MUHLENKAMP FUND (MUHLX)

FUND PERFORMANCE

PERFORMANCE

MUHLENKAMP FUND (MUHLX)

NAV	$60.07
NAV Change (Dollars)	$-0.30
NAV Change (Percentage)	-0.50%
YTD (Percentage)	9.00%
As of Date	9/20/2023

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

MONTHLY – AS OF 08/31/2023

Year to Date

Past Year

Past 3 Years

Past 5 Years

Past 10 Years

Past 15 Years

Since Inception (11/01/88)

Return Before Taxes

11.23%

11.86%

18.68%

10.83%

7.07%

6.44%

9.09%

Return After Taxes on Distributions*

11.23%

10.16%

16.52%

8.87%

5.35%

5.19%

8.28%

Return After Taxes on Distributions and Sale of Fund Shares*

6.65%

8.01%

14.38%

8.12%

5.21%

4.96%

7.96%

S&P 500**

18.73%

15.94%

10.52%

11.12%

12.81%

10.95%

10.63%

Consumer Price Index***

3.00%

3.18%

5.67%

3.94%

2.73%

2.22%

2.72%

Muhlenkamp Fund Average Annual Return

QUARTERLY – AS OF 06/30/2023

Year to Date

Past Year

Past 3 Years

Past 5 Years

Past 10 Years

Past 15 Years

Since Inception (11/01/88)

Return Before Taxes

8.46%

14.22%

21.56%

10.94%

7.08%

6.15%

9.06%

Return After Taxes on Distributions*

8.46%

12.49%

19.35%

8.98%

5.36%

4.90%

8.25%

Return After Taxes on Distributions and Sale of Fund Shares*

5.01%

9.48%

16.77%

8.25%

5.25%

4.72%

7.93%

S&P 500**

16.89%

19.59%

14.60%

12.31%

12.86%

10.88%

10.64%

Consumer Price Index***

3.00%

3.18%

5.67%

3.94%

2.73%

2.22%

2.72%

EXPENSE RATIO

Gross Expense Ratio: 1.28%
Net Expense Ratio: 1.26%

(Muhlenkamp & Company, Inc. (the “Adviser”) has contractually agreed to waive its management fees, and pay Fund expenses, in order to ensure that effective May 1, 2023, Total Annual Fund Operating Expenses (excluding AFFE, leverage/borrowing interest, interest expense, taxes, brokerage commissions, and extraordinary expenses) do not exceed 1.20% of the Fund’s average daily net assets. Fees waived and expenses paid by the Adviser may be recouped by the Adviser for a period of 36 months following the date on which such fee waiver and expense payment was made if such recoupment can be achieved without exceeding the expense limit in effect at the time the fee waiver and expense payment occurred and the expense limit in place at the time of recoupment. The Operating Expenses Limitation Agreement is indefinite, but cannot be terminated through at least April 30, 2024. Thereafter, the agreement may be terminated at any time upon 60 days’ written notice by the Trust’s Board of Trustees (the “Board”) or the Adviser.)

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)

1988

16.61%

10.04%

1989

12.50%

31.69%

34.46%

$11.04

1990

-14.80%

-3.10%

47.47%

$9.21

1991

45.40%

30.47%

52.50%

$13.25

1992

15.80%

7.62%

20.10%

$15.20

1993

18.10%

10.08%

14.10%

$17.86

$12

1994

-7.20%

1.32%

25.60%

$16.23

$17

1995

32.90%

37.58%

22.70%

$21.26

$24

1996

29.96%

22.96%

16.90%

$27.52

$42

1997

33.28%

33.36%

13.89%

$36.55

$125

1998

3.22%

28.58%

27.03%

$37.65

$195

1999

11.40%

21.04%

14.52%

$41.11

$179

2000

25.30%

-9.10%

32.04%

$48.98

$267

2001

9.33%

-11.89%

10.52%

$53.55

$540

2002

-19.92%

-22.10%

11.17%

$42.89

$600

2003

48.07%

28.69%

9.15%

$63.51

$1,157

2004

24.51%

10.88%

7.00%

$78.97

$1,992

2005

7.88%

4.91%

6.05%

$84.44

$3,084

2006

4.08%

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

2009

31.49%

26.46%

64.78%

$50.69

$716

2010

6.14%

15.06%

75.49%

$53.80

$641

2011

-4.74%

2.11%

42.51%

$51.19

$487

2012

12.52%

16.00%

38.09%

$52.22

$427

2013

34.43%

32.39%

26.21%

$68.03

$489

2014

0.64%

13.69%

33.93%

$59.50

$436

2015

-6.21%

1.38%

19.46%

$50.33

$326

2016

-3.70%

11.96%

39.75%

$48.47

$255

2017

18.77%

21.83%

19.32%

$55.21

$260

2018

-13.29%

-4.38%

9.55%

$41.71

$187

2019

14.39%

31.49%

40.19%

$47.12

$186

2020

11.86%

18.40%

24.64%

$47.79

$180

2021

29.02%

28.71%

8.06%

$57.21

$202

2022

2.88%

-18.11%

15.40%

$55.11

$277

Mutual fund investing involves risk. Principal loss is possible.

* 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 (CPI) – As of July 2023 – U.S. CPI Urban Consumers NSA (Non-Seasonally Adjusted), Index. The Consumer Price Index tracks the prices paid by urban consumers for goods and services and is generally accepted as a measure of price inflation. Price inflation affects consumers’ purchasing power.

MUHLENKAMP FUND (MUHLX)

PERFORMANCE