Regulatory Documents

Welcome to the Direxion Funds Regulatory Document Center.

Here you can download Direxion Funds Prospectus, Statement of Additional Information, Annual Reports and Semi-Annual Reports.

Prospectus

Prospectus	Date
Investor Class Prospectus - Authorized for use in all states, except New Hampshire and Nebraska	12/28/2007
Investor Class Prospectus - Authorized for use only in New Hampshire and Nebraska	12/28/2007
Supplement dated February 21, 2008 to the Prospectus dated December 28, 2007	02/21/2008
Supplement dated March 7, 2008 to the Prospectus dated December 28, 2007 - Authorized for use only in New Hampshire and Nebraska	03/07/2008
Dynamic VP High Yield Fund Prospectus	04/30/2008

Statement of Additional Information (SAI)

Statement of Additional Information	Date
Investor Class SAI - Authorized for use in all states, except New Hampshire and Nebraska	12/28/2007
Investor Class SAI - Authorized for use only in New Hampshire and Nebraska	12/28/2007
Dynamic VP High Yield Fund SAI	04/30/2008

Annual and Semi-Annual Reports

Annual and Semi-Annual Reports	Date
Annual Report	4/30/2007
Annual Report	8/31/2007
Semi-Annual Report	10/31/2007
Semi-Annual Report	2/29/2008
Dynamic VP High Yield Fund	12/31/2007

Evolution Managed Funds Shareholders

HCM Freedom Fund Shareholders

PSI Funds Shareholders

Spectrum Funds Shareholders

Funds:
	Total Market Bull 2.5X Fund		S&P 500 Bull 2.5X Fund
	NASDAQ-100 Bull 2.5X Fund		Mid Cap Bull 2.5X Fund
	S&P 500 Bear 2.5X Fund		NASDAQ-100 Bear 2.5X Fund
	Dollar Bear 2.5X Fund		Japan Bull 2X Fund
	Latin America Bull 2X Fund

Funds:
	Small Cap Bull 2.5X Fund		NASDAQ-100 Bull 1.25X Fund
	Dow 30SM Bull 1.25X Fund		Small Cap Bear 2.5X Fund
	S&P 500 Bear 1X Fund		Emerging Markets Bull 2X Fund
	Emerging Markets Bear 2X Fund		Developed Markets Bull 2X Fund
	Developed Markets Bear 2X Fund		Commodity Bull 2X Fund
	10 Year Note Bull 2.5X Fund		10 Year Note Bear 2.5X Fund
	Dynamic HY Bond Fund		HY Bear Fund