Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund

 

Schedule of Investments (Unaudited)

 

May 31, 2026

 

 Shares

           Fair Value

 SHORT TERM INVESTMENTS - 42.9%

    

 Money Market Funds - 42.9%

    
220,000   Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (a)(b)   $     220,000  
70,000   Invesco Government & Agency Portfolio Institutional Shares, 3.55% (a)(b)       70,000  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $290,000)   $     290,000  
     

 

 

 

  TOTAL INVESTMENTS (Cost $290,000) - 42.9%   $     290,000  
  Other Assets in Excess of Liabilities - 57.1%       385,349  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         675,349  
     

 

 

 

 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, 2026.

 (b)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $290,000.

 

Short Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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 + 0.60%

      Total return of iShares 7-10 Year Treasury Bond ETF      Bank of America Merrill Lynch    12/11/2026      10,566       $ 984,931      $ (13,817)   

SOFR + 0.15%

      Total return of iShares 7-10 Year Treasury Bond ETF      UBS Securities LLC    12/17/2026      1,911        182,932        2,353    
                  

 

 

  
                    $  1,167,863      $   (11,464)   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

 

Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund

 

Schedule of Investments (Unaudited)

 

May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 42.8%

    
15,569   iShares 7-10 Year Treasury Bond ETF (a)   $     1,473,606  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $1,420,801)   $     1,473,606  
     

 

 

 

 SHORT TERM INVESTMENTS - 25.9%

    

 Money Market Funds - 25.9%

    
760,000   Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (b)(c)   $     760,000  
131,472   Invesco Government & Agency Portfolio Institutional Shares, 3.55% (b)(c)       131,472  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $891,472)   $     891,472  
     

 

 

 

  TOTAL INVESTMENTS (Cost $2,312,273) - 68.7%   $     2,365,078  
  Other Assets in Excess of Liabilities - 31.3%       1,074,876  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         3,439,954  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $891,472.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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 iShares 7-10 Year Treasury Bond ETF

      SOFR + 0.80%      Bank of America Merrill Lynch    12/11/2026      40,277       $ 3,807,896      $ (1,905)   

Total return of iShares 7-10 Year Treasury Bond ETF

      SOFR + 0.82%      UBS Securities LLC    12/17/2026      7,699        734,939        (11,627)   
                  

 

 

  
                    $  4,542,835      $   (13,532)   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

Hilton Tactical Income Fund

Schedule of Investments

May 31, 2026 (Unaudited)

 

INVESTMENT COMPANIES – 45.4%    Shares     Value   

Exchange Traded Funds – 45.4%

     

Equity Exchange Traded Funds – 16.5%

     

Alerian MLP ETF(a)

      37,220     $ 1,920,552   

Goldman Sachs S&P 500 Premium Income ETF(a)

      30,585       1,716,430   

JPMorgan Equity Premium Income ETF(a)

      67,060       3,758,042   

JPMorgan Nasdaq Equity Premium Income ETF(a)

      131,020       8,011,873   

Utilities Select Sector SPDR Fund(a)

      30,035       1,334,155   

Vanguard International High Dividend Yield ETF(a)

      52,800       5,281,056   
    

 

 

  
           22,022,108   
    

 

 

  

Income Exchange Traded Funds – 28.9%

     

FT Vest Gold Strategy Target Income ETF(a)

      66,555       1,598,651   

iShares 0-3 Month Treasury Bond ETF(a)

      127,740       12,859,586   

Janus Henderson AAA CLO ETF(a)

      117,715       5,949,316   

JPMorgan Income ETF(a)

      130,035       6,002,416   

Simplify MBS ETF(a)

      47,305       2,325,987   

Vanguard Short-Term Corporate Bond ETF(a)

      92,870       7,354,375   

Vanguard Intermediate-Term Treasury ETF(a)

      40,690       2,404,372   
    

 

 

  
    38,494,703   
 

 

 

  

TOTAL INVESTMENT COMPANIES (Cost $58,235,400)

 

     60,516,811   
 

 

 

  

 

     
COMMON STOCKS - 32.6%    Shares     Value   

Aerospace & Defense - 0.5%

 

  

General Dynamics Corp.

      1,980       686,704   
    

 

 

  

Banks - 2.3%

 

  

Bank of America Corp.

      17,700       913,320   

Cullen/Frost Bankers, Inc.

      2,970       402,495   

JPMorgan Chase & Co.

      3,800       1,137,378   

Truist Financial Corp.

      14,030       676,386   
    

 

 

  
       3,129,579   
    

 

 

  

Biotechnology - 0.5%

 

  

Amgen, Inc.

      1,915       644,953   
    

 

 

  

Capital Markets - 0.8%

 

  

Blackrock, Inc.

      635       664,769   

Franklin Resources, Inc.

      14,375       445,912   
    

 

 

  
       1,110,681   
    

 

 

  

Commercial Services & Supplies - 0.6%

 

  

Republic Services, Inc.

      3,750       751,650   
    

 

 

  

Communications Equipment - 1.4%

 

  

Cisco Systems, Inc.

      15,985       1,924,914   
    

 

 

  

Electrical Equipment - 0.6%

 

  

Emerson Electric Co.

      5,130       737,797   
    

 

 

  

Electronic Equipment, Instruments & Components - 0.3%

 

  

TE Connectivity PLC

      1,920       409,747   
    

 

 

  

Health Care Equipment & Supplies - 0.4%

 

  

Abbott Laboratories

      5,410       463,096   
    

 

 

  

Health Care Providers & Services - 1.1%

 

   

Quest Diagnostics, Inc.

      5,275        1,028,098   

UnitedHealth Group, Inc.

      1,175        446,864   
     

 

 

  
        1,474,962   
     

 

 

  

Health Care REITs - 0.7%

 

   

American Healthcare REIT, Inc.

      10,240        500,634   

Welltower, Inc.

      2,050        420,926   
     

 

 

  
        921,560   
     

 

 

  

Hotels, Restaurants & Leisure - 0.7%

 

   

McDonald’s Corp.

      3,165        883,668   
     

 

 

  

Household Products - 0.5%

 

   

The Procter & Gamble Co.

      4,845        695,548   
     

 

 

  

Industrial Conglomerates - 1.1%

 

   

Honeywell International, Inc.

      3,180        756,395   

Siemens AG (Germany) - ADR

      4,725        741,022   
     

 

 

  
        1,497,417   
     

 

 

  

Industrial REITs - 1.0%

 

   

Prologis, Inc.

      9,155        1,313,468   
     

 

 

  

Interactive Media & Services - 3.4%

 

   

Alphabet, Inc. - Class A

      6,405             2,436,078   

Meta Platforms, Inc. - Class A

      3,350        2,118,908   
     

 

 

  
        4,554,986   
     

 

 

  

IT Services - 0.2%

 

   

Accenture PLC (Ireland) - Class A

      1,445        270,316   
     

 

 

  

Machinery - 1.9%

 

   

Caterpillar, Inc.

      1,400        1,226,218   

FANUC Corp. (Japan) - ADR

      30,040        750,099   

Xylem, Inc.

      4,830        529,078   
     

 

 

  
        2,505,395   
     

 

 

  

Oil, Gas & Consumable Fuels - 1.0%

 

   

EQT Corp.

      5,735        315,023   

Exxon Mobil Corp.

      2,580        374,771   

The Williams Cos., Inc.

      9,295        663,570   
     

 

 

  
        1,353,364   
     

 

 

  

Personal Care Products - 0.5%

 

   

Unilever PLC (United Kingdom) - ADR

      12,185        687,843   
     

 

 

  

Pharmaceuticals - 2.7%

 

   

AstraZeneca PLC (United Kingdom)

      5,795        1,075,958   

Eli Lilly & Co.

      1,155        1,276,275   

Johnson & Johnson

      3,125        704,156   

Merck & Co., Inc.

      4,025        477,848   
     

 

 

  
        3,534,237   
     

 

 

  

Residential REITs - 0.5%

 

   

AvalonBay Communities, Inc.

      3,475        634,222   
     

 

 

  

Semiconductors & Semiconductor Equipment - 3.9%

 

   

Analog Devices, Inc.

      2,550        1,055,317   

Applied Materials, Inc.

      1,915        861,865   

Broadcom, Inc.

      1,240        553,995   

NVIDIA Corp.

      6,135        1,295,344   

Taiwan Semiconductor Manufacturing Co. Ltd. (China) - ADR

      3,575        1,495,959   
     

 

 

  
        5,262,480   
     

 

 

  

Software - 2.5%

 

   

Microsoft Corp.

      5,445        2,451,557   

SAP SE - ADR

      5,135        933,491   
     

 

 

  
        3,385,048   
     

 

 

  

Specialty Retail - 1.4%

 

   

The Home Depot, Inc.

      3,020        957,763   

The TJX Cos., Inc.

      6,065        938,559   
     

 

 

  
        1,896,322   
     

 

 

  

Technology Hardware, Storage & Peripherals - 2.1%

 

   

Apple, Inc.

      8,990        2,805,419   
     

 

 

  

TOTAL COMMON STOCKS (Cost $31,834,121)

 

          43,535,376   
  

 

 

  

 

      
CORPORATE BONDS - 17.8%    Par      Value   

Aerospace & Defense - 0.7%

 

Lockheed Martin Corp., 4.40%, 08/15/2030

      500,000        499,333   

RTX Corp., 4.13%, 11/16/2028

      500,000        496,658   
     

 

 

  
     995,991   
  

 

 

  

Banks - 1.5%

 

JPMorgan Chase & Co., 4.26% to 10/22/2030 then SOFR + 0.93%, 10/22/2031

      385,000        377,684   

M&T Bank Corp., 5.18% to 07/08/2030 then SOFR + 1.40%, 07/08/2031

      515,000        520,125   

The PNC Financial Services Group, Inc., 5.22% to 01/29/2030 then SOFR + 1.07%, 01/29/2031

      610,000        621,293   

US Bancorp, 4.48% to 01/26/2031 then SOFR + 0.87%, 01/26/2032

      465,000        458,720   
     

 

 

  
     1,977,822   
  

 

 

  

Beverages - 0.4%

 

PepsiCo, Inc., 4.30%, 07/23/2030

      575,000        575,834   
     

 

 

  

Biotechnology - 0.5%

 

AbbVie, Inc., 4.80%, 03/15/2029

      610,000        616,809   
     

 

 

  

Broadline Retail - 0.5%

 

Amazon.com, Inc., 4.65%, 12/01/2029

      720,000        727,040   
     

 

 

  

Building Products - 0.4%

 

Lennox International, Inc., 5.50%, 09/15/2028

      590,000        602,256   
     

 

 

  

Capital Markets - 1.5%

 

Ares Capital Corp., 5.95%, 07/15/2029

      600,000        606,859   

Ares Management Corp., 6.38%, 11/10/2028

      200,000        207,502   

CME Group, Inc., 4.40%, 03/15/2030

      605,000        604,864   

State Street Corp., 4.73%, 02/28/2030

      605,000        610,182   
     

 

 

  
     2,029,407   
  

 

 

  

Communications Equipment - 1.0%

 

Cisco Systems, Inc., 4.95%, 02/26/2031

      680,000        694,215   

Motorola Solutions, Inc., 4.85%, 08/15/2030

      645,000        648,281   
     

 

 

  
     1,342,496   
  

 

 

  

Consumer Finance - 0.6%

 

American Express Co., 5.09% to 01/30/2030 then SOFR + 1.02%, 01/30/2031

      755,000        766,435   
     

 

 

  

Consumer Staples Distribution & Retail - 0.5%

 

Walmart, Inc., 4.35%, 04/28/2030

      600,000        602,886   
     

 

 

  

Entertainment - 0.4%

 

Netflix, Inc., 5.88%, 11/15/2028

      550,000        569,810   
     

 

 

  

Health Care Equipment & Supplies - 0.5%

 

Stryker Corp., 4.85%, 02/10/2030

      620,000        626,550   
     

 

 

  

Health Care REITs - 0.5%

 

Welltower OP LLC, 4.50%, 07/01/2030

      605,000        602,996   
     

 

 

  

Insurance - 1.4%

 

Arthur J Gallagher & Co., 5.00%, 02/15/2032

      635,000        635,590   

Marsh & McLennan Cos., Inc., 4.38%, 03/15/2029

      620,000        619,581   

MetLife, Inc., 4.55%, 03/23/2030

      625,000        628,994   
     

 

 

  
          1,884,165   
  

 

 

  

Interactive Media & Services - 0.4%

 

Meta Platforms, Inc., 4.30%, 08/15/2029

      515,000        515,416   
     

 

 

  

IT Services - 0.4%

 

International Business Machines Corp., 4.80%, 02/10/2030

      500,000        504,344   
     

 

 

  

Life Sciences Tools & Services - 0.5%

 

Thermo Fisher Scientific, Inc., 5.00%, 01/31/2029

      700,000        711,315   
     

 

 

  

Media - 0.4%

 

Comcast Corp., 4.15%, 10/15/2028

      475,000        473,587   
     

 

 

  

Oil, Gas & Consumable Fuels - 0.4%

 

The Williams Cos., Inc., 5.30%, 08/15/2028

      590,000        600,815   
     

 

 

  

Pharmaceuticals - 1.8%

 

Bristol-Myers Squibb Co., 5.10%, 02/22/2031

      640,000        655,289   

GlaxoSmithKline Capital, Inc., 4.50%, 04/15/2030

      655,000        657,188   

Merck & Co., Inc., 4.30%, 05/17/2030

      640,000        637,567   

Pfizer, Inc., 3.60%, 09/15/2028

      415,000        409,958   
     

 

 

  
     2,360,002   
  

 

 

  

Professional Services - 0.8%

 

Automatic Data Processing, Inc., 4.75%, 05/08/2032

      420,000        421,613   

Paychex, Inc., 5.10%, 04/15/2030

      615,000        622,269   
     

 

 

  
     1,043,882   
  

 

 

  

Retail REITs - 0.4%

 

Realty Income Corp., 4.85%, 03/15/2030

      570,000        576,222   
     

 

 

  

Semiconductors & Semiconductor Equipment - 0.9%

 

Broadcom, Inc., 5.05%, 07/12/2029

      615,000        625,571   

Texas Instruments, Inc., 4.50%, 05/23/2030

      605,000        607,606   
     

 

 

  
     1,233,177   
  

 

 

  

Specialized REITs - 0.9%

 

Extra Space Storage LP, 5.50%, 07/01/2030

      555,000        569,114   

Public Storage Operating Co., 4.38%, 07/01/2030

      630,000        626,598   
     

 

 

  
     1,195,712   
  

 

 

  

Specialty Retail - 0.5%

      

Lowe’s Cos., Inc., 4.50%, 04/15/2030

      620,000        619,831   
     

 

 

  

TOTAL CORPORATE BONDS (Cost $23,702,535)

 

          23,754,800   
     

 

 

  

 

      
U.S. TREASURY SECURITIES - 2.1%    Par      Value   

U.S. Treasury Note, 4.13%, 11/30/2029

      2,800,000        2,802,680   
     

 

 

  

TOTAL U.S. TREASURY SECURITIES (Cost $2,774,683)

         2,802,680   
     

 

 

  

TOTAL INVESTMENTS - 97.9% (Cost $116,546,739)

         130,609,667   

Other Assets in Excess of Liabilities - 2.1%

         2,851,420   
     

 

 

  

TOTAL NET ASSETS - 100.0%

 

    $ 133,461,087   
     

 

 

  

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

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.

 

(a) 

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

Direxion Monthly High Yield Bull 1.2X Fund
Schedule of Investments (Unaudited)
May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 79.3%

    
38,347    iShares iBoxx High Yield Corporate Bond ETF (a)   $     3,079,648  
31,840    SPDR Bloomberg High Yield Bond ETF (a)       3,081,157  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $5,978,321)   $     6,160,805  
     

 

 

 

 SHORT TERM INVESTMENTS - 6.0%

    

 Money Market Funds - 6.0%

    
460,000    Invesco Government & Agency Portfolio Institutional Shares, 3.55% (b)(c)   $     460,000  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $460,000)   $     460,000  
     

 

 

 

  TOTAL INVESTMENTS (Cost $6,438,321) - 85.3%   $     6,620,805  
  Other Assets in Excess of Liabilities - 14.7%       1,147,630  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         7,768,435  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $460,000.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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

      SOFR + 0.80%      UBS Securities LLC    12/17/2026      32,890      $ 3,055,968      $ 38,216   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

Direxion Monthly NASDAQ-100® Bull 1.25X Fund
Schedule of Investments (Unaudited)
May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 64.2%

    
6,862    Invesco QQQ Trust Series 1 (a)   $     5,066,283  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $3,607,537)   $     5,066,283  
     

 

 

 

 SHORT TERM INVESTMENTS - 7.3%

    

 Money Market Funds - 7.3%

    
464,081    Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (b)(c)   $     464,081  
110,000    Invesco Government & Agency Portfolio Institutional Shares, 3.55% (b)(c)       110,000  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $574,081)   $     574,081  
     

 

 

 

  TOTAL INVESTMENTS (Cost $4,181,618) - 71.5%   $     5,640,364  
  Other Assets in Excess of Liabilities - 28.5%       2,246,300  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         7,886,664  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $574,081.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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    12/11/2026      76       $ 1,994,947      $ 299,408   

Total return of NASDAQ-100® Index

      SOFR + 0.75%      UBS Securities LLC    12/17/2026      82        2,202,091        264,847   
                  

 

 

  
                    $  4,197,038      $   564,255   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

Direxion Monthly NASDAQ-100® Bull 1.75X Fund
Schedule of Investments (Unaudited)
May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 63.7%

    
562,259    Invesco QQQ Trust Series 1 (a)   $     415,121,442  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $199,494,717)   $     415,121,442  
     

 

 

 

 SHORT TERM INVESTMENTS - 9.4%

    

 Money Market Funds - 9.4%

    
61,121,830    Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (b)(c)   $     61,121,830  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $61,121,830)   $     61,121,830  
     

 

 

 

  TOTAL INVESTMENTS (Cost $260,616,547) - 73.1%   $     476,243,272  
  Other Assets in Excess of Liabilities - 26.9%       175,567,039  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         651,810,311  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $61,121,830.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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    12/11/2026      10,111       $ 298,097,027      $ 8,403,285   

Total return of NASDAQ-100® Index

      SOFR + 0.75%      UBS Securities LLC    12/17/2026      13,823        419,310,265        805,877   
                  

 

 

  
                    $  717,407,292      $   9,209,162   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

Direxion Monthly Small Cap Bull 1.75X Fund
Schedule of Investments (Unaudited)
May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 52.1%

    
18,624    iShares Russell 2000 ETF (a)   $     5,408,968  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $3,352,098)   $     5,408,968  
     

 

 

 

 SHORT TERM INVESTMENTS - 13.6%

    

 Money Market Funds - 13.6%

    
 1,409,749    Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (b)(c)   $     1,409,749  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $1,409,749)   $     1,409,749  
     

 

 

 

  TOTAL INVESTMENTS (Cost $4,761,847) - 65.7%   $     6,818,717  
  Other Assets in Excess of Liabilities - 34.3%       3,560,979  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         10,379,696  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $1,409,749.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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 Russell 2000® Index

      SOFR + 0.65%      Bank of America Merrill Lynch    12/11/2026      2,311       $ 6,665,989      $ 68,064   

Total return of Russell 2000® Index

      SOFR + 0.65%      UBS Securities LLC    12/17/2026      2,061        6,016,869        24,229   
                  

 

 

  
                    $  12,682,858      $   92,293   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

Direxion Monthly S&P 500® Bull 1.75X Fund
Schedule of Investments (Unaudited)
May 31, 2026

 

 Shares

           Fair Value

 INVESTMENT COMPANIES - 48.7%

    
87,516    iShares Core S&P 500 ETF (a)   $     66,516,536  
     

 

 

 

  TOTAL INVESTMENT COMPANIES (Cost $33,891,889)   $     66,516,536  
     

 

 

 

 SHORT TERM INVESTMENTS - 12.9%

    

 Money Market Funds - 12.9%

    
13,950,000    Goldman Sachs Financial Square Treasury Instruments Fund Institutional Shares, 3.51% (b)(c)   $     13,950,000  
3,620,000    Invesco Government & Agency Portfolio Institutional Shares, 3.55% (b)(c)       3,620,000  
     

 

 

 

  TOTAL SHORT TERM INVESTMENTS (Cost $17,570,000)   $     17,570,000  
     

 

 

 

  TOTAL INVESTMENTS (Cost $51,461,889) - 61.6%   $     84,086,536  
  Other Assets in Excess of Liabilities - 38.4%       52,431,887  
     

 

 

 

  TOTAL NET ASSETS - 100.0%   $         136,518,423  
     

 

 

 

 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, 2026.

 (c)

All or a portion of these securities have been segregated as collateral for swap contracts. Total value of securities segregated amounted to $17,570,000.

 

Long Total Return Swap Contracts (Unaudited)

May 31, 2026

 

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

      SOFR + 0.70%      Bank of America Merrill Lynch    12/11/2026      9,217       $ 63,571,855      $ 5,672,880   

Total return of S&P 500® Index

      SOFR + 0.74%      UBS Securities LLC    12/17/2026      13,543        102,658,397        413,349   
                  

 

 

  
                    $  166,230,252      $   6,086,229   
                  

 

 

  

SOFR - Secured Overnight Financing Rate was 3.63% as of May 31, 2026.

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 May 31, 2026.

    

 

     

 

  
     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 7-10 Year Treasury Bear 1.75X Fund

     $ -         $ 290,000        $ 395,568        $ 2,353        $ (13,817)   

Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund

      1,473,606         891,472         1,062,092         -          (13,532)   

Direxion Monthly High Yield Bull 1.2X Fund

      6,160,805         460,000         1,069,254         38,216         -    

Direxion Monthly NASDAQ-100® Bull 1.25X Fund

      5,066,283         574,081         1,880,940         564,255         -    

Direxion Monthly NASDAQ-100® Bull 1.75X Fund

      415,121,442         61,121,830         133,489,330         9,209,162         -    

Direxion Monthly S&P 500® Bull 1.75X Fund

      66,516,536         17,570,000         43,419,024         6,086,229         -    

Direxion Monthly Small Cap Bull 1.75X Fund

      5,408,968         1,409,749         2,877,861         92,293         -    

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 May 31, 2026

 

       Level 1         Level 2         Level 3         Total    

Investment Companies

     $  60,516,811       $ -       $           -       $  60,516,811   

Common Stocks

      43,535,376        -        -        43,535,376   

Corporate Bonds

      -         23,754,800        -        23,754,800   

U.S. Treasury Securities

      -        2,802,680        -        2,802,680   

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