Direxion High Yield Bear Inv (PHBRX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks to profit from a decline in the value of lower-quality debt instruments. The fund invests at least 80% of net assets (plus any borrowing for investment purposes) in high yield debt instruments, commonly referred to as "junk bonds," or derivatives of such instruments. Debt instruments include corporate debt securities, convertible securities, zero-coupon securities and restricted securities. It may invest up to 15% of assets in instruments generally rated below Caa by Moody's or CCC by S&P or derivatives of such instruments. The fund is nondiversified.

Fund Management Loren L Norton, Lead Manager since 01-Jul-06
Norton is a Vice President and Portfolio Manager at Rafferty and serves as its chief high yield strategist. Prior to joining Rafferty in May 2006, he was a Vice President and Credit Derivatives Trader at Credit Suisse from 2003 to 2005. Norton also was an Associate and Credit Derivatives Trader at Morgan Stanley from 2001 to 2002.