In March 2004, an independent Clevelandbased certified public accounting firm completed its annual composite performance audit of our firm, in order to assess the accuracy of portfolio transactions, composite investment performance, and records for clients who have managed portfolios. This audit has significance for current and prospective clients of Midwest Investment Management because it requires our solid commitment to specified ethical practices and code of conduct that promote full disclosure and fair representation of investment mangers’ results.

Voluntary standards

The audit procedure is based on the Performance Presentations Standards (PPS) of the Association for Investment Management and Research (AIMR), an internationally recognized body established to help maintain the highest standards of professional conduct within the financial community. These standards are voluntary and have become increasingly recognized by both private industry and government regulatory agencies as the benchmark for performance presentation.

Our commitment

It should be reassuring to know that the audit process commits Midwest Investment Management to a higher standard of conduct. Although many investment management firms do not make the financial, business, and intellectual commitments for the audit, we believe the process provides our clients with the extra peace-of-mind they have come to expect from Midwest Investment Management. It also demonstrates our commitment to operating with total and absolute integrity.