Electric Power Co., Inc. (Electric Utilities)		176		14,819
American Express Co. (Consumer Finance)		203		35,363
American International Group, Inc. (Insurance)		247		14,212
American Tower Corp. (Specialized REITs)		159		30,837
American Water Works Co., Inc. (Water Utilities)		67		9,564
Ameriprise Financial, Inc. (Capital Markets)		36		11,958
AmerisourceBergen Corp. (Health Care Providers & Services)		55		10,584
AMETEK, Inc. (Electrical Equipment)		79		12,789
Amgen, Inc. (Biotechnology)		183		40,630
Amphenol Corp.—Class A (Electronic Equipment, Instruments & Components)		203		17,246
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		173		33,702
ANSYS, Inc.* (Software)		30		9,908
Aon PLC—Class A (Insurance)		70		24,164
APA Corp. (Oil, Gas & Consumable Fuels)		105		3,588
Apple, Inc. (Technology Hardware, Storage & Peripherals)		5,054		980,325
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		289		41,772
Aptiv PLC* (Automobile Components)		92		9,392
Arch Capital Group, Ltd.* (Insurance)		127		9,506
Archer-Daniels-Midland Co. (Food Products)		186		14,054
Arista Networks, Inc.* (Communications Equipment)		85		13,775
Arthur J. Gallagher & Co. (Insurance)		73		16,029
Assurant, Inc. (Insurance)		18		2,263
AT&T, Inc. (Diversified Telecommunication Services)		2,444		38,982
Atmos Energy Corp. (Gas Utilities)		49		5,701
Autodesk, Inc.* (Software)		73		14,937
Automatic Data Processing, Inc. (Professional Services)		141		30,991
AutoZone, Inc.* (Specialty Retail)		6		14,960
AvalonBay Communities, Inc. (Residential REITs)		49		9,274
Avery Dennison Corp. (Containers & Packaging)		28		4,810
Axon Enterprise, Inc.* (Aerospace & Defense)		24		4,683
Baker Hughes Co. (Energy Equipment & Services)		346		10,937
Ball Corp. (Containers & Packaging)		108		6,288
Bank of America Corp. (Banks)		2,370		67,995
Bath & Body Works, Inc. (Specialty Retail)		78		2,925
Baxter International, Inc. (Health Care Equipment & Supplies)		173		7,882
Becton, Dickinson & Co. (Health Care Equipment & Supplies)		97		25,609
Berkshire Hathaway, Inc.*—Class B (Financial Services)		610		208,009
Best Buy Co., Inc. (Specialty Retail)		67		5,491
Biogen, Inc.* (Biotechnology)		49		13,958
Bio-Rad Laboratories, Inc.*—Class A (Life Sciences Tools & Services)		7		2,654
Bio-Techne Corp. (Life Sciences Tools & Services)		54		4,408
BlackRock, Inc. (Capital Markets)		51		35,248
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		13		35,103
BorgWarner, Inc. (Automobile Components)		80		3,913
Boston Properties, Inc. (Office REITs)		49		2,822
Boston Scientific Corp.* (Health Care Equipment & Supplies)		491		26,558
Bristol-Myers Squibb Co. (Pharmaceuticals)		718		45,916
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		143		124,042
Broadridge Financial Solutions, Inc. (Professional Services)		40		6,625
Brown & Brown, Inc. (Insurance)		80		5,507
Brown-Forman Corp.—Class B (Beverages)		63		4,207
Bunge, Ltd. (Food Products)		51		4,812
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics)		40		3,774
Cadence Design Systems, Inc.* (Software)		93		21,810
Caesars Entertainment, Inc.* (Hotels, Restaurants & Leisure)		74		3,772
Camden Property Trust (Residential REITs)		36		3,919
Campbell Soup Co. (Food Products)		69		3,154
Capital One Financial Corp. (Consumer Finance)		131		14,327
Cardinal Health, Inc. (Health Care Providers & Services)		87		8,228
CarMax, Inc.* (Specialty Retail)		54		4,520
Carnival Corp.* (Hotels, Restaurants & Leisure)		343		6,459

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 143

Common Stocks, continued

	Shares		Value
Carrier Global Corp. (Building Products)		285	$	14,167
Catalent, Inc.* (Pharmaceuticals)		62		2,688
Caterpillar, Inc. (Machinery)		176		43,306
Cboe Global Markets, Inc. (Capital Markets)		36		4,968
CBRE Group, Inc.*—Class A (Real Estate Management & Development)		106		8,555
CDW Corp. (Electronic Equipment, Instruments & Components)		46		8,441
Celanese Corp. (Chemicals)		34		3,937
Centene Corp.* (Health Care Providers & Services)		188		12,681
CenterPoint Energy, Inc. (Multi-Utilities)		216		6,296
Ceridian HCM Holding, Inc.* (Professional Services)		53		3,549
CF Industries Holdings, Inc. (Chemicals)		67		4,651
Charles River Laboratories International, Inc.* (Life Sciences Tools & Services)		17		3,574
Charter Communications, Inc.*—Class A (Media)		36		13,225
Chevron Corp. (Oil, Gas & Consumable Fuels)		597		93,938
Chipotle Mexican Grill, Inc.* (Hotels, Restaurants & Leisure)		9		19,251
Chubb, Ltd. (Insurance)		142		27,343
Church & Dwight Co., Inc. (Household Products)		83		8,319
Cincinnati Financial Corp. (Insurance)		54		5,255
Cintas Corp. (Commercial Services & Supplies)		30		14,912
Cisco Systems, Inc. (Communications Equipment)		1,400		72,437
Citigroup, Inc. (Banks)		665		30,617
Citizens Financial Group, Inc. (Banks)		165		4,303
CME Group, Inc. (Capital Markets)		123		22,791
CMS Energy Corp. (Multi-Utilities)		100		5,875
Cognizant Technology Solutions Corp.—Class A (IT Services)		173		11,293
Colgate-Palmolive Co. (Household Products)		284		21,879
Comcast Corp.—Class A (Media)		1,422		59,084
Comerica, Inc. (Banks)		45		1,906
Conagra Brands, Inc. (Food Products)		163		5,496
ConocoPhillips (Oil, Gas & Consumable Fuels)		414		42,895
Consolidated Edison, Inc. (Multi-Utilities)		118		10,667
Constellation Brands, Inc.—Class A (Beverages)		55		13,537
Constellation Energy Corp. (Electric Utilities)		111		10,162
Copart, Inc.* (Commercial Services & Supplies)		147		13,408
Corning, Inc. (Electronic Equipment, Instruments & Components)		262		9,180
Corteva, Inc. (Chemicals)		243		13,924
CoStar Group, Inc.* (Professional Services)		140		12,460
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		152		81,833
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels)		259		6,553
Crown Castle, Inc. (Specialized REITs)		148		16,863
CSX Corp. (Ground Transportation)		695		23,700
Cummins, Inc. (Machinery)		48		11,768
CVS Health Corp. (Health Care Providers & Services)		438		30,279
D.R. Horton, Inc. (Household Durables)		106		12,899
Danaher Corp. (Life Sciences Tools & Services)		227		54,480
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure)		41		6,850
DaVita, Inc.* (Health Care Providers & Services)		19		1,909
Deere & Co. (Machinery)		92		37,277
Delta Air Lines, Inc.* (Passenger Airlines)		220		10,458
DENTSPLY SIRONA, Inc. (Health Care Equipment & Supplies)		73		2,921
Devon Energy Corp. (Oil, Gas & Consumable Fuels)		219		10,586
Dexcom, Inc.* (Health Care Equipment & Supplies)		132		16,963
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		62		8,144
Digital Realty Trust, Inc. (Specialized REITs)		100		11,387
Discover Financial Services (Consumer Finance)		87		10,166
Dollar General Corp. (Consumer Staples Distribution & Retail)		75		12,734
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		71		10,189
Dominion Energy, Inc. (Multi-Utilities)		286		14,813
Domino's Pizza, Inc. (Hotels, Restaurants & Leisure)		12		4,044
Dover Corp. (Machinery)		48		7,087
Dow, Inc. (Chemicals)		242		12,889
DTE Energy Co. (Multi-Utilities)		70		7,701
Duke Energy Corp. (Electric Utilities)		263		23,602
DuPont de Nemours, Inc. (Chemicals)		157		11,216
DXC Technology Co.* (IT Services)		78		2,084
Eastman Chemical Co. (Chemicals)		41		3,433
Eaton Corp. PLC (Electrical Equipment)		136		27,349
eBay, Inc. (Broadline Retail)		183		8,178
Ecolab, Inc. (Chemicals)		85		15,869
Edison International (Electric Utilities)		131		9,098
Edwards Lifesciences Corp.* (Health Care Equipment & Supplies)		207		19,526
Electronic Arts, Inc. (Entertainment)		89		11,543
Elevance Health, Inc. (Health Care Providers & Services)		81		35,986
Eli Lilly & Co. (Pharmaceuticals)		269		126,156
Emerson Electric Co. (Electrical Equipment)		195		17,625
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		47		7,872
Entergy Corp. (Electric Utilities)		72		7,011
EOG Resources, Inc. (Oil, Gas & Consumable Fuels)		200		22,888
EPAM Systems, Inc.* (IT Services)		20		4,495
EQT Corp. (Oil, Gas & Consumable Fuels)		124		5,100
Equifax, Inc. (Professional Services)		42		9,883
Equinix, Inc. (Specialized REITs)		32		25,086
Equity Residential (Residential REITs)		117		7,718
Essex Property Trust, Inc. (Residential REITs)		22		5,155
Etsy, Inc.* (Broadline Retail)		42		3,554
Everest Re Group, Ltd. (Insurance)		15		5,128
Evergy, Inc. (Electric Utilities)		79		4,615
Eversource Energy (Electric Utilities)		119		8,439
Exelon Corp. (Electric Utilities)		340		13,852
Expedia Group, Inc.* (Hotels, Restaurants & Leisure)		49		5,360
Expeditors International of Washington, Inc. (Air Freight & Logistics)		52		6,299

See accompanying notes to financial statements.

144 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares			Value
Extra Space Storage, Inc. (Specialized REITs)		46		$	6,847
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels)		1,382			148,221
F5, Inc.* (Communications Equipment)		21			3,071
FactSet Research Systems, Inc. (Capital Markets)		13			5,208
Fair Isaac Corp.* (Software)		9			7,283
Fastenal Co. (Trading Companies & Distributors)		195			11,503
Federal Realty Investment Trust (Diversified REITs)		25			2,419
FedEx Corp. (Air Freight & Logistics)		79			19,584
Fidelity National Information Services, Inc. (Financial Services)		203			11,104
Fifth Third Bancorp (Banks)		233			6,107
First Horizon Corp. (Banks)		—	(a)		3
First Solar, Inc.* (Semiconductors & Semiconductor Equipment)		34			6,463
FirstEnergy Corp. (Electric Utilities)		186			7,232
Fiserv, Inc.* (Financial Services)		211			26,618
FleetCor Technologies, Inc.* (Financial Services)		25			6,277
FMC Corp. (Chemicals)		43			4,487
Ford Motor Co. (Automobile Components)		1,343			20,320
Fortinet, Inc.* (Software)		223			16,857
Fortive Corp. (Machinery)		121			9,047
Fox Corp.—Class A (Media)		92			3,128
Fox Corp.—Class B (Media)		47			1,499
Franklin Resources, Inc.(b)  (Capital Markets)		98			2,618
Freeport-McMoRan, Inc. (Metals & Mining)		490			19,600
Garmin, Ltd. (Household Durables)		52			5,423
Gartner, Inc.* (IT Services)		27			9,458
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		133			10,805
Gen Digital, Inc. (Software)		194			3,599
Generac Holdings, Inc.* (Electrical Equipment)		21			3,132
General Dynamics Corp. (Aerospace & Defense)		77			16,567
General Electric Co. (Industrial Conglomerates)		372			40,864
General Mills, Inc. (Food Products)		201			15,417
General Motors Co. (Automobile Components)		475			18,316
Genuine Parts Co. (Distributors)		48			8,124
Gilead Sciences, Inc. (Biotechnology)		426			32,832
Global Payments, Inc. (Financial Services)		90			8,867
Globe Life, Inc. (Insurance)		30			3,289
Halliburton Co. (Energy Equipment & Services)		308			10,161
Hartford Financial Services Group, Inc. (Insurance)		106			7,634
Hasbro, Inc. (Leisure Products)		45			2,915
HCA Healthcare, Inc. (Health Care Providers & Services)		71			21,547
Healthpeak Properties, Inc. (Health Care REITs)		187			3,759
Henry Schein, Inc.* (Health Care Providers & Services)		45			3,650
Hess Corp. (Oil, Gas & Consumable Fuels)		94			12,779
Hewlett Packard Enterprise Co. (Technology Hardware, Storage & Peripherals)		443			7,442
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure)		90			13,100
Hologic, Inc.* (Health Care Equipment & Supplies)		84			6,801
Honeywell International, Inc. (Industrial Conglomerates)		227			47,103
Hormel Foods Corp. (Food Products)		99			3,982
Host Hotels & Resorts, Inc. (Hotel & Resort REITs)		243			4,090
Howmet Aerospace, Inc. (Aerospace & Defense)		126			6,245
HP, Inc. (Technology Hardware, Storage & Peripherals)		296			9,091
Humana, Inc. (Health Care Providers & Services)		43			19,227
Huntington Bancshares, Inc. (Banks)		493			5,315
Huntington Ingalls Industries, Inc. (Aerospace & Defense)		14			3,186
IDEX Corp. (Machinery)		26			5,597
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		28			14,062
Illinois Tool Works, Inc. (Machinery)		95			23,765
Illumina, Inc.* (Life Sciences Tools & Services)		54			10,124
Incyte Corp.* (Biotechnology)		63			3,922
Ingersoll Rand, Inc. (Machinery)		138			9,020
Insulet Corp.* (Health Care Equipment & Supplies)		24			6,920
Intel Corp. (Semiconductors & Semiconductor Equipment)		1,426			47,685
Intercontinental Exchange, Inc. (Capital Markets)		191			21,598
International Business Machines Corp. (IT Services)		310			41,482
International Flavors & Fragrances, Inc. (Chemicals)		87			6,924
International Paper Co. (Containers & Packaging)		119			3,785
Intuit, Inc. (Software)		96			43,986
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		120			41,034
Invesco, Ltd. (Capital Markets)		157			2,639
Invitation Homes, Inc. (Residential REITs)		199			6,846
IQVIA Holdings, Inc.* (Life Sciences Tools & Services)		63			14,161
Iron Mountain, Inc. (Specialized REITs)		100			5,682
J.B. Hunt Transport Services, Inc. (Ground Transportation)		28			5,069
Jack Henry & Associates, Inc. (Professional Services)		25			4,183
Jacobs Solutions, Inc. (Professional Services)		43			5,112
Johnson & Johnson (Pharmaceuticals)		888			146,983
Johnson Controls International PLC (Building Products)		235			16,013
JPMorgan Chase & Co. (Banks)		999			145,296
Juniper Networks, Inc. (Communications Equipment)		110			3,446
Kellogg Co. (Food Products)		88			5,931
Keurig Dr Pepper, Inc. (Beverages)		288			9,006
KeyCorp (Banks)		320			2,957
Keysight Technologies, Inc.* (Electronic Equipment, Instruments & Components)		61			10,214
Kimberly-Clark Corp. (Household Products)		115			15,877
Kimco Realty Corp. (Retail REITs)		212			4,181
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels)		674			11,606

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 145

Common Stocks, continued

	Shares		Value
KLA Corp. (Semiconductors & Semiconductor Equipment)		47	$	22,796
L3Harris Technologies, Inc. (Aerospace & Defense)		65		12,725
Laboratory Corp. of America Holdings (Health Care Providers & Services)		30		7,240
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		46		29,572
Lamb Weston Holding, Inc. (Food Products)		50		5,748
Las Vegas Sands Corp.* (Hotels, Restaurants & Leisure)		112		6,496
Leidos Holdings, Inc. (Professional Services)		47		4,159
Lennar Corp.—Class A (Household Durables)		87		10,902
Lincoln National Corp. (Insurance)		53		1,365
Linde PLC (Chemicals)		167		63,639
Live Nation Entertainment, Inc.* (Entertainment)		49		4,464
LKQ Corp. (Distributors)		87		5,069
Lockheed Martin Corp. (Aerospace & Defense)		77		35,449
Loews Corp. (Insurance)		65		3,860
Lowe's Cos., Inc. (Specialty Retail)		204		46,043
LyondellBasell Industries N.V.—Class A (Chemicals)		87		7,989
M&T Bank Corp. (Banks)		57		7,054
Marathon Oil Corp. (Oil, Gas & Consumable Fuels)		211		4,857
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels)		145		16,907
MarketAxess Holdings, Inc. (Capital Markets)		13		3,398
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		88		16,212
Marsh & McLennan Cos., Inc. (Insurance)		169		31,785
Martin Marietta Materials, Inc. (Construction Materials)		21		9,695
Masco Corp. (Building Products)		77		4,418
Mastercard, Inc.—Class A (Financial Services)		286		112,484
Match Group, Inc.* (Interactive Media & Services)		95		3,976
McCormick & Co., Inc. (Food Products)		86		7,502
McDonald's Corp. (Hotels, Restaurants & Leisure)		250		74,602
McKesson Corp. (Health Care Providers & Services)		46		19,656
Medtronic PLC (Health Care Equipment & Supplies)		455		40,087
Merck & Co., Inc. (Pharmaceuticals)		867		100,043
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		756		216,957
MetLife, Inc. (Insurance)		220		12,437
Mettler-Toledo International, Inc.* (Life Sciences Tools & Services)		8		10,493
MGM Resorts International (Hotels, Restaurants & Leisure)		103		4,524
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		187		16,753
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		374		23,603
Microsoft Corp. (Software)		2,542		865,652
Mid-America Apartment Communities, Inc. (Residential REITs)		40		6,074
Moderna, Inc.* (Biotechnology)		112		13,608
Mohawk Industries, Inc.* (Household Durables)		18		1,857
Molina Healthcare, Inc.* (Health Care Providers & Services)		20		6,025
Molson Coors Beverage Co.—Class B (Beverages)		64		4,214
Mondelez International, Inc.—Class A (Food Products)		465		33,916
Monolithic Power Systems, Inc. (Semiconductors & Semiconductor Equipment)		15		8,103
Monster Beverage Corp.* (Beverages)		261		14,992
Moody's Corp. (Capital Markets)		54		18,777
Morgan Stanley (Capital Markets)		446		38,088
Motorola Solutions, Inc. (Communications Equipment)		57		16,717
MSCI, Inc. (Capital Markets)		27		12,671
Nasdaq, Inc. (Capital Markets)		116		5,783
NetApp, Inc. (Technology Hardware, Storage & Peripherals)		73		5,577
Netflix, Inc.* (Entertainment)		152		66,955
Newell Brands, Inc. (Household Durables)		129		1,122
Newmont Corp. (Metals & Mining)		272		11,604
News Corp.—Class A (Media)		130		2,535
News Corp.—Class B (Media)		40		789
NextEra Energy, Inc. (Electric Utilities)		692		51,345
NIKE, Inc.—Class B (Textiles, Apparel & Luxury Goods)		421		46,466
NiSource, Inc. (Multi-Utilities)		141		3,856
Nordson Corp. (Machinery)		18		4,467
Norfolk Southern Corp. (Ground Transportation)		78		17,687
Northern Trust Corp. (Capital Markets)		71		5,264
Northrop Grumman Corp. (Aerospace & Defense)		49		22,334
Norwegian Cruise Line Holdings, Ltd.* (Hotels, Restaurants & Leisure)		145		3,157
NRG Energy, Inc. (Electric Utilities)		79		2,954
Nucor Corp. (Metals & Mining)		86		14,102
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		845		357,453
NVR, Inc.* (Household Durables)		1		6,351
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		89		18,217
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels)		246		14,465
Old Dominion Freight Line, Inc. (Ground Transportation)		31		11,462
Omnicom Group, Inc. (Media)		68		6,470
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		148		13,998
ONEOK, Inc. (Oil, Gas & Consumable Fuels)		153		9,443
Oracle Corp. (Software)		526		62,641
O'Reilly Automotive, Inc.* (Specialty Retail)		21		20,061
Organon & Co. (Pharmaceuticals)		87		1,810
Otis Worldwide Corp. (Machinery)		141		12,550
PACCAR, Inc. (Machinery)		179		14,973
Packaging Corp. of America (Containers & Packaging)		31		4,097
Palo Alto Networks, Inc.*(b)  (Software)		103		26,318
Paramount Global(b)—Class B (Media)		173		2,752

See accompanying notes to financial statements.

146 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Parker-Hannifin Corp. (Machinery)		44	$	17,162
Paychex, Inc. (Professional Services)		110		12,306
Paycom Software, Inc. (Professional Services)		17		5,461
PayPal Holdings, Inc.* (Financial Services)		381		25,424
Pentair PLC (Machinery)		56		3,618
PepsiCo, Inc. (Beverages)		471		87,238
Pfizer, Inc. (Pharmaceuticals)		1,930		70,792
PG&E Corp.* (Electric Utilities)		553		9,556
Philip Morris International, Inc. (Tobacco)		531		51,836
Phillips 66 (Oil, Gas & Consumable Fuels)		157		14,975
Pinnacle West Capital Corp. (Electric Utilities)		39		3,177
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels)		80		16,574
Pool Corp. (Distributors)		13		4,870
PPG Industries, Inc. (Chemicals)		80		11,864
PPL Corp. (Electric Utilities)		252		6,668
Principal Financial Group, Inc. (Insurance)		77		5,840
Prologis, Inc. (Industrial REITs)		316		38,751
Prudential Financial, Inc. (Insurance)		125		11,028
PTC, Inc.* (Software)		36		5,123
Public Service Enterprise Group, Inc. (Multi-Utilities)		171		10,706
Public Storage (Specialized REITs)		54		15,762
PulteGroup, Inc. (Household Durables)		76		5,904
Qorvo, Inc.* (Semiconductors & Semiconductor Equipment)		34		3,469
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		381		45,354
Quanta Services, Inc. (Construction & Engineering)		50		9,823
Quest Diagnostics, Inc. (Health Care Providers & Services)		38		5,341
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods)		14		1,726
Raymond James Financial, Inc. (Capital Markets)		65		6,745
Raytheon Technologies Corp. (Aerospace & Defense)		499		48,882
Realty Income Corp. (Retail REITs)		230		13,751
Regency Centers Corp. (Retail REITs)		53		3,274
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		37		26,586
Regions Financial Corp. (Banks)		321		5,720
Republic Services, Inc. (Commercial Services & Supplies)		70		10,722
ResMed, Inc. (Health Care Equipment & Supplies)		50		10,925
Revvity, Inc. (Life Sciences Tools & Services)		43		5,108
Robert Half International, Inc. (Professional Services)		37		2,783
Rockwell Automation, Inc. (Electrical Equipment)		39		12,849
Rollins, Inc. (Commercial Services & Supplies)		79		3,384
Roper Technologies, Inc. (Software)		36		17,309
Ross Stores, Inc. (Specialty Retail)		117		13,119
Royal Caribbean Cruises, Ltd.* (Hotels, Restaurants & Leisure)		75		7,781
S&P Global, Inc. (Capital Markets)		112		44,900
Salesforce, Inc.* (Software)		335		70,772
SBA Communications Corp. (Specialized REITs)		37		8,575
Schlumberger N.V. (Energy Equipment & Services)		487		23,921
Seagate Technology Holdings PLC (Technology Hardware, Storage & Peripherals)		66		4,083
Sealed Air Corp. (Containers & Packaging)		49		1,960
Sempra Energy (Multi-Utilities)		108		15,725
ServiceNow, Inc.* (Software)		70		39,338
Simon Property Group, Inc. (Retail REITs)		112		12,934
Skyworks Solutions, Inc. (Semiconductors & Semiconductor Equipment)		54		5,977
Snap-on, Inc. (Machinery)		18		5,187
SolarEdge Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		19		5,112
Southwest Airlines Co. (Passenger Airlines)		203		7,351
Stanley Black & Decker, Inc. (Machinery)		52		4,873
Starbucks Corp. (Hotels, Restaurants & Leisure)		392		38,831
State Street Corp. (Capital Markets)		114		8,343
Steel Dynamics, Inc. (Metals & Mining)		55		5,991
STERIS PLC (Health Care Equipment & Supplies)		34		7,649
Stryker Corp. (Health Care Equipment & Supplies)		115		35,085
Synchrony Financial (Consumer Finance)		146		4,952
Synopsys, Inc.* (Software)		52		22,641
Sysco Corp. (Consumer Staples Distribution & Retail)		173		12,837
T. Rowe Price Group, Inc. (Capital Markets)		77		8,626
Take-Two Interactive Software, Inc.* (Entertainment)		54		7,947
Tapestry, Inc. (Textiles, Apparel & Luxury Goods)		79		3,381
Targa Resources Corp. (Oil, Gas & Consumable Fuels)		77		5,860
Target Corp. (Consumer Staples Distribution & Retail)		158		20,840
TE Connectivity, Ltd. (Electronic Equipment, Instruments & Components)		108		15,137
Teledyne Technologies, Inc.* (Electronic Equipment, Instruments & Components)		16		6,578
Teleflex, Inc. (Health Care Equipment & Supplies)		16		3,872
Teradyne, Inc. (Semiconductors & Semiconductor Equipment)		53		5,900
Tesla, Inc.* (Automobile Components)		921		241,090
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		310		55,806
Textron, Inc. (Aerospace & Defense)		69		4,666
The AES Corp. (Independent Power and Renewable Electricity Producers)		229		4,747
The Allstate Corp. (Insurance)		90		9,814
The Bank of New York Mellon Corp. (Capital Markets)		245		10,907
The Boeing Co.* (Aerospace & Defense)		193		40,754
The Charles Schwab Corp. (Capital Markets)		508		28,793
The Cigna Group (Health Care Providers & Services)		101		28,341
The Clorox Co. (Household Products)		42		6,680
The Coca-Cola Co. (Beverages)		1,330		80,093

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 147

Common Stocks, continued

	Shares		Value
The Cooper Cos., Inc. (Health Care Equipment & Supplies)		17	$	6,518
The Estee Lauder Cos., Inc. (Personal Care Products)		79		15,514
The Goldman Sachs Group, Inc. (Capital Markets)		114		36,770
The Hershey Co. (Food Products)		50		12,485
The Home Depot, Inc. (Specialty Retail)		346		107,481
The Interpublic Group of Cos., Inc. (Media)		132		5,093
The JM Smucker Co. (Food Products)		36		5,316
The Kraft Heinz Co. (Food Products)		273		9,692
The Kroger Co. (Consumer Staples Distribution & Retail)		223		10,481
The Mosaic Co. (Chemicals)		114		3,990
The PNC Financial Services Group, Inc. (Banks)		136		17,129
The Procter & Gamble Co. (Household Products)		806		122,302
The Progressive Corp. (Insurance)		200		26,474
The Sherwin-Williams Co. (Chemicals)		80		21,242
The Southern Co. (Electric Utilities)		373		26,203
The TJX Cos., Inc. (Specialty Retail)		394		33,407
The Travelers Cos., Inc. (Insurance)		79		13,719
The Walt Disney Co.* (Entertainment)		625		55,800
The Williams Cos., Inc. (Oil, Gas & Consumable Fuels)		416		13,574
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Services)		132		68,871
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		197		27,363
Tractor Supply Co. (Specialty Retail)		37		8,181
Trane Technologies PLC (Building Products)		78		14,918
TransDigm Group, Inc. (Aerospace & Defense)		18		16,095
Trimble, Inc.* (Electronic Equipment, Instruments & Components)		85		4,500
Truist Financial Corp. (Banks)		455		13,809
Tyler Technologies, Inc.* (Software)		14		5,831
Tyson Foods, Inc.—Class A (Food Products)		98		5,002
U.S. Bancorp (Banks)		477		15,760
UDR, Inc. (Residential REITs)		106		4,554
Ulta Beauty, Inc.* (Specialty Retail)		17		8,000
Union Pacific Corp. (Ground Transportation)		208		42,561
United Airlines Holdings, Inc.* (Passenger Airlines)		112		6,145
United Parcel Service, Inc.—Class B (Air Freight & Logistics)		248		44,454
United Rentals, Inc. (Trading Companies & Distributors)		23		10,244
UnitedHealth Group, Inc. (Health Care Providers & Services)		318		152,843
Universal Health Services, Inc.—Class B (Health Care Providers & Services)		22		3,471
Valero Energy Corp. (Oil, Gas & Consumable Fuels)		124		14,545
Ventas, Inc. (Health Care REITs)		137		6,476
VeriSign, Inc.* (IT Services)		31		7,005
Verisk Analytics, Inc. (Professional Services)		49		11,075
Verizon Communications, Inc. (Diversified Telecommunication Services)		1,437		53,442
Vertex Pharmaceuticals, Inc.* (Biotechnology)		88		30,968
VF Corp. (Textiles, Apparel & Luxury Goods)		113		2,157
Viatris, Inc. (Pharmaceuticals)		410		4,092
VICI Properties, Inc. (Specialized REITs)		343		10,780
Visa, Inc.—Class A (Financial Services)		553		131,326
Vulcan Materials Co. (Construction Materials)		45		10,145
W.R. Berkley Corp. (Insurance)		69		4,110
W.W. Grainger, Inc. (Trading Companies & Distributors)		15		11,828
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		245		6,980
Walmart, Inc. (Consumer Staples Distribution & Retail)		479		75,289
Warner Bros. Discovery, Inc.* (Entertainment)		758		9,505
Waste Management, Inc. (Commercial Services & Supplies)		127		22,024
Waters Corp.* (Life Sciences Tools & Services)		20		5,331
WEC Energy Group, Inc. (Multi-Utilities)		108		9,530
Wells Fargo & Co. (Banks)		1,283		54,758
Welltower, Inc. (Health Care REITs)		170		13,751
West Pharmaceutical Services, Inc. (Life Sciences Tools & Services)		25		9,562
Western Digital Corp.* (Technology Hardware, Storage & Peripherals)		109		4,134
Westinghouse Air Brake Technologies Corp. (Machinery)		61		6,690
Westrock Co. (Containers & Packaging)		88		2,558
Weyerhaeuser Co. (Specialized REITs)		250		8,378
Whirlpool Corp. (Household Durables)		19		2,827
Willis Towers Watson PLC (Insurance)		36		8,478
Wynn Resorts, Ltd. (Hotels, Restaurants & Leisure)		35		3,696
Xcel Energy, Inc. (Electric Utilities)		188		11,688
Xylem, Inc. (Machinery)		82		9,235
Yum! Brands, Inc. (Hotels, Restaurants & Leisure)		96		13,301
Zebra Technologies Corp.* (Electronic Equipment, Instruments & Components)		18		5,325
Zimmer Biomet Holdings, Inc. (Health Care Equipment & Supplies)		71		10,338
Zions Bancorp NA(b)  (Banks)		51		1,370
Zoetis, Inc. (Pharmaceuticals)		158		27,209
TOTAL COMMON STOCKS (Cost $5,567,200)				12,702,216

Repurchase Agreements^(c)(d)  (27.3%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $4,895,009	$	4,893,000	$	4,893,000
TOTAL REPURCHASE AGREEMENTS (Cost $4,893,000)				4,893,000

See accompanying notes to financial statements.

148 :: ProFund VP UltraBull :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

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

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(f)		33,223	$	33,223
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $33,223)				33,223
TOTAL INVESTMENT SECURITIES (Cost $10,493,423)—98.2%				17,628,439
Net other assets (liabilities)—1.8%				322,556
NET ASSETS—100.0%			$	17,950,995

* Non-income producing security.

^(a) Number of shares is less than 0.50

^(b) All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $32,685.

^(c) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $2,566,000.

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

^(e) Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(f) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT Real Estate Investment Trust

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures Contracts	3	9/18/23	$	673,238	$	23,266

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P 500	Goldman Sachs International	7/27/23		5.67	%	$	11,268,362	$	178,467
SPDR S&P 500 ETF	Goldman Sachs International	7/27/23		5.58	%		3,570,708		55,636
						$	14,839,070	$	234,103
S&P 500	UBS AG	7/27/23		5.57	%	$	6,012,463	$	89,397
SPDR S&P 500 ETF	UBS AG	7/27/23		5.17	%		1,653,524		25,819
						$	7,665,987	$	115,216
						$	22,505,057	$	349,319

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraBull :: 149

ProFund VP UltraBull invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	211,586		1.1	%
Air Freight & Logistics		74,111		0.4	%
Automobile Components		293,031		1.6	%
Banks		380,099		2.1	%
Beverages		213,287		1.2	%
Biotechnology		243,745		1.4	%
Broadline Retail		409,460		2.2	%
Building Products		56,247		0.3	%
Capital Markets		336,093		1.9	%
Chemicals		217,742		1.2	%
Commercial Services & Supplies		64,450		0.4	%
Communications Equipment		109,446		0.6	%
Construction & Engineering		9,823		0.1	%
Construction Materials		19,840		0.1	%
Consumer Finance		64,808		0.4	%
Consumer Staples Distribution & Retail		231,183		1.3	%
Containers & Packaging		28,518		0.2	%
Distributors		18,063		0.1	%
Diversified REITs		2,419		NM
Diversified Telecommunication Services		92,424		0.5	%
Electric Utilities		214,934		1.2	%
Electrical Equipment		73,744		0.4	%
Electronic Equipment, Instruments & Components		76,621		0.4	%
Energy Equipment & Services		45,019		0.3	%
Entertainment		176,868		1.0	%
Financial Services		530,109		2.9	%
Food Products		132,507		0.7	%
Gas Utilities		5,701		NM
Ground Transportation		100,479		0.6	%
Health Care Equipment & Supplies		366,801		2.0	%
Health Care Providers & Services		367,008		2.0	%
Health Care REITs		23,986		0.1	%
Hotel & Resort REITs		4,090		NM
Hotels, Restaurants & Leisure		262,539		1.5	%
Household Durables		47,285		0.3	%
Household Products		175,057		1.0	%
Independent Power and Renewable Electricity Producers		4,747		NM
Industrial Conglomerates		106,884		0.6	%
Industrial REITs		38,751		0.2	%
Insurance		262,362		1.5	%
Interactive Media & Services		675,378		3.7	%
IT Services		147,144		0.8	%
Leisure Products		2,915		NM
Life Sciences Tools & Services		200,911		1.1	%
Machinery		225,622		1.2	%
Media		94,575		0.5	%
Metals & Mining		51,297		0.3	%
Multi-Utilities		92,519		0.5	%
Office REITs		8,950		NM
Oil, Gas & Consumable Fuels		477,498		2.6	%
Passenger Airlines		30,295		0.2	%
Personal Care Products		15,514		0.1	%
Pharmaceuticals		525,689		3.0	%
Professional Services		108,587		0.6	%
Real Estate Management & Development		8,555		NM
Residential REITs		43,540		0.3	%
Retail REITs		34,140		0.2	%
Semiconductors & Semiconductor Equipment		936,300		5.2	%
Software		1,310,776		7.4	%
Specialized REITs		140,197		0.9	%
Specialty Retail		265,594		1.5	%
Technology Hardware, Storage & Peripherals		1,010,652		5.6	%
Textiles, Apparel & Luxury Goods		53,730		0.3	%
Tobacco		79,469		0.4	%
Trading Companies & Distributors		33,575		0.2	%
Water Utilities		9,564		0.1	%
Wireless Telecommunication Services		27,363		0.2	%
Other**		5,248,779		29.3	%
Total	$	17,950,995		100.0	%

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

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

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

150 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (70.7%)

	Shares		Value
Acadia Healthcare Co., Inc.* (Health Care Providers & Services)		276	$	21,981
ACI Worldwide, Inc.* (Software)		325		7,530
Acuity Brands, Inc. (Electrical Equipment)		95		15,493
Adient PLC* (Automobile Components)		284		10,883
Advanced Drainage Systems, Inc. (Building Products)		188		21,391
AECOM (Construction & Engineering)		417		35,315
Affiliated Managers Group, Inc. (Capital Markets)		108		16,188
AGCO Corp. (Machinery)		187		24,576
Agree Realty Corp. (Retail REITs)		280		18,309
Alcoa Corp. (Metals & Mining)		536		18,186
Allegro MicroSystems, Inc.* (Semiconductors & Semiconductor Equipment)		196		8,847
ALLETE, Inc. (Electric Utilities)		172		9,971
Amedisys, Inc.* (Health Care Providers & Services)		98		8,961
American Financial Group, Inc. (Insurance)		210		24,938
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		302		8,985
Annaly Capital Management, Inc. (Mortgage REITs)		1,484		29,695
Antero Midstream Corp. (Oil, Gas & Consumable Fuels)		1,008		11,693
Antero Resources Corp.* (Oil, Gas & Consumable Fuels)		829		19,092
Apartment Income REIT Corp. (Residential REITs)		448		16,168
AptarGroup, Inc. (Containers & Packaging)		197		22,824
Aramark (Hotels, Restaurants & Leisure)		782		33,664
Arrow Electronics, Inc.* (Electronic Equipment, Instruments & Components)		170		24,349
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		321		11,447
ASGN, Inc.* (Professional Services)		148		11,193
Ashland, Inc. (Chemicals)		146		12,689
Aspen Technology, Inc.* (Software)		88		14,750
Associated Banc-Corp. (Banks)		453		7,352
Autoliv, Inc. (Automobile Components)		232		19,729
AutoNation, Inc.* (Specialty Retail)		94		15,473
Avient Corp. (Chemicals)		257		10,511
Avis Budget Group, Inc.* (Ground Transportation)		72		16,464
Avnet, Inc. (Electronic Equipment, Instruments & Components)		274		13,823
Axalta Coating Systems, Ltd.* (Chemicals)		665		21,819
Azenta, Inc.* (Life Sciences Tools & Services)		196		9,149
Bank OZK(a)  (Banks)		324		13,012
Belden, Inc. (Electronic Equipment, Instruments & Components)		128		12,243
BellRing Brands, Inc.* (Personal Care Products)		399		14,604
Berry Global Group, Inc. (Containers & Packaging)		358		23,034
BJ's Wholesale Club Holdings, Inc.* (Consumer Staples Distribution & Retail)		403		25,393
Black Hills Corp. (Multi-Utilities)		200		12,052
Blackbaud, Inc.* (Software)		136		9,680
Boyd Gaming Corp. (Hotels, Restaurants & Leisure)		230		15,955
Brighthouse Financial, Inc.* (Insurance)		201		9,517
Brixmor Property Group, Inc. (Retail REITs)		902		19,844
Bruker Corp. (Life Sciences Tools & Services)		300		22,176
Brunswick Corp. (Leisure Products)		212		18,368
Builders FirstSource, Inc.* (Building Products)		385		52,360
BWX Technologies, Inc. (Aerospace & Defense)		275		19,682
Cable One, Inc. (Media)		14		9,199
Cabot Corp. (Chemicals)		169		11,304
CACI International, Inc.*—Class A (Professional Services)		68		23,177
Cadence Bank (Banks)		548		10,763
Calix, Inc.* (Communications Equipment)		173		8,634
Capri Holdings, Ltd.* (Textiles, Apparel & Luxury Goods)		377		13,531
Carlisle Cos., Inc. (Building Products)		153		39,249
Carter's, Inc. (Textiles, Apparel & Luxury Goods)		113		8,204
Casey's General Stores, Inc. (Consumer Staples Distribution & Retail)		112		27,315
Cathay General Bancorp (Banks)		218		7,017
Celsius Holdings, Inc.* (Beverages)		122		18,202
ChampionX Corp. (Energy Equipment & Services)		594		18,438
Chart Industries, Inc.* (Machinery)		126		20,134
Chemed Corp. (Health Care Providers & Services)		45		24,375
Choice Hotels International, Inc.(a)  (Hotels, Restaurants & Leisure)		80		9,402
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		125		19,225
Churchill Downs, Inc. (Hotels, Restaurants & Leisure)		198		27,556
Ciena Corp.* (Communications Equipment)		448		19,036
Cirrus Logic, Inc.* (Semiconductors & Semiconductor Equipment)		166		13,448
Clean Harbors, Inc.* (Commercial Services & Supplies)		151		24,829
Cleveland-Cliffs, Inc.* (Metals & Mining)		1,546		25,911
CNO Financial Group, Inc. (Insurance)		344		8,142
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		497		8,807
Coca-Cola Consolidated, Inc. (Beverages)		14		8,904
Cognex Corp. (Electronic Equipment, Instruments & Components)		518		29,019
Coherent Corp.* (Electronic Equipment, Instruments & Components)		418		21,310
Columbia Banking System, Inc. (Banks)		626		12,695
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods)		106		8,187
Commerce Bancshares, Inc. (Banks)		341		16,607
Commercial Metals Co. (Metals & Mining)		352		18,536
CommVault Systems, Inc.* (Software)		132		9,586
Concentrix Corp. (Professional Services)		128		10,336
Corporate Office Properties Trust (Office REITs)		338		8,028
Coty, Inc.*—Class A (Personal Care Products)		1,101		13,531
Cousins Properties, Inc. (Office REITs)		455		10,374
Crane Co. (Machinery)		145		12,922
Crane NXT Co. (Machinery)		145		8,184
Crocs, Inc.* (Textiles, Apparel & Luxury Goods)		186		20,914
Crown Holdings, Inc. (Containers & Packaging)		361		31,360
CubeSmart (Specialized REITs)		674		30,101
Cullen/Frost Bankers, Inc. (Banks)		193		20,753

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 151

Common Stocks, continued

	Shares		Value
Curtiss-Wright Corp. (Aerospace & Defense)		115	$	21,121
Darling Ingredients, Inc.* (Food Products)		479		30,555
Deckers Outdoor Corp.* (Textiles, Apparel & Luxury Goods)		79		41,685
Dick's Sporting Goods, Inc. (Specialty Retail)		185		24,455
Donaldson Co., Inc. (Machinery)		364		22,754
Doximity, Inc.*—Class A (Health Care Technology)		356		12,111
Dropbox, Inc.*—Class A (Software)		816		21,763
DT Midstream, Inc. (Oil, Gas & Consumable Fuels)		291		14,425
Dynatrace, Inc.* (Software)		651		33,507
Eagle Materials, Inc. (Construction Materials)		108		20,133
East West Bancorp, Inc. (Banks)		425		22,435
EastGroup Properties, Inc. (Industrial REITs)		133		23,089
EMCOR Group, Inc. (Construction & Engineering)		143		26,424
Encompass Health Corp. (Health Care Providers & Services)		301		20,381
Energizer Holdings, Inc. (Household Products)		200		6,716
EnerSys (Electrical Equipment)		123		13,348
Enovis Corp.* (Health Care Equipment & Supplies)		144		9,233
Envestnet, Inc.* (Software)		163		9,674
Envista Holdings Corp.* (Health Care Equipment & Supplies)		491		16,615
EPR Properties (Specialized REITs)		226		10,577
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,300		12,428
Esab Corp. (Machinery)		155		10,314
Essent Group, Ltd. (Financial Services)		322		15,070
Essential Utilities, Inc. (Water Utilities)		722		28,815
Euronet Worldwide, Inc.* (Financial Services)		142		16,667
Evercore, Inc. (Capital Markets)		106		13,101
Exelixis, Inc.* (Biotechnology)		978		18,690
ExlService Holdings, Inc.* (Professional Services)		100		15,106
Exponent, Inc. (Professional Services)		153		14,278
F.N.B. Corp. (Banks)		1,084		12,401
Federated Hermes, Inc. (Capital Markets)		255		9,142
First American Financial Corp. (Insurance)		310		17,676
First Financial Bankshares, Inc. (Banks)		390		11,111
First Horizon Corp. (Banks)		1,614		18,190
First Industrial Realty Trust, Inc. (Industrial REITs)		397		20,898
FirstCash Holdings, Inc. (Consumer Finance)		111		10,360
Five Below, Inc.* (Specialty Retail)		167		32,822
Flowers Foods, Inc. (Food Products)		579		14,406
Flowserve Corp. (Machinery)		394		14,637
Fluor Corp.* (Construction & Engineering)		430		12,728
Foot Locker, Inc.(a)  (Specialty Retail)		238		6,452
Fortune Brands Innovations, Inc. (Building Products)		380		27,341
Fox Factory Holding Corp.* (Automobile Components)		127		13,781
Frontier Communications Parent, Inc.* (Diversified Telecommunication Services)		670		12,489
FTI Consulting, Inc.* (Professional Services)		102		19,400
GameStop Corp.*(a)—Class A (Specialty Retail)		759		18,406
GATX Corp. (Trading Companies & Distributors)		106		13,646
Genpact, Ltd. (Professional Services)		509		19,123
Gentex Corp. (Automobile Components)		702		20,540
Glacier Bancorp, Inc. (Banks)		333		10,380
Globus Medical, Inc.* (Health Care Equipment & Supplies)		240		14,290
Graco, Inc. (Machinery)		505		43,606
Graham Holdings Co.—Class B (Diversified Consumer Services)		11		6,286
Grand Canyon Education, Inc.* (Diversified Consumer Services)		92		9,495
Graphic Packaging Holding Co. (Containers & Packaging)		922		22,156
Greif, Inc.—Class A (Containers & Packaging)		78		5,373
Grocery Outlet Holding Corp.* (Consumer Staples Distribution & Retail)		268		8,203
GXO Logistics, Inc.* (Air Freight & Logistics)		357		22,427
H&R Block, Inc. (Diversified Consumer Services)		457		14,565
Haemonetics Corp.* (Health Care Equipment & Supplies)		151		12,856
Halozyme Therapeutics, Inc.* (Biotechnology)		395		14,248
Hancock Whitney Corp. (Banks)		258		9,902
Harley-Davidson, Inc. (Automobile Components)		393		13,838
Hawaiian Electric Industries, Inc. (Electric Utilities)		329		11,910
Healthcare Realty Trust, Inc. (Health Care REITs)		1,143		21,557
HealthEquity, Inc.* (Health Care Providers & Services)		257		16,227
Helen of Troy, Ltd.* (Household Durables)		72		7,777
Hertz Global Holdings, Inc.* (Ground Transportation)		473		8,698
Hexcel Corp. (Aerospace & Defense)		253		19,233
HF Sinclair Corp. (Oil, Gas & Consumable Fuels)		387		17,264
Highwoods Properties, Inc. (Office REITs)		317		7,579
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		231		10,497
Home BancShares, Inc. (Banks)		566		12,905
Hubbell, Inc. (Electrical Equipment)		161		53,381
ICU Medical, Inc.* (Health Care Equipment & Supplies)		61		10,870
IDACORP, Inc. (Electric Utilities)		152		15,595
Inari Medical, Inc.* (Health Care Equipment & Supplies)		154		8,954
Independence Realty Trust, Inc. (Residential REITs)		673		12,262
Ingredion, Inc. (Food Products)		198		20,978
Insperity, Inc. (Professional Services)		108		12,848
Integra LifeSciences Holdings Corp.* (Health Care Equipment & Supplies)		214		8,802
Interactive Brokers Group, Inc. (Capital Markets)		309		25,668
International Bancshares Corp. (Banks)		158		6,984
IPG Photonics Corp.* (Electronic Equipment, Instruments & Components)		94		12,767
Iridium Communications, Inc. (Diversified Telecommunication Services)		378		23,481
ITT, Inc. (Machinery)		247		23,023
Jabil, Inc. (Electronic Equipment, Instruments & Components)		398		42,957

See accompanying notes to financial statements.

152 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Janus Henderson Group PLC (Capital Markets)		398	$	10,846
Jazz Pharmaceuticals PLC* (Pharmaceuticals)		192		23,802
Jefferies Financial Group, Inc. (Capital Markets)		561		18,608
JetBlue Airways Corp.* (Passenger Airlines)		984		8,718
Jones Lang LaSalle, Inc.* (Real Estate Management & Development)		143		22,279
KB Home (Household Durables)		241		12,462
KBR, Inc. (Professional Services)		407		26,480
Kemper Corp. (Insurance)		192		9,266
Kilroy Realty Corp. (Office REITs)		316		9,508
Kinsale Capital Group, Inc. (Insurance)		65		24,323
Kirby Corp.* (Marine Transportation)		180		13,851
Kite Realty Group Trust (Retail REITs)		658		14,700
Knife River Corp.* (Construction Materials)		153		6,656
Knight-Swift Transportation Holdings, Inc. (Ground Transportation)		483		26,835
Kohl's Corp. (Broadline Retail)		332		7,653
Kyndryl Holdings, Inc.* (IT Services)		615		8,167
Lamar Advertising Co.—Class A (Specialized REITs)		263		26,103
Lancaster Colony Corp. (Food Products)		59		11,864
Landstar System, Inc. (Ground Transportation)		108		20,794
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		205		17,204
Lattice Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		413		39,677
Lear Corp. (Automobile Components)		177		25,407
Leggett & Platt, Inc. (Household Durables)		400		11,848
Lennox International, Inc. (Building Products)		97		31,629
Life Storage, Inc. (Specialized REITs)		255		33,905
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		274		18,840
Lincoln Electric Holdings, Inc. (Machinery)		173		34,362
Lithia Motors, Inc. (Specialty Retail)		83		25,241
Littelfuse, Inc. (Electronic Equipment, Instruments & Components)		75		21,848
LivaNova PLC* (Health Care Equipment & Supplies)		161		8,280
Louisiana-Pacific Corp. (Paper & Forest Products)		216		16,196
Lumentum Holdings, Inc.* (Communications Equipment)		206		11,686
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		155		10,157
Macy's, Inc. (Broadline Retail)		817		13,113
Manhattan Associates, Inc.* (Software)		186		37,178
ManpowerGroup, Inc. (Professional Services)		151		11,989
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure)		110		13,499
Masimo Corp.* (Health Care Equipment & Supplies)		146		24,024
MasTec, Inc.* (Construction & Engineering)		179		21,117
Matador Resources Co. (Oil, Gas & Consumable Fuels)		340		17,789
Mattel, Inc.* (Leisure Products)		1,063		20,771
Maximus, Inc. (Professional Services)		182		15,381
MDU Resources Group, Inc. (Construction & Engineering)		611		12,794
Medical Properties Trust, Inc.(a)  (Health Care REITs)		1,796		16,631
Medpace Holdings, Inc.* (Life Sciences Tools & Services)		74		17,773
Mercury Systems, Inc.* (Aerospace & Defense)		175		6,053
MGIC Investment Corp. (Financial Services)		860		13,579
MKS Instruments, Inc. (Semiconductors & Semiconductor Equipment)		172		18,593
MP Materials Corp.* (Metals & Mining)		277		6,338
MSA Safety, Inc. (Commercial Services & Supplies)		111		19,310
MSC Industrial Direct Co., Inc. (Trading Companies & Distributors)		142		13,530
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		440		16,852
Murphy USA, Inc. (Specialty Retail)		60		18,667
National Fuel Gas Co. (Gas Utilities)		276		14,175
National Instruments Corp. (Electronic Equipment, Instruments & Components)		395		22,673
National Storage Affiliates Trust (Specialized REITs)		247		8,603
NCR Corp.* (Software)		421		10,609
Neogen Corp.* (Health Care Equipment & Supplies)		649		14,116
Neurocrine Biosciences, Inc.* (Biotechnology)		293		27,630
New Jersey Resources Corp. (Gas Utilities)		291		13,735
New York Community Bancorp, Inc. (Banks)		2,168		24,367
NewMarket Corp. (Chemicals)		20		8,042
Nexstar Media Group, Inc. (Media)		108		17,987
NNN REIT, Inc. (Retail REITs)		547		23,406
Nordstrom, Inc. (Broadline Retail)		339		6,939
NorthWestern Corp. (Multi-Utilities)		179		10,160
NOV, Inc. (Energy Equipment & Services)		1,182		18,959
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		107		19,699
nVent Electric PLC (Electrical Equipment)		497		25,680
OGE Energy Corp. (Electric Utilities)		601		21,581
Old National Bancorp (Banks)		878		12,239
Old Republic International Corp. (Insurance)		817		20,564
Olin Corp. (Chemicals)		361		18,552
Ollie's Bargain Outlet Holdings, Inc.* (Broadline Retail)		173		10,022
Omega Healthcare Investors, Inc. (Health Care REITs)		703		21,575
Omnicell, Inc.* (Health Care Equipment & Supplies)		135		9,945
ONE Gas, Inc.(a)  (Gas Utilities)		166		12,750
Option Care Health, Inc.* (Health Care Providers & Services)		496		16,115
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		158		12,713
Oshkosh Corp. (Machinery)		196		16,972
Ovintiv, Inc. (Oil, Gas & Consumable Fuels)		734		27,943
Owens Corning (Building Products)		270		35,235
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		89		6,571
Park Hotels & Resorts, Inc. (Hotel & Resort REITs)		647		8,295
Patterson Cos., Inc. (Health Care Providers & Services)		261		8,681
Paylocity Holding Corp.* (Professional Services)		124		22,882

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 153

Common Stocks, continued

	Shares		Value
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		329	$	13,469
PDC Energy, Inc. (Oil, Gas & Consumable Fuels)		263		18,710
Penn Entertainment, Inc.* (Hotels, Restaurants & Leisure)		463		11,126
Penumbra, Inc.* (Health Care Equipment & Supplies)		115		39,567
Performance Food Group Co.* (Consumer Staples Distribution & Retail)		469		28,253
Perrigo Co. PLC (Pharmaceuticals)		406		13,784
Physicians Realty Trust (Health Care REITs)		716		10,017
Pilgrim's Pride Corp.* (Food Products)		135		2,901
Pinnacle Financial Partners, Inc. (Banks)		230		13,030
Planet Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		255		17,197
PNM Resources, Inc. (Electric Utilities)		258		11,636
Polaris, Inc. (Leisure Products)		161		19,470
Portland General Electric Co. (Electric Utilities)		290		13,581
Post Holdings, Inc.* (Food Products)		161		13,951
PotlatchDeltic Corp. (Specialized REITs)		240		12,684
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		172		16,283
Primerica, Inc. (Insurance)		109		21,556
Progyny, Inc.* (Health Care Providers & Services)		230		9,048
Prosperity Bancshares, Inc. (Banks)		283		15,984
PVH Corp. (Textiles, Apparel & Luxury Goods)		188		15,974
Qualys, Inc.* (Software)		101		13,046
QuidelOrtho Corp.* (Health Care Equipment & Supplies)		162		13,423
R1 RCM, Inc.* (Health Care Providers & Services)		414		7,638
Range Resources Corp. (Oil, Gas & Consumable Fuels)		724		21,286
Rayonier, Inc. (Specialized REITs)		445		13,973
Regal Rexnord Corp. (Electrical Equipment)		199		30,626
Reinsurance Group of America, Inc. (Insurance)		200		27,738
Reliance Steel & Aluminum Co. (Metals & Mining)		176		47,800
RenaissanceRe Holdings, Ltd. (Insurance)		151		28,165
Repligen Corp.* (Life Sciences Tools & Services)		155		21,926
Rexford Industrial Realty, Inc. (Industrial REITs)		603		31,489
RH* (Specialty Retail)		54		17,798
RLI Corp. (Insurance)		122		16,649
Royal Gold, Inc. (Metals & Mining)		197		22,612
RPM International, Inc. (Chemicals)		387		34,725
Ryder System, Inc. (Ground Transportation)		140		11,871
Sabra Health Care REIT, Inc. (Health Care REITs)		694		8,168
Saia, Inc.* (Ground Transportation)		80		27,394
Science Applications International Corp. (Professional Services)		162		18,222
SEI Investments Co. (Capital Markets)		304		18,124
Selective Insurance Group, Inc. (Insurance)		182		17,463
Sensient Technologies Corp. (Chemicals)		127		9,034
Service Corp. International (Diversified Consumer Services)		454		29,324
Shockwave Medical, Inc.* (Health Care Equipment & Supplies)		110		31,395
Silgan Holdings, Inc. (Containers & Packaging)		252		11,816
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		96		15,143
Simpson Manufacturing Co., Inc. (Building Products)		128		17,728
Skechers U.S.A., Inc.*—Class A (Textiles, Apparel & Luxury Goods)		403		21,222
SLM Corp. (Consumer Finance)		728		11,881
Sonoco Products Co. (Containers & Packaging)		294		17,352
Sotera Health Co.* (Life Sciences Tools & Services)		297		5,595
SouthState Corp. (Banks)		228		15,002
Southwest Gas Holdings, Inc. (Gas Utilities)		197		12,539
Southwestern Energy Co.* (Oil, Gas & Consumable Fuels)		3,306		19,869
Spire, Inc. (Gas Utilities)		158		10,024
Spirit Realty Capital, Inc. (Retail REITs)		424		16,697
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		309		11,350
STAAR Surgical Co.* (Health Care Equipment & Supplies)		145		7,623
STAG Industrial, Inc. (Industrial REITs)		538		19,303
Starwood Property Trust, Inc. (Mortgage REITs)		937		18,178
Stericycle, Inc.* (Commercial Services & Supplies)		278		12,910
Stifel Financial Corp. (Capital Markets)		319		19,035
Sunrun, Inc.* (Electrical Equipment)		647		11,555
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		137		34,147
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		119		10,160
Syneos Health, Inc.* (Life Sciences Tools & Services)		311		13,106
Synovus Financial Corp. (Banks)		439		13,280
Taylor Morrison Home Corp.* (Household Durables)		328		15,997
TD SYNNEX Corp. (Electronic Equipment, Instruments & Components)		125		11,750
TEGNA, Inc. (Media)		676		10,978
Tempur Sealy International, Inc. (Household Durables)		517		20,716
Tenet Healthcare Corp.* (Health Care Providers & Services)		306		24,902
Teradata Corp.* (Software)		303		16,183
Terex Corp. (Machinery)		204		12,205
Tetra Tech, Inc. (Commercial Services & Supplies)		160		26,199
Texas Capital Bancshares, Inc.* (Banks)		144		7,416
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure)		201		22,568
The Boston Beer Co., Inc.*—Class A (Beverages)		28		8,636
The Brink's Co. (Commercial Services & Supplies)		139		9,428
The Chemours Co. (Chemicals)		448		16,527
The Gap, Inc. (Specialty Retail)		640		5,715
The Goodyear Tire & Rubber Co.* (Automobile Components)		851		11,642
The Hanover Insurance Group, Inc. (Insurance)		107		12,094
The Middleby Corp.* (Machinery)		161		23,801
The New York Times Co.—Class A (Media)		492		19,376
The Scotts Miracle-Gro Co. (Chemicals)		123		7,711

See accompanying notes to financial statements.

154 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
The Timken Co. (Machinery)		198	$	18,123
The Toro Co. (Machinery)		313		31,815
The Wendy's Co. (Hotels, Restaurants & Leisure)		506		11,006
The Western Union Co. (Financial Services)		1,124		13,185
Thor Industries, Inc.(a)  (Automobile Components)		161		16,664
Toll Brothers, Inc. (Household Durables)		309		24,433
TopBuild Corp.* (Household Durables)		95		25,272
Topgolf Callaway Brands Corp.* (Leisure Products)		418		8,297
Travel + Leisure Co. (Hotels, Restaurants & Leisure)		229		9,238
Trex Co., Inc.* (Building Products)		327		21,438
TripAdvisor, Inc.* (Interactive Media & Services)		318		5,244
UFP Industries, Inc. (Building Products)		186		18,051
UGI Corp. (Gas Utilities)		628		16,938
UMB Financial Corp. (Banks)		131		7,978
Under Armour, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		566		4,087
Under Armour, Inc.*—Class C (Textiles, Apparel & Luxury Goods)		569		3,818
United Bankshares, Inc. (Banks)		404		11,987
United States Steel Corp. (Metals & Mining)		680		17,007
United Therapeutics Corp.* (Biotechnology)		141		31,125
Univar Solutions, Inc.* (Trading Companies & Distributors)		474		16,988
Universal Display Corp. (Semiconductors & Semiconductor Equipment)		131		18,881
Unum Group (Insurance)		556		26,521
US Foods Holding Corp.* (Consumer Staples Distribution & Retail)		680		29,919
Valaris, Ltd.* (Energy Equipment & Services)		181		11,390
Valley National Bancorp (Banks)		1,265		9,804
Valmont Industries, Inc. (Construction & Engineering)		63		18,336
Valvoline, Inc. (Specialty Retail)		416		15,604
Vicor Corp.* (Electrical Equipment)		67		3,618
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		383		11,260
Visteon Corp.* (Automobile Components)		85		12,207
Vontier Corp. (Electronic Equipment, Instruments & Components)		467		15,042
Vornado Realty Trust (Office REITs)		484		8,780
Voya Financial, Inc. (Financial Services)		295		21,154
Watsco, Inc.(a)  (Trading Companies & Distributors)		100		38,147
Watts Water Technologies, Inc.—Class A (Machinery)		82		15,066
Webster Financial Corp. (Banks)		525		19,819
Werner Enterprises, Inc. (Ground Transportation)		177		7,820
WESCO International, Inc. (Trading Companies & Distributors)		135		24,173
Westlake Corp. (Chemicals)		103		12,305
WEX, Inc.* (Financial Services)		129		23,487
Williams-Sonoma, Inc. (Specialty Retail)		197		24,653
Wingstop, Inc. (Hotels, Restaurants & Leisure)		90		18,014
Wintrust Financial Corp. (Banks)		184		13,362
Wolfspeed, Inc.*(a)  (Semiconductors & Semiconductor Equipment)		374		20,791
Woodward, Inc. (Aerospace & Defense)		180		21,404
World Wrestling Entertainment, Inc.—Class A (Entertainment)		130		14,101
Worthington Industries, Inc. (Metals & Mining)		91		6,322
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure)		258		17,691
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		339		5,048
XPO, Inc.* (Ground Transportation)		348		20,532
YETI Holdings, Inc.* (Leisure Products)		260		10,098
Ziff Davis, Inc.* (Interactive Media & Services)		142		9,949
ZoomInfo Technologies, Inc.* (Interactive Media & Services)		809		20,540
TOTAL COMMON STOCKS (Cost $4,234,486)				6,839,056

Repurchase Agreements^(b)(c)  (26.9%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $2,601,067	$	2,600,000	$	2,600,000
TOTAL REPURCHASE AGREEMENTS (Cost $2,600,000)				2,600,000

Collateral for Securities Loaned^(d)  (1.6%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		151,279	$	151,279
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $151,279)				151,279
TOTAL INVESTMENT SECURITIES (Cost $6,985,765)—99.2%				9,590,335
Net other assets (liabilities)—0.8%				81,140
NET ASSETS—100.0%			$	9,671,475

* Non-income producing security.

^(a) All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $147,965.

^(b) A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $1,416,000.

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

^(d) Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(e) Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraMid-Cap :: 155

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini S&P MidCap 400 Futures Contracts		4	9/18/23	$	1,057,640	$	34,754

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P MidCap 400	Goldman Sachs International	7/27/23		5.57	%	$	4,046,402	$	66,461
SPDR S&P MidCap 400 ETF	Goldman Sachs International	7/27/23		5.34	%		1,920,504		28,660
						$	5,966,906	$	95,121
S&P MidCap 400	UBS AG	7/27/23		5.42	%	$	4,490,757	$	80,979
SPDR S&P MidCap 400 ETF	UBS AG	7/27/23		5.37	%		989,617		18,350
						$	5,480,374	$	99,329
						$	11,447,280	$	194,450

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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.

156 :: ProFund VP UltraMid-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

ProFund VP UltraMid-Cap invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	87,493		0.9	%
Air Freight & Logistics		22,427		0.2	%
Automobile Components		144,691		1.5	%
Banks		356,775		3.7	%
Beverages		35,742		0.4	%
Biotechnology		103,140		1.1	%
Broadline Retail		37,727		0.4	%
Building Products		264,422		2.7	%
Capital Markets		130,712		1.4	%
Chemicals		163,219		1.6	%
Commercial Services & Supplies		92,676		1.0	%
Communications Equipment		39,356		0.4	%
Construction & Engineering		126,714		1.3	%
Construction Materials		26,789		0.3	%
Consumer Finance		22,241		0.2	%
Consumer Staples Distribution & Retail		130,433		1.3	%
Containers & Packaging		133,915		1.4	%
Diversified Consumer Services		59,670		0.6	%
Diversified Telecommunication Services		35,970		0.4	%
Electric Utilities		84,274		1.0	%
Electrical Equipment		153,701		1.6	%
Electronic Equipment, Instruments & Components		258,740		2.6	%
Energy Equipment & Services		48,787		0.5	%
Entertainment		14,101		0.1	%
Financial Services		103,142		1.1	%
Food Products		94,655		1.0	%
Gas Utilities		80,161		0.8	%
Ground Transportation		140,408		1.5	%
Health Care Equipment & Supplies		247,197		2.6	%
Health Care Providers & Services		158,309		1.6	%
Health Care REITs		77,948		0.8	%
Health Care Technology		12,111		0.1	%
Hotel & Resort REITs		8,295		0.1	%
Hotels, Restaurants & Leisure		242,824		2.6	%
Household Durables		118,505		1.2	%
Household Products		6,716		0.1	%
Independent Power and Renewable Electricity Producers		12,713		0.1	%
Industrial REITs		94,779		1.0	%
Insurance		264,612		2.7	%
Interactive Media & Services		35,733		0.4	%
IT Services		8,167		0.1	%
Leisure Products		77,004		0.8	%
Life Sciences Tools & Services		89,725		0.9	%
Machinery		332,494		3.3	%
Marine Transportation		13,851		0.1	%
Media		57,540		0.6	%
Metals & Mining		162,712		1.7	%
Mortgage REITs		47,873		0.5	%
Multi-Utilities		22,212		0.2	%
Office REITs		44,269		0.5	%
Oil, Gas & Consumable Fuels		238,852		2.5	%
Paper & Forest Products		16,196		0.2	%
Passenger Airlines		8,718		0.1	%
Personal Care Products		28,135		0.3	%
Pharmaceuticals		37,586		0.4	%
Professional Services		220,415		2.3	%
Real Estate Management & Development		22,279		0.2	%
Residential REITs		28,430		0.3	%
Retail REITs		92,956		1.0	%
Semiconductors & Semiconductor Equipment		180,965		1.9	%
Software		183,506		1.9	%
Specialized REITs		135,946		1.3	%
Specialty Retail		205,286		2.1	%
Technology Hardware, Storage & Peripherals		39,195		0.4	%
Textiles, Apparel & Luxury Goods		137,622		1.4	%
Trading Companies & Distributors		106,484		1.1	%
Water Utilities		28,815		0.3	%
Other**		2,832,419		29.3	%
Total	$	9,671,475		100.0	%

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

^REIT Real Estate Investment Trust

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraNasdaq-100 :: 157

Common Stocks (60.2%)

	Shares		Value
Activision Blizzard, Inc.* (Entertainment)		5,279	$	445,020
Adobe, Inc.* (Software)		3,080		1,506,089
Advanced Micro Devices, Inc.* (Semiconductors & Semiconductor Equipment)		10,813		1,231,709
Airbnb, Inc.*—Class A (Hotels, Restaurants & Leisure)		2,769		354,875
Align Technology, Inc.* (Health Care Equipment & Supplies)		514		181,771
Alphabet, Inc.*—Class A (Interactive Media & Services)		31,341		3,751,518
Alphabet, Inc.*—Class C (Interactive Media & Services)		30,403		3,677,851
Amazon.com, Inc.* (Broadline Retail)		53,105		6,922,767
American Electric Power Co., Inc. (Electric Utilities)		3,457		291,079
Amgen, Inc. (Biotechnology)		3,588		796,609
Analog Devices, Inc. (Semiconductors & Semiconductor Equipment)		3,367		655,925
ANSYS, Inc.* (Software)		582		192,217
Apple, Inc. (Technology Hardware, Storage & Peripherals)		65,477		12,700,574
Applied Materials, Inc. (Semiconductors & Semiconductor Equipment)		5,639		815,061
ASML Holding N.V.NYS  (Semiconductors & Semiconductor Equipment)		589		426,878
AstraZeneca PLCADR  (Pharmaceuticals)		3,974		284,419
Atlassian Corp.*—Class A (Software)		1,020		171,166
Autodesk, Inc.* (Software)		1,438		294,229
Automatic Data Processing, Inc. (Professional Services)		2,774		609,697
Baker Hughes Co. (Energy Equipment & Services)		6,798		214,885
Biogen, Inc.* (Biotechnology)		972		276,874
Booking Holdings, Inc.* (Hotels, Restaurants & Leisure)		248		669,682
Broadcom, Inc. (Semiconductors & Semiconductor Equipment)		2,799		2,427,936
Cadence Design Systems, Inc.* (Software)		1,831		429,406
Charter Communications, Inc.*—Class A (Media)		1,011		371,411
Cintas Corp. (Commercial Services & Supplies)		683		339,506
Cisco Systems, Inc. (Communications Equipment)		27,362		1,415,710
Cognizant Technology Solutions Corp.—Class A (IT Services)		3,407		222,409
Comcast Corp.—Class A (Media)		27,928		1,160,408
Constellation Energy Corp. (Electric Utilities)		2,178		199,396
Copart, Inc.* (Commercial Services & Supplies)		3,206		292,419
CoStar Group, Inc.* (Professional Services)		2,743		244,127
Costco Wholesale Corp. (Consumer Staples Distribution & Retail)		2,978		1,603,295
Crowdstrike Holdings, Inc.*—Class A (Software)		1,505		221,039
CSX Corp. (Ground Transportation)		13,651		465,499
Datadog, Inc.*—Class A (Software)		1,989		195,678
Dexcom, Inc.* (Health Care Equipment & Supplies)		2,603		334,512
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels)		1,216		159,734
Dollar Tree, Inc.* (Consumer Staples Distribution & Retail)		1,480		212,380
eBay, Inc. (Broadline Retail)		3,591		160,482
Electronic Arts, Inc. (Entertainment)		1,831		237,481
Enphase Energy, Inc.* (Semiconductors & Semiconductor Equipment)		920		154,082
Exelon Corp. (Electric Utilities)		6,678		272,062
Fastenal Co. (Trading Companies & Distributors)		3,834		226,168
Fortinet, Inc.* (Software)		5,272		398,510
GE HealthCare Technologies, Inc. (Health Care Equipment & Supplies)		3,053		248,026
Gilead Sciences, Inc. (Biotechnology)		8,375		645,461
GLOBALFOUNDRIES, Inc.*(a) (Semiconductors & Semiconductor Equipment)		3,678		237,525
Honeywell International, Inc. (Industrial Conglomerates)		4,470		927,525
IDEXX Laboratories, Inc.* (Health Care Equipment & Supplies)		557		279,742
Illumina, Inc.* (Life Sciences Tools & Services)		1,062		199,114
Intel Corp. (Semiconductors & Semiconductor Equipment)		28,006		936,521
Intuit, Inc. (Software)		1,880		861,397
Intuitive Surgical, Inc.* (Health Care Equipment & Supplies)		2,353		804,584
JD.com, Inc.ADR  (Broadline Retail)		3,048		104,028
Keurig Dr Pepper, Inc. (Beverages)		9,426		294,751
KLA Corp. (Semiconductors & Semiconductor Equipment)		921		446,703
Lam Research Corp. (Semiconductors & Semiconductor Equipment)		902		579,860
Lucid Group, Inc.*(a)  (Automobile Components)		12,316		84,857
Lululemon Athletica, Inc.* (Textiles, Apparel & Luxury Goods)		821		310,749
Marriott International, Inc.—Class A (Hotels, Restaurants & Leisure)		2,046		375,830
Marvell Technology, Inc. (Semiconductors & Semiconductor Equipment)		5,775		345,230
MercadoLibre, Inc.* (Broadline Retail)		337		399,210
Meta Platforms, Inc.*—Class A (Interactive Media & Services)		14,854		4,262,801
Microchip Technology, Inc. (Semiconductors & Semiconductor Equipment)		3,662		328,079
Micron Technology, Inc. (Semiconductors & Semiconductor Equipment)		7,348		463,732
Microsoft Corp. (Software)		38,325		13,051,197
Moderna, Inc.* (Biotechnology)		2,560		311,040
Mondelez International, Inc.—Class A (Food Products)		9,144		666,963
Monster Beverage Corp.* (Beverages)		7,028		403,688
Netflix, Inc.* (Entertainment)		2,985		1,314,862
NVIDIA Corp. (Semiconductors & Semiconductor Equipment)		16,585		7,015,786
NXP Semiconductors N.V. (Semiconductors & Semiconductor Equipment)		1,744		356,962

See accompanying notes to financial statements.

158 :: ProFund VP UltraNasdaq-100 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Old Dominion Freight Line, Inc. (Ground Transportation)		736	$	272,136
ON Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		2,900		274,282
O'Reilly Automotive, Inc.* (Specialty Retail)		409		390,717
PACCAR, Inc. (Machinery)		3,509		293,528
Palo Alto Networks, Inc.*(a)  (Software)		2,054		524,818
Paychex, Inc. (Professional Services)		2,421		270,837
PayPal Holdings, Inc.* (Financial Services)		7,492		499,941
PDD Holdings, Inc.*ADR  (Broadline Retail)		4,100		283,474
PepsiCo, Inc. (Beverages)		9,251		1,713,471
QUALCOMM, Inc. (Semiconductors & Semiconductor Equipment)		7,480		890,419
Regeneron Pharmaceuticals, Inc.* (Biotechnology)		724		520,223
Ross Stores, Inc. (Specialty Retail)		2,297		257,563
Seagen, Inc.* (Biotechnology)		1,259		242,307
Sirius XM Holdings, Inc.(a)  (Media)		25,975		117,667
Starbucks Corp. (Hotels, Restaurants & Leisure)		7,698		762,564
Synopsys, Inc.* (Software)		1,022		444,989
Tesla, Inc.* (Automobile Components)		16,405		4,294,337
Texas Instruments, Inc. (Semiconductors & Semiconductor Equipment)		6,094		1,097,042
The Kraft Heinz Co. (Food Products)		8,240		292,520
T-Mobile U.S., Inc.* (Wireless Telecommunication Services)		8,057		1,119,117
Verisk Analytics, Inc. (Professional Services)		972		219,701
Vertex Pharmaceuticals, Inc.* (Biotechnology)		1,729		608,452
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail)		5,793		165,043
Warner Bros. Discovery, Inc.* (Entertainment)		16,357		205,117
Workday, Inc.*—Class A (Software)		1,383		312,406
Xcel Energy, Inc. (Electric Utilities)		3,695		229,718
Zoom Video Communications, Inc.*—Class A (Software)		1,685		114,378
Zscaler, Inc.* (Software)		974		142,496
TOTAL COMMON STOCKS (Cost $37,112,128)				101,030,031

Repurchase Agreements^(b)(c)  (37.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $63,103,899	$	63,078,000	$	63,078,000
TOTAL REPURCHASE AGREEMENTS (Cost $63,078,000)				63,078,000

Collateral for Securities Loaned^(d)  (0.6%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(e)		974,034	$	974,034
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $974,034)				974,034
TOTAL INVESTMENT SECURITIES (Cost $101,164,162)—98.3%				165,082,065
Net other assets (liabilities)—1.7%				2,924,001
NET ASSETS—100.0%			$	168,006,066

* Non-income producing security.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $964,535.

^(b)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $25,651,000.

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

^(d)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(e)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^ADR  American Depositary Receipt

^NYS  New York Shares

Futures Contracts Purchased

	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Nasdaq-100 Futures Contracts		48	9/18/23	$	14,723,520	$	312,577

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraNasdaq-100 :: 159

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Invesco QQQ Trust, Series 1 ETF	Goldman Sachs International	7/27/23		5.47	%	$	57,365,447	$	738,807
Nasdaq-100 Index	Goldman Sachs International	7/27/23		5.67	%		98,748,351		1,504,656
						$	156,113,798	$	2,243,463
Invesco QQQ Trust, Series 1 ETF	UBS AG	7/27/23		5.47	%	$	17,294,508	$	253,947
Nasdaq-100 Index	UBS AG	7/27/23		5.87	%		47,488,158		709,547
						$	64,782,666	$	963,494
						$	220,896,464	$	3,206,957

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Automobile Components	$	4,379,194		2.6	%
Beverages		2,411,910		1.4	%
Biotechnology		3,400,966		2.0	%
Broadline Retail		7,869,961		4.6	%
Commercial Services & Supplies		631,925		0.4	%
Communications Equipment		1,415,710		0.8	%
Consumer Staples Distribution & Retail		1,980,718		1.2	%
Electric Utilities		992,255		0.6	%
Energy Equipment & Services		214,885		0.1	%
Entertainment		2,202,480		1.3	%
Financial Services		499,941		0.3	%
Food Products		959,483		0.6	%
Ground Transportation		737,635		0.4	%
Health Care Equipment & Supplies		1,848,635		1.1	%
Hotels, Restaurants & Leisure		2,162,951		1.3	%
Industrial Conglomerates		927,525		0.6	%
Interactive Media & Services		11,692,170		6.9	%
IT Services		222,409		0.1	%
Life Sciences Tools & Services		199,114		0.1	%
Machinery		293,528		0.2	%
Media		1,649,486		1.0	%
Oil, Gas & Consumable Fuels		159,734		0.1	%
Pharmaceuticals		284,419		0.2	%
Professional Services		1,344,362		0.8	%
Semiconductors & Semiconductor Equipment		18,683,732		11.2	%
Software		18,860,015		11.3	%
Specialty Retail		648,280		0.4	%
Technology Hardware, Storage & Peripherals		12,700,574		7.6	%
Textiles, Apparel & Luxury Goods		310,749		0.2	%
Trading Companies & Distributors		226,168		0.1	%
Wireless Telecommunication Services		1,119,117		0.7	%
Other**		66,976,035		39.8	%
Total	$	168,006,066		100.0	%

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

See accompanying notes to financial statements.

160 :: ProFund VP UltraShort Dow 30 :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Repurchase Agreement (77.3%)^(a)

	Principal Amount		Value
Repurchase Agreement with UMB Bank N.A., 4.82%, dated 6/30/23, due 7/3/23, total to be received $3,001	$	3,000	$	3,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,000)				3,000
TOTAL INVESTMENT SECURITIES (Cost $3,000)—77.3%				3,000
Net other assets (liabilities)—22.7%				881
NET ASSETS—100.0%			$	3,881

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Dow Jones Industrial Average	Goldman Sachs International	7/27/23		(5.42	)%	$	(4,633	)	$	(66	)
Dow Jones Industrial Average	UBS AG	7/27/23		(4.92	)%		(3,142	)		(43	)
						$	(7,775	)	$	(109	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraShort Nasdaq-100 :: 161

Repurchase Agreements^(a)(b)  (110.5%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $766,314	$	766,000	$	766,000
TOTAL REPURCHASE AGREEMENTS (Cost $766,000)				766,000
TOTAL INVESTMENT SECURITIES (Cost $766,000)—110.5%				766,000
Net other assets (liabilities)—(10.5)%				(72,479	)
NET ASSETS—100.0%			$	693,521

^(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $299,000.

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

Total Return Swap Agreements—Short

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Nasdaq-100 Index	Goldman Sachs International	7/27/23		(5.42	)%	$	(497,443	)	$	(10,051	)
Nasdaq-100 Index	UBS AG	7/27/23		(5.22	)%		(884,141	)		(13,258	)
						$	(1,381,584	)	$	(23,309	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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.

162 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks (73.3%)

	Shares		Value
1-800-Flowers.com, Inc.*—Class A (Specialty Retail)		109	$	850
1st Source Corp. (Banks)		70		2,935
23andMe Holding Co.*—Class A (Health Care Providers & Services)		1,090		1,908
2seventy bio, Inc.* (Biotechnology)		211		2,135
2U, Inc.* (Diversified Consumer Services)		332		1,338
374Water, Inc.* (Machinery)		248		593
3D Systems Corp.* (Machinery)		535		5,313
4D Molecular Therapeutics, Inc.* (Biotechnology)		132		2,385
5E Advanced Materials, Inc.* (Metals & Mining)		165		541
89bio, Inc.* (Biotechnology)		259		4,908
8x8, Inc.* (Software)		475		2,009
908 Devices, Inc.* (Electronic Equipment, Instruments & Components)		92		631
A10 Networks, Inc. (Software)		296		4,319
Aadi Bioscience, Inc.* (Biotechnology)		68		465
AAON, Inc. (Building Products)		190		18,014
AAR Corp.* (Aerospace & Defense)		145		8,375
Aaron's Co., Inc. (The) (Specialty Retail)		133		1,881
Abercrombie & Fitch Co.* (Specialty Retail)		205		7,724
ABM Industries, Inc. (Commercial Services & Supplies)		278		11,857
Acacia Research Corp.* (Financial Services)		159		661
Academy Sports & Outdoors, Inc. (Specialty Retail)		313		16,917
ACADIA Pharmaceuticals, Inc.* (Biotechnology)		508		12,167
Acadia Realty Trust (Retail REITs)		392		5,641
Accel Entertainment, Inc.* (Hotels, Restaurants & Leisure)		226		2,387
ACCO Brands Corp. (Commercial Services & Supplies)		388		2,021
Accolade, Inc.* (Health Care Providers & Services)		277		3,731
Accuray, Inc.* (Health Care Equipment & Supplies)		391		1,513
ACI Worldwide, Inc.* (Software)		455		10,542
Aclaris Therapeutics, Inc.* (Pharmaceuticals)		291		3,018
ACM Research, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		202		2,642
ACNB Corp. (Banks)		35		1,161
Acrivon Therapeutics, Inc.* (Biotechnology)		36		467
Actinium Pharmaceuticals, Inc.* (Biotechnology)		109		809
Acushnet Holdings Corp. (Leisure Products)		131		7,163
ACV Auctions, Inc.*—Class A (Commercial Services & Supplies)		533		9,205
AdaptHealth Corp.* (Health Care Providers & Services)		309		3,761
Adaptive Biotechnologies Corp.* (Life Sciences Tools & Services)		476		3,194
Addus HomeCare Corp.* (Health Care Providers & Services)		66		6,118
Adeia, Inc. (Software)		449		4,943
Adicet Bio, Inc.* (Biotechnology)		127		309
Adient PLC* (Automobile Components)		401		15,366
ADMA Biologics, Inc.* (Biotechnology)		884		3,262
Adtalem Global Education, Inc.* (Diversified Consumer Services)		190		6,525
ADTRAN Holdings, Inc. (Communications Equipment)		327		3,443
Advanced Energy Industries, Inc. (Electronic Equipment, Instruments & Components)		158		17,609
AdvanSix, Inc. (Chemicals)		111		3,883
Advantage Solutions, Inc.* (Media)		364		852
Aehr Test Systems* (Semiconductors & Semiconductor Equipment)		109		4,496
Aerojet Rocketdyne Holdings, Inc.* (Aerospace & Defense)		335		18,381
Aerovate Therapeutics, Inc.* (Biotechnology)		42		720
AeroVironment, Inc.* (Aerospace & Defense)		105		10,739
AerSale Corp.* (Aerospace & Defense)		107		1,573
Aeva Technologies, Inc.* (Electronic Equipment, Instruments & Components)		333		416
AFC Gamma, Inc. (Mortgage REITs)		69		859
Agenus, Inc.* (Biotechnology)		1,439		2,302
Agiliti, Inc.* (Health Care Providers & Services)		124		2,046
Agilysys, Inc.* (Software)		84		5,766
Agios Pharmaceuticals, Inc.* (Biotechnology)		233		6,599
Air Transport Services Group, Inc.* (Air Freight & Logistics)		236		4,453
AirSculpt Technologies, Inc.(a)  (Health Care Providers & Services)		51		440
Akero Therapeutics, Inc.* (Biotechnology)		188		8,778
Akoustis Technologies, Inc.* (Electronic Equipment, Instruments & Components)		290		922
Akoya Biosciences, Inc.* (Life Sciences Tools & Services)		76		562
Alamo Group, Inc. (Machinery)		42		7,724
Alarm.com Holdings, Inc.* (Software)		201		10,388
Albany International Corp. (Machinery)		131		12,220
Aldeyra Therapeutics, Inc.* (Biotechnology)		195		1,636
Alector, Inc.* (Biotechnology)		266		1,599
Alerus Financial Corp. (Financial Services)		76		1,366
Alexander & Baldwin, Inc. (Diversified REITs)		305		5,667
Alexander's, Inc. (Retail REITs)		9		1,655
Alico, Inc. (Food Products)		30		764
Alight, Inc.*—Class A (Professional Services)		1,671		15,440
Alignment Healthcare, Inc.* (Health Care Providers & Services)		357		2,053
Alkami Technology, Inc.* (Software)		166		2,721
Alkermes PLC* (Biotechnology)		696		21,785
Allakos, Inc.* (Biotechnology)		279		1,216
Allbirds, Inc.*—Class A (Textiles, Apparel & Luxury Goods)		399		503
Allegiant Travel Co.* (Passenger Airlines)		66		8,334
ALLETE, Inc. (Electric Utilities)		243		14,087
Allied Motion Technologies, Inc. (Electronic Equipment, Instruments & Components)		58		2,317
Allogene Therapeutics, Inc.* (Biotechnology)		345		1,715
Allovir, Inc.* (Biotechnology)		176		598
Alpha & Omega Semiconductor, Ltd.* (Semiconductors & Semiconductor Equipment)		97		3,182
Alpha Metallurgical Resources, Inc. (Metals & Mining)		54		8,875

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 163

Common Stocks, continued

	Shares		Value
Alphatec Holdings, Inc.* (Health Care Equipment & Supplies)		323	$	5,808
Alpine Immune Sciences, Inc.* (Biotechnology)		133		1,367
Alpine Income Property Trust, Inc. (Diversified REITs)		55		894
Alta Equipment Group, Inc. (Trading Companies & Distributors)		80		1,386
Altair Engineering, Inc.*—Class A (Software)		225		17,064
AlTi Global, Inc.* (Capital Markets)		88		674
Altimmune, Inc.* (Biotechnology)		207		731
Altus Power, Inc.* (Independent Power and Renewable Electricity Producers)		268		1,447
ALX Oncology Holdings, Inc.* (Biotechnology)		91		683
Amalgamated Financial Corp. (Banks)		74		1,191
A-Mark Precious Metals, Inc. (Financial Services)		80		2,995
Ambac Financial Group, Inc.* (Insurance)		186		2,649
Ambarella, Inc.* (Semiconductors & Semiconductor Equipment)		153		12,802
AMC Networks, Inc.*—Class A (Media)		130		1,554
Amerant Bancorp, Inc. (Banks)		108		1,857
Ameresco, Inc.*—Class A (Construction & Engineering)		135		6,565
American Assets Trust, Inc. (Diversified REITs)		205		3,936
American Axle & Manufacturing Holdings, Inc.* (Automobile Components)		479		3,961
American Eagle Outfitters, Inc. (Specialty Retail)		767		9,051
American Equity Investment Life Holding Co. (Insurance)		326		16,987
American National Bankshares, Inc. (Banks)		43		1,246
American Realty Investors, Inc.* (Real Estate Management & Development)		6		131
American Software, Inc.—Class A (Software)		134		1,408
American States Water Co. (Water Utilities)		156		13,572
American Vanguard Corp. (Chemicals)		113		2,019
American Well Corp.*—Class A (Health Care Technology)		1,029		2,161
American Woodmark Corp.* (Building Products)		70		5,346
America's Car-Mart, Inc.* (Specialty Retail)		25		2,495
Ameris Bancorp (Banks)		278		9,510
AMERISAFE, Inc. (Insurance)		80		4,266
Ames National Corp. (Banks)		36		649
Amicus Therapeutics, Inc.* (Biotechnology)		1,176		14,771
Amkor Technology, Inc. (Semiconductors & Semiconductor Equipment)		430		12,793
AMMO, Inc.* (Leisure Products)		378		805
AMN Healthcare Services, Inc.* (Health Care Providers & Services)		170		18,550
Amneal Pharmaceuticals, Inc.* (Pharmaceuticals)		511		1,584
Amphastar Pharmaceuticals, Inc.* (Pharmaceuticals)		159		9,138
Amplify Energy Corp.* (Oil, Gas & Consumable Fuels)		152		1,029
Amplitude, Inc.*—Class A (Software)		284		3,124
Amprius Technologies, Inc.* (Electrical Equipment)		23		165
Amylyx Pharmaceuticals, Inc.* (Pharmaceuticals)		213		4,594
Amyris, Inc.* (Chemicals)		922		950
AnaptysBio, Inc.* (Biotechnology)		80		1,627
Anavex Life Sciences Corp.*(a) (Biotechnology)		295		2,398
Angel Oak Mortgage REIT, Inc. (Mortgage REITs)		50		412
AngioDynamics, Inc.* (Health Care Equipment & Supplies)		158		1,648
ANI Pharmaceuticals, Inc.* (Pharmaceuticals)		54		2,907
Anika Therapeutics, Inc.* (Biotechnology)		61		1,585
Annexon, Inc.* (Biotechnology)		191		672
Anterix, Inc.* (Diversified Telecommunication Services)		77		2,440
Anywhere Real Estate, Inc.* (Real Estate Management & Development)		452		3,019
Apartment Investment and Management Co. (Residential REITs)		623		5,308
API Group Corp.* (Construction & Engineering)		878		23,934
Apogee Enterprises, Inc. (Building Products)		93		4,415
Apollo Commercial Real Estate Finance, Inc. (Mortgage REITs)		596		6,747
Apollo Medical Holdings, Inc.* (Health Care Providers & Services)		180		5,688
Appfolio, Inc.*—Class A (Software)		81		13,943
Appian Corp.*—Class A (Software)		172		8,187
Apple Hospitality REIT, Inc. (Hotel & Resort REITs)		905		13,675
Applied Digital Corp.*(a)  (Software)		286		2,674
Applied Industrial Technologies, Inc. (Trading Companies & Distributors)		162		23,461
Arbor Realty Trust, Inc.(a)  (Mortgage REITs)		754		11,173
Arbutus Biopharma Corp.* (Biotechnology)		524		1,205
ArcBest Corp. (Ground Transportation)		101		9,979
Arcellx, Inc.* (Biotechnology)		159		5,028
Arch Resources, Inc. (Oil, Gas & Consumable Fuels)		77		8,683
Archer Aviation, Inc.*—Class A (Aerospace & Defense)		640		2,637
Archrock, Inc. (Energy Equipment & Services)		584		5,986
Arconic Corp.* (Metals & Mining)		415		12,276
Arcosa, Inc. (Construction & Engineering)		204		15,457
Arcturus Therapeutics Holdings, Inc.* (Biotechnology)		98		2,811
Arcus Biosciences, Inc.* (Biotechnology)		221		4,489
Arcutis Biotherapeutics, Inc.* (Biotechnology)		216		2,058
Ardelyx, Inc.* (Biotechnology)		893		3,027
Ardmore Shipping Corp. (Oil, Gas & Consumable Fuels)		172		2,124
Ares Commercial Real Estate Corp. (Mortgage REITs)		218		2,213
Argan, Inc. (Construction & Engineering)		53		2,089
Argo Group International Holdings, Ltd. (Insurance)		134		3,968
Aris Water Solutions, Inc.—Class A (Commercial Services & Supplies)		125		1,290
Arko Corp. (Specialty Retail)		346		2,751

See accompanying notes to financial statements.

164 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Arlo Technologies, Inc.* (Electronic Equipment, Instruments & Components)		363	$	3,960
Armada Hoffler Properties, Inc. (Diversified REITs)		283		3,305
ARMOUR Residential REIT, Inc.(a)  (Mortgage REITs)		823		4,387
Array Technologies, Inc.* (Electrical Equipment)		636		14,374
Arrow Financial Corp. (Banks)		60		1,208
Arrowhead Pharmaceuticals, Inc.* (Biotechnology)		430		15,334
ARS Pharmaceuticals, Inc.* (Biotechnology)		102		683
Artesian Resources Corp.—Class A (Water Utilities)		35		1,653
Artisan Partners Asset Management, Inc.—Class A (Capital Markets)		258		10,142
Artivion, Inc.* (Health Care Equipment & Supplies)		165		2,836
Arvinas, Inc.* (Pharmaceuticals)		206		5,113
Asana, Inc.*—Class A (Software)		333		7,339
Asbury Automotive Group, Inc.* (Specialty Retail)		91		21,877
ASGN, Inc.* (Professional Services)		202		15,277
Aspen Aerogels, Inc.* (Chemicals)		214		1,688
Assertio Holdings, Inc.* (Pharmaceuticals)		232		1,257
AssetMark Financial Holdings, Inc.* (Capital Markets)		92		2,729
Associated Banc-Corp. (Banks)		635		10,306
AST SpaceMobile, Inc.* (Diversified Telecommunication Services)		254		1,194
Astec Industries, Inc. (Machinery)		95		4,317
Astria Therapeutics, Inc.* (Biotechnology)		107		891
Astronics Corp.* (Aerospace & Defense)		109		2,165
Asure Software, Inc.* (Professional Services)		79		961
Atara Biotherapeutics, Inc.* (Biotechnology)		401		646
Atea Pharmaceuticals, Inc.* (Pharmaceuticals)		322		1,204
ATI, Inc.* (Metals & Mining)		541		23,928
Atkore, Inc.* (Electrical Equipment)		166		25,885
Atlantic Union Bankshares Corp. (Banks)		315		8,174
Atlanticus Holdings Corp.* (Consumer Finance)		19		798
Atlas Energy Solutions, Inc.—Class A (Energy Equipment & Services)		68		1,180
ATN International, Inc. (Diversified Telecommunication Services)		46		1,684
Atomera, Inc.*(a)  (Semiconductors & Semiconductor Equipment)		89		781
AtriCure, Inc.* (Health Care Equipment & Supplies)		195		9,625
Atrion Corp. (Health Care Equipment & Supplies)		6		3,394
Aura Biosciences, Inc.* (Biotechnology)		115		1,420
Aurinia Pharmaceuticals, Inc.* (Biotechnology)		568		5,498
Aurora Innovation, Inc.* (Commercial Services & Supplies)		1,276		3,751
Avanos Medical, Inc.* (Health Care Equipment & Supplies)		194		4,959
Avantax, Inc.* (Capital Markets)		165		3,693
Aveanna Healthcare Holdings, Inc.* (Health Care Providers & Services)		211		357
AvePoint, Inc.* (Software)		643		3,704
Aviat Networks, Inc.* (Communications Equipment)		46		1,535
Avid Bioservices, Inc.* (Biotechnology)		260		3,632
Avid Technology, Inc.* (Technology Hardware, Storage & Peripherals)		143		3,647
Avidity Biosciences, Inc.* (Biotechnology)		297		3,294
AvidXchange Holdings, Inc.* (Financial Services)		627		6,508
Avient Corp. (Chemicals)		380		15,542
Avista Corp. (Multi-Utilities)		317		12,449
Avita Medical, Inc.* (Biotechnology)		105		1,786
Axcelis Technologies, Inc.* (Semiconductors & Semiconductor Equipment)		137		25,116
Axogen, Inc.* (Health Care Equipment & Supplies)		171		1,561
Axonics, Inc.* (Health Care Equipment & Supplies)		206		10,397
Axos Financial, Inc.* (Banks)		239		9,426
Axsome Therapeutics, Inc.*(a)  (Pharmaceuticals)		138		9,917
AZZ, Inc. (Building Products)		104		4,520
B Riley Financial, Inc.(a)  (Capital Markets)		78		3,586
B&G Foods, Inc.(a)  (Food Products)		298		4,148
Babcock & Wilcox Enterprises, Inc.* (Electrical Equipment)		247		1,457
Badger Meter, Inc. (Electronic Equipment, Instruments & Components)		123		18,150
Bakkt Holdings, Inc.* (Capital Markets)		292		359
Balchem Corp. (Chemicals)		134		18,064
Bally's Corp.* (Hotels, Restaurants & Leisure)		124		1,929
Banc of California, Inc. (Banks)		229		2,652
BancFirst Corp.(a)  (Banks)		92		8,464
Banco Latinoamericano de Comercio Exterior S.A.—Class E (Financial Services)		115		2,537
Bandwidth, Inc.*—Class A (Diversified Telecommunication Services)		98		1,341
Bank First Corp. (Banks)		39		3,245
Bank of Hawaii Corp. (Banks)		165		6,803
Bank of Marin Bancorp (Banks)		66		1,166
Bank7 Corp. (Banks)		16		392
BankUnited, Inc. (Banks)		312		6,724
Bankwell Financial Group, Inc. (Banks)		25		610
Banner Corp. (Banks)		144		6,288
Bar Harbor Bankshares (Banks)		63		1,552
BARK, Inc.* (Specialty Retail)		459		610
Barnes Group, Inc. (Machinery)		206		8,691
Barrett Business Services, Inc. (Professional Services)		28		2,442
BayCom Corp. (Banks)		49		817
BCB Bancorp, Inc. (Banks)		63		740
Beacon Roofing Supply, Inc.* (Trading Companies & Distributors)		205		17,011
Beam Therapeutics, Inc.* (Biotechnology)		287		9,164
Beazer Homes USA, Inc.* (Household Durables)		124		3,508
Bel Fuse, Inc.—Class B (Electronic Equipment, Instruments & Components)		44		2,526
Belden, Inc. (Electronic Equipment, Instruments & Components)		178		17,026
BellRing Brands, Inc.* (Personal Care Products)		563		20,605
Benchmark Electronics, Inc. (Electronic Equipment, Instruments & Components)		148		3,823
Benson Hill, Inc.* (Food Products)		727		945
Berkshire Grey, Inc.* (Machinery)		266		375
Berkshire Hills Bancorp, Inc. (Banks)		185		3,835

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 165

Common Stocks, continued

	Shares		Value
Berry Corp. (Oil, Gas & Consumable Fuels)		320	$	2,202
Beyond Air, Inc.* (Health Care Equipment & Supplies)		108		460
Beyond Meat, Inc.*(a)  (Food Products)		249		3,232
BGC Partners, Inc.—Class A (Capital Markets)		1,319		5,843
Big 5 Sporting Goods Corp.(a)  (Specialty Retail)		90		824
Big Lots, Inc. (Broadline Retail)		119		1,051
BigBear.ai Holdings, Inc.* (IT Services)		113		266
BigCommerce Holdings, Inc.*—Class 1 (IT Services)		282		2,806
Biglari Holdings, Inc.*—Class B (Hotels, Restaurants & Leisure)		3		591
BioAtla, Inc.* (Biotechnology)		186		558
BioCryst Pharmaceuticals, Inc.* (Biotechnology)		795		5,597
Biohaven, Ltd.* (Biotechnology)		244		5,836
BioLife Solutions, Inc.* (Life Sciences Tools & Services)		146		3,227
Biomea Fusion, Inc.*(a)  (Biotechnology)		83		1,822
Biote Corp.*—Class A (Pharmaceuticals)		59		399
BioVie, Inc.* (Biotechnology)		14		60
Bioxcel Therapeutics, Inc.*(a)  (Biotechnology)		80		533
Bit Digital, Inc.* (Software)		303		1,230
BJ's Restaurants, Inc.* (Hotels, Restaurants & Leisure)		95		3,021
Black Hills Corp. (Multi-Utilities)		280		16,872
Blackbaud, Inc.* (Software)		183		13,026
Blackline, Inc.* (Software)		237		12,755
BlackSky Technology, Inc.* (Professional Services)		496		1,101
Blackstone Mortgage Trust, Inc.(a)—Class A (Mortgage REITs)		723		15,045
Blade Air Mobility, Inc.* (Passenger Airlines)		245		965
Blink Charging Co.*(a)  (Electrical Equipment)		194		1,162
Bloom Energy Corp.*—Class A (Electrical Equipment)		809		13,227
Bloomin' Brands, Inc. (Hotels, Restaurants & Leisure)		368		9,896
Blue Bird Corp.* (Machinery)		74		1,664
Blue Foundry Bancorp* (Banks)		104		1,051
Blue Ridge Bankshares, Inc. (Banks)		74		655
Bluebird Bio, Inc.* (Biotechnology)		449		1,477
Bluegreen Vacations Holding Corp. (Hotels, Restaurants & Leisure)		45		1,604
BlueLinx Holdings, Inc.* (Trading Companies & Distributors)		37		3,470
Blueprint Medicines Corp.* (Biotechnology)		255		16,116
Bluerock Homes Trust, Inc.* (Residential REITs)		1		12
Boise Cascade Co. (Trading Companies & Distributors)		167		15,088
Boot Barn Holdings, Inc.* (Specialty Retail)		125		10,585
Borr Drilling, Ltd.* (Energy Equipment & Services)		960		7,229
Boston Omaha Corp.*—Class A (Media)		97		1,826
Bowlero Corp.* (Hotels, Restaurants & Leisure)		123		1,432
Bowman Consulting Group, Ltd.* (Construction & Engineering)		42		1,339
Box, Inc.*—Class A (Software)		592		17,393
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs)		275		1,106
Brandywine Realty Trust (Office REITs)		714		3,320
Braze, Inc.*—Class A (Software)		145		6,350
BRC, Inc.*—Class A (Food Products)		156		805
Bread Financial Holdings, Inc. (Consumer Finance)		212		6,655
Bridgebio Pharma, Inc.* (Biotechnology)		480		8,256
Bridgewater Bancshares, Inc.* (Banks)		86		847
Bright Green Corp.* (Pharmaceuticals)		253		256
Brightcove, Inc.* (IT Services)		181		726
Brightsphere Investment Group, Inc. (Capital Markets)		137		2,870
BrightSpire Capital, Inc. (Mortgage REITs)		541		3,641
BrightView Holdings, Inc.* (Commercial Services & Supplies)		174		1,249
Brinker International, Inc.* (Hotels, Restaurants & Leisure)		184		6,734
Bristow Group, Inc.* (Energy Equipment & Services)		99		2,844
Broadstone Net Lease, Inc. (Diversified REITs)		789		12,182
Brookdale Senior Living, Inc.* (Health Care Providers & Services)		715		3,017
Brookfield Business Corp.—Class A (Industrial Conglomerates)		109		2,058
Brookfield Infrastructure Corp.—Class A (Gas Utilities)		414		18,870
Brookline Bancorp, Inc. (Banks)		366		3,199
BRP Group, Inc.*—Class A (Insurance)		248		6,145
BRT Apartments Corp. (Residential REITs)		50		990
Build-A-Bear Workshop, Inc. (Specialty Retail)		56		1,200
Bumble, Inc.*—Class A (Interactive Media & Services)		425		7,132
Burke & Herbert Financial Services Corp. (Banks)		27		1,733
Business First Bancshares, Inc. (Banks)		101		1,522
Butterfly Network, Inc.* (Health Care Equipment & Supplies)		585		1,346
Byline Bancorp, Inc. (Banks)		104		1,881
C&F Financial Corp. (Banks)		14		752
C3.ai, Inc.*(a) —Class A (Software)		246		8,962
Cabaletta Bio, Inc.* (Biotechnology)		107		1,381
Cabot Corp. (Chemicals)		233		15,585
Cactus, Inc.—Class A (Energy Equipment & Services)		271		11,469
Cadence Bank (Banks)		765		15,025
Cadiz, Inc.* (Water Utilities)		170		690
Cadre Holdings, Inc. (Aerospace & Defense)		82		1,788
Calavo Growers, Inc. (Food Products)		73		2,118
Caledonia Mining Corp. PLC (Metals & Mining)		69		802
Caleres, Inc. (Specialty Retail)		146		3,494
California Resources Corp. (Oil, Gas & Consumable Fuels)		301		13,632
California Water Service Group (Water Utilities)		235		12,133
Calix, Inc.* (Communications Equipment)		248		12,378
Callon Petroleum Co.* (Oil, Gas & Consumable Fuels)		257		9,013
Cal-Maine Foods, Inc. (Food Products)		160		7,200
Cambium Networks Corp.* (Communications Equipment)		51		776
Cambridge Bancorp (Banks)		32		1,738
Camden National Corp. (Banks)		60		1,858

See accompanying notes to financial statements.

166 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Camping World Holdings, Inc.—Class A (Specialty Retail)		175	$	5,268
Cannae Holdings, Inc.* (Financial Services)		300		6,063
Cano Health, Inc.* (Health Care Providers & Services)		1,002		1,393
Cantaloupe, Inc.* (Financial Services)		241		1,918
Capital Bancorp, Inc. (Banks)		40		724
Capital City Bank Group, Inc. (Banks)		55		1,685
Capitol Federal Financial, Inc. (Banks)		536		3,307
Capstar Financial Holdings, Inc. (Banks)		82		1,006
Cara Therapeutics, Inc.* (Pharmaceuticals)		196		555
Cardlytics, Inc.* (Media)		142		897
CareDx, Inc.* (Biotechnology)		218		1,853
CareMax, Inc.* (Health Care Providers & Services)		315		980
CareTrust REIT, Inc. (Health Care REITs)		420		8,341
Cargurus, Inc.* (Interactive Media & Services)		411		9,301
Caribou Biosciences, Inc.* (Biotechnology)		239		1,016
Carisma Therapeutics, Inc. (Biotechnology)		112		982
CarParts.com, Inc.* (Specialty Retail)		223		948
Carpenter Technology Corp. (Metals & Mining)		202		11,338
Carriage Services, Inc. (Diversified Consumer Services)		56		1,818
Carrols Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		154		776
Cars.com, Inc.* (Interactive Media & Services)		279		5,530
Carter Bankshares, Inc.* (Banks)		99		1,464
Carvana Co.*(a)  (Specialty Retail)		403		10,446
Casella Waste Systems, Inc.* (Commercial Services & Supplies)		234		21,165
Cass Information Systems, Inc. (Financial Services)		57		2,210
Cassava Sciences, Inc.*(a)  (Pharmaceuticals)		167		4,095
Castle Biosciences, Inc.* (Health Care Providers & Services)		104		1,427
Catalyst Pharmaceuticals, Inc.* (Biotechnology)		404		5,430
Cathay General Bancorp (Banks)		292		9,399
Cavco Industries, Inc.* (Household Durables)		37		10,915
CBIZ, Inc.* (Professional Services)		201		10,709
CBL & Associates Properties, Inc.(a) (Retail REITs)		113		2,491
CECO Environmental Corp.* (Commercial Services & Supplies)		125		1,670
Celcuity, Inc.* (Biotechnology)		72		791
Celldex Therapeutics, Inc.* (Biotechnology)		195		6,616
Centerspace (Residential REITs)		63		3,866
Central Garden & Pet Co.* (Household Products)		41		1,590
Central Garden & Pet Co.*—Class A (Household Products)		165		6,016
Central Pacific Financial Corp. (Banks)		111		1,744
Central Valley Community Bancorp (Banks)		42		649
Centrus Energy Corp.*—Class A (Oil, Gas & Consumable Fuels)		52		1,693
Century Aluminum Co.* (Metals & Mining)		221		1,927
Century Casinos, Inc.* (Hotels, Restaurants & Leisure)		115		817
Century Communities, Inc. (Household Durables)		119		9,118
Century Therapeutics, Inc.* (Biotechnology)		98		310
Cerence, Inc.* (Software)		169		4,940
Cerevel Therapeutics Holdings, Inc.* (Biotechnology)		260		8,265
Cerus Corp.* (Health Care Equipment & Supplies)		744		1,830
CEVA, Inc.* (Semiconductors & Semiconductor Equipment)		98		2,504
ChampionX Corp. (Energy Equipment & Services)		835		25,918
Charge Enterprises, Inc.* (Diversified Telecommunication Services)		565		554
Chart Industries, Inc.* (Machinery)		177		28,282
Chase Corp. (Chemicals)		32		3,879
Chatham Lodging Trust (Hotel & Resort REITs)		202		1,891
Chegg, Inc.* (Diversified Consumer Services)		496		4,404
Chemung Financial Corp. (Banks)		15		576
Chesapeake Utilities Corp. (Gas Utilities)		73		8,687
Chicago Atlantic Real Estate Finance, Inc. (Mortgage REITs)		69		1,045
Chico's FAS, Inc.* (Specialty Retail)		512		2,739
Chimera Investment Corp.(a)  (Mortgage REITs)		977		5,637
Chinook Therapeutics, Inc.* (Biotechnology)		243		9,336
ChoiceOne Financial Services, Inc. (Banks)		29		667
Chord Energy Corp. (Oil, Gas & Consumable Fuels)		176		27,068
Chuy's Holdings, Inc.* (Hotels, Restaurants & Leisure)		76		3,102
Cimpress PLC* (Commercial Services & Supplies)		75		4,461
Cinemark Holdings, Inc.* (Entertainment)		461		7,606
Cipher Mining, Inc.*(a)  (Software)		175		501
CIRCOR International, Inc.* (Machinery)		76		4,290
Citius Pharmaceuticals, Inc.* (Pharmaceuticals)		515		618
Citizens & Northern Corp. (Banks)		64		1,235
Citizens Financial Services, Inc. (Banks)		18		1,340
City Holding Co. (Banks)		64		5,759
City Office REIT, Inc. (Diversified REITs)		164		913
Civista Bancshares, Inc. (Banks)		65		1,131
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels)		291		20,186
Claros Mortgage Trust, Inc. (Mortgage REITs)		381		4,321
Clarus Corp. (Leisure Products)		123		1,124
Clean Energy Fuels Corp.* (Oil, Gas & Consumable Fuels)		712		3,532
Cleanspark, Inc.* (Software)		321		1,377
Clear Channel Outdoor Holdings, Inc.* (Media)		1,556		2,132
Clear Secure, Inc.—Class A (Software)		350		8,110
Clearfield, Inc.* (Communications Equipment)		55		2,604
ClearPoint Neuro, Inc.* (Health Care Equipment & Supplies)		96		695
Clearwater Paper Corp.* (Paper & Forest Products)		70		2,192
Climb Global Solutions, Inc. (Electronic Equipment, Instruments & Components)		17		814
Clipper Realty, Inc. (Residential REITs)		54		306
CNB Financial Corp. (Banks)		87		1,536
CNO Financial Group, Inc. (Insurance)		478		11,314
CNX Resources Corp.* (Oil, Gas & Consumable Fuels)		685		12,138
Coastal Financial Corp.* (Banks)		45		1,694

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 167

Common Stocks, continued

	Shares		Value
Coca-Cola Consolidated, Inc. (Beverages)		20	$	12,720
Codexis, Inc.* (Life Sciences Tools & Services)		280		784
Codorus Valley Bancorp, Inc. (Banks)		40		784
Coeur Mining, Inc.* (Metals & Mining)		1,341		3,808
Cogent Biosciences, Inc.* (Biotechnology)		289		3,422
Cogent Communications Holdings, Inc. (Diversified Telecommunication Services)		182		12,246
Cohen & Steers, Inc. (Capital Markets)		109		6,321
Coherus Biosciences, Inc.* (Biotechnology)		323		1,379
Cohu, Inc.* (Semiconductors & Semiconductor Equipment)		196		8,146
Collegium Pharmaceutical, Inc.* (Pharmaceuticals)		145		3,116
Colony Bankcorp, Inc. (Banks)		69		650
Columbia Financial, Inc.* (Banks)		125		2,161
Columbus McKinnon Corp. (Machinery)		118		4,797
Comfort Systems USA, Inc. (Construction & Engineering)		149		24,467
Commercial Metals Co. (Metals & Mining)		492		25,910
Commercial Vehicle Group, Inc.* (Machinery)		135		1,499
CommScope Holding Co., Inc.* (Communications Equipment)		870		4,898
Community Bank System, Inc. (Banks)		224		10,501
Community Health Systems, Inc.* (Health Care Providers & Services)		527		2,319
Community Healthcare Trust, Inc. (Health Care REITs)		107		3,533
Community Trust Bancorp, Inc. (Banks)		65		2,312
CommVault Systems, Inc.* (Software)		187		13,580
Compass Diversified Holdings (Financial Services)		265		5,748
Compass Minerals International, Inc. (Metals & Mining)		144		4,896
Compass Therapeutics, Inc.* (Biotechnology)		383		1,218
Compass, Inc.*—Class A (Real Estate Management & Development)		1,253		4,386
CompoSecure, Inc.* (Technology Hardware, Storage & Peripherals)		69		473
Computer Programs and Systems, Inc.* (Health Care Technology)		60		1,481
CompX International, Inc. (Commercial Services & Supplies)		6		131
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels)		386		4,478
Comtech Telecommunications Corp. (Communications Equipment)		114		1,042
Concrete Pumping Holdings, Inc.* (Construction & Engineering)		109		875
Conduent, Inc.* (Professional Services)		722		2,455
CONMED Corp. (Health Care Equipment & Supplies)		129		17,530
ConnectOne Bancorp, Inc. (Banks)		156		2,588
Consensus Cloud Solutions, Inc.* (Software)		83		2,573
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels)		143		9,697
Consolidated Communications Holdings, Inc.* (Diversified Telecommunication Services)		311		1,191
Consolidated Water Co., Ltd. (Water Utilities)		63		1,526
Constellium SE* (Metals & Mining)		531		9,133
Construction Partners, Inc.*—Class A (Construction & Engineering)		169		5,305
Consumer Portfolio Services, Inc.* (Consumer Finance)		39		455
Contango ORE, Inc.* (Metals & Mining)		16		408
ContextLogic, Inc.*—Class A (Broadline Retail)		93		612
Cooper-Standard Holdings, Inc.* (Automobile Components)		71		1,012
Corcept Therapeutics, Inc.* (Pharmaceuticals)		337		7,498
Core Laboratories, Inc. (Energy Equipment & Services)		197		4,580
Core Molding Technologies, Inc.* (Chemicals)		33		751
CoreCard Corp.* (Software)		30		761
CoreCivic, Inc.* (Commercial Services & Supplies)		477		4,489
CorMedix, Inc.* (Pharmaceuticals)		187		741
Corporate Office Properties Trust (Office REITs)		473		11,233
Corsair Gaming, Inc.* (Technology Hardware, Storage & Peripherals)		155		2,750
CorVel Corp.* (Health Care Providers & Services)		37		7,160
Costamare, Inc. (Marine Transportation)		203		1,963
Couchbase, Inc.* (Software)		143		2,262
Coursera, Inc.* (Diversified Consumer Services)		546		7,109
Covenant Logistics Group, Inc. (Ground Transportation)		36		1,578
CPI Card Group, Inc.* (Technology Hardware, Storage & Peripherals)		18		419
CRA International, Inc. (Professional Services)		29		2,958
Cracker Barrel Old Country Store, Inc.(a) (Hotels, Restaurants & Leisure)		93		8,666
Crawford & Co.—Class A (Insurance)		61		676
Credo Technology Group Holding, Ltd.* (Semiconductors & Semiconductor Equipment)		409		7,092
Crescent Energy Co.—Class A (Oil, Gas & Consumable Fuels)		160		1,667
Cricut, Inc.(a)—Class A (Household Durables)		201		2,452
Crinetics Pharmaceuticals, Inc.* (Biotechnology)		224		4,036
Cross Country Healthcare, Inc.* (Health Care Providers & Services)		144		4,044
CrossFirst Bankshares, Inc.* (Banks)		187		1,870
CryoPort, Inc.* (Life Sciences Tools & Services)		180		3,105
CS Disco, Inc.* (Software)		95		781
CSG Systems International, Inc. (Professional Services)		131		6,909
CSW Industrials, Inc. (Building Products)		65		10,802
CTO Realty Growth, Inc. (Diversified REITs)		92		1,577
CTS Corp. (Electronic Equipment, Instruments & Components)		132		5,627
Cue Biopharma, Inc.* (Biotechnology)		145		529
Cullinan Oncology, Inc.* (Biotechnology)		100		1,076
Cushman & Wakefield PLC* (Real Estate Management & Development)		697		5,701
Custom Truck One Source, Inc.* (Trading Companies & Distributors)		238		1,604

See accompanying notes to financial statements.

168 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Customers Bancorp, Inc.* (Banks)		120	$	3,631
Cutera, Inc.* (Health Care Equipment & Supplies)		70		1,059
CVB Financial Corp. (Banks)		559		7,424
CVR Energy, Inc. (Oil, Gas & Consumable Fuels)		124		3,715
CVRx, Inc.* (Health Care Equipment & Supplies)		47		726
CXApp, Inc.* (IT Services)		8		87
Cymabay Therapeutics, Inc.* (Pharmaceuticals)		411		4,500
Cytek Biosciences, Inc.* (Life Sciences Tools & Services)		508		4,338
Cytokinetics, Inc.* (Biotechnology)		391		12,754
Daily Journal Corp.* (Media)		6		1,736
Dakota Gold Corp.* (Metals & Mining)		226		660
Daktronics, Inc.* (Electronic Equipment, Instruments & Components)		164		1,050
Dana, Inc. (Automobile Components)		547		9,299
Danimer Scientific, Inc.* (Chemicals)		368		876
Daseke, Inc.* (Ground Transportation)		170		1,212
Dave & Buster's Entertainment, Inc.* (Hotels, Restaurants & Leisure)		182		8,110
Day One Biopharmaceuticals, Inc.* (Biotechnology)		207		2,472
Deciphera Pharmaceuticals, Inc.* (Biotechnology)		220		3,098
Definitive Healthcare Corp.* (Health Care Technology)		189		2,079
Delek US Holdings, Inc. (Oil, Gas & Consumable Fuels)		279		6,682
Deluxe Corp. (Commercial Services & Supplies)		183		3,199
Denali Therapeutics, Inc.* (Biotechnology)		496		14,637
Denbury, Inc.* (Oil, Gas & Consumable Fuels)		211		18,201
Denny's Corp.* (Hotels, Restaurants & Leisure)		229		2,821
Design Therapeutics, Inc.* (Biotechnology)		137		863
Designer Brands, Inc.—Class A (Specialty Retail)		207		2,091
Desktop Metal, Inc.*(a)—Class A (Machinery)		1,177		2,083
Destination XL Group, Inc.* (Specialty Retail)		245		1,201
DHI Group, Inc.* (Interactive Media & Services)		183		701
DHT Holdings, Inc. (Oil, Gas & Consumable Fuels)		576		4,913
Diamond Hill Investment Group, Inc. (Capital Markets)		12		2,056
Diamond Offshore Drilling, Inc.* (Energy Equipment & Services)		427		6,080
DiamondRock Hospitality Co. (Hotel & Resort REITs)		883		7,073
DICE Therapeutics, Inc.* (Pharmaceuticals)		162		7,527
Digi International, Inc.* (Communications Equipment)		147		5,790
Digimarc Corp.* (Software)		60		1,766
Digital Turbine, Inc.* (Software)		397		3,684
DigitalBridge Group, Inc. (Real Estate Management & Development)		679		9,988
DigitalOcean Holdings, Inc.* (IT Services)		266		10,677
Dillard's, Inc.—Class A (Broadline Retail)		15		4,894
Dime Community Bancshares, Inc. (Banks)		147		2,592
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure)		66		3,830
Diodes, Inc.* (Semiconductors & Semiconductor Equipment)		190		17,573
Disc Medicine, Inc.* (Biotechnology)		32		1,421
Distribution Solutions Group, Inc.* (Building Products)		19		989
Diversey Holdings, Ltd.* (Chemicals)		330		2,769
Diversified Healthcare Trust (Health Care REITs)		1,003		2,257
DMC Global, Inc.* (Energy Equipment & Services)		82		1,456
DocGo, Inc.* (Health Care Providers & Services)		326		3,055
Dole PLC (Food Products)		300		4,056
Domo, Inc.*—Class B (Software)		129		1,891
Donegal Group, Inc.—Class A (Insurance)		64		924
Donnelley Financial Solutions, Inc.* (Capital Markets)		104		4,735
Dorian LPG, Ltd. (Oil, Gas & Consumable Fuels)		134		3,437
Dorman Products, Inc. (Automobile Components)		111		8,750
Douglas Dynamics, Inc. (Machinery)		95		2,839
Douglas Elliman, Inc. (Real Estate Management & Development)		341		757
Douglas Emmett, Inc.(a)  (Office REITs)		714		8,975
Dragonfly Energy Holdings Corp.* (Electrical Equipment)		64		95
Dream Finders Homes, Inc.*—Class A (Household Durables)		102		2,508
Dril-Quip, Inc.* (Energy Equipment & Services)		143		3,328
Ducommun, Inc.* (Aerospace & Defense)		47		2,048
Duluth Holdings, Inc.*—Class B (Specialty Retail)		57		358
Duolingo, Inc.* (Diversified Consumer Services)		120		17,152
DXP Enterprises, Inc.* (Trading Companies & Distributors)		61		2,221
Dycom Industries, Inc.* (Construction & Engineering)		120		13,638
Dynavax Technologies Corp.* (Biotechnology)		544		7,028
Dyne Therapeutics, Inc.* (Biotechnology)		178		2,003
Dynex Capital, Inc. (Mortgage REITs)		227		2,858
DZS, Inc.* (Communications Equipment)		91		361
E2open Parent Holdings, Inc.* (Software)		837		4,687
Eagle Bancorp, Inc. (Banks)		129		2,730
Eagle Bulk Shipping, Inc.(a)  (Marine Transportation)		58		2,786
Eagle Pharmaceuticals, Inc.* (Biotechnology)		43		836
Earthstone Energy, Inc.*—Class A (Oil, Gas & Consumable Fuels)		240		3,430
Easterly Government Properties, Inc. (Office REITs)		389		5,641
Eastern Bankshares, Inc. (Banks)		651		7,988
Eastman Kodak Co.* (Technology Hardware, Storage & Peripherals)		239		1,104
Ebix, Inc. (Software)		111		2,797
EchoStar Corp.*—Class A (Diversified Telecommunication Services)		141		2,445

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 169

Common Stocks, continued

	Shares		Value
Ecovyst, Inc.* (Chemicals)		400	$	4,584
Edgewell Personal Care Co. (Personal Care Products)		215		8,882
Edgewise Therapeutics, Inc.* (Pharmaceuticals)		179		1,387
Editas Medicine, Inc.* (Biotechnology)		292		2,403
eGain Corp.* (Software)		90		674
eHealth, Inc.* (Insurance)		103		828
El Pollo Loco Holdings, Inc. (Hotels, Restaurants & Leisure)		120		1,052
elf Beauty, Inc.* (Personal Care Products)		211		24,102
Ellington Financial, Inc.(a)  (Mortgage REITs)		274		3,781
Elme Communities (Residential REITs)		369		6,066
Embecta Corp. (Health Care Equipment & Supplies)		242		5,227
Emerald Holding, Inc.* (Media)		65		267
Emergent BioSolutions, Inc.* (Biotechnology)		212		1,558
Empire Petroleum Corp.* (Oil, Gas & Consumable Fuels)		43		391
Empire State Realty Trust, Inc. (Diversified REITs)		554		4,149
Employers Holdings, Inc. (Insurance)		112		4,190
Enact Holdings, Inc. (Financial Services)		126		3,166
Enanta Pharmaceuticals, Inc.* (Biotechnology)		84		1,798
Encore Capital Group, Inc.* (Consumer Finance)		98		4,765
Encore Energy Corp.* (Oil, Gas & Consumable Fuels)		594		1,432
Encore Wire Corp. (Electrical Equipment)		70		13,015
Energizer Holdings, Inc. (Household Products)		301		10,108
Energy Fuels, Inc.* (Oil, Gas & Consumable Fuels)		659		4,112
Energy Recovery, Inc.* (Machinery)		234		6,540
Energy Vault Holdings, Inc.* (Electrical Equipment)		411		1,122
Enerpac Tool Group Corp. (Machinery)		241		6,507
EnerSys (Electrical Equipment)		173		18,774
Eneti, Inc. (Marine Transportation)		104		1,259
Enfusion, Inc.*—Class A (Software)		107		1,201
EngageSmart, Inc.* (Software)		204		3,894
Enhabit, Inc.* (Health Care Providers & Services)		211		2,427
Enliven Therapeutics, Inc.*(a) (Pharmaceuticals)		98		2,000
Ennis, Inc. (Commercial Services & Supplies)		107		2,181
Enova International, Inc.* (Consumer Finance)		128		6,799
Enovix Corp.* (Electrical Equipment)		575		10,373
EnPro Industries, Inc. (Machinery)		88		11,751
Enstar Group, Ltd.* (Insurance)		50		12,212
Enterprise Bancorp, Inc. (Banks)		40		1,158
Enterprise Financial Services Corp. (Banks)		152		5,943
Entrada Therapeutics, Inc.* (Biotechnology)		90		1,363
Entravision Communications Corp.—Class A (Media)		252		1,106
Envela Corp.* (Specialty Retail)		32		236
Envestnet, Inc.* (Software)		210		12,464
Enviri Corp.* (Commercial Services & Supplies)		331		3,267
Enviva, Inc. (Oil, Gas & Consumable Fuels)		131		1,421
Eos Energy Enterprises, Inc.* (Electrical Equipment)		451		1,957
ePlus, Inc.* (Electronic Equipment, Instruments & Components)		112		6,306
EQRx, Inc.* (Biotechnology)		1,338		2,489
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels)		1,834		17,533
Equity Bancshares, Inc.—Class A (Banks)		62		1,412
Equity Commonwealth (Office REITs)		440		8,914
Erasca, Inc.* (Biotechnology)		338		933
Escalade, Inc. (Leisure Products)		42		561
ESCO Technologies, Inc. (Machinery)		107		11,088
Esquire Financial Holdings, Inc. (Banks)		29		1,326
ESS Tech, Inc.* (Electrical Equipment)		383		563
ESSA Bancorp, Inc. (Banks)		36		538
Essent Group, Ltd. (Financial Services)		444		20,780
Essential Properties Realty Trust, Inc. (Diversified REITs)		625		14,713
Ethan Allen Interiors, Inc. (Household Durables)		96		2,715
European Wax Center, Inc.*—Class A (Diversified Consumer Services)		143		2,664
Evans Bancorp, Inc. (Banks)		22		548
Eve Holding, Inc.* (Aerospace & Defense)		76		796
Eventbrite, Inc.*—Class A (Interactive Media & Services)		324		3,094
Everbridge, Inc.* (Software)		171		4,600
EverCommerce, Inc.* (Software)		98		1,160
Everi Holdings, Inc.* (Hotels, Restaurants & Leisure)		354		5,119
EverQuote, Inc.*—Class A (Interactive Media & Services)		89		579
EVERTEC, Inc. (Financial Services)		274		10,091
EVgo, Inc.* (Specialty Retail)		301		1,204
EVI Industries, Inc.* (Trading Companies & Distributors)		20		440
Evolent Health, Inc.*—Class A (Health Care Technology)		462		13,998
Evolus, Inc.* (Pharmaceuticals)		174		1,265
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels)		132		1,065
Evolv Technologies Holdings, Inc.* (Electronic Equipment, Instruments & Components)		473		2,838
Excelerate Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		76		1,545
ExlService Holdings, Inc.* (Professional Services)		136		20,543
eXp World Holdings, Inc. (Real Estate Management & Development)		290		5,881
Expensify, Inc.*—Class A (Software)		232		1,851
Exponent, Inc. (Professional Services)		213		19,877
Expro Group Holdings N.V.* (Energy Equipment & Services)		370		6,556
Extreme Networks, Inc.* (Communications Equipment)		530		13,806
Eyenovia, Inc.* (Pharmaceuticals)		117		277
EyePoint Pharmaceuticals, Inc.* (Pharmaceuticals)		110		957
F&G Annuities & Life, Inc. (Insurance)		79		1,958
Fabrinet* (Electronic Equipment, Instruments & Components)		155		20,130

See accompanying notes to financial statements.

170 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Farmers & Merchants Bancorp, Inc. (Banks)		57	$	1,283
Farmers National Banc Corp. (Banks)		155		1,917
Farmland Partners, Inc. (Specialized REITs)		212		2,589
FARO Technologies, Inc.* (Electronic Equipment, Instruments & Components)		85		1,377
Fastly, Inc.*—Class A (IT Services)		498		7,853
Fate Therapeutics, Inc.* (Biotechnology)		355		1,690
FB Financial Corp. (Banks)		149		4,179
Federal Agricultural Mortgage Corp.—Class C (Financial Services)		38		5,462
Federal Signal Corp. (Machinery)		252		16,135
Fennec Pharmaceuticals, Inc.* (Biotechnology)		76		671
FibroGen, Inc.* (Biotechnology)		381		1,029
Fidelity D&D Bancorp, Inc. (Banks)		20		972
Fiesta Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		74		588
Figs, Inc.*—Class A (Health Care Equipment & Supplies)		536		4,433
Finance Of America Cos., Inc.*—Class A (Financial Services)		224		428
Financial Institutions, Inc. (Banks)		64		1,007
First Advantage Corp.* (Professional Services)		229		3,529
First Bancorp (Banks)		744		9,092
First Bancorp (Banks)		167		4,968
First Bank/Hamilton NJ (Banks)		67		695
First Busey Corp. (Banks)		218		4,382
First Business Financial Services, Inc. (Banks)		33		973
First Commonwealth Financial Corp. (Banks)		430		5,440
First Community Bankshares, Inc. (Banks)		74		2,200
First Community Corp. (Banks)		31		538
First Financial Bancorp (Banks)		395		8,074
First Financial Bankshares, Inc. (Banks)		547		15,584
First Financial Corp. (Banks)		49		1,591
First Foundation, Inc. (Banks)		215		854
First Interstate BancSystem, Inc.—Class A (Banks)		347		8,272
First Merchants Corp. (Banks)		248		7,001
First Mid Bancshares, Inc. (Banks)		80		1,931
First Watch Restaurant Group, Inc.* (Hotels, Restaurants & Leisure)		63		1,065
First Western Financial, Inc.* (Banks)		34		632
FirstCash Holdings, Inc. (Consumer Finance)		158		14,746
FiscalNote Holdings, Inc.* (Professional Services)		261		950
Fisker, Inc.*(a)  (Automobile Components)		823		4,642
Five Star Bancorp (Banks)		54		1,208
FLEX LNG, Ltd. (Oil, Gas & Consumable Fuels)		125		3,816
Fluence Energy, Inc.* (Electrical Equipment)		165		4,396
Fluor Corp.* (Construction & Engineering)		599		17,730
Flushing Financial Corp. (Banks)		118		1,450
Flywire Corp.* (Financial Services)		403		12,509
Focus Financial Partners, Inc.*—Class A (Capital Markets)		247		12,970
Foghorn Therapeutics, Inc.* (Biotechnology)		85		598
Foot Locker, Inc.(a)  (Specialty Retail)		345		9,353
Forafric Global PLC* (Food Products)		22		241
Forestar Group, Inc.* (Real Estate Management & Development)		77		1,736
Forge Global Holdings, Inc.* (Capital Markets)		461		1,120
ForgeRock, Inc.*—Class A (Software)		198		4,067
FormFactor, Inc.* (Semiconductors & Semiconductor Equipment)		324		11,087
Forrester Research, Inc.* (Professional Services)		49		1,425
Forum Energy Technologies, Inc.* (Energy Equipment & Services)		41		1,049
Forward Air Corp. (Air Freight & Logistics)		110		11,672
Fossil Group, Inc.* (Textiles, Apparel & Luxury Goods)		200		514
Four Corners Property Trust, Inc. (Specialized REITs)		364		9,246
Fox Factory Holding Corp.* (Automobile Components)		179		19,424
Franchise Group, Inc.(a)  (Specialty Retail)		95		2,721
Franklin BSP Realty Trust, Inc. (Mortgage REITs)		349		4,942
Franklin Covey Co.* (Professional Services)		51		2,228
Franklin Electric Co., Inc. (Machinery)		194		19,962
Fresh Del Monte Produce, Inc. (Food Products)		143		3,677
Freshworks, Inc.*—Class A (Software)		680		11,954
Frontdoor, Inc.* (Diversified Consumer Services)		345		11,005
Frontier Group Holdings, Inc.* (Passenger Airlines)		160		1,547
FRP Holdings, Inc.* (Real Estate Management & Development)		28		1,612
FS Bancorp, Inc. (Banks)		28		842
FTAI Aviation, Ltd. (Trading Companies & Distributors)		418		13,234
FTAI Infrastructure, Inc. (Ground Transportation)		415		1,531
FTC Solar, Inc.* (Electrical Equipment)		267		860
fuboTV, Inc.* (Interactive Media & Services)		854		1,776
FuelCell Energy, Inc.* (Electrical Equipment)		1,718		3,711
Fulgent Genetics, Inc.* (Health Care Providers & Services)		86		3,185
Full House Resorts, Inc.* (Hotels, Restaurants & Leisure)		138		925
Fulton Financial Corp. (Banks)		683		8,141
Funko, Inc.*—Class A (Distributors)		146		1,580
FutureFuel Corp. (Chemicals)		110		974
FVCBankcorp, Inc.* (Banks)		67		722
Gambling.com Group, Ltd.* (Media)		45		461
Gannett Co., Inc.* (Media)		605		1,361
GATX Corp. (Trading Companies & Distributors)		149		19,181
GCM Grosvenor, Inc.—Class A (Capital Markets)		174		1,312
Genco Shipping & Trading, Ltd. (Marine Transportation)		177		2,483
Gencor Industries, Inc.* (Machinery)		44		686
Genelux Corp.* (Biotechnology)		12		393
Generation Bio Co.* (Biotechnology)		190		1,045
Genesco, Inc.* (Specialty Retail)		51		1,277
Genie Energy, Ltd.—Class B (Electric Utilities)		83		1,174
Gentherm, Inc.* (Automobile Components)		139		7,855
Genworth Financial, Inc.* (Insurance)		2,039		10,195
German American Bancorp, Inc. (Banks)		118		3,207
Geron Corp.* (Biotechnology)		2,089		6,706
Getty Realty Corp. (Retail REITs)		188		6,358
Gevo, Inc.* (Oil, Gas & Consumable Fuels)		981		1,491

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 171

Common Stocks, continued

	Shares		Value
Gibraltar Industries, Inc.* (Building Products)		130	$	8,180
G-III Apparel Group, Ltd.* (Textiles, Apparel & Luxury Goods)		177		3,411
Glacier Bancorp, Inc. (Banks)		468		14,588
Gladstone Commercial Corp. (Diversified REITs)		169		2,091
Gladstone Land Corp. (Specialized REITs)		141		2,294
Glatfelter Corp. (Paper & Forest Products)		186		562
Glaukos Corp.* (Health Care Equipment & Supplies)		197		14,028
Global Business Travel Group I* (Hotels, Restaurants & Leisure)		135		976
Global Industrial Co. (Trading Companies & Distributors)		55		1,527
Global Medical REIT, Inc. (Health Care REITs)		256		2,337
Global Net Lease, Inc. (Diversified REITs)		439		4,513
Global Water Resources, Inc. (Water Utilities)		48		609
Globalstar, Inc.* (Diversified Telecommunication Services)		2,897		3,129
GMS, Inc.* (Trading Companies & Distributors)		174		12,041
Gogo, Inc.* (Wireless Telecommunication Services)		278		4,729
GoHealth, Inc.*—Class A (Insurance)		16		315
Golar LNG, Ltd. (Oil, Gas & Consumable Fuels)		425		8,572
Golden Entertainment, Inc.* (Hotels, Restaurants & Leisure)		85		3,553
Golden Ocean Group, Ltd.(a)  (Marine Transportation)		517		3,903
Goosehead Insurance, Inc.*—Class A (Insurance)		90		5,660
GoPro, Inc.*—Class A (Household Durables)		543		2,248
GrafTech International, Ltd. (Electrical Equipment)		813		4,098
Graham Holdings Co.—Class B (Diversified Consumer Services)		16		9,144
Granite Construction, Inc. (Construction & Engineering)		185		7,359
Granite Point Mortgage Trust, Inc. (Mortgage REITs)		214		1,134
Granite Ridge Resources, Inc. (Oil, Gas & Consumable Fuels)		109		723
Graphite Bio, Inc.* (Biotechnology)		118		307
Gray Television, Inc. (Media)		347		2,734
Great Lakes Dredge & Dock Corp.* (Construction & Engineering)		275		2,244
Great Southern Bancorp, Inc. (Banks)		38		1,928
Green Brick Partners, Inc.* (Household Durables)		111		6,305
Green Dot Corp.*—Class A (Consumer Finance)		195		3,654
Green Plains, Inc.* (Oil, Gas & Consumable Fuels)		244		7,867
Greene County Bancorp, Inc. (Banks)		29		864
Greenlight Capital Re, Ltd.*—Class A (Insurance)		108		1,138
Greif, Inc.—Class A (Containers & Packaging)		104		7,165
Greif, Inc.—Class B (Containers & Packaging)		22		1,700
Grid Dynamics Holdings, Inc.* (IT Services)		233		2,155
Griffon Corp. (Building Products)		184		7,415
Grindr, Inc.* (Interactive Media & Services)		172		951
Gritstone bio, Inc.* (Biotechnology)		368		718
Group 1 Automotive, Inc.(a)  (Specialty Retail)		58		14,969
GrowGeneration Corp.* (Specialty Retail)		247		840
Guaranty Bancshares, Inc. (Banks)		35		948
Guardant Health, Inc.* (Health Care Providers & Services)		466		16,683
Guess?, Inc.(a)  (Specialty Retail)		121		2,353
Gulfport Energy Corp.* (Oil, Gas & Consumable Fuels)		42		4,413
H&E Equipment Services, Inc. (Trading Companies & Distributors)		135		6,176
H.B. Fuller Co. (Chemicals)		227		16,232
Haemonetics Corp.* (Health Care Equipment & Supplies)		210		17,879
Hallador Energy Co.* (Oil, Gas & Consumable Fuels)		96		823
Halozyme Therapeutics, Inc.* (Biotechnology)		560		20,199
Hamilton Lane, Inc.—Class A (Capital Markets)		153		12,237
Hancock Whitney Corp. (Banks)		364		13,970
Hanesbrands, Inc.(a)  (Textiles, Apparel & Luxury Goods)		1,477		6,706
Hanmi Financial Corp. (Banks)		128		1,911
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (Mortgage REITs)		434		10,850
HarborOne Bancorp, Inc. (Banks)		176		1,528
Harmonic, Inc.* (Communications Equipment)		462		7,471
Harmony Biosciences Holdings, Inc.* (Pharmaceuticals)		138		4,856
Harrow Health, Inc.* (Pharmaceuticals)		109		2,075
Harvard Bioscience, Inc.* (Life Sciences Tools & Services)		164		900
Haverty Furniture Cos., Inc. (Specialty Retail)		61		1,843
Hawaiian Holdings, Inc.* (Passenger Airlines)		214		2,305
Hawkins, Inc. (Chemicals)		81		3,863
Haynes International, Inc. (Metals & Mining)		52		2,643
HBT Financial, Inc. (Banks)		56		1,033
HCI Group, Inc. (Insurance)		27		1,668
Health Catalyst, Inc.* (Health Care Technology)		234		2,925
Healthcare Services Group, Inc. (Commercial Services & Supplies)		312		4,658
HealthEquity, Inc.* (Health Care Providers & Services)		353		22,287
HealthStream, Inc. (Health Care Technology)		102		2,505
Heartland Express, Inc. (Ground Transportation)		197		3,233
Heartland Financial USA, Inc. (Banks)		177		4,933
Hecla Mining Co. (Metals & Mining)		2,521		12,983
Heidrick & Struggles International, Inc. (Professional Services)		83		2,197
Helen of Troy, Ltd.* (Household Durables)		101		10,910
Helios Technologies, Inc. (Machinery)		138		9,120
Helix Energy Solutions Group, Inc.* (Energy Equipment & Services)		604		4,458
Helmerich & Payne, Inc. (Energy Equipment & Services)		422		14,960
Herbalife, Ltd.* (Personal Care Products)		415		5,495
Herc Holdings, Inc. (Trading Companies & Distributors)		119		16,285
Heritage Commerce Corp. (Banks)		249		2,062

See accompanying notes to financial statements.

172 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Heritage Financial Corp. (Banks)		146	$	2,361
Heritage-Crystal Clean, Inc.* (Commercial Services & Supplies)		66		2,494
Heron Therapeutics, Inc.* (Biotechnology)		434		503
Hersha Hospitality Trust—Class A (Hotel & Resort REITs)		131		798
HF Foods Group, Inc.* (Consumer Staples Distribution & Retail)		169		793
Hibbett, Inc. (Specialty Retail)		53		1,923
HighPeak Energy, Inc. (Oil, Gas & Consumable Fuels)		45		490
Hillenbrand, Inc. (Machinery)		290		14,871
HilleVax, Inc.* (Biotechnology)		89		1,530
Hillman Solutions Corp.* (Machinery)		724		6,523
Hilltop Holdings, Inc. (Banks)		196		6,166
Hilton Grand Vacations, Inc.* (Hotels, Restaurants & Leisure)		342		15,540
Himalaya Shipping, Ltd.* (Marine Transportation)		115		639
Hims & Hers Health, Inc.* (Health Care Providers & Services)		513		4,822
Hingham Institution For Savings The (Banks)		6		1,279
Hippo Holdings, Inc.* (Insurance)		44		727
HireQuest, Inc. (Professional Services)		22		573
HireRight Holdings Corp.* (Professional Services)		63		713
HNI Corp. (Commercial Services & Supplies)		194		5,467
Holley, Inc.* (Automobile Components)		221		904
Home Bancorp, Inc. (Banks)		30		996
Home BancShares, Inc. (Banks)		801		18,262
Home Point Capital, Inc.* (Financial Services)		33		77
HomeStreet, Inc. (Banks)		76		450
HomeTrust Bancshares, Inc. (Banks)		65		1,358
Hooker Furnishings Corp. (Household Durables)		46		858
Hope Bancorp, Inc. (Banks)		484		4,075
Horace Mann Educators Corp. (Insurance)		173		5,131
Horizon Bancorp, Inc. (Banks)		181		1,884
Hostess Brands, Inc.* (Food Products)		558		14,129
Hovnanian Enterprises, Inc.*—Class A (Household Durables)		20		1,984
Hub Group, Inc.*—Class A (Air Freight & Logistics)		138		11,084
Hudson Pacific Properties, Inc. (Office REITs)		580		2,448
Hudson Technologies, Inc.* (Trading Companies & Distributors)		184		1,770
Humacyte, Inc.* (Biotechnology)		257		735
Huron Consulting Group, Inc.* (Professional Services)		80		6,793
Hyliion Holdings Corp.* (Machinery)		619		1,034
Hyster-Yale Materials Handling, Inc. (Machinery)		46		2,569
I3 Verticals, Inc.*—Class A (Financial Services)		95		2,172
i-80 Gold Corp.* (Metals & Mining)		810		1,823
IBEX Holdings, Ltd.* (Professional Services)		46		977
ICF International, Inc. (Professional Services)		79		9,827
Ichor Holdings, Ltd.* (Semiconductors & Semiconductor Equipment)		120		4,500
Icosavax, Inc.* (Biotechnology)		116		1,152
Ideaya Biosciences, Inc.* (Biotechnology)		228		5,358
IDT Corp.*—Class B (Diversified Telecommunication Services)		65		1,680
IES Holdings, Inc.* (Construction & Engineering)		34		1,934
IGM Biosciences, Inc.* (Biotechnology)		50		462
iHeartMedia, Inc.*—Class A (Media)		431		1,569
Ikena Oncology, Inc.* (Pharmaceuticals)		89		584
IMAX Corp.* (Entertainment)		189		3,211
Immersion Corp. (Technology Hardware, Storage & Peripherals)		131		927
Immuneering Corp.*—Class A (Biotechnology)		85		862
ImmunityBio, Inc.* (Biotechnology)		462		1,284
ImmunoGen, Inc.* (Biotechnology)		1,018		19,210
Immunovant, Inc.* (Biotechnology)		226		4,287
Impinj, Inc.* (Semiconductors & Semiconductor Equipment)		96		8,606
Inari Medical, Inc.* (Health Care Equipment & Supplies)		217		12,616
Independence Realty Trust, Inc. (Residential REITs)		947		17,254
Independent Bank Corp. (Banks)		186		8,279
Independent Bank Corp. (Banks)		85		1,442
Independent Bank Group, Inc. (Banks)		152		5,249
indie Semiconductor, Inc.*—Class A (Semiconductors & Semiconductor Equipment)		578		5,433
Infinera Corp.* (Communications Equipment)		837		4,043
Information Services Group, Inc. (IT Services)		147		788
InfuSystem Holdings, Inc.* (Health Care Providers & Services)		76		732
Ingevity Corp.* (Chemicals)		157		9,131
Ingles Markets, Inc.—Class A (Consumer Staples Distribution & Retail)		59		4,876
Inhibrx, Inc.* (Biotechnology)		144		3,738
Inmode, Ltd.* (Health Care Equipment & Supplies)		325		12,139
Innodata, Inc.* (Professional Services)		106		1,201
Innospec, Inc. (Chemicals)		105		10,546
Innovage Holding Corp.* (Health Care Providers & Services)		79		593
INNOVATE Corp.* (Construction & Engineering)		193		338
Innovative Industrial Properties, Inc. (Industrial REITs)		117		8,542
Innoviva, Inc.* (Pharmaceuticals)		260		3,310
Inogen, Inc.* (Health Care Equipment & Supplies)		98		1,132
Inozyme Pharma, Inc.* (Biotechnology)		142		791
Insight Enterprises, Inc.* (Electronic Equipment, Instruments & Components)		121		17,707
Insmed, Inc.* (Biotechnology)		553		11,668
Insperity, Inc. (Professional Services)		153		18,201
Inspired Entertainment, Inc.* (Hotels, Restaurants & Leisure)		91		1,339
Installed Building Products, Inc. (Household Durables)		99		13,876
Insteel Industries, Inc. (Building Products)		79		2,458
Instructure Holdings, Inc.* (Software)		82		2,063
Intapp, Inc.* (Software)		66		2,766
Integer Holdings Corp.* (Health Care Equipment & Supplies)		139		12,317

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 173

Common Stocks, continued

	Shares		Value
Integral Ad Science Holding Corp.* (Media)		158	$	2,841
Intellia Therapeutics, Inc.* (Biotechnology)		370		15,089
Inter Parfums, Inc. (Personal Care Products)		77		10,413
Intercept Pharmaceuticals, Inc.* (Biotechnology)		103		1,139
InterDigital, Inc. (Software)		114		11,007
Interface, Inc. (Commercial Services & Supplies)		241		2,118
International Bancshares Corp. (Banks)		226		9,989
International Game Technology PLC (Hotels, Restaurants & Leisure)		456		14,542
International Money Express, Inc.* (Financial Services)		130		3,189
International Seaways, Inc. (Oil, Gas & Consumable Fuels)		171		6,539
inTEST Corp.* (Semiconductors & Semiconductor Equipment)		45		1,182
Intevac, Inc.* (Technology Hardware, Storage & Peripherals)		107		401
Intra-Cellular Therapies, Inc.* (Pharmaceuticals)		393		24,886
Intrepid Potash, Inc.* (Chemicals)		45		1,021
InvenTrust Properties Corp. (Retail REITs)		285		6,595
Invesco Mortgage Capital, Inc. (Mortgage REITs)		176		2,019
Investors Title Co. (Insurance)		5		730
Invitae Corp.*(a) (Health Care Providers & Services)		1,102		1,245
IonQ, Inc.* (Technology Hardware, Storage & Peripherals)		675		9,133
Iovance Biotherapeutics, Inc.* (Biotechnology)		873		6,146
iRadimed Corp. (Health Care Equipment & Supplies)		31		1,480
iRhythm Technologies, Inc.* (Health Care Equipment & Supplies)		129		13,457
iRobot Corp.* (Household Durables)		115		5,204
Ironwood Pharmaceuticals, Inc.* (Biotechnology)		581		6,182
Ispire Technology, Inc.* (Tobacco)		11		100
iTeos Therapeutics, Inc.* (Biotechnology)		104		1,377
Iteris, Inc.* (Electronic Equipment, Instruments & Components)		179		709
Itron, Inc.* (Electronic Equipment, Instruments & Components)		191		13,771
Ivanhoe Electric, Inc.* (Metals & Mining)		234		3,051
IVERIC bio, Inc.* (Biotechnology)		579		22,777
J & J Snack Foods Corp. (Food Products)		63		9,977
J Jill, Inc.* (Specialty Retail)		19		407
Jack in the Box, Inc. (Hotels, Restaurants & Leisure)		87		8,485
Jackson Financial, Inc.—Class A (Financial Services)		342		10,469
JAKKS Pacific, Inc.* (Leisure Products)		30		599
James River Group Holdings, Ltd. (Insurance)		155		2,830
Jamf Holding Corp.* (Software)		293		5,719
Janus International Group, Inc.* (Building Products)		356		3,795
Janux Therapeutics, Inc.* (Biotechnology)		73		867
JBG SMITH Properties (Office REITs)		469		7,054
JELD-WEN Holding, Inc.* (Building Products)		357		6,262
JetBlue Airways Corp.* (Passenger Airlines)		1,388		12,298
Joby Aviation, Inc.* (Passenger Airlines)		1,170		12,004
John B Sanfilippo & Son, Inc. (Food Products)		38		4,456
John Bean Technologies Corp. (Machinery)		134		16,253
John Marshall Bancorp, Inc. (Banks)		52		1,045
John Wiley & Sons, Inc.—Class A (Media)		179		6,091
Johnson Outdoors, Inc.—Class A (Leisure Products)		23		1,413
Kadant, Inc. (Machinery)		49		10,883
Kaiser Aluminum Corp. (Metals & Mining)		67		4,800
Kaltura, Inc.* (Software)		348		738
KalVista Pharmaceuticals, Inc.* (Biotechnology)		103		927
Kaman Corp. (Aerospace & Defense)		118		2,871
Karat Packaging, Inc. (Trading Companies & Distributors)		24		438
Karyopharm Therapeutics, Inc.* (Biotechnology)		475		850
KB Home (Household Durables)		311		16,082
Kearny Financial Corp. (Banks)		241		1,699
Kelly Services, Inc.—Class A (Professional Services)		138		2,430
Kennametal, Inc. (Machinery)		339		9,624
Kennedy-Wilson Holdings, Inc. (Real Estate Management & Development)		502		8,198
Keros Therapeutics, Inc.* (Biotechnology)		94		3,777
Kezar Life Sciences, Inc.* (Biotechnology)		299		733
Kforce, Inc. (Professional Services)		81		5,075
Kimball Electronics, Inc.* (Electronic Equipment, Instruments & Components)		101		2,791
Kinetik Holdings, Inc. (Oil, Gas & Consumable Fuels)		72		2,530
Kingsway Financial Services, Inc.* (Insurance)		45		367
Kiniksa Pharmaceuticals, Ltd.*—Class A (Biotechnology)		132		1,859
Kite Realty Group Trust (Retail REITs)		914		20,418
KKR Real Estate Finance Trust, Inc. (Mortgage REITs)		247		3,006
KLX Energy Services Holdings, Inc.* (Energy Equipment & Services)		53		516
Knife River Corp.* (Construction Materials)		214		9,309
Knowles Corp.* (Electronic Equipment, Instruments & Components)		377		6,809
Kodiak Sciences, Inc.* (Biotechnology)		136		938
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods)		234		9,851
Koppers Holdings, Inc. (Chemicals)		85		2,899
Korn Ferry (Professional Services)		219		10,849
KORU Medical Systems, Inc.* (Health Care Equipment & Supplies)		147		507
Kosmos Energy, Ltd.* (Oil, Gas & Consumable Fuels)		1,916		11,477
Kratos Defense & Security Solutions, Inc.* (Aerospace & Defense)		526		7,543
Krispy Kreme, Inc. (Hotels, Restaurants & Leisure)		367		5,406
Kronos Worldwide, Inc. (Chemicals)		93		812
Krystal Biotech, Inc.* (Biotechnology)		91		10,683
Kulicke & Soffa Industries, Inc. (Semiconductors & Semiconductor Equipment)		233		13,852
Kura Oncology, Inc.* (Biotechnology)		273		2,888

See accompanying notes to financial statements.

174 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Kura Sushi USA, Inc.*(a)—Class A (Hotels, Restaurants & Leisure)		24	$	2,231
KVH Industries, Inc.* (Communications Equipment)		79		722
Kymera Therapeutics, Inc.* (Biotechnology)		159		3,655
Ladder Capital Corp. (Mortgage REITs)		475		5,154
Lakeland Bancorp, Inc. (Banks)		262		3,508
Lakeland Financial Corp. (Banks)		104		5,046
Lancaster Colony Corp. (Food Products)		82		16,489
Lands' End, Inc.* (Specialty Retail)		63		489
Landsea Homes Corp.* (Household Durables)		56		523
Lantheus Holdings, Inc.* (Health Care Equipment & Supplies)		285		23,917
LanzaTech Global, Inc.* (Commercial Services & Supplies)		87		594
Larimar Therapeutics, Inc.* (Biotechnology)		108		338
Latham Group, Inc.* (Leisure Products)		163		605
Laureate Education, Inc. (Diversified Consumer Services)		550		6,650
La-Z-Boy, Inc. (Household Durables)		182		5,212
Lazydays Holdings, Inc.* (Specialty Retail)		53		613
LCI Industries (Automobile Components)		104		13,141
LCNB Corp. (Banks)		44		649
Legacy Housing Corp.* (Household Durables)		42		974
Legalzoom.com, Inc.* (Professional Services)		437		5,279
LeMaitre Vascular, Inc. (Health Care Equipment & Supplies)		83		5,584
Lemonade, Inc.*(a) (Insurance)		213		3,589
LendingClub Corp.* (Consumer Finance)		447		4,358
LendingTree, Inc.* (Consumer Finance)		44		973
Leonardo DRS, Inc.* (Aerospace & Defense)		212		3,676
Leslie's, Inc.* (Specialty Retail)		745		6,996
Lexicon Pharmaceuticals, Inc.* (Biotechnology)		389		891
LGI Homes, Inc.* (Household Durables)		87		11,735
Liberty Energy, Inc. (Energy Equipment & Services)		718		9,600
Liberty Latin America, Ltd.*—Class A (Diversified Telecommunication Services)		152		1,330
Liberty Latin America, Ltd.*—Class C (Diversified Telecommunication Services)		604		5,206
Liberty Media Corp-Liberty Braves*—Class A (Entertainment)		42		1,719
Liberty Media Corp-Liberty Braves*—Class C (Entertainment)		157		6,220
Liberty TripAdvisor Holdings, Inc.*—Class B (Interactive Media & Services)		2		93
Li-Cycle Holdings Corp.* (Commercial Services & Supplies)		579		3,213
Life Time Group Holdings, Inc.* (Hotels, Restaurants & Leisure)		187		3,678
LifeStance Health Group, Inc.* (Health Care Providers & Services)		445		4,063
Ligand Pharmaceuticals, Inc.* (Pharmaceuticals)		70		5,047
Light & Wonder, Inc.* (Hotels, Restaurants & Leisure)		383		26,335
Lightwave Logic, Inc.* (Electronic Equipment, Instruments & Components)		481		3,353
Limbach Holdings, Inc.* (Construction & Engineering)		39		964
Limoneira Co. (Food Products)		73		1,136
Lincoln Educational Services Corp.* (Diversified Consumer Services)		99		667
Lindblad Expeditions Holdings, Inc.* (Hotels, Restaurants & Leisure)		147		1,599
Lindsay Corp. (Machinery)		46		5,490
Lineage Cell Therapeutics, Inc.* (Biotechnology)		541		763
Lions Gate Entertainment Corp.*—Class A (Entertainment)		245		2,163
Lions Gate Entertainment Corp.*—Class B (Entertainment)		486		4,058
Liquidia Corp.* (Pharmaceuticals)		199		1,562
Liquidity Services, Inc.* (Commercial Services & Supplies)		100		1,650
LivaNova PLC* (Health Care Equipment & Supplies)		228		11,726
Live Oak Bancshares, Inc. (Banks)		141		3,710
Livent Corp.* (Chemicals)		758		20,791
LivePerson, Inc.* (Software)		266		1,202
LiveRamp Holdings, Inc.* (Software)		268		7,654
LiveVox Holdings, Inc.* (Software)		94		259
Livewire Group, Inc.* (Automobiles)		46		543
Local Bounti Corp.* (Food Products)		1		2
Longboard Pharmaceuticals, Inc.* (Pharmaceuticals)		65		477
Loop Media, Inc.* (Entertainment)		153		366
LSB Industries, Inc.* (Chemicals)		231		2,275
LSI Industries, Inc. (Electrical Equipment)		110		1,382
LTC Properties, Inc. (Health Care REITs)		172		5,679
Lumen Technologies, Inc. (Diversified Telecommunication Services)		4,230		9,560
Luminar Technologies, Inc.*(a) (Automobile Components)		1,143		7,864
Luna Innovations, Inc.* (Electronic Equipment, Instruments & Components)		135		1,231
Luther Burbank Corp. (Banks)		43		384
Luxfer Holdings PLC (Machinery)		115		1,636
LXP Industrial Trust (Industrial REITs)		1,216		11,856
Lyell Immunopharma, Inc.* (Biotechnology)		728		2,315
M.D.C Holdings, Inc. (Household Durables)		246		11,505
M/I Homes, Inc.* (Household Durables)		113		9,852
Macatawa Bank Corp. (Banks)		110		1,021
MACOM Technology Solutions Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		228		14,941
MacroGenics, Inc.* (Biotechnology)		255		1,364
Madison Square Garden Entertainment Corp.* (Entertainment)		181		6,085
Madrigal Pharmaceuticals, Inc.* (Biotechnology)		57		13,167
Magnite, Inc.* (Media)		562		7,671
Magnolia Oil & Gas Corp.—Class A (Oil, Gas & Consumable Fuels)		770		16,093
Maiden Holdings, Ltd.* (Insurance)		381		800
MainStreet Bancshares, Inc. (Banks)		29		657
Malibu Boats, Inc.*—Class A (Leisure Products)		85		4,986
Mammoth Energy Services, Inc.* (Energy Equipment & Services)		98		473
MannKind Corp.* (Biotechnology)		1,077		4,383
Marathon Digital Holdings, Inc.*(a) (Software)		706		9,785

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 175

Common Stocks, continued

	Shares		Value
Marcus & Millichap, Inc. (Real Estate Management & Development)		101	$	3,183
Marine Products Corp. (Leisure Products)		35		590
MarineMax, Inc.* (Specialty Retail)		90		3,074
Marinus Pharmaceuticals, Inc.* (Pharmaceuticals)		209		2,270
MarketWise, Inc. (Capital Markets)		133		266
Marqeta, Inc.*—Class A (Financial Services)		2,057		10,018
Marten Transport, Ltd. (Ground Transportation)		244		5,246
Masonite International Corp.* (Building Products)		93		9,527
Masterbrand, Inc.* (Building Products)		544		6,327
MasterCraft Boat Holdings, Inc.* (Leisure Products)		74		2,268
Matador Resources Co. (Oil, Gas & Consumable Fuels)		476		24,903
Materion Corp. (Metals & Mining)		86		9,821
Mativ Holdings, Inc. (Chemicals)		229		3,462
Matson, Inc. (Marine Transportation)		150		11,661
Matterport, Inc.* (Software)		1,053		3,317
Matthews International Corp.—Class A (Commercial Services & Supplies)		125		5,328
Maui Land & Pineapple Co., Inc.* (Real Estate Management & Development)		32		456
MaxCyte, Inc.* (Life Sciences Tools & Services)		367		1,685
Maxeon Solar Technologies, Ltd.*(a) (Semiconductors & Semiconductor Equipment)		106		2,985
Maximus, Inc. (Professional Services)		255		21,549
MaxLinear, Inc.* (Semiconductors & Semiconductor Equipment)		313		9,878
Mayville Engineering Co., Inc.* (Machinery)		46		573
MBIA, Inc.* (Insurance)		203		1,754
McGrath RentCorp (Trading Companies & Distributors)		104		9,618
MediaAlpha, Inc.*(a)—Class A (Interactive Media & Services)		108		1,113
Medifast, Inc. (Personal Care Products)		45		4,147
MeiraGTx Holdings PLC* (Biotechnology)		137		921
Mercantile Bank Corp. (Banks)		66		1,823
Merchants Bancorp (Financial Services)		67		1,714
Mercury General Corp. (Insurance)		113		3,421
MeridianLink, Inc.* (Software)		110		2,288
Merit Medical Systems, Inc.* (Health Care Equipment & Supplies)		239		19,990
Meritage Homes Corp. (Household Durables)		153		21,768
Merrimack Pharmaceuticals, Inc.* (Biotechnology)		44		541
Mersana Therapeutics, Inc.* (Biotechnology)		421		1,385
Mesa Laboratories, Inc. (Health Care Equipment & Supplies)		22		2,827
Methode Electronics, Inc. (Electronic Equipment, Instruments & Components)		148		4,961
Metrocity Bankshares, Inc. (Banks)		77		1,378
Metropolitan Bank Holding Corp.* (Banks)		44		1,528
MFA Financial, Inc. (Mortgage REITs)		429		4,822
MGE Energy, Inc. (Electric Utilities)		153		12,104
MGP Ingredients, Inc. (Beverages)		67		7,121
MicroStrategy, Inc.* (Software)		46		15,751
Microvast Holdings, Inc.* (Machinery)		441		706
MicroVision, Inc.* (Electronic Equipment, Instruments & Components)		742		3,398
Mid Penn Bancorp, Inc. (Banks)		60		1,325
Middlefield Banc Corp. (Banks)		33		884
Middlesex Water Co. (Water Utilities)		74		5,969
Midland States Bancorp, Inc. (Banks)		89		1,772
MidWestOne Financial Group, Inc. (Banks)		60		1,282
Miller Industries, Inc. (Machinery)		47		1,667
MillerKnoll, Inc. (Commercial Services & Supplies)		319		4,715
MiMedx Group, Inc.* (Biotechnology)		478		3,160
Minerals Technologies, Inc. (Chemicals)		137		7,904
Mineralys Therapeutics, Inc.* (Biotechnology)		59		1,006
Mirion Technologies, Inc.* (Electronic Equipment, Instruments & Components)		841		7,106
Mirum Pharmaceuticals, Inc.* (Biotechnology)		112		2,897
Mission Produce, Inc.* (Food Products)		203		2,460
Mistras Group, Inc.* (Professional Services)		87		672
Mitek Systems, Inc.* (Software)		179		1,940
Model N, Inc.* (Software)		157		5,552
Modine Manufacturing Co.* (Automobile Components)		216		7,132
ModivCare, Inc.* (Health Care Providers & Services)		53		2,396
Moelis & Co.—Class A (Capital Markets)		280		12,695
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure)		57		4,016
Mondee Holdings, Inc.* (Hotels, Restaurants & Leisure)		190		1,693
Monro, Inc. (Specialty Retail)		131		5,323
Montauk Renewables, Inc.* (Independent Power and Renewable Electricity Producers)		280		2,083
Monte Rosa Therapeutics, Inc.* (Biotechnology)		128		877
Montrose Environmental Group, Inc.* (Commercial Services & Supplies)		117		4,928
Moog, Inc.—Class A (Aerospace & Defense)		119		12,903
Morphic Holding, Inc.* (Biotechnology)		128		7,338
Movado Group, Inc. (Textiles, Apparel & Luxury Goods)		64		1,717
Mr. Cooper Group, Inc.* (Financial Services)		280		14,179
MRC Global, Inc.* (Trading Companies & Distributors)		352		3,545
Mueller Industries, Inc. (Machinery)		235		20,510
Mueller Water Products, Inc.—Class A (Machinery)		651		10,566
Mullen Automotive, Inc.* (Automobiles)		2		—	(b)
Multiplan Corp.*(a) (Health Care Technology)		1,589		3,353
Murphy Oil Corp. (Oil, Gas & Consumable Fuels)		624		23,898
MVB Financial Corp. (Banks)		48		1,012
Myers Industries, Inc. (Containers & Packaging)		153		2,973
MYR Group, Inc.* (Construction & Engineering)		69		9,545
Myriad Genetics, Inc.* (Biotechnology)		339		7,858
N-able, Inc.* (Software)		294		4,237
Nabors Industries, Ltd.* (Energy Equipment & Services)		38		3,535
NACCO Industries, Inc.—Class A (Oil, Gas & Consumable Fuels)		18		624

See accompanying notes to financial statements.

176 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
NanoString Technologies, Inc.* (Life Sciences Tools & Services)		198	$	802
Nano-X Imaging, Ltd.* (Health Care Equipment & Supplies)		192		2,974
Napco Security Technologies, Inc. (Electronic Equipment, Instruments & Components)		132		4,574
Nathan's Famous, Inc. (Hotels, Restaurants & Leisure)		12		942
National Bank Holdings Corp.—Class A (Banks)		155		4,501
National Bankshares, Inc. (Banks)		24		701
National Beverage Corp.* (Beverages)		99		4,787
National Health Investors, Inc. (Health Care REITs)		175		9,174
National HealthCare Corp. (Health Care Providers & Services)		52		3,215
National Presto Industries, Inc. (Aerospace & Defense)		22		1,610
National Research Corp. (Health Care Providers & Services)		60		2,611
National Vision Holdings, Inc.* (Specialty Retail)		326		7,919
National Western Life Group, Inc.—Class A (Insurance)		10		4,156
Natural Grocers by Vitamin Cottage, Inc. (Consumer Staples Distribution & Retail)		39		478
Nature's Sunshine Products, Inc.* (Personal Care Products)		55		751
Nautilus Biotechnology, Inc.* (Life Sciences Tools & Services)		212		820
Navient Corp. (Consumer Finance)		388		7,209
Navitas Semiconductor Corp.* (Semiconductors & Semiconductor Equipment)		428		4,511
NBT Bancorp, Inc. (Banks)		176		5,606
Nelnet, Inc.—Class A (Consumer Finance)		61		5,885
Neogen Corp.* (Health Care Equipment & Supplies)		914		19,880
NeoGenomics, Inc.* (Health Care Providers & Services)		535		8,597
NerdWallet, Inc.*—Class A (Consumer Finance)		144		1,355
Nerdy, Inc.* (Diversified Consumer Services)		249		1,038
NETGEAR, Inc.* (Communications Equipment)		120		1,699
NetScout Systems, Inc.* (Communications Equipment)		286		8,852
NETSTREIT Corp. (Retail REITs)		257		4,593
Nevro Corp.* (Health Care Equipment & Supplies)		149		3,788
New Jersey Resources Corp. (Gas Utilities)		408		19,258
New York Mortgage Trust, Inc. (Mortgage REITs)		382		3,792
Newmark Group, Inc.—Class A (Real Estate Management & Development)		565		3,514
Newpark Resources, Inc.* (Energy Equipment & Services)		319		1,668
NewtekOne, Inc. (Capital Markets)		98		1,558
NexPoint Diversified Real Estate Trust (Diversified REITs)		129		1,615
Nexpoint Real Estate Finance, Inc. (Mortgage REITs)		34		530
NexPoint Residential Trust, Inc. (Residential REITs)		95		4,321
NextDecade Corp.* (Oil, Gas & Consumable Fuels)		129		1,059
Nextdoor Holdings, Inc.* (Interactive Media & Services)		611		1,992
NextGen Healthcare, Inc.* (Health Care Technology)		227		3,682
NexTier Oilfield Solutions, Inc.* (Energy Equipment & Services)		817		7,304
NextNav, Inc.* (Software)		227		667
NEXTracker, Inc.*—Class A (Electrical Equipment)		130		5,175
NGM Biopharmaceuticals, Inc.* (Pharmaceuticals)		183		474
NI Holdings, Inc.* (Insurance)		35		520
Nicolet Bankshares, Inc. (Banks)		54		3,667
Nikola Corp.*(a) (Machinery)		2,491		3,438
NioCorp Developments, Ltd.* (Metals & Mining)		8		40
Nkarta, Inc.* (Biotechnology)		127		278
NL Industries, Inc. (Commercial Services & Supplies)		35		194
nLight, Inc.* (Electronic Equipment, Instruments & Components)		185		2,853
NMI Holdings, Inc.*—Class A (Financial Services)		344		8,882
Noble Corp. PLC* (Energy Equipment & Services)		452		18,672
Noodles & Co.* (Hotels, Restaurants & Leisure)		168		568
Nordic American Tankers, Ltd. (Oil, Gas & Consumable Fuels)		861		3,160
Northeast Bank (Banks)		33		1,375
Northeast Community Bancorp, Inc. (Banks)		56		833
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels)		315		10,811
Northfield Bancorp, Inc. (Banks)		174		1,911
Northrim Bancorp, Inc. (Banks)		23		905
Northwest Bancshares, Inc. (Banks)		535		5,671
Northwest Natural Holding Co. (Gas Utilities)		151		6,501
Northwest Pipe Co.* (Construction & Engineering)		41		1,240
NorthWestern Corp. (Multi-Utilities)		253		14,360
Norwood Financial Corp. (Banks)		31		915
Novagold Resources, Inc.* (Metals & Mining)		1,015		4,050
Novanta, Inc.* (Electronic Equipment, Instruments & Components)		150		27,614
Novavax, Inc.*(a) (Biotechnology)		365		2,712
NOW, Inc.* (Trading Companies & Distributors)		461		4,776
Nu Skin Enterprises, Inc.—Class A (Personal Care Products)		209		6,939
Nurix Therapeutics, Inc.* (Biotechnology)		197		1,968
NuScale Power Corp.* (Electrical Equipment)		225		1,530
Nuvalent, Inc.*—Class A (Biotechnology)		101		4,259
NuVasive, Inc.* (Health Care Equipment & Supplies)		222		9,233
Nuvation Bio, Inc.* (Pharmaceuticals)		611		1,100
Nuvectis Pharma, Inc.* (Biotechnology)		29		463
NV5 Global, Inc.* (Professional Services)		57		6,314

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 177

Common Stocks, continued

	Shares		Value
NVE Corp. (Semiconductors & Semiconductor Equipment)		20	$	1,949
Oak Valley Bancorp (Banks)		28		705
Ocean Biomedical, Inc.* (Biotechnology)		36		216
Oceaneering International, Inc.* (Energy Equipment & Services)		422		7,891
OceanFirst Financial Corp. (Banks)		245		3,827
Ocular Therapeutix, Inc.* (Pharmaceuticals)		327		1,687
Ocwen Financial Corp.* (Financial Services)		27		809
Offerpad Solutions, Inc.* (Real Estate Management & Development)		1		14
Office Properties Income Trust (Office REITs)		202		1,555
OFG Bancorp (Banks)		196		5,112
O-I Glass, Inc.* (Containers & Packaging)		652		13,906
Oil States International, Inc.* (Energy Equipment & Services)		265		1,980
Oil-Dri Corp. of America (Household Products)		21		1,239
Old National Bancorp (Banks)		1,230		17,146
Old Second Bancorp, Inc. (Banks)		182		2,377
Olema Pharmaceuticals, Inc.* (Biotechnology)		113		1,020
Olo, Inc.*—Class A (Software)		434		2,804
Olympic Steel, Inc. (Metals & Mining)		41		2,009
Omega Flex, Inc. (Machinery)		14		1,453
Omega Therapeutics, Inc.* (Biotechnology)		102		571
Omeros Corp.* (Pharmaceuticals)		255		1,387
OmniAb, Inc.* (Life Sciences Tools & Services)		391		1,967
Omnicell, Inc.* (Health Care Equipment & Supplies)		189		13,924
ON24, Inc. (Software)		137		1,112
ONE Gas, Inc.(a) (Gas Utilities)		232		17,820
One Liberty Properties, Inc. (Diversified REITs)		68		1,382
OneSpan, Inc.* (Software)		168		2,493
OneSpaWorld Holdings, Ltd.* (Diversified Consumer Services)		306		3,703
OneWater Marine, Inc.*(a) (Specialty Retail)		48		1,740
Onto Innovation, Inc.* (Semiconductors & Semiconductor Equipment)		206		23,993
Ooma, Inc.* (Diversified Telecommunication Services)		100		1,497
Open Lending Corp.* (Capital Markets)		418		4,393
Opendoor Technologies, Inc.* (Real Estate Management & Development)		2,290		9,206
OPENLANE, Inc.* (Commercial Services & Supplies)		453		6,895
OPKO Health, Inc.* (Health Care Providers & Services)		1,692		3,672
OppFi, Inc.*(a) (Consumer Finance)		45		92
OptimizeRx Corp.* (Health Care Technology)		70		1,000
Optinose, Inc.* (Pharmaceuticals)		306		376
Option Care Health, Inc.* (Health Care Providers & Services)		714		23,197
Orange County Bancorp, Inc. (Banks)		21		777
OraSure Technologies, Inc.* (Health Care Equipment & Supplies)		313		1,568
Orchestra BioMed Holdings, Inc.* (Health Care Equipment & Supplies)		18		126
Orchid Island Capital, Inc.(a) (Mortgage REITs)		165		1,708
Organogenesis Holdings, Inc.* (Biotechnology)		295		979
ORIC Pharmaceuticals, Inc.* (Biotechnology)		164		1,273
Origin Bancorp, Inc. (Banks)		122		3,575
Origin Materials, Inc.* (Chemicals)		445		1,896
Orion Office REIT, Inc. (Office REITs)		240		1,586
Orion SA (Chemicals)		235		4,987
Ormat Technologies, Inc. (Independent Power and Renewable Electricity Producers)		224		18,024
Orrstown Financial Services, Inc. (Banks)		43		823
Orthofix Medical, Inc.* (Health Care Equipment & Supplies)		148		2,673
OrthoPediatrics Corp.* (Health Care Equipment & Supplies)		67		2,938
Oscar Health, Inc.*—Class A (Insurance)		649		5,231
OSI Systems, Inc.* (Electronic Equipment, Instruments & Components)		67		7,895
Otter Tail Corp. (Electric Utilities)		173		13,660
Outbrain, Inc.* (Interactive Media & Services)		172		846
Outfront Media, Inc. (Specialized REITs)		619		9,731
Outlook Therapeutics, Inc.*(a) (Biotechnology)		651		1,133
Outset Medical, Inc.* (Health Care Equipment & Supplies)		207		4,527
Overseas Shipholding Group, Inc.*—Class A (Oil, Gas & Consumable Fuels)		242		1,009
Overstock.com, Inc.* (Specialty Retail)		189		6,156
Ovid Therapeutics, Inc.* (Biotechnology)		250		820
Owens & Minor, Inc.* (Health Care Providers & Services)		312		5,940
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods)		63		6,200
P10, Inc.—Class A (Capital Markets)		180		2,034
P3 Health Partners, Inc.* (Health Care Providers & Services)		167		499
Pacific Biosciences of California, Inc.* (Life Sciences Tools & Services)		1,057		14,058
Pacific Premier Bancorp, Inc. (Banks)		398		8,231
Pacira BioSciences, Inc.* (Pharmaceuticals)		191		7,653
Pactiv Evergreen, Inc. (Containers & Packaging)		168		1,272
PacWest Bancorp (Banks)		503		4,099
PagerDuty, Inc.* (Software)		358		8,048
Pagseguro Digital, Ltd.*—Class A (Financial Services)		833		7,864
Palomar Holdings, Inc.* (Insurance)		102		5,920
PAM Transportation Services, Inc. (Ground Transportation)		26		696
Pangaea Logistics Solutions, Ltd. (Marine Transportation)		153		1,036
Papa John's International, Inc. (Hotels, Restaurants & Leisure)		147		10,853
Par Pacific Holdings, Inc.* (Oil, Gas & Consumable Fuels)		232		6,174
PAR Technology Corp.* (Electronic Equipment, Instruments & Components)		112		3,688
Paragon 28, Inc.* (Health Care Equipment & Supplies)		184		3,264
Paramount Group, Inc. (Office REITs)		777		3,442
Park Aerospace Corp. (Aerospace & Defense)		82		1,132
Park National Corp. (Banks)		60		6,139
Parke Bancorp, Inc. (Banks)		44		748
Park-Ohio Holdings Corp. (Machinery)		35		665
Parsons Corp.* (Aerospace & Defense)		173		8,328
Pathward Financial, Inc. (Banks)		115		5,331
Patria Investments, Ltd.—Class A (Capital Markets)		228		3,260

See accompanying notes to financial statements.

178 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Patrick Industries, Inc. (Automobile Components)		90	$	7,200
Patterson Cos., Inc. (Health Care Providers & Services)		370		12,306
Patterson-UTI Energy, Inc. (Energy Equipment & Services)		870		10,414
Payoneer Global, Inc.* (Financial Services)		1,112		5,349
Paysafe, Ltd.* (Financial Services)		137		1,382
Paysign, Inc.* (Financial Services)		137		336
PBF Energy, Inc.—Class A (Oil, Gas & Consumable Fuels)		488		19,979
PC Connection, Inc. (Electronic Equipment, Instruments & Components)		48		2,165
PCB Bancorp (Banks)		46		677
PDF Solutions, Inc.* (Semiconductors & Semiconductor Equipment)		129		5,818
PDS Biotechnology Corp.* (Biotechnology)		117		589
Peabody Energy Corp. (Oil, Gas & Consumable Fuels)		523		11,328
Peakstone Realty Trust (Office REITs)		117		3,267
Peapack-Gladstone Financial Corp. (Banks)		72		1,950
Pebblebrook Hotel Trust(a) (Hotel & Resort REITs)		510		7,109
Pediatrix Medical Group, Inc.* (Health Care Providers & Services)		353		5,016
Penns Woods Bancorp, Inc. (Banks)		29		726
PennyMac Financial Services, Inc. (Financial Services)		107		7,523
PennyMac Mortgage Investment Trust (Mortgage REITs)		371		5,001
Peoples Bancorp, Inc. (Banks)		142		3,770
Peoples Financial Services Corp. (Banks)		29		1,270
PepGen, Inc.* (Biotechnology)		42		375
Perdoceo Education Corp.* (Diversified Consumer Services)		282		3,460
Perella Weinberg Partners (Capital Markets)		179		1,491
Perficient, Inc.* (IT Services)		144		12,001
Performant Financial Corp.* (Commercial Services & Supplies)		282		761
Perimeter Solutions SA* (Chemicals)		658		4,047
Permian Resources Corp. (Oil, Gas & Consumable Fuels)		1,067		11,694
Perpetua Resources Corp.* (Metals & Mining)		158		580
PetIQ, Inc.* (Health Care Providers & Services)		115		1,745
PetMed Express, Inc. (Specialty Retail)		86		1,186
PGT Innovations, Inc.* (Building Products)		244		7,113
Phathom Pharmaceuticals, Inc.* (Pharmaceuticals)		103		1,475
Phibro Animal Health Corp.—Class A (Pharmaceuticals)		86		1,178
Phillips Edison & Co., Inc.(a) (Retail REITs)		495		16,870
Photronics, Inc.* (Semiconductors & Semiconductor Equipment)		256		6,602
Phreesia, Inc.* (Health Care Technology)		214		6,636
Physicians Realty Trust (Health Care REITs)		999		13,977
Piedmont Lithium, Inc.* (Metals & Mining)		75		4,328
Piedmont Office Realty Trust, Inc.—Class A (Office REITs)		518		3,766
Pioneer Bancorp, Inc.* (Banks)		49		439
Piper Sandler Cos. (Capital Markets)		73		9,436
Pitney Bowes, Inc. (Commercial Services & Supplies)		736		2,605
PJT Partners, Inc.—Class A (Capital Markets)		102		7,103
Planet Labs PBC* (Professional Services)		801		2,579
PlayAGS, Inc.* (Hotels, Restaurants & Leisure)		155		876
Playstudios, Inc.* (Entertainment)		359		1,763
Plexus Corp.* (Electronic Equipment, Instruments & Components)		115		11,298
Pliant Therapeutics, Inc.* (Pharmaceuticals)		237		4,294
Plumas Bancorp (Banks)		23		821
Plymouth Industrial REIT, Inc. (Industrial REITs)		180		4,144
PMV Pharmaceuticals, Inc.* (Biotechnology)		162		1,014
PNM Resources, Inc. (Electric Utilities)		360		16,236
Point Biopharma Global, Inc.* (Biotechnology)		380		3,443
PolyMet Mining Corp.* (Metals & Mining)		143		113
Ponce Financial Group, Inc.* (Banks)		86		747
Portillo's, Inc.*—Class A (Hotels, Restaurants & Leisure)		178		4,010
Portland General Electric Co. (Electric Utilities)		408		19,106
Poseida Therapeutics, Inc.* (Biotechnology)		285		502
Postal Realty Trust, Inc.—Class A (Office REITs)		79		1,162
Potbelly Corp.* (Hotels, Restaurants & Leisure)		109		957
PotlatchDeltic Corp. (Specialized REITs)		332		17,545
Powell Industries, Inc. (Electrical Equipment)		38		2,302
Power Integrations, Inc. (Semiconductors & Semiconductor Equipment)		238		22,531
PowerSchool Holdings, Inc.* (Software)		235		4,498
PRA Group, Inc.* (Consumer Finance)		162		3,702
Precigen, Inc.* (Biotechnology)		567		652
Preferred Bank (Banks)		56		3,079
Preformed Line Products Co. (Electrical Equipment)		10		1,561
Prelude Therapeutics, Inc.* (Biotechnology)		42		189
Premier Financial Corp. (Banks)		148		2,371
Prestige Consumer Healthcare, Inc.* (Pharmaceuticals)		209		12,421
Presto Automation, Inc.* (Electronic Equipment, Instruments & Components)		13		68
PriceSmart, Inc. (Consumer Staples Distribution & Retail)		109		8,073
Prime Medicine, Inc.* (Biotechnology)		166		2,432
PrimeEnergy Resources Corp.* (Oil, Gas & Consumable Fuels)		3		276
Primis Financial Corp. (Banks)		85		716
Primo Water Corp. (Beverages)		657		8,239
Primoris Services Corp. (Construction & Engineering)		223		6,795
Princeton Bancorp, Inc. (Banks)		21		574
Priority Technology Holdings, Inc.* (Financial Services)		74		268
Privia Health Group, Inc.* (Health Care Providers & Services)		284		7,415
ProAssurance Corp. (Insurance)		227		3,425
PROCEPT BioRobotics Corp.* (Health Care Equipment & Supplies)		151		5,338
ProFrac Holding Corp.*—Class A (Energy Equipment & Services)		101		1,127
PROG Holdings, Inc.* (Consumer Finance)		194		6,231

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 179

Common Stocks, continued

	Shares		Value
Progress Software Corp. (Software)		183	$	10,632
Progyny, Inc.* (Health Care Providers & Services)		330		12,982
ProKidney Corp.* (Biotechnology)		259		2,898
ProPetro Holding Corp.* (Energy Equipment & Services)		414		3,411
PROS Holdings, Inc.* (Software)		188		5,790
Protagonist Therapeutics, Inc.* (Biotechnology)		227		6,270
Protalix BioTherapeutics, Inc.*(a) (Biotechnology)		236		472
Proterra, Inc.* (Machinery)		929		1,115
Prothena Corp. PLC* (Biotechnology)		174		11,881
Proto Labs, Inc.* (Machinery)		111		3,881
Provident Financial Services, Inc. (Banks)		308		5,033
PTC Therapeutics, Inc.* (Biotechnology)		297		12,079
PubMatic, Inc.*—Class A (Media)		181		3,309
Pulmonx Corp.* (Health Care Equipment & Supplies)		154		2,019
Pulse Biosciences, Inc.* (Health Care Equipment & Supplies)		68		489
Pure Cycle Corp.* (Water Utilities)		82		902
PureCycle Technologies, Inc.* (Chemicals)		487		5,206
Purple Innovation, Inc. (Household Durables)		270		751
Q2 Holdings, Inc.* (Software)		239		7,385
QCR Holdings, Inc. (Banks)		69		2,831
Quad/Graphics, Inc.* (Commercial Services & Supplies)		130		489
Quaker Chemical Corp. (Chemicals)		58		11,304
Qualys, Inc.* (Software)		156		20,151
Quanex Building Products Corp. (Building Products)		139		3,732
Quanterix Corp.* (Life Sciences Tools & Services)		148		3,337
Quantum-Si, Inc.* (Life Sciences Tools & Services)		421		754
QuinStreet, Inc.* (Interactive Media & Services)		218		1,925
Quipt Home Medical Corp.* (Health Care Providers & Services)		169		902
Quotient Technology, Inc.* (Media)		380		1,459
Qurate Retail, Inc.*—Class B (Broadline Retail)		6		50
Rackspace Technology, Inc.* (IT Services)		331		900
Radian Group, Inc. (Financial Services)		661		16,710
Radiant Logistics, Inc.* (Air Freight & Logistics)		155		1,042
Radius Global Infrastructure, Inc.*—Class A (Diversified Telecommunication Services)		356		5,304
RadNet, Inc.* (Health Care Providers & Services)		207		6,752
Rain Oncology, Inc.* (Pharmaceuticals)		71		85
Rallybio Corp.* (Biotechnology)		128		724
Ramaco Resources, Inc.—Class A (Metals & Mining)		95		802
Ramaco Resources, Inc.*—Class B (Metals & Mining)		20		210
Rambus, Inc.* (Semiconductors & Semiconductor Equipment)		458		29,390
Ranger Energy Services, Inc.* (Energy Equipment & Services)		65		666
Ranpak Holdings Corp.* (Containers & Packaging)		182		823
Rapid7, Inc.* (Software)		252		11,411
RAPT Therapeutics, Inc.* (Biotechnology)		124		2,319
Rayonier Advanced Materials, Inc.* (Chemicals)		268		1,147
RBB Bancorp (Banks)		70		836
RCI Hospitality Holdings, Inc. (Hotels, Restaurants & Leisure)		36		2,736
RE/MAX Holdings, Inc. (Real Estate Management & Development)		73		1,406
Ready Capital Corp.(a) (Mortgage REITs)		672		7,580
Reata Pharmaceuticals, Inc.*—Class A (Pharmaceuticals)		120		12,235
Recursion Pharmaceuticals, Inc.*—Class A (Biotechnology)		572		4,273
Red River Bancshares, Inc. (Banks)		20		983
Red Robin Gourmet Burgers, Inc.* (Hotels, Restaurants & Leisure)		67		927
Red Rock Resorts, Inc.—Class A (Hotels, Restaurants & Leisure)		200		9,356
Red Violet, Inc.* (Professional Services)		47		967
Redfin Corp.* (Real Estate Management & Development)		446		5,539
Redwire Corp.* (Aerospace & Defense)		33		84
Redwood Trust, Inc. (Mortgage REITs)		478		3,045
REGENXBIO, Inc.* (Biotechnology)		170		3,398
Regional Management Corp. (Consumer Finance)		33		1,007
Relay Therapeutics, Inc.* (Biotechnology)		379		4,760
Remitly Global, Inc.* (Financial Services)		354		6,662
Renasant Corp. (Banks)		232		6,062
Reneo Pharmaceuticals, Inc.* (Biotechnology)		41		269
Rent the Runway, Inc.*—Class A (Specialty Retail)		202		400
Repay Holdings Corp.* (Financial Services)		341		2,670
Replimune Group, Inc.* (Biotechnology)		171		3,971
Republic Bancorp, Inc.—Class A (Banks)		36		1,530
Reservoir Media, Inc.* (Entertainment)		83		500
Resideo Technologies, Inc.* (Building Products)		615		10,861
Resources Connection, Inc. (Professional Services)		136		2,137
Retail Opportunity Investments Corp. (Retail REITs)		517		6,985
REV Group, Inc. (Machinery)		133		1,764
Revance Therapeutics, Inc.* (Pharmaceuticals)		350		8,859
REVOLUTION Medicines, Inc.* (Biotechnology)		425		11,369
Revolve Group, Inc.* (Specialty Retail)		172		2,821
REX American Resources Corp.* (Oil, Gas & Consumable Fuels)		65		2,263
RGC Resources, Inc. (Gas Utilities)		34		681
Rhythm Pharmaceuticals, Inc.* (Biotechnology)		215		3,545
Ribbon Communications, Inc.* (Communications Equipment)		368		1,027
Richardson Electronics, Ltd. (Electronic Equipment, Instruments & Components)		50		825
Rigel Pharmaceuticals, Inc.* (Biotechnology)		718		926
Riley Exploration Permian, Inc. (Oil, Gas & Consumable Fuels)		37		1,322

See accompanying notes to financial statements.

180 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Rimini Street, Inc.* (Software)		205	$	982
Ring Energy, Inc.* (Oil, Gas & Consumable Fuels)		503		860
Riot Platforms, Inc.* (Software)		671		7,931
RLJ Lodging Trust (Hotel & Resort REITs)		668		6,860
Rocket Lab USA, Inc.* (Aerospace & Defense)		1,170		7,020
Rocket Pharmaceuticals, Inc.* (Biotechnology)		235		4,669
Rocky Brands, Inc. (Textiles, Apparel & Luxury Goods)		29		609
Rogers Corp.* (Electronic Equipment, Instruments & Components)		73		11,821
Rover Group, Inc.* (Diversified Consumer Services)		390		1,915
RPC, Inc. (Energy Equipment & Services)		357		2,553
RPT Realty (Retail REITs)		361		3,772
Rush Enterprises, Inc.—Class A (Trading Companies & Distributors)		174		10,569
Rush Enterprises, Inc.—Class B (Trading Companies & Distributors)		26		1,770
Rush Street Interactive, Inc.* (Hotels, Restaurants & Leisure)		264		824
RXO, Inc.* (Ground Transportation)		488		11,063
RxSight, Inc.* (Health Care Equipment & Supplies)		114		3,283
Ryerson Holding Corp. (Metals & Mining)		95		4,121
Ryman Hospitality Properties, Inc. (Hotel & Resort REITs)		243		22,580
S&T Bancorp, Inc. (Banks)		163		4,432
Sabra Health Care REIT, Inc. (Health Care REITs)		972		11,440
Sabre Corp.* (Hotels, Restaurants & Leisure)		1,376		4,389
Safe Bulkers, Inc. (Marine Transportation)		296		965
Safehold, Inc.(a) (Specialized REITs)		125		2,966
Safety Insurance Group, Inc. (Insurance)		60		4,303
Sage Therapeutics, Inc.* (Biotechnology)		222		10,438
Sally Beauty Holdings, Inc.* (Specialty Retail)		450		5,558
Sana Biotechnology, Inc.* (Biotechnology)		391		2,330
Sanara Medtech, Inc.* (Health Care Equipment & Supplies)		16		642
SandRidge Energy, Inc. (Oil, Gas & Consumable Fuels)		134		2,044
Sandy Spring Bancorp, Inc. (Banks)		184		4,173
Sangamo Therapeutics, Inc.* (Biotechnology)		605		787
Sanmina Corp.* (Electronic Equipment, Instruments & Components)		242		14,585
Sapiens International Corp. N.V. (Software)		129		3,431
Saul Centers, Inc. (Retail REITs)		49		1,805
Savara, Inc.* (Biotechnology)		320		1,022
ScanSource, Inc.* (Electronic Equipment, Instruments & Components)		106		3,133
Schnitzer Steel Industries, Inc. (Metals & Mining)		109		3,269
Scholar Rock Holding Corp.* (Biotechnology)		119		897
Scholastic Corp. (Media)		120		4,667
Schrodinger, Inc.* (Health Care Technology)		229		11,432
Scilex Holding Co.* (Pharmaceuticals)		279		1,554
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels)		221		10,438
scPharmaceuticals, Inc.* (Pharmaceuticals)		121		1,233
Sculptor Capital Management, Inc. (Capital Markets)		105		927
Seacoast Banking Corp. of Florida (Banks)		354		7,823
SEACOR Marine Holdings, Inc.* (Energy Equipment & Services)		101		1,154
Seadrill, Ltd.* (Energy Equipment & Services)		212		8,749
SeaWorld Entertainment, Inc.* (Hotels, Restaurants & Leisure)		167		9,354
Security National Financial Corp.*—Class A (Financial Services)		50		444
Seer, Inc.* (Life Sciences Tools & Services)		246		1,050
Select Medical Holdings Corp. (Health Care Providers & Services)		436		13,891
Select Water Solutions, Inc. (Energy Equipment & Services)		357		2,892
Selecta Biosciences, Inc.* (Biotechnology)		487		545
Selective Insurance Group, Inc. (Insurance)		253		24,274
Selectquote, Inc.* (Insurance)		572		1,115
Semler Scientific, Inc.* (Health Care Equipment & Supplies)		21		551
SEMrush Holdings, Inc.* (Software)		131		1,254
Semtech Corp.* (Semiconductors & Semiconductor Equipment)		268		6,823
Seneca Foods Corp.*—Class A (Food Products)		22		719
Sensient Technologies Corp. (Chemicals)		177		12,590
Seres Therapeutics, Inc.* (Biotechnology)		408		1,954
Service Properties Trust (Hotel & Resort REITs)		692		6,013
ServisFirst Bancshares, Inc. (Banks)		214		8,757
SES AI Corp.* (Electrical Equipment)		524		1,279
SFL Corp., Ltd. (Oil, Gas & Consumable Fuels)		483		4,506
Shake Shack, Inc.*—Class A (Hotels, Restaurants & Leisure)		159		12,357
Sharecare, Inc.* (Health Care Technology)		1,294		2,265
Shenandoah Telecommunications Co. (Wireless Telecommunication Services)		204		3,964
Shoals Technologies Group, Inc.*—Class A (Electrical Equipment)		720		18,403
Shoe Carnival, Inc. (Specialty Retail)		70		1,644
Shore Bancshares, Inc. (Banks)		127		1,468
Shutterstock, Inc. (Interactive Media & Services)		104		5,062
SI-BONE, Inc.* (Health Care Equipment & Supplies)		146		3,939
Sierra Bancorp (Banks)		58		984
SIGA Technologies, Inc. (Pharmaceuticals)		193		975
Sight Sciences, Inc.* (Health Care Equipment & Supplies)		91		753
Signet Jewelers, Ltd. (Specialty Retail)		187		12,203
Silicon Laboratories, Inc.* (Semiconductors & Semiconductor Equipment)		133		20,979
Silk Road Medical, Inc.* (Health Care Equipment & Supplies)		161		5,231
SilverBow Resources, Inc.* (Oil, Gas & Consumable Fuels)		74		2,155
Silvercrest Asset Management Group, Inc.—Class A (Capital Markets)		40		810
Simmons First National Corp.—Class A (Banks)		530		9,143

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 181

Common Stocks, continued

	Shares		Value
Simpson Manufacturing Co., Inc. (Building Products)		180	$	24,929
Simulations Plus, Inc. (Health Care Technology)		67		2,903
Sinclair, Inc. (Media)		148		2,045
SiriusPoint, Ltd.* (Insurance)		384		3,468
SITE Centers Corp. (Retail REITs)		800		10,576
SiTime Corp.* (Semiconductors & Semiconductor Equipment)		72		8,494
Sitio Royalties Corp.—Class A (Oil, Gas & Consumable Fuels)		339		8,906
Six Flags Entertainment Corp.* (Hotels, Restaurants & Leisure)		303		7,872
SJW Group (Water Utilities)		130		9,114
Skillsoft Corp.* (Professional Services)		336		417
Skyline Champion Corp.* (Household Durables)		225		14,726
Skyward Specialty Insurance Group, Inc.*(a) (Insurance)		44		1,118
SkyWater Technology, Inc.* (Semiconductors & Semiconductor Equipment)		74		697
SkyWest, Inc.* (Passenger Airlines)		203		8,266
SKYX Platforms Corp.* (Electrical Equipment)		238		633
SL Green Realty Corp.(a) (Office REITs)		276		8,294
Sleep Number Corp.* (Specialty Retail)		90		2,455
SM Energy Co. (Oil, Gas & Consumable Fuels)		504		15,942
SMART Global Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		203		5,889
SmartFinancial, Inc. (Banks)		67		1,441
SmartRent, Inc.* (Electronic Equipment, Instruments & Components)		773		2,961
Smith & Wesson Brands, Inc. (Leisure Products)		192		2,504
Snap One Holdings Corp.* (Household Durables)		77		897
Solaris Oilfield Infrastructure, Inc.—Class A (Energy Equipment & Services)		135		1,125
SolarWinds Corp.* (Software)		214		2,196
Solid Power, Inc.* (Automobile Components)		650		1,651
Solo Brands, Inc.*—Class A (Leisure Products)		92		521
SomaLogic, Inc.* (Life Sciences Tools & Services)		634		1,465
Sonic Automotive, Inc.—Class A (Specialty Retail)		66		3,146
Sonos, Inc.* (Household Durables)		533		8,704
SoundHound AI, Inc.* (Software)		587		2,671
SoundThinking, Inc.* (Software)		38		831
South Plains Financial, Inc. (Banks)		50		1,126
Southern First Bancshares, Inc.* (Banks)		32		792
Southern Missouri Bancorp, Inc. (Banks)		36		1,384
Southern States Bancshares, Inc. (Banks)		31		654
Southland Holdings, Inc.* (Construction & Engineering)		16		131
Southside Bancshares, Inc. (Banks)		123		3,218
SouthState Corp. (Banks)		320		21,055
Southwest Gas Holdings, Inc. (Gas Utilities)		259		16,485
Sovos Brands, Inc.* (Food Products)		167		3,267
SP Plus Corp.* (Commercial Services & Supplies)		82		3,207
SpartanNash Co. (Consumer Staples Distribution & Retail)		146		3,286
Sphere Entertainment Co.* (Entertainment)		109		2,986
Spire, Inc. (Gas Utilities)		216		13,703
Spirit Airlines, Inc. (Passenger Airlines)		460		7,894
Spok Holdings, Inc. (Wireless Telecommunication Services)		75		997
Sportsman's Warehouse Holdings, Inc.* (Specialty Retail)		159		906
SpringWorks Therapeutics, Inc.* (Biotechnology)		244		6,398
Sprinklr, Inc.* (Software)		365		5,048
Sprout Social, Inc.*—Class A (Software)		201		9,278
Sprouts Farmers Market, Inc.* (Consumer Staples Distribution & Retail)		435		15,978
SPS Commerce, Inc.* (Software)		154		29,578
SPX Technologies, Inc.* (Machinery)		185		15,719
Squarespace, Inc.*—Class A (IT Services)		187		5,898
STAAR Surgical Co.* (Health Care Equipment & Supplies)		204		10,724
Stagwell, Inc.* (Media)		454		3,273
Standard Motor Products, Inc. (Automobile Components)		89		3,339
Standex International Corp. (Machinery)		50		7,074
Star Holdings* (Diversified REITs)		54		792
Steelcase, Inc.—Class A (Commercial Services & Supplies)		370		2,853
Stellar Bancorp, Inc. (Banks)		204		4,670
Stem, Inc.*(a) (Electrical Equipment)		598		3,421
Stepan Co. (Chemicals)		89		8,505
StepStone Group, Inc.—Class A (Capital Markets)		226		5,607
Sterling Bancorp, Inc.* (Banks)		88		481
Sterling Check Corp.* (Professional Services)		99		1,214
Sterling Infrastructure, Inc.* (Construction & Engineering)		126		7,031
Steven Madden, Ltd. (Textiles, Apparel & Luxury Goods)		316		10,330
Stewart Information Services Corp. (Insurance)		112		4,608
Stitch Fix, Inc.*—Class A (Specialty Retail)		354		1,363
Stock Yards Bancorp, Inc. (Banks)		114		5,172
Stoke Therapeutics, Inc.* (Biotechnology)		116		1,233
StoneCo, Ltd.*—Class A (Financial Services)		1,222		15,568
Stoneridge, Inc.* (Automobile Components)		111		2,092
StoneX Group, Inc.* (Capital Markets)		75		6,231
Strategic Education, Inc. (Diversified Consumer Services)		95		6,445
Stratus Properties, Inc. (Real Estate Management & Development)		24		630
Stride, Inc.* (Diversified Consumer Services)		178		6,627
Sturm Ruger & Co., Inc. (Leisure Products)		73		3,866
Summit Financial Group, Inc. (Banks)		47		971
Summit Hotel Properties, Inc. (Hotel & Resort REITs)		440		2,864
Summit Materials, Inc.*—Class A (Construction Materials)		501		18,963
Summit Therapeutics, Inc.* (Biotechnology)		486		1,220
Sun Country Airlines Holdings, Inc.* (Passenger Airlines)		158		3,552
SunCoke Energy, Inc. (Metals & Mining)		351		2,762

See accompanying notes to financial statements.

182 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Sunnova Energy International, Inc.* (Independent Power and Renewable Electricity Producers)		424	$	7,763
SunOpta, Inc.* (Food Products)		381		2,549
SunPower Corp.* (Electrical Equipment)		366		3,587
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs)		875		8,855
Super Group SGHC, Ltd.* (Hotels, Restaurants & Leisure)		572		1,659
Super Micro Computer, Inc.* (Technology Hardware, Storage & Peripherals)		195		48,603
Supernus Pharmaceuticals, Inc.* (Pharmaceuticals)		206		6,192
Surgery Partners, Inc.* (Health Care Providers & Services)		283		12,732
Surmodics, Inc.* (Health Care Equipment & Supplies)		58		1,816
Sutro Biopharma, Inc.* (Biotechnology)		252		1,172
Sweetgreen, Inc.*—Class A (Hotels, Restaurants & Leisure)		405		5,192
SWK Holdings Corp.* (Financial Services)		16		268
Sylvamo Corp. (Paper & Forest Products)		153		6,189
Synaptics, Inc.* (Semiconductors & Semiconductor Equipment)		166		14,173
Syndax Pharmaceuticals, Inc.* (Biotechnology)		276		5,777
System1, Inc.* (Interactive Media & Services)		104		468
Tactile Systems Technology, Inc.* (Health Care Equipment & Supplies)		98		2,443
Talos Energy, Inc.* (Oil, Gas & Consumable Fuels)		469		6,505
Tanger Factory Outlet Centers, Inc. (Retail REITs)		429		9,468
Tango Therapeutics, Inc.* (Biotechnology)		187		621
Target Hospitality Corp.* (Hotels, Restaurants & Leisure)		131		1,758
Taro Pharmaceutical Industries, Ltd.* (Pharmaceuticals)		34		1,290
Tarsus Pharmaceuticals, Inc.* (Pharmaceuticals)		99		1,789
Taylor Morrison Home Corp.* (Household Durables)		442		21,556
TechTarget, Inc.* (Media)		109		3,393
Teekay Corp.* (Oil, Gas & Consumable Fuels)		280		1,691
Teekay Tankers, Ltd.—Class A (Oil, Gas & Consumable Fuels)		100		3,823
TEGNA, Inc. (Media)		941		15,281
Tejon Ranch Co.* (Real Estate Management & Development)		88		1,514
Tela Bio, Inc.* (Health Care Equipment & Supplies)		67		679
Telephone and Data Systems, Inc. (Wireless Telecommunication Services)		415		3,415
Tellurian, Inc.* (Oil, Gas & Consumable Fuels)		2,237		3,154
Tenable Holdings, Inc.* (Software)		479		20,861
Tenaya Therapeutics, Inc.* (Biotechnology)		192		1,127
Tennant Co. (Machinery)		78		6,327
Terawulf, Inc.* (Software)		211		369
Terex Corp. (Machinery)		282		16,871
Terns Pharmaceuticals, Inc.* (Pharmaceuticals)		180		1,575
Terran Orbital Corp.*(a) (Aerospace & Defense)		357		536
Terreno Realty Corp. (Industrial REITs)		343		20,614
TETRA Technologies, Inc.* (Energy Equipment & Services)		526		1,778
Texas Capital Bancshares, Inc.* (Banks)		201		10,352
Textainer Group Holdings, Ltd. (Trading Companies & Distributors)		181		7,128
TG Therapeutics, Inc.* (Biotechnology)		576		14,308
The Andersons, Inc. (Consumer Staples Distribution & Retail)		135		6,230
The Bancorp, Inc.* (Banks)		224		7,314
The Bank of NT Butterfield & Son, Ltd. (Banks)		210		5,746
The Beauty Health Co.* (Personal Care Products)		343		2,871
The Brink's Co. (Commercial Services & Supplies)		194		13,159
The Buckle, Inc. (Specialty Retail)		128		4,429
The Cato Corp.—Class A (Specialty Retail)		73		586
The Cheesecake Factory, Inc. (Hotels, Restaurants & Leisure)		204		7,054
The Chefs' Warehouse, Inc.* (Consumer Staples Distribution & Retail)		148		5,292
The Children's Place, Inc.* (Specialty Retail)		50		1,161
The Duckhorn Portfolio, Inc.* (Beverages)		184		2,386
The E.W. Scripps Co.*—Class A (Media)		250		2,288
The Ensign Group, Inc. (Health Care Providers & Services)		229		21,859
The First Bancorp, Inc. (Banks)		41		998
The First Bancshares, Inc. (Banks)		127		3,282
The First of Long Island Corp. (Banks)		89		1,070
The GEO Group, Inc.* (Commercial Services & Supplies)		500		3,580
The Goodyear Tire & Rubber Co.* (Automobile Components)		1,182		16,170
The Gorman-Rupp Co. (Machinery)		96		2,768
The Greenbrier Cos., Inc. (Machinery)		132		5,689
The Hackett Group, Inc. (IT Services)		105		2,347
The Hain Celestial Group, Inc.* (Food Products)		375		4,691
The Joint Corp.* (Health Care Providers & Services)		60		810
The Lovesac Co.* (Household Durables)		59		1,590
The Macerich Co. (Retail REITs)		907		10,222
The Manitowoc Co., Inc.* (Machinery)		146		2,749
The Marcus Corp. (Entertainment)		102		1,513
The Necessity Retail REIT, Inc. (Retail REITs)		564		3,813
The ODP Corp.* (Specialty Retail)		144		6,742
The ONE Group Hospitality, Inc.* (Hotels, Restaurants & Leisure)		92		673
The Pennant Group, Inc.* (Health Care Providers & Services)		121		1,486
The RMR Group, Inc.—Class A (Real Estate Management & Development)		65		1,506
The Shyft Group, Inc. (Machinery)		144		3,177
The Simply Good Foods Co.* (Food Products)		381		13,941
The St Joe Co. (Real Estate Management & Development)		145		7,009
The Vita Coco Co., Inc.* (Beverages)		120		3,224
The York Water Co. (Water Utilities)		60		2,476
Theravance Biopharma, Inc.* (Pharmaceuticals)		259		2,681

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 183

Common Stocks, continued

	Shares		Value
Thermon Group Holdings, Inc.* (Electrical Equipment)		140	$	3,724
Theseus Pharmaceuticals, Inc.* (Pharmaceuticals)		85		793
Third Coast Bancshares, Inc.* (Banks)		54		857
Third Harmonic Bio, Inc.* (Pharmaceuticals)		82		394
Thorne HealthTech, Inc.* (Personal Care Products)		59		277
Thoughtworks Holding, Inc.* (IT Services)		388		2,929
ThredUp, Inc.*—Class A (Specialty Retail)		301		734
Thryv Holdings, Inc.* (Media)		130		3,198
Tidewater, Inc.* (Energy Equipment & Services)		199		11,033
Tile Shop Holdings, Inc.* (Specialty Retail)		121		670
Tilly's, Inc.*—Class A (Specialty Retail)		94		659
Timberland Bancorp, Inc. (Banks)		32		819
TimkenSteel Corp.* (Metals & Mining)		182		3,926
Tingo Group, Inc.* (Electronic Equipment, Instruments & Components)		512		620
Tiptree, Inc. (Insurance)		101		1,516
Titan International, Inc.* (Machinery)		220		2,526
Titan Machinery, Inc.* (Trading Companies & Distributors)		86		2,537
Tompkins Financial Corp. (Banks)		58		3,231
Topgolf Callaway Brands Corp.* (Leisure Products)		604		11,989
Torrid Holdings, Inc.* (Specialty Retail)		51		143
Towne Bank (Banks)		295		6,856
Townsquare Media, Inc. (Media)		49		584
TPG RE Finance Trust, Inc. (Mortgage REITs)		290		2,149
TPI Composites, Inc.* (Electrical Equipment)		176		1,825
Traeger, Inc.* (Household Durables)		147		625
Transcat, Inc.* (Trading Companies & Distributors)		31		2,645
Transcontinental Realty Investors, Inc.* (Real Estate Management & Development)		8		293
TransMedics Group, Inc.* (Health Care Equipment & Supplies)		133		11,169
Transphorm, Inc.* (Semiconductors & Semiconductor Equipment)		113		384
Travere Therapeutics, Inc.* (Biotechnology)		306		4,700
Treace Medical Concepts, Inc.* (Health Care Equipment & Supplies)		190		4,860
Tredegar Corp. (Metals & Mining)		111		740
TreeHouse Foods, Inc.* (Food Products)		216		10,882
Trevi Therapeutics, Inc.* (Pharmaceuticals)		175		418
Tri Pointe Homes, Inc.* (Household Durables)		416		13,670
TriCo Bancshares (Banks)		130		4,316
TriMas Corp. (Containers & Packaging)		174		4,783
TriNet Group, Inc.* (Professional Services)		158		15,005
Trinity Industries, Inc. (Machinery)		341		8,767
Trinseo PLC (Chemicals)		147		1,862
Triton International, Ltd. (Trading Companies & Distributors)		229		19,067
Triumph Financial, Inc.* (Banks)		93		5,647
Triumph Group, Inc.* (Aerospace & Defense)		270		3,340
Tronox Holdings PLC (Chemicals)		491		6,241
TrueBlue, Inc.* (Professional Services)		128		2,267
TrueCar, Inc.* (Interactive Media & Services)		370		836
Trupanion, Inc.*(a) (Insurance)		166		3,267
TrustCo Bank Corp. (Banks)		78		2,232
Trustmark Corp. (Banks)		255		5,386
TTEC Holdings, Inc. (Professional Services)		82		2,775
TTM Technologies, Inc.* (Electronic Equipment, Instruments & Components)		429		5,963
Tucows, Inc.*—Class A (IT Services)		42		1,165
Turning Point Brands, Inc. (Tobacco)		72		1,729
Turtle Beach Corp.* (Technology Hardware, Storage & Peripherals)		66		769
TuSimple Holdings, Inc.*—Class A (Ground Transportation)		693		1,150
Tutor Perini Corp.* (Construction & Engineering)		178		1,273
Twist Bioscience Corp.*(a) (Biotechnology)		239		4,890
Two Harbors Investment Corp. (Mortgage REITs)		408		5,663
Tyra Biosciences, Inc.* (Biotechnology)		59		1,005
U.S. Physical Therapy, Inc. (Health Care Providers & Services)		54		6,555
U.S. Silica Holdings, Inc.* (Energy Equipment & Services)		316		3,833
Udemy, Inc.* (Diversified Consumer Services)		360		3,863
UFP Industries, Inc. (Building Products)		252		24,456
UFP Technologies, Inc.* (Health Care Equipment & Supplies)		30		5,816
Ultra Clean Holdings, Inc.* (Semiconductors & Semiconductor Equipment)		187		7,192
UMB Financial Corp. (Banks)		186		11,327
UMH Properties, Inc. (Residential REITs)		231		3,691
UniFirst Corp. (Commercial Services & Supplies)		63		9,766
Unisys Corp.* (IT Services)		279		1,110
United Bankshares, Inc. (Banks)		549		16,289
United Community Banks, Inc. (Banks)		485		12,120
United Fire Group, Inc. (Insurance)		88		1,994
United Homes Group, Inc.* (Household Durables)		26		290
United Insurance Holdings Corp.* (Insurance)		82		366
United Natural Foods, Inc.* (Consumer Staples Distribution & Retail)		249		4,868
United States Lime & Minerals, Inc. (Construction Materials)		9		1,880
Uniti Group, Inc. (Specialized REITs)		1,000		4,620
Unitil Corp. (Multi-Utilities)		67		3,398
Unity Bancorp, Inc. (Banks)		31		731
Universal Corp. (Tobacco)		101		5,044
Universal Health Realty Income Trust (Health Care REITs)		54		2,569
Universal Insurance Holdings, Inc. (Insurance)		106		1,636
Universal Logistics Holdings, Inc. (Ground Transportation)		28		807
Universal Technical Institute, Inc.* (Diversified Consumer Services)		138		954
Univest Financial Corp. (Banks)		122		2,206
Upbound Group, Inc. (Specialty Retail)		231		7,191
Upstart Holdings, Inc.*(a) (Consumer Finance)		302		10,815
Upwork, Inc.* (Professional Services)		519		4,847
Uranium Energy Corp.* (Oil, Gas & Consumable Fuels)		1,544		5,250
Urban Edge Properties (Retail REITs)		482		7,437
Urban One, Inc.* (Media)		35		210
Urban One, Inc.* (Media)		53		318

See accompanying notes to financial statements.

184 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Common Stocks, continued

	Shares		Value
Urban Outfitters, Inc.* (Specialty Retail)		268	$	8,879
UroGen Pharma, Ltd.* (Biotechnology)		82		849
Urstadt Biddle Properties, Inc.—Class A (Retail REITs)		120		2,551
USANA Health Sciences, Inc.* (Personal Care Products)		48		3,026
USCB Financial Holdings, Inc.* (Banks)		44		449
Utah Medical Products, Inc. (Health Care Equipment & Supplies)		14		1,305
Utz Brands, Inc. (Food Products)		302		4,941
V2X, Inc.* (Aerospace & Defense)		48		2,379
VAALCO Energy, Inc. (Oil, Gas & Consumable Fuels)		452		1,700
Valaris, Ltd.* (Energy Equipment & Services)		258		16,236
Valhi, Inc. (Chemicals)		10		129
Valley National Bancorp (Banks)		1,812		14,043
Value Line, Inc. (Capital Markets)		4		184
Vanda Pharmaceuticals, Inc.* (Biotechnology)		237		1,562
Varex Imaging Corp.* (Health Care Equipment & Supplies)		163		3,842
Varonis Systems, Inc.* (Software)		456		12,152
Vaxcyte, Inc.* (Biotechnology)		386		19,277
Vaxxinity, Inc.* (Biotechnology)		179		451
Vector Group, Ltd. (Tobacco)		610		7,814
Veeco Instruments, Inc.* (Semiconductors & Semiconductor Equipment)		213		5,470
Velo3D, Inc.*(a) (Machinery)		373		806
Velocity Financial, Inc.* (Financial Services)		37		427
Ventyx Biosciences, Inc.* (Pharmaceuticals)		196		6,429
Vera Bradley, Inc.* (Textiles, Apparel & Luxury Goods)		110		703
Vera Therapeutics, Inc.* (Biotechnology)		142		2,279
Veracyte, Inc.* (Biotechnology)		305		7,768
Veradigm, Inc.* (Health Care Technology)		453		5,708
Verde Clean Fuels, Inc.* (Oil, Gas & Consumable Fuels)		18		117
Vericel Corp.* (Biotechnology)		200		7,514
Verint Systems, Inc.* (Software)		265		9,291
Veris Residential, Inc.* (Residential REITs)		332		5,329
Veritex Holdings, Inc. (Banks)		220		3,945
Veritiv Corp. (Trading Companies & Distributors)		55		6,909
Veritone, Inc.* (Software)		110		431
Verra Mobility Corp.* (Professional Services)		586		11,556
Verrica Pharmaceuticals, Inc.* (Pharmaceuticals)		88		508
Vertex Energy, Inc.* (Oil, Gas & Consumable Fuels)		283		1,769
Verve Therapeutics, Inc.* (Biotechnology)		213		3,994
Viad Corp.* (Commercial Services & Supplies)		85		2,285
Viant Technology, Inc.*—Class A (Software)		60		277
Viavi Solutions, Inc.* (Communications Equipment)		938		10,628
Vicarious Surgical, Inc.* (Health Care Equipment & Supplies)		294		538
Vicor Corp.* (Electrical Equipment)		93		5,022
Victory Capital Holdings, Inc.—Class A (Capital Markets)		116		3,659
Viemed Healthcare, Inc.* (Health Care Providers & Services)		143		1,399
ViewRay, Inc.* (Health Care Equipment & Supplies)		628		221
Vigil Neuroscience, Inc.* (Biotechnology)		67		630
Viking Therapeutics, Inc.* (Biotechnology)		403		6,533
Village Super Market, Inc.—Class A (Consumer Staples Distribution & Retail)		36		822
Vimeo, Inc.* (Interactive Media & Services)		639		2,633
Vir Biotechnology, Inc.* (Biotechnology)		351		8,610
Virgin Galactic Holdings, Inc.*(a) (Aerospace & Defense)		1,060		4,113
Virginia National Bankshares Corp. (Banks)		20		643
Viridian Therapeutics, Inc.* (Biotechnology)		177		4,211
Virtus Investment Partners, Inc. (Capital Markets)		29		5,727
Vishay Intertechnology, Inc. (Electronic Equipment, Instruments & Components)		541		15,905
Vishay Precision Group, Inc.* (Electronic Equipment, Instruments & Components)		52		1,932
Vista Outdoor, Inc.* (Leisure Products)		237		6,558
Visteon Corp.* (Automobile Components)		118		16,947
Vital Energy, Inc.* (Oil, Gas & Consumable Fuels)		71		3,206
Vital Farms, Inc.* (Food Products)		128		1,535
Vitesse Energy, Inc. (Oil, Gas & Consumable Fuels)		105		2,352
Vivid Seats, Inc.*—Class A (Entertainment)		107		847
Vizio Holding Corp.*—Class A (Household Durables)		318		2,147
Vor BioPharma, Inc.* (Biotechnology)		158		488
VOXX International Corp.* (Household Durables)		58		724
Voyager Therapeutics, Inc.* (Biotechnology)		133		1,523
VSE Corp. (Commercial Services & Supplies)		45		2,461
Vuzix Corp.* (Household Durables)		248		1,265
W&T Offshore, Inc.* (Oil, Gas & Consumable Fuels)		412		1,594
Wabash National Corp. (Machinery)		199		5,102
Waldencast PLC* (Personal Care Products)		84		649
Walker & Dunlop, Inc. (Financial Services)		134		10,598
Warby Parker, Inc.*—Class A (Specialty Retail)		356		4,162
Warrior Met Coal, Inc. (Metals & Mining)		217		8,452
Washington Federal, Inc. (Banks)		275		7,293
Washington Trust Bancorp, Inc. (Banks)		71		1,904
Waterstone Financial, Inc. (Financial Services)		77		1,116
Watts Water Technologies, Inc.—Class A (Machinery)		115		21,128
WaVe Life Sciences, Ltd.* (Pharmaceuticals)		248		903
WD-40 Co. (Household Products)		57		10,752
Weatherford International PLC* (Energy Equipment & Services)		299		19,860
Weave Communications, Inc.* (Software)		138		1,533
Weis Markets, Inc. (Consumer Staples Distribution & Retail)		69		4,430
Werner Enterprises, Inc. (Ground Transportation)		266		11,752
WesBanco, Inc. (Banks)		242		6,198
West Bancorp, Inc. (Banks)		68		1,252
Westamerica Bancorp (Banks)		110		4,213
Westrock Coffee Co.* (Food Products)		119		1,294
Weyco Group, Inc. (Distributors)		25		667
Whitestone REIT (Retail REITs)		204		1,979

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 185

Common Stocks, continued

	Shares		Value
WideOpenWest, Inc.* (Media)		216	$	1,823
Willdan Group, Inc.* (Professional Services)		51		977
Willis Lease Finance Corp.* (Trading Companies & Distributors)		12		470
Winmark Corp. (Specialty Retail)		12		3,990
Winnebago Industries, Inc. (Automobile Components)		125		8,336
WisdomTree, Inc. (Capital Markets)		579		3,972
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods)		326		4,789
Workhorse Group, Inc.* (Automobile Components)		696		607
Workiva, Inc.* (Software)		205		20,841
World Acceptance Corp.* (Consumer Finance)		16		2,144
World Kinect Corp. (Oil, Gas & Consumable Fuels)		259		5,356
Worthington Industries, Inc. (Metals & Mining)		129		8,962
WSFS Financial Corp. (Banks)		257		9,694
WW International, Inc.* (Diversified Consumer Services)		229		1,539
X4 Pharmaceuticals, Inc.* (Biotechnology)		516		1,001
Xencor, Inc.* (Biotechnology)		243		6,068
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs)		468		5,761
Xeris Biopharma Holdings, Inc.* (Pharmaceuticals)		558		1,462
Xerox Holdings Corp. (Technology Hardware, Storage & Peripherals)		482		7,177
XOMA Corp.* (Biotechnology)		31		586
Xometry, Inc.*—Class A (Trading Companies & Distributors)		142		3,008
XPEL, Inc.* (Automobile Components)		95		8,001
Xperi, Inc.* (Software)		177		2,328
Xponential Fitness, Inc.*—Class A (Hotels, Restaurants & Leisure)		104		1,794
Yelp, Inc.* (Interactive Media & Services)		283		10,304
Yext, Inc.* (Software)		449		5,078
Y-mAbs Therapeutics, Inc.* (Biotechnology)		154		1,046
Zentalis Pharmaceuticals, Inc.* (Biotechnology)		206		5,811
Zeta Global Holdings Corp.*—Class A (Software)		563		4,808
Zevia PBC*—Class A (Beverages)		105		453
Zevra Therapeutics, Inc.* (Pharmaceuticals)		146		745
Ziff Davis, Inc.* (Interactive Media & Services)		198		13,871
Zimvie, Inc.* (Health Care Equipment & Supplies)		108		1,213
ZipRecruiter, Inc.* (Interactive Media & Services)		293		5,204
Zumiez, Inc.* (Specialty Retail)		67		1,116
Zuora, Inc.*—Class A (Software)		519		5,693
Zura Bio, Ltd.* (Biotechnology)		32		262
Zurn Elkay Water Solutions Corp. (Building Products)		621		16,699
Zymeworks, Inc.* (Biotechnology)		224		1,935
Zynex, Inc.*(a) (Health Care Equipment & Supplies)		83		796
TOTAL COMMON STOCKS (Cost $7,545,166)				10,057,655

Trust (0.0%)

	Interest Units		Value
Ferroglobe Representation and Warranty Insurance*+ (Metals & Mining)		510	$	—
TOTAL TRUST (Cost $—)				—

Repurchase Agreements^(c)(d) (22.4%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $3,068,259	$	3,067,000	$	3,067,000
TOTAL REPURCHASE AGREEMENTS (Cost $3,067,000)				3,067,000

Collateral for Securities Loaned^(e) (2.3%)

	Shares		Value
Invesco Government & Agency Portfolio—Institutional Shares, 5.06%(f)		313,320	$	313,320
TOTAL COLLATERAL FOR SECURITIES LOANED (Cost $313,320)				313,320
TOTAL INVESTMENT SECURITIES (Cost $10,925,486)—98.0%				13,437,975
Net other assets (liabilities)—2.0%				270,644
NET ASSETS—100.0%			$	13,708,619

* Non-income producing security.

⁺  These securities were fair valued based on procedures approved by the Board of Trustees. As of June 30, 2023, these securities represented 0.000% of the net assets of the Fund.

^(a)  All or part of this security was on loan as of June 30, 2023. The total value of securities on loan as of June 30, 2023 was $304,572.

^(b)  Amount is less than $0.50.

^(c)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $2,152,000.

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

^(e)  Securities were purchased with cash collateral held from securities on loan at June 30, 2023.

^(f)  Rate periodically changes. Rate disclosed is the daily yield on June 30, 2023.

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

186 :: ProFund VP UltraSmall-Cap :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

Futures Contracts Purchased

	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures Contracts	9	9/18/23	$	856,665	$	1,424

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
iShares Russell 2000 ETF	Goldman Sachs International	7/27/23		5.12	%	$	2,057,318	$	42,101
Russell 2000 Index	Goldman Sachs International	7/27/23		5.47	%		4,002,218		73,692
						$	6,059,536	$	115,793
iShares Russell 2000 ETF	UBS AG	7/27/23		4.87	%	$	2,118,807	$	43,403
Russell 2000 Index	UBS AG	7/27/23		5.07	%		8,327,411		172,494
						$	10,446,218	$	215,897
						$	16,505,754	$	331,690

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP UltraSmall-Cap :: 187

ProFund VP UltraSmall-Cap invested in the following industries as of June 30, 2023:

	Value		% of Net Assets
Aerospace & Defense	$	104,037		0.8	%
Air Freight & Logistics		28,251		0.2	%
Automobile Components		163,693		1.2	%
Automobiles		543		NM
Banks		790,264		5.8	%
Beverages		38,930		0.3	%
Biotechnology		757,766		5.5	%
Broadline Retail		6,607		NM
Building Products		175,840		1.3	%
Capital Markets		140,000		1.0	%
Chemicals		208,414		1.6	%
Commercial Services & Supplies		153,356		1.1	%
Communications Equipment		81,075		0.6	%
Construction & Engineering		150,253		1.1	%
Construction Materials		30,152		0.2	%
Consumer Finance		81,643		0.6	%
Consumer Staples Distribution & Retail		55,126		0.4	%
Containers & Packaging		32,622		0.2	%
Distributors		2,247		NM
Diversified Consumer Services		98,020		0.7	%
Diversified REITs		57,729		0.4	%
Diversified Telecommunication Services		50,801		0.4	%
Electric Utilities		76,367		0.6	%
Electrical Equipment		165,078		1.2	%
Electronic Equipment, Instruments & Components		285,258		2.1	%
Energy Equipment & Services		233,563		1.7	%
Entertainment		39,037		0.3	%
Financial Services		211,136		1.5	%
Food Products		119,654		0.9	%
Gas Utilities		102,005		0.7	%
Ground Transportation		48,247		0.4	%
Health Care Equipment & Supplies		357,208		2.6	%
Health Care Providers & Services		280,061		2.0	%
Health Care REITs		59,307		0.4	%
Health Care Technology		62,128		0.5	%
Hotel & Resort REITs		84,585		0.6	%
Hotels, Restaurants & Leisure		238,009		1.7	%
Household Durables		217,197		1.6	%
Household Products		29,705		0.2	%
Independent Power and Renewable Electricity Producers		29,317		0.2	%
Industrial Conglomerates		2,058		NM
Industrial REITs		45,156		0.3	%
Insurance		171,359		1.3	%
Interactive Media & Services		73,411		0.5	%
IT Services		51,708		0.4	%
Leisure Products		45,552		0.3	%
Life Sciences Tools & Services		42,048		0.3	%
Machinery		380,400		2.7	%
Marine Transportation		26,695		0.2	%
Media		74,946		0.5	%
Metals & Mining		183,987		1.3	%
Mortgage REITs		123,514		0.9	%
Multi-Utilities		47,079		0.3	%
Office REITs		70,657		0.5	%
Oil, Gas & Consumable Fuels		449,721		3.3	%
Paper & Forest Products		8,943		0.1	%
Passenger Airlines		57,165		0.4	%
Personal Care Products		88,157		0.6	%
Pharmaceuticals		201,155		1.5	%
Professional Services		244,195		1.8	%
Real Estate Management & Development		75,679		0.6	%
Residential REITs		47,143		0.3	%
Retail REITs		123,229		1.0	%
Semiconductors & Semiconductor Equipment		334,486		2.4	%
Software		545,553		3.9	%
Specialized REITs		48,991		0.4	%
Specialty Retail		244,890		1.9	%
Technology Hardware, Storage & Peripherals		75,403		0.6	%
Textiles, Apparel & Luxury Goods		45,333		0.3	%
Tobacco		14,687		0.1	%
Trading Companies & Distributors		207,375		1.5	%
Water Utilities		48,644		0.4	%
Wireless Telecommunication Services		13,105		0.1	%
Other**		3,650,964		26.7	%
Total	$	13,708,619		100.0	%

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

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

^REIT  Real Estate Investment Trust

See accompanying notes to financial statements.

188 :: ProFund VP U.S. Government Plus :: Schedule of Portfolio Investments :: June 30, 2023 (unaudited)

U.S. Treasury Obligation (43.3%)

	Principal Amount		Value
U.S. Treasury Bonds, 3.63%, 5/15/53	$	4,040,000	$	3,884,712
TOTAL U.S. TREASURY OBLIGATION (Cost $3,888,843)				3,884,712

Repurchase Agreements^(a)(b)  (57.5%)

Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $5,165,120	5,163,000		5,163,000
TOTAL REPURCHASE AGREEMENTS (Cost $5,163,000)			5,163,000
TOTAL INVESTMENT SECURITIES (Cost $9,051,843)—100.8%			9,047,712
Net other assets (liabilities)—(0.8)%			(69,451	)
NET ASSETS—100.0%		$	8,978,261

^(a)  A portion of these securities were held in a segregated account for the benefit of swap counterparties in the event of default. At June 30, 2023, the aggregate amount held in a segregated account was $140,000.

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

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
30-Year U.S. Treasury Bond, 3.625% due on 5/15/53	Citibank North America	7/17/23		5.25	%	$	2,163,516	$	(6,691	)
30-Year U.S. Treasury Bond, 3.625% due on 5/15/53	Societe' Generale	7/17/23		5.33	%		5,086,666		(7,490	)
						$	7,250,182	$	(14,181	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023 (unaudited) :: Schedule of Portfolio Investments :: ProFund VP Utilities :: 189

Common Stocks (98.2%)

	Shares		Value
Alliant Energy Corp. (Electric Utilities)		7,717	$	404,988
Ameren Corp. (Multi-Utilities)		8,062		658,424
American Electric Power Co., Inc. (Electric Utilities)		15,803		1,330,613
American Water Works Co., Inc. (Water Utilities)		5,975		852,931
Atmos Energy Corp. (Gas Utilities)		4,435		515,968
CenterPoint Energy, Inc. (Multi-Utilities)		19,372		564,694
CMS Energy Corp. (Multi-Utilities)		8,953		525,989
Consolidated Edison, Inc. (Multi-Utilities)		10,638		961,675
Constellation Energy Corp. (Electric Utilities)		9,959		911,746
Dominion Energy, Inc. (Multi-Utilities)		25,662		1,329,035
DTE Energy Co. (Multi-Utilities)		6,327		696,097
Duke Energy Corp. (Electric Utilities)		23,658		2,123,069
Edison International (Electric Utilities)		11,757		816,524
Entergy Corp. (Electric Utilities)		6,491		632,029
Evergy, Inc. (Electric Utilities)		7,051		411,919
Eversource Energy (Electric Utilities)		10,709		759,482
Exelon Corp. (Electric Utilities)		30,531		1,243,833
FirstEnergy Corp. (Electric Utilities)		16,706		649,529
NextEra Energy, Inc. (Electric Utilities)		62,112		4,608,711
NiSource, Inc. (Multi-Utilities)		12,680		346,798
NRG Energy, Inc. (Electric Utilities)		7,068		264,273
PG&E Corp.* (Electric Utilities)		49,625		857,520
Pinnacle West Capital Corp. (Electric Utilities)		3,477		283,236
PPL Corp. (Electric Utilities)		22,627		598,710
Public Service Enterprise Group, Inc. (Multi-Utilities)		15,317		958,997
Sempra Energy (Multi-Utilities)		9,659		1,406,253
The AES Corp. (Independent Power and Renewable Electricity Producers)		20,547		425,939
The Southern Co. (Electric Utilities)		33,474		2,351,549
WEC Energy Group, Inc. (Multi-Utilities)		9,683		854,428
Xcel Energy, Inc. (Electric Utilities)		16,895		1,050,362
TOTAL COMMON STOCKS (Cost $14,158,014)				29,395,321

Repurchase Agreements^(a)  (1.7%)

	Principal Amount		Value
Repurchase Agreements with various counterparties, rates 4.82%–4.96%, dated 6/30/23, due 7/3/23, total to be received $508,209	$	508,000	$	508,000
TOTAL REPURCHASE AGREEMENTS (Cost $508,000)				508,000
TOTAL INVESTMENT SECURITIES (Cost $14,666,014)—99.9%				29,903,321
Net other assets (liabilities)—0.1%				21,876
NET ASSETS—100.0%			$	29,925,197

* Non-income producing security.

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

Total Return Swap Agreements—Long

Underlying Instrument	Counterparty	Termination Date(1)	Rate Paid (Received)(2)			Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
S&P Utilities Select Sector Index	Goldman Sachs International	7/24/23		5.67	%	$	618,419	$	(1,761	)

⁽¹⁾  Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity.

⁽²⁾  Reflects the floating financing rate, as of June 30, 2023, 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, 2023:

	Value		% of Net Assets
Electric Utilities	$	19,298,093		64.5	%
Gas Utilities		515,968		1.7	%
Independent Power and Renewable Electricity Producers		425,939		1.4	%
Multi-Utilities		8,302,390		27.7	%
Water Utilities		852,931		2.9	%
Other**		529,876		1.8	%
Total	$	29,925,197		100.0	%

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

See accompanying notes to financial statements.

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Statements of Assets and Liabilities

192 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund Access VP High Yield			ProFund VP Asia 30			ProFund VP Banks			ProFund VP Bear
ASSETS:
Total Investment Securities, at cost	$	15,328,624		$	12,046,391		$	3,138,706		$	4,702,000
Securities, at value(a)		7,876,107			17,412,984			3,748,263			—
Repurchase agreements, at value		7,373,000			18,000			45,000			4,702,000
Total Investment Securities, at value		15,249,107			17,430,984			3,793,263			4,702,000
Cash		426			19,348			559			436
Segregated cash balances for futures contracts with brokers		37,085			—			—			24,640
Segregated cash balances for credit default swap agreements with brokers		1,239,074			—			—			—
Segregated cash balances for swap agreements with custodian		—			—			60,000			2,000
Dividends and interest receivable		25,725			58,794			10,121			644
Receivable for capital shares issued		697			3,361			76,243			427,541
Unrealized appreciation on swap agreements		—			—			2,573			—
Variation margin on futures contracts		1,125			—			—			—
Variation margin on credit default swap agreements		92,202			—			—			—
Prepaid expenses		78			132			73			285
TOTAL ASSETS		16,645,519			17,512,619			3,942,832			5,157,546
LIABILITIES:
Payable for investments purchased		—			18,529			—			—
Payable for collateral for securities loaned		—			1,853,791			128,455			—
Payable for capital shares redeemed		1,453			1,674			49			58,981
Unrealized depreciation on swap agreements		—			—			—			68,410
Variation margin on futures contracts		—			—			—			5,250
Advisory fees payable		7,349			7,459			1,895			2,770
Management services fees payable		980			995			253			369
Administration fees payable		1,058			1,298			299			399
Administrative services fees payable		5,612			5,812			1,435			2,238
Distribution fees payable		5,692			8,544			1,508			2,621
Transfer agency fees payable		919			1,129			260			347
Fund accounting fees payable		589			732			192			223
Compliance services fees payable		159			206			56			59
Other accrued expenses		9,173			10,014			3,589			3,227
TOTAL LIABILITIES		32,984			1,910,183			137,991			144,894
NET ASSETS	$	16,612,535		$	15,602,436		$	3,804,841		$	5,012,652
NET ASSETS CONSIST OF:
Capital	$	20,846,414		$	15,967,348		$	9,559,043		$	28,284,667
Total distributable earnings (loss)		(4,233,879	)		(364,912	)		(5,754,202	)		(23,272,015	)
NET ASSETS	$	16,612,535		$	15,602,436		$	3,804,841		$	5,012,652
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		676,959			433,782			177,278			333,928
NET ASSET VALUE (offering and redemption price per share):	$	24.54		$	35.97		$	21.46		$	15.01
(a)  Includes securities on loan valued at:	$	—		$	1,887,939		$	123,561		$	—

^†  As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Statements of Assets and Liabilities :: 193

ProFund VP Biotechnology		ProFund VP Bull		ProFund VP Communication Services†​		ProFund VP Consumer Discretionary†​		ProFund VP Consumer Staples†​		ProFund VP Dow 30
$	41,941,665	$	24,927,575	$	4,954,736	$	14,694,584	$	7,803,060	$	320,000
	47,272,770		37,542,952		5,913,086		21,294,709		12,820,272		—
	1,419,000		14,645,000		158,000		793,000		163,000		320,000
	48,691,770		52,187,952		6,071,086		22,087,709		12,983,272		320,000
	665		970		986		125		476		858
	—		147,840		—		—		—		—
	—		—		—		—		—		—
	345,000		2,000		—		—		—		—
	3,631		26,245		1,024		4,451		34,052		43
	5,406		951,113		—		96,501		17,422		—
	—		190,849		3,493		12,775		1,320		4,400
	—		31,500		—		—		—		—
	—		—		—		—		—		—
	352		2,860		34		135		110		2
	49,046,824		53,541,329		6,076,623		22,201,696		13,036,652		325,303
	—		—		—		—		—		—
	2,275,184		98,937		45,144		—		—		—
	187,173		893		97,824		12,600		2,299		10
	38,951		—		—		—		—		—
	—		—		—		—		—		—
	29,977		29,284		3,416		10,807		6,968		194
	3,997		3,905		455		1,441		929		26
	3,929		4,132		519		1,635		1,108		23
	17,969		22,496		2,549		9,427		6,238		120
	27,056		24,704		2,507		9,055		6,725		133
	3,417		3,594		451		1,422		964		22
	2,227		2,455		297		932		632		14
	576		548		59		213		163		3
	42,479		28,702		3,479		11,137		10,686		186
	2,632,935		219,650		156,700		58,669		36,712		731
$	46,413,889	$	53,321,679	$	5,919,923	$	22,143,027	$	12,999,940	$	324,572
$	16,806,659	$	18,885,941	$	5,800,912	$	11,747,460	$	3,255,367	$	1,988,784
	29,607,230		34,435,738		119,011		10,395,567		9,744,573		(1,664,212	)
$	46,413,889	$	53,321,679	$	5,919,923	$	22,143,027	$	12,999,940	$	324,572
	637,187		946,336		171,280		335,445		243,267		17,242
$	72.84	$	56.35	$	34.56	$	66.01	$	53.44	$	18.82
$	2,126,429	$	97,335	$	43,530	$	—	$	—	$	—

See accompanying notes to financial statements.

194 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund VP Emerging Markets			ProFund VP Energy†		ProFund VP Europe 30		ProFund VP Falling U.S. Dollar
ASSETS:
Total Investment Securities, at cost	$	15,555,486		$	19,737,428	$	10,844,861	$	1,123,000
Securities, at value(a)		22,582,569			48,435,311		16,435,664		—
Repurchase agreements, at value		753,000			330,000		—		1,123,000
Total Investment Securities, at value		23,335,569			48,765,311		16,435,664		1,123,000
Cash		754			867		—		665
Segregated cash balances for swap agreements with custodian		—			90,000		—		—
Segregated cash balances for forward currency contracts with custodian		—			—		—		345
Unrealized appreciation on forward currency contracts		—			—		—		13,292
Dividends and interest receivable		128,610			28,555		43,748		154
Receivable for capital shares issued		3,433,049			21,877		207,558		253
Due from Advisor under an expense limitation agreement		—			—		—		129
Unrealized appreciation on swap agreements		—			15,463		—		—
Prepaid expenses		149			437		126		6
Receivable for tax reclaims		1,555			—		35,715		—
TOTAL ASSETS		26,899,686			48,922,510		16,722,811		1,137,844
LIABILITIES:
Cash overdraft		—			—		35,306		—
Payable for investments purchased		2,498,051			—		150,098		—
Payable for collateral for securities loaned		568,025			—		2,136,013		—
Payable for capital shares redeemed		527			68,338		247		13,142
Unrealized depreciation on forward currency contracts		—			—		—		5,484
Unrealized depreciation on swap agreements		13,210			—		—		—
Advisory fees payable		10,964			25,822		6,266		—
Management services fees payable		1,462			3,443		836		—
Administration fees payable		1,672			3,923		1,149		86
Administrative services fees payable		11,612			25,969		5,888		612
Distribution fees payable		12,479			26,042		7,858		637
Transfer agency fees payable		1,454			3,412		1,000		75
Fund accounting fees payable		946			2,193		649		48
Compliance services fees payable		227			702		180		8
Other accrued expenses		15,762			43,296		11,637		2,455
TOTAL LIABILITIES		3,136,391			203,140		2,357,127		22,547
NET ASSETS	$	23,763,295		$	48,719,370	$	14,365,684	$	1,115,297
NET ASSETS CONSIST OF:
Capital	$	26,669,342		$	23,534,523	$	13,460,717	$	1,492,408
Total distributable earnings (loss)		(2,906,047	)		25,184,847		904,967		(377,111	)
NET ASSETS	$	23,763,295		$	48,719,370	$	14,365,684	$	1,115,297
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		882,528			1,175,686		590,744		73,218
NET ASSET VALUE (offering and redemption price per share):	$	26.93		$	41.44	$	24.32	$	15.23
(a)  Includes securities on loan valued at:	$	563,013		$	—	$	2,120,260	$	—

^†  As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Statements of Assets and Liabilities :: 195

ProFund VP Financials		ProFund VP Government Money Market			ProFund VP Health Care		ProFund VP Industrials		ProFund VP International			ProFund VP Internet
$	8,248,849	$	35,148,694		$	8,434,268	$	7,605,200	$	11,556,000		$	6,398,577
	23,519,844		11,952,694			37,984,925		14,584,156		—			11,056,523
	1,132,000		23,196,000			180,000		292,000		11,556,000			430,000
	24,651,844		35,148,694			38,164,925		14,876,156		11,556,000			11,486,523
	153		510			225		795		575			548
	—		—			40,000		—		17,051			—
	—		—			—		—		—			—
	—		—			—		—		—			—
	14,888		3,175			30,012		10,284		1,582			62
	7,548		254,821			31,296		324,928		246,346			—
	—		—			—		—		—			—
	8,841		—			37		15,369		112,152			7,026
	221		295			303		108		86			76
	—		—			—		—		—			—
	24,683,495		35,407,495			38,266,798		15,227,640		11,933,792			11,494,235
	—		—			—		—		—			—
	—		—			—		—		—			—
	60,987		—			—		—		—			—
	16,877		524,104			225		8,733		393			128,323
	—		—			—		—		—			—
	—		—			—		—		—			—
	12,731		4,043			20,165		7,271		7,170			5,906
	1,698		539			2,689		969		956			788
	1,916		1,303			3,054		1,141		917			897
	10,215		—			13,027		5,890		7,837			4,167
	11,983		—			15,951		5,961		8,053			4,381
	1,667		2,543			2,656		992		873			780
	1,099		1,709			1,725		665		559			512
	330		454			490		161		132			115
	20,275		2,855			28,997		8,637		8,461			5,897
	139,778		537,550			88,979		40,420		35,351			151,766
$	24,543,717	$	34,869,945		$	38,177,819	$	15,187,220	$	11,898,441		$	11,342,469
$	9,740,136	$	34,909,311		$	4,513,883	$	5,089,182	$	13,871,073		$	6,278,231
	14,803,581		(39,366	)		33,663,936		10,098,038		(1,972,632	)		5,064,238
$	24,543,717	$	34,869,945		$	38,177,819	$	15,187,220	$	11,898,441		$	11,342,469
	570,132		34,909,311			522,477		167,247		602,676			525,120
$	43.05	$	1.00		$	73.07	$	90.81	$	19.74		$	21.60
$	58,982	$	—		$	—	$	—	$	—		$	—

See accompanying notes to financial statements.

196 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund VP Japan		ProFund VP Large-Cap Growth		ProFund VP Large-Cap Value		ProFund VP Materials†
ASSETS:
Total Investment Securities, at cost	$	11,486,000	$	15,525,000	$	11,915,694	$	7,720,111
Securities, at value(a)		—		25,753,961		17,201,656		16,163,740
Repurchase agreements, at value		11,486,000		144,000		21,000		249,000
Total Investment Securities, at value		11,486,000		25,897,961		17,222,656		16,412,740
Cash		762		569		599		46
Segregated cash balances for futures contracts with brokers		484,220		—		—		—
Segregated cash balances for swap agreements with custodian		—		—		—		90,000
Dividends and interest receivable		1,572		11,848		13,421		21,797
Receivable for investments sold		—		—		29,961		—
Receivable for capital shares issued		215,914		2,065		12		1,312
Unrealized appreciation on swap agreements		1,417		—		—		6,729
Variation margin on futures contracts		92,322		—		—		—
Prepaid expenses		52		1,137		912		119
TOTAL ASSETS		12,282,259		25,913,580		17,267,561		16,532,743
LIABILITIES:
Payable for collateral for securities loaned		—		91,509		18,631		—
Payable for capital shares redeemed		54,334		17,661		12,992		3,878
Unrealized depreciation on swap agreements		—		—		—		—
Advisory fees payable		7,121		10,858		7,866		8,237
Management services fees payable		950		1,448		1,049		1,098
Administration fees payable		1,009		1,708		1,344		1,276
Administrative services fees payable		5,179		7,295		6,303		8,040
Distribution fees payable		5,459		7,162		5,684		8,292
Transfer agency fees payable		878		1,486		1,169		1,109
Fund accounting fees payable		563		1,022		871		720
Compliance services fees payable		95		223		181		183
Other accrued expenses		5,998		12,147		9,836		11,251
TOTAL LIABILITIES		81,586		152,519		65,926		44,084
NET ASSETS	$	12,200,673	$	25,761,061	$	17,201,635	$	16,488,659
NET ASSETS CONSIST OF:
Capital	$	10,286,316	$	12,348,983	$	12,776,307	$	9,678,200
Total distributable earnings (loss)		1,914,357		13,412,078		4,425,328		6,810,459
NET ASSETS	$	12,200,673	$	25,761,061	$	17,201,635	$	16,488,659
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		190,110		449,691		343,012		198,872
NET ASSET VALUE (offering and redemption price per share):	$	64.18	$	57.29	$	50.15	$	82.91
(a)  Includes securities on loan valued at:	$	—	$	90,451	$	18,001	$	—

^†  As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Statements of Assets and Liabilities :: 197

ProFund VP Mid-Cap			ProFund VP Mid-Cap Growth		ProFund VP Mid-Cap Value		ProFund VP Nasdaq-100		ProFund VP Pharmaceuticals		ProFund VP Precious Metals
$	9,518,000		$	9,040,667	$	9,238,472	$	67,317,473	$	9,387,370	$	24,198,000
	—			12,439,413		12,011,503		79,460,115		11,869,053		—
	9,518,000			31,000		39,000		49,632,000		43,000		24,198,000
	9,518,000			12,470,413		12,050,503		129,092,115		11,912,053		24,198,000
	23			870		837		346		549		286
	79,200			—		—		184,800		—		—
	2,000			—		—		2,000		30,000		2,000
	1,303			10,167		17,242		18,847		4,253		3,312
	—			—		—		—		59,935		—
	—			9,118		9,834		1,670,874		1,485		180,319
	151,945			—		—		721,140		—		260,912
	8,250			—		—		23,675		—		—
	573			751		716		728		95		207
	9,761,294			12,491,319		12,079,132		131,714,525		12,008,370		24,645,036
	—			204,644		128,938		758,667		670,975		—
	3,823			6,749		5,741		44,152		48,173		3,282
	—			—		—		—		9,803		—
	5,144			5,263		5,119		67,924		6,257		13,519
	686			702		682		9,057		834		1,802
	775			951		932		9,712		933		1,885
	5,866			4,069		4,138		56,729		6,521		13,168
	5,928			3,111		3,412		59,680		6,571		13,390
	674			827		810		8,447		811		1,794
	432			601		609		5,441		532		1,149
	132			150		150		1,135		156		301
	5,923			7,508		7,500		73,943		8,708		18,410
	29,383			234,575		158,031		1,094,887		760,274		68,700
$	9,731,911		$	12,256,744	$	11,921,101	$	130,619,638	$	11,248,096	$	24,576,336
$	11,725,093		$	9,303,839	$	10,408,906	$	59,786,372	$	8,652,219	$	90,075,159
	(1,993,182	)		2,952,905		1,512,195		70,833,266		2,595,877		(65,498,823	)
$	9,731,911		$	12,256,744	$	11,921,101	$	130,619,638	$	11,248,096	$	24,576,336
	615,929			352,492		283,797		2,476,217		323,343		988,739
$	15.80		$	34.77	$	42.01	$	52.75	$	34.79	$	24.86
$	—		$	201,653	$	124,078	$	751,269	$	650,131	$	—

See accompanying notes to financial statements.

198 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund VP Real Estate		ProFund VP Rising Rates Opportunity			ProFund VP Semiconductor		ProFund VP Short Dow 30
ASSETS:
Total Investment Securities, at cost	$	2,452,363	$	10,262,000		$	17,124,947	$	6,000
Securities, at value(a)		5,295,602		—			30,984,569		—
Repurchase agreements, at value		135,000		10,262,000			1,139,000		6,000
Total Investment Securities, at value		5,430,602		10,262,000			32,123,569		6,000
Cash		921		815			225		870
Segregated cash balances for futures contracts with brokers		—		—			—		—
Segregated cash balances for swap agreements with custodian		—		94			290,000		—
Dividends and interest receivable		17,366		1,404			8,646		1
Receivable for investments sold		—		—			13,689,323		—
Receivable for capital shares issued		16		32,392			83,195		—
Unrealized appreciation on swap agreements		7,071		14,746			45,260		—
Variation margin on futures contracts		—		—			—		—
Prepaid expenses		46		92			153		—
TOTAL ASSETS		5,456,022		10,311,543			46,240,371		6,871
LIABILITIES:
Payable for investments purchased		—		—			—		—
Payable for collateral for securities loaned		—		—			180,722		—
Payable for capital shares redeemed		47,158		3,314			77,668		—
Unrealized depreciation on swap agreements		—		—			—		94
Variation margin on futures contracts		—		—			—		—
Advisory fees payable		2,443		6,401			26,994		4
Management services fees payable		326		853			3,599		1
Administration fees payable		428		865			3,630		1
Administrative services fees payable		1,925		3,916			18,062		1
Distribution fees payable		1,676		5,363			21,220		2
Transfer agency fees payable		372		753			3,157		—
Fund accounting fees payable		251		482			2,032		—
Compliance services fees payable		75		180			231		—
Other accrued expenses		3,695		9,018			16,916		—
TOTAL LIABILITIES		58,349		31,145			354,231		103
NET ASSETS	$	5,397,673	$	10,280,398		$	45,886,140	$	6,768
NET ASSETS CONSIST OF:
Capital	$	1,342,743	$	33,991,685		$	28,643,561	$	125,911
Total distributable earnings (loss)		4,054,930		(23,711,287	)		17,242,579		(119,143	)
NET ASSETS	$	5,397,673	$	10,280,398		$	45,886,140	$	6,768
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		97,716		240,673			419,957		294
NET ASSET VALUE (offering and redemption price per share):	$	55.24	$	42.72		$	109.26	$	23.02
(a)  Includes securities on loan valued at:	$	—	$	—		$	124,551	$	—

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Statements of Assets and Liabilities :: 199

ProFund VP Short Emerging Markets			ProFund VP Short International			ProFund VP Short Mid-Cap			ProFund VP Short Nasdaq-100			ProFund VP Short Small-Cap			ProFund VP Small-Cap
$	973,000		$	888,000		$	148,000		$	4,101,000		$	3,728,000		$	10,518,080
	—			—			—			—			—			7,513,090
	973,000			888,000			148,000			4,101,000			3,728,000			4,200,000
	973,000			888,000			148,000			4,101,000			3,728,000			11,713,090
	371			450			352			1,263			144			5,387
	—			—			—			73,920			27,280			54,560
	—			—			—			25,626			1,000			2,055
	133			122			20			561			510			8,552
	—			—			—			—			—			1,013
	—			—			—			—			201,974			681,230
	14,768			—			—			—			—			81,614
	—			—			—			—			—			1,120
	10			8			24			73			25			83
	988,282			888,580			148,396			4,202,443			3,958,933			12,548,704
	—			—			—			—			—			439
	—			—			—			—			—			222,165
	82,341			62,674			6			7,400			66,734			2,026
	—			8,663			3,491			54,525			74,451			—
	—			—			—			9,470			560			—
	537			534			177			2,829			1,675			5,529
	72			71			24			377			223			737
	72			65			24			442			301			942
	563			520			127			2,850			2,163			5,727
	577			559			127			2,959			2,449			6,252
	68			61			23			385			261			819
	44			39			15			247			167			1,105
	17			27			4			103			39			136
	742			1,052			213			4,873			3,194			7,642
	85,033			74,265			4,231			86,460			152,217			253,519
$	903,249		$	814,315		$	144,165		$	4,115,983		$	3,806,716		$	12,295,185
$	3,572,333		$	3,383,718		$	2,749,589		$	21,624,735		$	9,826,118		$	11,620,412
	(2,669,084	)		(2,569,403	)		(2,605,424	)		(17,508,752	)		(6,019,402	)		674,773
$	903,249		$	814,315		$	144,165		$	4,115,983		$	3,806,716		$	12,295,185
	36,152			31,466			18,514			309,170			153,618			384,292
$	24.98		$	25.88		$	7.79		$	13.31		$	24.78		$	31.99
$	—		$	—		$	—		$	—		$	—		$	215,708

See accompanying notes to financial statements.

200 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund VP Small-Cap Growth		ProFund VP Small-Cap Value			ProFund VP Technology		ProFund VP UltraBull
ASSETS:
Total Investment Securities, at cost	$	10,800,979	$	15,114,861		$	25,472,698	$	10,493,423
Securities, at value(a)		14,860,290		18,179,498			52,719,489		12,735,439
Repurchase agreements, at value		98,000		43,000			994,000		4,893,000
Total Investment Securities, at value		14,958,290		18,222,498			53,713,489		17,628,439
Cash		439		101			871		557
Segregated cash balances for futures contracts with brokers		—		—			—		36,960
Segregated cash balances for swap agreements with custodian		—		—			260,000		2,000
Dividends and interest receivable		10,585		26,066			8,195		8,894
Receivable for investments sold		—		—			—		—
Receivable for capital shares issued		—		758			46,112		423,044
Unrealized appreciation on swap agreements		—		—			31,388		349,319
Variation margin on futures contracts		—		—			—		7,875
Prepaid expenses		835		1,040			247		922
TOTAL ASSETS		14,970,149		18,250,463			54,060,302		18,458,010
LIABILITIES:
Payable for investments purchased		—		—			—		—
Payable for collateral for securities loaned		154,823		938,821			493,218		33,223
Payable for capital shares redeemed		4,753		3,356			96,749		436,626
Unrealized depreciation on swap agreements		—		—			—		—
Advisory fees payable		7,166		8,302			31,876		8,995
Management services fees payable		955		1,107			4,250		1,199
Administration fees payable		1,170		1,370			4,189		1,347
Administrative services fees payable		4,607		7,657			13,779		6,360
Distribution fees payable		5,020		7,184			23,040		7,039
Transfer agency fees payable		1,018		1,191			3,643		1,171
Fund accounting fees payable		754		901			2,358		903
Compliance services fees payable		180		236			421		148
Other accrued expenses		7,648		11,555			26,501		10,004
TOTAL LIABILITIES		188,094		981,680			700,024		507,015
NET ASSETS	$	14,782,055	$	17,268,783		$	53,360,278	$	17,950,995
NET ASSETS CONSIST OF:
Capital	$	10,910,802	$	17,293,825		$	16,396,159	$	26,661,772
Total distributable earnings (loss)		3,871,253		(25,042	)		36,964,119		(8,710,777	)
NET ASSETS	$	14,782,055	$	17,268,783		$	53,360,278	$	17,950,995
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		518,919		416,179			766,208		666,159
NET ASSET VALUE (offering and redemption price per share):	$	28.49	$	41.49		$	69.64	$	26.95
(a)  Includes securities on loan valued at:	$	149,692	$	914,496		$	487,513	$	32,685

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

See accompanying notes to financial statements.

June 30, 2023 (unaudited) :: Statements of Assets and Liabilities :: 201

ProFund VP UltraMid-Cap		ProFund VP UltraNasdaq-100		ProFund VP UltraShort Dow 30			ProFund VP UltraShort Nasdaq-100			ProFund VP UltraSmall-Cap			ProFund VP U.S. Government Plus
$	6,985,765	$	101,164,162	$	3,000		$	766,000		$	10,925,486		$	9,051,843
	6,990,335		102,004,065		—			—			10,370,975			3,884,712
	2,600,000		63,078,000		3,000			766,000			3,067,000			5,163,000
	9,590,335		165,082,065		3,000			766,000			13,437,975			9,047,712
	583		880		996			249			11,219			615
	63,360		1,774,080		—			—			122,760			—
	2,000		27,903					1,000			36,994			82
	8,163		23,545		—			105			11,468			19,411
	—		—		—			—			1,397			—
	3		506,016		—			—			216,540			781
	194,450		3,206,957		—			—			331,690			—
	6,600		227,280		—			—			2,520			—
	499		874		—			30			109			72
	9,865,993		170,849,600		3,996			767,384			14,172,672			9,068,673
	—		—		—			—			601			—
	151,279		974,034		—			—			313,320			—
	26,550		1,515,247		—			44,921			114,566			55,360
	—		—		109			23,309			—			14,181
	4,054		89,524		3			885			6,127			2,633
	540		11,936		—			118			817			527
	700		12,665		—			137			1,085			806
	3,409		67,723		—			806			6,699			4,168
	2,043		65,733		1			1,007			6,539			4,486
	609		11,015		—			119			943			701
	512		7,085		—			76			1,186			449
	105		1,338		—			52			161			111
	4,717		87,234		2			2,433			12,009			6,990
	194,518		2,843,534		115			73,863			464,053			90,412
$	9,671,475	$	168,006,066	$	3,881		$	693,521		$	13,708,619		$	8,978,261
$	9,174,866	$	147,634,895	$	972,737		$	9,037,594		$	20,320,037		$	16,876,664
	496,609		20,371,171		(968,856	)		(8,344,073	)		(6,611,418	)		(7,898,403	)
$	9,671,475	$	168,006,066	$	3,881		$	693,521		$	13,708,619		$	8,978,261
	299,788		6,384,325		1,034			16,194			1,098,529			657,483
$	32.26	$	26.32	$	3.75		$	42.83		$	12.48		$	13.66
$	147,965	$	964,535	$	—		$	—		$	304,572		$	—

See accompanying notes to financial statements.

202 :: Statements of Assets and Liabilities :: June 30, 2023 (unaudited)

	ProFund VP Utilities
ASSETS:
Total Investment Securities, at cost	$	14,666,014
Securities, at value		29,395,321
Repurchase agreements, at value		508,000
Total Investment Securities, at value		29,903,321
Cash		327
Segregated cash balances for swap agreements with custodian		90,000
Dividends and interest receivable		20,589
Receivable for capital shares issued		31,212
Prepaid expenses		264
TOTAL ASSETS		30,045,713
LIABILITIES:
Payable for capital shares redeemed		41,344
Unrealized depreciation on swap agreements		1,761
Advisory fees payable		16,038
Management services fees payable		2,138
Administration fees payable		2,482
Administrative services fees payable		14,449
Distribution fees payable		14,315
Transfer agency fees payable		2,159
Fund accounting fees payable		1,392
Compliance services fees payable		458
Other accrued expenses		23,980
TOTAL LIABILITIES		120,516
NET ASSETS	$	29,925,197
NET ASSETS CONSIST OF:
Capital	$	16,134,872
Total distributable earnings (loss)		13,790,325
NET ASSETS	$	29,925,197
SHARES OF BENEFICIAL INTEREST OUTSTANDING (unlimited number of shares authorized, no par value):		770,576
NET ASSET VALUE (offering and redemption price per share):	$	38.83

See accompanying notes to financial statements.

Statements of Operations

204 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund Access VP High Yield			ProFund VP Asia 30			ProFund VP Banks			ProFund VP Bear
	Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	—		$	142,200		$	71,831		$	—
Interest		231,636			2,988			991			108,395
Foreign tax withholding		—			(18,035	)		—			—
Net income from securities lending		—			23,833			586			—
TOTAL INVESTMENT INCOME		231,636			150,986			73,408			108,395
EXPENSES:
Advisory fees		45,597			67,140			16,183			17,032
Management services fees		6,079			8,952			2,158			2,271
Administration fees		6,458			8,959			2,386			2,386
Distribution fees		15,199			22,380			5,394			5,677
Transfer agency fees		5,469			7,722			1,997			2,103
Administrative services fees		14,607			17,045			5,542			5,221
Custody fees		1,154			13,381			327			378
Fund accounting fees		3,557			5,067			1,457			1,375
Trustee fees		203			259			67			71
Compliance services fees		59			83			22			24
Audit fees		4,995			7,488			1,962			1,843
Other fees		2,057			3,318			1,442			1,115
Total Gross Expenses before reductions		105,434			161,794			38,937			39,496
Expenses reduced and reimbursed by the Advisor		(2,976	)		(11,372	)		(2,360	)		(1,329	)
Fees paid indirectly		(322	)		(29	)		(327	)		(15	)
TOTAL NET EXPENSES		102,136			150,393			36,250			38,152
NET INVESTMENT INCOME (LOSS)		129,500			593			37,158			70,243
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(132,138	)		(134,278	)		1,325,096			—
Net realized gains (losses) on futures contracts		(26,283	)		—			—			(28,451	)
Net realized gains (losses) on swap agreements		738,436			—			9,346			(704,513	)
Change in net unrealized appreciation/depreciation on investment securities		11,848			435,191			(2,049,602	)		—
Change in net unrealized appreciation/depreciation on futures contracts		(27,266	)		—			—			(26,220	)
Change in net unrealized appreciation/depreciation on swap agreements		(262,659	)		—			357			(56,227	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		301,938			300,913			(714,803	)		(815,411	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	431,438		$	301,506		$	(677,645	)	$	(745,168	)

^† As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 205

ProFund VP Biotechnology			ProFund VP Bull			ProFund VP Communication Services†			ProFund VP Consumer Discretionary†			ProFund VP Consumer Staples†			ProFund VP Dow 30
Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
$	174,283		$	301,162		$	40,633		$	84,599		$	180,645		$	—
	17,769			280,596			2,853			6,080			7,671			7,222
	—			(79	)		—			—			—			—
	23,990			12			9			2,402			991			—
	216,042			581,691			43,495			93,081			189,307			7,222
	175,201			177,449			18,659			64,631			54,947			1,164
	23,360			23,660			2,488			8,617			7,326			155
	26,784			25,032			2,583			8,779			7,743			147
	58,400			59,150			6,219			21,544			18,316			388
	23,065			21,336			2,230			7,531			6,712			139
	41,183			56,353			6,626			22,639			18,407			232
	3,665			3,776			388			1,553			1,191			25
	15,233			14,760			1,499			5,019			4,469			90
	801			761			82			275			229			5
	259			244			26			87			73			2
	21,424			19,667			2,056			7,072			6,273			125
	14,753			10,879			1,446			4,945			4,293			101
	404,128			413,067			44,302			152,692			129,979			2,573
	(351	)		(15,452	)		(2,495	)		(7,287	)		(6,881	)		—
	(3,186	)		(130	)		(12	)		(631	)		(16	)		(12	)
	400,591			397,485			41,795			144,774			123,082			2,561
	(184,549	)		184,206			1,700			(51,693	)		66,225			4,661
	19,836,307			(270,381	)		557,552			3,064,443			3,839,499			—
	—			249,088			—			—			—			—
	(78,293	)		1,085,264			17,715			66,387			(6,136	)		675
	(18,253,483	)		5,301,697			278,575			1,013,443			(2,987,695	)		—
	—			114,111			—			—			—			—
	(37,418	)		162,051			3,266			17,291			2,401			5,281
	1,467,113			6,641,830			857,108			4,161,564			848,069			5,956
$	1,282,564		$	6,826,036		$	858,808		$	4,109,871		$	914,294		$	10,617

See accompanying notes to financial statements.

206 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund VP Emerging Markets			ProFund VP Energy†			ProFund VP Europe 30			ProFund VP Falling U.S. Dollar
	Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	314,975		$	981,042		$	324,955		$	—
Interest		30,292			16,991			1,730			20,844
Foreign tax withholding		(35,529	)		—			(18,165	)		—
Net income from securities lending		4,753			17			4,921			—
TOTAL INVESTMENT INCOME		314,491			998,050			313,441			20,844
EXPENSES:
Advisory fees		77,779			209,876			58,316			3,309
Management services fees		10,371			27,983			7,775			441
Administration fees		10,865			30,552			7,446			424
Distribution fees		25,926			69,959			19,439			1,103
Transfer agency fees		9,348			26,144			6,499			369
Administrative services fees		24,081			68,429			16,096			1,042
Custody fees		8,214			4,601			10,499			3,593
Fund accounting fees		6,161			17,030			4,278			240
Trustee fees		327			866			220			14
Compliance services fees		104			286			73			4
Audit fees		8,661			24,688			6,118			329
Legal fees		1,109			2,460			796			37
Licensing fees		2,555			5,844			—			646
Other fees		2,582			7,102			1,820			96
Total Gross Expenses before reductions		188,083			495,820			139,375			11,647
Expenses reduced and reimbursed by the Advisor		(13,732	)		(22,667	)		(8,718	)		(4,219	)
Fees paid indirectly		(46	)		(3,031	)		(30	)		(16	)
TOTAL NET EXPENSES		174,305			470,122			130,627			7,412
NET INVESTMENT INCOME (LOSS)		140,186			527,928			182,814			13,432
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		(900,215	)		2,477,861			(51,811	)		—
Net realized gains (losses) on swap agreements		116,573			(111,393	)		—			—
Net realized gains (losses) on forward currency contracts		—			—			—			(7,810	)
Change in net unrealized appreciation/depreciation on investment securities		1,648,330			(7,175,983	)		918,978			—
Change in net unrealized appreciation/depreciation on swap agreements		14,731			17,121			—			—
Change in net unrealized appreciation/depreciation on forward currency contracts		—			—			—			1,529
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		879,419			(4,792,394	)		867,167			(6,281	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,019,605		$	(4,264,466	)	$	1,049,981		$	7,151

^†   As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 207

ProFund VP Financials			ProFund VP Government Money Market			ProFund VP Health Care			ProFund VP Industrials			ProFund VP International			ProFund VP Internet
Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
$	265,479		$	—		$	321,766		$	113,219		$	—		$	11,516
	8,886			858,668			12,155			8,699			292,636			6,291
	—			—			—			(7	)		—			—
	306			—			40			145			—			6
	274,671			858,668			333,961			122,056			292,636			17,813
	98,839			138,273			145,021			52,012			47,538			35,761
	13,179			18,436			19,336			6,935			6,338			4,768
	13,924			7,726			20,562			7,168			6,186			4,828
	32,946			—			48,341			17,337			15,846			11,921
	11,925			15,025			17,758			6,143			5,901			4,165
	30,128			—			44,822			17,556			15,415			12,097
	11,383			12,031			16,473			5,800			5,273			3,921
	1,527			17,200			2,174			768			662			644
	3,705			5,251			3,062			1,082			1,022			741
	7,966			10,215			11,697			4,181			3,833			2,777
	404			511			612			216			201			150
	132			171			198			69			64			48
	2,676			—			4,039			1,389			—			1,052
	3,432			3,991			5,091			1,720			1,594			1,254
	232,166			228,830			339,186			122,376			109,873			84,127
	(10,754	)		(62,893	)		(13,602	)		(5,848	)		(3,088	)		(3,993	)
	(12	)		(9	)		(737	)		(15	)		(306	)		(28	)
	221,400			165,928			324,847			116,513			106,479			80,106
	53,271			692,740			9,114			5,543			186,157			(62,293	)
	3,600,253			(3,129	)		1,738,511			2,521,569			—			(559,664	)
	1,475			—			(15,661	)		18,343			935,982			55,748
	—			—			—			—			—			—
	(3,356,925	)		—			(2,534,960	)		(1,318,086	)		—			3,141,234
	7,329			—			553			15,393			196,245			6,005
	—			—			—			—			—			—
	252,132			(3,129	)		(811,557	)		1,237,219			1,132,227			2,643,323
$	305,403		$	689,611		$	(802,443	)	$	1,242,762		$	1,318,384		$	2,581,030

See accompanying notes to financial statements.

208 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund VP Japan			ProFund VP Large-Cap Growth			ProFund VP Large-Cap Value			ProFund VP Materials†
	Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	—		$	125,475		$	157,143		$	159,134
Interest		214,213			1,210			633			6,508
Foreign tax withholding		—			(45	)		(26	)		—
Net income from securities lending		—			—			12			107
TOTAL INVESTMENT INCOME		214,213			126,640			157,762			165,749
EXPENSES:
Advisory fees		34,403			68,464			57,138			59,253
Management services fees		4,587			9,128			7,618			7,900
Administration fees		4,653			9,698			8,001			8,509
Distribution fees		11,468			22,821			19,046			19,751
Transfer agency fees		4,074			8,406			6,911			7,346
Administrative services fees		11,657			24,696			20,999			19,993
Custody fees		714			1,912			2,063			1,196
Fund accounting fees		2,657			5,839			5,204			4,832
Trustee fees		150			314			246			259
Compliance services fees		47			97			78			82
Other fees		5,171			12,257			9,977			11,368
Total Gross Expenses before reductions		79,581			163,632			137,281			140,489
Expenses reduced and reimbursed by the Advisor		(2,409	)		(10,261	)		(9,281	)		(6,569	)
Fees paid indirectly		(109	)		(10	)		(10	)		(1,196	)
TOTAL NET EXPENSES		77,063			153,361			127,990			132,724
NET INVESTMENT INCOME (LOSS)		137,150			(26,721	)		29,772			33,025
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		—			(200,466	)		(92,116	)		721,755
Net realized gains (losses) on futures contracts		1,634,967			—			—			—
Net realized gains (losses) on swap agreements		22,102			—			—			1,032
Change in net unrealized appreciation/depreciation on investment securities		—			3,662,936			1,753,811			231,165
Change in net unrealized appreciation/depreciation on futures contracts		967,959			—			—			—
Change in net unrealized appreciation/depreciation on swap agreements		4,634			—			—			9,742
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		2,629,662			3,462,470			1,661,695			963,694
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,766,812		$	3,435,749		$	1,691,467		$	996,719

^†   As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 209

ProFund VP Mid-Cap			ProFund VP Mid-Cap Growth			ProFund VP Mid-Cap Value			ProFund VP Nasdaq-100			ProFund VP Pharmaceuticals			ProFund VP Precious Metals
Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
$	—		$	84,391		$	123,859		$	289,639		$	92,222		$	—
	237,217			819			823			709,374			3,355			626,542
	—			—			—			(394	)		—			—
	—			7			2,183			9,460			6,049			—
	237,217			85,217			126,865			1,008,079			101,626			626,542
	38,545			47,042			47,415			363,478			45,310			101,009
	5,139			6,272			6,322			48,463			6,041			13,468
	5,407			6,535			6,605			50,424			6,495			12,633
	12,848			15,680			15,805			121,159			15,103			33,670
	4,595			5,615			5,656			43,663			5,602			12,074
	12,659			18,901			18,325			119,521			15,237			34,631
	849			1,525			1,837			8,001			914			1,831
	2,989			4,088			4,236			28,577			3,717			7,848
	158			194			194			1,621			190			407
	51			63			62			513			62			131
	6,880			8,327			8,370			78,765			8,809			18,985
	90,120			114,242			114,827			864,185			107,480			236,687
	(3,686	)		(8,858	)		(8,618	)		(49,447	)		(5,072	)		(9,933	)
	(95	)		(11	)		(9	)		(543	)		(914	)		(493	)
	86,339			105,373			106,200			814,195			101,494			226,261
	150,878			(20,156	)		20,665			193,884			132			400,281
	—			149,456			(193,672	)		518,137			1,111,958			—
	6,761			—			—			2,200,222			—			—
	306,779			—			—			5,870,965			(22,939	)		(1,430,278	)
	—			892,461			898,029			21,506,383			(1,967,352	)		—
	69,951			—			—			189,215			—			—
	169,103			—			—			645,163			(9,162	)		546,039
	552,594			1,041,917			704,357			30,930,085			(887,495	)		(884,239	)
$	703,472		$	1,021,761		$	725,022		$	31,123,969		$	(887,363	)	$	(483,958	)

See accompanying notes to financial statements.

210 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund VP Real Estate			ProFund VP Rising Rates Opportunity			ProFund VP Semiconductor			ProFund VP Short Dow 30
	Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	97,923		$	—		$	162,094		$	—
Interest		2,385			265,269			14,746			153
Foreign tax withholding		—			—			(448	)		—
Net income from securities lending		2			—			381			—
TOTAL INVESTMENT INCOME		100,310			265,269			176,773			153
EXPENSES:
Advisory fees		21,052			43,178			98,327			26
Management services fees		2,807			5,757			13,110			4
Administration fees		2,867			6,325			13,129			2
Distribution fees		7,017			14,393			32,776			9
Transfer agency fees		2,452			5,295			11,614			2
Administrative services fees		7,978			11,537			29,533			2
Custody fees		408			934			2,472			1
Fund accounting fees		1,673			3,440			7,621			1
Trustee fees		85			179			455			—
Compliance services fees		27			59			143			—
Audit fees		2,312			5,059			10,510			2
Licensing fees		552			—			3,002			1
Other fees		1,118			1,723			4,449			1
Recoupment of prior expenses reduced by the Advisor		—			—			—			8
Total Gross Expenses before reductions		50,348			97,879			227,141			59
Expenses reduced and reimbursed by the Advisor		(3,181	)		(1,059	)		(4,905	)		—
Fees paid indirectly		(10	)		(100	)		(1,983	)		(1	)
TOTAL NET EXPENSES		47,157			96,720			220,253			58
NET INVESTMENT INCOME (LOSS)		53,153			168,549			(43,480	)		95
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		481,288			—			2,652,762			—
Net realized gains (losses) on futures contracts		—			7,191			—			—
Net realized gains (losses) on swap agreements		913			772,422			236,494			(106	)
Change in net unrealized appreciation/depreciation on investment securities		(410,672	)		—			9,851,332			—
Change in net unrealized appreciation/depreciation on futures contracts		—			198			—			—
Change in net unrealized appreciation/depreciation on swap agreements		7,509			(1,733,462	)		46,038			(115	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		79,038			(953,651	)		12,786,626			(221	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	132,191		$	(785,102	)	$	12,743,146		$	(126	)

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 :: 211

ProFund VP Short Emerging Markets			ProFund VP Short International			ProFund VP Short Mid-Cap			ProFund VP Short Nasdaq-100			ProFund VP Short Small-Cap			ProFund VP Small-Cap
Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
$	—		$	—		$	—		$	—		$	—		$	54,791
	24,444			25,604			7,233			171,608			85,141			75,776
	—			—			—			—			—			(37	)
	—			—			—			—			—			3,196
	24,444			25,604			7,233			171,608			85,141			133,726
	3,833			4,066			1,126			27,301			13,356			38,894
	511			542			150			3,640			1,781			5,186
	507			556			140			4,041			1,787			5,122
	1,278			1,355			375			9,100			4,452			12,965
	462			538			141			3,291			1,611			4,342
	1,231			1,237			441			8,829			4,050			11,742
	97			93			14			521			282			815
	299			350			92			2,139			1,050			5,931
	16			17			4			97			55			154
	5			6			2			38			19			50
	427			528			129			3,177			1,514			4,039
	133			—			31			1,458			1,978			5,250
	165			143			62			1,270			581			1,891
	—			—			—			—			—			—
	8,964			9,431			2,707			64,902			32,516			96,381
	(360	)		(313	)		(177	)		(3,402	)		(2,585	)		(9,208	)
	(19	)		(11	)		(9	)		(347	)		(12	)		(49	)
	8,585			9,107			2,521			61,153			29,919			87,124
	15,859			16,497			4,712			110,455			55,222			46,602
	—			—			—			—			—			79,222
	—			—			—			(159,586	)		—			—
	(87,061	)		(197,881	)		(14,178	)		(2,226,222	)		(269,329	)		197,778
	—			—			—			—			—			422,245
	—			—			—			(59,714	)		(854	)		1,392
	5,871			(26,152	)		(3,604	)		6,813			(48,237	)		66,034
	(81,190	)		(224,033	)		(17,782	)		(2,438,709	)		(318,420	)		766,671
$	(65,331	)	$	(207,536	)	$	(13,070	)	$	(2,328,254	)	$	(263,198	)	$	813,273

See accompanying notes to financial statements.

212 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund VP Small-Cap Growth			ProFund VP Small-Cap Value			ProFund VP Technology			ProFund VP UltraBull
	Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	105,953		$	175,740		$	167,193		$	85,181
Interest		666			955			15,075			83,815
Foreign tax withholding		(1	)		(2	)		(214	)		(19	)
Net income from securities lending		571			1,741			281			4
TOTAL INVESTMENT INCOME		107,189			178,434			182,335			168,981
EXPENSES:
Advisory fees		53,568			69,980			131,970			51,718
Management services fees		7,142			9,331			17,596			6,896
Administration fees		7,260			9,658			18,792			7,534
Distribution fees		17,856			23,327			43,990			17,239
Transfer agency fees		6,229			8,220			16,277			6,522
Administrative services fees		17,983			23,800			28,992			16,978
Custody fees		1,772			2,599			3,328			1,182
Fund accounting fees		4,643			6,188			10,739			5,108
Trustee fees		218			281			620			243
Compliance services fees		71			92			196			74
Audit fees		5,986			7,779			15,159			5,899
Licensing fees		876			1,239			3,970			729
Other fees		2,687			3,563			6,691			2,685
Total Gross Expenses before reductions		126,291			166,057			298,320			122,807
Expenses reduced and reimbursed by the Advisor		(6,287	)		(9,288	)		(517	)		(3,488	)
Fees paid indirectly		(12	)		(14	)		(2,189	)		(175	)
TOTAL NET EXPENSES		119,992			156,755			295,614			119,144
NET INVESTMENT INCOME (LOSS)		(12,803	)		21,679			(113,279	)		49,837
REALIZED AND UNREALIZED GAINS (LOSSES)ON INVESTMENTS:
Net realized gains (losses) on investment securities		139,706			(436,706	)		5,461,682			(34,019	)
Net realized gains (losses) on futures contracts		—			—			—			35,972
Net realized gains (losses) on swap agreements		—			—			156,900			1,709,725
Change in net unrealized appreciation/depreciation on investment securities		713,172			1,052,688			7,528,773			1,581,526
Change in net unrealized appreciation/depreciation on futures contracts		—			—			—			33,975
Change in net unrealized appreciation/depreciation on swap agreements		—			—			31,185			323,585
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		852,878			615,982			13,178,540			3,650,764
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	840,075		$	637,661		$	13,065,261		$	3,700,601

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 :: 213

ProFund VP UltraMid-Cap			ProFund VP UltraNasdaq-100			ProFund VP UltraShort Dow 30			ProFund VP UltraShort Nasdaq-100			ProFund VP UltraSmall-Cap			ProFund VP U.S. Government Plus
Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023			Six Months Ended June 30, 2023
$	51,513		$	333,005		$	—		$	—		$	75,721		$	—
	55,133			884,519			84			75,887			70,849			220,776
	—			(427	)		—			—			(51	)		—
	640			10,518			—			—			4,762			—
	107,286			1,227,615			84			75,887			151,281			220,776
	32,812			438,793			15			11,540			49,064			25,129
	4,375			58,505			2			1,539			6,542			5,026
	4,432			60,066			2			1,616			6,935			4,893
	10,937			146,264			5			3,847			16,355			12,565
	3,788			52,040			2			1,418			5,919			4,513
	12,404			154,930			—			3,077			17,178			12,802
	806			10,376			1			518			1,301			745
	3,152			34,028			1			919			7,350			2,937
	134			1,966			—			27			207			154
	42			617			—			15			67			49
	3,570			48,151			2			1,505			5,506			4,105
	499			24,639			1			578			6,972			—
	1,699			22,113			—			549			2,604			1,994
	78,650			1,052,488			31			27,148			126,000			74,912
	(5,070	)		(67,667	)		—			(1,256	)		(15,497	)		(5,462	)
	(81	)		(1,951	)		(1	)		(42	)		(602	)		(94	)
	73,499			982,870			30			25,850			109,901			69,356
	33,787			244,745			54			50,037			41,380			151,420
	50,295			231,567			—			—			212,391			95,582
	(9,504	)		1,686,136			—			—			(67,600	)		(34,400	)
	207,663			39,960,186			(152	)		(2,958,772	)		319,728			(691,037	)
	441,381			24,064,431			—			—			476,242			(7,158	)
	47,313			932,306			—			—			42,375			595
	223,703			2,209,095			(133	)		85,836			245,633			532,756
	960,851			69,083,721			(285	)		(2,872,936	)		1,228,769			(103,662	)
$	994,638		$	69,328,466		$	(231	)	$	(2,822,899	)	$	1,270,149		$	47,758

See accompanying notes to financial statements.

214 :: Statements of Operations :: For the Periods Indicated (unaudited)

	ProFund VP Utilities
	Six Months Ended June 30, 2023
INVESTMENT INCOME:
Dividends	$	518,605
Interest		5,864
TOTAL INVESTMENT INCOME		524,469
EXPENSES:
Advisory fees		128,295
Management services fees		17,106
Administration fees		18,222
Distribution fees		42,765
Transfer agency fees		15,726
Administrative services fees		44,821
Custody fees		2,466
Fund accounting fees		10,282
Trustee fees		526
Compliance services fees		173
Other fees		24,090
Total Gross Expenses before reductions		304,472
Expenses reduced and reimbursed by the Advisor		(14,626	)
Fees paid indirectly		(2,466	)
TOTAL NET EXPENSES		287,380
NET INVESTMENT INCOME (LOSS)		237,089
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment securities		1,044,014
Net realized gains (losses) on swap agreements		(135,807	)
Change in net unrealized appreciation/depreciation on investment securities		(3,571,936	)
Change in net unrealized appreciation/depreciation on swap agreements		(1,033	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS		(2,664,762	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(2,427,673	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets

216 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund Access VP High Yield						ProFund VP Asia 30
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	129,500		$	62,091		$	593		$	(75,929	)
Net realized gains (losses) on investments		580,015			(2,553,224	)		(134,278	)		(3,806,589	)
Change in net unrealized appreciation/depreciation on investments		(278,077	)		483,675			435,191			(1,619,551	)
Change in net assets resulting from operations		431,438			(2,007,458	)		301,506			(5,502,069	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(595,085	)		—			(2,327,623	)
Change in net assets resulting from distributions		—			(595,085	)		—			(2,327,623	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		12,403,614			44,436,374			16,612,741			32,922,526
Distributions reinvested		—			595,085			—			2,327,623
Value of shares redeemed		(13,237,640	)		(40,738,828	)		(19,052,730	)		(31,586,574	)
Change in net assets resulting from capital transactions		(834,026	)		4,292,631			(2,439,989	)		3,663,575
Change in net assets		(402,588	)		1,690,088			(2,138,483	)		(4,166,117	)
NET ASSETS:
Beginning of period		17,015,123			15,325,035			17,740,919			21,907,036
End of period	$	16,612,535		$	17,015,123		$	15,602,436		$	17,740,919
SHARE TRANSACTIONS:
Issued		508,909			1,817,830			431,848			859,190
Reinvested		—			25,215			—			60,083
Redeemed		(553,218	)		(1,699,852	)		(498,401	)		(830,232	)
Change in shares		(44,309	)		143,193			(66,553	)		89,041

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 :: 217

ProFund VP Banks						ProFund VP Bear						ProFund VP Biotechnology
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	37,158		$	65,310		$	70,243		$	7,959		$	(184,549	)	$	(95,403	)
	1,334,442			(3,099,727	)		(732,964	)		149,545			19,758,014			5,656,285
	(2,049,245	)		(1,480,779	)		(82,447	)		(9,355	)		(18,290,901	)		(10,675,556	)
	(677,645	)		(4,515,196	)		(745,168	)		148,149			1,282,564			(5,114,674	)
	—			(49,018	)		—			—			—			(8,817,118	)
	—			(49,018	)		—			—			—			(8,817,118	)
	7,513,771			52,079,786			17,898,852			33,511,378			8,237,672			15,974,231
	—			49,018			—			—			—			8,817,118
	(7,527,382	)		(50,568,806	)		(17,098,791	)		(30,258,589	)		(12,501,288	)		(23,263,017	)
	(13,611	)		1,559,998			800,061			3,252,789			(4,263,616	)		1,528,332
	(691,256	)		(3,004,216	)		54,893			3,400,938			(2,981,052	)		(12,403,460	)
	4,496,097			7,500,313			4,957,759			1,556,821			49,394,941			61,798,401
$	3,804,841		$	4,496,097		$	5,012,652		$	4,957,759		$	46,413,889		$	49,394,941
	324,137			1,642,940			1,101,866			2,004,731			114,324			226,037
	—			1,896			—			—			—			138,329
	(325,959	)		(1,702,830	)		(1,058,817	)		(1,820,764	)		(175,865	)		(319,842	)
	(1,822	)		(57,994	)		43,049			183,967			(61,541	)		44,524

See accompanying notes to financial statements.

218 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Bull						ProFund VP Communication Services†
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	184,206		$	(47,190	)	$	1,700		$	58,848
Net realized gains (losses) on investments		1,063,971			9,339,497			575,267			(29,548	)
Change in net unrealized appreciation/depreciation on investments		5,577,859			(21,705,167	)		281,841			(1,449,723	)
Change in net assets resulting from operations		6,826,036			(12,412,860	)		858,808			(1,420,423	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(5,485,715	)		—			(103,492	)
Change in net assets resulting from distributions		—			(5,485,715	)		—			(103,492	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		139,412,468			400,592,292			5,653,018			5,874,156
Distributions reinvested		—			5,485,715			—			103,492
Value of shares redeemed		(136,526,153	)		(410,109,918	)		(4,455,511	)		(8,027,690	)
Change in net assets resulting from capital transactions		2,886,315			(4,031,911	)		1,197,507			(2,050,042	)
Change in net assets		9,712,351			(21,930,486	)		2,056,315			(3,573,957	)
NET ASSETS:
Beginning of period		43,609,328			65,539,814			3,863,608			7,437,565
End of period	$	53,321,679		$	43,609,328		$	5,919,923		$	3,863,608
SHARE TRANSACTIONS:
Issued		2,709,702			7,707,265			178,557			181,610
Reinvested		—			107,563			—			3,343
Redeemed		(2,659,307	)		(7,851,294	)		(139,621	)		(249,531	)
Change in shares		50,395			(36,466	)		38,936			(64,578	)

^†   As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 219

ProFund VP Consumer Discretionary†						ProFund VP Consumer Staples†						ProFund VP Dow 30
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	(51,693	)	$	(144,273	)	$	66,225		$	23,329		$	4,661		$	129
	3,130,830			1,127,914			3,833,363			1,966,818			675			(28,325	)
	1,030,734			(9,632,703	)		(2,985,294	)		(6,711,467	)		5,281			(1,081	)
	4,109,871			(8,649,062	)		914,294			(4,721,320	)		10,617			(29,277	)
	—			(200,611	)		—			(536,211	)		—			(44,674	)
	—			(200,611	)		—			(536,211	)		—			(44,674	)
	10,581,274			11,309,582			16,577,561			26,061,013			66,036			535,735
	—			200,611			—			536,211			—			44,674
	(8,002,488	)		(18,090,599	)		(15,952,163	)		(36,255,836	)		(21,144	)		(455,885	)
	2,578,786			(6,580,406	)		625,398			(9,658,612	)		44,892			124,524
	6,688,657			(15,430,079	)		1,539,692			(14,916,143	)		55,509			50,573
	15,454,370			30,884,449			11,460,248			26,376,391			269,063			218,490
$	22,143,027		$	15,454,370		$	12,999,940		$	11,460,248		$	324,572		$	269,063
	177,843			187,135			313,687			447,064			3,576			22,700
	—			3,559			—			9,728			—			2,524
	(137,456	)		(294,841	)		(298,609	)		(608,397	)		(1,158	)		(19,542	)
	40,387			(104,147	)		15,078			(151,605	)		2,418			5,682

See accompanying notes to financial statements.

220 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Emerging Markets						ProFund VP Energy†
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	140,186		$	422,178		$	527,928		$	1,185,447
Net realized gains (losses) on investments		(783,642	)		(2,082,097	)		2,366,468			(1,327,415	)
Change in net unrealized appreciation/depreciation on investments		1,663,061			(1,964,235	)		(7,158,862	)		19,554,355
Change in net assets resulting from operations		1,019,605			(3,624,154	)		(4,264,466	)		19,412,387
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(110,840	)		—			(658,231	)
Change in net assets resulting from distributions		—			(110,840	)		—			(658,231	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		28,853,747			20,185,052			22,601,004			88,718,351
Distributions reinvested		—			110,840			—			658,231
Value of shares redeemed		(24,863,543	)		(17,509,617	)		(32,703,475	)		(75,784,826	)
Change in net assets resulting from capital transactions		3,990,204			2,786,275			(10,102,471	)		13,591,756
Change in net assets		5,009,809			(948,719	)		(14,366,937	)		32,345,912
NET ASSETS:
Beginning of period		18,753,486			19,702,205			63,086,307			30,740,395
End of period	$	23,763,295		$	18,753,486		$	48,719,370		$	63,086,307
SHARE TRANSACTIONS:
Issued		1,065,906			755,267			532,502			2,292,207
Reinvested		—			4,104			—			14,818
Redeemed		(933,012	)		(665,593	)		(781,133	)		(1,978,836	)
Change in shares		132,894			93,778			(248,631	)		328,189

^†   As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 221

ProFund VP Europe 30						ProFund VP Falling U.S. Dollar						ProFund VP Financials
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	182,814		$	281,759		$	13,432		$	(239	)	$	53,271		$	106,491
	(51,811	)		(677,134	)		(7,810	)		(46,979	)		3,601,728			1,716,453
	918,978			(1,436,160	)		1,529			5,679			(3,349,596	)		(7,781,330	)
	1,049,981			(1,831,535	)		7,151			(41,539	)		305,403			(5,958,386	)
	—			(955,024	)		—			—			—			(382,049	)
	—			(955,024	)		—			—			—			(382,049	)
	12,641,319			21,449,924			2,053,275			2,067,946			7,784,752			21,383,976
	—			955,024			—			—			—			382,049
	(13,704,762	)		(22,728,116	)		(1,450,294	)		(2,002,026	)		(10,941,379	)		(29,831,243	)
	(1,063,443	)		(323,168	)		602,981			65,920			(3,156,627	)		(8,065,218	)
	(13,462	)		(3,109,727	)		610,132			24,381			(2,851,224	)		(14,405,653	)
	14,379,146			17,488,873			505,165			480,784			27,394,941			41,800,594
$	14,365,684		$	14,379,146		$	1,115,297		$	505,165		$	24,543,717		$	27,394,941
	530,883			894,362			134,740			139,678			182,492			475,165
	—			40,605			—			—			—			8,928
	(578,558	)		(979,117	)		(94,982	)		(135,261	)		(261,086	)		(664,414	)
	(47,675	)		(44,150	)		39,758			4,417			(78,594	)		(180,321	)

See accompanying notes to financial statements.

222 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Government Money Market						ProFund VP Health Care
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	692,740		$	375,075		$	9,114		$	(90,104	)
Net realized gains (losses) on investments		(3,129	)		—			1,722,850			4,712,794
Change in net unrealized appreciation/depreciation on investments		—			—			(2,534,407	)		(9,084,587	)
Change in net assets resulting from operations		689,611			375,075			(802,443	)		(4,461,897	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(692,740	)		(375,075	)		—			(2,591,704	)
Change in net assets resulting from distributions		(692,740	)		(375,075	)		—			(2,591,704	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		40,002,423			92,995,771			6,246,226			36,697,592
Distributions reinvested		692,740			375,075			—			2,591,704
Value of shares redeemed		(42,444,356	)		(103,098,329	)		(10,901,406	)		(44,277,294	)
Change in net assets resulting from capital transactions		(1,749,193	)		(9,727,483	)		(4,655,180	)		(4,987,998	)
Change in net assets		(1,752,322	)		(9,727,483	)		(5,457,623	)		(12,041,599	)
NET ASSETS:
Beginning of period		36,622,267			46,349,750			43,635,442			55,677,041
End of period	$	34,869,945		$	36,622,267		$	38,177,819		$	43,635,442
SHARE TRANSACTIONS:
Issued		40,002,423			92,995,771			86,482			489,490
Reinvested		692,740			375,075			—			36,982
Redeemed		(42,444,356	)		(103,098,329	)		(150,226	)		(602,531	)
Change in shares		(1,749,193	)		(9,727,483	)		(63,744	)		(76,059	)

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 :: 223

ProFund VP Industrials						ProFund VP International						ProFund VP Internet
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	5,543		$	(28,146	)	$	186,157		$	(16,376	)	$	(62,293	)	$	(155,478	)
	2,539,912			1,578,871			935,982			(2,137,123	)		(503,916	)		1,349,996
	(1,302,693	)		(4,572,988	)		196,245			(29,429	)		3,147,239			(9,204,485	)
	1,242,762			(3,022,263	)		1,318,384			(2,182,928	)		2,581,030			(8,009,967	)
	—			(189,895	)		—			(461,505	)		—			(3,971,476	)
	—			(189,895	)		—			(461,505	)		—			(3,971,476	)
	8,562,114			21,624,152			18,401,085			23,720,266			8,382,562			7,038,560
	—			189,895			—			461,505			—			3,971,476
	(8,811,361	)		(26,212,020	)		(20,593,428	)		(20,916,178	)		(7,754,316	)		(10,427,465	)
	(249,247	)		(4,397,973	)		(2,192,343	)		3,265,593			628,246			582,571
	993,515			(7,610,131	)		(873,959	)		621,160			3,209,276			(11,398,872	)
	14,193,705			21,803,836			12,772,400			12,151,240			8,133,193			19,532,065
$	15,187,220		$	14,193,705		$	11,898,441		$	12,772,400		$	11,342,469		$	8,133,193
	99,745			257,965			954,589			1,257,801			433,448			282,005
	—			2,314			—			25,469			—			212,720
	(103,471	)		(307,455	)		(1,069,164	)		(1,110,120	)		(404,329	)		(379,441	)
	(3,726	)		(47,176	)		(114,575	)		173,150			29,119			115,284

See accompanying notes to financial statements.

224 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Japan						ProFund VP Large-Cap Growth
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	137,150		$	(14,899	)	$	(26,721	)	$	(162,770	)
Net realized gains (losses) on investments		1,657,069			(141,613	)		(200,466	)		3,969,445
Change in net unrealized appreciation/depreciation on investments		972,593			(710,798	)		3,662,936			(13,632,308	)
Change in net assets resulting from operations		2,766,812			(867,310	)		3,435,749			(9,825,633	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(356,845	)		—			(3,738,973	)
Change in net assets resulting from distributions		—			(356,845	)		—			(3,738,973	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		16,000,525			14,334,969			19,155,062			27,795,127
Distributions reinvested		—			356,845			—			3,738,973
Value of shares redeemed		(14,014,824	)		(13,280,422	)		(12,629,101	)		(39,350,296	)
Change in net assets resulting from capital transactions		1,985,701			1,411,392			6,525,961			(7,816,196	)
Change in net assets		4,752,513			187,237			9,961,710			(21,380,802	)
NET ASSETS:
Beginning of period		7,448,160			7,260,923			15,799,351			37,180,153
End of period	$	12,200,673		$	7,448,160		$	25,761,061		$	15,799,351
SHARE TRANSACTIONS:
Issued		284,290			275,627			363,294			423,483
Reinvested		—			6,861			—			71,505
Redeemed		(247,819	)		(256,750	)		(245,175	)		(596,016	)
Change in shares		36,471			25,738			118,119			(101,028	)

^†   As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

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 :: 225

ProFund VP Large-Cap Value						ProFund VP Materials†						ProFund VP Mid-Cap
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	29,772		$	82,914		$	33,025		$	72,950		$	150,878		$	(26,669	)
	(92,116	)		1,109,713			722,787			(660,092	)		313,540			(2,340,273	)
	1,753,811			(2,760,448	)		240,907			(2,138,111	)		239,054			(189,000	)
	1,691,467			(1,567,821	)		996,719			(2,725,253	)		703,472			(2,555,942	)
	—			(273,776	)		—			(191,880	)		—			(2,431,456	)
	—			(273,776	)		—			(191,880	)		—			(2,431,456	)
	14,856,033			34,906,014			12,517,347			20,908,816			2,573,932			13,095,082
	—			273,776			—			191,880			—			2,431,456
	(15,331,446	)		(35,229,655	)		(10,593,655	)		(21,898,854	)		(3,538,159	)		(16,396,855	)
	(475,413	)		(49,865	)		1,923,692			(798,158	)		(964,227	)		(870,317	)
	1,216,054			(1,891,462	)		2,920,411			(3,715,291	)		(260,755	)		(5,857,715	)
	15,985,581			17,877,043			13,568,248			17,283,539			9,992,666			15,850,381
$	17,201,635		$	15,985,581		$	16,488,659		$	13,568,248		$	9,731,911		$	9,992,666
	312,670			742,108			154,419			253,374			167,513			841,147
	—			6,064			—			2,370			—			162,857
	(324,048	)		(756,249	)		(133,139	)		(281,628	)		(232,466	)		(1,061,480	)
	(11,378	)		(8,077	)		21,280			(25,884	)		(64,953	)		(57,476	)

See accompanying notes to financial statements.

226 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Mid-Cap Growth						ProFund VP Mid-Cap Value
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(20,156	)	$	(78,939	)	$	20,665		$	35,048
Net realized gains (losses) on investments		149,456			286,094			(193,672	)		690,426
Change in net unrealized appreciation/depreciation on investments		892,461			(4,167,629	)		898,029			(2,711,169	)
Change in net assets resulting from operations		1,021,761			(3,960,474	)		725,022			(1,985,695	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(2,989,337	)		—			(2,127,084	)
Change in net assets resulting from distributions		—			(2,989,337	)		—			(2,127,084	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		5,597,013			9,312,671			8,738,662			22,888,416
Distributions reinvested		—			2,989,337			—			2,127,084
Value of shares redeemed		(6,316,356	)		(14,100,005	)		(10,734,610	)		(26,392,119	)
Change in net assets resulting from capital transactions		(719,343	)		(1,797,997	)		(1,995,948	)		(1,376,619	)
Change in net assets		302,418			(8,747,808	)		(1,270,926	)		(5,489,398	)
NET ASSETS:
Beginning of period		11,954,326			20,702,134			13,192,027			18,681,425
End of period	$	12,256,744		$	11,954,326		$	11,921,101		$	13,192,027
SHARE TRANSACTIONS:
Issued		167,677			261,067			208,279			514,499
Reinvested		—			92,065			—			53,417
Redeemed		(191,741	)		(384,421	)		(258,361	)		(604,225	)
Change in shares		(24,064	)		(31,289	)		(50,082	)		(36,309	)

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 :: 227

ProFund VP Nasdaq-100						ProFund VP Pharmaceuticals						ProFund VP Precious Metals
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	193,884		$	(661,700	)	$	132		$	58,210		$	400,281		$	(93,062	)
	8,589,324			1,190,985			1,089,019			551,096			(1,430,278	)		(2,654,144	)
	22,340,761			(50,204,131	)		(1,976,514	)		(1,719,754	)		546,039			(887,579	)
	31,123,969			(49,674,846	)		(887,363	)		(1,110,448	)		(483,958	)		(3,634,785	)
	—			(19,959,331	)		—			(851,403	)		—			—
	—			(19,959,331	)		—			(851,403	)		—			—
	217,179,037			882,649,055			4,187,637			13,523,441			26,383,298			63,424,036
	—			19,959,331			—			851,403			—			—
	(194,218,094	)		(934,020,910	)		(5,579,256	)		(15,676,413	)		(28,551,010	)		(62,765,713	)
	22,960,943			(31,412,524	)		(1,391,619	)		(1,301,569	)		(2,167,712	)		658,323
	54,084,912			(101,046,701	)		(2,278,982	)		(3,263,420	)		(2,651,670	)		(2,976,462	)
	76,534,726			177,581,427			13,527,078			16,790,498			27,228,006			30,204,468
$	130,619,638		$	76,534,726		$	11,248,096		$	13,527,078		$	24,576,336		$	27,228,006
	4,806,877			17,100,055			117,729			349,435			995,064			2,291,136
	—			462,450			—			22,459			—			—
	(4,333,627	)		(17,963,588	)		(156,980	)		(407,558	)		(1,094,232	)		(2,276,907	)
	473,250			(401,083	)		(39,251	)		(35,664	)		(99,168	)		14,229

See accompanying notes to financial statements.

228 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Real Estate						ProFund VP Rising Rates Opportunity
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	53,153		$	40,129		$	168,549		$	16,031
Net realized gains (losses) on investments		482,201			1,540,894			779,613			3,987,739
Change in net unrealized appreciation/depreciation on investments		(403,163	)		(4,854,096	)		(1,733,264	)		1,733,692
Change in net assets resulting from operations		132,191			(3,273,073	)		(785,102	)		5,737,462
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		(22,934	)		(603,190	)		—			—
Change in net assets resulting from distributions		(22,934	)		(603,190	)		—			—
CAPITAL TRANSACTIONS:
Proceeds from shares issued		1,714,502			11,092,028			7,819,985			46,824,952
Distributions reinvested		22,934			603,190			—			—
Value of shares redeemed		(2,044,534	)		(16,150,682	)		(13,744,099	)		(41,462,432	)
Change in net assets resulting from capital transactions		(307,098	)		(4,455,464	)		(5,924,114	)		5,362,520
Change in net assets		(197,841	)		(8,331,727	)		(6,709,216	)		11,099,982
NET ASSETS:
Beginning of period		5,595,514			13,927,241			16,989,614			5,889,632
End of period	$	5,397,673		$	5,595,514		$	10,280,398		$	16,989,614
SHARE TRANSACTIONS:
Issued		30,063			162,738			185,493			1,308,759
Reinvested		418			10,026			—			—
Redeemed		(35,957	)		(244,346	)		(331,042	)		(1,134,716	)
Change in shares		(5,476	)		(71,582	)		(145,549	)		174,043

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 :: 229

ProFund VP Semiconductor						ProFund VP Short Dow 30						ProFund VP Short Emerging Markets
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	(43,480	)	$	(43,864	)	$	95		$	(12	)	$	15,859		$	2,065
	2,889,256			120,891			(106	)		322			(87,061	)		12,346
	9,897,370			(7,347,846	)		(115	)		28			5,871			20,479
	12,743,146			(7,270,819	)		(126	)		338			(65,331	)		34,890
	—			(697,508	)		—			—			—			(13,998	)
	—			(697,508	)		—			—			—			(13,998	)
	36,118,405			29,075,888			—			—			4,964,361			23,147,149
	—			697,508			—			—			—			13,998
	(10,879,494	)		(35,210,883	)		(142	)		(52	)		(4,857,947	)		(23,031,353	)
	25,238,911			(5,437,487	)		(142	)		(52	)		106,414			129,794
	37,982,057			(13,405,814	)		(268	)		286			41,083			150,686
	7,904,083			21,309,897			7,036			6,750			862,166			711,480
$	45,886,140		$	7,904,083		$	6,768		$	7,036		$	903,249		$	862,166
	424,783			352,474			—			—			200,887			858,688
	—			9,089			—			—			—			544
	(124,894	)		(432,551	)		(6	)		(2	)		(196,993	)		(854,857	)
	299,889			(70,988	)		(6	)		(2	)		3,894			4,375

See accompanying notes to financial statements.

230 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Short International						ProFund VP Short Mid-Cap
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	16,497		$	13,615		$	4,712		$	1,059
Net realized gains (losses) on investments		(197,881	)		(39,696	)		(14,178	)		(49,433	)
Change in net unrealized appreciation/depreciation on investments		(26,152	)		15,181			(3,604	)		280
Change in net assets resulting from operations		(207,536	)		(10,900	)		(13,070	)		(48,094	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			—			—			—
Change in net assets resulting from distributions		—			—			—			—
CAPITAL TRANSACTIONS:
Proceeds from shares issued		2,098,273			15,425,196			1,375,603			3,236,746
Distributions reinvested		—			—			—			—
Value of shares redeemed		(4,092,796	)		(12,934,685	)		(1,314,063	)		(3,137,493	)
Change in net assets resulting from capital transactions		(1,994,523	)		2,490,511			61,540			99,253
Change in net assets		(2,202,059	)		2,479,611			48,470			51,159
NET ASSETS:
Beginning of period		3,016,374			536,763			95,695			44,536
End of period	$	814,315		$	3,016,374		$	144,165		$	95,695
SHARE TRANSACTIONS:
Issued		79,066			526,966			168,846			376,196
Reinvested		—			—			—			—
Redeemed		(154,301	)		(441,614	)		(161,870	)		(370,518	)
Change in shares		(75,235	)		85,352			6,976			5,678

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 :: 231

ProFund VP Short Nasdaq-100						ProFund VP Short Small-Cap						ProFund VP Small-Cap
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	110,455		$	(4,024	)	$	55,222		$	6,812		$	46,602		$	(24,367	)
	(2,385,808	)		(1,161,444	)		(269,329	)		190,588			277,000			(914,778	)
	(52,901	)		(52,891	)		(49,091	)		(29,606	)		489,671			(1,956,684	)
	(2,328,254	)		(1,218,359	)		(263,198	)		167,794			813,273			(2,895,829	)
	—			—			—			—			—			(1,534,469	)
	—			—			—			—			—			(1,534,469	)
	86,729,909			625,172,638			14,184,653			21,351,405			5,742,231			15,631,518
	—			—			—			—			—			1,534,469
	(87,769,938	)		(618,292,641	)		(13,160,162	)		(19,469,428	)		(4,481,061	)		(17,102,206	)
	(1,040,029	)		6,879,997			1,024,491			1,881,977			1,261,170			63,781
	(3,368,283	)		5,661,638			761,293			2,049,771			2,074,443			(4,366,517	)
	7,484,266			1,822,628			3,045,423			995,652			10,220,742			14,587,259
$	4,115,983		$	7,484,266		$	3,806,716		$	3,045,423		$	12,295,185		$	10,220,742
	5,463,974			38,586,245			542,738			840,150			184,644			469,566
	—			—			—			—			—			48,853
	(5,565,610	)		(38,310,557	)		(504,758	)		(769,069	)		(142,714	)		(513,701	)
	(101,636	)		275,688			37,980			71,081			41,930			4,718

See accompanying notes to financial statements.

232 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Small-Cap Growth						ProFund VP Small-Cap Value
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	(12,803	)	$	(89,048	)	$	21,679		$	9,424
Net realized gains (losses) on investments		139,706			620,718			(436,706	)		605,728
Change in net unrealized appreciation/depreciation on investments		713,172			(5,814,159	)		1,052,688			(4,158,224	)
Change in net assets resulting from operations		840,075			(5,282,489	)		637,661			(3,543,072	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(2,541,552	)		—			(3,824,325	)
Change in net assets resulting from distributions		—			(2,541,552	)		—			(3,824,325	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		2,864,622			7,397,785			3,948,245			21,185,484
Distributions reinvested		—			2,541,552			—			3,824,325
Value of shares redeemed		(2,767,059	)		(13,485,472	)		(5,720,686	)		(26,358,964	)
Change in net assets resulting from capital transactions		97,563			(3,546,135	)		(1,772,441	)		(1,349,155	)
Change in net assets		937,638			(11,370,176	)		(1,134,780	)		(8,716,552	)
NET ASSETS:
Beginning of period		13,844,417			25,214,593			18,403,563			27,120,115
End of period	$	14,782,055		$	13,844,417		$	17,268,783		$	18,403,563
SHARE TRANSACTIONS:
Issued		103,124			247,276			92,481			447,625
Reinvested		—			90,447			—			90,817
Redeemed		(100,473	)		(436,566	)		(138,412	)		(574,024	)
Change in shares		2,651			(98,843	)		(45,931	)		(35,582	)

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 :: 233

ProFund VP Technology						ProFund VP UltraBull						ProFund VP UltraMid-Cap
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	(113,279	)	$	(319,765	)	$	49,837		$	(26,425	)	$	33,787		$	(25,299	)
	5,618,582			5,115,858			1,711,678			(4,269,046	)		248,454			(2,122,220	)
	7,559,958			(22,372,274	)		1,939,086			(2,998,341	)		712,397			(2,845,408	)
	13,065,261			(17,576,181	)		3,700,601			(7,293,812	)		994,638			(4,992,927	)
	—			(6,489,800	)		—			(3,026,939	)		—			(4,057,524	)
	—			(6,489,800	)		—			(3,026,939	)		—			(4,057,524	)
	28,147,882			60,021,359			22,031,641			44,969,990			2,507,472			5,212,703
	—			6,489,800			—			3,026,939			—			4,057,524
	(14,885,165	)		(70,000,284	)		(18,033,787	)		(47,204,113	)		(2,232,477	)		(9,687,753	)
	13,262,717			(3,489,125	)		3,997,854			792,816			274,995			(417,526	)
	26,327,978			(27,555,106	)		7,698,455			(9,527,935	)		1,269,633			(9,467,977	)
	27,032,300			54,587,406			10,252,540			19,780,475			8,401,842			17,869,819
$	53,360,278		$	27,032,300		$	17,950,995		$	10,252,540		$	9,671,475		$	8,401,842
	462,251			875,393			951,396			1,611,165			78,969			121,821
	—			115,580			—			128,260			—			130,930
	(252,162	)		(1,022,445	)		(781,283	)		(1,669,379	)		(72,184	)		(201,407	)
	210,089			(31,472	)		170,113			70,046			6,785			51,344

See accompanying notes to financial statements.

234 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP UltraNasdaq-100						ProFund VP UltraShort Dow 30
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	244,745		$	(870,317	)	$	54		$	6
Net realized gains (losses) on investments		41,877,889			(87,601,448	)		(152	)		252
Change in net unrealized appreciation/depreciation on investments		27,205,832			(55,347,561	)		(133	)		32
Change in net assets resulting from operations		69,328,466			(143,819,326	)		(231	)		290
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(73,707,166	)		—			—
Change in net assets resulting from distributions		—			(73,707,166	)		—			—
CAPITAL TRANSACTIONS:
Proceeds from shares issued		187,829,448			783,033,939			—			—
Distributions reinvested		—			73,707,166			—			—
Value of shares redeemed		(173,679,799	)		(822,920,752	)		(64	)		(218	)
Change in net assets resulting from capital transactions		14,149,649			33,820,353			(64	)		(218	)
Change in net assets		83,478,115			(183,706,139	)		(295	)		72
NET ASSETS:
Beginning of period		84,527,951			268,234,090			4,176			4,104
End of period	$	168,006,066		$	84,527,951		$	3,881		$	4,176
SHARE TRANSACTIONS:
Issued		9,779,207			27,310,466			—			—
Reinvested		—			3,774,048			—			—
Redeemed		(9,280,014	)		(27,899,976	)		(17	)		(52	)
Change in shares		499,193			3,184,538			(17	)		(52	)

^(a)   As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.

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

See accompanying notes to financial statements.

For the Periods Indicated :: Statements of Changes in Net Assets :: 235

ProFund VP UltraShort Nasdaq-100						ProFund VP UltraSmall-Cap						ProFund VP U.S. Government Plus
Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022			Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
$	50,037		$	(5,529	)	$	41,380		$	(56,836	)	$	151,420		$	79,921
	(2,958,772	)		(33,049	)		464,519			(9,847,102	)		(629,855	)		(5,404,278	)
	85,836			(120,025	)		764,250			(1,330,985	)		526,193			(693,163	)
	(2,822,899	)		(158,603	)		1,270,149			(11,234,923	)		47,758			(6,017,520	)
	—			—			—			(3,563,574	)		(89,278	)		—
	—			—			—			(3,563,574	)		(89,278	)		—
	107,603,358			525,224,249			15,178,586			30,429,337			13,705,217			20,691,258
	—			—			—			3,563,574			89,278			—
	(108,751,082	)		(520,850,076	)		(15,328,291	)		(34,856,101	)		(12,388,432	)		(22,274,802	)
	(1,147,724	)		4,374,173			(149,705	)		(863,190	)		1,406,063			(1,583,544	)
	(3,970,623	)		4,215,570			1,120,444			(15,661,687	)		1,364,543			(7,601,064	)
	4,664,144			448,574			12,588,175			28,249,862			7,613,718			15,214,782
$	693,521		$	4,664,144		$	13,708,619		$	12,588,175		$	8,978,261		$	7,613,718
	1,693,202	(a)		7,220,831	(a)		1,282,146			1,967,289			971,161			1,233,313
	—			—			—			271,614			6,447			—
	(1,732,983	)(a)		(7,173,266	)(a)		(1,300,101	)		(2,198,557	)		(893,948	)		(1,328,040	)
	(39,781	)		47,565			(17,955	)		40,346			83,660			(94,727	)

See accompanying notes to financial statements.

236 :: Statements of Changes in Net Assets :: For the Periods Indicated

	ProFund VP Utilities
	Six Months Ended June 30, 2023 (unaudited)			Year Ended December 31, 2022
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)	$	237,089		$	381,487
Net realized gains (losses) on investments		908,207			(965,494	)
Change in net unrealized appreciation/depreciation on investments		(3,572,969	)		(267,769	)
Change in net assets resulting from operations		(2,427,673	)		(851,776	)
DISTRIBUTIONS TO SHAREHOLDERS:
Total distributions		—			(817,438	)
Change in net assets resulting from distributions		—			(817,438	)
CAPITAL TRANSACTIONS:
Proceeds from shares issued		6,881,578			39,032,890
Distributions reinvested		—			817,438
Value of shares redeemed		(13,546,685	)		(33,938,589	)
Change in net assets resulting from capital transactions		(6,665,107	)		5,911,739
Change in net assets		(9,092,780	)		4,242,525
NET ASSETS:
Beginning of period		39,017,977			34,775,452
End of period	$	29,925,197		$	39,017,977
SHARE TRANSACTIONS:
Issued		171,440			924,990
Reinvested		—			19,547
Redeemed		(341,024	)		(823,184	)
Change in shares		(169,584	)		121,353

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

See accompanying notes to financial statements.

Financial Highlights

238 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From														Ratios to Average Net Assets						Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		In excess of net Investment income		Net Realized Gains on Investments		Return of Capital		Total Distributions		Net Asset Value, End of Period		Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)		Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund Access VP High Yield
Six Months Ended June 30, 2023 (unaudited)	$	23.59	0.26		0.69		0.95		—		—		—		—		—		$	24.54	4.03	%	1.73	%	1.68	%	2.13	%	$	16,613	638	%
Year Ended December 31, 2022	$	26.51	0.11		(2.22	)	(2.11	)	(0.11	)	(0.70	)	—		—		(0.81	)	$	23.59	(7.97	)%	1.69	%	1.68	%	0.46	%	$	17,015	1,532	%
Year Ended December 31, 2021	$	27.10	(0.34	)	0.41		0.07		—		(0.66	)	—		—		(0.66	)	$	26.51	0.27	%	1.72	%	1.68	%	(1.28	)%	$	15,325	1,351	%
Year Ended December 31, 2020	$	28.71	(0.31	)	0.16		(0.15	)	—		(1.46	)	—		—		(1.46	)	$	27.10	0.06	%	1.87	%	1.68	%	(1.16	)%	$	19,923	1,447	%
Year Ended December 31, 2019	$	26.74	0.06		3.21		3.27		(0.06	)	(1.24	)	—		—		(1.30	)	$	28.71	12.43	%	1.73	%	1.70	%(f)	0.23	%	$	32,038	1,459	%
Year Ended December 31, 2018	$	28.25	0.16		(0.33	)	(0.17	)	(0.16	)	(0.37	)	(0.60	)	(0.21	)	(1.34	)	$	26.74	(0.61	)%(g)	1.72	%	1.66	%(g)	0.58	%(g)	$	16,054	1,539	%
ProFund VP Asia 30
Six Months Ended June 30, 2023 (unaudited)	$	35.46	—	(h)	0.51		0.51		—		—		—		—		—		$	35.97	1.44	%	1.81	%	1.68	%	0.01	%	$	15,602	82	%
Year Ended December 31, 2022	$	53.26	(0.17	)	(12.40	)	(12.57	)	(0.21	)	—		(5.02	)	—		(5.23	)	$	35.46	(24.42	)%	1.74	%	1.68	%	(0.44	)%	$	17,741	202	%
Year Ended December 31, 2021	$	75.87	0.24		(12.05	)	(11.81	)	—		—		(10.80	)	—		(10.80	)	$	53.26	(18.52	)%(i)	1.68	%	1.68	%	0.33	%	$	21,907	125	%
Year Ended December 31, 2020	$	62.15	(0.11	)	21.13		21.02		(0.72	)	—		(6.58	)	—		(7.30	)	$	75.87	35.55	%	1.71	%	1.68	%	(0.18	)%	$	29,494	130	%
Year Ended December 31, 2019	$	49.34	0.39		12.56		12.95		(0.14	)	—		—		—		(0.14	)	$	62.15	26.31	%	1.72	%	1.68	%	0.68	%	$	29,057	111	%
Year Ended December 31, 2018	$	60.88	0.11		(11.37	)	(11.26	)	(0.28	)	—		—		—		(0.28	)	$	49.34	(18.59	)%	1.74	%	1.68	%	0.19	%	$	19,796	87	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.57%, respectively, and the total return would have been (0.62)%.
(h)	Amount is less than $0.005.
(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 0.34%.

See accompanying notes to financial statements.

Financial Highlights :: 239 

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Banks
Six Months Ended June 30, 2023 (unaudited)	$	25.10		0.20			(3.84	)		(3.64	)			—			—			—		$	21.46		(14.54	)%			1.81	%		1.68	%		1.72	%		$	3,805		224	%
Year Ended December 31, 2022	$	31.63		0.20			(6.49	)		(6.29	)			(0.24	)		—			(0.24	)	$	25.10		(19.88	)%			1.74	%		1.68	%		0.69	%		$	4,496		599	%
Year Ended December 31, 2021	$	23.77		0.17			7.93			8.10				(0.24	)		—			(0.24	)	$	31.63		34.09	%			1.68	%		1.68	%		0.57	%		$	7,500		551	%
Year Ended December 31, 2020	$	28.74		0.36			(4.85	)		(4.49	)			(0.48	)		—			(0.48	)	$	23.77		(15.21	)%			1.74	%		1.68	%		1.74	%		$	4,823		478	%
Year Ended December 31, 2019	$	21.31		0.31			7.39			7.70				(0.27	)		—			(0.27	)	$	28.74		36.43	%			1.70	%		1.68	%		1.24	%		$	9,333		293	%
Year Ended December 31, 2018	$	26.03		0.15			(4.79	)		(4.64	)			(0.08	)		—			(0.08	)	$	21.31		(17.90	)%			1.71	%		1.68	%		0.57	%		$	6,539		324	%
ProFund VP Bear
Six Months Ended June 30, 2023 (unaudited)	$	17.04		0.25			(2.28	)		(2.03	)			—			—			—		$	15.01		(11.91	)%			1.74	%		1.68	%		3.10	%		$	5,013		—
Year Ended December 31, 2022	$	14.56		0.03			2.45			2.48				—			—			—		$	17.04		17.03	%			1.70	%		1.68	%		0.20	%		$	4,958		—
Year Ended December 31, 2021	$	19.59		(0.28	)		(4.49	)		(4.77	)			—			(0.26	)		(0.26	)	$	14.56		(24.57	)%			1.69	%		1.68	%		(1.68	)%		$	1,557		—
Year Ended December 31, 2020	$	26.47		(0.35	)		(6.41	)		(6.76	)			(0.12	)		—			(0.12	)	$	19.59		(25.61	)%			1.79	%		1.68	%		(1.40	)%		$	2,352		—
Year Ended December 31, 2019	$	34.40		0.13			(8.03	)		(7.90	)			(0.03	)		—			(0.03	)	$	26.47		(22.95	)%			1.74	%		1.71	%(f)		0.43	%		$	3,207		—
Year Ended December 31, 2018	$	33.06		0.03			1.31			1.34				—			—			—		$	34.40		4.05	%			1.65	%		1.65	%		0.08	%		$	4,135		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See accompanying notes to financial statements.

240 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Biotechnology
Six Months Ended June 30, 2023 (unaudited)	$	70.69		(0.28	)		2.43			2.15				—			—			—		$	72.84		3.03	%			1.73	%		1.71	%(f)		(0.79	)%		$	46,414		100	%
Year Ended December 31, 2022	$	94.46		(0.14	)		(8.78	)		(8.92	)			—			(14.85	)		(14.85	)	$	70.69		(7.71	)%			1.63	%		1.63	%		(0.19	)%		$	49,395		29	%
Year Ended December 31, 2021	$	82.13		(0.14	)		13.01			12.87				—			(0.54	)		(0.54	)	$	94.46		15.73	%			1.58	%		1.58	%		(0.15	)%		$	61,798		43	%
Year Ended December 31, 2020	$	76.13		(0.05	)		11.57			11.52				(0.01	)		(5.51	)		(5.52	)	$	82.13		15.38	%			1.67	%		1.67	%		(0.06	)%		$	60,969		70	%
Year Ended December 31, 2019	$	65.65		0.01			10.75			10.76				—			(0.28	)		(0.28	)	$	76.13		16.46	%			1.63	%		1.63	%		0.02	%		$	57,767		81	%
Year Ended December 31, 2018	$	70.40		(0.07	)		(4.68	)		(4.75	)			—			—			—		$	65.65		(6.75	)%			1.58	%		1.58	%		(0.10	)%		$	55,520		114	%
ProFund VP Bull
Six Months Ended June 30, 2023 (unaudited)	$	48.67		0.20			7.48			7.68				—			—			—		$	56.35		15.76	%			1.74	%		1.68	%		0.78	%		$	53,322		59	%
Year Ended December 31, 2022	$	70.29		(0.05	)		(13.46	)		(13.51	)			—			(8.11	)		(8.11	)	$	48.67		(19.74	)%			1.71	%		1.68	%		(0.10	)%		$	43,609		199	%
Year Ended December 31, 2021	$	59.38		(0.42	)		15.37			14.95				—			(4.04	)		(4.04	)	$	70.29		26.33	%			1.65	%		1.65	%		(0.66	)%		$	65,540		49	%
Year Ended December 31, 2020	$	53.62		(0.23	)		8.70			8.47				(0.05	)		(2.66	)		(2.71	)	$	59.38		16.03	%			1.72	%		1.69	%(f)		(0.44	)%		$	66,044		4	%
Year Ended December 31, 2019	$	42.46		0.16			11.98			12.14				(0.13	)		(0.85	)		(0.98	)	$	53.62		28.88	%			1.70	%		1.70	%(f)		0.32	%		$	65,972		56	%
Year Ended December 31, 2018	$	50.65		0.11			(2.71	)		(2.60	)			—			(5.59	)		(5.59	)	$	42.46		(6.15	)%(g)			1.69	%		1.62	%(g)		0.23	%(g)		$	58,926		8	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.17%, respectively, and the total return would have been (6.22)%.

See accompanying notes to financial statements.

Financial Highlights :: 241

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Communication Services†
Six Months Ended June 30, 2023 (unaudited)	$	29.19		0.01			5.36			5.37				—			—			—		$	34.56		18.36	%			1.78	%		1.68	%		0.07	%		$	5,920		155	%
Year Ended December 31, 2022	$	37.77		0.36			(8.35	)		(7.99	)			(0.59	)		—			—		$	29.19		(21.22	)%			1.73	%		1.68	%		1.14	%		$	3,864		56	%
Year Ended December 31, 2021	$	32.25		0.53			5.38			5.91				(0.39	)		—			—		$	37.77		18.41	%			1.69	%		1.68	%		1.50	%		$	7,438		105	%
Year Ended December 31, 2020	$	31.53		0.41			0.57			0.98				(0.26	)		—			—		$	32.25		3.15	%			1.77	%		1.68	%		1.36	%		$	6,626		107	%
Year Ended December 31, 2019	$	28.42		0.28			3.87			4.15				(1.04	)		—			—		$	31.53		14.77	%			1.76	%		1.68	%		0.89	%		$	6,167		165	%
Year Ended December 31, 2018	$	35.52		0.94			(6.22	)		(5.28	)			(1.82	)		—			—		$	28.42		(15.10	)%			1.76	%		1.68	%		2.96	%		$	5,272		328	%
ProFund VP Consumer Discretionary†
Six Months Ended June 30, 2023 (unaudited)	$	52.38		(0.17	)		13.80			13.63				—			—			—		$	66.01		26.02	%			1.77	%		1.68	%		(0.60	)%		$	22,143		68	%
Year Ended December 31, 2022	$	77.36		(0.43	)		(23.92	)		(24.35	)			—			(0.63	)		(0.63	)	$	52.38		(31.53	)%			1.72	%		1.68	%		(0.71	)%		$	15,454		19	%
Year Ended December 31, 2021	$	76.15		(0.76	)		8.12			7.36				—			(6.15	)		(6.15	)	$	77.36		10.23	%			1.68	%		1.68	%		(0.99	)%		$	30,884		39	%
Year Ended December 31, 2020	$	82.97		(0.56	)		22.85			22.29				—			(29.11	)		(29.11	)	$	76.15		28.34	%			1.75	%		1.68	%		(0.72	)%		$	31,935		116	%
Year Ended December 31, 2019	$	69.55		(0.40	)		17.30			16.90				—			(3.48	)		(3.48	)	$	82.97		24.64	%			1.72	%		1.71	%(f)		(0.50	)%		$	26,846		182	%
Year Ended December 31, 2018	$	72.88		(0.29	)		1.12			0.83				—			(4.16	)		(4.16	)	$	69.55		0.62	%(g)			1.73	%		1.65	%(g)		(0.38	)%(g)		$	25,222		82	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and (0.40)%, respectively, and the total return would have been 0.60%.
†	As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

See accompanying notes to financial statements.

242 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Consumer Staples†
Six Months Ended June 30, 2023 (unaudited)	$	50.22		0.24			2.98			3.22				—			—			—		$	53.44		6.41	%			1.77	%		1.68	%		0.90	%		$	13,000		116	%
Year Ended December 31, 2022	$	69.45		0.09			(17.04	)		(16.95	)			(0.03	)		(2.25	)		(2.28	)	$	50.22		(24.70	)%			1.73	%		1.68	%		0.15	%		$	11,460		88	%
Year Ended December 31, 2021	$	62.19		0.02			11.42			11.44				(0.27	)		(3.91	)		(4.18	)	$	69.45		19.65	%			1.69	%		1.68	%		0.03	%		$	26,376		65	%
Year Ended December 31, 2020	$	48.21		0.25			14.61			14.86				(0.38	)		(0.50	)		(0.88	)	$	62.19		31.05	%			1.75	%		1.68	%		0.50	%		$	18,373		141	%
Year Ended December 31, 2019	$	46.16		0.49			10.83			11.32				(0.80	)		(8.47	)		(9.27	)	$	48.21		26.56	%			1.73	%		1.68	%		1.01	%		$	12,137		71	%
Year Ended December 31, 2018	$	66.23		0.70			(9.43	)		(8.73	)			(0.74	)		(10.60	)		(11.34	)	$	46.16		(14.80	)%			1.72	%		1.68	%		1.23	%		$	8,989		41	%
ProFund VP Dow 30
Six Months Ended June 30, 2023 (unaudited)	$	18.15		0.27			0.40			0.67				—			—			—		$	18.82		3.69	%			1.66	%		1.65	%		3.00	%		$	325		—
Year Ended December 31, 2022	$	23.90		0.01			(2.22	)		(2.21	)			—			(3.54	)		(3.54	)	$	18.15		(8.85	)%			1.57	%		1.57	%		0.05	%		$	269		—
Year Ended December 31, 2021	$	23.26		(0.34	)		4.18			3.84				—			(3.20	)		(3.20	)	$	23.90		17.51	%			1.47	%		1.47	%		(1.47	)%		$	218		—
Year Ended December 31, 2020	$	28.16		(0.31	)		2.05			1.74				(0.13	)		(6.51	)		(6.64	)	$	23.26		7.41	%			1.58	%		1.58	%		(1.31	)%		$	385		—
Year Ended December 31, 2019	$	23.07		0.15			4.97			5.12				(0.03	)		—			(0.03	)	$	28.16		22.18	%			1.47	%		1.47	%		0.56	%		$	316		—
Year Ended December 31, 2018	$	31.90		0.05			(1.18	)		(1.13	)			—			(7.70	)		(7.70	)	$	23.07		(6.03	)%			1.49	%		1.49	%		0.16	%		$	307		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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.
†	As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

See accompanying notes to financial statements.

Financial Highlights :: 243

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Emerging Markets
Six Months Ended June 30, 2023 (unaudited)	$	25.02		0.18			1.73			1.91				—			—			—		$	26.93		7.63	%			1.81	%		1.68	%		1.35	%		$	23,763		64	%
Year Ended December 31, 2022	$	30.04		0.63			(5.48	)		(4.85	)			(0.17	)		—			(0.17	)	$	25.02		(16.19	)%			1.78	%		1.68	%		2.38	%		$	18,753		53	%
Year Ended December 31, 2021	$	36.64		0.15			(6.75	)		(6.60	)			—			—			—		$	30.04		(18.01	)%			1.69	%		1.68	%		0.43	%		$	19,702		60	%
Year Ended December 31, 2020	$	29.08		(0.08	)		7.82			7.74				(0.18	)		—			(0.18	)	$	36.64		26.72	%(f)			1.74	%		1.68	%		(0.29	)%		$	26,509		108	%
Year Ended December 31, 2019	$	23.54		0.15			5.53			5.68				(0.14	)		—			(0.14	)	$	29.08		24.23	%(g)			1.74	%		1.68	%		0.58	%		$	25,952		83	%
Year Ended December 31, 2018	$	27.85		0.09			(4.33	)		(4.24	)			(0.07	)		—			(0.07	)	$	23.54		(15.27	)%			1.74	%		1.68	%		0.34	%		$	17,065		21	%
ProFund VP Energy†
Six Months Ended June 30, 2023 (unaudited)	$	44.29		0.40			(3.25	)		(2.85	)			—			—			—		$	41.44		(6.43	)%			1.77	%		1.68	%		1.89	%		$	48,719		21	%
Year Ended December 31, 2022	$	28.04		0.82			15.85			16.67				(0.42	)		—			(0.42	)	$	44.29		59.43	%			1.71	%		1.68	%		2.09	%		$	63,086		48	%
Year Ended December 31, 2021	$	18.78		0.58			9.13			9.71				(0.45	)		—			(0.45	)	$	28.04		51.93	%			1.69	%		1.68	%		2.30	%		$	30,740		80	%
Year Ended December 31, 2020	$	29.86		0.57			(10.93	)		(10.36	)			(0.50	)		(0.22	)		(0.72	)	$	18.78		(34.46	)%			1.76	%		1.68	%		3.00	%		$	18,535		130	%
Year Ended December 31, 2019	$	28.99		0.45			1.90			2.35				(0.44	)		(1.04	)		(1.48	)	$	29.86		8.52	%			1.72	%		1.72	%(h)		1.46	%		$	26,442		38	%
Year Ended December 31, 2018	$	36.93		0.36			(7.68	)		(7.32	)			(0.62	)		—			(0.62	)	$	28.99		(20.22	)%(i)			1.72	%		1.65	%(i)		0.99	%(i)		$	25,783		76	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.20%.
(g)	During the year ended December 31, 2019, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.69%.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(i)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and 0.96%, respectively, and the total return would have been (20.26)%.
†	As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

See accompanying notes to financial statements.

244 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Europe 30
Six Months Ended June 30, 2023 (unaudited)	$	22.52		0.28			1.52			1.80				—			—			—		$	24.32		7.99	%			1.79	%		1.68	%		2.34	%		$	14,366		61	%
Year Ended December 31, 2022	$	25.62		0.43			(2.37	)		(1.94	)			(0.29	)		(0.87	)		(1.16	)	$	22.52		(7.76	)%			(1.75	)%		1.68	%		1.82	%		$	14,379		131	%
Year Ended December 31, 2021	$	20.76		0.32			4.76			5.08				(0.22	)		—			(0.22	)	$	25.62		24.53	%			1.69	%		1.68	%		1.30	%		$	17,489		138	%
Year Ended December 31, 2020	$	23.50		0.22			(2.43	)		(2.21	)			(0.53	)		—			(0.53	)	$	20.76		(9.23	)%			1.77	%		1.68	%		1.10	%		$	14,729		63	%
Year Ended December 31, 2019	$	20.55		0.45			3.15			3.60				(0.65	)		—			(0.65	)	$	23.50		17.79	%			1.79	%		1.68	%		1.97	%		$	19,526		85	%
Year Ended December 31, 2018	$	24.53		0.48			(3.86	)		(3.38	)			(0.60	)		—			(0.60	)	$	20.55		(14.13	)%			1.75	%		1.68	%		1.99	%		$	18,331		228	%
ProFund VP Falling U.S. Dollar
Six Months Ended June 30, 2023 (unaudited)	$	15.10		0.23			(0.10	)		0.13				—			—			—		$	15.23		0.86	%			2.64	%		1.68	%		3.04	%		$	1,115		—
Year Ended December 31, 2022	$	16.55		(0.01	)		(1.44	)		(1.45	)			—			—			—		$	15.10		(8.76	)%			2.41	%		1.68	%		(0.05	)%		$	505		—
Year Ended December 31, 2021	$	18.37		(0.30	)		(1.15	)		(1.45	)			—			(0.37	)		(0.37	)	$	16.55		(8.03	)%			2.23	%		1.68	%		(1.68	)%		$	481		—
Year Ended December 31, 2020	$	17.60		(0.25	)		1.09			0.84				(0.07	)		—			(0.07	)	$	18.37		4.80	%			3.18	%		1.68	%		(1.44	)%		$	1,336		—
Year Ended December 31, 2019	$	18.03		0.08			(0.50	)		(0.42	)			(0.01	)		—			(0.01	)	$	17.60		(2.34	)%			5.49	%		1.68	%		0.44	%		$	615		—
Year Ended December 31, 2018	$	22.30		0.01			(1.34	)		(1.33	)			—			(2.94	)		(2.94	)	$	18.03		(6.31	)%			4.51	%		1.68	%		0.03	%		$	677		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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 :: 245

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From															Ratios to Average Net Assets										Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities				Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)				Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)				Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Financials
Six Months Ended June 30, 2023 (unaudited)	$	42.23		0.09			0.73			0.82				—			—			—		$	43.05		1.94	%			1.76	%		1.68	%		0.40	%		$	24,544		36	%
Year Ended December 31, 2022	$	50.42		0.15			(7.78	)		(7.63	)			(0.04	)		(0.52	)		(0.56	)	$	42.23		(15.14	)%			1.71	%		1.68	%		0.33	%		$	27,395		14	%
Year Ended December 31, 2021	$	41.61		0.03			12.16			12.19				(0.17	)		(3.21	)		(3.38	)	$	50.42		30.10	%			1.68	%		1.68	%		0.07	%		$	41,801		31	%
Year Ended December 31, 2020	$	46.06		0.23			(1.41	)		(1.18	)			(0.28	)		(2.99	)		(3.27	)	$	41.61		(1.77	)%			1.74	%		1.68	%		0.58	%		$	27,234		145	%
Year Ended December 31, 2019	$	37.39		0.21			10.83			11.04				(0.23	)		(2.14	)		(2.37	)	$	46.06		30.27	%			1.71	%		1.71	%(f)		0.50	%		$	36,747		52	%
Year Ended December 31, 2018	$	41.89		0.19			(4.53	)		(4.34	)			(0.16	)		—			(0.16	)	$	37.39		(10.43	)%(g)			1.70	%		1.63	%(g)		0.45	%(g)		$	29,825		27	%
ProFund VP Government Money Market
Six Months Ended June 30, 2023 (unaudited)	$	1.000		0.019			—	(h)		0.019				(0.019	)		—			(0.019	)	$	1.000		1.88	%			1.24	%		0.90	%(i)		3.76	%		$	34,870		—
Year Ended December 31, 2022	$	1.000		0.010			—			0.010				(0.010	)		—			(0.010	)	$	1.000		1.02	%			1.16	%		0.49	%(i)(j)		1.01	%		$	36,622		—
Year Ended December 31, 2021	$	1.000		—	(h)		—	(h)		—	(h)			—	(h)		—			—	(h)	$	1.000		0.01	%			1.07	%		—	%(j)(k)		0.01	%		$	46,350		—
Year Ended December 31, 2020	$	1.000		0.001			—	(h)		0.001				(0.001	)		—			(0.001	)	$	1.000		0.04	%			1.16	%		0.52	%(j)		0.05	%		$	48,075		—
Year Ended December 31, 2019	$	1.000		0.008			—	(h)		0.008				(0.008	)		—			(0.008	)	$	1.000		0.77	%			1.35	%		1.35	%		0.78	%		$	145,715		—
Year Ended December 31, 2018	$	1.000		—	(h)		—	(h)		—	(h)			—	(h)		—			—	(h)	$	1.000		0.42	%			1.46	%		1.37	%(f)		0.41	%		$	193,519		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.41%, respectively, and the total return would have been (10.48)%.
(h)	Amount is less than $0.0005.
(i)	The Advisor voluntarily waived fees and expenses to limit the annual expense ratio to 0.90% (excluding amounts contractually waived, if any, to support a minimum net yield).
(j)	The expense ratio for the period reflects the reduction of certain expenses to maintain a certain minimum net yield.
(k)	Amount is less than 0.005%.

See accompanying notes to financial statements.

246 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From										Ratios to Average Net Assets						Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions		Net Asset Value, End of Period		Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)		Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Health Care
Six Months Ended June 30, 2023 (unaudited)	$	74.44	0.02		(1.39	)	(1.37	)	—		—		—		$	73.07	(1.84	)%	1.75	%	1.68	%	0.05	%	$	38,178	11	%
Year Ended December 31, 2022	$	84.07	(0.15	)	(5.18	)	(5.33	)	—		(4.30	)	(4.30	)	$	74.44	(6.03	)%	1.69	%	1.68	%	(0.20	)%	$	43,635	30	%
Year Ended December 31, 2021	$	75.46	(0.24	)	15.51		15.27		(0.03	)	(6.63	)	(6.66	)	$	84.07	21.54	%	1.68	%	1.68	%	(0.30	)%	$	55,677	10	%
Year Ended December 31, 2020	$	74.91	0.03		10.27		10.30		—		(9.75	)	(9.75	)	$	75.46	14.44	%	1.73	%	1.68	%	0.04	%	$	52,001	58	%
Year Ended December 31, 2019	$	71.82	(0.01	)	12.63		12.62		—		(9.53	)	(9.53	)	$	74.91	19.37	%	1.72	%	1.68	%	(0.01	)%	$	49,409	33	%
Year Ended December 31, 2018	$	73.28	(0.06	)	3.29		3.23		—		(4.69	)	(4.69	)	$	71.82	4.44	%	1.66	%	1.65	%	(0.08	)%	$	52,173	61	%
ProFund VP Industrials
Six Months Ended June 30, 2023 (unaudited)	$	83.02	0.03		7.76		7.79		—		—		—		$	90.81	9.38	%	1.76	%	1.68	%	0.08	%	$	15,187	56	%
Year Ended December 31, 2022	$	99.95	(0.18	)	(15.43	)	(15.61	)	—		(1.32	)	(1.32	)	$	83.02	(15.60	)%	1.72	%	1.68	%	(0.21	)%	$	14,194	73	%
Year Ended December 31, 2021	$	90.68	(0.44	)	15.06		14.62		—		(5.35	)	(5.35	)	$	99.95	16.40	%	1.69	%	1.68	%	(0.45	)%	$	21,804	72	%
Year Ended December 31, 2020	$	79.25	(0.15	)	13.24		13.09		(0.14	)	(1.52	)	(1.66	)	$	90.68	16.76	%	1.75	%	1.68	%	(0.20	)%	$	17,080	123	%
Year Ended December 31, 2019	$	72.70	0.10		20.77		20.87		—		(14.32	)	(14.32	)	$	79.25	30.49	%	1.71	%	1.68	%	0.12	%	$	17,879	71	%
Year Ended December 31, 2018	$	83.42	(0.07	)	(10.56	)	(10.63	)	(0.09	)	—		(0.09	)	$	72.70	(12.76	)%	1.68	%	1.67	%	(0.09	)%	$	11,116	67	%

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

(b) Not annualized for periods less than one year.

(c) 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.

(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 :: 247

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From										Ratios to Average Net Assets							Supplemental Data
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions			Net Asset Value, End of Period	Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)	Portfolio Turnover Rate(b)(e)
ProFund VP International
Six Months Ended June 30, 2023 (unaudited)	$	17.81	0.28		1.65		1.93		—		—		—		$	19.74	10.84	%	1.73	%	1.68	%	2.94	%	$	11,898	—
Year Ended December 31, 2022	$	22.33	(0.03	)	(3.63	)	(3.66	)	—		(0.86	)	(0.86	)	$	17.81	(16.45	)%	1.68	%	1.65	%	(0.16	)%	$	12,772	—
Year Ended December 31, 2021	$	20.52	(0.35	)	2.16		1.81		—		—		—		$	22.33	8.82	%	1.60	%	1.60	%	(1.60	)%	$	12,151	—
Year Ended December 31, 2020	$	19.66	(0.24	)	1.19		0.95		(0.09	)	—		(0.09	)	$	20.52	4.90	%	1.68	%	1.68	%	(1.36	)%	$	5,532	—
Year Ended December 31, 2019	$	16.53	0.08		3.10		3.18		(0.05	)	—		(0.05	)	$	19.66	19.27	%	1.65	%	1.65	%	0.43	%	$	5,679	—
Year Ended December 31, 2018	$	23.47	0.04		(3.26	)	(3.22	)	—		(3.72	)	(3.72	)	$	16.53	(15.76	)%(f)	1.57	%	1.50	%(f)	0.20	%(f)	$	6,140	—
ProFund VP Internet
Six Months Ended June 30, 2023 (unaudited)	$	16.40	(0.12	)	5.32		5.20		—		—		—		$	21.60	31.71	%	1.76	%	1.68	%	(1.30	)%	$	11,342	37	%
Year Ended December 31, 2022	$	51.30	(0.36	)	(21.75	)	(22.11	)	—		(12.79	)	(12.79	)	$	16.40	(46.13	)%	1.70	%	1.69	%(g)	(1.40	)%	$	8,133	28	%
Year Ended December 31, 2021	$	58.55	(0.84	)	3.30		2.46		—		(9.71	)	(9.71	)	$	51.30	5.30	%	1.68	%	1.68	%	(1.47	)%	$	19,532	57	%
Year Ended December 31, 2020	$	43.10	(0.69	)	22.44		21.75		—		(6.30	)	(6.30	)	$	58.55	50.82	%	1.71	%	1.68	%	(1.36	)%	$	26,399	116	%
Year Ended December 31, 2019(h)	$	37.40	(0.54	)	7.27		6.73		—		(1.03	)	(1.03	)	$	43.10	18.03	%	1.69	%	1.69	%(g)	(1.24	)%	$	16,593	163	%
Year Ended December 31, 2018(h)	$	37.12	(0.59	)	2.80		2.21		—		(1.93	)	(1.93	)	$	37.40	4.93	%	1.64	%	1.64	%	(1.39	)%	$	17,917	138	%

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

(b) Not annualized for periods less than one year.

(c) 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.

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

(g) The expense ratio does not correlate to the applicable expense limits in place during the period given that the annual contractual expense limitation is applied for the one year periods ended April 30th of each year, instead of coinciding with the December 31st year end. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

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

See accompanying notes to financial statements.

248 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From										Ratios to Average Net Assets							Supplemental Data
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions			Net Asset Value, End of Period	Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)	Portfolio Turnover Rate(b)(e)
ProFund VP Japan
Six Months Ended June 30, 2023 (unaudited)	$	48.48	0.82		14.88		15.70		—		—		—		$	64.18	32.38	%	1.73	%	1.68	%	2.98	%	$	12,201	—
Year Ended December 31, 2022	$	56.77	(0.12	)	(5.32	)	(5.44	)	—		(2.85	)	(2.85	)	$	48.48	(9.92	)%	1.69	%	1.68	%	(0.22	)%	$	7,448	—
Year Ended December 31, 2021	$	63.65	(1.02	)	3.20		2.18		—		(9.06	)	(9.06	)	$	56.77	3.89	%	1.69	%	1.68	%	(1.68	)%	$	7,261	—
Year Ended December 31, 2020	$	55.06	(0.73	)	9.48		8.75		(0.16	)	—		(0.16	)	$	63.65	15.93	%	1.75	%	1.68	%	(1.38	)%	$	11,668	—
Year Ended December 31, 2019	$	45.95	0.12		9.06		9.18		(0.07	)	—		(0.07	)	$	55.06	20.00	%	1.74	%	1.74	%(f)	0.23	%	$	9,319	—
Year Ended December 31, 2018	$	52.00	0.05		(6.10	)	(6.05	)	—		—		—		$	45.95	(11.63	)%(g)	1.63	%	1.56	%(g)	0.09	%(g)	$	8,606	—
ProFund VP Large-Cap Growth
Six Months Ended June 30, 2023 (unaudited)	$	47.65	(0.08	)	9.72		9.64		—		—		—		$	57.29	20.23	%	1.79	%	1.68	%	(0.29	)%	$	25,761	56	%
Year Ended December 31, 2022	$	85.95	(0.46	)	(24.71	)	(25.17	)	—		(13.13	)	(13.13	)	$	47.65	(30.64	)%	1.73	%	1.68	%	(0.76	)%	$	15,799	132	%
Year Ended December 31, 2021	$	77.23	(0.75	)	20.84		20.09		—		(11.37	)	(11.37	)	$	85.95	29.86	%	1.69	%	1.68	%	(0.94	)%	$	37,180	122	%
Year Ended December 31, 2020	$	64.35	(0.35	)	20.11		19.76		—		(6.88	)	(6.88	)	$	77.23	30.93	%	1.75	%	1.68	%	(0.52	)%	$	29,963	150	%
Year Ended December 31, 2019	$	65.02	(0.10	)	17.13		17.03		—		(17.70	)	(17.70	)	$	64.35	28.89	%	1.73	%	1.68	%	(0.14	)%	$	28,941	136	%
Year Ended December 31, 2018	$	69.22	(0.22	)	(0.74	)	(0.96	)	—		(3.24	)	(3.24	)	$	65.02	(1.86	)%	1.69	%	1.68	%	(0.30	)%	$	24,821	149	%

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

(b) Not annualized for periods less than one year.

(c) 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.

(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(g) During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.63% and 0.02%, respectively, and the total return would have been (11.71)%.

See accompanying notes to financial statements.

Financial Highlights :: 249

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities					Distributions to Shareholders From										Ratios to Average Net Assets							Supplemental Data
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(a)	Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions			Net Asset Value, End of Period	Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)	Portfolio Turnover Rate(b)(e)
ProFund VP Large-Cap Value
Six Months Ended June 30, 2023 (unaudited)	$	45.11	0.09	4.95		5.04		—		—		—		$	50.15	11.17	%	1.80	%	1.68	%	0.39	%	$	17,202	82	%
Year Ended December 31, 2022	$	49.32	0.23	(3.59	)	(3.36	)	(0.23	)	(0.62	)	(0.85	)	$	45.11	(6.82	)%	1.73	%	1.68	%	0.51	%	$	15,986	214	%
Year Ended December 31, 2021	$	40.50	0.22	9.03		9.25		(0.43	)	—		(0.43	)	$	49.32	22.93	%	1.70	%	1.68	%	0.48	%	$	17,877	79	%
Year Ended December 31, 2020	$	47.60	0.43	(1.06	)	(0.63	)	(0.50	)	(5.97	)	(6.47	)	$	40.50	(0.06	)%	1.77	%	1.68	%	1.05	%	$	14,607	97	%
Year Ended December 31, 2019	$	41.32	0.37	11.15		11.52		(0.46	)	(4.78	)	(5.24	)	$	47.60	29.77	%	1.74	%	1.68	%	0.81	%	$	22,202	110	%
Year Ended December 31, 2018	$	46.62	0.38	(5.29	)	(4.91	)	(0.39	)	—		(0.39	)	$	41.32	(10.63	)%	1.70	%	1.68	%	0.84	%	$	15,394	116	%
ProFund VP Materials†
Six Months Ended June 30, 2023 (unaudited)	$	76.40	0.17	6.34		6.51		—		—		—		$	82.91	8.52	%	1.78	%	1.68	%	0.42	%	$	16,489	52	%
Year Ended December 31, 2022	$	84.94	0.36	(8.08	)	(7.72	)	(0.13	)	(0.69	)	(0.82	)	$	76.40	(9.14	)%	1.71	%	1.68	%	0.46	%	$	13,568	65	%
Year Ended December 31, 2021	$	69.36	0.14	17.52		17.66		(0.23	)	(1.85	)	(2.08	)	$	84.94	25.63	%	1.68	%	1.68	%	0.18	%	$	17,284	134	%
Year Ended December 31, 2020	$	64.71	0.32	9.87		10.19		(0.42	)	(5.12	)	(5.54	)	$	69.36	16.49	%	1.73	%	1.68	%	0.53	%	$	16,416	135	%
Year Ended December 31, 2019	$	56.94	0.37	9.53		9.90		(0.22	)	(1.91	)	(2.13	)	$	64.71	17.72	%	1.71	%	1.68	%	0.60	%	$	11,884	58	%
Year Ended December 31, 2018	$	69.41	0.14	(12.36	)	(12.22	)	(0.25	)	—		(0.25	)	$	56.94	(17.66	)%	1.74	%	1.68	%	0.21	%	$	12,171	39	%

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

(b) Not annualized for periods less than one year.

(c) 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.

(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.

† As described in Note 1, effective March 17, 2023, this ProFund VP's name changed due to a change to its underlying benchmark index.

See accompanying notes to financial statements.

250 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities						Distributions to Shareholders From										Ratios to Average Net Assets							Supplemental Data
		Net Asset Value, Beginning of Period	Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments		Total from Investment Activities		Net Investment Income		Net Realized Gains on Investments		Total Distributions			Net Asset Value, End of Period	Total Return(b)(c)		Gross Expenses(c)(d)		Net Expenses(c)(d)		Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)	Portfolio Turnover Rate(b)(e)
ProFund VP Mid-Cap
Six Months Ended June 30, 2023 (unaudited)	$	14.68	0.22		0.90		1.12		—		—		—		$	15.80	7.63	%	1.75	%	1.68	%	2.93	%	$	9,732	—
Year Ended December 31, 2022	$	21.47	(0.04	)	(3.10	)	(3.14	)	—		(3.65	)	(3.65	)	$	14.68	(14.92	)%	1.70	%	1.67	%	(0.22	)%	$	9,993	—
Year Ended December 31, 2021	$	18.15	(0.33	)	4.31		3.98		—		(0.66	)	(0.66	)	$	21.47	22.21	%	1.61	%	1.61	%	(1.61	)%	$	15,850	—
Year Ended December 31, 2020	$	23.89	(0.26	)	1.63		1.37		(0.22	)	(6.89	)	(7.11	)	$	18.15	10.76	%	1.70	%	1.70	%(f)	(1.34	)%	$	10,731	—
Year Ended December 31, 2019	$	19.37	0.11		4.44		4.55		(0.03	)	—		(0.03	)	$	23.89	23.53	%	1.64	%	1.64	%	0.50	%	$	11,332	—
Year Ended December 31, 2018	$	29.47	0.02		(2.56	)	(2.54	)	—		(7.56	)	(7.56	)	$	19.37	(12.86	)%(g)	1.52	%	1.49	%(g)	0.08	%(g)	$	21,039	—
ProFund VP Mid-Cap Growth
Six Months Ended June 30, 2023 (unaudited)	$	31.75	(0.05	)	3.07		3.02		—		—		—		$	34.77	9.51	%	1.82	%	1.68	%	(0.32	)%	$	12,257	46	%
Year Ended December 31, 2022	$	50.76	(0.21	)	(9.92	)	(10.13	)	—		(8.88	)	(8.88	)	$	31.75	(20.34	)%	1.76	%	1.68	%	(0.57	)%	$	11,954	94	%
Year Ended December 31, 2021	$	47.68	(0.51	)	8.14		7.63		—		(4.55	)	(4.55	)	$	50.76	16.97	%	1.73	%	1.68	%	(1.02	)%	$	20,702	113	%
Year Ended December 31, 2020	$	43.13	(0.28	)	8.71		8.43		—		(3.88	)	(3.88	)	$	47.68	20.90	%	1.78	%	1.68	%	(0.68	)%	$	21,028	184	%
Year Ended December 31, 2019	$	38.51	(0.16	)	9.17		9.01		—		(4.39	)	(4.39	)	$	43.13	24.24	%	1.75	%	1.68	%	(0.38	)%	$	20,792	191	%
Year Ended December 31, 2018	$	47.64	(0.23	)	(4.76	)	(4.99	)	—		(4.14	)	(4.14	)	$	38.51	(11.98	)%	1.70	%	1.68	%	(0.48	)%	$	14,603	131	%

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

(b) Not annualized for periods less than one year.

(c) 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.

(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

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

See accompanying notes to financial statements.

Financial Highlights :: 251

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Mid-Cap Value
Six Months Ended June 30, 2023 (unaudited)	$	39.51		0.07			2.43			2.50			—			—			—		$	42.01		6.33	%		1.82	%		1.68	%		0.33	%	$	11,921		64	%
Year Ended December 31, 2022	$	50.46		0.11			(4.32	)		(4.21	)		(0.07	)		(6.67	)		(6.74	)	$	39.51		(8.45	)%		1.74	%		1.68	%		0.25	%	$	13,192		175	%
Year Ended December 31, 2021	$	39.36		0.04			11.18			11.22			(0.12	)		—			(0.12	)	$	50.46		28.53	%		1.70	%		1.68	%		0.08	%	$	18,681		172	%
Year Ended December 31, 2020	$	42.15		0.21			0.13			0.34			(0.15	)		(2.98	)		(3.13	)	$	39.36		2.30	%		1.80	%		1.68	%		0.60	%	$	12,472		163	%
Year Ended December 31, 2019	$	35.25		0.10			8.22			8.32			(0.08	)		(1.34	)		(1.42	)	$	42.15		24.08	%		1.75	%		1.68	%		0.26	%	$	17,712		232	%
Year Ended December 31, 2018	$	46.61		0.09			(5.33	)		(5.24	)		(0.05	)		(6.07	)		(6.12	)	$	35.25		(13.29	)%		1.71	%		1.68	%		0.21	%	$	10,985		127	%
ProFund VP Nasdaq-100
Six Months Ended June 30, 2023 (unaudited)	$	38.21		0.09			14.45			14.54			—			—			—		$	52.75		38.05	%		1.78	%		1.68	%		0.40	%	$	130,620		1	%
Year Ended December 31, 2022	$	73.87		(0.34	)		(23.34	)		(23.68	)		—			(11.98	)		(11.98	)	$	38.21		(33.91	)%		1.74	%		1.68	%		(0.67	)%	$	76,535		9	%
Year Ended December 31, 2021	$	70.73		(0.81	)		15.53			14.72			—			(11.58	)		(11.58	)	$	73.87		24.80	%		1.68	%		1.68	%		(1.15	)%	$	177,581		13	%
Year Ended December 31, 2020	$	51.68		(0.59	)		24.00			23.41			—			(4.36	)		(4.36	)	$	70.73		45.57	%		1.73	%		1.68	%		(0.99	)%	$	155,209		10	%
Year Ended December 31, 2019	$	38.09		(0.13	)		14.06			13.93			—			(0.34	)		(0.34	)	$	51.68		36.70	%		1.72	%		1.69	%(f)		(0.29	)%	$	103,193		9	%
Year Ended December 31, 2018	$	42.74		(0.15	)		(0.08	)		(0.23	)		—			(4.42	)		(4.42	)	$	38.09		(1.87	)%(g)		1.74	%		1.67	%(g)		(0.34	)%(g)	$	64,653		6	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.68% and (0.35)%, respectively, and the total return would have been (1.88)%.

See accompanying notes to financial statements.

252 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Pharmaceuticals
Six Months Ended June 30, 2023 (unaudited)	$	37.31		—	(f)		(2.52	)		(2.52	)		—			—			—		$	34.79		(6.75	)%		1.78	%		1.68	%		—	%(g)	$	11,248		54	%
Year Ended December 31, 2022	$	42.16		0.16			(2.71	)		(2.55	)		(0.03	)		(2.27	)		(2.30	)	$	37.31		(6.13	)%		1.70	%		1.68	%		0.41	%	$	13,527		64	%
Year Ended December 31, 2021	$	38.54		0.07			4.18			4.25			(0.11	)		(0.52	)		(0.63	)	$	42.16		11.20	%		1.68	%		1.68	%		0.18	%	$	16,790		60	%
Year Ended December 31, 2020	$	34.29		—	(f)		4.29			4.29			(0.04	)		—			(0.04	)	$	38.54		12.51	%		1.73	%		1.68	%		0.01	%	$	16,271		91	%
Year Ended December 31, 2019	$	34.85		0.04			4.22			4.26			(0.31	)		(4.51	)		(4.82	)	$	34.29		14.04	%		1.74	%		1.68	%		0.12	%	$	13,604		126	%
Year Ended December 31, 2018	$	38.53		0.25			(2.58	)		(2.33	)		(0.42	)		(0.93	)		(1.35	)	$	34.85		(6.20	)%		1.76	%		1.68	%		0.65	%	$	13,833		261	%
ProFund VP Precious Metals
Six Months Ended June 30, 2023 (unaudited)	$	25.03		0.39			(0.56	)		(0.17	)		—			—			—		$	24.86		(0.68	)%		1.76	%		1.68	%		2.97	%	$	24,576		—
Year Ended December 31, 2022	$	28.13		(0.09	)		(3.01	)		(3.10	)		—			—			—		$	25.03		(11.02	)%		1.71	%		1.68	%		(0.33	)%	$	27,228		—
Year Ended December 31, 2021	$	30.89		(0.49	)		(2.27	)		(2.76	)		—			—			—		$	28.13		(8.94	)%		1.68	%		1.68	%		(1.68	)%	$	30,204		—
Year Ended December 31, 2020	$	24.94		(0.42	)		6.44			6.02			(0.07	)		—			(0.07	)	$	30.89		24.10	%		1.74	%		1.68	%		(1.43	)%	$	38,371		—
Year Ended December 31, 2019	$	17.10		0.07			7.78			7.85			(0.01	)		—			(0.01	)	$	24.94		45.98	%		1.72	%		1.68	%		0.37	%	$	32,395		—
Year Ended December 31, 2018	$	19.75		0.01			(2.66	)		(2.65	)		—			—			—		$	17.10		(13.47	)%		1.75	%		1.68	%		0.04	%	$	19,001		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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 :: 253

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From																	Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Return of Capital			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Real Estate
Six Months Ended June 30, 2023 (unaudited)	$	54.22		0.52			0.73			1.25			(0.23	)		—			—			(0.23	)	$	55.24		2.29	%		1.79	%		1.68	%		1.89	%	$	5,398		48	%
Year Ended December 31, 2022	$	79.69		0.32			(21.06	)		(20.74	)		(0.48	)		(4.25	)		—			(4.73	)	$	54.22		(26.56	)%		1.74	%		1.68	%		0.49	%	$	5,596		85	%
Year Ended December 31, 2021	$	58.15		0.19			21.37			21.56			(0.02	)		—			—			(0.02	)	$	79.69		37.07	%		1.69	%		1.68	%		0.27	%	$	13,927		147	%
Year Ended December 31, 2020	$	65.05		0.42			(4.66	)		(4.24	)		(0.78	)		(1.71	)		(0.17	)		(2.66	)	$	58.15		(6.29	)%(f)		1.76	%		1.68	%		0.72	%	$	9,729		150	%
Year Ended December 31, 2019	$	54.51		0.75			13.65			14.40			(1.06	)		(2.80	)		—			(3.86	)	$	65.05		26.76	%		1.71	%		1.68	%		1.18	%	$	15,945		126	%
Year Ended December 31, 2018	$	66.65		1.09			(4.66	)		(3.57	)		(1.36	)		(7.21	)		—			(8.57	)	$	54.51		(5.70	)%		1.69	%		1.68	%		1.82	%	$	10,384		82	%
ProFund VP Rising Rates Opportunity
Six Months Ended June 30, 2023 (unaudited)	$	43.99		0.61			(1.88	)		(1.27	)		—			—			—			—		$	42.72		(2.89	)%		1.70	%		1.68	%		2.93	%	$	10,280		—
Year Ended December 31, 2022	$	27.76		0.04			16.19			16.23			—			—			—			—		$	43.99		58.47	%		1.66	%		1.66	%		0.10	%	$	16,990		—
Year Ended December 31, 2021	$	27.78		(0.50	)		0.48			(0.02	)		—			—			—			—		$	27.76		(0.07	)%		1.64	%		1.64	%		(1.64	)%	$	5,890		—
Year Ended December 31, 2020	$	38.21		(0.37	)		(9.84	)		(10.21	)		(0.22	)		—			—			(0.22	)	$	27.78		(26.70	)%		1.73	%		1.68	%		(1.30	)%	$	4,441		—
Year Ended December 31, 2019	$	48.56		0.21			(8.70	)		(8.49	)		(0.08	)		(1.78	)		—			(1.86	)	$	38.21		(17.41	)%		1.70	%		1.67	%		0.50	%	$	5,962		—
Year Ended December 31, 2018	$	46.61		0.06			1.89			1.95			—			—			—			—		$	48.56		4.16	%		1.64	%		1.64	%		0.12	%	$	9,941		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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, 2020, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.29%.

See accompanying notes to financial statements.

254 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Semiconductor
Six Months Ended June 30, 2023 (unaudited)	$	65.83		(0.15	)		43.58			43.43			—			—			—		$	109.26		65.97	%		1.73	%		1.68	%		(0.33	)%	$	45,886		91	%
Year Ended December 31, 2022	$	111.54		(0.29	)		(40.90	)		(41.19	)		—			(4.52	)		(4.52	)	$	65.83		(37.50	)%		1.70	%		1.69	%(f)		(0.36	)%	$	7,904		276	%
Year Ended December 31, 2021	$	82.52		(0.51	)		36.96			36.45			—			(7.43	)		(7.43	)	$	111.54		48.49	%		1.64	%		1.64	%		(0.55	)%	$	21,310		230	%
Year Ended December 31, 2020	$	60.61		(0.06	)		26.68			26.62			(0.23	)		(4.48	)		(4.71	)	$	82.52		44.85	%		1.72	%		1.70	%(f)		(0.09	)%	$	13,106		348	%
Year Ended December 31, 2019	$	44.36		0.22			20.66			20.88			(0.15	)		(4.48	)		(4.63	)	$	60.61		49.77	%		1.67	%		1.66	%		0.41	%	$	9,517		561	%
Year Ended December 31, 2018	$	52.82		0.17			(4.81	)		(4.64	)		—			(3.82	)		(3.82	)	$	44.36		(10.23	)%		1.65	%		1.65	%		0.31	%	$	5,364		249	%
ProFund VP Short Dow 30
Six Months Ended June 30, 2023 (unaudited)	$	23.45		0.32			(0.75	)		(0.43	)		—			—			—		$	23.02		(1.88	)%		1.71	%		1.68	%		2.75	%	$	7		—
Year Ended December 31, 2022	$	22.35		(0.04	)		1.14			1.10			—			—			—		$	23.45		4.92	%		1.74	%		1.68	%		(0.17	)%	$	7		—
Year Ended December 31, 2021	$	27.63		(0.41	)		(4.87	)		(5.28	)		—			—			—		$	22.35		(19.12	)%(g)		1.68	%		1.68	%		(1.68	)%	$	7		—
Year Ended December 31, 2020	$	35.04		(0.56	)		(6.78	)		(7.34	)		(0.07	)		—			—		$	27.63		(20.89	)%		1.75	%		1.68	%		(1.63	)%	$	16		—
Year Ended December 31, 2019	$	43.37		0.13			(8.44	)		(8.31	)		(0.02	)		—			—		$	35.04		(19.25	)%		1.76	%		1.68	%		0.34	%	$	12		—
Year Ended December 31, 2018	$	42.35		—	(h)		1.02			1.02			—			—			—		$	43.37		2.36	%		1.81	%		1.68	%		0.03	%	$	14		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(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 0.60%.
(h)	Amount is less than $0.005.

See accompanying notes to financial statements.

Financial Highlights :: 255

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Short Emerging Markets
Six Months Ended June 30, 2023 (unaudited)	$	26.73		0.39			(2.14	)		(1.75	)		—			—			—		$	24.98		(6.55	)%		1.75	%		1.68	%		3.10	%	$	903		—
Year Ended December 31, 2022	$	25.52		0.04			1.64			1.68			—			(0.47	)		(0.47	)	$	26.73		6.69	%		1.70	%		1.67	%		0.14	%	$	862		—
Year Ended December 31, 2021	$	23.20		(0.39	)		2.71			2.32			—			—			—		$	25.52		9.96	%		1.68	%		1.68	%		(1.68	)%	$	711		—
Year Ended December 31, 2020	$	34.35		(0.51	)		(10.35	)		(10.86	)		(0.29	)		—			(0.29	)	$	23.20		(31.76	)%		1.72	%		1.69	%(f)		(1.43	)%	$	366		—
Year Ended December 31, 2019	$	47.77		0.20			(9.52	)		(9.32	)		(0.23	)		(3.87	)		(4.10	)	$	34.35		(20.99	)%		1.67	%		1.67	%		0.48	%	$	845		—
Year Ended December 31, 2018	$	42.43		0.15			5.19			5.34			—			—			—		$	47.77		12.59	%(g)		1.59	%		1.52	%(g)		0.34	%(g)	$	1,988		—
ProFund VP Short International
Six Months Ended June 30, 2023 (unaudited)	$	28.27		0.40			(2.79	)		(2.39	)		—			—			—		$	25.88		(8.45	)%		1.74	%		1.68	%		3.05	%	$	814		—
Year Ended December 31, 2022	$	25.14		0.21			2.92	(h)		3.13			—			—			—		$	28.27		12.45	%		1.68	%		1.67	%		0.71	%	$	3,016		—
Year Ended December 31, 2021	$	29.03		(0.43	)		(3.46	)		(3.89	)		—			—			—		$	25.14		(13.40	)%		1.63	%		1.63	%		(1.63	)%	$	537		—
Year Ended December 31, 2020	$	35.17		(0.53	)		(5.40	)		(5.93	)		(0.21	)		—			(0.21	)	$	29.03		(16.94	)%		1.70	%		1.68	%		(1.43	)%	$	685		—
Year Ended December 31, 2019(i)	$	43.87		0.19			(7.70	)		(7.51	)		(0.20	)		(0.99	)		(1.19	)	$	35.17		(17.42	)%		1.69	%		1.68	%		0.48	%	$	596		—
Year Ended December 31, 2018(i)	$	37.99		0.16			5.72			5.88			—			—			—		$	43.87		15.47	%(j)		1.54	%		1.46	%(j)		0.41	%(j)	$	2,183		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.59% and 0.27%, respectively, and the total return would have been 12.51%.
(h)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(i)	As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.
(j)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.54% and 0.33%, respectively, and the total return would have been 15.39%.

See accompanying notes to financial statements.

256 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Short Mid-Cap
Six Months Ended June 30, 2023 (unaudited)	$	8.29		0.13			(0.63	)		(0.50	)		—			—			—		$	7.79		(6.03	)%		1.80	%		1.68	%		3.14	%	$	144		—
Year Ended December 31, 2022	$	7.60		0.03			0.66	(f)		0.69			—			—			—		$	8.29		9.08	%		1.71	%		1.68	%		0.41	%	$	96		—
Year Ended December 31, 2021	$	20.13		(0.18	)		(4.08	)		(4.26	)		—			(8.27	)		(8.27	)	$	7.60		(23.87	)%(g)		1.69	%		1.68	%		(1.68	)%	$	45		—
Year Ended December 31, 2020	$	27.75		(0.44	)		(6.91	)		(7.35	)		(0.27	)		—			(0.27	)	$	20.13		(26.65	)%		1.76	%		1.69	%(h)		(1.49	)%	$	68		—
Year Ended December 31, 2019	$	35.30		0.18			(7.64	)		(7.46	)		(0.09	)		—			(0.09	)	$	27.75		(21.17	)%		1.66	%		1.66	%		0.59	%	$	142		—
Year Ended December 31, 2018	$	33.94		0.05			3.33			3.38			—			(2.02	)		(2.02	)	$	35.30		10.97	%		1.67	%		1.67	%		0.17	%	$	657		—
ProFund VP Short Nasdaq-100
Six Months Ended June 30, 2023 (unaudited)	$	18.22		0.24			(5.15	)		(4.91	)		—			—			—		$	13.31		(26.95	)%		1.79	%		1.68	%		3.04	%	$	4,116		—
Year Ended December 31, 2022	$	13.49		(0.01	)		4.74	(f)		4.73			—			—			—		$	18.22		35.06	%		1.73	%		1.68	%		(0.04	)%	$	7,484		—
Year Ended December 31, 2021	$	18.22		(0.27	)		(4.26	)		(4.53	)		—			(0.20	)		(0.20	)	$	13.49		(25.13	)%		1.68	%		1.68	%		(1.68	)%	$	1,823		—
Year Ended December 31, 2020	$	31.90		(0.32	)		(13.32	)		(13.64	)		(0.04	)		—			(0.04	)	$	18.22		(42.77	)%		1.75	%		1.68	%		(1.33	)%	$	5,120		—
Year Ended December 31, 2019(i)	$	44.38		0.12			(12.55	)		(12.43	)		(0.05	)		—			(0.05	)	$	31.90		(28.05	)%		1.73	%		1.69	%(h)		0.32	%	$	7,353		—
Year Ended December 31, 2018(i)	$	45.72		0.04			(1.38	)		(1.34	)		—			—			—		$	44.38		(2.89	)%(j)		1.76	%		1.66	%(j)		0.08	%(j)	$	4,667		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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 the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(i)	As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on November 18, 2019.
(j)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. Had this reimbursement not occurred, the net expense ratio and net investment income (loss) ratio would have been 1.67% and 0.07%, respectively, and the total return would have been (2.90)%.

See accompanying notes to financial statements.

Financial Highlights :: 257

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Short Small-Cap
Six Months Ended June 30, 2023 (unaudited)	$	26.34		0.40			(1.96	)		(1.56	)		—			—			—		$	24.78		(5.89	)%		1.83	%		1.68	%		3.10	%	$	3,807		—
Year Ended December 31, 2022	$	22.35		0.08			3.91			3.99			—			—			—		$	26.34		17.81	%		1.79	%		1.68	%		0.32	%	$	3,045		—
Year Ended December 31, 2021	$	27.61		(0.39	)		(4.87	)		(5.26	)		—			—			—		$	22.35		(19.05	)%		1.69	%		1.68	%		(1.68	)%	$	996		—
Year Ended December 31, 2020(f)	$	40.78		(0.56	)		(12.42	)		(12.98	)		(0.19	)		—			(0.19	)	$	27.61		(31.96	)%		1.83	%		1.68	%		(1.36	)%	$	1,084		—
Year Ended December 31, 2019(f)	$	57.35		0.20			(11.57	)		(11.37	)		(0.04	)		(5.16	)		(5.20	)	$	40.78		(20.78	)%		1.77	%		1.68	%		0.42	%	$	1,855		—
Year Ended December 31, 2018(f)	$	51.94		0.04			5.37			5.41			—			—			—		$	57.35		10.39	%(g)		1.78	%		1.68	%(g)		0.10	%(g)	$	2,931		—
ProFund VP Small-Cap
Six Months Ended June 30, 2023 (unaudited)	$	29.85		0.14			2.00			2.14			—			—			—		$	31.99		7.17	%		1.86	%		1.68	%		0.90	%	$	12,295		9	%
Year Ended December 31, 2022	$	43.20		(0.07	)		(9.16	)		(9.23	)		—			(4.12	)		(4.12	)	$	29.85		(21.85	)%		1.80	%		1.68	%		(0.19	)%	$	10,221		12	%
Year Ended December 31, 2021	$	39.82		(0.50	)		5.55			5.05			—			(1.67	)		(1.67	)	$	43.20		12.88	%		1.70	%		1.68	%		(1.13	)%	$	14,587		24	%
Year Ended December 31, 2020	$	35.40		(0.28	)		6.01			5.73			(0.02	)		(1.29	)		(1.31	)	$	39.82		17.06	%		1.82	%		1.68	%		(0.85	)%	$	18,385		26	%
Year Ended December 31, 2019	$	28.64		0.01			6.75			6.76			—			—			—		$	35.40		23.60	%		1.74	%		1.68	%		0.03	%	$	16,075		22	%
Year Ended December 31, 2018	$	35.03		(0.04	)		(3.99	)		(4.03	)		—			(2.36	)		(2.36	)	$	28.64		(12.89	)%		1.76	%		1.68	%		(0.10	)%	$	10,303		18	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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)	As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.
(g)	During 2018, the Fund received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The effect to the net expense ratio, net investment income (loss) ratio, and total return were each less than 0.005%.

See accompanying notes to financial statements.

258 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Small-Cap Growth
Six Months Ended June 30, 2023 (unaudited)	$	26.82		(0.02	)		1.69			1.67			—			—			—		$	28.49		6.23	%		1.77	%		1.68	%		(0.18	)%	$	14,782		22	%
Year Ended December 31, 2022	$	40.99		(0.16	)		(8.79	)		(8.95	)		—			(5.22	)		(5.22	)	$	26.82		(22.41	)%		1.71	%		1.68	%		(0.52	)%	$	13,844		73	%
Year Ended December 31, 2021	$	36.56		(0.33	)		7.53			7.20			—			(2.77	)		(2.77	)	$	40.99		20.64	%		1.68	%		1.68	%		(0.82	)%	$	25,215		112	%
Year Ended December 31, 2020	$	35.85		(0.22	)		5.52			5.30			—			(4.59	)		(4.59	)	$	36.56		17.39	%		1.74	%		1.68	%		(0.69	)%	$	22,530		148	%
Year Ended December 31, 2019	$	34.55		(0.19	)		6.37			6.18			—			(4.88	)		(4.88	)	$	35.85		19.12	%		1.73	%		1.68	%		(0.51	)%	$	18,070		108	%
Year Ended December 31, 2018	$	39.34		(0.32	)		(1.42	)		(1.74	)		—			(3.05	)		(3.05	)	$	34.55		(5.75	)%		1.69	%		1.68	%		(0.78	)%	$	19,185		155	%
ProFund VP Small-Cap Value
Six Months Ended June 30, 2023 (unaudited)	$	39.83		0.05			1.61			1.66			—			—			—		$	41.49		4.17	%		1.78	%		1.68	%		0.23	%	$	17,269		24	%
Year Ended December 31, 2022	$	54.49		0.02			(6.33	)		(6.31	)		—			(8.35	)		(8.35	)	$	39.83		(12.41	)%		1.71	%		1.68	%		0.04	%	$	18,404		102	%
Year Ended December 31, 2021	$	42.42		(0.01	)		12.12			12.11			(0.04	)		—			(0.04	)	$	54.49		28.56	%		1.69	%		1.68	%		(0.01	)%	$	27,120		147	%
Year Ended December 31, 2020	$	48.67		0.09			(0.82	)		(0.73	)		(0.01	)		(5.51	)		(5.52	)	$	42.42		1.06	%		1.78	%		1.68	%		0.23	%	$	21,789		192	%
Year Ended December 31, 2019	$	39.71		0.03			8.93			8.96			—			—			—		$	48.67		22.56	%		1.75	%		1.68	%		0.07	%	$	21,288		147	%
Year Ended December 31, 2018	$	50.27		(0.01	)		(6.21	)		(6.22	)		—			(4.34	)		(4.34	)	$	39.71		(14.21	)%		1.75	%		1.68	%		(0.01	)%	$	16,346		141	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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 :: 259

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Technology
Six Months Ended June 30, 2023 (unaudited)	$	48.61		(0.19	)		21.22			21.03			—			—			—		$	69.64		43.26	%		1.69	%		1.68	%		(0.64	)%	$	53,360		29	%
Year Ended December 31, 2022	$	92.90		(0.57	)		(30.90	)		(31.47	)		—			(12.82	)		(12.82	)	$	48.61		(35.72	)%		1.63	%		1.63	%		(0.90	)%	$	27,032		179	%
Year Ended December 31, 2021	$	75.35		(0.76	)		24.96			24.20			—			(6.65	)		(6.65	)	$	92.90		34.96	%		1.58	%		1.58	%		(0.92	)%	$	54,587		163	%
Year Ended December 31, 2020	$	56.87		(0.43	)		25.75			25.32			—			(6.84	)		(6.84	)	$	75.35		44.80	%		1.65	%		1.65	%		(0.66	)%	$	45,261		187	%
Year Ended December 31, 2019	$	40.10		(0.20	)		18.09			17.89			—			(1.12	)		(1.12	)	$	56.87		45.11	%		1.62	%		1.62	%		(0.41	)%	$	33,951		75	%
Year Ended December 31, 2018	$	42.06		(0.12	)		(0.66	)		(0.78	)		—			(1.18	)		(1.18	)	$	40.10		(2.25	)%		1.58	%		1.58	%		(0.27	)%	$	26,279		58	%
ProFund VP UltraBull
Six Months Ended June 30, 2023 (unaudited)	$	20.67		0.08			6.20			6.28			—			—			—		$	26.95		30.38	%		1.78	%		1.73	%(f)		0.72	%	$	17,951		7	%
Year Ended December 31, 2022	$	46.43		(0.06	)		(17.03	)		(17.09	)		—			(8.67	)		(8.67	)	$	20.67		(39.12	)%		1.72	%		1.72	%(f)		(0.21	)%	$	10,253		31	%
Year Ended December 31, 2021	$	29.36		(0.28	)		17.35			17.07			—			—			—		$	46.43		58.14	%		1.67	%		1.67	%		(0.76	)%	$	19,780		443	%
Year Ended December 31, 2020(g)	$	64.84		(0.07	)		8.84			8.77			(0.49	)		(43.76	)		(44.25	)	$	29.36		19.83	%		1.69	%		1.69	%(f)		(0.16	)%	$	17,072		1,415	%
Year Ended December 31, 2019(g)	$	40.60		0.20			24.20			24.40			(0.16	)		—			(0.16	)	$	64.84		60.17	%		1.62	%		1.62	%		0.41	%	$	30,287		2,393	%
Year Ended December 31, 2018(g)	$	59.07		0.20			(7.07	)		(6.87	)		—			(11.60	)		(11.60	)	$	40.60		(15.50	)%		1.53	%		1.53	%		0.37	%	$	23,465		3,297	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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. Details of the current expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.
(g)	As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

See accompanying notes to financial statements.

260 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP UltraMid-Cap
Six Months Ended June 30, 2023 (unaudited)	$	28.67		0.12			3.47			3.59			—			—			—		$	32.26		12.48	%		1.80	%		1.68	%		0.77	%	$	9,671		8	%
Year Ended December 31, 2022	$	73.95		(0.10	)		(21.97	)		(22.07	)		—			(23.21	)		(23.21	)	$	28.67		(32.17	)%		1.73	%		1.68	%		(0.24	)%	$	8,402		42	%
Year Ended December 31, 2021	$	50.42		(0.55	)		24.08			23.53			—			—			—		$	73.95		46.67	%		1.69	%		1.68	%		(0.83	)%	$	17,870		66	%
Year Ended December 31, 2020	$	61.51		(0.21	)		(0.36	)		(0.57	)		(0.12	)		(10.40	)		(10.52	)	$	50.42		5.22	%		1.79	%		1.68	%		(0.48	)%	$	12,722		488	%
Year Ended December 31, 2019	$	41.62		0.06			19.83			19.89			—			—			—		$	61.51		47.79	%		1.71	%		1.68	%		0.11	%	$	14,875		603	%
Year Ended December 31, 2018	$	79.70		(0.06	)		(13.41	)		(13.47	)		—			(24.61	)		(24.61	)	$	41.62		(26.77	)%		1.68	%		1.68	%		(0.10	)%	$	14,676		617	%
ProFund VP UltraNasdaq-100
Six Months Ended June 30, 2023 (unaudited)	$	14.36		0.04			11.92			11.96			—			—			—		$	26.32		83.29	%		1.80	%		1.68	%		0.42	%	$	168,006		1	%
Year Ended December 31, 2022	$	99.32		(0.21	)		(51.50	)		(51.71	)		—			(33.25	)		(33.25	)	$	14.36		(60.93	)%		1.77	%		1.68	%		(0.69	)%	$	84,528		25	%
Year Ended December 31, 2021	$	92.87		(1.08	)		35.05			33.97			—			(27.52	)		(27.52	)	$	99.32		52.51	%		1.69	%		1.68	%		(1.20	)%	$	268,234		20	%
Year Ended December 31, 2020(f)	$	61.10		(0.76	)		52.59			51.83			—			(20.06	)		(20.06	)	$	92.87		86.30	%		1.74	%		1.68	%		(1.05	)%	$	206,580		55	%
Year Ended December 31, 2019(f)	$	34.00		(0.12	)		27.22			27.10			—			—			—		$	61.10		79.66	%		1.76	%		1.68	%		(0.25	)%	$	119,521		44	%
Year Ended December 31, 2018(f)	$	56.77		(0.21	)		1.11			0.90			—			(23.67	)		(23.67	)	$	34.00		(9.63	)%		1.74	%		1.68	%		(0.40	)%	$	82,454		29	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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)	As described in Note 8, share amounts have been adjusted for 2:1 share split that occurred on December 14, 2020.

See accompanying notes to financial statements.

Financial Highlights :: 261

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP UltraShort Dow 30
Six Months Ended June 30, 2023 (unaudited)	$	3.97		0.05			(0.27	)		(0.22	)		—			—			—		$	3.75		(5.54	)%		1.56	%		1.52	%		2.67	%	$	4		—
Year Ended December 31, 2022	$	3.72		0.01			0.24			0.25			—			—			—		$	3.97		6.72	%		1.37	%		1.35	%		0.13	%	$	4		—
Year Ended December 31, 2021	$	73.45		(0.09	)		(19.00	)		(19.09	)		—			(50.64	)		(50.64	)	$	3.72		(35.11	)%(f)		1.41	%		1.41	%		(1.41	)%	$	4		—
Year Ended December 31, 2020(g)	$	147.61		(1.40	)		(64.52	)		(65.92	)		(8.24	)		—			(8.24	)	$	73.45		(45.44	)%		1.46	%		1.46	%		(1.28	)%	$	6		—
Year Ended December 31, 2019(g)(h)	$	256.37		1.60			(95.56	)		(93.96	)		(6.30	)		(8.50	)		(14.80	)	$	147.61		(37.95	)%		1.48	%		1.45	%		0.83	%	$	3		—
Year Ended December 31, 2018(g)(h)	$	250.06		1.34			4.97			6.31			—			—			—		$	256.37		2.56	%		1.61	%		1.26	%		0.59	%	$	6		—
ProFund VP UltraShort Nasdaq-100
Six Months Ended June 30, 2023 (unaudited)(i)	$	83.33		0.33			(40.83	)		(40.50	)		—			—			—		$	42.83		(48.55	)%		1.76	%		1.68	%		3.27	%	$	694		—
Year Ended December 31, 2022(i)	$	53.33		(0.10	)		30.10	(j)		30.00			—			—			—		$	83.33		56.04	%		1.75	%		1.68	%		(0.10	)%	$	4,664		—
Year Ended December 31, 2021(i)	$	107.14		(1.25	)		(38.86	)		(40.11	)		—			(13.70	)		(13.70	)	$	53.33		(42.71	)%		1.74	%		1.68	%		(1.68	)%	$	449		—
Year Ended December 31, 2020(i)(k)	$	380.35		(2.95	)		(268.61	)		(271.56	)		(1.65	)		—			(1.65	)	$	107.14		(71.46	)%		1.78	%		1.68	%		(1.49	)%	$	237		—
Year Ended December 31, 2019(i)(k)	$	775.07		2.60			(392.92	)		(390.32	)		(4.40	)		—			(4.40	)	$	380.35		(50.50	)%		1.68	%		1.67	%		0.50	%	$	1,026		—
Year Ended December 31, 2018(i)(k)	$	876.59		2.60			(104.12	)		(101.52	)		—			—			—		$	775.07		(11.59	)%		1.66	%		1.66	%		0.40	%	$	666		—

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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, 2021, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was an increase of 0.40%.
(g)	As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on December 14, 2020.
(h)	As described in Note 8, share amounts have been adjusted for 1:8 reverse share split that occurred on November 18, 2019.
(i)	As described in Note 8, share amounts have been adjusted for 1:5 reverse share split that occurred on March 13, 2023.
(j)	The amount shown for a share outstanding throughout the period does not accord with the change in aggregate gains and losses in the portfolio of securities during the period because of the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.
(k)	As described in Note 8, share amounts have been adjusted for 1:4 reverse share split that occurred on December 14, 2020.

See accompanying notes to financial statements.

262 :: Financial Highlights

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP UltraSmall-Cap
Six Months Ended June 30, 2023 (unaudited)	$	11.27		0.04			1.17			1.21			—			—			—		$	12.48		10.64	%		1.93	%		1.68	%		0.63	%	$	13,709		8	%
Year Ended December 31, 2022	$	26.25		(0.05	)		(10.86	)		(10.91	)		—			(4.07	)		(4.07	)	$	11.27		(43.68	)%		1.84	%		1.68	%		(0.35	)%	$	12,588		51	%
Year Ended December 31, 2021	$	23.21		(0.33	)		5.56			5.23			—			(2.19	)		(2.19	)	$	26.25		23.30	%		1.72	%		1.68	%		(1.20	)%	$	28,250		24	%
Year Ended December 31, 2020	$	23.72		(0.15	)		2.55			2.40			(0.03	)		(2.88	)		(2.91	)	$	23.21		16.39	%		1.86	%		1.68	%		(0.91	)%	$	21,108		34	%
Year Ended December 31, 2019	$	16.10		0.01			7.61			7.62			—			—			—		$	23.72		47.33	%		1.76	%		1.68	%		0.07	%	$	20,109		66	%
Year Ended December 31, 2018	$	28.59		(0.02	)		(4.67	)		(4.69	)		—			(7.80	)		(7.80	)	$	16.10		(26.95	)%		1.74	%		1.68	%		(0.09	)%	$	16,736		18	%
ProFund VP U.S. Government Plus
Six Months Ended June 30, 2023 (unaudited)	$	13.27		0.21			0.28	(f)		0.49			(0.10	)		—			(0.10	)	$	13.66		3.71	%		1.49	%		1.38	%		3.01	%	$	8,978		198	%
Year Ended December 31, 2022	$	22.76		0.13			(9.62	)		(9.49	)		—			—			—		$	13.27		(41.70	)%		1.43	%		1.38	%		0.76	%	$	7,614		395	%
Year Ended December 31, 2021	$	30.55		(0.12	)		(2.80	)		(2.92	)		—			(4.87	)		(4.87	)	$	22.76		(7.08	)%		1.39	%		1.38	%		(0.49	)%	$	15,215		393	%
Year Ended December 31, 2020	$	27.15		(0.25	)		6.06			5.81			(0.02	)		(2.39	)		(2.41	)	$	30.55		20.69	%		1.48	%		1.38	%		(0.75	)%	$	22,395		398	%
Year Ended December 31, 2019	$	23.16		0.22			3.99			4.21			(0.22	)		—			(0.22	)	$	27.15		18.22	%		1.44	%		1.38	%		0.84	%	$	19,396		402	%
Year Ended December 31, 2018	$	24.73		0.21			(1.57	)		(1.36	)		(0.21	)		—			(0.21	)	$	23.16		(5.42	)%		1.45	%		1.38	%		0.92	%	$	15,853		437	%

(a)	Per share net investment income (loss) has been calculated using the average daily shares method.
(b)	Not annualized for periods less than one year.
(c)	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.
(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 the timing of sales and purchases of fund shares in relation to fluctuating market values during the period.

See accompanying notes to financial statements.

Financial Highlights :: 263

ProFunds Financial Highlights FOR THE PERIODS INDICATED

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

			Investment Activities								Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)		Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains on Investments			Total Distributions			Net Asset Value, End of Period		Total Return(b)(c)			Gross Expenses(c)(d)			Net Expenses(c)(d)			Net Investment Income (Loss)(c)(d)			Net Assets, End of Period (000's)		Portfolio Turnover Rate(b)(e)
ProFund VP Utilities
Six Months Ended June 30, 2023 (unaudited)	$	41.50		0.27		(2.94	)		(2.67	)		—			—			—		$	38.83		(6.43	)%		1.78	%		1.68	%		1.39	%	$	29,925		12	%
Year Ended December 31, 2022	$	42.47		0.41		(0.51	)		(0.10	)		(0.42	)		(0.45	)		(0.87	)	$	41.50		(0.25	)%		1.71	%		1.68	%		0.99	%	$	39,018		29	%
Year Ended December 31, 2021	$	37.37		0.51		5.18			5.69			(0.59	)		—			(0.59	)	$	42.47		15.41	%		1.69	%		1.68	%		1.31	%	$	34,775		24	%
Year Ended December 31, 2020	$	50.44		0.57		(2.39	)		(1.82	)		(0.75	)		(10.50	)		(11.25	)	$	37.37		(2.40	)%		1.75	%		1.68	%		1.31	%	$	32,543		50	%
Year Ended December 31, 2019	$	44.33		0.67		9.18			9.85			(0.79	)		(2.95	)		(3.74	)	$	50.44		22.88	%		1.74	%		1.68	%		1.38	%	$	44,276		209	%
Year Ended December 31, 2018	$	45.65		0.79		0.39			1.18			(1.00	)		(1.50	)		(2.50	)	$	44.33		2.89	%		1.79	%		1.68	%		1.78	%	$	40,952		108	%

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

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Notes to Financial Statements

266 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

1. Organization

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

These accompanying 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
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
ProFund VP Falling U.S. Dollar	ProFund VP U.S. Government Plus

Money Market ProFund VP:

ProFund VP Government Money Market

^† On March 17, 2023 following the close of the market, changes were made to the underlying benchmark indices of certain Sector ProFunds VP. These changes to the benchmark indices resulted in corresponding name changes for certain Sector ProFunds VP. The current names of the respective ProFunds VP have been presented throughout the Schedules of Portfolio Investments, Financial Statements, these Notes to Financial Statements, and the accompanying supplemental data in this report, and have been annotated with a " † " to indicate the change in the ProFund VP's name. For the ProFunds VP that changed name during the period, the following table presents both the ProFund VP's current name as well as the name by which each respective ProFund VP was formerly known:

Current Name:	Formerly Known as:
ProFund VP Communication Services	ProFund VP Telecommunications
ProFund VP Consumer Discretionary	ProFund VP Consumer Services
ProFund VP Consumer Staples	ProFund VP Consumer Goods
ProFund VP Energy	ProFund VP Oil & Gas
ProFund VP Materials	ProFund VP Basic Materials

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 267

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

2. Significant Accounting Policies

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

Investment Valuation

The ProFunds VP record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3.

Repurchase Agreements

Each ProFund VP may enter into repurchase agreements with financial institutions in pursuit of its investment objective, as "cover" for the investment techniques it employs, or for liquidity purposes. Repurchase agreements are primarily used by the ProFunds VP as short-term investments for cash positions. Under a repurchase agreement, a ProFund VP purchases a debt security and simultaneously agrees to sell the security back to the seller at a mutually agreed-upon future price and date, normally one business day. The resale price is 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 ProFund Advisors LLC (the "Advisor"). In addition, the value of the collateral underlying the repurchase agreement will always be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. ProFunds 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, 2023, 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.

268 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	Credit Agricole CIB, 4.96% dated 6/30/23, due 7/3/23(1)		HSBC Securities (USA), Inc., 4.87% dated 6/30/23, due 7/3/23(2)		RBC Capital Markets, LLC, 4.93% dated 6/30/23, due 7/3/23(3)		Societe Generale, 4.96% dated 6/30/23, due 7/3/23(4)		UMB Bank N.A, 4.82% dated 6/30/23, due 7/3/23(5)
ProFund Access VP High Yield	$	1,614,000	$	1,468,000	$	1,468,000	$	2,348,000	$	475,000
ProFund VP Asia 30		3,000		3,000		3,000		5,000		4,000
ProFund VP Banks		9,000		8,000		8,000		14,000		6,000
ProFund VP Bear		1,028,000		934,000		934,000		1,496,000		310,000
ProFund VP Biotechnology		310,000		282,000		282,000		452,000		93,000
ProFund VP Bull		3,206,000		2,915,000		2,915,000		4,664,000		945,000
ProFund VP Communication Services†		34,000		31,000		31,000		50,000		12,000
ProFund VP Consumer Discretionary†		173,000		157,000		157,000		252,000		54,000
ProFund VP Consumer Staples†		35,000		32,000		32,000		51,000		13,000
ProFund VP Dow 30		69,000		62,000		62,000		100,000		27,000
ProFund VP Emerging Markets		164,000		148,000		148,000		239,000		54,000
ProFund VP Energy†		72,000		65,000		65,000		105,000		23,000
ProFund VP Falling U.S. Dollar		244,000		222,000		222,000		356,000		79,000
ProFund VP Financials		247,000		225,000		225,000		360,000		75,000
ProFund VP Government Money Market		5,080,000		4,618,000		4,618,000		7,389,000		1,491,000
ProFund VP Health Care		39,000		35,000		35,000		57,000		14,000
ProFund VP Industrials		63,000		58,000		58,000		93,000		20,000
ProFund VP International		2,529,000		2,300,000		2,300,000		3,680,000		747,000
ProFund VP Internet		94,000		85,000		85,000		136,000		30,000
ProFund VP Japan		2,515,000		2,287,000		2,287,000		3,659,000		738,000
ProFund VP Large-Cap Growth		31,000		28,000		28,000		45,000		12,000
ProFund VP Large-Cap Value		4,000		4,000		4,000		6,000		3,000
ProFund VP Materials†		54,000		49,000		49,000		79,000		18,000
ProFund VP Mid-Cap		2,083,000		1,894,000		1,894,000		3,031,000		616,000
ProFund VP Mid-Cap Growth		6,000		6,000		6,000		9,000		4,000
ProFund VP Mid-Cap Value		8,000		7,000		7,000		12,000		5,000
ProFund VP Nasdaq-100		10,870,000		9,881,000		9,881,000		15,810,000		3,190,000
ProFund VP Pharmaceuticals		9,000		8,000		8,000		13,000		5,000
ProFund VP Precious Metals		5,299,000		4,817,000		4,817,000		7,708,000		1,557,000
ProFund VP Real Estate		29,000		26,000		26,000		43,000		11,000
ProFund VP Rising Rates Opportunity		2,246,000		2,042,000		2,042,000		3,269,000		663,000
ProFund VP Semiconductor		249,000		226,000		226,000		362,000		76,000
ProFund VP Short Dow 30		—		—		—		1,000		5,000
ProFund VP Short Emerging Markets		211,000		192,000		192,000		308,000		70,000
ProFund VP Short International		193,000		175,000		175,000		281,000		64,000
ProFund VP Short Mid-Cap		32,000		28,000		28,000		46,000		14,000
ProFund VP Short Nasdaq-100		897,000		814,000		814,000		1,305,000		271,000
ProFund VP Short Small-Cap		816,000		741,000		741,000		1,186,000		244,000
ProFund VP Small-Cap		918,000		835,000		835,000		1,336,000		276,000
ProFund VP Small-Cap Growth		21,000		19,000		19,000		31,000		8,000
ProFund VP Small-Cap Value		9,000		8,000		8,000		13,000		5,000
ProFund VP Technology		217,000		197,000		197,000		316,000		67,000
ProFund VP U.S. Government Plus		1,130,000		1,026,000		1,026,000		1,644,000		337,000
ProFund VP UltraBull		1,070,000		973,000		973,000		1,558,000		319,000
ProFund VP UltraMid-Cap		568,000		516,000		516,000		827,000		173,000
ProFund VP UltraNasdaq-100		13,814,000		12,559,000		12,559,000		20,094,000		4,052,000
ProFund VP UltraShort Dow 30		—		—		—		—		3,000
ProFund VP UltraShort Nasdaq-100		167,000		150,000		150,000		243,000		56,000
ProFund VP UltraSmall-Cap		670,000		610,000		610,000		976,000		201,000
ProFund VP Utilities		111,000		101,000		101,000		161,000		34,000
	$	59,260,000	$	53,867,000	$	53,867,000	$	86,219,000	$	17,569,000

Each repurchase agreement was fully collateralized by U.S. government securities as of June 30, 2023 as follows:

⁽¹⁾   U.S. Treasury Inflation-Protected Securities (TIPS), 0.25%, due 2/15/50, total value $60,486,537.

⁽²⁾   U.S. Treasury Bonds, 3.00%, due 5/15/47, total value $54,948,399.

⁽³⁾   U.S. Treasury Floating Rate Notes, coupon rate in effect at June 30, 2023, 5.44%, due 10/31/24, total value $54,948,396.

⁽⁴⁾   U.S. Treasury Notes, 2.625% to 3.25%, due 6/30/29 to 7/31/29, which had an aggregate value of $87,948,366.

⁽⁵⁾   U.S. Treasury Notes, 0.25%, due 3/15/24, total value $17,925,072.

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 269

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 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 ProFund VP, other than the ProFund VP Government Money Market, may invest in American Depositary Receipts ("ADRs"), New York Shares ("NYSs") and Global Depositary Receipts ("GDRs"). ADRs represent the right to receive securities of foreign issuers deposited in a bank or corresponding bank. ADRs are an alternative to purchasing the underlying securities in their national markets and currencies. For many foreign securities, U.S. dollar-denominated ADRs, which are traded in the United States on exchanges or over-the-counter ("OTC"), are issued by domestic banks. NYSs (or "direct shares") are foreign stocks denominated in U.S. dollars that trade on American exchanges without being converted to ADRs. GDRs are receipts for shares in a foreign-based corporation traded in capital markets around the world.

The ProFunds VP may invest in both sponsored and unsponsored depositary receipts. Certain depositary receipts, typically those designated as "unsponsored", require the holders thereof to bear most of the costs of such facilities, while issuers of "sponsored" facilities normally pay more of the cost thereof. The depositary of an unsponsored facility frequently is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass through the voting rights to facility holders with respect to the deposited securities, whereas the depository of a sponsored facility typically distributes shareholder communications and passes through the voting rights.

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, 2023, were utilized to gain exposure or inverse exposure to each ProFund VP's benchmark (e.g., index, etc.) to meet its investment objective.

The ProFund Access VP High Yield maintains exposure to the high yield market (i.e., U.S. corporate high yield debt market), regardless of market conditions. This means ProFund Access VP High Yield does not adopt defensive positions in cash or other instruments in anticipation of an adverse market climate. The ProFund Access VP High Yield invests primarily in derivatives, money market instruments, and U.S. Treasury obligations that the Advisor believes, in combination, should provide investment results that correspond to the high yield market. During the period ended June 30, 2023, the ProFund Access VP High Yield held credit default swap agreements for credit exposure to the high yield market and futures contracts and/or treasury notes for interest rate exposure to meet the ProFund Access VP High Yield's 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, 2023. 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 period end is generally representative of the notional amount of open positions to net assets throughout the period. The volume associated with swap agreements in the ProFund VP

270 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

Nasdaq-100 and ProFund VP Semiconductor was 27% and 10%, respectively, based on average monthly notional amounts in comparison to net assets during the period ended June 30, 2023.

In connection with its management of certain series of the Trust included in this report (ProFund VP UltraShort Dow 30 and ProFund VP UltraShort Nasdaq-100 (the "Commodity Pools")), the Advisor is registered as a commodity pool operator (a "CPO") and the Commodity Pools are commodity pools under the Commodity Exchange Act (the "CEA"). The Advisor also registered as a commodity trading advisor (a "CTA") under the CEA as a result of its role as subadvisor to funds outside the Trust. Accordingly, the Advisor is subject to registration and regulation as a CPO and CTA under the CEA, and must comply with various regulatory requirements under the CEA and the rules and regulations of the Commodity Futures Trading Commission ("CFTC") and the National Futures Association ("NFA"), including investor protection requirements, antifraud provisions, disclosure requirements and reporting and recordkeeping requirements. The Advisor is also subject to periodic inspections and audits by the CFTC and NFA. Compliance with these regulatory requirements could adversely affect the Commodity Pools' total return. In this regard, any further amendment to the CEA or its related regulations that subject the Advisor or the Commodity Pools to additional regulation may have adverse impacts on the Commodity Pools' operations and expenses.

The following is a description of the derivative instruments utilized by the ProFunds VP, including certain risks related to each instrument type.

Futures Contracts

Each non-money market ProFund VP may purchase or sell futures contracts as a substitute for a comparable market position in the underlying securities or to satisfy regulatory requirements. A cash-settled futures contract obligates the seller to deliver (and the purchaser to accept) an amount of cash equal to a specific dollar amount (the contract multiplier) multiplied by the difference between the final settlement price of a specific futures contract and the price at which the agreement is made. No physical delivery of the underlying asset is made.

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

Whether a ProFund VP realizes a gain or loss from futures activities depends generally upon movements in the underlying currency, commodity, security or index. The extent of a ProFund VP's loss from an unhedged short position in futures contracts is potentially unlimited and investors may lose the amount that they invest plus any profits recognized on that investment. Each ProFund VP will engage in transactions in futures contracts that are traded on a U.S. exchange or board of trade or that have been approved for sale in the U.S. by the CFTC.

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

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 271

interbank market conducted directly between currency traders (usually large commercial banks) and their customers.

It is possible that, under certain circumstances, this ProFund VP may have to limit its currency transactions to qualify as a "regulated investment company" ("RIC") under the Internal Revenue Code. The ProFund VP Falling U.S. Dollar does not intend to enter into a forward currency contract with a term of more than one year, or to engage in position hedging with respect to the currency of a particular country to more than the aggregate market value (at the time the hedging transaction is entered into) of their portfolio securities denominated in (or quoted in or currently convertible into or directly related through the use of forward currency contracts in conjunction with money market instruments to) that particular currency.

At or before the maturity of a forward currency contract, the ProFund VP Falling U.S. Dollar may either sell a portfolio security and make delivery of the currency, or retain the security and terminate its contractual obligation to deliver the currency by buying an "offsetting" contract obligating it to buy, on the same maturity date, the same amount of the currency. If this ProFund VP engages in an offsetting transaction, it may later enter into a new forward currency contract to sell the currency.

If the ProFund VP Falling U.S. Dollar engages in offsetting transactions it will incur a gain or loss, to the extent that there has been movement in forward currency contract prices. If forward prices go down during the period between the date the ProFund VP Falling U.S. Dollar enters into a forward currency contract for the sale of a currency and the date it enters into an offsetting contract for the purchase of the currency, the ProFund VP will realize a gain to the extent that the price of ProFund VP currency it has agreed to sell exceeds the price of the currency it has agreed to buy. If forward prices go up, the ProFund VP will suffer a loss to the extent the price of the currency it has agreed to buy exceeds the price of the currency it has agreed to sell.

The ProFund VP Falling U.S. Dollar collateralizes forward currency contracts with cash and certain securities as indicated on the Statement of Assets and Liabilities and the Schedule of Portfolio Investments, respectively. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. Similarly, the ProFund VP Falling U.S. Dollar has sought to mitigate credit risk by generally requiring that the counterparties to the ProFund VP post collateral for the benefit of the ProFund VP in a segregated account at the custodian, marked to market daily, in an amount equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds. In the event of a default by the counterparty, the ProFund VP will seek withdrawal of this collateral from the segregated account and may incur certain costs exercising its right with respect to the collateral. If a counterparty becomes bankrupt or fails to perform its obligations, the ProFund VP Falling U.S. Dollar may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The ProFund VP Falling U.S. Dollar may obtain only limited recovery or may obtain no recovery in such circumstances. The ProFund VP Falling U.S. Dollar will enter into forward currency contracts only with financial institutions that meet the credit quality standards and monitoring policies established by the Advisor. As of June 30, 2023, there was no collateral posted by counterparties.

Credit Default Swap ("CDS") Agreements

As of June 30, 2023, the ProFund Access VP High Yield invested in centrally cleared CDS as a substitute for investing directly in bonds in order to gain credit exposure to the high yield market.

In a CDS, the agreement will reference one or more debt securities or reference entities. The protection "buyer" in a credit default contract is generally obligated to pay the protection "seller" a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference entity has occurred. If a credit event occurs, the seller generally must pay the buyer: a) the full notional value of the swap; or b) the difference between the notional value of the defaulted reference entity and the recovery price/rate for the defaulted reference entity. CDS are designed to reflect changes in credit quality, including events of default. A CDS may require premium (discount) payments as well as daily payments (receipts) related to the interest leg of the swap or to the default or change in price of a reference entity.

The counterparty risk for cleared swap agreements is generally lower than for uncleared over-the-counter swap agreements because, generally, a clearing organization becomes substituted for each counterparty to a cleared swap agreement and, in effect, guarantees each party's performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. However, there can be no assurance that the clearing organization, or its members, will satisfy its obligations to the ProFund Access VP High Yield.

If the ProFund Access VP High Yield is a seller of a CDS contract (also referred to as a seller of protection or as a buyer of risk), the ProFund Access VP High Yield would be required to pay the par (or other agreed upon) value of a referenced obligation to the counterparty in the event of a default or other credit event. In return, the ProFund Access VP High Yield would receive from the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the ProFund Access VP High Yield would keep the stream of payments and would have no payment obligations. As the seller, the ProFund Access VP High Yield would be subject to investment exposure on the notional amount of the swap.

If the ProFund Access VP High Yield is a buyer of a CDS contract (also referred to as a buyer of protection or a seller of risk), the ProFund Access VP High Yield would have the right to deliver a reference obligation and receive the par (or other agreed-upon) value of such obligation from the counterparty in the event of a default or other credit event (such as a credit downgrade). In return, the ProFund Access VP High Yield would pay the counterparty a daily stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the counterparty would keep the stream of payments and would have no further obligations to the ProFund Access VP High Yield.

The ProFund Access VP High Yield enters into a CDS with multiple reference entities, in which case payments and settlements in respect of any defaulting reference entity would typically be dealt with separately from the other reference entities.

Upon entering into a centrally cleared CDS, the ProFund Access VP High Yield may be required to deposit with the broker an amount of cash or cash equivalents in the range of approximately 6% to

272 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

10% of the notional amount for CDS on high yield debt issuers (this amount is subject to change by the clearing organization that clears the trade). This amount, known as "initial margin," is in the nature of a performance bond or good faith deposit on the CDS and is returned to the ProFund Access VP High Yield upon termination of the CDS, assuming all contractual obligations have been satisfied. Subsequent payments, known as "variation margin," to and from the broker will be made daily as the price of the CDS fluctuates, making the long and short positions in the CDS contract more or less valuable, a process known as "marking-to-market." The premium (discount) payments are built into the daily price of the CDS and thus are amortized through the variation margin. The variation margin payment also includes the daily portion of the periodic payment stream.

Swap Agreements (other than CDS)

Each non-money market ProFund VP may enter into swap agreements to gain exposure to an underlying asset without actually purchasing such asset (or shorting such asset), or to hedge a position, including in circumstances in which direct investment is restricted for legal reasons or is otherwise impracticable. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular pre-determined investments or instruments. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a "notional amount," e.g., the return on or increase in value of a particular dollar amount invested in a "basket" of securities or an ETF representing a particular index or group of securities.

On a typical long swap, the counterparty will generally agree to pay the ProFund VP the amount, if any, by which the notional amount of the swap agreement would have increased in value had it been invested in the particular underlying assets (e.g., securities comprising the relevant benchmark index), plus the dividends or interest that would have been received on those assets. The ProFund VP will agree to pay to the counterparty a floating rate of interest on the notional amount of the swap agreement plus the amount, if any, by which the notional amount would have decreased in value had it been invested in such assets, plus, in certain circumstances, commissions or trading spreads on the notional amount. Therefore, the return to the ProFund VP on any swap agreement should be the gain or loss on the notional amount plus dividends or interest on the assets less the interest paid by the ProFund VP on the notional amount. As a trading technique, the Advisor may substitute physical securities with a swap agreement having investment characteristics substantially similar to the underlying securities. Some ProFunds VP may also enter into swap agreements that provide the opposite return of their benchmark or security ("short" the benchmark or security). Their operations are similar to that of the swaps disclosed above except that the counterparty pays interest to each ProFund VP on the notional amount outstanding and that dividends or interest on the underlying instruments reduce the value of the swap, plus, in certain instances, each ProFund VP will agree to pay to the counterparty commissions or trading spreads on the notional amount.

Most swap agreements entered into by a ProFund VP calculate and settle the obligations of the parties to the agreement on a "net basis" with a single payment. Consequently, a ProFund VP's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). When investing in index swap agreements, the ProFunds VP may hold or gain exposure to only a representative sample of securities in the index, or to a component of the index.

A ProFund VP's current obligations under a swap agreement, will be accrued daily (offset against any amounts owed to the ProFund VP) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by segregating or earmarking cash and/or securities determined to be liquid, but typically no payments will be made until the settlement date. Each ProFund VP reserves the right to modify its asset segregation policies in the future, including modifications to comply with any changes in the positions articulated by the SEC or its staff regarding asset segregation. Swap agreements that cannot be terminated of in the ordinary course of business within seven days at approximately the amount a ProFund VP has valued the asset may be considered to be illiquid for purposes of a ProFund VP's illiquid investment limitations.

A ProFund VP bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. If such a default occurs, a ProFund VP will have contractual remedies pursuant to the swap agreements, but such remedies may be subject to bankruptcy and insolvency laws that could affect the ProFund VP's rights as a creditor. A ProFund VP will only enter into swap agreements with counterparties that meet the ProFund VP's standard of creditworthiness (generally, such counterparties would have to be eligible counterparties under the terms of the ProFund VP's repurchase agreement guidelines). The counterparty to an uncleared swap agreement will typically be a major, global financial institution.

Payments may be made at the conclusion of a swap agreement. Swap agreements do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to swap agreements is limited to the net amount of payments that a ProFund VP is contractually obligated to make. If the other party to a swap agreement defaults, a ProFund VP's risk of loss consists of the net amount of payments that such ProFund VP is contractually entitled to receive, if any. The net amount of the excess, if any, of a ProFund VP's obligations over its entitlements with respect to each equity swap will be accrued on a daily basis and an amount of cash or liquid assets, having an aggregate NAV at least equal to such accrued excess will be earmarked or segregated by a ProFund VP's custodian.

In the normal course of business, a ProFund VP enters into International Swap Dealers Association, Inc. ("ISDA") agreements with certain counterparties for derivative transactions. These agreements contain, among other conditions, events of default and termination events, and various covenants and representations. Certain of the ProFund VP's ISDA agreements contain provisions that require the ProFund VP to maintain a pre-determined level of net assets, and/or provide limits regarding the decline of the

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 273

ProFund VP's NAV over specific periods of time, which may or may not be exclusive of redemptions. If the ProFund VP were to trigger such provisions and have open derivative positions, at that time counterparties to the ISDA agreements could elect to terminate such ISDA agreements and request immediate payment in an amount equal to the net liability positions, if any, under the relevant ISDA agreement. Pursuant to the terms of its ISDA agreements, the ProFund VP will have already collateralized its liability under such agreements, in some cases only in excess of certain threshold amounts. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at the custodian, to protect the counterparty against non-payment by the respective ProFund VP. The ProFunds VP seek to mitigate risks by generally requiring that the counterparties for each ProFund VP agree to post collateral for the benefit of the ProFund VP, marked to market daily, in an amount approximately equal to what the counterparty owes the ProFund VP, subject to certain minimum thresholds, although the ProFunds VP may not always be successful. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the ProFunds VP will be exposed to the risks described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. As of June 30, 2023, the collateral posted by counterparties consisted of U.S. Treasury securities and cash.

The use of swaps, including CDS, is a highly specialized activity which involves investment techniques and risks in addition to and in some cases different from those associated with ordinary portfolio securities transactions. The primary risks associated with the use of swap agreements are mispricing or improper valuation, imperfect correlation between movements in the notional amount and the price of the underlying investments, and the inability of the counterparties to perform. If a counterparty's creditworthiness for an over-the-counter swap declines, the value of the swap would likely decline. The Advisor, under the supervision of the Trust's Board of Trustees, is responsible for determining and monitoring the liquidity of a ProFund VP's transactions in swap agreements.

Offsetting Assets and Liabilities

The ProFunds VP are subject to master netting agreements for swap agreements (other than centrally cleared CDS) and forward currency contracts that allow for amounts owed between the ProFund VP and the counterparty to be netted upon early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements do not apply to amounts owed to/from different counterparties.

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, 2023.

	Assets						Liabilities
Fund	Variation Margin on Futures Contracts*		Unrealized Gain on Swap Agreements*		Unrealized Appreciation on Forward Currency Contracts		Variation Margin on Futures Contracts*		Unrealized Loss on Swap Agreements*		Unrealized Depreciation on Forward Currency Contracts
Credit Risk Exposure:
ProFund Access VP High Yield	$	—	$	248,643	$	—	$	—	$	—	$	—
Equity Risk Exposure:
ProFund VP Banks		—		2,573		—		—		—		—
ProFund VP Bear		—		—		—		15,524		68,410		—
ProFund VP Biotechnology		—		—		—		—		38,951		—
ProFund VP Bull		93,066		190,849		—		—		—		—
ProFund VP Communication Services†		—		3,493		—		—		—		—
ProFund VP Consumer Discretionary†		—		12,775		—		—		—		—
ProFund VP Consumer Staples†		—		1,320		—		—		—		—
ProFund VP Dow 30		—		4,400		—		—		—		—
ProFund VP Emerging Markets		—		—		—		—		13,210		—
ProFund VP Energy†		—		15,463		—		—		—		—
ProFund VP Financials		—		8,841		—		—		—		—
ProFund VP Health Care		—		37		—		—		—		—
ProFund VP Industrials		—		15,369		—		—		—		—
ProFund VP International		—		112,152		—		—		—		—
ProFund VP Internet		—		7,026		—		—		—		—
ProFund VP Japan		509,039		1,417		—		—		—		—
ProFund VP Materials†		—		6,729		—		—		—		—
ProFund VP Mid-Cap		43,442		151,945		—		—		—		—

274 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	Assets						Liabilities
Fund	Variation Margin on Futures Contracts*		Unrealized Gain on Swap Agreements*		Unrealized Appreciation on Forward Currency Contracts		Variation Margin on Futures Contracts*		Unrealized Loss on Swap Agreements*		Unrealized Depreciation on Forward Currency Contracts
ProFund VP Nasdaq-100	$	44,629	$	721,140	$	—	$	—	$	—	$	—
ProFund VP Pharmaceuticals		—		—		—		—		9,803		—
ProFund VP Precious Metals		—		260,912		—		—		—		—
ProFund VP Real Estate		—		7,071		—		—		—		—
ProFund VP Semiconductor		—		45,260		—		—		—		—
ProFund VP Short Dow 30		—		—		—		—		94		—
ProFund VP Short Emerging Markets		—		14,768		—		—		—		—
ProFund VP Short International		—		—		—		—		8,663		—
ProFund VP Short Mid-Cap		—		—		—		—		3,491		—
ProFund VP Short Nasdaq-100		—		—		—		23,708		54,525		—
ProFund VP Short Small-Cap		—		—		—		854		74,451		—
ProFund VP Small-Cap		1,392		81,614		—		—		—		—
ProFund VP Technology		—		31,388		—		—		—		—
ProFund VP UltraBull		23,266		349,319		—		—		—		—
ProFund VP UltraMid-Cap		34,754		194,450		—		—		—		—
ProFund VP UltraNasdaq-100		312,577		3,206,957		—		—		—		—
ProFund VP UltraShort Dow 30		—		—		—		—		109		—
ProFund VP UltraShort Nasdaq-100		—		—		—		—		23,309		—
ProFund VP UltraSmall-Cap		1,424		331,690		—		—		—		—
ProFund VP Utilities		—		—		—		—		1,761		—
Foreign Exchange Rate Risk Exposure:
ProFund VP Falling U.S. Dollar		—		—		13,292		—		—		5,484
Interest Rate Risk Exposure:
ProFund Access VP High Yield		—		—		—		32,165		—		—
ProFund VP Rising Rates Opportunity		—		14,746		—		—		—		—
ProFund VP U.S. Government Plus		—		—		—		—		14,181		—

* Includes cumulative appreciation/depreciation of futures contracts and credit default swap agreements 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, 2023.

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations								Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result from Operations
Fund	Net Realized Gains (Losses) on Futures Contracts			Net Realized Gains (Losses) on Swap Agreements			Net Realized Gains (Losses) on Forward Currency Contracts		Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts			Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements			Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts
Credit Risk Exposure:
ProFund Access VP High Yield	$	—		$	738,436		$	—	$	—		$	(262,659	)	$	—
Equity Risk Exposure:
ProFund VP Banks		—			9,346			—		—			357			—
ProFund VP Bear		(28,451	)		(704,513	)		—		(26,220	)		(56,227	)		—
ProFund VP Biotechnology		—			(78,293	)		—		—			(37,418	)		—
ProFund VP Bull		249,088			1,085,264			—		114,111			162,051			—
ProFund VP Communication Services†		—			17,715			—		—			3,266			—
ProFund VP Consumer Discretionary†		—			66,387			—		—			17,291			—
ProFund VP Consumer Staples†		—			(6,136	)		—		—			2,401			—
ProFund VP Dow 30		—			675			—		—			5,281			—
ProFund VP Emerging Markets		—			116,573			—		—			14,731			—
ProFund VP Energy†		—			(111,393	)		—		—			17,121			—

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 275

	Realized Gain (Loss) on Derivatives Recognized as a Result from Operations									Change in Net Unrealized Appreciation/ Depreciation on Derivatives Recognized as a Result from Operations
Fund	Net Realized Gains (Losses) on Futures Contracts			Net Realized Gains (Losses) on Swap Agreements			Net Realized Gains (Losses) on Forward Currency Contracts			Change in Net Unrealized Appreciation/ Depreciation on Futures Contracts			Change in Net Unrealized Appreciation/ Depreciation on Swap Agreements			Change in Net Unrealized Appreciation/ Depreciation on Forward Currency Contracts
ProFund VP Financials	$	—		$	1,475		$	—		$	—		$	7,329		$	—
ProFund VP Health Care		—			(15,661	)		—			—			553			—
ProFund VP Industrials		—			18,343			—			—			15,393			—
ProFund VP International		—			935,982			—			—			196,245			—
ProFund VP Internet		—			55,748			—			—			6,005			—
ProFund VP Japan		1,634,967			22,102			—			967,959			4,634			—
ProFund VP Materials†		—			1,032			—			—			9,742			—
ProFund VP Mid-Cap		6,761			306,779			—			69,951			169,103			—
ProFund VP Nasdaq-100		2,200,222			5,870,965			—			189,215			645,163			—
ProFund VP Pharmaceuticals		—			(22,939	)		—			—			(9,162	)		—
ProFund VP Precious Metals		—			(1,430,278	)		—			—			546,039			—
ProFund VP Real Estate		—			913			—			—			7,509			—
ProFund VP Semiconductor		—			236,494			—			—			46,038			—
ProFund VP Short Dow 30		—			(106	)		—			—			(115	)		—
ProFund VP Short Emerging Markets		—			(87,061	)		—			—			5,871			—
ProFund VP Short International		—			(197,881	)		—			—			(26,152	)		—
ProFund VP Short Mid-Cap		—			(14,178	)		—			—			(3,604	)		—
ProFund VP Short Nasdaq-100		(159,586	)		(2,226,222	)		—			(59,714	)		6,813			—
ProFund VP Short Small-Cap		—			(269,329	)		—			(854	)		(48,237	)		—
ProFund VP Small-Cap		—			197,778			—			1,392			66,034			—
ProFund VP Technology		—			156,900			—			—			31,185			—
ProFund VP UltraBull		35,972			1,709,725			—			33,975			323,585			—
ProFund VP UltraMid-Cap		(9,504	)		207,663			—			47,313			223,703			—
ProFund VP UltraNasdaq-100		1,686,136			39,960,186			—			932,306			2,209,095			—
ProFund VP UltraShort Dow 30		—			(152	)		—			—			(133	)		—
ProFund VP UltraShort Nasdaq-100		—			(2,958,772	)		—			—			85,836			—
ProFund VP UltraSmall-Cap		(67,600	)		319,728			—			42,375			245,633			—
ProFund VP Utilities		—			(135,807	)		—			—			(1,033	)		—
Foreign Exchange Rate Risk Exposure:
ProFund VP Falling U.S. Dollar		—			—			(7,810	)		—			—			1,529
Interest Rate Risk Exposure:
ProFund Access VP High Yield		(26,283	)		—			—			(27,266	)		—			—
ProFund VP Rising Rates Opportunity		7,191			772,422			—			198			(1,733,462	)		—
ProFund VP U.S. Government Plus		(34,400	)		(691,037	)		—			595			532,756			—

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the ProFunds VP for swap agreements (other than centrally cleared CDS) and forward currency contracts as of June 30, 2023. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the ProFunds VP or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled "Net Amount" represent the un-collateralized portions of these amounts at period end. Any un-collateralized amounts are due to timing differences related to market movements or subject to certain minimum thresholds for collateral movement, as further described above.

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**		Cash Collateral (Received) Pledged**		Net Amount
ProFund VP Banks
Swap Agreements — Goldman Sachs International	$	2,573		$	—	$	—	$	2,573
ProFund VP Bear
Swap Agreements — Goldman Sachs International		(39,611	)		39,611		—		—
Swap Agreements — UBS AG		(28,799	)		28,799		—		—

276 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged**			Net Amount
ProFund VP Biotechnology
Swap Agreements — Goldman Sachs International	$	(38,951	)	$	—		$	38,951		$	—
ProFund VP Bull
Swap Agreements — Goldman Sachs International		137,253			—			—			137,253
Swap Agreements — UBS AG		53,596			—			—			53,596
ProFund VP Communication Services†
Swap Agreements — Goldman Sachs International		3,493			—			—			3,493
ProFund VP Consumer Discretionary†
Swap Agreements — Goldman Sachs International		12,775			—			—			12,775
ProFund VP Consumer Staples†
Swap Agreements — Goldman Sachs International		1,320			—			—			1,320
ProFund VP Dow 30
Swap Agreements — Goldman Sachs International		3,625			—			—			3,625
Swap Agreements — UBS AG		775			—			—			775
ProFund VP Emerging Markets
Swap Agreements — Goldman Sachs International		(7,650	)		7,650			—			—
Swap Agreements — UBS AG		(5,560	)		5,560			—			—
ProFund VP Energy†
Swap Agreements — Goldman Sachs International		15,463			—			(36	)		15,427
ProFund VP Falling U.S. Dollar
Forward Currency Contracts — Goldman Sachs International
Appreciation		5,746
Depreciation		(3,852	)
Net Appreciation		1,894			—			—			1,894
Forward Currency Contracts — UBS AG
Appreciation		7,546
Depreciation		(1,632	)
Net Appreciation		5,914			—			—			5,914
ProFund VP Financials
Swap Agreements — Goldman Sachs International		8,841			—			—			8,841
ProFund VP Health Care
Swap Agreements — Goldman Sachs International		37			—			—			37
ProFund VP Industrials
Swap Agreements — Goldman Sachs International		15,369			—			—			15,369
ProFund VP International
Swap Agreements — Goldman Sachs International		63,694			(63,694	)		—			—
Swap Agreements — UBS AG		48,458			—			—			48,458
ProFund VP Internet
Swap Agreements — Goldman Sachs International		7,026			—			—			7,026
ProFund VP Japan
Swap Agreements — Goldman Sachs International		1,417			—			—			1,417
ProFund VP Materials†
Swap Agreements — Goldman Sachs International		6,729			—			—			6,729
ProFund VP Mid-Cap
Swap Agreements — Goldman Sachs International		65,798			—			—			65,798
Swap Agreements — UBS AG		86,147			—			—			86,147
ProFund VP Nasdaq-100
Swap Agreements — Goldman Sachs International		718,872			(49,971	)		—			668,901
Swap Agreements — UBS AG		2,268			—			—			2,268
ProFund VP Pharmaceuticals
Swap Agreements — Goldman Sachs International		(9,803	)		—			9,803			—
ProFund VP Precious Metals
Swap Agreements — Goldman Sachs International		74,991			—			—			74,991
Swap Agreements — UBS AG		185,921			—			—			185,921
ProFund VP Real Estate
Swap Agreements — Goldman Sachs International		7,071			—			—			7,071

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 277

	Gross Amounts Not Offset in the Statement of Assets and Liabilities*
	Gross Asset (Liability) as presented in the Statement of Assets and Liabilities			Financial Instruments (Received) Pledged**			Cash Collateral (Received) Pledged**		Net Amount
ProFund VP Rising Rates Opportunity
Swap Agreements — Citibank North America	$	6,652		$	—		$	—	$	6,652
Swap Agreements — Societe' Generale		8,094			—			—		8,094
ProFund VP Semiconductor
Swap Agreements — Goldman Sachs International		45,260			—			—		45,260
ProFund VP Short Dow 30
Swap Agreements — Goldman Sachs International		(20	)		—			—		20
Swap Agreements — UBS AG		(74	)		74			—		—
ProFund VP Short Emerging Markets
Swap Agreements — Goldman Sachs International		7,497			—			—		7,497
Swap Agreements — UBS AG		7,271			—			—		7,271
ProFund VP Short International
Swap Agreements — Goldman Sachs International		(6,776	)		6,776			—		—
Swap Agreements — UBS AG		(1,887	)		1,887			—		—
ProFund VP Short Mid-Cap
Swap Agreements — Goldman Sachs International		(1,144	)		—			—		(1,144	)
Swap Agreements — UBS AG		(2,347	)		2,347			—		—
ProFund VP Short Nasdaq-100
Swap Agreements — Goldman Sachs International		(1,719	)		1,719			—		—
Swap Agreements — UBS AG		(52,806	)		52,806			—		—
ProFund VP Short Small-Cap
Swap Agreements — Goldman Sachs International		(53,714	)		53,714			—		—
Swap Agreements — UBS AG		(20,737	)		20,737			—		—
ProFund VP Small-Cap
Swap Agreements — Goldman Sachs International		49,533			—			—		49,533
Swap Agreements — UBS AG		32,081			—			—		32,081
ProFund VP Technology
Swap Agreements — Goldman Sachs International		31,388			—			—		31,388
ProFund VP UltraBull
Swap Agreements — Goldman Sachs International		234,103			—			—		234,103
Swap Agreements — UBS AG		115,216			—			—		115,216
ProFund VP UltraMid-Cap
Swap Agreements — Goldman Sachs International		95,121			(581	)		—		94,540
Swap Agreements — UBS AG		99,329			—			—		99,329
ProFund VP UltraNasdaq-100
Swap Agreements — Goldman Sachs International		2,243,463			—			—		2,243,463
Swap Agreements — UBS AG		963,494			—			—		963,494
ProFund VP UltraShort Dow 30
Swap Agreements — Goldman Sachs International		(66	)		—			—		(66	)
Swap Agreements — UBS AG		(43	)		—			—		(43	)
ProFund VP UltraShort Nasdaq-100
Swap Agreements — Goldman Sachs International		(10,051	)		10,051			—		—
Swap Agreements — UBS AG		(13,258	)		13,258			—		—
ProFund VP UltraSmall-Cap
Swap Agreements — Goldman Sachs International		115,793			(81,348	)		—		34,445
Swap Agreements — UBS AG		215,897			(59,492	)		—		156,405
ProFund VP U.S. Government Plus
Swap Agreements — Citibank North America		(6,691	)		6,691			—		—
Swap Agreements — Societe' Generale		(7,490	)		7,490			—		—
ProFund VP Utilities
Swap Agreements — Goldman Sachs International		(1,761	)		—			1,761		—

* 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.

278 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

Securities Lending:

Each ProFund VP may lend securities to brokers, dealers and financial organizations in exchange for initial collateral in the amount of at least 102% of the value of U.S. dollar-denominated securities loaned or at least 105% of the value of non-U.S. dollar-denominated securities loaned, marked to market daily. Each security loaned will be secured continuously by collateral in the form of cash, money market instruments or U.S. Government securities with a market value of at least 100% of the market value of the loaned securities. When a ProFund VP lends its securities, it continues to receive payments equal to the dividends and interest paid on the securities loaned and simultaneously may earn interest on the reinvestment of the cash collateral. Any cash collateral received by the ProFund VP in connection with these loans may be reinvested in a variety of short-term investments. Any non-cash collateral received by the ProFund VP in connection with these loans may not be sold or pledged by the ProFund VP and, accordingly, is not reflected in the ProFund VP's assets and liabilities. The ProFunds VP may incur fees and expenses in connection with the reinvestment of cash collateral. For security loans collateralized by cash, borrowers may be entitled to receive a fee based on the amount of collateral. The ProFunds VP are typically compensated by the difference between the amount earned on the reinvestment of cash collateral and any fees paid to the borrower. Although voting and other rights attendant to securities loaned pass to the borrower, such loans may be recalled so that the securities may be voted by the ProFund VP if a material event affecting the ProFund VP's investment in the securities on loan is to occur. Security loans are subject to termination by the ProFund VP or the borrower at any time. No securities loan shall be made on behalf of a ProFund VP if, as a result, the aggregate value of all securities loaned by the particular ProFund VP exceeds one-third of the value of such ProFund VP's total assets (including the value of the collateral received).

Securities lending involves exposure to certain risks, including "gap" risk (i.e., the risk of a mismatch between the return on cash collateral reinvestments and any fees a ProFund VP has agreed to pay a borrower), operational risk (i.e., the risk of losses resulting from problems in the settlement and the accounting process), legal, counterparty and credit risk. If a securities lending counterparty were to default, a ProFund VP would be subject to the risk of a possible delay in receiving collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a borrower does not return a ProFund VP's securities as agreed, the ProFund VP may experience losses if the proceeds received from liquidating the collateral do not at least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred in purchasing replacement securities. This event could trigger adverse tax consequences for a ProFund VP. The investment of cash collateral deposited by the borrower is subject to inherent market risks such as interest rate risk, credit risk, liquidity risk, and other risks that are present in the market. A ProFund VP could lose money if its short-term reinvestment of the collateral declines in value over the period of the loan. The market value of the loaned securities is determined at the close of each business day of the ProFund VP and any additional required collateral is delivered to the ProFund VP, or excess collateral returned by the ProFund VP, on the next business day.

The following table is a summary of the ProFunds VP securities lending transactions as of June 30, 2023:

	Value of Securities on Loan		Value of Cash Collateral Received*
ProFund VP Asia 30	$	1,887,939	$	1,853,791
ProFund VP Banks		123,561		128,455
ProFund VP Biotechnology		2,126,429		2,275,184
ProFund VP Bull		97,335		98,937
ProFund VP Communication Services†		43,530		45,144
ProFund VP Emerging Markets		563,013		568,025
ProFund VP Europe 30		2,120,260		2,136,013
ProFund VP Financials		58,982		60,987
ProFund VP Large-Cap Growth		90,451		91,509
ProFund VP Large-Cap Value		18,001		18,631
ProFund VP Mid-Cap Growth		201,653		204,644
ProFund VP Mid-Cap Value		124,078		128,938
ProFund VP Nasdaq-100		751,269		758,667
ProFund VP Pharmaceuticals		650,131		670,975
ProFund VP Semiconductor		124,551		180,722
ProFund VP Small-Cap		215,708		222,165
ProFund VP Small-Cap Growth		149,692		154,823
ProFund VP Small-Cap Value		914,496		938,821
ProFund VP Technology		487,513		493,218
ProFund VP UltraBull		32,685		33,223
ProFund VP UltraMid-Cap		147,965		151,279
ProFund VP UltraNasdaq-100		964,535		974,034
ProFund VP UltraSmall-Cap		304,572		313,320

* Collateral received in the form of cash was reinvested in securities shown in the Collateral for Securities Loaned section of the Schedule of Portfolio Investments.

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 279

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.

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., return of capital, net operating loss, distribution reclassification, and equalization), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales and mark-to-market on derivative instruments) do not require a reclassification. The ProFunds 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. 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."

Expense Reimbursement from a Third Party

During 2018, certain ProFunds VP received a non-recurring reimbursement from a third party relating to expenses that were incurred in a prior year. The corresponding impacts to the respective ProFund VP's Total Return and Ratios to Average Net Assets in the Financial Highlights are disclosed in a footnote to that ProFund VP's Financial Highlights.

3. Investment Valuation Summary

The valuation techniques employed by the ProFunds VP, described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. These valuation techniques distinguish between market participant assumptions developed based on market data obtained from sources independent of the ProFunds VP (observable inputs) and the ProFunds' VP own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The inputs used for valuing the ProFunds' VP investments are summarized in the three broad levels listed below:

● Level 1–quoted prices in active markets for identical assets

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

● Level 3–significant unobservable inputs (including the ProFunds' VP own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. For example, repurchase agreements are

280 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

generally valued at amortized cost. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2. Fair value measurements may also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly. Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust determines transfers between fair value hierarchy levels at the reporting period end.

Security prices are generally valued at their market value using information provided by a third party pricing service or market quotations or other procedures approved by the Trust's Board of Trustees. The securities in the portfolio of a non-money market ProFund VP, except as otherwise noted, that are listed or traded on a stock exchange or the Nasdaq National Market System ("Nasdaq/NMS"), are valued at the official closing price, if available, or the last sale price, on the exchange or system where the security is principally traded. If there have been no sales for that day on the exchange or system where the security is principally traded, then the value may be determined with reference to the last sale price, or the official closing price, if applicable, on any other exchange or system. In each of these situations, valuations are typically categorized as a Level 1 in the fair value hierarchy. If there have been no sales for that day on any exchange or system, the security will be valued using fair value procedures in accordance with procedures approved by the Trust's Board of Trustees as described below.

Securities regularly traded in the OTC markets, including securities listed on an exchange, but that are primarily traded OTC other than those traded on the Nasdaq/NMS, are generally valued on the basis of the mean between the bid and asked quotes furnished by dealers actively trading those instruments. Fixed-income securities are generally valued according to prices as furnished by an independent pricing service, generally at the mean of the bid and asked quotes for those instruments. Short-term fixed-income securities maturing in sixty days or less, and of sufficient credit quality, may be valued at amortized cost, which approximates market value. For the ProFund VP Government Money Market, investments are valued at amortized cost, in accordance with Rule 2a-7 of the 1940 Act. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant basis to the maturity of the security. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Derivatives are generally valued using independent pricing services and/or agreements with counterparties or other procedures approved by the Trust's Board of Trustees. Futures contracts are generally valued at their last sale price prior to the time at which the net asset value per share of a ProFund VP is determined and are typically categorized as Level 1 in the fair value hierarchy. Swap agreements are generally valued using independent sources and/or agreements with counterparties. Forward currency contracts are valued at their quoted daily prices obtained from an independent pricing service. These valuations are typically categorized as Level 2 in the fair value hierarchy. If there was no sale on that day, fair valuation procedures as described below may be applied.

When the Advisor determines that the market price of a security is not readily available or deemed unreliable (e.g., an approved pricing service does not provide a price, a furnished price is in error, certain stale prices, or an event occurs that materially affects the furnished price), it may in good faith establish a fair value for that security in accordance with procedures established by and under the general supervision and responsibility of the Trust's Board of Trustees. Fair value pricing may require subjective determinations about the value of a security. While the Trust's policy is intended to result in a calculation of a ProFund VP's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values determined by the Advisor or persons acting at their direction would accurately reflect the price that a ProFund VP could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a ProFund VP may differ from the value that would be realized if the securities were sold and the differences could be material to the financial statements. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

For the period ended June 30, 2023, 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, 2023, based upon the three levels defined above, is included in the table below while the breakdown, by category, of equity securities is disclosed on the Schedule of Portfolio Investments for each ProFund VP:

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs				Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^
ProFund Access VP High Yield
U.S. Treasury Obligation	$	—	$	—		$	7,876,107	$	—	$	7,876,107	$	—
Repurchase Agreements		—		—			7,373,000		—		7,373,000		—
Futures Contracts		—		(32,165	)		—		—		—		(32,165	)
Credit Default Swap Agreements		—		—			—		373,337		—		373,337
Total	$	—	$	(32,165	)	$	15,249,107	$	373,337	$	15,249,107	$	341,172
ProFund VP Asia 30
Common Stocks	$	15,559,193	$	—		$	—	$	—	$	15,559,193	$	—
Repurchase Agreements		—		—			18,000		—		18,000		—
Collateral for Securities Loaned		1,853,791		—			—		—		1,853,791		—
Total	$	17,412,984	$	—		$	18,000	$	—	$	17,430,984	$	—

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 281

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
ProFund VP Banks
Common Stocks	$	3,619,808	$	—		$	—	$	—		$	3,619,808	$	—
Repurchase Agreements		—		—			45,000		—			45,000		—
Collateral for Securities Loaned		128,455		—			—		—			128,455		—
Swap Agreements		—		—			—		2,573			—		2,573
Total	$	3,748,263	$	—		$	45,000	$	2,573		$	3,793,263	$	2,573
ProFund VP Bear
Repurchase Agreements	$	—	$	—		$	4,702,000	$	—		$	4,702,000	$	—
Futures Contracts		—		(15,524	)		—		—			—		(15,524	)
Swap Agreements		—		—			—		(68,410	)		—		(68,410	)
Total	$	—	$	(15,524	)	$	4,702,000	$	(68,410	)	$	4,702,000	$	(83,934	)
ProFund VP Biotechnology
Common Stocks	$	44,997,586	$	—		$	—	$	—		$	44,997,586	$	—
Repurchase Agreements		—		—			1,419,000		—			1,419,000		—
Collateral for Securities Loaned		2,275,184		—			—		—			2,275,184		—
Swap Agreements		—		—			—		(38,951	)		—		(38,951	)
Total	$	47,272,770	$	—		$	1,419,000	$	(38,951	)	$	48,691,770	$	(38,951	)
ProFund VP Bull
Common Stocks	$	37,444,015	$	—		$	—	$	—		$	37,444,015	$	—
Repurchase Agreements		—		—			14,645,000		—			14,645,000		—
Collateral for Securities Loaned		98,937		—			—		—			98,937		—
Futures Contracts		—		93,066			—		—			—		93,066
Swap Agreements		—		—			—		190,849			—		190,849
Total	$	37,542,952	$	93,066		$	14,645,000	$	190,849		$	52,187,952	$	283,915
ProFund VP Communication Services†
Common Stocks	$	5,867,942	$	—		$	—	$	—		$	5,867,942	$	—
Repurchase Agreements		—		—			158,000		—			158,000		—
Collateral for Securities Loaned		45,144		—			—		—			45,144		—
Swap Agreements		—		—			—		3,493			—		3,493
Total	$	5,913,086	$	—		$	158,000	$	3,493		$	6,071,086	$	3,493
ProFund VP Consumer Discretionary†
Common Stocks	$	21,294,709	$	—		$	—	$	—		$	21,294,709	$	—
Repurchase Agreements		—		—			793,000		—			793,000		—
Swap Agreements		—		—			—		12,775			—		12,775
Total	$	21,294,709	$	—		$	793,000	$	12,775		$	22,087,709	$	12,775
ProFund VP Consumer Staples†
Common Stocks	$	12,820,272	$	—		$	—	$	—		$	12,820,272	$	—
Repurchase Agreements		—		—			163,000		—			163,000		—
Swap Agreements		—		—			—		1,320			—		1,320
Total	$	12,820,272	$	—		$	163,000	$	1,320		$	12,983,272	$	1,320
ProFund VP Dow 30
Repurchase Agreements	$	—	$	—		$	320,000	$	—		$	320,000	$	—
Swap Agreements		—		—			—		4,400			—		4,400
Total	$	—	$	—		$	320,000	$	4,400		$	320,000	$	4,400
ProFund VP Emerging Markets
Common Stocks	$	21,539,388	$	—		$	—	$	—		$	21,539,388	$	—
Preferred Stocks		475,156		—			—		—			475,156		—
Repurchase Agreements		—		—			753,000		—			753,000		—
Collateral for Securities Loaned		568,025		—			—		—			568,025		—
Swap Agreements		—		—			—		(13,210	)		—		(13,210	)
Total	$	22,582,569	$	—		$	753,000	$	(13,210	)	$	23,335,569	$	(13,210	)

282 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs				Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^
ProFund VP Energy†
Common Stocks	$	48,435,311	$	—	$	—	$	—	$	48,435,311	$	—
Repurchase Agreements		—		—		330,000		—		330,000		—
Swap Agreements		—		—		—		15,463		—		15,463
Total	$	48,435,311	$	—	$	330,000	$	15,463	$	48,765,311	$	15,463
ProFund VP Europe 30
Common Stocks	$	14,299,651	$	—	$	—	$	—	$	14,299,651	$	—
Collateral for Securities Loaned		2,136,013		—		—		—		2,136,013		—
Total	$	16,435,664	$	—	$	—	$	—	$	16,435,664	$	—
ProFund VP Falling U.S. Dollar
Repurchase Agreements	$	—	$	—	$	1,123,000	$	—	$	1,123,000	$	—
Forward Currency Contracts		—		—		—		7,808		—		7,808
Total	$	—	$	—	$	1,123,000	$	7,808	$	1,123,000	$	7,808
ProFund VP Financials
Common Stocks	$	23,458,857	$	—	$	—	$	—	$	23,458,857	$	—
Repurchase Agreements		—		—		1,132,000		—		1,132,000		—
Collateral for Securities Loaned		60,987		—		—		—		60,987		—
Swap Agreements		—		—		—		8,841		—		8,841
Total	$	23,519,844	$	—	$	1,132,000	$	8,841	$	24,651,844	$	8,841
ProFund VP Government Money Market
U.S. Treasury Obligations	$	—	$	—	$	11,952,694	$	—	$	11,952,694	$	—
Repurchase Agreements		—		—		23,196,000		—		23,196,000		—
Total	$	—	$	—	$	35,148,694	$	—	$	35,148,694	$	—
ProFund VP Health Care
Common Stocks	$	37,984,925	$	—	$	—	$	—	$	37,984,925	$	—
Repurchase Agreements		—		—		180,000		—		180,000		—
Swap Agreements		—		—		—		37		—		37
Total	$	37,984,925	$	—	$	180,000	$	37	$	38,164,925	$	37
ProFund VP Industrials
Common Stocks	$	14,584,156	$	—	$	—	$	—	$	14,584,156	$	—
Repurchase Agreements		—		—		292,000		—		292,000		—
Swap Agreements		—		—		—		15,369		—		15,369
Total	$	14,584,156	$	—	$	292,000	$	15,369	$	14,876,156	$	15,369
ProFund VP International
Repurchase Agreements	$	—	$	—	$	11,556,000	$	—	$	11,556,000	$	—
Swap Agreements		—		—		—		112,152		—		112,152
Total	$	—	$	—	$	11,556,000	$	112,152	$	11,556,000	$	112,152
ProFund VP Internet
Common Stocks	$	11,056,523	$	—	$	—	$	—	$	11,056,523	$	—
Repurchase Agreements		—		—		430,000		—		430,000		—
Swap Agreements		—		—		—		7,026		—		7,026
Total	$	11,056,523	$	—	$	430,000	$	7,026	$	11,486,523	$	7,026
ProFund VP Japan
Repurchase Agreements	$	—	$	—	$	11,486,000	$	—	$	11,486,000	$	—
Futures Contracts		—		509,039		—		—		—		509,039
Swap Agreements		—		—		—		1,417		—		1,417
Total	$	—	$	509,039	$	11,486,000	$	1,417	$	11,486,000	$	510,456
ProFund VP Large-Cap Growth
Common Stocks	$	25,662,452	$	—	$	—	$	—	$	25,662,452	$	—
Repurchase Agreements		—		—		144,000		—		144,000		—
Collateral for Securities Loaned		91,509		—		—		—		91,509		—
Total	$	25,753,961	$	—	$	144,000	$	—	$	25,897,961	$	—

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 283

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
ProFund VP Large-Cap Value
Common Stocks	$	17,183,025	$	—	$	—	$	—		$	17,183,025	$	—
Repurchase Agreements		—		—		21,000		—			21,000		—
Collateral for Securities Loaned		18,631		—		—		—			18,631		—
Total	$	17,201,656	$	—	$	21,000	$	—		$	17,222,656	$	—
ProFund VP Materials†
Common Stocks	$	16,163,740	$	—	$	—	$	—		$	16,163,740	$	—
Repurchase Agreements		—		—		249,000		—			249,000		—
Swap Agreements		—		—		—		6,729			—		6,729
Total	$	16,163,740	$	—	$	249,000	$	6,729		$	16,412,740	$	6,729
ProFund VP Mid-Cap
Repurchase Agreements	$	—	$	—	$	9,518,000	$	—		$	9,518,000	$	—
Futures Contracts		—		43,442		—		—			—		43,442
Swap Agreements		—		—		—		151,945			—		151,945
Total	$	—	$	43,442	$	9,518,000	$	151,945		$	9,518,000	$	195,387
ProFund VP Mid-Cap Growth
Common Stocks	$	12,234,769	$	—	$	—	$	—		$	12,234,769	$	—
Repurchase Agreements		—		—		31,000		—			31,000		—
Collateral for Securities Loaned		204,644		—		—		—			204,644		—
Total	$	12,439,413	$	—	$	31,000	$	—		$	12,470,413	$	—
ProFund VP Mid-Cap Value
Common Stocks	$	11,882,565	$	—	$	—	$	—		$	11,882,565	$	—
Repurchase Agreements		—		—		39,000		—			39,000		—
Collateral for Securities Loaned		128,938		—		—		—			128,938		—
Total	$	12,011,503	$	—	$	39,000	$	—		$	12,050,503	$	—
ProFund VP Nasdaq-100
Common Stocks	$	78,701,448	$	—	$	—	$	—		$	78,701,448	$	—
Repurchase Agreements		—		—		49,632,000		—			49,632,000		—
Collateral for Securities Loaned		758,667		—		—		—			758,667		—
Futures Contracts		—		44,629		—		—			—		44,629
Swap Agreements		—		—		—		721,140			—		721,140
Total	$	79,460,115	$	44,629	$	49,632,000	$	721,140		$	129,092,115	$	765,769
ProFund VP Pharmaceuticals
Common Stocks	$	11,198,078	$	—	$	—	$	—		$	11,198,078	$	—
Repurchase Agreements		—		—		43,000		—			43,000		—
Collateral for Securities Loaned		670,975		—		—		—			670,975		—
Swap Agreements		—		—		—		(9,803	)		—		(9,803	)
Total	$	11,869,053	$	—	$	43,000	$	(9,803	)	$	11,912,053	$	(9,803	)
ProFund VP Precious Metals
Repurchase Agreements	$	—	$	—	$	24,198,000	$	—		$	24,198,000	$	—
Swap Agreements		—		—		—		260,912			—		260,912
Total	$	—	$	—	$	24,198,000	$	260,912		$	24,198,000	$	260,912
ProFund VP Real Estate
Common Stocks	$	5,295,602	$	—	$	—	$	—		$	5,295,602	$	—
Repurchase Agreements		—		—		135,000		—			135,000		—
Swap Agreements		—		—		—		7,071			—		7,071
Total	$	5,295,602	$	—	$	135,000	$	7,071		$	5,430,602	$	7,071
ProFund VP Rising Rates Opportunity
Repurchase Agreements	$	—	$	—	$	10,262,000	$	—		$	10,262,000	$	—
Swap Agreements		—		—		—		14,746			—		14,746
Total	$	—	$	—	$	10,262,000	$	14,746		$	10,262,000	$	14,746

284 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
ProFund VP Semiconductor
Common Stocks	$	30,803,847	$	—		$	—	$	—		$	30,803,847	$	—
Repurchase Agreements		—		—			1,139,000		—			1,139,000		—
Collateral for Securities Loaned		180,722		—			—		—			180,722		—
Swap Agreements		—		—			—		45,260			—		45,260
Total	$	30,984,569	$	—		$	1,139,000	$	45,260		$	32,123,569	$	45,260
ProFund VP Short Dow 30
Repurchase Agreements	$	—	$	—		$	6,000	$	—		$	6,000	$	—
Swap Agreements		—		—			—		(94	)		—		(94	)
Total	$	—	$	—		$	6,000	$	(94	)	$	6,000	$	(94	)
ProFund VP Short Emerging Markets
Repurchase Agreements	$	—	$	—		$	973,000	$	—		$	973,000	$	—
Swap Agreements		—		—			—		14,768			—		14,768
Total	$	—	$	—		$	973,000	$	14,768		$	973,000	$	14,768
ProFund VP Short International
Repurchase Agreements	$	—	$	—		$	888,000	$	—		$	888,000	$	—
Swap Agreements		—		—			—		(8,663	)		—		(8,663	)
Total	$	—	$	—		$	888,000	$	(8,663	)	$	888,000	$	(8,663	)
ProFund VP Short Mid-Cap
Repurchase Agreements	$	—	$	—		$	148,000	$	—		$	148,000	$	—
Swap Agreements		—		—			—		(3,491	)		—		(3,491	)
Total	$	—	$	—		$	148,000	$	(3,491	)	$	148,000	$	(3,491	)
ProFund VP Short Nasdaq-100
Repurchase Agreements	$	—	$	—		$	4,101,000	$	—		$	4,101,000	$	—
Futures Contracts		—		(23,708	)		—		—			—		(23,708	)
Swap Agreements		—		—			—		(54,525	)		—		(54,525	)
Total	$	—	$	(23,708	)	$	4,101,000	$	(54,525	)	$	4,101,000	$	(78,233	)
ProFund VP Short Small-Cap
Repurchase Agreements	$	—	$	—		$	3,728,000	$	—		$	3,728,000	$	—
Futures Contracts		—		(854	)		—		—			—		(854	)
Swap Agreements		—		—			—		(74,451	)		—		(74,451	)
Total	$	—	$	(854	)	$	3,728,000	$	(74,451	)	$	3,728,000	$	(75,305	)
ProFund VP Small-Cap
Common Stocks	$	7,290,925	$	—		$	—	$	—		$	7,290,925	$	—
Trust*		—		—			—		—			—		—
Repurchase Agreements		—		—			4,200,000		—			4,200,000		—
Collateral for Securities Loaned		222,165		—			—		—			222,165		—
Futures Contracts		—		1,392			—		—			—		1,392
Swap Agreements		—		—			—		81,614			—		81,614
Total	$	7,513,090	$	1,392		$	4,200,000	$	81,614		$	11,713,090	$	83,006
ProFund VP Small-Cap Growth
Common Stocks	$	14,705,467	$	—		$	—	$	—		$	14,705,467	$	—
Repurchase Agreements		—		—			98,000		—			98,000		—
Collateral for Securities Loaned		154,823		—			—		—			154,823		—
Total	$	14,860,290	$	—		$	98,000	$	—		$	14,958,290	$	—
ProFund VP Small-Cap Value
Common Stocks	$	17,240,677	$	—		$	—	$	—		$	17,240,677	$	—
Repurchase Agreements		—		—			43,000		—			43,000		—
Collateral for Securities Loaned		938,821		—			—		—			938,821		—
Total	$	18,179,498	$	—		$	43,000	$	—		$	18,222,498	$	—

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 285

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
ProFund VP Technology
Common Stocks	$	52,226,271	$	—	$	—	$	—		$	52,226,271	$	—
Repurchase Agreements		—		—		994,000		—			994,000		—
Collateral for Securities Loaned		493,218		—		—		—			493,218		—
Swap Agreements		—		—		—		31,388			—		31,388
Total	$	52,719,489	$	—	$	994,000	$	31,388		$	53,713,489	$	31,388
ProFund VP UltraBull
Common Stocks	$	12,702,216	$	—	$	—	$	—		$	12,702,216	$	—
Repurchase Agreements		—		—		4,893,000		—			4,893,000		—
Collateral for Securities Loaned		33,223		—		—		—			33,223		—
Futures Contracts		—		23,266		—		—			—		23,266
Swap Agreements		—		—		—		349,319			—		349,319
Total	$	12,735,439	$	23,266	$	4,893,000	$	349,319		$	17,628,439	$	372,585
ProFund VP UltraMid-Cap
Common Stocks	$	6,839,056	$	—	$	—	$	—		$	6,839,056	$	—
Repurchase Agreements		—		—		2,600,000		—			2,600,000		—
Collateral for Securities Loaned		151,279		—		—		—			151,279		—
Futures Contracts		—		34,754		—		—			—		34,754
Swap Agreements		—		—		—		194,450			—		194,450
Total	$	6,990,335	$	34,754	$	2,600,000	$	194,450		$	9,590,335	$	229,204
ProFund VP UltraNasdaq-100
Common Stocks	$	101,030,031	$	—	$	—	$	—		$	101,030,031	$	—
Repurchase Agreements		—		—		63,078,000		—			63,078,000		—
Collateral for Securities Loaned		974,034		—		—		—			974,034		—
Futures Contracts		—		312,577		—		—			—		312,577
Swap Agreements		—		—		—		3,206,957			—		3,206,957
Total	$	102,004,065	$	312,577	$	63,078,000	$	3,206,957		$	165,082,065	$	3,519,534
ProFund VP UltraShort Dow 30
Repurchase Agreements	$	—	$	—	$	3,000	$	—		$	3,000	$	—
Swap Agreements		—		—		—		(109	)		—		(109	)
Total	$	—	$	—	$	3,000	$	(109	)	$	3,000	$	(109	)
ProFund VP UltraShort Nasdaq-100
Repurchase Agreements	$	—	$	—	$	766,000	$	—		$	766,000	$	—
Swap Agreements		—		—		—		(23,309	)		—		(23,309	)
Total	$	—	$	—	$	766,000	$	(23,309	)	$	766,000	$	(23,309	)
ProFund VP UltraSmall-Cap
Common Stocks	$	10,057,655	$	—	$	—	$	—		$	10,057,655	$	—
Trust*		—		—		—		—			—		—
Repurchase Agreements		—		—		3,067,000		—			3,067,000		—
Collateral for Securities Loaned		313,320		—		—		—			313,320		—
Futures Contracts		—		1,424		—		—			—		1,424
Swap Agreements		—		—		—		331,690			—		331,690
Total	$	10,370,975	$	1,424	$	3,067,000	$	331,690		$	13,437,975	$	333,114
ProFund VP U.S. Government Plus
U.S. Treasury Obligation	$	—	$	—	$	3,884,712	$	—		$	3,884,712	$	—
Repurchase Agreements		—		—		5,163,000		—			5,163,000		—
Swap Agreements		—		—		—		(14,181	)		—		(14,181	)
Total	$	—	$	—	$	9,047,712	$	(14,181	)	$	9,047,712	$	(14,181	)

286 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs					Total
	Investment Securities		Other Financial Instruments^		Investment Securities		Other Financial Instruments^			Investment Securities		Other Financial Instruments^
ProFund VP Utilities
Common Stocks	$	29,395,321	$	—	$	—	$	—		$	29,395,321	$	—
Repurchase Agreements		—		—		508,000		—			508,000		—
Swap Agreements		—		—		—		(1,761	)		—		(1,761	)
Total	$	29,395,321	$	—	$	508,000	$	(1,761	)	$	29,903,321	$	(1,761	)

^ Other financial instruments include any derivative instruments not reflected in the Schedule of Portfolio Investments as Investment Securities, such as futures contracts, forward currency contracts and swap agreements (including credit default swap agreements). These instruments are generally recorded in the financial statements at the unrealized appreciation/(depreciation) on the investment.

* Ferroglobe Representation and Warranty Insurance trust was valued at $0 and categorized as Level 2 within the fair value hierarchy.

4. Fees and Transactions with Affiliates and Other Parties

The ProFunds 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, 2023, no Fund's annual investment advisory fee was subject to such reductions.

Citi Fund Services Ohio, Inc. ("Citi") acts as the Trust's administrator (the "Administrator"). For its services as Administrator, the Trust paid Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.05%, and a base fee for certain filings. Administration fees also include additional fees paid to Citi by the Trust for additional services provided, including support of the Trust's compliance program.

Citi also acts as fund accounting agent for the Trust. For these services, the Trust pays Citi an annual fee based on the Trust's aggregate average net assets at a tier rate ranging from 0.00375% to 0.03%, a base fee, and reimbursement of certain expenses.

FIS Investor Services LLC ("FIS") acts as transfer agent for the Trust. For these services, the Trust pays FIS a base fee, service charges, fees based on the number of VP Funds, and reimbursement of certain expenses.

ProFunds Distributors, Inc. (the "Distributor"), a wholly owned subsidiary of the Advisor, serves as the Trust's distributor. Under a Distribution and Shareholder Services Plan, adopted by the Trust's Board of Trustees pursuant to Rule 12b-1 under the 1940 Act, each ProFund VP may pay financial intermediaries such as broker-dealers, insurance companies and the Distributor up to 0.25%, on an annualized basis, of the average daily net assets as compensation for the distribution-related activities and/or shareholder services.

Distribution Fees were suspended throughout the period ended June 30, 2023 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 $46,091 for the period ended June 30, 2023. 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, 2023, 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 $44,588 for the period ended June 30, 2023. 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, 2023, 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."

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 287

The Advisor has contractually agreed to waive advisory and management services fees, and if necessary, reimburse certain other expenses of the ProFunds VP in order to limit the annual operating expenses (exclusive of brokerage costs, interest, taxes, dividends (including dividend expenses on securities sold short), litigation, indemnification, and extraordinary expenses) to an annualized rate of 1.35% of the average daily net assets of ProFund VP Government Money Market, 1.38% of the average daily net assets of ProFund VP U.S. Government Plus and 1.68% of the average daily net assets of each other ProFund VP. These expense limitations remain in effect until at least April 30, 2024.

The Advisor may recoup the advisory and management services fees contractually waived or limited and other expenses reimbursed by it within three years from the contractual period; however, such recoupment will be limited to the lesser of any expense limitation in place at the time of recoupment or the expense limitation in place at the time of waiver or reimbursement. Any amounts recouped by the Advisor during the period are reflected on the Statement of Operations as "Recoupment of prior expenses reduced by the Advisor." As of June 30, 2023, the recoupments that may potentially be made by the ProFunds VP are as follows:

	Expires 4/30/24		Expires 4/30/25		Expires 4/30/26		Expires 4/30/27		Total
ProFund Access VP High Yield	$	26,937	$	—	$	3,223	$	1,589	$	31,749
ProFund VP Asia 30		—		—		15,415		5,868		21,283
ProFund VP Banks		2,494		—		6,886		855		10,235
ProFund VP Bear		3,281		—		565		764		4,610
ProFund VP Biotechnology		—		—		133		218		351
ProFund VP Bull		—		—		21,942		6,080		28,022
ProFund VP Communication Services†		4,957		329		3,195		1,182		9,663
ProFund VP Consumer Discretionary†		15,776		369		6,182		3,670		25,997
ProFund VP Consumer Staples†		10,988		536		7,736		3,236		22,496
ProFund VP Emerging Markets		1,418		—		25,649		4,900		31,967
ProFund VP Energy†		13,096		—		23,266		9,997		46,359
ProFund VP Europe 30		10,334		—		15,452		4,346		30,132
ProFund VP Falling U.S. Dollar		5,761		4,215		4,514		2,048		16,538
ProFund VP Financials		3,055		—		15,820		4,472		23,347
ProFund VP Health Care		24,319		—		9,366		6,738		40,423
ProFund VP Industrials		8,851		390		4,461		3,170		16,872
ProFund VP International		—		—		5,551		1,133		6,684
ProFund VP Internet		—		—		3,370		2,083		5,453
ProFund VP Japan		4,408		—		1,092		1,316		6,816
ProFund VP Large-Cap Growth		17,250		1,329		12,667		4,743		35,989
ProFund VP Large-Cap Value		13,431		2,302		10,632		4,761		31,126
ProFund VP Materials†		3,206		—		6,866		3,243		13,315
ProFund VP Mid-Cap		—		—		5,489		1,676		7,165
ProFund VP Mid-Cap Growth		17,143		7,817		12,813		4,006		41,779
ProFund VP Mid-Cap Value		11,427		3,158		10,985		4,042		29,612
ProFund VP Nasdaq-100		56,024		—		65,747		16,651		138,422
ProFund VP Pharmaceuticals		3,392		—		6,166		2,207		11,765
ProFund VP Precious Metals		18,138		—		12,968		5,416		36,522
ProFund VP Real Estate		7,742		268		2,821		1,742		12,573
ProFund VP Rising Rates Opportunity		—		—		520		539		1,059
ProFund VP Semiconductor		—		—		3,835		2,349		6,184
ProFund VP Short Dow 30		25		—		—		—		25
ProFund VP Short Emerging Markets		—		—		560		144		704
ProFund VP Short International		—		—		505		25		530
ProFund VP Short Mid-Cap		193		—		178		64		435
ProFund VP Short Nasdaq-100		—		—		6,338		1,414		7,752
ProFund VP Short Small-Cap		2,179		82		3,055		1,474		6,790
ProFund VP Small-Cap		14,995		1,008		18,514		3,913		38,430
ProFund VP Small-Cap Growth		8,803		140		2,546		3,742		15,231
ProFund VP Small-Cap Value		14,210		—		5,595		4,753		24,558
ProFund VP Technology		—		—		224		293		517
ProFund VP UltraBull		—		—		1,022		2,467		3,489
ProFund VP UltraMid-Cap		10,517		773		3,796		2,719		17,805
ProFund VP UltraNasdaq-100		95,642		6,645		136,878		18,592		257,757
ProFund VP UltraShort Nasdaq-100		—		534		4,774		341		5,649
ProFund VP UltraSmall-Cap		31,072		6,878		31,072		4,967		73,989
ProFund VP U.S. Government Plus		26,056		—		5,622		3,062		34,740
ProFund VP Utilities		21,102		511		18,146		6,516		46,275

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, 2024 to the extent necessary to maintain a certain minimum net yield as determined by the Advisor.

288 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

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, 2023, the recoupments that may potentially be made by ProFund VP Government Money Market are as follows:

	Expires 4/30/24		Expires 4/30/25		Expires 4/30/26		Total
ProFund VP Government Money Market	$	520,249	$	437,473	$	28,512	$	986,234

In addition, the Advisor has agreed to voluntarily waive advisory and management services fees, and if necessary, reimburse certain other expenses of ProFund VP Government Money Market to the extent necessary 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 (exclusive of the amounts contractually waived to support a minimum net yield). During the period ended June 30, 2023, the advisor voluntarily waived $62,893. This voluntary waiver may be changed or terminated at any time without notice. Amounts waived voluntarily are not subject to recoupment at a future date, and no contractual waivers will be recouped in the ProFund VP Government Money Market while the Advisor continues to voluntarily waive expenses.

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, 2023 were as follows:

	Purchases		Sales
ProFund VP Asia 30	$	14,437,845	$	16,790,581
ProFund VP Banks		10,064,025		9,189,489
ProFund VP Biotechnology		45,026,411		45,458,041
ProFund VP Bull		21,338,346		20,807,599
ProFund VP Communication Services†		8,559,330		7,377,025
ProFund VP Consumer Discretionary†		13,632,848		11,612,067
ProFund VP Consumer Staples†		17,158,157		16,444,317
ProFund VP Emerging Markets		17,675,217		12,437,463
ProFund VP Energy†		11,719,675		20,276,160
ProFund VP Europe 30		9,304,752		10,301,959
ProFund VP Financials		9,445,811		13,271,149
ProFund VP Health Care		4,400,871		8,218,451
ProFund VP Industrials		7,737,093		8,314,009
ProFund VP Internet		4,219,728		3,552,581
ProFund VP Large-Cap Growth		17,011,174		10,632,487
ProFund VP Large-Cap Value		13,347,324		13,865,757
ProFund VP Materials†		9,896,365		8,134,650
ProFund VP Mid-Cap Growth		5,758,196		6,516,836
ProFund VP Mid-Cap Value		8,193,858		10,194,849
ProFund VP Nasdaq-100		719,843		898,274
ProFund VP Pharmaceuticals		6,360,487		7,632,225
ProFund VP Real Estate		2,683,823		2,858,855
ProFund VP Semiconductor		33,069,959		21,129,798
ProFund VP Small-Cap		607,764		775,768
ProFund VP Small-Cap Growth		3,159,505		3,171,346
ProFund VP Small-Cap Value		4,511,715		6,268,901
ProFund VP Technology		24,742,691		10,296,428
ProFund VP UltraBull		4,128,622		664,105
ProFund VP UltraMid-Cap		1,002,457		521,633
ProFund VP UltraNasdaq-100		22,523,959		1,088,133
ProFund VP UltraSmall-Cap		842,037		1,277,352
ProFund VP Utilities		4,190,718		10,327,289

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, 2023 were as follows:

	Purchases		Sales
ProFund Access VP High Yield	$	39,409,726	$	40,058,123
ProFund VP U.S. Government Plus		7,798,463		7,757,763

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 289

6. Investment Risks

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

Risks Associated with the Use of Derivatives

Certain ProFunds VP may obtain investment exposure through derivatives. Investing in derivatives may be considered aggressive and may expose the ProFund VP to greater risks and may result in larger losses or smaller gains than investing directly in the reference asset(s) underlying those derivatives (e.g., securities in the Index). These risks include counterparty risk, liquidity risk and increased correlation risk. When the ProFund VP uses derivatives, there may be imperfect correlation between the value of the reference asset(s) underlying the derivative (e.g., securities in the Index) and the derivative, which may prevent the ProFund VP from achieving its investment objective. Because derivatives often require only a limited initial investment, the use of derivatives also may expose the ProFund VP to losses in excess of those amounts initially invested.

Certain ProFunds VP may use a combination of swaps on the Index and swaps on an ETF that is designed to track the performance of the Index. The performance of an ETF may not track the performance of the Index due to embedded costs and other factors. Thus, to the extent the ProFund VP invests in swaps that use an ETF as the reference asset, the ProFund VP may be subject to greater correlation risk and may not achieve as high a degree of correlation with the Index as it would if the ProFund VP only used swaps on the Index.

Moreover, with respect to the use of swap agreements, if the Index has a dramatic intraday move that causes a material decline in a ProFund VP's net assets, the terms of a swap agreement between the ProFund VP and its counterparty may permit the counterparty to immediately close out the transaction with the ProFund VP. In that event, the ProFund VP may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with the ProFund VP's investment objective. This, in turn, may prevent the ProFund VP from achieving its investment objective, even if the Index reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the ProFund VP may change quickly and without warning. Any costs associated with using derivatives will also have the effect of lowering the ProFund VP's return.

Compounding Risk

Certain ProFunds VP are "geared" funds ("Geared Funds") in the sense that the ProFund VP has an investment objective to match a multiple, the inverse, or an inverse multiple of the performance of a benchmark on a single day, not for any other period. A "single day" is measured from the time a ProFund VP calculates its net asset value ("NAV") to the time of the ProFund VP's next NAV calculation. These Geared Funds are subject to all of the correlation risks described below. In addition, because these ProFunds VP have a single day investment objective, for periods greater than one day, the effect of compounding may cause the performance of a ProFund VP to vary from the benchmark performance (or the inverse of the benchmark performance) times the stated multiple in the ProFund VP objective, as applicable, before accounting for fees and ProFund VP expenses. As explained in greater detail in their Prospectuses, as a result of compounding, Geared Funds are unlikely to provide a simple multiple (e.g. -1x, 2x, or -2x) of a benchmark's return over periods longer than a single day.

Leverage Risk

Certain ProFunds VP utilize leverage (i.e., obtain investment exposure in excess of their assets) in seeking to achieve their investment objective and will lose more money in market environments adverse to their daily objective than similar funds that do not employ leverage.

Because the ProFunds VP that utilize leverage include either multipliers of 2x or 1.25x (or sometimes the inverse thereof), a single day adverse price movement of more than 50% or 80%, respectively, in a relevant benchmark, could result in the total loss of an investor's investment.

Active Investor Risk

Each ProFund VP permits short-term trading of its securities. In addition, the Advisor expects a significant portion of the assets invested in a ProFund VP to come from professional money managers and investors who use the ProFund VP as part of active trading or tactical asset allocation strategies. These strategies often call for frequent trading to take advantage of anticipated changes in market conditions, which could increase portfolio turnover, and may result in additional costs for the ProFund VP. In addition, large movements of assets into and out of the ProFund VP may have a 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

290 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

ProFund VP's benchmark. Such a ProFund VP will be more susceptible to the risks associated with that specific industry, which may be different from the risks generally associated with other benchmarks. Each ProFund VP will concentrate its investments in a particular industry or group of industries to approximately the same extent as its benchmark, up to the extent permitted by applicable regulatory guidance. Additionally, certain ProFunds VP that focus their investments in particular countries or geographic regions may be particularly susceptible to economic, political or regulatory events affecting those countries or regions. These ProFunds VP may be more volatile than a more geographically diversified ProFund VP. The Schedule of Portfolio Investments includes information on each ProFund VP's holdings, including industry and/or geographical composition, as relevant.

Correlation Risk

There is no guarantee that a ProFund VP will achieve a high degree of correlation with its benchmark. Failure to achieve a high degree of correlation may prevent a ProFund VP from achieving its investment objective, and the percentage change of the ProFund VP's NAV each day may differ, perhaps significantly, from the percentage change of the ProFund VP's benchmark on such day. This may be due, among other reasons, to the impact of a limited trading market in the underlying component securities on the calculation of the benchmark.

In order to achieve a high degree of correlation with the Index, a ProFund VP seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to the Index may prevent the ProFund VP from achieving a high degree of correlation with the Index. Market disruptions or closure, regulatory restrictions, market volatility and other factors will adversely affect the ProFund VP's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the ProFund VP will have perfect leveraged exposure at the end of each day and the likelihood of being materially under- or overexposed is higher on days when the Index level is volatile at or near the close of the trading day.

A number of other factors may adversely affect a ProFund VP's correlation with its benchmark, including material over- or underexposure, fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which a ProFund VP invests. A ProFund VP may not have investment exposure to all securities in its benchmark, or its weighting of investment exposure to stocks or industries may be different from that of the benchmark. In addition, a ProFund VP may invest in securities not included in the benchmark or in financial instruments. Each ProFund VP may take or refrain from taking positions in order to improve tax efficiency or comply with regulatory restrictions, either of which may negatively affect the ProFund VP's correlation with its benchmark. A ProFund VP may also be subject to large movements of assets into and out of the ProFund VP, potentially resulting in the ProFund VP being over- or underexposed to its benchmark, and may be impacted by index reconstitutions and index rebalancing events. Additionally, a ProFund VP's underlying holdings or reference assets may trade on markets that may or may not be open on the same day as the ProFund VP. Each ProFund VP (other than the Classic ProFunds VP, the Sector ProFunds VP, ProFund VP Falling U.S. Dollar and ProFund VP Government Money Market) seeks to rebalance its portfolio daily to keep its leveraged, inverse or inverse leveraged exposure to the benchmark consistent with its investment objective. Any of these factors could decrease correlation between the performance of a ProFund VP and may hinder a ProFund VP's ability to meet its investment objective on or around that day.

Credit Default Swaps (CDS) Risk

While the Profund Access VP High Yield will normally be a net "seller" of CDS, at times the ProFund Access VP High Yield may be a net "buyer" of CDS. When the ProFund VP is a seller of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund VP will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. When the ProFund VP is a buyer of credit protection, upon the occurrence of a credit event, the counterparty to the ProFund VP will have an obligation to pay the full notional value of a defaulted reference entity less recovery value. Recovery values for CDS are generally determined via an auction process to determine the final price for a given reference entity. Although, the ProFund VP intends, as practicable, to obtain exposure through centrally cleared CDS, an active market may not exist for any of the CDS in which the ProFund VP invests or in the reference entities subject to the CDS. As a result, the ProFund VP's ability to maximize returns or minimize losses on such CDS may be impaired. Other risks of CDS include difficulty in valuation due to the lack of pricing transparency and the risk that changes in the value of the CDS do not reflect changes in the credit quality of the underlying reference entities or may otherwise perform differently than expected given market conditions. Because the ProFund VP may use a single counterparty or a small number of counterparties, certain CDS involve many reference entities and there are no limitations on the notional amount established for the CDS. As a result, counterparty risk may be amplified.

Counterparty Risk

A ProFund 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

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 291

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 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.

292 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

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

The onset of the novel coronavirus (COVID-19) has caused significant shocks to global financial markets and economies, with many governments taking extreme actions to slow and contain the spread of COVID-19 (including any variants). These actions have had, and likely will continue to have, a severe economic impact on global economies as economic activity in some instances has essentially ceased. The global economic shocks being experienced as of the date hereof may cause the underlying assumptions and expectations of the ProFund VP to quickly become outdated or inaccurate, resulting in significant losses. Additionally, other public health issues, war, military conflicts, sanctions, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. Russia's recent military incursions in Ukraine have led to, and may lead to additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the ProFund VP's investments, even beyond any direct exposure the ProFund may have to the region or to adjoining geographic regions. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas. How long such tensions and related events will last cannot be predicted. These tensions and any related events could have significant impact on the ProFund 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.

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.

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 293

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 appreciated from 4.33% to 5.08% during the period. 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.

Liquidity Risk

In certain circumstances, such as the disruption of the orderly markets for the securities or financial instruments in which a ProFund VP invests, the ProFunds VP might not be able to acquire or dispose of certain holdings quickly or at prices that represent true fair value in the judgment of the Advisor. Markets for the securities or financial instruments in which a ProFund VP invests may be disrupted by a number of events, including but not limited to economic crises, natural disasters, new legislation, or regulatory changes inside or outside of the U.S. For example, regulation limiting the ability of certain financial institutions to invest in certain securities would likely reduce the liquidity of those securities. These situations may prevent a ProFund VP from limiting losses, realizing gains, or from achieving a high correlation (or inverse correlation) with its underlying benchmark.

7. Federal Income Tax Information

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

	Year Ended December 31, 2022								Year Ended December 31, 2021
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Gains		Tax Return of Capital		Total Distributions Paid
ProFund Access VP High Yield	$	595,085	$	—	$	—	$	595,085	$	490,299	$	—	$	—	$	490,299
ProFund VP Asia 30		95,017		2,232,606		—		2,327,623		177,657		4,210,725		—		4,388,382
ProFund VP Banks		49,018		—		—		49,018		82,428		—		—		82,428
ProFund VP Bear		—		—		—		—		20,517		1,179		—		21,696
ProFund VP Biotechnology		197,061		8,620,057		—		8,817,118		384,376		—		—		384,376
ProFund VP Bull		4,194,088		1,291,627		—		5,485,715		1,730,614		2,971,176		—		4,701,790
ProFund VP Communication Services†		103,492		—		—		103,492		81,611		—		—		81,611
ProFund VP Consumer Discretionary†		60,825		139,786		—		200,611		930,394		1,515,195		—		2,445,589
ProFund VP Consumer Staples†		488,033		48,178		—		536,211		297,851		765,184		—		1,063,035
ProFund VP Dow 30		44,674		—		—		44,674		55,117		—		—		55,117
ProFund VP Emerging Markets		110,840		—		—		110,840		—		—		—		—
ProFund VP Energy†		658,231		—		—		658,231		528,770		—		—		528,770
ProFund VP Europe 30		816,976		138,048		—		955,024		163,002		—		—		163,002
ProFund VP Falling U.S. Dollar		—		—		—		—		1,014		14,881		—		15,895
ProFund VP Financials		265,645		116,404		—		382,049		363,519		2,335,855		—		2,699,374
ProFund VP Government Money Market		375,075		—		—		375,075		5,562		—		—		5,562
ProFund VP Health Care		364,507		2,227,197		—		2,591,704		499,530		3,738,461		—		4,237,991
ProFund VP Industrials		74,737		115,158		—		189,895		40,631		1,131,548		—		1,172,179
ProFund VP International		461,505		—		—		461,505		—		—		—		—
ProFund VP Internet		—		3,971,476		—		3,971,476		769,852		2,812,110		—		3,581,962
ProFund VP Japan		60,553		296,292		—		356,845		387,547		718,980		—		1,106,527
ProFund VP Large-Cap Growth		120,408		3,618,565		—		3,738,973		670,296		3,262,142		—		3,932,438
ProFund VP Large-Cap Value		72,492		201,284		—		273,776		149,393		—		—		149,393
ProFund VP Materials†		138,448		53,432		—		191,880		254,694		295,399		—		550,093
ProFund VP Mid-Cap		2,138,942		292,514		—		2,431,456		607,067		—		—		607,067
ProFund VP Mid-Cap Growth		455,295		2,534,042		—		2,989,337		270,436		1,446,994		—		1,717,430
ProFund VP Mid-Cap Value		700,703		1,426,381		—		2,127,084		54,454		—		—		54,454
ProFund VP Nasdaq-100		9,788,260		10,171,071		—		19,959,331		13,205,051		5,754,779		—		18,959,830
ProFund VP Pharmaceuticals		181,043		670,360		—		851,403		236,561		—		—		236,561
ProFund VP Real Estate		440,861		162,329		—		603,190		3,298		—		—		3,298
ProFund VP Semiconductor		671,419		26,089		—		697,508		743,390		312,175		—		1,055,565
ProFund VP Short Emerging Markets		13,998		—		—		13,998		—		—		—		—
ProFund VP Short Mid-Cap		—		—		—		—		139,495		—		—		139,495
ProFund VP Short Nasdaq-100		—		—		—		—		148,179		76,706		—		224,885
ProFund VP Small-Cap		1,044,374		490,095		—		1,534,469		492,926		274,681		—		767,607
ProFund VP Small-Cap Growth		552,099		1,989,453		—		2,541,552		481,395		1,270,548		—		1,751,943

294 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

	Year Ended December 31, 2022								Year Ended December 31, 2021
	Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Gains		Tax Return of Capital		Total Distributions Paid		Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Gains		Tax Return of Capital		Total Distributions Paid
ProFund VP Small-Cap Value	$	1,850,348	$	1,973,977	$	—	$	3,824,325	$	29,211	$	—	$	—	$	29,211
ProFund VP Technology		1,317,218		5,172,582		—		6,489,800		1,784,842		1,809,709		—		3,594,551
ProFund VP UltraBull		2,078,580		948,359		—		3,026,939		—		—		—		—
ProFund VP UltraMid-Cap		3,468,388		589,136		—		4,057,524		—		—		—		—
ProFund VP UltraNasdaq-100		72,449,015		1,258,151		—		73,707,166		49,379,390		6,317,292		—		55,696,682
ProFund VP UltraShort Dow 30		—		—		—		—		109,160		—		—		109,160
ProFund VP UltraShort Nasdaq-100		—		—		—		—		2,439,139		—		—		2,439,139
ProFund VP UltraSmall-Cap		2,923,886		639,688		—		3,563,574		2,071,442		182,370		—		2,253,812
ProFund VP U.S. Government Plus		—		—		—		—		2,851,086		—		—		2,851,086
ProFund VP Utilities		391,040		426,398		—		817,438		492,932		—		—		492,932

As of the latest tax year ended December 31, 2022, the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficit)
ProFund Access VP High Yield	$	455,481	$	—	$	—	$	(5,018,078	)	$	(102,720	)	$	(4,665,317	)
ProFund VP Asia 30		17,533		669,692		—		—			(1,353,643	)		(666,418	)
ProFund VP Banks		65,310		—		—		(5,494,613	)		352,746			(5,076,557	)
ProFund VP Bear		7,959		—		—		(22,522,623	)		(12,183	)		(22,526,847	)
ProFund VP Biotechnology		—		6,518,064		—		—			21,806,602			28,324,666
ProFund VP Bull		—		8,733,934		—		—			18,879,131			27,613,065
ProFund VP Communication Services†		58,848		—		—		(889,766	)		91,121			(739,797	)
ProFund VP Consumer Discretionary†		—		1,013,991		—		—			5,271,705			6,285,696
ProFund VP Consumer Staples†		343,272		1,462,883		—		—			7,024,124			8,830,279
ProFund VP Dow 30		129		—		—		(1,674,077	)		(881	)		(1,674,829	)
ProFund VP Emerging Markets		422,942		—		—		(8,203,731	)		3,855,137			(3,925,652	)
ProFund VP Energy†		1,187,916		—		—		(1,273,114	)		29,534,511			29,449,313
ProFund VP Europe 30		314,873		—		—		(1,113,907	)		654,020			(145,014	)
ProFund VP Falling U.S. Dollar		—		—		—		(384,262	)		—			(384,262	)
ProFund VP Financials		122,130		1,062,731		—		—			13,313,317			14,498,178
ProFund VP Government Money Market		—		—		—		(36,237	)		—			(36,237	)
ProFund VP Health Care		—		4,450,780		—		—			30,015,599			34,466,379
ProFund VP Industrials		—		1,349,719		—		—			7,505,557			8,855,276
ProFund VP International		—		—		—		(3,206,923	)		(84,093	)		(3,291,016	)
ProFund VP Internet		—		1,717,154		—		—			766,054			2,483,208
ProFund VP Japan		—		—		—		(849,238	)		(3,217	)		(852,455	)
ProFund VP Large-Cap Growth		—		3,728,771		—		—			6,247,558			9,976,329
ProFund VP Large-Cap Value		87,123		1,233,161		—		—			1,413,577			2,733,861
ProFund VP Materials†		72,950		—		—		(779,497	)		6,520,287			5,813,740
ProFund VP Mid-Cap		—		—		—		(2,679,496	)		(17,158	)		(2,696,654	)
ProFund VP Mid-Cap Growth		—		78,944		—		—			1,852,200			1,931,144
ProFund VP Mid-Cap Value		40,616		688,633		—		—			57,924			787,173
ProFund VP Nasdaq-100		—		620,920		—		—			39,088,377			39,709,297
ProFund VP Pharmaceuticals		61,386		228,206		—		—			3,193,648			3,483,240
ProFund VP Precious Metals		—		—		—		(64,729,738	)		(285,127	)		(65,014,865	)
ProFund VP Real Estate		27,181		1,185,808		—		—			2,732,684			3,945,673
ProFund VP Rising Rates Opportunity		16,031		—		—		(24,690,424	)		1,748,208			(22,926,185	)
ProFund VP Semiconductor		—		397,741		—		—			4,101,692			4,499,433
ProFund VP Short Dow 30		—		—		—		(119,038	)		21			(119,017	)
ProFund VP Short Emerging Markets		4,339		—		—		(2,616,989	)		8,897			(2,603,753	)
ProFund VP Short International		13,615		—		—		(2,392,971	)		17,489			(2,361,867	)
ProFund VP Short Mid-Cap		1,059		—		—		(2,593,526	)		113			(2,592,354	)
ProFund VP Short Nasdaq-100		—		5,864		—		(15,125,024	)		(61,338	)		(15,180,498	)
ProFund VP Short Small-Cap		131,293		11,997		—		(5,873,280	)		(26,214	)		(5,756,204	)

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 295

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Distributions Payable		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation)			Total Accumulated Earnings/ (Deficit)
ProFund VP Small-Cap	$	—	$	—	$	—	$	(911,647	)	$	773,147		$	(138,500	)
ProFund VP Small-Cap Growth		—		431,756		—		—			2,599,422			3,031,178
ProFund VP Small-Cap Value		33,704		777,468		—		—			(1,473,875	)		(662,703	)
ProFund VP Technology		—		5,510,717		—		—			18,388,141			23,898,858
ProFund VP UltraBull		—		—		—		(17,550,866	)		5,139,488			(12,411,378	)
ProFund VP UltraMid-Cap		—		—		—		(2,274,867	)		1,776,838			(498,029	)
ProFund VP UltraNasdaq-100		—		—		—		(87,833,413	)		38,876,118			(48,957,295	)
ProFund VP UltraShort Dow 30		6		—		—		(968,655	)		24			(968,625	)
ProFund VP UltraShort Nasdaq-100		—		—		—		(5,412,029	)		(109,145	)		(5,521,174	)
ProFund VP UltraSmall-Cap		—		—		—		(9,118,483	)		1,236,916			(7,881,567	)
ProFund VP U.S. Government Plus		79,921		—		—		(7,392,894	)		(543,910	)		(7,856,883	)
ProFund VP Utilities		416,841		—		—		(544,061	)		16,345,218			16,217,998

As of the latest tax year ended December 31, 2022, the following ProFunds VP have net capital loss carryforwards ("CLCFs") as summarized in the tables below.

	No Expiration Date
ProFund Access VP High Yield	$	5,018,078	*
ProFund VP Banks		5,494,612	*
ProFund VP Bear		22,522,623	*
ProFund VP Communication Services†		889,766
ProFund VP Dow 30		1,674,077	*
ProFund VP Emerging Markets		8,203,731	*
ProFund VP Energy†		1,273,114
ProFund VP Europe 30		1,113,907
ProFund VP Falling U.S. Dollar		384,262	*
ProFund VP Government Money Market		36,237
ProFund VP International		3,206,923	*
ProFund VP Japan		849,238	*
ProFund VP Materials†		779,496
ProFund VP Mid-Cap		2,679,496
ProFund VP Precious Metals		64,729,738
ProFund VP Rising Rates Opportunity		24,690,424	*
ProFund VP Short Dow 30		119,038	*
ProFund VP Short Emerging Markets		2,616,989	*
ProFund VP Short International		2,392,971	*
ProFund VP Short Mid-Cap		2,593,526	*
ProFund VP Short Nasdaq-100		15,125,024	*
ProFund VP Short Small-Cap		5,873,280	*
ProFund VP Small-Cap		911,647
ProFund VP UltraBull		17,550,866	*
ProFund VP UltraMid-Cap		2,274,867
ProFund VP UltraNasdaq-100		87,833,413
ProFund VP UltraShort Dow 30		968,655	*
ProFund VP UltraShort Nasdaq-100		5,412,029	*
ProFund VP UltraSmall-Cap		9,118,483
ProFund VP U.S. Government Plus		7,392,894
ProFund VP Utilities		544,061

*  All or a portion are limited as a result of changes in the ProFund VP ownership during the year and in prior years.

Unused limitations accumulate and increase limited CLCFs available for use in offsetting net capital gains. The tax character of current year distribution paid and the tax basis of the current components of accumulated earnings (deficit) and any CLCFs will be determined at the end of the current tax year. The Board does not intend to authorize a distribution of any realized gain for a ProFund VP until any applicable CLCF has been offset or expires.

296 :: Notes to Financial Statements :: June 30, 2023 (unaudited)

As of December 31, 2022, the cost, gross unrealized appreciation and gross unrealized depreciation on investment securities, for federal income tax purposes, were as follows:

	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
ProFund Access VP High Yield	$	16,774,625	$	—	$	(102,720	)	$	(102,720	)
ProFund VP Asia 30		22,118,275		5,212,263		(6,565,906	)		(1,353,643	)
ProFund VP Banks		3,239,247		2,707,240		(2,354,494	)		352,746
ProFund VP Bear		4,149,696		—		(12,183	)		(12,183	)
ProFund VP Biotechnology		23,396,054		27,344,901		(5,538,299	)		21,806,602
ProFund VP Bull		26,665,574		22,216,941		(3,337,810	)		18,879,131
ProFund VP Communication Services†		3,783,646		971,479		(880,358	)		91,121
ProFund VP Consumer Discretionary†		9,970,141		7,013,233		(1,741,528	)		5,271,705
ProFund VP Consumer Staples†		4,373,375		8,270,516		(1,246,392	)		7,024,124
ProFund VP Dow 30		270,000		—		(881	)		(881	)
ProFund VP Emerging Markets		15,549,760		6,396,665		(2,541,528	)		3,855,137
ProFund VP Energy†		33,675,704		36,552,276		(7,017,765	)		29,534,511
ProFund VP Europe 30		15,495,270		4,848,104		(4,194,084	)		654,020
ProFund VP Falling U.S. Dollar		508,279		—		—			—
ProFund VP Financials		14,049,565		19,974,158		(6,660,841	)		13,313,317
ProFund VP Government Money Market		36,612,252		—		—			—
ProFund VP Health Care		13,058,726		32,990,751		(2,975,152	)		30,015,599
ProFund VP Industrials		6,775,236		8,672,872		(1,167,315	)		7,505,557
ProFund VP International		12,578,000		—		(84,093	)		(84,093	)
ProFund VP Internet		7,287,447		3,681,010		(2,914,956	)		766,054
ProFund VP Japan		6,722,080		—		(3,217	)		(3,217	)
ProFund VP Large-Cap Growth		9,586,170		6,988,838		(741,280	)		6,247,558
ProFund VP Large-Cap Value		14,633,323		3,741,404		(2,327,827	)		1,413,577
ProFund VP Materials†		7,014,986		8,540,983		(2,020,696	)		6,520,287
ProFund VP Mid-Cap		9,923,491		—		(17,158	)		(17,158	)
ProFund VP Mid-Cap Growth		10,105,211		2,685,700		(833,500	)		1,852,200
ProFund VP Mid-Cap Value		13,134,482		2,207,235		(2,149,311	)		57,924
ProFund VP Nasdaq-100		26,546,319		41,869,129		(2,780,752	)		39,088,377
ProFund VP Pharmaceuticals		10,202,131		4,902,711		(1,709,063	)		3,193,648
ProFund VP Precious Metals		25,646,000		—		(285,127	)		(285,127	)
ProFund VP Real Estate		2,772,627		3,441,876		(709,192	)		2,732,684
ProFund VP Rising Rates Opportunity		14,784,802		1,748,208		—			1,748,208
ProFund VP Semiconductor		2,315,924		5,147,290		(1,045,598	)		4,101,692
ProFund VP Short Dow 30		7,000		21		—			21
ProFund VP Short Emerging Markets		857,000		8,897		—			8,897
ProFund VP Short International		2,994,000		17,489		—			17,489
ProFund VP Short Mid-Cap		90,000		113		—			113
ProFund VP Short Nasdaq-100		16,720,006		—		(61,338	)		(61,338	)
ProFund VP Short Small-Cap		3,106,000		—		(26,214	)		(26,214	)
ProFund VP Small-Cap		9,532,119		2,197,245		(1,424,098	)		773,147
ProFund VP Small-Cap Growth		11,364,354		3,768,712		(1,169,290	)		2,599,422
ProFund VP Small-Cap Value		19,972,544		3,301,102		(4,774,977	)		(1,473,875	)
ProFund VP Technology		6,506,822		20,842,019		(2,453,878	)		18,388,141
ProFund VP UltraBull		4,835,788		5,676,526		(537,038	)		5,139,488
ProFund VP UltraMid-Cap		6,608,691		2,390,339		(613,501	)		1,776,838
ProFund VP UltraNasdaq-100		31,695,864		42,015,209		(3,139,091	)		38,876,118
ProFund VP UltraShort Dow 30		4,000		24		—			24
ProFund VP UltraShort Nasdaq-100		15,265,000		—		(109,145	)		(109,145	)
ProFund VP UltraSmall-Cap		11,231,151		3,055,169		(1,818,253	)		1,236,916
ProFund VP U.S. Government Plus		9,150,066		3,027		(546,937	)		(543,910	)
ProFund VP Utilities		22,078,327		18,817,704		(2,472,486	)		16,345,218

8. Share Splits and Reverse Share Splits

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, ProFund VP UltraBull, ProFund VP UltraShort Nasdaq-100 each underwent a 1-for-4 reverse share split and the ProFund VP UltraShort Dow 30 underwent a 1-for-5 reverse share split.

Effective November 18, 2019, the ProFund VP Internet underwent a 3-for-1 share split, the ProFund VP Short Dow 30, the ProFund VP Short International, and the ProFund VP Short Nasdaq-100 each underwent a 1-for-4 reverse share split, and the ProFund VP UltraShort Dow 30 underwent a 1-for-8 reverse share split.

June 30, 2023 (unaudited) :: Notes to Financial Statements :: 297

The effect of the share split transactions was to multiply the number of outstanding shares of the ProFund VP by the respective split factor, with a corresponding decrease in net asset value per share; and the effect of the reverse share split transactions was to divide the number of outstanding shares of the ProFunds VP by the respective reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of these ProFunds VP or the value of a shareholder's investment.

The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the share splits and reverse share splits.

9. Shareholder Concentration

Ownership of more than 25% of the voting securities for a fund creates presumptions of control of the fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2023, 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 37%, 66%, and 93% respectively.

10. Subsequent Events

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

298 :: Liquidity Risk Management Program :: June 30, 2023 (unaudited)

ProFunds (the "Trust") has implemented a liquidity risk management program ("Liquidity Program") to identify illiquid investments pursuant to Rule 22e-4 of the Investment Company Act of 1940, as amended. The Board of Trustees of the Trust ("the Board") has approved the designation of ProFund Advisors LLC (the "Program Administrator") to administer the Trust's Liquidity Program, subject to the oversight of the Board.

On September 12-13, 2022, during a meeting of the Board, the Chief Compliance Officer of the Trust provided to the Board the annual report on the Trust's Liquidity Program (the "Annual Liquidity Report"). The Annual Liquidity Report, which covered the period from July 1, 2021 through June 30, 2022, addressed the operation of the Trust's Liquidity Program and assessed the adequacy and effectiveness of the Liquidity Program's implementation. The Annual Liquidity Report affirmed that the Program Administrator believes that: (1) the Liquidity Program continues to be reasonably designed to effectively assess and manage each Fund's liquidity risk; (2) each Fund's liquidity risk continues to be appropriate in light of the Fund's investment objective and strategies and each Fund's investment strategies continue to be appropriate for an open-end management investment company; and (3) the Liquidity Program has been adequately and effectively implemented with respect to each Fund during the reporting period. The Annual Liquidity Report also affirmed that there have been no material changes to the Liquidity Program since its initial approval and that no material changes were being recommended at that time.

P.O. Box 182800

Columbus, OH 43218-2800

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.

06/23

Item 2. Code of Ethics.

Not applicable – only for annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable – only for annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable – only for annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a)  Not applicable.

(b)  Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that material information required to be disclosed by the registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)  File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)  Not applicable ^__ only for annual reports.

(a)(2)  Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3)  Not applicable.

(a)(4)  Not applicable.

(b)  Certifications pursuant to Rule 30a-2(b) are furnished hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) ProFunds

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date  August 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Todd B. Johnson
	Todd B. Johnson, President and Principal Executive Officer

Date August 31, 2023

By (Signature and Title)*	/s/ Denise Lewis
	Denise Lewis, Treasurer and Principal Financial Officer

Date August 25, 2023

* Print the name and title of each signing officer under his or her signature.