As of 9/30/2012:

30 Day SEC Yield for the Hodges Small Cap Income Fund: 0.00%
30 Day Unsubsidized SEC Yield for the Hodges Small Cap Fund: 0.00%

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. Performance data current to the most recent month end may be obtained by calling 866-811-0224, or visiting www.hodgesfund.com. The fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance data quoted does not reflect the redemption fee. If reflected, total returns would be reduced.

Click here for the most recent Hodges Small Cap Fund holdings.
Click here for the most recent Hodges Fund holdings.
Click here for the most recent Hodges Blue Chip 25 Fund holdings.
Click here for the most recent Hodges Equity Income Fund holdings.
Click here for the most recent Hodges Pure Contrarian Fund holdings.

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

References to other mutual funds should not be interpreted as an offer of these securities.

The opinions expressed are those of author and are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small cap stocks in the United States.

The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq.

The S&P 500 is an index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe.

The Nasdaq is a computerized system that facilitates trading and provides price quotations on more than 5,000 of the more actively traded over the counter stocks. Created in 1971, the Nasdaq was the world’s first electronic stock market.

VIX is the ticker symbol for the Chicago Board Options Exchange (CBOE) Volatility Index, which shows the market’s expectation of 30-day volatility.

US Dollar Index: a measure of the value of the U.S. dollar relative to majority of its most significant trading partners. This index is similar to other trade-weighted indexes, which also use the exchange rates from the same major currencies.

MSCI EAFE Index: an index created by Morgan Stanley Capital International (MSCI) that serves as a benchmark of the performance in major international equity markets as represented by 21 major MSCI indexes from Europe, Australia and Southeast Asia.

Earnings growth is not a measure of the Fund’s future performance.

The Hodges Small Cap Fund retail class and Hodges Equity Income Fund retail class appeared in the November 2011 Wall Street Journal Category Kings in the small cap core and equity income categories, respectively. In addition, the Hodges Small Cap FUnd retail class appared in the April 2012 Wall Street Journal Category Kings in the small cap core category. The Wall Street Journal ranks Category Kings based on Lipper data.

Wall Street Journal rankings are based on Lipper data. However, the WSJ only considers the largest class of a fund in their ‘pool’ of funds for any particular category, whereas Lipper counts every class of a fund as a separate ranking entity. Because the number of funds in the WSJ ranking category may be smaller than the Lipper category, the WSJ ranking for the fund may be higher than the Lipper ranking.

Lipper Analytical Services, Inc. is an independent mutual fund research and rating service. Each Lipper average represents a universe of Funds with similar investment objectives. The highest percentile rank is 1 and the lowest is 100. Rankings for periods shown are based on Fund total returns with dividends and distributions reinvested and do not reflect sales charges.

As of March 31, 2013, Lipper assigned the following percentile rankings for Hodges Small Cap Fund retail shares: 3% out of 507 Small-Cap Core Funds for the one-year period, 1% out of 447 Small-Cap Core Funds for the three-year period, and 5% out of 402 Small-Cap Core Funds for the five-year period.

You cannot invest directly in an index.

Basis Point: a unit that is equal to 1/100th of 1%, and is used to denote the change in a financial instrument. The basis point is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed income security.

Cash Flow: measures the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income.

Earnings Per Share (EPS): the portion of a company’s profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company’s profitability.

Price-Earnings Ratio – P/E Ratio: A valuation ratio of a company’s current share price compared to its per-share earnings.

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.