# EDGAR Filing Document

**Accession Number:** 0001040587
**File Stem:** 0001193125-26-028680
**Filing Date:** 2026-1
**Character Count:** 41092
**Document Hash:** 51ed222101d6c284630f92103bc51211
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-028680.hdr.sgml**: 20260129

**ACCESSION NUMBER**: 0001193125-26-028680

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260129

**DATE AS OF CHANGE**: 20260129

**PERIOD START**: 20260831

**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:** 26576248

**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 Bull 1.75X Fund (Series ID: S000007025)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019202 | Investor Class | DXKLX           |

## Nport-Ex

---

| |
|:---|
| **Direxion Monthly High Yield Bull 1.2X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 42.3%** | **INVESTMENT COMPANIES - 42.3%** |  |  |
| 17336 | iShares iBoxx High Yield Corporate Bond ETF <sup>(a)</sup> | $— | 1404043 |
| 14390 | SPDR Bloomberg High Yield Bond ETF <sup>(a)</sup> |  | 1405184 |
|  | TOTAL INVESTMENT COMPANIES (Cost $2,683,996) | $— | 2809227 |
|  **SHORT TERM INVESTMENTS - 0.3%** | **SHORT TERM INVESTMENTS - 0.3%** |  |  |
|  **Money Market Funds - 0.3%** | **Money Market Funds - 0.3%** |  |  |
| 10000 | Invesco Government & Agency Portfolio Institutional Shares, 3.91% (b)(c) | $— | 10000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $10,000) | $— | 10000 |
|  | TOTAL INVESTMENTS (Cost $2,693,996) - 42.6% | $— | 2819227 |
|  | Other Assets in Excess of Liabilities - 57.4% |  | 3823730 |
|  | 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;6642957 |

---

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, 2025.

(c) All or a portion of these securities have been segregated as collateral for swap contracts. Total value of
securities segregated amounted to $10,000.

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

**November 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Terms of Payments to be Received<br>at Termination** | **Terms of Payments to be Paid at<br>Termination** | **Counterparty** | **Termination<br>Date** | **Contracts** | **Notional Amount** | **Unrealized<br>Appreciation** |
|  Total return of PIMCO 0-5 Year High Yield Corporate Bond Index ETF | SOFR + 0.70% | UBS Securities LLC | 12/17/2025 | 14721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35457 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 66.9%** | **INVESTMENT COMPANIES - 66.9%** |  |  |
| 11921 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $— | 7382079 |
|  | TOTAL INVESTMENT COMPANIES (Cost $6,181,749) | $— | 7382079 |
|  **SHORT TERM INVESTMENTS - 10.9%** | **SHORT TERM INVESTMENTS - 10.9%** |  |  |
|  **Money Market Funds - 10.9%** | **Money Market Funds - 10.9%** |  |  |
| 1204081 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(b)(c)</sup> | $— | 1204081 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,204,081) | $— | 1204081 |
|  | TOTAL INVESTMENTS (Cost $7,385,830) - 77.8% | $— | 8586160 |
|  | Other Assets in Excess of Liabilities - 22.2% |  | 2441749 |
|  | 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;11027909 |

---

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, 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 $1,204,081. 

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

**November 30, 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** |
|  Total return of NASDAQ-100<sup>®</sup> Index | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 208 | $5195229 | $73159 |
|  Total return of NASDAQ-100<sup>®</sup> Index | SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 45 | 825877 | 298643 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6021106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371802 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 59.4%** | **INVESTMENT COMPANIES - 59.4%** |  |  |
| 546645 | Invesco QQQ Trust Series 1 <sup>(a)</sup> | $— | 338509916 |
|  | TOTAL INVESTMENT COMPANIES (Cost $188,359,452) | $— | 338509916 |
|  **SHORT TERM INVESTMENTS - 12.3%** | **SHORT TERM INVESTMENTS - 12.3%** |  |  |
|  **Money Market Funds - 12.3%** | **Money Market Funds - 12.3%** |  |  |
| 65407830 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(b)(c)</sup> | $— | 65407830 |
| 5000000 | Invesco Government & Agency Portfolio Institutional Shares, 3.91% <sup>(b)(c)</sup> |  | 5000000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $70,407,830) | $— | 70407830 |
|  | TOTAL INVESTMENTS (Cost $258,767,282) - 71.7% | $— | 408917746 |
|  | Other Assets in Excess of Liabilities - 28.3% |  | 161276676 |
|  | 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;570194422 |

---

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, 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 $70,407,830. 

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

**November 30, 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** |
|  Total return of NASDAQ-100<sup>®</sup> Index | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 12511 | $309229065 | $6822144 |
|  Total return of NASDAQ-100<sup>®</sup> Index | SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 13418 | 289790261 | 41025973 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599019326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47848117 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 46.5%** | **INVESTMENT COMPANIES - 46.5%** |  |  |
| 87516 | iShares Core S&P 500 ETF <sup>(a)</sup> | $— | 60112990 |
|  | TOTAL INVESTMENT COMPANIES (Cost $33,891,889) | $— | 60112990 |
|  **SHORT TERM INVESTMENTS - 13.7%** | **SHORT TERM INVESTMENTS - 13.7%** |  |  |
|  **Money Market Funds - 13.7%** | **Money Market Funds - 13.7%** |  |  |
| 17740000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(b)(c)</sup> | $— | 17740000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $17,740,000) | $— | 17740000 |
|  | TOTAL INVESTMENTS (Cost $51,631,889) - 60.2% | $— | 77852990 |
|  | Other Assets in Excess of Liabilities - 39.8% |  | 51394059 |
|  | 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;129247049 |

---

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, 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 $17,740,000. 

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

**November 30, 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** |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 13084 | $86510968 | $2454024 |
|  Total return of S&P 500<sup>®</sup> Index | SOFR + 0.75% | UBS Securities LLC | 12/17/2025 | 11153 | 61962390 | 13070152 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148473358 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15524176 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly Small Cap Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 47.1%** | **INVESTMENT COMPANIES - 47.1%** |  |  |
| 16755 | iShares Russell 2000 ETF <sup>(a)</sup> | $— | 4167806 |
|  | TOTAL INVESTMENT COMPANIES (Cost $2,851,581) | $— | 4167806 |
|  **SHORT TERM INVESTMENTS - 11.5%** | **SHORT TERM INVESTMENTS - 11.5%** |  |  |
|  **Money Market Funds - 11.5%** | **Money Market Funds - 11.5%** |  |  |
| 1019749 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(b)(c)</sup> | $— | 1019749 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $1,019,749) | $— | 1019749 |
|  | TOTAL INVESTMENTS (Cost $3,871,330) - 58.6% | $— | 5187555 |
|  | Other Assets in Excess of Liabilities - 41.4% |  | 3670666 |
|  | 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;8858221 |

---

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, 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 $1,019,749. 

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

**November 30, 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** |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.65% | Bank of America Merrill Lynch | 12/11/2025 | 2063 | $5005742 | $125812 |
|  Total return of Russell 2000<sup>®</sup> Index | SOFR + 0.49% | UBS Securities LLC | 12/17/2025 | 2472 | 5145033 | 914015 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150775 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039827 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Fair Value** | **Fair Value** |
|  **INVESTMENT COMPANIES - 41.5%** | **INVESTMENT COMPANIES - 41.5%** |  |  |
| 87518 | iShares 7-10 Year Treasury Bond ETF <sup>(a)</sup> | $— | 8533005 |
|  | TOTAL INVESTMENT COMPANIES (Cost $8,236,446) | $— | 8533005 |
|  **SHORT TERM INVESTMENTS - 21.6%** | **SHORT TERM INVESTMENTS - 21.6%** |  |  |
|  **Money Market Funds - 21.6%** | **Money Market Funds - 21.6%** |  |  |
| 2280000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(b)(c)</sup> | $— | 2280000 |
| 2161472 | Invesco Government & Agency Portfolio Institutional Shares, 3.91% <sup>(b)(c)</sup> |  | 2161472 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $4,441,472) | $— | 4441472 |
|  | TOTAL INVESTMENTS (Cost $12,677,918) - 63.1% | $— | 12974477 |
|  | Other Assets in Excess of Liabilities - 36.9% |  | 7571721 |
|  | 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;20546198 |

---

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, 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 $4,441,472. 

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

**November 30, 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** |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 118893 | $11268826 | $254689 |
|  Total return of iShares 7-10 Year Treasury Bond ETF | SOFR + 0.73% | UBS Securities LLC | 12/17/2025 | 161990 | 15524721 | 209897 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26793547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464586 |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

---

| |
|:---|
| **Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund** |
| **Schedule of Investments (Unaudited)** |
| **November 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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%** |  |  |
| 160000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.82% <sup>(a)(b)</sup> | $— | 160000 |
| 70000 | Invesco Government & Agency Portfolio Institutional Shares, 3.91% <sup>(a)(b)</sup> |  | 70000 |
|  | TOTAL SHORT TERM INVESTMENTS (Cost $230,000) | $— | 230000 |
|  | TOTAL INVESTMENTS (Cost $230,000) - 39.5% | $— | 230000 |
|  | Other Assets in Excess of Liabilities - 60.5% |  | 351594 |
|  | 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;581594 |

---

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, 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 $230,000. 

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

**November 30, 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** |
|  SOFR + 0.60% | Total return of iShares 7-10 Year Treasury Bond ETF | Bank of America Merrill Lynch | 12/11/2025 | 10217 | $989340 | $(3191) |
|  SOFR + 0.05% | Total return of iShares 7-10 Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 213 | 20599 | (1152) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009939 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4343) |

---

SOFR - Secured Overnight Financing Rate was 4.12% as of November 30, 2025.

------

The Funds follow authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The follow is a summary of the inputs used to value the Funds' securities as of November 30, 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 Equivalents | Total Return<br> Swap Contracts\* | Total Return<br> Swap Contracts\* |
|  Direxion Monthly High Yield Bull 1.2X Fund | $2809227 | $10000 | $2300285 | $35457 | $- |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.25X Fund | 7382079 | 1204081 | 2780731 | 371802 |  |
|  Direxion Monthly NASDAQ-100<sup>®</sup> Bull 1.75X Fund | 338509916 | 70407830 | 117438495 | 47848117 |  |
|  Direxion Monthly S&P 500<sup>®</sup> Bull 1.75X Fund | 60112990 | 17740000 | 41219430 | 15524176 |  |
|  Direxion Monthly Small Cap Bull 1.75X Fund | 4167806 | 1019749 | 2712477 | 1039827 |  |
|  Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund | 8533005 | 4441472 | 7314522 | 464586 |  |
|  Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund |  | 230000 | 353279 |  | (4343) |

---

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).* 

------

The Fund follows authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period.

These inputs are summarized in the three broad levels below:

Level 1 – Quoted prices in active markets for identical securities

Level 2 – Evaluated price based on other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar securities in inactive markets, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the credit risk associated with investing in those securities.

The follow is a summary of the inputs used to value the Fund's securities as of November 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investment Companies** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53026269 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53026269 |
|  **Common Stocks** | 41874308 |  |  | 41874308 |
|  **Corporate Bonds** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24342705 |  | 24342705 |
|  **U.S. Treasury Securities** | 7846655 |  |  | 7846655 |

---

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

------

**Hilton Tactical Income Fund** 

**Schedule of Investments** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
| **INVESTMENT COMPANIES – 40.6%** | **Shares** | **Value** |
|  **Exchange Traded Funds – 40.6%** | **Exchange Traded Funds – 40.6%** |  |
|  **Equity Exchange Traded Funds – 12.0%** | **Equity Exchange Traded Funds – 12.0%** |  |
|  Alerian MLP ETF<sup>(a)</sup> | 27130 | $1293016 |
|  Goldman Sachs S&P 500 Premium Income ETF<sup>(a)</sup> | 58690 | 3106462 |
|  JPMorgan Equity Premium Income ETF<sup>(a)</sup> | 22735 | 1316584 |
|  JPMorgan Nasdaq Equity Premium Income ETF<sup>(a)</sup> | 120620 | 7093662 |
|  Utilities Select Sector SPDR Fund<sup>(a)</sup> | 32130 | 2911942 |
|  |  | 15721666 |
|  **Income Exchange Traded Funds – 28.6%** | **Income Exchange Traded Funds – 28.6%** | **Income Exchange Traded Funds – 28.6%** |
|  FT Vest Gold Strategy Target Income ETF<sup>(a)</sup> | 53330 | 1359382 |
|  Invesco Senior Loan ETF<sup>(a)</sup> | 61140 | 1279049 |
|  iShares 0-5 Year High Yield Corporate Bond ETF<sup>(a)</sup> | 44575 | 1920291 |
|  iShares MBS ETF<sup>(a)</sup> | 66065 | 6327045 |
|  iShares Preferred and Income Securities ETF<sup>(a)</sup> | 40530 | 1254403 |
|  3Janus Henderson AAA CLO ETF<sup>(a)</sup> | 76020 | 3856495 |
|  JPMorgan Income ETF<sup>(a)</sup> | 111570 | 5184658 |
|  Simplify MBS ETF<sup>(a)</sup> | 94855 | 4788755 |
|  Vanguard Intermediate-Term Corporate Bond ETF<sup>(a)</sup> | 102610 | 8675675 |
|  Vanguard Short-Term Corporate Bond ETF<sup>(a)</sup> | 27105 | 2170026 |
|  Vanguard Short-Term Treasury ETF<sup>(a)</sup> | 8295 | 488824 |
|  |  | 37304603 |
|  **TOTAL INVESTMENT COMPANIES** (Cost $50,263,892) | **TOTAL INVESTMENT COMPANIES** (Cost $50,263,892) | 53026269 |
| **COMMON STOCKS - 32.1%** | **Shares** | **Value** |
|  **Aerospace & Defense - 0.5%** | **Aerospace & Defense - 0.5%** |  |
|  General Dynamics Corp. | 1945 | 664470 |
|  **Banks - 2.8%** | **Banks - 2.8%** |  |
|  Bank of America Corp. | 12700 | 681355 |
|  Cullen/Frost Bankers, Inc. | 2965 | 366830 |
|  JPMorgan Chase & Co. | 3860 | 1208489 |
|  Truist Financial Corp. | 13935 | 647977 |
|  Wells Fargo & Co. | 8015 | 688088 |
|  |  | 3592739 |
|  **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |  |
|  Amgen, Inc. | 1940 | 670192 |
|  **Capital Markets - 1.9%** | **Capital Markets - 1.9%** |  |
|  3i Group PLC (United Kingdom) - ADR | 38480 | 403655 |
|  Ares Management Corp. - Class A | 5120 | 803072 |
|  Blackrock, Inc. | 635 | 665036 |
|  Blackstone, Inc. | 4395 | 643516 |
|  |  | 2515279 |
|  **Commercial Services & Supplies - 0.6%** | **Commercial Services & Supplies - 0.6%** |  |
|  Republic Services, Inc. | 3740 | 811804 |
|  **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** |  |
|  Cisco Systems, Inc. | 16065 | 1236041 |
|  **Electrical Equipment - 0.5%** | **Electrical Equipment - 0.5%** |  |
|  Emerson Electric Co. | 5145 | 686240 |
|  **Financial Services - 0.6%** | **Financial Services - 0.6%** |  |
|  Apollo Global Management, Inc. | 5925 | 781211 |
|  **Food Products - 0.3%** | **Food Products - 0.3%** |  |
|  McCormick & Co., Inc. | 5985 | 403868 |

---

------

---

| | | |
|:---|:---|:---|
|  **Health Care Equipment & Supplies - 0.5%** | **Health Care Equipment & Supplies - 0.5%** |  |
|  Abbott Laboratories | 5460 | 703794 |
|  **Health Care Providers & Services - 1.1%** | **Health Care Providers & Services - 1.1%** |  |
|  Quest Diagnostics, Inc. | 5280 | 998870 |
|  UnitedHealth Group, Inc. | 1180 | 389129 |
|  |  | 1387999 |
|  **Health Care REITs - 0.4%** | **Health Care REITs - 0.4%** |  |
|  American Healthcare REIT, Inc. | 10305 | 523288 |
|  **Hotels, Restaurants & Leisure - 0.9%** | **Hotels, Restaurants & Leisure - 0.9%** |  |
|  McDonald's Corp. | 3775 | 1177121 |
|  **Household Products - 0.6%** | **Household Products - 0.6%** |  |
|  The Procter & Gamble Co. | 4965 | 735614 |
|  **Industrial Conglomerates - 0.5%** | **Industrial Conglomerates - 0.5%** |  |
|  Siemens AG - ADR | 4730 | 627387 |
|  **Industrial REITs - 1.0%** | **Industrial REITs - 1.0%** |  |
|  Prologis, Inc. | 10480 | 1346994 |
|  **Interactive Media & Services - 4.3%** | **Interactive Media & Services - 4.3%** |  |
|  Alphabet, Inc. - Class A | 10570 | 3384302 |
|  Meta Platforms, Inc. - Class A | 3365 | 2180352 |
|  |  | 5564654 |
|  **IT Services - 0.6%** | **IT Services - 0.6%** |  |
|  International Business Machines Corp. | 2560 | 789965 |
|  **Machinery - 1.1%** | **Machinery - 1.1%** |  |
|  Caterpillar, Inc. | 1395 | 803185 |
|  Xylem, Inc. | 4805 | 675920 |
|  |  | 1479105 |
|  **Oil, Gas & Consumable Fuels - 1.0%** | **Oil, Gas & Consumable Fuels - 1.0%** |  |
|  EQT Corp. | 5735 | 349032 |
|  The Williams Cos., Inc. | 14840 | 904201 |
|  |  | 1253233 |
|  **Personal Care Products - 0.6%** | **Personal Care Products - 0.6%** |  |
|  Unilever PLC (United Kingdom) - ADR | 13605 | 824327 |
|  **Pharmaceuticals - 2.6%** | **Pharmaceuticals - 2.6%** |  |
|  AstraZeneca PLC (United Kingdom) - ADR | 16015 | 1484911 |
|  Eli Lilly & Co. | 1155 | 1242168 |
|  Johnson & Johnson | 3110 | 643521 |
|  |  | 3370600 |
|  **Residential REITs - 0.5%** | **Residential REITs - 0.5%** |  |
|  AvalonBay Communities, Inc. | 3460 | 629512 |
|  **Semiconductors & Semiconductor Equipment - 1.0%** | **Semiconductors & Semiconductor Equipment - 1.0%** |  |
|  Applied Materials, Inc. | 2555 | 677944 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. (China) - ADR | 2280 | 664643 |
|  |  | 1342587 |
|  **Software - 2.1%** | **Software - 2.1%** |  |
|  Microsoft Corp. | 5485 | 2698675 |
|  **Specialty Retail - 1.8%** | **Specialty Retail - 1.8%** |  |
|  The Home Depot, Inc. | 3025 | 1079683 |
|  The TJX Cos., Inc. | 8190 | 1244225 |
|  |  | 2323908 |

---

------

---

| | | |
|:---|:---|:---|
|  **Technology Hardware, Storage & Peripherals - 2.2%** | **Technology Hardware, Storage & Peripherals - 2.2%** |  |
|  Apple, Inc. | 8950 | 2495708 |
|  NetApp, Inc. | 3040 | 339142 |
|  |  | 2834850 |
|  **Trading Companies & Distributors - 0.3%** | **Trading Companies & Distributors - 0.3%** |  |
|  ITOCHU Corp. (Japan) - ADR | 3530 | 423353 |
|  **Wireless Telecommunication Services - 0.4%** | **Wireless Telecommunication Services - 0.4%** |  |
|  T-Mobile US, Inc. | 2275 | 475498 |
|  **TOTAL COMMON STOCKS** (Cost $30,390,085) | **TOTAL COMMON STOCKS** (Cost $30,390,085) | 41874308 |
| **CORPORATE BONDS - 18.7%** | **Par** | **Value** |
|  **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
|  Lockheed Martin Corp., 4.40%, 08/15/2030 | 500000 | 507096 |
|  RTX Corp., 4.13%, 11/16/2028 | 500000 | 501736 |
|  |  | 1008832 |
|  **Banks - 1.2%** | **Banks - 1.2%** |  |
|  JPMorgan Chase & Co., 4.26% to 10/22/2030 then SOFR + 0.93%, 10/22/2031 | 385000 | 385535 |
|  M&T Bank Corp., 5.18% to 07/08/2030 then SOFR + 1.40%, 07/08/2031 | 515000 | 528549 |
|  The PNC Financial Services Group, Inc., 5.22% to 01/29/2030 then SOFR + 1.07%, 01/29/2031 | 610000 | 632872 |
|  |  | 1546956 |
|  **Beverages - 0.3%** | **Beverages - 0.3%** |  |
|  PepsiCo, Inc., 4.30%, 07/23/2030 | 380000 | 385155 |
|  **Biotechnology - 0.5%** | **Biotechnology - 0.5%** |  |
|  AbbVie, Inc., 4.80%, 03/15/2029 | 610000 | 626210 |
|  **Broadline Retail - 0.6%** | **Broadline Retail - 0.6%** |  |
|  Amazon.com, Inc., 4.65%, 12/01/2029 | 765000 | 786767 |
|  **Building Products - 0.5%** | **Building Products - 0.5%** |  |
|  Lennox International, Inc., 5.50%, 09/15/2028 | 590000 | 610936 |
|  **Capital Markets - 2.0%** | **Capital Markets - 2.0%** |  |
|  Ares Capital Corp., 5.95%, 07/15/2029 | 600000 | 617276 |
|  Ares Management Corp., 6.38%, 11/10/2028 | 200000 | 211662 |
|  CME Group, Inc., 4.40%, 03/15/2030 | 605000 | 613591 |
|  Nasdaq, Inc., 5.35%, 06/28/2028 | 520000 | 536579 |
|  State Street Corp., 4.73%, 02/28/2030 | 605000 | 620780 |
|  |  | 2599888 |
|  **Communications Equipment - 1.1%** | **Communications Equipment - 1.1%** |  |
|  Cisco Systems, Inc., 4.95%, 02/26/2031 | 730000 | 759622 |
|  Motorola Solutions, Inc., 4.85%, 08/15/2030 | 645000 | 658742 |
|  |  | 1418364 |
|  **Consumer Finance - 0.6%** | **Consumer Finance - 0.6%** |  |
|  American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 | 795000 | 822393 |
|  **Consumer Staples Distribution & Retail - 0.5%** | **Consumer Staples Distribution & Retail - 0.5%** |  |
|  Walmart, Inc., 4.35%, 04/28/2030 | 635000 | 647506 |
|  **Entertainment - 0.4%** | **Entertainment - 0.4%** |  |
|  Netflix, Inc., 5.88%, 11/15/2028 | 550000 | 580222 |
|  **Health Care Equipment & Supplies - 0.5%** | **Health Care Equipment & Supplies - 0.5%** |  |
|  Stryker Corp., 4.85%, 02/10/2030 | 620000 | 638584 |
|  **Health Care REITs - 0.5%** | **Health Care REITs - 0.5%** |  |
|  Welltower OP LLC, 4.50%, 07/01/2030 | 605000 | 613403 |

---

------

---

| | | |
|:---|:---|:---|
|  **Industrial REITs - 0.6%** | **Industrial REITs - 0.6%** | **Industrial REITs - 0.6%** |
|  Prologis LP, 4.88%, 06/15/2028 | 755000 | 773209 |
|  **Insurance - 1.3%** | **Insurance - 1.3%** | **Insurance - 1.3%** |
|  Arthur J Gallagher & Co., 5.00%, 02/15/2032 | 635000 | 650774 |
|  Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 | 620000 | 627261 |
|  MetLife, Inc., 4.55%, 03/23/2030 | 430000 | 439552 |
|  |  | 1717587 |
|  **Interactive Media & Services - 0.4%** | **Interactive Media & Services - 0.4%** | **Interactive Media & Services - 0.4%** |
|  Meta Platforms, Inc., 4.30%, 08/15/2029 | 515000 | 522870 |
|  **IT Services - 0.4%** | **IT Services - 0.4%** | **IT Services - 0.4%** |
|  International Business Machines Corp., 4.80%, 02/10/2030 | 500000 | 513684 |
|  **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** | **Life Sciences Tools & Services - 0.6%** |
|  Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029 | 760000 | 784100 |
|  **Media - 0.4%** | **Media - 0.4%** | **Media - 0.4%** |
|  Comcast Corp., 4.15%, 10/15/2028 | 475000 | 477594 |
|  **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** | **Oil, Gas & Consumable Fuels - 0.5%** |
|  The Williams Cos., Inc., 5.30%, 08/15/2028 | 590000 | 608086 |
|  **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** | **Pharmaceuticals - 0.8%** |
|  Merck & Co., Inc., 4.30%, 05/17/2030 | 640000 | 648422 |
|  Pfizer, Inc., 3.60%, 09/15/2028 | 415000 | 414432 |
|  |  | 1062854 |
|  **Professional Services - 0.8%** | **Professional Services - 0.8%** | **Professional Services - 0.8%** |
|  Automatic Data Processing, Inc., 4.75%, 05/08/2032 | 420000 | 431772 |
|  Paychex, Inc., 5.10%, 04/15/2030 | 615000 | 632279 |
|  |  | 1064051 |
|  **Retail REITs - 0.4%** | **Retail REITs - 0.4%** | **Retail REITs - 0.4%** |
|  Realty Income Corp., 4.85%, 03/15/2030 | 570000 | 586571 |
|  **Semiconductors & Semiconductor Equipment - 1.0%** | **Semiconductors & Semiconductor Equipment - 1.0%** | **Semiconductors & Semiconductor Equipment - 1.0%** |
|  Broadcom, Inc., 5.05%, 07/12/2029 | 615000 | 635667 |
|  Texas Instruments, Inc., 4.50%, 05/23/2030 | 605000 | 617733 |
|  |  | 1253400 |
|  **Software - 0.6%** | **Software - 0.6%** | **Software - 0.6%** |
|  Intuit, Inc., 5.13%, 09/15/2028 | 570000 | 588729 |
|  Oracle Corp., 5.25%, 02/03/2032 | 255000 | 257482 |
|  |  | 846211 |
|  **Specialized REITs - 0.9%** | **Specialized REITs - 0.9%** | **Specialized REITs - 0.9%** |
|  Extra Space Storage LP, 5.50%, 07/01/2030 | 555000 | 580929 |
|  Public Storage Operating Co., 4.38%, 07/01/2030 | 630000 | 637933 |
|  |  | 1218862 |
|  **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** | **Specialty Retail - 0.5%** |
|  Lowe's Cos., Inc., 4.50%, 04/15/2030 | 620000 | 628410 |
|  **TOTAL CORPORATE BONDS** (Cost $23,843,761) | **TOTAL CORPORATE BONDS** (Cost $23,843,761) | 24342705 |
| **U.S. TREASURY SECURITIES - 6.0%** | **Par** | **Value** |
|  U.S. Treasury Note, 4.13%, 11/30/2029 | 7685000 | 7846655 |
|  **TOTAL U.S. TREASURY SECURITIES** (Cost $7,667,032) | **TOTAL U.S. TREASURY SECURITIES** (Cost $7,667,032) | 7846655 |
|  **TOTAL INVESTMENTS - 97.4% (**Cost $112,164,770**)** | **TOTAL INVESTMENTS - 97.4% (**Cost $112,164,770**)** | 127089937 |
|  Other Assets in Excess of Liabilities - 2.6% | Other Assets in Excess of Liabilities - 2.6% | 3387080 |
|  **TOTAL NET ASSETS - 100.0%** |  | $130477017 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

------

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

LLC - Limited Liability Company

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.

## 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 Bull 1.75X Fund

- **b. EDGAR series identifier (if any):** S000007025

- **c. LEI of Series:** VLMCO860UQ4Y0RMCQL18

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $20942249.32

**Total Liabilities:** $409688.17

**Net Assets:** $20532561.15

**Cash Not Reported:** $7439556.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000019202 | 0.66%                | 0.74%                | 1.25%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $35574.67                                  |
| Month 2  | $0.00                    | $44755.23                                  |
| Month 3  | $31924.11                | $20903.98                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| N/A                            | 197035IEFUBS12172025                                             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $209897.41    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Trust                  | ISHARES 7-10 YEAR TREASURY BOND FUND                             | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     87518 | NS      | $8533005.00   | 41.56%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                            | 197035IEFML12112025                                              | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |         1 | NC      | $254721.25    | 1.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco Government & Agency Po | Invesco Government & Agency Portfolio                            | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        |   2161472 | NS      | $2161472.39   | 10.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square | Goldman Sachs Financial Square Funds - Treasury Instruments Fund | CUSIP: 38142B500<br>LEI: 549300DAH6N80PM31E83 | Long             | STIV             | RF                | US        |   2280000 | NS      | $2280000.00   | 11.10%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Direxion Funds

**Signature:** Patrick Rudnick

**Name of Signer:** Patrick Rudnick

**Title:** Principal Executive Officer