Must be preceded or accompanied by prospectus. Please refer to the prospectus for important information about the investment company including investment objectives, risks, charges and expenses.

This slide show was adapted from a presentation Ron Muhlenkamp delivered at the May 2005 Financial Planning Association (FPA) Retreat. In the spirit of the FPA charter, we offer Ron’s presentation to assist the public and, in particular, anyone having conversations with financial advisers.

Fund holdings are subject to change at any time.

Mutual Fund investing involves risk; principal loss is possible.

Quasar Distributors, LLC., distributor (08/05)