Fund Overview

To view and print the linked materials below you must have Adobe's Free Acrobat(TM) Reader installed on your computer. Click here for more information and instructions to download: Adobe Acrobat Reader (all Operating Systems).

Quarterly Fund Fact Sheet

Inception Date	11/01/1988
Ticker Symbol	MUHLX
CUSIP	962096103
Style	All-Cap

---

Objective

The investment objective of the Muhlenkamp Fund is to maximize total return to its shareholders through capital appreciation, and income from dividends and interest, consistent with reasonable risk.

Strategy

Invest in the common stock of highly profitable companies, as measured by Return on Equity (ROE), that sell at value prices, as measured by Price-to-Earnings Ratios (P/E).

Portfolio Manager

Ronald H. Muhlenkamp, CFA has been active in professional investment management since 1968. He is a graduate of both M.I.T. and the Harvard Business School.

Vested Interest

The majority of Mr. Muhlenkamp’s long-term investment assets are invested in the Muhlenkamp Fund.

Investment Adviser

Muhlenkamp & Company, Inc.
5000 Stonewood Drive, Suite 300
Wexford, PA 15090-8395
(877)935-5520

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
(800)860-3863

Custodian

U.S. Bank, N.A.