HOME DISCIPLINE THE FUNDS MARKET COMMENT RESEARCH & INSIGHT KNOWLEDGE CENTER Strategic Total Return Fund SNAPSHOT The Fund seeks to achieve long-term total return from income and capital appreciation. It pursues this objective by investing primarily in fixed-income securities. INCEPTION DATE September 2002 PORTFOLIO MANAGER John P. Hussman, Ph.D. OVERVIEW PROSPECTUS & REPORTS Objective Hussman Strategic Total Return Fund seeks to achieve long-term total return from income and capital appreciation. Investment Strategy The Fund pursues its investment objective by investing primarily in fixed income securities, such as U.S. Treasury bonds, notes and bills, Treasury inflation-protected securities, U.S. Treasury Strips, U.S. Government agency securities (primarily mortgage-backed securities), and investment grade corporate debt rated BBB or higher by Standard & Poor’s Global Ratings or Baa or higher by Moody’s Investors Service, Inc., or having an equivalent rating from another independent rating organization. When market conditions favor wider diversification in the view of Hussman Strategic Advisors, Inc., the Fund’s investment manager, the Fund may invest up to 30% of its net assets in securities outside of the U.S. fixed-income market, such as utility and other energy-related stocks, precious metals and mining stocks, shares of real estate investment trusts (“REITs”), shares of exchange-traded funds (“ETFs”) and other similar instruments, and foreign government debt securities, including debt issued by governments of emerging market countries. In addition, the Fund may use foreign currency options and futures and currency ETFs to establish or modify the portfolio’s exposure to currencies other than the U.S. dollar. The Fund may make limited use of Treasury debt options and futures to manage the Fund’s exposure to interest rate risk. Variable exposure to credit market fluctuations The Fund’s principal investment strategies emphasize strategic management of the average interest rate sensitivity (“duration”) of portfolio holdings, the Fund’s exposure to changes in the yield curve, and allocation among fixed income alternatives and inflation hedges. The interest rate sensitivity (duration) of a bond is related to the average date at which an investor receives payment of principal and interest. Under normal market conditions, the duration of the Fund’s portfolio is expected to range between 1 year and 15 years. In its most aggressive stance (a duration of 15 years), the Fund’s net asset value could be expected to fluctuate by approximately 15% in response to a 1% (100 basis point) change in the general level of interest rates. Historically, different combinations of valuation, market action and other factors have been accompanied by significantly different bond market performance in terms of return/risk. The specific profile of yield behavior (such as changes in the yield curve or credit spreads) is also an important factor. The investment manager generally will increase the exposure of the Fund to interest rate risk in environments where the return expected to be derived from that risk is high, and generally will reduce exposure to interest rate risk when the return expected to be derived from that risk is unfavorable. The investment manager will also purchase utility and other energy-related stocks, precious metals stocks, shares of REITs, and foreign government debt when market conditions are believed to favor such diversification. 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 total returns, primarily in the U.S. Treasury market, with added emphasis on the protection of purchasing power through inflation hedges such as precious metals shares and other bond-market alternatives. I recognize that the Fund’s performance may meaningfully deviate from the performance of the Barclays U.S. Aggregate Bond Index. Average annual total returns for periods ended 10/31/21 1 Year 1.27% 3 Year 9.00% 5 Year 4.73% 10 Year 2.74% Since Inception (09/12/02) 4.88% Average annual total returns for periods ended 09/30/21 1 Year 0.10% 3 Year 8.98% 5 Year 4.24% 10 Year 2.79% Since Inception (09/12/02) 4.86% Net Expense Ratio Fiscal Year End 06/30/21 0.75% Prospectus Expense Ratio 11/01/21 Gross Expenses 0.78% After Waivers 0.78% Contractual Expense Limit * 0.75% * The Advisor has contractually agreed to defer its investment advisory fees and/or absorb or reimburse Fund expenses 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 0.75% annually of the Fund's average daily net assets. The gross annual expense ratio as disclosed in the November 1, 2021 Prospectus is 0.78% 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