welling@weeden
April 28, 2006

"Ron Muhlenkamp Believes Companies’ Shares Gravitate Toward Value—Eventually—And Sees Plenty To Buy In What He Calls A Normal Market." Click here to review this in-depth interview with portfolio manager Ron Muhlenkamp.

Performance data quoted 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. Please click here for complete standardized and monthly performance.

Click here for the Fund’s current holdings. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

Mutual fund investing involves risk; loss of principal is possible.

As of 9/30/08, Lipper ranked the Muhlenkamp Fund number #340 among 416, #232 among 253 and #38 among 99 Multi-Cap Value funds for the one-, five- and ten-year periods, respectively.  Lipper Analytical Services, Inc. is an independent mutual fund research and rating service.  Each Lipper average represents a universe of Funds with similar invest objectives. Rankings for the periods shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges.

Return on Equity (ROE) is a company's net income (earnings), divided by the owner's equity in the business (book value). Price/Earnings Ratio (P/E) is the current stock price divided by the earnings per share. Earnings Per Share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding. Price-to-Book (P/B) compares a stock's market value to the value of total assets less total liabilities. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index.

The information provided herein represents the opinion of Ron Muhlenkamp and Weeden & Co. LP and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.

AAII Journal - Stock Strategies - Foreign Investing: Keeping it Simple
April, 2006

How do you respond when 'they' say that you should invest in foreign securities? Click here to Ron Muhlenkamp's take on foreign investing. This article is excerpted from Ron Muhlenkamp's new book “Harvesting Profits on Wall Street,” which is available from Amazon.com.

Past performance and does not guarantee future results.

The information provided herein represents the opinion of Ron Muhlenkamp and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Further, there is no assurance that certain securities will remain in or out of the Fund's portfolio. Click here for the Fund's current holdings. Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security.

The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. The MSCI EAFE Index is an unmanaged index of over 1000 foreign common stock prices including the reinvestment of dividends. It is widely recognized as a benchmark for measuring the performance of international value funds. You cannot invest directly in an index. While the fund is no-load, management fees and other expenses still apply.

Mutual fund investing involves risk. Principal loss is possible.

Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC. 5/06

Consuelo Mack | WealthTrack
February 24, 2006

"This week on WealthTrack….Making the right investment choices in stocks, mutual funds and art...what should you buy and what’s the best mix for your portfolio?" Click here to learn Ron Muhlenkamp's thoughts on inflation and how it is "...one of the primary forces of evil that can eat away at your financial assets."

Performance data quoted 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. Please click here for complete standardized and monthly performance

The information provided herein represents the opinions of Ron Muhlenkamp, Vern Hayden, Bill Ruprect or Consuelo Mack, and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice

Vern Hayden, Bill Ruprect and Consuelo Mack are not affiliated, in any way, with Muhlenkamp & Company, Inc. or the Muhlenkamp Fund. Their opinions should not be construed as a recommendation to buy or sell any security

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Please Click here for the Fund’s current holdings

Return On Equity (ROE) is a company's net income (earnings), divided by the owner's equity in the business (book value). Price/Earnings Ratio (P/E) is the current stock price divided by the earnings per share. The S&P 500 Index is a broad-based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. You cannot invest directly in an index. Beta measures the sensitivity of rates of return on a fund to general market movements

Mutual fund investing involves risk; loss of principal is possible.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.

SmartMoney.com, "Avoiding a Taxing Situation," January 20, 2006
The Muhlenkamp Fund appears in this week's 'Fund Screen' column highlighting no-load funds with below-average expenses relative
to category peers and top-quintile Lipper category rankings for
tax-efficiency and total return. Click here to learn how the Muhlenkamp Fund ranks against other tax-efficient, high-return funds.

Performance data quoted 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. Please click here for complete standardized and monthly performance.

To be listed as SmartMoney's Tax Friendly funds for January 2006, the funds needed to score a 1 in the Lipper Rankings for tax efficiency and total returns, be no-load fund, and have expense ratio in the bottom half of the fund's respective classification.

Funds that are closed to new investors, carry a minimum initial investment in excess of $5000 or had less than $50 million in total net assets were eliminated.

Mutual fund investing involves risk; loss of principal is possible.

This material should not be interpreted as an offer of other funds mentioned.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.

AAII Interview: "The Muhlenkamp Stock Screen" by John Bajkowski,
March 31, 2003
"Ronald Muhlenkamp has devoted his entire business career to the professional management of investment portfolios." Please click here to download the pdf.

The Wall Street Transcript, February 8, 2003
Ron Muhlenkamp is featured in the February 2003 Money Manager Interview section of The Wall Street Transcript. The 8-page interview text gives a more in-depth look at Muhlenkamp & Company's view of the current investment climate, our investment process, and some of our holdings.

"While we certainly aren't happy with our 2002 annual performance, we believe that stock prices declined for reasons that were real but unpredictable (not unlike the prior Gulf War). As a result of lower stock prices and increasing company values, we're finding enough good investment values that we want to be fully invested, and believe it’s a good opportunity to add to our stockholdings," says Ron Muhlenkamp, Portfolio Manager.

We hope you find the interview with Mr. Muhlenkamp useful. Please don't hesitate to contact us with comments or questions. Call us at (877) 935-5520 or click here to send mail.

The Muhlenkamp Fund was named to the 2006 Forbes Honor Roll* for the sixth consecutive year. “He [Ron] prefers companies with return on equity above 14%, revenue growth of at least 10% a year…” You can read the entire article in the September 18, 2006 issue of Forbes magazine.

*Forbes magazine’s rating criteria for earning a place on the Forbes Mutual Fund Honor Roll include:

1. Strong relative performance in up and down markets;
2. A manager tenure of at least six years;
3. Portfolio diversification;
4. Accessibility; and
5. Long-term after-tax performance based on an initial investment of $10,000 on January 31, 1994 to July 31, 2006.
Click here to see important performance-related informati