This information was updated January 27, 2010.

• The Small Cap Growth product is benchmarked to the Russell 2000® Growth Index.
• The Portfolio Manager utilizes a “conservative growth” strategy and invests almost exclusively in profitable companies.
• We seek companies which are growing or have the potential to grow rapidly. We believe these companies may attract momentum players in the future.
• Portfolios are actively managed using a bottom-up investment approach and the Portfolio Manager does not attempt to time the markets
• Portfolios are fully generally invested at all times, generally holding less than 10% cash.
• Our approach seeks to minimize risk through diversification. Portfolios generally hold between 80 to 100 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the Small Cap Growth product is to consistently out perform the Russell 2000® Growth Index over a complete market cycle. Portfolios are comprised of small cap companies growing faster than the index, but trading at valuations at or below the index. The manager selects companies which are gaining market share, generating cash, and re-investing in their businesses. These companies typically exhibit sales growth rates faster than peer companies. We attempt to purchase these stocks for our portfolios when we anticipate either acceleration or positive revisions to consensus estimates.

Joseph Kinnison

Joseph G. Kinnison, CFA, a Vice President, is the Portfolio Manager of the Small Cap Growth and Mid Cap Growth portfolios.  Immediately prior to joining KCM, Joe was a principal and portfolio manager at Tice Asset Management, a long/short hedge fund.  For the previous six years, Joe worked for American Express Financial Advisors as an equity analyst in the asset management group, and as short analyst and portfolio manager in the hedge fund group.  Joe began his career in 1991 as a securities analyst at Boatmen's Trust Company.  He has an MS from the University of Wisconsin – Madison in Finance and Investment Banking, and Joe graduated magna cum laude from Rockhurst College with a BSBA degree in Economics and Finance.

Annualized Returns as of 12/31/09

Performance returns presented Gross of Fees do not reflect the deduction of investment advisory fees. A client's return will be reduced by the advisory fees as described in Part II of the Form ADV and other expenses incurred by the account. For example, an annual advisory fee of 1% compounded quarterly over 10 years will reduce a gross 14.44% annual return to a net 13.24% annual return. Part II of the Form ADV is available upon request. Past performance is not indicative of future results. Kennedy Capital Management, Inc. has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Although the statements of fact and data in this report have been obtained from, and are based upon, sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed. All opinions included in this report constitute the Firm's judgment as of the date of this report and are subject to change without notice. This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. Past performance is not a guarantee of future results.

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto.  The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited.  This is a presentation of Kennedy Capital Management, Inc.  Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Kennedy Capital Management's presentation thereof.

The Russell 2000® Growth Index is used as the benchmark. The Index is unmanaged and represents total returns including reinvestment of dividends. The benchmark is used for comparative purposes only and generally reflects the comparable risk or investment style of the Firm's strategy. The investment portfolios underlying the Index are different from the investments in the portfolios managed by the Firm. Certain accounts may also use other benchmarks not listed in the Annual Disclosure Presentation. The Composite Disclosure Presentation does not cover the benchmark returns included in the Annual Disclosure Presentation.

The Russell 2000 Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the small-cap growth segment. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set and that the represented companies continue to reflect growth characteristics.

The performance figures reported herein are unaudited, may be based upon information obtained via electronic data sources (”feeds”) and may be subject to change. Data feeds from many of KCM clients' selected custodians are obtained through third party, and are used to compare custodial data to KCM's client account records as frequently as daily. In some instances, variances are noted and aggregated until each month-end, so long as such aggregated variances amount to less than one percent of the prior month-end market value of the account. All such variances are typically reconciled to the applicable account no later than each month-end. Variances of one percent or more will generally be reconciled to the account promptly upon detection.

Composite specific data provided within this presentation has been calculated from accounts that are discretionary as defined in this paragraph. The assets shown are derived only from discretionary accounts. Non-discretionary accounts, as defined by KCM, are accounts that are not included in the composite due to one or both of the following criteria: there were significant cash inflows or outflows within the account and/or the account's asset level did not meet the minimum requirement to remain in the composite. The temporary removal of such an account occurs at the beginning of the month and the account re-enters the composite the month after the criteria has been met.

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