Muhlenkamp (MUHLX)

The investment seeks total return, consistent with reasonable risk. The fund invests primarily in common stocks. The fund invests primarily in companies determined by the Adviser to be highly profitable, yet undervalued. It may purchase fixed-income or debt securities from time to time as substitutes for stocks when the Adviser determines that market conditions warrant. Under adverse market conditions it may take temporary defensive measures such as holding cash reserves without limit. It intends to invest for the long-term, but may sell stocks and other securities regardless of how long they have been held.