Overview Stephens Investment Management Group, LLC ("SIMG") is an Arkansas limited liability company which was established in June 2005 and began providing investment advisory services in December 2005. We became registered with the Securities and Exchange Commission on September 2, 2005. Who Are Our Owners Our Firm is a wholly owned subsidiary of Stephens Investments Holdings LLC, which is a privately held company owned by the Warren A. Stephens Trust which is controlled by Warren A. Stephens. Certain key employees of SIMG are beneficiaries of an incentive plan and owners of “phantom shares” which entitles them to receive a percentage of the net profits of SIMG, but these key employees have no ownership interest in the voting shares of SIMG. Most of the beneficiaries of the incentive compensation plan previously owned non-voting B units of SIMG. These were repurchased and replaced by the current incentive plan and “phantom shares” in 2019. SIMG operates from two geographic locations—Houston, Texas and Little Rock, Arkansas. Investment management, trading, marketing, client service, and certain compliance and operations functions are located in Houston, Texas. Operations, administration, compliance and legal functions and additional client service functions are located in Little Rock, Arkansas. Our investment team initially joined Stephens Inc. in September 2004 and provided investment advice through Stephens Inc. through the end of November 2005. Advisory services began to be offered through SIMG in December 2005. Our Assets Under Management As of December 31, 2023, total assets managed and advised by SIMG were approximately $7.15 billion, with approximately $6.99 billion managed on a discretionary basis and approximately $159 million advised on a non-discretionary basis. The Types of Investment Advisory Services We Provide We provide investment advisory services to institutions, high net worth and other individuals, pension plans, foundations, corporations and other business entities, mutual funds and other types of clients. Our investment focus is on U.S. equity securities, although fixed income securities, mutual funds, exchange-traded securities, ADRs and other types of securities could be purchased for client accounts from time to time. We are a long only manager, and we do not generally use margin. SIMG manages client assets under seven distinct investment management strategies described below. Although we do not tailor a customized investment program for the unique financial circumstances and objectives of a particular client, clients can impose reasonable investment restrictions on securities that would otherwise be traded in the strategy they select such as restrictions on investing in particular securities or types of securities and restrictions on investing in particular industries. Our Separately Managed Account Advisory Programs We offer investment management on a discretionary basis through separately managed accounts in the following seven strategies:
• Small Cap Growth Our Small Cap Growth Strategy seeks long term growth of capital by investing primarily in small cap securities of U.S. companies which appear to us to have clear indicators of future earnings growth or appear to demonstrate other potential for growth. The applicable benchmark for this strategy is the Russell 2000® Growth Index. Our Small Cap Growth Strategy is available as a separately managed account advised by SIMG. • Mid Cap Growth Our Mid Cap Growth Strategy seeks long term growth of capital by investing primarily in mid cap securities of U.S. companies which appear to us to have clear indicators of future earnings growth or appear to demonstrate other potential for growth The applicable benchmark for this strategy is the Russell Midcap® Growth Index. Our Mid Cap Growth Strategy is available as a separately managed account advised by SIMG and in model programs offered through various affiliated and unaffiliated investment advisers. It is also available in wrap fee programs sponsored by various advisers. • Small and Mid Cap Core Growth (“SMID Core Growth”) Our Small and Mid Cap Core Growth Strategy is a diversified strategy which seeks long term growth of capital by investing primarily in small cap and mid- cap securities of U.S. companies which appear to us to have clear indicators of future earnings growth or appear to demonstrate other potential for growth of capital. The applicable benchmark for this strategy is the Russell 2500® Growth Index. Securities purchased for this strategy are predominantly securities of companies we perceive to be high quality, well managed businesses that have the potential for consistent, predictable revenue and earnings growth. Our SMID Core Growth Strategy is available as a separately managed account advised by SIMG, in a wrap fee program sponsored by Stephens Inc. for which SIMG acts as sub-adviser and in model programs offered through various affiliated and unaffiliated investment advisers.  Small and Mid Cap Select Growth (“SMID Select Growth”) Our Small and Mid Cap Select Growth Strategy is a diversified strategy which seeks long term growth of capital by investing primarily in small cap and mid- cap securities of U.S. companies which appear to us to have clear indicators of future earnings growth or appear to demonstrate other potential for growth of capital. The applicable benchmark for this strategy is the Russell 2500® Growth Index. Securities purchased for this strategy are predominantly those perceived by us to have a significant positive business catalyst that may translate into accelerated earnings growth in the short term or long term. Our SMID Select Growth Strategy is available as a separately managed account advised by SIMG. • Leaders and Innovators The Stephens Leaders and Innovators Strategy is a diversified all-cap growth Strategy which seeks to invest in domestic companies, but can include international companies that we consider to be leaders and/or innovators in a particular industry and provides the opportunity to capitalize on the success of these companies. For comparison purposes this strategy is measured against the Russell 3000® Growth Index. Our Leaders and Innovators Strategy is available as a separately managed account advised by SIMG and in a model program through Stephens Inc., an affiliated investment adviser. • SMID Hybrid Growth The SMID Hybrid Growth Strategy invests primarily in small cap and mid-cap common stock of U.S. companies which appear to have near term catalysts for growth in addition to a consistent long term growth potential. This strategy is actively managed, and securities are frequently purchased and sold. For comparison purposes the composite is measured against the Russell 2500® Growth Index. Our SMID Hybrid Growth Strategy (previously known as the Hybrid Growth Strategy) is available as a separately managed account advised by SIMG.
• Artificial Intelligence and Automation Our Artificial Intelligence and Automation Strategy invests primarily in securities of growth companies which provide artificial intelligence or automation technology, products, or services, or which sell technology, products, or services which enable the creation or delivery of artificial intelligence or automation solutions, or which are leveraging artificial intelligence or automation to enhance, improve, or grow their existing businesses. The portfolio is comprised largely of equity securities of US issuers, but can contain investments in a significant number of non-US issuers and non- equity investments. For comparison purposes the composite is measured against the Russell 3000® Growth Index. Since construction of this portfolio is focused on artificial intelligence and automation technology, its industry and sector exposure can vary greatly from that of the Russell 3000® Growth Index and we expect significant variances in returns. Our Artificial Intelligence and Automation Strategy is available as a separately managed account advised by SIMG and in a model program through Stephens Inc., an affiliated investment adviser. Investing in small cap and mid cap issuers involves greater risk than investing in more established companies and investors should only invest a portion of their total portfolio in these securities. Our separate account business represents approximately 28% of the assets we advise as of December 31, 2023. In separately managed accounts we advise, we have the discretionary authority to determine the securities, and the amount of securities, to be bought and sold for our clients without obtaining specific client consent. The discretionary authority regarding investments may, however, be subject to certain restrictions and limitations placed by the client on transactions in certain types of securities or industries. Any such limitations are to be agreed upon in advance with each client. Mutual Funds We Sub-Advise We sub-advise the American Beacon Stephens Small Cap Growth Fund and the American Beacon Stephens Mid-Cap Growth Fund. These funds use the same respective investment models that our advised separate accounts use for the Small Cap Growth Strategy and the Mid Cap Growth

Strategy. Additionally we serve as one of the investment advisers to the following multi-manager mutual funds using our SMID Select Growth Strategy or Small Cap Growth Strategy:  Vanguard Explorer™ Fund;  Bridge Builder Small/Mid Cap Growth Fund; and  First Trust Multi-Manager Small Cap Opportunities ETF. SIMG’s Small Cap Growth and Mid Cap Growth Strategies are available to eligible investors through investments in collective investment trusts. Mutual fund assets represent approximately 72% of our assets under management as of December 31, 2023. Wrap Fee Accounts SIMG serves as a portfolio manager in various wrap fee programs sponsored by its affiliate, Stephens Inc., and by unaffiliated advisers. In these programs, SIMG receives a portion of the wrap fee as its advisory fee. SIMG’s investment advisory fee under these wrap fee or all inclusive fee arrangements may differ from that offered to other clients. The total investment advisory fees charged by the wrap fee program sponsor, a portion of which includes the fee paid to SIMG, can be higher than if SIMG advises the client directly. In evaluating these arrangements, a client should recognize that brokerage commissions or the execution terms of transactions in the client’s account are established by the sponsor and not by SIMG. In these wrap fee arrangements we are retained by the wrap fee program sponsor which, in turn, recommends or selects the advisory services of SIMG to one or more of its clients. Depending on the terms of the particular wrap fee program, we may or may not have investment discretion with regard to a particular program or account. In addition to other indicia of individual ownership, including the right to withdraw, hypothecate, vote, or pledge securities held in the wrap fee client’s account, a wrap fee client has the ability to place reasonable limitations and/or restrictions on the investments in their portfolio. Where restrictions are imposed, we will modify the client’s portfolio investments to comply with these restrictions but the investment performance of the client’s account will likely differ (positively or negatively) from other clients following a similar investment strategy. The minimum account size for wrap fee programs varies from sponsor to sponsor, and a person considering a wrap fee program should review the disclosure document provided by the sponsor of the applicable program for details regarding the operation of the program, its risks, fees, and other charges. In determining the suitability of an investment strategy for a particular wrap fee program client, we rely on the extensive information on the prospective client maintained by the sponsor of the program. This information may come from, among other sources, a personal interview with the client and a written questionnaire completed by the client that seeks to elicit certain financial and other relevant data including the client’s investment objectives, risk tolerances and investment restrictions, if any. Our strategies are not appropriate for all investors, and investors should only invest a portion of their portfolio in these programs. Securities transactions for accounts that are under a wrap or all inclusive fee arrangement are effected “net” (i.e., without commission), and a portion of the wrap or all inclusive fee is generally considered as being in lieu of commissions. Under terms of the programs as established by the wrap fee program sponsor, trades are generally routed only to the broker-dealer sponsor with which the client has entered into the wrap or all inclusive fee arrangement so that SIMG may not be free to seek best price and execution by placing transactions with other broker-dealers. Although generally the best price can be offered for listed transactions, no assurance can be given that such will continue to be the case. Where SIMG is given permission to route orders away from the wrap fee sponsor (“trading away”), clients will incur commission charges, and these commission charges will decrease the net performance of the client’s account. Model-Based Portfolio Programs We provide a number of our current investment model portfolios to various affiliated and unaffiliated investment advisers which offer these models to their clients in advisory programs through Separately Managed Account (SMA) programs or Unified Managed Account (UMA) program structures. In these model-based portfolios, we do not enter into a direct advisory relationship with the clients of the investment advisory firm offering the model portfolios (“Sponsor”), and we provide no administrative, portfolio accounting or account-specific performance reporting services to those clients. Generally, we do not know the identity or any specific information about the advisory firm’s client. The Sponsoring investment advisory firms offering SIMG’s model portfolios are solely responsible for initiating all trading and rebalancing activity recommended by our model(s). SIMG serves as the advisor to the Sponsor of the model- based programs, and we do not have discretion over the accounts at the Sponsor which are following our model portfolio. With UMA structures which incorporate a separate overlay manager, typically SIMG’s agreement is with the overlay manager. In those situations, we serve as adviser to the overlay manager, and it is the overlay manager to which we provide our model portfolio(s). In these model-based programs it is the sole responsibility of each Sponsor to determine the operational aspects of its particular model-based program. Depending on the structure of the Sponsor’s program, and consistent with its fiduciary obligations to its clients, the Sponsor may elect not to implement the model portfolio we provide to it in whole or in part, may choose not to implement changes we make to our model portfolio or may delay the timing of trading for changes we make to our model portfolio. As a result, the investment performance of a particular client will differ from the investment performance of the clients of SIMG that have elected to follow the particular investment strategy. SIMG receives fees from these investment adviser Sponsors for providing our investment model portfolio(s), and our fees are negotiated on a case-by-case basis with each Sponsor. Our fees vary depending upon the specific services we provide. Our fees are based upon a percentage of the amount of assets allocated to the model investment strategy we provide to the investment adviser Sponsor. Our fees are paid by the Sponsor quarterly in advance, but this can differ from program to program. Please refer to the Sponsor’s Form ADV and investment advisory agreement for further information about the operation of the Sponsor’s model-based program. We provide our updated model portfolio(s) to the Sponsor on an agreed upon, periodic basis which varies depending upon the particular terms of the agreement between SIMG and the Sponsor. Our updated model(s) are released to a Sponsor only after we have completed the execution of orders for the separately managed accounts, the wrap fee clients, and the mutual fund clients we advise or sub-advise. As a result, accounts following our model portfolios can receive inferior executions on particular transactions called for in the model changes relative to the clients we advise due to the timing of trading orders and general market conditions. Additionally, accounts following our model portfolio may be positively or negatively impacted if companies included in our model portfolio(s) release important or material information prior to the time trading orders for a particular security have been completed by the Sponsor. As discussed above, Stephens Inc. sponsors the Stephens Small-Mid Cap Core Growth Program which is a wrap fee program that we sub-advise which follows our SMID Core Growth Model. Orders for securities traded in this program are usually directed to Stephens Inc.’s trading desk for execution by Pershing. Stephens Inc. also offers its clients a model-based program known as the Stephens Managed Assets Program (MAP), which follows models of various advisers including SIMG. The Stephens MAP Program currently offers SIMG’s SMID Core Growth model, its Mid Cap Growth model, its Leaders and Innovators model and its Artificial Intelligence and Automation model as investment choices to MAP clients, and models can be added or no longer used by Stephens Inc. at any time. Consistent with our policy on the timing for the release of our models, our updated model portfolios are released to Stephens Inc. after orders have been completed for the managed accounts we advise and after orders have been completed for the Stephens Small-Mid Cap Core Growth Strategy which we advise or sub-advise. Clients interested in a model portfolio program following SIMG’s models through an SMA or a UMA should review the Form ADV and investment advisory agreement of the Sponsor of the SMA or UMA program for information regarding the details of the operation of the Sponsor’s particular SMA or UMA program, including arrangements with respect to fees, the timing of payment of fees and policies regarding fees in the event of termination. Clients who participate in wrap fee programs that direct orders to the program’s sponsor should review the important disclosures under Brokerage Practices in Item 12 below.