HOME DISCIPLINE THE FUNDS MARKET COMMENT RESEARCH & INSIGHT KNOWLEDGE CENTER Strategic Allocation Fund SNAPSHOT The Fund seeks to achieve total return through a combination of income and capital appreciation. It pursues this objective by investing its assets primarily in stocks and bonds, in consideration of prevailing valuations and estimated expected returns in these markets, adding emphasis on risk-management to adjust exposure in market conditions that suggest risk-aversion or speculation by market participants. INCEPTION DATE August 2019 PORTFOLIO MANAGER John P. Hussman, Ph.D. OVERVIEW PROSPECTUS & REPORTS Objective Hussman Strategic Allocation Fund seeks to achieve total return through a combination of income and capital appreciation. It pursues this objective by investing its assets primarily in stocks, bonds, and cash equivalents in consideration of prevailing valuations and estimated expected returns in these markets, with added emphasis on risk-management to adjust the Fund’s investment exposure in market conditions that, in the view of the investment adviser, suggest risk-aversion or speculation by market participants. Investment Strategy The Fund pursues its investment objective by investing its assets primarily in common stocks, bonds, and cash equivalents (such as U.S. Treasury bills and shares of money market mutual funds); and aligning its allocations to these asset classes based on prevailing valuations and estimated expected returns in these markets. The investment strategy adds emphasis on risk-management to adjust the Fund’s exposure in market conditions that suggest risk-aversion or speculation among market participants. The Fund may use options and futures on stock indices and Treasury bonds to adjust its relative investment exposures to the stock and bond markets, or to reduce the exposure of the Fund’s portfolio to the impact of general market fluctuations when market conditions are unfavorable in the view of the investment adviser. The Fund varies its investment exposures to stocks, bonds and cash equivalents based on the investment adviser’s analysis of prevailing investment conditions. The Fund’s asset allocation approach combines two components: 1) a value-focused asset allocation component that jointly considers prevailing stock market valuations and interest rates; and 2) a risk-management component that is intended to adjust the sensitivity of the portfolio to general market fluctuations when prevailing market conditions suggest risk-aversion or speculation among market participants. The Fund’s assets are allocated with the goal of providing for the ongoing long-term inflation-adjusted spending needs of investors, rather than focusing its investment goal on a specific future year or “target date.” The investment adviser regularly determines the value-focused asset allocation based on its estimates of average annual expected returns for stocks, bonds, and cash equivalents over varying time frames, in light of prevailing stock market valuations and interest rate levels. The value-focused allocation reflects the extent to which each respective asset class is expected by the investment adviser to provide the highest expected returns, adjusted for risk, over these varying time frames. The risk-management component of the asset allocation approach is further intended to reduce the sensitivity of the Fund’s portfolio to the impact of general market fluctuations when, in the judgment of the investment adviser, prevailing conditions suggest that market participants are inclined toward risk-aversion, and to increase the sensitivity of the portfolio to general market fluctuations when, in the judgment of the investment adviser, prevailing conditions suggest that market participants are inclined toward speculation. Investment Considerations The Fund’s investment strategy emphasizes valuation as a principal driver of long-term investment returns, while also recognizing that investment outcomes over shorter horizons can be significantly affected by periods of risk-aversion or speculation among market participants. In the analysis of stock market conditions, valuation considers the relationship of major stock indices to the stream of earnings, revenues, dividends and cash flows expected in the future in an attempt to measure the underlying value of stocks and the long-term returns implied by their current market prices. For bonds, valuation is measured primarily by yield-to-maturity, adjusted for estimated risk, particularly in the case of corporate bonds. The investment adviser uses information on prevailing valuations to estimate an expected future trajectory of average annual returns for stocks, bonds, and Treasury bills. These estimates reflect the view that large deviations from historically normal valuations tend to “decay” or diminish over time, though this normalization may be interrupted or accelerated by factors such as economic events and periods of investor risk-aversion or speculation. The value-focused asset allocation of the Fund is based on these expected trajectories and reflects the extent to which stocks, bonds, or Treasury bills are estimated to have the highest expected return, adjusted for risk, at varying investment horizons. In evaluating the inclination of investors toward risk-aversion or speculation, the investment manager examines the joint behavior of thousands of individual stocks, sectors, industries and security types, including debt securities of varying creditworthiness. Divergence or broad weakness in these measures is generally viewed by the investment manager as an indication of risk-aversion among investors. In contrast, uniformly broad or indiscriminate advances in these measures are generally viewed by the investment manager as an indication of speculation among investors. In its evaluation of prevailing market conditions, the investment manager also evaluates economic factors, investor sentiment, interest rates, credit-sensitive indicators, and other factors in an attempt to classify prevailing market conditions with historical instances having similar characteristics. The Fund expects to maintain unhedged exposure to both the equity market and the bond market of at least 5% of net assets at all times, even when valuations and/or market conditions are viewed as unfavorable by the investment manager. The Fund’s exposure to either the stock market or the bond market may be increased to as much as 95% of net assets in conditions that have historically been strongly favorable for stocks or bonds. Security selection The portion of the Fund’s assets allocated to stocks will be invested primarily in individual common stocks favored by the investment manager. Individual stocks purchased by the Fund are chosen from the universe of all stocks traded on the New York Stock Exchange, the American Stock Exchange, and the NASDAQ Stock Market. In general, the stock selection approach of the investment manager focuses on securities demonstrating favorable valuations, and/or market action. The primary consideration used by the investment manager in assessing a stock’s valuation is the relationship between its current market price and the present value of estimated expected future cash flows per share. Other valuation measures such as the current dividend yield, and ratios of the stock price to earnings and stock price to revenue are also considered in relation to expected future growth of cash flows, in an attempt to measure underlying value and the potential for long-term returns. Additional considerations include measures of financial stability such as variations in profit margins and balance sheet indicators. The analysis of market action includes measurements of price behavior and trading volume. The investment manager believes that strength in these measures is often a reflection of improving business prospects and the potential for earnings surprises above consensus estimates, which can result in increases in stock prices. The portion of the Fund’s assets allocated to bonds will be invested primarily in U.S. Treasury securities with maturities in excess of one year, and no greater than 30 years. The Fund may also purchase corporate debt of U.S. issuers rated A- or higher by Standard & Poor’s Global Ratings or A3 or higher by Moody’s Investors Service, Inc., or having an equivalent rating from another independent rating organization. The Fund expects to maintain unhedged exposure to both the equity market and the bond market of at least 5% of net assets at all times, even when valuations and/or market conditions are viewed as unfavorable by the investment manager. The Fund’s exposure to either the stock market or the bond market may be increased to as much as 95% of net assets in conditions that have historically been strongly favorable for stocks or bonds. Variable exposure to general market fluctuations The Fund may “hedge” a portion of its investment exposure to the stock market and the bond market by establishing offsetting investment positions intended to reduce the impact of general market fluctuations on the value of the Fund’s investment portfolio. However, the Fund does not intend to fully hedge its investment exposures and will seek at all times to maintain a minimum investment exposure (i.e., the amount of investment exposure that is not hedged) of at least 5% of its net assets to each of the stock market and the bond market. During conditions that have historically been strongly favorable for stocks or bonds, the Fund’s investment exposure to either the stock market or the bond market may represent as much as 95% of the Fund’s net assets. Specific strategies for reducing or “hedging” stock market exposure may include purchasing put options on stock indices, writing covered call options on stocks which the Fund owns or call options on stock indices, or establishing short futures positions or option combinations (such as simultaneously writing call options and purchasing put options) on one or more stock indices considered by the investment manager to be correlated with the Fund’s stock portfolio. The notional value of these hedges is not expected to exceed 95% of the value of the Fund’s investment exposure to stocks. Increases in the Fund’s exposure to general bond market fluctuations may be effected by purchasing individual bonds, exchange traded funds (“ETFs”), or Treasury bond futures. The Fund may seek to reduce or “hedge” its portfolio of bonds by effecting short sales of Treasury bond futures. The notional value of these hedges is not expected to exceed 95% of the Fund’s investment exposure to bonds. Minimum investment Regular accounts: $1,000 IRA and Gift to Minors accounts: $500 COMPARE THE FUNDS IS THIS FUND FOR ME? For investors seeking long-term investment returns through a) value-focused asset allocation in stocks and bonds, and b) emphasis on risk-management to adjust exposure in market conditions that suggest risk-aversion or speculation among market participants. For investors seeking a single investment vehicle diversified across asset classes, and a value-conscious alternative (or diversifier) to conventional asset allocation or target-date strategies. I recognize that the Fund’s asset allocation is responsive to valuations and market behavior in the stock and bond markets, and that this allocation may vary considerably across the market cycle. I recognize that the Fund will always have some amount of unhedged exposure to both the stock and bond markets, but may experience periods when its asset allocation departs significantly from a traditional fixed-allocation strategy (such as 60% stocks, 30% bonds, 10% cash). Average annual total returns for periods ended 10/31/21 1 Year 9.91% Since Inception (08/27/19) 7.88% Average annual total returns for periods ended 09/30/21 1 Year 13.46% Since Inception (08/27/19) 9.18% Net Expense Ratio Fiscal Year End 06/30/21 1.25% Prospectus Expense Ratio 11/01/21 Gross Expenses 2.93% After Waivers 1.31% Contractual Expense Limit * 1.25% * The Advisor has contractually agreed that it will waive its investment advisory fees and/or absorb other operating expenses of the Fund until at least November 1, 2022 to the extent necessary to limit the Fund's annual ordinary operating expenses (excluding acquired fund fees and expenses) to an amount not exceeding 1.25% annually of the Fund's average daily net assets. The gross annual expense ratio as disclosed in the November 1, 2021 Prospectus is 2.93% and represents operating fees and expenses (including acquired fund fees and expenses) incurred by the Fund during the fiscal year ended June 30, 2021. HOME DISCIPLINE THE FUNDS MARKET COMMENT RESEARCH & INSIGHT KNOWLEDGE CENTER Performance data quoted represents past performance. Past performance does not guarantee future results. 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 may be lower or higher than performance data quoted. More current performance data through the most recent month-end are available at the Fund's website www.hussmanfunds.com or by calling 1-800-487-7626. Investors should consider the investment objectives, risks, and charges and expenses of the Funds carefully before investing. For this and other information, please obtain a Prospectus and read it carefully. The Hussman Funds have the ability to vary their exposure to market fluctuations depending on overall market conditions, and they may not track movements in the overall stock and bond markets, particularly over the short-term. While the intent of this strategy is long-term capital appreciation, total return, and protection of capital, the investment return and principal value of each Fund may fluctuate or deviate from overall market returns to a greater degree than other funds that do not employ these strategies. For example, if a Fund has taken a defensive posture and the market advances, the return to investors will be lower than if the portfolio had not been defensive. Alternatively, if a Fund has taken an aggressive posture, a market decline will magnify the Fund’s investment losses. The Distributor of the Hussman Funds is Ultimus Fund Distributors, LLC., 225 Pictoria Drive, Suite 450, Cincinnati, OH, 45246. The Hussman Strategic Growth Fund has the ability to hedge market risk by selling short major market indices in an amount up to, but not exceeding, the value of its stock holdings. However, the Fund may experience a loss even when the entire value of its stock portfolio is hedged if the returns of the stocks held by the Fund do not exceed the returns of the securities and financial instruments used to hedge, or if the exercise prices of the Fund's call and put options differ, so that the combined loss on these options during a market advance exceeds the gain on the underlying index. The Fund also has the ability to leverage the amount of stock it controls to as much as 1 1/2 times the value of net assets, by investing a limited percentage of assets in call options. The Hussman Strategic Allocation Fund invests primarily in common stocks, bonds, and cash equivalents (such as U.S. Treasury bills and shares of money market mutual funds, aligning its allocations to these asset classes based on prevailing valuations and estimated expected returns in these markets. The investment strategy adds emphasis on risk-management to adjust the Fund’s exposure in market conditions that suggest risk-aversion or speculation among market participants. The Fund may use options and futures on stock indices and Treasury bonds to adjust its relative investment exposures to the stock and bond markets, or to reduce the exposure of the Fund’s portfolio to the impact of general market fluctuations when market conditions are unfavorable in the view of the investment adviser. The Hussman Strategic Total Return Fund has the ability to hedge the interest rate risk of its portfolio in an amount up to, but not exceeding, the value of its fixed income holdings. The Fund also has the ability to increase the interest rate exposure of its portfolio through limited purchases of Treasury zero-coupon securities and STRIPS. The Fund may also invest up to 30% of assets in alternatives to the U.S. fixed income market, including foreign government bonds, utility stocks, convertible bonds, real-estate investment trusts, and precious metals shares. The Hussman Strategic International Fund invests primarily in equities of companies that derive a majority of their revenues or profits from, or have a majority of their assets in, a country or country other than the U.S., as well as shares of exchange traded funds ("ETFs") and similar investment vehicles that invest primarily in the equity securities of such companies. The Fund has the ability to hedge market risk by selling short major market indices using swaps, index options and index futures in an amount up to, but not exceeding, the value of its stock holdings. These may include foreign stock indices, and indices of U.S. stocks such as the Standard and Poor's 500 Index. Foreign markets can be more volatile than U.S. markets, and may involve additional risks. The Prospectus of each Fund contains further information on investment objectives, strategies, risks and expenses. Please read the Prospectus carefully before investing. The Market Climate is not a formula but a method of analysis. The term "Market Climate" and the graphics used to represent it are service marks of Hussman Strategic Advisors (formerly known as Hussman Econometrics Advisors). The Fund Manager has sole discretion in the measurement and interpretation of market conditions. Information relating to the investment strategy of each Fund is described in its Prospectus and Statement of Additional Information. A schedule of investment positions for each Fund is presented in the annual and semi-annual reports. Except for articles specifically citing investment positions held by the Funds, general market commentary does not necessarily reflect the investment position of the Funds. Open Disclosure Notice in a Separate Window For more information about investing in the Hussman Funds, please call us at: 1-800-HUSSMAN (1-800-487-7626) 513-326-3551 outside of the United States Site and site contents © 2021 Hussman Strategic Advisors