# EDGAR Filing Document

**Accession Number:** 0001040587
**File Stem:** 0001193125-25-255698
**Filing Date:** 2025-10
**Character Count:** 43926
**Document Hash:** 58f9f6ff99b1606e5e7ce70931ed1dc9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-255698.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0001193125-25-255698

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIREXION FUNDS
- **CENTRAL INDEX KEY:** 0001040587

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08243
- **FILM NUMBER:** 251428387

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646-572-3390

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE
- **STREET 2:** 37TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POTOMAC FUNDS
- **DATE OF NAME CHANGE:** 19970606

## Series and Classes Contracts Data

### HILTON TACTICAL INCOME FUND (Series ID: S000046967)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146784 | Investor Class      | HCYAX           |
| C000146785 | Institutional Class | HCYIX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Direxion Funds

- **b. Investment Company Act file number:** 811-08243

- **c. CIK number of Registrant:** 0001040587

- **d. LEI of Registrant:** TPDM9FF5QV7ZRKBZK142

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1301 Avenue of the Americas (6th Avenue)

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10019

  - **Telephone number:** 646-572-3390

**Item A.2. Information about the Series.**

- **a. Name of Series:** Hilton Tactical Income Fund

- **b. EDGAR series identifier (if any):** S000046967

- **c. LEI of Series:** 549300S0Y75P1B7DHH79

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-08-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $125241314.71

**Total Liabilities:** $257699.46

**Net Assets:** $124983615.25

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 2090.722919003488 | **5-Year:** 6410.957272084883 | **10-Year:** 199.755258587343 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000146784 | 2.05%                | 0.83%                | 1.32%                |
| Class ID C000146785 | 2.07%                | 0.85%                | 1.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $353082.31               | $1702465.21                                |
| Month 2  | $1002661.45              | $-269087.18                                |
| Month 3  | $439480.78               | $845861.02                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                         | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Xylem, Inc.                                  | XYLEM INC                                                             | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |      4805 | NS      | $680195.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)                | WILLIAMS COS INC                                                      | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |     14840 | NS      | $858939.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Companies Inc. (The)                | Williams Cos Inc/The                                                  | CUSIP: 969457CK4<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |    590000 | PA      | $608714.89    | 0.49%             | 2028-08-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Welltower OP LLC                             | Welltower OP LLC                                                      | CUSIP: 95041AAF5<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    605000 | PA      | $610832.74    | 0.49%             | 2030-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo & Co.                            | Wells Fargo & Company COM USD1.666                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      7730 | NS      | $635251.40    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds                    | Vanguard Short-Term Treasury ETF                                      | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |      8295 | NS      | $488326.65    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds                    | Vanguard Short-Term Corporate Bond ETF                                | CUSIP: 92206C409<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     23345 | NS      | $1864565.15   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Scottsdale Funds                    | Vanguard Intermediate-Term Corporate Bond ETF                         | CUSIP: 92206C870<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     37275 | NS      | $3109480.50   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Sector Spdr Trust                     | Utilities Select Sector SPDR Fund                                     | CUSIP: 81369Y886<br>LEI: 5493008JJKIPMEX3CO91 | Long             | EC               | RF                | US        |     31805 | NS      | $2681797.60   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds    | VANGUARD FTSE EUROPE ETF                                              | CUSIP: N/A<br>LEI: 549300UR5XWDVDO7NP96       | Long             | EC               | RF                | US        |     31845 | NS      | $2499832.50   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                 | United States Treasury Note/Bond                                      | CUSIP: 91282CMA6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7685000 | PA      | $7824890.98   | 6.26%             | 2029-11-30      | Fixed         | 4.12%                 | No            |                  1 | On Loan: No      |
| Unilever PLC                                 | Unilever PLC                                                          | CUSIP: 904767704<br>LEI: 549300MKFYEKVRWML317 | Long             | EC               | CORP              | GB        |     13470 | NS      | $851304.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                  | PepsiCo Inc                                                           | CUSIP: 713448GH5<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | DBT              | CORP              | US        |    380000 | PA      | $382419.46    | 0.31%             | 2030-07-23      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Paychex Inc                                  | Paychex Inc                                                           | CUSIP: 704326AA5<br>LEI: 529900K900DW6SUBM174 | Long             | DBT              | CORP              | US        |    615000 | PA      | $632967.15    | 0.51%             | 2030-04-15      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corp                                                           | CUSIP: 68389XCZ6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    585000 | PA      | $601728.43    | 0.48%             | 2032-02-03      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                                | NETFLIX INC. 5.875% 28                                                | CUSIP: 64110LAT3<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    550000 | PA      | $580923.48    | 0.46%             | 2028-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Oracle Corp.                                 | Oracle Corporation COM USD0.01                                        | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      5670 | NS      | $1282157.10   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NetApp Inc.                                  | NetApp Inc. COM USD0.001                                              | CUSIP: 64110D104<br>LEI: QTX3D84DZDD5JYOCYH15 | Long             | EC               | CORP              | US        |      2980 | NS      | $336114.20    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                   | Nasdaq Inc                                                            | CUSIP: 63111XAH4<br>LEI: 549300L8X1Q78ERXFD06 | Long             | DBT              | CORP              | US        |    520000 | PA      | $536676.60    | 0.43%             | 2028-06-28      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| Motorola Solutions Inc                       | Motorola Solutions Inc                                                | CUSIP: 620076CA5<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | DBT              | CORP              | US        |    645000 | PA      | $657133.19    | 0.53%             | 2030-08-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                              | Microsoft Corporation COM USD0.00000625                               | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5425 | NS      | $2748793.25   | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc COM USD0.000006 CL 'A'                             | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      3345 | NS      | $2470951.50   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | Meta Platforms Inc                                                    | CUSIP: 30303M8S4<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | DBT              | CORP              | US        |    515000 | PA      | $521817.29    | 0.42%             | 2029-08-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Merck & Co., Inc                             | MERCK & CO INC SR GLBL NT 28                                          | CUSIP: 58933YBH7<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | DBT              | CORP              | US        |    585000 | PA      | $588374.47    | 0.47%             | 2028-05-17      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| McDonald's Corp.                             | McDonald's Corporation COM USD0.01                                    | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      3745 | NS      | $1174207.30   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| McCormick & Company, Incorporated            | McCormick & Company, Incorporated COM NPV                             | CUSIP: 579780206<br>LEI: 549300JQQA6MQ4OJP259 | Long             | EC               | CORP              | US        |      5985 | NS      | $421164.45    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                      | MASTERCARD INCORPORATED SR GLBL NT 28                                 | CUSIP: 57636QAW4<br>LEI: AR5L2ODV9HN37376R084 | Long             | DBT              | CORP              | US        |    420000 | PA      | $430111.60    | 0.34%             | 2028-03-09      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Marsh & McLennan Companies, Inc.             | Marsh & McLennan Cos Inc                                              | CUSIP: 571748BG6<br>LEI: 549300XMP3KDCKJXIU47 | Long             | DBT              | CORP              | US        |    620000 | PA      | $625350.33    | 0.50%             | 2029-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| M&T Bank Corporation                         | M&T Bank Corp                                                         | CUSIP: 55261FAY0<br>LEI: 549300WYXDDBYRASEG81 | Long             | DBT              | CORP              | US        |    515000 | PA      | $526827.73    | 0.42%             | 2031-07-08      | Fixed         | 5.18%                 | No            |                  2 | On Loan: No      |
| Lockheed Martin Corporation                  | Lockheed Martin Corp                                                  | CUSIP: 539830CL1<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | DBT              | CORP              | US        |    500000 | PA      | $504067.77    | 0.40%             | 2030-08-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Lennox International Inc.                    | Lennox International Inc                                              | CUSIP: 526107AG2<br>LEI: S7DWAC87RDMPBF77GJ92 | Long             | DBT              | CORP              | US        |    590000 | PA      | $611353.29    | 0.49%             | 2028-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Kenvue Inc.                                  | Kenvue Inc                                                            | CUSIP: 49177JAH5<br>LEI: 5493008HSF8L4M2LIJ82 | Long             | DBT              | CORP              | US        |    610000 | PA      | $631088.06    | 0.50%             | 2030-03-22      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust        | J P MORGAN EXCHANGE TRADED FD NASDAQ EQT PREM                         | CUSIP: 46654Q203<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    119340 | NS      | $6644851.20   | 5.32%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust        | JPMorgan Income ETF                                                   | CUSIP: 46641Q159<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |    107105 | NS      | $4985737.75   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust        | JPMorgan Equity Premium Income ETF                                    | CUSIP: 46641Q332<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     76595 | NS      | $4377404.25   | 3.50%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                         | JPMorgan Chase & Co. COM USD1.00                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      3795 | NS      | $1143888.90   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Detroit Street Trust                   | Janus Henderson AAA CLO ETF                                           | CUSIP: 47103U845<br>LEI: 5493003MM7OCK5UJW595 | Long             | EC               | RF                | US        |    110085 | NS      | $5594519.70   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ITOCHU Corp.                                 | ITOCHU Corp                                                           | CUSIP: 465717106<br>LEI: J48DJYXDTLHM30UMYI18 | Long             | EC               | CORP              | JP        |      3530 | NS      | $399419.50    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares Preferred and Income Securities ETF                           | CUSIP: 464288687<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     39525 | NS      | $1243456.50   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares MBS ETF                                                       | CUSIP: 464288588<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     72200 | NS      | $6812070.00   | 5.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange Traded Fund Trust II        | Invesco Senior Loan ETF                                               | CUSIP: 46138G508<br>LEI: O540V2L4S174Y60FMD36 | Long             | EC               | RF                | US        |     59415 | NS      | $1242961.80   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                                | iShares 0-5 Year High Yield Corporate Bond ETF                        | CUSIP: 46434V407<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     43255 | NS      | $1868616.00   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                                   | Intuit Inc                                                            | CUSIP: 46124HAF3<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | DBT              | CORP              | US        |    570000 | PA      | $588923.39    | 0.47%             | 2028-09-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Independence Realty Trust Inc                | INDEPENDENCE REALTY TRUST IN                                          | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |     29175 | NS      | $528359.25    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corp                                  | CUSIP: 459200LG4<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122984.14    | 0.10%             | 2030-02-10      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc.                              | Home Depot Inc COM USD0.05                                            | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      2970 | NS      | $1208106.90   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| International Business Machines Corp.        | International Business Machines Corporation COM USD0.20               | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      2530 | NS      | $616029.70    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| General Dynamics Corporation                 | General Dynamics Corp                                                 | CUSIP: 369550BC1<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | DBT              | CORP              | US        |    270000 | PA      | $269514.85    | 0.22%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| General Dynamics Corporation                 | General Dynamics Corporation COM USD1.00                              | CUSIP: 369550108<br>LEI: 9C1X8XOOTYY2FNYTVH06 | Long             | EC               | CORP              | US        |      1945 | NS      | $631288.65    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Colchester Street Trust             | FIDELITY COLCHESTER STR TR GOVT PT INSTL                              | CUSIP: 31607A703<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   3111912 | NS      | $3111911.99   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage LP                       | Extra Space Storage LP                                                | CUSIP: 30225VAK3<br>LEI: 549300YNKSKNZFR8UC42 | Long             | DBT              | CORP              | US        |    555000 | PA      | $579891.42    | 0.46%             | 2030-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Emerson Electric Co.                         | EMERSON ELECTRIC CO                                                   | CUSIP: 291011104<br>LEI: FGLT0EWZSUIRRITFOA30 | Long             | EC               | CORP              | US        |      5085 | NS      | $671220.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co.                              | Eli Lilly & Co. COM NPV                                               | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      1145 | NS      | $838804.10    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                   | Cullen/Frost Bankers, Inc. COM USD0.01                                | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      2915 | NS      | $376122.45    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                          | Comcast Corp                                                          | CUSIP: 20030NCT6<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    475000 | PA      | $476375.38    | 0.38%             | 2028-10-15      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| CME Group Inc.                               | CME Group Inc                                                         | CUSIP: 12572QAL9<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | DBT              | CORP              | US        |    605000 | PA      | $611259.64    | 0.49%             | 2030-03-15      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems Inc                                                     | CUSIP: 17275RBS0<br>LEI: 549300LKFJ962MZ46593 | Long             | DBT              | CORP              | US        |    730000 | PA      | $755768.72    | 0.60%             | 2031-02-26      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                          | Cisco Systems, Inc. COM USD0.001                                      | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     15960 | NS      | $1102676.40   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | Broadcom Inc                                                          | CUSIP: 11135FBX8<br>LEI: 549300WV6GIDOZJTV909 | Long             | DBT              | CORP              | US        |    615000 | PA      | $632318.57    | 0.51%             | 2029-07-12      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Blue Owl Capital Inc                         | Blue Owl Capital Inc                                                  | CUSIP: 09581B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19080 | NS      | $353361.60    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                               | Blackstone Inc                                                        | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Long             | EC               | CORP              | US        |      4340 | NS      | $743876.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc.                               | BLACKROCK INC                                                         | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |       635 | NS      | $715733.90    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | Bank of America Corporation COM USD0.01                               | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     12540 | NS      | $636279.60    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities, Inc.                  | AvalonBay Communities, Inc. COM USD0.01                               | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |      5565 | NS      | $1089905.25   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Gallagher Aj &Co                             | Arthur J Gallagher & Co                                               | CUSIP: 04316JAM1<br>LEI: 54930049QLLMPART6V29 | Long             | DBT              | CORP              | US        |    635000 | PA      | $647384.08    | 0.52%             | 2032-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                              | AstraZeneca PLC SPON ADR EACH REP 0.50 ORD                            | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |     15785 | NS      | $1261221.50   | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corporation                  | ARES MANAGEMENT CORPORATION GLBL NT 6.375% 28                         | CUSIP: 03990BAA9<br>LEI: 529900JUV61FH7B8VW38 | Long             | DBT              | CORP              | US        |    200000 | PA      | $212007.79    | 0.17%             | 2028-11-10      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Ares Management Corporation                  | Ares Management Corp                                                  | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Long             | EC               | CORP              | US        |      5025 | NS      | $900480.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Capital Corp.                           | Ares Capital Corp                                                     | CUSIP: 04010LBG7<br>LEI: WEQ82666OJYSI5GUAB47 | Long             | DBT              | CORP              | US        |    600000 | PA      | $620600.92    | 0.50%             | 2029-07-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Apple Inc.                                   | APPLE INC SR GLBL NT 4% 28                                            | CUSIP: 037833ET3<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | DBT              | CORP              | US        |    720000 | PA      | $724865.70    | 0.58%             | 2028-05-10      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Apollo Global Management Inc                 | APOLLO GLOBAL MANAGEMENT INC                                          | CUSIP: 03769M106<br>LEI: 254900LMFT1CY9IYB476 | Long             | EC               | CORP              | US        |      5835 | NS      | $794902.05    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | Apple Inc. COM USD0.00001                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      8920 | NS      | $2070688.80   | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc.                                   | Amgen Inc. COM USD0.0001                                              | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      1905 | NS      | $548087.55    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc.                | American Healthcare REIT Inc                                          | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10050 | NS      | $430039.50    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Company                     | American Express Co                                                   | CUSIP: 025816DY2<br>LEI: R4PP93JZOLY261QX3811 | Long             | DBT              | CORP              | US        |    795000 | PA      | $819405.26    | 0.66%             | 2031-01-30      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Amazon.com, Inc.                             | Amazon.com Inc                                                        | CUSIP: 023135CQ7<br>LEI: ZXTILKJKG63JELOEG630 | Long             | DBT              | CORP              | US        |    765000 | PA      | $786048.22    | 0.63%             | 2029-12-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc.                                | Alphabet Inc. CAP STK USD0.001 CL A                                   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     12860 | NS      | $2738022.60   | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPS ETF Trust                               | Alerian MLP ETF                                                       | CUSIP: 00162Q452<br>LEI: 549300VF1907NYC4WM31 | Long             | EC               | RF                | US        |     26840 | NS      | $1307108.00   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                  | AbbVie Inc                                                            | CUSIP: 00287YDS5<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | DBT              | CORP              | US        |    610000 | PA      | $624552.55    | 0.50%             | 2029-03-15      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| 3i Group PLC                                 | 3i Group PLC                                                          | CUSIP: 88579N105<br>LEI: 35GDVHRBMFE7NWATNM84 | Long             | EC               | CORP              | GB        |     38545 | NS      | $528837.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan Semiconductor Manufacturing Co., Ltd. SPON ADS REP 5 ORD TWD10 | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      4505 | NS      | $1040069.35   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co                            | Tractor Supply Co COM USD0.008                                        | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     12985 | NS      | $801953.60    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                              | T-MOBILE US INC                                                       | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |      2275 | NS      | $573277.25    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyota Motor Credit Corp.                    | TOYOTA MTR CR CORP FR 4.625% 011228                                   | CUSIP: 89236TKQ7<br>LEI: Z2VZBHUMB7PWWJ63I008 | Long             | DBT              | CORP              | US        |    605000 | PA      | $613807.64    | 0.49%             | 2028-01-12      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                       | The TJX Companies Inc. COM USD1                                       | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      8100 | NS      | $1106541.00   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Thomson Reuters Corp                         | THOMSON REUTERS CORP                                                  | CUSIP: 884903808<br>LEI: 549300561UZND4C7B569 | Long             | EC               | CORP              | CA        |      4610 | NS      | $818782.10    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc                 | Thermo Fisher Scientific Inc                                          | CUSIP: 883556DA7<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | DBT              | CORP              | US        |    760000 | PA      | $782716.45    | 0.63%             | 2029-01-31      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                          | TE CONNECTIVITY PLC                                                   | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      2095 | NS      | $432617.50    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc.                       | Texas Instruments Inc                                                 | CUSIP: 882508CK8<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | DBT              | CORP              | US        |    605000 | PA      | $614471.94    | 0.49%             | 2030-05-23      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Stryker Corporation                          | Stryker Corp                                                          | CUSIP: 863667BL4<br>LEI: 5493002F0SC4JTBU5137 | Long             | DBT              | CORP              | US        |    620000 | PA      | $636178.65    | 0.51%             | 2030-02-10      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| State Street Corp.                           | State Street Corp                                                     | CUSIP: 857477CW1<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | DBT              | CORP              | US        |    605000 | PA      | $618605.63    | 0.49%             | 2030-02-28      | Fixed         | 4.73%                 | No            |                  2 | On Loan: No      |
| Simplify Exchange Traded Funds               | Simplify MBS ETF                                                      | CUSIP: 82889N525<br>LEI: 549300LDDEMEUCZQEO55 | Long             | EC               | RF                | US        |     93810 | NS      | $4718643.00   | 3.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens AG                                   | Siemens AG                                                            | CUSIP: 826197501<br>LEI: W38RGI023J3WT1HWRP32 | Long             | EC               | CORP              | DE        |      4640 | NS      | $644403.20    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| RTX Corp.                                    | Raytheon Technologies Corp                                            | CUSIP: 913017CY3<br>LEI: I07WOS4YJ0N7YRFE7309 | Long             | DBT              | CORP              | US        |    500000 | PA      | $500497.33    | 0.40%             | 2028-11-16      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                      | Republic Services, Inc. COM USD0.01                                   | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |      3700 | NS      | $865689.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corporation                    | REALTY INCOME CORP SR GLBL NT 30                                      | CUSIP: 756109BR4<br>LEI: 549300CUWDAUZSH43859 | Long             | DBT              | CORP              | US        |    570000 | PA      | $584322.69    | 0.47%             | 2030-03-15      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Quest Diagnostics Incorporated               | QUEST DIAGNOSTICS INC                                                 | CUSIP: 74834L100<br>LEI: 8MCWUBXQ0WE04KMXBX50 | Long             | EC               | CORP              | US        |      5185 | NS      | $941803.40    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage Operating Co.                 | Public Storage Operating Co                                           | CUSIP: 74464AAC5<br>LEI: 549300LMZF40TKJ6DM64 | Long             | DBT              | CORP              | US        |    195000 | PA      | $196086.14    | 0.16%             | 2030-07-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                               | PROLOGIS L P SR GLBL NT 28                                            | CUSIP: 74340XCG4<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    755000 | PA      | $772294.63    | 0.62%             | 2028-06-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| Prologis Inc.                                | Prologis Inc. COM USD0.01                                             | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |      6830 | NS      | $777117.40    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                     | PROCTER & GAMBLE CO/THE                                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      4815 | NS      | $756147.60    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                  | PFIZER INC SR GLBL NT3.6% 28                                          | CUSIP: 717081EP4<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | DBT              | CORP              | US        |    415000 | PA      | $413150.44    | 0.33%             | 2028-09-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| PNC Financial Services Group Inc.            | PNC Financial Services Group Inc/The                                  | CUSIP: 693475CB9<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | DBT              | CORP              | US        |    610000 | PA      | $630356.74    | 0.50%             | 2031-01-29      | Fixed         | 5.22%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-27

**Name of Applicant:** Direxion Funds

**Signature:** Patrick Rudnick

**Name of Signer:** Patrick Rudnick

**Title:** Principal Executive Officer