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STEPHENS FUNDS^®

Welcome to the STEPHENS FUNDS website.

We are pleased to announce that the Board of Trustees of Professionally Managed Portfolios has approved a plan of reorganization whereby the Stephens Small Cap Growth Fund and Stephens Mid Cap Growth Fund will reorganize into the American Beacon Family of Funds. The new fund names will be the American Beacon Stephens Small Cap Growth Fund and the American Beacon Stephens Mid Cap Growth Fund. The new Funds are designed to be substantially similar from an investment perspective as their predecessors. Stephens Investment Management Group, LLC (“SIMG”), will continue to manage the day-to-day portfolio as the sub-adviser to the American Beacon Funds. By engaging SIMG as a sub-adviser, American Beacon Advisers will be able to provide shareholders continuity of the portfolio management team that has been responsible for the Stephens Funds’ performance records since the inception of each of the Funds. The portfolio managers of SIMG who are primarily responsible for the day-to-day portfolio management of each of the Stephens Funds will remain the same.

The reorganization of the Funds took effect on February 24, 2012. At that time, the Class A and Class I shares of the Stephens Funds were exchanged, on a tax-free basis, for Investor Class shares and Institutional Class shares, respectively, of the applicable American Beacon Fund with the same aggregate value.

If you have any questions or comments please do not hesitate to contact an American Beacon Client Services Representative during regular business hours at (800) 658-5811, option 1. You can also learn more about the reorganization on American Beacon’s website at www.americanbeaconfunds.com.

We appreciate your continued interest in the American Beacon Stephens Funds.

THE POWER OF GROWTH^® We believe that our combination of core growth and catalyst growth stocks position the portfolio for varying market conditions. (Self-correcting mechanism) We believe small and mid-cap markets are inefficient and contain the fastest growing stocks. We believe that earnings growth drives stock performance. We believe that every investment must be supported by a discrete investment thesis.

Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of the Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

Mutual fund investing involves risk; principal loss is possible. The Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility than large companies. The funds may also invest in foreign securities which involve political, economic and currency risks, greater volatility and differences in accounting methods.