US Government Money Market

DXMXX

Symbol	Fund	Index/Benchmark
DXMXX	US Government Money Market

The U.S. Government Money Market Fund seeks to provide security of principal, current income and liquidity.

The U.S. Government Money Market Fund seeks to achieve its' investment objectives by investing in high quality, U.S. dollar denominated short-term obligations and invests exclusively in obligations issued or guaranteed by the U.S. government and its agencies, U.S. government-sponsored enterprises and repurchase agreements that are fully collateralized by such obligations. In order to maintain a stable share price, the U.S. Government Money Market Fund maintains an average dollar-weighted maturity of 90 days or less. Securities purchased by the U.S. Government Money Market Fund generally have remaining maturities of 397 days or less.

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 U.S. Government Money Market Fund include the following: The yield paid by the U.S. Government Money Market Fund is subject to changes in interest rates. As a result, there is risk that a decline in short-term interest rates would lower its yield and the overall return on your investment. Although the U.S. Government Money Market Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the U.S. Government Money Market Fund. Your investment in the U.S. Government Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government institution. Securities issued by U.S. government-sponsored entities, such as the Federal National Mortgage Association (“Fannie Mae©”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac©”), are not backed by the full faith and credit of the U.S. government and are not insured or guaranteed by the U.S. government. The value of your investment could be eroded over time by the effects of inflation. Security selection by Rafferty may cause the U.S. Government Money Market Fund to underperform other funds with similar investment objectives. If a portfolio security declines in credit quality or goes into default, it also could affect the U.S. Government Money Market Fund’s yield. Additional risks of investing in the U.S. Government Money Market Fund are Interest Rate Changes and Credit Risk. For more information on the risks of the fund, including a description of each risk, please refer to the prospectus.