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Performance data quoted, before and after taxes, represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data shown is current to the most recent month end.

Mutual fund investing involves risk. Principal loss is possible.

This information represents the opinions of Muhlenkamp and Co., Inc., is subject to change and any forecasts cannot be guaranteed.