Developed Markets Bear 2x Fund

DXDSX

Symbol	Fund	Index/Benchmark	Daily Target
DXDSX	Developed Markets Bear 2x Fund	MSCI EAFE®	-200%

The Developed Markets Bear 2x Fund seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the price performance of the MSCI EAFE® Index.

The EAFE Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. As of September 2006, the EAFE Index consisted of the following developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. MSCI® is not a sponsor of, or in any way affiliated with, the Direxion Funds.

Japan	20.4%	Australia	6.5%	Sweden	2.4%
Britain	19.5%	Other	5.9%	Hong Kong	2.2%
France	10.1%	Netherlands	4.9%	Finland	1.9%
Germany	9.1%	Spain	4.5%	Singapore	1.2%
Switzerland	7.6%	Italy	3.8%

Data as of 03/31/2008 is subject to change at any time and are not recommendations to buy or sell any security.

Regulatory Documents (including Prospectus, SAI, Semi-Annual Report and Annual Report)

An investor should consider the investment objectives, risks, charges, and expenses of the Direxion Funds carefully before investing. The prospectus contains this and other information about Direxion Funds. To obtain a prospectus, please contact the Direxion Funds at 800.851.0511. The prospectus should be read carefully before investing.

Investing in index funds may be more volatile than investing in broadly diversified funds. The use of leverage by a mutual fund increases the risk to the fund. The more a fund invests in leveraged instruments the more the leverage will magnify gains or losses on those investments.

The principal risks of investing in the Developed Markets Bear 2x Fund are Market Timing Activity and High Portfolio Turnover, Risk of Tracking Error, Risks of Aggressive Investment Techniques, Leverage Risk, Counterparty Risks, Risk of Non-Diversification, Interest Rate Changes, Risks of Investing in Other Investment Companies and ETFs, Adverse Market Conditions, Credit Risk, Risks of Investing in Equity Securities, Risks of Investing in Foreign Instruments, and Currency Exchange Rates. Additional risks of investing in the Developed Markets Bear 2x Fund are Risks of Shorting Instruments and Inverse Correlation. For more information on the risks of the fund, including a description of each risk, please refer to the prospectus.