PROFUNDS
497, 1999-04-30
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               ULTRAEUROPE PROFUND AND ULTRASHORT EUROPE PROFUND
                          SUPPLEMENT DATED MAY 1, 1999
                         TO PROSPECTUS DATED MAY 1, 1999

This Supplement is provided to update,  and should be read in conjunction  with,
the information provided in the Prospectus.

UltraEurope ProFund and UltraShort Europe ProFund will each invest its assets in
money  market  instruments  until  it has at  least  $5,000,000  in net  assets;
thereafter,  it will invest in  accordance  with its  investment  objective  and
policies.

                                                                     EURPS 05/99


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