This information was updated November 30, 2011.

• The SMID Cap Growth product is benchmarked to the Russell 2500™ Growth Index.
• The SMID Cap Growth investment process targets a specific inefficiency - positive earnings surprise.
• The SMID Cap Growth strategy's process generally includes:
• Identifying companies generating positive earning surprises
• Finding a catalyst for multiple earning surprises
• Validating cash flows for persistent positive surprises
• Portfolios are actively managed using a bottom-up investment approach, and the Portfolio Manager does not attempt to time the markets.
• Portfolios are typically fully invested at all times, generally holding less than 10% cash.
• Our approach seeks to minimize risk through diversification. Portfolios generally hold between 40 to 80 stocks, with no one stock typically exceeding 5% of a total portfolio.

The objective of the SMID Cap Growth product is to consistently outperform the Russell 2500™ Growth Index over a rolling 36-month period with lower than benchmark downside capture. Portfolios are comprised of small and mid cap companies. The manager selects companies that he believes can generate sustainable positive earning surprises and seeks to identify companies where the forecasts from our independent, fundamental analysts project cash flows greater than those implied by the equity market. These companies typically exhibit sales growth rates faster than peer companies.

Joseph G. Kinnison

Joseph G. Kinnison, CFA, a Vice President, is the Portfolio Manager of the Small Cap Growth, SMID 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, Investments, and Banking, and Joe graduated magna cum laude from Rockhurst College with a BSBA degree in Economics and Finance.

Annualized Returns as of 9/30/11

Kennedy Capital Management, Inc. has been independently verified for the periods January 1, 2004 – December 31, 2010. A copy of the verification report(s) is/are available upon request.

Verification assess whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

The Global Investment Performance Standards (GIPS®) are a set of standardized, industry-wide ethical principles that provide investment firms with guidance on calculating and reporting their investment results to prospective clients to ensure fair representation and full disclosure of an investment firm's performance history.

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 Form ADV Part 2A and other expenses incurred by the account. For example, an annual advisory fee of .90% compounded quarterly over 3 years will reduce a gross 28.92% annual return to a net 28.1% annual return. Form ADV Part 2A is available upon request. Past performance is not indicative of future results.

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 2500™ Growth Index measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500™ Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2500™ Growth Index is constructed to provide a comprehensive and unbiased barometer of the small to mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small to mid-cap opportunity set and that the represented companies continue to reflect growth characteristics.

The Russell 2500™ Growth 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 Independent Verifier’s Report does not cover the benchmark returns included in the Annual Disclosure Presentation.

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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