Evolution Managed Funds

Symbol	Fund
PEMVX	Evolution Managed Bond Fund
PEVEX	Evolution All Cap Equity Fund
PEVLX	Evolution Large Cap Fund
PEVSX	Evolution Small Cap Fund
PETRX	Evolution Total Return Fund

The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate; an investor's shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted. Returns for performance under one year are cumulative, not annualized. Short term performance, in particular, is not a good indication of the fund's future performance, and an investment should not be made based solely on returns. For additional information, see the fund's prospectus.

An investor should consider the investment objectives, risks, charges, and expenses of any of the Direxion Funds before investing. There is no guarantee that any Direxion Fund will achieve its investment objective. Investors should review the prospectus for more information about investing in Direxion Funds.

The principal risks of investing in the Evolution Funds are Risks of the Subadviser's Investment Strategy, Risks of Aggressive Investment Techniques, High Portfolio Turnover, Risk of Investing in Foreign Securities, Risks of Investing in ETFs and Closed End Investment Companies, Swap Agreement Risks, Risks of Shorting Securities, Risks of Investing in Derivatives, and Risk of Non-Diversification. The additional risks of investing in the Evolution Managed Bond Fund are Credit Risk and Lower-Quality Debt Securities, Interest Rate Changes, Prepayment Risk and Risk of Mortgage-Backed Securities, and Risk of Asset-Backed Securities. The additional risks of investing in the Evolution All-Cap Fund are Risks of Investing in Equity Securities, and Risks of Investing in Small Capitalization Companies. The additional risks of investing in the Evolution Small Cap Fund are Risks of Investing in Equity Securities, and Risks of Investing in Small Capitalization Companies. The additional risks of investing in the Evolution Large Cap Fund are the Risks of Investing in Equity Securities. The additional risks of investing in the Evolution Total Return Fund are Credit Risk and Lower-Quality Debt Securities, Interest Rate Changes, Prepayment Risk and Risk of Mortgage-Backed Securities. For more information on the risks of the Evolution Funds, including a description of each risk, please refer to the prospectus.

After-Tax and After-Tax, Post Sales Returns

Tax-adjusted returns and tax cost ratio are estimates of the impact taxes have had on a fund. We assume the highest tax rate in calculating these figures. These returns follow the SEC guidelines for calculating returns before sale of shares. Tax-adjusted returns show a fund’s annualized after tax total return for the one, three and five year periods, excluding any capital-gains effects that would result from selling the fund at the end of the period. To determine this figure, all income and short-term capital gains distributions are taxed at the maximum federal rate at the time of distribution. Long-term capital gains are taxed at a 15% rate. The after tax portion is then assumed to be reinvested in the fund. State and local taxes are not included in our calculations. For more information, please consult your tax consultant.
Distribution Dates

Payable and Ex-Date
With regard to mutual funds, this is the day on which declared distributions (dividends or capital gains) are deducted from the fund's assets before it calculates its net asset value (NAV). The NAV per share will drop by the amount of the distribution per share.

Record Date
Date by which a shareholder must officially own shares in order to be entitled to a dividend.
Types of Distributions

Income Dividend
A portion of a company's profit paid to common and preferred shareholders.

Long Term Capital Gains
Profits distributed to shareholders resulting from the sale of securities held in the fund's portfolio for more than one year.

Short Term Capital Gains
Profits distributed to shareholders resulting from the sale of securities held in the fund’s portfolio for less than one year.

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