| Direxion Monthly NASDAQ-100® Bull 1.25X Fund |
| Schedule of Investments (Unaudited) |
| May 31, 2025 |
|
Shares |
Fair Value | |||||||||
| INVESTMENT COMPANIES - 48.9% |
||||||||||
| 5,452 | Invesco QQQ Trust Series 1 (a) | $ | 2,830,188 | |||||||
| TOTAL INVESTMENT COMPANIES (Cost $2,184,940) | $ | 2,830,188 | ||||||||
| SHORT TERM INVESTMENTS - 10.4% |
||||||||||
| Money Market Funds - 10.4% |
||||||||||
| 604,081 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (b)(c) | $ | 604,081 | |||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $604,081) | $ | 604,081 | ||||||||
| TOTAL INVESTMENTS (Cost $2,789,021) - 59.3% | $ | 3,434,269 | ||||||||
| Other Assets in Excess of Liabilities - 40.7% | 2,354,697 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 5,788,965 | ||||||||
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, 2025.
(c) 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 at Termination |
Terms of Payments to be Paid at Termination | Counterparty | Termination Date |
Contracts | Notional Amount | Unrealized Appreciation | ||||||||||||||
|
|
||||||||||||||||||||
|
Total return of NASDAQ-100® |
||||||||||||||||||||
| Index |
SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 141 | $ | 2,923,350 | $ | 80,276 | ||||||||||||
| Total return of NASDAQ-100® |
||||||||||||||||||||
| Index |
SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 65 | 1,194,675 | 186,801 | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 4,118,025 | $ | 267,077 | |||||||||||||||||
|
|
|
|||||||||||||||||||
SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.
| Direxion Monthly NASDAQ-100® Bull 1.75X Fund |
| Schedule of Investments (Unaudited) |
| May 31, 2025 |
|
Shares |
Fair Value | |||||||||
| INVESTMENT COMPANIES - 52.5% |
||||||||||
| 466,723 | Invesco QQQ Trust Series 1 (a) | $ | 242,280,577 | |||||||
| TOTAL INVESTMENT COMPANIES (Cost $141,577,701) | $ | 242,280,577 | ||||||||
| SHORT TERM INVESTMENTS - 23.3% |
||||||||||
| Money Market Funds - 23.3% |
||||||||||
| 57,057,830 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (b)(c) | $ | 57,057,830 | |||||||
| 50,580,000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% (b)(c) | 50,580,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $107,637,830) | $ | 107,637,830 | ||||||||
| TOTAL INVESTMENTS (Cost $249,215,531) - 75.8% | $ | 349,918,407 | ||||||||
| Other Assets in Excess of Liabilities - 24.2% | 111,997,508 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 461,915,914 | ||||||||
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, 2025. |
| (c) | 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 at Termination |
Terms of Payments to be Paid at Termination | Counterparty | Termination Date |
Contracts | Notional Amount | Unrealized Depreciation | ||||||||||||||
|
|
||||||||||||||||||||
|
Total return of NASDAQ-100® |
||||||||||||||||||||
| Index |
SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 11,545 | $ | 249,156,945 | $ | (7,948,555) | ||||||||||||
| Total return of NASDAQ-100® |
||||||||||||||||||||
| Index |
SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 14,953 | 323,576,451 | (9,528,924) | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 572,733,396 | $ | (17,477,479) | |||||||||||||||||
|
|
|
|||||||||||||||||||
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 |
Fair Value | |||||||||
| INVESTMENT COMPANIES - 46.5% |
||||||||||
| 16,156 | iShares Russell 2000 ETF (a) | $ | 3,313,111 | |||||||
| TOTAL INVESTMENT COMPANIES (Cost $2,715,028) | $ | 3,313,111 | ||||||||
| SHORT TERM INVESTMENTS - 31.7% |
||||||||||
| Money Market Funds - 31.7% |
||||||||||
| 1,471,941 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (b)(c) | $ | 1,471,941 | |||||||
| 780,000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% (b)(c) | 780,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $2,251,941) | $ | 2,251,941 | ||||||||
| TOTAL INVESTMENTS (Cost $4,966,969) - 78.2% | $ | 5,565,052 | ||||||||
| Other Assets in Excess of Liabilities - 21.8% | 1,550,068 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 7,115,119 | ||||||||
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, 2025.
(c) 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 at Termination |
Terms of Payments to be Paid at Termination | Counterparty | Termination Date |
Contracts | Notional Amount | Unrealized Depreciation | ||||||||||||||
|
|
||||||||||||||||||||
| Total return of Russell 2000® Index |
SOFR + 0.65% | Bank of America Merrill Lynch | 12/11/2025 | 2,220 | $ | 5,200,263 | $ | (696,833) | ||||||||||||
| Total return of Russell 2000® Index |
SOFR + 0.54% | UBS Securities LLC | 12/17/2025 | 2,205 | 4,572,962 | (53,143) | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 9,773,225 | $ | (749,976) | |||||||||||||||||
|
|
|
|||||||||||||||||||
SOFR - Secured Overnight Financing Rate was 4.35% as of May 31, 2025.
| Direxion Monthly S&P 500® Bull 1.75X Fund |
| Schedule of Investments (Unaudited) |
| May 31, 2025 |
|
Shares |
Fair Value | |||||||||
| INVESTMENT COMPANIES - 48.0% |
||||||||||
| 87,516 | iShares Core S&P 500 ETF (a) | $ | 51,822,599 | |||||||
| TOTAL INVESTMENT COMPANIES (Cost $33,891,889) | $ | 51,822,599 | ||||||||
| SHORT TERM INVESTMENTS - 20.3% |
||||||||||
| Money Market Funds - 20.3% |
||||||||||
| 15,730,000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (b)(c) | $ | 15,730,000 | |||||||
| 6,110,000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% (b)(c) | 6,110,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $21,840,000) | $ | 21,840,000 | ||||||||
| TOTAL INVESTMENTS (Cost $55,731,889) - 68.3% | $ | 73,662,599 | ||||||||
| Other Assets in Excess of Liabilities - 31.7% | 34,158,253 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 107,820,852 | ||||||||
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, 2025.
(c) 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 at Termination |
Terms of Payments to be Paid at Termination | Counterparty | Termination Date |
Contracts | Notional Amount | Unrealized Appreciation (Depreciation) | ||||||||||||||
|
|
||||||||||||||||||||
| Total return of S&P 500® Index |
SOFR + 0.70% | Bank of America Merrill Lynch | 12/11/2025 | 10,813 | $ | 65,621,046 | $ | (2,920,577) | ||||||||||||
| Total return of S&P 500® Index |
SOFR + 0.65% | UBS Securities LLC | 12/17/2025 | 12,281 | 68,830,958 | 3,227,873 | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 134,452,004 | $ | 307,296 | |||||||||||||||||
|
|
|
|||||||||||||||||||
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 |
Fair Value | |||||||||
| INVESTMENT COMPANIES - 51.2% |
||||||||||
| 43,228 | iShares 7-10 Year Treasury Bond ETF (a) | $ | 4,088,072 | |||||||
| TOTAL INVESTMENT COMPANIES (Cost $4,030,333) | $ | 4,088,072 | ||||||||
| SHORT TERM INVESTMENTS - 24.4% |
||||||||||
| Money Market Funds - 24.4% |
||||||||||
| 1,380,000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (b)(c) | $ | 1,380,000 | |||||||
| 571,472 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% (b)(c) | 571,472 | ||||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $1,951,472) | $ | 1,951,472 | ||||||||
| TOTAL INVESTMENTS (Cost $5,981,805) - 75.6% | $ | 6,039,544 | ||||||||
| Other Assets in Excess of Liabilities - 24.4% | 1,942,759 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 7,982,303 | ||||||||
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, 2025. |
| (c) | 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 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 |
SOFR + 0.80% | Bank of America Merrill Lynch | 12/11/2025 | 64,541 | $ | 6,103,083 | $ | (21,891) | ||||||||||||
|
Total return of iShares 7-10 Year Treasury Bond ETF |
SOFR + 0.72% | UBS Securities LLC | 12/17/2025 | 39,989 | 3,737,502 | 26,300 | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 9,840,585 | $ | 4,409 | |||||||||||||||||
|
|
|
|||||||||||||||||||
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 |
Fair Value | |||||||||
| SHORT TERM INVESTMENTS - 39.5% |
||||||||||
| Money Market Funds - 39.5% |
||||||||||
| 70,000 | Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 4.15% (a)(b) | $ | 70,000 | |||||||
| 170,000 | Invesco Government & Agency Portfolio Institutional Shares, 4.23% (a)(b) | 170,000 | ||||||||
| TOTAL SHORT TERM INVESTMENTS (Cost $240,000) | $ | 240,000 | ||||||||
| TOTAL INVESTMENTS (Cost $240,000) - 39.5% | $ | 240,000 | ||||||||
| Other Assets in Excess of Liabilities - 60.5% | 366,994 | |||||||||
| TOTAL NET ASSETS - 100.0% | $ | 606,994 | ||||||||
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, 2025. |
| (b) | 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 at Termination |
Terms of Payments to be Paid at Termination | Counterparty | Termination Date |
Contracts | Notional Amount | Unrealized Appreciation (Depreciation) | ||||||||||||||
| SOFR + 0.65% |
Total return of iShares 7-10 Year Treasury Bond ETF | Bank of America Merrill Lynch | 12/11/2025 | 3,266 | $ | 308,865 | $ | 1,281 | ||||||||||||
| SOFR + 0.05% |
Total return of iShares 7-10 Year Treasury Bond ETF | UBS Securities LLC | 12/17/2025 | 7,960 | 749,037 | (1,029) | ||||||||||||||
|
|
|
|||||||||||||||||||
| $ | 1,057,902 | $ | 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 (a) |
23,890 | $ | 1,141,225 | |||||
| JPMorgan Equity Premium Income ETF (a) |
80,475 | 4,513,843 | ||||||
| JPMorgan Nasdaq Equity Premium Income ETF (a) |
125,590 | 6,609,801 | ||||||
| Utilities Select Sector SPDR Fund(a) |
33,240 | 2,723,021 | ||||||
| Vanguard FTSE Europe ETF (a) |
33,445 | 2,567,238 | ||||||
|
|
|
| ||||||
| 17,555,128 | ||||||||
|
|
|
| ||||||
| Income Exchange Traded Funds – 27.0% |
||||||||
| Invesco Senior Loan ETF (a) |
180,300 | 3,761,058 | ||||||
| iShares 0-5 Year High Yield Corporate Bond ETF (a) |
88,100 | 3,761,870 | ||||||
| iShares MBS ETF (a) |
33,990 | 3,149,174 | ||||||
| Janus Henderson AAA CLO ETF(a) |
162,455 | 8,244,591 | ||||||
| JPMorgan Income ETF (a) |
108,925 | 5,013,818 | ||||||
| Simplify MBS ETF (a) |
98,745 | 4,899,727 | ||||||
| Vanguard Short-Term Corporate Bond ETF (a) |
19,270 | 1,524,064 | ||||||
| Vanguard Short-Term Treasury ETF (a) |
61,225 | 3,590,234 | ||||||
|
|
|
| ||||||
| 33,944,536 | ||||||||
|
|
|
| ||||||
| TOTAL INVESTMENT COMPANIES (Cost $50,393,905) |
51,499,664 | |||||||
|
|
|
| ||||||
| COMMON STOCKS - 31.0% |
Shares | Value | ||||||
| Aerospace & Defense - 0.4% |
||||||||
| General Dynamics Corp. |
2,030 | 565,335 | ||||||
|
|
|
| ||||||
| Banks - 1.1% |
||||||||
| Cullen/Frost Bankers, Inc. |
3,065 | 389,194 | ||||||
| JPMorgan Chase & Co. |
3,995 | 1,054,680 | ||||||
|
|
|
| ||||||
| 1,443,874 | ||||||||
|
|
|
| ||||||
| Beverages - 1.0% |
||||||||
| The Coca-Cola Co. |
17,360 | 1,251,656 | ||||||
|
|
|
| ||||||
| Biotechnology - 0.5% |
||||||||
| Amgen, Inc. |
2,000 | 576,360 | ||||||
|
|
|
| ||||||
| Capital Markets - 2.2% |
||||||||
| 3i Group PLC (United Kingdom) - ADR |
20,175 | 563,891 | ||||||
| Ares Management Corp. - Class A |
5,365 | 887,907 | ||||||
| Blackrock, Inc. |
665 | 651,627 | ||||||
| Blackstone, Inc. |
4,510 | 625,808 | ||||||
|
|
|
| ||||||
| 2,729,233 | ||||||||
|
|
|
| ||||||
| Commercial Services & Supplies - 1.0% |
||||||||
| Republic Services, Inc. |
4,955 | 1,274,872 | ||||||
|
|
|
| ||||||
| Communications Equipment - 0.4% |
||||||||
| Cisco Systems, Inc. |
8,070 | 508,733 | ||||||
|
|
|
| ||||||
| Electrical Equipment - 0.5% |
||||||||
| Emerson Electric Co. |
5,385 | 642,861 | ||||||
|
|
|
| ||||||
| Financial Services - 0.6% |
||||||||
| Apollo Global Management, Inc. |
6,120 | 799,823 | ||||||
|
|
|
| ||||||
| Food Products - 0.4% |
||||||||
| McCormick & Co., Inc. |
6,320 | 459,654 | ||||||
|
|
|
| ||||||
| Health Care Providers & Services - 0.7% |
||||||||
| Quest Diagnostics, Inc. |
5,480 | 949,903 | ||||||
|
|
|
| ||||||
| Health Care REITs - 0.5% |
||||||||
| American Healthcare REIT, Inc. |
17,415 | 608,480 | ||||||
|
|
|
| ||||||
| Hotels, Restaurants & Leisure - 1.0% |
||||||||
| McDonald’s Corp. |
3,940 | 1,236,569 | ||||||
|
|
|
| ||||||
| Household Products - 0.7% |
||||||||
| The Procter & Gamble Co. |
5,140 | 873,235 | ||||||
|
|
|
| ||||||
| Industrial REITs - 0.6% |
||||||||
| Prologis, Inc. |
7,260 | 788,436 | ||||||
|
|
|
| ||||||
| Interactive Media & Services – 3.0% |
||||||||
| Alphabet, Inc. - Class A |
9,055 | 1,555,106 | ||||||
| Meta Platforms, Inc. - Class A |
3,510 | 2,272,690 | ||||||
|
|
|
| ||||||
| 3,827,796 | ||||||||
|
|
|
| ||||||
| IT Services - 2.2% |
||||||||
| Accenture PLC (Ireland) - Class A |
2,562 | 811,693 | ||||||
| International Business Machines Corp. |
2,675 | 692,986 | ||||||
| Thomson Reuters Corp. (Canada) |
6,405 | 1,272,321 | ||||||
|
|
|
| ||||||
| 2,777,000 | ||||||||
|
|
|
| ||||||
| Machinery - 0.5% |
||||||||
| Xylem, Inc. |
5,010 | 631,460 | ||||||
|
|
|
| ||||||
| Oil, Gas & Consumable Fuels - 0.7% |
||||||||
| The Williams Cos., Inc. |
15,550 | 940,930 | ||||||
|
|
|
| ||||||
| Personal Care Products - 0.7% |
||||||||
| Unilever PLC (United Kingdom) - ADR |
14,215 | 907,486 | ||||||
|
|
|
| ||||||
| Pharmaceuticals - 1.7% |
||||||||
| AstraZeneca PLC (United Kingdom) - ADR |
16,705 | 1,216,625 | ||||||
| Eli Lilly & Co. |
1,200 | 885,204 | ||||||
|
|
|
| ||||||
| 2,101,829 | ||||||||
|
|
|
| ||||||
| Professional Services - 0.5% |
||||||||
| Booz Allen Hamilton Holding Corp. |
5,495 | 583,844 | ||||||
|
|
|
| ||||||
| Residential REITs - 1.4% |
||||||||
| AvalonBay Communities, Inc. |
5,800 | 1,199,266 | ||||||
| Independence Realty Trust, Inc. |
31,545 | 586,421 | ||||||
|
|
|
| ||||||
| 1,785,687 | ||||||||
|
|
|
| ||||||
| Semiconductors & Semiconductor Equipment - 0.5% |
||||||||
| Taiwan Semiconductor Manufacturing Co. Ltd. (China) - ADR |
3,385 | 654,388 | ||||||
|
|
|
| ||||||
| Software - 2.9% |
||||||||
| Microsoft Corp. |
5,695 | 2,621,750 | ||||||
| Oracle Corp. |
6,000 | 993,180 | ||||||
|
|
|
| ||||||
| 3,614,930 | ||||||||
|
|
|
| ||||||
| Specialty Retail - 2.5% |
||||||||
| The Home Depot, Inc. |
3,150 | 1,160,114 | ||||||
| The TJX Cos., Inc. |
8,485 | 1,076,746 | ||||||
| Tractor Supply Co. |
18,260 | 883,784 | ||||||
|
|
|
| ||||||
| 3,120,644 | ||||||||
|
|
|
| ||||||
| Technology Hardware, Storage & Peripherals – 2.0% |
||||||||
| Apple, Inc. |
10,635 | 2,136,040 | ||||||
| NetApp, Inc. |
3,160 | 313,345 | ||||||
|
|
|
| ||||||
| 2,449,385 | ||||||||
|
|
|
| ||||||
| Trading Companies & Distributors - 0.3% |
||||||||
| ITOCHU Corp. (Japan) - ADR |
3,750 | 398,962 | ||||||
|
|
|
| ||||||
| Wireless Telecommunication Services - 0.5% |
||||||||
| T-Mobile US, Inc. |
2,445 | 592,179 | ||||||
|
|
|
| ||||||
| TOTAL COMMON STOCKS (Cost $29,769,660) |
39,095,544 | |||||||
|
|
|
| ||||||
|
|
||||||||
| CORPORATE BONDS - 19.1% |
Par | Value | ||||||
| Aerospace & Defense - 1.1% |
||||||||
| General Dynamics Corp., 3.75%, 05/15/2028 |
270,000 | 267,533 | ||||||
| Lockheed Martin Corp., 5.10%, 11/15/2027 |
605,000 | 619,422 | ||||||
| RTX Corp., 4.13%, 11/16/2028 |
500,000 | 494,494 | ||||||
|
|
|
| ||||||
| 1,381,449 | ||||||||
|
|
|
| ||||||
| Banks - 0.5% |
||||||||
| The PNC Financial Services Group, Inc., 5.22% to 01/29/2030 then SOFR + 1.07%, 01/29/2031 |
610,000 | 619,549 | ||||||
|
|
|
| ||||||
| Biotechnology - 0.5% |
||||||||
| AbbVie, Inc., 4.80%, 03/15/2029 |
610,000 | 619,147 | ||||||
|
|
|
| ||||||
| Broadline Retail - 0.7% |
||||||||
| Amazon.com, Inc., 4.65%, 12/01/2029 |
835,000 | 850,477 | ||||||
|
|
|
| ||||||
| Building Products - 0.5% |
||||||||
| Lennox International, Inc., 5.50%, 09/15/2028 |
590,000 | 605,215 | ||||||
|
|
|
| ||||||
| Capital Markets - 2.3% |
||||||||
| Ares Capital Corp., 5.95%, 07/15/2029 |
600,000 | 610,010 | ||||||
| Ares Management Corp., 6.38%, 11/10/2028 |
200,000 | 210,712 | ||||||
| Blackstone Secured Lending Fund, 5.88%, 11/15/2027 |
300,000 | 305,065 | ||||||
| CME Group, Inc., 4.40%, 03/15/2030 |
605,000 | 603,710 | ||||||
| Nasdaq, Inc., 5.35%, 06/28/2028 |
520,000 | 533,457 | ||||||
| State Street Corp., 4.73%, 02/28/2030 |
605,000 | 608,717 | ||||||
|
|
|
| ||||||
| 2,871,671 | ||||||||
|
|
|
| ||||||
| Communications Equipment - 0.6% |
||||||||
| Cisco Systems, Inc., 4.95%, 02/26/2031 |
730,000 | 744,210 | ||||||
|
|
|
| ||||||
| Consumer Finance - 1.1% |
||||||||
| American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031 |
795,000 | 806,647 | ||||||
| Toyota Motor Credit Corp., 4.63%, 01/12/2028 |
605,000 | 609,502 | ||||||
|
|
|
| ||||||
| 1,416,149 | ||||||||
|
|
|
| ||||||
| Consumer Staples Distribution & Retail - 0.5% |
||||||||
| Walmart, Inc., 3.95%, 09/09/2027 |
650,000 | 648,631 | ||||||
|
|
|
| ||||||
| Entertainment - 0.5% |
||||||||
| Netflix, Inc., 5.88%, 11/15/2028 |
550,000 | 576,998 | ||||||
|
|
|
| ||||||
| Financial Services – 1.0% |
||||||||
| Athene Holding Ltd., 4.13%, 01/12/2028 |
385,000 | 378,415 | ||||||
| John Deere Capital Corp., 4.15%, 09/15/2027 |
525,000 | 523,879 | ||||||
| Mastercard, Inc., 4.88%, 03/09/2028 |
420,000 | 428,281 | ||||||
|
|
|
| ||||||
| 1,330,575 | ||||||||
|
|
|
| ||||||
| Health Care Equipment & Supplies - 0.5% |
||||||||
| Stryker Corp., 4.85%, 02/10/2030 |
620,000 | 626,017 | ||||||
|
|
|
| ||||||
| Household Products - 0.4% |
||||||||
| The Procter & Gamble Co., 3.95%, 01/26/2028 |
495,000 | 496,144 | ||||||
|
|
|
| ||||||
| Industrial REITs - 0.7% |
||||||||
| Prologis LP, 4.88%, 06/15/2028 |
830,000 | 841,687 | ||||||
|
|
|
| ||||||
| Insurance - 1.0% |
||||||||
| Arthur J. Gallagher & Co., 5.00%, 02/15/2032 |
635,000 | 636,173 | ||||||
| Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029 |
620,000 | 619,543 | ||||||
|
|
|
| ||||||
| 1,255,716 | ||||||||
|
|
|
| ||||||
| Interactive Media & Services - 0.4% |
||||||||
| Meta Platforms, Inc., 3.50%, 08/15/2027 |
530,000 | 523,304 | ||||||
|
|
|
| ||||||
| Life Sciences Tools & Services - 0.6% |
||||||||
| Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029 |
760,000 | 777,119 | ||||||
|
|
|
| ||||||
| Media - 0.4% |
||||||||
| Comcast Corp., 4.15%, 10/15/2028 |
475,000 | 471,702 | ||||||
|
|
|
| ||||||
| Oil, Gas & Consumable Fuels - 0.5% |
||||||||
| The Williams Cos., Inc., 5.30%, 08/15/2028 |
590,000 | 602,936 | ||||||
|
|
|
| ||||||
| Personal Care Products - 0.5% |
||||||||
| Kenvue, Inc., 5.00%, 03/22/2030 |
610,000 | 624,515 | ||||||
|
|
|
| ||||||
| Pharmaceuticals - 0.8% |
||||||||
| Merck & Co., Inc., 4.05%, 05/17/2028 |
585,000 | 584,583 | ||||||
| Pfizer, Inc., 3.60%, 09/15/2028 |
415,000 | 408,262 | ||||||
|
|
|
| ||||||
| 992,845 | ||||||||
|
|
|
| ||||||
| Professional Services - 0.5% |
||||||||
| Paychex, Inc., 5.10%, 04/15/2030 |
615,000 | 622,739 | ||||||
|
|
|
| ||||||
| Semiconductors & Semiconductor Equipment - 1.1% |
||||||||
| Broadcom, Inc., 5.05%, 07/12/2029 |
615,000 | 625,694 | ||||||
| Texas Instruments, Inc., 4.60%, 02/15/2028 |
795,000 | 804,146 | ||||||
|
|
|
| ||||||
| 1,429,840 | ||||||||
|
|
|
| ||||||
| Software - 0.9% |
||||||||
| Intuit, Inc., 5.13%, 09/15/2028 |
570,000 | 585,582 | ||||||
| Oracle Corp., 5.25%, 02/03/2032 |
585,000 | 593,314 | ||||||
|
|
|
| ||||||
| 1,178,896 | ||||||||
|
|
|
| ||||||
| Specialized REITs - 0.4% |
||||||||
| Extra Space Storage LP, 5.50%, 07/01/2030 |
555,000 | 568,471 | ||||||
|
|
|
| ||||||
| Technology Hardware, Storage & Peripherals - 0.6% |
||||||||
| Apple, Inc., 4.00%, 05/10/2028 |
800,000 | 800,451 | ||||||
|
|
|
| ||||||
| TOTAL CORPORATE BONDS (Cost $23,767,908) |
24,051,036 | |||||||
|
|
|
| ||||||
|
|
||||||||
| U.S. TREASURY SECURITIES - 6.4% |
Par | Value | ||||||
| U.S. Treasury Note |
||||||||
| 5.50%, 08/15/2028 |
3,170,000 | 3,327,881 | ||||||
| 4.13%, 11/30/2029 |
4,700,000 | 4,732,404 | ||||||
|
|
|
| ||||||
| TOTAL U.S. TREASURY SECURITIES (Cost $7,882,285) |
8,060,285 | |||||||
|
|
|
| ||||||
|
|
||||||||
| SHORT-TERM INVESTMENTS - 0.1% |
Value | |||||||
| Money Market Funds - 0.1% |
Shares | |||||||
| Fidelity Investments Money Market Funds Government Portfolio Institutional Class - Class Institutional, 4.22% (b) |
99,729 | 99,729 | ||||||
|
|
|
| ||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $99,729) |
99,729 | |||||||
|
|
|
| ||||||
| TOTAL INVESTMENTS - 97.5% (Cost $111,913,487) |
122,806,258 | |||||||
| Other Assets in Excess of Liabilities - 2.5% |
3,210,992 | |||||||
|
|
|
| ||||||
| TOTAL NET ASSETS - 100.0% |
$ | 126,017,250 | ||||||
|
|
|
| ||||||
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®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“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.
| ADR - American Depositary Receipt |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| REIT - Real Estate Investment Trust |
| SOFR - Secured Overnight Financing Rate |
| (a) | Shareholders may obtain the financial statements of these investment companies at www.sec.gov. |
| (b) | The rate shown represents the 7-day annualized effective yield as of May 31, 2025. |
|
|
| |||||||||||||||||||
| 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 |
$ | 8,742,203 | $ | 590,000 | $ | 1,507,301 | $ | 59,593 | $ | - | ||||||||||
| Direxion Monthly NASDAQ-100® Bull 1.25X Fund |
2,830,188 | 604,081 | 2,186,968 | 267,077 | - | |||||||||||||||
| Direxion Monthly NASDAQ-100® Bull 1.75X Fund |
242,280,577 | 107,637,830 | 128,783,996 | - | (17,477,479 | ) | ||||||||||||||
| Direxion Monthly S&P 500® Bull 1.75X Fund |
51,822,599 | 21,840,000 | 34,010,697 | 3,227,873 | (2,920,577 | ) | ||||||||||||||
| Direxion Monthly Small Cap Bull 1.75X Fund |
3,313,111 | 2,251,941 | 2,281,379 | - | (749,976 | ) | ||||||||||||||
| Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund |
4,088,072 | 1,951,472 | 1,913,607 | 26,300 | (21,891 | ) | ||||||||||||||
| Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund |
- | 240,000 | 362,932 | 1,281 | (1,029 | ) | ||||||||||||||
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).
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Investment Companies |
$ | 51,499,664 | $ | - | $ | - | $ | 51,499,664 | ||||||||
| Common Stocks |
39,095,544 | - | - | 39,095,544 | ||||||||||||
| Corporate Bonds |
- | 24,051,036 | - | 24,051,036 | ||||||||||||
| U.S. Treasury Securities |
8,060,285 | - | - | 8,060,285 | ||||||||||||
| Money Market Funds |
99,729 | - | - | 99,729 | ||||||||||||
For further detail on each asset class, see Schedule of Investments.