Download Dear Direxion Shareholder: We will soon be making changes to our

Dear Direxion Shareholder:
We will soon be making changes to our money market fund offering that we wanted to share with you.
The Direxion U.S. Government Money Market Fund (ticker DXMXX, CUSIP 254939747) will be closing to
all purchases at the close of business on Monday August 4, 2014, and will be liquidated on or about
August 22, 2014. During the intervening period, shareholders may redeem or exchange from that fund
to other Direxion Funds during times when the New York Stock Exchange is open for business, but they
may not exchange back into the Direxion U.S. Government Money Market, even if your Direxion U.S.
Government Money Market account still has shares in it.
On August 1, 2014, Direxion Funds will begin offering the Federated Treasury Obligations Fund (Service
Shares). Starting that day, shareholders who wish to exchange into a money market fund may use the
Federated Treasury Obligations Fund.
Shares and shareholder accounts in the Direxion U.S. Government Money Market will not be
automatically moved into an account in the Federated Treasury Obligations Fund. You must instruct
Direxion to move your money market investment by calling us at 800-851-0511 between 8 AM and 5
PM, Central Time, sending a letter of instruction to Direxion Funds, PO Box 701 Milwaukee, WI 532010701, or by logging into your account through www.direxioninvestments .com and making a valid trade.
Any outstanding shares in the Direxion U.S. Government Money Market remaining as of August 22, 2014
(liquidation date) will be redeemed via check to the shareholder’s address of record.
Even though the Federated Treasury Obligations Fund is advised by Federated Investment Management
Company, Direxion Funds will act as a financial intermediary for your investment. Therefore, all trading
you wish to make in the Federated Treasury Obligations Fund must be made by calling the usual
Direxion toll-free number at 800-851-0511, sending a letter to Direxion Funds PO Box 701 Milwaukee,
WI 53201-0701, or by logging into your account through www.direxioninvestments .com. We are
including a copy of the summary prospectus for you review. The statutory prospectus for the Federated
Treasury Obligations Fund is also available to you through the same website or by calling Direxion. See
the prospectus section entitled “Through a Financial Intermediary” for more information.
Also attached are answers to common questions you may have about these events.
Q: Is the Direxion U.S. Government Money Market Fund being liquidated?
A: Yes. Direxion will be liquidating the entire fund on or about August 22, 2014.
Q: What is the last day I can buy or exchange into the Direxion U.S. Government Money Market?
A: August 4, 2014. After that date, you may purchase or exchange into the Federated Treasury
Obligations Fund offered through Direxion.
Q: Will my account number be the same in the Federated Treasury Obligations Fund?
A: Yes, but the fund number will be different.
Q: Where can I find out more about the Federated Treasury Obligations Fund?
A: See our website at www.direxioninvestments.com and click on the Mutual Funds link.
Q: Will trading in the Federated Treasury Obligations Fund be any different than trading in the Direxion
U.S. Government Money Market Fund?
A: No. Direxion will act as a financial intermediary, which means you will do you investing in the
Federated Treasury Obligations Fund through Direxion. Please be aware that the Federated prospectus
describes the fund as if you invested directly with Federated. Because you are investing in the fund
through Direxion, there are provisions of the prospectus that do not apply or are different. Please refer
to Direxion’s added information page on the first page of the prospectus.
Q: Will I have to sign an application to trade the Federated Treasury Obligations Fund?
A: No. Since you are an existing shareholder of the Direxion Funds you will be able to
purchase/exchange into the Federated Treasury Obligation Fund after August 1, 2014.
Q: Will U.S. Bank still be my IRA Custodian?
A: Yes. That will not change.
Q: Will tax reporting (1099-DIV, 1099-R, etc.) come from Direxion or from Federated?
A: Direxion will do the tax reporting.
Q: Is the Federated Treasury Obligation Fund a daily accrual fund?
A: Yes. Interest accrues daily and pays monthly.
Q: If I currently have check writing privileges with Direxion U.S. Government Money Market Fund how
will these be handled in the future?
A: You can still utilize your Direxion U.S. Government Money Market Fund checkbook to write checks
from the Federated Treasury Obligations Fund. In the near future you will be issued a new Federated
Treasury Obligation Fund checkbook. When you get the new Federated checkbook, destroy any
remaining unused Direxion U.S. Government Money Market draft checks you have left.