DIREXION FUNDS AMENDMENT TO THE FUND ADMINISTRATION SERVICING AGREEMENT
AMENDMENT
TO THE
THIS AMENDMENT, dated as of
the 23rd day of
December, 2008, to the Fund Administration Servicing Agreement dated as of
February 16, 2004, as amended, (the “Fund Administration Agreement”) is entered
into by and between Direxion
Funds, a Massachusetts business trust, (the “Trust”) and U.S. Bancorp Fund Services,
LLC, a Wisconsin limited liability company (“USBFS”).
RECITALS
WHEREAS, the Trust and USBFS
have entered into a Fund Administration Agreement; and
WHEREAS, the Trust intends to
create additional funds and the parties desire to amend the fees;
and
WHEREAS, the Trust and USBFS
desire to amend the Fund Administration Agreement to include the additional
funds and to amend the fees; and
WHEREAS, Section 6 of the Fund
Administration Agreement allows for its modification by a written instrument
executed by both parties.
NOW, THEREFORE, the parties
agree to amend the following:
Amended
Exhibit A and Amended Exhibit B are hereby superseded and replaced with Amended
Exhibit A and Amended Exhibit B attached hereto.
Except to
the extent amended hereby, the Fund Administration Agreement shall remain in
full force and effect.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
a duly authorized officer on one or more counterparts as of the day and year
first written above.
| DIREXION FUNDS | U.S. BANCORP FUND SERVICES, LLC |
| By: /s/ Xxx X’Xxxxx | By: /s/ Xxxxxxx X. XxXxx |
| Name: Xxx X’Xxxxx | Name: Xxxxxxx X. XxXxx |
| Title: President | Title: Executive Vice President |
Amended
EXHIBIT A to the Fund Administration Agreement
Separate
Series of Direxion Funds - December, 2008
|
FUND NAMES
|
SERVICE
CLASS
|
INVESTOR
CLASS
|
INSTITUTIONAL
CLASS
|
|
S&P
500 Bull 2.5x Fund
|
x
|
||
|
NASDAQ-100
Bull 2.5x Fund
|
x
|
||
|
Small
Cap Bull 2.5x Fund
|
x
|
||
|
Dollar
Bull 2.5x Fund
|
x
|
||
|
Emerging
Markets Bull 2x Fund
|
x
|
||
|
Developed
Markets Bull 2x Fund
|
x
|
||
|
Latin
America Bull 2x Fund
|
x
|
||
|
Commodity
Bull 2x Fund
|
x
|
||
|
10
Year Note Bull 2.5x Fund
|
x
|
||
|
U.S.
Government Money Market
|
x
|
||
|
S&P
500 Bear 2.5x Fund
|
x
|
||
|
NASDAQ-100
Bear 2.5x Fund
|
x
|
||
|
Mid
Cap Bear 2.5x Fund
|
x
|
||
|
Small
Cap Bear 2.5x Fund
|
x
|
||
|
Dollar
Bear 2.5x Fund
|
x
|
||
|
Emerging
Markets Bear 2x Fund
|
x
|
||
|
Developed
Markets Bear 2x Fund
|
x
|
||
|
10
Year Note Bear 2.5x Fund
|
x
|
||
|
Dynamic
XX Xxxx Fund
|
x
|
||
|
Evolution
Managed Bond Fund
|
x
|
||
|
Evolution
All-Cap Equity Fund
|
x
|
||
|
Evolution
Small Cap Fund
|
x
|
||
|
Evolution
Total Return Fund
|
x
|
||
|
HCM
Freedom Fund
|
x
|
||
|
HY
Bear Fund
|
x
|
||
|
PSI
Total Return Fund
|
x
|
||
|
PSI
Macro Trends Fund
|
x
|
||
|
PSI
Core Strength Fund
|
x
|
||
|
Spectrum
Equity Opportunity Fund
|
x
|
||
|
Spectrum
Global Perspective Fund
|
x
|
||
|
Spectrum
Select Alternative Fund
|
x
|
||
|
China
Bull 2x Fund
|
x
|
||
|
Commodity
Trends Strategy Fund
|
x
|
||
|
Direxion
CTS Fund (a wholly owned
subsidiary
of the
Commodity
Trends Strategy Fund)
|
|||
|
Financial
Trends Strategy Fund
|
x
|
x
|
x
|
|
Direxion/Wilshire
Dynamic Fund
|
x
|
x
|
x
|
12/23/08
2
Amended
Exhibit B to the
Fee
Schedule at December, 2008
Annual
Fee
4.5 basis
points on net assets
or
Annual
Minimum Fee for the overall Direxion Funds Complex equal to $5,000 per
operational fund*
Diligent Board
Books
Annual
Fee (effective January 1, 2009)
· $_____
per year (includes 10 external users)
· $_____
per year per additional user
· $_____
implementation / setup fee
AIS
No
additional fees for the Advisor Information Service
System
charges
Clear
Portfolio: $_____/Qtr.
Performance
Delivery (NAV, pre and post-tax returns) – FundStation - $_____/Yr.
Plus
out-of-pocket expense reimbursements, including but not limited to:
Postage
Programming
Stationery
Proxies
Retention of records
Special reports
Federal and state regulatory filing
fees
Certain insurance premiums
Expenses from Board of Trustees
meetings
Auditing and legal
expenses
All other out-of-pocket
expenses
* Subject
to annual CPI increase, Milwaukee MSA.
12/23/08
3
