X0101 EFFECT 33 LIVE 2008-12-29 0000894189-08-003943 485APOS 0001040587 DIREXION FUNDS 333-28697 S000007040 Evolution Market Leaders Fund C000019217 Investor Class S000007041 Evolution Alternative Investment Fund C000019218 Investor Class S000007048 Evolution Managed Bond Fund C000019226 Investor Class S000007049 Evolution All-Cap Equity Fund C000019228 Investor Class