AMENDMENT TO THE DIREXION FUNDS CUSTODY AGREEMENT
AMENDMENT
TO THE DIREXION FUNDS
THIS
AMENDMENT, dated as of the 1st
day of May, 2007,
to the Custody Agreement dated as of February 16, 2004, as amended, (the
“Custody Agreement”) is by and between Direxion Funds, a
Massachusetts business trust (the “Trust”) and U.S. Bank, National
Association, a national banking association (the
“Custodian”).
RECITALS
WHEREAS,
the parties
have entered into a Custody Agreement; and
WHEREAS,
the Trust and the Custodian desire to amend the fees of the Custody Agreement;
and
WHEREAS,Article
XIV, Section 14.4 of the
Custody Agreement allows for its amendment by a written instrument executed
by
both parties.
NOW,
THEREFORE, the
parties agree as follows:
Exhibit
C, the list of funds and fees, is hereby superseded and replaced with Exhibit
C
attached hereto.
Except
to
the extent amended hereby, the Custody 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. BANK, NATIONAL ASSOCIATION |
| By: /s/ Xxxx Xxxxxxxxx | By: /s/ Xxxxxx Xxxxxxxxx |
| Name: Xxxx Xxxxxxxxx | Name: Xxxxxx Xxxxxxxxx |
| Title: Chief Financial Officer | Title: S. V. P. |
Exhibit
C to the Custody Agreement – Fund Names
Separate
Series of Direxion Funds - May, 2007
|
FUND
NAMES
|
SERVICE
CLASS
|
INVESTOR
CLASS
|
|
Total
Market Bull 2.5x Fund
|
x
|
x
|
|
S&P
500 Bull 2.5x Fund
|
x
|
x
|
|
NASDAQ-100
Bull 2.5x Fund
|
x
|
x
|
|
Mid
Cap Bull 2.5x Fund
|
x
|
x
|
|
Small
Cap Bull 2.5x Fund
|
x
|
x
|
|
Equity
Income Bull 2.5x Fund
|
x
|
x
|
|
Dollar
Bull 2.5x Fund
|
x
|
x
|
|
Japan
Bull 2x Fund
|
x
|
x
|
|
Emerging
Markets Bull 2x Fund
|
x
|
x
|
|
Developed
Markets Bull 2x Fund
|
x
|
x
|
|
Latin
America Bull 2x Fund
|
x
|
x
|
|
Real
Estate Bull 2x Fund
|
x
|
x
|
|
Commodity
Bull 2x Fund
|
x
|
x
|
|
Biotech
Bull 2x Fund
|
x
|
x
|
|
Oil
& Gas Bull 2x Fund
|
x
|
x
|
|
Gold
Bull Fund
|
x
|
x
|
|
Healthcare
Bull 2x Fund
|
x
|
x
|
|
Financial
Bull 2x Fund
|
x
|
x
|
|
10
Year Note Bull 2.5x Fund
|
x
|
x
|
|
U.S.
Government Money Market
|
x
|
x
|
|
Total
Market Bear 2.5x Fund
|
x
|
x
|
|
S&P
500 Bear 2.5x Fund
|
x
|
x
|
|
NASDAQ-100
Bear 2.5x Fund
|
x
|
x
|
|
Mid
Cap Bear 2.5x Fund
|
x
|
x
|
|
Small
Cap Bear 2.5x Fund
|
x
|
x
|
|
Equity
Income Bear 2.5x Fund
|
x
|
x
|
|
Dollar
Bear 2.5x Fund
|
x
|
x
|
|
Japan
Bear 2x Fund
|
x
|
x
|
|
Emerging
Markets Bear 2x Fund
|
x
|
x
|
|
Developed
Markets Bear 2x Fund
|
x
|
x
|
|
Latin
America Bear 2x Fund
|
x
|
x
|
|
Real
Estate Bear 2x Fund
|
x
|
x
|
|
Commodity
Bear 2x Fund
|
x
|
x
|
|
Biotech
Bear 2x Fund
|
x
|
x
|
|
Oil
& Gas Bear 2x Fund
|
x
|
x
|
|
Gold
Bear Fund
|
x
|
x
|
|
Healthcare
Bear 2x Fund
|
x
|
x
|
|
Financial
Bear 2x Fund
|
x
|
x
|
|
10
Year Note Bear 2.5x Fund
|
x
|
x
|
|
Dow
30 Bull 1.25x Fund
|
x
|
|
|
Dynamic
XX Xxxx Fund
|
x
|
|
|
Evolution
Managed Bond Fund
|
x
|
|
|
Evolution
All-Cap Equity Fund
|
x
|
|
|
Evolution
Large Cap Fund
|
x
|
2
| Direxion Funds | ||
|
Exhibit
C (continued) to the
|
||
|
FUND
NAMES
|
SERVICE
CLASS
|
INVESTOR
CLASS
|
|
Evolution
Small Cap Fund
|
x
|
|
|
Evolution
Total Return Fund
|
x
|
|
|
HCM
Freedom Fund
|
x
|
|
|
HY
Bear Fund
|
x
|
|
|
NASDAQ-100
Bull 1.25x Fund
|
x
|
|
|
PSI
Calendar Effects Fund
|
x
|
|
|
PSI
Total Return Fund
|
x
|
|
|
PSI
Macro Trends Fund
|
x
|
|
|
PSI
Core Strength Fund
|
x
|
|
|
S&P
500 Bear 1x Fund
|
x
|
|
|
Spectrum
Equity Opportunity Fund
|
x
|
|
|
Spectrum
Global Perspective Fund
|
x
|
|
|
Spectrum
Select Alternative Fund
|
x
|
|
3
