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.

The fund imposes a 2.00% redemption fee on shares held less than 30 days. Performance shown does not reflect redemption fee. Had the fee been shown, performance would be lower.

Muhlenkamp Fund	Annualized Returns (as of 7/31/08)
	Past Year	Past 3 Years	Past 5 Years	Past 10 Years	Past 15 Years
Return Before Taxes	-24.45%	-8.92%	4.85%	5.75%	10.14%
Return After Taxes on Distributions*	-26.43%	-9.80%	4.24%	5.28%	9.69%
Return After Taxes on Distributions and Sale of Fund Shares*	-12.33%	-7.09%	4.40%	5.04%	9.13%
S&P 500**	-11.09%	2.85%	7.03%	2.91%	9.18%

 

Muhlenkamp Fund	Annualized Returns (as of 6/30/08)
	Past Year	Past 3 Years	Past 5 Years	Past 10 Years	Past 15 Years
Return Before Taxes	-26.85%	-6.09%	5.43%	5.52%	10.54%
Return After Taxes on Distributions*	-28.76%	-6.99%	4.82%	5.05%	10.10%
Return After Taxes on Distributions and Sale of Fund Shares*	-14.17%	-4.80%	4.79%	4.81%	9.51%
S&P 500**	-13.12%	4.41%	7.58%	2.88%	9.22%

* 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.

** 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.

For complete information about the Muhlenkamp Fund please click here to view our prospectus or call (800) 860-3863 to receive a free copy. Read the prospectus carefully before you invest or send money.

Mutual fund investing involves risk. Principal loss is possible.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.