Fund Information

The Direxion Long/Short Global IPO Fund

The three stages of the life cycle:

This fund manages new issues through three distinct stages. Here's how it works:

Stage 1: Initial Offerings (first 60 days) – The Fund will participate in initial public offerings to take advantage of any potential under-pricing in the global IPO market.
Stage 2: Year 1 Issues – the fund selects new issues, expected to over-perform, to hold in long positions.
Stage 3: Year 2-4 Issues – the fund selects new issues, expected to under perform, to sell short.

All issues are analyzed independently for each segment of the life cycle and their performance is actively monitored once in the portfolio. Purchasing an IPO in either of the first two stages does not necessarily mean that it will be kept in the portfolio throughout the entire life cycle.

Stage 1: Initial Public
Offerings
Stage 2: Year 1 Issues
Stage 3: Year 2-4 Issues

The Direxion Long/
Short Global IPO Fund

Why IPOs?

Why a Long/Short IPO
Strategy?

Three Stages of the
IPO Lifecycle

Why Invest in the
Fund?

An investor should consider the investment objectives, risks, charges, and expenses of the Direxion Funds carefully before investing. The prospectus contains this and other information about Direxion Funds. To obtain a prospectus, please contact the Direxion Funds at 800.851.0511. The prospectus should be read carefully before investing.

You will be assessed a 1.0% redemption fee on investor class shares redeemed (through sales or exchanges) within 90 days of the date of purchase. The performance listed on the previous page does not reflect the 1.0% redemption fee. A contingent deferred sales charge ("CDSC") of 1.00% will be imposed on Class C Shares redeemed with one year of purchase. The CDSC is a percentage of the lower of the original purchase price or redemption proceeds.

The principal risks of investing in the Direxion Long Short Global IPO Fund are Adverse Market Conditions Risk, Counterparty Risk, Currency Exchange Rate Risk, Derivatives Risk, Emerging Markets Risk, Equity Securities Risk, Foreign Instrument Risk, High Porfolio Turnover, IPO Risk, Leverage Risk, Market Risk, Non-Diversification Risk, Options and Futures Contracts Risk, Security Selection Risk, Shorting Instruments Risk, Tracking Error Risk, Valuation Time Risk, and Volatile Markets Risk.

Any investments made in whole or in part by a party in reliance thereon are made at such party's sole risk. No guarantee of any kind is implied or possible where opinions as to past or future market conditions/events is provided. Past performance is not necessarily indicative of future results.

Distributor: Rafferty Capital Markets, LLC.

Date of First Use: March 1, 2010