Fund Currently Managed

C&B Mid Cap Value Portfolio (CBMDX), co-manager since inception in February 1998.

Investment Style Overview

Espouses a conservative “high-quality, low-risk” investment style to achieve above-average returns over a market cycle, i.e., “competitive results” in extended strong up markets, and relative outperformance in flat and down markets.

Key Stock Selection Criteria

*Strong balance sheet and high return on equity.

*Industry leader with strong management.

*Ability to generate excess cash flow and reinvest it at attractive rates of return.

Key Sell Criteria

*Has appreciated too much, or reaches target price.

*Company’s fundamentals have deteriorated.

*Alternative investment becomes more attractive.

Biographical Notes

Michael M. Meyer joined Cooke & Bieler, adviser to the C&B funds, in 1993. Prior to that, he was an equity analyst and head equity trader at Sterling Capital Management for four years. He holds a degree in economics from Davidson College, and an M.B.A. in finance from the Wharton School of Business (1993). He is a chartered financial analyst.