Muhlenkamp & Company

as of March 31, 2002

Portfolio Holdings for

holds 89 positions in its portfolio as reported in the March 2002 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
NVR (NVR) 5.4 $41M 131k 315.50
Fidelity National Financial In 4.0 $31M 1.2M 26.37
Calpine Corp 3.7 $29M 2.2M 12.70
Arkansas Best Corporation 3.5 $27M 971k 27.79
Cemex SAB de CV (CX) 3.4 $26M 889k 29.54
El Paso Corporation 3.4 $26M 585k 44.03
Cendant Corp. 3.2 $25M 1.3M 19.20
Superior Industries International (SUP) 3.0 $23M 477k 48.78
Centex Corp 2.9 $22M 430k 51.93
Citi 2.8 $22M 437k 49.52
Conoco Inc- 2.8 $22M 741k 29.18
Polaris Industries (PII) 2.7 $21M 322k 63.70
Whirlpool Corporation (WHR) 2.5 $19M 253k 75.55
American Woodmark Corporation (AMWD) 2.5 $19M 303k 63.08
Meritage Homes Corporation (MTH) 2.5 $19M 298k 63.90
Beazer Homes USA 2.5 $19M 242k 77.55
Patterson-UTI Energy (PTEN) 2.4 $18M 605k 29.74
Orthodontic Centers Of America 2.2 $17M 600k 27.61
Mohawk Industries (MHK) 2.1 $16M 266k 60.09
Stanley Furniture 2.1 $16M 489k 32.34
Merrill Lynch & Co. 1.9 $14M 259k 55.38
Atmi 1.8 $14M 428k 31.45
Morgan Stanley (MS) 1.7 $13M 224k 57.31
D&k Healthcare 1.6 $12M 197k 60.02
Ocean Energy 1.4 $11M 560k 19.79
Citrix Systems 1.4 $11M 635k 17.28
Nabors Industries 1.4 $11M 254k 42.25
Texas Industries 1.4 $10M 252k 41.20
Federal National Mortgage Association (FNMA) 1.2 $9.6M 120k 79.88
International Business Machines (IBM) 1.2 $9.0M 87k 104.00
Applied Materials (AMAT) 1.2 $8.9M 164k 54.27
Photon Dynamics Inc Com Stk 1.2 $8.8M 174k 50.89
Mellon Financial Corp. 1.0 $7.7M 199k 38.59
Gra (GGG) 1.0 $7.6M 186k 40.85
Winnebago Industries (WGO) 1.0 $7.4M 176k 41.99
Visteon Corp 0.9 $7.3M 439k 16.55
Anadarko Petroleum Corporation 0.9 $7.2M 128k 56.44
Delphi Corp 0.9 $7.2M 448k 15.99
Conseco 0.9 $7.0M 1.9M 3.62
Tyco Intl 0.8 $6.5M 202k 32.32
MasTec (MTZ) 0.8 $5.9M 730k 8.05
Houston Exploration 0.7 $5.6M 181k 31.00
Pulte (PHM) 0.7 $5.3M 110k 47.85
Readers Digest Assoc. 0.7 $5.1M 225k 22.41
Toll Brothers (TOL) 0.7 $5.0M 100k 49.85
Gabelli Asset Mgmt Inc Class A 0.6 $4.8M 122k 39.70
Masco Corporation (MAS) 0.6 $4.6M 169k 27.45
Salton 0.6 $4.4M 223k 19.85
Black & Decker Corporation 0.6 $4.3M 93k 46.54
National R V Hldgs 0.6 $4.3M 352k 12.22
Supervalu 0.6 $4.2M 164k 25.80
Monaco Coach Corporation 0.6 $4.2M 173k 24.30
Frontier Airlines 0.5 $4.0M 221k 18.32
Washington Mutual 0.4 $3.4M 102k 33.13
Goodrich Corporation 0.4 $3.2M 101k 31.64
Ford Motor Company (F) 0.4 $3.2M 196k 16.49
Computer Associates Intl 0.4 $3.0M 138k 21.89
Terex Corporation (TEX) 0.4 $3.0M 131k 22.60
Lamson & Sessions 0.4 $2.9M 508k 5.75
Crossmann Communities 0.4 $2.9M 64k 45.23
Countrywide Financial Corp 0.3 $2.5M 56k 44.75
Abitibi-consolidat.. 0.3 $2.5M 280k 8.90
Thor Industries (THO) 0.3 $2.5M 52k 47.31
Jlg Industries 0.3 $2.4M 159k 14.80
Rush Enterprises 0.3 $2.0M 282k 7.20
BE Aerospace 0.3 $2.0M 200k 9.93
R.G. Barry 0.2 $1.9M 322k 6.03
General Cable Corporation 0.2 $1.8M 126k 14.28
Polo Ralph Lauren Corporation 0.2 $1.8M 60k 29.18
Ethan Allen Interiors (ETD) 0.2 $1.7M 45k 38.07
Libbey 0.2 $1.5M 40k 38.52
Philip Morris Cos. 0.2 $1.5M 28k 52.66
Sovereign Bancorp 0.2 $1.4M 100k 14.05
Conductus 0.2 $1.3M 584k 2.20
Scios 0.1 $1.2M 40k 28.92
Wilsons Leather 0.1 $1.1M 93k 11.96
Dollar Tree Stores 0.1 $984k 30k 32.80
Apollo 0.1 $803k 15k 53.53
Merck & Co 0.1 $794k 14k 57.59
Intel Corporation (INTC) 0.1 $699k 23k 30.42
Globalsantafe Corp 0.1 $548k 17k 32.70
General Electric Company 0.1 $472k 13k 37.43
RTI International Metals 0.1 $462k 40k 11.55
Dvi (DVIXQ) 0.1 $423k 23k 18.39
Timken Company (TKR) 0.0 $282k 12k 23.09
Furniture Brands International 0.0 $288k 7.9k 36.46
Knight Trading Group 0.0 $236k 33k 7.13
Vanguard Long-term Corp. Fund mut 0.0 $226k 27k 8.50
Omni Energy Services 0.0 $70k 86k 0.81