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Direxion Monthly High Yield Bull 1.2X Fund

Schedule of Investments (Unaudited)

November 30, 2022


Shares			Fair Value
	INVESTMENT COMPANIES—80.0%
	308,504	iShares iBoxx High Yield Corporate Bond ETF ^(a)	$	23,341,413
	251,445	SPDR Bloomberg High Yield Bond ETF ^(a)		23,341,639

		TOTAL INVESTMENT COMPANIES (Cost $45,848,359)	$	46,683,052

	SHORT TERM INVESTMENTS—4.8%
	Money Market Funds—4.8%
	2,780,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% ^(b)(c)	$	2,780,000

		TOTAL SHORT TERM INVESTMENTS (Cost $2,780,000)	$	2,780,000

		TOTAL INVESTMENTS (Cost $48,628,359)—84.8%	$	49,463,052
		Other Assets in Excess of Liabilities—15.2%		8,885,430

		TOTAL NET ASSETS—100.0%	$	58,348,482

Percentages are stated as a percent of net assets.

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

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

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

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

Long Total Return Swap Contracts (Unaudited)

November 30, 2022

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

4.3000% representing
1 month SOFR rate + spread

UBS Securities LLC

10/10/2023

255,396

23,051,490

278,392

Direxion Monthly NASDAQ-100^® Bull 1.25X Fund

Schedule of Investments (Unaudited)

November 30, 2022


Shares			Fair Value
	INVESTMENT COMPANIES—60.6%
	2,610	Invesco QQQ Trust Series 1 ^(a)	$	765,670

		TOTAL INVESTMENT COMPANIES (Cost $722,617)	$	765,670

	SHORT TERM INVESTMENTS—19.3%
	Money Market Funds—19.3%
	124,326	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (b)(c)	$	124,326
	120,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% (b)(c)		120,000

		TOTAL SHORT TERM INVESTMENTS (Cost $244,326)	$	244,326

		TOTAL INVESTMENTS (Cost $966,943)—79.9%	$	1,009,996
		Other Assets in Excess of Liabilities—20.1%		253,603

		TOTAL NET ASSETS—100.0%	$	1,263,598

Percentages are stated as a percent of net assets.

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

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

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

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

Long Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of NASDAQ-100^® Index	4.3000 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/9/2022		41	$	472,324	$	18,741
Total return of NASDAQ-100^® Index	4.3000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/14/2022		27		309,584		13,545

						$	781,908	$	32,286


Direxion Monthly NASDAQ-100^® Bull 1.75X Fund Schedule of Investments (Unaudited) November 30, 2022
Shares			Fair Value
	INVESTMENT COMPANIES—24.0%
	209,420	Invesco QQQ Trust Series 1 ^(a)	$	61,435,451

		TOTAL INVESTMENT COMPANIES (Cost $47,422,967)	$	61,435,451

	SHORT TERM INVESTMENTS—23.3%
	Money Market Funds—23.3%
	27,461,868	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% ^(b)(c)	$	27,461,868
	32,150,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% ^(b)(c)		32,150,000

		TOTAL SHORT TERM INVESTMENTS (Cost $59,611,868)	$	59,611,868

		TOTAL INVESTMENTS (Cost $107,034,835)—47.3%	$	121,047,319
		Other Assets in Excess of Liabilities—52.7%		135,239,269

		TOTAL NET ASSETS—100.0%	$	256,286,589

Percentages are stated as a percent of net assets.

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

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

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

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

Long Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of NASDAQ-100^® Index	4.3000 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/9/2022		16,497	$	194,788,165	$	2,683,708
Total return of NASDAQ-100^® Index	4.3000 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/12/2022		15,683		178,426,695		9,387,568

						$	373,214,860	$	12,071,276

Direxion Monthly S&P 500^® Bull 1.75X Fund

Schedule of Investments (Unaudited)

November 30, 2022


Shares			Fair Value
	INVESTMENT COMPANIES—45.8%
	89,400	iShares Core S&P 500 ETF (a)	$	36,593,208
		TOTAL INVESTMENT COMPANIES (Cost $34,681,585)	$	36,593,208

	SHORT TERM INVESTMENTS—22.8%
	Money Market Funds—22.8%
	14,440,000	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (b)(c)	$	14,440,000
	3,750,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% (b)(c)		3,750,000

		TOTAL SHORT TERM INVESTMENTS (Cost $18,190,000)	$	18,190,000

		TOTAL INVESTMENTS (Cost $52,871,585)—68.6%	$	54,783,208
		Other Assets in Excess of Liabilities—31.4%		25,120,580

		TOTAL NET ASSETS—100.0%	$	79,903,788

Percentages are stated as a percent of net assets.

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

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

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

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

Long Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation
Total return of S&P 500^® Index	4.3700 % representing 1 month SOFR rate + spread	UBS Securities LLC	12/9/2022		7,100	$	28,269,185	$	625,278
Total return of S&P 500^® Index	4.2500 % representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/15/2023		18,219		72,113,687		2,167,990

						$	100,382,872	$	2,793,268


Direxion Monthly S&P 500^® Bear1.75X Fund Schedule of Investments (Unaudited) November 30, 2022
Shares			Fair Value
	SHORT TERM INVESTMENTS—46.0%
	Money Market Funds—46.0%
	3,460,000	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% ^(a)(b)	$	3,460,000
	530,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% ^(a)(b)		530,000

		TOTAL SHORT TERM INVESTMENTS (Cost $3,990,000)	$	3,990,000

		TOTAL INVESTMENTS (Cost $3,990,000)—46.0%	$	3,990,000
		Other Assets in Excess of Liabilities—54.0%		4,689,052

		TOTAL NET ASSETS—100.0%	$	8,679,052

Percentages are stated as a percent of net assets.

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

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

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

Short Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination		Counterparty		Termination Date		Contracts		Notional Amount		Unrealized Depreciation
4.0500% representing 1 month SOFR rate + spread		Total return of S&P 500^® Index		Bank of America Merrill Lynch		12/13/2022		3,129	$	11,764,206	$	(983,806	)
4.1200% representing 1 month SOFR rate + spread		Total return of S&P 500^® Index		UBS Securities LLC		12/13/2023		595		2,238,474		(186,667	)

									$	14,002,680	$	(1,170,473	)


Direxion Monthly Small Cap Bull 1.75X Fund Schedule of Investments (Unaudited) November 30, 2022
Shares			Fair Value
	INVESTMENT COMPANIES—50.5%
	22,500	iShares Russell 2000 ETF ^(a)	$	4,215,825

		TOTAL INVESTMENT COMPANIES (Cost $3,963,228)	$	4,215,825

	SHORT TERM INVESTMENTS—19.3%
	Money Market Funds—19.3%
	1,285,888	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% ^(b)(c)	$	1,285,888
	330,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% ^(b)(c)		330,000

		TOTAL SHORT TERM INVESTMENTS (Cost $1,615,888)	$	1,615,888

		TOTAL INVESTMENTS (Cost $5,579,116)—69.8%	$	5,831,713
		Other Assets in Excess of Liabilities—30.2%		2,526,009

		TOTAL NET ASSETS—100.0%	$	8,357,722

Percentages are stated as a percent of net assets.

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

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

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

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

Long Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be 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	4.3600% representing 1 month SOFR rate + spread	UBS Securities LLC		12/9/2022		692	$	1,379,396	$	(82,726	)
Total return of Russell 2000^® Index	3.5500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch		12/13/2022		4,828		8,918,489		181,257

							$	10,297,885	$	98,531

Direxion Monthly Small Cap Bear 1.75X Fund

Schedule of Investments (Unaudited)

November 30, 2022


Shares			Fair Value
	SHORT TERM INVESTMENTS—40.6%
	Money Market Funds—40.6%
	1,660,000	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% ^(a)(b)	$	1,660,000

		TOTAL SHORT TERM INVESTMENTS (Cost $1,660,000)	$	1,660,000

		TOTAL INVESTMENTS (Cost $1,660,000)—40.6%	$	1,660,000
		Other Assets in Excess of Liabilities—59.4%		2,425,962

		TOTAL NET ASSETS—100.0%	$	4,085,962

Percentages are stated as a percent of net assets.

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

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

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

Short Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Depreciation
3.3500 % representing 1 month SOFR rate + spread	Total return of Russell 2000^® Index	Bank of America Merrill Lynch	12/13/2022		3,791	$	6,641,093	$	(500,639	)

						$	6,641,093	$	(500,639	)

Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund

Schedule of Investments (Unaudited)

November 30, 2022


Shares		Fair Value
INVESTMENT COMPANIES—34.0%
18,000	iShares 7-10 Year Treasury Bond ETF ^(a)	$	1,756,980

	TOTAL INVESTMENT COMPANIES (Cost $1,844,262)	$	1,756,980

SHORT TERM INVESTMENTS—28.7%
Money Market Funds—28.7%
745,861	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% ^(b)(c)	$	745,861
741,472	Invesco Government & Agency Portfolio Institutional Shares, 3.73% ^(b)(c)		741,472

	TOTAL SHORT TERM INVESTMENTS (Cost $1,487,333)	$	1,487,333

	TOTAL INVESTMENTS (Cost $3,331,595)—62.7%	$	3,244,313
	Other Assets in Excess of Liabilities—37.3%		1,930,622

	TOTAL NET ASSETS—100.0%	$	5,174,935

Percentages are stated as a percent of net assets.

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

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

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

^(c)	All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,487,333.

Long Total Return Swap Contracts (Unaudited)

November 30, 2022


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 iShares 7-10 Year Treasury Bond ETF	3.9500% representing 1 month SOFR rate + spread	Bank of America Merrill Lynch	12/13/2022		40,883	$	3,906,687	$	83,595
Total return of iShares 7-10 Year Treasury Bond ETF	4.3500% representing 1 month SOFR rate + spread	UBS Securities LLC	12/14/2022		33,907		3,417,366		(130,361	)

						$	7,324,053	$	(46,766	)


Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund Schedule of Investments (Unaudited) November 30, 2022
Shares		Fair Value
SHORT TERM INVESTMENTS—27.4%
Money Market Funds—27.4%
430,000	Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.66% (a)(b)	$	430,000
450,000	Invesco Government & Agency Portfolio Institutional Shares, 3.73% (a)(b)		450,000

	TOTAL SHORT TERM INVESTMENTS (Cost $880,000)	$	880,000

	TOTAL INVESTMENTS (Cost $880,000)—27.4%	$	880,000
	Other Assets in Excess of Liabilities—72.6%		2,330,344

	TOTAL NET ASSETS—100.0%	$	3,210,344

Percentages are stated as a percent of net assets.

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

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

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

Short Total Return Swap Contracts (Unaudited)

November 30, 2022


Terms of Payments to be Received at Termination	Terms of Payments to be Paid at Termination	Counterparty	Termination Date	Contracts		Notional Amount		Unrealized Appreciation (Depreciation)
3.7500 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	Bank of America Merrill Lynch	12/13/2022		12,836	$	1,243,635	$	(20,818	)
2.9000 % representing 1 month SOFR rate + spread	Total return of iShares 7-10 Year Treasury Bond ETF	UBS Securities LLC	12/14/2022		44,712		4,530,570		175,514

						$	5,774,205	$	154,696


Hilton Tactical Income Fund Schedule of Investments (Unaudited) November 30, 2022
Shares/Principal		Fair Value
U.S. GOVERNMENT OBLIGATIONS—43.7%
	U.S. Treasury Note
1,135,000	1.50%, 03/31/2023	$	1,123,820
5,275,000	3.00%, 06/30/2024		5,148,792
6,570,000	4.25%, 09/30/2024		6,546,646
3,455,000	2.63%, 03/31/2025		3,334,615
8,235,000	2.88%, 04/30/2025		7,973,796
7,935,000	4.25%, 10/15/2025		7,956,697
1,780,000	2.00%, 11/15/2026		1,651,228
2,320,000	2.75%, 04/30/2027		2,210,525
2,015,000	3.25%, 06/30/2027		1,959,902
9,750,000	4.13%, 09/30/2027		9,855,498
1,515,000	5.50%, 08/15/2028		1,637,028
1,140,000	3.25%, 06/30/2029		1,102,193

	TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $51,203,868)	$	50,500,740

COMMON STOCKS—26.6%
Beverages—3.1%
12,615	PepsiCo, Inc.		2,340,209
19,065	The Coca-Cola Co.		1,212,724

			3,552,933

Capital Markets—0.6%
8,070	Ares Management Corp.		632,607

Commercial Services & Supplies—1.2%
10,265	Republic Services, Inc.		1,429,812

Communications Equipment—1.4%
31,130	Cisco Systems, Inc.		1,547,784

Equity REITs—3.3%
6,360	Alexandria Real Estate Equities, Inc.		989,680
8,775	Crown Castle International Corp.		1,241,048
40,790	Four Corners Property Trust, Inc.		1,107,041
5,150	The Blackstone Group, Inc.		471,379

			3,809,148

Food & Staples Retailing—1.3%
9,560	Walmart, Inc.		1,457,135

Food Products—0.5%
6,940	McCormick & Co., Inc.		591,149

Health Care Equipment & Supplies—0.5%
4,980	Zimmer Biomet Holdings, Inc.		598,098

Health Care Providers & Services—1.9%
3,265	AmerisourceBergen Corp.		557,303
2,965	UnitedHealth Group, Inc.		1,624,108

			2,181,411

Hotels, Restaurants & Leisure—1.0%
4,355	McDonald’s Corp.		1,188,000

Household Products—0.9%
13,725	Colgate-Palmolive Co.		1,063,413

IT Services—2.9%
3,530	Accenture PLC (Ireland)		1,062,283
12,230	Booz Allen Hamilton Holding Corp.		1,301,272
8,750	Thomson Reuters Corp. (Canada)		1,030,050

			3,393,605

Mortgage REITs—0.5%
28,095	Starwood Property Trust, Inc.		601,514

Multiline Retail—1.0%
4,995	Dollar General Corp.		1,277,122

Pharmaceuticals—2.8%
22,390	AstraZeneca PLC (United Kingdom)		1,521,848
5,020	Merck & Co., Inc.		552,803
27,631	Roche Holding AG (Switzerland)		1,130,661

			3,205,312

Software—1.8%
8,135	Microsoft Corp.		2,075,564

Technology Hardware, Storage & Peripherals—1.9%
14,785	Apple, Inc.		2,188,623

	TOTAL COMMON STOCKS (Cost $24,013,288)	$	30,793,230


CORPORATE BONDS—14.9%
Aerospace & Defense—1.0%
	Lockheed Martin Corp.
615,000	3.55%, 01/15/2026	$	600,783
	Raytheon Technologies Corp.
600,000	4.13%, 11/16/2028		580,884

			1,181,667

Banks—1.0%
	Truist Financial Corp.
560,000	5.90%, 10/28/2026		568,100
	U.S. Bancorp
560,000	5.73%, 10/21/2026		571,720

			1,139,820

Biotechnology—0.4%
	Amgen, Inc.
510,000	2.60%, 08/19/2026		475,584

Capital Markets—1.6%
	B Riley Financial, Inc.
12,615	6.50%, 09/30/2026		293,047
	BlackRock, Inc.
490,000	3.50%, 03/18/2024		483,031
	Fidus Investment Corp.
200,000	3.50%, 11/15/2026		166,789
	Gladstone Investment Corp.
10,045	5.00%, 05/01/2026		233,345
	Ready Capital Corp.
11,085	5.75%, 02/15/2026		259,500
	The Charles Schwab Corp.
400,000	4.63%, 03/22/2030		394,474

			1,830,186

Chemicals—0.4%
	Air Products & Chemicals, Inc.
450,000	3.35%, 07/31/2024		440,680

Communications Equipment—0.8%
	Cisco Systems, Inc.
885,000	3.63%, 03/04/2024		875,358

Consumer Finance—0.5%
	American Express Co.
610,000	3.38%, 05/03/2024		597,915

Diversified Financial Services—0.9%
	Berkshire Hathaway, Inc.
600,000	3.13%, 03/15/2026		578,747
	John Deere Capital Corp.
525,000	4.15%, 09/15/2027		514,916

			1,093,663

Food & Staples Retailing—0.7%
	Walmart, Inc.
815,000	3.95%, 09/09/2027		809,454

Household Products—0.3%
	Colgate-Palmolive Co.
305,000	3.10%, 08/15/2025		296,334

Interactive Media & Services—0.5%
	Alphabet, Inc.
600,000	3.38%, 02/25/2024		598,524

Internet & Direct Marketing Retail—0.8%
	Amazon.com, Inc.
880,000	4.60%, 12/01/20245		882,543

IT Services—1.4%
	Equinix, Inc.
765,000	2.63%, 11/18/2024		728,202
	Fiserv, Inc.
610,000	2.75%, 07/01/2024		587,145
	PayPal Holdings, Inc.
350,000	3.90%, 06/01/2027		339,725

			1,655,072

Pharmaceuticals—1.4%
	Bristol-Myers Squibb Co.
720,000	2.90%, 07/26/2024		700,214
	GlaxoSmithKline Capital PLC (United Kingdom)
610,000	3.00%, 03/07/2024		595,691
	Merck & Co., Inc.
290,000	2.90%, 03/07/2024		284,211

			1,580,116


Semiconductors & Semiconductor Equipment—0.5%
	Intel Corp.
620,000	3.40%, 03/25/2025		604,970

Software—1.5%
	Microsoft Corp.
900,000	3.13%, 11/03/2025		874,704
	Oracle Corp.
345,000	2.88%, 03/25/2031		288,208
	salesforce.com, Inc.
580,000	3.25%, 04/11/2023		578,262

			1,741,174

Specialty Retail—0.5%
	Lowe’s Companies, Inc.
575,000	4.40%, 09/08/2025		570,717

Technology Hardware, Storage & Peripherals—0.7%
	Apple, Inc.
880,000	3.20%, 05/13/2025		855,208

	TOTAL CORPORATE BONDS (Cost $17,565,025)	$	17,228,985

INVESTMENT COMPANIES—8.1%
28,245	Ares Capital Corp.	$	555,015
8,355	Energy Select Sector SPDR Fund		761,558
35,565	Janus Henderson AAA CLO ETF		1,756,200
61,345	Utilities Select Sector SPDR Fund		4,381,873
24,590	Vanguard Short-Term Corporate Bond ETF		1,856,545

	TOTAL INVESTMENT COMPANIES (Cost $9,118,400)	$	9,311,191

PREFERRED STOCKS—2.9%
Banks—1.3%
	Bank of America Corp.
22,415	5.00%, 09/17/2024	$	469,146
	Pinnacle Financial Partners, Inc.
18,390	6.75%, 09/01/2025		452,762
	Wells Fargo & Co.
13,725	4.25%, 09/15/2026		233,050
	Wintrust Financial Corp.
15,505	6.88%, 07/15/2025		390,726

			1,545,684

Capital Markets—0.9%
	Arbor Realty Trust, Inc.
1,000	6.25%, 08/11/2026		179,800
	Atlantic Union Bankshares Corp.
18,250	6.88%, 09/01/2025		454,425
	WesBanco, Inc.
17,560	6.75%, 11/15/2025		440,932

			1,075,157

Equity REITs—0.3%
	Gladstone Commercial Corp.
15,460	6.63%, 10/31/2024		307,654

Insurance—0.4%
	The Allstate Corp.
22,140	5.10%, 10/15/2024		481,323

	TOTAL PREFERRED STOCKS (Cost $3,716,283)	$	3,409,818

	Total Investments—96.2% (Cost $105,616,864)	$	111,243,964
	Other Assets in Excess of Liabilities—3.8%		4,443,662

	Total Net Assets—100.0%	$	115,687,626

Percentages are stated as a percent of net assets.

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

REIT—Real Estate Investment Trust

The Global Industry Classification Standard (GICS^®) 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	$	46,683,052	$	2,780,000	$	6,857,531	$	278,392	$	—
Direxion Monthly NASDAQ-100^® Bull 1.25X Fund		765,670		244,326		224,220		32,286		—
Direxion Monthly NASDAQ-100^® Bull 1.75X Fund		61,435,451		59,611,868		124,177,992		12,071,276		—
Direxion Monthly S&P 500^® Bull 1.75X Fund		36,593,208		18,190,000		23,202,198		2,793,268		—
Direxion Monthly S&P 500^® Bear 1.75X Fund		—		3,990,000		6,238,450		—		(1,170,473	)
Direxion Monthly Small Cap Bull 1.75X Fund		4,215,825		1,615,888		2,435,186		181,257		(82,726	)
Direxion Monthly Small Cap Bear 1.75X Fund		—		1,660,000		2,989,980		—		(500,639	)
Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund		1,756,980		1,487,333		1,990,744		83,595		(130,361	)
Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund		—		880,000		2,176,607		175,514		(20,818	)

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

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

Hilton Tactical Income Fund


	Level 1		Level 2		Level 3		Total
U.S. Government Obligations	$	50,500,740	$	—	$	—	$	50,500,740
Common Stocks		30,793,230		—		—		30,793,230
Corporate Bonds		—		17,228,985		—		17,228,985
Investment Companies		9,311,191		—		—		9,311,191
Preferred Stocks		3,409,818		—		—		3,409,818

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