Fund Overview

Style
All-Cap.

Objective
Maximize total return, 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).

Quarterly Letter
Click here to read Ron Muhlenkamp's review of events that impacted the markets during the past quarter.

Fund Facts

Inception Date	Nov-88
Ticker Symbol	MUHLX
CUSIP	962096103
Number of Holdings	48*
Total Net Assets	716,148,734*

* as of 12/31/09

Portfolio Characteristics

Average ROE	18.71*
Long-Term Earnings	11.08%*
Average P/E	12.80*
Portfolio Turnover (2008)	45%**
Total Operating Expenses (2008)	1.27%**

* Source: Morningstar, Inc. as of 12/31/10
**Unaudited, Trailing 12 Months

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.

Growth of a $10,000 Investment Since December 31, 1990

This chart illustrates the performance of a hypothetical $10,000 investment made in the Fund on December 31, 1990, and assumes reinvestment of dividends and capital gains. This chart does not imply future performance.

Annualized Performance

Annual Returns Since Inception
Period Ending 12/31/####	Total Return Muhlenkamp Fund	Total Return S&P 500 Index**	Portfolio Turnover Rate	Net Asset Value	Total Assets (In Millions)
1988	N/A	16.61%	N/A	$10.04	<$1
1989	12.50%	31.69%	34.46%	$11.04	$1
1990	-14.80%	-3.10%	47.47%	$9.21	$1
1991	45.40%	30.47%	52.50%	$13.25	$2
1992	15.80%	7.62%	20.10%	$15.20	$5
1993	18.10%	10.08%	14.10%	$17.86	$12
1994	-7.20%	1.32%	25.60%	$16.23	$17
1995	32.90%	37.58%	22.70%	$21.26	$24
1996	29.96%	22.96%	16.90%	$27.52	$42
1997	33.28%	33.36%	13.89%	$36.55	$125
1998	3.22%	28.58%	27.03%	$37.65	$195
1999	11.40%	21.04%	14.52%	$41.11	$179
2000	25.30%	-9.10%	32.04%	$48.98	$267
2001	9.33%	-11.89%	10.52%	$53.55	$540
2002	-19.92%	-22.10%	11.17%	$42.89	$600
2003	48.07%	28.69%	9.15%	$63.51	$1,157
2004	24.51%	10.88%	7.00%	$78.97	$1,992
2005	7.88%	4.91%	6.05%	$84.44	$3,084
2006	4.08%	15.80%	11.58%	$87.15	$2,880
2007	-9.66%	5.49%	22.30%	$65.00	$1,491
2008	-40.39%	-37.00%	39.88%	$38.60	$608

* After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRA.

+ Returns subject to change pending valuation of qualified dividend
income percentage.

** The S&P 500 is a widely recognized, unmanaged index of common stock prices. The figures for the S&P 500 reflect all dividends reinvested but does not reflect any deductions for fees, expenses or taxes.

Information contained on this web site does not constitute an offer to sell, or a solicitation of an offer to buy shares of the Muhlenkamp Fund, nor shall any shares be offered or sold to any person in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.

Portfolio Manager

Ronald H. Muhlenkamp, CFA

Mr. Muhlenkamp has been active in professional 
investment management since 1968. He is a CFA, and 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.