0000811030ici:Registrant_item2008-06-230000811030filer:S0000049282008-06-230000811030filer:S0000049292008-06-230000811030filer:C0000133432008-06-230000811030filer:C0000620832008-06-230000811030filer:C0000133442008-06-230000811030filer:C0000620842008-06-230000811030filer:AllInstruments2008-06-230000811030filer:group_C000013343C0000620832008-06-230000811030filer:group_C000013344C0000620842008-06-23pureiso4217:USDStephens Small Cap Growth FundWhat is the Investment Objective of the Fund?The Fund's investment objective is long-term growth of capital.What are the Fund's Principal Investment Strategies?Under normal market conditions, the Small Cap Growth Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of small capitalization companies.Most of the assets of the Fund will be invested in U.S. common stocks the Advisor believes have clear indicators of future earnings growth, or that demonstrate other potential for growth of capital. The Fund may invest in equity securities, including convertible and preferred stock, as well as exchange-traded funds. The Fund may also invest in equity index futures, investment grade, non-convertible debt securities, U.S. government securities, high quality money market instruments and money market funds. In addition, the Fund may invest up to 25% of its net assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and European Depositary Receipts ("EDRs"). In selecting companies for the Fund, the Advisor employs quantitative analysis and fundamental research with a focus on earnings growth.What are the Principal Risks of Investing in the Fund?There is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment:? The stock market declines or stocks in the Fund's portfolio may not increase their earnings at the rate anticipated;? Growth stocks fall out of favor with investors;? Securities of smaller size companies involve greater risk than investing in larger more established companies; and/or? Foreign securities involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of securities markets and less liquidity and more volatility than domestic markets, which may result in delays in settling securities transactions.Who may want to Invest in the Fund?The Fund may be appropriate for investors who:? Are pursuing a long-term goal such as retirement;? Want to add an equity investment with growth potential to their investment portfolio; and? Understand and can bear the risks of investing in smaller size companies.The Fund may not be appropriate for investors who:? Need regular income;? Are pursuing a short-term goal; or? Are unable to bear the volatility and risks inherent in investing in small capitalization stocks.PerformanceThe following performance information indicates some of the risks of investing in the Small Cap Growth Fund. The information below also illustrates how the Small Cap Growth Fund's performance has varied over the last two years and the risks of investing in the Small Cap Growth Fund by showing its highest and lowest quarterly returns. The table below illustrates the Small Cap Growth Fund's Class A Shares total return over time compared with broad-based securities indices. The Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.Stephens Small Cap Growth Fund - Class A Shares*Calendar Year Total Return20060.070120070.1423*Calendar Year Total Returns in the bar chart do not reflect sales charges. If sales charges were included, returns would be lower.highest quarterly return0.1352006-03-31lowest quarterly return-0.07072006-06-30Average Annual Total Returns as of December 31, 20071 YearSince InceptionClass A Shares(1)Return Before Taxes0.08270.0655Return After Taxes on Distributions(2)0.08270.0655Return After Taxes on Distributions
and Sale of Fund Shares(2)(3)0.05380.056Class C Shares(1)Return Before Taxes0.07520.058S&P 500? Index(4)0.05490.0947Russell 2000? Growth Index(5)0.07050.0865(1)Average Annual Total Returns reflect applicable sales charges. Class A Shares commenced operations on December 1, 2005. Class C Shares commenced operations on March 28, 2008. Performance shown prior to the inception of the Class C Shares reflects the performance of the Class A Shares, adjusted to reflect the higher Class C sales charges and expenses.(2)After tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").(3)The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher for certain figures because when a capital loss occurs upon the redemption of Fund shares, a tax deduction is provided that benefits the investor.(4)The Standard & Poor's 500 ("S&P 500?") Index is an unmanaged index generally representative of the market for the stocks of large-sized U.S. companies. The figures above reflect all dividends reinvested, but do not reflect any deductions for fees, expenses or taxes. An investor cannot invest directly in an index.(5)The Russell 2000? Growth Index measures the performance of those Russell 2000? companies with higher price-to-book ratios and higher forecasted growth values, which includes the 2,000 smallest companies by market capitalization within the Russell 3000? Index. The figures above reflect all dividends reinvested but do not reflect any deductions for fees, expenses, or taxes. An investor cannot invest directly in an index.Fees and ExpensesAs an investor, you pay certain fees and expenses if you buy and hold shares of the Fund. The fees and expenses are described in the tables below and are further explained in the example that follows.Shareholder Fees(1)(fees paid directly from your investment)Class A SharesClass C SharesMaximum sales charge (load) imposed on purchases
(as a percentage of offering price)0.05250.0000Maximum deferred sales charge (load)
(as a percentage of original purchase price or redemption proceeds, whichever is less)0.0000(2)0.0100(3)Redemption Fee(4)-0.0200-0.0200Annual Fund Operating Expenses(expenses that are deducted from Fund assets)Management Fees0.00750.0075Distribution (12b-1) Fees0.00250.0100Other Expenses(5)0.00680.0068Total Annual Fund Operating Expenses0.01680.0243Less: Expense Reimbursement or Reduction-0.0018-0.0018Net Annual Fund Operating Expenses(6)0.01500.0225ExampleThis example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that dividends and distributions are reinvested, and that the Fund's operating expenses remain the same. The example reflects the expense limitation agreement for the first year only within each of the years shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:You would pay the following expenses if you redeemed your shares at the end of the period:One YearThree YearsFive YearsTen YearsClass A Shares670101013742393One YearThree YearsFive YearsTen YearsClass C Shares32874012792753You would pay the following expenses if you did not redeem your shares at the end of the period:One YearThree YearsFive YearsTen YearsClass C Shares22874012792753(1)You will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund's transfer agent.(2)A contingent deferred sales charge of 0.50% will be imposed on Class A shares redeemed within one year of purchase by investors who have taken advantage of the sales charge waiver allowed for investments of $1 million or more, as described later in this Prospectus.(3)A contingent deferred sales charge of 1.00% will be imposed on Class C Shares redeemed within one year of purchase.(4)The Fund charges shareholders a redemption fee of 2.00% on shares held for less than 60 days. As of May 27, 2008, the Fund's redemption and exchange holding period will be reduced from 60 to 30 days. This fee will not be imposed on certain types of accounts or under certain conditions. Please see the "Redemption Fees" section of this Prospectus for a list of the types of accounts and conditions under which this fee will not be assessed. The fee is payable to the Fund and is intended to benefit the remaining shareholders by reducing the costs of short-term trading.(5)Other expenses include interest, custodian, transfer agency and other customary Fund expenses. Other expenses also include expenses incurred by the Fund as a result of its investment in any money market fund or other investment company. These expenses associated with the Fund's investment in other investment companies are referred to as "Acquired Fund Fees and Expenses." For the fiscal year ended November 30, 2007, the Fund incurred Acquired Fund Fees and Expenses totaling less than 0.01% of the Fund's average daily net assets. As the Class C shares had not commenced operations prior to the date of this Prospectus, other expenses for the Class C Shares are estimated.(6)The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest, taxes and extraordinary expenses) in order to limit Net Annual Operating Expenses for the Fund to 1.50% and 2.25% for Class A Shares and Class C Shares, respectively, of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect for at least the one year period shown in the Example above and may continue for an indefinite period thereafter as determined by the Trust's Board of Trustees (the "Board"). The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. Any such reimbursement is subject to Board review and approval. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap.Stephens Mid Cap Growth FundWhat is the Investment Objective of the Fund?The Fund's investment objective is long-term growth of capital.What are the Fund's Principal Investment Strategies?Under normal market conditions, the Mid Cap Growth Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of medium capitalization companies.Most of the assets of the Fund will be invested in U.S. common stocks the Advisor believes have clear indicators of future earnings growth, or that demonstrate other potential for growth of capital. The Fund may invest in equity securities, including convertible and preferred stock, as well as exchange-traded funds. The Fund may also invest in equity index futures, investment grade, non-convertible debt securities, U.S. government securities, high quality money market instruments and money market funds. In addition, the Fund may invest up to 25% of its net assets in the securities of foreign issuers, including American Depositary Receipts ("ADRs") and European Depositary Receipts ("EDRs"). In selecting companies for the Fund, the Advisor employs quantitative analysis and fundamental research with a focus on earnings growth.What are the Principal Risks of Investing in the Fund?There is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment:? The stock market declines or stocks in the Fund's portfolio may not increase their earnings at the rate anticipated;? Growth stocks fall out of favor with investors;? Securities of medium size companies involve greater risk than investing in larger more established companies; and/or? Foreign securities involve additional risks, including currency-rate fluctuations, political and economic instability, differences in financial reporting standards, less-strict regulation of securities markets and less liquidity and more volatility than domestic markets, which may result in delays in settling securities transactions.Who may want to Invest in the Fund?The Fund may be appropriate for investors who:? Are pursuing a long-term goal such as retirement;? Want to add an equity investment with growth potential to their investment portfolio; and? Understand and can bear the risks of investing in medium size companies.The Fund may not be appropriate for investors who:? Need regular income;? Are pursuing a short-term goal; or? Are unable to bear the volatility and risks inherent in investing in medium capitalization stocks.PerformanceThe following performance information indicates some of the risks of investing in the Mid Cap Growth Fund. The information below also illustrates the risks of investing in the Mid Cap Growth Fund by showing its highest and lowest quarterly returns. The table below illustrates the Mid Cap Growth Fund's Class A Shares total return over time compared with broad-based securities indices. The Mid Cap Growth Fund's past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.Stephens Mid Cap Growth Fund ? Class A Shares*Calendar Year Total Return20070.2444*Calendar Year Total Returns in the bar chart do not reflect sales charges. If sales charges were included, returns would be lower.highest quarterly return0.08462007-06-30lowest quarterly return-0.06992006-06-30Average Annual Total Returns as of December 31, 20071 YearSince Inception
(2/01/2006)Class A Shares(1)Return Before Taxes0.17930.0776Return After Taxes on Distributions(2)0.17930.0776Return After Taxes on Distributions
and Sale of Fund Shares(2)(3)0.11650.0663Class C Shares(1)Return Before Taxes0.17180.0701S&P 500? Index(4)0.05490.0941Russell Midcap? Growth Index(5)0.11430.0816(1)Average Annual Total Returns reflect applicable sales charges. Class A Shares commenced operations on February 1, 2006. Class C Shares commenced operations on March 28, 2008. Performance shown prior to the inception of the Class C Shares reflects the performance of the Class A Shares, adjusted to reflect the higher Class C sales charges and expenses.(2)After tax returns are calculated using the historical highest individual federal marginal income tax rates and does not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").(3)The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher for certain figures because when a capital loss occurs upon the redemption of Fund shares, a tax deduction is provided that benefits the investor.(4)The Standard & Poor's 500 ("S&P 500?") Index is an unmanaged index generally representative of the market for the stocks of large-sized U.S. companies. The figures above reflect all dividends reinvested, but do not reflect any deductions for fees, expenses or taxes. An investor cannot invest directly in an index.(5)The Russell Midcap? Growth Index is an unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000? index, which represents approximately 30 percent of the total market capitalization of the Russell 1000? Index. An investor cannot invest directly in an index.Fees and ExpensesAs an investor, you pay certain fees and expenses if you buy and hold shares of the Fund. The fees and expenses are described in the tables below and are further explained in the example that follows.Shareholder Fees(1)(fees paid directly from your investment)Class A SharesClass C SharesMaximum sales charge (load) imposed on purchases
(as a percentage of offering price)0.05250.0000Maximum deferred sales charge (load)
(as a percentage of original purchase price or redemption proceeds, whichever is less)0.0000(2)0.0100(3)Redemption Fee(4)-0.0200-0.0200Annual Fund Operating Expenses
(expenses that are deducted from Fund assets)Management Fees0.00750.0075Distribution (12b-1) Fees0.00250.0100Other Expenses(5)0.02140.0214Total Annual Fund Operating Expenses0.03140.0389Less: Expense Reimbursement or Reduction-0.0164-0.0164Net Annual Fund Operating Expenses(6)0.01500.0225ExampleThis example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated. The example also assumes that your investment has a 5% return each year, that dividends and distributions are reinvested, and that the Fund's operating expenses remain the same. The example reflects the expense limitation agreement for the first year only within each of the years shown below. Although your actual costs may be higher or lower, based on these assumptions your costs would be:You would pay the following expenses if you redeemed your shares at the end of the period:One YearThree YearsFive YearsTen YearsClass A Shares670129719483684One YearThree YearsFive YearsTen YearsClass C Shares328103618634010You would pay the following expenses if you did not redeem your shares at the end of the period:One YearThree YearsFive YearsTen YearsClass C Shares228103618634010(1)You will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, the Fund's transfer agent.(2)A contingent deferred sales charge of 0.50% will be imposed on Class A shares redeemed within one year of purchase by investors who have taken advantage of the sales charge waiver allowed for investments of $1 million or more, as described later in this Prospectus.(3)A contingent deferred sales charge of 1.00% will be imposed on Class C Shares redeemed within one year of purchase.(4)The Fund charges shareholders a redemption fee of 2.00% on shares held for less than 60 days. As of May 27, 2008, the Fund's redemption and exchange holding period will be reduced from 60 to 30 days. This fee will not be imposed on certain types of accounts or under certain conditions. Please see the "Redemption Fees" section of this Prospectus for a list of the types of accounts and conditions under which this fee will not be assessed. The fee is payable to the Fund and is intended to benefit the remaining shareholders by reducing the costs of short-term trading.(5)Other expenses include interest, custodian, transfer agency and other customary Fund expenses. Other expenses also include expenses incurred by the Fund as a result of its investment in any money market fund or other investment company. These expenses associated with the Fund's investment in other investment companies are referred to as "Acquired Fund Fees and Expenses". For the fiscal year ended November 30, 2007, the Fund incurred Acquired Fund Fees and Expenses totaling less than 0.01% of the Fund's average daily net assets. As the Class C shares had not commenced operations prior to the date of this Prospectus, other expenses for the Class C Shares are estimated.(6)The Advisor has contractually agreed to reduce its fees and/or pay Fund expenses (excluding the expenses associated with the Fund's investment in other investment companies referred to as "Acquired Fund Fees and Expenses," interest, taxes and extraordinary expenses) in order to limit Net Annual Operating Expenses for the Fund to 1.50% and 2.25% for Class A Shares and Class C Shares, respectively, of the Fund's average net assets (the "Expense Cap"). The Expense Cap will remain in effect for at least the one year period shown in the Example above and may continue for an indefinite period thereafter as determined by the Board. The Advisor is permitted to be reimbursed for fee reductions and/or expense payments made in the prior three fiscal years. Any such reimbursement is subject to Board review and approval. A reimbursement may be requested by the Advisor if the aggregate amount actually paid by the Fund toward operating expenses for such fiscal year (taking into account any reimbursement) does not exceed the Expense Cap.2008-06-232008-06-23The purpose of submitting the XBRL-formatted information is to test the related format and technology and, as a result, investors should not rely on this information in making investment decisions.