9AT: STEPHENS - Summary

STEPHENS

STEPHENS

PROFESSIONAL WEALTH MANAGEMENT PROGRAM

STEPHENSCHOICE

STEPHENS, INC.

STEPHENS UNIFIED MANAGED ACCOUNT

STEPHENS SPECTRUM 401K

STEPHENS SMALL-MID CAP GROWTH PROGRAM

STEPHENS SMALL CAP GROWTH PROGRAM

STEPHENS RETIREMENT SOLUTIONS PROGRAM

STEPHENS RETIREMENT ACCESS

STEPHENS REAL RETURN STRATEGY

STEPHENS MANAGED ASSETS PROGRAM

STEPHENS INC. EQUITY RESEARCH SERVICES PROGRAM

STEPHENS INC.

STEPHENS FIXED INCOME MANAGEMENT

STEPHENS ETF SPECTRUM 401K

STEPHENS EQUITY FOCUSED STRATEGY

STEPHENS CAPITAL MANGEMENT - HEALTH MANAGEMENT TRUST

STEPHENS CAPITAL MANAGEMENT NON-DISCRETIONARY

STEPHENS CAPITAL MANAGEMENT FIXED INCOME STRATEGY

STEPHENS CAPITAL MANAGEMENT CASH MANAGEMENT TRUST PROGRAM

STEPHENS CAPITAL MANAGEMENT ASSET ALLOCATION AND ADVISORY SERVICES

STEPHENS CAPITAL MANAGEMENT - PENSION MANAGEMENT TRUST PROGRAM

STEPHENS CAPITAL MANAGEMENT

STEPHENS BROKERAGE SERVICES INC.

STEPHENS ASSET MAXIMIZER PROGRAM

STEPHENS ALLOCATION STRATIGIES PROGRAM

STEPHENS ADVISOR NON-DISCRETIONARY PROGRAM

STEPHENS SPECTRUM PROGRAM

Adviser Profile

As of Date	08/11/2026
Registration	SEC, Approved, 09/19/1980
ADV Location	LITTLE ROCK, AR, United States
Contact Info	501 xxxxxxx
Websites

AUM^*	18,044,844,233 16%
of that, discretionary	13,826,378,185 17%
Number of Employees	611 -2%
of those in investment advisory functions	247 0%
Private Fund GAV^*	0
Avg Account Size	820,556 14%
% High Net Worth	14.04% 14%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Banking or thrift institutions
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Corporations or other businesses not listed above
- Other

Advisory Activities

- Financial planning services
- Portfolio management for individuals and/or small businesses
- Portfolio management for businesses
- Pension consulting services
- Selection of other advisers
- Publication of periodicals or newsletters
- Educational seminars/workshops

Compensation Arrangments

- A percentage of assets under your management
- Hourly charges
- Fixed fees (other than subscription fees)
- Commissions
- Performance-based fees

Reported AUM

14B 12B 10B 8B 6B 4B 2B

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Discretionary

Non-discretionary

Private Funds

No private funds

Employees

Form ADV-E Surprise Examination Reports

Accounting Firm Name	Filing Date	Form ADV-E
Accounting Firm Name DELOITTE & TOUCHE LLP	Filing Date02/17/2026	Form ADV-E View Report
Accounting Firm Name DELOITTE & TOUCHE LLP	Filing Date01/22/2025	Form ADV-E View Report
Accounting Firm Name DELOITTE & TOUCHE LLP	Filing Date02/07/2024	Form ADV-E View Report

Top Holdings

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker037833100	Stock NameAPPLE INC	$ Position$242,134,123	% Position3.00%	$ Change16.00%	# Change2.00%
Stck Ticker922908769	Stock NameVANGUARD INDEX FDS	$ Position$243,984,427	% Position3.00%	$ Change16.00%	# Change0.00%
Stck Ticker11135F101	Stock NameBROADCOM INC	$ Position$150,806,020	% Position2.00%	$ Change18.00%	# Change-3.00%
Stck Ticker46090E103	Stock NameINVESCO QQQ TR	$ Position$196,865,181	% Position2.00%	$ Change30.00%	# Change2.00%
Stck Ticker023135106	Stock NameAMAZON COM INC	$ Position$164,316,783	% Position2.00%	$ Change21.00%	# Change5.00%
Stck Ticker464287598	Stock NameISHARES TR	$ Position$144,015,130	% Position2.00%	$ Change16.00%	# Change2.00%
Stck Ticker46625H100	Stock NameJPMORGAN CHASE & CO	$ Position$143,982,378	% Position2.00%	$ Change15.00%	# Change4.00%
Stck Ticker67066G104	Stock NameNVIDIA CORPORATION	$ Position$165,343,844	% Position2.00%	$ Change17.00%	# Change2.00%
Stck Ticker594918104	Stock NameMICROSOFT CORP	$ Position$145,806,742	% Position2.00%	$ Change3.00%	# Change2.00%
Stck Ticker931142103	Stock NameWALMART INC	$ Position$180,340,942	% Position2.00%	$ Change-6.00%	# Change3.00%

Brochure Summary

Overview

This Brochure relates to the Stephens Equity Research Services Program offered by Stephens Inc. ("Stephens") to institutional clients of Stephens. Stephens provides a comprehensive array of financial services to its clients through various broker-dealer services and investment advisory programs. A. Advisory Firm and Principal Owners Stephens is an Arkansas corporation which registered with the United States Securities and Exchange Commission (“SEC”) as a broker-dealer in September 1946. Stephens registered as an investment advisor with the SEC on September 19, 1980 and began providing investment advisory services at that time. Who Are Our Owners Our Firm is owned by SI Holdings Inc. which is a privately held company owned by the Warren A. Stephens Trust which is controlled by Warren A. Stephens. Stephens is owned by the following individuals and entities in the percentages noted: Warren A. Stephens 100%, Trustee of Warren A Stephens Revocable Trust #Two 100%, which owns Stephens Financial Services LLC 100%, which owns SI Holdings Inc. 100%, which owns Stephens Inc. B. The Types of Investment Advisory Services We Provide Stephens provides investment advisory services to individuals, pension plans, foundations, corporations, other business entities, and research relationships with institutional clients and other types of clients. Our investment focus is on US equity securities that may be purchased for client accounts depending on the investment objective of the client. C. Advisory Services In the Stephens Equity Research Services Program, we offer research reports and other products and services (“Research Services”) provided by Stephens’ Research Department to a wide variety of Stephens clients. Under certain circumstances, we provide these Research Services for a fee to certain institutions upon their request. We do not offer Research Services for a fee to clients who are individuals. Research Services includes, but is not limited to, the following types of research products and services:
• Published research reports produced by research analysts;
• Other research-related communications from research analysts relating to published research reports produced by research analysts;
• Access to company management in connection with field trips, non-deal roadshows, conferences, investor meetings, and other firm events; and
• Access to research analysts in connection with research conferences, calls with clients, and client meetings. Our Research Analysts cover in excess of 400 stocks focusing on more than 30 sub-sectors within five

broad industries:
• Consumer
• Financial Services
• Healthcare
• Industrials and Energy
• Technology, Media and Telecommunications Research Services does not include any services or communications provided by Stephens’ Institutional Equity sales personnel. The delivery of Research Services does not include trade execution, trading or brokerage services provided to clients. Under the Stephens Equity Research Services Program, an advisory relationship with our clients is strictly limited to the provision of Research Services, and any trades, transactions or orders that may be executed, routed, or otherwise processed through us on behalf of clients will be handled by us solely in our capacity as a broker-dealer. The Stephens Equity Research Services Program does not include the provision of any investment advice with respect to our clients’ individual investment portfolios or the management of assets. The provision of Research Services under the Stephens Equity Research Services Program will remain in effect until terminated by either party. The Stephens Equity Research Services Program is offered only to institutional clients. In addition, however, Stephens offers a wide variety of investment advisory services through our other advisory programs. More information about these programs and services is contained in the applicable Stephens brochure and is available through the SEC’s website. For more detailed information regarding Stephens Private Client Group Programs, Stephens Capital Management Programs, and the Stephens Fixed Income Management Programs, please see the ADV Part 2A Appendix 1 for each program, available at https://www.stephens.com/investment-disclosures/. Research Services does not include any evaluation or recommendation by Stephens of the investment guidelines or security selection for our clients’ investment portfolios or the management of assets. Research Services are solely impersonal investment advice. D .Wrap Fee Programs We do not make Research Services available through wrap fee programs. E. Assets Under Management The Stephens Equity Research Services Program does not encompass the management of client assets. As of December 31, 2023, in other advisory programs offered by the firm, Stephens managed and/or advised the following amount of client assets: $ 10,247,552,431 Discretionary $ 3,361,699,554 Non-Discretionary $ 8,491,633,441 Consulting $ 22,100,885,426 Total Assets Under Advisement