Stephens Inc

Item 5 Fees and Compensation

A. Overview of Fee Arrangements
Stephens typically charges fees for investment advisory services based on a percentage of assets under management
(“asset based fee”). Fees are negotiable and vary from client to client. Fees for SCM programs are generally charged
quarterly in arrears while fees for PCG programs are generally charged monthly in advance. In some cases, fees are
charged and may be paid on a schedule negotiated by the parties. In specialized situations, Stephens charges a fixed
fee on a “per job” basis for certain services. These fees will be negotiated in advance by the parties. At any time, the
client can terminate its contract upon the terms without penalty. Please refer to Item 5 D.

Services similar or comparable to those provided to a wrap program client may be available to the client at a higher or
lower aggregate cost elsewhere on an unbundled basis. We encourage you to carefully consider other investment
structures and programs which are available in considering whether to establish or maintain an advisory fee-based
account. As a general matter, a fee-based advisory account approach may be considered appropriate for clients who
rely on investment advice or investment management services or who engage in moderate to high levels of trading
activity. A fee-based approach may be more economical for clients who engage in active trading, since the price per
trade is reduced as the number of trades increases under a fee-based approach. However, fee-based advisory account
arrangements may not be appropriate for clients who rely primarily on their own independent resources and judgments
for making their investment selections and decisions and do not wish to purchase advisory services. Excluding the
SRA, RSP and SND clients who engage in a lower level of trading activity might prefer a traditional brokerage account
with a commission payable on each transaction, particularly if the client typically does not utilize advisory services for
trading decisions, as transaction cost savings might be realized in the context of a traditional pay-per-trade commission
structure. However, retirement accounts are not available through Stephens as brokerage accounts.

Typically, a portion of any revenue that the firm realizes in connection with an advisory account will be included in the
calculation of the compensation to be paid by the firm to the IAR or FC; and, therefore, the IAR or FC will experience
conflicts of interest similar to those experienced by the firm.

Performance Fees
In addition to asset based fees, where appropriate, clients can enter into performance fee arrangements with Stephens.
These fee arrangements compensate Stephens based on the performance of the client’s account. Clients entering into
this type of fee arrangement must be qualified clients as defined in Advisers Act Rule 205-3. The terms of the
performance fee are set forth in each client’s investment management agreement. Performance fee arrangements are
approved on a case by case basis by Stephens. As specified in each client’s Investment Advisory Agreement, the amount
of the Stephens Advisory Fee client pays is not considered in the computation of the performance fee.

B. Payment of Fees
Our advisory fees for investment advisory accounts are paid quarterly or monthly. Typically, Stephens will deduct the
fee from the account being charged. In some cases, the client will pay the fee out of its separate assets.

Collection of Fees
Stephens is authorized to deduct from your account depending on which advisory platform, each quarter or month in
advance or arrears the amount of the total quarterly wrap fee as described in the Investment Advisory Agreement, and
the other fees, if any, applicable to your account for such calendar quarter. Stephens will issue quarterly reports to you
reflecting the transactions in your account and the performance of the investments. Service fees and other transactions
charges, if any, will be applied to the account as incurred.

C. Other Types of Fees and Expenses Clients May Pay

                                                                                                             ADV Part 2A
                                                                                                             July 30, 2026

The wrap fee covers custody services provided by Pershing and securities execution services provided by Stephens and
Pershing. Pershing adds a markup or markdown to fixed income transactions. These markups and markdowns are in
addition to the wrap fee. See the discussion Advisory Services above in Item 4.C for further information. If a client’s
account is under a wrap fee program such as the programs listed in Item 4.D, commission charges are also included as
part of the Stephens advisory fee. This is more fully described in the brochure of each wrap fee program. Clients may
engage an independent custodian. The fees of any custodian other than Pershing are not covered by the wrap fee and
are the separate responsibility of the client. Clients may direct trading through another broker or other execution venue,
and, in such a situation, the client will be responsible for all costs and commissions incurred in connection with such
trading.

Stephens Insured Bank Sweep Program
The Stephens Insured Bank Sweep Program (“Bank Sweep Program”) is available to Stephens’ clients through our fully
disclosed clearing broker-dealer, Pershing, and Pershing has appointed IntraFi Network, LLC (“IntraFi”) to provide
certain services in connection with the Bank Sweep Program. In the Bank Sweep Program, each bank participating in
the program pays a return based on the amount of funds in your Deposit Account at the bank. The interest rate applicable
to your Deposit Accounts is determined by the amount of interest participating banks are willing to pay on the aggregate
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Item 7 Types of Clients

Stephens’s advisory programs are available to individuals, banks, foundations, pension and profit sharing plans, trusts,
IRA’s, endowments, corporations, partnerships and other entities requiring investment advisory services.

Many of Stephens’ clients are high net worth individuals. We provide investment advice to individuals, trusts, to boards
and retirement systems for various governmental pension and retirement plans, to corporate pension and retirement
plans, to various foundations and private entities.

Additionally, Stephens advises wrap fee accounts in various programs sponsored by affiliated and unaffiliated
investment advisers. The sponsor establishes a minimum account size for each program, and you should refer to the
sponsor’s wrap fee brochure for a discussion of minimum account sizes and whether the minimum account size can be
waived.

Only those clients we deem in our discretion suitable will be accepted into these programs.