Click here to view the video archive (56 minutes).

Click Here to view the slides used in the seminar.

Click Here to see the a booklet adapted from the seminar.

The comments made by Ron Muhlenkamp in this essay are his opinion and are not intended to be investment advice or a forecast of future events.

The Fund’s investment objectives, risks, charges and expenses must be considered carefully before investing. The Prospectus contains this and other important information about the investment company, and it may be obtained by calling (800) 860-3863, or visiting www.muhlenkamp.com. Read it carefully before investing.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Fund may also invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities.

As of 3/31/09 the Fund held 0.0% of Chrysler, AIG, Fannie Mae, Freddie Mac, General Motors, JP Morgan, Wells Fargo, Goldman Sachs, PNC Financial, Wal Mart, Tiffany, Morgan Stanley, and CitiGroup. The Fund held 3.7% of total net assets in Bank of America.

Fund holdings and sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.

S&P 500 Index is a widely recognized, unmanaged index of common stock prices. The S&P 500 index is weighted by market value and its performance is thought to be representative of the stock market as a whole. Most of the companies in the index are mid-cap or large-cap corporations. One cannot invest directly in an index.

EPS (Earnings Per Share) is the portion of the total profit of a company that may be allotted to each share. EPS is computed by dividing net income (or earnings) by the total number of shares outstanding.

Past performance does not guarantee future results.

The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.