For Information: • Financial Professionals 877-437-9363 • Shareholders 800-851-0511 • www.direxionfunds.com

Investment Objective

The Direxion Long/Short Global IPOFund seeks capital appreciation.

Principal Investment Strategy

• The Fund seeks a unique equity return stream through the implementation of a diversified investment strategy that provides access to U.S. and global Initial Public Offerings (IPOs).

• Long exposure is obtained primarily through investing directly into individual IPOs and by seeking to replicate performance of the FTSE Renaissance Global IPO Index.

• The Strategy also has the ability to hedge its position by shorting U.S. and global equity indexes, especially in periods of lack of IPO deal flow and/or broader equity market decline.

Countries

Fund Statistics

Quarterly IPO Participation Representative Holdings List (as of 03/31/2012)

Company Name Country of Origin

Allison Transmission Holdings United States

ExactTarget United States

Vantiv United States

Annie's Inc United States

Millennial Media Inc United States

Rexnord Holdings Inc United States

GasLog United States

Overall Fund ExposureLong 100%

Short -30%

Net 70%

Sectors

Consumer Discretionary

Industrials

Energy

Information Technology

Materials

Financials

Health Care

Consumer Staples 16.92%3.48%

11.54%

31.62%6.11%

8.16%

8.33%

11.80%

0.50%

Telecommunication Services

Utilities

1.54%

Share Class A-Shares C-Shares

Fees Gross/Net 1.40%/1.40% 2.15%/2.15%

Symbol DXIIX DXGCX

CUSIP 254939887 254939317

The long exposure component of the fund represents both exposure to the FTSE Renaissance Global IPO Index, and access to Syndicate IPOs. The short exposure of the fund can vary depending on overall market volatility and in periods of inactive IPO deal flows.

Fund Risk/Return Metrics (A-Shares)

Correlation

> S&P 500 0.42

> Barclays Capital Aggregate Bond Index -0.09

Beta to the S&P 500® 0.29

Standard Deviation 12.2%

the Direxion Long/Short Global IPO FundData as of March 31, 2012

The first open-end long/short mutual fund to provide access to both U.S. and global IPOs withinone investment, the Global Long/Short IPO Fund provides the ability for all types of investors to access U.S. and global Initial Public Offerings (IPOs).

To obtain further information about our funds please visit us at: www.direxionfunds.com or call us at 1-877-437-9363. © FTSE International Limited (“FTSE”) 2011. All rights

reserved. The FTSE Renaissance IPO Index Series is calculated by FTSE or its agent. Index constituents are selected by Renaissance Capital – The IPO Expert® in accordance with the relevant ground rules. All rights in the Indices vest in FTSE and Renaissance Capital LLC (“Renaissance”). “FTSE®” is a trade mark of the London Stock Exchange Plc and the Financial Times Limited and is used by FTSE under licence. “Renaissance IPO Index” is a trade mark of Renaissance and is used by Renaissanceunder licence.

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

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 Portfolio 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 of future market conditions/events is provided.

Distributor: Rafferty Capital Markets, LLC.

Date of First use: April 12, 2012 037

Quarterly Performance (as of 03/31/2012)

Share Class A Shares C Shares

1 Month % -0.20 -0.24

3 Month % 8.85 8.77

YTD % 8.85 8.77

1 Year % -14.10 -14.54

S/I of the Fund % -3.84 -4.47

Inception Date 03/01/2010 03/01/2010

The key benefits of investing in an IPO strategy include:

• Access to a market that has typically been reserved for institutional clients

• The ability to diversify outside of the traditional style box

• Participation in markets usually not adequately represented in U.S. and Global equity indexes

• Ability to participate in positive market performance while maintaining downside protection through the fund’s hedging component

Disclosures:

The total annual fund operating expense ratio of the Direxion Long/Short Global IPO Fund, gross of any fee waivers or expense reimbursements, as stated in the fee table of the funds prospectus is for the investor class is 1.40%, and for the C-Shares is 2.15%. 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 for one year and under 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.

250

315

117 110127

257

346

459

556

121

179

479

338

0

100

200

300

400

500

600

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Accessing the Global IPO Market

IPOs have substantial economic significance, and are the lifeblood of global equity capital markets. On average, over $400 billion of market capitalization has been added through IPO and spin-off activity every year since 1995. The pipeline for the number of global IPOs is substantial – continually offering new opportunities.

For many investors and investment professionals, IPOs are coveted investments since they generally enter the marketplace at a discounted price to attract new investors.

Source: Renaissance Capital LLC.