Portfolio Characteristics as of 4/30/08*
| Stephens Small Cap Growth Fund | |
| Number of Holdings | 121* |
| Median Market Cap ($MM) | $1,097 |
| Median Forward 12 Month P/E | 19.7x |
| Median Forward 12 Month EPS Growth | 20.5% |
| Most Recent Quarter EPS Growth YOY | 24% |
| Beta vs. Russell 2000® Growth Index | 0.92 |
| Beta vs. S&P 500 Index | 1.14 |
| Net Assets | $45,031,165 |
Sector Weightings*
| Stephens Small Cap Growth Fund | |
| Cash | 3.87% |
| Consumer Discretionary | 15.41% |
| Consumer Staples | 2.34% |
| Energy | 11.23% |
| Financials | 3.96% |
| Health Care | 19.37% |
| Industrials | 10.20% |
| Information Technology | 32.93% |
| Materials | 0.69% |
| Telecommunication Services | 0.00% |
Top Ten Holdings*
| Stephens Small Cap Growth Fund | |
| CyberSource Corp. | 2.51% |
| Core Laboratories N.V. | 1.95% |
| ICON PLC | 1.73% |
| Nuvasive Inc. | 1.67% |
| Vocus Inc. | 1.61% |
| MICROS Systems Inc. | 1.50% |
| Phase Forward Inc. | 1.45% |
| Ansys Inc. | 1.42% |
| Gen-Probe Inc. | 1.37% |
| FLIR Systems Inc. | 1.34% |
*Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security. Excludes money market fund holdings.
Performance Attribution
Stephens Small Cap Growth Fund vs. Russell 2000® Growth Index
4/1/2008 to 4/30/2008
U.S. Dollar
Top & Bottom Five Contributors to Performance as of 4/30/2008
Complete Fund Holdings as of 3/31/2008
P/E: The Price to Earnings (P/E) Ratio reflects the multiple of earnings at which a stock sells.
EPS: Earnings per share (EPS) is calculated by taking the total earnings divided by the number of shares outstanding by the price per share.
Beta: A statistic that measures the volatility of the Fund, as compared to that of the overall market. The market's beta is set at 1.00; a beta higher than 1.00 is considered to be more volatile than the market, while a beta lower than 1.00 is considered to be less volatile.
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 S&P 500 Index is an unmanaged index of 500 widely held common stocks representing, among others, industrial, utility and transportation companies listed or traded on national exchanges or over-the-counter markets.
Stephens Investment Management Group, LLC
3700 Buffalo Speedway | Suite 900 | Houston, TX 77098 | 866-735-7464