N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-08243

The Direxion Funds

(Exact name of registrant as specified in charter)

Daniel O’Neill

33 Whitehall Street, 10th Floor

New York, NY 10004

(Address of principal executive offices) (Zip code)

U.S. Bancorp Fund Services, LLC

615 E. Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

646-572-3390

Registrant's telephone number, including area code

Date of fiscal year end:August 31, 2010

Date of reporting period: November 30, 2009

Item 1. Schedule of Investments.

Direxion Monthly 10 Year Note Bear 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 128.0%
MONEY MARKET FUNDS - 128.0%
	1,970,182	Fidelity Institutional Government Portfolio, 0.07%	$	1,970,182
	1,702,907	Fidelity Institutional Money Market Portfolio, 0.22%		1,702,907
	1,970,182	Goldman Sachs Financial Square Federal Fund, 0.02%		1,970,182
	11,210,605	Goldman Sachs Financial Square Government Fund, 0.05%(a)		11,210,605
	1,970,182	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,970,182
		TOTAL SHORT TERM INVESTMENTS (Cost $18,824,058)	$	18,824,058
		TOTAL INVESTMENTS  (Cost $18,824,058) - 128.0%	$	18,824,058
		Liabilities in Excess of Other Assets - (28.0)%		(4,121,683	)
		TOTAL NET ASSETS - 100.0%	$	14,702,375
Percentages are stated as a percent of net assets.
(a) $6,240,000 of this security is held as collateral for swap contracts.

Direxion Monthly 10 Year Note Bear 2X Fund
Short Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Depreciation
Credit Suisse Capital LLC	NYSE Current 10 Year U.S. Treasury Index	29,305	$   29,001,702	1/31/2011	$    (524,179)

Direxion Monthly 10 Year Note Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 87.9%
MONEY MARKET FUNDS - 87.9%
	3,092,938	Fidelity Institutional Government Portfolio, 0.07%	$	3,092,938
	3,092,938	Fidelity Institutional Money Market Portfolio, 0.22%		3,092,938
	3,092,938	Goldman Sachs Financial Square Federal Fund, 0.02%		3,092,938
	13,743,432	Goldman Sachs Financial Square Government Fund, 0.05%(a)		13,743,432
	3,092,938	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		3,092,938
		TOTAL SHORT TERM INVESTMENTS (Cost $26,115,184)	$	26,115,184
		TOTAL INVESTMENTS  (Cost $26,115,184) - 87.9%	$	26,115,184
		Other Assets in Excess of Liabilities - 12.1%		3,582,956
		TOTAL NET ASSETS - 100.0%	$	29,698,140
Percentages are stated as a percent of net assets.
(a) $7,650,000 of this security is held as collateral for swap contracts.

Direxion Monthly 10 Year Note Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Appreciation
Credit Suisse Capital LLC	NYSE Current 10 Year U.S. Treasury Index	58,855	$   58,411,448	1/31/2011	$      821,466

Direxion Monthly China Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 77.3%
MONEY MARKET FUNDS - 77.3%
	1,429,347	Fidelity Institutional Government Portfolio, 0.07%	$	1,429,347
	1,429,347	Fidelity Institutional Money Market Portfolio, 0.22%		1,429,347
	1,429,347	Goldman Sachs Financial Square Federal Fund, 0.02%		1,429,347
	4,323,200	Goldman Sachs Financial Square Government Fund, 0.05%(a)		4,323,200
	1,429,347	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,429,347
		TOTAL SHORT TERM INVESTMENTS (Cost $10,040,588)	$	10,040,588
		Total Investments (Cost $10,040,588) - 77.3%	$	10,040,588
		Other Assets in Excess of Liabilities - 22.7%		2,952,153
		TOTAL NET ASSETS - 100.0%	$	12,992,741
Percentages are stated as a percent of net assets.
(a) $4,290,000 of this security is held as collateral for swap contracts.

Direxion Monthly China Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Depreciation
Credit Suisse Capital, LLC	iShares FTSE/Xinhua China 25 Index Fund	594,200	$ 27,131,180	2/7/2011	$   (1,149,174)

Direxion Monthly Commodity Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 99.2%
MONEY MARKET FUNDS - 99.2%
	1,742,801	Fidelity Institutional Government Portfolio, 0.07%	$	1,742,801
	1,742,801	Fidelity Institutional Money Market Portfolio, 0.22%		1,742,801
	1,742,801	Goldman Sachs Financial Square Federal Fund, 0.02%		1,742,801
	18,920,210	Goldman Sachs Financial Square Government Fund, 0.05%		18,920,210
	1,742,801	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,742,801
		TOTAL SHORT TERM INVESTMENTS (Cost $25,891,414)	$	25,891,414
		TOTAL INVESTMENTS  (Cost $25,891,414) - 99.2%	$	25,891,414
		Other Assets in Excess of Liabilities - 0.8%		203,237
		TOTAL NET ASSETS - 100.0%	$	26,094,651
Percentages are stated as a percent of net assets.

Direxion Monthly Commodity Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
							Unrealized
		Number of		Notional		Termination	Appreciation/
Counterparty	Reference Entity	Contracts		Amount		Date	(Depreciation)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		210	$	151,165	11/9/2010	$	6,772
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		56,355		42,488,002	11/16/2010		(81,614	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		300		229,519	11/19/2010		(3,772	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		420		317,529	11/22/2010		(1,500	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		305		225,809	11/23/2010		3,709
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		375		270,414	11/29/2010		11,639
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		160		117,665	12/6/2010		2,666
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		3,050		2,310,258	12/10/2010		(16,464	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		2,390		1,807,415	12/13/2010		(9,927	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		200		154,327	12/16/2010		(3,962	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		305		234,854	12/20/2010		(5,586	)
Merrill Lynch	Morgan Stanley Commodity Related Equity Index		5,350		4,020,858	12/27/2010		(965	)
			69,420	$	52,327,815		$	(99,004	)

Direxion Monthly Developed Markets Bear 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS -80.9%
MONEY MARKET FUNDS - 80.9%
	89,262	Fidelity Institutional Government Portfolio, 0.07%	$	89,262
	89,262	Fidelity Institutional Money Market Portfolio, 0.22%		89,262
	89,261	Goldman Sachs Financial Square Federal Fund, 0.02%		89,261
	460,775	Goldman Sachs Financial Square Government Fund, 0.05% (a)		460,775
	89,261	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		89,261
		TOTAL SHORT TERM INVESTMENTS (Cost $817,821)	$	817,821
		TOTAL INVESTMENTS  (Cost $817,821) - 80.9%	$	817,821
		Other Assets in Excess of Liabilities - 19.1%		192,829
		TOTAL NET ASSETS - 100.0%	$	1,010,650
Percentages are stated as a percent of net assets.
(a) $200,000 of this security is held as collateral for swap contracts.

Direxion Monthly Developed Markets Bear 2X Fund
Short Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Appreciation
Credit Suisse Capital, LLC	iShares MSCI EAFE Index Fund	36,450	$       2,040,661	1/10/2011	$                20,631

Direxion Monthly Developed Markets Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS -115.9%
MONEY MARKET FUNDS - 115.9%
	711,751	Fidelity Institutional Government Portfolio, 0.07%	$	711,751
	712,005	Fidelity Institutional Money Market Portfolio, 0.22%		712,005
	711,750	Goldman Sachs Financial Square Federal Fund, 0.02%		711,750
	3,212,321	Goldman Sachs Financial Square Government Fund, 0.05% (a)		3,212,321
	711,750	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		711,750
		TOTAL SHORT TERM INVESTMENTS (Cost $6,059,577)	$	6,059,577
		TOTAL INVESTMENTS  (Cost $6,059,577) - 115.9%	$	6,059,577
		Other Liabilities in Excess of Assets - (15.9)%		(830,277	)
		TOTAL NET ASSETS - 100.0%	$	5,229,300
Percentages are stated as a percent of net assets.
(a) $1,350,000 of this security is held as collateral for swap contracts.

Direxion Monthly Developed Markets Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Depreciation
Credit Suisse Capital, LLC	iShares MSCI EAFE Index Fund	188,700	$     10,567,833	2/25/2011	$            (112,346)

Direxion Monthly Emerging Markets Bear 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 68.5%
MONEY MARKET FUNDS - 68.5%
	120,456	Fidelity Institutional Government Portfolio, 0.07%	$	120,456
	120,456	Fidelity Institutional Money Market Portfolio, 0.22%		120,456
	120,456	Goldman Sachs Financial Square Federal Fund, 0.02%		120,456
	3,205,237	Goldman Sachs Financial Square Government Fund, 0.05%(a)		3,205,237
	120,457	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		120,457
		TOTAL SHORT TERM INVESTMENTS (Cost $3,687,062)	$	3,687,062
		TOTAL INVESTMENTS  (Cost $3,687,062) - 68.5%	$	3,687,062
		Other Assets in Excess of Liabilities  - 31.5%		1,693,346
		TOTAL NET ASSETS - 100.0%	$	5,380,408
Percentages are stated as a percent of net assets.
(a) $2,836,244 of this security is held as collateral for swap contracts.

Direxion Monthly Emerging Markets Bear 2X Fund
Short Equity Swap Contracts
November 30, 2009 (Unaudited)
							Unrealized
		Number of		Notional		Termination	Appreciation/
Counterparty	Reference Entity	Contracts		Amount		Date	(Depreciation)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		11,850	$	482,828	11/22/2010	$	2,637
Merrill Lynch	iShares MSCI Emerging Market Index Fund		149,800		5,686,665	11/29/2010		(383,519	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		35,700		1,340,357	11/30/2010		(106,273	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		800		30,484	12/2/2010		(1,933	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		1,300		49,211	12/3/2010		(3,467	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		12,000		466,620	12/6/2010		(19,639	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		19,200		784,840	12/13/2010		6,833
Merrill Lynch	iShares MSCI Emerging Market Index Fund		5,400		223,911	12/17/2010		5,098
Merrill Lynch	iShares MSCI Emerging Market Index Fund		10,650		432,859	12/20/2010		1,314
Merrill Lynch	iShares MSCI Emerging Market Index Fund		1,000		41,475	12/23/2010		955
Merrill Lynch	iShares MSCI Emerging Market Index Fund		17,900		736,155	12/27/2010		10,844
			265,600	$	10,275,405		$	(487,150	)

Direxion Monthly Emerging Markets Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS -103.8%
MONEY MARKET FUNDS - 103.8%
	3,178,622	Fidelity Institutional Government Portfolio, 0.07%	$	3,178,622
	3,178,622	Fidelity Institutional Money Market Portfolio, 0.22%		3,178,622
	3,178,622	Goldman Sachs Financial Square Federal Fund, 0.02%		3,178,622
	6,190,718	Goldman Sachs Financial Square Government Fund, 0.05%		6,190,718
	20,105,154	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01% (a)		20,105,154
		TOTAL SHORT TERM INVESTMENTS (Cost $35,831,738)	$	35,831,738
		TOTAL INVESTMENTS  (Cost $35,831,738) - 103.8%	$	35,831,738
		Liabilities in Excess of Other Assets  - (3.8)%		(1,294,283	)
		TOTAL NET ASSETS - 100.0%	$	34,537,455
Percentages are stated as a percent of net assets.
(a) $16,926,532 of this security is held as collateral for swap contracts.

Direxion Monthly Emerging Markets Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
							Unrealized
		Number of		Notional		Termination	Appreciation/
Counterparty	Reference Entity	Contracts		Amount		Date	(Depreciation)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		1,115,724	$	45,482,413	11/22/2010	$	(325,688	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		17,400		709,485	11/23/2010		(5,212	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		7,100		272,162	12/2/2010		15,314
Merrill Lynch	iShares MSCI Emerging Market Index Fund		40,000		1,646,600	12/9/2010		(26,795	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		133,500		5,467,493	12/10/2010		(60,881	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		163,200		6,729,880	12/13/2010		(120,462	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		61,300		2,579,811	12/16/2010		(97,025	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		24,200		1,014,343	12/17/2010		(34,157	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		58,500		2,393,348	12/20/2010		(23,585	)
Merrill Lynch	iShares MSCI Emerging Market Index Fund		78,700		3,200,682	12/27/2010		(11,817	)
			1,699,624	$	69,496,216		$	(690,308	)

Direxion Monthly Small Cap Bear 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 58.1%
MONEY MARKET FUNDS - 58.1%
	507,408	Fidelity Institutional Government Portfolio, 0.07%	$	507,408
	507,408	Fidelity Institutional Money Market Portfolio, 0.22%		507,408
	507,408	Goldman Sachs Financial Square Federal Fund, 0.02%		507,408
	3,846,113	Goldman Sachs Financial Square Government Fund, 0.05%(a)		3,846,113
	507,407	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		507,407
		TOTAL SHORT TERM INVESTMENTS (Cost $5,875,744)	$	5,875,744
		TOTAL INVESTMENTS  (Cost $5,875,744) - 58.1%	$	5,875,744
		Other Assets in Excess of Liabilities - 41.9%		4,239,686
		TOTAL NET ASSETS - 100.0%	$	10,115,430

Percentages are stated as a percent of net assets.

(a) $2,250,000 of this security is held as collateral for swap contracts.

Direxion Monthly Small Cap Bear 2X Fund
Short Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Depreciation
Credit Suisse Capital, LLC	Russell 2000 Index	34,750	$     20,079,258	4/29/2011	$              (86,858)

Direxion Monthly Small Cap Bull 2X Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 115.4%
MONEY MARKET FUNDS - 115.4%
	591,838	Fidelity Institutional Government Portfolio, 0.07%	$	591,838
	591,838	Fidelity Institutional Money Market Portfolio, 0.22%		591,838
	591,838	Goldman Sachs Financial Square Federal Fund, 0.02%		591,838
	3,424,286	Goldman Sachs Financial Square Government Fund, 0.05%(a)		3,424,286
	591,838	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		591,838
		TOTAL SHORT TERM INVESTMENTS (Cost $5,791,638)	$	5,791,638
		TOTAL INVESTMENTS  (Cost $5,791,638) - 115.4%	$	5,791,638
		Liabilities in Excess of Other Assets - (15.4)%		(773,089	)
		TOTAL NET ASSETS - 100.0%	$	5,018,549
Percentages are stated as a percent of net assets.
(a) $1,560,000 of this security is held as collateral for swap contracts.

Direxion Monthly Small Cap Bull 2X Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Depreciation
Credit Suisse Capital, LLC	Russell 2000 Index	17,350	$   10,342,170	2/25/2011	$    (271,955)

Dynamic HY Bond Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 92.3%
MONEY MARKET FUNDS - 92.3%
	22,353,315	Fidelity Institutional Government Portfolio, 0.07%	$	22,353,315
	22,353,314	Fidelity Institutional Money Market Portfolio, 0.22%		22,353,314
	22,353,315	Goldman Sachs Financial Square Federal Fund, 0.02%		22,353,315
	28,877,541	Goldman Sachs Financial Square Government Fund, 0.05% (a)		28,877,541
	22,353,315	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		22,353,315
		TOTAL SHORT TERM INVESTMENTS (Cost $118,290,800)	$	118,290,800
		TOTAL INVESTMENTS  (Cost $118,290,800) - 92.3%	$	118,290,800
		Other Assets in Excess of Liabilities - 7.7%		9,854,428
		TOTAL NET ASSETS - 100.0%	$	128,145,228
Percentages are stated as a percent of net assets.
(a) $3,400,000 of this security is held as collateral for swap contracts.

Dynamic HY Bond Fund
Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Depreciation
	283	E-Mini S&P 500 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $15,490,713)	$(16,028)

Dynamic HY Bond Fund
Credit Default Swap Contracts - Sell Protection1
November 30, 2009 (Unaudited)
		Implied									Upfront
		Credit			Receive			Termination	Notional		Payments			Unrealized
Counterparty	Reference Entity	Spread2			Fixed Rate			Date	Amount3		Received			Appreciation
Bank of America	Markit CDX North American High Yield Index		6.80	%		5.00	%	12/20/2014	$	36,234,000	$	(2,300,575	)		128,749
Barclays Capital	Markit CDX North American High Yield Index		6.80	%		5.00	%	12/20/2014		36,630,000		(2,196,253	)		691
Credit Suisse Capital, LLC	Markit CDX North American High Yield Index		6.80	%		5.00	%	12/20/2014		23,116,500		(1,733,861	)		348,284
									$	95,980,500	$	(6,230,689	)	$	477,724

1  If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the reference obligations or underlying securities comprising the reference index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the reference index.

2  Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default.  The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity or obligation.

3  The maximum potential amount (if, after a credit event the value of the related obligation or obligations were determined to have a value of zero) the Fund could be required to pay as seller of credit protection or entitled to as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

Evolution All-Cap Equity Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
COMMON STOCKS - 71.7%
Accommodation - 0.4%
	4,501	Home Inns & Hotels Management, Inc. ADR (a)	$	158,120
Administrative and Support Services - 0.3%
	5,076	EnerNOC, Inc. (a)		134,311
Air Transportation - 0.4%
	9,958	Lan Airlines S.A. ADR (Chile)		153,552
Ambulatory Health Care Services - 1.9%
	8,179	Amedisys, Inc. (a)		302,950
	19,910	Gentiva Health Services, Inc. (a)		470,872
				773,822
Beverage and Tobacco Product Manufacturing - 1.8%
	9,880	Altria Group, Inc.		185,843
	1,565	Companhia de Bebidas das Americas (Brazil)		153,933
	2,377	Lorillard, Inc.		185,192
	3,713	Reynolds American, Inc.		185,501
				710,469
Broadcasting (except Internet) - 0.8%
	16,793	Liberty Global, Inc. (a)		323,937
Building Materials and Garden Equipment and Supplies Dealer - 0.5%
	6,886	The Home Depot, Inc.		188,401
Chemical Manufacturing - 5.9%
	7,326	Bristol Myers Squibb Co.		185,421
	3,443	CF Industries Holdings, Inc.		293,894
	3,095	Clorox Corp.		186,536
	7,042	Crucell NV ADR (Netherlands)(a)		151,896
	5,422	E.I. du Pont de Nemours & Co.		187,493
	17,444	Immucor, Inc. (a)		321,842
	5,071	Lilly Eli & Co.		186,258
	5,168	Merck & Co. Inc. (a)		187,133
	2,274	Novo Nordisk A/S ADR (Denmark)		151,721
	10,189	Pfizer, Inc.		185,134
	3,136	PPG Industries, Inc.		186,373
	2,874	Teva Pharmaceutical Industries Ltd. ADR (Israel)		151,719
				2,375,420
Clothing and Clothing Accessories Stores - 2.1%
	14,589	Cato Corp.		279,088
	12,366	DSW, Inc. (a)		288,622
	31,313	Finish Line, Inc.		277,120
				844,830
Computer and Electronic Product Manufacturing - 3.9%
	6,382	Compellent Technologies, Inc. (a)		132,554
	17,844	CSG Systems International, Inc. (a)		345,460
	24,924	Isilon Systems, Inc. (a)		148,298
	10,864	LG Display Co., Ltd. ADR (Korea)		152,096
	21,399	Microsemi Corp. (a)		325,907
	14,700	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		152,733
	8,833	Thomas & Betts Corp. (a)		322,404
				1,579,452
Credit Intermediation and Related Activities - 5.1%
	8,079	Banco Bilbao Vizcaya Argentaria S.A. ADR (Spain)	$	153,582
	3,500	BanColombia S.A. (Colombia)		150,150
	33,496	EZCORP, Inc. (a)		494,736
	1,133	HDFC Bank Ltd. ADR (India)		152,445
	8,068	Nelnet, Inc. (a)		140,141
	28,206	United Bankshares, Inc.		482,323
	16,552	World Acceptance Corp. (a)		485,470
				2,058,847
Educational Services - 0.3%
	6,084	Lincoln Educational Services Corp. (a)		134,578
Food and Beverage Stores - 1.6%
	14,199	Safeway, Inc.		319,478
	23,495	Spartan Stores, Inc.		324,936
				644,414
Food Manufacturing - 2.9%
	8,379	Conagra Foods, Inc.		185,930
	2,103	Green Mountain Coffee Roasters, Inc. (a)		132,447
	4,386	H.J. Heinz Co.		186,186
	7,011	Kraft Foods, Inc.		186,352
	15,347	Sara Lee Corp.		186,313
	4,941	Unilever NV ADR (Netherlands)		152,232
	5,164	Unilever PLC ADR (United Kingdom)		152,493
				1,181,953
Food Services and Drinking Places - 0.5%
	2,939	McDonalds Corp.		185,892
Health and Personal Care Stores - 0.8%
	18,310	Petmed Express, Inc.		300,650
Hospitals - 1.0%
	7,697	Magellan Health Services, Inc. (a)		283,019
	26,488	Tenet Healthcare Corp. (a)		120,520
				403,539
Insurance Carriers and Related Activities - 2.1%
	2,016	China Life Insurance Company Ltd. ADR (China)		152,531
	8,124	Cincinnati Financial Corp.		207,325
	11,691	Humana, Inc. (a)		485,293
				845,149
Machinery Manufacturing - 2.5%
	12,172	Baker Hughes, Inc.		495,887
	8,418	Pitney Bowes, Inc.		193,951
	13,217	T-3 Energy Services, Inc. (a)		329,897
				1,019,735
Merchant Wholesalers, Durable Goods - 0.8%
	7,170	Schnitzer Steel Industries, Inc. Class A		319,925
Merchant Wholesalers, Nondurable Goods - 0.5%
	6,889	Sysco Corp.		186,279
Mining (except Oil and Gas) - 0.4%
	10,289	Gold Fields Ltd. ADR (South Africa)		152,071
Miscellaneous Manufacturing - 3.2%
	50,113	Cryolife, Inc. (a)		286,646
	20,430	Kensey Nash Corp. (a)		475,815
	9,560	Mattel, Inc.		186,038
	41,010	Symmetry Medical, Inc. (a)		328,900
				1,277,399
Motion Picture and Sound Recording Industries - 0.3%
	2,281	Netflix, Inc. (a)		133,735
Nonmetallic Mineral Product Manufacturing - 2.0%
	35,426	Apogee Enterprises, Inc.	$	484,982
	19,232	Ceradyne, Inc. (a)		325,213
				810,195
Nonstore Retailers - 1.0%
	11,678	NutriSystem, Inc.		288,447
	8,724	Overstock.com, Inc. (a)		127,545
				415,992
Nursing and Residential Care Facilities - 0.3%
	8,574	Emeritus Corp. (a)		134,097
Oil and Gas Extraction - 0.5%
	10,602	Penn West Energy Trust (Canada)		186,277
Other Information Services - 1.9%
	11,695	AsiaInfo Holdings, Inc. (a)		287,580
	3,973	NetEase.com, Inc. ADR (a)		151,928
	3,507	Perfect World Co., Ltd. ADR (a)		154,764
	3,007	Shanda Interactive Entertainment Ltd. ADR (a)		149,869
				744,141
Paper Manufacturing - 0.9%
	2,834	Kimberly Clark Corp.		186,959
	6,901	Meadwestvaco Corp.		188,880
				375,839
Primary Metal Manufacturing - 0.8%
	7,199	United States Steel Corp.		321,507
Printing and Related Support Activities - 0.5%
	9,801	R.R. Donnelley & Sons Co.		201,705
Professional, Scientific and Technical Services - 4.6%
	14,055	Huron Consulting Group, Inc. (a)		320,454
	2,981	Infosys Technologies Ltd.  ADR (India)		151,942
	12,509	JDA Software Group, Inc. (a)		293,711
	21,442	Kendle International, Inc. (a)		320,987
	4,331	Longtop Financial Technologies Ltd. ADR (a)		153,361
	26,024	NetScout Systems, Inc. (a)		327,642
	28,851	ValueClick, Inc. (a)		272,065
				1,840,162
Publishing Industries (except Internet) - 5.0%
	21,471	Nuance Communications, Inc. (a)		326,145
	11,538	Progress Software Corp. (a)		277,950
	52,884	Sigma Designs, Inc. (a)		617,685
	56,187	Telecommunication Systems, Inc. (a)		473,656
	37,759	Tibco Software, Inc. (a)		324,727
				2,020,163
Real Estate - 0.8%
	7,873	E-House (China) Holdings Ltd. ADR (a)		153,130
	4,597	Gafisa S.A. ADR (Brazil)		154,919
				308,049
Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 1.2%
	33,027	Knight Capital Group, Inc. (a)		483,515
Social Assistance - 0.8%
	11,485	Rehabcare Group, Inc. (a)		323,532
Specialty Trade Contractors - 0.8%
	13,670	Emcor Group, Inc. (a)		325,346
Support Activities for Mining - 0.8%
	3,742	Transocean Ltd. (Switzerland)(a)		319,529
Telecommunications - 4.5%
	6,948	AT&T, Inc.	$	187,179
	39,293	Earthlink, Inc.		323,381
	5,815	IPCS, Inc. (a)		139,618
	13,588	J2 Global Communications, Inc. (a)		270,129
	1,762	Telefonica S.A. ADR (Spain)		152,642
	9,414	TW Telecom, Inc. (a)		136,974
	27,490	USA Mobility, Inc.		274,350
	5,867	Verizon Communications, Inc.		184,576
	5,065	Vivo Participacoes S.A. (Brazil)		154,483
				1,823,332
Transportation Equipment Manufacturing - 2.3%
	11,206	Astec Industries, Inc. (a)		279,702
	3,573	The Boeing Co.		187,261
	14,942	Freightcar America, Inc.		272,691
	2,423	Lockheed Martin Corp.		187,128
				926,782
Utilities - 0.4%
	7,914	Enersis S.A. ADR (Chile)		151,870
Waste Management and Remediation Services - 1.3%
	18,757	Covanta Holding Corp. (a)		320,182
	5,666	Waste Management, Inc.		186,071
				506,253
Wholesalers Electronic Markets and Agents and Brokers - 1.3%
	5,231	Genuine Parts Co.		187,427
	7,874	Reliance Steel & Aluminum Co.		321,889
				509,316
		TOTAL COMMON STOCKS (Cost $28,084,502)	$	28,814,082
INVESTMENT COMPANIES - 18.6%
	66,362	iShares MSCI BRIC Index Fund	$	3,027,435
	14,443	iShares MSCI Pacific ex-Japan Index Fund		604,440
	63,681	iShares S&P Latin America 40 Index Fund		3,048,408
	19,629	WisdomTree Emerging Markets Small Cap Dividend Fund		804,396
		TOTAL INVESTMENT COMPANIES (Cost $7,100,503)	$	7,484,679
SHORT TERM INVESTMENTS - 5.7%
MONEY MARKET FUNDS - 5.7%
	349,967	Fidelity Institutional Government Portfolio, 0.07%	$	349,967
	349,967	Fidelity Institutional Money Market Portfolio, 0.22%		349,967
	349,967	Goldman Sachs Financial Square Federal Fund, 0.02%		349,967
	879,077	Goldman Sachs Financial Square Government Fund, 0.05%		879,077
	349,966	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		349,966
		TOTAL SHORT TERM INVESTMENTS (Cost $2,278,944)	$	2,278,944
		TOTAL INVESTMENTS  (Cost $37,463,949) - 96.0%	$	38,577,705
		Other Assets in Excess of Liabilities - 4.0%		1,597,816
		TOTAL NET ASSETS - 100.0%	$	40,175,521

Percentages are stated as a percent of net assets.
	ADR	American Depository Receipt
	(a)	Non-income producing security.

Evolution All-Cap Equity Fund
Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Depreciation
	58	E-Mini NASDAQ 100 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $2,050,590)	$	(17,587	)
Evolution All-Cap Equity Fund
Short Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Appreciation
	181	E-Mini S&P 500 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $9,907,488)	$	56,256
	92	E-Mini Russell 2000 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $5,326,800)		48,489
			$	104,745

Evolution Alternative Investment Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 73.6%
	68,593	Arbitrage Fund	$	897,887
	500	Biotech HOLDRS		48,630
	1,741	BLDRS Emerging Markets 50 ADR Index Fund		76,587
	6,200	Broadband HOLDRS		74,710
	43,481	Caldwell & Orkin Market Opportunity Fund		861,799
	14,512	Claymore/BNY Mellon BRIC ETF		619,662
	1,922	Claymore/MAC Global Solar Energy Index ETF		17,855
	2,799	CurrencyShares Australian Dollar Trust		256,864
	965	CurrencyShares Canadian Dollar Trust		91,135
	3,291	CurrencyShares Japanese Yen Trust		377,971
	1,679	CurrencyShares Swedish Krona Trust		239,526
	6,113	CurrencyShares Swiss Franc Trust		606,226
	1,395	First Trust NYSE Arca Biotechnology Index Fund		37,567
	10,176	Franklin Gold & Precious Metals Fund		449,362
	83,072	Gabelli ABC Fund		809,947
	3,056	Industrial Select Sector SPDR Fund		84,071
	2,200	Internet Architecture HOLDRs		107,976
	4,600	Internet HOLDRs		265,282
	3,032	iPath MSCI India Total Return (United Kingdom)		186,165
	2297	iShares Barclays 10-20 Year Treasury Bond Fund		260,204
	852	iShares Barclays 20+ Year Treasury Bond Fund		82,329
	1,226	iShares Barclays 3-7 Year Treasury Bond Fund		139,445
	3,385	iShares Barclays 7-10 Year Treasury Bond Fund		315,008
	440	iShares Barclays MBS Bond Fund		47,678
	3,754	iShares Barclays TIPS Bond Fund		400,064
	587	iShares Cohen & Steers Realty Majors Index Fund		29,174
	617	iShares Dow Jones Transportation Average Index Fund		43,665
	204	iShares Dow Jones U.S. Aerospace & Defense Index Fund		9,876
	3,325	iShares Dow Jones U.S. Health Care Providers Index Fund		151,687
	584	iShares Dow Jones U.S. Industrial Sector Index Fund		30,391
	309	iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund		15,385
	534	iShares Dow Jones U.S. Oil Equipment & Services Index Fund		22,295
	1659	iShares Dow Jones U.S. Pharmaceuticals Index Fund		92,190
	253	iShares Dow Jones U.S. Real Estate Index Fund		10,985
	599	iShares Dow Jones U.S. Technology Sector Index Fund		32,418
	1,882	iShares Dow Jones U.S. Telecommunications Sector Index Fund		34,968
	2,937	iShares Dow Jones U.S. Utilities Sector Index Fund		209,819
	1,288	iShares FTSE/Xinhua China 25 Index Fund		56,311
	817	iShares iBoxx $ High Yield Corporate Bond Fund		70,180
	480	iShares JPMorgan USD Emerging Markets Bond Fund		49,142
	1614	iShares MSCI All Country Asia ex Japan Index Fund		88,044
	4,516	iShares MSCI Australia Index Fund		105,358
	3,027	iShares MSCI Brazil Index Fund		232,080
	6,607	iShares MSCI BRIC Index Fund		301,411
	5,901	iShares MSCI Hong Kong Index Fund		93,354
	15,525	iShares MSCI Malaysia Index Fund		168,602
	2,960	iShares S&P Global Energy Sector Index Fund		106,679
	3,800	iShares S&P Global Utilities Sector Index Fund		178,524
	12,851	iShares S&P Latin America 40 Index Fund		615,177
	3,877	iShares S&P North American Natural Resources Sector Index Fund		131,857
	1,148	Market Vectors Agribusiness ETF		49,146
	3,000	Market Vectors Coal ETF		102,180
	2,361	Market Vectors Global Alternative Energy ETF		56,522
	5,464	Market Vectors Gold Miners ETF		279,265
	2,108	Market Vectors Russia ETF		63,472
	27,016	Merger Fund		417,121
	10,578	Permanent Portfolio		418,461
	506	Pharmaceutical HOLDRs Trust	$	33,087
	16,132	PowerShares 1-30 Laddered Treasury Portfolio		452,664
	1,845	PowerShares Aerospace & Defense Portfolio		30,443
	4,421	PowerShares DB G10 Currency Harvest Fund		101,064
	6,626	PowerShares DB US Dollar Index Bullish Fund		146,898
	3,912	PowerShares Emerging Markets Sovereign Debt Portfolio		100,108
	5,314	PowerShares Financial Preferred Portfolio		82,101
	1,826	PowerShares Global Clean Energy Portfolio		29,180
	399	ProShares Ultra Oil & Gas		13,873
	1,061	ProShares Ultra Technology		49,602
	1,590	ProShares UltraShort 7-10 Year Treasury		79,150
	239	ProShares UltraShort Semiconductors		5,533
	1,398	Rydex S&P Equal Weight Health Care ETF		76,960
	19,816	Sierra Core Retirement Fund		482,927
	19	Software HOLDRs Trust		769
	2,570	SPDR Barclays Capital High Yield Bond ETF		98,020
	7,700	SPDR Barclays Capital TIPS ETF		404,943
	1,462	SPDR Dow Jones REIT ETF		67,983
	11,600	SPDR S&P BRIC 40 ETF		291,624
	2,456	SPDR S&P China ETF		177,962
	2,114	SPDR S&P Metals & Mining ETF		103,502
	1,302	SPDR S&P Oil & Gas Equipment & Services ETF		35,779
	104,070	TFS Market Neutral Fund		1,582,898
	2,904	Utilities Select Sector SPDR Fund		86,394
	531	Vanguard Energy ETF		44,360
	1,307	Vanguard Industrials ETF		66,631
	2,102	Vanguard REIT ETF		88,704
	3,924	Vanguard Utilities ETF		244,622
	13,553	WisdomTree Dreyfus Brazilian Real Fund		358,206
	5,292	WisdomTree India Earnings Fund		113,990
	899	WisdomTree International Real Estate Fund		25,208
		TOTAL INVESTMENT COMPANIES (Cost $16,354,217)	$	17,094,874
SHORT TERM INVESTMENTS - 23.4%
MONEY MARKET FUNDS - 23.4%
	800,131	Fidelity Institutional Government Portfolio, 0.07%	$	800,131
	800,131	Fidelity Institutional Money Market Portfolio, 0.22%		800,131
	800,131	Goldman Sachs Financial Square Federal Fund, 0.02%		800,131
	2,224,752	Goldman Sachs Financial Square Government Fund, 0.05%		2,224,752
	800,131	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		800,131
		TOTAL SHORT TERM INVESTMENTS (Cost $5,425,276)	$	5,425,276
		Total Investments  (Cost $21,779,493) - 97.0%	$	22,520,150
		Other Assets in Excess of Liabilities - 3.0%		705,018
		TOTAL NET ASSETS - 100.00%	$	23,225,168
Percentages are stated as a percent of net assets.

Evolution Alternative Investment Fund
Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Appreciation
17	E-Mini S&P 500 Futures
	Expiring December 2009 (Underlying Face Amount at Market Value $930,538)	$	4,178

Evolution Managed Bond Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 96.7%
	19,777	AllianceBernstein Global High Income Fund	$	180,065
	1,604	BlackRock Corporate High Yield Fund VI		163,939
	13,778	BlackRock Floating Rate Income Strategies Fund		189,999
	19,493	BlackRock Preferred Income Strategies Fund		174,462
	12,970	Evergreen Multi-Sector Income Fund		184,823
	8,541	iShares Barclays 1-3 Year Credit Bond Fund		892,449
	26,774	iShares Barclays 1-3 Year Treasury Bond Fund		2,257,851
	4,121	iShares Barclays 20+ Year Treasury Bond Fund		398,212
	19,947	iShares Barclays 3-7 Year Treasury Bond Fund		2,268,772
	38,697	iShares Barclays 7-10 Year Treasury Bond Fund		3,601,143
	72,304	iShares Barclays Aggregate Bond Fund		7,651,932
	8,160	iShares Barclays MBS Bond Fund		884,218
	10,946	iShares Barclays Short Treasury Bond Fund		1,206,468
	8,486	iShares Barclays TIPS Bond Fund		904,033
	64,632	iShares iBoxx $ High Yield Corporate Bond Fund		5,551,889
	47,954	iShares iBoxx $ Investment Grade Corporate Bond Fund		5,143,067
	25,771	iShares S&P National Municipal Bond Fund		2,653,640
	24,463	MFS Charter Income Trust		219,188
	31,283	MFS Government Markets Income Trust		227,740
	24,274	MFS Intermediate Income Trust		164,578
	27,575	Putnam Premier Income Trust		167,932
	19,378	SPDR Barclays Capital 1-3 Month T-Bill		888,675
	52,122	SPDR Barclays Capital International Treasury Bond Fund		3,141,393
	11,329	Templeton Emerging Markets Income Fund		162,911
	158,433	Vanguard Total Bond Market ETF		12,714,248
	9,054	Western Asset Emerging Markets Debt Fund		155,729
	20,391	Western Asset High Income Fund II		181,480
	14,032	Western Asset/Claymore Inflation- Linked Opportunities & Income Fund		174,698
		TOTAL INVESTMENT COMPANIES (Cost $49,253,560)	$	52,505,534
SHORT TERM INVESTMENTS - 4.4%
MONEY MARKET FUNDS - 4.4%
	363,143	Fidelity Institutional Government Portfolio, 0.07%	$	363,143
	363,143	Fidelity Institutional Money Market Portfolio, 0.22%		363,143
	363,143	Goldman Sachs Financial Square Federal Fund, 0.02%		363,143
	955,907	Goldman Sachs Financial Square Government Fund, 0.05%		955,907
	363,143	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		363,143
		TOTAL SHORT TERM INVESTMENTS (Cost $2,408,479)	$	2,408,479
		Total Investments  (Cost $51,662,039) - 101.1%	$	54,914,013
		Liabilities in Excess of Other Assets - (1.1)%		(615,544	)
		TOTAL NET ASSETS - 100.0%	$	54,298,469
Percentages are stated as a percent of net assets.

Evolution Market Leaders Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
COMMON STOCKS - 0.0%
Chemical Manufacturing - 0.0%
	1	Inter Parfums, Inc.	$	6
Miscellaneous Store Retailers - 0.0%
	442	Spectrum Group International, Inc. (a)		1,078
		TOTAL COMMON STOCKS (Cost $7)	$	1,084
INVESTMENT COMPANIES - 98.3%
	41,421	Claymore/Sabrient Insider ETF	$	1,014,400
	150,095	Claymore/Zacks Multi-Asset Income Index ETF		2,629,664
	11,523	Fidelity NASDAQ Composite Index Tracking Stock ETF		971,734
	49,110	iShares Dow Jones EPAC Select Dividend Index Fund		1,550,894
	3,876	iShares KLD 400 Social Index Fund		160,260
	23,627	iShares Morningstar Large Growth Index Fund		1,344,613
	36,707	iShares Morningstar Mid Value Index Fund		2,280,239
	11,376	iShares Morningstar Small Core Index Fund		747,517
	25,958	iShares Morningstar Small Value Index Fund		1,623,413
	20,763	iShares MSCI Australia Index Fund		484,401
	22,696	iShares MSCI Austria Investable Market Index Fund		482,063
	52,958	iShares MSCI Brazil Index Fund		4,060,290
	16,651	iShares MSCI EAFE Small Cap Index Fund		594,774
	11,594	iShares MSCI Pacific ex-Japan Index Fund		485,209
	9,452	iShares MSCI Spain Index Fund		483,943
	13,358	iShares Russell Midcap Index Fund		1,048,202
	74,662	iShares Russell Midcap Value Index Fund		2,640,795
	84,610	iShares S&P Latin America 40 Index Fund		4,050,281
	133,802	Market Vectors Russia ETF		4,028,778
	95,491	PowerShares Dynamic Large Cap Growth Portfolio		1,349,288
	16,129	PowerShares FTSE RAFI US 1500 Small-Mid Portfolio		748,063
	34,575	PowerShares International Dividend Achievers Portfolio		481,097
	30,858	PowerShares QQQ		1,344,175
	7,172	RevenueShares Mid Cap Fund		161,944
	31,254	RevenueShares Small Cap Fund		744,158
	4,252	Rydex S&P Equal Weight ETF		159,922
	51,271	Rydex S&P SmallCap 600 Pure Value ETF		1,478,656
	27,469	SPDR Dow Jones Wilshire Small Cap Value ETF		1,460,527
	21,384	SPDR S&P Emerging Latin America ETF		1,676,933
	60,030	Vanguard Emerging Markets ETF		2,399,387
	9,173	Vanguard Mega Cap 300 Growth ETF		374,175
	15,079	Vanguard Mid-Cap ETF		861,614
	70,376	Vanguard Mid-Cap Value Index Fund		3,017,723
	35,508	WisdomTree DEFA Equity Income Fund		1,557,381
	4,044	WisdomTree Dividend ex-Financials Fund		160,161
	4,696	WisdomTree Equity Income Fund		160,085
	35,754	WisdomTree International Dividend ex-Financials Fund		1,557,802
	11,060	WisdomTree International SmallCap Dividend Fund		494,603
	25,925	WisdomTree MidCap Dividend Fund		1,040,889
	20,505	WisdomTree SmallCap Dividend Fund		750,073
	33,863	WisdomTree SmallCap Earnings Fund		1,298,307
		TOTAL INVESTMENT COMPANIES (Cost $53,193,590)	$	53,958,433
SHORT TERM INVESTMENTS - 1.0%
MONEY MARKET FUNDS - 1.0%
	110,527	Fidelity Institutional Government Portfolio, 0.07%	$	110,527
	110,526	Fidelity Institutional Money Market Portfolio, 0.22%		110,526
	110,527	Goldman Sachs Financial Square Federal Fund, 0.02%		110,527
	110,527	Goldman Sachs Financial Square Government Fund, 0.05%		110,527
	110,526	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		110,526
		TOTAL SHORT TERM INVESTMENTS (Cost $552,633)	$	552,633
		TOTAL INVESTMENTS  (Cost $53,746,230) - 99.3%	$	54,512,150
		Other Assets in Excess of Liabilities - 0.7%		400,306
		TOTAL NET ASSETS - 100.0%	$	54,912,456
Percentages are stated as a percent of net assets.
(a) Non-income producing security.

HCM Freedom Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 98.5%
	3,241,684	Putnam Diversified Income Trust	$	26,257,637
		TOTAL INVESTMENT COMPANIES (Cost $24,580,455)	$	26,257,637
SHORT TERM INVESTMENTS - 1.7%
MONEY MARKET FUNDS - 1.7%
	69,401	Fidelity Institutional Government Portfolio, 0.07%	$	69,401
	69,401	Fidelity Institutional Money Market Portfolio, 0.22%		69,401
	69,400	Goldman Sachs Financial Square Federal Fund, 0.02%		69,400
	185,739	Goldman Sachs Financial Square Government Fund, 0.05%		185,739
	69,400	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		69,400
		TOTAL SHORT TERM INVESTMENTS (Cost $463,341)	$	463,341
		TOTAL INVESTMENTS  (Cost $25,043,796) - 100.2%	$	26,720,978
		Liabilities in Excess of Other Assets - (0.2)%		(51,847	)
		TOTAL NET ASSETS - 100.0%	$	26,669,131
Percentages are stated as a percent of net assets.

HY Bear Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 86.6%
MONEY MARKET FUNDS - 86.6%
	2,775,879	Fidelity Institutional Government Portfolio, 0.07%	$	2,775,879
	2,775,879	Fidelity Institutional Money Market Portfolio, 0.22%		2,775,879
	5,828,821	Goldman Sachs Financial Square Government Fund, 0.05%		5,828,821
	2,775,879	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		2,775,879
		TOTAL SHORT TERM INVESTMENTS (Cost $14,156,458)		14,156,458
		TOTAL INVESTMENTS  (Cost $14,156,458) - 86.6%	$	14,156,458
		Other Assets in Excess of Liabilities - 13.4%		2,187,604
		TOTAL NET ASSETS - 100.0%	$	16,344,062
Percentages are stated as a percent of net assets.
HY Bear Fund
Short Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Depreciation
	36	E-Mini S&P 500 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $1,970,550)	$	(2,504	)

HY Bear Fund
Credit Default Swap Contracts - Buy Protection1
November 30, 2009 (Unaudited)
		Implied									Upfront
		Credit			Receive			Termination	Notional		Payments		Unrealized
Counterparty	Reference Entity	Spread2			Fixed Rate			Date	Amount3		Paid		Depreciation
Bank of America	Markit CDX North American High Yield Index		6.80	%		5.00	%	12/20/2014	$	8,316,000	$	608,850	$	(110,398	)
Barclays Capital	Markit CDX North American High Yield Index		6.80	%		5.00	%	12/20/2014		3,762,000		305,663		(80,173	)
									$	12,078,000	$	914,513	$	(190,571	)

1  If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the reference obligations or underlying securities comprising the reference index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the reference obligation or underlying securities comprising the reference index.

2  Implied credit spreads, represented in absolute terms, are utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues as of period end, and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default. The implied credit spread of a particular reference entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement.  Wider credit spreads represent a deterioration of the reference entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.  A credit spread identified as "Defaulted" indicates a credit event has occurred for the reference entity or obligation.

3  The maximum potential amount (if, after a credit event the value of the related obligation or obligations were determined to have a value of zero) the Fund could be required to pay as seller of credit protection or entitled to as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

PSI Core Strength Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 70.7%
	24,100	Diamonds Trust, Series 1	$	2,496,278
	32,700	Energy Select Sector SPDR Fund		1,858,014
	39,100	Financial Select Sector SPDR Fund		573,988
	26,300	iShares Dow Jones U.S. Basic Materials Sector Index Fund		1,551,174
	15,300	iShares Dow Jones U.S. Healthcare Sector Index Fund		955,485
	16,800	iShares Dow Jones U.S. Telecommunications Sector Index Fund		312,144
	10,300	iShares iBOXX $ High Yield Corporate Bond Fund		884,770
	20,400	iShares MSCI EAFE Index Fund		1,130,568
	75,700	iShares MSCI Emerging Markets Index Fund		3,067,364
	33,800	iShares MSCI Japan Index Fund		322,790
	7,800	iShares S&P Europe 350 Index Fund		306,774
	15,000	Market Vectors Agribusiness ETF		642,150
	7,400	PowerShares DB U.S. Dollar Index Bearish Fund		212,084
	42,900	PowerShares QQQ Trust, Series 1		1,868,724
	20,400	ProShares Short Russell2000		979,200
	47,700	Rydex S&P Equal Weight Fund		1,808,784
	12,300	Semiconductor HOLDRS Trust		313,158
	24,600	SPDR Barclays Capital High Yield Bond ETF		938,244
	12,800	SPDR S&P Metals & Mining ETF		626,688
	12,600	US ProShares Short 20+ Year Treasury		598,752
	21,100	Utilities Select Sector SPDR Fund		627,725
		TOTAL INVESTMENT COMPANIES (Cost $20,857,355)	$	22,074,858
SHORT TERM INVESTMENTS - 32.5%
MONEY MARKET FUNDS - 32.5%
	1,491,009	Fidelity Institutional Government Portfolio, 0.07%	$	1,491,009
	1,491,010	Fidelity Institutional Money Market Portfolio, 0.22%		1,491,010
	1,491,009	Goldman Sachs Financial Square Federal Fund, 0.02%		1,491,009
	4,173,396	Goldman Sachs Financial Square Government Fund, 0.05%		4,173,396
	1,491,009	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,491,009
		TOTAL SHORT TERM INVESTMENTS (Cost $10,137,433)	$	10,137,433
		Total Investments  (Cost $30,994,788) - 103.2%	$	32,212,291
		Liabilities in Excess of Other Assets - (3.2)%		(1,011,948	)
		TOTAL NET ASSETS - 100.00%	$	31,200,343
Percentages are stated as a percent of net assets.

PSI Macro Trends Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 80.1%
	16,700	iShares Barclays Treasury Inflation Protected Securities Bond Fund	$	1,779,719
	21,400	iShares iBOXX $ High Yield Corporate Bond Fund		1,838,260
	69,100	iShares MSCI EAFE Index Fund		3,829,522
	95,200	iShares MSCI Emerging Markets Index Fund		3,857,504
	18,900	iShares Russell 1000 Growth Index Fund		917,973
	16,000	iShares Russell 1000 Value Index Fund		908,640
	19,000	iShares Russell 2000 Index Fund		1,103,900
	13,900	iShares Russell Midcap Growth Index		595,337
	17,100	iShares Russell Midcap Value Index Fund		604,827
	36,600	Rydex S&P Equal Weight ETF		1,387,872
	40,700	SPDR S&P 500 ETF		4,472,116
	8,800	SPDR S&P MidCap 400 ETF		1,096,744
		TOTAL INVESTMENT COMPANIES (Cost $18,603,481)	$	22,392,414
SHORT TERM INVESTMENTS - 18.7%
MONEY MARKET FUNDS - 18.7%
	745,459	Fidelity Institutional Government Portfolio, 0.07%	$	745,459
	745,458	Fidelity Institutional Money Market Portfolio, 0.22%		745,458
	745,458	Goldman Sachs Financial Square Federal Fund, 0.02%		745,458
	2,255,550	Goldman Sachs Financial Square Government Fund, 0.05% (a)		2,255,550
	745,458	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		745,458
		TOTAL SHORT TERM INVESTMENTS (Cost $5,237,383)	$	5,237,383
		Total Investments  (Cost $23,840,864) - 98.8%	$	27,629,797
		Other Assets in Excess of Liabilities - 1.2%		322,264
		TOTAL NET ASSETS - 100.00%	$	27,952,061

Percentages are stated as a percent of net assets.

(a) $220,000 of this security is held as collateral for swap contracts.

PSI Macro Trends Fund

Futures Contracts

November 30, 2009 (Unaudited)

			Unrealized
Contracts			Appreciation
	82	E-Mini S&P 500 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $4,488,475)	$          235,401

PSI Macro Trends Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Appreciation
Credit Suisse Capital, LLC	Morgan Stanley Commodity Related Index	4,100	$    2,133,411	6/4/2010	$         961,000

PSI Total Return Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
INVESTMENT COMPANIES - 64.9%
	87,300	iShares Barclays 1-3 Year Treasury Bond Fund	$	7,362,009
	15,700	iShares Barclays 7-10 Year Treasury Bond Fund		1,461,042
	28,480	iShares Barclays TIPS Bond Fund		3,035,113
	659,341	PIMCO Total Return Fund		7,279,121
		TOTAL INVESTMENT COMPANIES (Cost $18,856,249)	$	19,137,285
SHORT TERM INVESTMENTS - 34.5%
MONEY MARKET FUNDS - 34.5%
	1,307,079	Fidelity Institutional Government Portfolio, 0.07%	$	1,307,079
	1,307,079	Fidelity Institutional Money Market Portfolio, 0.22%		1,307,079
	1,307,079	Goldman Sachs Financial Square Federal Fund, 0.02%		1,307,079
	4,929,418	Goldman Sachs Financial Square Government Fund, 0.05% (a)		4,929,418
	1,307,079	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,307,079
		TOTAL SHORT TERM INVESTMENTS (Cost $10,157,734)	$	10,157,734
		Total Investments  (Cost $29,013,983) - 99.4%	$	29,295,019
		Other Assets in Excess of Liabilities - 0.6%		164,843
		TOTAL NET ASSETS - 100.00%	$	29,459,862

Percentages are stated as a percent of net assets.

(a) $1,460,000 of this security is held as collateral for swap contracts.

PSI Total Return Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
		Number of	Notional	Termination	Unrealized
Counterparty	Reference Entity	Contracts	Amount	Date	Appreciation
Credit Suisse Capital, LLC	iShares Barclays Aggregate Bond Fund	140,050	$  14,558,979	9/20/2010	$         252,251

Spectrum Equity Opportunity Fund

Schedule of Investments

November 30, 2009 (Unaudited)

Shares			Value
COMMON STOCKS - 4.8%
Administrative and Support Services - 0.2%
	750	Paychex, Inc.	$	23,513
Ambulatory Health Care Services - 0.2%
	300	Laboratory Corporation of America Holdings (a)		21,888
Chemical Manufacturing - 0.2%
	350	The Procter & Gamble Co.		21,823
Computer and Electronic Product Manufacturing - 0.5%
	500	Cree, Inc. (a)		23,915
	400	Northrop Grumman Corp.		21,920
	950	Texas Instruments, Inc.		24,025
				69,860
Credit Information and Related Activities - 0.5%
	550	American Express Co.		23,006
	400	HSBC Holdings PLC - ADR (United Kingdom)		23,604
	400	PNC Financial Services Group, Inc.		22,804
				69,414
Electronics and Appliance Stores - 0.2%
	1,200	RadioShack Corp.		22,632
Food Manufacturing - 0.2%
	450	Kellogg Co.		23,661
Food Services and Drinking Places - 0.2%
	350	McDonald's Corp.		22,138
Insurance Carriers and Related Activities - 0.5%
	800	Aetna, Inc.		23,288
	800	UnitedHealth Group, Inc.		22,936
	450	Wellpoint, Inc. (a)		24,313
				70,537
Internet Service Providers, Web Search Portals - 0.3%
	550	Automatic Data Processing, Inc.		23,897
	1,100	IMS Health, Inc.		23,496
				47,393
Machinery Manufacturing - 0.3%
	400	The Black & Decker Corp.		24,276
	450	Bucyrus International, Inc.		23,305
				47,581
Mining (except Oil and Gas) - 0.1%
	1,150	IAMGOLD Corp. (Canada)		21,792
Miscellaneous Manufacturing - 0.2%
	500	The Estee Lauder Companies, Inc.		23,415
Paper Manufacturing - 0.2%
	350	Kimberly-Clark Corp.		23,090
Pipeline Transportation - 0.0%
	0	Kinder Morgan Management, LLC (a)(b)		5
Professional, Scientific, and Technical Services - 0.3%
	500	Cognizant Technology Solutions Corp.		21,965
	100	Priceline.com, Inc. (a)		21,412
				43,377
Publishing Industries - 0.2%
	700	Check Point Software Technologies Ltd. (Israel) (a)		22,113
Rail Transportation - 0.2%
	250	Burlington Northern Santa Fe Corp.		24,575
Telecommunications - 0.3%
	750	DIRECTV (a)		23,723
	1,150	DISH Network Corp. (a)		23,816
				47,539
		TOTAL COMMON STOCKS (Cost $656,681)	$	646,346
INVESTMENT COMPANIES - 30.0%
	37,600	iShares MSCI Emerging Markets Index Fund	$	1,523,552
	4,666	Janus Long/Short Fund		46,940
	17,500	Market Vectors Agribusiness ETF		749,175
	4,487	Northeast Investors Trust		25,802
	206,787	Western Asset High Yield Portfolio		1,710,128
		TOTAL INVESTMENT COMPANIES (Cost $3,524,132)	$	4,055,597
SHORT TERM INVESTMENTS - 55.2%
MONEY MARKET FUNDS - 55.2%
	1,106,014	Fidelity Institutional Government Portfolio, 0.07%	$	1,106,014
	1,106,014	Fidelity Institutional Money Market Portfolio, 0.22%		1,106,014
	1,106,013	Goldman Sachs Financial Square Federal Fund, 0.02%		1,106,013
	3,028,997	Goldman Sachs Financial Square Government Fund, 0.05%		3,028,997
	1,106,013	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		1,106,013
		TOTAL SHORT TERM INVESTMENTS (Cost $7,453,051)	$	7,453,051
		TOTAL INVESTMENTS  (Cost $11,633,863) - 90.0%	$	12,154,994
		Other Assets in Excess of Liabilities - 10.0%		1,344,216
		TOTAL NET ASSETS - 100.0%	$	13,499,210

Percentages are stated as a percent of net assets.
ADR	American Depository Receipt
(a)	Non-income producing security.
(b)	Fund holds less than one share.

Spectrum Equity Opportunity Fund
Futures Contracts
November 30, 2009 (Unaudited)
			Unrealized
Contracts			Depreciation
	59	E-Mini NASDAQ 100 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $2,085,945)	$	(12,951	)
	46	E-Mini Russell 2000 Futures
		Expiring December 2009 (Underlying Face Amount at Market Value $2,663,400)		(81,155	)
			$	(94,106	)

Spectrum Global Perspective Fund

Schedule of Investments

November 30, 2009 (Unaudited)

Shares			Value
INVESTMENT COMPANIES - 62.4%
	757,300	iShares MSCI Emerging Markets Index Fund	$	30,685,796
	19,744	Northeast Investors Trust		113,529
	25,599	TFS Market Neutral Fund		389,367
	7,137,921	Western Asset High Yield Portfolio		7,137,921
		TOTAL INVESTMENT COMPANIES (Cost $35,889,916)	$	38,326,613
SHORT TERM INVESTMENTS - 28.6%
MONEY MARKET FUNDS - 28.6%
	2,958,190	Fidelity Institutional Government Portfolio, 0.07%	$	2,958,190
	2,958,191	Fidelity Institutional Money Market Portfolio, 0.22%		2,958,191
	8,726,532	Goldman Sachs Financial Square Government Fund, 0.05%		8,726,532
	2,958,190	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		2,958,190
		TOTAL SHORT TERM INVESTMENTS (Cost $17,601,103)	$	17,601,103
		Total Investments  (Cost $53,491,019) - 91.0%	$	55,927,716
		Other Assets in Excess of Liabilities - 9.0%		5,519,068
		TOTAL NET ASSETS - 100.0%	$	61,446,784
Percentages are stated as a percent of net assets.

Spectrum Select Alternative Fund

Schedule of Investments

November 30, 2009 (Unaudited)

Shares			Value
INVESTMENT COMPANIES - 91.0%
	231,695	Absolute Opportunities Fund	$	2,896,191
	234,509	Absolute Strategies Fund		2,460,000
	280,233	Hartford Floating Rate Fund		2,323,131
	161,394	J.P. Morgan Market Neutral Fund		2,559,716
	189,793	Merger Fund		2,930,403
	17,321	Northeast Investors Trust		99,597
	692,654	SEI International Management Trust High Yield Bond Fund		4,668,486
	170,631	TFS Market Neutral Fund		2,595,297
	966,676	Western Asset High Yield Portfolio		7,994,412
		TOTAL INVESTMENT COMPANIES (Cost $25,721,852)	$	28,527,233
SHORT TERM INVESTMENTS - 9.2%
MONEY MARKET FUNDS - 9.2%
	326,827	Fidelity Institutional Government Portfolio, 0.07%	$	326,827
	326,827	Fidelity Institutional Money Market Portfolio, 0.22%		326,827
	326,827	Goldman Sachs Financial Square Federal Fund, 0.02%		326,827
	1,586,505	Goldman Sachs Financial Square Government Fund, 0.05% (a)		1,586,505
	326,827	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		326,827
		TOTAL SHORT TERM INVESTMENTS (Cost $2,893,813)	$	2,893,813
		Total Investments  (Cost $28,615,665) - 100.2%	$	31,421,046
		Other Liabilities in Excess of Assets - (0.2)%		(70,540	)
		TOTAL NET ASSETS - 100.0%	$	31,350,506
Percentages are stated as a percent of net assets.
(a) $710,000 of this security is held as collateral for swap contracts.

Spectrum Select Alternative Fund
Long Equity Swap Contracts
November 30, 2009 (Unaudited)
							Unrealized
		Number of		Notional		Termination	Appreciation/
Counterparty	Reference Entity	Contracts		Amount		Date	(Depreciation)
Credit Suisse Capital, LLC	Aetna, Inc.		1,850	$	54,512	8/6/2010	$	(664	)
Credit Suisse Capital, LLC	American Express Co.		1,300		54,520	8/6/2010		(146	)
Credit Suisse Capital, LLC	Automatic Data Processing, Inc.		1,250		55,324	8/6/2010		(1,015	)
Credit Suisse Capital, LLC	Bucyrus International		1,000		54,590	8/6/2010		(2,804	)
Credit Suisse Capital, LLC	Burlington Northern Santa Fe Corp.		550		54,037	8/6/2010		23
Credit Suisse Capital, LLC	Check Point Software Technologies Ltd.		1,650		54,444	8/6/2010		(2,325	)
Credit Suisse Capital, LLC	Cognizant Technology Solutions Corp.		1,250		56,110	8/6/2010		(1,203	)
Credit Suisse Capital, LLC	Cree, Inc.		1,150		54,777	8/6/2010		222
Credit Suisse Capital, LLC	DIRECTV Group, Inc.		1,750		55,486	8/6/2010		(138	)
Credit Suisse Capital, LLC	Dish Network Corp.		2,700		55,226	8/6/2010		686
Credit Suisse Capital, LLC	Estee Lauder Companies, Inc.		1,100		53,716	8/6/2010		(1,602	)
Credit Suisse Capital, LLC	HSBC Holdings PLC		900		56,248	8/6/2010		(3,143	)
Credit Suisse Capital, LLC	IAMGOLD Corp.		2,750		55,111	8/6/2010		(3,004	)
Credit Suisse Capital, LLC	IMS Health, Inc.		2,550		54,912	8/6/2010		(449	)
Credit Suisse Capital, LLC	iShares Barclays Treasury Inflation Protected Securities Bond Fund		14,600		1,512,648	8/6/2010		42,383
Credit Suisse Capital, LLC	iShares iBOXX $ High Yield Corporate Bond Fund		10,700		925,018	8/6/2010		(6,045	)
Credit Suisse Capital, LLC	Kellogg Co.		1,000		53,871	8/6/2010		(921	)
Credit Suisse Capital, LLC	Kimberly-Clark Corp.		850		56,065	8/6/2010		5
Credit Suisse Capital, LLC	Laboratory Corp. of America Holdings		750		55,946	8/6/2010		(1,230	)
Credit Suisse Capital, LLC	McDonald's Corp.		850		54,615	8/6/2010		(390	)
Credit Suisse Capital, LLC	Northrop Grumman Corp.		1,000		56,127	8/6/2010		(902	)
Credit Suisse Capital, LLC	Paychex, Inc.		1,750		55,679	8/6/2010		(821	)
Credit Suisse Capital, LLC	PNC Financial Services Group, Inc.		1,000		56,474	8/6/2010		532
Credit Suisse Capital, LLC	priceline.com, Inc.		250		53,581	8/6/2010		(56	)
Credit Suisse Capital, LLC	Procter & Gamble Co.		900		56,459	8/6/2010		(349	)
Credit Suisse Capital, LLC	RadioShack Corp.		2,850		55,389	8/6/2010		(930	)
Credit Suisse Capital, LLC	SPDR Barclays Capital High Yield Bond Fund		24,100		919,838	8/6/2010		(821	)
Credit Suisse Capital, LLC	Texas Instruments, Inc.		2,200		55,627	8/6/2010		6
Credit Suisse Capital, LLC	The Black & Decker Corp.		900		56,369	8/6/2010		(1,752	)
Credit Suisse Capital, LLC	Unitedhealth Group, Inc.		1,850		54,276	8/6/2010		(1,242	)
Credit Suisse Capital, LLC	WellPoint, Inc.		1,000		54,494	8/6/2010		(469	)
			88,300	$	4,901,489		$	11,436

U.S. Government Money Market Fund
Schedule of Investments
November 30, 2009 (Unaudited)
Shares			Value
SHORT TERM INVESTMENTS - 93.9%
MONEY MARKET FUNDS - 93.9%
	5,811,094	Fidelity Institutional Government Portfolio, 0.07%	$	5,811,094
	5,811,094	Fidelity Institutional Money Market Portfolio, 0.22%		5,811,094
	5,811,095	Goldman Sachs Financial Square Federal Fund, 0.02%		5,811,095
	8,761,337	Goldman Sachs Financial Square Government Fund, 0.05%		8,761,337
	5,811,095	Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 0.01%		5,811,095
		TOTAL SHORT TERM INVESTMENTS (Cost $32,005,715)	$	32,005,715
		TOTAL INVESTMENTS  (Cost $32,005,715) - 93.9%	$	32,005,715
		Other Assets in Excess of Liabilities - 6.1%		2,108,456
		TOTAL NET ASSETS - 100.0%	$	34,114,171
Percentages are stated as a percent of net assets.

VALUATION MEASUREMENTS
The Funds have adopted 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 measurement 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 - Other significant observable inputs (including quoted prices for similar securities, interest rates,
prepayment spreads, credit risk, etc.)
Level 3 - Significant unobservable inputs (including 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 following is a summary of the inputs used to value each Fund's net assets as of November 30, 2009:
Direxion Monthly Small Cap Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$           5,791,638	$                         -	$                          -	$    5,791,638
Other Financial Instruments*	$                        -	$              (271,955)	$                          -	$      (271,955)
Direxion Monthly Small Cap Bear 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$           5,875,744	$                         -	$                          -	$    5,875,744
Other Financial Instruments*	$                        -	$                (86,858)	$                          -	$       (86,858)
Direxion Monthly 10 Year Note Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         26,115,184	$                         -	$                          -	$  26,115,184
Other Financial Instruments*	$                        -	$               821,466	$                          -	$       821,466
Direxion Monthly 10 Year Note Bear 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         18,824,058	$                         -	$                          -	$  18,824,058
Other Financial Instruments*	$                        -	$              (524,179)	$                          -	$      (524,179)
Dynamic HY Bond Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$        118,290,800	$                         -	$                          -	$118,290,800
Other Financial Instruments*	$               (16,028)	$               477,724	$                          -	$       461,696
HY Bear Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         14,156,458	$                         -	$                          -	$  14,156,458
Other Financial Instruments*	$                (2,504)	$              (190,571)	$                          -	$      (193,075)
Direxion Monthly Commodity Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         25,891,414	$                         -	$                          -	$  25,891,414
Other Financial Instruments*	$                        -	$                (99,004)	$                          -	$       (99,004)
Direxion Monthly Emerging Markets Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         35,831,738	$                         -	$                          -	$  35,831,738
Other Financial Instruments*	$                        -	$              (690,308)	$                          -	$      (690,308)
Direxion Monthly Emerging Markets Bear 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$           3,687,062	$                         -	$                          -	$    3,687,062
Other Financial Instruments*	$                        -	$              (487,150)	$                          -	$      (487,150)

Direxion Monthly Developed Markets Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$           6,059,577	$                         -	$                          -	$    6,059,577
Other Financial Instruments*	$                        -	$              (112,346)	$                          -	$      (112,346)
Direxion Monthly Developed Markets Bear 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$              817,821	$                         -	$                          -	$       817,821
Other Financial Instruments*	$                        -	$                 20,631	$                          -	$        20,631
Direxion Monthly China Bull 2X Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         10,040,588	$                         -	$                          -	$  10,040,588
Other Financial Instruments*	$                        -	$           (1,149,174)	$                          -	$   (1,149,174)
U.S. Government Money Market Fund
	Level 1	Level 2	Level 3	Total
Short-Term Investments	$         32,005,715	$                         -	$                          -	$  32,005,715
Evolution Managed Bond Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         52,505,534	$                         -	$                          -	$  52,505,534
Short-Term Investments	$           2,408,479	$                         -	$                          -	$    2,408,479
Evolution All-Cap Equity Fund
	Level 1	Level 2	Level 3	Total
Equity Securities**	$         28,814,082	$                         -	$                          -	$  28,814,082
Investment Companies	$           7,484,679	$                         -	$                          -	$    7,484,679
Short-Term Investments	$           2,278,944	$                         -	$                          -	$    2,278,944
Other Financial Instruments*	$                87,158	$                         -	$                          -	$        87,158
Evolution Market Leaders Fund
	Level 1	Level 2	Level 3	Total
Equity Securities**	$                 1,084	$                         -	$                          -	$          1,084
Investment Companies	$         53,958,433	$                         -	$                          -	$  53,958,433
Short-Term Investments	$              552,633	$                         -	$                          -	$       552,633
Evolution Alternative Investment Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         17,094,874	$                         -	$                          -	$  17,094,874
Short-Term Investments	$           5,425,276	$                         -	$                          -	$    5,425,276
Other Financial Instruments*	$                 4,178	$                         -	$                          -	$          4,178
HCM Freedom Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         26,257,637	$                         -	$                          -	$  26,257,637
Short-Term Investments	$              463,341	$                         -	$                          -	$       463,341
PSI Core Strength Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         22,074,858	$                         -	$                          -	$  22,074,858
Short-Term Investments	$         10,137,433	$                         -	$                          -	$  10,137,433
PSI Macro Trends Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         22,392,414	$                         -	$                          -	$  22,392,414
Short-Term Investments	$           5,237,383	$                         -	$                          -	$    5,237,383
Other Financial Instruments*	$              235,401	$               961,000	$                          -	$    1,196,401
PSI Total Return Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         19,137,285	$                         -	$                          -	$  19,137,285
Short-Term Investments	$         10,157,734	$                         -	$                          -	$  10,157,734
Other Financial Instruments*	$                        -	$               252,251	$                          -	$       252,251

Spectrum Select Alternative Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         28,527,233	$                         -	$                          -	$  28,527,233
Short-Term Investments	$           2,893,813	$                         -	$                          -	$    2,893,813
Other Financial Instruments*	$                        -	$                 11,436	$                          -	$        11,436
Spectrum Global Perspective Fund
	Level 1	Level 2	Level 3	Total
Investment Companies	$         38,326,613	$                         -	$                          -	$  38,326,613
Short-Term Investments	$         17,601,103	$                         -	$                          -	$  17,601,103
Spectrum Equity Opportunity Fund
	Level 1	Level 2	Level 3	Total
Equity Securities**	$              646,346	$                         -	$                          -	$       646,346
Investment Companies	$           4,055,597	$                         -	$                          -	$    4,055,597
Short-Term Investments	$           7,453,051	$                         -	$                          -	$    7,453,051
Other Financial Instruments*	$               (94,106)	$                         -	$                          -	$       (94,106)
* Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures and swap contracts.
Futures and swap contracts are valued at the unrealized appreciation  (depreciation) on the instrument.
** For further information regarding industry classification, see the Schedule of Investments.

The cost basis of investments for federal income tax purposes at November 30, 2009

 was as follows*:

	Direxion Monthly Small Cap Bull 2X Fund	Direxion Monthly Small Cap Bear 2X Fund	Dynamic HY Bond Fund
Cost of investments	$5,791,638	$5,875,744	$118,290,800
Gross unrealized appreciation	$20,107	$99,038	$167,850
Gross unrealized depreciation	$(20,107)	$(99,038)	$(167,850)
Net unrealized appreciation/(depreciation)	$0	$0	$0

	HY Bear Fund	Direxion Monthly 10 Year Note Bull 2X Fund	Direxion Monthly 10 Year Note Bear 2X Fund
Cost of investments	$14,156,458	$26,115,184	$18,824,058
Gross unrealized appreciation	$14,197	$872,156	$0
Gross unrealized depreciation	$(14,197)	$(872,156)	$(0)
Net unrealized appreciation/(depreciation)	$0	$0	$0

	HCM Freedom Fund	Direxion Monthly Commodity Bull 2X Fund	U.S. Government Money Market Fund
Cost of investments	$25,043,796	$25,891,414	$32,005,715
Gross unrealized appreciation	$1,687,146	$24,303	$0
Gross unrealized depreciation	$(9,964)	$(24,303)	$(0)
Net unrealized appreciation/(depreciation)	$1,677,182	$0	$0

	Direxion Monthly Emerging Markets Bull 2X Fund	Direxion Monthly Emerging Markets Bear 2X Fund	Direxion Monthly Developed Markets Bull 2X Fund
Cost of investments	$35,831,738	$3,687,062	$6,059,577
Gross unrealized appreciation	$17,561	$34,495	$21,988
Gross unrealized depreciation	$(17,561)	$(34,495)	$(21,988)
Net unrealized appreciation/(depreciation)	$0	$0	$0

	Direxion Monthly Developed Markets Bear 2X Fund	Spectrum Select Alternative Fund	Spectrum Global Perspective Fund
Cost of investments	$817,821	$28,748,217	$56,254,664
Gross unrealized appreciation	$31,503	$2,850,188	$2,513,206
Gross unrealized depreciation	$(31,503)	$(177,359)	$(2,840,154)
Net unrealized appreciation/(depreciation)	$0	$2,672,829	$(326,948)

	Spectrum Equity Opportunity Fund	Evolution Managed Bond Fund	Evolution All-Cap Equity Fund
Cost of investments	$11,673,009	$53,028,858	$39,519,951
Gross unrealized appreciation	$543,707	$3,272,849	$1,768,628
Gross unrealized depreciation	$(61,722)	$(1,387,694)	$(2,710,874)
Net unrealized appreciation/(depreciation)	$481,985	$1,885,155	$(942,246)

	Evolution Market Leaders Fund	Evolution Alternative Investment Fund	PSI Core Strength Fund
Cost of investments	$54,432,736	$21,988,606	$32,366,241
Gross unrealized appreciation	$1,472,349	$819,285	$1,333,031
Gross unrealized depreciation	$(1,392,935)	$(287,741)	$(1,486,981)
Net unrealized appreciation/(depreciation)	$79,414	$531,544	$(153,950)

	PSI Macro Trends Fund	PSI Total Return Fund	Direxion Monthly China Bull 2X Fund
Cost of investments	$25,441,577	$29,054,871	$10,040,588
Gross unrealized appreciation	$4,758,915	$543,549	$1,139
Gross unrealized depreciation	$(2,570,695)	$(303,401)	$(1,139)
Net unrealized appreciation/(depreciation)	$2,188,220	$240,148	$0

*Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund’s previous fiscal year end.  For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Item 2. Controls and Procedures.

(a)   The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)   There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)  The Direxion Funds                                                    

By (Signature and Title) /s/ Daniel D. O’Neill                           

                                                     Daniel D. O’Neill, President

Date      1/25/2010                                                                                        

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Daniel D. O’Neill                            

                                                    Daniel D. O’Neill, President

Date     1/25/2010                                                                                

By (Signature and Title) /s/ Guy F. Talarico                               

                                                    Guy F. Talarico, Principal Financial Officer

Date     1/26/2010                                                                                

EX-99.CERT

CERTIFICATION

I, Daniel O’Neill, certify that:

1.   I have reviewed this report on Form N-Q of The Direxion Funds;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;  

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     1/24/2010	/s/ Daniel D. O’Neill
	Daniel D. O’Neill, President

CERTIFICATION

I,Guy Talarico, certify that:

1.   I have reviewed this report on Form N-Q of The Direxion Funds;

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.   Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.   The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)for the registrant and have:

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)   Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)   Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.   The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:     1/26/2010	/s/ Guy F. Talarico
	Guy F. Talarico,        Principal Financial Officer