<PAGE>
June 30, 2000
Semi-Annual Report
[PHOTO APPEARS HERE]
ProFunds Mutual Funds
Bull ProFund
UltraBull ProFund
UltraMid-Cap ProFund
UltraSmall-Cap ProFund
UltraOTC ProFund
UltraEurope ProFund
UltraJapan ProFund
Bear ProFund
UltraBear ProFund
UltraShort OTC ProFund
Money Market ProFund
[PROFUNDS LOGO]
ProFunds(SM)
<PAGE>
Table of Contents
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
Letter to the Shareholders......................................... 1
Schedules of Portfolio Investments and Financial Statements
Bull ProFund...................................................... 3
UltraBull ProFund................................................. 12
UltraMid-Cap ProFund.............................................. 22
UltraSmall-Cap ProFund............................................ 30
UltraOTC ProFund.................................................. 43
UltraEurope ProFund............................................... 49
UltraJapan ProFund................................................ 54
Bear ProFund...................................................... 58
UltraBear ProFund................................................. 63
UltraShort OTC ProFund............................................ 68
Money Market ProFund.............................................. 72
Notes to Financial Statements...................................... 76
Cash Management Portfolio
Schedule of Portfolio Investments................................. 85
Statement of Assets and Liabilities............................... 89
Statement of Operations........................................... 89
Statements of Changes in Net Assets............................... 90
Financial Highlights.............................................. 91
Notes to Financial Statements..................................... 92
</TABLE>
<PAGE>
PROFUNDS
Shareholders' Letter
Dear ProFunds Shareholder,
I am pleased to present the Semi-Annual Report to Shareholders of ProFunds
for the six-month period ended June 30, 2000.
ProFunds Correlate . . .
During the six-month period covered by this report, the publicly available
ProFunds had daily correlation with their benchmark indexes at a level of at
least 0.98 for domestic funds and 0.95 for foreign funds. With 1.00 being
perfect correlation, the ProFunds did an excellent job in achieving their
objectives.
When looking at the returns of the ProFunds over a period of time, please
keep in mind that a ProFund seeks to match its benchmark on a daily basis and
that the return of a ProFund over a period of time may be impacted by
mathematical compounding.
For example, the return of UltraOTC was significantly greater than twice the
return of its benchmark Nasdaq 100 Index in 1999, while its return was less
than two times the index during the six months covered by this report. While
compounding affected the actual returns of UltraOTC during both periods, the
ProFund met its objective with a statistical correlation of greater than 0.99.
20 New ProFunds in Six Months . . .
In late June we launched 17 UltraSector ProFunds benchmarked to the Dow Jones
U.S. sector indexes. The UltraSector ProFunds attracted $100 million in assets
in just six weeks. These new ProFunds include ten that track broad economic
sectors and seven that track specific industries in which sector investors have
indicated interest.
In August we are launching the OTC ProFund, which will seek to match the
daily performance of the Nasdaq 100 Index and give investors an alternative to
UltraOTC ProFund. This launch was preceded by another in February of the
UltraSmall-Cap, UltraMid-Cap and UltraJapan ProFunds.
With the addition of these ProFunds, we now offer investors the widest choice
of index-based mutual funds of any conventional mutual fund company.
ProFunds Become Cyber-Savvy . . .
In January 2000 we launched a web trading system to permit investors to make
exchanges among ProFunds and access account information on the internet. To
this, we plan shortly to add automated telephone exchanges and to permit
exchanges on the internet for multiple accounts simultaneously.
Finally . . .
Much has been accomplished in the past six months. And we will continue to
offer the products and introduce the services our investors desire. In the
pages that follow you'll find a detailed discussion of ProFunds and their
performance for the first six months of 2000. Please read it carefully. And
please remember how deeply we appreciate your confidence and support.
Sincerely,
/s/ Michael Sapir
-----------------
Michael Sapir
Chairman
1
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (88.9%)
Market
Shares Value
------ -----------
<S> <C> <C>
3COM Corp.*............................................... 1,387 $ 79,926
Abbott Laboratories....................................... 6,175 275,173
Adaptec, Inc.*............................................ 418 9,510
ADC Telecommunications, Inc.*............................. 1,197 100,398
Adobe Systems, Inc........................................ 494 64,220
Advanced Micro Devices, Inc.*............................. 589 45,500
AES Corp.*................................................ 1,672 76,285
Aetna, Inc. .............................................. 608 39,026
AFLAC, Inc................................................ 1,083 49,750
Agilent Technologies, Inc.*............................... 1,805 133,119
Air Products & Chemicals, Inc. ........................... 950 29,272
Alberto-Culver Co......................................... 228 6,968
Albertson's, Inc. ........................................ 1,710 56,858
Alcan Aluminium Ltd. ..................................... 893 27,683
Alcoa, Inc. .............................................. 3,401 98,628
Allegheny Technologies, Inc. ............................. 323 5,814
Allergan, Inc............................................. 532 39,634
Allied Waste Industries, Inc.*............................ 741 7,410
Allstate Corp. ........................................... 3,230 71,867
Alltel Corp............................................... 1,273 78,846
Altera Corp.*............................................. 817 83,283
Alza Corp.--Class A*...................................... 418 24,714
Amerada Hess Corp. ....................................... 361 22,292
Ameren Corp............................................... 551 18,596
America Online, Inc.*..................................... 8,892 469,053
American Electric Power, Inc. ............................ 1,273 37,713
American Express Co. ..................................... 5,415 282,257
American General Corp. ................................... 988 60,268
American Greetings Corp.--Class A......................... 266 5,054
American Home Products Corp. ............................. 5,282 310,318
American International Group, Inc......................... 6,251 734,492
American Power Conversion Corp.*.......................... 760 31,018
Amgen, Inc.*.............................................. 4,161 292,310
AMR Corp.*................................................ 608 16,074
AmSouth Bancorp........................................... 1,577 24,838
Anadarko Petroleum Corp. ................................. 513 25,297
Analog Devices*........................................... 1,406 106,855
Andrew Corp.*............................................. 342 11,478
Anheuser-Busch Cos., Inc. ................................ 1,900 141,906
AON Corp. ................................................ 1,026 31,870
Apache Corp. ............................................. 456 26,819
Apple Computer, Inc.*..................................... 1,330 69,659
Applied Materials, Inc.*.................................. 3,002 272,056
Archer-Daniels-Midland Co. ............................... 2,489 24,423
Armstrong Holdings, Inc. ................................. 152 2,328
Ashland, Inc. ............................................ 304 10,659
Associates First Capital Corp. ........................... 2,907 64,862
AT&T Corp. ............................................... 14,877 470,485
Autodesk, Inc. ........................................... 247 8,568
Automatic Data Processing, Inc. .......................... 2,508 134,334
AutoZone, Inc.*........................................... 589 12,958
Avery Dennison Corp. ..................................... 456 30,609
Avon Products, Inc. ...................................... 969 43,121
Baker Hughes, Inc. ....................................... 1,349 43,168
Ball Corp. ............................................... 114 3,669
Bank of America Corp. .................................... 6,973 299,840
Bank of New York Co., Inc. ............................... 2,983 138,710
Bank One Corp. ........................................... 4,655 123,648
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Bard (C.R.) Inc. ............................................ 209 $ 10,058
Barrick Gold Corp. .......................................... 1,577 28,682
Bausch & Lomb, Inc. ......................................... 209 16,171
Baxter International, Inc. .................................. 1,197 84,164
BB&T Corp. .................................................. 1,330 31,754
Bear Stearns Cos., Inc. ..................................... 475 19,772
Becton, Dickinson & Co. ..................................... 1,007 28,888
Bed Bath & Beyond, Inc.*..................................... 570 20,663
Bell Atlantic Corp. ......................................... 6,403 325,352
BellSouth Corp. ............................................. 7,638 325,570
Bemis Co., Inc. ............................................. 209 7,028
Best Buy Co., Inc.*.......................................... 817 51,675
Bestfoods.................................................... 1,140 78,945
Bethlehem Steel Corp.*....................................... 532 1,895
Biogen, Inc.*................................................ 646 41,667
Biomet, Inc. ................................................ 456 17,528
Black & Decker Corp. ........................................ 361 14,192
Block H & R Inc. ............................................ 399 12,918
BMC Software, Inc.*.......................................... 988 36,047
Boeing Co. .................................................. 3,857 161,271
Boise Cascade Corp. ......................................... 228 5,900
Boston Scientific Corp.*..................................... 1,672 36,680
Briggs & Stratton Corp. ..................................... 95 3,254
Bristol-Myers Squibb Co. .................................... 8,094 471,476
Brown-Forman Corp. .......................................... 285 15,319
Brunswick Corp. ............................................. 342 5,664
Burlington Northern Santa Fe Corp. .......................... 1,691 38,787
Burlington Resources, Inc. .................................. 855 32,704
Cabletron Systems*........................................... 741 18,710
Campbell Soup Co. ........................................... 1,729 50,357
Capital One Financial Corp. ................................. 798 35,611
Cardinal Health, Inc. ....................................... 1,121 82,954
Carnival Corp.--Class A...................................... 2,489 48,536
Caterpillar, Inc. ........................................... 1,425 48,272
Cendant Corp.*............................................... 2,869 40,166
Centex Corp. ................................................ 247 5,805
CenturyTel, Inc. ............................................ 570 16,388
Ceridian Corp.*.............................................. 589 14,173
Charter One Financial, Inc. ................................. 1,008 23,184
Chase Manhattan Corp. ....................................... 4,978 229,299
Chevron Corp. ............................................... 2,660 225,600
Chubb Corp. ................................................. 722 44,403
CIGNA Corp. ................................................. 646 60,401
Cincinnati Financial Corp. .................................. 665 20,906
Cinergy Corp. ............................................... 646 16,433
Circuit City Stores, Inc. ................................... 817 27,114
Cisco Systems, Inc.*......................................... 26,524 1,685,931
Citigroup, Inc. ............................................. 13,604 819,640
Citrix Systems, Inc.*........................................ 722 13,673
Clear Channel Communications, Inc.*.......................... 1,387 104,025
Clorox Co. .................................................. 950 42,572
CMS Energy Corp. ............................................ 475 10,509
Coastal Corp. ............................................... 874 53,205
Coca-Cola Co. ............................................... 10,279 590,400
Coca-Cola Enterprises, Inc. ................................. 1,748 28,514
Colgate-Palmolive Co. ....................................... 2,394 143,341
Columbia Energy Group........................................ 342 22,444
Comcast Corp.--Special Class A*.............................. 3,553 143,897
</TABLE>
See accompanying notes to the financial statements.
3
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Comerica, Inc. .............................................. 646 $ 28,989
Compaq Computer Corp. ....................................... 7,011 179,219
Computer Associates International, Inc. ..................... 2,204 112,817
Computer Sciences Corp.*..................................... 684 51,086
Compuware Corp.*............................................. 1,444 14,982
Comverse Technology, Inc.*................................... 570 53,010
ConAgra, Inc. ............................................... 2,033 38,754
Conexant Systems, Inc.*...................................... 779 37,879
Conoco, Inc.--Class B........................................ 2,527 62,069
Conseco, Inc. ............................................... 1,330 12,968
Consolidated Edison, Inc. ................................... 893 26,455
Consolidated Stores Corp.*................................... 456 5,472
Constellation Energy Group, Inc. ............................ 589 19,179
Convergys Corp.*............................................. 627 32,526
Cooper Industries, Inc. ..................................... 380 12,374
Cooper Tire & Rubber Co. .................................... 285 3,171
Coors (Adolph) Co.--Class B.................................. 152 9,196
Corning, Inc. ............................................... 1,007 271,764
Costco Wholesale Corp.*...................................... 1,786 58,938
Countrywide Credit Industries, Inc. ......................... 456 13,823
CP & L Energy, Inc. ......................................... 646 20,632
Crane Co. ................................................... 266 6,467
Crown Cork & Seal Co., Inc. ................................. 494 7,410
CSX Corp. ................................................... 893 18,920
Cummins Engine Co. .......................................... 171 4,660
CVS Corp. ................................................... 1,596 63,840
Dana Corp. .................................................. 665 14,090
Danaher Corp. ............................................... 589 29,119
Darden Restaurants, Inc. .................................... 532 8,645
Deere & Co. ................................................. 950 35,150
Dell Computer Corp.*......................................... 10,184 502,199
Delphi Automotive Systems Corp. ............................. 2,261 32,926
Delta Air Lines, Inc. ....................................... 494 24,978
Deluxe Corp. ................................................ 304 7,163
Dillards, Inc.--Class A...................................... 380 4,655
Dollar General Corp. ........................................ 1,330 25,935
Dominion Resources, Inc. .................................... 989 42,403
Donnelley (R.R.) & Sons Co. ................................. 513 11,575
Dover Corp. ................................................. 817 33,140
Dow Chemical Co. ............................................ 2,679 80,872
Dow Jones & Co., Inc. ....................................... 361 26,443
DTE Energy Co. .............................................. 589 18,001
Du Pont (E.I.) de Nemours.................................... 4,180 182,875
Duke Energy Corp. ........................................... 1,482 83,548
Dun & Bradstreet Corp. ...................................... 665 19,036
Eastern Enterprises.......................................... 114 7,182
Eastman Chemical Co. ........................................ 323 15,423
Eastman Kodak Co. ........................................... 1,311 78,005
Eaton Corp. ................................................. 304 20,368
Ecolab, Inc. ................................................ 532 20,781
Edison International......................................... 1,406 28,823
Edwards Lifesciences Corp.*.................................. 2 46
El Paso Energy Corp. ........................................ 931 47,423
Electronic Data Systems Corp. ............................... 1,938 79,943
Eli Lilly & Co. ............................................. 4,389 438,351
EMC Corp.*................................................... 6,480 498,555
Emerson Electric Co. ........................................ 1,767 106,683
Engelhard Corp. ............................................. 513 8,753
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Enron Corp. ................................................. 2,907 $ 187,502
Entergy Corp. ............................................... 1,007 27,378
Equifax, Inc. ............................................... 570 14,963
Exxon Mobil Corp. ........................................... 13,908 1,091,777
Fannie Mae................................................... 4,180 218,144
Federated Department Stores, Inc.*........................... 855 28,856
FedEx Corp.*................................................. 1,216 46,208
Fifth Third Bancorp.......................................... 1,254 79,316
First Data Corp. ............................................ 1,729 85,801
First Union Corp. ........................................... 3,971 98,530
Firstar Corp. ............................................... 3,990 84,039
FirstEnergy Corp. ........................................... 931 21,762
Fleet Boston Financial Corp. ................................ 3,743 127,262
Florida Progress Corp. ...................................... 399 18,703
Fluor Corp. ................................................. 304 9,614
FMC Corp.*................................................... 114 6,612
Ford Motor Co. .............................................. 4,883 209,968
Fort James Corp. ............................................ 874 20,211
Fortune Brands, Inc. ........................................ 684 15,775
FPL Group, Inc. ............................................. 741 36,680
Franklin Resources, Inc. .................................... 1,007 30,588
Freddie Mac.................................................. 2,812 113,886
Freeport-McMoran Copper & Gold, Inc.--Class B*............... 627 5,800
Gannett Co., Inc. ........................................... 1,140 68,186
Gap, Inc. ................................................... 3,439 107,469
Gateway, Inc.*............................................... 1,292 73,321
General Dynamics Corp. ...................................... 817 42,688
General Electric Co. ........................................ 39,957 2,117,720
General Mills, Inc. ......................................... 1,216 46,512
General Motors Corp. ........................................ 2,128 123,557
Genuine Parts Co. ........................................... 722 14,440
Georgia Pacific Corp. ....................................... 684 17,955
Gillette Co. ................................................ 4,332 151,348
Global Crossing Ltd.*........................................ 3,496 91,989
Golden West Financial Corp. ................................. 665 27,140
Goodrich (B.F.) Co. ......................................... 456 15,533
Goodyear Tire & Rubber Co. .................................. 646 12,920
GPU, Inc. ................................................... 494 13,369
Grainger (W.W.) Inc. ........................................ 380 11,709
Great Atlantic & Pacific Tea Co. ............................ 152 2,527
Great Lakes Chemical Corp. .................................. 228 7,182
GTE Corp. ................................................... 4,009 249,560
Guidant Corp.*............................................... 1,254 62,073
Halliburton Co. ............................................. 1,805 85,173
Harcourt General, Inc. ...................................... 285 15,497
Harley-Davidson, Inc. ....................................... 1,254 48,279
Harrah's Entertainment, Inc.*................................ 475 9,945
Hartford Financial Services Group, Inc. ..................... 912 51,015
Hasbro, Inc. ................................................ 684 10,303
HCA-The Healthcare Co. ...................................... 2,280 69,255
Healthsouth Corp.*........................................... 1,520 10,925
Heinz (H.J.) Co. ............................................ 1,444 63,175
Hercules, Inc. .............................................. 437 6,145
Hershey Foods Corp. ......................................... 551 26,827
Hewlett-Packard Co. ......................................... 4,085 510,114
Hilton Hotels Corp. ......................................... 1,520 14,250
Home Depot, Inc. ............................................ 9,386 468,712
</TABLE>
See accompanying notes to the financial statements.
4
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Homestake Mining Co. ........................................ 1,026 $ 7,054
Honeywell International, Inc. ............................... 3,173 106,890
Household International, Inc. ............................... 1,919 79,758
Humana, Inc.*................................................ 665 3,242
Huntington Bancshares, Inc. ................................. 931 14,721
Illinois Tool Works, Inc. ................................... 1,197 68,229
IMS Health, Inc. ............................................ 1,216 21,888
Inco Ltd.*................................................... 779 11,977
Ingersoll-Rand Co. .......................................... 665 26,766
Intel Corp. ................................................. 13,547 1,811,065
International Business Machines Corp. ....................... 7,258 795,205
International Flavors & Fragrances, Inc. .................... 437 13,192
International Paper Co. ..................................... 1,920 57,229
Interpublic Group Cos., Inc. ................................ 1,140 49,020
ITT Industries, Inc. ........................................ 361 10,965
J.P. Morgan & Co. ........................................... 703 77,418
Jefferson-Pilot Corp. ....................................... 437 24,663
Johnson & Johnson ........................................... 5,643 574,880
Johnson Controls, Inc. ...................................... 342 17,549
K Mart Corp.*................................................ 1,976 13,462
Kansas City Southern Industries, Inc. ....................... 456 40,442
Kaufman & Broad Home Corp. .................................. 190 3,764
Kellogg Co. ................................................. 1,634 48,612
Kerr-McGee Corp. ............................................ 380 22,396
KeyCorp...................................................... 1,824 32,148
Kimberly-Clark Corp. ........................................ 2,204 126,455
KLA-Tencor Corp.*............................................ 722 42,282
Knight Ridder, Inc. ......................................... 304 16,169
Kohls Corp.*................................................. 1,330 73,981
Kroger Co.*.................................................. 3,363 74,196
Leggett & Platt, Inc. ....................................... 798 13,167
Lexmark International Group, Inc.*........................... 513 34,499
Limited, Inc. ............................................... 1,748 37,801
Lincoln National Corp. ...................................... 798 28,828
Linear Technology Corp. ..................................... 1,235 78,963
Liz Claiborne, Inc. ......................................... 209 7,367
Lockheed Martin Corp. ....................................... 1,596 39,601
Loews Corp. ................................................. 437 26,220
Longs Drug Stores, Inc. ..................................... 152 3,306
Louisiana-Pacific Corp. ..................................... 437 4,752
Lowe's Cos., Inc. ........................................... 1,539 63,195
LSI Logic Corp.*............................................. 1,216 65,816
Lucent Technologies, Inc. ................................... 12,673 750,875
Mallinckrodt, Inc. .......................................... 285 12,380
Manor Care, Inc.*............................................ 418 2,926
Marriott International, Inc.--Class A........................ 1,007 36,315
Marsh & McLennan Cos., Inc. ................................. 1,083 113,105
Masco Corp. ................................................. 1,824 32,946
Mattel, Inc. ................................................ 1,691 22,300
Maxim Integrated Products, Inc.*............................. 1,140 77,449
May Department Stores Co. ................................... 1,349 32,376
Maytag Corp. ................................................ 304 11,210
MBIA, Inc. .................................................. 418 20,142
MBNA Corp. .................................................. 3,249 88,129
McDermott International, Inc................................. 247 2,177
McDonald's Corp. ............................................ 5,453 179,607
McGraw-Hill Cos., Inc........................................ 798 43,092
McKesson HBOC, Inc. ......................................... 1,140 23,869
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Mead Corp. .................................................. 418 $ 10,555
MediaOne Group, Inc.*........................................ 2,620 173,742
MedImmune, Inc.*............................................. 882 65,268
Medtronic, Inc. ............................................. 4,807 239,449
Mellon Financial Corp. ...................................... 2,071 75,462
Merck & Co., Inc. ........................................... 9,500 727,938
Mercury Interactive Corp.*................................... 323 31,250
Meredith Corp. .............................................. 209 7,054
Merrill Lynch & Co., Inc. ................................... 1,501 172,615
MGIC Investment Corp. ....................................... 437 19,884
Micron Technology, Inc.*..................................... 2,166 190,743
Microsoft Corp.*............................................. 21,014 1,681,120
Millipore Corp. ............................................. 190 14,321
Minnesota Mining & Mfg. Co. ................................. 1,634 134,804
Molex, Inc. ................................................. 797 38,356
Morgan Stanley, Dean Witter & Co. ........................... 4,522 376,456
Motorola, Inc. .............................................. 8,664 251,798
Nabisco Group Holdings Corp. ................................ 1,330 34,497
National City Corp. ......................................... 2,508 42,793
National Semiconductor Corp.*................................ 703 39,895
National Service Industries, Inc. ........................... 152 2,964
Navistar International Corp.*................................ 266 8,263
NCR Corp.*................................................... 380 14,796
Network Appliance, Inc.*..................................... 1,254 100,947
New Century Energies, Inc. .................................. 475 14,250
New York Times Co.--Class A.................................. 684 27,018
Newell Rubbermaid, Inc. ..................................... 1,159 29,844
Newmont Mining Corp. ........................................ 684 14,792
Nextel Communications, Inc.--Class A*........................ 3,078 188,335
Niagara Mohawk Holdings, Inc.*............................... 684 9,533
Nicor, Inc. ................................................. 190 6,199
Nike, Inc.--Class B.......................................... 1,159 46,143
Nordstrom, Inc. ............................................. 570 13,751
Norfolk Southern Corp. ...................................... 1,520 22,610
Nortel Networks Corp. ....................................... 11,058 754,708
Northern States Power Co. ................................... 627 12,658
Northern Trust Corp. ........................................ 893 58,101
Northrop Grumman Corp. ...................................... 285 18,881
Novell, Inc.*................................................ 1,368 12,654
Novellus Systems, Inc.*...................................... 567 32,071
Nucor Corp. ................................................. 361 11,981
Occidental Petroleum Corp. .................................. 1,501 31,615
Office Depot, Inc.*.......................................... 1,330 8,313
Old Kent Financial Corp. .................................... 496 13,275
Omnicom Group................................................ 722 64,303
Oneok, Inc. ................................................. 114 2,957
Oracle Corp.*................................................ 11,894 999,839
Owens-Corning Fiberglass Corp. .............................. 228 2,109
Owens-Illinois, Inc.*........................................ 608 7,106
PACCAR, Inc. ................................................ 323 12,819
Pactiv Corp.*................................................ 684 5,387
Paine Webber Group, Inc. .................................... 589 26,800
Pall Corp. .................................................. 513 9,491
Parametric Technology Corp.*................................. 1,102 12,122
Parker Hannifin Corp. ....................................... 456 15,618
Paychex, Inc. ............................................... 1,539 64,638
PE Corp.-PE Biosystems Group................................. 855 56,323
PECO Energy Co. ............................................. 665 26,808
</TABLE>
See accompanying notes to the financial statements.
5
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Penney (J.C.) Co. ........................................... 1,045 $ 19,267
Peoples Energy Corp. ........................................ 133 4,306
Peoplesoft, Inc.*............................................ 1,007 16,867
PepsiCo, Inc. ............................................... 5,928 263,426
PerkinElmer, Inc. ........................................... 190 12,564
Pfizer, Inc. ................................................ 24,947 1,197,455
PG&E Corp. .................................................. 1,539 37,898
Pharmacia Corp. ............................................. 5,054 261,229
Phelps Dodge Corp. .......................................... 323 12,012
Philip Morris Cos., Inc. .................................... 9,519 252,849
Phillips Petroleum Co. ...................................... 1,026 52,005
Pinnacle West Capital Corp. ................................. 342 11,585
Pitney Bowes, Inc. .......................................... 1,083 43,320
Placer Dome, Inc. ........................................... 1,292 12,355
PNC Bank Corp. .............................................. 1,197 56,109
Polaroid Corp. .............................................. 171 3,089
Potlatch Corp................................................ 114 3,776
PPG Industries, Inc. ........................................ 703 31,152
PPL Corp. ................................................... 589 12,921
Praxair, Inc................................................. 646 24,185
Price (T. Rowe) Associates, Inc. ............................ 494 20,995
Procter & Gamble Co. ........................................ 5,320 304,569
Progressive Corp. ........................................... 304 22,496
Providian Financial Corp. ................................... 589 53,010
Public Service Enterprise Group, Inc. ....................... 893 30,920
Pulte Corp. ................................................. 171 3,698
Quaker Oats Co. ............................................. 551 41,394
Qualcomm, Inc.*.............................................. 2,736 164,160
Quintiles Transnational Corp.*............................... 475 6,709
RadioShack Corp. ............................................ 779 36,905
Ralston-Ralston Purina Group................................. 1,311 26,138
Raytheon Co.--Class B........................................ 1,368 26,334
Reebok International Ltd.*................................... 228 3,634
Regions Financial Corp. ..................................... 893 17,748
Reliant Energy, Inc. ........................................ 1,197 35,386
Rite Aid Corp................................................ 1,045 6,858
Rockwell International Corp. ................................ 779 24,539
Rohm & Haas Co. ............................................. 874 30,153
Rowan Cos., Inc.*............................................ 380 11,543
Royal Dutch Petroleum Co.--ADR............................... 8,626 531,037
Russell Corp. ............................................... 133 2,660
Ryder System, Inc. .......................................... 228 4,318
Sabre Holdings Corp.*........................................ 513 14,621
Safeco Corp. ................................................ 532 10,574
Safeway, Inc.*............................................... 2,071 93,454
Sanmina Corp.*............................................... 513 43,862
Sapient Corp.*............................................... 228 24,382
Sara Lee Corp. .............................................. 3,705 71,553
SBC Communications, Inc. .................................... 13,870 599,878
Schering-Plough Corp. ....................................... 5,985 302,243
Schlumberger Ltd. ........................................... 2,261 168,727
Schwab (Charles) Corp. ...................................... 4,959 166,746
Scientific-Atlanta, Inc. .................................... 646 48,127
Seagate Technology, Inc.*.................................... 855 47,025
Seagram Co., Ltd. ........................................... 1,748 101,384
Sealed Air Corp.*............................................ 342 17,912
Sears, Roebuck & Co. ........................................ 1,539 50,210
Sempra Energy................................................ 817 13,889
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Sherwin-Williams Co. ........................................ 665 $ 14,090
Siebel Systems, Inc.*........................................ 779 127,415
Sigma-Aldrich Corp. ......................................... 342 10,004
SLM Holding Corp. ........................................... 646 24,185
Snap-On, Inc. ............................................... 247 6,576
Solectron Corp.*............................................. 2,375 99,453
Southern Co. ................................................ 2,755 64,226
SouthTrust Corp. ............................................ 684 15,476
Southwest Airlines Co. ...................................... 2,033 38,500
Springs Industries, Inc.--Class A............................ 76 2,446
Sprint Corp. (FON Group)..................................... 3,515 179,265
Sprint Corp. (PCS Group)*.................................... 3,496 208,012
St. Jude Medical, Inc.*...................................... 342 15,689
St. Paul Companies, Inc. .................................... 836 28,529
Stanley Works................................................ 361 8,574
Staples, Inc.*............................................... 1,900 29,213
Starbucks Corp.*............................................. 760 29,023
State Street Corp. .......................................... 646 68,516
Summit Bancorp............................................... 703 17,311
Sun Microsystems, Inc.*...................................... 6,346 577,089
Sunoco, Inc. ................................................ 361 10,627
SunTrust Banks, Inc. ........................................ 1,292 59,028
SuperValu, Inc. ............................................. 513 9,779
Synovus Financial Corp. ..................................... 1,121 19,758
Sysco Corp. ................................................. 1,330 56,026
Target Corp.................................................. 1,805 104,690
Tektronix, Inc. ............................................. 190 14,060
Tellabs, Inc.*............................................... 1,634 111,827
Temple-Inland, Inc. ......................................... 228 9,576
Tenet Healthcare Corp.*...................................... 1,292 34,884
Teradyne, Inc.*.............................................. 684 50,274
Texaco, Inc. ................................................ 2,242 119,387
Texas Instruments, Inc. ..................................... 6,536 448,942
Textron, Inc. ............................................... 608 33,022
Thermo Electron Corp.*....................................... 646 13,606
Thomas & Betts Corp. ........................................ 228 4,361
Tiffany & Co. ............................................... 285 19,238
Time Warner, Inc. ........................................... 5,206 395,656
Timken Co. .................................................. 247 4,600
TJX Cos., Inc. .............................................. 1,254 23,513
Torchmark Corp. ............................................. 532 13,134
Tosco Corp. ................................................. 589 16,676
Toys R Us, Inc.*............................................. 855 12,451
Transocean Sedco Forex, Inc. ................................ 873 46,651
Tribune Co. ................................................. 1,654 57,875
Tricon Global Restaurants, Inc.*............................. 627 17,713
TRW, Inc. ................................................... 494 21,427
Tupperware Corp. ............................................ 228 5,016
TXU Corp. ................................................... 1,121 33,070
Tyco International Ltd. ..................................... 6,973 330,345
U.S. Bancorp................................................. 2,983 57,423
Unicom Corp. ................................................ 703 27,197
Unilever NV--ADR............................................. 2,337 100,491
Union Carbide Corp. ......................................... 532 26,334
Union Pacific Corp. ......................................... 1,007 37,448
Union Pacific Resources Group................................ 1,026 22,572
Union Planters Corp. ........................................ 570 15,924
Unisys Corp.*................................................ 1,254 18,261
</TABLE>
See accompanying notes to the financial statements.
6
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- -----------
<S> <C> <C>
United Technologies Corp. ............................... 1,957 $ 115,218
UnitedHealth Group, Inc. ................................ 684 58,653
Unocal Corp. ............................................ 988 32,728
UnumProvident Corp. ..................................... 1,026 20,584
US Airways Group, Inc.*.................................. 285 11,115
US West, Inc. ........................................... 2,052 175,959
UST, Inc. ............................................... 703 10,325
USX-Marathon Group, Inc. ................................ 1,273 31,905
USX-U.S. Steel Group, Inc. .............................. 361 6,701
Veritas Software Corp.*.................................. 1,558 176,078
VF Corp. ................................................ 475 11,311
Viacom, Inc.--Class B*................................... 6,042 411,989
Visteon Corp.*........................................... 639 7,752
Vulcan Materials Co. .................................... 418 17,843
W.R. Grace & Co.*........................................ 266 3,225
Wachovia Corp. .......................................... 817 44,322
Wal-Mart Stores, Inc. ................................... 17,974 1,035,751
Walgreen Co. ............................................ 4,028 129,651
Walt Disney Co. ......................................... 8,322 322,998
Washington Mutual, Inc. ................................. 2,318 66,932
Waste Management, Inc. .................................. 2,470 46,930
Watson Pharmaceuticals, Inc.*............................ 399 21,446
Wellpoint Health Networks, Inc.*......................... 266 19,268
Wells Fargo & Co. ....................................... 6,669 258,424
Wendy's International, Inc. ............................. 494 8,799
Westvaco Corp. .......................................... 399 9,900
Weyerhaeuser Co. ........................................ 950 40,850
Whirlpool Corp. ......................................... 304 14,174
Willamette Industries, Inc. ............................. 456 12,426
Williams Cos., Inc. ..................................... 1,786 74,454
Winn-Dixie Stores, Inc. ................................. 608 8,702
WorldCom, Inc.*.......................................... 11,438 524,718
Worthington Industries, Inc. ............................ 342 3,591
Wrigley (WM.) JR Co. .................................... 475 38,089
Xerox Corp. ............................................. 2,717 56,378
Xilinx, Inc.*............................................ 1,292 106,671
Yahoo!, Inc.*............................................ 2,147 265,960
Young & Rubicam, Inc..................................... 285 16,298
-----------
TOTAL COMMON STOCKS
(Cost $50,521,106)...................................... 50,220,639
-----------
<CAPTION>
U.S. Treasury Notes (10.0%)
Principal
Amount
----------
<S> <C> <C>
U.S. Treasury Note,
4.50%, 09/30/00......................................... $5,702,000 5,679,727
-----------
TOTAL U.S. TREASURY NOTES
(Cost $5,679,969)....................................... 5,679,727
-----------
TOTAL INVESTMENTS
(Cost $56,201,075)(a) (98.9%)........................... 55,900,366
Other assets in excess of
liabilities (1.1%)...................................... 641,333
-----------
TOTAL NET ASSETS (100.0%)................................ $56,541,699
===========
</TABLE>
-----
Percentages indicated are based on net assets of $56,541,699.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Loss
--------- ----------
<S> <C> <C>
S&P 500 Future Contract expiring September 2000
(Underlying face amount at value $2,939,000)............ 8 $(52,590)
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation.. $ 1,862,741
Unrealized depreciation.. (2,163,450)
-----------
Net unrealized
depreciation............ $ (300,709)
===========
ADR--American Depositary Receipt
The Bull ProFund's investment concentration based on net assets, by industry,
as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Aerospace & Defense....................................................... 0.9%
Airlines.................................................................. 0.2%
Automotive................................................................ 0.8%
Banking................................................................... 4.1%
Biotechnology............................................................. 0.6%
Building & Construction................................................... 0.1%
Business Services......................................................... 0.9%
Chemicals................................................................. 0.8%
Computer Services......................................................... 0.4%
Computer Software......................................................... 6.8%
Computers................................................................. 9.5%
Consumer Products......................................................... 1.8%
Containers & Packaging.................................................... 0.1%
Diversified............................................................... 0.2%
Electrical & Electronic................................................... 1.6%
Energy & Utilities........................................................ 7.0%
Environmental Services.................................................... 0.1%
Financial Services........................................................ 4.7%
Food & Beverage........................................................... 3.2%
Health Care............................................................... 2.3%
Home Furnishings.......................................................... 0.1%
Insurance................................................................. 2.8%
Machinery & Equipment..................................................... 5.4%
Media..................................................................... 3.4%
Metals & Mining........................................................... 0.4%
Office Equipment & Supplies............................................... 0.2%
Paper & Forest Products................................................... 0.3%
Pharmaceuticals........................................................... 7.4%
Retail & Wholesale........................................................ 5.5%
Semiconductors............................................................ 5.6%
Telecommunications........................................................ 10.4%
Textiles & Apparel........................................................ 0.1%
Tobacco................................................................... 0.5%
Toys...................................................................... 0.1%
Transportation............................................................ 0.4%
Travel & Entertainment.................................................... 0.2%
Other..................................................................... 11.1%
</TABLE>
See accompanying notes to the financial statements.
7
<PAGE>
PROFUNDS
Bull ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $56,201,075)......................... $55,900,366
Cash............................................................. 452,299
Variation margin on futures contracts............................ 48,450
Dividends and interest receivable................................ 103,729
Receivable for investments sold.................................. 13,021
Prepaid expenses................................................. 93,619
Deferred organization costs...................................... 417
-----------
Total Assets.................................................... 56,611,901
Liabilities:
Advisory fees payable............................................ 42,248
Management servicing fees payable................................ 8,450
Administration fees payable...................................... 364
Shareholder servicing fees payable--Service Class................ 19,140
-----------
Total Liabilities............................................... 70,202
-----------
Net Assets........................................................ $56,541,699
===========
Net Assets consist of:
Capital.......................................................... $63,551,883
Accumulated undistributed net investment income.................. 247,018
Accumulated net realized losses on investments and futures
contracts....................................................... (6,903,903)
Net unrealized depreciation on investments and futures
contracts....................................................... (353,299)
-----------
Total Net Assets.................................................. $56,541,699
===========
Investor Shares:
Net Assets....................................................... $46,443,400
Shares of Beneficial Interest Outstanding........................ 656,733
Net Asset Value (offering and redemption price per share)........ $ 70.72
===========
Service Shares:
Net Assets....................................................... $10,098,299
Shares of Beneficial Interest Outstanding........................ 145,689
Net Asset Value (offering and redemption price per share)........ $ 69.31
===========
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest......................................................... $ 542,735
Dividends (net of foreign taxes of $448)......................... 338,962
-----------
Total Income.................................................... 881,697
Expenses:
Advisory fees.................................................... 294,195
Management servicing fees........................................ 58,840
Administration fees.............................................. 34,357
Shareholder servicing fees--Service Class........................ 73,499
Custody fees..................................................... 113,167
Transfer agent fees.............................................. 37,302
Fund accounting fees............................................. 21,430
Registration and filing fees..................................... 18,900
Other fees....................................................... 7,475
-----------
Total expenses.................................................. 659,165
-----------
Net Investment Income............................................. 222,532
-----------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts......... (5,015,676)
Net change in unrealized depreciation on investments and futures
contracts....................................................... (4,271,673)
-----------
Net realized and unrealized losses on investments and futures
contracts...................................................... (9,287,349)
-----------
Decrease In Net Assets Resulting from Operations.................. $(9,064,817)
===========
</TABLE>
See accompanying notes to the financial statements.
8
<PAGE>
PROFUNDS
Bull ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income..................... $ 222,532 $ 587,796
Net realized gains/(losses) on investments
and futures contracts.................... (5,015,676) 6,369,071
Net change in unrealized
appreciation/(depreciation) on
investments and futures contracts........ (4,271,673) 3,648,135
--------------- --------------
Net increase/(decrease) in net assets
resulting from operations................ (9,064,817) 10,605,002
Distributions to Shareholders from:
Net investment income
Investor shares........................... -- (38,777)
Service shares............................ -- --
Net realized gains on investments and
futures contracts
Investor shares........................... -- (16,650)
Service shares............................ -- (4,521)
--------------- --------------
Net decrease in net assets resulting from
distributions............................ -- (59,948)
Capital Share Transactions:
Proceeds from shares issued............... 1,874,759,248 1,102,913,666
Dividends reinvested...................... -- 57,733
Cost of shares redeemed................... (1,956,240,381) (974,562,273)
--------------- --------------
Net increase/(decrease) in net assets
resulting from capital share
transactions............................. (81,481,133) 128,409,126
--------------- --------------
Total increase/(decrease) in net assets... (90,545,950) 138,954,180
Net Assets:
Beginning of period....................... 147,087,649 8,133,469
--------------- --------------
End of period............................. $ 56,541,699 $ 147,087,649
=============== ==============
</TABLE>
See accompanying notes to the financial statements.
9
<PAGE>
PROFUNDS
Bull ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
-----------------------------------------------------------------------
For the For the period
six months For the For the from December 2,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 73.20 $ 62.48 $ 49.45 $ 50.00
----------- ------------ ---------- -------
Net investment income.. 0.36 0.34 1.63(b) 0.10
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (2.84) 10.41 11.49 (0.65)
----------- ------------ ---------- -------
Total income/(loss)
from investment
operations............ (2.48) 10.75 13.12 (0.55)
----------- ------------ ---------- -------
Distribution to
Shareholders from:
Net investment income.. -- (0.02) (0.04) --
Net realized gain on
investments and
futures contracts..... -- (0.01) (0.05) --
----------- ------------ ---------- -------
Total distributions.... -- (0.03) (0.09) --
----------- ------------ ---------- -------
Net Asset Value, End of
Period................. $ 70.72 $ 73.20 $ 62.48 $ 49.45
=========== ============ ========== =======
Total Return............ (3.39)%(c) 17.18% 26.57% (1.10)%(c)
Ratios/Supplemental Data:
Net assets, end of
period................. $46,443,400 $116,208,049 $7,543,922 $46,281
Ratio of expenses to
average net assets..... 1.49%(d) 1.40% 1.63% 1.33%(d)
Ratio of net investment
income to average net
assets................. 0.70%(d) 1.96% 2.84% 2.97%(d)
Ratio of expenses to
average net assets*.... 1.49%(d) 1.53% 2.40% 423.48%(d)
Portfolio turnover(e)... 2994% 1288% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
10
<PAGE>
PROFUNDS
Bull ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
-----------------------------------------------------------------------
For the For the period
six months For the For the from December 2,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 72.01 $ 62.12 $ 49.45 $50.00
----------- ----------- -------- ------
Net investment
income/(loss)......... 0.01 0.11 1.08(b) --
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (2.71) 9.79 11.64 (0.55)
----------- ----------- -------- ------
Total income/(loss)
from investment
operations............ (2.70) 9.90 12.72 (0.55)
----------- ----------- -------- ------
Distribution to
Shareholders from:
Net investment income.. -- -- -- (c) --
Net realized gain on
investments and
futures contracts..... -- (0.01) (0.05) --
----------- ----------- -------- ------
Total distributions.... -- (0.01) (0.05) --
----------- ----------- -------- ------
Net Asset Value, End of
Period................. $ 69.31 $ 72.01 $ 62.12 $49.45
=========== =========== ======== ======
Total Return............ (3.75)%(d) 15.97% 25.68% (1.10)%(d)
Ratios/Supplemental Data:
Net assets, end of
period................. $10,098,299 $30,879,600 $589,547 $ 10
Ratio of expenses to
average net assets..... 2.51%(e) 2.35% 2.67% 1.33%(e)
Ratio of net investment
income/(loss) to
average net assets..... (0.02)%(e) 0.70% 1.89% -- (e)
Ratio of expenses to
average net assets*.... 2.51%(e) 2.48% 3.30% 424.48%(e)
Portfolio turnover(f)... 2994% 1288% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
11
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (83.0%)
Market
Shares Value
------ ------
<S> <C> <C>
3COM Corp.*................................................. 3,942 $ 227,158
Abbott Laboratories......................................... 17,550 782,072
Adaptec, Inc.*.............................................. 1,188 27,027
ADC Telecommunications, Inc.*............................... 3,402 285,343
Adobe Systems, Inc. ........................................ 1,404 182,520
Advanced Micro Devices, Inc.*............................... 1,674 129,317
AES Corp.*.................................................. 4,752 216,809
Aetna, Inc. ................................................ 1,728 110,916
AFLAC, Inc. ................................................ 3,078 141,396
Agilent Technologies, Inc.*................................. 5,130 378,342
Air Products & Chemicals, Inc. ............................. 2,700 83,194
Alberto-Culver Co. ......................................... 648 19,805
Albertson's, Inc. .......................................... 4,860 161,595
Alcan Aluminium Ltd. ....................................... 2,538 78,678
Alcoa, Inc. ................................................ 9,666 280,313
Allegheny Technologies, Inc. ............................... 918 16,524
Allergan, Inc. ............................................. 1,512 112,644
Allied Waste Industries, Inc.*.............................. 2,106 21,060
Allstate Corp. ............................................. 9,180 204,255
Alltel Corp. ............................................... 3,618 224,090
Altera Corp.*............................................... 2,322 236,699
Alza Corp.--Class A*........................................ 1,188 70,241
Amerada Hess Corp. ......................................... 1,026 63,356
Ameren Corp. ............................................... 1,566 52,853
America Online, Inc.*....................................... 25,272 1,333,098
American Electric Power, Inc. .............................. 3,618 107,183
American Express Co. ....................................... 15,390 802,204
American General Corp. ..................................... 2,808 171,288
American Greetings Corp.--Class A........................... 756 14,364
American Home Products Corp. ............................... 15,012 881,955
American International Group, Inc. ......................... 17,766 2,087,504
American Power Conversion Corp.*............................ 2,160 88,155
Amgen, Inc.*................................................ 11,826 830,777
AMR Corp.*.................................................. 1,728 45,684
AmSouth Bancorp............................................. 4,482 70,592
Anadarko Petroleum Corp. ................................... 1,458 71,898
Analog Devices*............................................. 3,996 303,695
Andrew Corp.*............................................... 972 32,623
Anheuser-Busch Cos., Inc. .................................. 5,400 403,312
AON Corp. .................................................. 2,916 90,578
Apache Corp. ............................................... 1,296 76,221
Apple Computer, Inc.*....................................... 3,780 197,978
Applied Materials, Inc.*.................................... 8,532 773,213
Archer-Daniels-Midland Co. ................................. 7,074 69,414
Armstrong Holdings, Inc. ................................... 432 6,615
Ashland, Inc. .............................................. 864 30,294
Associates First Capital Corp. ............................. 8,262 184,346
AT&T Corp. ................................................. 42,282 1,337,168
Autodesk, Inc. ............................................. 702 24,351
Automatic Data Processing, Inc. ............................ 7,128 381,793
AutoZone, Inc.*............................................. 1,674 36,828
Avery Dennison Corp. ....................................... 1,296 86,994
Avon Products, Inc. ........................................ 2,754 122,553
Baker Hughes, Inc. ......................................... 3,834 122,688
Ball Corp. ................................................. 324 10,429
Bank of America Corp. ...................................... 19,818 852,173
Bank of New York Co., Inc. ................................. 8,478 394,226
Bank One Corp. ............................................. 13,230 351,421
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------
<S> <C> <C>
Bard (C.R.) Inc. ........................................... 594 $ 28,586
Barrick Gold Corp. ......................................... 4,482 81,516
Bausch & Lomb, Inc. ........................................ 594 45,961
Baxter International, Inc. ................................. 3,402 239,203
BB&T Corp. ................................................. 3,780 90,248
Bear Stearns Cos., Inc. .................................... 1,350 56,194
Becton, Dickinson & Co. .................................... 2,862 82,104
Bed Bath & Beyond, Inc.*.................................... 1,620 58,725
Bell Atlantic Corp. ........................................ 18,198 924,686
BellSouth Corp. ............................................ 21,708 925,304
Bemis Co., Inc. ............................................ 594 19,973
Best Buy Co., Inc.*......................................... 2,322 146,867
Bestfoods .................................................. 3,240 224,370
Bethlehem Steel Corp.*...................................... 1,512 5,387
Biogen, Inc.*............................................... 1,836 118,422
Biomet, Inc. ............................................... 1,296 49,815
Black & Decker Corp. ....................................... 1,026 40,335
Block H & R Inc. ........................................... 1,134 36,713
BMC Software, Inc.*......................................... 2,808 102,448
Boeing Co. ................................................. 10,962 458,348
Boise Cascade Corp. ........................................ 648 16,767
Boston Scientific Corp.*.................................... 4,752 104,247
Briggs & Stratton Corp. .................................... 270 9,248
Bristol-Myers Squibb Co. ................................... 23,004 1,339,983
Brown-Forman Corp. ......................................... 810 43,538
Brunswick Corp. ............................................ 972 16,099
Burlington Northern Santa Fe Corp. ......................... 4,806 110,238
Burlington Resources, Inc. ................................. 2,430 92,948
Cabletron Systems*.......................................... 2,106 53,177
Campbell Soup Co. .......................................... 4,914 143,120
Capital One Financial Corp. ................................ 2,268 101,210
Cardinal Health, Inc. ...................................... 3,186 235,764
Carnival Corp.--Class A..................................... 7,074 137,942
Caterpillar, Inc. .......................................... 4,050 137,194
Cendant Corp.*.............................................. 8,154 114,156
Centex Corp. ............................................... 702 16,497
CenturyTel, Inc. ........................................... 1,620 46,575
Ceridian Corp.*............................................. 1,674 40,281
Charter One Financial, Inc. ................................ 2,112 48,576
Chase Manhattan Corp. ...................................... 14,148 651,691
Chevron Corp. .............................................. 7,560 641,182
Chubb Corp. ................................................ 2,052 126,198
CIGNA Corp. ................................................ 1,836 171,666
Cincinnati Financial Corp. ................................. 1,890 59,417
Cinergy Corp. .............................................. 1,836 46,703
Circuit City Stores, Inc. .................................. 2,322 77,061
Cisco Systems, Inc.*........................................ 75,384 4,791,595
Citigroup, Inc. ............................................ 38,664 2,329,505
Citrix Systems, Inc.*....................................... 2,052 38,860
Clear Channel Communications, Inc.*......................... 3,942 295,650
Clorox Co. ................................................. 2,700 120,994
CMS Energy Corp. ........................................... 1,350 29,869
Coastal Corp. .............................................. 2,484 151,214
Coca-Cola Co. .............................................. 29,214 1,677,978
Coca-Cola Enterprises, Inc. ................................ 4,968 81,041
Colgate-Palmolive Co. ...................................... 6,804 407,390
Columbia Energy Group ...................................... 972 63,788
Comcast Corp.--Special Class A*............................. 10,098 408,969
</TABLE>
See accompanying notes to the financial statements.
12
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
Comerica, Inc. ............................................. 1,836 $ 82,391
Compaq Computer Corp. ...................................... 19,926 509,358
Computer Associates International, Inc. .................... 6,264 320,639
Computer Sciences Corp.*.................................... 1,944 145,192
Compuware Corp.*............................................ 4,104 42,579
Comverse Technology, Inc.*.................................. 1,620 150,660
ConAgra, Inc. .............................................. 5,778 110,143
Conexant Systems, Inc.*..................................... 2,214 107,656
Conoco, Inc.--Class B ...................................... 7,182 176,408
Conseco, Inc. .............................................. 3,780 36,855
Consolidated Edison, Inc. .................................. 2,538 75,188
Consolidated Stores Corp.*.................................. 1,296 15,552
Constellation Energy Group, Inc. ........................... 1,674 54,510
Convergys Corp.*............................................ 1,782 92,441
Cooper Industries, Inc. .................................... 1,080 35,168
Cooper Tire & Rubber Co. ................................... 810 9,011
Coors (Adolph) Co.--Class B................................. 432 26,136
Corning, Inc. .............................................. 2,862 772,382
Costco Wholesale Corp.*..................................... 5,076 167,508
Countrywide Credit Industries, Inc. ........................ 1,296 39,285
CP & L Energy, Inc. ........................................ 1,836 58,637
Crane Co. .................................................. 756 18,380
Crown Cork & Seal Co., Inc. ................................ 1,404 21,060
CSX Corp. .................................................. 2,538 53,774
Cummins Engine Co. ......................................... 486 13,244
CVS Corp. .................................................. 4,536 181,440
Dana Corp. ................................................. 1,890 40,044
Danaher Corp. .............................................. 1,674 82,758
Darden Restaurants, Inc. ................................... 1,512 24,570
Deere & Co. ................................................ 2,700 99,900
Dell Computer Corp.*........................................ 28,944 1,427,301
Delphi Automotive Systems Corp. ............................ 6,426 93,579
Delta Air Lines, Inc. ...................................... 1,404 70,990
Deluxe Corp. ............................................... 864 20,358
Dillards, Inc.--Class A..................................... 1,080 13,230
Dollar General Corp. ....................................... 3,780 73,710
Dominion Resources, Inc. ................................... 2,809 120,436
Donnelley (R.R.) & Sons Co. ................................ 1,458 32,896
Dover Corp. ................................................ 2,322 94,186
Dow Chemical Co. ........................................... 7,614 229,848
Dow Jones & Co., Inc. ...................................... 1,026 75,155
DTE Energy Co. ............................................. 1,674 51,162
Du Pont (E.I.) de Nemours................................... 11,880 519,749
Duke Energy Corp. .......................................... 4,212 237,451
Dun & Bradstreet Corp. ..................................... 1,890 54,101
Eastern Enterprises......................................... 324 20,412
Eastman Chemical Co. ....................................... 918 43,835
Eastman Kodak Co. .......................................... 3,726 221,697
Eaton Corp. ................................................ 864 57,888
Ecolab, Inc. ............................................... 1,512 59,063
Edison International ....................................... 3,996 81,918
El Paso Energy Corp. ....................................... 2,646 134,781
Electronic Data Systems Corp. .............................. 5,508 227,204
Eli Lilly & Co. ............................................ 12,474 1,245,841
EMC Corp.*.................................................. 23,328 1,794,797
Emerson Electric Co. ....................................... 5,022 303,203
Engelhard Corp. ............................................ 1,458 24,877
Enron Corp. ................................................ 8,262 532,898
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
Entergy Corp. ............................................. 2,862 $ 77,811
Equifax, Inc. ............................................. 1,620 42,525
Exxon Mobil Corp. ......................................... 39,528 3,102,947
Fannie Mae................................................. 11,880 619,988
Federated Department Stores, Inc.*......................... 2,430 82,013
FedEx Corp.*............................................... 3,456 131,327
Fifth Third Bancorp ....................................... 3,564 225,423
First Data Corp. .......................................... 4,914 243,857
First Union Corp. ......................................... 11,286 280,033
Firstar Corp. ............................................. 11,340 238,849
FirstEnergy Corp. ......................................... 2,646 61,850
Fleet Boston Financial Corp. .............................. 10,638 361,691
Florida Progress Corp. .................................... 1,134 53,156
Fluor Corp. ............................................... 864 27,324
FMC Corp.*................................................. 324 18,792
Ford Motor Co. ............................................ 13,878 596,754
Fort James Corp. .......................................... 2,484 57,443
Fortune Brands, Inc. ...................................... 1,944 44,834
FPL Group, Inc. ........................................... 2,106 104,247
Franklin Resources, Inc. .................................. 2,862 86,933
Freddie Mac................................................ 7,992 323,676
Freeport-McMoran Copper & Gold, Inc.--Class B*............. 1,782 16,484
Gannett Co., Inc. ......................................... 3,240 193,793
Gap, Inc. ................................................. 9,774 305,438
Gateway, Inc.*............................................. 3,672 208,386
General Dynamics Corp. .................................... 2,322 121,325
General Electric Co. ...................................... 113,562 6,018,785
General Mills, Inc. ....................................... 3,456 132,192
General Motors Corp. ...................................... 6,048 351,162
Genuine Parts Co. ......................................... 2,052 41,040
Georgia Pacific Corp. ..................................... 1,944 51,030
Gillette Co. .............................................. 12,312 430,150
Global Crossing Ltd.*...................................... 9,936 261,441
Golden West Financial Corp. ............................... 1,890 77,136
Goodrich (B.F.) Co. ....................................... 1,296 44,145
Goodyear Tire & Rubber Co. ................................ 1,836 36,720
GPU, Inc. ................................................. 1,404 37,996
Grainger (W.W.) Inc. ...................................... 1,080 33,278
Great Atlantic & Pacific Tea Co. .......................... 432 7,182
Great Lakes Chemical Corp. ................................ 648 20,412
GTE Corp. ................................................. 11,394 709,277
Guidant Corp.*............................................. 3,564 176,418
Halliburton Co. ........................................... 5,130 242,071
Harcourt General, Inc. .................................... 810 44,044
Harley-Davidson, Inc. ..................................... 3,564 137,214
Harrah's Entertainment, Inc.*.............................. 1,350 28,266
Hartford Financial Services Group, Inc. ................... 2,592 144,990
Hasbro, Inc. .............................................. 1,944 29,282
HCA--The Healthcare Co. ................................... 6,480 196,830
Healthsouth Corp.*......................................... 4,320 31,050
Heinz (H.J.) Co. .......................................... 4,104 179,550
Hercules, Inc. ............................................ 1,242 17,466
Hershey Foods Corp. ....................................... 1,566 76,245
Hewlett-Packard Co. ....................................... 11,610 1,449,799
Hilton Hotels Corp. ....................................... 4,320 40,500
Home Depot, Inc. .......................................... 26,676 1,332,132
Homestake Mining Co. ...................................... 2,916 20,048
</TABLE>
See accompanying notes to the financial statements.
13
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
Honeywell International, Inc. .............................. 9,018 $ 303,794
Household International, Inc. .............................. 5,454 226,682
Humana, Inc.*............................................... 1,890 9,214
Huntington Bancshares, Inc. ................................ 2,646 41,840
Illinois Tool Works, Inc. .................................. 3,402 193,914
IMS Health, Inc. ........................................... 3,456 62,208
Inco Ltd.*.................................................. 2,214 34,040
Ingersoll-Rand Co. ......................................... 1,890 76,073
Intel Corp. ................................................ 38,502 5,147,235
International Business Machines Corp. ...................... 20,628 2,260,054
International Flavors & Fragrances, Inc. ................... 1,242 37,493
International Paper Co. .................................... 5,455 162,621
Interpublic Group Cos., Inc. ............................... 3,240 139,320
ITT Industries, Inc. ....................................... 1,026 31,165
J.P. Morgan & Co. .......................................... 1,998 220,030
Jefferson-Pilot Corp. ...................................... 1,242 70,095
Johnson & Johnson .......................................... 16,038 1,633,871
Johnson Controls, Inc. ..................................... 972 49,876
K Mart Corp.*............................................... 5,616 38,259
Kansas City Southern Industries, Inc. ...................... 1,296 114,939
Kaufman & Broad Home Corp. ................................. 540 10,699
Kellogg Co. ................................................ 4,644 138,159
Kerr-McGee Corp. ........................................... 1,080 63,653
KeyCorp..................................................... 5,184 91,368
Kimberly-Clark Corp. ....................................... 6,264 359,397
KLA--Tencor Corp.*.......................................... 2,052 120,170
Knight Ridder, Inc. ........................................ 864 45,954
Kohls Corp.*................................................ 3,780 210,263
Kroger Co.*................................................. 9,558 210,873
Leggett & Platt, Inc. ...................................... 2,268 37,422
Lexmark International Group, Inc.*.......................... 1,458 98,051
Limited, Inc. .............................................. 4,968 107,433
Lincoln National Corp. ..................................... 2,268 81,932
Linear Technology Corp. .................................... 3,510 224,421
Liz Claiborne, Inc. ........................................ 594 20,939
Lockheed Martin Corp. ...................................... 4,536 112,550
Loews Corp. ................................................ 1,242 74,520
Longs Drug Stores, Inc. .................................... 432 9,396
Louisiana-Pacific Corp. .................................... 1,242 13,507
Lowe's Cos., Inc. .......................................... 4,374 179,607
LSI Logic Corp.*............................................ 3,456 187,056
Lucent Technologies, Inc. .................................. 36,018 2,134,066
Mallinckrodt, Inc. ......................................... 810 35,184
Manor Care, Inc.*........................................... 1,188 8,316
Marriott International, Inc.--Class A....................... 2,862 103,211
Marsh & McLennan Cos., Inc. ................................ 3,078 321,459
Masco Corp. ................................................ 5,184 93,635
Mattel, Inc. ............................................... 4,806 63,379
Maxim Integrated Products, Inc.*............................ 3,240 220,118
May Department Stores Co. .................................. 3,834 92,016
Maytag Corp. ............................................... 864 31,860
MBIA, Inc. ................................................. 1,188 57,247
MBNA Corp. ................................................. 9,234 250,472
McDermott International, Inc. .............................. 702 6,186
McDonald's Corp. ........................................... 15,498 510,464
McGraw-Hill Cos., Inc. ..................................... 2,268 122,472
McKesson HBOC, Inc. ........................................ 3,240 67,838
Mead Corp. ................................................. 1,188 29,997
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
MediaOne Group, Inc.*........................................ 9,301 $ 616,785
MedImmune, Inc.*............................................. 1,806 133,644
Medtronic, Inc. ............................................. 13,662 680,538
Mellon Financial Corp. ...................................... 5,886 214,471
Merck & Co., Inc. ........................................... 27,000 2,068,874
Mercury Interactive Corp.*................................... 918 88,817
Meredith Corp. .............................................. 594 20,048
Merrill Lynch & Co., Inc. ................................... 4,266 490,590
MGIC Investment Corp. ....................................... 1,242 56,511
Micron Technology, Inc.*..................................... 6,156 542,113
Microsoft Corp.*............................................. 59,724 4,777,919
Millipore Corp. ............................................. 540 40,703
Minnesota Mining & Mfg. Co. ................................. 4,644 383,129
Molex, Inc. ................................................. 2,268 109,148
Morgan Stanley, Dean Witter & Co. ........................... 12,852 1,069,929
Motorola, Inc. .............................................. 24,624 715,635
Nabisco Group Holdings Corp. ................................ 3,780 98,044
National City Corp. ......................................... 7,128 121,622
National Semiconductor Corp.*................................ 1,998 113,387
National Service Industries, Inc. ........................... 432 8,424
Navistar International Corp.*................................ 756 23,483
NCR Corp.*................................................... 1,080 42,053
Network Appliance, Inc.*..................................... 3,564 286,902
New Century Energies, Inc. .................................. 1,350 40,500
New York Times Co.--Class A.................................. 1,944 76,788
Newell Rubbermaid, Inc. ..................................... 3,294 84,821
Newmont Mining Corp. ........................................ 1,944 42,039
Nextel Communications, Inc.--Class A*........................ 8,748 535,268
Niagara Mohawk Holdings, Inc.*............................... 1,944 27,095
Nicor, Inc. ................................................. 540 17,618
Nike, Inc.--Class B.......................................... 3,294 131,141
Nordstrom, Inc. ............................................. 1,620 39,083
Norfolk Southern Corp. ...................................... 4,320 64,260
Nortel Networks Corp. ....................................... 31,428 2,144,960
Northern States Power Co. ................................... 1,782 35,974
Northern Trust Corp. ........................................ 2,538 165,129
Northrop Grumman Corp. ...................................... 810 53,663
Novell, Inc.*................................................ 3,888 35,964
Novellus Systems, Inc.*...................................... 1,188 67,196
Nucor Corp. ................................................. 1,026 34,050
Occidental Petroleum Corp. .................................. 4,266 89,853
Office Depot, Inc.*.......................................... 3,780 23,625
Old Kent Financial Corp. .................................... 1,406 37,617
Omnicom Group................................................ 2,052 182,756
Oneok, Inc. ................................................. 324 8,404
Oracle Corp.*................................................ 33,804 2,841,648
Owens-Corning Fiberglass Corp. .............................. 648 5,994
Owens-Illinois, Inc.*........................................ 1,728 20,196
PACCAR, Inc. ................................................ 918 36,433
Pactiv Corp.*................................................ 1,944 15,309
Paine Webber Group, Inc. .................................... 1,674 76,167
Pall Corp. .................................................. 1,458 26,973
Parametric Technology Corp.*................................. 3,132 34,452
Parker Hannifin Corp. ....................................... 1,296 44,388
Paychex, Inc. ............................................... 4,374 183,708
PE Corp.--PE Biosystems Group................................ 2,430 160,076
PECO Energy Co. ............................................. 1,890 76,191
Penney (J.C.) Co. ........................................... 2,970 54,759
</TABLE>
See accompanying notes to the financial statements.
14
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
Peoples Energy Corp. ....................................... 378 $ 12,238
Peoplesoft, Inc.*........................................... 2,862 47,939
PepsiCo, Inc. .............................................. 16,848 748,682
PerkinElmer, Inc. .......................................... 540 35,708
Pfizer, Inc. ............................................... 70,903 3,403,319
PG&E Corp. ................................................. 4,374 107,710
Pharmacia Corp. ............................................ 14,364 742,439
Phelps Dodge Corp. ......................................... 918 34,138
Philip Morris Cos., Inc. ................................... 27,054 718,622
Phillips Petroleum Co. ..................................... 2,916 147,805
Pinnacle West Capital Corp. ................................ 972 32,927
Pitney Bowes, Inc. ......................................... 3,078 123,120
Placer Dome, Inc. .......................................... 3,672 35,114
PNC Bank Corp. ............................................. 3,402 159,469
Polaroid Corp. ............................................. 486 8,778
Potlatch Corp. ............................................. 324 10,733
PPG Industries, Inc. ....................................... 1,998 88,536
PPL Corp. .................................................. 1,674 36,723
Praxair, Inc. .............................................. 1,836 68,735
Price (T. Rowe) Associates, Inc. ........................... 1,404 59,670
Procter & Gamble Co. ....................................... 15,120 865,619
Progressive Corp. .......................................... 864 63,936
Providian Financial Corp. .................................. 1,674 150,660
Public Service Enterprise Group, Inc. ...................... 2,538 87,878
Pulte Corp. ................................................ 486 10,510
Quaker Oats Co. ............................................ 1,566 117,646
Qualcomm, Inc.*............................................. 7,776 466,560
Quintiles Transnational Corp.*.............................. 1,350 19,069
RadioShack Corp. ........................................... 2,214 104,888
Ralston-Ralston Purina Group................................ 3,726 74,287
Raytheon Co.--Class B....................................... 3,888 74,844
Reebok International Ltd.*.................................. 648 10,328
Regions Financial Corp. .................................... 2,538 50,443
Reliant Energy, Inc. ....................................... 3,402 100,572
Rite Aid Corp. ............................................. 2,970 19,491
Rockwell International Corp. ............................... 2,214 69,741
Rohm & Haas Co. ............................................ 2,484 85,698
Rowan Cos., Inc.*........................................... 1,080 32,805
Royal Dutch Petroleum Co.--ADR.............................. 24,516 1,509,265
Russell Corp. .............................................. 378 7,560
Ryder System, Inc. ......................................... 648 12,272
Sabre Holdings Corp.*....................................... 1,459 41,582
Safeco Corp. ............................................... 1,512 30,051
Safeway, Inc.*.............................................. 5,886 265,606
Sanmina Corp.*.............................................. 1,458 124,659
Sapient Corp.*.............................................. 648 69,296
Sara Lee Corp. ............................................. 10,530 203,361
SBC Communications, Inc. ................................... 39,420 1,704,914
Schering-Plough Corp. ...................................... 17,010 859,005
Schlumberger Ltd. .......................................... 6,426 479,539
Schwab (Charles) Corp. ..................................... 14,094 473,911
Scientific-Atlanta, Inc. ................................... 1,836 136,782
Seagate Technology, Inc.*................................... 2,430 133,650
Seagram Co., Ltd. .......................................... 4,968 288,144
Sealed Air Corp.*........................................... 972 50,909
Sears, Roebuck & Co. ....................................... 4,374 142,702
Sempra Energy............................................... 2,322 39,474
Sherwin-Williams Co. ....................................... 1,890 40,044
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ ------------
<S> <C> <C>
Siebel Systems, Inc.*........................................ 2,214 $ 362,127
Sigma-Aldrich Corp. ......................................... 972 28,431
SLM Holding Corp. ........................................... 1,836 68,735
Snap-On, Inc. ............................................... 702 18,691
Solectron Corp.*............................................. 6,750 282,656
Southern Co. ................................................ 7,830 182,537
SouthTrust Corp. ............................................ 1,944 43,983
Southwest Airlines Co. ...................................... 5,778 109,421
Springs Industries, Inc.--Class A............................ 216 6,953
Sprint Corp. (FON Group)..................................... 9,990 509,490
Sprint Corp. (PCS Group)*.................................... 9,936 591,192
St. Jude Medical, Inc.*...................................... 972 44,591
St. Paul Companies, Inc. .................................... 2,376 81,081
Stanley Works................................................ 1,026 24,368
Staples, Inc.*............................................... 5,400 83,025
Starbucks Corp.*............................................. 2,160 82,485
State Street Corp. .......................................... 1,836 194,731
Summit Bancorp .............................................. 1,998 49,201
Sun Microsystems, Inc.*...................................... 18,036 1,640,149
Sunoco, Inc. ................................................ 1,026 30,203
SunTrust Banks, Inc. ........................................ 3,672 167,765
SuperValu, Inc. ............................................. 1,458 27,793
Synovus Financial Corp. ..................................... 3,186 56,153
Sysco Corp. ................................................. 3,780 159,233
Target Corp. ................................................ 5,130 297,540
Tektronix, Inc. ............................................. 540 39,960
Tellabs, Inc.*............................................... 4,644 317,824
Temple-Inland, Inc. ......................................... 648 27,216
Tenet Healthcare Corp.*...................................... 3,672 99,144
Teradyne, Inc.*.............................................. 1,944 142,884
Texaco, Inc. ................................................ 6,372 339,308
Texas Instruments, Inc. ..................................... 18,576 1,275,938
Textron, Inc. ............................................... 1,728 93,852
Thermo Electron Corp.*....................................... 1,836 38,671
Thomas & Betts Corp. ........................................ 648 12,393
Tiffany & Co. ............................................... 810 54,675
Time Warner, Inc. ........................................... 14,796 1,124,496
Timken Co. .................................................. 702 13,075
TJX Cos., Inc. .............................................. 3,564 66,825
Torchmark Corp. ............................................. 1,512 37,328
Tosco Corp. ................................................. 1,674 47,395
Toys R Us, Inc.*............................................. 2,430 35,387
Transocean Sedco Forex, Inc. ................................ 2,484 132,739
Tribune Co. ................................................. 4,295 150,314
Tricon Global Restaurants, Inc.*............................. 1,782 50,342
TRW, Inc. ................................................... 1,404 60,899
Tupperware Corp. ............................................ 648 14,256
TXU Corp. ................................................... 3,186 93,987
Tyco International Ltd. ..................................... 19,818 938,877
U.S. Bancorp ................................................ 8,478 163,202
Unicom Corp. ................................................ 1,998 77,298
Unilever NV--ADR............................................. 6,642 285,606
Union Carbide Corp. ......................................... 1,512 74,844
Union Pacific Corp. ......................................... 2,862 106,431
Union Pacific Resources Group................................ 2,916 64,152
Union Planters Corp. ........................................ 1,620 45,259
Unisys Corp.*................................................ 3,564 51,901
United Technologies Corp. ................................... 5,562 327,462
</TABLE>
See accompanying notes to the financial statements.
15
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
--------- ------------
<S> <C> <C>
UnitedHealth Group, Inc. ................................ 1,944 $ 166,698
Unocal Corp. ............................................ 2,808 93,015
UnumProvident Corp. ..................................... 2,916 58,502
US Airways Group, Inc.*.................................. 810 31,590
US West, Inc. ........................................... 5,832 500,094
UST, Inc. ............................................... 1,998 29,346
USX-Marathon Group, Inc. ................................ 3,618 90,676
USX-U.S. Steel Group, Inc. .............................. 1,026 19,045
Veritas Software Corp.*.................................. 4,428 500,433
VF Corp. ................................................ 1,350 32,147
Viacom, Inc.--Class B*................................... 17,142 1,168,869
Visteon Corp.*........................................... 2,322 28,152
Vulcan Materials Co. .................................... 1,188 50,713
W.R. Grace & Co.*........................................ 756 9,167
Wachovia Corp. .......................................... 2,322 125,969
Wal-Mart Stores, Inc. ................................... 51,084 2,943,715
Walgreen Co. ............................................ 11,448 368,483
Walt Disney Co. ......................................... 23,652 917,993
Washington Mutual, Inc. ................................. 6,588 190,229
Waste Management, Inc. .................................. 7,020 133,380
Watson Pharmaceuticals, Inc.*............................ 1,134 60,953
Wellpoint Health Networks, Inc.*......................... 756 54,763
Wells Fargo & Co. ....................................... 18,954 734,467
Wendy's International, Inc. ............................. 1,404 25,009
Westvaco Corp. .......................................... 1,134 28,137
Weyerhaeuser Co. ........................................ 2,700 116,100
Whirlpool Corp. ......................................... 864 40,284
Willamette Industries, Inc. ............................. 1,296 35,316
Williams Cos., Inc. ..................................... 5,076 211,606
Winn-Dixie Stores, Inc. ................................. 1,728 24,732
WorldCom, Inc.*.......................................... 32,508 1,491,305
Worthington Industries, Inc. ............................ 972 10,206
Wrigley (WM.) JR Co. .................................... 1,350 108,253
Xerox Corp. ............................................. 7,722 160,232
Xilinx, Inc.*............................................ 3,672 303,170
Yahoo!, Inc.*............................................ 6,102 755,885
Young & Rubicam, Inc. ................................... 810 46,322
------------
TOTAL COMMON STOCKS
(Cost $144,318,923)..................................... $143,129,959
------------
<CAPTION>
Options Purchased (5.8%)
Contracts
---------
<S> <C> <C>
S&P 500 Call Option expiring
July 2000 @ 800......................................... 60 10,042,500
S&P 500 Put Option expiring
July 2000 @ 800......................................... 400 3,000
------------
TOTAL OPTIONS PURCHASED
(Cost $10,357,240)...................................... 10,045,500
------------
<CAPTION>
U.S. Treasury Notes (6.4%)
Principal Market
Amount Value
----------- ------------
<S> <C> <C>
U.S. Treasury Note,
4.50%, 09/30/00...................................... $11,011,000 $ 10,967,988
------------
TOTAL U.S. TREASURY NOTES
(Cost $10,968,456)................................... 10,967,988
------------
TOTAL INVESTMENTS
(Cost $165,644,619)(a) (95.2%)....................... 164,143,447
Other assets in excess of
liabilities (4.8%)................................... 8,363,189
------------
TOTAL NET ASSETS (100.0%)............................. $172,506,636
============
</TABLE>
-----
Percentages indicated are based on net assets of $172,506,636.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Gain
----------- ------------
<S> <C> <C>
S&P 500 Future Contract expiring
September 2000 (Underlying face
amount at value $177,442,125)........................ 483 $ 5,237,600
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation....... $ 2,749,218
Unrealized depreciation....... (4,250,390)
-----------
Net unrealized depreciation... $(1,501,172)
===========
ADR--American Depositary Receipt
See accompanying notes to the financial statements.
16
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBull ProFund June 30, 2000
(Unaudited)
The UltraBull ProFund's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Aerospace & Defense....................................................... 0.9%
Airlines.................................................................. 0.1%
Automotive................................................................ 0.7%
Banking................................................................... 3.8%
Biotechnology............................................................. 0.6%
Building & Construction................................................... 0.1%
Business Services......................................................... 0.8%
Chemicals................................................................. 0.7%
Computer Services......................................................... 0.3%
Computer Software......................................................... 6.4%
Computers................................................................. 9.0%
Consumer Products......................................................... 1.7%
Containers & Packaging.................................................... 0.1%
Diversified............................................................... 0.2%
Electrical & Electronic................................................... 1.5%
Energy & Utilities........................................................ 6.5%
Environmental Services.................................................... 0.1%
Financial Services........................................................ 4.3%
Food & Beverage........................................................... 3.0%
Health Care............................................................... 2.1%
Home Furnishings.......................................................... 0.1%
Insurance................................................................. 2.6%
Machinery & Equipment..................................................... 5.0%
Media..................................................................... 3.3%
Metals & Mining........................................................... 0.4%
Office Equipment & Supplies............................................... 0.2%
Paper & Forest Products................................................... 0.3%
Pharmaceuticals........................................................... 6.9%
Retail & Wholesale........................................................ 5.1%
Semiconductors............................................................ 5.2%
Telecommunications........................................................ 9.9%
Textiles & Apparel........................................................ 0.1%
Tobacco................................................................... 0.4%
Toys...................................................................... 0.1%
Transportation............................................................ 0.3%
Travel & Entertainment.................................................... 0.2%
Other..................................................................... 17.0%
</TABLE>
See accompanying notes to the financial statements.
17
<PAGE>
PROFUNDS
UltraBull ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $165,644,619)....................... $164,143,447
Cash............................................................ 298,579
Variation margin on futures contracts........................... 7,857,715
Dividends and interest receivable............................... 248,071
Receivable for investments sold................................. 105,965
Prepaid expenses................................................ 95,442
Deferred organization costs..................................... 6,392
------------
Total Assets................................................... 172,755,611
Liabilities:
Advisory fees payable........................................... 125,791
Management servicing fees payable............................... 25,158
Administration fees payable..................................... 1,198
Shareholder servicing fees payable--Service Class............... 88,766
Other accrued expenses.......................................... 8,062
------------
Total Liabilities.............................................. 248,975
------------
Net Assets....................................................... $172,506,636
============
Net Assets consist of:
Capital......................................................... $205,156,714
Accumulated undistributed net investment income................. 45,642
Accumulated net realized losses on investments and futures
contracts...................................................... (36,432,148)
Net unrealized appreciation on investments and futures
contracts...................................................... 3,736,428
------------
Total Net Assets................................................. $172,506,636
============
Investor Shares:
Net Assets...................................................... $114,787,393
Shares of Beneficial Interest Outstanding....................... 5,287,333
Net Asset Value (offering and redemption price per share)....... $ 21.71
============
Service Shares:
Net Assets...................................................... $ 57,719,243
Shares of Beneficial Interest Outstanding....................... 2,719,575
Net Asset Value (offering and redemption price per share)....... $ 21.22
============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Dividends (net of foreign taxes of $3,336)...................... $ 760,329
Interest........................................................ 719,226
------------
Total Income................................................... 1,479,555
Expenses:
Advisory fees................................................... 698,046
Management servicing fees....................................... 139,611
Administration fees............................................. 80,425
Shareholder servicing fees--Service Class....................... 293,994
Custody fees.................................................... 149,456
Transfer agent fees............................................. 100,224
Registration and filing fees.................................... 82,926
Fund accounting fees............................................ 37,591
Other fees...................................................... 24,716
------------
Total expenses................................................. 1,606,989
------------
Net Investment Loss.............................................. (127,434)
------------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts........ (27,846,872)
Net change in unrealized appreciation on investments and futures
contracts...................................................... (10,517,248)
------------
Net realized and unrealized losses on investments and futures
contracts..................................................... (38,364,120)
------------
Decrease In Net Assets Resulting from Operations................. $(38,491,554)
============
</TABLE>
See accompanying notes to the financial statements.
18
<PAGE>
PROFUNDS
UltraBull ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income/(loss)............... $ (127,434) $ 2,607,194
Net realized gains/(losses) on investments
and futures contracts..................... (27,846,872) 6,669,872
Net change in unrealized appreciation on
investments and futures contracts......... (10,517,248) 5,931,016
--------------- ---------------
Net increase/(decrease) in net assets
resulting from operations................. (38,491,554) 15,208,082
Distributions to Shareholders from:
Net investment income
Investor shares........................... -- (204,707)
Service shares............................ -- --
In excess of net realized gains on
investments and futures contracts
Investor shares........................... -- (647,991)
Service shares............................ -- (303,424)
--------------- ---------------
Net decrease in net assets resulting from
distributions............................. -- (1,156,122)
Capital Share Transactions:
Proceeds from shares issued................ 2,025,549,018 2,661,938,799
Dividends reinvested....................... -- 1,112,789
Cost of shares redeemed.................... (2,040,757,558) (2,552,742,699)
--------------- ---------------
Net increase/(decrease) in net assets
resulting from capital share
transactions.............................. (15,208,540) 110,308,889
--------------- ---------------
Total increase/(decrease) in net assets.... (53,700,094) 124,360,849
Net Assets:
Beginning of period........................ 226,206,730 101,845,881
--------------- ---------------
End of period.............................. $ 172,506,636 $ 226,206,730
=============== ===============
</TABLE>
See accompanying notes to the financial statements.
19
<PAGE>
PROFUNDS
UltraBull ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
------------------------------------------------------------------------
For the
For the period from
six months For the For the November 28,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 23.67 $ 18.36 $ 12.86 $ 12.50
------------ ------------ ----------- ----------
Net investment income.. 0.03 0.35 0.39(b) 0.01
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (1.99) 5.08 5.13 0.35
------------ ------------ ----------- ----------
Total income/(loss)
from investment
operations............ (1.96) 5.43 5.52 0.36
------------ ------------ ----------- ----------
Distribution to
Shareholders from:
Net investment income.. -- (0.03) (0.01) --
Net realized gain on
investments and
futures contracts..... -- -- (0.01) --
In excess of net
realized gain on
investments and
futures contracts..... -- (0.09) -- --
------------ ------------ ----------- ----------
Total distributions.... -- (0.12) (0.02) --
------------ ------------ ----------- ----------
Net Asset Value, End of
Period................. $ 21.71 $ 23.67 $ 18.36 $ 12.86
============ ============ =========== ==========
Total Return............ (8.28)%(c) 29.56% 42.95% 2.90%(c)
Ratios/Supplemental
Data:
Net assets, end of
period................. $114,787,393 $155,987,050 $90,854,397 $6,043,740
Ratio of expenses to
average net assets..... 1.41%(d) 1.34% 1.50% 1.33%(d)
Ratio of net investment
income to average net
assets................. 0.18%(d) 1.99% 2.43% 2.26%(d)
Ratio of expenses to
average net assets*.... 1.41%(d) 1.36% 1.70% 12.69%(d)
Portfolio turnover(e)... 593% 764% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
20
<PAGE>
PROFUNDS
UltraBull ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
------------------------------------------------------------------------
For the
For the period from
six months For the For the November 28,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 23.27 $ 18.19 $ 12.86 $ 12.50
----------- ----------- ----------- ----------
Net investment
income/(loss)......... (0.09) 0.08 0.24(b) 0.01
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (1.96) 5.09 5.10 0.35
----------- ----------- ----------- ----------
Total income/(loss)
from investment
operations............ (2.05) 5.17 5.34 0.36
----------- ----------- ----------- ----------
Distribution to
Shareholders from:
Net investment income.. -- -- -- (c) --
Net realized gain on
investments and
futures contracts..... -- -- (0.01) --
In excess of net
realized gain on
investments and
futures contracts..... -- (0.09) -- --
----------- ----------- ----------- ----------
Total distributions.... -- (0.09) (0.01) --
----------- ----------- ----------- ----------
Net Asset Value, End of
Period................. $ 21.22 $ 23.27 $ 18.19 $ 12.86
=========== =========== =========== ==========
Total Return............ (8.81)%(d) 28.42% 41.48% 2.90%(d)
Ratios/Supplemental
Data:
Net assets, end of
period................. $57,719,243 $70,219,680 $10,991,484 $2,394,297
Ratio of expenses to
average net assets..... 2.41%(e) 2.34% 2.39% 1.33%(e)
Ratio of net investment
income/(loss) to
average net assets..... (0.82)%(e) 0.79% 1.53% 1.69%(e)
Ratio of expenses to
average net assets*.... 2.41%(e) 2.36% 2.84% 13.69%(e)
Portfolio turnover(f)... 593% 764% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
21
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraMid-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (87.2%)
Market
Shares Value
------ -----------
<S> <C> <C>
Abercrombie & Fitch Co.*..................................... 2,662 $ 32,443
ACNielsen Corp.*............................................. 1,452 31,944
Acuson Corp.*................................................ 682 9,207
Acxiom Corp.*................................................ 2,112 57,552
ADTRAN, Inc.*................................................ 968 57,959
Affiliated Computer Services, Inc.--Class A*................. 1,232 40,733
AGCO Corp. .................................................. 1,452 17,787
AGL Resources, Inc. ......................................... 1,452 23,141
Airborne Freight Corp. ...................................... 1,232 23,331
Airgas, Inc.*................................................ 1,782 10,135
AK Steel Holding Corp. ...................................... 2,618 20,944
Alaska Air Group, Inc.*...................................... 660 17,903
Albany International Corp.--Class A*......................... 770 11,165
Albemarle Corp. ............................................. 1,210 23,898
Alexander & Baldwin, Inc. ................................... 1,122 24,754
Allegheny Energy, Inc. ...................................... 2,728 74,679
Alliant Energy Corp. ........................................ 1,980 51,480
Allmerica Financial Corp. ................................... 1,364 71,440
AMBAC Financial Group, Inc. ................................. 1,738 95,264
American Eagle Outfitters, Inc.*............................. 1,166 16,324
American Financial Group, Inc. .............................. 1,496 37,120
American Standard Cos.*...................................... 1,738 71,258
American Water Works Co., Inc. .............................. 2,464 61,600
Ametek, Inc. ................................................ 836 14,630
ANTEC Corp.*................................................. 924 38,404
Apollo Group, Inc.--Class A*................................. 1,760 49,280
Apria Healthcare Group, Inc.*................................ 1,320 16,170
Arnold Industries, Inc. ..................................... 682 8,227
Arrow Electronics, Inc.*..................................... 2,376 73,656
Arvin Industries, Inc. ...................................... 660 11,468
Associated Banc-Corp. ....................................... 1,693 36,929
Astoria Financial Corp. ..................................... 1,342 34,557
Atmel Corp.*................................................. 5,104 188,210
Avnet, Inc. ................................................. 1,078 63,872
Bandag, Inc. ................................................ 572 13,871
Banknorth Group, Inc. ....................................... 3,630 55,584
Banta Corp. ................................................. 682 12,915
Barnes & Noble, Inc.*........................................ 1,694 37,692
Beckman Coulter, Inc. ....................................... 726 42,380
Belo (A.H.) Corp.--Class A................................... 2,926 50,656
Bergen Brunswig Corp. ....................................... 3,300 18,150
Beverly Enterprises, Inc.*................................... 2,574 7,239
BJ Services Co.*............................................. 1,694 105,875
BJ's Wholesale Club, Inc.*................................... 1,870 61,710
Black Hills Corp. ........................................... 550 12,409
Blyth, Inc. ................................................. 1,210 35,695
Bob Evans Farms, Inc. ....................................... 1,012 15,117
Borders Group, Inc.*......................................... 1,980 30,814
BorgWarner, Inc. ............................................ 704 24,728
Bowater, Inc. ............................................... 1,254 55,333
Brinker International, Inc.*................................. 1,628 47,619
Broadwing, Inc.*............................................. 5,390 139,803
Buffets, Inc.*............................................... 1,056 13,398
Burlington Industries, Inc.*................................. 1,364 2,302
Burr-Brown Corp.*............................................ 1,386 120,149
C.H. Robinson Worldwide, Inc. ............................... 1,034 51,182
Cabot Corp. ................................................. 1,650 44,962
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Cadence Design Systems, Inc.*................................ 5,830 $ 118,786
Callaway Golf Co. ........................................... 1,870 30,504
Calpine Corp.*............................................... 3,036 199,616
Cambridge Technology Partners, Inc.*......................... 1,540 13,427
Carlisle Companies, Inc. .................................... 770 34,650
Carpenter Technology Corp. .................................. 550 11,619
Carter-Wallace, Inc. ........................................ 1,144 23,023
CBRL Group, Inc. ............................................ 1,474 21,649
CCB Financial Corp. ......................................... 1,034 38,258
CDW Computer Centers, Inc.*.................................. 2,112 131,999
CheckFree Holdings Corp.*.................................... 1,342 69,197
Chesapeake Corp. ............................................ 440 13,035
Chiron Corp.*................................................ 4,708 223,630
Chris-Craft Industries, Inc.*................................ 836 55,256
Church & Dwight, Inc. ....................................... 990 17,820
Cintas Corp. ................................................ 4,180 153,353
Cirrus Logic, Inc.*.......................................... 1,650 26,400
City National Corp. ......................................... 1,166 41,393
Claire's Stores, Inc. ....................................... 1,276 24,563
Clayton Homes, Inc. ......................................... 3,586 28,688
CLECO Corp. ................................................. 572 19,162
Cleveland-Cliffs, Inc. ...................................... 286 7,382
CMP Group, Inc. ............................................. 814 23,860
CNF, Inc. ................................................... 1,144 26,026
Comdisco, Inc. .............................................. 3,674 81,976
Commscope, Inc.*............................................. 1,210 49,610
Compass Bancshares, Inc. .................................... 2,882 49,174
COMSAT Corp. ................................................ 1,320 32,588
Concord EFS, Inc.*........................................... 5,082 132,132
Conectiv, Inc. .............................................. 2,442 38,004
Consolidated Papers, Inc. ................................... 2,288 83,655
Covance, Inc.*............................................... 1,408 12,408
Crompton Corp. .............................................. 3,080 37,730
CSG Systems International, Inc.*............................. 1,320 74,003
Cypress Semiconductor Corp.*................................. 2,596 109,681
Cytec Industries, Inc.*...................................... 1,056 26,070
Dean Foods Co. .............................................. 1,012 32,068
Dentsply International, Inc. ................................ 1,342 41,350
Devon Energy Corp. .......................................... 2,112 118,668
DeVRY, Inc.*................................................. 1,738 45,948
Dexter Corp. ................................................ 572 27,456
Dial Corp. .................................................. 2,618 27,162
Diebold, Inc. ............................................... 1,760 49,060
Dime Bancorp, Inc. .......................................... 2,794 44,006
Dole Food Co., Inc. ......................................... 1,408 19,712
Dollar Tree Stores, Inc.*.................................... 2,276 90,043
Donaldson Co., Inc. ......................................... 1,166 23,029
DPL, Inc. ................................................... 4,070 89,286
DQE, Inc. ................................................... 1,914 75,723
Dreyer's Grand Ice Cream, Inc. .............................. 704 14,784
DST Systems, Inc.*........................................... 1,606 122,257
Dynegy, Inc. ................................................ 3,300 225,430
E*TRADE Group, Inc.*......................................... 7,348 121,242
Edwards (A.G.) Inc. ......................................... 2,332 90,948
Edwards Lifesciences Corp.*.................................. 1,694 32,398
Electronic Arts, Inc.*....................................... 1,672 121,951
Energizer Holdings, Inc.*.................................... 2,420 44,165
Energy East Corp. ........................................... 2,882 54,938
</TABLE>
See accompanying notes to the financial statements.
22
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraMid-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Ensco International, Inc. ................................... 3,366 $ 120,545
Ethyl Corp. ................................................. 2,068 5,170
Everest Re Group Ltd......................................... 1,188 39,056
Express Scripts, Inc.--Class A*.............................. 968 60,137
Family Dollar Stores, Inc. .................................. 4,268 83,492
Fastenal Co.................................................. 902 45,664
Federal Signal Corp. ........................................ 1,122 18,513
Federal-Mogul Corp. ......................................... 1,914 18,303
Ferro Corp. ................................................. 902 18,942
FINOVA Group, Inc. .......................................... 1,518 19,734
First Health Group Corp.*.................................... 1,254 41,147
First Security Corp. ........................................ 4,906 66,538
First Tennessee National Corp. .............................. 3,300 54,656
First Virginia Banks, Inc. .................................. 1,232 42,889
FirstMerit Corp. ............................................ 2,288 48,906
Fiserv, Inc.*................................................ 3,080 133,210
Flowers Industries, Inc. .................................... 2,552 50,881
Flowserve Corp. ............................................. 946 14,249
Forest Laboratories, Inc.--Class A*.......................... 2,068 208,867
Foundation Health Systems, Inc.--Class A*.................... 3,080 40,040
Fuller (H. B.) Co. .......................................... 352 16,038
Furniture Brands International, Inc.*........................ 1,232 18,634
Galileo International, Inc. ................................. 2,310 48,221
Gartner Group, Inc.--Class B................................. 2,222 21,942
GATX Corp. .................................................. 1,232 41,888
Genzyme Corp.-General Division*.............................. 2,112 125,532
Georgia Gulf Corp. .......................................... 770 16,026
Georgia-Pacific Timber Corp. ................................ 2,090 45,196
Gilead Sciences, Inc.*....................................... 1,100 78,238
Glatfelter (P.H.) Co. ....................................... 1,056 10,758
Global Marine, Inc.*......................................... 4,224 119,064
Granite Construction, Inc. .................................. 682 16,709
Grant Prideco, Inc.*......................................... 2,706 67,650
Greenpoint Financial Corp. .................................. 2,684 50,325
GTECH Holdings Corp.*........................................ 880 19,965
Hanna (M.A.) Co. ............................................ 1,298 11,682
Hannaford Brothers Co. ...................................... 1,056 75,900
Hanover Compressor Co.*...................................... 1,452 55,176
Harris Corp. ................................................ 1,870 61,243
Harsco Corp. ................................................ 1,012 25,806
Harte-Hanks, Inc. ........................................... 1,716 42,900
Hawaiian Electric Industries, Inc. .......................... 814 26,709
Health Management Associates, Inc.--Class A*................. 6,270 81,902
Helmerich & Payne, Inc. ..................................... 1,232 46,046
Herman Miller, Inc. ......................................... 1,980 51,232
Hibernia Corp. .............................................. 4,114 44,740
Hillenbrand Industries, Inc.................................. 1,672 52,355
Hispanic Broadcasting Corp.--Class A*........................ 2,772 91,823
HON Industries, Inc. ........................................ 1,562 36,707
Horace Mann Educators Corp. ................................. 1,056 15,840
Hormel Foods Corp. .......................................... 3,872 65,097
Houghton Mifflin Co. ........................................ 748 34,922
HSB Group, Inc. ............................................. 748 23,282
Hubbell, Inc. ............................................... 1,606 40,953
IBP, Inc. ................................................... 2,376 36,680
ICN Pharmaceuticals, Inc. ................................... 1,826 50,786
IDACORP, Inc. ............................................... 968 31,218
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
IDEC Pharmaceuticals Corp.*.................................. 1,056 $ 123,882
Imation Corp.*............................................... 880 25,850
IMC Global, Inc. ............................................ 2,728 35,464
Incyte Genomics, Inc.*....................................... 704 57,860
Informix Corp.*.............................................. 4,862 36,161
Integrated Device Technology, Inc.*.......................... 2,200 131,725
International Game Technology................................ 1,914 50,721
International Multifoods Corp. .............................. 462 7,998
International Speedway Corp. ................................ 1,342 55,525
Interstate Bakeries Corp. ................................... 1,804 25,256
Intuit, Inc.*................................................ 4,708 194,793
Investment Technology Group, Inc.*........................... 792 33,710
IPALCO Enterprises, Inc. .................................... 2,200 44,275
IVAX Corp.*.................................................. 3,806 157,949
J.B. Hunt Transport Services, Inc. .......................... 902 13,925
Jabil Circuit, Inc.*......................................... 4,268 211,799
Jacobs Engineering Group, Inc.*.............................. 660 21,574
Jones Apparel Group, Inc.*................................... 3,014 70,829
Kansas City Power & Light Co. ............................... 1,562 35,145
Kaydon Corp. ................................................ 770 16,170
Keane, Inc.*................................................. 1,804 39,012
Kelly Services, Inc.--Class A................................ 924 21,368
Kennametal, Inc. ............................................ 770 16,507
KeySpan Corp. ............................................... 3,344 102,828
Keystone Financial, Inc. .................................... 1,210 25,713
Kinder Morgan, Inc. ......................................... 2,816 97,328
L-3 Communications Holdings, Inc.*........................... 792 45,194
Lancaster Colony Corp. ...................................... 946 18,151
Lance, Inc. ................................................. 748 6,732
Lands' End, Inc.*............................................ 770 25,699
Lear Corp.*.................................................. 1,760 35,199
Lee Enterprises, Inc. ....................................... 1,144 26,670
Legato Systems, Inc.*........................................ 1,958 29,615
Legg Mason, Inc. ............................................ 1,452 72,600
LG&E Energy Corp. ........................................... 3,278 78,262
Lincare Holdings, Inc.*...................................... 1,364 33,589
Litton Industries, Inc.*..................................... 1,144 48,048
Lone Star Steakhouse & Saloon, Inc.*......................... 836 8,465
Longview Fibre Co. .......................................... 1,298 14,359
Lubrizol Corp. .............................................. 1,386 29,106
Lyondell Chemical Co. ....................................... 3,080 51,589
Macromedia, Inc.*............................................ 1,210 116,992
MagneTek, Inc.*.............................................. 638 5,104
Mandalay Resort Group*....................................... 2,266 45,320
Manpower, Inc. .............................................. 1,958 62,656
MarchFirst, Inc.*............................................ 3,564 65,043
Mark IV Industries, Inc. .................................... 1,210 25,259
Marshall & Ilsley Corp. ..................................... 2,662 110,472
Martin Marietta Materials.................................... 1,166 47,150
MAXXAM, Inc.*................................................ 176 3,124
McCormick & Co., Inc. ....................................... 1,826 59,344
MCN Energy Group, Inc. ...................................... 2,178 46,555
Media General, Inc. ......................................... 682 33,120
Mentor Graphics Corp.*....................................... 1,650 32,794
Mercantile Bankshares Corp................................... 1,760 52,470
Meritor Automotive, Inc. .................................... 1,760 19,360
Micrel, Inc.*................................................ 1,980 86,006
Microchip Technology, Inc.*.................................. 1,914 111,520
</TABLE>
See accompanying notes to the financial statements.
23
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraMid-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Millennium Pharmaceuticals, Inc.*............................ 2,244 $ 251,047
Minerals Technologies, Inc. ................................. 528 24,288
MiniMed, Inc.*............................................... 792 93,455
Minnesota Power, Inc. ....................................... 1,848 31,994
Modine Manufacturing Co. .................................... 748 20,196
Modis Professional Services, Inc.*........................... 2,486 18,956
Mohawk Industries, Inc.*..................................... 1,518 33,017
Montana Power Co. ........................................... 2,772 97,886
Murphy Oil Corp. ............................................ 1,144 67,997
Mylan Laboratories, Inc. .................................... 3,366 61,430
Nabors Industries, Inc.*..................................... 3,344 138,984
National Commerce Bancorp.................................... 2,794 44,879
National Fuel Gas Co. ....................................... 990 48,263
Navigant Consulting Co.*..................................... 1,056 4,488
NCH Corp. ................................................... 132 4,777
NCO Group, Inc.*............................................. 594 13,736
Neiman Marcus Group, Inc.--Class A*.......................... 1,210 35,771
Network Associates, Inc.*.................................... 3,476 70,824
Newport News Shipbuilding.................................... 814 29,915
NiSource, Inc. .............................................. 3,102 57,775
Noble Affiliates, Inc. ...................................... 1,386 51,629
Noble Drilling Corp.*........................................ 3,190 131,388
Nordson Corp. ............................................... 418 21,161
North Fork Bancorporation.................................... 3,256 49,247
Northeast Utilities System................................... 3,344 72,732
NOVA Corp.*.................................................. 1,826 51,014
NSTAR........................................................ 1,518 61,764
NVIDIA Corp.*................................................ 1,496 95,090
Ocean Energy, Inc.*.......................................... 4,048 57,431
OfficeMax, Inc.*............................................. 2,838 14,190
Ogden Corp. ................................................. 1,232 11,088
OGE Energy Corp.............................................. 1,980 36,630
Ohio Casualty Corp. ......................................... 1,496 15,895
Old Republic International Corp. ............................ 3,234 53,361
Olin Corp. .................................................. 1,122 18,513
Omnicare, Inc. .............................................. 2,310 20,934
Outback Steakhouse, Inc.*.................................... 1,826 53,411
Oxford Health Plans, Inc.*................................... 2,024 48,197
Pacific Century Financial Corp. ............................. 2,024 29,601
PacifiCare Health Systems, Inc.*............................. 1,078 64,882
Papa John's International, Inc.*............................. 748 18,326
Park Place Entertainment Corp.*.............................. 7,744 94,380
Payless ShoeSource, Inc.*.................................... 792 40,590
Pennzoil-Quaker State Co..................................... 1,936 23,353
Pentair, Inc. ............................................... 1,188 42,174
Perrigo Co.*................................................. 1,848 11,666
Pioneer Natural Resources Co.*............................... 2,508 31,977
Pittston Brink's Group....................................... 1,276 17,465
PMI Group, Inc. ............................................. 1,100 52,250
Policy Management Systems Corp.*............................. 858 13,192
Polycom, Inc.*............................................... 792 74,522
Potomac Electric Power Co. .................................. 3,058 76,450
Powerwave Technologies, Inc.*................................ 1,980 87,120
Precision Castparts Corp. ................................... 616 27,874
Premier Parks, Inc.*......................................... 2,178 49,550
Protective Life Corp......................................... 1,650 43,931
Provident Financial Group, Inc. ............................. 1,056 25,146
PSS World Medical, Inc.*..................................... 1,804 12,121
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Public Service Co. of New Mexico............................. 1,034 $ 15,962
Puget Sound Energy, Inc. .................................... 2,134 45,481
QLogic Corp.*................................................ 1,848 122,084
Quanta Services, Inc.*....................................... 1,430 78,650
Quantum Corp.-DLT & Storage Systems Group* .................. 3,894 37,723
Quest Diagnostics, Inc.*..................................... 1,100 82,225
Questar Corp. ............................................... 2,046 39,641
Quorum Health Group, Inc.*................................... 1,782 18,377
R.J. Reynolds Tobacco Holdings............................... 2,750 76,828
Rational Software Corp.*..................................... 2,200 204,462
Rayonier, Inc. .............................................. 704 25,256
Reader's Digest Association, Inc. ........................... 2,640 104,940
ReliaStar Financial Corp. ................................... 2,266 118,822
Reynolds & Reynolds Co. ..................................... 1,980 36,135
Robert Half International, Inc. ............................. 4,488 127,908
Rollins, Inc. ............................................... 770 11,454
Ross Stores, Inc. ........................................... 2,266 38,664
RPM, Inc. ................................................... 2,728 27,621
Ruddick Corp. ............................................... 1,210 14,293
Ryerson Tull, Inc. .......................................... 616 6,391
Saks, Inc.*.................................................. 3,608 37,884
Santa Fe Snyder Corp.*....................................... 4,554 51,802
Sawtek, Inc.*................................................ 990 56,987
SCANA Corp. ................................................. 2,574 62,098
Scholastic Corp.*............................................ 418 25,550
Schulman (A.) Inc............................................ 748 9,023
SCI Systems, Inc.*........................................... 3,608 141,389
Semtech Corp.*............................................... 814 62,258
Sensormatic Electronics Corp.*............................... 1,848 29,222
Sepracor, Inc.*.............................................. 1,628 196,377
Sequa Corp.--Class A*........................................ 264 10,082
Shaw Industries, Inc......................................... 3,498 43,725
Sierra Pacific Resources..................................... 1,980 24,874
Smith International, Inc.*................................... 1,144 83,298
Smucker (J.M.) Co.--Class A.................................. 726 13,976
Solutia, Inc. ............................................... 2,794 38,418
Sonoco Products Co. ......................................... 2,464 50,666
Sotheby's Holdings, Inc.*.................................... 1,562 27,335
Southdown, Inc. ............................................. 836 48,278
Sovereign Bancorp, Inc. ..................................... 5,478 38,517
SPX Corp.*................................................... 770 93,122
Standard Register Co. ....................................... 704 10,032
STERIS Corp.*................................................ 1,650 14,644
Stewart & Stevenson Services, Inc. .......................... 704 10,604
Stewart Enterprises, Inc.--Class A........................... 2,750 9,711
Storage Technology Corp.*.................................... 2,398 26,228
Structural Dynamics Research Corp.*.......................... 902 13,586
Stryker Corp. ............................................... 4,884 213,674
Suiza Foods Corp.*........................................... 770 37,634
SunGard Data Systems, Inc.*.................................. 3,278 101,618
Superior Industries International, Inc. ..................... 682 17,562
Swift Transportation Co., Inc.*.............................. 1,628 22,792
Sybase, Inc.*................................................ 2,024 46,552
Sybron International Corp.*.................................. 2,662 52,741
Sykes Enterprises, Inc.*..................................... 1,562 20,111
Sylvan Learning Systems, Inc.*............................... 1,254 17,243
Symantec Corp.*.............................................. 1,474 79,504
</TABLE>
See accompanying notes to the financial statements.
24
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraMid-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Symbol Technologies, Inc. ................................... 3,366 $ 181,763
Synopsys, Inc.*.............................................. 1,782 61,590
TCF Financial Corp. ......................................... 2,068 53,122
Tech Data Corp.*............................................. 1,276 55,586
TECO Energy, Inc. ........................................... 3,322 66,648
Tecumseh Products Co. ....................................... 506 19,323
Teleflex, Inc. .............................................. 968 35,877
Telephone & Data Systems, Inc. .............................. 1,496 149,973
Tidewater, Inc. ............................................. 1,364 49,104
Titan Corp.*................................................. 1,254 56,116
Transaction Systems Architects, Inc.*........................ 792 13,563
Transwitch Corp.*............................................ 902 69,623
Trigon Healthcare, Inc.*..................................... 968 49,913
Trinity Industries, Inc. .................................... 990 18,315
Triquint Semiconductor, Inc.*................................ 924 88,415
Tyson Foods, Inc.--Class A................................... 5,676 49,665
UCAR International, Inc.*.................................... 1,122 14,656
Ultramar Diamond Shamrock Corp. ............................. 2,156 53,496
Unifi, Inc.*................................................. 1,496 18,513
Unitrin, Inc. ............................................... 1,848 54,285
Universal Corp. ............................................. 770 16,266
Universal Foods Corp. ....................................... 1,298 24,013
Univision Communications, Inc.*.............................. 2,486 257,300
USG Corp. ................................................... 1,232 37,422
UtiliCorp United, Inc. ...................................... 2,376 47,223
Valassis Communications, Inc.*............................... 1,408 53,680
Valero Energy Corp. ......................................... 1,408 44,704
Valspar Corp. ............................................... 1,056 35,640
Varco International, Inc.*................................... 2,245 52,192
Vectren Corp. ............................................... 1,628 28,083
Viad Corp. .................................................. 2,420 65,945
Vishay Intertechnology, Inc.*................................ 3,146 119,351
VISX, Inc.*.................................................. 1,760 49,390
Vitesse Semiconductor Corp.*................................. 3,652 268,650
Waddell & Reed Financial, Inc. .............................. 2,046 67,134
Wallace Computer Services, Inc. ............................. 1,034 10,211
Warnaco Group, Inc. ......................................... 1,364 10,571
Washington Gas Light Co. .................................... 1,166 28,057
Washington Post Co. ......................................... 242 115,675
Waters Corp.*................................................ 1,562 194,956
Wausau-Mosinee Paper Corp. .................................. 1,320 11,303
Weatherford International, Inc.*............................. 2,618 104,229
Webster Financial Corp. ..................................... 1,122 24,894
Wellman, Inc. ............................................... 880 14,245
Westamerica Bancorporation................................... 968 25,289
Westpoint Stevens, Inc. ..................................... 1,320 14,685
Westwood One, Inc.*.......................................... 2,772 94,595
Whitman Corp. ............................................... 3,564 44,105
Williams-Sonoma, Inc.*....................................... 1,364 44,245
Wilmington Trust Corp. ...................................... 836 35,739
Wisconsin Central Transport*................................. 1,254 16,302
Wisconsin Energy Corp. ...................................... 2,948 58,407
York International Corp. .................................... 990 24,998
Zions Bancorporation ........................................ 2,134 97,930
-----------
TOTAL COMMON STOCKS
(Cost $21,677,071).......................................... 21,156,988
-----------
<CAPTION>
Options Purchased (9.0%)
Market
Contracts Value
--------- -----------
<S> <C> <C>
S&P MidCap 400 Call Option expiring July 2000 @ 290...... 22 $2,189,000
S&P MidCap 400 Put Option expiring July 2000 @ 250....... 45 2,025
-----------
TOTAL OPTIONS PURCHASED
(Cost $2,309,710)....................................... 2,191,025
-----------
<CAPTION>
U.S. Treasury Notes (4.1%)
Principal
Amount
---------
<S> <C> <C>
U.S. Treasury Note,
4.50%, 09/30/00......................................... $991,000 987,129
-----------
TOTAL U.S. TREASURY NOTES
(Cost $987,171)......................................... 987,129
-----------
TOTAL INVESTMENTS
(Cost $24,973,952)(a) (100.3%).......................... 24,335,142
Liabilities in excess of
other assets (-0.3)%.................................... (81,156)
-----------
TOTAL NET ASSETS (100.0%)................................ $24,253,986
===========
</TABLE>
-----
Percentages indicated are based on net assets of $24,253,986.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Loss
--------- -----------
<S> <C> <C>
S&P MidCap 400 Future Contract expiring September 2000
(Underlying face amount at value $22,983,000)........... 94 $ (436,970)
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation.... $ 274,265
Unrealized depreciation.... (913,075)
---------
Net unrealized
depreciation.............. $(638,810)
=========
See accompanying notes to the financial statements.
25
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraMid-Cap ProFund June 30, 2000
(Unaudited)
The UltraMid-Cap ProFund's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Aerospace & Defense....................................................... 0.5%
Airlines.................................................................. 0.1%
Automotive................................................................ 0.6%
Banking................................................................... 5.0%
Biotechnology............................................................. 3.4%
Building & Construction................................................... 1.1%
Business Services......................................................... 6.1%
Chemicals................................................................. 2.0%
Computer Services......................................................... 1.9%
Computer Software......................................................... 4.4%
Computers................................................................. 1.1%
Consumer Products......................................................... 0.4%
Containers & Packaging.................................................... 0.1%
Electrical & Electronic................................................... 4.7%
Energy & Utilities........................................................ 15.8%
Financial Services........................................................ 1.7%
Food & Beverage........................................................... 2.1%
Health Care............................................................... 4.8%
Home Furnishings.......................................................... 0.5%
Insurance................................................................. 2.6%
Machinery & Equipment..................................................... 3.1%
Media..................................................................... 2.8%
Metals & Mining........................................................... 0.4%
Office Equipment & Supplies............................................... 0.3%
Paper & Forest Products................................................... 1.2%
Pharmaceuticals........................................................... 3.3%
Retail & Wholesale........................................................ 4.4%
Semiconductors............................................................ 4.7%
Telecommunications........................................................ 3.8%
Textiles & Apparel........................................................ 1.4%
Tobacco................................................................... 0.4%
Transportation............................................................ 1.1%
Travel & Entertainment.................................................... 1.4%
Other..................................................................... 12.8%
</TABLE>
See accompanying notes to the financial statements.
26
<PAGE>
PROFUNDS
UltraMid-Cap ProFund
(Unaudited)
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
June 30, 2000
<S> <C>
Assets:
Investments, at value (cost $24,973,952)......................... $24,335,142
Cash............................................................. 179,874
Dividends and interest receivable................................ 21,567
Prepaid expenses................................................. 92,903
-----------
Total Assets.................................................... 24,629,486
Liabilities:
Variation margin on futures contracts............................ 354,030
Advisory fees payable............................................ 13,735
Management servicing fees payable................................ 2,747
Administration fees payable...................................... 152
Shareholder servicing fees payable--Service Class................ 4,836
-----------
Total Liabilities............................................... 375,500
-----------
Net Assets........................................................ $24,253,986
===========
Net Assets consist of:
Capital.......................................................... $27,297,568
Accumulated net investment loss.................................. (10,817)
Accumulated net realized losses on investments and futures
contracts....................................................... (1,956,985)
Net unrealized depreciation on investments and futures
contracts....................................................... (1,075,780)
-----------
Total Net Assets.................................................. $24,253,986
===========
Investor Shares:
Net Assets....................................................... $17,946,119
Shares of Beneficial Interest Outstanding........................ 566,772
Net Asset Value (offering and redemption price per share)........ $ 31.66
===========
Service Shares:
Net Assets....................................................... $ 6,307,867
Shares of Beneficial Interest Outstanding........................ 200,161
Net Asset Value (offering and redemption price per share)........ $ 31.51
===========
<CAPTION>
Statement of Operations
For the period February 8, 2000(a) through June 30, 2000
<S> <C>
Investment Income:
Dividends........................................................ $ 56,201
Interest......................................................... 36,518
-----------
Total Income.................................................... 92,719
Expenses:
Advisory fees.................................................... 45,781
Management servicing fees........................................ 9,156
Administration fees.............................................. 4,984
Shareholder servicing fees--Service Class........................ 15,948
Custody fees..................................................... 10,787
Registration and filing fees..................................... 8,348
Fund accounting fees............................................. 6,753
Other fees....................................................... 1,779
-----------
Total expenses.................................................. 103,536
-----------
Net Investment Loss............................................... (10,817)
-----------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts......... (1,956,985)
Net change in unrealized depreciation on investments and futures
contracts....................................................... (1,075,780)
-----------
Net realized and unrealized losses on investments and futures
contracts...................................................... (3,032,765)
-----------
Decrease In Net Assets Resulting from Operations.................. $(3,043,582)
===========
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
27
<PAGE>
PROFUNDS
UltraMid-Cap ProFund
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the period
February 8, 2000(a)
through
June 30, 2000
-------------------
(Unaudited)
<S> <C>
Change in Net Assets:
Operations:
Net investment loss....................................... $ (10,817)
Net realized losses on investments and futures contracts.. (1,956,985)
Net change in unrealized depreciation on investments and
futures contracts........................................ (1,075,780)
-------------
Net decrease in net assets resulting from operations...... (3,043,582)
Capital Share Transactions:
Proceeds from shares issued............................... 267,486,798
Cost of shares redeemed................................... (240,189,230)
-------------
Net increase in net assets resulting from capital share
transactions............................................. 27,297,568
-------------
Total increase in net assets.............................. 24,253,986
Net Assets:
Beginning of period....................................... --
-------------
End of period............................................. $ 24,253,986
=============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
28
<PAGE>
PROFUNDS
UltraMid-Cap ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class Service Class
------------------- -------------------
For the period from For the period from
February 8, 2000(a) February 8, 2000(a)
through through
June 30, 2000 June 30, 2000
------------------- -------------------
(Unaudited) (Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period.. $ 30.00 $ 30.00
----------- ----------
Net investment loss.................. (0.01) (0.03)
Net realized and unrealized gain on
investments and futures contracts... 1.67(b) 1.54(b)
----------- ----------
Total income from investment
operations.......................... 1.66 1.51
----------- ----------
Net Asset Value, End of Period........ $ 31.66 $ 31.51
=========== ==========
Total Return.......................... 5.53%(c) 5.03%(c)
Ratios/Supplemental Data:
Net assets, end of period............. $17,946,119 $6,307,867
Ratio of expenses to average net
assets............................... 1.43%(d) 2.47%(d)
Ratio of net investment loss to
average net assets................... (0.12)%(d) (0.33)%(d)
Portfolio turnover(e)................. 2073% 2073%
</TABLE>
-----
(a)Commencement of operations.
(b)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.
(c)Not annualized.
(d)Annualized.
(e)Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
29
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (84.6%)
Market
Shares Value
------ -----------
<S> <C> <C>
1-800-FLOWERS.COM, Inc.*.................................... 736 $ 3,772
24/7 Media, Inc.*........................................... 672 10,500
AAR Corp. .................................................. 1,664 19,968
Aaron Rents, Inc. .......................................... 1,728 21,708
Abercrombie & Fitch Co.*.................................... 2,752 33,540
Abgenix, Inc.*.............................................. 224 26,849
ABM Industries, Inc. ....................................... 1,376 31,648
About.com, Inc.*............................................ 320 10,080
Accrue Software, Inc.*...................................... 160 5,680
ACME Communications, Inc.*.................................. 320 5,840
Actel Corp.*................................................ 1,184 54,020
Active Software, Inc.*...................................... 480 37,290
Actuate Corp.*.............................................. 1,088 58,072
ACTV, Inc.*................................................. 1,600 23,900
Adaptive Broadband Corp.*................................... 1,344 49,392
ADC Telecommunications, Inc.*............................... 1,174 98,461
Adelphia Business Solutions, Inc.*.......................... 800 18,550
ADTRAN, Inc.*............................................... 928 55,564
Advanced Digital Information Corp.*......................... 1,728 27,540
Advanced Energy Industries, Inc.*........................... 576 33,948
Advanced Fibre Communications, Inc.*........................ 1,152 52,200
Advanced Radio Telecom Corp.*............................... 1,408 20,592
Advanced Tissue Sciences, Inc.*............................. 1,504 12,079
Advent Software, Inc.*...................................... 1,152 74,304
ADVO, Inc.*................................................. 1,152 48,384
Aeroflex, Inc.*............................................. 1,024 50,880
Affiliated Managers Group, Inc.*............................ 1,312 59,696
Affymetrix, Inc.*........................................... 416 68,692
AGCO Corp. ................................................. 3,392 41,552
AGL Resources, Inc. ........................................ 1,888 30,090
Airborne Freight Corp. ..................................... 2,688 50,904
Airgas, Inc.*............................................... 4,288 24,388
AirGate PCS, Inc.*.......................................... 224 11,774
Alaska Air Group, Inc.*..................................... 1,248 33,852
Alexander & Baldwin, Inc. .................................. 2,016 44,478
Alexion Pharmaceuticals, Inc.*.............................. 128 9,152
Alfa Corp. ................................................. 2,624 45,920
Alkermes, Inc.*............................................. 1,024 48,256
Allaire Corp.*.............................................. 640 23,520
Alliance Bancorp............................................ 1,920 31,560
Alliance Pharmaceutical Corp.*.............................. 480 5,400
Alliant Techsystems, Inc.*.................................. 672 45,318
Allied Capital Corp......................................... 2,016 34,272
Allied Riser Communications Corp.*.......................... 1,504 21,244
Alpha Industries, Inc.*..................................... 1,376 60,630
Alpharma, Inc. ............................................. 1,152 71,712
Amcore Financial, Inc. ..................................... 1,504 27,542
America West Holdings Corp.--Class B*....................... 2,080 35,620
American Eagle Outfitters, Inc.*............................ 416 5,824
American Italian Pasta Co.*................................. 1,216 25,156
American Management Systems, Inc.*.......................... 2,176 71,434
American Xtal Technology, Inc.*............................. 832 35,984
AmeriCredit Corp.*.......................................... 3,232 54,944
Amerisource Health Corp.--Class A*.......................... 2,720 84,320
Ames Department Stores, Inc.*............................... 1,760 13,640
Ametek, Inc. ............................................... 1,888 33,040
Amkor Technology, Inc.*..................................... 1,248 44,070
Amphenol Corp.--Class A*.................................... 1,376 91,074
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Amylin Pharmaceuticals, Inc.*............................... 480 $ 7,290
Anadigics, Inc.*............................................ 1,088 37,060
Analysts International Corp. ............................... 416 3,874
Anaren Microwave, Inc.*..................................... 64 8,399
Anchor Bancorp Wisconsin, Inc. ............................. 2,464 37,730
Ancor Communications, Inc.*................................. 1,184 42,347
Andover Bancorp, Inc. ...................................... 1,216 35,036
Andrew Corp.*............................................... 3,072 103,104
AnnTaylor Stores Corp.*..................................... 1,696 56,180
answerthink, inc.*.......................................... 1,312 21,812
ANTEC Corp.*................................................ 1,248 51,870
Apex, Inc.*................................................. 864 37,800
Applebee's International, Inc. ............................. 1,504 45,590
Applied Power, Inc.--Class A................................ 2,016 67,536
AppNet, Inc.*............................................... 896 32,256
Apria Healthcare Group, Inc.*............................... 2,720 33,320
AptarGroup, Inc. ........................................... 1,696 45,792
Arch Chemicals, Inc. ....................................... 1,440 31,500
Arch Communications Group, Inc.*............................ 2,528 16,432
Argonaut Group, Inc. ....................................... 1,632 27,948
Artesyn Technologies, Inc.*................................. 1,920 53,400
Arthur J. Gallagher & Co. .................................. 1,408 59,136
Arvin Industries, Inc....................................... 2,048 35,584
Ask Jeeves, Inc.*........................................... 416 7,514
Aspect Communications Corp.*................................ 1,952 76,738
Aspen Technology, Inc.*..................................... 1,152 44,352
Asyst Technologies, Inc.*................................... 1,344 46,032
ATMI, Inc.*................................................. 1,024 47,616
Atmos Energy Corp........................................... 2,048 35,840
Atwood Oceanics, Inc.*...................................... 736 32,752
Aurora Biosciences Corp.*................................... 256 17,456
Aurora Foods, Inc.*......................................... 1,792 7,168
Avant! Corp.*............................................... 2,080 38,968
Avis Rent A Car, Inc.*...................................... 1,568 29,400
Avista Corp. ............................................... 1,760 30,690
AVT Corp.*.................................................. 1,504 11,092
Aware, Inc.*................................................ 864 44,172
AXENT Technologies, Inc.*................................... 1,504 37,318
Bally Total Fitness Holding Corp.*.......................... 1,376 34,916
BancorpSouth, Inc. ......................................... 2,368 33,300
BancWest Corp. ............................................. 2,304 37,872
Bandag, Inc. ............................................... 1,216 29,488
Bank United Corp............................................ 1,472 51,796
BankAtlantic Bancorp, Inc. ................................. 5,984 35,156
Banknorth Group, Inc. ...................................... 941 14,409
Barnes & Noble, Inc.*....................................... 224 4,984
barnesandnoble.com, inc.*................................... 832 5,434
Barr Laboratories, Inc.*.................................... 1,248 55,926
Barrett Resources Corp.*.................................... 1,632 49,674
Bay View Capital Corp. ..................................... 736 7,222
Bedford Property Investors, Inc. ........................... 1,888 35,046
Bell & Howell Co.*.......................................... 960 23,280
Benchmark Electronics, Inc.*................................ 1,024 37,440
Bergen Brunswig Corp. ...................................... 1,312 7,216
Beringer Wine Estates Holdings, Inc.--Class B*.............. 704 24,860
Berry Petroleum Co.--Class A................................ 2,304 39,168
Bethlehem Steel Corp.*...................................... 8,224 29,298
</TABLE>
See accompanying notes to the financial statements.
30
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Beverly Enterprises, Inc.*.................................. 9,600 $ 27,000
Billing Concepts Corp.*..................................... 1,504 6,674
Bindley Western Industries, Inc. ........................... 1,792 47,376
BindView Development Corp.*................................. 1,536 18,432
Bio-Technology General Corp.*............................... 2,752 36,292
Biosite Diagnostics, Inc.*.................................. 96 4,626
Black BOX Corp.*............................................ 896 70,938
Black Hills Corp. .......................................... 1,376 31,046
Blanch (E.W.) Holdings, Inc. ............................... 672 13,650
Block Drug Co.--Class A..................................... 1,024 43,328
Blount International, Inc. ................................. 2,208 16,974
Bob Evans Farms, Inc. ...................................... 2,560 38,240
Borders Group, Inc.*........................................ 4,160 64,740
Boyds Collection Ltd.*...................................... 1,120 9,520
Boykin Lodging Co. ......................................... 2,560 34,560
Bradley Real Estate, Inc. .................................. 1,920 40,920
Brady Corp.--Class A........................................ 1,216 39,520
Brandywine Realty Trust..................................... 2,016 38,556
BRE Properties, Inc.--Class A............................... 1,792 51,744
Brightpoint, Inc.*.......................................... 2,848 24,653
Broadbase Software, Inc.*................................... 864 26,460
BroadVision, Inc.*.......................................... 832 42,276
Brooks Automation, Inc.*.................................... 608 38,874
BSB Bancorp, Inc. .......................................... 1,824 36,594
BT Financial Corp. ......................................... 1,920 33,120
Burnham Pacific Properties, Inc. ........................... 3,456 23,760
Burr-Brown Corp.*........................................... 800 69,350
C-COR.net Corp.*............................................ 1,248 33,696
C-Cube Microsystems, Inc.*.................................. 572 11,226
C.H. Robinson Worldwide, Inc. .............................. 1,728 85,536
Cable Design Technologies Corp.*............................ 1,440 48,240
Cabot Industrial Trust...................................... 2,400 47,250
Cabot Oil & Gas Corp. ...................................... 2,304 48,816
California Water Service Group.............................. 1,120 27,160
Callaway Golf Co. .......................................... 3,840 62,640
Cambrex Corp. .............................................. 1,216 54,720
Cambridge Technology Partners, Inc.*........................ 2,496 21,762
Camden Property Trust....................................... 1,664 48,880
Capital Automotive Real Estate Investment Trust............. 2,912 41,132
Capitol Federal Financial................................... 3,968 43,896
Caprock Communications Corp.*............................... 1,408 27,456
CareInsite, Inc.*........................................... 256 4,576
Caremark Rx, Inc.*.......................................... 10,880 74,120
Carpenter Technology Corp. ................................. 1,120 23,660
Carter-Wallace, Inc. ....................................... 1,728 34,776
Cascade Natural Gas Corp. .................................. 2,560 42,720
Casey's General Stores, Inc. ............................... 3,840 39,840
Catalytica, Inc.*........................................... 3,008 33,088
Cathay Bancorp, Inc. ....................................... 800 37,100
CBL & Associates Properties, Inc. .......................... 1,408 35,112
CBRL Group, Inc. ........................................... 4,256 62,510
CCC Information Services Group, Inc.*....................... 1,280 13,600
CEC Entertainment, Inc.*.................................... 1,568 40,180
Celgene Corp.*.............................................. 736 43,332
Cell Pathways Holdings, Inc.*............................... 928 21,808
Cell Therapeutics, Inc.*.................................... 384 11,760
Center Trust, Inc. ......................................... 3,520 17,820
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Centerpoint Properties Corp. ............................... 992 $ 40,424
Century Business Services, Inc.*............................ 3,552 6,882
Century South Banks, Inc. .................................. 1,376 26,660
Cephalon, Inc.*............................................. 896 53,648
Cerner Corp.*............................................... 1,504 40,984
CFS Bancorp, Inc. .......................................... 4,448 40,727
CFW Communications Co. ..................................... 928 34,800
Charles E. Smith Residential Realty, Inc. .................. 896 34,048
Charming Shoppes, Inc.*..................................... 6,272 31,948
Charter Municipal Mortgage Acceptance Co. .................. 2,720 33,490
Chateau Communities, Inc. .................................. 1,184 33,448
Chelsea GCA Realty, Inc. ................................... 1,056 36,498
Chemed Corp. ............................................... 1,312 36,982
ChemFirst, Inc. ............................................ 1,600 38,600
Chemical Financial Corp. ................................... 1,280 33,280
Chesapeake Corp. ........................................... 1,280 37,920
Choice Hotels International, Inc.*.......................... 2,816 27,984
Choice One Communications, Inc.*............................ 128 5,224
Choicepoint, Inc.*.......................................... 1,248 55,536
Church & Dwight, Inc. ...................................... 1,824 32,832
Ciber, Inc.*................................................ 2,400 31,800
Cirrus Logic, Inc.*......................................... 3,072 49,152
Citadel Communications Corp.*............................... 1,056 36,894
Citizens Banking Corp., Michigan............................ 2,144 34,807
CKE Restaurants, Inc. ...................................... 4,864 14,592
Clarcor, Inc. .............................................. 1,920 38,160
Clarent Corp.*.............................................. 576 41,184
Cleveland-Cliffs, Inc. ..................................... 1,440 37,170
CMP Group, Inc. ............................................ 1,312 38,458
Cobalt Networks, Inc.*...................................... 480 27,780
Cognex Corp.*............................................... 1,696 87,768
Coherent, Inc.*............................................. 1,120 93,940
Cohu, Inc. ................................................. 928 25,027
Coinstar, Inc.*............................................. 1,184 11,914
Colonial Properties Trust................................... 1,472 40,296
Com21, Inc.*................................................ 896 22,400
Commerce Bancorp, Inc., New Jersey.......................... 1,152 52,992
Commercial Metals Co. ...................................... 928 25,520
Commercial NET Lease Realty................................. 3,168 33,264
Commonwealth Bancorp, Inc. ................................. 1,984 23,560
Commscope, Inc.*............................................ 1,984 81,344
Community First Bankshares, Inc. ........................... 2,752 44,892
Community Trust Bancorp, Inc.*.............................. 1,888 33,394
Complete Business Solutions, Inc.*.......................... 1,408 24,728
Computer Network Technology Corp.*.......................... 512 8,896
COMSAT Corp. ............................................... 416 10,270
Concord Communications, Inc.*............................... 832 33,176
Concurrent Computer Corp.*.................................. 2,336 30,660
CONMED Corp.*............................................... 1,120 28,980
Connetics Corp.*............................................ 352 5,170
Consolidated Stores Corp.*.................................. 1,280 15,360
Convergent Communications, Inc.*............................ 544 4,352
Copart, Inc.*............................................... 1,824 29,184
COR Therapeutics, Inc.*..................................... 576 49,140
Corixa Corp.*............................................... 832 35,724
Corn Products International, Inc. .......................... 1,984 52,576
Cornerstone Realty Income Trust, Inc. ...................... 3,424 34,240
</TABLE>
See accompanying notes to the financial statements.
31
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Corus Bankshares, Inc. ..................................... 1,344 $ 35,532
CoStar Group, Inc.*......................................... 384 9,624
Coulter Pharmaceutical, Inc.*............................... 960 19,680
Cousins Properties, Inc. ................................... 960 36,960
Covance, Inc.*.............................................. 3,296 29,046
Coventry Health Care, Inc.*................................. 3,904 52,033
Crawford & Co.--Class B..................................... 2,816 30,976
Credence Systems Corp.*..................................... 1,120 61,810
Cree Research, Inc.*........................................ 224 29,904
Crompton Corp. ............................................. 5,664 69,384
Crown American Realty Trust................................. 5,472 29,412
CT Communications, Inc. .................................... 1,037 29,490
CTS Corp. .................................................. 1,088 48,960
Cubist Pharmaceuticals, Inc.*............................... 320 15,760
Cumulus Media, Inc.*........................................ 928 8,468
CuraGen Corp.*.............................................. 320 12,180
Cyber-Care, Inc.*........................................... 1,312 13,059
CyberSource Corp.*.......................................... 352 4,862
Cybex Computer Products Corp.*.............................. 960 41,280
Cygnus, Inc.*............................................... 640 9,120
Cymer, Inc.*................................................ 1,248 59,592
Cypress Semiconductor Corp.*................................ 1,440 60,840
Cytec Industries, Inc.*..................................... 1,920 47,400
Cytogen Corp.*.............................................. 992 10,044
Cytyc Corp.*................................................ 1,536 81,984
D.R. Horton, Inc. .......................................... 3,008 40,796
Dain Rauscher Corp. ........................................ 736 48,576
Dal-Tile International, Inc.*............................... 3,680 30,360
Dallas Semiconductor Corp. ................................. 2,240 91,280
Data Broadcasting Corp.*.................................... 1,312 8,282
Datascope Corp. ............................................ 800 28,800
Datastream Systems, Inc.*................................... 480 6,000
David's Bridal, Inc.*....................................... 1,056 12,210
Del Monte Foods Co.*........................................ 3,168 21,582
Delco Remy International, Inc.*............................. 864 7,182
Delphi Financial Group, Inc.*............................... 896 30,408
Delta & Pineland Co. ....................................... 2,272 56,942
Deltathree.com, Inc.--Class A*.............................. 672 9,786
Dendrite International, Inc.*............................... 1,536 51,168
Developers Diversified Realty Corp. ........................ 3,360 50,190
Dexter Corp. ............................................... 1,120 53,760
Diagnostic Products Corp. .................................. 1,312 41,984
Diamond Technology Partners, Inc.*.......................... 512 45,056
Digital Courier Technologies, Inc.*......................... 1,920 12,240
Digital Impact, Inc.*....................................... 448 6,328
Digital Island, Inc.*....................................... 2,208 107,364
Digital Microwave Corp.*.................................... 1,664 63,440
Digital River, Inc.*........................................ 576 4,428
Dillards, Inc.--Class A..................................... 2,400 29,400
Dionex Corp.*............................................... 1,312 35,096
Documentum, Inc.*........................................... 704 62,920
Dollar Thrifty Automotive Group, Inc.*...................... 1,632 30,090
Donaldson Co., Inc. ........................................ 1,824 36,024
Donaldson, Lufkin & Jenrette, Inc. ......................... 576 4,104
DSL.net, Inc.*.............................................. 608 6,270
DSP Group, Inc.*............................................ 1,152 64,512
Dura Automotive Systems, Inc.*.............................. 1,184 12,802
Dura Pharmaceuticals, Inc.*................................. 2,624 37,720
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Dycom Industries, Inc.*..................................... 1,763 $ 81,098
E-LOAN, Inc.*............................................... 1,664 7,904
e.MedSoft.com*.............................................. 448 3,584
e.spire Communications, Inc.*............................... 2,720 18,360
Earthgrains Co. ............................................ 2,432 47,272
EarthShell Corp.*........................................... 3,008 9,118
Eastern Enterprises......................................... 704 44,352
Eastgroup Properties, Inc. ................................. 1,632 34,374
Eaton Vance Corp. .......................................... 1,280 59,200
Echelon Corp.*.............................................. 544 31,518
Eclipsys Corp.*............................................. 1,760 13,200
eGain Communications Corp.*................................. 448 5,432
EGL, Inc.*.................................................. 832 25,584
El Paso Electric Co.*....................................... 4,096 45,824
Elcor Corp. ................................................ 992 22,816
Electric Lightwave, Inc.--Class A*.......................... 224 4,186
Electro Scientific Industries, Inc.*........................ 1,152 50,724
Electroglas, Inc.*.......................................... 1,120 24,080
Emcore Corp.*............................................... 512 61,440
Emmis Communications Corp.*................................. 1,664 68,848
Empire District Electric Co. ............................... 1,856 40,948
Emulex Corp.*............................................... 960 63,060
Encompass Services Corp.*................................... 1,408 8,096
Energen Corp. .............................................. 2,336 50,954
Enhance Financial Services Group, Inc. ..................... 2,176 31,280
Entercom Communications Corp.*.............................. 1,088 53,040
Entertainment Properties Trust.............................. 2,368 32,708
EntreMed, Inc.*............................................. 736 22,034
Entrust Technologies, Inc.*................................. 704 58,256
Enzo Biochem, Inc.*......................................... 960 66,240
Enzon, Inc.*................................................ 1,568 66,640
ePresence, Inc.*............................................ 1,248 9,048
Equitable Resources, Inc. .................................. 1,248 60,216
Equity Inns, Inc. .......................................... 5,248 32,144
eSpeed, Inc.*............................................... 224 9,730
Essex Property Trust, Inc. ................................. 864 36,288
Ethan Allen Interiors, Inc. ................................ 2,016 48,384
Ethyl Corp. ................................................ 4,288 10,720
eToys, Inc.*................................................ 3,904 24,766
Exar Corp.*................................................. 768 66,960
Exchange Applications, Inc.*................................ 960 25,560
Extended Stay America, Inc.*................................ 5,696 52,688
Extended Systems, Inc.*..................................... 128 12,288
F&M Bancorp................................................. 1,824 36,024
F.Y.I., Inc.*............................................... 1,056 35,574
F5 Networks, Inc.*.......................................... 448 24,444
Factory 2-U Stores, Inc.*................................... 288 10,890
FactSet Research Systems, Inc. ............................. 1,088 30,736
Fair, Isaac & Co., Inc. .................................... 704 30,976
Farmers Capital Bank Corp. ................................. 1,088 33,048
Federal Realty Investment Trust............................. 2,304 46,080
Federal Signal Corp. ....................................... 3,104 51,216
Federal-Mogul Corp. ........................................ 1,152 11,016
Ferro Corp. ................................................ 2,112 44,352
Filenet Corp.*.............................................. 1,536 28,224
First American Financial Corp. ............................. 3,456 49,464
First Commonwealth Financial Corp. ......................... 3,232 29,290
First Financial Bankshares, Inc. ........................... 1,152 31,680
</TABLE>
See accompanying notes to the financial statements.
32
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
First Financial Corp., Indiana.............................. 864 $ 26,352
First Health Group Corp.*................................... 2,432 79,800
First Industrial Realty Trust, Inc. ........................ 1,280 37,760
First Merchants Corp. ...................................... 1,216 25,764
First Midwest Bancorp, Inc. ................................ 1,408 32,736
First Sentinel Bancorp, Inc. ............................... 4,000 32,875
First Washington Bancorp, Inc. ............................. 2,272 31,666
First Washington Realty Trust, Inc. ........................ 1,632 36,006
FirstWorld Communications, Inc.*............................ 480 5,040
Fisher Scientific International, Inc.*...................... 1,824 45,144
Fleetwood Enterprises, Inc. ................................ 2,208 31,464
Fleming Companies, Inc. .................................... 2,816 36,784
Florida East Coast Industries, Inc. ........................ 1,216 48,640
Florida Rock Industries, Inc. .............................. 928 33,060
Flowserve Corp. ............................................ 2,464 37,114
Footstar, Inc.*............................................. 1,472 48,944
Forest City Enterprises--Class A............................ 1,216 40,584
Fremont General Corp. ...................................... 1,824 7,182
Friedman, Billings, Ramsey Group, Inc.*..................... 896 7,280
Fuller (H. B.) Co........................................... 608 27,702
Furniture Brands International, Inc.*....................... 2,656 40,172
FutureLink Corp.*........................................... 864 6,210
G & K Services, Inc. ....................................... 1,408 35,288
Gables Residential Trust.................................... 1,440 37,170
Gartner Group, Inc. ........................................ 1,600 19,200
Gaylord Container Corp.--Class A*........................... 2,304 6,192
Gaylord Entertainment Co.*.................................. 1,280 27,520
GBC Bancorp................................................. 1,568 45,864
Gene Logic, Inc.*........................................... 448 15,988
General Semiconductor, Inc.*................................ 1,760 25,960
Genome Therapeutics Corp.*.................................. 192 5,844
Genrad, Inc.*............................................... 2,080 18,720
Geon Co. ................................................... 1,248 23,088
Georgia Gulf Corp. ......................................... 1,568 32,634
GetThere.com, Inc.*......................................... 288 3,042
Getty Images, Inc.*......................................... 1,376 50,998
Gilead Sciences, Inc.*...................................... 1,440 102,420
Glenayre Technologies, Inc.*................................ 3,200 33,800
Glenborough Realty Trust, Inc. ............................. 2,528 44,082
Glimcher Realty Trust....................................... 2,400 34,500
Global Crossing Ltd.*....................................... 1,755 46,178
Global Industries, Ltd.*.................................... 3,840 72,480
GlobalNetFinancial.com, Inc.*............................... 864 18,144
Globix Corp.*............................................... 736 21,574
Go2Net, Inc.*............................................... 960 48,300
GoAmerica, Inc.*............................................ 512 7,904
GoTo.com, Inc.*............................................. 736 11,270
Gray Communications Systems, Inc. .......................... 1,920 18,840
Great Atlantic & Pacific Tea Co. ........................... 1,312 21,812
Great Lakes REIT, Inc. ..................................... 2,016 34,272
Great Plains Software, Inc.*................................ 512 10,048
Greater Bay Bancorp......................................... 864 40,392
Greif Brothers Corp.--Class A............................... 1,280 39,360
Group 1 Automotive, Inc.*................................... 1,088 13,056
GTECH Holdings Corp.*....................................... 2,272 51,546
Guilford Pharmaceuticals, Inc.*............................. 1,312 19,762
Guitar Center, Inc.*........................................ 512 5,376
HA-LO Industries, Inc.*..................................... 3,040 17,100
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Haemonetics Corp.*.......................................... 1,792 $ 37,632
Hancock Holding Co. ........................................ 896 30,464
Hanna (M.A.) Co. ........................................... 3,072 27,648
Hanover Compressor Co.*..................................... 2,752 104,576
Hanover Direct, Inc.*....................................... 7,968 12,450
Harland (John H.) Co. ...................................... 2,016 30,114
Harleysville National Corp. ................................ 1,120 36,680
Harman International Industries, Inc. ...................... 832 50,752
Harmonic, Inc.*............................................. 684 16,929
Harsco Corp. ............................................... 1,696 43,248
Health Care Property Investors, Inc. ....................... 1,408 38,368
Health Care REIT, Inc. ..................................... 2,176 35,360
Healthcare Realty Trust, Inc. .............................. 2,592 44,226
Heidrick & Struggles International, Inc.*................... 992 62,620
Helix Technology Corp....................................... 960 37,440
Helmerich & Payne, Inc. .................................... 2,336 87,308
Henry (Jack) & Associates, Inc. ............................ 1,344 67,368
High Speed Access Corp.*.................................... 2,112 13,860
HNC Software, Inc.*......................................... 1,024 63,232
Hollywood Entertainment Corp.*.............................. 640 5,040
Hollywood.com, Inc.*........................................ 928 7,192
Home Properties of New York, Inc. .......................... 1,280 38,400
HomeGrocer.com, Inc.*....................................... 1,088 6,562
Hooper Holmes, Inc. ........................................ 3,136 25,088
Horace Mann Educators Corp. ................................ 2,080 31,200
Hospitality Properties Trust................................ 2,112 47,652
Hotel Reservations Network, Inc.--Class A*.................. 160 4,760
HSB Group, Inc. ............................................ 1,472 45,816
Hudson River Bancorp, Inc. ................................. 4,256 50,540
Hudson United Bancorp....................................... 2,464 55,286
Human Genome Sciences, Inc.*................................ 480 64,020
Humana, Inc.*............................................... 1,568 7,644
Hutchinson Technology, Inc.*................................ 1,696 24,168
Hyperion Solutions Corp.*................................... 1,376 44,634
I2 Technologies, Inc.*...................................... 990 103,222
iBasis, Inc.*............................................... 320 13,780
ICG Communications, Inc.*................................... 2,336 51,538
IDACORP, Inc. .............................................. 1,184 38,184
IDEC Pharmaceuticals Corp.*................................. 640 75,080
Identix, Inc.*.............................................. 1,664 26,104
IDEX Corp. ................................................. 1,504 47,470
IDEXX Laboratories, Inc.*................................... 2,208 50,508
IDT Corp.*.................................................. 1,024 34,752
IDX Systems Corp.*.......................................... 896 12,656
iGate Capital Corp.*........................................ 1,824 25,080
IGEN International, Inc.*................................... 320 5,300
IKON Office Solutions, Inc. ................................ 2,944 11,408
Illuminet Holdings, Inc.*................................... 384 19,536
Imation Corp.*.............................................. 1,792 52,640
ImClone Systems, Inc.*...................................... 704 53,812
Immersion Corp.*............................................ 224 6,720
Immunomedics, Inc.*......................................... 576 14,112
Imperial Bancorp*........................................... 1,568 24,500
Incyte Genomics, Inc.*...................................... 416 34,190
Independence Community Bank Corp. .......................... 4,224 55,968
IndyMac Mortgage Holdings, Inc. ............................ 3,424 46,438
Infocure Corp.*............................................. 1,408 7,920
</TABLE>
See accompanying notes to the financial statements.
33
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
InFocus Corp.*.............................................. 1,280 $ 41,200
Infogrames, Inc.*........................................... 704 5,720
Informatica Corp.*.......................................... 832 68,172
Informix Corp.*............................................. 8,672 64,498
Inhale Therapeutic Systems, Inc.*........................... 672 68,187
InnKeepers USA Trust........................................ 4,096 37,376
Insight Enterprises, Inc.*.................................. 1,088 64,532
Instituform Technologies, Inc.--Class A*.................... 1,280 34,720
Integra Bank Corp. ......................................... 1,344 22,848
Integrated Device Technology, Inc.*......................... 864 51,732
Integrated Electrical Services, Inc.*....................... 3,616 18,532
Intelidata Technologies Corp.*.............................. 512 5,280
Inter-Tel, Inc. ............................................ 1,152 18,504
Interactive Intelligence, Inc.*............................. 160 6,000
Interdigital Communications Corp.*.......................... 2,080 34,450
Interface, Inc. ............................................ 3,200 12,200
Intergraph Corp.*........................................... 1,024 7,744
Interim Services, Inc.*..................................... 2,816 49,984
Interliant, Inc.*........................................... 896 20,888
Interlink Electronics, Inc.*................................ 128 5,360
Intermedia Communications, Inc.*............................ 2,080 61,880
International Bancshares Corp.*............................. 1,120 36,540
International Rectifier Corp.*.............................. 832 46,592
Internet Pictures Corp.*.................................... 1,664 25,168
InterTrust Technologies*.................................... 1,888 38,822
InterVoice-Brite, Inc.*..................................... 1,600 10,500
InterWorld Corp.*........................................... 544 11,152
Interwoven, Inc.*........................................... 480 52,793
IntraNet Solutions, Inc.*................................... 448 17,192
Intraware, Inc.*............................................ 640 10,280
Invacare Corp. ............................................. 1,632 42,840
Investors Financial Services Corp. ......................... 1,856 73,660
Iomega Corp.*............................................... 13,376 53,504
Ionics, Inc.*............................................... 1,152 35,280
Iron Mountain, Inc.*........................................ 1,600 54,400
ISIS Pharmaceuticals, Inc.*................................. 672 9,744
ISS Group, Inc.*............................................ 736 72,669
ITC Deltacom, Inc.*......................................... 2,240 49,980
Ivex Packaging Corp.*....................................... 896 9,968
iVillage, Inc.*............................................. 1,600 13,500
iXL Enterprises, Inc.*...................................... 992 14,384
Jack in the Box, Inc.*...................................... 2,400 59,100
Jacobs Engineering Group, Inc.*............................. 1,216 39,748
JDN Realty Corp. ........................................... 3,072 31,296
Jefferies Group, Inc. ...................................... 1,376 27,778
JLG Industries, Inc. ....................................... 3,168 37,620
John Nuveen Co.--Class A.................................... 1,088 45,628
Jones Pharma, Inc. ......................................... 2,240 89,460
Journal Register Co.*....................................... 2,432 44,384
Juno Online Services, Inc.*................................. 736 7,912
Kaiser Aluminum Corp.*...................................... 1,408 5,632
Kaufman & Broad Home Corp. ................................. 2,336 46,282
Kaydon Corp. ............................................... 1,600 33,600
Kellwood Co. ............................................... 2,048 43,264
Kelly Services, Inc.--Class A............................... 1,312 30,340
KEMET Corp.*................................................ 3,264 81,804
Kennametal, Inc. ........................................... 1,472 31,556
Kent Electronics Corp.*..................................... 1,504 44,838
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Key Energy Group*........................................... 4,832 $ 46,508
Keynote Systems, Inc.*...................................... 288 20,322
kforce.com, Inc.*........................................... 2,528 17,538
Kilroy Realty Corp. ........................................ 1,856 48,140
Kimball International, Inc.--Class B........................ 2,368 34,928
King Pharmaceuticals, Inc.*................................. 1,295 56,818
Kirby Corp.*................................................ 1,728 36,720
Koger Equity, Inc. ......................................... 1,888 31,860
Kopin Corp.*................................................ 544 37,672
Korn/Ferry International*................................... 1,056 33,462
Kronos, Inc.*............................................... 704 18,304
Kulicke & Soffa Industries, Inc.*........................... 1,024 60,800
La-Z-Boy, Inc. ............................................. 3,072 43,008
Laclede Gas Co. ............................................ 1,792 34,496
Lam Research Corp.*......................................... 1,312 49,200
Landstar System, Inc.*...................................... 544 32,402
Lattice Semiconductor Corp.*................................ 1,056 72,996
Leap Wireless International, Inc.*.......................... 864 40,608
Lear Corp.*................................................. 800 16,000
Lee Enterprises, Inc. ...................................... 2,048 47,744
Legato Systems, Inc.*....................................... 2,368 35,816
Lennar Corp. ............................................... 4,008 81,162
Leucadia National Corp. .................................... 1,536 35,040
Lexington Corporate Properties Trust........................ 3,072 34,368
Liberty Corp. .............................................. 1,120 47,040
LifeMinders, Inc.*.......................................... 224 6,622
LifePoint Hospitals, Inc.*.................................. 2,144 47,704
Ligand Pharmaceuticals, Inc.--Class B*...................... 2,528 33,338
Lilly Industries, Inc.--Class A............................. 2,464 74,074
Lincoln Electric Holdings, Inc. ............................ 1,760 25,080
Linens 'n Things, Inc.*..................................... 544 14,756
Littelfuse, Inc.*........................................... 1,344 65,856
LNR Property Corp. ......................................... 1,824 35,568
Local Financial Corp.*...................................... 3,520 29,370
Lone Star Technologies, Inc.*............................... 1,248 57,720
Longview Fibre Co. ......................................... 2,944 32,568
LookSmart Ltd.*............................................. 1,152 21,312
Louis Dreyfus Natural Gas Corp.*............................ 1,600 50,100
LTV Corp. .................................................. 9,344 26,864
LTX Corp.*.................................................. 1,888 65,962
Luby's, Inc. ............................................... 1,280 10,240
Lynx Therapeutics, Inc.*.................................... 160 7,610
Macerich Co. ............................................... 1,632 36,006
Macrovision Corp.*.......................................... 800 51,138
Madison Gas & Electric Co. ................................. 2,176 42,976
Mail.com, Inc.*............................................. 1,536 8,736
Manitowoc Co. .............................................. 1,504 40,232
Manor Care, Inc.*........................................... 864 6,048
Manugistics Group, Inc.*.................................... 928 43,384
Marimba, Inc.*.............................................. 608 8,474
Marine Drilling Co., Inc.*.................................. 2,432 68,096
Mark IV Industries, Inc. ................................... 2,304 48,096
Mascotech, Inc. ............................................ 3,232 34,946
Mastec, Inc.*............................................... 1,344 51,324
Maxtor Corp.*............................................... 5,088 53,742
MDU Resources Group, Inc. .................................. 1,888 40,828
Media Metrix, Inc.*......................................... 224 5,698
Mediacom Communications Corp.*.............................. 448 6,888
</TABLE>
See accompanying notes to the financial statements.
34
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Mediaplex, Inc.*............................................ 320 $ 6,180
Medical Assurance, Inc.*.................................... 1,568 17,640
Medical Manager Corp.*...................................... 992 33,790
Medicis Pharmaceutical Corp.*............................... 1,280 72,960
Meditrust Corp.*............................................ 6,944 26,040
MedQuist, Inc.*............................................. 1,856 63,104
MemberWorks, Inc.*.......................................... 736 24,748
Mentor Graphics Corp.*...................................... 3,232 64,236
Mercator Software, Inc.*.................................... 672 46,200
Mercury Computer Systems, Inc.*............................. 1,024 33,088
Mercury Interactive Corp.*.................................. 800 77,400
Meristar Hospitality Corp. ................................. 3,264 68,544
MetaCreations Corp.*........................................ 448 5,376
Methode Electronics, Inc.--Class A.......................... 1,600 61,800
Metricom, Inc.*............................................. 640 17,840
Metris Cos., Inc. .......................................... 2,592 65,124
Metrocall, Inc.*............................................ 2,304 20,736
Metromedia International Group, Inc.*....................... 3,136 14,896
Mettler Toledo International, Inc.*......................... 1,696 67,840
MGC Communications, Inc.*................................... 928 55,622
Michaels Stores, Inc.*...................................... 1,472 67,436
Micrel, Inc.*............................................... 1,248 54,210
Micromuse, Inc.*............................................ 384 63,546
Micron Electronics, Inc.*................................... 2,656 33,200
Micros Systems, Inc.*....................................... 768 14,256
MicroStrategy, Inc.*........................................ 2,048 61,440
Microvision, Inc.*.......................................... 160 7,840
Mid-State Bancshares........................................ 1,088 29,648
Midas, Inc. ................................................ 1,440 28,800
Midway Games, Inc.*......................................... 1,696 13,674
Milacron, Inc. ............................................. 2,400 34,800
Millennium Pharmaceuticals, Inc.*........................... 576 64,440
Minerals Technologies, Inc. ................................ 928 42,688
MIPS Technologies, Inc.*.................................... 128 5,440
Mitchell Energy & Development Corp.--Class A................ 1,568 50,372
MMC Networks, Inc.*......................................... 1,440 76,949
Modine Manufacturing Co. ................................... 1,408 38,016
Modis Professional Services, Inc.*.......................... 800 7,100
Molecular Devices Corp.*.................................... 512 35,424
MONY Group, Inc. ........................................... 2,016 68,166
Morgan Keegan, Inc. ........................................ 2,272 33,512
Morrison Management Specialists, Inc. ..................... 1,408 39,688
Motient Corp.*.............................................. 992 15,562
MRV Communications, Inc.*................................... 2,048 137,728
MTI Technology Corp.*....................................... 1,344 10,752
Mueller Industries, Inc.*................................... 1,504 42,112
Multex.com, Inc.*........................................... 416 10,478
Musicland Stores Corp.*..................................... 832 6,188
MyPoints.com, Inc.*......................................... 544 10,311
Myriad Genetics, Inc.*...................................... 64 9,477
Nanogen, Inc.*.............................................. 160 6,790
National Computer Systems, Inc. ............................ 1,504 74,072
National Health Investors, Inc. ............................ 2,144 23,584
National Instruments Corp.*................................. 1,152 50,256
National Presto Industries, Inc. ........................... 960 29,520
National Steel Corp. ....................................... 1,888 7,906
National-OilWell, Inc.*..................................... 2,400 78,900
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Nationwide Health Properties, Inc. ......................... 3,104 $ 43,262
Natural Microsystems Corp.*................................. 128 14,392
NBC Internet, Inc.*......................................... 640 8,000
NBT Bancorp, Inc. .......................................... 2,432 25,992
NBTY, Inc.*................................................. 2,752 17,544
NEON Systems, Inc.*......................................... 288 5,400
Net Perceptions, Inc.*...................................... 544 8,636
Net2000 Communications, Inc.*............................... 320 5,240
Netcentives, Inc.*.......................................... 352 6,556
Netegrity, Inc.*............................................ 192 14,460
NetIQ Corp.*................................................ 448 26,712
Netro Corp.*................................................ 608 34,884
Network Peripherals, Inc.*.................................. 576 9,648
Neurocrine Biosciences, Inc.*............................... 160 5,690
Neurogen Corp.*............................................. 928 26,796
New Era of Networks, Inc.*.................................. 512 21,760
Newfield Exploration Co.*................................... 1,888 73,868
Newpark Resources, Inc.*.................................... 5,248 49,528
Newport News Shipbuilding .................................. 1,728 63,504
Nexell Therapeutics, Inc.*.................................. 384 5,712
NextCard, Inc.*............................................. 384 3,264
NEXTLINK Communications, Inc.--Class A*..................... 2,089 79,251
Niku Corp.*................................................. 160 5,400
Nordson Corp. .............................................. 896 45,360
North Pittsburgh Systems, Inc. ............................. 736 10,856
Northwestern Corp. ......................................... 1,600 37,000
NPC International, Inc.*.................................... 544 4,879
NPS Pharmaceuticals, Inc.*.................................. 160 4,280
Nuance Communications, Inc.*................................ 96 7,998
Nucentrix Broadband Networks*............................... 384 9,792
NUI Corp. .................................................. 1,344 36,288
NVIDIA Corp.*............................................... 384 24,408
NYFIX, Inc.*................................................ 288 12,078
O'Reilly Automotive, Inc.*.................................. 2,432 33,744
OceanFirst Financial Corp. ................................. 2,080 38,350
OfficeMax, Inc.*............................................ 6,528 32,640
Ogden Corp. ................................................ 3,040 27,360
Ohio Casualty Corp. ........................................ 3,360 35,700
Olin Corp. ................................................. 2,144 35,376
OM Group, Inc. ............................................. 1,184 52,096
Omega Financial Corp. ...................................... 1,376 34,744
On Assignment, Inc.*........................................ 1,792 54,656
One Valley Bancorp, Inc. ................................... 1,472 46,000
Oneok, Inc. ................................................ 1,600 41,500
Open Market, Inc.*.......................................... 1,440 19,890
Orbital Sciences Corp.*..................................... 2,560 31,200
Orthodontic Centers of America, Inc.*....................... 2,400 54,300
Oshkosh Truck Corp. ........................................ 1,024 36,608
OSI Pharmaceuticals, Inc.*.................................. 384 11,064
Osicom Technologies, Inc.*.................................. 224 18,956
OTG Software, Inc.*......................................... 160 4,570
Otter Tail Power Co. ....................................... 1,984 41,664
P-COM, Inc.*................................................ 2,944 16,744
Pacific Capital Bancorp .................................... 992 24,862
Pacific Gulf Properties, Inc. .............................. 1,600 40,100
Pacific Sunwear of California, Inc.*........................ 1,568 29,400
Packeteer, Inc.*............................................ 480 13,980
</TABLE>
See accompanying notes to the financial statements.
35
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Papa John's International, Inc.*........................... 1,568 $ 38,416
Patterson Dental Co.*...................................... 1,152 58,752
Patterson Energy, Inc.*.................................... 1,728 49,248
Paxar Corp.*............................................... 3,360 40,110
PE Corp.--Celera Genomics Group*........................... 224 20,944
Pegasus Communications Corp.*.............................. 960 47,100
Pegasus Systems, Inc.*..................................... 1,248 13,572
Pennzoil-Quaker State Co. ................................. 5,888 71,024
Per-Se Technologies, Inc.*................................. 1,312 12,300
Peregrine Systems, Inc.*................................... 3,086 107,045
PerkinElmer, Inc. ......................................... 1,824 120,612
Perrigo Co.*............................................... 4,576 28,886
Persistence Software, Inc.*................................ 320 5,800
Petco Animal Supplies, Inc.*............................... 352 6,908
Petsmart, Inc.*............................................ 7,328 24,732
Pharmacopeia, Inc.*........................................ 288 13,356
Pharmacyclics, Inc.*....................................... 800 48,800
Phoenix Investment Partners Ltd. .......................... 4,992 52,416
Phoenix Technologies Ltd.*................................. 1,376 22,446
Photronics, Inc.*.......................................... 1,152 32,688
Pier 1 Imports, Inc. ...................................... 4,896 47,736
Pinnacle Holdings, Inc.*................................... 1,152 62,208
Pinnacle Systems, Inc.*.................................... 1,984 44,609
Pioneer Group, Inc.*....................................... 1,920 81,360
Pioneer Natural Resources Co.*............................. 6,496 82,824
Pittston Brink's Group..................................... 2,880 39,420
Plantronics, Inc.*......................................... 832 96,096
Playboy Enterprises, Inc.--Class B*........................ 1,536 19,776
Plexus Corp.*.............................................. 896 101,248
PMA Capital Corp.--Class A................................. 2,176 41,344
Pogo Producing Co. ........................................ 2,144 47,436
Polaris Industries, Inc. .................................. 1,504 48,128
Polaroid Corp. ............................................ 2,240 40,460
Policy Management Systems Corp.*........................... 2,720 41,820
Polycom, Inc.*............................................. 544 51,187
Potlatch Corp. ............................................ 992 32,860
Power Integrations, Inc.*.................................. 960 22,620
Power-One, Inc.*........................................... 481 54,747
Powertel, Inc.*............................................ 1,088 77,180
Powerwave Technologies, Inc.*.............................. 768 33,792
Pre-Paid Legal Services, Inc.*............................. 1,088 32,504
Precision Castparts Corp. ................................. 1,760 79,640
Premier National Bancorp, Inc. ............................ 2,304 29,952
Prentiss Properties Trust.................................. 1,984 47,616
Presstek, Inc.*............................................ 1,504 24,534
PRI Automation, Inc.*...................................... 896 58,590
Price Communications Corp.*................................ 2,176 51,272
Pride International, Inc.*................................. 2,336 57,816
Primark Corp.*............................................. 1,440 53,640
Prime Hospitality Corp.*................................... 3,744 35,334
Primus Knowledge Solutions, Inc.*.......................... 352 15,840
Primus Telecommunications Group, Inc.*..................... 1,312 32,636
Prison Realty Trust, Inc. ................................. 4,096 12,544
Prodigy Communications Corp.*.............................. 832 8,736
Profit Recovery Group International, Inc. ................. 1,760 29,260
Progress Software Corp.*................................... 1,728 30,996
Project Software & Development, Inc.*...................... 576 10,368
Protection One, Inc.*...................................... 4,192 9,170
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Protein Design Labs, Inc.*.................................. 256 $ 42,228
Proxicom, Inc.*............................................. 960 45,960
Proxim, Inc.*............................................... 512 50,672
PS Business Parks, Inc. .................................... 1,760 42,240
PSInet, Inc.*............................................... 1,514 38,034
PSS World Medical, Inc.*.................................... 4,128 27,735
Public Service Co. of New Mexico............................ 1,984 30,628
Pulitzer, Inc. ............................................. 736 31,050
Pulte Corp. ................................................ 1,952 42,212
Puma Technology, Inc.*...................................... 416 11,154
QRS Corp.*.................................................. 512 12,576
Quanta Services, Inc.*...................................... 2,044 112,420
Quantum Corp.-Hard Disk Drive Group*........................ 928 10,266
Quest Diagnostics, Inc.*.................................... 1,984 141,979
Quintus Corp.*.............................................. 512 10,168
Quokka Sports, Inc.*........................................ 1,024 8,224
Quorum Health Group, Inc.*.................................. 4,832 49,830
R.H. Donnelley Corp.*....................................... 2,048 39,680
Radian Group, Inc. ......................................... 1,536 79,488
Radio One, Inc.--Class A*................................... 448 13,244
Radio One, Inc.--Class D*................................... 700 15,444
Ramp Networks, Inc.*........................................ 448 5,320
Rare Medium Group, Inc.*.................................... 1,408 22,264
Raymond James Financial Corp. .............................. 2,496 56,160
Rayonier, Inc. ............................................. 1,184 42,476
Rayovac Corp.*.............................................. 1,536 34,368
Razorfish, Inc.*............................................ 672 10,794
Reckson Associates Realty Corp. ............................ 2,272 53,960
Reebok International Ltd.*.................................. 3,808 60,690
Regis Corp. ................................................ 2,336 29,200
REMEC, Inc.*................................................ 1,120 46,900
Remedy Corp.*............................................... 1,120 62,440
Renal Care Group, Inc.*..................................... 2,464 60,253
Republic Bancorp, Inc. ..................................... 3,648 32,604
Republic Security Financial Corp. .......................... 4,384 21,920
ResMed, Inc.*............................................... 1,600 42,800
Rexall Sundown, Inc.*....................................... 2,208 52,992
RFS Hotel Investors, Inc. .................................. 2,688 31,584
Rhythms NetConnections, Inc.*............................... 2,400 30,150
Richmond County Financial Corp. ............................ 1,664 31,824
Rogers Corp.*............................................... 1,280 44,800
Rollins Truck Leasing Corp. ................................ 3,616 25,086
Rollins, Inc. .............................................. 2,240 33,320
Roper Industries, Inc. ..................................... 1,536 39,360
RSA Security, Inc.*......................................... 896 62,048
Ruby Tuesday, Inc. ......................................... 4,352 54,672
Ruddick Corp. .............................................. 2,400 28,350
Russell Corp. .............................................. 2,112 42,240
Ryerson Tull, Inc. ......................................... 864 8,964
S1 Corp.*................................................... 1,504 35,062
S3, Inc.*................................................... 3,488 51,448
SAGA SYSTEMS, Inc.*......................................... 1,440 17,910
Salem Communications Corp.--Class A*........................ 448 4,158
Sandisk Corp.*.............................................. 896 54,824
SangStat Medical Corp.*..................................... 992 28,644
Sanmina Corp.*.............................................. 455 38,903
Sawtek, Inc.*............................................... 1,056 60,786
Scholastic Corp.*........................................... 608 37,164
</TABLE>
See accompanying notes to the financial statements.
36
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Schulman (A.) Inc. ......................................... 2,240 $ 27,020
SciQuest.com, Inc.*......................................... 544 6,222
SCM Microsystems, Inc.*..................................... 640 38,760
SCPIE Holdings, Inc. ....................................... 960 19,680
Seacoast Financial Services Corp. .......................... 3,616 34,352
Seacor Smit, Inc.*.......................................... 1,105 42,750
Secure Computing Corp.*..................................... 384 7,224
Security Capital Group, Inc.*............................... 2,848 48,416
Selectica, Inc.*............................................ 64 4,484
SEMCO Energy, Inc. ......................................... 2,496 32,448
Seminis, Inc.--Class A*..................................... 2,496 6,552
Semtech Corp.*.............................................. 672 51,398
Sensormatic Electronics Corp.*.............................. 3,616 57,178
Sequa Corp.--Class A*....................................... 768 29,328
Service Corp. International................................. 7,232 23,052
Shopko Stores, Inc.*........................................ 2,016 30,996
Shurgard Storage Centers, Inc.--Class A..................... 1,376 30,960
SICOR, Inc.*................................................ 5,120 40,960
Sierra Pacific Resources.................................... 2,816 35,376
Silicon Graphics, Inc.*..................................... 2,432 9,120
Silicon Valley Bancshares*.................................. 1,536 65,472
Silicon Valley Group, Inc.*................................. 1,920 49,680
Simmons First National Corp.--Class A....................... 1,376 30,788
Simpson Industries, Inc. ................................... 2,976 22,413
Sirius Satellite Radio, Inc.*............................... 832 36,868
Sky Financial Group, Inc. .................................. 3,488 55,590
SL Green Realty Corp. ...................................... 1,632 43,656
Smartserv Online, Inc.*..................................... 64 4,516
Smithfield Foods, Inc.*..................................... 2,432 68,248
SoftNet Systems, Inc.*...................................... 1,024 9,856
Sonic Corp.*................................................ 1,312 38,540
SonicWALL, Inc.*............................................ 288 25,362
Southern Peru Copper Corp. ................................. 2,144 26,130
Southern Union Co.*......................................... 2,234 35,332
Southwest Bancorp of Texas, Inc.*........................... 1,824 37,848
Southwest Gas Corp. ........................................ 1,760 30,800
Sovran Self Storage, Inc. .................................. 1,888 40,474
Spanish Broadcasting System, Inc.*.......................... 672 13,818
SpeedFam-IPEC, Inc.*........................................ 1,504 27,354
SportsLine.com, Inc.*....................................... 832 14,196
Springs Industries, Inc.--Class A........................... 896 28,840
Spyglass, Inc.*............................................. 832 26,052
Stamps.com, Inc.*........................................... 672 4,914
Star Scientific, Inc.*...................................... 800 2,700
StarBase Corp.*............................................. 1,184 12,580
StarMedia Network, Inc.*.................................... 1,280 24,160
Starrett (L.S.) Co. ........................................ 1,568 27,440
Station Casinos, Inc.*...................................... 1,472 36,800
Steel Dynamics, Inc.*....................................... 2,592 23,490
STERIS Corp.*............................................... 4,096 36,352
Sterling Bancshares, Inc. .................................. 2,816 30,448
Stillwater Mining Co.*...................................... 1,696 47,276
Stone Energy Corp.*......................................... 992 59,272
Storage Technology Corp.*................................... 992 10,850
Storage USA, Inc. .......................................... 1,280 37,760
Suiza Foods Corp.*.......................................... 1,344 65,688
Summit Technology, Inc.*.................................... 2,560 48,320
Sun Communities, Inc. ...................................... 1,152 38,520
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Sunbeam Corp.*.............................................. 8,736 $ 30,030
Sunglass Hut International, Inc.*........................... 1,280 10,520
Sunrise Technologies International, Inc.*................... 512 5,120
SuperGen, Inc.*............................................. 736 26,680
Superior Industries International, Inc. .................... 1,472 37,904
Susquehanna Bancshares, Inc. ............................... 2,240 31,920
Swift Transportation Co., Inc.*............................. 2,464 34,496
Sybase, Inc.*............................................... 3,584 82,432
Sykes Enterprises, Inc.*.................................... 1,536 19,776
Symyx Technologies, Inc.*................................... 160 6,818
Syntroleum Corp.*........................................... 1,344 23,016
Systems & Computer Technology Corp.*........................ 1,696 33,920
Talbots, Inc. .............................................. 832 45,708
Talk.com, Inc.*............................................. 1,984 11,532
Taubman Centers, Inc. ...................................... 2,816 30,976
Techne Corp.*............................................... 864 112,320
Technitrol, Inc. ........................................... 704 68,200
Technology Solutions Co.*................................... 1,824 11,286
TEKELEC*.................................................... 1,216 58,596
Tektronix, Inc. ............................................ 1,888 139,711
TeleTech Holdings, Inc.*.................................... 1,152 35,784
Teligent, Inc.--Class A*.................................... 640 15,120
Tennant Co. ................................................ 992 37,200
Tenneco Automotive, Inc. ................................... 1,216 6,384
Terex Corp.*................................................ 1,760 24,860
Terrayon Communication Systems, Inc.*....................... 384 24,666
Terremark Worldwide, Inc.*.................................. 4,192 20,698
Tetra Tech, Inc.*........................................... 2,176 49,776
Texas BioTechnology Corp.*.................................. 864 16,416
Texas Industries, Inc. ..................................... 960 27,720
Texas Regional Bancshares, Inc.--Class A.................... 1,280 32,480
The Cheesecake Factory*..................................... 1,666 45,801
The Children's Place Retail Stores, Inc.*................... 256 5,248
The Hain Celestial Group, Inc.*............................. 1,088 39,916
The Men's Wearhouse, Inc.*.................................. 1,632 36,414
The Scotts Company--Class A*................................ 992 36,208
Timken Co. ................................................. 2,656 49,468
Titan Corp.*................................................ 1,440 64,440
Titan Pharmaceuticals, Inc.*................................ 192 8,256
Tom Brown, Inc.*............................................ 2,464 56,826
Too, Inc.*.................................................. 416 10,582
Total Renal Care Holdings, Inc.*............................ 7,232 43,392
Tower Automotive, Inc.*..................................... 2,848 35,600
Transaction Systems Architects, Inc.*....................... 1,856 31,784
Transkaryotic Therapies, Inc.*.............................. 928 34,104
Transwitch Corp.*........................................... 448 34,580
Travelocity.com, Inc.*...................................... 320 5,240
Tredegar Corp. ............................................. 1,344 25,536
Triad Hospitals, Inc.*...................................... 2,624 63,468
Triangle Pharmaceuticals, Inc.*............................. 1,888 17,110
Trimble Navigation Ltd.*.................................... 1,408 68,728
Trimeris, Inc.*............................................. 128 8,952
Trinity Industries, Inc. ................................... 2,336 43,216
Triquint Semiconductor, Inc.*............................... 320 30,620
True North Communications, Inc. ............................ 1,984 87,296
Trust Company of New Jersey................................. 1,536 28,032
Tumbleweed Communications Corp.*............................ 192 9,768
</TABLE>
See accompanying notes to the financial statements.
37
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
------ -----------
<S> <C> <C>
Tupperware Corp. ........................................... 2,624 $ 57,728
Tut Systems, Inc.*.......................................... 448 25,704
UCAR International, Inc.*................................... 2,240 29,260
UICI*....................................................... 1,760 11,550
Unifi, Inc.*................................................ 4,224 52,272
Unisource Energy Corp. ..................................... 2,976 44,640
United Asset Management Corp. .............................. 3,392 79,288
United Auto Group, Inc.*.................................... 544 4,964
United Bankshares, Inc. .................................... 1,824 33,174
United Community Financial Corp. ........................... 3,904 25,986
United Dominion Realty Trust, Inc. ......................... 4,832 53,152
United National Bancorp..................................... 1,824 33,516
United Stationers, Inc.*.................................... 1,600 51,800
United Television, Inc. .................................... 224 28,840
Universal Corp. ............................................ 1,856 39,208
Universal Foods Corp. ...................................... 2,112 39,072
Unova, Inc.*................................................ 3,264 23,868
US LEC Corp.--Class A....................................... 480 8,160
US Oncology, Inc.*.......................................... 1,824 9,120
USEC, Inc. ................................................. 7,584 35,076
USFreightways Corp. ........................................ 1,312 32,226
USinternetworking, Inc.*.................................... 992 20,274
Valence Technology, Inc.*................................... 1,152 21,240
Valero Energy Corp. ........................................ 2,784 88,392
ValueVision International, Inc.--Class A*................... 1,600 38,400
Varco International, Inc.*.................................. 2,560 59,529
Varian Medical Systems, Inc.*............................... 1,344 52,584
Varian Semiconductor Equipment Associates, Inc.*............ 1,312 82,410
Varian, Inc.*............................................... 1,504 69,372
Vector Group Ltd. .......................................... 448 6,608
Veeco Instruments, Inc.*.................................... 480 35,160
Venator Group, Inc.*........................................ 3,744 38,376
Ventana Medical Systems, Inc.*.............................. 800 18,800
Ventro Corp.*............................................... 352 6,644
Verity, Inc.*............................................... 1,280 48,640
Vertex Pharmaceuticals, Inc.*............................... 768 80,928
VerticalNet, Inc.*.......................................... 736 27,186
VIA NET.WORKS, Inc.*........................................ 288 4,446
Viador, Inc.*............................................... 480 7,620
Viant Corp.*................................................ 896 26,544
Viatel, Inc.*............................................... 1,600 45,700
Vical, Inc.*................................................ 864 16,632
Vicor Corp.*................................................ 1,280 44,560
Vintage Petroleum, Inc.*.................................... 2,720 61,370
Visual Networks, Inc.*...................................... 928 26,448
VISX, Inc.*................................................. 992 27,838
Voicestream Wireless Corp.*................................. 188 21,907
Voyager.net, Inc.*.......................................... 416 3,328
W.R. Grace & Co.*........................................... 3,808 46,172
Wabash National Corp. ...................................... 2,208 26,358
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
--------- -----------
<S> <C> <C>
Wabtec Corp. ............................................ 2,432 $ 25,232
Wackenhut Corp.--Class A*................................ 448 5,796
Wallace Computer Services, Inc. ......................... 2,432 24,016
Walter Industries, Inc. ................................. 3,616 41,358
Warnaco Group, Inc. ..................................... 800 6,200
Washington Real Estate Investment Trust.................. 2,432 43,472
WatchGuard Technologies*................................. 128 7,032
Wausau-Mosinee Paper Corp. .............................. 3,296 28,222
Wave Systems Corp.*...................................... 1,824 28,842
WD-40 Co. ............................................... 1,632 33,864
Weblink Wireless, Inc.*.................................. 1,952 25,864
Webster Financial Corp. ................................. 1,472 32,660
WebTrends Corp.*......................................... 640 24,760
Weingarten Realty Investors.............................. 832 33,592
Wellman, Inc. ........................................... 2,080 33,670
Werner Enterprises, Inc. ................................ 2,304 26,640
Wesley Jessen VisionCare, Inc.*.......................... 1,088 40,868
West Pharmaceutical Services, Inc. ...................... 1,088 23,528
Western Digital Corp.*................................... 7,456 37,280
Western Properties Trust................................. 3,648 43,320
Westwood One, Inc.*...................................... 2,816 96,095
Whitney Holding Corp. ................................... 1,056 36,102
Whole Foods Market, Inc.*................................ 1,280 52,880
Wind River Systems, Inc.*................................ 1,504 56,964
Wisconsin Central Transport*............................. 2,752 35,776
Wit Soundview Group, Inc.*............................... 2,816 30,228
Wolverine World Wide, Inc. .............................. 2,848 28,124
World Access, Inc.*...................................... 2,304 25,488
WorldGate Communications, Inc.*.......................... 576 10,224
WorldPages.com, Inc.*.................................... 1,696 10,176
Worthington Industries, Inc. ............................ 3,264 34,272
Xceed, Inc.*............................................. 704 6,424
Xircom, Inc.*............................................ 1,056 50,160
Xtra Corp.*.............................................. 864 34,074
Yellow Corp.*............................................ 2,048 30,208
Zebra Technologies Corp.*................................ 1,120 49,630
Zenith National Insurance Corp. ......................... 1,952 41,480
Ziff-Davis, Inc.*........................................ 1,312 11,808
Zixit Corp.*............................................. 384 17,688
Zygo Corp.*.............................................. 96 8,718
-----------
TOTAL COMMON STOCKS
(Cost $35,775,939)...................................... 35,679,366
-----------
Options Purchased (5.2%)
<CAPTION>
Contracts
---------
<S> <C> <C>
Russell 2000 Call Option expiring
July 2000 @ 300......................................... 20 2,207,500
Russell 2000 Put Option expiring
July 2000 @ 250......................................... 50 2,250
-----------
TOTAL OPTIONS PURCHASED
(Cost $2,221,600)....................................... 2,209,750
-----------
</TABLE>
See accompanying notes to the financial statements.
38
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraSmall-Cap ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
U.S. Treasury Notes (1.0%)
Principal Market
Amount Value
--------- -----------
<S> <C> <C>
U.S. Treasury Note,
4.50%, 09/30/00........................................ $442,000 $ 440,273
-----------
TOTAL U.S. TREASURY NOTES
(Cost $440,292)........................................ 440,273
-----------
TOTAL INVESTMENTS
(Cost $38,437,831)(a) (90.8%).......................... 38,329,389
Other assets in excess of
liabilities (9.2%)..................................... 3,899,594
-----------
TOTAL NET ASSETS (100.0%)............................... $42,228,983
===========
</TABLE>
-----
Percentages indicated are based on net assets of $42,228,983.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Gain
--------- -----------
<S> <C> <C>
Russell 2000 Future Contract expiring September 2000
(Underlying face amount at value $44,784,500).......... 172 $ 1,555,765
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation.. $ 977,685
Unrealized depreciation.. (1,086,127)
-----------
Net unrealized
depreciation............ $ (108,442)
===========
The UltraSmall-Cap ProFund's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Aerospace & Defense....................................................... 0.5%
Agriculture............................................................... 0.1%
Airlines.................................................................. 0.2%
Automotive................................................................ 0.8%
Banking................................................................... 5.8%
Biotechnology............................................................. 2.0%
Building & Construction................................................... 1.5%
Business Services......................................................... 3.9%
Chemicals................................................................. 1.9%
Computer Services......................................................... 1.1%
Computer Software......................................................... 7.1%
Computers................................................................. 3.7%
Consumer Products......................................................... 0.9%
Containers & Packaging.................................................... 0.2%
Electrical & Electronic................................................... 5.5%
Energy & Utilities........................................................ 5.9%
Environmental Services.................................................... 0.3%
Financial Services........................................................ 1.8%
Food & Beverage........................................................... 1.3%
Health Care............................................................... 3.5%
Home Furnishings.......................................................... 0.7%
Insurance................................................................. 1.8%
Investment Company........................................................ 0.1%
Machinery & Equipment..................................................... 3.3%
Media..................................................................... 2.3%
Metals & Mining........................................................... 1.4%
Office Equipment & Supplies............................................... 0.1%
Paper & Forest Products................................................... 0.2%
Pharmaceuticals........................................................... 3.9%
Real Estate............................................................... 0.3%
Real Estate Investment Trust.............................................. 5.7%
Retail & Wholesale........................................................ 3.7%
Semiconductors............................................................ 3.3%
Telecommunications........................................................ 6.4%
Textiles & Apparel........................................................ 0.7%
Tobacco................................................................... 0.1%
Transportation............................................................ 1.5%
Travel & Entertainment.................................................... 1.1%
Other..................................................................... 15.4%
</TABLE>
See accompanying notes to the financial statements.
39
<PAGE>
PROFUNDS
UltraSmall-Cap ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $38,437,831)......................... $38,329,389
Cash............................................................. 860,052
Variation margin on futures contracts............................ 2,091,410
Dividends and interest receivable................................ 38,002
Receivable for investments sold.................................. 3,792,968
Prepaid expenses................................................. 155,217
-----------
Total Assets.................................................... 45,267,038
Liabilities:
Payable for investments purchased................................ 2,999,775
Advisory fees payable............................................ 23,926
Management servicing fees payable................................ 4,785
Administration fees payable...................................... 277
Shareholder servicing fees payable--Service Class................ 9,292
-----------
Total Liabilities............................................... 3,038,055
-----------
Net Assets........................................................ $42,228,983
===========
Net Assets consist of:
Capital.......................................................... $50,750,331
Accumulated undistributed net investment income.................. 19,150
Accumulated net realized losses on investments and futures
contracts....................................................... (9,987,821)
Net unrealized appreciation on investments and futures
contracts....................................................... 1,447,323
-----------
Total Net Assets.................................................. $42,228,983
===========
Investor Shares:
Net Assets....................................................... $32,414,785
Shares of Beneficial Interest Outstanding........................ 1,238,431
Net Asset Value (offering and redemption price per share)........ $ 26.17
===========
Service Shares:
Net Assets....................................................... $ 9,814,198
Shares of Beneficial Interest Outstanding........................ 375,840
Net Asset Value (offering and redemption price per share)........ $ 26.11
===========
</TABLE>
Statement of Operations
For the period February 8, 2000(a) through June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Dividends........................................................ $ 135,755
Interest......................................................... 97,079
-----------
Total Income.................................................... 232,834
Expenses:
Advisory fees.................................................... 94,188
Management servicing fees........................................ 18,838
Administration fees.............................................. 10,341
Shareholder servicing fees--Service Class........................ 33,973
Custody fees..................................................... 28,691
Fund accounting fees............................................. 13,438
Registration and filing fees..................................... 11,261
Other fees....................................................... 2,954
-----------
Total expenses.................................................. 213,684
-----------
Net Investment Income............................................. 19,150
-----------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts......... (9,987,821)
Net change in unrealized appreciation on investments and futures
contracts....................................................... 1,447,323
-----------
Net realized and unrealized losses on investments and futures
contracts...................................................... (8,540,498)
-----------
Decrease In Net Assets Resulting from Operations.................. $(8,521,348)
===========
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
40
<PAGE>
PROFUNDS
UltraSmall-Cap ProFund
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the period
February 8, 2000(a)
through
June 30, 2000
-------------------
(Unaudited)
<S> <C>
Change in Net Assets:
Operations:
Net investment income..................................... $ 19,150
Net realized losses on investments and futures contracts.. (9,987,821)
Net change in unrealized appreciation on investments and
futures contracts........................................ 1,447,323
-------------
Net decrease in net assets resulting from operations...... (8,521,348)
Capital Share Transactions:
Proceeds from shares issued............................... 540,180,288
Cost of shares redeemed................................... (489,429,957)
-------------
Net increase in net assets resulting from capital share
transactions............................................. 50,750,331
-------------
Total increase in net assets.............................. 42,228,983
Net Assets:
Beginning of period....................................... --
-------------
End of period............................................. $ 42,228,983
=============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
41
<PAGE>
PROFUNDS
UltraSmall-Cap ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class Service Class
--------------------- ---------------------
For the period from For the period from
February 8, 2000(a) February 8, 2000(a)
through June 30, 2000 through June 30, 2000
--------------------- ---------------------
(Unaudited) (Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of
Period............................ $ 30.00 $ 30.00
----------- ----------
Net investment income/(loss)...... 0.03 (0.05)
Net realized and unrealized loss
on investments and futures
contracts........................ (3.86) (3.84)
----------- ----------
Total loss from investment
operations....................... (3.83) (3.89)
----------- ----------
Net Asset Value, End of Period..... $ 26.17 $ 26.11
=========== ==========
Total Return....................... (12.77)%(b) (12.97)%(b)
Ratios/Supplemental Data:
Net assets, end of period.......... $32,414,785 $9,814,198
Ratio of expenses to average net
assets............................ 1.43%(c) 2.46%(c)
Ratio of net investment
income/(loss) to average net
assets............................ 0.40%(c) (0.52)%(c)
Portfolio turnover(d).............. 1504% 1504%
</TABLE>
-----
(a)Commencement of operations.
(b)Not annualized.
(c)Annualized.
(d)Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
42
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraOTC ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (85.9%)
Market
Shares Value
--------- --------------
<S> <C> <C>
3COM Corp.*............................................ 99,753 $ 5,748,267
Adaptec, Inc.*......................................... 48,128 1,094,912
ADC Telecommunications, Inc.*.......................... 225,011 18,872,798
Adelphia Communications Corp.--Class A* ............... 68,269 3,200,109
Adobe Systems, Inc. ................................... 65,750 8,547,500
Altera Corp.*.......................................... 157,005 16,004,697
Amazon.com, Inc.*...................................... 131,011 4,757,337
American Power Conversion Corp.*....................... 142,880 5,831,290
Amgen, Inc.*........................................... 268,464 18,859,596
Apollo Group, Inc.--Class A*........................... 39,430 1,104,040
Apple Computer, Inc.*.................................. 254,502 13,329,542
Applied Materials, Inc.*............................... 234,298 21,233,256
Applied Micro Circuits Corp.*.......................... 79,386 7,839,368
At Home Corp.--Class A*................................ 161,517 3,351,478
Atmel Corp.*........................................... 93,248 3,438,520
Bed Bath & Beyond, Inc.*............................... 106,621 3,865,011
Biogen, Inc.*.......................................... 102,272 6,596,544
Biomet, Inc. .......................................... 89,325 3,433,430
BMC Software, Inc.*.................................... 104,365 3,807,692
BroadVision, Inc.*..................................... 160,765 8,168,872
Chiron Corp.*.......................................... 140,950 6,695,125
Ciena Corp.*........................................... 94,000 15,668,625
Cintas Corp. .......................................... 112,800 4,138,350
Cisco Systems, Inc.*................................... 1,399,898 88,981,017
Citrix Systems, Inc.*.................................. 123,328 2,335,524
CMGI, Inc.*............................................ 173,712 7,958,181
CNET Networks, Inc.*................................... 54,633 1,341,923
Comcast Corp.--Special Class A*........................ 240,477 9,739,319
Compuware Corp.*....................................... 124,669 1,293,441
Comverse Technology, Inc.*............................. 90,666 8,431,938
Concord EFS, Inc.*..................................... 134,445 3,495,570
Conexant Systems, Inc.*................................ 134,608 6,545,314
Costco Wholesale Corp.*................................ 132,026 4,356,858
Dell Computer Corp.*................................... 534,346 26,349,937
Dollar Tree Stores, Inc.*.............................. 52,477 2,076,121
eBay, Inc.*............................................ 109,955 5,971,932
EchoStar Communications Corp.--Class A*................ 133,856 4,431,889
Electronic Arts, Inc.*................................. 36,259 2,644,641
Ericsson (LM) Telephone--ADR........................... 667,187 13,343,740
Fiserv, Inc.*.......................................... 86,054 3,721,836
Gemstar International Group Ltd.*...................... 121,661 7,476,449
Genzyme Corp.-General Division*........................ 59,571 3,540,751
Global Crossing Ltd.*.................................. 531,338 13,980,831
Herman Miller, Inc. ................................... 34,755 899,286
I2 Technologies, Inc.*................................. 116,723 12,170,197
Immunex Corp.*......................................... 385,187 19,042,683
Intel Corp. ........................................... 657,837 87,944,584
Intuit, Inc.*.......................................... 142,454 5,894,034
JDS Uniphase Corp.*.................................... 398,560 47,777,379
KLA-Tencor Corp.*...................................... 126,499 7,408,098
Legato Systems, Inc.*.................................. 53,066 802,623
Level 3 Communications, Inc.*.......................... 142,454 12,535,952
Linear Technology Corp. ............................... 234,787 15,011,694
Lycos, Inc.*........................................... 76,541 4,133,214
Maxim Integrated Products, Inc.*....................... 222,266 15,100,196
McLeodUSA, Inc.--Class A*.............................. 262,022 5,420,580
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
--------- --------------
<S> <C> <C>
MedImmune, Inc.*....................................... 125,584 $ 9,293,216
Metromedia Fiber Network, Inc.*........................ 292,854 11,622,643
Microchip Technology, Inc.*............................ 36,847 2,146,913
Microsoft Corp.*....................................... 1,015,952 81,276,159
Molex, Inc. ........................................... 54,143 2,605,632
Network Appliance, Inc.*............................... 178,550 14,373,275
Network Associates, Inc.*.............................. 80,790 1,646,096
Nextel Communications, Inc.--Class A*.................. 522,051 31,942,995
NEXTLINK Communications, Inc.--Class A*................ 146,803 5,569,339
Northwest Airlines Corp.--Class A*..................... 39,104 1,190,228
Novell, Inc.*.......................................... 221,677 2,050,512
NTL, Inc.*............................................. 157,168 9,410,434
Oracle Corp.*.......................................... 664,016 55,818,845
PACCAR, Inc. .......................................... 48,128 1,910,080
PacifiCare Health Systems, Inc.*....................... 18,048 1,086,264
PanAmSat Corp.*........................................ 112,963 4,935,071
Parametric Technology Corp.*........................... 210,397 2,314,367
Paychex, Inc. ......................................... 197,782 8,306,823
Peoplesoft, Inc.*...................................... 218,832 3,665,436
PMC-Sierra, Inc.*...................................... 90,240 16,034,520
QLogic Corp.*.......................................... 41,949 2,771,256
Qualcomm, Inc.*........................................ 501,421 30,085,259
Quintiles Transnational Corp.*......................... 90,666 1,280,657
RealNetworks, Inc.*.................................... 81,968 4,144,507
RF Micro Devices, Inc.*................................ 50,873 4,457,747
Sanmina Corp.*......................................... 77,193 6,600,002
SDL, Inc.*............................................. 49,469 14,107,940
Siebel Systems, Inc.*.................................. 131,174 21,455,147
Sigma-Aldrich Corp..................................... 50,384 1,473,732
Smurfit-Stone Container Corp.*......................... 134,019 1,725,495
Staples, Inc.*......................................... 177,472 2,728,632
Starbucks Corp.*....................................... 144,710 5,526,113
Sun Microsystems, Inc.*................................ 387,706 35,257,014
Synopsys, Inc.*........................................ 45,546 1,574,184
Tellabs, Inc.*......................................... 130,848 8,954,910
USA Networks, Inc.*.................................... 191,171 4,134,073
VeriSign, Inc.*........................................ 102,272 18,051,008
Veritas Software Corp.*................................ 228,608 25,836,276
VISX, Inc.*............................................ 39,104 1,097,356
Vitesse Semiconductor Corp.*........................... 100,016 7,357,427
Voicestream Wireless Corp.*............................ 128,003 14,886,349
WorldCom, Inc.*........................................ 577,699 26,501,942
Xilinx, Inc.*.......................................... 242,470 20,018,929
Yahoo!, Inc.*.......................................... 146,477 18,144,838
--------------
TOTAL COMMON STOCKS
(Cost $1,140,891,986)................................. 1,183,113,732
--------------
</TABLE>
See accompanying notes to the financial statements.
43
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraOTC ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Options Purchased (10.2%)
Market
Contracts Value
------------ --------------
<S> <C> <C>
NASDAQ Call Option expiring
July 2000 @ 1500................................. 610 $ 140,727,000
NASDAQ Put Option expiring
July 2000 @ 1500................................. 1,800 59,400
--------------
TOTAL OPTIONS PURCHASED
(Cost $140,419,960).............................. 140,786,400
--------------
U.S. Treasury Notes (10.5%)
<CAPTION>
Principal
Amount
------------
<S> <C> <C>
U.S. Treasury Note,
5.50%, 01/31/03.................................. $146,943,000 143,923,762
--------------
TOTAL U.S. TREASURY NOTES
(Cost $143,926,957).............................. 143,923,762
--------------
TOTAL INVESTMENTS
(Cost $1,425,238,903)(a) (106.6%)................ 1,467,823,894
Liabilities in excess of
other assets (-6.6%)............................. (90,661,817)
--------------
TOTAL NET ASSETS (100.0%)......................... $1,377,162,077
==============
</TABLE>
-----
Percentages indicated are based on net assets of $1,377,162,077.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Gain
------------ --------------
<S> <C> <C>
NASDAQ Future Contract expiring September 2000
(Underlying face amount at value
$1,315,699,200).................................. 3,456 $15,626,120
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized appreciation of securities as follows:
Unrealized
appreciation........... $ 75,282,214
Unrealized
depreciation........... (32,697,223)
------------
Net unrealized
appreciation........... $ 42,584,991
============
ADR--American Depositary Receipt
The UltraOTC ProFund's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Airlines.................................................................. 0.1%
Automotive................................................................ 0.1%
Biotechnology............................................................. 4.0%
Business Services......................................................... 1.3%
Chemicals................................................................. 0.1%
Computer Software......................................................... 19.7%
Computers................................................................. 15.4%
Containers & Packaging.................................................... 0.1%
Electrical & Electronic................................................... 3.4%
Health Care............................................................... 0.4%
Home Furnishings.......................................................... 0.5%
Media..................................................................... 1.2%
Office Equipment & Supplies............................................... 0.1%
Pharmaceuticals........................................................... 0.7%
Retail & Wholesale........................................................ 2.1%
Semiconductors............................................................ 15.3%
Telecommunications........................................................ 21.1%
Textiles & Apparel........................................................ 0.3%
Other..................................................................... 14.1%
</TABLE>
See accompanying notes to the financial statements.
44
<PAGE>
PROFUNDS
UltraOTC ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $1,425,238,903)................... $1,467,823,894
Cash.......................................................... 20,797,723
Variation margin on futures contracts......................... 58,945,160
Dividends and interest receivable............................. 3,378,252
Prepaid expenses.............................................. 184,120
Deferred organization costs................................... 19,727
--------------
Total Assets................................................. 1,551,148,876
Liabilities:
Payable for investments purchased............................. 172,094,181
Advisory fees payable......................................... 808,690
Management servicing fees payable............................. 161,740
Administration fees payable................................... 8,891
Shareholder servicing fees payable--Service Class............. 425,375
Other accrued expenses........................................ 487,922
--------------
Total Liabilities............................................ 173,986,799
--------------
Net Assets..................................................... $1,377,162,077
==============
Net Assets consist of:
Capital....................................................... $1,491,644,814
Accumulated net investment loss............................... (3,499,413)
Accumulated net realized losses on investments and futures
contracts.................................................... (169,194,435)
Net unrealized appreciation on investments and futures
contracts.................................................... 58,211,111
--------------
Total Net Assets............................................... $1,377,162,077
==============
Investor Shares:
Net Assets.................................................... $1,166,029,364
Shares of Beneficial Interest Outstanding..................... 14,293,217
Net Asset Value (offering and redemption price per share)..... $ 81.58
==============
Service Shares:
Net Assets.................................................... $ 211,132,713
Shares of Beneficial Interest Outstanding..................... 2,640,407
Net Asset Value (offering and redemption price per share)..... $ 79.96
==============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest....................................................... $ 5,966,412
Dividends (net of foreign taxes of $3,982)..................... 134,988
-------------
Total Income.................................................. 6,101,400
Expenses:
Advisory fees.................................................. 5,175,452
Management servicing fees...................................... 1,035,100
Administration fees............................................ 585,337
Shareholder servicing fees--Service Class...................... 931,586
Transfer agent fees............................................ 1,048,298
Registration and filing fees................................... 200,659
Custody fees................................................... 172,853
Fund accounting fees........................................... 110,934
Other fees..................................................... 340,594
-------------
Total expenses................................................ 9,600,813
-------------
Net Investment Loss............................................. (3,499,413)
-------------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts....... (52,084,587)
Net change in unrealized appreciation on investments and
futures contracts............................................. (335,856,011)
-------------
Net realized and unrealized losses on investments and futures
contracts.................................................... (387,940,598)
-------------
Decrease in Net Assets Resulting from Operations................ $(391,440,011)
=============
</TABLE>
See accompanying notes to the financial statements.
45
<PAGE>
PROFUNDS
UltraOTC ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the six For the
months ended year ended
June 30, 2000 December 31, 1999
--------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment loss........................ $ (3,499,413) $ (2,884,210)
Net realized gains/(losses) on investments
and futures contracts..................... (52,084,587) 389,559,533
Net change in unrealized appreciation on
investments and futures contracts......... (335,856,011) 325,343,217
--------------- ---------------
Net increase/(decrease) in net assets
resulting from operations................. (391,440,011) 712,018,540
Distributions to Shareholders from:
Net investment income
Investor shares........................... -- (1,514)
Service shares............................ -- --
Net realized gains on investments and
futures contracts
Investor shares........................... -- (5,470,542)
Service shares............................ -- (630,297)
--------------- ---------------
Net decrease in net assets resulting from
distributions............................. -- (6,102,353)
Capital Share Transactions:
Proceeds from shares issued................ 5,188,754,275 4,414,789,699
Dividends reinvested....................... -- 5,769,144
Cost of shares redeemed.................... (4,771,210,053) (4,046,826,304)
--------------- ---------------
Net increase in net assets resulting from
capital share transactions................ 417,544,222 373,732,539
--------------- ---------------
Total increase in net assets............... 26,104,211 1,079,648,726
Net Assets:
Beginning of period........................ 1,351,057,866 271,409,140
--------------- ---------------
End of period.............................. $ 1,377,162,077 $ 1,351,057,866
=============== ===============
</TABLE>
See accompanying notes to the financial statements.
46
<PAGE>
PROFUNDS
UltraOTC ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
-----------------------------------------------------------------------------
For the For the period
six months For the For the from December 2,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
-------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 98.88 $ 29.82 $ 10.45 $ 12.50
-------------- -------------- ------------ --------
Net investment
income/(loss).......... (0.16) (0.16) 0.20(b) 0.08
Net realized and
unrealized gain/(loss)
on investments and
futures contracts...... (17.14) 69.68 19.17 (2.13)
-------------- -------------- ------------ --------
Total income/(loss) from
investment operations.. (17.30) 69.52 19.37 (2.05)
-------------- -------------- ------------ --------
Distribution to
Shareholders from:
Net investment income... -- -- (c) -- (c) --
Net realized gain on
investments and futures
contracts.............. -- (0.46) -- --
-------------- -------------- ------------ --------
Total distributions..... -- (0.46) -- --
-------------- -------------- ------------ --------
Net Asset Value, End of
Period................. $ 81.58 $ 98.88 $ 29.82 $ 10.45
============== ============== ============ ========
Total Return............ (17.50)%(d) 233.25% 185.34% (16.40)%(d)
Ratios/Supplemental Data:
Net assets, end of
period................. $1,166,029,364 $1,216,220,142 $239,017,203 $256,184
Ratio of expenses to
average net assets..... 1.26%(e) 1.31% 1.47% 1.07%(e)
Ratio of net investment
income/(loss) to
average net assets..... (0.37)%(e) (0.50)% 1.05% 2.73%(e)
Ratio of expenses to
average net assets*.... 1.26%(e) 1.33% 1.67% 21.74%(e)
Portfolio turnover(f)... 447% 670% 156% --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
47
<PAGE>
PROFUNDS
UltraOTC ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
------------------------------------------------------------------------
For the For the period
six months For the For the from December 2,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 97.40 $ 29.68 $ 10.45 $ 12.50
------------ ------------ ----------- --------
Net investment
income/(loss)......... (0.49) (0.64) 0.10(b) --
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (16.95) 68.82 19.13 (2.05)
------------ ------------ ----------- --------
Total income/(loss)
from investment
operations............ (17.44) 68.18 19.23 (2.05)
------------ ------------ ----------- --------
Distribution to
Shareholders from:
Net investment income.. -- -- -- (c) --
Net realized gain on
investments and
futures contracts..... -- (0.46) -- --
------------ ------------ ----------- --------
Total distributions.... -- (0.46) -- --
------------ ------------ ----------- --------
Net Asset Value, End of
Period................. $ 79.96 $ 97.40 $ 29.68 $ 10.45
============ ============ =========== ========
Total Return............ (17.91)%(d) 229.73% 183.98% (16.40)%(d)
Ratios/Supplemental Data:
Net assets, end of
period................. $211,132,713 $134,837,724 $32,391,937 $663,984
Ratio of expenses to
average net assets..... 2.26%(e) 2.30% 2.38% 1.75%(e)
Ratio of net investment
income/(loss) to
average net assets..... (1.38)%(e) (1.49)% 0.07% (0.06)%(e)
Ratio of expenses to
average net assets*.... 2.26%(e) 2.32% 2.61% 23.42%(e)
Portfolio turnover(f)... 447% 670% 156% --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
48
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraEurope ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (78.9%)
Market
Shares Value
--------- ----------
<S> <C> <C>
Adidas-Salomon AG.......................................... 138 $ 7,658
Allianz AG................................................. 750 270,316
BASF AG.................................................... 1,926 77,663
Bayer AG................................................... 2,223 87,041
Bayerische Motoren Werke AG................................ 2,043 61,932
Commerzbank AG............................................. 1,593 57,278
DaimlerChrysler AG......................................... 3,096 161,998
Degussa-Huels AG........................................... 474 13,529
Deutsche Bank AG........................................... 1,875 154,804
Deutsche Lufthansa AG...................................... 1,164 26,991
Deutsche Telekom AG........................................ 6,267 358,951
Dresdner Bank AG........................................... 1,665 68,733
Epcos AG*.................................................. 201 20,116
Fresenius Medical Care AG.................................. 240 19,199
Henkel KGaA................................................ 447 25,603
HypoVereinsbank............................................ 1,206 78,155
Infineon Technologies AG*.................................. 1,884 148,961
Karstadt Quelle AG......................................... 360 9,413
Linde AG................................................... 363 14,637
MAN AG..................................................... 471 14,283
Metro AG................................................... 999 35,394
Muenchener................................................. 549 172,999
Rueckversicherungs-Gesellschaft AG.........................
Preussag AG................................................ 588 19,064
RWE AG..................................................... 1,695 57,633
SAP AG..................................................... 963 178,661
Schering AG................................................ 609 33,481
Siemens AG................................................. 1,818 275,122
Thyssen Krupp AG........................................... 1,572 25,672
Veba AG.................................................... 2,301 111,297
Volkswagen AG.............................................. 1,278 48,583
----------
TOTAL COMMON STOCKS
(Cost $2,749,486)......................................... 2,635,167
----------
<CAPTION>
Options Purchased (6.5%)
Contracts
---------
<S> <C> <C>
CAC 40 Put Option expiring
September 2000 @ 3700..................................... 2,700 6,258
FTSE 100 Put Option expiring
July 2000 @ 4100.......................................... 160 897
FTSE 100 Put Option expiring
July 2000 @ 9100.......................................... 5 211,124
----------
TOTAL OPTIONS PURCHASED
(Cost $202,138)........................................... 218,279
----------
<CAPTION>
U.S. Treasury Notes (10.0%)
Principal Market
Amount Value
--------- ----------
<S> <C> <C>
U.S. Treasury Note, 4.50%, 09/30/00..................... $335,000 $ 333,691
----------
TOTAL U.S. TREASURY NOTES
(Cost $333,706)........................................ 333,691
----------
TOTAL INVESTMENTS
(Cost $3,285,330)(a) (95.4%)........................... 3,187,137
Other assets in excess of liabilities (4.6%)............ 153,782
----------
TOTAL NET ASSETS (100.0%)............................... $3,340,919
==========
</TABLE>
-----
Percentages indicated are based on net assets of $3,340,919.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Loss
--------- ----------
<S> <C> <C>
CAC 40 Future Contract expiring July 2000 (Underlying
face amount at value $2,230,218)....................... 36 $ (13,891)
FTSE 100 Future Contract expiring September 2000
(Underlying face amount at value $2,794,521)........... 29 $ (92,187)
Futures Contracts Sold
DAX 30 Future Contract expiring September 2000
(Underlying face amount at value $332,788)............. 2 $ (192)
<CAPTION>
Forward Foreign Exchange Contracts
Contract
Amount
Delivery (Local Unrealized
Date Currency) Gain
-------- --------- ----------
<S> <C> <C> <C>
Deliver Euros in exchange
for USD 878,907.................................. 07/03/00 $917,631 $2,019
</TABLE>
-----
* Non-income producing
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation.... $ 21,247
Unrealized depreciation.... (119,440)
---------
Net unrealized
depreciation.............. $ (98,193)
=========
See accompanying notes to the financial statements.
49
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraEurope ProFund June 30, 2000
(Unaudited)
The UltraEurope ProFund's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Airlines.................................................................. 0.8%
Automotive................................................................ 8.2%
Banking................................................................... 10.7%
Building & Construction................................................... 0.4%
Chemicals................................................................. 6.1%
Computer Software......................................................... 5.3%
Diversified............................................................... 0.6%
Electrical & Electronic................................................... 0.6%
Energy & Utilities........................................................ 1.7%
Health Care............................................................... 0.6%
Insurance................................................................. 13.3%
Machinery & Equipment..................................................... 12.8%
Pharmaceuticals........................................................... 1.0%
Retail & Wholesale........................................................ 1.6%
Semiconductors............................................................ 4.5%
Telecommunications........................................................ 10.7%
Other..................................................................... 21.1%
</TABLE>
See accompanying notes to the financial statements.
50
<PAGE>
PROFUNDS
UltraEurope ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $3,285,330)........................... $3,187,137
Foreign currency, at value (cost $92,841)......................... 94,371
Variation margin on futures contracts............................. 74,529
Dividends and interest receivable................................. 3,789
Receivable for investments sold................................... 844,496
Receivable for capital shares issued.............................. 35,218
Reclaim receivable................................................ 3,073
Unrealized appreciation on foreign exchange contracts............. 2,019
Prepaid expenses.................................................. 67,813
----------
Total Assets..................................................... 4,312,445
Liabilities:
Payable to custodian.............................................. 62,488
Payable for investments purchased................................. 878,907
Advisory fees payable............................................. 9,769
Management servicing fees payable................................. 1,628
Shareholder servicing fees payable--Service Class................. 18,734
----------
Total Liabilities................................................ 971,526
----------
Net Assets......................................................... $3,340,919
==========
Net Assets consist of:
Capital........................................................... $4,321,347
Accumulated net investment loss................................... (1,788)
Accumulated net realized losses on investments, futures contracts
and foreign currency transactions................................ (777,741)
Net unrealized depreciation on investments, futures contracts and
foreign currency transactions.................................... (200,899)
----------
Total Net Assets................................................... $3,340,919
==========
Investor Shares:
Net Assets........................................................ $2,954,649
Shares of Beneficial Interest Outstanding......................... 86,297
Net Asset Value (offering and redemption price per share)......... $ 34.24
==========
Service Shares:
Net Assets........................................................ $ 386,270
Shares of Beneficial Interest Outstanding......................... 11,391
Net Asset Value (offering and redemption price per share)......... $ 33.91
==========
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest......................................................... $ 90,700
Dividends (net of foreign taxes of $3,758)....................... 38,980
-----------
Total Income.................................................... 129,680
Expenses:
Advisory fees.................................................... 43,455
Management servicing fees........................................ 7,243
Administration fees.............................................. 37,312
Shareholder servicing fees--Service Class........................ 24,468
Registration and filing fees..................................... 15,634
Custody fees..................................................... 2,859
Other fees....................................................... 2,268
-----------
Total expenses.................................................. 133,239
-----------
Net Investment Loss............................................... (3,559)
-----------
Realized and Unrealized Losses on Investments:
Net realized losses on investments, futures contracts and foreign
currency transactions........................................... (1,060,688)
Net change in unrealized depreciation on investments, futures
contracts and foreign currency transactions..................... (2,638,898)
-----------
Net realized and unrealized losses on investments, futures
contracts and foreign currency transactions.................... (3,699,586)
-----------
Decrease In Net Assets Resulting from Operations.................. $(3,703,145)
===========
</TABLE>
See accompanying notes to the financial statements.
51
<PAGE>
PROFUNDS
UltraEurope ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the period
For the six March 15, 1999(a)
months ended through
June 30, 2000 December 31, 1999
------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income/(loss)................. $ (3,559) $ 40,060
Net realized gains/(losses) on investments,
futures contracts and foreign currency
transactions................................ (1,060,688) 2,976,651
Net change in unrealized
appreciation/(depreciation) on investments,
futures contracts and foreign currency
transactions................................ (2,638,898) 2,437,999
------------ ------------
Net increase/(decrease) in net assets
resulting from operations................... (3,703,145) 5,454,710
Capital Share Transactions:
Proceeds from shares issued.................. 79,681,249 71,625,925
Cost of shares redeemed...................... (97,157,536) (52,560,284)
------------ ------------
Net increase/(decrease) in net assets
resulting from capital share transactions... (17,476,287) 19,065,641
------------ ------------
Total increase/(decrease) in net assets...... (21,179,432) 24,520,351
Net Assets:
Beginning of period.......................... 24,520,351 --
------------ ------------
End of period................................ $ 3,340,919 $ 24,520,351
============ ============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
52
<PAGE>
PROFUNDS
UltraEurope ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class Service Class
----------------------------------- ----------------------------------
For the For the
For the period from For the period from
six months March 15, 1999(a) six months March 15, 1999(a)
ended through ended through
June 30, 2000 December 31, 1999 June 30, 2000 December 31, 1999
------------- ----------------- ------------- -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 40.99 $ 30.00 $ 40.72 $ 30.00
---------- ---------- -------- -----------
Net investment
income/(loss)......... 0.06 0.19 (0.65) 0.03
Net realized and
unrealized gain/(loss)
on investments,
futures contracts and
foreign currency
transactions.......... (6.81) 10.80 (6.16) 10.69
---------- ---------- -------- -----------
Total income/(loss)
from investment
operations............ (6.75) 10.99 (6.81) 10.72
---------- ---------- -------- -----------
Net Asset Value, End of
Period................. $ 34.24 $ 40.99 $ 33.91 $ 40.72
========== ========== ======== ===========
Total Return............ (16.47)%(b) 36.63%(b) (16.72)%(b) 35.73%(b)
Ratios/Supplemental Data:
Net assets, end of
period................. $2,954,649 $5,560,299 $386,270 $18,960,052
Ratio of expenses to
average net assets..... 2.15%(c) 1.53%(c) 3.37%(c) 2.50%(c)
Ratio of net investment
income/(loss) to
average net assets..... 0.22%(c) 1.79%(c) (0.36)%(c) 0.46%(c)
Ratio of expenses to
average net assets*.... 2.15%(c) 2.53%(c) 3.37%(c) 3.58%(c)
Portfolio turnover(d)... 854% 514% 854% 514%
</TABLE>
-----
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Commencement of operations.
(b)Not annualized.
(c)Annualized.
(d)Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
53
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraJapan ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Options Purchased (15.9%)
Contracts or
Principal Market
Amount Value
------------ ----------
<S> <C> <C>
Nikkei 225 Call Option expiring
July 2000 @ 10300...................................... 29 $1,046,900
Nikkei 225 Put Option expiring
July 2000 @ 9000....................................... 125 2,981
----------
TOTAL OPTIONS PURCHASED
(Cost $1,009,620)...................................... 1,049,881
----------
U.S. Treasury Notes (75.1%)
U.S. Treasury Note, 4.50%, 09/30/00..................... $4,970,000 4,950,586
----------
TOTAL U.S. TREASURY NOTES
(Cost $4,950,797)...................................... 4,950,586
----------
TOTAL INVESTMENTS
(Cost $5,960,417)(a) (91.0%)........................... 6,000,467
Other assets in excess of liabilities (9.0%) 593,020
----------
TOTAL NET ASSETS (100.0%)............................... $6,593,487
==========
</TABLE>
-----
Percentages indicated are based on net assets of $6,593,487.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Gain
--------- ----------
<S> <C> <C>
Nikkei 225 Future Contract expiring September 2000
(Underlying face amount at value $10,512,000)........... 120 $ 487,700
</TABLE>
-----
(a) Represents cost for federal income tax purposes and differs from market
value by net unrealized appreciation of securities as follows:
Unrealized appreciation....... $44,155
Unrealized depreciation....... (4,105)
-------
Net unrealized appreciation... $40,050
=======
See accompanying notes to the financial statements.
54
<PAGE>
PROFUNDS
UltraJapan ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $5,960,417).......................... $ 6,000,467
Cash............................................................. 993
Variation margin on futures contracts............................ 508,770
Dividends and interest receivable................................ 56,218
Prepaid expenses................................................. 32,537
-----------
Total Assets.................................................... 6,598,985
Liabilities:
Advisory fees payable............................................ 3,066
Management servicing fees payable................................ 511
Administration fees payable...................................... 45
Shareholder servicing fees payable--Service Class................ 1,876
-----------
Total Liabilities............................................... 5,498
-----------
Net Assets........................................................ $ 6,593,487
===========
Net Assets consist of:
Capital.......................................................... $ 8,134,145
Accumulated undistributed net investment income.................. 37,499
Accumulated net realized losses on investments and futures
contracts....................................................... (2,105,907)
Net unrealized appreciation on investments and futures
contracts....................................................... 527,750
-----------
Total Net Assets.................................................. $ 6,593,487
===========
Investor Shares:
Net Assets....................................................... $ 5,250,992
Shares of Beneficial Interest Outstanding........................ 227,909
Net Asset Value (offering and redemption price per share)........ $ 23.04
===========
Service Shares:
Net Assets....................................................... $ 1,342,495
Shares of Beneficial Interest Outstanding........................ 58,505
Net Asset Value (offering and redemption price per share)........ $ 22.95
===========
</TABLE>
Statement of Operations
For the period February 8, 2000(a) through June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest......................................................... $ 67,928
Expenses:
Advisory fees.................................................... 14,910
Management servicing fees........................................ 2,485
Administration fees.............................................. 1,350
Shareholder servicing fees--Service Class........................ 5,770
Registration and filing fees..................................... 1,966
Custody fees..................................................... 1,841
Fund accounting fees............................................. 479
Other fees....................................................... 1,628
-----------
Total expenses.................................................. 30,429
-----------
Net Investment Income............................................. 37,499
-----------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts......... (2,105,907)
Net change in unrealized appreciation on investments and futures
contracts....................................................... 527,750
-----------
Net realized and unrealized losses on investments and futures
contracts...................................................... (1,578,157)
-----------
Decrease In Net Assets Resulting from Operations.................. $(1,540,658)
===========
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
55
<PAGE>
PROFUNDS
UltraJapan ProFund
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
For the period
February 8, 2000(a)
through
June 30, 2000
-------------------
(Unaudited)
<S> <C>
Change in Net Assets:
Operations:
Net investment income..................................... $ 37,499
Net realized losses on investments and futures contracts.. (2,105,907)
Net change in unrealized appreciation on investments and
futures contracts........................................ 527,750
------------
Net decrease in net assets resulting from operations...... (1,540,658)
Capital Share Transactions:
Proceeds from shares issued............................... 69,521,223
Cost of shares redeemed................................... (61,387,078)
------------
Net increase in net assets resulting from capital share
transactions............................................. 8,134,145
------------
Total increase in net assets.............................. 6,593,487
Net Assets:
Beginning of period....................................... --
------------
End of period............................................. $ 6,593,487
============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
56
<PAGE>
PROFUNDS
UltraJapan ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class Service Class
------------------- -------------------
For the period from For the period from
February 8, 2000(a) February 8, 2000(a)
through through
June 30, 2000 June 30, 2000
------------------- -------------------
(Unaudited) (Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period... $ 30.00 $ 30.00
---------- ----------
Net investment income................. 0.27(b) 0.16(b)
Net realized and unrealized loss on
investments and futures contracts.... (7.23) (7.21)
---------- ----------
Total loss from investment
operations........................... (6.96) (7.05)
---------- ----------
Net Asset Value, End of Period......... $ 23.04 $ 22.95
========== ==========
Total Return........................... (23.20)%(c) (23.50)%(c)
Ratios/Supplemental Data:
Net assets, end of period.............. $5,250,992 $1,342,495
Ratio of expenses to average net
assets................................ 1.49%(d) 2.49%(d)
Ratio of net investment income to
average net assets.................... 2.64%(d) 1.57%(d)
Portfolio turnover(e).................. 700% 700%
</TABLE>
-----
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
57
<PAGE>
PROFUNDS Schedule of Portfolio Investments
Bear ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Options Purchased (2.8%)
Contracts or
Principal Market
Amount Value
------------ ----------
<S> <C> <C>
S&P 500 Put Option expiring
July 2000 @ 2000....................................... 2 $ 265,250
----------
TOTAL OPTIONS PURCHASED
(Cost $255,010)........................................ 265,250
----------
U.S. Treasury Notes (92.9%)
U.S. Treasury Note, 4.50%, 09/30/00..................... $8,939,000 8,904,082
----------
TOTAL U.S. TREASURY NOTES
(Cost $8,904,462)...................................... 8,904,082
----------
TOTAL INVESTMENTS
(Cost $9,159,472)(a) (95.7%)........................... 9,169,332
Other assets in excess of
liabilities (4.3%)..................................... 411,841
----------
TOTAL NET ASSETS (100.0%)............................... $9,581,173
==========
</TABLE>
-----
Percentages indicated are based on net assets of $9,581,173.
<TABLE>
<CAPTION>
Futures Contracts Sold
Unrealized
Contracts Gain/(Loss)
--------- -----------
<S> <C> <C>
S&P 500 Future Contract expiring September 2000
(Underlying face amount at value $4,408,500)............. 12 $ 132,790
<CAPTION>
Futures Contracts Purchased
<S> <C> <C>
S&P 500 Future Contract expiring September 2000
(Underlying face amount at value $73,475)................... 1 $ (180)
</TABLE>
-----
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized appreciation of securities as follows:
Unrealized appreciation....... $10,240
Unrealized depreciation....... (380)
-------
Net unrealized appreciation... $ 9,860
=======
See accompanying notes to the financial statements.
58
<PAGE>
PROFUNDS
Bear ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $9,159,472).......................... $ 9,169,332
Cash............................................................. 216,410
Variation margin on futures contracts............................ 67,575
Dividends and interest receivable................................ 101,113
Prepaid expenses................................................. 33,674
Deferred organization costs...................................... 46
-----------
Total Assets.................................................... 9,588,150
Liabilities:
Advisory fees payable............................................ 3,757
Management servicing fees payable................................ 751
Administration fees payable...................................... 75
Shareholder servicing fees payable--Service Class................ 2,394
-----------
Total Liabilities............................................... 6,977
-----------
Net Assets........................................................ $ 9,581,173
===========
Net Assets consist of:
Capital.......................................................... $13,660,618
Accumulated undistributed net investment income.................. 137,548
Accumulated net realized losses on investments and futures
contracts....................................................... (4,359,463)
Net unrealized appreciation on investments and futures
contracts....................................................... 142,470
-----------
Total Net Assets.................................................. $ 9,581,173
===========
Investor Shares:
Net Assets....................................................... $ 9,535,584
Shares of Beneficial Interest Outstanding........................ 306,290
Net Asset Value (offering and redemption price per share)........ $ 31.13
===========
Service Shares:
Net Assets....................................................... $ 45,589
Shares of Beneficial Interest Outstanding........................ 1,490
Net Asset Value (offering and redemption price per share)........ $ 30.59
===========
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest......................................................... $ 200,039
Expenses:
Advisory fees.................................................... 30,854
Management servicing fees........................................ 6,171
Administration fees.............................................. 3,522
Shareholder servicing fees--Service Class........................ 1,641
Registration and filing fees..................................... 20,571
Fund accounting fees............................................. 1,215
Transfer agent fees.............................................. 951
Custody fees..................................................... 771
Other fees....................................................... 915
-----------
Total expenses.................................................. 66,611
-----------
Net Investment Income............................................. 133,428
-----------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts......... (1,485,770)
Net change in unrealized appreciation on investments and futures
contracts....................................................... 209,756
-----------
Net realized and unrealized losses on investments and futures
contracts...................................................... (1,276,014)
-----------
Decrease in Net Assets Resulting from Operations.................. $(1,142,586)
===========
</TABLE>
See accompanying notes to the financial statements.
59
<PAGE>
PROFUNDS
Bear ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the
six months For the
ended year ended
June 30, 2000 December 31, 1999
------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income........................ $ 133,428 $ 390,142
Net realized losses on investments and
futures contracts........................... (1,485,770) (2,103,989)
Net change in unrealized
appreciation/(depreciation) on investments
and futures contracts....................... 209,756 (70,043)
------------ -------------
Net decrease in net assets resulting from
operations.................................. (1,142,586) (1,783,890)
Distributions to Shareholders from:
Net investment income
Investor shares.............................. -- (237,255)
Service shares............................... -- (150,057)
------------ -------------
Net decrease in net assets resulting from
distributions............................... -- (387,312)
Capital Share Transactions:
Proceeds from shares issued.................. 218,350,258 313,003,794
Dividends reinvested......................... -- 355,358
Cost of shares redeemed...................... (211,052,398) (312,308,508)
------------ -------------
Net increase in net assets resulting from
capital share transactions.................. 7,297,860 1,050,644
------------ -------------
Total increase/(decrease) in net assets...... 6,155,274 (1,120,558)
Net Assets:
Beginning of period.......................... 3,425,899 4,546,457
------------ -------------
End of period................................ $ 9,581,173 $ 3,425,899
============ =============
</TABLE>
See accompanying notes to the financial statements.
60
<PAGE>
PROFUNDS
Bear ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
-----------------------------------------------------------------------
For the
For the period from
six months For the For the December 31,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 30.18 $ 39.88 $ 50.00 $ 50.00
---------- ---------- ---------- ----------
Net investment income.. 0.52(b) 1.10(b) 1.47(b) --
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... 0.43 (5.97) (11.22) --
---------- ---------- ---------- ----------
Total income/(loss)
from investment
operations............ 0.95 (4.87) (9.75) --
---------- ---------- ---------- ----------
Distribution to
Shareholders from:
Net investment income.. -- (4.83) (0.37) --
Net realized gain on
investments and
futures contracts..... -- -- -- (c) --
---------- ---------- ---------- ----------
Total distributions.... -- (4.83) (0.37) --
---------- ---------- ---------- ----------
Net Asset Value, End of
Period................. $ 31.13 $ 30.18 $ 39.88 $ 50.00
========== ========== ========== ==========
Total Return............ 3.15%(d) (12.32)% (19.46)% -- (d)
Ratios/Supplemental Data:
Net assets, end of
period................. $9,535,584 $2,330,573 $4,166,787 $2,516,412
Ratio of expenses to
average net assets..... 1.58%(e) 1.40% 1.54% -- (e)
Ratio of net investment
income to average net
assets................. 3.30%(e) 2.86% 3.12% -- (e)
Ratio of expenses to
average net assets*.... 1.58%(e) 1.68% 3.26% 325.97%(e)
Portfolio turnover(f)... 700% 1215% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
61
<PAGE>
PROFUNDS
Bear ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
-----------------------------------------------------------------------
For the six For the
months ended For the For the period from
June 30, year ended year ended December 31, 1997(a)
2000 December 31, 1999 December 31, 1998 to December 31, 1997
------------ ----------------- ----------------- --------------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 29.86 $ 39.76 $ 50.00 $50.00
------- ---------- -------- ------
Net investment income.. 0.29(b) 0.63(b) 0.87(b) --
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... 0.44 (5.92) (10.88) --
------- ---------- -------- ------
Total income/(loss)
from investment
operations............ 0.73 (5.29) (10.01) --
------- ---------- -------- ------
Distribution to
Shareholders from:
Net investment income.. -- (4.61) (0.23) --
Net realized gain on
investments and
futures contracts..... -- -- -- (c) --
------- ---------- -------- ------
Total distributions.... -- (4.61) (0.23) --
------- ---------- -------- ------
Net Asset Value, End of
Period................. $ 30.59 $ 29.86 $ 39.76 $50.00
======= ========== ======== ======
Total Return............ 2.44%(d) (13.32)% (20.04)% -- (d)
Ratios/Supplemental Data:
Net assets, end of
period................. $45,589 $1,095,326 $379,670 $ 10
Ratio of expenses to
average net assets..... 2.58%(e) 2.23% 2.49% -- (e)
Ratio of net investment
income to average net
assets................. 1.87%(e) 1.69% 1.90% -- (e)
Ratio of expenses to
average net assets*.... 2.58%(e) 2.91% 4.09% 326.97%(e)
Portfolio turnover(f)... 700% 1215% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
62
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraBear ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Options Purchased (9.9%)
Contracts or
Principal Market
Amount Value
------------ -----------
<S> <C> <C>
S&P 500 Call Option expiring
July 2000 @ 2000...................................... 220 $ 1,650
S&P 500 Put Option expiring
July 2000 @ 2000...................................... 22 2,917,750
-----------
TOTAL OPTIONS PURCHASED
(Cost $2,808,960)..................................... 2,919,400
-----------
U.S. Treasury Notes (81.4%)
U.S. Treasury Note,
4.50%, 09/30/00....................................... $24,019,000 23,925,176
-----------
TOTAL U.S. TREASURY NOTES
(Cost $23,926,196).................................... 23,925,176
-----------
TOTAL INVESTMENTS
(Cost $26,735,156)(a) (91.3%)......................... 26,844,576
Other assets in excess of
liabilities (8.7%).................................... 2,560,170
-----------
TOTAL NET ASSETS (100.0%).............................. $29,404,746
===========
</TABLE>
-----
Percentages indicated are based on net assets of $29,404,746.
<TABLE>
<CAPTION>
Futures Contracts Sold
Unrealized
Contracts Gain
--------- -----------
<S> <C> <C>
S&P 500 Future Contract
expiring September 2000
(Underlying face amount at
value $52,167,250)...................................... 142 $ 3,080,990
</TABLE>
-----
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized appreciation of securities as follows:
Unrealized appreciation...... $112,640
Unrealized depreciation...... (3,220)
--------
Net unrealized appreciation.. $109,420
========
See accompanying notes to the financial statements.
63
<PAGE>
PROFUNDS
UltraBear ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $26,735,156)........................ $ 26,844,576
Variation margin on futures contracts........................... 2,332,150
Dividends and interest receivable............................... 271,690
Receivable for capital shares issued............................ 8,003
Prepaid expenses................................................ 47,028
Deferred organization costs..................................... 3,946
------------
Total Assets................................................... 29,507,393
Liabilities:
Payable to custodian............................................ 29,721
Advisory fees payable........................................... 23,997
Management servicing fees payable............................... 4,799
Administration fees payable..................................... 208
Shareholder servicing fees payable--Service Class............... 33,436
Other accrued expenses.......................................... 10,486
------------
Total Liabilities.............................................. 102,647
------------
Net Assets....................................................... $ 29,404,746
============
Net Assets consist of:
Capital......................................................... $ 80,939,612
Accumulated undistributed net investment income................. 693,396
Accumulated net realized losses on investments and futures
contracts...................................................... (55,418,672)
Net unrealized appreciation on investments and futures
contracts...................................................... 3,190,410
------------
Total Net Assets................................................. $ 29,404,746
============
Investor Shares:
Net Assets...................................................... $ 23,386,876
Shares of Beneficial Interest Outstanding....................... 1,109,593
Net Asset Value (offering and redemption price per share)....... $ 21.08
============
Service Shares:
Net Assets...................................................... $ 6,017,870
Shares of Beneficial Interest Outstanding....................... 283,416
Net Asset Value (offering and redemption price per share)....... $ 21.23
============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest........................................................ $ 1,073,167
Expenses:
Advisory fees................................................... 178,984
Management servicing fees....................................... 35,797
Administration fees............................................. 20,421
Shareholder servicing fees--Service Class....................... 50,182
Registration and filing fees.................................... 43,760
Transfer agent fees............................................. 30,937
Fund accounting fees............................................ 7,198
Custody fees.................................................... 4,541
Other fees...................................................... 10,811
------------
Total expenses................................................. 382,631
------------
Net Investment Income............................................ 690,536
------------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts........ (14,732,320)
Net change in unrealized appreciation on investments and futures
contracts...................................................... 5,405,598
------------
Net realized and unrealized losses on investments and futures
contracts..................................................... (9,326,722)
------------
Decrease in Net Assets Resulting from Operations................. $ (8,636,186)
============
</TABLE>
See accompanying notes to the financial statements.
64
<PAGE>
PROFUNDS
UltraBear ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income...................... $ 690,536 $ 1,259,444
Net realized losses on investments and
futures contracts......................... (14,732,320) (33,526,973)
Net change in unrealized
appreciation/(depreciation) on investments
and futures contracts..................... 5,405,598 (566,202)
------------- ---------------
Net decrease in net assets resulting from
operations................................ (8,636,186) (32,833,731)
Distributions to Shareholders from:
Net investment income
Investor shares............................ -- (1,179,951)
Service shares............................. -- (76,633)
------------- ---------------
Net decrease in net assets resulting from
distributions............................. -- (1,256,584)
Capital Share Transactions:
Proceeds from shares issued................ 680,765,166 1,098,659,676
Dividends reinvested....................... -- 1,125,603
Cost of shares redeemed.................... (679,547,539) (1,059,823,863)
------------- ---------------
Net increase in net assets resulting from
capital share transactions................ 1,217,627 39,961,416
------------- ---------------
Total increase/(decrease) in net assets.... (7,418,559) 5,871,101
Net Assets:
Beginning of period........................ 36,823,305 30,952,204
------------- ---------------
End of period.............................. $ 29,404,746 $ 36,823,305
============= ===============
</TABLE>
See accompanying notes to the financial statements.
65
<PAGE>
PROFUNDS
UltraBear ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
-----------------------------------------------------------------------
For the
For the period from
six months For the For the December 23,
ended year ended year ended 1997(a) to
June 30, 2000 December 31, 1999 December 31, 1998 December 31, 1997
------------- ----------------- ----------------- -----------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 21.31 $ 31.88 $ 51.80 $ 50.00
----------- ----------- ----------- ----------
Net investment income.. 0.53 0.84 1.16(b) 6,082.50(c)
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (0.76) (10.55) (21.04) (6,080.70)(c)
----------- ----------- ----------- ----------
Total income/(loss)
from investment
operations............ (0.23) (9.71) (19.88) 1.80
----------- ----------- ----------- ----------
Distribution to
Shareholders from:
Net investment income.. -- (0.86) (0.04) --
----------- ----------- ----------- ----------
Total distributions.... -- (0.86) (0.04) --
----------- ----------- ----------- ----------
Net Asset Value, End of
Period................. $ 21.08 $ 21.31 $ 31.88 $ 51.80
=========== =========== =========== ==========
Total Return............ (1.08)%(d) (30.54)% (38.34)% 3.60%(d)
Ratios/Supplemental Data:
Net assets, end of
period................. $23,386,876 $32,534,046 $27,939,876 $ 21
Ratio of expenses to
average net assets..... 1.39%(e) 1.41% 1.57% 1.33%(e)
Ratio of net investment
income to average net
assets................. 3.12%(e) 2.20% 2.73% 2.97%(e)
Ratio of expenses to
average net assets*.... 1.39%(e) 1.43% 1.78% 32.39%(e)
Portfolio turnover(f)... 700% 1137% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)The amount shown for a share outstanding throughout the period does not
accord with the earned income or 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.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
66
<PAGE>
PROFUNDS
UltraBear ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
-------------------------------------------------------------
For the
period from
For the six For the For the December 23,
months ended year ended year ended 1997(a)
June 30, December 31, December 31, to December 31,
2000 1999 1998 1997
------------ ------------ ------------ ---------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 21.51 $ 31.83 $ 51.75 $50.00
---------- ---------- ---------- ------
Net investment income.. 0.37 0.54 0.75(b) --
Net realized and
unrealized gain/(loss)
on investments and
futures contracts..... (0.65) (10.45) (20.67) 1.75
---------- ---------- ---------- ------
Total income/(loss)
from investment
operations............ (0.28) (9.91) (19.92) 1.75
---------- ---------- ---------- ------
Distribution to
Shareholders from:
Net investment income.. -- (0.41) -- --
---------- ---------- ---------- ------
Total distributions.... -- (0.41) -- --
---------- ---------- ---------- ------
Net Asset Value, End of
Period................. $ 21.23 $ 21.51 $ 31.83 $51.75
========== ========== ========== ======
Total Return............ (1.30)%(c) (31.20)% (38.45)% 3.50%(c)
Ratios/Supplemental Data:
Net assets, end of
period................. $6,017,870 $4,289,259 $3,012,328 $ 10
Ratio of expenses to
average net assets..... 2.40%(d) 2.41% 2.45% 1.33%(d)
Ratio of net investment
income to average net
assets................. 2.07%(d) 1.21% 1.74% -- (d)
Ratio of expenses to
average net assets*.... 2.40%(d) 2.42% 2.74% 33.39%(d)
Portfolio turnover(e)... 700% 1137% -- --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
67
<PAGE>
PROFUNDS Schedule of Portfolio Investments
UltraShort OTC ProFund June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Options Purchased (30.8%)
Contracts or
Principal Market
Amount Value
------------ -----------
<S> <C> <C>
NASDAQ Call Option expiring
July 2000 @ 5800...................................... 300 $ 12,900
NASDAQ Put Option expiring
July 2000 @ 6000...................................... 61 13,377,300
-----------
TOTAL OPTIONS PURCHASED
(Cost $13,444,542).................................... 13,390,200
-----------
U.S. Treasury Notes (68.5%)
U.S. Treasury Note,
4.50%, 09/30/00....................................... $29,960,000 29,842,969
-----------
TOTAL U.S. TREASURY NOTES
(Cost $29,844,240).................................... 29,842,969
-----------
TOTAL INVESTMENTS
(Cost $43,288,782)(a) (99.3%)......................... 43,233,169
Other assets in excess of
liabilities (0.7%).................................... 305,250
-----------
TOTAL NET ASSETS (100.0%).............................. $43,538,419
===========
</TABLE>
-----
Percentages indicated are based on net assets of $43,538,419.
<TABLE>
<CAPTION>
Futures Contracts Sold
Unrealized
Contracts Gain
--------- -----------
<S> <C> <C>
NASDAQ Future Contract expiring September 2000
(Underlying face amount at value $70,048,800).......... 184 $ 1,726,104
</TABLE>
-----
(a)Represents cost for federal income tax purposes and differs from market
value by net unrealized depreciation of securities as follows:
Unrealized appreciation..... $ 0
Unrealized depreciation..... (55,613)
--------
Net unrealized
depreciation............... $(55,613)
========
See accompanying notes to the financial statements.
68
<PAGE>
PROFUNDS
UltraShort OTC ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investments, at value (cost $43,288,782)....................... $ 43,233,169
Cash........................................................... 124,991
Dividends and interest receivable.............................. 338,892
Prepaid expenses............................................... 59,826
-------------
Total Assets.................................................. 43,756,878
Liabilities:
Variation margin on futures contracts.......................... 161,639
Advisory fees payable.......................................... 33,587
Management servicing fees payable.............................. 6,718
Administration fees payable.................................... 306
Shareholder servicing fees payable--Service Class.............. 7,024
Other accrued expenses......................................... 9,185
-------------
Total Liabilities............................................. 218,459
-------------
Net Assets...................................................... $ 43,538,419
=============
Net Assets consist of:
Capital........................................................ $ 221,734,736
Accumulated undistributed net investment income................ 737,047
Accumulated net realized losses on investments and futures
contracts..................................................... (180,603,855)
Net unrealized appreciation on investments and futures
contracts..................................................... 1,670,491
-------------
Total Net Assets................................................ $ 43,538,419
=============
Investor Shares:
Net Assets..................................................... $ 42,632,230
Shares of Beneficial Interest Outstanding...................... 1,513,546
Net Asset Value (offering and redemption price per share)...... $ 28.17
=============
Service Shares:
Net Assets..................................................... $ 906,189
Shares of Beneficial Interest Outstanding...................... 32,023
Net Asset Value (offering and redemption price per share)...... $ 28.30
=============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Interest........................................................ $ 1,207,742
Expenses:
Advisory fees................................................... 246,362
Management servicing fees....................................... 49,273
Administration fees............................................. 28,136
Shareholder servicing fees--Service Class....................... 20,092
Registration and filing fees.................................... 58,121
Transfer agent fees............................................. 37,104
Fund accounting fees............................................ 9,828
Custody fees.................................................... 5,323
Other fees...................................................... 16,456
------------
Total expenses................................................. 470,695
------------
Net Investment Income............................................ 737,047
------------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts........ (59,509,900)
Net change in unrealized appreciation on investments and futures
contracts...................................................... 10,617,203
------------
Net realized and unrealized losses on investments and futures
contracts..................................................... (48,892,697)
------------
Decrease in Net Assets Resulting from Operations................. $(48,155,650)
============
</TABLE>
See accompanying notes to the financial statements.
69
<PAGE>
PROFUNDS
UltraShort OTC ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income...................... $ 737,047 $ 1,428,839
Net realized losses on investments and
futures contracts......................... (59,509,900) (107,443,268)
Net change in unrealized
appreciation/(depreciation) on investments
and futures contracts..................... 10,617,203 (8,249,251)
-------------- --------------
Net decrease in net assets resulting from
operations................................ (48,155,650) (114,263,680)
Distributions to Shareholders from:
Net investment income
Investor shares............................ -- (1,414,182)
Service shares............................. -- (17,198)
-------------- --------------
Net decrease in net assets resulting from
distributions............................. -- (1,431,380)
Capital Share Transactions:
Proceeds from shares issued................ 1,048,256,765 1,131,536,860
Dividends reinvested....................... -- 1,293,644
Cost of shares redeemed.................... (995,827,056) (998,191,848)
-------------- --------------
Net increase in net assets resulting from
capital share transactions................ 52,429,709 134,638,656
-------------- --------------
Total increase in net assets............... 4,274,059 18,943,596
Net Assets:
Beginning of period........................ 39,264,360 20,320,764
-------------- --------------
End of period.............................. $ 43,538,419 $ 39,264,360
============== ==============
</TABLE>
See accompanying notes to the financial statements.
70
<PAGE>
PROFUNDS
UltraShort OTC ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class Service Class
----------------------------------------------- ---------------------------------------------
For the For the
For the period from For the period from
six months For the June 2, six months For the June 2,
ended year ended 1998(a) ended year ended 1998(a)
June 30, December 31, to December 31, June 30, December 31, to December 31,
2000 1999 1998 2000 1999 1998
----------- ------------ --------------- ----------- ------------ ---------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 45.98 $ 243.60 $ 750.00 $ 46.37 $ 243.60 $ 750.00
----------- ----------- ----------- -------- ---------- --------
Net investment income... 0.41(b) 1.82 3.90(b) 0.21(b) 1.11 1.50(b)
Net realized and
unrealized loss on
investments and futures
contracts.............. (18.22) (197.61) (510.30) (18.28) (197.45) (507.90)
----------- ----------- ----------- -------- ---------- --------
Total loss from
investment operations.. (17.81) (195.79) (506.40) (18.07) (196.34) (506.40)
----------- ----------- ----------- -------- ---------- --------
Distribution to
Shareholders from:
Net investment income... -- (1.83) -- (c) -- (0.89) --
----------- ----------- ----------- -------- ---------- --------
Total distributions..... -- (1.83) -- -- (0.89) --
----------- ----------- ----------- -------- ---------- --------
Net Asset Value, End of
Period.................. $ 28.17 $ 45.98 $ 243.60 $ 28.30 $ 46.37 $ 243.60
=========== =========== =========== ======== ========== ========
Total Return............. (38.73)%(d) (80.36)% (67.48)%(d) (38.97)%(d) (80.62)% (67.50)%(d)
Ratios/Supplemental Data:
Net assets, end of
period.................. $42,632,230 $38,254,638 $19,465,372 $906,189 $1,009,722 $855,392
Ratio of expenses to
average net assets...... 1.38%(e) 1.44% 1.83%(e) 2.38%(e) 2.45% 2.92%(e)
Ratio of net investment
income to average net
assets.................. 2.32%(e) 2.18% 1.55%(e) 1.19%(e) 1.21% 0.54%(e)
Ratio of expenses to
average net assets*..... 1.38%(e) 1.45% 1.98%(e) 2.38%(e) 2.46% 3.06%(e)
Portfolio turnover(f).... 700% 1185% -- 700% 1185% --
</TABLE>
-----
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Distribution per share was less than $0.005.
(d)Not annualized.
(e)Annualized.
(f)Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
71
<PAGE>
PROFUNDS
Money Market ProFund
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets:
Investment in Cash Management Portfolio, at value (cost
$440,403,401)................................................... $440,403,401
Prepaid expenses................................................. 157,682
Deferred organization costs...................................... 8,778
------------
Total Assets..................................................... 440,569,861
Liabilities:
Dividends payable................................................ 1,727,956
Management servicing fees payable................................ 132,228
Administration fees payable...................................... 2,778
Shareholder servicing fees payable--Service Class................ 165,237
------------
Total Liabilities................................................ 2,028,199
------------
Net Assets........................................................ $438,541,662
============
Net Assets consist of:
Capital.......................................................... $438,525,353
Accumulated undistributed net investment income.................. 2,395
Accumulated undistributed net realized gains on investments...... 13,914
------------
Total Net Assets.................................................. $438,541,662
============
Investor Shares:
Net Assets....................................................... $293,287,987
Shares of Beneficial Interest Outstanding........................ 293,275,752
Net Asset Value (offering and redemption price per share)........ $ 1.00
============
Service Shares:
Net Assets....................................................... $145,253,675
Shares of Beneficial Interest Outstanding........................ 145,249,601
Net Asset Value (offering and redemption price per share)........ $ 1.00
============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income:
Investment income allocated from Cash Management Fund............ $12,543,422
Expenses allocated from Cash Management Fund..................... (364,336)
-----------
12,179,086
Expenses:
Management servicing fees........................................ 706,853
Administration fees.............................................. 123,863
Shareholder servicing fees--Service Class........................ 581,502
Transfer agent fees.............................................. 355,889
Registration and filing fees..................................... 98,787
Custody fees..................................................... 393
Other fees....................................................... 142,288
-----------
Total expenses................................................... 2,009,575
-----------
Net Investment Income............................................. 10,169,511
-----------
Realized and Unrealized Gains on Investments:
Net realized gains on investments................................ 4,535
-----------
Increase in Net Assets Resulting from Operations.................. $10,174,046
===========
</TABLE>
See accompanying notes to the financial statements.
72
<PAGE>
PROFUNDS
Money Market ProFund
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000 December 31, 1999
---------------- -----------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income...................... $ 10,169,511 $ 8,837,805
Net realized gains on investments.......... 4,535 9,379
--------------- ---------------
Net increase in net assets resulting from
operations................................ 10,174,046 8,847,184
Distributions to Shareholders from:
Net investment income
Investor shares............................ (7,647,366) (6,697,778)
Service shares............................. (2,522,145) (2,140,027)
--------------- ---------------
Net decrease in net assets resulting from
distributions............................. (10,169,511) (8,837,805)
Capital Share Transactions:
Proceeds from shares issued................ 7,313,258,114 5,898,123,847
Dividends reinvested....................... 8,939,646 7,933,592
Cost of shares redeemed.................... (7,190,159,951) (5,676,999,915)
--------------- ---------------
Net increase in net assets resulting from
capital share transactions................ 132,037,809 229,057,524
--------------- ---------------
Total increase in net assets............... 132,042,344 229,066,903
Net Assets:
Beginning of period........................ 306,499,318 77,432,415
--------------- ---------------
End of period.............................. $ 438,541,662 $ 306,499,318
=============== ===============
</TABLE>
See accompanying notes to the financial statements.
73
<PAGE>
PROFUNDS
Money Market ProFund
Financial Highlights
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Investor Class
----------------------------------------------------------------------
For the
period from
For the six For the For the November 17,
months ended year ended year ended 1997(a)
June 30, December 31, December 31, to December 31,
2000 1999 1998 1997
------------ ------------ ------------ ---------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000
------------ ------------ ----------- --------
Net investment income.. 0.026 0.044 0.047(b) 0.006
------------ ------------ ----------- --------
Distribution to
Shareholders from:
Net investment income.. (0.026) (0.044) (0.047) (0.006)
------------ ------------ ----------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000
============ ============ =========== ========
Total Return............ 2.66%(c) 4.48% 4.84% 0.61%(c)
Ratios/Supplemental Data:
Net assets, end of
period................. $293,287,987 $198,555,252 $62,026,228 $286,962
Ratio of expenses to
average net assets..... 0.89%(d),(e) 0.83%(e) 0.85%(e) 0.83%(d),(e)
Ratio of net investment
income to average net
assets................. 5.33%(d) 4.46% 4.81% 4.92%(d)
Ratio of expenses to
average net assets*.... 0.89%(d),(e) 0.83%(e) 1.18%(e) 9.52%(d),(e)
</TABLE>
-----
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)The Money Market ProFund expense ratio includes the expense allocation of
the Cash Management Portfolio Master Fund.
74
<PAGE>
PROFUNDS
Money Market ProFund
Financial Highlights, continued
For a share of beneficial interest outstanding
<TABLE>
<CAPTION>
Service Class
-------------------------------------------------------------------
For the
period from
For the six For the For the November 17,
months ended year ended year ended 1997(a) to
June 30, December 31, December 31, December 31,
2000 1999 1998 1997
------------ ------------ ------------ ------------
(Unaudited)
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $1.000
------------ ------------ ----------- ------
Net investment income.. 0.021 0.034 0.037(b) --
------------ ------------ ----------- ------
Distribution to
Shareholders from:
Net investment income.. (0.021) (0.034) (0.037) --
------------ ------------ ----------- ------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $1.000
============ ============ =========== ======
Total Return............ 2.16%(c) 3.44% 3.81% 0.21%(c)
Ratios/Supplemental Data:
Net assets, end of
period................. $145,253,675 $107,944,066 $15,406,187 $2,510
Ratio of expenses to
average net assets..... 1.89%(d),(e) 1.83%(e) 1.87%(e) 1.83%(d),(e)
Ratio of net investment
income to average net
assets................. 4.35%(d) 3.45% 3.43% 2.53%(d)
Ratio of expenses to
average net assets*.... 1.89%(d),(e) 1.83%(e) 2.18%(e) 10.52%(d),(e)
</TABLE>
-----
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Commencement of operations.
(b)Per share net investment income has been calculated using the daily average
shares method.
(c)Not annualized.
(d)Annualized.
(e)The Money Market ProFund expense ratio includes the expense allocation of
the Cash Management Portfolio Master Fund.
75
<PAGE>
PROFUNDS
Notes to Financial Statements
June 30, 2000
(Unaudited)
1. Organization
ProFunds (the "Trust") is a registered open-end investment company under the
Investment Company Act of 1940 (the "1940 Act"). The Trust was organized as
a Delaware business trust on April 17, 1997 and has authorized capital of
unlimited shares of beneficial interest of no par value which may be issued
in more than one class or series. ProFund Advisors LLC (the "Advisor")
serves as the investment advisor for each of the ProFunds except the Money
Market ProFund. BISYS Fund Services Limited Partnership ("BISYS"), a wholly
owned subsidiary of The BISYS Group, Inc., acts as the Trust's
administrator. Currently, the Trust consists of thirty-nine separately
managed series, twenty-five of which are operational as of June 30th, 2000.
These accompanying financial statements relate to the following portfolios:
Bull ProFund, UltraBull ProFund, UltraMid-Cap ProFund, UltraSmall-Cap
ProFund, UltraOTC ProFund, UltraEurope ProFund, UltraJapan ProFund, Bear
ProFund, UltraBear ProFund, UltraShort OTC ProFund and Money Market ProFund
(collectively, the "ProFunds" and individually, a "ProFund"). The ProFunds,
excluding the Money Market ProFund, are referred to as the "non-money market
ProFunds". Each ProFund (other than the Money Market ProFund) is a "non-
diversified" series of the Trust pursuant to the 1940 Act. Each ProFund
offers two classes of shares: the Service Shares and the Investor Shares.
The UltraMid-Cap ProFund, UltraSmall-Cap ProFund and the UltraJapan ProFund
commenced operations on February 8, 2000. The UltraShort Europe ProFund
ceased operations on February 28, 2000.
The investment objectives of the ProFunds are as follows:
The Bull ProFund and the UltraBull ProFund. The Bull ProFund's investment
objective is to provide investment returns that correspond each day to the
performance of the Standard and Poor's (S&P) 500 Index. The UltraBull
ProFund's investment objective is to provide investment returns that
correspond each day to 200% of the performance of the S&P 500 Index. Under
their investment objectives, the UltraBull ProFund should produce greater
gains than the Bull ProFund when the prices of the securities in the S&P 500
Index rise and greater losses when such prices decline.
The Bear ProFund and the UltraBear ProFund. The Bear ProFund's investment
objective is to provide investment results that will inversely correlate to
the performance of the S&P 500 Index on a daily basis. The UltraBear
ProFund's investment objective is to provide investment results that will
inversely correlate to 200% of the performance of the S&P 500 Index on a
daily basis.
If the Bear ProFund is successful in meeting its objective, the net asset
value of Bear ProFund shares will increase in direct proportion to any
decrease in the level of the S&P 500 Index. Conversely, the net asset value
of Bear ProFund shares will decrease in direct proportion to any increases
in the level of the S&P 500 Index. The percentage change of net asset value
of shares of the UltraBear ProFund should increase or decrease approximately
twice as much as does that of the Bear ProFund on any given day.
The UltraOTC ProFund and the UltraShort OTC ProFund. The investment
objective of the UltraOTC ProFund is to provide investment results that
correspond each day to 200% of the performance of the NASDAQ 100 Index. The
NASDAQ 100 Index includes 100 of the largest non-financial domestic
companies listed on the NASDAQ National Market tier of The NASDAQ Stock
Market. The UltraShort OTC ProFund seeks investment results that correspond
each day to twice of the inverse (opposite) of the performance of the NASDAQ
100 Index. It is the policy of the UltraShort OTC ProFund to pursue its
investment objective of correlating with its benchmark regardless of market
conditions, to remain fully invested and to not take defensive positions.
If the UltraShort OTC ProFund achieved a perfect inverse correlation for any
single trading day, the net asset value of the shares of this ProFund would
increase for that day proportional to twice any decrease in the level of the
NASDAQ 100 Index. Conversely, the net asset value of the shares of the
ProFund would decrease for that day proportional to twice any increase in
the level of the NASDAQ 100 Index for that day. The percentage change of net
asset value of shares of the UltraOTC ProFund should increase or decrease
approximately twice as much as does that of the UltraShort OTC ProFund on
any given day.
The UltraEurope ProFund. The investment objective of the UltraEurope ProFund
is to provide investment returns that correspond each day to 200% of the
performance of the ProFunds Europe Index ("PEI"). The PEI was created by the
Advisor and is equal to a blended average of the performance of three
European equity indices: the Financial Times Stock Exchange 100 (FTSE-100),
the Deutsche Aktienindex (DAX) and the CAC-40. The UltraEurope ProFund
should produce greater gains to investors when the PEI rises and greater
losses when the PEI declines over the corresponding gain or loss of the PEI
itself.
The UltraMid-Cap ProFund. The investment objective of the UltraMid-Cap
ProFund is to provide investment returns that correspond to 200% of the
performance of the S&P MidCap 400 Index. If the UltraMid-Cap ProFund is
successful in meeting its
Continued
76
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
objective, it should gain approximately twice as much as the S&P MidCap 400
Index when the prices of the securities in that index rise on a given day
and should lose approximately twice as much when such prices decline on that
day.
The UltraSmall-Cap ProFund. The investment objective of the UltraSmall-Cap
ProFund is to provide investment returns that correspond to 200% of the
performance of the Russell 2000(R) Index. If the UltraSmall-Cap ProFund is
successful in meeting its objective, it should gain approximately twice as
much as the Russell 2000(R) Index when the prices of the securities in that
index rise on a given day and should lose approximately twice as much when
such prices decline on that day.
The UltraJapan ProFund. The investment objective of the UltraJapan ProFund
is to provide investment returns that correspond to 200% of the performance
of the Nikkei 225 Stock Average. If the UltraJapan ProFund is successful in
meeting its objective, it should gain approximately twice as much as the
Nikkei 225 Stock Average when the prices of the securities in that index
rise on a given day and should lose approximately twice as much when such
prices decline on that day.
The Money Market ProFund. The Money Market ProFund seeks, as its investment
objective, a high level of current income consistent with liquidity and
preservation of capital. To achieve its objective, the Money Market ProFund
invests all of its investable assets in the Cash Management Portfolio
("Portfolio"), which has the same investment objective as the Money Market
ProFund.
The performance of the Money Market ProFund is directly affected by the
performance of the Portfolio. The financial statements of the Portfolio,
including its schedule of investments, are included elsewhere within this
report and should be read in conjunction with the Money Market ProFund's
financial statements.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by each ProFund in preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amount 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 expense during the
reporting period. The actual results could differ from those estimates.
Investment Valuation
Securities, except as otherwise noted, in the portfolio of a non-money
market ProFund that are listed or traded on a stock exchange, are valued on
the basis of the last sale on that day or, lacking any sales, at a price
that is the mean between the closing bid and asked prices. Other securities
that are traded on the OTC markets are priced using NASDAQ, which provides
information on bid and asked prices quoted by major dealers in such stocks.
Bonds are valued using a third-party pricing system. Short-term debt
securities are valued at amortized cost, which approximates market value.
For the non-money market ProFunds other than the UltraEurope ProFund futures
contracts and options on indexes and exchanged-traded securities held are
valued at the last traded sale price prior to the close of the securities or
commodities exchange on which they are traded (generally 4:00 p.m. Eastern
time). Options on securities traded in the OTC market are valued at the
average of the last bid price as obtained from two or more dealers unless
there is only one dealer, in which case that dealer's price is used. Futures
contracts are valued with reference to established futures exchanges as
described herein or, when price quotes are not readily available, the value
of a futures contract purchased will be the bid price, and the value of a
futures contract sold will be the asked price. The value of options on
futures contracts is determined based upon the current settlement price for
a like option acquired on the day on which the option is being valued. For
the UltraEurope ProFund futures contracts are valued at the last transaction
price for the respective contracts that occur immediately prior to the close
of each underlying stock market (the London Stock Exchange, the Frankfurt
Stock Exchange and the Paris Bourse) (collectively, the "PEI exchanges")
opens. For purposes of determining the net asset value per share of the
UltraEurope ProFund the foreign exchange rates used will be the mean of the
bid price and asked price for the respective foreign currency occurring
immediately before the last underlying PEI exchange closes (normally, 11:30
a.m. Eastern time), on each day that all three PEI exchanges and the New
York Stock Exchange are open. Effective June 26, 2000, the close of the
regular trading on the Frankfurt Stock Exchange, one of the three exchanges
tracked by the PEI, has been extended to 2:00 p.m. Eastern Time.
Accordingly, the UltraEurope ProFund will be calculating daily share prices
at 2:00 p.m. Eastern time. When market quotations are not readily available,
securities and other assets held by the non-money market ProFunds are valued
at fair value as determined in good faith under procedures established by
and under general supervision and responsibility of the ProFund's Board of
Trustees.
Continued
77
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
Valuation of securities held by the Portfolio is discussed in Note 1 of the
notes to financial statements of the Portfolio, which are included elsewhere
in this report.
Repurchase Agreements
Under a repurchase agreement, a ProFund 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 day or a few days later. The
resale price is 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. A ProFund will enter into repurchase agreements only
with member banks of the Federal Reserve System or primary dealers of U.S.
government securities. The Advisor and, with respect to the Portfolio,
Bankers Trust, will monitor the creditworthiness of each of the firms which
is a party to a repurchase agreement with any of the ProFunds.
The ProFunds require that the securities purchased in a repurchase agreement
transaction be transferred to the custodian in a manner sufficient to enable
the ProFund to obtain those securities in the event of a counterparty
default. The seller, under the repurchase agreement, is required to maintain
the value of the securities held at not less than the repurchase price,
including accrued interest.
Short Sales
The ProFunds (other than the Money Market ProFund) may engage in short
sales. When a ProFund engages in a short sale, the ProFund records a
liability for securities sold short and records an asset equal to the
proceeds received. The amount of the liability is subsequently marked to
market to reflect the market value of the short sale. The ProFund maintains
a segregated account of securities as collateral for outstanding short
sales, when required. The ProFund is exposed to market risk based on the
amount, if any, that the market value of the securities sold short exceeds
the proceeds received.
Short sales involve elements of market risk and exposure to loss in excess
of the amounts recognized on the Statement of Assets and Liabilities. This
risk is unlimited as a ProFund that sells a security short without hedging
will be exposed to any market value increase in the security sold short.
Futures Contracts
The ProFunds (other than the Money Market ProFund) may purchase (long) or
sell (short) stock index futures contracts thereon as a substitute for a
comparable market position in the underlying securities or to satisfy
regulation requirements. Futures contracts are contracts for delayed
delivery of securities at a specified future delivery date and at a specific
price. Upon entering into a contract, the ProFund may be required to deposit
and maintain as collateral such initial margin as required by the exchange
on which the transaction is effected. Pursuant to the contract, the ProFund
agrees to receive from or pay to the broker an amount of cash equal to the
daily fluctuation in value of the contract. Such receipts or payments are
known as variation margin and are recorded by the ProFund as unrealized
gains or losses. Unrealized gains and losses for futures traded on domestic
exchanges are realized for tax purposes. When the contract is closed or
offset, the ProFund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
Futures contracts involve, to varying degrees, elements of market risk and
exposure to loss in excess of the amount recognized in the Statements of
Assets and Liabilities. The face or contract amounts reflect the extent of
the total exposure each ProFund has in the particular classes of
instruments. Risks may result from an imperfect correlation between
movements in the price of the instruments and the price of the underlying
securities. Risk may also arise if there is an illiquid secondary market for
the instruments or due to the inability of counterparties to perform.
Index Options
The ProFunds (other than the Money Market ProFund) may purchase call or put
options on stock indexes to create investment exposure consistent with their
investment objectives, hedge or limit the exposure of their positions and to
create synthetic money market positions. A stock index fluctuates with
changes in the market values of the stocks included in the index. Options on
stock indexes give the holder the right to receive an amount of cash upon
exercise of the option. Receipt of this cash amount will depend upon the
closing level of the stock index upon which the option is based being
greater than (in the case of a call) or less than (in the case of a put) the
exercise price of the option. The amount of cash received, if any, will be
the difference between the closing price of the index and the exercise price
of the option multiplied by a specified dollar multiple. All
Continued
78
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
settlements of index options transactions are in cash. Put and call options
purchased are accounted for in the same manner as portfolio securities. The
cost of securities acquired through the exercise of call options is
increased by premiums paid. The proceeds from securities sold through the
exercise of put options are decreased by the premiums paid. Options are
valued daily and unrealized appreciation or depreciation is recorded. The
fund will realize a gain or loss upon the expiration or closing of the
option transaction.
Index options are subject to substantial risks, including the risk of
imperfect correlation between the option price and the value of the
underlying securities composing the stock index selected and the risk that
there might not be a liquid secondary market for the option. Risk may also
arise if there is an illiquid secondary market for the instruments or due to
the inability of counterparties to perform.
Foreign Currency Transactions
The accounting records of the ProFunds are maintained in U.S. dollars.
Financial instruments and other assets and liabilities of the UltraEurope
ProFund denominated in a foreign currency are translated into U.S. dollars
at current exchange rates. Purchases and sales of financial instruments,
income receipts and expense payments are translated into U.S. dollars at the
exchange rate on the date of the transaction. The ProFunds do not isolate
that portion of the results of operations resulting from changes in foreign
exchange rates from those resulting from changes in market values of
financial instruments. Such fluctuations are included with the net realized
and unrealized gains or losses from investments. Realized foreign exchange
gains or losses arise from transactions in financial instruments and foreign
currencies, currency exchange fluctuations between the trade and settlement
date of such transactions, and the difference between the amount of assets
and liabilities recorded and the U.S. dollar equivalent of the amounts
actually received or paid. Net unrealized foreign exchange gains and losses
arise from changes in the value of assets and liabilities, including
financial instruments, resulting from changes in currency exchange rates.
Securities Transactions and Related Income
Securities transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the accrual
basis and includes, where applicable, the pro rata amortization of premium
or discount. Dividend income is recorded on the ex-dividend date. Gains or
losses realized on sales of securities are determined by comparing the
identified cost of the security lot sold with the net sales proceeds.
Expenses
Expenses directly attributable to a ProFund are charged to the ProFund,
while expenses which are attributable to more than one ProFund are allocated
among the respective ProFunds based upon relative net assets or another
appropriate basis. In addition, investors in Investor Shares will pay the
expenses directly attributable to the Investor Shares as a class, and
investors in Service Shares will pay the expenses directly attributable to
the Service Shares as a class.
The investment income and expenses of a ProFund (other than class specific
expenses) and realized and unrealized gains and losses on investments of a
ProFund, are allocated to each class of shares based upon relative net
assets on the date income is earned or expenses are realized and unrealized
gains and losses are incurred.
Distributions to Shareholders
The non-money market ProFunds will distribute net investment income and net
realized gains, if any, at least once a year. The Money Market ProFund
ordinarily (i) declares dividends of net investment income (and net short-
term capital gains, if any) for shares of the Money Market ProFund on a
daily basis and (ii) distributes such dividends to shareholders of the Money
Market ProFund 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 generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are
reclassified within the composition of net assets based on their federal
tax-basis treatment; temporary differences do not require a
reclassification. 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. The non-money market ProFunds 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.
Continued
79
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
Federal Income Tax
Each of the ProFunds intends 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 ProFunds
intend to make timely distributions in order to avoid tax liability.
Organization Costs
Costs incurred by the Trust (excluding UltraEurope ProFund, UltraMid-Cap
ProFund, UltraSmall-Cap ProFund, and UltraJapan ProFund) in connection with
its organization and registration under the 1940 Act and the Securities Act
of 1933 have been deferred and are being amortized on the straight-line
method over a five-year period beginning on the date on which each ProFund
commenced its investment activities.
3. Shares of Beneficial Interest
Transactions in shares of beneficial interest were as follows for the
periods ended June 30, 2000 and December 31, 1999.
<TABLE>
<CAPTION>
Bull ProFund
---------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
---------------------------- ---------------------------
Shares Amount Shares Amount
----------- --------------- ----------- --------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 25,729,601 $ 1,825,878,798 16,563,296 $1,050,728,948
Investor Shares
Reinvested............. -- -- 677 53,238
Investor Shares
Redeemed............... (26,660,325) (1,889,335,683) (15,097,252) (950,378,703)
----------- --------------- ----------- --------------
Net
Increase/(Decrease)... (930,724) $ (63,456,885) 1,466,721 $ 100,403,483
=========== =============== =========== ==============
Service Shares Sold..... 698,374 $ 48,880,450 809,336 $ 52,184,718
Service Shares
Reinvested............. -- -- 63 4,495
Service Shares
Redeemed............... (981,507) (66,904,698) (390,067) (24,183,570)
----------- --------------- ----------- --------------
Net
Increase/(Decrease)... (283,133) $ (18,024,248) 419,332 $ 28,005,643
=========== =============== =========== ==============
</TABLE>
<TABLE>
<CAPTION>
UltraBull ProFund
----------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
---------------------------- ----------------------------
Shares Amount Shares Amount
----------- --------------- ----------- ---------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 65,454,483 $ 1,441,984,466 84,010,898 $ 2,246,915,014
Investor Shares
Reinvested............. -- -- 34,857 818,420
Investor Shares
Redeemed............... (66,757,332) (1,450,540,072) (78,692,708) (2,192,537,404)
----------- --------------- ----------- ---------------
Net
Increase/(Decrease)... (1,302,849) $ (8,555,606) 5,353,047 $ 55,196,030
=========== =============== =========== ===============
Service Shares Sold..... 27,137,993 $ 583,564,552 16,613,958 $ 415,023,785
Service Shares
Reinvested............. -- -- 12,756 294,369
Service Shares
Redeemed............... (27,435,812) (590,217,486) (13,760,378) (360,205,295)
----------- --------------- ----------- ---------------
Net
Increase/(Decrease)... (297,819) $ (6,652,934) 2,866,336 $ 55,112,859
=========== =============== =========== ===============
</TABLE>
Continued
80
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
UltraMid-Cap ProFund UltraSmall-Cap ProFund
------------------------- --------------------------
February 8, 2000 through February 8, 2000 through
June 30, 2000 June 30, 2000
(Unaudited) (Unaudited)
------------------------- --------------------------
Shares Amount Shares Amount
---------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 5,961,911 $ 193,392,520 11,691,391 $ 333,750,832
Investor Shares
Reinvested............. -- -- -- --
Investor Shares
Redeemed............... (5,395,139) (173,587,152) (10,452,960) (296,776,589)
---------- ------------- ----------- -------------
Net Increase........... 566,772 $ 19,805,368 1,238,431 $ 36,974,243
========== ============= =========== =============
Service Shares Sold..... 2,248,112 $ 74,094,278 7,570,253 $ 206,429,456
Service Shares
Reinvested............. -- -- -- --
Service Shares
Redeemed............... (2,047,951) (66,602,078) (7,194,413) (192,653,368)
---------- ------------- ----------- -------------
Net Increase........... 200,161 $ 7,492,200 375,840 $ 13,776,088
========== ============= =========== =============
</TABLE>
<TABLE>
<CAPTION>
UltraOTC ProFund
----------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
---------------------------- ----------------------------
Shares Amount Shares Amount
----------- --------------- ----------- ---------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 41,760,850 $ 4,036,702,080 56,874,804 $ 3,525,601,899
Investor Shares
Reinvested............. -- -- 53,319 5,226,051
Investor Shares
Redeemed............... (39,768,203) (3,754,207,176) (46,631,576) (3,172,429,452)
----------- --------------- ----------- ---------------
Net Increase........... 1,992,647 $ 282,494,904 10,296,547 $ 358,398,498
=========== =============== =========== ===============
Service Shares Sold..... 12,219,720 $ 1,152,052,195 14,142,636 $ 889,187,800
Service Shares
Reinvested............. -- -- 5,620 543,093
Service Shares
Redeemed............... (10,963,614) (1,017,002,877) (13,036,834) (874,396,852)
----------- --------------- ----------- ---------------
Net Increase........... 1,256,106 $ 135,049,318 1,111,422 $ 15,334,041
=========== =============== =========== ===============
</TABLE>
<TABLE>
<CAPTION>
UltraEurope ProFund
--------------------------------------------------
Six months ended
June 30, 2000 March 15, 1999 through
(Unaudited) December 31, 1999
------------------------ ------------------------
Shares Amount Shares Amount
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 613,718 $ 23,399,974 644,337 $ 20,016,054
Investor Shares
Reinvested............. -- -- -- --
Investor Shares
Redeemed............... (663,062) (25,115,295) (508,696) (15,168,170)
---------- ------------ ---------- ------------
Net
Increase/(Decrease)... (49,344) $ (1,715,321) 135,641 $ 4,847,884
========== ============ ========== ============
Service Shares Sold..... 1,506,383 $ 56,281,275 1,683,534 $ 51,609,871
Service Shares
Reinvested............. -- -- -- --
Service Shares
Redeemed............... (1,960,610) (72,042,241) (1,217,916) (37,392,114)
---------- ------------ ---------- ------------
Net
Increase/(Decrease)... (454,227) $(15,760,966) 465,618 $ 14,217,757
========== ============ ========== ============
</TABLE>
Continued
81
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
UltraJapan ProFund
------------------------
February 8, 2000
through June 30, 2000
(Unaudited)
------------------------
Shares Amount
---------- ------------
<S> <C> <C>
Investor Shares Sold............................... 2,119,462 $ 55,429,133
Investor Shares Reinvested......................... -- --
Investor Shares Redeemed........................... (1,891,553) (49,181,336)
---------- ------------
Net Increase...................................... 227,909 $ 6,247,797
========== ============
Service Shares Sold................................ 496,625 $ 14,092,090
Service Shares Reinvested.......................... -- --
Service Shares Redeemed............................ (438,120) (12,205,742)
---------- ------------
Net Increase...................................... 58,505 $ 1,886,348
========== ============
</TABLE>
<TABLE>
<CAPTION>
Bear ProFund
----------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
------------------------- -------------------------
Shares Amount Shares Amount
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 6,777,434 $ 212,917,191 8,754,132 $ 302,799,527
Investor Shares
Reinvested............. -- -- 7,282 220,780
Investor Shares
Redeemed............... (6,548,359) (204,561,270) (8,788,673) (303,042,177)
---------- ------------- ---------- -------------
Net
Increase/(Decrease)... 229,075 $ 8,355,921 (27,259) $ (21,870)
========== ============= ========== =============
Service Shares Sold..... 173,520 $ 5,433,067 376,703 $ 10,204,267
Service Shares
Reinvested............. -- -- 4,482 134,578
Service Shares
Redeemed............... (208,718) (6,491,128) (354,046) (9,266,331)
---------- ------------- ---------- -------------
Net
Increase/(Decrease)... (35,198) $ (1,058,061) 27,139 $ 1,072,514
========== ============= ========== =============
</TABLE>
<TABLE>
<CAPTION>
UltraBear ProFund
------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 23,732,885 $ 530,972,286 40,503,312 $ 932,204,256
Investor Shares
Reinvested............. -- -- 49,333 1,060,664
Investor Shares
Redeemed............... (24,150,341) (535,252,010) (39,902,138) (899,455,063)
----------- ------------- ----------- -------------
Net
Increase/(Decrease)... (417,456) $ (4,279,724) 650,507 $ 33,809,857
=========== ============= =========== =============
Service Shares Sold..... 6,497,685 $ 149,792,880 7,464,854 $ 166,455,420
Service Shares
Reinvested............. -- -- 2,993 64,939
Service Shares
Redeemed............... (6,413,722) (144,295,529) (7,363,033) (160,368,800)
----------- ------------- ----------- -------------
Net Increase........... 83,963 $ 5,497,351 104,814 $ 6,151,559
=========== ============= =========== =============
</TABLE>
Continued
82
<PAGE>
PROFUNDS
Notes to Financial Statements, (continued)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
UltraShort OTC ProFund
-------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
--------------------------- --------------------------
Shares Amount Shares Amount
------------ ------------- ---------- --------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 113,504,478 $ 998,494,848 9,472,966 $1,075,314,031
Investor Shares
Reinvested............. -- -- 27,596 1,277,016
Investor Shares
Redeemed............... (112,822,974) (948,633,647) (8,748,419) (945,055,249)
------------ ------------- ---------- --------------
Net Increase........... 681,504 $ 49,861,201 752,143 $ 131,535,798
============ ============= ========== ==============
Service Shares Sold..... 7,098,912 $ 49,761,917 500,066 $ 56,222,829
Service Shares
Reinvested............. -- -- 356 16,628
Service Shares
Redeemed............... (7,088,665) (47,193,409) (482,157) (53,136,599)
------------ ------------- ---------- --------------
Net Increase........... 10,247 $ 2,568,508 18,265 $ 3,102,858
============ ============= ========== ==============
</TABLE>
<TABLE>
<CAPTION>
Money Market ProFund
----------------------------------------------------------------
Six months ended
June 30, 2000 Year ended
(Unaudited) December 31, 1999
------------------------------- -------------------------------
Shares Amount Shares Amount
-------------- --------------- -------------- ---------------
<S> <C> <C> <C> <C>
Investor Shares Sold.... 5,688,627,590 $ 5,688,627,590 4,694,847,550 $ 4,694,847,550
Investor Shares
Reinvested............. 6,815,825 6,815,825 6,026,684 6,026,684
Investor Shares
Redeemed............... (5,600,713,860) (5,600,713,860) (4,564,352,288) (4,564,352,288)
-------------- --------------- -------------- ---------------
Net Increase........... 94,729,555 $ 94,729,555 136,521,946 $ 136,521,946
============== =============== ============== ===============
Service Shares Sold..... 1,624,630,524 $ 1,624,630,524 1,203,276,297 $ 1,203,276,297
Service Shares
Reinvested............. 2,123,821 2,123,821 1,906,908 1,906,908
Service Shares
Redeemed............... (1,589,446,091) (1,589,446,091) (1,112,647,627) (1,112,647,627)
-------------- --------------- -------------- ---------------
Net Increase........... 37,308,254 $ 37,308,254 92,535,578 $ 92,535,578
============== =============== ============== ===============
</TABLE>
4. Investment Advisory Fees, Administration Fees and Other Related Party
Transactions
The non-money market ProFunds have entered into an Investment Advisory
Agreement with the Advisor. Under this agreement, dated October 28, 1997,
the non-money market ProFunds (excluding UltraEurope and UltraJapan ProFund)
each pay the Advisor a fee at an annualized rate, based on the average
daily net assets of each respective ProFund, of 0.75%. The UltraEurope and
UltraJapan ProFunds each pay the Advisor a fee at an annualized rate, based
on the average daily net assets of 0.90%.
For its services as Administrator, each ProFund pays BISYS an annual fee
ranging from 0.15% of average daily net assets of $0 to $300 million to
0.05% of average daily net assets of $1 billion and over. Concord Financial
Group, Inc., an affiliate of BISYS, serves as the Trust's distributor and
principal underwriter and receives no compensation from the ProFunds for
such services. BISYS Fund Services, Inc. ("BFSI"), also an affiliate of
BISYS, acts as transfer agent and fund accounting agent for the ProFunds,
for which it receives additional fees. Additionally, ProFunds, BISYS and
BFSI have entered into an Omnibus Fee Agreement in which the amount of
compensation due and payable to BISYS shall be the greater of (i) the
aggregate fee amount due and payable for services pursuant to the
Administration, Fund Accounting and Transfer Agency Agreements and (ii) the
minimum relationship fee described as specific dollar amounts payable over a
period of ten calendar quarters.
ProFund Advisors LLC, pursuant to a separate Management Services Agreement,
performs certain client support services and other administrative services
on behalf of the ProFunds. For these services, each non-money market ProFund
will pay to ProFund Advisors LLC a fee at the annual rate of 0.15% of its
average daily net assets. Under this agreement, ProFund Advisors LLC may
receive up to 0.35% of the Money Market ProFund's average daily net assets
for providing feeder fund management and administrative services to the
Money Market ProFund.
Each ProFund has adopted a Shareholder Services Plan (the "Plan") and
related agreement ("Shareholder Services Agreement"). The Plan provides that
each ProFund will make payments to Authorized Firms in amount up to 1.00%
(on an annual basis) of the average net assets of such ProFund's Service
class of shares attributable to or held in the name of an
Continued
83
<PAGE>
PROFUNDS
Notes to Financial Statements, (concluded)
June 30, 2000
(Unaudited)
Authorized Firm for its clients. The Plan provides that the fee will be paid
to registered investment advisors, banks, trust companies and other
financial organizations for providing account administration and other
services to their clients who are beneficial owners of such shares.
Certain Trustees of the Trust are Officers of ProFund Advisors LLC and are
compensated for such services.
5. Securities Transactions
The cost of security purchases and the proceeds from the sale of securities
(excluding short-term securities) during the six months ended June 30, 2000
were as follows:
<TABLE>
<CAPTION>
Purchases Sales
-------------- --------------
<S> <C> <C>
Bull ProFund.................................. $1,433,715,129 $1,503,269,872
UltraBull ProFund............................. $ 857,889,692 $ 885,130,557
UltraMid-Cap ProFund.......................... $ 216,434,371 $ 193,255,934
UltraSmall-Cap ProFund........................ $ 392,871,755 $ 348,608,960
UltraOTC ProFund.............................. $4,628,338,294 $4,440,850,791
UltraEurope ProFund........................... $ 40,613,120 $ 46,406,574
UltraJapan ProFund............................ $ 2,471,088 $ 2,469,946
Bear ProFund.................................. $ 1,194,691 $ 1,194,139
UltraBear ProFund............................. $ 26,590,097 $ 26,577,817
UltraShort OTC ProFund........................ $ 67,577,268 $ 67,546,058
</TABLE>
84
<PAGE>
Cash Management Portfolio Schedule of Portfolio Investments
(Unaudited) June 30, 2000
<TABLE>
<CAPTION>
Eurodollar Certificates of Deposit (5.4%)
Principal
Amount Value
------------ ------------
<S> <C> <C>
Barclays Bank,
6.64%, 8/9/00....................................... $ 45,000,000 $ 45,000,000
Cariplo Bank,
6.26%, 7/19/00...................................... 40,000,000 40,000,175
Credit Agricole Indosuez SA,
6.15%, 7/21/00...................................... 50,000,000 50,000,121
Halifax PLC,
6.24%, 7/11/00...................................... 100,000,000 100,000,000
International Nederlander Bank:
6.26%, 8/3/00....................................... 35,000,000 35,000,000
6.45%, 12/7/00...................................... 30,000,000 30,000,000
Landesbank Baden Wurttemberg,
6.245%, 7/19/00..................................... 40,000,000 40,000,088
Norddeutsche Landesbank Girozentrale,
6.74%, 8/18/00...................................... 60,000,000 60,000,754
Westdeutsche Landesbank Girozentrale,
6.73%, 9/29/00...................................... 20,000,000 20,000,000
------------
TOTAL EURODOLLAR CERTIFICATES OF DEPOSIT
(Amortized Cost $420,001,138) 420,001,138
------------
Yankee Certificates of Deposit (5.8%)
Bank of Austria,
6.55%, 1/31/01...................................... 10,000,000 9,997,241
Bank of Nova Scotia,
6.71%, 2/22/01...................................... 25,000,000 24,993,917
Banque Nationale de Paris,
6.70%, 2/20/01...................................... 20,000,000 19,993,972
Canadian Imperial Bank of Commerce:
6.57%, 7/10/00...................................... 20,000,000 20,000,000
6.60%, 7/19/00...................................... 100,000,000 100,000,000
6.74%, 9/19/00...................................... 50,000,000 50,002,130
6.74%, 9/19/00...................................... 63,000,000 63,000,000
6.75%, 9/19/00...................................... 30,000,000 30,000,000
Commerzbank AG,
6.70%, 2/20/01...................................... 20,000,000 19,993,972
Paribas SA,
6.22%, 7/6/00....................................... 40,000,000 39,999,931
Royal Bank of Canada,
5.70%, 7/3/00....................................... 5,000,000 5,000,000
Societe Generale,
6.81%, 4/17/01...................................... 32,000,000 32,004,483
Svenska Handelsbanken A.B.,
6.77%, 3/21/01...................................... 35,000,000 34,990,506
------------
TOTAL YANKEE CERTIFICATES OF DEPOSIT
(Amortized Cost $449,976,152) 449,976,152
------------
</TABLE>
<TABLE>
<CAPTION>
Certificates of Deposit (2.0)%
Principal
Amount Value
------------ ------------
<S> <C> <C>
Bank of America:
6.77%, 8/22/00...................................... $ 40,000,000 $ 40,000,000
6.73%, 9/13/00...................................... 50,000,000 50,000,000
7.05%, 12/1/00...................................... 45,000,000 45,000,000
First Union Bank,
6.95%, 10/23/00..................................... 20,000,000 20,000,000
------------
TOTAL CERTIFICATES OF DEPOSIT
(Amortized Cost $155,000,000) 155,000,000
------------
Eurodollar Time Deposits (7.4%)
Bank of Scotland:
6.25%, 7/12/00...................................... 40,000,000 40,000,000
6.58%, 8/7/00....................................... 50,000,000 50,000,000
Banque Bruxelles Lambert,
6.50%, 10/6/00...................................... 25,000,000 25,000,000
Commerzbank AG, 7.04%, 11/20/00...................... 30,000,000 30,000,000
KBC Bank,
7.00%, 7/5/00....................................... 50,000,000 50,000,000
Landesbank Baden Wurttemberg:
6.25%, 7/3/00....................................... 50,000,000 50,000,000
6.17%, 7/18/00...................................... 25,000,000 25,000,000
6.38%, 9/21/00...................................... 40,000,000 40,000,000
6.97%, 11/20/00..................................... 25,000,000 25,000,000
7.03%, 11/27/00..................................... 35,000,000 35,000,000
Norddeutsche Landesbank Girozentrale,
6.95%, 12/6/00...................................... 40,000,000 40,000,000
Norwest Minnesota N.A.,
6.906%, 7/5/00...................................... 50,000,000 50,000,000
Paribas SA,
6.50%, 10/6/00...................................... 40,000,000 40,000,000
PNC Bank,
7.125%, 7/3/00...................................... 66,257,300 66,257,300
Svenska Handelsbanken A.B.,
6.48%, 10/13/00..................................... 11,000,000 11,000,000
------------
TOTAL EURODOLLAR TIME DEPOSITS
(Amortized Cost $577,257,300) 577,257,300
------------
Floating Rate Notes (23.8%)
Abbey National Treasury Services PLC,
Monthly Variable Rate,
6.551%, 6/15/01..................................... 40,000,000 39,970,377
American Express Centurion Bank,
Monthly Variable Rate,
6.60%, 5/9/01....................................... 100,000,000 100,000,000
Asset Securitization Cooperative Corp.,
Monthly Variable Rate,
6.56%, 1/12/01...................................... 70,000,000 69,991,940
Associates Corp. of North America,
Monthly Variable Rate,
6.55%, 3/16/01...................................... 15,000,000 14,991,615
</TABLE>
See accompanying notes to the financial statements.
85
<PAGE>
Cash Management Portfolio Schedule of Portfolio Investments
(Unaudited) June 30, 2000
<TABLE>
<CAPTION>
Floating Rate Notes, continued
Principal
Amount Value
------------ ------------
<S> <C> <C>
AT&T Capital Corp.,
Quarterly Variable Rate,
6.971%, 12/1/00..................................... $ 20,000,000 $ 20,060,016
AT&T Corp.,
Monthly Variable Rate:
6.566%, 3/8/01...................................... 83,000,000 82,981,644
6.639%, 6/14/01..................................... 30,000,000 30,000,000
Quarterly Variable Rate,
6.683%, 8/7/00...................................... 17,000,000 17,000,318
Bank of America Corp.,
Daily Variable Rate,
6.90%, 1/25/01...................................... 20,000,000 20,000,000
Bank of Scotland,
Monthly Variable Rate,
6.591%, 4/25/01..................................... 50,000,000 49,988,079
Quarterly Variable Rate,
6.829%, 3/5/01...................................... 15,000,000 14,999,387
Bayerische Landesbank Girozentrale,
Monthly Variable Rate:
6.595%, 11/9/00..................................... 50,000,000 49,995,300
6.585%, 2/28/01..................................... 35,000,000 34,988,766
6.594%, 3/1/01...................................... 25,000,000 24,991,927
6.614%, 5/30/01..................................... 100,000,000 99,964,442
Bayerische Hypo-und Vereinsbank AG,
Monthly Variable Rate,
6.566%, 2/26/01..................................... 50,000,000 49,984,044
Bear Stearns Cos., Inc.,
Monthly Variable Rate,
6.60%, 9/12/00...................................... 30,000,000 30,000,000
Chase Manhattan Bank,
Quarterly Variable Rate,
7.01%, 11/17/00..................................... 5,000,000 5,005,605
Citigroup, Inc.,
Monthly Variable Rate,
6.605%, 6/6/01...................................... 100,000,000 100,000,000
Comerica Bank,
Monthly Variable Rate,
6.581%, 4/20/01..................................... 35,000,000 34,989,042
Commerzbank AG,
Monthly Variable Rate:
6.591%, 4/20/01..................................... 75,000,000 74,982,396
6.601%, 4/26/01..................................... 25,000,000 24,994,019
Compass Securitization LLC,
Monthly Variable Rate,
6.783%, 10/16/00.................................... 25,000,000 24,998,937
Credit Suisse First Boston, Inc.,
Daily Variable Rate,
7.305%, 2/20/01..................................... 25,000,000 24,998,428
First Union Bank,
Daily Variable Rate,
7.475%, 10/27/00.................................... 35,000,000 35,000,000
Ford Motor Credit Corp.,
Quarterly Variable Rate,
6.898%, 11/27/00.................................... 10,000,000 10,002,665
</TABLE>
<TABLE>
<CAPTION>
Floating Rate Notes, continued
Principal
Amount Value
------------ --------------
<S> <C> <C>
Goldman Sachs & Co.,
Quarterly Variable Rate:
6.711%, 1/8/01.................................... $ 41,450,000 $ 41,542,703
6.714%, 1/16/01................................... 35,000,000 35,061,618
6.49%, 1/25/01.................................... 40,000,000 40,041,064
Household Finance Corp.,
Daily Variable Rate,
7.10%, 9/14/00.................................... 20,000,000 20,006,172
J.P. Morgan & Co., Inc.,
Monthly Variable Rate:
6.64%, 3/16/01.................................... 30,000,000 30,000,000
6.633%, 6/6/01.................................... 35,000,000 35,000,000
Merrill Lynch & Co., Inc.,
Monthly Variable Rate:
6.629%, 4/17/01................................... 55,000,000 54,995,385
6.629%, 4/18/01................................... 50,000,000 49,996,119
Quarterly Variable Rate:
6.58%, 1/12/01.................................... 15,000,000 15,027,226
6.959%, 3/5/01.................................... 25,000,000 25,022,508
Morgan Stanley Dean Witter, Inc.,
Monthly Variable Rate:
6.65%, 1/29/01.................................... 75,000,000 75,000,000
6.63%, 3/16/01.................................... 45,000,000 45,000,000
Quarterly Variable Rate:
6.854%, 2/16/01................................... 20,000,000 20,017,114
6.92%, 2/23/01.................................... 16,500,000 16,512,195
National Rural Utilities CFC,
Quarterly Variable Rate,
6.77%, 6/15/01.................................... 15,000,000 15,000,000
Norwest Bank of Minnesota, N.A.,
Monthly Variable Rate,
6.643%, 9/7/00.................................... 25,000,000 24,997,339
PNC Bank,
Monthly Variable Rate,
6.585%, 7/12/00................................... 25,000,000 24,999,757
SBC Communications, Inc.,
Quarterly Variable Rate:
6.325%, 5/1/01.................................... 50,000,000 50,000,000
6.684%, 5/15/01................................... 30,000,000 29,997,469
Societe Generale,
Monthly Variable Rate,
6.594%, 1/19/01................................... 50,000,000 49,983,751
Toyota Motor Credit Corp.,
Quarterly Variable Rate,
6.46%, 10/25/00................................... 17,000,000 17,007,426
Westdeutsche Landesbank Girozentrale,
Monthly Variable Rate,
6.571%, 2/26/01................................... 45,000,000 44,985,639
--------------
TOTAL FLOATING RATE NOTES
(Amortized Cost $1,845,072,432) 1,845,072,432
--------------
</TABLE>
See accompanying notes to the financial statements.
86
<PAGE>
Cash Management Portfolio Schedule of Portfolio Investments
(Unaudited) June 30, 2000
<TABLE>
<CAPTION>
Commercial Paper (52.2)%
Principal
Amount Value
------------ ------------
<S> <C> <C>
Aegon Funding Corporation:
6.60%, 9/5/00....................................... $ 33,000,000 $ 32,612,800
6.17%, 9/6/00....................................... 50,000,000 49,442,986
6.18%, 9/18/00...................................... 30,000,000 29,603,450
6.20%, 12/1/00...................................... 33,000,000 32,141,817
Alcoa, Inc.,
6.62%, 8/2/00....................................... 40,000,000 39,779,333
Asset Portfolio Funding Corp.,
6.70%, 12/6/00...................................... 32,166,000 31,232,114
Associates First Capital Corp.,
6.60%, 9/14/00...................................... 30,000,000 29,598,500
AT&T Corp.,
6.69%, 9/5/00....................................... 50,000,000 49,405,333
BAE Systems Holdings, Inc.:
6.60%, 8/10/00...................................... 45,000,000 44,686,500
6.66%, 8/21/00...................................... 40,000,000 39,637,400
Bank of America Corp.:
6.06%, 8/9/00....................................... 40,000,000 39,750,867
6.10%, 9/8/00....................................... 22,000,000 21,750,239
6.26%, 10/3/00...................................... 20,000,000 19,680,044
6.68%, 12/4/00...................................... 35,000,000 33,999,856
Bavaria Trust Corp.:
6.55%, 7/11/00...................................... 100,000,000 99,854,444
6.605%, 7/26/00..................................... 24,275,000 24,172,563
Bell Atlantic Network Funding,
6.53%, 7/21/00...................................... 39,000,000 38,872,665
British Telecommunications PLC:
6.17%, 7/17/00...................................... 40,000,000 39,904,022
6.08%, 9/1/00....................................... 25,000,000 24,746,667
6.27%, 10/11/00..................................... 20,000,000 19,651,667
6.25%, 10/12/00..................................... 25,000,000 24,561,632
6.69%, 11/8/00...................................... 68,000,000 66,381,227
6.69%, 11/13/00..................................... 15,000,000 14,629,262
6.22%, 12/4/00...................................... 45,000,000 43,802,650
Compass Sercuritization LLC:
6.61%, 7/3/00....................................... 15,135,000 15,135,000
6.60%, 7/5/00....................................... 100,000,000 99,963,333
6.57%, 7/10/00...................................... 70,000,000 69,910,575
6.55%, 7/11/00...................................... 41,490,000 41,429,609
6.62%, 7/25/00...................................... 15,000,000 14,939,317
Corporate Asset Funding Co., Inc.:
6.61%, 8/21/00...................................... 45,000,000 44,595,137
6.64%, 8/22/00...................................... 10,000,000 9,907,778
Corporate Receivables Corp.:
6.53%, 7/17/00...................................... 35,000,000 34,911,119
6.60%, 8/1/00....................................... 65,000,000 64,654,417
6.60%, 8/2/00....................................... 30,000,000 29,835,000
6.65%, 8/21/00...................................... 30,000,000 29,728,458
Credit Suisse First Boston, Inc.:
6.63%, 8/7/00....................................... 50,000,000 49,677,708
6.60%, 8/10/00...................................... 32,000,000 31,777,050
6.65%, 8/23/00...................................... 40,000,000 39,623,167
6.60%, 9/5/00....................................... 34,500,000 34,095,200
Delaware Funding Corp.,
6.59%, 7/20/00...................................... 50,000,000 49,844,403
Den Danske Corp.:
6.68%, 11/13/00..................................... 33,000,000 32,185,597
6.71%, 12/6/00...................................... 20,000,000 19,418,467
</TABLE>
<TABLE>
<CAPTION>
Commercial Paper, continued
Principal
Amount Value
------------ ------------
<S> <C> <C>
Diageo Capital PLC,
6.90%, 7/5/00....................................... $ 30,000,000 $ 29,988,500
Edison Asset Security LLC,
6.60%, 8/4/00....................................... 40,000,000 39,765,333
Fortis Bank:
6.64%, 8/10/00...................................... 25,000,000 24,824,778
6.08%, 9/1/00....................................... 40,000,000 39,594,667
6.69%, 12/12/00..................................... 23,600,000 22,889,522
France Telecom SA:
6.54%, 7/17/00...................................... 30,000,000 29,923,700
6.64%, 8/1/00....................................... 60,000,000 59,678,865
6.57%, 8/7/00....................................... 17,300,000 17,189,496
6.58%, 8/11/00...................................... 35,000,000 34,750,508
6.60%, 9/12/00...................................... 40,000,000 39,479,333
6.62%, 9/15/00...................................... 37,383,000 36,874,300
6.62%, 9/18/00...................................... 25,000,000 24,646,014
General Electric Financial Assurance Holdings, Inc.,
6.84%, 7/6/00....................................... 55,000,000 54,968,650
General Electric Capital Corp. International Funding,
Inc.:
6.90%, 7/5/00....................................... 37,633,000 37,618,574
6.54%, 7/12/00...................................... 18,000,000 17,970,570
6.63%, 8/3/00....................................... 20,000,000 19,885,817
6.59%, 8/15/00...................................... 45,000,000 44,645,787
6.58%, 8/16/00...................................... 50,000,000 49,597,889
6.65%, 8/24/00...................................... 40,000,000 39,615,778
6.61%, 9/11/00...................................... 25,000,000 24,678,681
Glaxo Wellcome PLC,
6.60%, 9/29/00...................................... 16,900,000 16,627,347
Goldman Sachs & Co.:
6.65%, 8/7/00....................................... 29,000,000 28,812,507
6.09%, 8/22/00...................................... 75,000,000 74,365,625
6.68%, 9/18/00...................................... 85,000,000 83,785,539
Greyhawk Funding LLC:
6.13%, 7/5/00....................................... 10,000,000 9,996,594
6.55%, 7/24/00...................................... 72,000,000 71,724,900
6.58%, 8/8/00....................................... 50,000,000 49,671,000
6.59%, 8/15/00...................................... 45,000,000 44,645,787
6.61%, 9/15/00...................................... 20,000,000 19,728,256
Invensys PLC,
6.62%, 8/11/00...................................... 20,000,000 19,856,567
Mellon Financial Corp.,
6.62%, 7/24/00...................................... 25,000,000 24,903,458
Merck & Co.,
6.80%, 7/7/00....................................... 75,000,000 74,943,333
Merrill Lynch & Co., Inc.:
6.15%, 7/10/00...................................... 53,000,000 52,936,621
6.13%, 7/17/00...................................... 53,000,000 52,873,654
Moriarty Ltd.,
6.20%, 9/25/00...................................... 30,000,000 29,566,000
National Rural Utilities CFC:
6.13%, 7/17/00...................................... 20,000,000 19,952,322
6.62%, 8/15/00...................................... 15,000,000 14,881,392
6.08%, 9/6/00....................................... 25,000,000 24,725,556
6.15%, 9/19/00...................................... 30,000,000 29,600,250
6.09%, 9/22/00...................................... 15,000,000 14,794,462
</TABLE>
See accompanying notes to the financial statements.
87
<PAGE>
Cash Management Portfolio Schedule of Portfolio Investments
(Unaudited) June 30, 2000
<TABLE>
<CAPTION>
Commerical Paper, continued
Principal
Amount Value
------------ -------------
<S> <C> <C>
Province of Quebec:
6.09%, 8/10/00..................................... $ 30,000,000 $ 29,807,150
6.09%, 8/17/00..................................... 15,000,000 14,885,812
Receivables Capital Corp.:
6.59%, 8/9/00...................................... 30,000,000 29,796,808
6.61%, 9/5/00...................................... 70,000,000 69,177,422
Salomon Smith Barney Holdings, Inc.:
6.54%, 7/14/00..................................... 60,000,000 59,880,100
6.52%, 8/1/00...................................... 50,000,000 49,737,389
SBC Communications, Inc.,
6.75%, 7/10/00..................................... 70,000,000 69,908,125
Sheffield Receivables Corp.:
6.60%, 7/14/00..................................... 20,000,000 19,959,667
6.61%, 7/17/00..................................... 50,900,000 50,769,353
6.67%, 7/26/00..................................... 74,000,000 73,684,657
6.59%, 8/4/00...................................... 37,900,000 37,677,990
6.60%, 8/7/00...................................... 40,000,000 39,743,333
6.65%, 9/5/00...................................... 33,000,000 32,609,867
Toyota Motor Credit Corp.,
6.05%, 8/28/00..................................... 15,000,000 14,858,833
Tulip Funding Corp.:
6.55%, 7/10/00..................................... 40,000,000 39,949,056
6.61%, 7/17/00..................................... 11,724,000 11,693,863
6.61%, 7/19/00..................................... 36,044,000 35,938,111
6.66%, 7/28/00..................................... 20,000,000 19,907,500
6.65%, 9/26/00..................................... 90,000,000 88,586,875
6.65%, 9/27/00..................................... 35,000,000 34,443,986
Volkswagen of America, Inc.,
6.56%, 8/15/00..................................... 25,000,000 24,804,111
Wells Fargo Bank,
6.58%, 8/23/00..................................... 50,000,000 49,533,917
Windmill Funding Corp.:
6.53%, 7/14/00 25,000,000 24,950,118
6.65%, 7/20/00..................................... 40,000,000 39,874,389
6.58%, 7/24/00..................................... 15,000,000 14,942,425
6.60%, 8/7/00...................................... 25,000,000 24,839,583
--------------
TOTAL COMMERCIAL PAPER
(Amortized Cost $4,050,467,745) 4,050,467,745
--------------
</TABLE>
<TABLE>
<CAPTION>
Funding Agreements (2.8%)
Principal
Amount Value
----------- --------------
<S> <C> <C>
Allstate Life Insurance,
Quarterly Variable Rate,/1,2/
6.868%, 7/2/01..................................... $45,000,000 $ 45,000,000
First Allmerica Financial Life Insurance,
Quarterly Variable Rate,/1,2/
6.97%, 1/29/01..................................... 45,000,000 45,000,000
GE Life and Annuity Assurance Co.,
Quarterly Variable Rate:/1,2/
6.721%, 9/1/00..................................... 40,000,000 40,000,000
6.91%, 3/1/01...................................... 20,000,000 20,000,000
Travelers Insurance Co,
Quarterly Variable Rate:/1,2/
6.35%, 2/23/01..................................... 40,000,000 40,000,000
6.36%, 4/2/01...................................... 30,000,000 30,000,000
--------------
TOTAL FUNDING AGREEMENTS
(Amortized Cost $220,000,000)...................... 220,000,000
--------------
</TABLE>
<TABLE>
<CAPTION>
Government Agency (0.2)%
<S> <C> <C>
Federal National Mortgage Association,
6.35%, 2/2/01...................................... 15,000,000 14,990,703
--------------
TOTAL GOVERNMENT AGENCY
(Amortized Cost $14,990,703)....................... 14,990,703
--------------
TOTAL INVESTMENTS
(Amortized Cost $7,732,765,470).................... 99.6% $7,732,765,470
OTHER ASSETS IN EXCESS OF LIABILITIES............... 0.4 30,004,558
---------- --------------
NET ASSETS.......................................... 100.0% $7,762,770,028
========== ==============
</TABLE>
-----
/1/Illiquid security.
/2/Funding agreement subject to a thirty or ninety day demand feature.
See accompanying notes to the financial statements.
88
<PAGE>
Cash Management Portfolio
(Unaudited)
Statement of Assets and Liabilities
June 30, 2000
<TABLE>
<S> <C>
Assets
Investments, at value (Amortized Cost $7,732,765,470).......... $7,732,765,470
Interest Receivable............................................ 30,035,483
Cash........................................................... 1,328,675
--------------
Total Assets................................................... 7,764,129,628
--------------
Liabilities
Due to Bankers Trust........................................... 1,352,578
Accrued Expenses and Other..................................... 7,022
--------------
Total Liabilities.............................................. 1,359,600
--------------
Net Assets...................................................... $7,762,770,028
==============
Composition of Net Assets
Paid-in Capital................................................ $7,762,770,028
--------------
Net Assets...................................................... $7,762,770,028
==============
</TABLE>
Statement of Operations
For the six months ended June 30, 2000
<TABLE>
<S> <C>
Investment Income
Interest........................................................ $256,211,908
------------
Expenses
Advisory Fees................................................... 6,212,853
Administration and Services Fees................................ 2,070,951
Professional Fees............................................... 24,256
Trustees Fees................................................... 2,011
Miscellaneous................................................... 22,830
------------
Total Expenses.................................................. 8,332,901
Less: Fee Waivers and/or Expense Reimbursements................. (877,477)
------------
Net Expenses.................................................... 7,455,424
------------
Net Investment Income............................................ 248,756,484
Net Realized Gain from Investment Transactions................... 103,564
------------
Net Increase In Net Assets from Operations....................... $248,860,048
============
</TABLE>
See accompanying notes to the financial statements.
89
<PAGE>
Cash Management Portfolio
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, 2000/1/ December 31, 1999
---------------- -----------------
<S> <C> <C>
Increase (Decrease) in Net Assets from:
Operations
Net Investment Income.................... $ 248,756,484 $ 356,274,468
Net Realized Gain from Investment
Transactions............................ 103,564 441,562
---------------- ----------------
Net Increase in Net Assets from
Operations............................... 248,860,048 356,716,030
---------------- ----------------
Capital Transactions
Proceeds from Capital Invested........... 25,538,301,927 39,802,568,271
Value of Capital Withdrawn............... (24,125,109,313) (39,522,819,924)
---------------- ----------------
Net Increase in Net Assets from Capital
Transactions............................. 1,413,192,614 279,748,347
---------------- ----------------
Total Increase in Net Assets.............. 1,662,052,662 636,464,377
Net Assets
Beginning of Period...................... 6,100,717,366 5,464,252,989
---------------- ----------------
End of Period............................ $ 7,762,770,028 $ 6,100,717,366
================ ================
</TABLE>
-----
/1/Unaudited.
See accompanying notes to the financial statements.
90
<PAGE>
Cash Management Portfolio
Financial Highlights
Contained below are selected supplemental data and ratios to average net assets
for each period indicated for the Cash Management Portfolio.
<TABLE>
<CAPTION>
For the years ended December 31,
----------------------------------------------------------
For the
six months ended
June 30, 2000/1/ 1999 1998 1997 1996 1995
---------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Supplemental Data and
Ratios:
Net Assets, End of
Period
(000s omitted)......... $7,762,770 $6,100,717 $5,464,253 $4,039,725 $3,261,910 $2,615,932
Ratios to Average Net
Assets:
Net Investment Income.. 6.08%/2/ 5.04% 5.37% 5.43% 5.27% 5.77%
Expenses After
Waivers............... 0.18%/2/ 0.18% 0.18% 0.18% 0.18% 0.18%
Expenses Before
Waivers............... 0.20%/2/ 0.20% 0.20% 0.20% 0.20% 0.20%
</TABLE>
-----
/1/Unaudited.
/2/Annualized.
91
<PAGE>
Cash Management Portfolio
Notes to Financial Statements
June 30, 2000
(Unaudited)
Note 1--Organization and Significant Accounting Policies.
A. Organization
The Cash Management Portfolio (the "Portfolio") is registered under the
Investment Company Act of 1940 (the "Act"), as amended, as an open-end
management investment company. The Portfolio was organized on March 26,
1990, as an unincorporated trust under the laws of New York, and began
operations on July 23, 1990. The Declaration of Trust permits the Board of
Trustees (the "Trustees") to issue beneficial interests in the Portfolio.
B. Valuation of Securities
Investments are valued at amortized cost, which is in accordance with Rule
2a-7 of the Investment Company Act of 1940.
C. Securities Transactions and Interest Income
Securities transactions are accounted for on a trade date basis. Interest
income is recorded on the accrual basis and includes amortization of premium
and accretion of discount on investments. Expenses are recorded as incurred.
Realized gains and losses from securities transactions are recorded on the
identified cost basis.
All of the net investment income and realized and unrealized gains and
losses from the securities transactions of the Portfolio are allocated pro
rata among the investors in the Portfolio at the time of such determination.
D. Repurchase Agreements
The Portfolio may enter into repurchase agreements with financial
institutions deemed to be creditworthy by the Portfolio's Investment
Advisor, subject to the seller's agreement to repurchase such securities at
a mutually agreed upon price. Securities purchased subject to repurchase
agreements are deposited with the Portfolio's custodian, and pursuant to the
terms of the repurchase agreement must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of
the repurchase price plus accrued interest, the Portfolio requires the
seller to deposit additional collateral by the next business day. If the
request for additional collateral is not met, or the seller defaults on its
repurchase obligation, the Portfolio maintains the right to sell the
underlying securities at market value and may claim any resulting loss
against the seller. However, in the event of a default or bankruptcy by the
seller, realization and/or retention of the collateral may be subject to
legal proceedings.
Each Portfolio may enter into tri-party repurchase agreements with broker-
dealers, and domestic banks. The third party, which is the broker's
custodial bank, holds the collateral in a separate account until the
repurchase agreement matures. The agreement ensures that the collateral's
market value, including any accrued interest, is adequate to cover the
agreement if the broker defaults.
E. Federal Income Taxes
The Portfolio is considered a Partnership under the Internal Revenue Code.
Therefore, no federal income tax provision is required.
F. Other
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts in the
financial statements. Actual results could differ from those estimates.
Note 2--Fees and Transactions with Affiliates
The Portfolio has entered into an Administration and Services Agreement with
Bankers Trust Company ("Bankers Trust"), an indirect wholly owned subsidiary
of Deutsche Bank AG. Under this agreement, Bankers Trust provides
administrative, custody, transfer agency and shareholder services to the
Portfolio in return for a fee computed daily and paid monthly at an annual
rate of .05% of the Portfolio's average daily net assets.
The Portfolio has entered into an Advisory Agreement with Bankers Trust.
Under this agreement, the Portfolio pays Bankers Trust a fee computed daily
and paid monthly at an annual rate of .15% of the Portfolio's average daily
net assets.
Bankers Trust has contractually agreed to waive its fees and reimburse
expenses of the Portfolio through April 30, 2001, to the extent necessary,
to limit all expenses to .18% of the average daily net assets of the
Portfolio.
In 1996, Bankers Trust contributed capital in the amount of $1,113,488 to
reimburse the Cash Management Portfolio for capital losses incurred in prior
years.
At June 30, 2000, the Portfolio was a participant with other affiliated
entities in a revolving credit facility in the amount of $200,000,000, which
expires April 27, 2001. A commitment fee on the average daily amount of the
available commitment is payable on a quarterly basis and apportioned among
all participants based on net assets. No amounts were drawn down or
outstanding for this fund under the credit facility for the six months ended
June 30, 2000.
92
<PAGE>
ProFunds(SM)
Post Office Mailing Address for Investments
P.O. Box 182800
Columbus, OH 43218-2800
Phone Numbers
For Financial Professionals: (888) PRO-5717 [(888) 776-5717]
For All Others: (888) PRO-FNDS [(888) 776-3637]
Or: (614) 470-8122
Fax Number: (800) 782-4797
Website Address
www.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.
[PROFUNDS LOGO]
ProFunds(SM)
8/00
