Past performance does not guarantee future results. 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. 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. 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. The Muhlenkamp Fund is distributed by Quasar Distributors, LLC.