Mutual fund investing involves risk. Principal loss is possible. The Funds may invest in small- and medium-capitalization companies, which involve additional risks such as limited liquidity and greater volatility. Investments in foreign securities and emerging markets involve greater volatility and political, economic and currency risks and differences in accounting methods. The use of options and future contracts have special risks such as unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. Funds that make short sales of securities involve the risk that losses may exceed the original amount invested. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Funds that are non-diversified are more exposed to individual stock volatility than a diversified fund. Investments in companies that demonstrate special situations or turnarounds, meaning companies that have experienced significant business problems but are believed to have favorable prospects for recovery, involve greater risk. While the Hodges Funds are no-load, management and other expenses still apply. Please refer to the prospectus for more information.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. The fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the Hodges Funds, and it may be obtained by calling 866-811-0224, or visiting www.hodgesmutualfunds.com. Read it carefully before investing.

Price/earnings (P/E): The most common measure of how expensive a stock is.

Earnings growth is not representative of the fund’s future performance.

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. EBITDA margins provide investors a snapshot of short-term operational efficiency.

Click here for standardized performance.

Click here for the most recent Hodges Small Cap Fund holdings.

Click here for the most recent Hodges Fund holdings.

Fund holdings and sector allocations are subject to change at any time and should not be considered a recommendation to buy or sell any security.

Hodges Capital Management is the Advisor to the Hodges Funds.

Hodges Funds are distributed by Quasar Distributors LLC.

One cannot invest in an index.