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oef:AfterTaxesOnDistributionsMember 2019-08-27 2026-11-01 0001110502 hussman:S000065870Member hussman:C000212809Member oef:AfterTaxesOnDistributionsAndSalesMember 2019-08-27 2026-11-01 0001110502 hussman:S000065870Member hussman:HSAFXINDEX1Member 2019-08-27 2026-11-01 0001110502 hussman:S000065870Member hussman:HSAFXINDEX2Member 2019-08-27 2026-11-01 0001110502 hussman:S000065870Member hussman:HSAFXINDEX3Member 2019-08-27 2026-11-01 iso4217:USD pure false 2026-11-01 485BPOS 0001110502 N-1A HUSSMAN INVESTMENT TRUST 2026-11-01 Risk/Return Summary What is the Fund’s Investment Objective? <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zOfy43nEBMpg" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">HUSSMAN STRATEGIC MARKET CYCLE FUND (the “Fund”) seeks to achieve long-term capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions. What are the Fund’s Fees and Expenses? <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zhb085gcq70q" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. 0 0 0 0 0 15 0.0090 0 0.0026 0.0008 0.0124 -0.0001 0.0123 Total Annual Fund Operating Expenses will differ from the Fund’s ratio of total expenses to average net assets as presented in the Fund’s Financial Highlights because the operating expenses of the Fund as presented in the Financial Highlights do not include Acquired Fund Fees and Expenses. November 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_za9wSsQjSLj0" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as shown in the preceding table. The Example also takes into account that the investment adviser’s contractual agreement to waive its investment advisory fees and/or to absorb or reimburse Fund expenses remains in effect only until November 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 125 392 680 1499 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zM6UblCMEnIJ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund incurs transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will result in higher transaction costs for the Fund and may also result in higher taxes for shareholders who hold Fund shares in taxable accounts. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 410% of the average value of its portfolio. 4.10 What are the Fund’s Principal Investment Strategies? <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zQS50K4SiDr7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund will typically be fully invested in common stocks favored by Hussman Strategic Advisors, Inc., the Fund’s investment adviser, except for modest cash balances arising in connection with the Fund’s day-to-day operations and proceeds from options written by the Fund to hedge its equity investments. When market conditions are unfavorable in the view of the investment adviser, the Fund may use options and index futures, as well as other hedging strategies, to reduce the exposure of the Fund’s stock portfolio to the impact of general market fluctuations. When market conditions are favorable in the view of the investment adviser, the Fund may use options to increase its exposure to the impact of general market fluctuations. In general, the stock selection approach of the investment adviser focuses on securities demonstrating favorable valuations and/or market action. The primary consideration used by the investment adviser 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 stock price to earnings and stock price to revenue, are also analyzed 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 adviser 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. In the implementation of the Fund’s investment strategy, the Adviser attempts to use day-to-day market fluctuations opportunistically, often using short-term weakness to purchase securities highly ranked based on the Adviser’s investment discipline, and using short-term strength to sell lower-ranked holdings. While the resulting transactions are made in consideration of their expected impact on long-term after-tax returns, greater frequency of such opportunities, as viewed by the Adviser, may be associated with increased portfolio turnover. The investment adviser believes that market return/risk characteristics differ significantly across varying market conditions. The investment strategy attempts to vary the Fund’s sensitivity to market fluctuations in response to measurable, observable market conditions as they change over time. The two most important dimensions considered by the investment adviser are “valuation” and “market action.” In the analysis of overall market conditions, valuation considers the relationship of major stock indices to the stream of earnings, 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. Market action considers the behavior of a wide range of securities and industry groups, in an attempt to assess the economic outlook of investors and their willingness to accept market risk. In addition, the investment adviser evaluates economic conditions, investor sentiment, interest rates, credit-sensitive indicators and other factors in an attempt to classify prevailing market conditions with historically similar instances. Historically, different combinations of valuation, market action and other factors have been accompanied by significantly different stock market performance in terms of return/risk. The investment adviser expects to intentionally “leverage” or increase the stock market exposure of the Fund in environments where the expected return from market risk is believed to be high, and may reduce or “hedge” the exposure of the Fund’s stock portfolio to the impact of general market fluctuations in environments where the expected return from market risk is believed to be unfavorable. The Fund’s strategy is focused on navigating investment environments over complete “market cycles” comprising periods of significantly advancing and declining stock prices and valuations. Specific strategies for “leveraging” or increasing stock market exposure may include buying call options on individual stocks or market indices and writing put options on stocks which the Fund seeks to own. The Fund’s equity market exposure through a combination of stock holdings and the notional value of options is not expected to exceed 150% of its net assets, with up to 100% of net assets representing unhedged equity positions. When the Fund is in its most aggressive stance, the share price of the Fund could be expected to fluctuate up to 1½ times as much as it would if the Fund had not leveraged its portfolio. The Fund may, at times, establish gross exposure in excess of net assets through a combination of equity positions and offsetting hedges, such as short index options or long index puts. This differs from unhedged leverage, in that the additional gross exposure is paired with hedge positions intended to mitigate market risk. The principal strategies used for reducing or “hedging” market exposure include buying put options on individual stocks or stock indices, writing covered call options on stocks which the Fund owns or call options on stock indices, and 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 adviser to be correlated with the Fund’s portfolio. The Fund may use these strategies to hedge up to 100% of the value of the stocks that it owns. 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 stock index. To the extent the Fund establishes leveraged and hedged investment positions as part of its investment program, its investment performance may deviate significantly from the performance of major stock indices for substantial portions of a market cycle. When market conditions are favorable in the view of the investment adviser, the use of options to increase the Fund’s market exposure may amplify the sensitivity of the Fund’s returns to general market fluctuations for meaningful periods of time, and the Fund may experience a net loss of time-value on purchased options. When market conditions are unfavorable in the view of the investment adviser, the Fund may experience limited, zero, or possibly negative correlation with general market fluctuations for meaningful periods of time, and may experience a net loss of time-value on purchased options. The choice of stock indices and instruments used for hedging is based on a consideration of the securities held in the Fund’s portfolio from time to time, and the availability and liquidity of futures, options and other instruments on such indices. The primary intent of the Fund’s hedging strategy is to reduce the impact of general market fluctuations when stock market conditions generally are viewed by the investment adviser as unfavorable. The Fund generally hedges using indices that are correlated, though perhaps imperfectly, with the stocks owned by the Fund. These may include indices of U.S. stocks such as the S&P 500® Index. The portion of the Fund’s net assets invested at any given time in securities of issuers engaged in industries within a particular business sector may be affected by valuation considerations and other investment characteristics of that sector. As a result, the Fund’s investments in various business sectors generally will change over time, and a significant allocation to any particular sector does not represent an investment policy or investment strategy to invest in that sector. There are no restrictions as to the market capitalizations of companies in which the Fund invests. However, the Fund invests primarily in stocks that are listed or trade on the New York Stock Exchange, the American Stock Exchange or the NASDAQ Stock Market. The Fund generally invests in stocks of companies with market capitalizations in excess of $1 billion, although it may invest a portion of its assets in the stocks of companies having smaller market capitalizations, which involves different risks than larger capitalization investments. Because the S&P 500® Index is perhaps the most widely recognized index of U.S. common stocks, as well as a widely used benchmark for growth-oriented investors, it is believed to be an appropriate broad-based securities market index against which to compare the Fund’s long-term investment performance. However, the Fund may invest in securities that are not included in the S&P 500® Index, and may vary its exposure to market fluctuations depending on the investment adviser’s view of market conditions. As a result, the Fund’s investment returns may differ from the performance of major stock market indices for meaningful periods of time. Shares of the Fund may fall in value and there is a risk that you could lose money by investing in the Fund. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofCommonStocksMember_zEEBGkVSj4O2" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Risks of Common Stocks General stock market movements will affect the prices of the Fund’s common stock investments and thus, the Fund’s share price, on a daily basis. Significant declines are possible both in the overall stock market and in the prices of specific securities held by the Fund. The values of common stocks may fluctuate significantly, reflecting among other things, the business performance of the issuing company, political events, Federal Reserve policy decisions, or general economic conditions. The value of an individual stock may be impacted by conditions that are not specifically related to the particular company, such as investor perceptions of the company or its industry, a lack of confidence, or real or perceived adverse market or political conditions. Investor perceptions may be based on various unpredictable factors, including expectations regarding government, economic or fiscal policies, inflation, economic expansion and global or regional political or economic expectations. Local, regional or global events such as conflicts and war, acts of terrorism, government defaults or shutdowns, natural or environmental disasters, public health emergencies, recessions, trade disputes, tariffs, sanctions, retaliatory measures, or other economic, political or market developments, could also have a significant adverse impact on the Fund and the value of its investments. The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. The value of the Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based upon unknown weaknesses in the markets in which the Fund invests. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioManagementRisksMember_zglALARUChGD" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Management Risks The success of the Fund’s investment program depends largely on the investment adviser’s skill in assessing the potential returns of securities in which the Fund invests and the ability of the investment adviser to classify prevailing market conditions with those historical instances having the greatest similarity. The investment adviser’s classification of prevailing market conditions may not account for every possible factor, and some factors may be deemed more significant than others. Because the Fund’s investment position at any given time will vary depending on the investment adviser’s assessment of stock market conditions, the Fund’s investment return and share price may fluctuate or deviate from overall market returns to a greater degree than would be the case if it did not employ these strategies. The Fund’s investment program also depends upon the investment adviser’s use of hedging strategies to vary the Fund’s exposure to general market fluctuations over the course of the market cycle, and there is no assurance that these strategies will be successful. The use of hedging strategies may adversely impact the investment performance of the Fund, particularly if the market advances despite market conditions that are unfavorable in the view of the investment adviser. For example, if the Fund has taken a defensive posture by hedging all or a portion of its positions to reduce the sensitivity of its portfolio to stock market fluctuations, and the market advances, the return to investors in the Fund will be lower than if the portfolio had maintained a larger exposure to the market. Alternatively, if the Fund has increased the sensitivity of its portfolio to stock market fluctuations, the Fund will experience a larger loss in the event of a market decline. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationandSectorRisksMember_zK55E0NhRCwI" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Capitalization and Sector Risks The Fund may invest a portion of its assets in the stocks of companies having smaller market capitalizations, including mid-cap and small-cap stocks. The stocks of these companies often have less liquidity than the stocks of larger companies and these companies frequently have less management depth, narrower market penetrations, less diverse product lines, and fewer resources than larger companies. Due to these and other factors, stocks of smaller companies may be more susceptible to market downturns and other events, and their prices may be more volatile than stock prices of larger companies. To the extent the Fund invests in larger companies, the Fund may be affected by the risk that large-cap companies may be unable to respond quickly to competitive challenges, changes in technology or other market developments, and may experience slower growth rates than smaller companies during certain market environments. From time to time the Fund may maintain weightings in particular business sectors that deviate significantly from the sector weightings in broad-based market indices. If the Fund emphasizes investment in one or more particular business sectors, it will be more susceptible to financial, market or economic events generally affecting issuers and industries within those sectors than would be for funds that do not emphasize investment in particular sectors. Certain factors may affect a particular industry or industries, such as labor shortages, increased production costs, supply chain disruptions, or competitive conditions within an industry. This may increase the risk of loss associated with an investment in the Fund and the Fund’s share price volatility. As of June 30, 2026, the Fund had 26.3% of the value of its net assets invested in stocks within the Health Care sector. Companies in the Health Care sector may be adversely affected by government regulation, reimbursement policies, product approval requirements, patent expirations, litigation, and rapid technological or scientific developments. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashEquivalentMember_zw2XMcj4ssrk" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash Equivalents If the general stock market advances during a time when the Fund holds a large amount of cash equivalents, the Fund’s investment return might be lower than it would if it had invested a larger percentage of its assets in stocks. When the Fund invests in shares of money market mutual funds, the Fund bears its pro rata share of the fees and expenses of those funds, in addition to the Fund’s own fees and expenses. As of June 30, 2026, the Fund had approximately 44.4% of its net assets invested in shares of a single money market fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingandDerivativesRisksMember_zpKcGcNzzkrq" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Hedging and Derivatives Risks The Fund may hedge its investment exposure to stocks by purchasing put options on stock indices; by writing covered call options on stocks which the Fund owns; by writing call options on stock indices; or by 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 adviser to be correlated with the Fund’s portfolio of common stocks. To the extent the Fund hedges its investment positions as part of its investment program, the Fund may hold a significant amount of cash proceeds resulting from call options written, and its investment performance may deviate significantly from the performance of a passive investment portfolio of stocks for substantial portions of a market cycle. When market conditions are unfavorable in the view of the investment adviser and the Fund’s holdings are hedged, the Fund may not benefit from general advances in the stock market to the same extent as if the Fund was not hedged. 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 stock index. Alternatively, if the Fund has leveraged a portion of the exposure of its portfolio in a climate that has historically been favorable for stocks and stock prices decline, the Fund may experience investment losses that are greater than if the Fund had not leveraged its exposure. When the Fund is in its most aggressive position, the share price of the Fund could be expected to fluctuate as much as 1½ times more than it would if the Fund had not leveraged its exposure to stocks. The Fund’s hedging strategy may also result in the investment performance of the Fund having limited correlation with the performance of the general stock market for meaningful periods of time, including periods of sustained advances in the stock market. The derivatives used by the Fund are subject to specific risks. When the Fund hedges by purchasing put options on stock indices, the Fund may incur a net loss of time value on the purchased options. When the Fund hedges by writing covered call options on stocks which the Fund owns, the Fund may not benefit from price advances in those stocks to the same extent that it would if the Fund had not employed hedging. When the Fund hedges its portfolio using short stock index futures or option combinations (such as simultaneously writing stock index call options and purchasing stock index put options), the Fund may incur a loss even when its portfolio is hedged if the returns on its positions in stocks do not exceed the returns of the securities and financial instruments used to hedge. This is known as “tracking risk” (or alternatively, “basis risk”). The Fund does not invest solely in the securities that are included in any index or invest in business sectors in the same proportion as such sectors may be represented in any index. For this reason, the hedging strategies used by the Fund do not eliminate market risk or provide complete protection against adverse changes in the prices of individual securities or securities within particular business sectors. When options are owned by the Fund, it is possible that they may lose value over time, even if the prices of the securities underlying the options are unchanged. What has Been the Fund’s Performance History? <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z5wC2vd77JJs" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and performance table shown below provide some indication of the risks of investing in the Fund and variability of its returns. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5, and 10 years ended December 31, 2025 compare with a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website at www.hussmanfunds.com or by calling 1-800-HUSSMAN (1-800-487-7626). The bar chart and performance table shown below provide some indication of the risks of investing in the Fund and variability of its returns. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.hussmanfunds.com 1-800-HUSSMAN (1-800-487-7626) -0.1149 -0.1272 0.0878 -0.1886 0.1453 -0.0023 0.1732 -0.1161 -0.0701 0.0625 The Fund’s year-to-date return through September 30, 2026 is -4.39%. During the periods shown in the bar chart, the highest return for a quarter was 13.11% during the quarter ended December 31, 2018 and the lowest return for a quarter was -6.82% during the quarter ended March 31, 2019. year-to-date return 2026-09-30 -0.0439 highest return for a quarter 0.1311 2018-12-31 lowest return for a quarter -0.0682 2019-03-31 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zb2JzIMayD7a" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0625 0.0044 -0.0223 0.0526 -0.0017 -0.0262 0.0370 0.0019 -0.0172 0.1788 0.1442 0.1482 Risk/Return Summary What is the Fund’s Investment Objective? <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zWgyEAVR09tP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">HUSSMAN STRATEGIC TOTAL RETURN FUND (the “Fund”) seeks to achieve long-term total return from income and capital appreciation. What are the Fund’s Fees and Expenses? <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_zzQN6LEd6tjQ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0026 0.0004 0.0080 -0.0001 0.0079 Total Annual Fund Operating Expenses will differ from the Fund’s ratio of total expenses to average net assets as presented in the Fund’s Financial Highlights because the operating expenses of the Fund as presented in the Financial Highlights do not include Acquired Fund Fees and Expenses. November 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_zVpKkLeyPo2A" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as shown in the preceding table. The Example also takes into account that the investment adviser’s contractual agreement to waive its investment advisory fees and/or to absorb or reimburse Fund expenses remains in effect only until November 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 81 254 443 989 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_z1emU2w9cxFP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund incurs transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will result in higher transaction costs for the Fund and may also result in higher taxes for shareholders who hold Fund shares in taxable accounts. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 204% of the average value of its portfolio. 2.04 What are the Fund’s Principal Investment Strategies? <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zu2McMa8Vhi4" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its investment objective by investing its assets 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, and investment grade corporate debt rated BBB or higher by S&P Global Ratings or Baa or higher by Moody’s Ratings, or having an equivalent rating from another independent rating organization. The Fund varies its allocations to these asset classes based on prevailing valuations and estimated expected returns in these markets as determined by Hussman Strategic Advisors, Inc., the Fund’s investment adviser. 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, such as foreign government bond ETFs. In addition, the Fund may use foreign 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 its exposure to interest rate risk. 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 that 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 (“NAV”) could be expected to fluctuate by approximately 15% in response to a 1% (100 basis point) change in the general level of interest rates. The investment adviser believes that return/risk characteristics in the fixed-income market differ significantly across varying market conditions. The two most important dimensions considered by the investment adviser are “valuation” and “market action.” In the fixed-income market, favorable valuation means that yields on long-term bonds appear reasonable in relation to inflation, short-term interest rates, economic growth, and yields available on competing assets, such as utility stocks and foreign bonds. Market action considers the behavior of a wide range of yields and prices, in an attempt to assess the economic outlook of investors and their willingness to accept market risk. In addition, the investment adviser evaluates economic conditions, investor sentiment, interest rates, credit-sensitive indicators and other factors in an attempt to classify prevailing market conditions with historically similar instances. 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 adviser believes that foreign government debt and precious metals stocks are favored when “real” U.S. interest rates (nominal interest rates minus inflation) are declining relative to “real” foreign interest rates. The investment adviser 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 adviser will also purchase utility and other energy-related stocks, precious metals stocks, shares of REITs, foreign currency ETFs, and foreign government bond ETFs when market conditions are believed to favor such diversification. There are no restrictions as to the market capitalizations of companies in which the Fund invests. However, the Fund invests primarily in stocks that are listed or trade on the New York Stock Exchange, the American Stock Exchange or the NASDAQ Stock Market. The Fund generally invests in stocks of companies with market capitalizations in excess of $1 billion, although it may invest a portion of its assets in the stocks of companies having smaller market capitalizations. Specific strategies for increasing interest rate exposure include the purchase of long-term bonds, and Treasury STRIPS (Separate Trading of Registered Interest and Principal of Securities), which exhibit magnified price movements in response to interest rate changes. The Fund will not invest more than 30% of its net assets in Treasury STRIPS. The Fund may use foreign currency ETFs to establish or modify its investment exposure to foreign currencies. The Fund uses derivatives either to obtain investment exposures consistent with its investment objective and policies, or to hedge its investment exposures. Specific strategies for reducing or “hedging” the Fund’s interest rate exposure include the purchase of short-term notes and bills, which exhibit limited price movements in response to interest rate changes. The Fund may also purchase put options and write call options on Treasury futures to hedge the interest rate risk of long-term bonds in its portfolio. In addition, the Fund may seek to hedge its exposure in a given investment sector by effecting short sales of ETFs, or by purchasing put options on indices or ETFs considered by the investment adviser to be correlated with securities held by the Fund. The total notional value of the Fund’s hedge positions in fixed-income securities (the dollar value of Treasury securities represented by put and call options held by the Fund) is not expected to exceed the total value of fixed-income securities held by the Fund having remaining maturities of 5 years or more. The total notional value of the Fund’s hedge positions in equities is not expected to exceed the total value of equities held by the Fund. So the most defensive position expected by the Fund will be a “fully hedged” position in which the entire value of equities and intermediate and long-term fixed-income securities held by the Fund is protected. However, the Fund may experience a loss even when the entire value of its portfolio is hedged if the securities held by the Fund do not exceed the returns of the securities and financial instruments used to hedge. Shares of the Fund may fall in value and there is a risk that you could lose money by investing in the Fund <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofFixedIncomeSecuritiesMember_z6KgzVtQhwBa" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Risks of Fixed-Income Securities General interest rate movements will affect the prices of the Fund’s fixed-income investments and thus, the Fund’s share price, on a daily basis. Significant declines are possible in both the prices of fixed-income securities generally and in the prices of the specific securities held by the Fund. Interest rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to change, such as central bank monetary policies, inflation rates, supply and demand, and general economic conditions. When interest rates rise, the value of the fixed-income securities held by the Fund is likely to decline. Such price declines will be proportionally greater when the Fund emphasizes securities with longer maturities, since they are more sensitive to changes in interest rates than fixed-income securities with shorter maturities. It is difficult to accurately predict the direction of interest rates. The Fund could lose money if the issuer of a fixed-income security held by the Fund fails to make its scheduled payments of principal or interest, or if the credit rating of the issuer is downgraded. If a security’s rating is downgraded, the Fund is not required to sell the security. Corporate debt generally has the greatest degree of credit risk among the fixed-income securities in which the Fund may invest. When a debt security is rated below investment-grade (a so-called “junk” bond), it may be more difficult for the Fund to sell the security at a price approximating its market value, and there is greater risk of default in the payment of interest and principal. Due to the long duration of U.S. Treasury STRIPS, these securities are highly sensitive to interest rate fluctuations. The Fund’s ownership of these securities in a period of rising interest rates could cause a greater decline in the value of the Fund’s share price than if the Fund held coupon-bearing securities of a similar maturity. In addition, even though U.S. Treasury STRIPS do not pay current income in cash, the Fund will be required to recognize interest income from these securities over the life of the investments and to distribute this income on a current basis, which may be taxable to shareholders. Some fixed-income securities give the issuer the option to call, or redeem, those securities before their maturity dates. If an issuer calls a security during a period of declining interest rates, the Fund may not fully benefit from any increase in the value of the security, and may have to reinvest the proceeds in a security with a lower yield. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioManagementRisksMember_zHNEq4zbQtOl" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Management Risks The success of the Fund’s investment program depends largely on the investment adviser’s skill in assessing the potential returns of the Fund’s investments and use of hedging strategies and fixed-income alternatives that may not be employed by many other mutual funds. There is no assurance that these strategies will be successful. The use of strategies to vary the Fund’s exposure to general market fluctuations over the course of the market cycle may adversely impact the Fund’s investment performance and may result in a high degree of portfolio turnover and higher transaction costs for the Fund. Also, because the Fund’s investment position at any given time will vary depending on the investment adviser’s assessment of the current conditions within the fixed-income securities market, the Fund’s share price and investment return may fluctuate or deviate more significantly from overall market returns than funds that do not employ similar strategies. For example, if the Fund has taken a defensive investment posture by shortening the average maturity of its portfolio and interest rates decline, the return to investors in the Fund will be lower than if the portfolio had maintained a longer average maturity. Alternatively, if the Fund has increased the average maturity of its portfolio, the Fund will experience a larger loss if there is an increase in interest rates. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofUtilityEnergyandPreciousMetalStocksandREITsMember_zO7cZGVDN7Ig" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Risks of Utility, Energy and Precious Metal Stocks and REITs The Fund may invest in securities outside of the U.S. fixed-income market. These investments will generally include utility and other energy-related stocks, precious metals and mining stocks, and shares of REITs. Significant declines are possible both in the market in which these securities trade and in the prices of specific securities held by the Fund. The values of stocks can fluctuate significantly, reflecting such things as the business performance of the issuing company, political events or general economic conditions. The value of an individual stock may fluctuate due to factors that affect a particular industry or industries, or due to conditions that are not specifically related to the particular company, such as investor perceptions of the company, or its industry or real or perceived adverse market or political conditions. Local, regional or global events such as conflicts and war, acts of terrorism, political polarization, government defaults or shutdowns, natural or environmental disasters, the spread of infectious illness or other public health issues, inflation, recessions, tariffs, re-negotiated trade restrictions, or other retaliatory measures, or other events, could also have a significant adverse impact on the Fund and the value of its investments. General stock market movements will affect the values of the Fund’s investments in utility and other energy-related stocks, precious metals stocks, and shares of REITs, which may comprise a significant portion of the Fund’s investments, depending on market conditions. Investments in utility companies are subject to risks associated with extensive government regulation, which may reduce a utility company’s return on invested capital and limit its ability to finance capital spending or pass increased costs on to consumers. Stocks of utilities may also be more sensitive to changes in interest rates than other types of equity investments. Investments in energy-related companies are subject to the risks associated with fluctuations in energy prices, changes in supply and demand, the success of exploration and development projects, technological developments that may render existing products or services obsolete, and changes in government policies and regulations. The energy market has historically experienced periods of volatility and fluctuation that is often influenced by political developments or other factors that are beyond its control. Investments in companies engaged in the precious metals industry, including gold mining companies, can be extremely volatile and may be directly or indirectly influenced by a variety of global, economic, financial, and political factors. The price of precious metals may fluctuate over short periods and is often not closely tied to general stock market movements. The price of precious metals may be affected by supply and demand, real or perceived inflationary trends, currency values, interest rates and monetary policies. Although precious metals investments have historically been used to hedge against inflation, currency devaluations and stock market declines, there is no guarantee that these historical relationships will continue. Investments in REITs are generally subject to the risks associated with real estate investments, including, declines in property values, adverse conditions in rental markets, adverse general and local economic conditions, limited availability of mortgage financing, overbuilding in a particular market, changes in interest rates, and environmental liabilities. Shares of REITs may be more sensitive to interest rate changes than other types of equity investments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingandDerivativesRisksMember_zzfWwLlXzux8" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Hedging and Derivatives Risks The Fund may use options and futures on U.S. Treasury securities and options on Treasury ETFs to manage its exposure to fluctuations in interest rates. The Fund may use options on ETFs or indices to manage its equity exposure in specific sectors. The Fund may also use foreign currency ETFs to establish or modify the portfolio’s exposure to foreign currencies. The techniques used by the investment adviser to hedge investment risk are intended to protect against capital depreciation in the portfolio, but such techniques involve certain risks and may adversely impact the Fund’s investment performance. For example, a hedge using Treasury derivatives might not actually correlate well to the price movements of the fixed-income securities held by the Fund. When call or put options are owned by the Fund, it is possible that they may lose value over time, even if the securities underlying the options are unchanged. When Treasury call options are written by the Fund, it is possible that the Fund may experience a reduction in gains in the event that interest rates decline. When the Fund uses foreign currency ETFs in order to establish or modify the portfolio’s exposure to foreign currencies, it is possible that the Fund may experience a loss in the event of a decline in the value of the underlying foreign currency. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MonetaryPolicyandPoliticalRiskMember_z6n7e4kRkUbh" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Monetary Policy and Political Risk In response to the global financial crisis that began in 2008, and subsequent periods of economic and financial stress, the U.S. Government and the Federal Reserve Board implemented a variety of measures designed to support economic activity and financial market functioning, including maintaining historically low short-term interest rates and purchasing large quantities of U.S. Government securities (commonly referred to as quantitative easing). In response to rising inflation, the Federal Reserve subsequently increased interest rates and reduced the size of its balance sheet through the sale or runoff of U.S. Government securities (commonly referred to as quantitative tightening). The timing and extent of changes in monetary policy may be affected by economic and market conditions, including inflation, employment levels, and economic growth. There is a risk that future actions by the U.S. Government to stimulate economic growth, control inflation, or promote financial market stability, including increases or decreases in short-term interest rates, or changes in its holdings of U.S. Government securities, could result in increased market volatility, reduced liquidity and decreases in the value of the securities held by the Fund. In addition, concerns about the federal budget deficit, the growing level of U.S. Government debt, and the long-term sustainability of U.S. fiscal policy, along with political disputes involving government fundings and appropriations, taxation, and other fiscal policy matters, could adversely affect the financial markets and the value of the securities held by the Fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentRiskMember_zVVWuQk4zi3q" style="font: 11pt Times New Roman, Times, Serif; text-align: left; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Foreign Investment Risk The Fund may invest up to 30% of its net assets outside of the U.S. fixed-income market, which may include foreign government bond ETFs and foreign currency ETFs. Securities issued by foreign governments are subject to greater fluctuation in value and risks than securities of U.S. issuers traded in the U.S. markets. Political changes, changes in taxation, or currency controls could adversely affect the values of these investments. Foreign economies may also be less stable than the U.S. economy because of institutional weaknesses or economic dislocations and crises have occurred from time to time, both in developed and developing countries. The impact of political and diplomatic events within the global markets, such as the imposition of sanctions, counter sanctions and other retaliatory actions, may also adversely affect the foreign securities markets and the prices of securities held by the Fund. The risks associated with tensions and armed conflicts, including those in the Middle East and Asia-Pacific region, as well as strategic competition among major global economic powers, could affect the economies of many nations, including the U.S., in ways that cannot be foreseen. In addition to investing in foreign government bond ETFs, the Fund may invest in utility stocks, energy stocks and precious metals stocks of foreign issuers. Securities of foreign issuers are generally denominated in the currency of a foreign country, and are subject to the risk that the currency will decline in value relative to the U.S. dollar, or in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, trade balances, intervention (or lack thereof) by U.S. or foreign governments, central banks or supranational entities, the imposition of currency controls or other political developments. What has Been the Fund’s Performance History? <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_z0kH5vbQhUE7" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and performance table shown below provide some indication of the risks of investing in the Fund and variability of its returns. The bar chart shows changes in the Fund’s performance from year to year for each of the last 10 calendar years. The performance table shows how the Fund’s average annual total returns for 1, 5, and 10 years ended December 31, 2025 compare with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website at www.hussmanfunds.com or by calling 1-800-HUSSMAN (1-800-487-7626). The bar chart and performance table shown below provide some indication of the risks of investing in the Fund and variability of its returns. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.hussmanfunds.com 1-800-HUSSMAN (1-800-487-7626) 0.0803 0.0121 0.0148 0.1142 0.1145 0.0121 -0.0623 0.0604 0.0606 0.2093 The Fund’s year-to-date return through September 30, 2026 is 1.99%. During the periods shown in the bar chart, the highest return for a quarter was 8.88% during the quarter ended June 30, 2020 and the lowest return for a quarter was -6.24% during the quarter ended June 30, 2022. year-to-date 2026-09-30 0.0199 highest return for a quarter 0.0888 2020-06-30 lowest return for a quarter -0.0624 2022-06-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_znYFsg1ctaKl" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.2093 0.0524 0.0593 0.1958 0.0429 0.0531 0.1237 0.0364 0.0445 0.0730 -0.0036 0.0201 Risk/Return Summary What is the Fund’s Investment Objective? <p id="xdx_A8__eoef--ObjectivePrimaryTextBlock_zp5ZVdwwjilu" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">HUSSMAN STRATEGIC ALLOCATION FUND (the “Fund”) seeks to achieve total return through a combination of income and capital appreciation. What are the Fund’s Fees and Expenses? <p id="xdx_A8__eoef--ExpenseNarrativeTextBlock_z6xK3jHF9JYM" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Shareholder Fees (fees paid directly from your investment) 0 0 0 0 0 15 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0075 0 0.0132 0.0006 0.0213 -0.0082 0.0131 November 1, 2027 Example <p id="xdx_A8__eoef--ExpenseExampleNarrativeTextBlock_ztVBtKUMtlag" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same as shown in the preceding table. The Example also takes into account that the investment adviser’s contractual agreement to waive its investment advisory fees and/or to absorb or reimburse Fund expenses remains in effect only until November 1, 2027. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 133 588 1069 2397 Portfolio Turnover <p id="xdx_A8__eoef--PortfolioTurnoverTextBlock_zTRFb5rcEnJS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund incurs transaction costs, such as brokerage commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate will result in higher transaction costs for the Fund and may also result in higher taxes for shareholders who hold Fund shares in taxable accounts. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 368% of the average value of its portfolio. 3.68 What are the Fund’s Principal Investment Strategies? <p id="xdx_A8__eoef--StrategyNarrativeTextBlock_zXw8I2IMWfV8" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The Fund pursues its investment objective by investing its assets primarily in common stocks, bonds, and cash equivalents (such as U.S. Treasury bills, U.S. Treasury bonds having remaining maturities of one year or less, 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, as determined by Hussman Strategic Advisors, the Fund’s investment adviser. 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 obtain exposure to the stock market by purchasing individual common stocks, stock index futures, or call options on stock indices. The Fund may obtain exposure to bonds by purchasing individual bonds or Treasury bond futures. 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. Assets of the Fund not invested to obtain exposure to stocks or bonds, or used to establish hedging positions, will be invested in cash equivalents. 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. In evaluating the inclination of investors toward risk-aversion or speculation, the investment adviser 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 adviser as an indication of risk-aversion among investors. In contrast, uniformly broad or indiscriminate advances in these measures are generally viewed by the investment adviser as an indication of speculation among investors. In its evaluation of prevailing market conditions, the investment adviser also considers 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 uses derivatives either to obtain investment exposures consistent with its investment objective and policies, or to hedge its investment exposures. The Fund may seek to reduce (or “hedge”) its exposure to stocks by establishing investment positions that offset its investments in stocks to reduce the impact of general stock market fluctuations on the Fund’s portfolio. Specific strategies for reducing or “hedging” the Fund’s exposure to stocks may include: purchasing put options on stock indices; writing covered call options on stocks which the Fund owns or writing 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 adviser to be correlated with the Fund’s stock portfolio. The Fund may seek to reduce (or “hedge”) its exposure to bonds by effecting short sales of Treasury bond futures. The allocation of the Fund’s assets for investment in the stock and bond markets will vary. However, the Fund will seek to maintain investment exposure to each of the stock market and the bond market of at least 5% of its net assets at all times. 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. The term “investment exposure” means the amount of the Fund’s unhedged investment in common stocks or bonds, respectively, plus the notional value of derivatives used by the Fund to obtain long exposure to the stock market or the bond market. The term “notional value” means the total dollar value of stocks or bonds represented by a derivative security. Subject to these limitations, the Fund may hedge its investment exposure to the stock and bond markets when deemed appropriate by the investment adviser. The Fund does not borrow for investment purposes, nor does it expect to maintain net “long” investment exposure to the stock and bond markets that, in aggregate, exceeds the value of the Fund’s net assets. This means that the total value of the Fund’s unhedged investments in common stocks and bonds, including the notional value of the Fund’s “long” investment exposure to the stock and bond markets obtained using stock index futures, call options and Treasury bond futures, is not expected to exceed 100% of the Fund’s net assets. Hedging transactions are intended to reduce the sensitivity of the Fund’s portfolio of stocks or bonds to general market fluctuations, relative to that of a portfolio that is not hedged. The choice of stock indices and instruments used for hedging is based on a consideration of the securities held in the Fund’s portfolio from time to time, and consideration of the availability and liquidity of futures and options on such indices. The Fund hedges using indices that are correlated, although perhaps imperfectly, with the securities owned by the Fund, such as the S&P 500® Index, and futures based on long-term U.S. Treasury bonds. The portion of the Fund’s assets allocated to stocks will be invested primarily in individual common stocks favored by the investment adviser. Stocks purchased by the Fund are chosen from the universe of all stocks traded on the New York Stock Exchange, the American Stock Exchange, or the NASDAQ Stock Market. There are no restrictions as to the market capitalizations of companies in which the Fund invests. However, the Fund invests primarily in stocks of companies with market capitalizations in excess of $1 billion, although it may invest a portion of its assets in the stocks of companies having smaller market capitalizations. In general, the stock selection approach of the investment adviser focuses on securities demonstrating favorable valuations, and/or market action. The primary consideration used by the investment adviser 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 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 adviser 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. In the implementation of the Fund’s investment strategy, the Adviser attempts to use day-to-day market fluctuations opportunistically, often using short-term weakness to purchase securities highly ranked based on the Adviser’s investment discipline, and using short-term strength to sell lower-ranked holdings. While the resulting transactions are made in consideration of their expected impact on long-term after-tax returns, greater frequency of such opportunities, as viewed by the Adviser, may be associated with increased portfolio turnover. The portion of the Fund’s assets allocated to bonds will be invested primarily in U.S. Treasury securities having remaining maturities at the time of purchase in excess of one year, but not greater than 30 years. The Fund may also purchase corporate debt of U.S. issuers that at the time of purchase is rated A- or higher by S&P Global Ratings or A3 or higher by Moody’s Ratings, or that has an equivalent rating from another independent rating organization. There is no requirement that the Fund sell corporate debt securities if subsequent to their purchase the rating of the securities is downgraded below these rating standards. However, the Fund will seek to sell those securities in an orderly manner as may be necessary to limit its holdings of such securities to not more than 10% of the Fund’s net assets. The portion of the Fund’s assets allocated to cash equivalents will typically be invested in U.S. Treasury bills, U.S. Treasury bonds having remaining maturities of one year or less, and shares of money market mutual funds. The Fund may invest to a lesser extent in other high quality short-term instruments, including commercial paper and repurchase agreements. The Fund is not an index fund, and its investment exposures to the stock and bond markets will vary over time. Because the Fund may invest in securities that are not included in any index and may hedge or reduce its exposure to market fluctuations when market conditions are unfavorable in the view of the investment adviser, the Fund’s investment returns may differ from the performance of other asset allocation strategies, particularly over the short term. Shares of the Fund may fall in value and there is a risk that you could lose money by investing in the Fund. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofCommonStocksMember_zqS67g45Gnra" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Risks of Common Stocks General stock market movements will affect the prices of the Fund’s common stock investments and thus, the Fund’s share price, on a daily basis. Significant declines are possible both in the overall stock market and in the prices of specific securities held by the Fund. The values of common stocks may fluctuate significantly, reflecting the business performance of the issuing company, political events, Federal Reserve policy decisions, or general economic conditions. The value of an individual stock may be impacted by conditions that are not specifically related to the particular company, such as investor perceptions of the company or its industry, a lack of confidence, or real or perceived adverse market or political conditions. Investor perceptions may be based on various unpredictable factors, including expectations regarding government, economic or fiscal policies, inflation, economic expansion and global or regional political or economic expectations. Local, regional or global events such as conflicts and war, acts of terrorism, government defaults or shutdowns, natural or environmental disasters, public health emergencies, inflation, recessions, trade disputes, tariffs, sanctions, retaliatory measures, or other economic, political or market developments, could have a significant adverse impact on the Fund and the value of its investments. The financial markets continue to experience periods of volatility driven by geopolitical tensions, evolving economic conditions, and fiscal uncertainties, including elevated government debt levels and budget negotiations. Inflation remains elevated in certain sectors, increasing concerns about slowing growth, and contributing to uncertainty about the pace, timing and ultimate trajectory of the Federal Reserve’s monetary policy. Trade policy developments, including expanded U.S. tariffs and the risk of retaliatory measures, have contributed to higher input costs, supply chain disruptions, and pressure on companies with export exposure or reliance on cross border inputs. Strategic competition between the U.S. and China continues to influence global trade policy and investor sentiment, while broader geopolitical developments, economic instability, and volatility in energy and commodity markets, present continuing challenges to economic stability. In addition, rapid technological and structural changes, including significant investments in artificial intelligence and automation, have contributed to market concentration and uncertainty about corporate earnings, labor market trends, and broader economic impacts. These and other events that may arise in the future could exacerbate pre-existing political, social, and economic risks in ways that cannot be predicted. The value of the Fund’s holdings is also generally subject to the risk of future local, national, or global economic disturbances based on unknown weaknesses in the markets in which the Fund invests. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--RisksofBondsMember_zw2PXqkGHeP" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Risks of Bonds General interest rate movements will affect the prices of the Fund’s fixed-income securities and thus, the Fund’s share price, on a daily basis. Significant declines are possible both in the prices of fixed-income securities generally and in the prices of specific securities held by the Fund. Interest rate changes can be sudden and unpredictable and a wide variety of factors can cause interest rates to change, such as central bank monetary policies, inflation rates, supply and demand, and general economic conditions. When interest rates rise, the value of bonds held by the Fund is likely to decline. Such price declines will be proportionally greater when the Fund emphasizes bonds with longer maturities, since they are more sensitive to changes in interest rates than bonds with shorter maturities. It is difficult to accurately predict the direction of interest rates. The Fund could lose money if the issuer of a bond in which it has invested fails to make scheduled principal or interest payments, or if the credit rating of the issuer is downgraded. If a security’s rating is downgraded, the Fund is not required to sell the security. Corporate debt generally has the greatest degree of credit risk among the bonds in which the Fund may invest. When a debt security is rated below investment-grade (a so-called “junk” bond), it may be more difficult for the Fund to sell the security at a price approximating its market value, and there is greater risk of default in the payment of interest and principal. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashEquivalentMember_ziryp5EnUvJ9" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Cash Equivalents If the general stock or bond market advances during a time when the Fund holds a large amount of cash equivalents, the Fund’s investment return might be lower than it would if it had invested a larger percentage of its assets in stocks or fixed income investments. When the Fund invests in shares of money market mutual funds, the Fund bears its pro rata share of the fees and expenses of those funds, in addition to the Fund’s own fees and expenses. As of June 30, 2026, the Fund had approximately 37.4% of its net assets invested in shares of a single money market fund. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--PortfolioManagementRisksMember_zWDJIlfvBqFF" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Portfolio Management Risks The success of the Fund’s investment program depends largely on the investment adviser’s skill in assessing the potential returns of the Fund’s investments and determining the allocation of the Fund’s assets among stocks, bonds and cash equivalents. It also depends on the investment adviser’s use of hedging strategies that may not be employed by many other mutual funds. There is no assurance that these strategies will be successful. The use of hedging strategies to vary the Fund’s exposure to general market fluctuations over the course of the market cycle may significantly reduce or eliminate the Fund’s participation in rising equity markets and adversely impact the investment performance of the Fund. Also, because the Fund’s investment position at any given time will vary depending on the investment adviser’s assessment of current conditions in the stock and bond markets, the Fund may substantially underperform the broad equity market indices if the Adviser’s market outlook is incorrect or its hedging positions are maintained during extended market advances. The Fund’s share price and investment return may fluctuate or deviate more significantly from overall market returns than funds that do not employ similar strategies. For example, if the Fund has taken a defensive posture by hedging its positions to reduce the sensitivity of its portfolio to stock or bond market fluctuations, and the market advances, the return to investors in the Fund will be lower than if the portfolio had maintained a larger exposure to the market. Alternatively, if the Fund has increased the sensitivity of its portfolio to stock or bond market fluctuations, the Fund will experience a larger loss in the event of a market decline. The investment adviser’s assessment of market conditions may not account for every possible factor, and some factors may be deemed more significant than others. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketCapitalizationRiskMember_zHvfsBColRcX" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Market Capitalization Risk The Fund may invest a portion of its assets in the stocks of companies having smaller market capitalizations, including mid-cap and small-cap stocks. The stocks of these companies often have less liquidity than the stocks of larger companies and these companies frequently have less management depth, narrower market penetrations, less diverse product lines, and fewer resources than larger companies. Due to these and other factors, stocks of smaller companies may be more susceptible to market downturns and other events, and their prices may be more volatile than stock prices of larger companies. To the extent the Fund invests in larger companies, the Fund may be affected by the risk that large-cap companies may be unable to respond quickly to competitive challenges, changes in technology or other market developments, and may experience slower growth rates than smaller companies during certain market environments. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingandDerivativesRisksMember_zo7b5pHZQA6F" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Hedging and Derivatives Risks The Fund may hedge its investment exposure to stocks by purchasing put options on stock indices; by writing covered call options on stocks which the Fund owns; by writing call options on stock indices; or by 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 adviser to be correlated with the Fund’s portfolio of common stocks. The Fund may hedge its investment exposure to bonds by effecting short sales of U.S. Treasury futures. To the extent the Fund hedges its investment positions as part of its investment program, its investment performance may deviate significantly from the performance of a passive investment portfolio of stocks and bonds for substantial portions of a market cycle. When market conditions are unfavorable in the view of the investment adviser and the Fund’s holdings are hedged, the Fund may not benefit from general advances in the stock or bond markets to the same extent as if the Fund was not hedged. The Fund’s hedging strategy may also result in the investment performance of the Fund having limited correlation with the performance of the general stock and bond markets for meaningful periods of time, including periods of sustained advances in the stock or bond markets. The derivatives used by the Fund for hedging purposes are subject to specific risks. When the Fund hedges by purchasing put options on stock indices, the Fund may incur a net loss of time value on the purchased options. When the Fund hedges by writing covered call options on stocks which the Fund owns, the Fund may not benefit from price advances in those stocks to the same extent that it would if the Fund had not employed hedging. When the Fund hedges its portfolio using short stock index futures, short Treasury bond futures, or option combinations (such as simultaneously writing stock index call options and purchasing stock index put options), the Fund may incur a loss even when its portfolio is hedged if the returns on its positions in stocks and bonds do not exceed the returns of the securities and financial instruments used to hedge. This is known as “tracking risk” (or alternatively, “basis risk”). The Fund does not invest solely in the securities that are included in any index or invest in business sectors in the same proportion as such sectors may be represented in any index. For this reason, the hedging strategies used by the Fund do not eliminate market risk or provide complete protection against adverse changes in the prices of individual securities or securities within particular business sectors. When options are owned by the Fund, it is possible that they may lose value over time, even if the prices of the securities underlying the options are unchanged. The Fund may purchase futures contracts on broad-based stock indices to obtain investment exposure to the stock market, and may purchase futures contracts on U.S. Treasury securities to obtain investment exposure to the bond market. These purchases seek capital appreciation or income, consistent with the Fund’s investment objective and policies. When a futures contract is purchased by the Fund, the risk assumed by the Fund is the same as if the Fund had directly invested in the stocks comprising the underlying stock index or in U.S. Treasury securities in the same amount as the notional value of the futures contract. <p id="xdx_A8__eoef--RiskTextBlock_hoef--RiskAxis__custom--MonetaryPolicyandPoliticalRiskMember_zOLxILXklUWZ" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 0pt; margin-bottom: 0pt; margin-top: 0pt">Monetary Policy and Political Risk In response to the global financial crisis that began in 2008 and subsequent periods of economic and financial stress, the U.S. Government and the Federal Reserve Board implemented a variety of measures designed to support economic activity and financial market functioning, including maintaining historically low short-term interest rates and purchasing large quantities of U.S. Government securities (commonly referred to as quantitative easing). In response to rising inflation, the Federal Reserve subsequently increased interest rates and reduced the size of its balance sheet through the sale or runoff of U.S. Government securities (commonly referred to as quantitative tightening). The timing and extent of changes in monetary policy may be affected by economic and market conditions, including inflation, employment levels, and economic growth. There is a risk that future actions by the U.S. Government to stimulate economic growth, control inflation, or promote financial market stability, including increases or decreases in short-term interest rates, or changes in its holdings of U.S. Government securities, could result in increased market volatility, reduced liquidity, and decreases in the value of the securities held by the Fund. In addition, concerns about the federal budget deficit, the growing level of U.S. Government debt, and the long-term sustainability of U.S. fiscal policy, along with political disputes involving government fundings and appropriations, taxation, and other fiscal policy matters, could adversely affect the financial markets and the value of the securities held by the Fund. What has Been the Fund’s Performance History? <p id="xdx_A8__eoef--PerformanceNarrativeTextBlock_zvT4TgCJJCaS" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">The bar chart and performance table shown below provide some indication of the risks of investing in the Fund. The bar chart shows the Fund’s performance for each full calendar year over the life of the Fund. The performance table shows how the Fund’s average annual total returns for the 1 year, 5 year and since inception periods ended December 31, 2025 compare with a broad measure of market performance, the S&P 500® Index. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Equity Fixed Income 60:40 Index are included as additional comparative indices since they are representative of the market sectors in which the Fund may invest. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information, current through the most recent month end, is available on the Fund’s website at www.hussmanfunds.com or by calling 1-800-HUSSMAN (1-800-487-7626). The bar chart and performance table shown below provide some indication of the risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.hussmanfunds.com 1-800-HUSSMAN (1-800-487-7626) 0.1122 0.0722 0.0442 0.0065 0.0174 0.0783 The Fund’s year-to-date return through September 30, 2026 is 1.35%. During the periods shown in the bar chart, the highest return for a quarter was 9.56% during the quarter ended March 31, 2021 and the lowest return for a quarter was -2.74% during the quarter ended September 30, 2021. year-to-date return 2026-09-30 0.0135 highest return for a quarter 0.0956 2021-03-31 lowest return for a quarter -0.0274 2021-09-30 Average Annual Total Returns for Periods Ended December 31, 2025 <p id="xdx_A8__eoef--PerformanceTableNarrativeTextBlock_zahf3uCWziXK" style="font: 11pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0pt; text-indent: 18pt; margin-bottom: 0pt; margin-top: 0pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown and are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). 0.0783 0.0433 0.0504 0.0698 0.0262 0.0334 0.0463 0.0282 0.0336 0.1788 0.1442 0.1648 0.0730 -0.0036 0.0080 0.1381 0.0824 0.1030 2019-08-27 2019-08-27 2019-08-27 2019-08-27 2019-08-27 2019-08-27 Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund on investments in shares of money market mutual funds or exchange-traded funds. Total Annual Fund Operating Expenses will differ from the Fund’s ratio of total expenses to average net assets as presented in the Fund’s Financial Highlights because the operating expenses of the Fund as presented in the Financial Highlights do not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed that, until November 1, 2027, it will waive its investment advisory fees and/or absorb or reimburse other Fund operating expenses to the extent necessary to limit the Fund’s annual operating expenses (excluding Acquired Fund Fees and Expenses, brokerage commissions, taxes, interest expense and any extraordinary expenses) to an amount not exceeding 1.15% of the Fund’s average daily net assets. Under the terms of this agreement, the Fund is obligated to reimburse the investment adviser the amount of advisory fees previously waived and Fund expenses previously absorbed or reimbursed by the investment adviser for a period of three years from the date such fees or expenses were waived, absorbed or reimbursed, but only if such reimbursement does not cause the Fund’s operating expenses (after reimbursement by the Fund is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the time such fees and expenses were waived, absorbed or reimbursed by the investment adviser; and (ii) the expense limitation in effect at the time the investment adviser seeks reimbursement. This agreement may not be terminated by the investment adviser without the approval of the Board of Trustees of the Trust. The investment adviser may agree to continue after November 1, 2027 the current arrangement to limit the Fund’s expenses or to implement a similar arrangement, but it is not obligated to do so. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund on investments in shares of money market mutual funds or exchange-traded funds. Total Annual Fund Operating Expenses will differ from the Fund’s ratio of total expenses to average net assets as presented in the Fund’s Financial Highlights because the operating expenses of the Fund as presented in the Financial Highlights do not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed that, until November 1, 2027, it will waive its investment advisory fees and/or absorb or reimburse other Fund operating expenses to the extent necessary to limit the Fund’s annual operating expenses (excluding Acquired Fund Fees and Expenses, brokerage commissions, taxes, interest expense and any extraordinary expenses) to an amount not exceeding 0.75% of the Fund’s average daily net assets. Under the terms of this agreement, the Fund is obligated to reimburse the investment adviser the amount of advisory fees previously waived and Fund expenses previously absorbed or reimbursed by the investment adviser for a period of three years from the date such fees or expenses were waived, absorbed or reimbursed, but only if such reimbursement does not cause the Fund’s operating expenses (after reimbursement by the Fund is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the time such fees and expenses were waived, absorbed or reimbursed by the investment adviser; and (ii) the expense limitation in effect at the time the investment adviser seeks reimbursement. This agreement may not be terminated by the investment adviser without the approval of the Board of Trustees of the Trust. The investment adviser may agree to continue after November 1, 2027 the current arrangement to limit the Fund’s expenses or to implement a similar arrangement, but it is not obligated to do so. Acquired Fund Fees and Expenses represent fees and expenses incurred indirectly by the Fund on investments in shares of money market mutual funds or exchange-traded funds. Total Annual Fund Operating Expenses will differ from the Fund’s ratio of total expenses to average net assets as presented in the Fund’s Financial Highlights because the operating expenses of the Fund as presented in the Financial Highlights do not include Acquired Fund Fees and Expenses. The investment adviser has contractually agreed that, until November 1, 2027 it will waive its investment advisory fees and/or absorb or reimburse other Fund operating expenses to the extent necessary to limit the Fund’s annual operating expenses (excluding Acquired Fund Fees and Expenses, brokerage commissions, taxes, interest expense and any extraordinary expenses) to an amount not exceeding 1.25% of the Fund’s average daily net assets. Under the terms of this agreement, the Fund is obligated to reimburse the investment adviser the amount of advisory fees previously waived and Fund expenses previously absorbed or reimbursed by the investment adviser for a period of three years from the date such fees or expenses were waived, absorbed or reimbursed, but only if such reimbursement does not cause the Fund’s operating expenses (after reimbursement by the Fund is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the time such fees and expenses were waived, absorbed or reimbursed by the investment adviser; and (ii) the expense limitation in effect at the time the investment adviser seeks reimbursement. This agreement may not be terminated by the investment adviser without the approval of the Board of Trustees of the Trust. The investment adviser may agree to continue after November 1, 2027 the current arrangement to limit the Fund’s expenses or to implement a similar arrangement, but it is not obligated to do so. The Bloomberg U.S. Equity:Fixed Income 60:40 Index is designed to measure cross-asset market performance in the U.S among two separate indices: 60% weighted in the Bloomberg U.S. Large Cap Index and 40% weighted in the Bloomberg U.S. Aggregate Bond Index.