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      <liveTestFlag>LIVE</liveTestFlag>
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        <confirmingCopyFlag>false</confirmingCopyFlag>
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      <investmentCompanyType>N-1A</investmentCompanyType>
      <periodOfReport>06/30/2026</periodOfReport>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Direxion Monthly 7%2D10 Year Treasury Bull 1.75X Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Investor Class-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Investor Class-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Direxion Monthly 7%2D10 Year Treasury Bear 1.75X Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Investor Class-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: Direxion Monthly S&P 500(R) Bull 1.75X Fund-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Investor Class-->
          </classInfo>
        </rptSeriesClassInfo>
        <rptSeriesClassInfo>
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: HILTON TACTICAL INCOME FUND-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Institutional Class-->
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          <!--Field: Pseudo-Tag; ID: Series Name; Data: DIREXION MONTHLY HIGH YIELD BULL 1.2X FUND-->
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            <!--Field: Pseudo-Tag; ID: Class Name; Data: Investor Class-->
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      <yearOrQuarter>YEAR</yearOrQuarter>
      <reportCalendarYear>2026</reportCalendarYear>
      <reportingPerson>
        <name>DIREXION FUNDS</name>
        <phoneNumber>646-572-3390</phoneNumber>
        <address>
          <com:street1>535 Madison Avenue</com:street1>
          <com:street2>37th Floor</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10022</com:zipCode>
        </address>
      </reportingPerson>
      <agentForService>
        <name>Corporation System</name>
        <address>
          <com:street1>155 Federal Street</com:street1>
          <com:street2>Suite 700</com:street2>
          <com:city>Boston</com:city>
          <com:stateOrCountry>MA</com:stateOrCountry>
          <com:zipCode>2110</com:zipCode>
        </address>
      </agentForService>
      <reportInfo>
        <reportType>FUND NOTICE REPORT</reportType>
      </reportInfo>
      <fileNumber>811-08243</fileNumber>
      <explanatoryInformation>
        <explanatoryChoice>N</explanatoryChoice>
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    </coverPage>
    <seriesPage>
      <seriesCount>6</seriesCount>
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        <seriesReports>
          <idOfSeries>S000007025</idOfSeries>
          <nameOfSeries>Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund</nameOfSeries>
          <leiOfSeries>VLMCO860UQ4Y0RMCQL18</leiOfSeries>
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        <seriesReports>
          <idOfSeries>S000007044</idOfSeries>
          <nameOfSeries>Direxion Monthly Small Cap Bull 1.75X Fund</nameOfSeries>
          <leiOfSeries>TPCDNKYCM8UG6LAP9M02</leiOfSeries>
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        <seriesReports>
          <idOfSeries>S000007050</idOfSeries>
          <nameOfSeries>Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund</nameOfSeries>
          <leiOfSeries>G8B8T6RQXUGPZ6OPAY15</leiOfSeries>
        </seriesReports>
        <seriesReports>
          <idOfSeries>S000011950</idOfSeries>
          <nameOfSeries>Direxion Monthly S&amp;P 500(R) Bull 1.75X Fund</nameOfSeries>
          <leiOfSeries>ZGNJGGFZKH0JDH77IE66</leiOfSeries>
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        <seriesReports>
          <idOfSeries>S000046967</idOfSeries>
          <nameOfSeries>Hilton Tactical Income Fund</nameOfSeries>
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        <seriesReports>
          <idOfSeries>S000052787</idOfSeries>
          <nameOfSeries>Direxion Monthly High Yield Bull 1.2X Fund</nameOfSeries>
          <leiOfSeries>549300SLLKO92UES6K35</leiOfSeries>
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    <signaturePage>
      <reportingPerson>DIREXION FUNDS</reportingPerson>
      <txSignature>Angela Brickl</txSignature>
      <txPrintedSignature>Angela Brickl</txPrintedSignature>
      <txTitle>General Counsel</txTitle>
      <txAsOfDate>08/18/2026</txAsOfDate>
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