Filed Pursuant to Rule 497(e)

1933 Act File No. 033-12213

1940 Act File No. 811-05037

HODGES FUND

Retail Class – Ticker: HDPMX

Institutional Class – Ticker: HDPIX

HODGES SMALL CAP FUND

Retail Class – Ticker: HDPSX

Institutional Class – Ticker: HDSIX

HODGES SMALL INTRINSIC VALUE FUND

Retail Class – Ticker: HDSVX

HODGES SMALL-MID CAP FUND

Retail Class – Ticker: HDSMX

HODGES PURE CONTRARIAN FUND

Retail Class – Ticker: HDPCX

HODGES BLUE CHIP 25 FUND

Retail Class – Ticker: HDPBX

HODGES EQUITY INCOME FUND

Retail Class – Ticker: HDPEX

Supplement dated February 3, 2015 to the

Prospectus and Statement of Additional Information dated July 29, 2014

The Hodges Funds regret to inform its shareholders that Don Hodges has passed away at the age of 80, and therefore, no longer serves on the team of portfolio managers for its series: Hodges Fund; Hodges Small Cap Fund; Small-Mid Cap Fund; Pure Contrarian; Blue Chip; and Equity Income Fund.

Eric Marshall will join Craig Hodges as co-portfolio manager to the Hodges Fund.

Please retain this Supplement with the Prospectus and Statement of Additional Information.