# EDGAR Filing Document

**Accession Number:** 0001040587
**File Stem:** 0001145549-23-004300
**Filing Date:** 2023-1
**Character Count:** 36789
**Document Hash:** 127b88591d17960ed1a2a9d65a9fd150
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-004300.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-004300

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIREXION FUNDS
- **CENTRAL INDEX KEY:** 0001040587
- **IRS NUMBER:** 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:** 23562367

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS (6TH AVENUE)
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 646-572-3390

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS (6TH AVENUE)
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

## Series and Classes Contracts Data

### DIREXION MONTHLY HIGH YIELD BULL 1.2X FUND (Series ID: S000052787)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000165828 | Investor Class | DXHYX           |

## Nport-Ex

**Direxion Monthly High Yield Bull 1.2X Fund** 

**Schedule of Investments (Unaudited)** 

**November 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **INVESTMENT COMPANIES—80.0%** | **INVESTMENT COMPANIES—80.0%** |  |
| 308504 | iShares iBoxx High Yield Corporate Bond ETF <sup>(a)</sup> | $23341413 |
| 251445 | SPDR Bloomberg High Yield Bond ETF <sup>(a)</sup> | 23341639 |
|  | TOTAL INVESTMENT COMPANIES (Cost $45,848,359) | $46683052 |
| **SHORT TERM INVESTMENTS—4.8%** | **SHORT TERM INVESTMENTS—4.8%** |  |
| **Money Market Funds—4.8%** | **Money Market Funds—4.8%** |  |
| 2780000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% <sup>(b)(c)</sup> | $2780000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,780,000) | $2780000 |
|  | TOTAL INVESTMENTS (Cost $48,628,359)—84.8% | $49463052 |
|  | Other Assets in Excess of Liabilities—15.2% | 8885430 |
|  | TOTAL NET ASSETS—100.0% | $58348482 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at November 30, 2022.

<sup>(c)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,780,000. 

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of PIMCO 0-5 Year High Yield Corporate Bond Index ETF | 4.3000% representing<br>1 month SOFR rate + spread | UBS Securities LLC | 10/10/2023 | 255396 | $23051490 | $278392 |

---

------

**Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund** 

**Schedule of Investments (Unaudited)** 

**November 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **INVESTMENT COMPANIES—60.6%** | **INVESTMENT COMPANIES—60.6%** |  |
| 2610 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $765670 |
|  | TOTAL INVESTMENT COMPANIES (Cost $722,617) | $765670 |
| **SHORT TERM INVESTMENTS—19.3%** | **SHORT TERM INVESTMENTS—19.3%** |  |
| **Money Market Funds—19.3%** | **Money Market Funds—19.3%** |  |
| 124326 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (b)(c) | $124326 |
| 120000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% (b)(c) | 120000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $244,326) | $244326 |
|  | TOTAL INVESTMENTS (Cost $966,943)—79.9% | $1009996 |
|  | Other Assets in Excess of Liabilities—20.1% | 253603 |
|  | TOTAL NET ASSETS—100.0% | $1263598 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b) Represents annualized seven-day yield at November 30, 2022.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $244,326.

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of NASDAQ-100<sup>®</sup> Index | 4.3000 % representing<br>1 month SOFR rate + spread | UBS Securities LLC | 12/9/2022 | 41 | $472324 | $18741 |
|  Total return of NASDAQ-100<sup>®</sup> Index | 4.3000 % representing<br>1 month SOFR rate + spread | Bank of America<br>Merrill Lynch | 12/14/2022 | 27 | 309584 | 13545 |
|  |  |  |  |  | $781908 | $32286 |

---

------

---

| | | |
|:---|:---|:---|
| **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** |
| **Shares** |  | **Fair Value** |
| **INVESTMENT COMPANIES—24.0%** | **INVESTMENT COMPANIES—24.0%** |  |
| 209420 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $61435451 |
|  | TOTAL INVESTMENT COMPANIES (Cost $47,422,967) | $61435451 |
| **SHORT TERM INVESTMENTS—23.3%** | **SHORT TERM INVESTMENTS—23.3%** |  |
| **Money Market Funds—23.3%** | **Money Market Funds—23.3%** |  |
| 27461868 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% <sup>(b)(c)</sup> | $27461868 |
| 32150000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% <sup>(b)(c)</sup> | 32150000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $59,611,868) | $59611868 |
|  | TOTAL INVESTMENTS (Cost $107,034,835)—47.3% | $121047319 |
|  | Other Assets in Excess of Liabilities—52.7% | 135239269 |
|  | TOTAL NET ASSETS—100.0% | $256286589 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b) Represents annualized seven-day yield at November 30, 2022.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $59,611,868.

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional Amount** | **Unrealized**<br>**Appreciation** |
|  Total return of NASDAQ-100<sup>®</sup> Index | 4.3000 % representing 1 month<br>SOFR rate + spread | UBS Securities LLC | 12/9/2022 | 16497 | $194788165 | $2683708 |
|  Total return of NASDAQ-100<sup>®</sup> Index | 4.3000 % representing 1 month SOFR rate + spread | Bank of America Merrill Lynch | 12/12/2022 | 15683 | 178426695 | 9387568 |
|  |  |  |  |  | $373214860 | $12071276 |

---

------

**Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund** 

**Schedule of Investments (Unaudited)** 

**November 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **INVESTMENT COMPANIES—45.8%** | **INVESTMENT COMPANIES—45.8%** |  |
| 89400 | iShares Core S&P 500 ETF (a) | $36593208 |
|  | TOTAL INVESTMENT COMPANIES (Cost $34,681,585) | $36593208 |
| **SHORT TERM INVESTMENTS—22.8%** | **SHORT TERM INVESTMENTS—22.8%** |  |
| **Money Market Funds—22.8%** | **Money Market Funds—22.8%** |  |
| 14440000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (b)(c) | $14440000 |
| 3750000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% (b)(c) | 3750000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $18,190,000) | $18190000 |
|  | TOTAL INVESTMENTS (Cost $52,871,585)—68.6% | $54783208 |
|  | Other Assets in Excess of Liabilities—31.4% | 25120580 |
|  | TOTAL NET ASSETS—100.0% | $79903788 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b) Represents annualized seven-day yield at November 30, 2022.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $18,190,000.

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received at<br>Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination**<br>**Date** | **Contracts** | **Notional Amount** | **Unrealized**<br>**Appreciation** |
|  Total return of S&P 500<sup>®</sup> Index | 4.3700 % representing 1 month<br>SOFR rate + spread | UBS Securities LLC | 12/9/2022 | 7100 | $28269185 | $625278 |
|  Total return of S&P 500<sup>®</sup> Index | 4.2500 % representing 1<br>month SOFR rate + spread | Bank of America Merrill Lynch | 12/15/2023 | 18219 | 72113687 | 2167990 |
|  |  |  |  |  | $100382872 | $2793268 |

---

------

---

| | | |
|:---|:---|:---|
| **Direxion Monthly S&P 500<sup>®</sup> Bear1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly S&P 500<sup>®</sup> Bear1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly S&P 500<sup>®</sup> Bear1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** |
| **Shares** |  | **Fair Value** |
| **SHORT TERM INVESTMENTS—46.0%** | **SHORT TERM INVESTMENTS—46.0%** |  |
| **Money Market Funds—46.0%** | **Money Market Funds—46.0%** |  |
| 3460000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% <sup>(a)(b)</sup> | $3460000 |
| 530000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% <sup>(a)(b)</sup> | 530000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $3,990,000) | $3990000 |
|  | TOTAL INVESTMENTS (Cost $3,990,000)—46.0% | $3990000 |
|  | Other Assets in Excess of Liabilities—54.0% | 4689052 |
|  | TOTAL NET ASSETS—100.0% | $8679052 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Represents annualized seven-day yield at November 30, 2022.

<sup>(b)</sup> All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,990,000. 

**Short Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
|  4.0500% representing 1 month<br>SOFR rate + spread | Total return of S&P<br>500<sup>®</sup> Index | Bank of America<br>Merrill Lynch | 12/13/2022 | 3129 | $11764206 | $(983806) |
|  4.1200% representing 1 month SOFR rate + spread | Total return of S&P<br>500<sup>®</sup> Index | UBS Securities<br>LLC | 12/13/2023 | 595 | 2238474 | (186667) |
|  |  |  |  |  | $14002680 | $(1170473) |

---

------

---

| | | |
|:---|:---|:---|
| **Direxion Monthly Small Cap Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly Small Cap Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly Small Cap Bull 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** |
| **Shares** |  | **Fair Value** |
| **INVESTMENT COMPANIES—50.5%** | **INVESTMENT COMPANIES—50.5%** |  |
| 22500 | iShares Russell 2000 ETF <sup>(a)</sup> | $4215825 |
|  | TOTAL INVESTMENT COMPANIES (Cost $3,963,228) | $4215825 |
| **SHORT TERM INVESTMENTS—19.3%** | **SHORT TERM INVESTMENTS—19.3%** |  |
| **Money Market Funds—19.3%** | **Money Market Funds—19.3%** |  |
| 1285888 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% <sup>(b)(c)</sup> | $1285888 |
| 330000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% <sup>(b)(c)</sup> | 330000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,615,888) | $1615888 |
|  | TOTAL INVESTMENTS (Cost $5,579,116)—69.8% | $5831713 |
|  | Other Assets in Excess of Liabilities—30.2% | 2526009 |
|  | TOTAL NET ASSETS—100.0% | $8357722 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

(b) Represents annualized seven-day yield at November 30, 2022.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $1,615,888.

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be<br>Received at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of Russell 2000<sup>®</sup> Index | 4.3600% representing 1 month SOFR rate + spread | UBS Securities LLC | 12/9/2022 | 692 | $1379396 | $(82726) |
|  Total return of Russell 2000<sup>®</sup> Index | 3.5500% representing 1 month SOFR rate + spread | Bank of America Merrill Lynch | 12/13/2022 | 4828 | 8918489 | 181257 |
|  |  |  |  |  | $10297885 | $98531 |

---

------

**Direxion Monthly Small Cap Bear 1.75X Fund** 

**Schedule of Investments (Unaudited)** 

**November 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
| **SHORT TERM INVESTMENTS—40.6%** | **SHORT TERM INVESTMENTS—40.6%** |  |
| **Money Market Funds—40.6%** | **Money Market Funds—40.6%** |  |
| 1660000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% <sup>(a)(b)</sup> | $1660000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,660,000) | $1660000 |
|  | TOTAL INVESTMENTS (Cost $1,660,000)—40.6% | $1660000 |
|  | Other Assets in Excess of Liabilities—59.4% | 2425962 |
|  | TOTAL NET ASSETS—100.0% | $4085962 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Represents annualized seven-day yield at November 30, 2022.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $1,660,000.

**Short Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Depreciation** |
| 3.3500 % representing 1 month<br>SOFR rate + spread<br> Total return of Russell 2000<sup>®</sup> Index | Bank of America Merrill Lynch | 12/13/2022 | 3791 | $6641093 | $(500639) |
|  |  |  |  | $6641093 | $(500639) |

---

------

**Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund** 

**Schedule of Investments (Unaudited)** 

**November 30, 2022** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  **INVESTMENT COMPANIES—34.0%** | **INVESTMENT COMPANIES—34.0%** |  |
| 18000 | iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | $1756980 |
|  | TOTAL INVESTMENT COMPANIES (Cost $1,844,262) | $1756980 |
|  **SHORT TERM INVESTMENTS—28.7%** | **SHORT TERM INVESTMENTS—28.7%** |  |
|  **Money Market Funds—28.7%** | **Money Market Funds—28.7%** |  |
| 745861 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% <sup>(b)(c)</sup> | $745861 |
| 741472 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% <sup>(b)(c)</sup> | 741472 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,487,333) | $1487333 |
|  | TOTAL INVESTMENTS (Cost $3,331,595)—62.7% | $3244313 |
|  | Other Assets in Excess of Liabilities—37.3% | 1930622 |
|  | TOTAL NET ASSETS—100.0% | $5174935 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

<sup>(a)</sup> Shareholders may obtain the financial statements of these investment companies at www.sec.gov.

<sup>(b)</sup> Represents annualized seven-day yield at November 30, 2022.

---

| | |
|:---|:---|
| <sup>(c)</sup> | All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,487,333.  |

---

**Long Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
|  Total return of iShares 7-10 Year Treasury Bond ETF | 3.9500% representing 1<br>month SOFR rate + spread | Bank of America<br>Merrill Lynch | 12/13/2022 | 40883 | $3906687 | $83595 |
|  Total return of iShares 7-10 Year Treasury Bond ETF | 4.3500% representing 1<br>month SOFR rate + spread | UBS Securities<br>LLC | 12/14/2022 | 33907 | 3417366 | (130361) |
|  |  |  |  |  | $7324053 | $(46766) |

---

------

---

| | | |
|:---|:---|:---|
| **Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** |
| **Shares** |  | **Fair Value** |
|  **SHORT TERM INVESTMENTS—27.4%** | **SHORT TERM INVESTMENTS—27.4%** |  |
|  **Money Market Funds—27.4%** | **Money Market Funds—27.4%** |  |
| 430000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (a)(b) | $430000 |
| 450000 | Invesco Government & Agency Portfolio Institutional Shares, 3.73% (a)(b) | 450000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $880,000) | $880000 |
|  | TOTAL INVESTMENTS (Cost $880,000)—27.4% | $880000 |
|  | Other Assets in Excess of Liabilities—72.6% | 2330344 |
|  | TOTAL NET ASSETS—100.0% | $3210344 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

(a) Represents annualized seven-day yield at November 30, 2022.

(b) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $880,000.

**Short Total Return Swap Contracts (Unaudited)** 

**November 30, 2022** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received**<br> **at Termination** | **Terms of Payments to be Paid<br>at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation<br>(Depreciation)** |
| 3.7500 % representing 1 month<br>SOFR rate + spread | Total return of iShares<br>7-10 Year Treasury Bond ETF | Bank of America<br>Merrill Lynch | 12/13/2022 | 12836 | $1243635 | $(20818) |
| 2.9000 % representing 1 month<br>SOFR rate + spread | Total return of iShares 7-10<br>Year Treasury Bond ETF | UBS Securities<br>LLC | 12/14/2022 | 44712 | 4530570 | 175514 |
|  |  |  |  |  | $5774205 | $154696 |

---

------

---

| | | |
|:---|:---|:---|
| **Hilton Tactical Income Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Hilton Tactical Income Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** | **Hilton Tactical Income Fund**<br> **Schedule of Investments (Unaudited)**<br> **November 30, 2022** |
| **Shares/Principal** |  | **Fair Value** |
|  **U.S. GOVERNMENT OBLIGATIONS—43.7%** | **U.S. GOVERNMENT OBLIGATIONS—43.7%** |  |
|  | U.S. Treasury Note |  |
| 1135000 | 1.50%, 03/31/2023 | $1123820 |
| 5275000 | 3.00%, 06/30/2024 | 5148792 |
| 6570000 | 4.25%, 09/30/2024 | 6546646 |
| 3455000 | 2.63%, 03/31/2025 | 3334615 |
| 8235000 | 2.88%, 04/30/2025 | 7973796 |
| 7935000 | 4.25%, 10/15/2025 | 7956697 |
| 1780000 | 2.00%, 11/15/2026 | 1651228 |
| 2320000 | 2.75%, 04/30/2027 | 2210525 |
| 2015000 | 3.25%, 06/30/2027 | 1959902 |
| 9750000 | 4.13%, 09/30/2027 | 9855498 |
| 1515000 | 5.50%, 08/15/2028 | 1637028 |
| 1140000 | 3.25%, 06/30/2029 | 1102193 |
|  | TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $51,203,868) | $50500740 |
|  **COMMON STOCKS—26.6%** | **COMMON STOCKS—26.6%** |  |
|  **Beverages—3.1%** | **Beverages—3.1%** |  |
| 12615 | PepsiCo, Inc. | 2340209 |
| 19065 | The Coca-Cola Co. | 1212724 |
|  |  | 3552933 |
|  **Capital Markets—0.6%** | **Capital Markets—0.6%** |  |
| 8070 | Ares Management Corp. | 632607 |
|  **Commercial Services & Supplies—1.2%** | **Commercial Services & Supplies—1.2%** |  |
| 10265 | Republic Services, Inc. | 1429812 |
|  **Communications Equipment—1.4%** | **Communications Equipment—1.4%** |  |
| 31130 | Cisco Systems, Inc. | 1547784 |
|  **Equity REITs—3.3%** | **Equity REITs—3.3%** |  |
| 6360 | Alexandria Real Estate Equities, Inc. | 989680 |
| 8775 | Crown Castle International Corp. | 1241048 |
| 40790 | Four Corners Property Trust, Inc. | 1107041 |
| 5150 | The Blackstone Group, Inc. | 471379 |
|  |  | 3809148 |
|  **Food & Staples Retailing—1.3%** | **Food & Staples Retailing—1.3%** |  |
| 9560 | Walmart, Inc. | 1457135 |
|  **Food Products—0.5%** | **Food Products—0.5%** |  |
| 6940 | McCormick & Co., Inc. | 591149 |
|  **Health Care Equipment & Supplies—0.5%** | **Health Care Equipment & Supplies—0.5%** |  |
| 4980 | Zimmer Biomet Holdings, Inc. | 598098 |
|  **Health Care Providers & Services—1.9%** | **Health Care Providers & Services—1.9%** |  |
| 3265 | AmerisourceBergen Corp. | 557303 |
| 2965 | UnitedHealth Group, Inc. | 1624108 |
|  |  | 2181411 |
|  **Hotels, Restaurants & Leisure—1.0%** | **Hotels, Restaurants & Leisure—1.0%** |  |
| 4355 | McDonald's Corp. | 1188000 |
|  **Household Products—0.9%** | **Household Products—0.9%** |  |
| 13725 | Colgate-Palmolive Co. | 1063413 |
|  **IT Services—2.9%** | **IT Services—2.9%** |  |
| 3530 | Accenture PLC (Ireland) | 1062283 |
| 12230 | Booz Allen Hamilton Holding Corp. | 1301272 |
| 8750 | Thomson Reuters Corp. (Canada) | 1030050 |
|  |  | 3393605 |
|  **Mortgage REITs—0.5%** | **Mortgage REITs—0.5%** |  |
| 28095 | Starwood Property Trust, Inc. | 601514 |
|  **Multiline Retail—1.0%** | **Multiline Retail—1.0%** |  |
| 4995 | Dollar General Corp. | 1277122 |
|  **Pharmaceuticals—2.8%** | **Pharmaceuticals—2.8%** |  |
| 22390 | AstraZeneca PLC (United Kingdom) | 1521848 |
| 5020 | Merck & Co., Inc. | 552803 |
| 27631 | Roche Holding AG (Switzerland) | 1130661 |
|  |  | 3205312 |
|  **Software—1.8%** | **Software—1.8%** |  |
| 8135 | Microsoft Corp. | 2075564 |
|  **Technology Hardware, Storage & Peripherals—1.9%** | **Technology Hardware, Storage & Peripherals—1.9%** |  |
| 14785 | Apple, Inc. | 2188623 |
|  | TOTAL COMMON STOCKS (Cost $24,013,288) | $30793230 |

---

------

---

| | | |
|:---|:---|:---|
|  **CORPORATE BONDS—14.9%** | **CORPORATE BONDS—14.9%** |  |
|  **Aerospace & Defense—1.0%** | **Aerospace & Defense—1.0%** |  |
|  | Lockheed Martin Corp. |  |
| 615000 | 3.55%, 01/15/2026 | $600783.0 |
|  | Raytheon Technologies Corp. |  |
| 600000 | 4.13%, 11/16/2028 | 580884.0 |
|  |  | 1181667.0 |
|  **Banks—1.0%** | **Banks—1.0%** |  |
|  | Truist Financial Corp. |  |
| 560000 | 5.90%, 10/28/2026 | 568100.0 |
|  | U.S. Bancorp |  |
| 560000 | 5.73%, 10/21/2026 | 571720.0 |
|  |  | 1139820.0 |
|  **Biotechnology—0.4%** | **Biotechnology—0.4%** |  |
|  | Amgen, Inc. |  |
| 510000 | 2.60%, 08/19/2026 | 475584.0 |
|  **Capital Markets—1.6%** | **Capital Markets—1.6%** |  |
|  | B Riley Financial, Inc. |  |
| 12615 | 6.50%, 09/30/2026 | 293047.0 |
|  | BlackRock, Inc. |  |
| 490000 | 3.50%, 03/18/2024 | 483031.0 |
|  | Fidus Investment Corp. |  |
| 200000 | 3.50%, 11/15/2026 | 166789.0 |
|  | Gladstone Investment Corp. |  |
| 10045 | 5.00%, 05/01/2026 | 233345.0 |
|  | Ready Capital Corp. |  |
| 11085 | 5.75%, 02/15/2026 | 259500.0 |
|  | The Charles Schwab Corp. |  |
| 400000 | 4.63%, 03/22/2030 | 394474.0 |
|  |  | 1830186.0 |
|  **Chemicals—0.4%** | **Chemicals—0.4%** |  |
|  | Air Products & Chemicals, Inc. |  |
| 450000 | 3.35%, 07/31/2024 | 440680.0 |
|  **Communications Equipment—0.8%** | **Communications Equipment—0.8%** |  |
|  | Cisco Systems, Inc. |  |
| 885000 | 3.63%, 03/04/2024 | 875358.0 |
|  **Consumer Finance—0.5%** | **Consumer Finance—0.5%** |  |
|  | American Express Co. |  |
| 610000 | 3.38%, 05/03/2024 | 597915.0 |
|  **Diversified Financial Services—0.9%** | **Diversified Financial Services—0.9%** |  |
|  | Berkshire Hathaway, Inc. |  |
| 600000 | 3.13%, 03/15/2026 | 578747.0 |
|  | John Deere Capital Corp. |  |
| 525000 | 4.15%, 09/15/2027 | 514916.0 |
|  |  | 1093663.0 |
|  **Food & Staples Retailing—0.7%** | **Food & Staples Retailing—0.7%** |  |
|  | Walmart, Inc. |  |
| 815000 | 3.95%, 09/09/2027 | 809454.0 |
|  **Household Products—0.3%** | **Household Products—0.3%** |  |
|  | Colgate-Palmolive Co. |  |
| 305000 | 3.10%, 08/15/2025 | 296334.0 |
|  **Interactive Media & Services—0.5%** | **Interactive Media & Services—0.5%** |  |
|  | Alphabet, Inc. |  |
| 600000 | 3.38%, 02/25/2024 | 598524.0 |
|  **Internet & Direct Marketing Retail—0.8%** | **Internet & Direct Marketing Retail—0.8%** |  |
|  | Amazon.com, Inc. |  |
| 880000 | 4.60%, 12/01/20245 | 882543.0 |
|  **IT Services—1.4%** | **IT Services—1.4%** |  |
|  | Equinix, Inc. |  |
| 765000 | 2.63%, 11/18/2024 | 728202.0 |
|  | Fiserv, Inc. |  |
| 610000 | 2.75%, 07/01/2024 | 587145.0 |
|  | PayPal Holdings, Inc. |  |
| 350000 | 3.90%, 06/01/2027 | 339725.0 |
|  |  | 1655072.0 |
|  **Pharmaceuticals—1.4%** | **Pharmaceuticals—1.4%** |  |
|  | Bristol-Myers Squibb Co. |  |
| 720000 | 2.90%, 07/26/2024 | 700214.0 |
|  | GlaxoSmithKline Capital PLC (United Kingdom) |  |
| 610000 | 3.00%, 03/07/2024 | 595691.0 |
|  | Merck & Co., Inc. |  |
| 290000 | 2.90%, 03/07/2024 | 284211.0 |
|  |  | 1580116.0 |

---

------

---

| | | |
|:---|:---|:---|
|  **Semiconductors & Semiconductor Equipment—0.5%** | **Semiconductors & Semiconductor Equipment—0.5%** |  |
|  | Intel Corp. |  |
| 620000 | 3.40%, 03/25/2025 | 604970.0 |
|  **Software—1.5%** | **Software—1.5%** |  |
|  | Microsoft Corp. |  |
| 900000 | 3.13%, 11/03/2025 | 874704.0 |
|  | Oracle Corp. |  |
| 345000 | 2.88%, 03/25/2031 | 288208.0 |
|  | salesforce.com, Inc. |  |
| 580000 | 3.25%, 04/11/2023 | 578262.0 |
|  |  | 1741174.0 |
|  **Specialty Retail—0.5%** | **Specialty Retail—0.5%** |  |
|  | Lowe's Companies, Inc. |  |
| 575000 | 4.40%, 09/08/2025 | 570717.0 |
|  **Technology Hardware, Storage & Peripherals—0.7%** | **Technology Hardware, Storage & Peripherals—0.7%** |  |
|  | Apple, Inc. |  |
| 880000 | 3.20%, 05/13/2025 | 855208.0 |
|  | TOTAL CORPORATE BONDS (Cost $17,565,025) | $17228985.0 |
|  **INVESTMENT COMPANIES—8.1%** | **INVESTMENT COMPANIES—8.1%** |  |
| 28245 | Ares Capital Corp. | $555015.0 |
| 8355 | Energy Select Sector SPDR Fund | 761558.0 |
| 35565 | Janus Henderson AAA CLO ETF | 1756200.0 |
| 61345 | Utilities Select Sector SPDR Fund | 4381873.0 |
| 24590 | Vanguard Short-Term Corporate Bond ETF | 1856545.0 |
|  | TOTAL INVESTMENT COMPANIES (Cost $9,118,400) | $9311191.0 |
|  **PREFERRED STOCKS—2.9%** | **PREFERRED STOCKS—2.9%** |  |
|  **Banks—1.3%** | **Banks—1.3%** |  |
|  | Bank of America Corp. |  |
| 22415 | 5.00%, 09/17/2024 | $469146.0 |
|  | Pinnacle Financial Partners, Inc. |  |
| 18390 | 6.75%, 09/01/2025 | 452762.0 |
|  | Wells Fargo & Co. |  |
| 13725 | 4.25%, 09/15/2026 | 233050.0 |
|  | Wintrust Financial Corp. |  |
| 15505 | 6.88%, 07/15/2025 | 390726.0 |
|  |  | 1545684.0 |
|  **Capital Markets—0.9%** | **Capital Markets—0.9%** |  |
|  | Arbor Realty Trust, Inc. |  |
| 1000 | 6.25%, 08/11/2026 | 179800.0 |
|  | Atlantic Union Bankshares Corp. |  |
| 18250 | 6.88%, 09/01/2025 | 454425.0 |
|  | WesBanco, Inc. |  |
| 17560 | 6.75%, 11/15/2025 | 440932.0 |
|  |  | 1075157.0 |
|  **Equity REITs—0.3%** | **Equity REITs—0.3%** |  |
|  | Gladstone Commercial Corp. |  |
| 15460 | 6.63%, 10/31/2024 | 307654.0 |
|  **Insurance—0.4%** | **Insurance—0.4%** |  |
|  | The Allstate Corp. |  |
| 22140 | 5.10%, 10/15/2024 | 481323.0 |
|  | TOTAL PREFERRED STOCKS (Cost $3,716,283) | $3409818.0 |
|  | Total Investments—96.2% (Cost $105,616,864) | $111243964.0 |
|  | Other Assets in Excess of Liabilities—3.8% | 4443662.0 |
|  | Total Net Assets—100.0% | $115687626.0 |

---

Percentages are stated as a percent of net assets.

The geographic location of all investments is United States unless otherwise indicated.

REIT—Real Estate Investment Trust

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLP ("S&P"). GICS is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services, LLC.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class** |
|  | Level 1 | Level 1 | Level 1 | Level 2 | Level 2 |
| **Funds** | Investment<br>Companies | Short Term<br>Investments | Cash<br>Equivalents | Total Return<br>Swap Contracts\* | Total Return<br>Swap Contracts\* |
|  Direxion Monthly High Yield Bull 1.2X Fund | $46683052 | $2780000 | $6857531 | $278392 | $— |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund | 765670 | 244326 | 224220 | 32286 |  |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund | 61435451 | 59611868 | 124177992 | 12071276 |  |
|  Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund | 36593208 | 18190000 | 23202198 | 2793268 |  |
|  Direxion Monthly S&P 500<sup>®</sup> Bear 1.75X Fund |  | 3990000 | 6238450 |  | (1170473) |
|  Direxion Monthly Small Cap Bull 1.75X Fund | 4215825 | 1615888 | 2435186 | 181257 | (82726) |
|  Direxion Monthly Small Cap Bear 1.75X Fund |  | 1660000 | 2989980 |  | (500639) |
|  Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund | 1756980 | 1487333 | 1990744 | 83595 | (130361) |
|  Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund |  | 880000 | 2176607 | 175514 | (20818) |

---

For further information regarding each asset class, see each Fund's Schedule of Investments.

*\** *Total return swap contracts are valued at the unrealized appreciation/(depreciation).* 

------

**Hilton Tactical Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **U.S. Government Obligations** | $50500740 | $— | $– $| 50500740 |
|  **Common Stocks** | 30793230 |  | – | 30793230 |
|  **Corporate Bonds** |  | 17228985 | – | 17228985 |
|  **Investment Companies** | 9311191 |  | – | 9311191 |
|  **Preferred Stocks** | 3409818 |  | – | 3409818 |

---

For further detail on each asset class, see Schedule of Investments.

## 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:** Direxion Monthly High Yield Bull 1.2X Fund

- **b. EDGAR series identifier (if any):** S000052787

- **c. LEI of Series:** 549300SLLKO92UES6K35

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $48505643.87

**Total Liabilities:** $112731.71

**Net Assets:** $48392912.16

**Cash Not Reported:** $6727530.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000165828 | -4.11%               | 3.40%                | 3.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1165239.81             | $-122800.55                                |
| Month 2  | $-382580.20              | $-375612.13                                |
| Month 3  | $-909828.78              | $1210575.73                                |

**Designated Index Information**

- **Index Name:** Solactive High Yield Beta Index Index

- **Index Identifier:** SOLACTIVE_HYBI

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio       | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2910000 | NS      | $2910000.00   | 6.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | 197103HYSUBS10102023                        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $279239.96    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| SPDR Bloomberg High Yield Bond | SPDR Bloomberg High Yield Bond ETF          | CUSIP: 78468R622<br>LEI: 549300NCLW2248PN7J24 | Long             | EC               | RF                | US        |    207740 | NS      | $19284504.20  | 39.85%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares iBoxx High Yield Corpo | iShares iBoxx High Yield Corporate Bond ETF | CUSIP: 464288513<br>LEI: N/A                  | Long             | EC               | RF                | US        |    254423 | NS      | $19249644.18  | 39.78%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

**Name of Applicant:** Direxion Funds

**Signature:** Patrick Rudnick

**Name of Signer:** Patrick Rudnick

**Title:** Principal Executive Officer