<PAGE>
June 30, 2000
semi-annual report
The ProFunds VP
ProFund VP UltraOTC
ProFund VP Europe 30
ProFund VP UltraSmall-Cap
.
[PROFUNDS LOGO APPEARS HERE]
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraOTC June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (85.1%)
Shares Market Value
---------- ------------
<S> <C> <C>
3COM Corp.*........................................... 17,037 $ 981,757
Adaptec, Inc.*........................................ 8,212 186,823
ADC Telecommunications, Inc.*......................... 38,319 3,214,006
Adelphia Communications Corp.--Class A*............... 11,601 543,797
Adobe Systems, Inc.................................... 11,250 1,462,500
Altera Corp.*......................................... 26,745 2,726,318
Amazon.com, Inc.*..................................... 22,319 810,459
American Power Conversion Corp.*...................... 24,320 992,560
Amgen, Inc.*.......................................... 45,656 3,207,334
Apollo Group, Inc.--Class A*.......................... 6,770 189,560
Apple Computer, Inc.*................................. 43,358 2,270,875
Applied Materials, Inc.*.............................. 39,842 3,610,681
Applied Micro Circuits Corp.*......................... 13,494 1,332,533
At Home Corp.--Class A*............................... 27,493 570,480
Atmel Corp.*.......................................... 15,892 586,018
Bed Bath & Beyond, Inc.*.............................. 18,109 656,451
Biogen, Inc.*......................................... 17,388 1,121,526
Biomet, Inc. ......................................... 12,825 492,960
BMC Software, Inc.*................................... 17,785 648,875
BroadVision, Inc.*.................................... 27,385 1,391,500
Chiron Corp.*......................................... 24,050 1,142,375
Ciena Corp.*.......................................... 16,000 2,667,000
Cintas Corp........................................... 19,200 704,400
Cisco Systems, Inc.*.................................. 238,242 15,143,258
Citrix Systems, Inc.*................................. 21,012 397,915
CMGI, Inc.*........................................... 29,548 1,353,668
CNET Networks, Inc.*.................................. 9,357 229,831
Comcast Corp.--Special Class A*....................... 40,933 1,657,787
Compuware Corp.*...................................... 21,201 219,960
Comverse Technology, Inc.*............................ 15,414 1,433,502
Concord EFS, Inc.*.................................... 22,905 595,530
Conexant Systems, Inc.*............................... 22,932 1,115,069
Costco Wholesale Corp.*............................... 22,454 740,982
Dell Computer Corp.*.................................. 90,934 4,484,183
Dollar Tree Stores, Inc.*............................. 8,933 353,412
eBay, Inc.*........................................... 18,111 983,653
EchoStar Communications Corp.--Class A*............... 22,824 755,688
Electronic Arts, Inc.*................................ 6,211 453,015
Ericsson (LM) Telephone--ADR.......................... 113,523 2,270,460
Fiserv, Inc.*......................................... 14,666 634,305
Gemstar International Group Ltd.*..................... 20,669 1,270,175
Genzyme Corp.--General Division*...................... 10,159 603,826
Global Crossing Ltd.*................................. 90,402 2,378,703
Herman Miller, Inc.................................... 5,895 152,533
I2 Technologies, Inc.*................................ 19,867 2,071,445
Immunex Corp.*........................................ 65,523 3,239,293
Intel Corp............................................ 111,973 14,969,389
Intuit, Inc.*......................................... 24,266 1,004,006
JDS Uniphase Corp.*................................... 67,840 8,132,319
KLA-Tencor Corp.*..................................... 21,571 1,263,252
Legato Systems, Inc.*................................. 9,014 136,337
Level 3 Communications, Inc.*......................... 24,266 2,135,408
Linear Technology Corp................................ 39,923 2,552,577
Lycos, Inc.*.......................................... 12,989 701,406
Maxim Integrated Products, Inc.*...................... 37,814 2,568,988
McLeodUSA, Inc.--Class A*............................. 44,638 923,449
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Shares Market Value
---------- ------------
<S> <C> <C>
MedImmune, Inc.*...................................... 21,336 $ 1,578,864
Metromedia Fiber Network, Inc.*....................... 49,866 1,979,057
Microchip Technology, Inc.*........................... 6,293 366,666
Microsoft Corp.*...................................... 172,908 13,832,639
Molex, Inc. .......................................... 9,176 441,595
Network Appliance, Inc.*.............................. 30,450 2,451,225
Network Associates, Inc.*............................. 13,810 281,379
Nextel Communications, Inc.--Class A*................. 88,879 5,438,283
NEXTLINK Communications, Inc.--Class A*............... 24,987 947,944
Northwest Airlines Corp.--Class A*.................... 6,616 201,375
Novell, Inc.*......................................... 37,733 349,030
NTL, Inc.*............................................ 26,772 1,602,974
Oracle Corp.*......................................... 113,064 9,504,443
PACCAR, Inc........................................... 8,212 325,914
PacifiCare Health Systems, Inc.*...................... 3,092 186,100
PanAmSat Corp.*....................................... 19,227 839,980
Parametric Technology Corp.*.......................... 35,813 393,943
Paychex, Inc.......................................... 32,992 1,385,663
Peoplesoft, Inc.*..................................... 37,228 623,569
PMC-Sierra, Inc.*..................................... 15,360 2,729,280
QLogic Corp.*......................................... 7,121 470,431
Qualcomm, Inc.*....................................... 85,309 5,118,539
Quintiles Transnational Corp.*........................ 15,414 217,723
RealNetworks, Inc.*................................... 13,972 706,459
RF Micro Devices, Inc.*............................... 8,717 763,827
Sanmina Corp.*........................................ 13,197 1,128,344
SDL, Inc.*............................................ 8,401 2,395,860
Siebel Systems, Inc.*................................. 22,346 3,654,968
Sigma-Aldrich Corp.................................... 8,536 249,678
Smurfit-Stone Container Corp.*........................ 22,851 294,207
Staples, Inc.*........................................ 30,188 464,141
Starbucks Corp.*...................................... 24,690 942,849
Sun Microsystems, Inc.*............................... 65,974 5,999,511
Synopsys, Inc.*....................................... 7,734 267,306
Tellabs, Inc.*........................................ 22,292 1,525,609
USA Networks, Inc.*................................... 32,559 704,088
VeriSign, Inc.*....................................... 17,388 3,068,982
Veritas Software Corp.*............................... 38,932 4,399,924
VISX, Inc.*........................................... 6,616 185,662
Vitesse Semiconductor Corp.*.......................... 17,064 1,255,271
Voicestream Wireless Corp.*........................... 21,787 2,533,760
WorldCom, Inc.*....................................... 98,371 4,512,770
Xilinx, Inc.*......................................... 41,330 3,412,308
Yahoo!, Inc.*......................................... 24,933 3,088,575
------------
TOTAL COMMON STOCKS
(Cost $195,605,646).................................. 201,256,827
------------
<CAPTION>
Options Purchased (10.4%)
Contracts
----------
<S> <C> <C>
NASDAQ Call Option expiring July 2000 @ 1500.......... 107 24,684,900
NASDAQ Put Option expiring July 2000 @ 1500........... 225 7,425
------------
TOTAL OPTIONS PURCHASED
(Cost $24,623,740)................................... 24,692,325
------------
</TABLE>
See accompanying notes to the financial statements.
1
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraOTC June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
U.S. Treasury Notes (11.6%)
Principal
Amount Market Value
----------- ------------
<S> <C> <C>
U.S. Treasury Note, 5.50%, 01/31/03................ $23,057,000 $ 22,583,248
U.S. Treasury Note, 4.50%, 09/30/00................ 4,953,000 4,933,652
------------
TOTAL U.S. TREASURY NOTES
(Cost $27,517,612)................................ 27,516,900
------------
TOTAL INVESTMENTS
(Cost $247,746,998)(a) (107.1%)................... 253,466,052
Liabilities in excess of other assets
(-7.1%)........................................... (16,768,139)
------------
TOTAL NET ASSETS (100.0%).......................... $236,697,913
============
-----
Percentages indicated are based on net assets of $236,697,913.
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Gain
----------- ------------
<S> <C> <C>
NASDAQ Future Contract expiring September 2000
(Underlying face amount at value $228,420,000).... 600 $ 2,186,805
</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:
<TABLE>
<S> <C>
Unrealized appreciation...................................... $11,835,872
Unrealized depreciation...................................... (6,116,818)
-----------
Net unrealized appreciation.................................. $ 5,719,054
===========
</TABLE>
ADR--American Depositary Receipt
The ProFund VP UltraOTC'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............................................................. 3.9%
Business Services......................................................... 1.3%
Chemicals................................................................. 0.1%
Computer Software......................................................... 19.5%
Computers................................................................. 15.3%
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............................................................ 15.2%
Telecommunications........................................................ 20.8%
Textiles & Apparel........................................................ 0.3%
Other..................................................................... 14.9%
</TABLE>
See accompanying notes to the financial statements.
2
<PAGE>
PROFUNDS VP
ProFund VP UltraOTC
(Unaudited)
<TABLE>
<S> <C>
Statement of Assets and Liabilities
June 30, 2000
Assets:
Investments, at value (cost $247,746,998)........................ $253,466,052
Cash............................................................. 4,608,015
Variation margin on futures contracts............................ 8,926,170
Dividends and interest receivable................................ 586,144
Deferred offering costs.......................................... 12,825
------------
Total Assets..................................................... 267,599,206
Liabilities:
Payable for investments purchased................................ 30,582,197
Advisory fees payable............................................ 128,481
Management servicing fees payable................................ 25,696
Administrative servicing fees payable............................ 42,827
Distribution fees payable........................................ 42,827
Administration fees payable...................................... 944
Other accrued expenses........................................... 78,321
------------
Total Liabilities................................................ 30,901,293
------------
Net Assets........................................................ $236,697,913
============
Net Assets consist of:
Capital.......................................................... $261,330,301
Accumulated net investment loss.................................. (633,018)
Accumulated net realized losses on investments and futures
contracts....................................................... (31,905,229)
Net unrealized appreciation on investments and futures
contracts....................................................... 7,905,859
------------
Total Net Assets.................................................. $236,697,913
============
Net Assets....................................................... $236,697,913
Shares of Beneficial Interest Outstanding........................ 4,059,609
Net Asset Value (offering and redemption price per share)........ $ 58.31
============
</TABLE>
<TABLE>
<S> <C>
Statement of Operations
For the six months ended June 30, 2000
Investment Income:
Interest......................................................... $ 639,275
Dividends (net of foreign taxes of $463)......................... 14,240
------------
Total Income..................................................... 653,515
Expenses:
Advisory fees.................................................... 574,834
Management servicing fees........................................ 114,968
Administrative servicing fees.................................... 191,611
Distribution fees................................................ 191,611
Administration fees.............................................. 37,673
Custody fees..................................................... 74,196
Fund accounting fees............................................. 24,464
Offering costs................................................... 21,219
Other fees....................................................... 55,957
------------
Total expenses................................................... 1,286,533
------------
Net Investment Loss............................................... (633,018)
------------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts......... (45,008,233)
Net change in unrealized appreciation on investments and futures
contracts....................................................... (8,056,285)
------------
Net realized and unrealized losses on investments and futures
contracts....................................................... (53,064,518)
------------
Decrease in Net Assets Resulting from Operations.................. $(53,697,536)
============
</TABLE>
See accompanying notes to the financial statements.
3
<PAGE>
PROFUNDS VP
ProFund VP UltraOTC
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the six For the period
months ended October 19, 1999(a) through
June 30, 2000 December 31, 1999
------------- ---------------------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment loss.................................................. $ (633,018) $ (56,836)
Net realized gains/(losses) on investments and futures contracts..... (45,008,233) 13,151,189
Net change in unrealized appreciation on investments and futures
contracts........................................................... (8,056,285) 15,962,144
------------- ------------
Net increase/(decrease) in net assets resulting from operations...... (53,697,536) 29,056,497
Capital Share Transactions:
Proceeds from shares issued.......................................... 355,143,019 79,824,900
Cost of shares redeemed.............................................. (132,645,157) (40,983,810)
------------- ------------
Net increase in net assets resulting from capital share
transactions........................................................ 222,497,862 38,841,090
------------- ------------
Total increase in net assets......................................... 168,800,326 67,897,587
Net Assets:
Beginning of period.................................................. 67,897,587 --
------------- ------------
End of period........................................................ $ 236,697,913 $ 67,897,587
============= ============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
4
<PAGE>
PROFUNDS VP
ProFund VP UltraOTC
Financial Highlights
<TABLE>
<CAPTION>
For a share of beneficial interest
outstanding
For the
For the period from
six months October 19, 1999(a)
ended through
June 30, 2000 December 31, 1999
------------- -------------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period..... $ 70.93 $ 30.00
------------ -----------
Net investment loss..................... (0.16) (0.06)
Net realized and unrealized gain/(loss)
on investments and futures contracts... (12.46) 40.99
------------ -----------
Total income/(loss) from investment
operations............................. (12.62) 40.93
------------ -----------
Net Asset Value, End of Period........... $ 58.31 $ 70.93
============ ===========
Total Return............................. (17.79)%(b) 136.43 %(b)
Ratios/Supplemental Data:
Net assets, end of period................ $236,697,913 $67,897,587
Ratio of expenses to average net assets.. 1.68 %(c) 1.65 %(c)
Ratio of net investment loss to average
net assets.............................. (0.83)%(c) (0.77)%(c)
Ratio of expenses to average net
assets*................................. 1.68 %(c) 1.97 %(c)
Portfolio turnover....................... 352 % 101 %
</TABLE>
-----
*During the period, certain fees were voluntarily reduced. If such voluntary
fee reduction had not occurred, the ratio would have been as indicated.
(a)Commencement of operations.
(b)Not annualized.
(c)Annualized.
5
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (87.0%)
Market
Shares Value
---------- ------------
<S> <C> <C>
1-800-FLOWERS.COM, Inc.*............................... 483 $ 2,475
24/7 Media, Inc.*...................................... 441 6,891
AAR Corp. ............................................. 1,092 13,104
Aaron Rents, Inc. ..................................... 1,134 14,246
Abercrombie & Fitch Co.*............................... 1,806 22,011
Abgenix, Inc.*......................................... 147 17,619
ABM Industries, Inc. .................................. 903 20,769
About.com, Inc.*....................................... 210 6,615
Accrue Software, Inc.*................................. 105 3,728
ACME Communications, Inc.*............................. 210 3,833
Actel Corp.*........................................... 777 35,451
Active Software, Inc.*................................. 315 24,472
Actuate Corp.*......................................... 714 38,110
ACTV, Inc.*............................................ 1,050 15,684
Adaptive Broadband Corp.*.............................. 882 32,414
ADC Telecommunications, Inc.*.......................... 858 71,951
Adelphia Business Solutions, Inc.*..................... 525 12,173
ADTRAN, Inc.*.......................................... 609 36,464
Advanced Digital Information Corp.*.................... 1,134 18,073
Advanced Energy Industries, Inc.*...................... 378 22,278
Advanced Fibre Communications, Inc.*................... 756 34,256
Advanced Radio Telecom Corp.*.......................... 924 13,514
Advanced Tissue Sciences, Inc.*........................ 987 7,927
Advent Software, Inc.*................................. 756 48,761
ADVO, Inc.*............................................ 756 31,752
Aeroflex, Inc.*........................................ 672 33,390
Affiliated Managers Group, Inc.*....................... 861 39,176
Affymetrix, Inc.*...................................... 273 45,078
AGCO Corp. ............................................ 2,226 27,269
AGL Resources, Inc. ................................... 1,239 19,747
Airborne Freight Corp. ................................ 1,764 33,405
Airgas, Inc.*.......................................... 2,814 16,005
AirGate PCS, Inc.*..................................... 147 7,727
Alaska Air Group, Inc.*................................ 819 22,215
Alexander & Baldwin, Inc. ............................. 1,323 29,189
Alexion Pharmaceuticals, Inc.*......................... 84 6,006
Alfa Corp. ............................................ 1,722 30,135
Alkermes, Inc.*........................................ 672 31,668
Allaire Corp.*......................................... 420 15,435
Alliance Bancorp....................................... 1,260 20,711
Alliance Pharmaceutical Corp.*......................... 315 3,544
Alliant Techsystems, Inc.*............................. 441 29,740
Allied Capital Corp. .................................. 1,323 22,491
Allied Riser Communications Corp.*..................... 987 13,941
Alpha Industries, Inc.*................................ 903 39,788
Alpharma, Inc. ........................................ 756 47,061
Amcore Financial, Inc. ................................ 987 18,074
America West Holdings Corp.--Class B*.................. 1,365 23,376
American Eagle Outfitters, Inc.*....................... 273 3,822
American Italian Pasta Co.*............................ 798 16,509
American Management Systems, Inc.*..................... 1,428 46,878
American Xtal Technology, Inc.*........................ 546 23,615
AmeriCredit Corp.*..................................... 2,121 36,057
Amerisource Health Corp.--Class A*..................... 1,785 55,334
Ames Department Stores, Inc.*.......................... 1,155 8,951
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Ametek, Inc. .......................................... 1,239 $ 21,683
Amkor Technology, Inc.*................................ 448 15,820
Amphenol Corp.--Class A*............................... 903 59,767
Amylin Pharmaceuticals, Inc.*.......................... 315 4,784
Anadigics, Inc.*....................................... 714 24,321
Analysts International Corp. .......................... 273 2,542
Anaren Microwave, Inc.*................................ 42 5,512
Anchor Bancorp Wisconsin, Inc. ........................ 1,617 24,760
Ancor Communications, Inc.*............................ 777 27,790
Andover Bancorp, Inc. ................................. 798 22,992
Andrew Corp.*.......................................... 2,016 67,661
AnnTaylor Stores Corp.*................................ 1,113 36,868
answerthink, inc.*..................................... 861 14,314
ANTEC Corp.*........................................... 819 34,040
Apex, Inc.*............................................ 567 24,806
Applebee's International, Inc. ........................ 987 29,918
Applied Power, Inc.--Class A........................... 1,323 44,321
AppNet, Inc.*.......................................... 588 21,168
Apria Healthcare Group, Inc.*.......................... 1,785 21,866
AptarGroup, Inc. ...................................... 1,113 30,051
Arch Chemicals, Inc. .................................. 945 20,672
Arch Communications Group, Inc.*....................... 1,659 10,784
Argonaut Group, Inc. .................................. 1,071 18,341
Artesyn Technologies, Inc.*............................ 1,260 35,044
Arthur J. Gallagher & Co. ............................. 924 38,808
Arvin Industries, Inc. ................................ 1,344 23,352
Ask Jeeves, Inc.*...................................... 273 4,931
Aspect Communications Corp.*........................... 1,281 50,359
Aspen Technology, Inc.*................................ 756 29,106
Asyst Technologies, Inc.*.............................. 882 30,209
ATMI, Inc.*............................................ 672 31,248
Atmos Energy Corp. .................................... 1,344 23,520
Atwood Oceanics, Inc.*................................. 483 21,494
Aurora Biosciences Corp.*.............................. 168 11,456
Aurora Foods, Inc.*.................................... 1,176 4,704
Avant! Corp.*.......................................... 1,365 25,572
Avis Rent A Car, Inc.*................................. 1,029 19,294
Avista Corp. .......................................... 1,155 20,140
AVT Corp.*............................................. 987 7,279
Aware, Inc.*........................................... 567 28,988
AXENT Technologies, Inc.*.............................. 987 24,490
Bally Total Fitness Holding Corp.*..................... 903 22,914
BancorpSouth, Inc. .................................... 1,554 21,853
BancWest Corp. ........................................ 1,512 24,854
Bandag, Inc. .......................................... 798 19,352
Bank United Corp. ..................................... 966 33,991
BankAtlantic Bancorp, Inc. ............................ 3,927 23,071
Banknorth Group, Inc. ................................. 627 9,601
Barnes & Noble, Inc.*.................................. 147 3,271
barnesandnoble.com, inc.*.............................. 546 3,566
Barr Laboratories, Inc.*............................... 859 38,494
Barrett Resources Corp.*............................... 1,071 32,599
Bay View Capital Corp. ................................ 483 4,739
Bedford Property Investors, Inc. ...................... 1,071 19,880
Bell & Howell Co.*..................................... 630 15,278
Benchmark Electronics, Inc.*........................... 672 24,570
Bergen Brunswig Corp. ................................. 861 4,736
</TABLE>
See accompanying notes to the financial statements.
6
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Beringer Wine Estates Holdings, Inc.--Class B*......... 358 $ 12,642
Berry Petroleum Co.--Class A........................... 1,512 25,704
Bethlehem Steel Corp.*................................. 5,397 19,227
Beverly Enterprises, Inc.*............................. 6,300 17,719
Billing Concepts Corp.*................................ 987 4,380
Bindley Western Industries, Inc. ...................... 1,176 31,091
BindView Development Corp.*............................ 1,008 12,096
Bio-Technology General Corp.*.......................... 1,806 23,817
Biosite Diagnostics, Inc.*............................. 63 3,036
Black BOX Corp.*....................................... 588 46,553
Black Hills Corp. ..................................... 903 20,374
Blanch (E.W.) Holdings, Inc. .......................... 441 8,958
Block Drug Co.--Class A................................ 672 28,434
Blount International, Inc. ............................ 1,449 11,139
Bob Evans Farms, Inc. ................................. 1,680 25,095
Borders Group, Inc.*................................... 2,730 42,485
Boyds Collection Ltd.*................................. 735 6,248
Boykin Lodging Co. .................................... 1,680 22,680
Bradley Real Estate, Inc. ............................. 1,260 26,854
Brady Corp.--Class A................................... 798 25,935
Brandywine Realty Trust................................ 1,323 25,302
BRE Properties, Inc.--Class A.......................... 1,176 33,956
Brightpoint, Inc.*..................................... 1,869 16,179
Broadbase Software, Inc.*.............................. 567 17,364
BroadVision, Inc.*..................................... 546 27,744
Brooks Automation, Inc.*............................... 399 25,511
BSB Bancorp, Inc. ..................................... 1,197 24,015
BT Financial Corp. .................................... 1,260 21,735
Burnham Pacific Properties, Inc. ...................... 2,268 15,593
Burr-Brown Corp.*...................................... 525 45,510
C-COR.net Corp.*....................................... 819 22,113
C-Cube Microsystems, Inc.*............................. 416 8,164
C.H. Robinson Worldwide, Inc. ......................... 1,134 56,132
Cable Design Technologies Corp.*....................... 945 31,658
Cabot Industrial Trust................................. 1,575 31,008
Cabot Oil & Gas Corp. ................................. 1,512 32,036
California Water Service Group......................... 735 17,824
Callaway Golf Co. ..................................... 2,520 41,107
Cambrex Corp. ......................................... 798 35,910
Cambridge Technology Partners, Inc.*................... 1,638 14,281
Camden Property Trust.................................. 1,092 32,078
Capital Automotive Real Estate Investment Trust........ 1,911 26,993
Capitol Federal Financial.............................. 2,604 28,807
Caprock Communications Corp.*.......................... 924 18,018
CareInsite, Inc.*...................................... 168 3,003
Caremark Rx, Inc.*..................................... 7,140 48,641
Carpenter Technology Corp. ............................ 735 15,527
Carter-Wallace, Inc. .................................. 878 17,670
Cascade Natural Gas Corp. ............................. 1,680 28,035
Casey's General Stores, Inc. .......................... 2,520 26,145
Catalytica, Inc.*...................................... 1,974 21,714
Cathay Bancorp, Inc. .................................. 525 24,347
CBL & Associates Properties, Inc. ..................... 924 23,042
CBRL Group, Inc. ...................................... 2,793 41,021
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
CCC Information Services Group, Inc.*.................. 840 $ 8,925
CEC Entertainment, Inc.*............................... 1,029 26,368
Celgene Corp.*......................................... 483 28,437
Cell Pathways Holdings, Inc.*.......................... 609 14,312
Cell Therapeutics, Inc.*............................... 252 7,718
Center Trust, Inc. .................................... 2,310 11,694
Centerpoint Properties Corp. .......................... 651 26,528
Century Business Services, Inc.*....................... 2,331 4,516
Century South Banks, Inc. ............................. 903 17,496
Cephalon, Inc.*........................................ 588 35,207
Cerner Corp.*.......................................... 987 26,896
CFS Bancorp, Inc. ..................................... 2,919 26,727
CFW Communications Co. ................................ 609 22,838
Charles E. Smith Residential Realty, Inc. ............. 588 22,344
Charming Shoppes, Inc.*................................ 4,116 20,966
Charter Municipal Mortgage Acceptance Co. ............. 1,785 21,978
Chateau Communities, Inc. ............................. 777 21,950
Chelsea GCA Realty, Inc. .............................. 693 23,952
Chemed Corp. .......................................... 861 24,269
ChemFirst, Inc. ....................................... 1,050 25,331
Chemical Financial Corp. .............................. 840 21,840
Chesapeake Corp. ...................................... 840 24,885
Choice Hotels International, Inc.*..................... 1,848 18,365
Choice One Communications, Inc.*....................... 84 3,428
Choicepoint, Inc.*..................................... 819 36,446
Church & Dwight, Inc. ................................. 1,197 21,546
Ciber, Inc.*........................................... 1,575 20,869
Cirrus Logic, Inc.*.................................... 2,016 32,256
Citadel Communications Corp.*.......................... 693 24,212
Citizens Banking Corp., Michigan....................... 1,407 22,842
CKE Restaurants, Inc. ................................. 3,192 9,576
Clarcor, Inc. ......................................... 1,260 25,043
Clarent Corp.*......................................... 378 27,027
Cleveland-Cliffs, Inc. ................................ 945 24,393
CMP Group, Inc. ....................................... 861 25,238
Cobalt Networks, Inc.*................................. 315 18,231
Cognex Corp.*.......................................... 1,113 57,597
Coherent, Inc.*........................................ 735 61,648
Cohu, Inc. ............................................ 609 16,424
Coinstar, Inc.*........................................ 777 7,819
Colonial Properties Trust.............................. 966 26,444
Com21, Inc.*........................................... 588 14,700
Commerce Bancorp, Inc., New Jersey..................... 755 34,730
Commercial Metals Co. ................................. 609 16,748
Commercial NET Lease Realty............................ 2,079 21,830
Commonwealth Bancorp, Inc. ............................ 1,302 15,461
Commscope, Inc.*....................................... 1,302 53,381
Community First Bankshares, Inc. ...................... 1,806 29,460
Community Trust Bancorp, Inc.*......................... 1,239 21,915
Complete Business Solutions, Inc.*..................... 924 16,228
Computer Network Technology Corp.*..................... 336 5,838
COMSAT Corp. .......................................... 273 6,740
Concord Communications, Inc.*.......................... 546 21,772
</TABLE>
See accompanying notes to the financial statements.
7
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Concurrent Computer Corp.*............................. 1,533 $ 20,121
CONMED Corp.*.......................................... 735 19,018
Connetics Corp.*....................................... 231 3,393
Consolidated Stores Corp.*............................. 840 10,080
Convergent Communications, Inc.*....................... 357 2,856
Copart, Inc.*.......................................... 1,197 19,152
COR Therapeutics, Inc.*................................ 378 32,248
Corixa Corp.*.......................................... 546 23,444
Corn Products International, Inc. ..................... 1,302 34,503
Cornerstone Realty Income Trust, Inc. ................. 2,247 22,470
Corus Bankshares, Inc. ................................ 882 23,318
CoStar Group, Inc.*.................................... 252 6,316
Coulter Pharmaceutical, Inc.*.......................... 630 12,915
Cousins Properties, Inc. .............................. 490 18,865
Covance, Inc.*......................................... 2,163 19,061
Coventry Health Care, Inc.*............................ 2,562 34,147
Crawford & Co.--Class B................................ 1,760 19,360
Credence Systems Corp.*................................ 735 40,563
Cree Research, Inc.*................................... 147 19,625
Crompton Corp. ........................................ 3,717 45,533
Crown American Realty Trust............................ 3,591 19,302
CT Communications, Inc. ............................... 714 20,304
CTS Corp. ............................................. 714 32,130
Cubist Pharmaceuticals, Inc.*.......................... 210 10,343
Cumulus Media, Inc.*................................... 609 5,557
CuraGen Corp.*......................................... 210 7,993
Cyber-Care, Inc.*...................................... 861 8,570
CyberSource Corp.*..................................... 231 3,191
Cybex Computer Products Corp.*......................... 630 27,090
Cygnus, Inc.*.......................................... 420 5,985
Cymer, Inc.*........................................... 819 39,107
Cypress Semiconductor Corp.*........................... 945 39,926
Cytec Industries, Inc.*................................ 1,260 31,106
Cytogen Corp.*......................................... 651 6,591
Cytyc Corp.*........................................... 1,008 53,801
D.R. Horton, Inc. ..................................... 1,974 26,772
Dain Rauscher Corp. ................................... 483 31,878
Dal-Tile International, Inc.*.......................... 2,415 19,924
Dallas Semiconductor Corp. ............................ 1,470 59,902
Data Broadcasting Corp.*............................... 861 5,435
Datascope Corp. ....................................... 525 18,900
Datastream Systems, Inc.*.............................. 315 3,938
David's Bridal, Inc.*.................................. 693 8,013
Del Monte Foods Co.*................................... 2,079 14,163
Delco Remy International, Inc.*........................ 567 4,713
Delphi Financial Group, Inc.*.......................... 588 19,955
Delta & Pineland Co. .................................. 1,491 37,368
Deltathree.com, Inc.--Class A*......................... 441 6,422
Dendrite International, Inc.*.......................... 1,008 33,579
Developers Diversified Realty Corp. ................... 2,205 32,937
Dexter Corp. .......................................... 735 35,280
Diagnostic Products Corp. ............................. 861 27,552
Diamond Technology Partners, Inc.*..................... 336 29,568
Digital Courier Technologies, Inc.*.................... 1,260 8,033
Digital Impact, Inc.*.................................. 294 4,153
Digital Island, Inc.*.................................. 1,449 70,458
Digital Microwave Corp.*............................... 1,092 41,633
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Digital River, Inc.*................................... 378 $ 2,906
Dillards, Inc.--Class A................................ 1,575 19,294
Dionex Corp.*.......................................... 861 23,032
Documentum, Inc.*...................................... 462 41,290
Dollar Thrifty Automotive Group, Inc.*................. 1,071 19,747
Donaldson Co., Inc. ................................... 1,197 23,641
Donaldson, Lufkin & Jenrette, Inc...................... 378 2,693
DSL.net, Inc.*......................................... 399 4,115
DSP Group, Inc.*....................................... 756 42,336
Dura Automotive Systems, Inc.*......................... 777 8,401
Dura Pharmaceuticals, Inc.*............................ 1,722 24,754
Dycom Industries, Inc.*................................ 1,155 53,129
E-LOAN, Inc.*.......................................... 1,092 5,187
e.MedSoft.com*......................................... 294 2,352
e.spire Communications, Inc.*.......................... 1,785 12,049
Earthgrains Co. ....................................... 1,596 31,022
EarthShell Corp.*...................................... 1,974 5,984
Eastern Enterprises.................................... 462 29,106
Eastgroup Properties, Inc. ............................ 1,071 22,558
Eaton Vance Corp. ..................................... 840 38,850
Echelon Corp.*......................................... 357 20,684
Eclipsys Corp.*........................................ 1,155 8,663
eGain Communications Corp.*............................ 294 3,565
EGL, Inc.*............................................. 546 16,790
El Paso Electric Co.*.................................. 2,688 30,072
Elcor Corp. ........................................... 651 14,973
Electric Lightwave, Inc.--Class A*..................... 147 2,747
Electro Scientific Industries, Inc.*................... 756 33,288
Electroglas, Inc.*..................................... 735 15,803
Emcore Corp.*.......................................... 336 40,320
Emmis Communications Corp.*............................ 1,092 45,182
Empire District Electric Co. .......................... 1,218 26,872
Emulex Corp.*.......................................... 630 41,383
Encompass Services Corp.*.............................. 924 5,313
Energen Corp. ......................................... 1,533 33,439
Enhance Financial Services Group, Inc. ................ 1,428 20,528
Entercom Communications Corp.*......................... 714 34,808
Entertainment Properties Trust......................... 1,554 21,465
EntreMed, Inc.*........................................ 483 14,460
Entrust Technologies, Inc.*............................ 462 38,231
Enzo Biochem, Inc.*.................................... 630 43,470
Enzon, Inc.*........................................... 1,029 43,733
ePresence, Inc.*....................................... 819 5,938
Equitable Resources, Inc. ............................. 819 39,517
Equity Inns, Inc. ..................................... 3,444 21,095
eSpeed, Inc.*.......................................... 147 6,385
Essex Property Trust, Inc. ............................ 567 23,814
Ethan Allen Interiors, Inc. ........................... 1,323 31,752
Ethyl Corp. ........................................... 2,814 7,035
eToys, Inc.*........................................... 2,562 16,253
Exar Corp.*............................................ 504 43,943
Exchange Applications, Inc.*........................... 630 16,774
Extended Stay America, Inc.*........................... 3,738 34,576
Extended Systems, Inc.*................................ 84 8,064
F&M Bancorp............................................ 1,197 23,641
F.Y.I., Inc.*.......................................... 693 23,345
F5 Networks, Inc.*..................................... 294 16,041
</TABLE>
See accompanying notes to the financial statements.
8
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Factory 2-U Stores, Inc.*.............................. 189 $ 7,147
FactSet Research Systems, Inc. ........................ 714 20,170
Fair, Isaac & Co., Inc. ............................... 462 20,328
Farmers Capital Bank Corp. ............................ 714 21,688
Federal Realty Investment Trust........................ 1,512 30,240
Federal Signal Corp. .................................. 2,037 33,611
Federal-Mogul Corp. ................................... 756 7,229
Ferro Corp. ........................................... 1,386 29,106
Filenet Corp.*......................................... 1,008 18,522
First American Financial Corp. ........................ 2,268 32,461
First Commonwealth Financial Corp. .................... 2,121 19,222
First Financial Bankshares, Inc. ...................... 756 20,790
First Financial Corp., Indiana......................... 567 17,294
First Health Group Corp.*.............................. 1,596 52,369
First Industrial Realty Trust, Inc. ................... 840 24,780
First Merchants Corp. ................................. 798 16,908
First Midwest Bancorp, Inc. ........................... 924 21,483
First Sentinel Bancorp, Inc. .......................... 2,625 21,574
First Washington Bancorp, Inc. ........................ 1,491 20,781
First Washington Realty Trust, Inc. ................... 1,071 23,629
FirstWorld Communications, Inc.*....................... 315 3,308
Fisher Scientific International, Inc.*................. 1,140 28,215
Fleetwood Enterprises, Inc. ........................... 1,449 20,648
Fleming Companies, Inc. ............................... 1,848 24,140
Florida East Coast Industries, Inc. ................... 798 31,920
Florida Rock Industries, Inc. ......................... 609 21,696
Flowserve Corp. ....................................... 1,617 24,356
Footstar, Inc.*........................................ 966 32,120
Forest City Enterprises--Class A....................... 798 26,633
Fremont General Corp. ................................. 1,197 4,713
Friedman, Billings, Ramsey Group, Inc.*................ 588 4,778
Fuller (H. B.) Co. .................................... 399 18,179
Furniture Brands International, Inc.*.................. 1,743 26,363
FutureLink Corp.*...................................... 567 4,075
G & K Services, Inc. .................................. 924 23,158
Gables Residential Trust............................... 945 24,393
Gartner Group, Inc. ................................... 1,050 12,600
Gaylord Container Corp.--Class A*...................... 1,512 4,064
Gaylord Entertainment Co.*............................. 840 18,060
GBC Bancorp............................................ 1,029 30,098
Gene Logic, Inc.*...................................... 294 10,492
General Semiconductor, Inc.*........................... 1,155 17,036
Genome Therapeutics Corp.*............................. 126 3,835
Genrad, Inc.*.......................................... 1,365 12,285
Geon Co. .............................................. 819 15,152
Georgia Gulf Corp. .................................... 1,029 21,416
GetThere.com, Inc.*.................................... 189 1,996
Getty Images, Inc.*.................................... 903 33,467
Gilead Sciences, Inc.*................................. 945 67,212
Glenayre Technologies, Inc.*........................... 2,100 22,181
Glenborough Realty Trust, Inc.......................... 1,659 28,929
Glimcher Realty Trust.................................. 1,575 22,641
Global Crossing Ltd.*.................................. 1,820 47,889
Global Industries, Ltd.*............................... 2,520 47,565
GlobalNetFinancial.com, Inc.*.......................... 567 11,907
Globix Corp.*.......................................... 483 14,158
Go2Net, Inc.*.......................................... 630 31,697
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
GoAmerica, Inc.*....................................... 336 $ 5,187
GoTo.com, Inc.*........................................ 483 7,396
Gray Communications Systems, Inc. ..................... 1,260 12,364
Great Atlantic & Pacific Tea Co........................ 861 14,314
Great Lakes REIT, Inc.................................. 1,323 22,491
Great Plains Software, Inc.*........................... 336 6,594
Greater Bay Bancorp.................................... 567 26,507
Greif Brothers Corp.--Class A.......................... 840 25,829
Group 1 Automotive, Inc.*.............................. 714 8,568
GTECH Holdings Corp.*.................................. 1,491 33,826
Guilford Pharmaceuticals, Inc.*........................ 861 12,969
Guitar Center, Inc.*................................... 336 3,528
HA-LO Industries, Inc.*................................ 1,995 11,222
Haemonetics Corp.*..................................... 1,176 24,696
Hancock Holding Co..................................... 588 19,992
Hanna (M.A.) Co........................................ 2,016 18,144
Hanover Compressor Co.*................................ 1,806 68,627
Hanover Direct, Inc.*.................................. 5,229 8,170
Harland (John H.) Co................................... 1,323 19,762
Harleysville National Corp............................. 735 24,071
Harman International Industries, Inc................... 546 33,306
Harmonic, Inc.*........................................ 497 12,301
Harsco Corp............................................ 1,113 28,382
Health Care Property Investors, Inc.................... 924 25,179
Health Care REIT, Inc.................................. 1,428 23,205
Healthcare Realty Trust, Inc........................... 1,701 29,023
Heidrick & Struggles International, Inc.*.............. 651 41,094
Helix Technology Corp.................................. 630 24,570
Helmerich & Payne, Inc................................. 1,533 57,296
Henry (Jack) & Associates, Inc......................... 882 44,210
High Speed Access Corp.*............................... 1,386 9,096
HNC Software, Inc.*.................................... 672 41,495
Hollywood Entertainment Corp.*......................... 420 3,308
Hollywood.com, Inc.*................................... 609 4,720
Home Properties of New York, Inc....................... 840 25,200
HomeGrocer.com, Inc.*.................................. 714 4,306
Hooper Holmes, Inc. ................................... 2,058 16,464
Horace Mann Educators Corp............................. 1,365 20,475
Hospitality Properties Trust........................... 1,386 31,272
Hotel Reservations Network, Inc.--Class A*............. 105 3,124
HSB Group, Inc......................................... 966 30,067
Hudson River Bancorp, Inc.............................. 2,793 33,167
Hudson United Bancorp.................................. 1,617 36,281
Human Genome Sciences, Inc.*........................... 315 42,013
Humana, Inc.*.......................................... 1,029 5,016
Hutchinson Technology, Inc.*........................... 1,113 15,860
Hyperion Solutions Corp.*.............................. 903 29,291
I2 Technologies, Inc.*................................. 528 55,051
iBasis, Inc.*.......................................... 210 9,043
ICG Communications, Inc.*.............................. 1,533 33,822
IDACORP, Inc. ......................................... 777 25,058
IDEC Pharmaceuticals Corp.*............................ 420 49,270
Identix, Inc.*......................................... 1,092 17,131
IDEX Corp.............................................. 987 31,152
IDEXX Laboratories, Inc.*.............................. 1,449 33,146
IDT Corp.*............................................. 672 22,806
</TABLE>
See accompanying notes to the financial statements.
9
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
IDX Systems Corp.*..................................... 588 $ 8,306
iGate Capital Corp.*................................... 1,197 16,459
IGEN International, Inc.*.............................. 210 3,478
IKON Office Solutions, Inc............................. 1,932 7,487
Illuminet Holdings, Inc.*.............................. 252 12,821
Imation Corp.*......................................... 1,176 34,545
ImClone Systems, Inc.*................................. 462 35,314
Immersion Corp.*....................................... 147 4,410
Immunomedics, Inc.*.................................... 378 9,261
Imperial Bancorp*...................................... 1,029 16,078
Incyte Genomics, Inc.*................................. 273 22,437
Independence Community Bank Corp. ..................... 2,772 36,729
IndyMac Mortgage Holdings, Inc......................... 2,247 30,475
Infocure Corp.*........................................ 924 5,198
InFocus Corp.*......................................... 840 27,038
Infogrames, Inc.*...................................... 462 3,754
Informatica Corp.*..................................... 546 44,737
Informix Corp.*........................................ 5,691 42,327
Inhale Therapeutic Systems, Inc.*...................... 441 44,748
InnKeepers USA Trust................................... 2,688 24,528
Insight Enterprises, Inc.*............................. 714 42,348
Instituform Technologies, Inc.--Class A*............... 840 22,785
Integra Bank Corp...................................... 881 14,977
Integrated Device Technology, Inc.*.................... 567 33,949
Integrated Electrical Services, Inc.*.................. 2,373 12,162
Intelidata Technologies Corp.*......................... 336 3,465
Inter-Tel, Inc......................................... 756 12,143
Interactive Intelligence, Inc.*........................ 105 3,938
Interdigital Communications Corp.*..................... 1,365 22,608
Interface, Inc......................................... 2,100 8,006
Intergraph Corp.*...................................... 672 5,082
Interim Services, Inc.*................................ 1,848 32,802
Interliant, Inc.*...................................... 588 13,708
Interlink Electronics, Inc.*........................... 84 3,518
Intermedia Communications, Inc.*....................... 1,365 40,609
International Bancshares Corp.*........................ 735 23,979
International Rectifier Corp.*......................... 546 30,576
Internet Pictures Corp.*............................... 1,092 16,517
InterTrust Technologies*............................... 1,239 25,477
InterVoice-Brite, Inc.*................................ 1,050 6,891
InterWorld Corp.*...................................... 357 7,319
Interwoven, Inc.*...................................... 315 34,645
IntraNet Solutions, Inc.*.............................. 294 11,282
Intraware, Inc.*....................................... 420 6,746
Invacare Corp.......................................... 1,071 28,114
Investors Financial Services Corp. .................... 1,218 48,338
Iomega Corp.*.......................................... 8,778 35,112
Ionics, Inc.*.......................................... 756 23,153
Iron Mountain, Inc.*................................... 1,050 35,700
ISIS Pharmaceuticals, Inc.*............................ 441 6,395
ISS Group, Inc.*....................................... 483 47,688
ITC Deltacom, Inc.*.................................... 1,470 32,799
Ivex Packaging Corp.*.................................. 588 6,542
iVillage, Inc.*........................................ 1,050 8,859
iXL Enterprises, Inc.*................................. 651 9,440
Jack in the Box, Inc.*................................. 1,575 38,784
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Jacobs Engineering Group, Inc.*........................ 798 $ 26,085
JDN Realty Corp........................................ 2,016 20,538
Jefferies Group, Inc................................... 903 18,229
JLG Industries, Inc.................................... 2,079 24,688
John Nuveen Co.--Class A............................... 714 29,943
Jones Pharma, Inc...................................... 1,523 60,824
Journal Register Co.*.................................. 1,596 29,127
Juno Online Services, Inc.*............................ 483 5,192
Kaiser Aluminum Corp.*................................. 924 3,696
Kaufman & Broad Home Corp.............................. 1,533 30,373
Kaydon Corp............................................ 1,050 22,050
Kellwood Co............................................ 1,344 28,392
Kelly Services, Inc.--Class A.......................... 861 19,911
KEMET Corp.*........................................... 2,142 53,684
Kennametal, Inc........................................ 966 20,709
Kent Electronics Corp.*................................ 987 29,425
Key Energy Group*...................................... 3,171 30,521
Keynote Systems, Inc.*................................. 189 13,336
kforce.com, Inc.*...................................... 1,659 11,509
Kilroy Realty Corp..................................... 1,218 31,592
Kimball International, Inc.--Class B................... 1,554 22,922
King Pharmaceuticals, Inc.*............................ 843 36,987
Kirby Corp.*........................................... 1,134 24,098
Koger Equity, Inc...................................... 1,239 20,908
Kopin Corp.*........................................... 357 24,722
Korn/Ferry International*.............................. 693 21,959
Kronos, Inc.*.......................................... 462 12,012
Kulicke & Soffa Industries, Inc.*...................... 672 39,899
La-Z-Boy, Inc. ........................................ 2,016 28,224
Laclede Gas Co......................................... 1,176 22,638
Lam Research Corp.*.................................... 861 32,288
Landstar System, Inc.*................................. 357 21,264
Lattice Semiconductor Corp.*........................... 693 47,903
Leap Wireless International, Inc.*..................... 567 26,649
Lear Corp.*............................................ 525 10,500
Lee Enterprises, Inc................................... 1,344 31,332
Legato Systems, Inc.*.................................. 1,554 23,504
Lennar Corp. .......................................... 2,330 47,183
Leucadia National Corp................................. 1,008 22,995
Lexington Corporate Properties Trust................... 2,016 22,554
Liberty Corp. ......................................... 735 30,870
LifeMinders, Inc.*..................................... 147 4,346
LifePoint Hospitals, Inc.*............................. 1,407 31,306
Ligand Pharmaceuticals, Inc.--Class B*................. 1,659 21,878
Lilly Industries, Inc.--Class A........................ 1,617 48,611
Lincoln Electric Holdings, Inc......................... 1,155 16,459
Linens 'n Things, Inc.*................................ 357 9,684
Littelfuse, Inc.*...................................... 882 43,218
LNR Property Corp...................................... 1,197 23,342
Local Financial Corp.*................................. 2,310 19,274
Lone Star Technologies, Inc.*.......................... 819 37,878
Longview Fibre Co. .................................... 1,932 21,372
LookSmart Ltd.*........................................ 756 13,986
Louis Dreyfus Natural Gas Corp.*....................... 1,050 32,878
LTV Corp............................................... 6,132 17,630
LTX Corp.*............................................. 1,239 43,288
Luby's, Inc............................................ 840 6,720
</TABLE>
See accompanying notes to the financial statements.
10
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Lynx Therapeutics, Inc.*............................... 105 $ 4,994
Macerich Co............................................ 1,071 23,629
Macrovision Corp.*..................................... 525 33,559
Madison Gas & Electric Co.............................. 1,428 28,203
Mail.com, Inc.*........................................ 1,008 5,733
Manitowoc Co........................................... 987 26,402
Manor Care, Inc.*...................................... 567 3,969
Manugistics Group, Inc.*............................... 609 28,471
Marimba, Inc.*......................................... 399 5,561
Marine Drilling Co., Inc.*............................. 1,596 44,688
Mark IV Industries, Inc................................ 1,512 31,563
Mascotech, Inc......................................... 2,121 22,933
Mastec, Inc.*.......................................... 882 33,681
Maxtor Corp.*.......................................... 3,339 35,268
MDU Resources Group, Inc............................... 1,239 26,793
Media Metrix, Inc.*.................................... 147 3,739
Mediacom Communications Corp.*......................... 294 4,520
Mediaplex, Inc.*....................................... 210 4,056
Medical Assurance, Inc.*............................... 1,029 11,576
Medical Manager Corp.*................................. 651 22,175
Medicis Pharmaceutical Corp.*.......................... 840 47,880
Meditrust Corp.*....................................... 4,557 17,089
MedQuist, Inc.*........................................ 1,218 41,412
MemberWorks, Inc.*..................................... 483 16,241
Mentor Graphics Corp.*................................. 2,121 42,155
Mercator Software, Inc.*............................... 441 30,319
Mercury Computer Systems, Inc.*........................ 672 21,714
Mercury Interactive Corp.*............................. 525 50,793
Meristar Hospitality Corp.............................. 2,142 44,981
MetaCreations Corp.*................................... 294 3,528
Methode Electronics, Inc.--Class A..................... 1,050 40,556
Metricom, Inc.*........................................ 420 11,708
Metris Cos., Inc....................................... 1,701 42,738
Metrocall, Inc.*....................................... 1,512 13,608
Metromedia International Group, Inc.*.................. 2,058 9,776
Mettler Toledo International, Inc.*.................... 1,113 44,520
MGC Communications, Inc.*.............................. 609 36,502
Michaels Stores, Inc.*................................. 966 44,254
Micrel, Inc.*.......................................... 819 35,575
Micromuse, Inc.*....................................... 252 41,701
Micron Electronics, Inc.*.............................. 1,743 21,788
Micros Systems, Inc.*.................................. 504 9,356
MicroStrategy, Inc.*................................... 1,344 40,320
Microvision, Inc.*..................................... 105 5,145
Mid-State Bancshares................................... 714 19,457
Midas, Inc............................................. 945 18,900
Midway Games, Inc.*.................................... 1,113 8,974
Milacron, Inc.......................................... 1,575 22,838
Millennium Pharmaceuticals, Inc.*...................... 378 42,289
Minerals Technologies, Inc............................. 609 28,014
MIPS Technologies, Inc.*............................... 84 3,570
Mitchell Energy & Development Corp.--
Class A............................................... 1,029 33,057
MMC Networks, Inc.*.................................... 945 50,497
Modine Manufacturing Co................................ 924 24,948
Modis Professional Services, Inc.*..................... 525 4,003
Molecular Devices Corp.*............................... 336 23,247
MONY Group, Inc........................................ 1,323 44,734
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Morgan Keegan, Inc..................................... 1,491 $ 21,992
Morrison Management Specialists, Inc................... 924 26,045
Motient Corp.*......................................... 651 10,213
MRV Communications, Inc.*.............................. 1,344 90,383
MTI Technology Corp.*.................................. 882 7,056
Mueller Industries, Inc.*.............................. 987 27,636
Multex.com, Inc.*...................................... 273 6,876
Musicland Stores Corp.*................................ 546 4,061
MyPoints.com, Inc.*.................................... 357 6,766
Myriad Genetics, Inc.*................................. 42 6,219
Nanogen, Inc.*......................................... 105 4,456
National Computer Systems, Inc. ....................... 987 48,609
National Health Investors, Inc. ....................... 1,407 15,477
National Instruments Corp.*............................ 756 32,981
National Presto Industries, Inc. ...................... 630 19,373
National Steel Corp. .................................. 1,239 5,188
National-OilWell, Inc.*................................ 1,575 51,778
Nationwide Health Properties, Inc. .................... 2,037 28,391
Natural Microsystems Corp.*............................ 84 9,445
NBC Internet, Inc.*.................................... 420 5,250
NBT Bancorp, Inc....................................... 1,596 17,057
NBTY, Inc.*............................................ 1,806 11,513
NEON Systems, Inc.*.................................... 189 3,544
Net Perceptions, Inc.*................................. 357 5,667
Net2000 Communications, Inc.*.......................... 210 3,439
Netcentives, Inc.*..................................... 231 4,302
Netegrity, Inc.*....................................... 126 9,489
NetIQ Corp.*........................................... 294 17,530
Netro Corp.*........................................... 399 22,893
Network Peripherals, Inc.*............................. 378 6,332
Neurocrine Biosciences, Inc.*.......................... 105 3,734
Neurogen Corp.*........................................ 609 17,585
New Era of Networks, Inc.*............................. 336 14,280
Newfield Exploration Co.*.............................. 1,239 48,476
Newpark Resources, Inc.*............................... 3,444 32,503
Newport News Shipbuilding.............................. 1,134 41,674
Nexell Therapeutics, Inc.*............................. 252 3,749
NextCard, Inc.*........................................ 252 2,142
NEXTLINK Communications, Inc.--Class A*................ 2,164 82,096
Niku Corp.*............................................ 105 3,544
Nordson Corp. ......................................... 588 29,768
North Pittsburgh Systems, Inc. ........................ 483 7,124
Northwestern Corp. .................................... 1,050 24,281
NPC International, Inc.*............................... 357 3,202
NPS Pharmaceuticals, Inc.*............................. 105 2,809
Nuance Communications, Inc.*........................... 63 5,249
Nucentrix Broadband Networks*.......................... 252 6,426
NUI Corp. ............................................. 882 23,814
NVIDIA Corp.*.......................................... 252 16,018
NYFIX, Inc.*........................................... 189 7,926
O'Reilly Automotive, Inc.*............................. 1,596 22,145
OceanFirst Financial Corp. ............................ 1,365 25,167
OfficeMax, Inc.*....................................... 4,284 21,420
Ogden Corp. ........................................... 1,995 17,955
Ohio Casualty Corp. ................................... 2,205 23,428
Olin Corp. ............................................ 1,407 23,216
</TABLE>
See accompanying notes to the financial statements.
11
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
OM Group, Inc. ........................................ 777 $ 34,188
Omega Financial Corp. ................................. 903 22,801
On Assignment, Inc.*................................... 1,176 35,868
One Valley Bancorp, Inc. .............................. 966 30,188
Oneok, Inc. ........................................... 1,050 27,234
Open Market, Inc.*..................................... 945 13,053
Orbital Sciences Corp.*................................ 1,680 20,475
Orthodontic Centers of America, Inc.*.................. 1,575 35,634
Oshkosh Truck Corp. ................................... 672 24,023
OSI Pharmaceuticals, Inc.*............................. 252 7,261
Osicom Technologies, Inc.*............................. 147 12,440
OTG Software, Inc.*.................................... 105 2,999
Otter Tail Power Co. .................................. 1,302 27,342
P-COM, Inc.*........................................... 1,932 10,988
Pacific Capital Bancorp................................ 651 16,316
Pacific Gulf Properties, Inc. ......................... 1,050 26,316
Pacific Sunwear of California, Inc.*................... 1,029 19,294
Packeteer, Inc.*....................................... 315 9,174
Papa John's International, Inc.*....................... 1,029 25,211
Patterson Dental Co.*.................................. 756 38,556
Patterson Energy, Inc.*................................ 1,134 32,319
Paxar Corp.*........................................... 2,205 26,322
PE Corp.--Celera Genomics Group*....................... 147 13,745
Pegasus Communications Corp.*.......................... 630 30,909
Pegasus Systems, Inc.*................................. 819 8,907
Pennzoil-Quaker State Co............................... 3,864 46,609
Per-Se Technologies, Inc.*............................. 861 8,072
Peregrine Systems, Inc.*............................... 2,456 85,174
PerkinElmer, Inc. ..................................... 1,197 79,151
Perrigo Co.*........................................... 3,003 18,956
Persistence Software, Inc.*............................ 210 3,806
Petco Animal Supplies, Inc.*........................... 231 4,533
Petsmart, Inc.*........................................ 4,809 16,230
Pharmacopeia, Inc.*.................................... 189 8,765
Pharmacyclics, Inc.*................................... 525 32,025
Phoenix Investment Partners Ltd. ...................... 3,276 34,398
Phoenix Technologies Ltd.*............................. 903 14,730
Photronics, Inc.*...................................... 756 21,452
Pier 1 Imports, Inc. .................................. 3,213 31,327
Pinnacle Holdings, Inc.*............................... 756 40,824
Pinnacle Systems, Inc.*................................ 1,302 29,275
Pioneer Group, Inc.*................................... 1,260 53,392
Pioneer Natural Resources Co.*......................... 4,263 54,353
Pittston Brink's Group................................. 1,890 25,869
Plantronics, Inc.*..................................... 546 63,062
Playboy Enterprises, Inc.--Class B*.................... 1,008 12,978
Plexus Corp.*.......................................... 588 66,444
PMA Capital Corp.--Class A............................. 1,428 27,132
Pogo Producing Co. .................................... 1,407 31,130
Polaris Industries, Inc. .............................. 987 31,584
Polaroid Corp. ........................................ 1,470 26,552
Policy Management Systems Corp.*....................... 1,785 27,444
Polycom, Inc.*......................................... 357 33,591
Potlatch Corp.......................................... 651 21,564
Power Integrations, Inc.*.............................. 630 14,844
Power-One, Inc.*....................................... 315 35,890
Powertel, Inc.*........................................ 714 50,649
Powerwave Technologies, Inc.*.......................... 504 22,176
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Pre-Paid Legal Services, Inc.*......................... 714 $ 21,331
Precision Castparts Corp. ............................. 1,155 52,263
Premier National Bancorp, Inc. ........................ 1,512 19,656
Prentiss Properties Trust.............................. 1,302 31,248
Presstek, Inc.*........................................ 987 16,100
PRI Automation, Inc.*.................................. 588 38,449
Price Communications Corp.*............................ 1,428 33,647
Pride International, Inc.*............................. 1,533 37,942
Primark Corp.*......................................... 945 35,201
Prime Hospitality Corp.*............................... 2,457 23,188
Primus Knowledge Solutions, Inc.*...................... 231 10,395
Primus Telecommunications Group, Inc.*................. 861 21,417
Prison Realty Trust, Inc. ............................. 2,688 8,232
Prodigy Communications Corp.*.......................... 546 5,733
Profit Recovery Group International, Inc.*............. 1,155 19,202
Progress Software Corp.*............................... 1,134 20,341
Project Software & Development, Inc.*.................. 378 6,804
Protection One, Inc.*.................................. 2,751 6,018
Protein Design Labs, Inc.*............................. 168 27,712
Proxicom, Inc.*........................................ 630 30,161
Proxim, Inc.*.......................................... 336 33,254
PS Business Parks, Inc. ............................... 1,155 27,720
PSInet, Inc.*.......................................... 1,514 38,034
PSS World Medical, Inc.*............................... 2,709 18,201
Public Service Co. of New Mexico....................... 1,302 20,100
Pulitzer, Inc. ........................................ 483 20,377
Pulte Corp. ........................................... 1,281 27,702
Puma Technology, Inc.*................................. 273 7,320
QRS Corp.*............................................. 336 8,253
Quanta Services, Inc.*................................. 1,343 73,865
Quantum Corp.--Hard Disk Drive Group*.................. 609 6,737
Quest Diagnostics, Inc.*............................... 1,302 97,324
Quintus Corp.*......................................... 336 6,673
Quokka Sports, Inc.*................................... 672 5,397
Quorum Health Group, Inc.*............................. 3,171 32,701
R.H. Donnelley Corp.*.................................. 1,344 26,040
Radian Group, Inc. .................................... 1,008 52,163
Radio One, Inc.--Class A*.............................. 294 8,691
Radio One, Inc.--Class D*.............................. 308 6,795
Ramp Networks, Inc.*................................... 294 3,491
Rare Medium Group, Inc.*............................... 924 14,611
Raymond James Financial Corp. ......................... 1,638 36,855
Rayonier, Inc. ........................................ 777 27,875
Rayovac Corp.*......................................... 1,008 22,554
Razorfish, Inc.*....................................... 441 7,084
Reckson Associates Realty Corp. ....................... 1,491 35,410
Reebok International Ltd.*............................. 2,499 39,828
Regis Corp. ........................................... 1,533 19,163
REMEC, Inc.*........................................... 735 30,778
Remedy Corp.*.......................................... 735 40,975
Renal Care Group, Inc.*................................ 1,617 39,541
Republic Bancorp, Inc. ................................ 2,394 21,396
Republic Security Financial Corp. ..................... 2,877 14,385
ResMed, Inc.*.......................................... 1,050 28,088
Rexall Sundown, Inc.*.................................. 1,449 34,776
</TABLE>
See accompanying notes to the financial statements.
12
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
RFS Hotel Investors, Inc. ............................. 1,764 $ 20,727
Rhythms NetConnections, Inc.*.......................... 1,575 19,786
Richmond County Financial Corp. ....................... 1,092 20,885
Rogers Corp.*.......................................... 840 29,400
Rollins Truck Leasing Corp. ........................... 2,373 16,463
Rollins, Inc. ......................................... 1,470 21,866
Roper Industries, Inc. ................................ 1,008 25,830
RSA Security, Inc.*.................................... 588 40,719
Ruby Tuesday, Inc. .................................... 2,856 35,879
Ruddick Corp. ......................................... 1,575 18,605
Russell Corp. ......................................... 1,386 27,720
Ryerson Tull, Inc. .................................... 567 5,883
S1 Corp.*.............................................. 987 23,009
S3, Inc.*.............................................. 2,289 33,763
SAGA SYSTEMS, Inc.*.................................... 945 11,753
Salem Communications Corp.--Class A*................... 294 2,729
Sandisk Corp.*......................................... 588 35,978
SangStat Medical Corp.*................................ 651 18,798
Sanmina Corp.*......................................... 945 80,797
Sawtek, Inc.*.......................................... 693 39,891
Scholastic Corp.*...................................... 399 24,389
Schulman (A.) Inc. .................................... 1,470 17,732
SciQuest.com, Inc.*.................................... 357 4,083
SCM Microsystems, Inc.*................................ 420 25,436
SCPIE Holdings, Inc. .................................. 630 12,915
Seacoast Financial Services Corp. ..................... 2,373 22,544
Seacor Smit, Inc.*..................................... 735 28,416
Secure Computing Corp.*................................ 252 4,741
Security Capital Group, Inc.*.......................... 1,869 31,773
Selectica, Inc.*....................................... 42 2,943
SEMCO Energy, Inc. .................................... 1,638 21,294
Seminis, Inc.--Class A*................................ 1,638 4,300
Semtech Corp.*......................................... 441 33,730
Sensormatic Electronics Corp.*......................... 2,373 37,523
Sequa Corp.--Class A*.................................. 504 19,247
Service Corp. International............................ 4,746 15,128
Shopko Stores, Inc.*................................... 1,323 20,341
Shurgard Storage Centers, Inc.--Class A................ 903 20,318
SICOR, Inc.*........................................... 3,360 26,880
Sierra Pacific Resources............................... 1,848 23,216
Silicon Graphics, Inc.*................................ 1,596 5,985
Silicon Valley Bancshares*............................. 1,008 42,965
Silicon Valley Group, Inc.*............................ 1,260 32,603
Simmons First National Corp.--Class A.................. 903 20,205
Simpson Industries, Inc. .............................. 1,953 14,709
Sirius Satellite Radio, Inc.*.......................... 546 24,195
Sky Financial Group, Inc. ............................. 2,289 36,481
SL Green Realty Corp. ................................. 1,071 28,649
Smartserv Online, Inc.*................................ 42 2,964
Smithfield Foods, Inc.*................................ 1,596 44,787
SoftNet Systems, Inc.*................................. 672 6,468
Sonic Corp.*........................................... 861 25,292
SonicWALL, Inc.*....................................... 189 16,644
Southern Peru Copper Corp. ............................ 1,407 17,148
Southern Union Co.*.................................... 1,501 23,731
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Southwest Bancorp of Texas, Inc.*...................... 1,197 $ 24,838
Southwest Gas Corp. ................................... 1,155 20,213
Sovran Self Storage, Inc. ............................. 1,239 26,561
Spanish Broadcasting System, Inc.*..................... 441 9,068
SpeedFam-IPEC, Inc.*................................... 987 17,951
SportsLine.com, Inc.*.................................. 546 9,316
Springs Industries, Inc.--Class A...................... 588 18,926
Spyglass, Inc.*........................................ 546 17,097
Stamps.com, Inc.*...................................... 441 3,225
Star Scientific, Inc.*................................. 525 1,772
StarBase Corp.*........................................ 777 8,256
StarMedia Network, Inc.*............................... 840 15,855
Starrett (L.S.) Co. ................................... 1,029 18,008
Station Casinos, Inc.*................................. 966 24,150
Steel Dynamics, Inc.*.................................. 1,701 15,415
STERIS Corp.*.......................................... 2,688 23,856
Sterling Bancshares, Inc. ............................. 1,848 19,982
Stillwater Mining Co.*................................. 1,113 31,025
Stone Energy Corp.*.................................... 651 38,897
Storage Technology Corp.*.............................. 651 7,120
Storage USA, Inc. ..................................... 840 24,780
Suiza Foods Corp.*..................................... 882 43,107
Summit Technology, Inc.*............................... 1,952 36,844
Sun Communities, Inc. ................................. 756 25,279
Sunbeam Corp.*......................................... 5,733 19,707
Sunglass Hut International, Inc.*...................... 840 6,904
Sunrise Technologies International, Inc.*.............. 336 3,360
SuperGen, Inc.*........................................ 483 17,509
Superior Industries International, Inc. ............... 966 24,874
Susquehanna Bancshares, Inc. .......................... 1,470 20,948
Swift Transportation Co., Inc.*........................ 1,617 22,638
Sybase, Inc.*.......................................... 2,352 54,095
Sykes Enterprises, Inc.*............................... 1,008 12,978
Symyx Technologies, Inc.*.............................. 105 4,474
Syntroleum Corp.*...................................... 882 15,104
Systems & Computer Technology Corp.*................... 1,113 22,260
Talbots, Inc. ......................................... 546 29,996
Talk.com, Inc.*........................................ 1,302 7,568
Taubman Centers, Inc. ................................. 1,848 20,328
Techne Corp.*.......................................... 567 73,709
Technitrol, Inc. ...................................... 462 44,756
Technology Solutions Co.*.............................. 1,197 7,406
TEKELEC*............................................... 798 38,454
Tektronix, Inc. ....................................... 1,239 91,685
TeleTech Holdings, Inc.*............................... 756 23,482
Teligent, Inc.--Class A*............................... 420 9,923
Tennant Co. ........................................... 651 24,413
Tenneco Automotive, Inc. .............................. 798 4,190
Terex Corp.*........................................... 1,155 16,314
Terrayon Communication Systems, Inc.*.................. 252 16,187
Terremark Worldwide, Inc.*............................. 2,751 13,583
Tetra Tech, Inc.*...................................... 1,428 32,665
Texas BioTechnology Corp.*............................. 567 10,773
Texas Industries, Inc. ................................ 630 18,191
</TABLE>
See accompanying notes to the financial statements.
13
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Texas Regional Bancshares, Inc.--Class A............... 840 $ 21,315
The Cheesecake Factory*................................ 1,092 30,030
The Children's Place Retail Stores, Inc.*.............. 168 3,444
The Hain Celestial Group, Inc.*........................ 714 26,195
The Men's Wearhouse, Inc.*............................. 1,071 23,897
The Scotts Company--Class A*........................... 651 23,762
Timken Co. ............................................ 1,743 32,463
Titan Corp.*........................................... 945 42,288
Titan Pharmaceuticals, Inc.*........................... 126 5,418
Tom Brown, Inc.*....................................... 1,617 37,292
Too, Inc.*............................................. 273 6,944
Total Renal Care Holdings, Inc.*....................... 4,746 28,476
Tower Automotive, Inc.*................................ 1,869 23,363
Transaction Systems Architects, Inc.*.................. 1,218 20,858
Transkaryotic Therapies, Inc.*......................... 609 22,381
Transwitch Corp.*...................................... 294 22,693
Travelocity.com, Inc.*................................. 210 3,439
Tredegar Corp. ........................................ 882 16,758
Triad Hospitals, Inc.*................................. 1,722 41,651
Triangle Pharmaceuticals, Inc.*........................ 1,239 11,228
Trimble Navigation Ltd.*............................... 924 45,103
Trimeris, Inc.*........................................ 84 5,875
Trinity Industries, Inc. .............................. 1,533 28,361
Triquint Semiconductor, Inc.*.......................... 210 20,094
True North Communications, Inc. ....................... 1,302 57,288
Trust Company of New Jersey............................ 1,008 18,396
Tumbleweed Communications Corp.*....................... 126 6,410
Tupperware Corp. ...................................... 1,722 37,883
Tut Systems, Inc.*..................................... 294 16,868
UCAR International, Inc.*.............................. 1,470 19,202
UICI*.................................................. 1,155 7,580
Unifi, Inc.*........................................... 2,772 34,304
Unisource Energy Corp. ................................ 1,953 29,295
United Asset Management Corp. ......................... 2,226 52,033
United Auto Group, Inc.*............................... 357 3,258
United Bankshares, Inc. ............................... 1,197 21,770
United Community Financial Corp. ...................... 2,562 17,053
United Dominion Realty Trust, Inc. .................... 3,171 34,880
United National Bancorp................................ 1,197 21,995
United Stationers, Inc.*............................... 1,050 33,994
United Television, Inc. ............................... 147 18,926
Universal Corp. ....................................... 1,218 25,730
Universal Foods Corp. ................................. 1,386 25,641
Unova, Inc.*........................................... 2,142 15,663
US LEC Corp.--Class A.................................. 315 5,355
US Oncology, Inc.*..................................... 1,197 5,985
USEC, Inc. ............................................ 4,977 23,019
USFreightways Corp. ................................... 861 21,148
USinternetworking, Inc.*............................... 651 13,305
Valence Technology, Inc.*.............................. 756 13,939
Valero Energy Corp. ................................... 1,827 58,006
ValueVision International, Inc.--Class A*.............. 1,050 25,200
Varco International, Inc.*............................. 1,681 39,074
Varian Medical Systems, Inc.*.......................... 882 34,508
</TABLE>
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Varian Semiconductor Equipment Associates, Inc.*....... 861 $ 54,081
Varian, Inc.*.......................................... 987 45,525
Vector Group Ltd. ..................................... 294 4,337
Veeco Instruments, Inc.*............................... 315 23,074
Venator Group, Inc.*................................... 2,457 25,184
Ventana Medical Systems, Inc.*......................... 525 12,338
Ventro Corp.*.......................................... 231 4,360
Verity, Inc.*.......................................... 840 31,920
Vertex Pharmaceuticals, Inc.*.......................... 504 53,108
VerticalNet, Inc.*..................................... 483 17,841
VIA NET.WORKS, Inc.*................................... 189 2,918
Viador, Inc.*.......................................... 315 5,001
Viant Corp.*........................................... 588 17,420
Viatel, Inc.*.......................................... 1,050 29,991
Vical, Inc.*........................................... 567 10,915
Vicor Corp.*........................................... 840 29,243
Vintage Petroleum, Inc.*............................... 1,785 40,274
Visual Networks, Inc.*................................. 609 17,357
VISX, Inc.*............................................ 651 18,269
Voicestream Wireless Corp.*............................ 94 10,953
Voyager.net, Inc.*..................................... 273 2,184
W.R. Grace & Co.*...................................... 2,499 30,300
Wabash National Corp. ................................. 1,449 17,297
Wabtec Corp. .......................................... 1,596 16,559
Wackenhut Corp.--Class A*.............................. 294 3,804
Wallace Computer Services, Inc. ....................... 1,596 15,761
Walter Industries, Inc. ............................... 2,373 27,141
Warnaco Group, Inc. ................................... 525 4,069
Washington Real Estate Investment Trust................ 1,596 28,529
WatchGuard Technologies*............................... 84 4,615
Wausau-Mosinee Paper Corp. ............................ 2,163 18,521
Wave Systems Corp.*.................................... 1,197 18,928
WD-40 Co. ............................................. 1,071 22,223
Weblink Wireless, Inc.*................................ 1,281 16,973
Webster Financial Corp. ............................... 966 21,433
WebTrends Corp.*....................................... 420 16,249
Weingarten Realty Investors............................ 546 22,045
Wellman, Inc. ......................................... 1,365 22,096
Werner Enterprises, Inc. .............................. 1,512 17,483
Wesley Jessen VisionCare, Inc.*........................ 714 26,820
West Pharmaceutical Services, Inc. .................... 714 15,440
Western Digital Corp.*................................. 4,893 24,465
Western Properties Trust............................... 2,394 28,429
Westwood One, Inc.*.................................... 1,848 63,062
Whitney Holding Corp. ................................. 693 23,692
Whole Foods Market, Inc.*.............................. 840 34,703
Wind River Systems, Inc.*.............................. 987 37,383
Wisconsin Central Transport*........................... 1,806 23,478
Wit Soundview Group, Inc.*............................. 1,848 19,837
Wolverine World Wide, Inc. ............................ 1,869 18,456
World Access, Inc.*.................................... 1,512 16,727
WorldGate Communications, Inc.*........................ 378 6,710
WorldPages.com, Inc.*.................................. 1,113 6,678
Worthington Industries, Inc. .......................... 2,142 22,491
Xceed, Inc.*........................................... 462 4,216
Xircom, Inc.*.......................................... 693 32,918
</TABLE>
See accompanying notes to the financial statements.
14
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP UltraSmall-Cap June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks, continued
Market
Shares Value
---------- ------------
<S> <C> <C>
Xtra Corp.*........................................... 567 $ 22,361
Yellow Corp.*......................................... 1,344 19,824
Zebra Technologies Corp.*............................. 735 32,570
Zenith National Insurance Corp........................ 1,281 27,221
Ziff-Davis, Inc.*..................................... 861 7,749
Zixit Corp.*.......................................... 252 11,608
Zygo Corp.*........................................... 63 5,721
------------
TOTAL COMMON STOCKS
(Cost $23,607,258)................................... 23,510,627
------------
Options Purchased (7.8%)
<CAPTION>
Contracts
----------
<S> <C> <C>
Russell 2000 Call Option expiring July 2000 @ 300..... 19 2,097,125
Russell 2000 Put Option expiring July 2000 @ 250...... 50 2,250
------------
TOTAL OPTIONS PURCHASED
(Cost $2,075,095).................................... 2,099,375
------------
U.S. Treasury Notes (3.3%)
<CAPTION>
Principal
Amount
----------
<S> <C> <C>
U.S. Treasury Note, 4.50%, 09/30/00................... $ 885,000 881,543
------------
TOTAL U.S. TREASURY NOTES
(Cost $881,581)...................................... 881,543
------------
TOTAL INVESTMENTS (Cost $26,563,934)(a) (98.1%)....... 26,491,545
Other assets in excess of liabilities (1.9%).......... 522,306
------------
TOTAL NET ASSETS (100.0%)............................. $ 27,013,851
============
-----
Percentages indicated are based on net assets of $27,013,851.
Futures Contracts Purchased
<CAPTION>
Unrealized
Contracts Gain
---------- ------------
<S> <C> <C>
Russell 2000 Future Contract expiring September 2000
(Underlying face amount at value $26,037,500)........ 100 $ 1,545,175
</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:
<TABLE>
<S> <C>
Unrealized appreciation.... $ 798,397
Unrealized depreciation.... (870,786)
---------
Net unrealized deprecia-
tion...................... $ (72,389)
=========
</TABLE>
The ProFund VP UltraSmall-Cap'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................................................................... 5.9%
Biotechnology............................................................. 2.0%
Building & Construction................................................... 1.5%
Business Services......................................................... 4.0%
Chemicals................................................................. 1.9%
Computer Services......................................................... 1.1%
Computer Software......................................................... 7.6%
Computers................................................................. 3.8%
Consumer Products......................................................... 0.9%
Containers & Packaging.................................................... 0.2%
Electrical & Electronic................................................... 5.9%
Energy & Utilities........................................................ 6.0%
Environmental Services.................................................... 0.3%
Financial Services........................................................ 1.9%
Food & Beverage........................................................... 1.3%
Health Care............................................................... 3.6%
Home Furnishings.......................................................... 0.7%
Insurance................................................................. 1.8%
Investment Company........................................................ 0.1%
Machinery & Equipment..................................................... 3.4%
Media..................................................................... 2.4%
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.............................................. 5.8%
Retail & Wholesale........................................................ 3.8%
Semiconductors............................................................ 3.4%
Telecommunications........................................................ 6.8%
Textiles & Apparel........................................................ 0.7%
Tobacco................................................................... 0.1%
Transportation............................................................ 1.5%
Travel & Entertainment.................................................... 1.1%
Other..................................................................... 13.0%
</TABLE>
See accompanying notes to the financial statements.
15
<PAGE>
PROFUNDS VP
ProFund VP UltraSmall-Cap
(Unaudited)
<TABLE>
<S> <C>
Statement of Assets and Liabilities
June 30, 2000
Assets:
Investments, at value (cost $26,563,934).......................... $26,491,545
Cash.............................................................. 91,701
Variation margin on futures contracts............................. 1,940,635
Dividends and interest receivable................................. 36,718
Receivable for investments sold................................... 2,252,077
Prepaid expenses.................................................. 218,346
Deferred offering costs........................................... 2,061
-----------
Total Assets...................................................... 31,033,083
Liabilities:
Payable for investments purchased................................. 3,983,295
Advisory fees payable............................................. 19,191
Management servicing fees payable................................. 3,838
Administrative servicing fees payable............................. 6,397
Distribution fees payable......................................... 6,397
Administration fees payable....................................... 114
-----------
Total Liabilities................................................. 4,019,232
-----------
Net Assets......................................................... $27,013,851
===========
Net Assets consist of:
Capital........................................................... $31,582,300
Accumulated undistributed net investment income................... 52,395
Accumulated net realized losses on investments and futures
contracts........................................................ (6,093,630)
Net unrealized appreciation on investments and futures contracts.. 1,472,786
-----------
Total Net Assets................................................... $27,013,851
===========
Net Assets........................................................ $27,013,851
Shares of Beneficial Interest Outstanding......................... 777,092
Net Asset Value (offering and redemption price per share)......... $ 34.76
===========
</TABLE>
<TABLE>
<S> <C>
Statement of Operations
For the six months ended June 30, 2000
Investment Income:
Dividends (net of foreign taxes of $6)............................ $ 228,533
Interest.......................................................... 165,310
-----------
Total Income...................................................... 393,843
Expenses:
Advisory fees..................................................... 148,305
Management servicing fees......................................... 29,661
Administrative servicing fees..................................... 49,435
Distribution fees................................................. 49,435
Administration fees............................................... 9,817
Custody fees...................................................... 48,467
Fund accounting fees.............................................. 20,206
Offering costs.................................................... 3,411
Other fees........................................................ 1,726
-----------
Total expenses.................................................... 360,463
-----------
Net Investment Income.............................................. 33,380
-----------
Realized and Unrealized Gains/(Losses) on Investments:
Net realized losses on investments and futures contracts.......... (6,594,185)
Net change in unrealized appreciation on investments and futures
contracts........................................................ 1,089,501
-----------
Net realized and unrealized losses on investments and futures
contracts........................................................ (5,504,684)
-----------
Decrease in Net Assets Resulting from Operations................... $(5,471,304)
===========
</TABLE>
See accompanying notes to the financial statements.
16
<PAGE>
PROFUNDS VP
ProFund VP UltraSmall-Cap
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the six For the period
months ended October 19, 1999(a) through
June 30, 2000 December 31, 1999
------------- ---------------------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income................................................ $ 33,380 $ 17,625
Net realized gains/(losses) on investments and futures contracts..... (6,594,185) 500,555
Net change in unrealized appreciation on investments and futures
contracts........................................................... 1,089,501 383,285
------------- ------------
Net increase/(decrease) in net assets resulting from operations...... (5,471,304) 901,465
Capital Share Transactions:
Proceeds from shares issued.......................................... 416,999,055 49,941,883
Cost of shares redeemed.............................................. (394,317,820) (41,039,428)
------------- ------------
Net increase in net assets resulting from capital share
transactions........................................................ 22,681,235 8,902,455
------------- ------------
Total increase in net assets......................................... 17,209,931 9,803,920
Net Assets:
Beginning of period.................................................. 9,803,920 --
------------- ------------
End of period........................................................ $ 27,013,851 $ 9,803,920
============= ============
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
17
<PAGE>
PROFUNDS VP
ProFund VP UltraSmall-Cap
Financial Highlights
<TABLE>
<CAPTION>
For a share of beneficial interest
outstanding
For the
For the period from
six months October 19, 1999(a)
ended through
June 30, 2000 December 31, 1999
------------- -------------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period...... $ 35.99 $ 30.00
----------- ----------
Net investment income.................... 0.03(b) 0.06
Net realized and unrealized gain/(loss)
on investments and futures contracts.... (1.26) 5.93
----------- ----------
Total income/(loss) from investment
operations.............................. (1.23) 5.99
----------- ----------
Net Asset Value, End of Period............ $ 34.76 $ 35.99
=========== ==========
Total Return.............................. (3.42)%(c) 19.97%(c)
Ratios/Supplemental Data:
Net assets, end of period................. $27,013,851 $9,803,920
Ratio of expenses to average net assets... 1.82%(d) 1.70%(d)
Ratio of net investment income to average
net assets............................... 0.17%(d) 1.75%(d)
Ratio of expenses to average net assets*.. 1.82%(d) 2.53%(d)
Portfolio turnover........................ 1320% 686%
</TABLE>
-----
*During the period, certain fees were voluntarily reduced. If such voluntary
fee reduction had not occurred, the ratio 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.
18
<PAGE>
PROFUNDS VP Schedule of Portfolio Investments
ProFund VP Europe 30 June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
Common Stocks (97.0%)
Market
Shares Value
---------- -----------
<S> <C> <C>
ABN Amro Holding NV--ADR................................ 35,776 $ 878,748
Aegon NV--ADR........................................... 29,024 1,033,980
Alcatel SA--ADR......................................... 18,140 1,206,310
AstraZeneca PLC--ADR.................................... 43,536 2,024,424
Axa--ADR................................................ 17,132 1,363,065
Banco Bilbao Vizcaya--ADR............................... 49,684 732,839
Banco Santander Central Hispano SA--ADR................. 90,096 934,746
Barclays PLC--ADR....................................... 9,372 937,200
BP Amoco PLC--ADR....................................... 78,204 4,423,413
British Telecommunications PLC--ADR..................... 15,520 2,052,520
Deutsche Telekom--ADR................................... 75,080 4,260,790
Diageo PLC--ADR......................................... 20,760 738,278
E.On AG--ADR............................................ 12,396 618,251
ENI SpA--ADR............................................ 19,652 1,143,501
Ericsson (LM) Telephone--ADR............................ 174,144 3,482,880
France Telecom SA--ADR.................................. 24,388 3,475,290
Glaxo Wellcome PLC--ADR................................. 44,040 2,546,063
HSBC Holdings PLC--ADR.................................. 39,908 2,312,170
ING Groep NV--ADR....................................... 23,784 1,605,420
Koninklijke Philips Electronics NV--ADR................. 31,040 1,474,400
LVMH--ADR............................................... 11,892 992,982
Nokia OYJ--ADR.......................................... 120,128 5,998,891
Royal Dutch Petroleum Co.--ADR.......................... 52,304 3,219,964
Shell Transport & Trading Co.--ADR...................... 40,412 2,018,074
SmithKline Beecham PLC--ADR............................. 26,908 1,754,065
Telecom Italia SpA--ADR................................. 14,008 1,926,976
Telefonica SA--ADR*..................................... 25,900 1,659,219
Total Fina SA--ADR...................................... 29,528 2,268,120
Unilever NV--ADR........................................ 14,008 602,344
Vodafone AirTouch PLC--ADR.............................. 77,196 3,198,809
-----------
TOTAL COMMON STOCKS
(Cost $63,848,973)..................................... 60,883,732
-----------
U.S. Treasury Notes (2.8%)
<CAPTION>
Principal
Amount
----------
<S> <C> <C>
U.S. Treasury Note, 4.50%, 09/30/00..................... $1,745,000 1,738,184
-----------
TOTAL U.S. TREASURY NOTES
(Cost $1,738,258)...................................... 1,738,184
-----------
TOTAL INVESTMENTS
(Cost $65,587,231)(a) (99.8%).......................... 62,621,916
Other assets in excess of liabilities (0.2%)............ 127,644
-----------
TOTAL NET ASSETS (100.0%)............................... $62,749,560
===========
</TABLE>
-----
Percentages indicated are based on net assets of $62,749,560.
<TABLE>
<CAPTION>
Futures Contracts Purchased
Unrealized
Contracts Loss
--------- ----------
<S> <C> <C>
S&P 500 Future Contract expiring September 2000
(Underlying face amount at value $1,836,875)............ 5 $(34,775)
</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:
<TABLE>
<S> <C>
Unrealized appreciation.. $ 702,255
Unrealized depreciation.. (3,667,570)
-----------
Net unrealized deprecia-
tion.................... $(2,965,315)
===========
</TABLE>
ADR--American Depositary Receipt
The ProFund VP Europe 30's investment concentration based on net assets, by
industry, as of June 30, 2000, was as follows:
<TABLE>
<S> <C>
Banking................................................................... 11.8%
Electrical & Electronic................................................... 2.3%
Energy & Utilities........................................................ 20.8%
Food & Beverage........................................................... 3.7%
Insurance................................................................. 3.8%
Machinery & Equipment..................................................... 1.0%
Pharmaceuticals........................................................... 10.1%
Telecommunications........................................................ 43.5%
Other..................................................................... 3.0%
</TABLE>
See accompanying notes to the financial statements.
19
<PAGE>
PROFUNDS VP
ProFund VP Europe 30
(Unaudited)
<TABLE>
<S> <C>
Statement of Assets and Liabilities
June 30, 2000
Assets:
Investments, at value (cost $65,587,231)......................... $ 62,621,916
Cash............................................................. 118,968
Variation margin on futures contracts............................ 13,125
Dividends and interest receivable................................ 97,476
Deferred offering costs.......................................... 394
------------
Total Assets..................................................... 62,851,879
Liabilities:
Advisory fees payable............................................ 32,168
Management servicing fees payable................................ 6,434
Administrative servicing fees payable............................ 10,723
Distribution fees payable........................................ 10,723
Administration fees payable...................................... 251
Other accrued expenses........................................... 42,020
------------
Total Liabilities................................................ 102,319
------------
Net Assets........................................................ $ 62,749,560
============
Net Assets consist of:
Capital.......................................................... $ 79,334,436
Accumulated undistributed net investment income.................. 83,475
Accumulated net realized losses on investments and futures
contracts....................................................... (13,668,261)
Net unrealized depreciation on investments and futures
contracts....................................................... (3,000,090)
------------
Total Net Assets.................................................. $ 62,749,560
============
Net Assets....................................................... $ 62,749,560
Shares of Beneficial Interest Outstanding........................ 1,722,954
Net Asset Value (offering and redemption price per share)........ $ 36.42
============
</TABLE>
<TABLE>
<S> <C>
Statement of Operations
For the six months ended June 30, 2000
Investment Income:
Dividends (net of foreign taxes of $47,017)...................... $ 438,218
Interest......................................................... 34,689
------------
Total Income..................................................... 472,907
Expenses:
Advisory fees.................................................... 165,855
Management servicing fees........................................ 33,171
Administrative servicing fees.................................... 55,285
Distribution fees................................................ 55,285
Administration fees.............................................. 10,800
Custody fees..................................................... 31,933
Fund accounting fees............................................. 7,047
Offering costs................................................... 652
Other fees....................................................... 29,404
------------
Total expenses................................................... 389,432
------------
Net Investment Income............................................. 83,475
------------
Realized and Unrealized Losses on Investments:
Net realized losses on investments and futures contracts......... (13,768,320)
Net change in unrealized depreciation on investments and futures
contracts....................................................... (3,218,228)
------------
Net realized and unrealized losses on investments and futures
contracts....................................................... (16,986,548)
------------
Decrease in Net Assets Resulting from Operations.................. $(16,903,073)
============
</TABLE>
See accompanying notes to the financial statements.
20
<PAGE>
PROFUNDS VP
ProFund VP Europe 30
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
For the six For the period
months ended October 19, 1999(a) through
June 30, 2000 December 31, 1999
------------- ---------------------------
(Unaudited)
<S> <C> <C>
Change in Net Assets:
Operations:
Net investment income/(loss)......................................... $ 83,475 $ (3,102)
Net realized gains/(losses) on investments and futures contracts..... (13,768,320) 102,963
Net change in unrealized appreciation/(depreciation) on investments
and futures contracts............................................... (3,218,228) 218,138
------------- -----------
Net increase/(decrease) in net assets resulting from operations...... (16,903,073) 317,999
Capital Share Transactions:
Proceeds from shares issued.......................................... 332,571,888 4,413,241
Cost of shares redeemed.............................................. (256,181,386) (1,469,109)
------------- -----------
Net increase in net assets resulting from capital share
transactions........................................................ 76,390,502 2,944,132
------------- -----------
Total increase in net assets......................................... 59,487,429 3,262,131
Net Assets:
Beginning of period.................................................. 3,262,131 --
------------- -----------
End of period........................................................ $ 62,749,560 $ 3,262,131
============= ===========
</TABLE>
-----
(a)Commencement of operations.
See accompanying notes to the financial statements.
21
<PAGE>
PROFUNDS VP
ProFund VP Europe 30
Financial Highlights
<TABLE>
<CAPTION>
For a share of beneficial interest
outstanding
For the
For the period from
six months October 19, 1999(a)
ended through
June 30, 2000 December 31, 1999
------------- -------------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period...... $ 36.82 $ 30.00
----------- ----------
Net investment income/(loss)............. 0.05 (0.04)
Net realized and unrealized gain/(loss)
on investments and futures contracts.... (0.45) 6.86
----------- ----------
Total income/(loss) from investment
operations.............................. (0.40) 6.82
----------- ----------
Net Asset Value, End of Period............ $ 36.42 $ 36.82
=========== ==========
Total Return.............................. (1.09)%(b) 22.73%(b)
Ratios/Supplemental Data:
Net assets, end of period................. $62,749,560 $3,262,131
Ratio of expenses to average net assets... 1.76%(c) 1.78%(c)
Ratio of net investment income/(loss) to
average net assets....................... 0.38%(c) (1.00)%(c)
Ratio of expenses to average net assets*.. 1.76%(c) 2.39%(c)
Portfolio turnover........................ 759% 100%
</TABLE>
-----
*During the period, certain fees were voluntarily reduced. If such voluntary
fee reduction had not occurred, the ratio would have been as indicated.
(a)Commencement of operations.
(b)Not annualized.
(c)Annualized.
22
<PAGE>
PROFUNDS VP
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:
ProFund VP UltraOTC, ProFund VP UltraSmall-Cap and ProFund VP Europe 30
(collectively, the "ProFunds VP" and individually, a "ProFund VP"). Each
ProFund VP is a "non-diversified" series of the Trust pursuant to the 1940
Act.
The investment objectives of the ProFunds VP are as follows:
ProFund VP UltraOTC. The investment objective of the ProFund VP UltraOTC is
to provide investment results that correspond to twice (200%) the
performance of the NASDAQ 100 Index. The NASDAQ 100 Index includes 100 of
the largest and most active non-financial domestic companies listed on the
NASDAQ National Market tier of The NASDAQ Stock Market. If the ProFund VP
UltraOTC is successful in meeting its objective, it should gain
approximately twice as much as the growth oriented NASDAQ 100 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.
ProFund VP UltraSmall-Cap. The investment objective of the ProFund VP
UltraSmall-Cap is to provide investment returns that correspond to 200% of
the performance of the Russell 2000 Index. If the ProFund VP UltraSmall-Cap
is successful in meeting its objective, it should gain approximately twice
as much as the Russell 2000 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.
ProFund VP Europe 30. The investment objective of the ProFund VP Europe 30
is to provide investment results that correspond to the performance of the
ProFunds Europe 30 Index. The ProFunds Europe 30 Index, created by ProFund
Advisors, is composed of the 30 European companies whose securities are
traded on U.S. exchanges or on the NASDAQ Stock Market as American
Depository Receipts with the highest market capitalization determined
annually.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently
followed by each ProFund VP 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 ProFund VP 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 ProFunds VP, 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. When market quotations are not readily available,
securities and other assets held by the ProFunds VP 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
23
<PAGE>
PROFUNDS VP
Notes to Financial Statements (continued)
June 30, 2000
(Unaudited)
Repurchase Agreements
Under a repurchase agreement, a ProFund VP 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 VP will enter into repurchase agreements only
with member banks of the Federal Reserve System or primary dealers of U.S.
government securities. The Advisor will monitor the creditworthiness of each
of the firms which is a party to a repurchase agreement with any of the
ProFunds VP.
The ProFunds VP require that the securities purchased in a repurchase
agreement transaction be transferred to the custodian in a manner sufficient
to enable the ProFund VP 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 VP may engage in short sales. When a ProFund VP engages in a
short sale, the ProFund VP 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 VP maintains a segregated account of securities as
collateral for outstanding short sales, when required. The ProFund VP 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 VP that sells a security short without
hedging will be exposed to any market value increase in the security sold
short.
Futures Contracts
The ProFunds VP 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 VP 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 VP 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 VP 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 VP 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 VP 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 VP 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 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.
Continued
24
<PAGE>
PROFUNDS VP
Notes to Financial Statements (continued)
June 30, 2000
(Unaudited)
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.
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 VP are charged to the ProFund
VP, while expenses which are attributable to more than one ProFund VP are
allocated among the respective ProFunds VP based upon relative net assets or
another appropriate basis.
Distributions to Shareholders
The ProFunds VP will distribute net investment income and net realized
gains, if any, at least once a year. 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 ProFunds VP 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.
Federal Income Tax
Each of the ProFunds VP 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 VP intend to make timely distributions in order to avoid tax
liability.
Offering Costs
Costs incurred by the ProFunds VP in connection with its initial offering of
shares have been deferred and are being amortized on the straight-line
method over a twelve-month period beginning on the date on which each
ProFund VP 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>
ProFund VP UltraOTC
------------------------------------------------------
Six Months Ended October 19, 1999 through
June 30, 2000 (Unaudited) December 31, 1999
--------------------------- -------------------------
Shares Amount Shares Amount
------------ -------------- -------------------------
<S> <C> <C> <C> <C>
Shares Sold......... 5,096,245 $ 355,143,019 1,790,763 $ 79,824,900
Shares Redeemed..... (1,993,852) (132,645,157) (833,547) (40,983,810)
----------- -------------- ---------- -------------
Net Increase...... 3,102,393 $ 222,497,862 957,216 $ 38,841,090
=========== ============== ========== =============
</TABLE>
Continued
25
<PAGE>
PROFUNDS VP
Notes to Financial Statements (concluded)
June 30, 2000
(Unaudited)
<TABLE>
<CAPTION>
ProFund VP UltraSmall-Cap
------------------------------------------------------
Six Months Ended October 19, 1999 through
June 30, 2000 (Unaudited) December 31, 1999
-------------------------- --------------------------
Shares Amount Shares Amount
----------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
Shares Sold......... 10,792,264 $ 416,999,055 1,534,275 $ 49,941,883
Shares Redeemed..... (10,287,570) (394,317,820) (1,261,877) (41,039,428)
----------- ------------- ----------- -------------
Net Increase...... 504,694 $ 22,681,235 272,398 $ 8,902,455
=========== ============= =========== =============
</TABLE>
<TABLE>
<CAPTION>
ProFund VP Europe 30
-------------------------------------------------------
Six Months Ended October 19, 1999 through
June 30, 2000 (Unaudited) December 31, 1999
--------------------------- --------------------------
Shares Amount Shares Amount
------------ -------------- --------------------------
<S> <C> <C> <C> <C>
Shares Sold........ 8,524,098 $ 332,571,888 132,408 $ 4,413,241
Shares Redeemed.... (6,889,752) (256,181,386) (43,800) (1,469,109)
----------- -------------- ---------- --------------
Net Increase..... 1,634,346 $ 76,390,502 88,608 $ 2,944,132
=========== ============== ========== ==============
</TABLE>
4. Investment Advisory Fees, Administration Fees and Other Related Party
Transactions
The ProFunds VP have entered into an Investment Advisory Agreement with the
Advisor. Under this agreement, the ProFunds VP each pay the Advisor a fee at
an annualized rate, based on the average daily net assets of each respective
ProFund VP, of 0.75%.
For its services as Administrator, each ProFund VP pays BISYS a fee at the
annual rate of 0.05% of its average daily net assets. BISYS Fund Services,
Inc. ("BFSI"), also an affiliate of BISYS, acts as transfer agent and fund
accounting agent for the ProFunds VP, for which it receives additional fees.
Additionally, ProFunds VP, 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 VP. For these services, each ProFund VP will pay
to ProFund Advisors LLC a fee at the annual rate of 0.15% of its average
daily net assets.
Under a distribution plan adopted by the Board of Trustees, each ProFund VP
may pay financial intermediaries an annual fee of up to 0.25% of its average
daily net assets as reimbursement or compensation for providing or procuring
a variety of services relating to the promotion, sale and servicing of
shares of the ProFund VP.
The Trust, on behalf of the ProFunds VP, has entered into an administrative
services agreement with American Skandia Life Assurance Corporation
("American Skandia") pursuant to which American Skandia will provide
administrative services with respect to the ProFunds VP. For these services,
the Trust pays American Skandia a quarterly fee equal on an annual basis to
0.25% of the average daily net assets of each ProFund VP that were invested
in such Fund through American Skandia's separate account.
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>
ProFund VP UltraOTC............................... $555,262,400 $393,555,915
ProFund VP UltraSmall-Cap......................... 366,463,598 347,807,743
ProFund VP Europe 30.............................. 333,551,438 258,073,111
</TABLE>
26
