X0101 EFFECT 33 LIVE 2014-11-14 09:00:00

N-14

0001040587 DIREXION FUNDS 333-199261 0001040587 DIREXION FUNDS S000046967 DIREXION HILTON TACTICAL INCOME FUND C000146784 Investor Class 0001511699 Managed Portfolio Series S000041906 Hilton Yield Plus Fund C000130182 Investor Class Shares 0001040587 DIREXION FUNDS S000046967 DIREXION HILTON TACTICAL INCOME FUND C000146785 Institutional Class 0001511699 Managed Portfolio Series S000041906 Hilton Yield Plus Fund C000130183 Institutional Class Shares