* *Results shown for the year 2005 represent partial period performance from February 1, 2005 through December 31, 2005. 
* Strategy Assets are shown as supplemental information and includes non-discretionary UMA assets managed within the SMID Strategy.
N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.

Small and Mid Cap Core Growth Separate Account Composite contains fully discretionary accounts invested primarily in small cap and mid-cap common stock of U.S. companies. Securities purchased for this composite generally have market capitalizations at the time of purchase of $12.5 billion and below which appear to have clear indicators of future earnings growth or that appear to demonstrate other potential for growth of capital.  Securities purchased for this composite are predominantly those categorized by SIMG as  core growth securities which are securitites SIMG perceives to be high quality, well managed businesses that have the potential for consistent, predictable revenue and earnings growth.  In addition to common stock the composite may also purchase convertible and preferred stock as well as certain Exchange Traded Funds.  This composite is actively managed and securities in the composite are frequently purchased and sold by the manager. For comparison purposes the composite is measured against the Russell 2500® Growth Index. Prior to September 1, 2011, this composite was known as the Small/Mid Cap Growth Separate Account Composite.

Stephens Investment Management Group, LLC has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Stephens Investment Management Group, LLC is a registered investment advisor specializing in equity investment management, specifically small and mid-capitalization growth companies. The firm maintains a complete list and description of composites, which is available upon request.

Results are based on fully discretionary accounts under management, including those accounts no longer with the firm. Past performance is not indicative of future results.

The U.S. Dollar is the currency used to express performance. Returns are presented gross and net of management fees and include the reinvestment of all income. Net of fee performance is calculated using actual fees incurred. ¹Pure gross returns are shown as supplemental information and are stated gross of all fees and transaction costs; net returns are reduced by all fees and transaction costs incurred. In addition to a management fee, the accounts pay an all-inclusive fee based on a percentage of assets under management. Other than brokerage commissions, this fee includes advisory, custody, execution and other services provided in connection with the program. Bundled fee accounts make up 100% of the composite for all periods shown. Additional information regarding policies for calculating and reporting returns is available upon request.

The bundled fee schedule begins at 2.75% of assets under management. Actual investment advisory fees incurred by clients may vary.

The Small and Mid Cap Core Growth Separate Account Composite was created December 1, 2005. Performance for the period prior to December 1, 2005 occurred while the Portfolio Management Team provided services on behalf of the prior firm, Stephens Inc., and the Portfolio Management Team members were the only individuals responsible for selecting the securities to buy and sell. Compliance with GIPS has been verified firm-wide by Ashland Partners & Company LLP from December 1, 2005 through September 30, 2011. In addition, a performance examination was conducted on the Small/Mid Cap Growth Separate Account Composite beginning February 1, 2005. A copy of the verification report is available upon request.

Beginning September 30, 2007, composite policy requires the temporary removal of any account from the composite which incurs a client initiated significant cash inflow or outflow of 10% or more of the value of the net assets of the account in any 30 day period. The temporary removal of such an account occurs at the beginning of the month in which the significant cash flow occurs and the account re-enters the composite at the beginning of the month after the cash flow. Additional information regarding the treatment of significant cash flows is available upon request.

The annual composite dispersion is an asset-weighted standard deviation calculated for the accounts in the composite the entire year.

To receive a complete listing and description of all firm composites click here: contactsimg

You should consider the investment objectives, risks, charges and expenses carefully before investing. Neither Stephens Inc., SIMG nor their representative provide legal or tax advice. Please consult your tax advisor before making any decisions.

 The Russell 2500® Growth Index measures the performance of those Russell 2500® companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.