# EDGAR Filing Document

**Accession Number:** 0001040587
**File Stem:** 0001193125-23-055982
**Filing Date:** 2023-3
**Character Count:** 13571
**Document Hash:** b787692772bc5bae3012ba57ba7a269b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-055982.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-055982

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIREXION FUNDS
- **CENTRAL INDEX KEY:** 0001040587
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-28697
- **FILM NUMBER:** 23692710

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS (6TH AVENUE)
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 646-572-3390

**MAIL ADDRESS:**
- **STREET 1:** 1301 AVENUE OF THE AMERICAS (6TH AVENUE)
- **STREET 2:** 28TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POTOMAC FUNDS
- **DATE OF NAME CHANGE:** 19970606

## Series and Classes Contracts Data

### Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund (Series ID: S000007025)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXKLX         | C000019202 |

---

### Direxion Monthly Small Cap Bull 1.75X Fund (Series ID: S000007044)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXRLX         | C000019221 |

---

### Direxion Monthly Small Cap Bear 1.75X Fund (Series ID: S000007045)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXRSX         | C000019222 |

---

### Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund (Series ID: S000007050)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXKSX         | C000019229 |

---

### Direxion Monthly S&P 500(R) Bull 1.75X Fund (Series ID: S000011950)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXSLX         | C000032626 |

---

### Direxion Monthly NASDAQ-100(R) Bull 1.75X Fund (Series ID: S000011960)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXQLX         | C000032646 |

---

### Direxion Monthly S&P 500(R) Bear 1.75X Fund (Series ID: S000011964)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXSSX         | C000032654 |

---

### HILTON TACTICAL INCOME FUND (Series ID: S000046967)

---

|  |  |  |
|:---|:---|:---|
| Class Name          | Ticker Symbol | Class ID   |
| Investor Class      | HCYAX         | C000146784 |
| Institutional Class | HCYIX         | C000146785 |

---

### DIREXION MONTHLY HIGH YIELD BULL 1.2X FUND (Series ID: S000052787)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXHYX         | C000165828 |

---

### Direxion Monthly NASDAQ-100(R) Bull 1.25X Fund (Series ID: S000053315)

---

|  |  |  |
|:---|:---|:---|
| Class Name     | Ticker Symbol | Class ID   |
| Investor Class | DXNLX         | C000167765 |

---

## Series and Classes Contracts Data

### Direxion Monthly 7-10 Year Treasury Bull 1.75X Fund (Series ID: S000007025)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019202 | Investor Class | DXKLX           |

### Direxion Monthly Small Cap Bull 1.75X Fund (Series ID: S000007044)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019221 | Investor Class | DXRLX           |

### Direxion Monthly Small Cap Bear 1.75X Fund (Series ID: S000007045)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019222 | Investor Class | DXRSX           |

### Direxion Monthly 7-10 Year Treasury Bear 1.75X Fund (Series ID: S000007050)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000019229 | Investor Class | DXKSX           |

### Direxion Monthly S&P 500(R) Bull 1.75X Fund (Series ID: S000011950)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000032626 | Investor Class | DXSLX           |

### Direxion Monthly NASDAQ-100(R) Bull 1.75X Fund (Series ID: S000011960)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000032646 | Investor Class | DXQLX           |

### Direxion Monthly S&P 500(R) Bear 1.75X Fund (Series ID: S000011964)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000032654 | Investor Class | DXSSX           |

### HILTON TACTICAL INCOME FUND (Series ID: S000046967)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000146784 | Investor Class      | HCYAX           |
| C000146785 | Institutional Class | HCYIX           |

### DIREXION MONTHLY HIGH YIELD BULL 1.2X FUND (Series ID: S000052787)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000165828 | Investor Class | DXHYX           |

### Direxion Monthly NASDAQ-100(R) Bull 1.25X Fund (Series ID: S000053315)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000167765 | Investor Class | DXNLX           |

**DIREXION FUNDS**

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**Supplement dated March 1, 2023 to the** <br>**Statements of Additional Information ("SAI")** <br>**for each series of the Direxion Funds (the "Trust")**

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Effective immediately, the following table under "**Interested Trustees**" in each SAI is replaced in its entirety as indicated below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age** | &nbsp;&nbsp; **Position(s) Held** <br> **with Fund**<br>| &nbsp;&nbsp; **Term of Office** <br> **and Length of** <br> **Time Served**<br>| &nbsp;&nbsp; **Principal** <br> **Occupation(s)** <br> **During Past Five** <br> **Years**<br>| &nbsp;&nbsp; **# of Portfolios in** <br> **Direxion Family of** <br> **Investment** <br> **Companies** <br> **Overseen by** <br> **Trustee**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Other** <br> **Trusteeships/** <br> **Directorships Held** <br> **by Trustee During** <br> **Past Five Years**<br>|
| Daniel D. O'Neill<sup>(1)</sup> <br>Age: 54<br>| &nbsp;&nbsp; Chairman of the <br> Board of Trustees<br>| &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; <br> Since 2014<br>| &nbsp;&nbsp; Chief Executive <br> Officer, Rafferty <br> Asset <br> Management, <br> LLC, April 2021 – <br> September 2022; <br> Managing <br> Director, Rafferty <br> Asset <br> Management, <br> LLC, January 1999 <br> – January 2019.<br>| 126 | None. |
| Angela Brickl<sup>(2)</sup> <br>Age: 46<br>| Trustee | &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; Since <br> 2022<br>| &nbsp;&nbsp; Chief Executive <br> Officer, Rafferty <br> Asset <br> Management, LLC <br> since September <br> 2022; Chief <br> Operating Officer, <br> Rafferty Asset <br> Management, LLC <br> May 2021 – <br> September 2022; <br> General Counsel, <br> Rafferty Asset <br> Management LLC, <br> since October <br> 2010; Chief <br> Compliance <br> Officer, Rafferty <br> Asset <br> Management, <br> LLC, September <br> 2012– March <br> 2023.<br>| 126 | None. |

---

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Effective immediately, the following table under "**Independent Trustees**" in each SAI is replaced in its entirety as indicated below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Age** | &nbsp;&nbsp; **Position(s) Held** <br> **with Fund**<br>| &nbsp;&nbsp; **Term of Office** <br> **and Length of** <br> **Time Served**<br>| &nbsp;&nbsp; **Principal** <br> **Occupation(s)** <br> **During Past Five** <br> **Years**<br>| &nbsp;&nbsp; **# of Portfolios in** <br> **Direxion Family of** <br> **Investment** <br> **Companies** <br> **Overseen by** <br> **Trustee**<sup>(4)</sup> <br>| &nbsp;&nbsp; **Other** <br> **Trusteeships/** <br> **Directorships Held** <br> **by Trustee During** <br> **Past Five Years**<br>|
| David L. Driscoll<br> Age: 53 <br>| Trustee | &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; <br> Since 2014<br>| &nbsp;&nbsp; Board Member, <br> Algorithmic <br> Research and <br> Trading, since <br> 2022; Board <br> Advisor, University <br> Common Real <br> Estate, since 2012; <br> Member, Kendrick <br> LLC, since 2006; <br> Partner, King <br> Associates, LLP, <br> since 2004; <br> Principal, Grey <br> Oaks LLP, since <br> 2003.<br>| 126 | None. |
| Kathleen M. Berkery<br> Age: 55<br>| Trustee | &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; Since <br> 2019<br>| &nbsp;&nbsp; Chief Financial <br> Officer, Metro <br> Physical Therapy, <br> LLC, since 2023; <br> Chief Financial <br> Officer, Student <br> Sponsor Partners, <br> 2021– 2023; <br> Senior Manager- <br> Trusts & Estates, <br> Rynkar, Vail & <br> Barrett, LLC, 2018 <br> –2021. <br>| 126 | None. |
| Carlyle Peake<br> Age: 51<br>| Trustee | &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; Since <br> 2022<br>| &nbsp;&nbsp; Head of US & <br> LATAM Debt <br> Syndicate, BBVA <br> Securities, Inc., <br> since 2011.<br>| 126 | None. |
| Mary Jo Collins<br> Age: 66<br>| Trustee | &nbsp;&nbsp; Lifetime of Trust <br> until removal or <br> resignation; Since <br> 2022<br>| &nbsp;&nbsp; Managing <br> Director, B. Riley <br> Financial, March <br> – December <br> 2022; Managing <br> Director, Imperial <br> Capital LLC, from <br> 2020– 2022; <br> Director, Royal <br> Bank of Canada, <br> 2014– 2020.<br>| 126 | None. |

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<sup>(1)</sup>

Mr. O'Neill is affiliated with Rafferty because he owns a beneficial interest in Rafferty.

<sup>(2)</sup>

Ms. Brickl is affiliated with Rafferty because she serves as an officer of Rafferty.

<sup>(3)</sup>

The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this Supplement, offers for sale to the public 83 of the 116 funds registered with the SEC and the Direxion Funds which, as of the date of this Supplement, offers for sale to the public 10 funds registered with the SEC.

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Effective immediately, the following table under "**Principal Officers of the Trust**" in each SAI is replaced in its entirety as indicated below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br> **and Age**<br>| &nbsp;&nbsp; **Position(s)** <br> **Held with** <br> **Fund**<br>| &nbsp;&nbsp; **Term of** <br> **Office**<sup>(2)</sup> **and** <br> **Length of** <br> **Time Served**<br>| &nbsp;&nbsp; **Principal** <br> **Occupation(s)** <br> **During** <br> **Past Five Years**<br>| &nbsp;&nbsp; **# of**<br> **Portfolios** <br> **in the** <br> **Direxion** <br> **Family of** <br> **Investment** <br> **Companies** <br> **Overseen** <br> **by Trustee**<sup>(3)</sup> <br>| &nbsp;&nbsp; **Other** <br> **Trusteeships/** <br> **Directorships Held** <br> **by Trustee During** <br> **Past Five Years**<br>|
| Angela Brickl<sup>(1)</sup> <br>Age: 46<br>| &nbsp;&nbsp; Chief Executive <br> Officer<br>| Since 2022 | &nbsp;&nbsp; Chief Executive <br> Officer, Rafferty <br> Asset <br> Management, <br> LLC, from <br> September 2022; <br> Chief Operating <br> Officer, Rafferty <br> Asset <br> Management, <br> LLC, May 2021 – <br> September 2022; <br> General Counsel, <br> Rafferty Asset <br> Management LLC, <br> since October <br> 2010; Chief <br> Compliance <br> Officer, Rafferty <br> Asset <br> Management, <br> LLC, September <br> 2012– March <br> 2023.<br>| N/A | N/A |
| Todd Sherman<br> Age: 42<br>| &nbsp;&nbsp; Chief Compliance <br> Officer<br>| Since 2023 | &nbsp;&nbsp; Chief Risk Officer, <br> Rafferty Asset <br> Management, <br> LLC, since 2018; <br> SVP Head of Risk, <br> 2012– 2018.<br>| N/A | N/A |
| Patrick J. Rudnick<br> Age: 49<br>| &nbsp;&nbsp; Principal Executive<br> Officer <br>| &nbsp;&nbsp; Since 2018<br>| &nbsp;&nbsp; Senior Vice <br> President, Rafferty <br> Asset <br> Management, <br> LLC, since March <br> 2013.<br>| N/A | N/A |
| Corey Noltner<br> Age: 34<br>| &nbsp;&nbsp; Principal Financial <br> Officer<br>| Since 2021 | &nbsp;&nbsp; Senior Business <br> Analyst, Rafferty <br> Asset <br> Management, <br> LLC, since October <br> 2015.<br>| N/A | N/A |
| Alyssa Sherman<br> Age: 34<br>| Secretary | Since 2022 | &nbsp;&nbsp; Assistant General <br> Counsel, Rafferty <br> Asset <br> Management, <br> LLC, since April <br> 2021; Associate, <br> K&L Gates LLP, <br> September 2015 <br> – March 2021.<br>| N/A | N/A |

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<sup>(1)</sup>

Ms. Brickl serves on the Board of Trustees of the Direxion Funds and Direxion Shares ETF Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup>

Pursuant to the Trust's By-Laws, each officer shall hold office until his or her successor shall have been elected and qualified or until his or her earlier death, inability to serve, removal or resignation. Officers serve at the pleasure of the Board of Trustees and may be removed at any time with or without cause.

<sup>(3)</sup>

The Direxion Family of Investment Companies consists of the Direxion Shares ETF Trust which, as of the date of this Supplement, offers for sale to the public 83 of the 116 funds registered with the SEC and the Direxion Funds which, as of the date of this Supplement, offers for sale to the public 10 funds registered with the SEC.

For more information, please contact the Funds at (800) 851-0511.

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**Please retain this Supplement with your SAI.**

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