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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 27
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<PAGE> PAGE 29
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SIGNATURE NICOLE FISHER
TITLE MANAGER
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<NAME> PROFUNDS
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</TABLE>
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<NAME> PROFUNDS
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<NAME> PROFUNDS
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</TABLE>
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<NAME> PROFUNDS
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</TABLE>
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<NAME> PROFUNDS
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<NAME> PROFUNDS
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<NUMBER-OF-SHARES-SOLD> 7679964
<NUMBER-OF-SHARES-REDEEMED> 6428987
<SHARES-REINVESTED> 165
<NET-CHANGE-IN-ASSETS> 34601310
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38021
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107561
<AVERAGE-NET-ASSETS> 7645997<F1>
<PER-SHARE-NAV-BEGIN> 50.00<F1>
<PER-SHARE-NII> .26<F1>
<PER-SHARE-GAIN-APPREC> (34.02)<F1>
<PER-SHARE-DIVIDEND> 0.0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.24<F1>
<EXPENSE-RATIO> 1.83<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Investor Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001039803
<NAME> PROFUNDS
<SERIES>
<NUMBER> 072
<NAME> ULTRASHORT OTC PROFUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-01-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 21019191
<INVESTMENTS-AT-VALUE> 20757990
<RECEIVABLES> 5583
<ASSETS-OTHER> 17586
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20781159
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 460395
<TOTAL-LIABILITIES> 460395
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34668912
<SHARES-COMMON-STOCK> 52657<F1>
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 13650687
<ACCUM-APPREC-OR-DEPREC> (697461)
<NET-ASSETS> 20320764
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 170766
<OTHER-INCOME> 0
<EXPENSES-NET> 98688
<NET-INVESTMENT-INCOME> 72078
<REALIZED-GAINS-CURRENT> (13650687)
<APPREC-INCREASE-CURRENT> (697461)
<NET-CHANGE-FROM-OPS> (14276070)
<EQUALIZATION> 67602
<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7679964
<NUMBER-OF-SHARES-REDEEMED> 6428987
<SHARES-REINVESTED> 165
<NET-CHANGE-IN-ASSETS> 34601310
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 38021
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107561
<AVERAGE-NET-ASSETS> 989476<F1>
<PER-SHARE-NAV-BEGIN> 50.00<F1>
<PER-SHARE-NII> .10<F1>
<PER-SHARE-GAIN-APPREC> (33.86)<F1>
<PER-SHARE-DIVIDEND> 0.0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.24<F1>
<EXPENSE-RATIO> 2.92<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Shares
</FN>
</TABLE>
To the Shareholders and
Board of Directors of
ProFunds:
In planning and performing our audit of the financial statements
and financial highlights of ProFunds for the year ended December 31, 1998,
we considered its internal control, including control activities for
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 fraud
may occur and 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 one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements and financial
highlights 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above as of December 31, 1998.
This report is intended solely for the information and use of
management and the Board of Directors of ProFunds and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Columbus, Ohio
February 18, 1999
