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PROFUNDS
SUPPLEMENT DATED MAY 12, 1998
TO PROSPECTUS DATED MAY 1, 1998
This Supplement is provided to update, and should be read in conjunction
with, the information provided in the Prospectus.
UltraShort OTC ProFund expects to commence operations and accept purchases
of its shares from the public on June 2, 1998. UltraShort OTC ProFund will
invest its assets in money market instruments until it has at least $3,500,000
in aggregate net assets, at which time it will invest in accordance with its
investment objective.