Stephens Investment Management Group


Fund	Performance				Avg Annual		Since Inception		Expense Ratio
Fund	YTD (6/30/2010)	YTD (7/30/2010)	1 Month	3 Months	1 Year	3 Years	Annualized	Cumulative	Net	Gross

Stephens Small Cap Growth Fund - Class A (STSGX) Inception 12/1/2005
Load	-2.32%	-3.00%	-11.70%	-1.27%	23.59%	-6.25%	-0.94%	-4.17%	1.35%	1.55%

No Load	3.06%	2.34%	-6.82%	4.23%	30.45%	-4.56%	0.24%	1.10%	1.35%	1.55%

Stephens Small Cap Growth Fund - Class I (STSIX) Inception 8/31/2006

	3.26%	2.57%	-6.79%	4.40%	30.83%	-4.32%	1.16%	4.40%	1.10%	1.30%

Russell 2000 Growth Total Return Inception 12/1/2005
	4.72%	3.93%	-6.61%	5.04%	30.54%	-5.55%	0.63%	2.86%	N/A	N/A

Stephens Mid Cap Growth Fund - Class A (STMGX) Inception 2/1/2006
Load	-0.20%	-0.61%	-10.89%	-1.42%	24.39%	-6.01%	-1.83%	-7.68%	1.50%	2.78%

No Load	5.30%	4.86%	-5.98%	4.06%	31.27%	-4.29%	-0.61%	-2.60%	1.50%	2.78%

Stephens Mid Cap Growth Fund - Class I (SFMIX) Inception 8/31/2006

	5.40%	5.10%	-5.95%	4.07%	31.62%	-4.05%	1.92%	7.40%	1.25%	2.53%

Russell Midcap Growth Total Return Inception 2/1/2006
	3.26%	3.01%	-6.86%	2.46%	30.14%	-6.03%	-0.53%	-2.28%	N/A	N/A

Quarterly Performance as of 6/30/2010 :


Fund	Performance			Avg Annual		Since Inception		Expense Ratio
Fund	YTD (6/30/2010)	1 Month	3 Months	1 Year	3 Years	Annualized	Cumulative	Net	Gross

Stephens Small Cap Growth Fund - Class A (STSGX) Inception 12/1/2005
Load	-5.99%	-8.81%	-11.30%	11.97%	-7.67%	-1.75%	-7.77%	1.35%	1.55%

No Load	-0.82%	-3.76%	-6.35%	18.23%	-5.99%	-0.60%	-2.70%	1.35%	1.55%

Stephens Small Cap Growth Fund - Class I (STSIX) Inception 8/31/2006

	-0.69%	-3.83%	-6.34%	18.40%	-5.77%	0.10%	0.40%	1.10%	1.30%

Russell 2000 Growth Total Return Inception 12/1/2005
	-2.31%	-6.71%	-9.22%	17.96%	-7.54%	-0.90%	-4.05%	N/A	N/A

Stephens Mid Cap Growth Fund - Class A (STMGX) Inception 2/1/2006
Load	-4.20%	-9.05%	-11.63%	18.50%	-7.39%	-2.70%	-11.37%	1.50%	2.78%

No Load	1.08%	-4.00%	-6.69%	25.00%	-5.70%	-1.51%	-6.50%	1.50%	2.78%

Stephens Mid Cap Growth Fund - Class I (SFMIX) Inception 8/31/2006

	1.28%	-3.91%	-6.61%	25.39%	-5.45%	0.83%	3.20%	1.25%	2.53%

Russell Midcap Growth Total Return Inception 2/1/2006
	-3.31%	-6.36%	-10.20%	21.30%	-7.53%	-1.99%	-8.50%	N/A	N/A

Performance data quoted represents past performance; past performance does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. The Fund imposes a 2.00% redemption fee on shares held for less than 30 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced. Performance data shown without load is that of the A Share and does not reflect the deduction of the sales load or fee. If reflected, the load or fee would reduce the performance quoted. Performance data shown with the load reflects the Class A maximum sales charge of 5.25%.

The Investment Advisor has contractually agreed to reduce its fees of the Fund to ensure the total amount of Fund normal operating expenses does not exceed 1.50% (for Class A Shares) and 1.25% (for Class I Shares) of the Fund's average daily net assets. The Expense Cap will remain in effect through March 28, 2009 and may continue for an indefinite period thereafter. Investment performance reflects fee waivers. In the absence of such waivers, total return would be reduced.

Investing in small- and mid-cap companies involves greater risk and potential reward than investing in more established companies, including business risk, significant stock price fluctuations and illiquidity. Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods.

The Board of Trustees of Professionally Managed Portfolios, on advice of Stephens Investment Management Group, LLC (the "Advisor"), voted to close Class C Shares of the Funds; it is expected that Class C shares of the Funds will be converting into Class A shares on or about November 20, 2009. Prior to the conversion, shareholders of Class C shares of the Funds may redeem their investments as described in the Funds' Prospectus. The Advisor will waive the 1.00% CDSC for any shares redeemed within one year of purchase. If shares are not redeemed prior to the conversion, each shareholder owning Class C shares of the Funds will own Class A shares of the same Fund equal to the aggregate value of their Class C shares. Please see the Prospectus for more information about the fees and expenses associated with Class A shares. If you have any questions regarding operational and trading issues, please contact the Transfer Agent at (800) 236-4424.

The Russell 2000® Growth Index measures the performance of those Russell 2000® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000® Index and Russell 2000® Growth Index are trademarks/service marks of the Frank Russell Company. The Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell Midcap® Growth Index is a trademark/service mark of the Frank Russell. The S&P 500® Index is an unmanaged index of 500 widely held common stocks representing, among others, industrial, financial, utility and transportation companies listed or traded on national exchanges or over-the-counter markets. You cannot invest directly in an index.

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