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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 information.

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 9/30/06, Lipper ranked the Muhlenkamp Fund number #486 among 487, #17 among 272 and #2 among 107 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.

Louis Rukeyser's Wall Street - Looking for a Rich Harvest? Plant in the Growing Season
May, 2006

'Investing in a market sector simply because“it’s done so well” is like choosing to plant corn in October because your neighbor’s corn has grown so well since April.' Click here to read this article and gain insight into why you can’t just extrapolate price trends and expect to earn a profit on Wall Street.

Past performance does not guarantee future results.

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. Small- and Medium-capitalization companies tend to have limited liquidity and greater price volatility than large-capitalization companies. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales.

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 100 Stock Index measures large company U.S. stock market performance. This market capitalization-weighted index is made up of 100 major, blue chip stocks across diverse industry groups. You cannot invest directly in an index.

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.

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

Barrons's Online
March 13, 2006

'RON MUHLENKAMP, SON OF A DAIRY FARMER, knows value—on the back 40 or on Wall Street.' Click here to read Ron's thoughts on the 'seasonality of investing',' 'finding bargains' and 'Harvesting Profits,' among others in this interview with Barron's Online.

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 9/30/06, Lipper ranked the Muhlenkamp Fund number #486 among 487, #17 among 272 and #2 among 107 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. 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 Jack Willoughby 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.

Forbes Money & Investing
February 27, 2006

'Most funds work within well-defined areas. Not these guys, who roam all over the map, to good result.' 'Muhlenkamp's free ranging fraternity goes by various names: "all-cap," "multi-cap" or "go-anywhere" funds.' Click here to read this latest article and to see how the Muhlenkamp Fund ranks against the 'All-Cap All Stars.'

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 performance current to the most recent quarter and month-end.

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.

Forbe’s Honor Roll: To be included on the Forbe’s Honor Roll a fund must achieve consistency in both bull and bear markets, have a minimum manager tenure of six years, diversification, accessibility (open to new investors) and long-term, after-tax performance based on an initial investment of $10,000 on January 31, 1994 to July 31, 2005.

The Forbes ranking is a semiannual mutual fund survey that grades the performance of approximately 2500 US and non-US stock and bond funds through both up and down markets, separately. Funds are rated against their peers and are awarded letter grades (A+ to F) based on performance.

As of 9/30/06, Lipper ranked the Muhlenkamp Fund number #486 among 487, #17 among 272 and #2 among 107 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.

References to other mutual funds should not be interpreted as an offer of these securities.

Return On Equity (ROE) is a company's net income (earnings), divided by the owner's equity in the business (book value).

Mutual fund investing involves risk. Principal loss is possible.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC. 4/06

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.

The Wall Street Journal.com, Mutual Funds Monthly Review, "One Big Step Into The Unknown" February 6, 2006

Ron Muhlenkamp is among those the Wall Street Journal interviewed in order to "...take the pulse of the economy." Click here to read this article and to learn what five money managers think are the biggest factors that will influence the investing environment this year.

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.

Securities mentioned do not reflect Fund holdings. 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.

Earnings per share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding.

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

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

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

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.

Barrons Online "The Nifty 19," January 19, 2006
Ron Muhlenkamp is among the fund managers who beat "Bill Miller, portfolio manager of the Legg Mason Value Trust, [who] has beaten the S&P 500 in each of the past 15 years."
Click here to read this recent article which takes a look at
mutual fund performance based on "15-year annualized total returns --
the average yearly gain, with reinvestment, for each fund from Jan 1,
1991 to Dec 31, 2005."

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.

Securities mentioned do not reflect Fund holdings. 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.

Standard Deviation is a statistical measure of portfolio risk used to measure variability of total return around an average, over a specified period of time. The greater the standard deviation over the period, the wider the variability or range of returns and hence, the greater the fund's volatility. Price/Earnings Ratio (P/E) is the current stock price divided by the earnings per share.

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.

Wall Street Journal, SmartMoney Investor Roundtable 'The Winner's Circle," January 2006
"Will energy stocks continue to shine? Is it time to buy General Electric? How about a Brazilian airline? Our experts tell all." Click here to read SmartMoney's fourth annual in which ".. we invited four money managers who have been around long enough to know when to be afraid and when to take advantage of everyone else's fears."

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.


Securities mentioned do not reflect Fund holdings. 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.

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. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures.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.

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.