0000894189-07-002515 Sample Contracts

DIREXION FUNDS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • August 28th, 2007 • Direxion Funds • New York

THIS OPERATING EXPENSES LIMTIATION AGREEMENT (the “Agreement”) is effective as of May 1, 2007, by and between, DIREXION FUNDS, a Massachusetts business trust (the “Trust”), on behalf of each of the funds listed on Appendix A (the “Funds”), each a series of the Trust, and the adviser of the Funds, Rafferty Asset Management, LLC, a New York limited liability corporation (the “Adviser”).

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DIREXION FUNDS OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • August 28th, 2007 • Direxion Funds • New York

THIS OPERATING EXPENSES LIMTIATION AGREEMENT (the “Agreement”) is effective as of September 1, 2006, by and between, DIREXION FUNDS, a Massachusetts business trust (the “Trust”), on behalf of each of the funds listed on Appendix A (the “Funds”), each a series of the Trust, and the adviser of the Funds, Rafferty Asset Management, LLC, a New York limited liability corporation (the “Adviser”).

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