# EDGAR Filing Document

**Accession Number:** 0001040587
**File Stem:** 0001145549-25-049966
**Filing Date:** 2025-7
**Character Count:** 39532
**Document Hash:** c6dd8545e59f3594dbec1724160c4e91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049966.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049966

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**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:** 251165498

**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

### Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund (Series ID: S000007050)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019229 | Investor Class | DXKSX           |

## Nport-Ex

---

| |
|:---|
| **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **INVESTMENT COMPANIES - 48.9%** | **INVESTMENT COMPANIES - 48.9%** |  |  |
| 5452 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $— | 2830188 |
|  | TOTAL INVESTMENT COMPANIES (Cost $2,184,940) | $— | 2830188 |
| **SHORT TERM INVESTMENTS - 10.4%** | **SHORT TERM INVESTMENTS - 10.4%** |  |  |
| **Money Market Funds - 10.4%** | **Money Market Funds - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604081 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(b)(c)</sup> | $— | 604081 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $604,081) | $— | 604081 |
|  | TOTAL INVESTMENTS (Cost $2,789,021) - 59.3% | $— | 3434269 |
|  | Other Assets in Excess of Liabilities - 40.7% |  | 2354697 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5788965 |

---

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 May 31, 2025.

<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 $604,081.

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
|  **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Appreciation**  |
|  Total return of NASDAQ-100<sup>®</sup> |  |  |  |  |  |  |
|  Index | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 141 | $2923350 | $80276 |
|  Total return of NASDAQ-100<sup>®</sup> |  |  |  |  |  |  |
|  Index | SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 65 | 1194675 | 186801 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4118025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267077 |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

---

| |
|:---|
| **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **INVESTMENT COMPANIES - 52.5%** | **INVESTMENT COMPANIES - 52.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466723 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $— | 242280577 |
|  | TOTAL INVESTMENT COMPANIES (Cost $141,577,701) | $— | 242280577 |
| **SHORT TERM INVESTMENTS - 23.3%** | **SHORT TERM INVESTMENTS - 23.3%** |  |  |
| **Money Market Funds - 23.3%** | **Money Market Funds - 23.3%** |  |  |
| 57057830 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(b)(c)</sup> | $— | 57057830 |
| 50580000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% <sup>(b)(c)</sup> |  | 50580000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $107,637,830) | $— | 107637830 |
|  | TOTAL INVESTMENTS (Cost $249,215,531) - 75.8% | $— | 349918407 |
|  | Other Assets in Excess of Liabilities - 24.2% |  | 111997508 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461915914 |

---

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 May 31, 2025.

<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 $107,637,830. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
|  **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Depreciation**  |
|  Total return of NASDAQ-100<sup>®</sup>  |  |  |  |  |  |  |
|  Index | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 11545 | $249156945 | $(7948555) |
|  Total return of NASDAQ-100<sup>®</sup>  |  |  |  |  |  |  |
|  Index | SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 14953 | 323576451 | (9528924) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572733396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17477479) |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

---

| |
|:---|
| **Direxion Monthly Small Cap Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **INVESTMENT COMPANIES - 46.5%** | **INVESTMENT COMPANIES - 46.5%** |  |  |
| 16156 | iShares Russell 2000 ETF <sup>(a)</sup> | $— | 3313111 |
|  | TOTAL INVESTMENT COMPANIES (Cost $2,715,028) | $— | 3313111 |
| **SHORT TERM INVESTMENTS - 31.7%** | **SHORT TERM INVESTMENTS - 31.7%** |  |  |
| **Money Market Funds - 31.7%** | **Money Market Funds - 31.7%** |  |  |
| 1471941 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(b)(c)</sup> | $— | 1471941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% <sup>(b)(c)</sup> |  | 780000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $2,251,941) | $— | 2251941 |
|  | TOTAL INVESTMENTS (Cost $4,966,969) - 78.2% | $— | 5565052 |
|  | Other Assets in Excess of Liabilities - 21.8% |  | 1550068 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7115119 |

---

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 May 31, 2025.

<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 $2,251,941.

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
|  **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br> Depreciation** |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.65% | Bank of America Merrill Lynch | 12/11/2025 | 2220 | $5200263 | $(696833) |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.54% | UBS Securities LLC | 12/17/2025 | 2205 | 4572962 | (53143) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9773225 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749976) |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

---

| |
|:---|
| **Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **INVESTMENT COMPANIES - 48.0%** | **INVESTMENT COMPANIES - 48.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87516 | iShares Core S&P 500 ETF <sup>(a)</sup> | $— | 51822599 |
|  | TOTAL INVESTMENT COMPANIES (Cost $33,891,889) | $— | 51822599 |
| **SHORT TERM INVESTMENTS - 20.3%** | **SHORT TERM INVESTMENTS - 20.3%** |  |  |
| **Money Market Funds - 20.3%** | **Money Market Funds - 20.3%** |  |  |
| 15730000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(b)(c)</sup> | $— | 15730000 |
| 6110000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% <sup>(b)(c)</sup> |  | 6110000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $21,840,000) | $— | 21840000 |
|  | TOTAL INVESTMENTS (Cost $55,731,889) - 68.3% | $— | 73662599 |
|  | Other Assets in Excess of Liabilities - 31.7% |  | 34158253 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107820852 |

---

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 May 31, 2025.

<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 $21,840,000.

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
|  **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received**<br> **at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 10813 | $65621046 | $(2920577) |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 12281 | 68830958 | 3227873 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134452004 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307296 |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

---

| |
|:---|
| **Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **INVESTMENT COMPANIES - 51.2%** | **INVESTMENT COMPANIES - 51.2%** |  |  |
| 43228 | iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | $— | 4088072 |
|  | TOTAL INVESTMENT COMPANIES (Cost $4,030,333) | $— | 4088072 |
| **SHORT TERM INVESTMENTS - 24.4%** | **SHORT TERM INVESTMENTS - 24.4%** |  |  |
| **Money Market Funds - 24.4%** | **Money Market Funds - 24.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(b)(c)</sup> | $— | 1380000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571472 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% <sup>(b)(c)</sup> |  | 571472 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,951,472) | $— | 1951472 |
|  | TOTAL INVESTMENTS (Cost $5,981,805) - 75.6% | $— | 6039544 |
|  | Other Assets in Excess of Liabilities - 24.4% |  | 1942759 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7982303 |

---

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 May 31, 2025.

<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 $1,951,472. 

---

| |
|:---|
| **Long Total Return Swap Contracts (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received**<br> **at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination**<br> **Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 64541 | $6103083 | $(21891) |
|  Total return of iShares 7-10 Year<br> Treasury Bond ETF | SOFR + 0.72% | UBS Securities LLC | 12/17/2025 | 39989 | 3737502 | 26300 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9840585 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

---

| |
|:---|
| **Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares**  | **Shares**  | **Fair Value** | **Fair Value** |
| **SHORT TERM INVESTMENTS - 39.5%** | **SHORT TERM INVESTMENTS - 39.5%** |  |  |
| **Money Market Funds - 39.5%** | **Money Market Funds - 39.5%** |  |  |
| 70000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% <sup>(a)(b)</sup> | $— | 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% <sup>(a)(b)</sup> |  | 170000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $240,000) | $— | 240000 |
|  | TOTAL INVESTMENTS (Cost $240,000) - 39.5% | $— | 240000 |
|  | Other Assets in Excess of Liabilities - 60.5% |  | 366994 |
|  | TOTAL NET ASSETS - 100.0% | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606994 |

---

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 May 31, 2025.

<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 $240,000. 

---

| |
|:---|
| **Short Total Return Swap Contracts (Unaudited)** |
| **May 31, 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received**<br> **at Termination** | **Terms of Payments to be Paid at Termination** | **Counterparty** | **Termination**<br> **Date** | **Contracts** | **Notional Amount** | **Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**  |
|  SOFR + 0.65% | Total return of iShares 7-10 Year Treasury Bond ETF | Bank of America Merrill Lynch | 12/11/2025 | 3266 | $308865 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 |
|  SOFR + 0.05% | Total return of iShares 7-10 Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 7960 | 749037 | (1029) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057902 | $252 |

---

SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.

------

**Hilton Tactical Income Fund** 

**Schedule of Investments** 

**May 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  **INVESTMENT COMPANIES - 40.9%** | **Shares** | **Value** |
|  **Exchange Traded Funds – 40.9%** |  |  |
|  **Equity Exchange Traded Funds – 13.9%** |  |  |
|  Alerian MLP ETF <sup>(a)</sup>  | 23890 | $1141225 |
|  JPMorgan Equity Premium Income ETF <sup>(a)</sup>  | 80475 | 4513843 |
|  JPMorgan Nasdaq Equity Premium Income ETF <sup>(a)</sup>  | 125590 | 6609801 |
|  Utilities Select Sector SPDR Fund<sup>(a)</sup>  | 33240 | 2723021 |
|  Vanguard FTSE Europe ETF <sup>(a)</sup>  | 33445 | 2567238 |
|  |  | 17555128 |
|  **Income Exchange Traded Funds – 27.0%** |  |  |
|  Invesco Senior Loan ETF <sup>(a)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;180300 | 3761058 |
|  iShares 0-5 Year High Yield Corporate Bond ETF <sup>(a)</sup>  | 88100 | 3761870 |
|  iShares MBS ETF <sup>(a)</sup>  | 33990 | 3149174 |
|  Janus Henderson AAA CLO ETF<sup>(a)</sup>  | 162455 | 8244591 |
|  JPMorgan Income ETF <sup>(a)</sup>  | 108925 | 5013818 |
|  Simplify MBS ETF <sup>(a)</sup>  | 98745 | 4899727 |
|  Vanguard Short-Term Corporate Bond ETF <sup>(a)</sup>  | 19270 | 1524064 |
|  Vanguard Short-Term Treasury ETF <sup>(a)</sup>  | 61225 | 3590234 |
|  |  | 33944536 |
|  **TOTAL INVESTMENT COMPANIES** (Cost $50,393,905) |  | 51499664 |
|  **COMMON STOCKS - 31.0%** | **Shares** | **Value** |
|  **Aerospace & Defense - 0.4%** |  |  |
|  General Dynamics Corp. | 2030 | 565335 |
|  **Banks - 1.1%** |  |  |
|  Cullen/Frost Bankers, Inc. | 3065 | 389194 |
|  JPMorgan Chase & Co. | 3995 | 1054680 |
|  |  | 1443874 |
|  **Beverages - 1.0%** |  |  |
|  The Coca-Cola Co. | 17360 | 1251656 |
|  **Biotechnology - 0.5%** |  |  |
|  Amgen, Inc. | 2000 | 576360 |
|  **Capital Markets - 2.2%** |  |  |
|  3i Group PLC (United Kingdom) - ADR | 20175 | 563891 |
|  Ares Management Corp. - Class A | 5365 | 887907 |
|  Blackrock, Inc. | 665 | 651627 |
|  Blackstone, Inc. | 4510 | 625808 |
|  |  | 2729233 |
|  **Commercial Services & Supplies - 1.0%** |  |  |
|  Republic Services, Inc. | 4955 | 1274872 |
|  **Communications Equipment - 0.4%** |  |  |
|  Cisco Systems, Inc. | 8070 | 508733 |
|  **Electrical Equipment - 0.5%** |  |  |
|  Emerson Electric Co. | 5385 | 642861 |
|  **Financial Services - 0.6%** |  |  |
|  Apollo Global Management, Inc. | 6120 | 799823 |
|  **Food Products - 0.4%** |  |  |
|  McCormick & Co., Inc. | 6320 | 459654 |
|  **Health Care Providers & Services - 0.7%** |  |  |
|  Quest Diagnostics, Inc. | 5480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949903 |

---

------

---

| | | |
|:---|:---|:---|
|  **Health Care REITs - 0.5%** |  |  |
|  American Healthcare REIT, Inc. | 17415 | 608480 |
|  **Hotels, Restaurants & Leisure - 1.0%** |  |  |
|  McDonald's Corp. | 3940 | 1236569 |
|  **Household Products - 0.7%** |  |  |
|  The Procter & Gamble Co. | 5140 | 873235 |
|  **Industrial REITs - 0.6%** |  |  |
|  Prologis, Inc. | 7260 | 788436 |
|  **Interactive Media & Services – 3.0%** |  |  |
|  Alphabet, Inc. - Class A | 9055 | 1555106 |
|  Meta Platforms, Inc. - Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 | 2272690 |
|  |  | 3827796 |
|  **IT Services - 2.2%** |  |  |
|  Accenture PLC (Ireland) - Class A | 2562 | 811693 |
|  International Business Machines Corp. | 2675 | 692986 |
|  Thomson Reuters Corp. (Canada) | 6405 | 1272321 |
|  |  | 2777000 |
|  **Machinery - 0.5%** |  |  |
|  Xylem, Inc. | 5010 | 631460 |
|  **Oil, Gas & Consumable Fuels - 0.7%** |  |  |
|  The Williams Cos., Inc. | 15550 | 940930 |
|  **Personal Care Products - 0.7%** |  |  |
|  Unilever PLC (United Kingdom) - ADR | 14215 | 907486 |
|  **Pharmaceuticals - 1.7%** |  |  |
|  AstraZeneca PLC (United Kingdom) - ADR | 16705 | 1216625 |
|  Eli Lilly & Co. | 1200 | 885204 |
|  |  | 2101829 |
|  **Professional Services - 0.5%** |  |  |
|  Booz Allen Hamilton Holding Corp. | 5495 | 583844 |
|  **Residential REITs - 1.4%** |  |  |
|  AvalonBay Communities, Inc. | 5800 | 1199266 |
|  Independence Realty Trust, Inc. | 31545 | 586421 |
|  |  | 1785687 |
|  **Semiconductors & Semiconductor Equipment - 0.5%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (China) - ADR | 3385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654388 |
|  **Software - 2.9%** |  |  |
|  Microsoft Corp. | 5695 | 2621750 |
|  Oracle Corp. | 6000 | 993180 |
|  |  | 3614930 |
|  **Specialty Retail - 2.5%** |  |  |
|  The Home Depot, Inc. | 3150 | 1160114 |
|  The TJX Cos., Inc. | 8485 | 1076746 |
|  Tractor Supply Co. | 18260 | 883784 |
|  |  | 3120644 |
|  **Technology Hardware, Storage & Peripherals – 2.0%** |  |  |
|  Apple, Inc. | 10635 | 2136040 |
|  NetApp, Inc. | 3160 | 313345 |
|  |  | 2449385 |
|  **Trading Companies & Distributors - 0.3%** |  |  |
|  ITOCHU Corp. (Japan) - ADR | 3750 | 398962 |

---

------

---

| | | |
|:---|:---|:---|
|  **Wireless Telecommunication Services - 0.5%** |  |  |
|  T-Mobile US, Inc. | 2445 | 592179 |
|  **TOTAL COMMON STOCKS** (Cost $29,769,660) |  | 39095544 |
|  **CORPORATE BONDS - 19.1%** | **Par** | **Value** |
|  **Aerospace & Defense - 1.1%** |  |  |
|  General Dynamics Corp., 3.75%, 05/15/2028 | 270000 | 267533 |
|  Lockheed Martin Corp., 5.10%, 11/15/2027 | 605000 | 619422 |
|  RTX Corp., 4.13%, 11/16/2028 | 500000 | 494494 |
|  |  | 1381449 |
|  **Banks - 0.5%** |  |  |
|  The PNC Financial Services Group, Inc., 5.22% to 01/29/2030 then SOFR + 1.07%, 01/29/2031 | &nbsp;&nbsp;&nbsp;&nbsp;610000 | 619549 |
|  **Biotechnology - 0.5%** |  |  |
|  AbbVie, Inc., 4.80%, 03/15/2029 | 610000 | 619147 |
|  **Broadline Retail - 0.7%** |  |  |
|  Amazon.com, Inc., 4.65%, 12/01/2029 | 835000 | 850477 |
|  **Building Products - 0.5%** |  |  |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 590000 | 605215 |
|  **Capital Markets - 2.3%** |  |  |
|  Ares Capital Corp., 5.95%, 07/15/2029 | 600000 | 610010 |
|  Ares Management Corp., 6.38%, 11/10/2028 | 200000 | 210712 |
|  Blackstone Secured Lending Fund, 5.88%, 11/15/2027 | 300000 | 305065 |
|  CME Group, Inc., 4.40%, 03/15/2030 | 605000 | 603710 |
|  Nasdaq, Inc., 5.35%, 06/28/2028 | 520000 | 533457 |
|  State Street Corp., 4.73%, 02/28/2030 | 605000 | 608717 |
|  |  | 2871671 |
|  **Communications Equipment - 0.6%** |  |  |
|  Cisco Systems, Inc., 4.95%, 02/26/2031 | 730000 | 744210 |
|  **Consumer Finance - 1.1%** |  |  |
|  American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 | 795000 | 806647 |
|  Toyota Motor Credit Corp., 4.63%, 01/12/2028 | 605000 | 609502 |
|  |  | 1416149 |
|  **Consumer Staples Distribution & Retail - 0.5%** |  |  |
|  Walmart, Inc., 3.95%, 09/09/2027 | 650000 | 648631 |
|  **Entertainment - 0.5%** |  |  |
|  Netflix, Inc., 5.88%, 11/15/2028 | 550000 | 576998 |
|  **Financial Services – 1.0%** |  |  |
|  Athene Holding Ltd., 4.13%, 01/12/2028 | 385000 | 378415 |
|  John Deere Capital Corp., 4.15%, 09/15/2027 | 525000 | 523879 |
|  Mastercard, Inc., 4.88%, 03/09/2028 | 420000 | 428281 |
|  |  | 1330575 |
|  **Health Care Equipment & Supplies - 0.5%** |  |  |
|  Stryker Corp., 4.85%, 02/10/2030 | 620000 | 626017 |
|  **Household Products - 0.4%** |  |  |
|  The Procter & Gamble Co., 3.95%, 01/26/2028 | 495000 | 496144 |
|  **Industrial REITs - 0.7%** |  |  |
|  Prologis LP, 4.88%, 06/15/2028 | 830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841687 |

---

------

---

| | | |
|:---|:---|:---|
|  **Insurance - 1.0%** |  |  |
|  Arthur J. Gallagher & Co., 5.00%, 02/15/2032 | 635000 | 636173 |
|  Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 620000 | 619543 |
|  |  | 1255716 |
|  **Interactive Media & Services - 0.4%** |  |  |
|  Meta Platforms, Inc., 3.50%, 08/15/2027 | 530000 | 523304 |
|  **Life Sciences Tools & Services - 0.6%** |  |  |
|  Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029 | 760000 | 777119 |
|  **Media - 0.4%** |  |  |
|  Comcast Corp., 4.15%, 10/15/2028 | &nbsp;&nbsp;&nbsp;&nbsp;475000 | 471702 |
|  **Oil, Gas & Consumable Fuels - 0.5%** |  |  |
|  The Williams Cos., Inc., 5.30%, 08/15/2028 | 590000 | 602936 |
|  **Personal Care Products - 0.5%** |  |  |
|  Kenvue, Inc., 5.00%, 03/22/2030 | 610000 | 624515 |
|  **Pharmaceuticals - 0.8%** |  |  |
|  Merck & Co., Inc., 4.05%, 05/17/2028 | 585000 | 584583 |
|  Pfizer, Inc., 3.60%, 09/15/2028 | 415000 | 408262 |
|  |  | 992845 |
|  **Professional Services - 0.5%** |  |  |
|  Paychex, Inc., 5.10%, 04/15/2030 | 615000 | 622739 |
|  **Semiconductors & Semiconductor Equipment - 1.1%** |  |  |
|  Broadcom, Inc., 5.05%, 07/12/2029 | 615000 | 625694 |
|  Texas Instruments, Inc., 4.60%, 02/15/2028 | 795000 | 804146 |
|  |  | 1429840 |
|  **Software - 0.9%** |  |  |
|  Intuit, Inc., 5.13%, 09/15/2028 | 570000 | 585582 |
|  Oracle Corp., 5.25%, 02/03/2032 | 585000 | 593314 |
|  |  | 1178896 |
|  **Specialized REITs - 0.4%** |  |  |
|  Extra Space Storage LP, 5.50%, 07/01/2030 | 555000 | 568471 |
|  **Technology Hardware, Storage & Peripherals - 0.6%** |  |  |
|  Apple, Inc., 4.00%, 05/10/2028 | 800000 | 800451 |
|  **TOTAL CORPORATE BONDS** (Cost $23,767,908) |  | 24051036 |
|  **U.S. TREASURY SECURITIES - 6.4%** | **Par** | **Value** |
|  U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/2028 | 3170000 | 3327881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/30/2029 | 4700000 | 4732404 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $7,882,285) |  | 8060285 |
|  **SHORT-TERM INVESTMENTS - 0.1%** |  | **Value** |
|  **Money Market Funds - 0.1%** | **<u>Shares</u>** |  |
|  Fidelity Investments Money Market Funds Government Portfolio Institutional Class - Class Institutional, 4.22% <sup>(b)</sup>  | 99729 | 99729 |
|  **TOTAL SHORT-TERM INVESTMENTS** (Cost $99,729) |  | 99729 |
|  **TOTAL INVESTMENTS - 97.5% (**Cost $111,913,487**)**  |  | 122806258 |
|  Other Assets in Excess of Liabilities - 2.5% |  | 3210992 |
|  **TOTAL NET ASSETS - 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126017250 |

---

Percentages are stated as a percent of net assets.

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

------

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

---

| |
|:---|
| ADR - American Depositary Receipt |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |

---

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

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of May 31, 2025.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Asset Class** | **Asset Class** | **Asset Class** | **Asset Class** | **Liability Class** |
|  |  | Level 1 |  | Level 2 | Level 2 |
| **Funds** | Investment<br>Companies | Short Term<br> Investments | Cash<br> Equivalents | Total Return<br> Swap Contracts\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Total Return<br> Swap Contracts\* |
|  Direxion Monthly High Yield Bull 1.2X Fund | $8742203 | $590000 | $1507301 | $59593 | $- |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund | 2830188 | 604081 | 2186968 | 267077 |  |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund | 242280577 | 107637830 | 128783996 |  | (17477479) |
|  Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund | 51822599 | 21840000 | 34010697 | 3227873 | (2920577) |
|  Direxion Monthly Small Cap Bull 1.75X Fund | 3313111 | 2251941 | 2281379 |  | (749976) |
|  Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund | 4088072 | 1951472 | 1913607 | 26300 | (21891) |
|  Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund |  | 240000 | 362932 | 1281 | (1029) |

---

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).* 

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | $nan<br>**Level 1** | $nan<br>**Level 2** | $nan<br>**Level 3** | $nan<br>**Total** |
|  **Investment Companies** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51499664 | $- | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51499664 |
|  **Common Stocks** | 39095544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 39095544 |
|  **Corporate Bonds** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 24051036 |  | 24051036 |
|  **U.S. Treasury Securities** | 8060285 |  |  | 8060285 |
|  **Money Market Funds** | 99729 |  |  | 99729 |

---

*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 7-10 Year Treasury Bear 1.75X Fund

- **b. EDGAR series identifier (if any):** S000007050

- **c. LEI of Series:** G8B8T6RQXUGPZ6OPAY15

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

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

- **b. Date as of which information is reported:** 2025-05-31

**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:** $629408.77

**Total Liabilities:** $22419.22

**Net Assets:** $606989.55

**Cash Not Reported:** $362931.66

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019229 | 0.27%                | -0.97%               | 3.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** ICE U.S. Treasury 7 - 10 Year TR Index Index

- **Index Identifier:** ICEUST710YR_TRI

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Funds - Treasury Instruments Fund | CUSIP: 38142B500<br>LEI: 549300DAH6N80PM31E83 | Long             | STIV             | RF                | US        |     70000 | NS      | $70000.00     | 11.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio                            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |    170000 | NS      | $170000.00    | 28.01%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | 197029IEFML12112025                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $1901.01      | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                            | 197029IEFUBS12172025                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $3561.39      | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

**Name of Applicant:** Direxion Funds

**Signature:** Patrick Rudnick

**Name of Signer:** Patrick Rudnick

**Title:** Principal Executive Officer