Caps Fund Manager Update 090731

Guru

Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald Ronald

Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp Muhlenkamp

Symbol IBM CSCO PM ORCL UNH GE PFE BAC LM CHK LH BRK-B CNX KCI COP WCC HRS ADS RIG ETN CX LPS TEX FIS ZMH INTC GT STLY BA RTI HOLX GLW RUSHA ISSC MA HD XOM NVGN WMT MSFT RUSHB

Company

% Change change from the previous

International Business Machines Corp -3.89 Cisco Systems Inc. -3.77 PHILIP MORRIS INTERNATIONAL INC -1.07 Oracle Corp. -5.35 UnitedHealth Group Inc. -3.48 General Electric Company 58.07 Pfizer Inc New Bank of America Corp. 169.6 Legg Mason Inc. 59.92 Chesapeake Energy Corp. -3.02 Laboratory Corp. of America Holdings New Berkshire Hathaway Inc. -51.79 CONSOL Energy Inc. -3.35 Kinetic Concepts Inc. -3.74 ConocoPhillips -5.03 WESCO International Inc. -0.16 Harris Corp. -7.7 Alliance Data Systems Corp. New Transocean Inc. 28.38 Eaton Corp. -0.37 Cemex S.A.B. de C.V. -3.19 LENDER PROCESSING -1.62 Terex Corp. -2.45 Fidelity National Information Services I -2.78 Zimmer Holdings Inc. -3.5 Intel Corp. -0.85 The Goodyear Tire & Rubber Company -5.95 Stanley Furniture Company Inc. -1.51 The Boeing Company -11.09 RTI International Metals Inc. 0.18 Hologic Inc. 0 Corning Inc. -24.04 Rush Enterprises Inc. 0 Innovative Solutions and Support Inc. 0 MasterCard Inc. -22.6 The Home Depot Inc. -15.81 Exxon Mobil Corp. -4.86 Novogen Ltd. 0 WalMart Stores Inc. -8.04 Microsoft Corp. 0.31 Rush Enterprises Inc. 0

Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Ronald Muhlenkamp Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens

HOG PCCC MSHL IGTE MTW SGP LLY FRX MRK ABT RHHBY SNYNF.PK WYE AZN MCK AMGN ALPMF.PK UNH PFE NVS TKPHF.PK BMY GENZ STJ WAG ESALF.PK DGX WLP BDX HUM MDT DSKYF.PK SGIOF.PK CAH CERN LH CI BAX SIAL BEC OSIP CVH PRGO RX BAYZF.PK CEPH BIIB

HarleyDavidson Inc. PC Connection Inc. Marshall Edwards Inc. iGate Corp. The Manitowoc Company Inc. ScheringPlough Corp. Eli Lilly and Company Forest Laboratories Inc. Merck & Co. Inc. Abbott Laboratories ROCHE HOLDING LTD S/ADR SANOFI-AVENTIS SA Wyeth AstraZeneca PLC McKesson Corp. Amgen Inc. ASTELLAS PHARMA INC UnitedHealth Group Inc. Pfizer Inc Novartis AG TAKEDA PHARMACEUTICA BristolMyers Squibb Company Genzyme Corp. St. Jude Medical Inc. Walgreen Company EISAI CO LTD Quest Diagnostics Inc. WellPoint Inc. Becton Dickinson and Company Humana Inc. Medtronic Inc. DAIICHI SANKYO CO LT SHIONOGI & CO LTD Cardinal Health Inc. Cerner Corp. Laboratory Corp. of America Holdings CIGNA Corp. Baxter International Inc. SigmaAldrich Corp. Beckman Coulter Inc. OSI Pharmaceuticals Inc. Coventry Health Care Inc. Perrigo Company IMS Health Inc. BAYER A G ORD Cephalon Inc. Biogen Idec Inc

-11.71 0 0 New 0 -4.66 -4.26 0 2.59 -1.5 -52.1 0 18.61 0 -2.68 -3.25 0 1.51 68.89 0 -2.87 -2.58 -12.06 -2.22 0 0 0 -5.26 -30.14 2.39 -2.66 0 0 3.89 -8.54 0 11.24 -9.68 -1.38 -5.43 -1.44 0 0 0 0 -12.48 -14.85

Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens Edward Owens John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers

UHS SEPR CHGCF.PK AGN TNBSF.PK XRAY WPI AET HNT UCBJF.PK OMI RHHBY GSK GILD IPRMF.PK HSP ELN VRTX JNJ OPHLF.PK PLL HMA NVO PRXL COV FMS AMLN STE ZMH ONXX DVA MJN TRUMF.PK UTHR WCG RX HEW JNS JLL CBG AXE IPG TIF CYN BIO EFX IGT

Universal Health Services Inc. Sepracor Inc. CHUGAI PHARMACEUTICA Allergan Inc. TANABE SEIYAKU CO LT DENTSPLY International Inc. Watson Pharmaceuticals Inc. Aetna Inc. Health Net Inc.

0 0 0 -54.69 0 0 0 35 -2.15 -8.18 Owens & Minor Inc. 0 ROCHE HOLDING LTD S/ADR -52.1 GlaxoSmithKline plc 0 Gilead Sciences Inc. -58.93 IPSEN PROMESSES 0 Hospira Inc. 0 Elan Corp. plc 10.76 Vertex Pharmaceuticals Inc. -40.83 Johnson & Johnson 14.29 ONO PHARMACEUTICAL 0 Pall Corp. 0 Health Management Associates Inc. 0 NovoNordisk A/S 0 PAREXEL International Corp. 0 Covidien Ltd. 33.33 Fresenius Medical Care AG & Co. KGaA 0 Amylin Pharmaceuticals Inc. -4.86 STERIS Corp. 0 Zimmer Holdings Inc. New ONYX Pharmaceuticals Inc. 0 Davita Inc. 0 MEAD JOHNSON NUTRITI New TERUMO CORP 0 United Therapeutics Corp. 0 WellCare Health Plans Inc. 0 IMS Health Inc. -25.45 Hewitt Associates Inc. -30.54 Janus Capital Group Inc. 26.49 Jones Lang LaSalle Inc. -6.08 CB Richard Ellis Group Inc. -2.8 Anixter International Inc. -23.79 The Interpublic Group of Companies Inc. -22.88 Tiffany & Co. -8.83 City National Corp. -7.31 BioRad Laboratories Inc -6.59 Equifax Inc. -21.7 International Game Technology 28.74

John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John John

Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers Rogers

CBS RCL JWN IEX STZ BRC MKL GCI HSP ENR BID PVTB CCL DELL MDP AFL SJM BEN NTRS HCC OMC TMO DNB NWL LH BAX TROW HES IFSIA ITW MATW BOBE HMN BLT CLX LFUS MHK JNJ BDK BRK-B EBAY ACN TM TYC IBM SCS COV

CBS Corp. 62.02 Royal Caribbean Cruises Ltd. 9.41 Nordstrom Inc. -7.72 IDEX Corp. -19.63 Constellation Brands Inc. -19.99 Brady Corp. -14.05 Markel Corp. -33.92 Gannett Co. Inc. 156.06 Hospira Inc. 12.4 Energizer Holdings Inc. -43.88 Sotheby's 2.24 PrivateBancorp Inc. 132.14 Carnival Corp. -10.64 Dell Inc. 353.83 Meredith Corp. 30.12 AFLAC Inc. 599.95 The J.M. Smucker Company -38.78 Franklin Resources Inc. -6.41 Northern Trust Corp. -24.02 HCC Insurance Holdings Inc. -56.94 Omnicom Group Inc. -10.27 Thermo Fisher Scientific Inc. -4.81 Dun & Bradstreet Corp. The -28.74 Newell Rubbermaid Inc. 1.37 Laboratory Corp. of America Holdings -7.72 Baxter International Inc. -15.03 T. Rowe Price Group Inc. 16.39 Hess Corp. -21.92 Interface Inc. 1.14 Illinois Tool Works Inc. -44.07 Matthews International Corp. -15.5 Bob Evans Farms Inc. -12.98 Horace Mann Educators Corp. -36.19 Blount International Inc. -12.76 The Clorox Company -23.76 Littelfuse Inc. -11.07 Mohawk Industries Inc. -43.18 Johnson & Johnson -10.2 Black & Decker Corp. The -63.96 Berkshire Hathaway Inc. -25.83 eBay Inc. -3.15 Accenture Ltd -86.44 Toyota Motor Corp. -26.34 TYCO INTERNATIONAL LTD. (SWITZERLAND) 15.92 International Business Machines Corp -38.85 Steelcase Inc. -25.68 Covidien Ltd. 0

John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers John Rogers Arnold Van Den Berg Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mohnish Pabrai Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins

MLHR XOM DIS WMI JPM MNI PBI AXP ROIAK UBS LEE IWN WL USG IWS MXWL BRK-B POT TX FFH GS LUK CRESY ZINC TCK WFC ATSG PNCL SHLD WCG BRK-A DELL CHK DIS YUM EBAY FFH CX DTV MAR IR SYMC BRK-A PHG LVLT PXD

Herman Miller Inc. -11.34 Exxon Mobil Corp. New The Walt Disney Company Disney 0 Waste Management Inc. New JPMorgan Chase & Co. -7.45 The McClatchy Company -20.25 Pitney Bowes Inc. -7.67 American Express Company 27.44 Radio One Inc. -20.94 UBS AG -42.72 Lee Enterprises Inc. -15.78 iShares Russell 2000 Value Index Fund Sold Out Wilmington Trust Corp. Sold Out USG Corp. Sold Out iShares Russell MidCap Value Index Fund Sold Out Maxwell Technologies Inc -0.46 Berkshire Hathaway Inc. 2218.11 Potash Corp. of Saskatchewan Inc. -1.89 Ternium S.A. 0.28 Fairfax Financial Holdings Ltd. -20.64 Goldman Sachs Group Inc. The 0 Leucadia National Corp. 0.62 Cresud S.A.C.I.F. y A. 123.67 HORSEHEAD HOLDING CORP. -21.87 Teck Cominco Ltd. 3.29 Wells Fargo & Company New AIR TRANS SVCS GROUPINC COM 0 Pinnacle Airlines Corp. -0.69 Sears Holdings Corp. -83.61 WellCare Health Plans Inc. 0 Berkshire Hathaway Inc. -93.75 Dell Inc. 14.72 Chesapeake Energy Corp. 10.96 The Walt Disney Company Disney 6.5 Yum! Brands Inc. -6.41 eBay Inc. 4.89 Fairfax Financial Holdings Ltd. 5.95 Cemex S.A.B. de C.V. 9.45 DIRECTV Group Inc. The -15.2 Marriott International Inc. 35.61 IngersollRand Company Ltd. 14.18 Symantec Corp. -11.36 Berkshire Hathaway Inc. New Koninklijke Philips Electronics N.V. N Y 0.77 Level 3 Communications Inc. -1.79 Pioneer Natural Resources Company -0.83

Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Mason Hawkins Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman

RE LINTA FDX WSH WAG TWTC WPO FIC DISCA MKL DISCK WEN RDK PCH SCI TXI WOR ECA DDS DIN CLW KYO AOC CA HPQ SYMC JW-A NTRS RJF IGT S NVLS MOT RCL AN UHS BID BOH TIBX EK WIN QCOM HMA HTV MENT MSA QTM

Everest Re Group Ltd. 3.05 Liberty Media Corp. Interactive Common -1.26 S FedEx Corp. -26.2 Willis Group Holdings Ltd. -2.26 Walgreen Company -66.93 TW TELECOM INC. 36.15 The Washington Post Company 1.51 Fair Isaac Corp. 0 DISCOVERY COMMUNICATIONS, INC 56.17 Markel Corp. -19.12 DISCOVERY COMMUNICATIONS, INC - SERIES 133.77 C COMMON ST Wendy's International Inc. -14.54 Ruddick Corp. 0 Potlatch Corp. 94.73 Service Corp. International 33.07 Texas Industries Inc. 0 Worthington Industries Inc. 0 EnCana Corp. -2.96 Dillard's Inc. 0 DINEEQUITY INC 0 CLEARWATER PAPER CP Sold Out Kyocera Corp. Sold Out Aon Corp. Sold Out CA Inc. -32.25 HewlettPackard Company -37.93 Symantec Corp. -30.65 John Wiley & Sons Inc. -29.12 Northern Trust Corp. -42.07 Raymond James Financial Inc. -33.83 International Game Technology -29.24 Sprint Nextel Corp. Series 1 -26.84 Novellus Systems Inc. -37.89 Motorola Inc. -23.36 Royal Caribbean Cruises Ltd. -29.81 AutoNation Inc. -40.72 Universal Health Services Inc. -27.22 Sotheby's -31.26 Bank of Hawaii Corp. -31.75 TIBCO Software Inc. -34.67 Eastman Kodak Company -26.56 Windstream Corp. -30.37 QUALCOMM Inc. -19.65 Health Management Associates Inc. -19.37 HearstArgyle Television Inc. -31.51 Mentor Graphics Corp. -24.74 Mine Safety Appliances Company -18.62 Quantum Corp. -6.99

Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Bruce Sherman Warren Buffett

AVID DDEJF.PK WTNY MCS ASCA ELRC TGI CYMI GBCI BYD WST POPEZ MGM SUBK IBM FCNCA PRGS OPY BIO NEWP AVTR IMN INDB DDE BRKL QSFT WSFS BR FCE-A BHLB FFCH SNBC PBNY MSTR THRD GBL CNBC SBCF OCFC EFII FDEF MFSF IWN DIA IVE ESBK KO

Avid Technology Inc. -27.39 DUNDEE CORP CL A -24.51 Whitney Holding Corp. -28.34 The Marcus Corp. -32.55 Ameristar Casinos Inc. -22.16 Electro Rent Corp. -19.89 Triumph Group Inc. -26.09 Cymer Inc. -30.92 Glacier Bancorp Inc. -33.36 Boyd Gaming Corp. -42.14 West Pharmaceutical Services Inc. -18.8 Pope Resources Depositary Receipts of-15.26 Lt MGM MIRAGE -26.56 Suffolk Bancorp -15.26 International Business Machines Corp -53.1 First Citizens BancShares Inc. -47.5 Progress Software Corp. -30.34 Oppenheimer Holdings Inc. -31.13 BioRad Laboratories Inc -11.73 Newport Corp. -35.82 Avatar Holdings Inc. -39.97 Imation Corp. -46.56 Independent Bank Corp. -13.19 Dover Downs Gaming & Entertainment-22.11 Inc. Brookline Bancorp Inc. -30.22 Quest Software Inc. 0 WSFS Financial Corp. -25.99 Broadridge Financial Solutions Inc. -24.48 Forest City Enterprises Inc. -27.01 Berkshire Hills Bancorp Inc. -35.49 First Financial Holdings Inc. -20.16 Sun Bancorp Inc. -37.29 Provident New York Bancorp -38.42 MicroStrategy Inc. 0 TF Financial Corp. -14.18 GAMCO Investors Inc. -42.97 Center Bancorp Inc. -54.23 Seacoast Banking Corp. of Florida -51.27 OceanFirst Financial Corp. -35.04 Electronics for Imaging Inc. -81.85 First Defiance Financial Corp. -17.93 MutualFirst Financial Inc. -20.01 iShares Russell 2000 Value Index Fund 0 DIAMONDS -82.05 ISHARE SP500 BAR VAL 0 Elmira Savings Bank FSB -43.73 The CocaCola Company 0

Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Warren Buffett Edward Lampert Jean-Marie Eveillard Jean-Marie Eveillard Brian Rogers Brian Rogers Brian Rogers Brian Rogers Brian Rogers Brian Rogers Dodge & Cox George Soros Mohnish Pabrai Ron Baron Wallace Weitz Warren Buffett Robert Rodriguez Robert Rodriguez Robert Rodriguez Robert Rodriguez Robert Rodriguez Robert Rodriguez Robert Rodriguez

BNI PG WFC COP JNJ USB UNP KMX NLC UNH HD GE AZO BORL BORL NRG AIB HRB TWX AXN PLL HMA EXAR HNR CAKE INS MCO ESV ROSE FL CHB ZLC RSH HMN

Burlington Northern Santa Fe Corp. The Procter & Gamble Company Wells Fargo & Company ConocoPhillips Johnson & Johnson U.S. Bancorp Union Pacific Corp. CarMax Inc. Nalco Holding Company UnitedHealth Group Inc. The Home Depot Inc. General Electric Company AutoZone Inc. Borland Software Corp. Borland Software Corp. NRG Energy Allied Irish Banks, Plc H&R Block Inc Time Warner Inc Accenture Ltd Pall Corp Health Management Associates Inc. Exar Corp. Harvest Natural Resources Inc. Cheesecake Factory Inc. Intelligent Systems Corp. Moody's Corp. ENSCO International Inc. Rosetta Resources Inc. Foot Locker Inc. Champion Enterprises Inc. Zale Corp. RadioShack Corp. Horace Mann Educators Corp.

9.54 0 4.26 -10.85 13.62 2.2 7.32 -31.96 2.99 -28.57 0 0 -13.7 starts from here for D NEW -5.37 21.62 -54.07 -51.86 57.64 NEW NEW -58.78 NEW -0.1 11.06 156.69 -20 -13 1.7 -10.64 -22.01 Sold Out Sold Out Sold Out

starts from here for Delivery of 7/30/09