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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<NET-CHANGE-IN-ASSETS> 31
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<GROSS-EXPENSE> 26571
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<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> 1216.50<F1>
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<FN>
<F1> INVESTOR CLASS
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 042
<NAME> ULTRABEAR PROFUND
<S> <C>
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 31
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3525
<OTHER-INCOME> 0
<EXPENSES-NET> 1092
<NET-INVESTMENT-INCOME> 2433
<REALIZED-GAINS-CURRENT> 167320
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 169753
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 31
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 615
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26571
<AVERAGE-NET-ASSETS> 10<F2>
<PER-SHARE-NAV-BEGIN> 10.00<F2>
<PER-SHARE-NII> 0.35<F2>
<PER-SHARE-GAIN-APPREC> 0<F2>
<PER-SHARE-DIVIDEND> 0<F2>
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<PER-SHARE-NAV-END> 10.35<F2>
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<FN>
<F2> SERVICE CLASS
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 051
<NAME> ULTRAOTC PROFUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> DEC-02-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 246470
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 293738
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<OVERDISTRIBUTION-NII> 0
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<ACCUM-APPREC-OR-DEPREC> (19760)
<NET-ASSETS> 920168
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<EXPENSES-NET> 1321
<NET-INVESTMENT-INCOME> 1652
<REALIZED-GAINS-CURRENT> (867046)
<APPREC-INCREASE-CURRENT> (19760)
<NET-CHANGE-FROM-OPS> (885154)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F1>
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<NUMBER-OF-SHARES-SOLD> 923810<F1>
<NUMBER-OF-SHARES-REDEEMED> 893159<F1>
<SHARES-REINVESTED> 0<F1>
<NET-CHANGE-IN-ASSETS> 920168
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22211
<AVERAGE-NET-ASSETS> 772082<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> (1.70)<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 8.36<F1>
<EXPENSE-RATIO> 1.07<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> INVESTOR CLASS
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 052
<NAME> ULTRAOTC PROFUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> DEC-02-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 246470
<INVESTMENTS-AT-VALUE> 229110
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<TOTAL-ASSETS> 1213906
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<OTHER-ITEMS-LIABILITIES> 47193
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 293738
<SHARES-COMMON-STOCK> 79428<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 654
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 867046
<ACCUM-APPREC-OR-DEPREC> (19760)
<NET-ASSETS> 920168
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2973
<OTHER-INCOME> 0
<EXPENSES-NET> 1321
<NET-INVESTMENT-INCOME> 1652
<REALIZED-GAINS-CURRENT> (867046)
<APPREC-INCREASE-CURRENT> (19760)
<NET-CHANGE-FROM-OPS> (885154)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
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<NUMBER-OF-SHARES-SOLD> 85747<F2>
<NUMBER-OF-SHARES-REDEEMED> 6319<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 920168
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 751
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22211
<AVERAGE-NET-ASSETS> 476742<F2>
<PER-SHARE-NAV-BEGIN> 10.00<F2>
<PER-SHARE-NII> 0<F2>
<PER-SHARE-GAIN-APPREC> (1.64)<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 8.36<F2>
<EXPENSE-RATIO> 1.75<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2> SERVICE CLASS
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 061
<NAME> MONEY MARKET PROFUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> NOV-17-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 291594
<RECEIVABLES> 19938
<ASSETS-OTHER> 28689
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<TOTAL-ASSETS> 340221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50749
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 289475
<SHARES-COMMON-STOCK> 286964<F1>
<SHARES-COMMON-PRIOR> 0<F1>
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 289472
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 15685
<EXPENSES-NET> 1829
<NET-INVESTMENT-INCOME> 13856
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13853
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13856<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 5452268<F1>
<NUMBER-OF-SHARES-REDEEMED> 5171075<F1>
<SHARES-REINVESTED> 5771<F1>
<NET-CHANGE-IN-ASSETS> 289472
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26297
<AVERAGE-NET-ASSETS> 2282381<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> .006<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> .006<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 0.83<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1> INVESTOR CLASS
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 062
<NAME> MONEY MARKET PROFUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> NOV-17-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 291594
<RECEIVABLES> 19938
<ASSETS-OTHER> 28689
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 340221
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50749
<TOTAL-LIABILITIES> 50749
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 289475
<SHARES-COMMON-STOCK> 2511<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 3
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 289472
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 15685
<EXPENSES-NET> 1829
<NET-INVESTMENT-INCOME> 13856
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 13853
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2511<F2>
<NUMBER-OF-SHARES-REDEEMED> 0<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> 289472
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 26297
<AVERAGE-NET-ASSETS> 158<F2>
<PER-SHARE-NAV-BEGIN> 1.00<F2>
<PER-SHARE-NII> 0<F2>
<PER-SHARE-GAIN-APPREC> 0<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 1.00<F2>
<EXPENSE-RATIO> 1.83<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2> SERVICE CLASS
</TABLE>
To the Trustees
ProFunds
In planning and performing our audits of the
financial statements of ProFunds for the period
ended December 31, 1997, we considered its
internal control, including controls over safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our
opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of ProFunds is responsible
for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to
the entity's objective of preparing financial
statements for external purposes that are fairly
presented in conformity with generally accepted
accounting principles. Those controls include
the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and may not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to the
risk that it may become inadequate because of
changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of any
specific internal control component does not
reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material
in relation to the financial statements being
audited may occur and not be detected within a
timely period by employees in the normal course
of performing their assigned functions. However,
we noted no matters involving internal control,
including controls over safeguarding securities,
that we consider to be material weaknesses as
defined above as of December 31, 1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
COOPERS & LYBRAND L.L.P.
Columbus, Ohio
February 25, 1998
