Conference Call Recorded October 17, 2007

For Advisers Only

Quarterly conference calls are hosted for financial advisers.

The opinions expressed are subject to change at any time. This presentation is not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

Call Recorded October 17, 2007

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in foreign securities which involves political, economic and currency risks, greater volatility 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. The Fund may invest in small- or mid-cap companies, which involve additional risks such as limited liquidity and greater volatility.

Current and future portfolio holdings are subject to risk.

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.

Diversification does not ensure a profit or protect against a loss in a declining market. Current performance as of the most recent quarter- and month-end can be obtained by CLICKING HERE..

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. References to other mutual funds should not be considered a recommendation or investment advice.

The opinions expressed are those of Muhlenkamp & Co. and are not intended to be a forecast of future events, a guarantee of future results, nor investment advice.

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The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.