Performance

Muhlenkamp Fund Performance: For a printer-friendly version of the Average Annual Returns, the Top 20 Holdings, and other Fund data, view the Quarterly Fund Fact Sheet.

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.

Muhlenkamp Fund Average Annual Return (as of 12/31/2014)

Year to DatePast YearPast 3 YearsPast 5 YearsPast 10 YearsPast 15 YearsSince Inception (11/01/88)
Return Before Taxes0.64%0.64%15.03%9.00%2.04%6.23%9.89%
Return After Taxes on Distributions*-2.50%-2.50%13.01%7.85%1.19%5.57%9.32%
Return After Taxes on Distributions and Sale of Fund Shares*2.98%2.98%11.95%7.20%1.73%5.24%8.76%
S&P 500**13.69%13.69%20.41%15.45%7.67%4.24%10.34%
Consumer Price Index***1.33%1.32%1.44%1.77%2.14%2.28%2.62%

Muhlenkamp Fund Average Annual Return (as of 12/31/2014)

Year to DatePast YearPast 3 YearsPast 5 YearsPast 10 YearsPast 15 YearsSince Inception (11/01/88)
Return Before Taxes0.64%0.64%15.03%9.00%2.04%6.23%9.89%
Return After Taxes on Distributions*-2.50%-2.50%13.01%7.85%1.19%5.57%9.32%
Return After Taxes on Distributions and Sale of Fund Shares*2.98%2.98%11.95%7.20%1.73%5.24%8.76%
S&P 500**13.69%13.69%20.41%15.45%7.67%4.24%10.34%
Consumer Price Index***1.33%1.32%1.44%1.77%2.14%2.28%2.62%

Expense Ratio:  1.20%****

Annual Returns Since Inception

One-Year Period
Ending 12/31/####
Total Return
Muhlenkamp Fund
Total Return
S&P 500 Index**
Portfolio
Turnover Rate
Net Asset
Value
Total Assets
(In Millions)
1988NA16.61%10.04%NA$1
198912.50%31.69%34.46%$11.04$1
1990-14.80%-3.10%47.47%$9.21$1
199145.40%30.47%52.50%$13.25$2
199215.80%7.62%20.10%$15.20$5
199318.10%10.08%14.10%$17.86$12
1994-7.20%1.32%25.60%$16.23$17
199532.90%37.58%22.70%$21.26$24
199629.96%22.96%16.90%$27.52$42
199733.28%33.36%13.89%$36.55$125
19983.22%28.58%27.03%$37.65$195
199911.40%21.04%14.52%$41.11$179
200025.30%-9.10%32.04%$48.98$267
20019.33%-11.89%10.52%$53.55$540
2002-19.92%-22.10%11.17%$42.89$600
200348.07%28.69%9.15%$63.51$1,157
200424.51%10.88%7.00%$78.97$1,992
20057.88%4.91%6.05%$84.44$3,084
20064.08%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
200931.49%26.46%64.78%$50.69$716
20106.14%15.06%75.49%$53.80$641
2011-4.74%2.11%42.51%$51.19$487
201212.52%16.00%38.09%$52.22$427
201334.43%32.39%26.21%$68.03$489

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.

* 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. Please consult your tax adviser for advice concerning your particular situation and for any updates to the tax law.

** The S&P 500 is a widely recognized, un-managed 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. It is not possible to invest directly in an index.

*** Consumer Price Index – U.S. CPI Urban Consumers NSA (Non-Seasonally Adjusted), Index – lags by 1 month.

**** The Expense Ratio has been restated to reflect the estimated expenses for the Fund’s current fiscal year and is not based on the expenses incurred during the Predecessor Fund’s previous fiscal year.

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2014 Distributions

On December 29, 2014 the Muhlenkamp Fund made a long-term capital gain distribution in the amount of $9.05091 per share....
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