Form NPORT-P DIREXION FUNDS For: May 31

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      Direxion Funds
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      1301 Avenue of the Americas (6th Avenue)
      28th Floor
      New York
      
      10019
      646-572-3390
      Direxion Monthly 7-10 Year Treasury Bull 2X Fund
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      2021-05-31
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              Bank of America N.A. (formerly Merrill Lynch)
              B4TYDEB6GKMZO031MB27
            
            
              
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      2021-07-30
      Direxion Funds
      Patrick Rudnick
      Patrick Rudnick
      Principal Executive Officer, Principal Financial Officer
    
  
  XXXX

Direxion Monthly High Yield Bull 1.2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 80.0%
348,067	iShares iBoxx High Yield Corporate Bond ETF^(a)	$	30,374,067
278,713	SPDR Bloomberg Barclays High Yield Bond ETF^(a)		30,374,143

	TOTAL INVESTMENT COMPANIES (Cost $58,731,632)	$	60,748,210

SHORT TERM INVESTMENTS - 4.7%
Money Market Funds - 4.7%
3,570,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	3,570,000

	TOTAL SHORT TERM INVESTMENTS (Cost $3,570,000)	$	3,570,000

	TOTAL INVESTMENTS (Cost $62,301,632) - 84.7%	$	64,318,210
	Other Assets in Excess of Liabilities - 15.3%		11,602,031

	TOTAL NET ASSETS - 100.0%	$	75,920,240

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,570,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021

Terms of Payments to be

Received at Termination

Terms of Payments to
be Paid at Termination

Counterparty

Termination
Date

Contracts

Notional
Amount

Unrealized
Appreciation

Total return of PIMCO 0-5 Year High Yield Corporate Bond Index ETF

1.0965% representing
1 month LIBOR rate + spread

Credit Suisse
International

12/10/2021

305,882

30,310,043

65,868

Direxion Monthly NASDAQ-100^® Bull 1.25X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 0.1%
90	Invesco QQQ Trust Series 1^(a)	$	30,054

	TOTAL INVESTMENT COMPANIES (Cost $17,146)	$	30,054

SHORT TERM INVESTMENTS - 14.8%
Money Market Funds - 14.8%
3,300,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	3,300,000

	TOTAL SHORT TERM INVESTMENTS (Cost $3,300,000)	$	3,300,000

	TOTAL INVESTMENTS (Cost $3,317,146) - 14.9%	$	3,330,054
	Other Assets in Excess of Liabilities - 85.1%		19,092,776

	TOTAL NET ASSETS - 100.0%	$	22,422,830

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $3,300,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of NASDAQ-100^® Index	0.4425 % representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch	10/26/2021		1,063	$	14,264,859	$	290,049
Total return of NASDAQ-100^® Index	0.4965 % representing 1 month LIBOR rate + spread	UBS Securities LLC	12/8/2021		663		9,225,871		(149,200	)
Total return of NASDAQ-100^® Index	0.7465 % representing 1 month LIBOR rate + spread	Credit Suisse International	12/10/2021		320		4,355,728		25,344

						$	27,846,458	$	166,193

Direxion Monthly NASDAQ-100^® Bear 1.25X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
SHORT TERM INVESTMENTS - 2.8%
Money Market Funds - 2.8%
8,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(a)(b)	$	8,000

	TOTAL SHORT TERM INVESTMENTS (Cost $8,000)	$	8,000

	TOTAL INVESTMENTS (Cost $8,000) - 2.8%	$	8,000
	Other Assets in Excess of Liabilities - 97.2%		274,317

	TOTAL NET ASSETS - 100.0%	$	282,317

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 May 31, 2021.

^(b)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,000.

Short Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
0.1925 % representing 1 month LIBOR rate + spread	Total return of NASDAQ-100^® Index	Bank of America Merrill Lynch	12/9/2021		19	$	245,683	$	(14,813	)
0.2465 % representing 1 month LIBOR rate + spread	Total return of NASDAQ-100^® Index	Credit Suisse International	12/10/2021		278		91,660		(1,158	)

						$	337,343	$	(15,971	)

Direxion Monthly NASDAQ-100^® Bull 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 10.0%
139,420	Invesco QQQ Trust Series 1^(a)	$	46,556,521

	TOTAL INVESTMENT COMPANIES (Cost $25,512,337)	$	46,556,521

SHORT TERM INVESTMENTS - 27.4%
Money Market Funds - 27.4%
126,864,199	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	126,864,199

	TOTAL SHORT TERM INVESTMENTS (Cost $126,864,199)	$	126,864,199

	TOTAL INVESTMENTS (Cost $152,376,536) - 37.4%	$	173,420,720
	Other Assets in Excess of Liabilities - 62.6%		290,626,889

	TOTAL NET ASSETS - 100.0%	$	464,047,608

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $126,864,199.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of NASDAQ-100^® Index	0.4965 % representing 1 month LIBOR rate + spread	UBS Securities LLC	12/9/2021		11,913	$	159,045,942	$	4,141,434
Total return of NASDAQ-100^® Index	0.4425 % representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch	12/9/2021		28,729		371,572,508		21,932,785
Total return of NASDAQ-100^® Index	0.7465 % representing 1 month LIBOR rate + spread	Credit Suisse International	12/9/2021		23,744		319,961,933		5,031,328

						$	850,580,383	$	31,105,547

Direxion Monthly S&P 500^® Bull 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 7.7%
21,000	iShares Core S&P 500 ETF^(a)	$	8,854,650

	TOTAL INVESTMENT COMPANIES (Cost $6,011,109)	$	8,854,650

SHORT TERM INVESTMENTS - 31.0%
Money Market Funds - 31.0%
35,490,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	35,490,000

	TOTAL SHORT TERM INVESTMENTS (Cost $35,490,000)	$	35,490,000

	TOTAL INVESTMENTS (Cost $41,501,109) - 38.7%	$	44,344,650
	Other Assets in Excess of Liabilities - 61.3%		70,223,781

	TOTAL NET ASSETS - 100.0%	$	114,568,431

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $35,490,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500^® Index	0.6265 % representing 1 month LIBOR rate + spread	UBS Securities LLC	12/9/2021		20	$	82,510	$	1,654
Total return of S&P 500^® Index	0.5965 % representing 1 month LIBOR rate + spread	Credit Suisse International	12/10/2021		14,617		56,753,542		4,824,901
Total return of S&P 500^® Index	0.4625 % representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch	12/10/2021		37,775		155,963,072		3,036,226

						$	212,799,124	$	7,862,781

Direxion Monthly S&P 500^® Bear 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
SHORT TERM INVESTMENTS - 42.3%
Money Market Funds - 42.3%
4,100,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(a)(b)	$	4,100,000

	TOTAL SHORT TERM INVESTMENTS (Cost $4,100,000)	$	4,100,000

	TOTAL INVESTMENTS (Cost $4,100,000) - 42.3%	$	4,100,000
	Other Assets in Excess of Liabilities - 57.7%		5,598,186

	TOTAL NET ASSETS - 100.0%	$	9,698,186

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 May 31, 2021.

^(b)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,100,000.

Short Total Return Swap Contracts (Unaudited)

May 31, 2021

Terms of Payments to be

Received at Termination

Terms of Payments to be

Paid at Termination

Counterparty

Termination
Date

Contracts

Notional
Amount

Unrealized
Depreciation

0.2625 % representing 1 month LIBOR rate + spread

Total return of S&P 500^® Index

Bank of America Merrill Lynch

5/25/2022

4,614

19,178,816

(247,676

)

Direxion Monthly Small Cap Bull 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 5.0%
6,500	iShares Russell 2000 ETF^(a)	$	1,465,750

	TOTAL INVESTMENT COMPANIES (Cost $959,244)	$	1,465,750

SHORT TERM INVESTMENTS - 30.3%
Money Market Funds - 30.3%
8,900,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	8,900,000

	TOTAL SHORT TERM INVESTMENTS (Cost $8,900,000)	$	8,900,000

	TOTAL INVESTMENTS (Cost $9,859,244) - 35.3%	$	10,365,750
	Other Assets in Excess of Liabilities - 64.7%		18,980,302

	TOTAL NET ASSETS - 100.0%	$	29,346,052

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $8,900,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
Total return of Russell 2000^® Index	0.5965 % representing 1 month LIBOR rate + spread	UBS Securities LLC	12/9/2021		1,000	$	2,188,517	$	81,310
Total return of Russell 2000^® Index	0.5965 % representing 1 month LIBOR rate + spread	Credit Suisse International	12/10/2021		12,397		28,917,070		(773,070	)
Total return of Russell 2000^® Index	0.3425 % representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch	12/10/2021		11,780		26,583,302		161,243

						$	57,688,889	$	(530,517	)

Direxion Monthly Small Cap Bear 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
SHORT TERM INVESTMENTS - 45.4%
Money Market Funds - 45.4%
1,030,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(a)(b)	$	1,030,000

	TOTAL SHORT TERM INVESTMENTS (Cost $1,030,000)	$	1,030,000

	TOTAL INVESTMENTS (Cost $1,030,000) - 45.4%	$	1,030,000
	Other Assets in Excess of Liabilities - 54.6%		1,239,540

	TOTAL NET ASSETS - 100.0%	$	2,269,540

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 May 31, 2021.

^(b)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,030,000.

Short Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
0.2265 % representing 1 month LIBOR rate + spread	Total return of Russell 2000^® Index	UBS Securities LLC	12/9/2021		141	$	306,237	$	(14,321	)
0.1425 % representing 1 month LIBOR rate + spread	Total return of Russell 2000^® Index	Bank of America Merrill Lynch	12/10/2021		1,860		4,175,856		(47,008	)

						$	4,482,093	$	(61,329	)

Direxion Monthly 7-10 Year Treasury Bull 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
INVESTMENT COMPANIES - 54.9%
100,000	iShares 7-10 Year Treasury Bond ETF^(a)	$	11,463,000

	TOTAL INVESTMENT COMPANIES (Cost $11,298,400)	$	11,463,000

SHORT TERM INVESTMENTS - 25.5%
Money Market Funds - 25.5%
5,330,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	5,330,000

	TOTAL SHORT TERM INVESTMENTS (Cost $5,330,000)	$	5,330,000

	TOTAL INVESTMENTS (Cost $16,628,400) - 80.4%	$	16,793,000
	Other Assets in Excess of Liabilities - 19.6%		4,085,819

	TOTAL NET ASSETS - 100.0%	$	20,878,819

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $5,330,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date		Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares 7-10 Year Treasury Bond ETF	0.7465% representing 1 month LIBOR rate + spread	Credit Suisse International		12/10/2021		134,149	$	15,362,149	$	12,010
Total return of iShares 7-10 Year Treasury Bond ETF	0.2425% representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch		12/10/2021		130,217		14,882,705		41,473

							$	30,244,854	$	53,483

Direxion Monthly 7-10 Year Treasury Bear 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares		Fair Value
SHORT TERM INVESTMENTS - 50.8%
Money Market Funds - 50.8%
4,430,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(a)(b)	$	4,430,000

	TOTAL SHORT TERM INVESTMENTS (Cost $4,430,000)	$	4,430,000

	TOTAL INVESTMENTS (Cost $4,430,000) - 50.8%	$	4,430,000
	Other Assets in Excess of Liabilities - 49.2%		4,282,659

	TOTAL NET ASSETS - 100.0%	$	8,712,659

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 May 31, 2021.

^(b)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $4,430,000.

Short Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty		Termination Date		Contracts		Notional Amount		Unrealized Depreciation
0.2265 % representing 1 month LIBOR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF		Credit Suisse International		12/10/2021		19,244	$	2,193,625	$	(13,686	)
0.0465 % representing 1 month LIBOR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF		Bank of America Merrill Lynch		12/10/2021		132,791		15,125,465		(105,033	)

								$	17,319,090	$	(118,719	)

Direxion Monthly Emerging Markets Bull 2X Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares			Fair Value
	INVESTMENT COMPANIES - 6.6%
	12,000	iShares MSCI Emerging Markets ETF^(a)	$	658,440

		TOTAL INVESTMENT COMPANIES (Cost $468,108)	$	658,440

	SHORT TERM INVESTMENTS - 26.7%
	Money Market Funds - 26.7%
	2,660,000	Fidelity Investments Money Market Funds Government Portfolio Institutional Class, 0.01%^(b)(c)	$	2,660,000

		TOTAL SHORT TERM INVESTMENTS (Cost $2,660,000)	$	2,660,000

		TOTAL INVESTMENTS (Cost $3,128,108) - 33.4%	$	3,318,440
		Other Assets in Excess of Liabilities - 66.6%		6,626,577

		TOTAL NET ASSETS - 100.0%	$	9,945,017

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 May 31, 2021.

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $2,660,000.

Long Total Return Swap Contracts (Unaudited)

May 31, 2021


Terms of Payments to be Received at Termination	Terms of Payments to be (Received)/Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of iShares MSCI Emerging Markets ETF	0.6665 % representing 1 month LIBOR rate + spread	UBS Securities LLC	12/9/2021		100,000	$	5,373,074	$	109,173
Total return of iShares MSCI Emerging Markets ETF	(0.2075)% representing 1 month LIBOR rate + spread	Bank of America Merrill Lynch	12/10/2021		233,520		12,555,539		260,887
Total return of iShares MSCI Emerging Markets ETF	0.2965% representing 1 month LIBOR rate + spread	Credit Suisse International	12/10/2021		17,034		924,499		9,562

						$	18,853,112	$	379,622

Hilton Tactical Income Fund

Schedule of Investments (Unaudited)

May 31, 2021


Shares/Principal		Fair Value
COMMON STOCKS - 51.3%
Auto Components - 1.5%
9,295	Advance Auto Parts, Inc.	$	1,763,540

Automobiles - 1.7%
184,130	Porsche Automobil Holding SE (Germany)		2,040,161

Banks - 4.7%
14,540	JPMorgan Chase & Co.		2,388,049
17,620	Citizens Financial Group, Inc.		879,238
37,710	U.S. Bancorp		2,292,014

			5,559,301

Beverages - 1.1%
8,300	PepsiCo, Inc.		1,227,902

Capital Markets - 3.0%
16,905	Ares Management Corp.		932,818
17,860	Houlihan Lokey, Inc.		1,337,535
11,390	Intercontinental Exchange, Inc.		1,285,703

			3,556,056

Commercial Services & Supplies - 2.0%
21,450	Republic Services, Inc.		2,341,911

Electric Utilities - 0.9%
14,100	NextEra Energy, Inc.		1,032,402

Entertainment - 1.6%
10,460	The Walt Disney Company ^(a)		1,868,679

Equity REITs - 3.2%
8,730	Crown Castle International Corp.		1,654,335
22,275	The Blackstone Group, Inc.		2,064,224

			3,718,559

Food & Staples Retailing - 1.9%
15,960	Wal-Mart Stores, Inc.		2,266,799

Communications Equipment - 1.0%
22,070	Cisco Systems, Inc.		1,167,503

Insurance - 0.7%
10,135	HCI Group, Inc.		816,476

IT Services - 6.2%
6,235	Accenture PLC (Ireland)		1,759,268
28,225	Booz Allen Hamilton Holding Corp.		2,397,149
12,735	Thomson Reuters Corp. (Canada)		1,247,648
8,450	Visa, Inc.		1,920,685

			7,324,750

Machinery - 1.8%
8,595	Caterpillar, Inc.		2,072,083

Media - 2.1%
43,675	Comcast Corp.		2,504,324

Metals & Mining - 0.9%
6,555	Reliance Steel & Aluminum Co.		1,101,699

Mortgage REITs - 3.1%
67,275	AGNC Investment Corp.		1,247,278
127,195	Annaly Capital Management, Inc.		1,179,098
47,145	Starwood Property Trust, Inc.		1,197,011

			3,623,387

Multiline Retail - 2.4%
6,040	Dollar General Corp.		1,225,878
24,690	The TJX Companies, Inc.		1,667,563

			2,893,441

Oil, Gas & Consumable Fuels - 1.1%
12,225	Chevron Corp.		1,268,833

Road & Rail - 1.7%
7,210	Norfolk Southern Corp.		2,025,289

Semiconductors & Semiconductor Equipment - 3.8%
12,795	Analog Devices, Inc.		2,106,057
8,455	Applied Materials, Inc.		1,167,889
6,345	Texas Instruments, Inc.		1,204,408

			4,478,354

Software - 3.0%
13,885	Microsoft Corp.		3,466,807


Technology Hardware, Storage & Peripherals - 1.9%
17,705	Apple, Inc.		2,206,220

	TOTAL COMMON STOCKS (Cost $44,883,288)	$	60,324,476

INVESTMENT COMPANIES - 24.3%
46,090	Communication Services Select Sector SPDR Fund	$	3,631,431
25,940	Energy Select Sector SPDR Fund		1,354,327
317,340	Invesco Senior Loan ETF		7,044,948
49,240	iShares MSCI Canada ETF		1,864,719
196,539	iShares Preferred & Income Securities ETF		7,635,540
122,870	Quadratic Interest Rate Volatility and Inflation Hedge ETF		3,516,540
43,320	Vanguard Short-Term Corporate Bond ETF		3,589,495

	TOTAL INVESTMENT COMPANIES (Cost $27,234,910)	$	28,637,000

CORPORATE BONDS - 11.9%
Aerospace & Defense - 0.8%
	General Dynamics Corp.
900,000	3.25%, 04/01/2025	$	979,536

Biotechnology - 1.4%
	AbbVie, Inc.
1,085,000	2.90%, 11/06/2022		1,124,466
	Amgen, Inc.
500,000	2.60%, 08/19/2026		532,140

			1,656,606

Capital Markets - 2.0%
	B Riley Financial, Inc.
14,000	6.50%, 09/30/2026		362,320
	Fidus Investment Corp.
4,250	6.00%, 02/15/2024		107,950
	Gladstone Capital Corp.
19,345	5.38%, 11/01/2024		496,780
	Gladstone Investment Corp.
13,170	5.00%, 05/01/2026		337,152
	Hercules Capital, Inc.
20,200	5.25%, 04/30/2025		509,242
	Saratoga Investment Corp.
20,065	6.25%, 08/31/2025		510,253

			2,323,697

Chemicals - 0.4%
	Air Products & Chemicals, Inc.
450,000	3.35%, 07/31/2024		487,304

Communications Equipment - 0.8%
	Cisco Systems, Inc.
885,000	3.63%, 03/04/2024		964,603

Food & Staples Retailing - 1.0%
	Walmart, Inc.
1,100,000	3.40%, 06/26/2023		1,168,020

Interactive Media & Services - 0.4%
	Alphabet, Inc.
400,000	3.38%, 02/25/2024		434,815

IT Services - 0.7%
	Equinix, Inc.
820,000	2.63%, 11/18/2024		868,364

Pharmaceuticals - 0.9%
	GlaxoSmithKline Capital PLC (United Kingdom)
970,000	2.85%, 05/08/2022		994,262

Semiconductors & Semiconductor Equipment - 0.9%
	Intel Corp.
1,025,000	3.10%, 07/29/2022		1,059,545

Software - 2.6%
	Microsoft Corp.
1,000,000	3.63%, 12/15/2023		1,077,432
	Oracle Corp.
680,000	2.50%, 10/15/2022		700,710
	salesforce.com, Inc.
1,165,000	3.25%, 04/11/2023		1,228,201

			3,006,343

	TOTAL CORPORATE BONDS (Cost $14,374,297)	$	13,943,095


PREFERRED STOCKS - 4.2%
Banks - 0.9%
	Pinnacle Financial Partners, Inc.
18,865	6.75%, 09/01/2025	$	521,806
	Wintrust Financial Corp.
18,505	6.88%, 7/15/2025		526,282

			1,048,088

Capital Markets - 1.3%
	Atlantic Union Bankshares Corp.
19,000	6.88%, 09/01/2025		527,820
	Gladstone Investment Corp.
21,790	6.38%, 08/31/2025		555,863
	WesBanco, Inc.
18,585	6.75%, 11/15/2025		521,309

			1,604,992

Equity REITs - 0.4%
	Gladstone Commercial Corp.
16,260	6.63%, 10/31/2024		425,199

Insurance - 0.5%
	Argo Group International Holdings, Ltd.
19,450	7.00%, 09/15/2025		534,875

Internet & Direct Marketing Retail - 0.6%
	Qurate Retail, Inc.
6,500	8%, 03/15/2031		686,270

Mortgage REITs - 0.5%
23,810	AGNC Investment Corp. 6.13%, 4/15/2025		598,584

	TOTAL PREFERRED STOCKS (Cost $4,605,892)	$	4,898,008

U.S. GOVERNMENT OBLIGATIONS - 2.0%
	U.S. Treasury Note
2,330,000	1.25%, 03/31/2028	$	2,333,641

	TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $2,330,182)	$	2,333,641

	Total Investments - 93.7% (Cost $93,428,569)	$	110,136,220
	Other Assets in Excess of Liabilities - 6.3%		7,465,841

	Total Net Assets - 100.0%	$	117,602,061

Percentages are stated as a percent of net assets.

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

^(a)	Non-income producing security.

REIT - Real Estate Investment Trust

The Global Industry Classification Standard (GICS^®) 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								Liability Class
	Level 1						Level 2		Level 2
Funds	Investment Companies		Short Term Investments		Cash Equivalents		Total Return Swap Contracts*		Total Return Swap Contracts*
Direxion Monthly High Yield Bull 1.2X Fund	$	60,748,210	$	3,570,000	$	8,394,324	$	65,868	$	—
Direxion Monthly NASDAQ-100^® Bull 1.25X Fund		30,054		3,300,000		17,673,067		315,393		(149,200	)
Direxion Monthly NASDAQ-100^® Bear 1.25X Fund		—		8,000		280,140		—		(15,971	)
Direxion Monthly NASDAQ-100^® Bull 2X Fund		46,556,521		126,864,199		252,734,993		31,105,547		—
Direxion Monthly S&P 500^® Bull 2X Fund		8,854,650		35,490,000		67,612,282		7,862,781		—
Direxion Monthly S&P 500^® Bear 2X Fund		—		4,100,000		5,835,614		—		(247,676	)
Direxion Monthly Small Cap Bull 2X Fund		1,465,750		8,900,000		19,291,151		242,553		(773,070	)
Direxion Monthly Small Cap Bear 2X Fund		—		1,030,000		1,144,329		—		(61,329	)
Direxion Monthly 7-10 Year Treasury Bull 2X Fund		11,463,000		5,330,000		4,058,475		53,483		—
Direxion Monthly 7-10 Year Treasury Bear 2X Fund		—		4,430,000		4,390,750		—		(118,719	)
Direxion Monthly Emerging Markets Bull 2X Fund		658,440		2,660,000		5,589,391		379,622		—

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
Common Stocks	$	60,324,476	$	—	$	—	$	60,324,476
Investment Companies		28,637,000		—		—		28,637,000
Corporate Bonds		—		13,943,095		—		13,943,095
Preferred Stocks		4,898,008		—		—		4,898,008
U.S. Government Obligations		—		2,333,641		—		2,333,641

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

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