Hussman Strategic Market Cycle Fund Hussman Strategic Market Cycle Fund Shares Risks of Common Stocks Portfolio Management Risks Market Capitalization and Sector Risks Cash Equivalents Hedging and Derivatives Risks S&P 500® INDEX (reflects no deduction for fees, expenses, or taxes) Hussman Strategic Total Return Fund Hussman Strategic Total Return Fund Shares Risks of Fixed-Income Securities Risks of Utility, Energy and Precious Metal Stocks and REITs Monetary Policy and Political Risk Foreign Investment Risk BLOOMBERG U.S. AGGREGATE BOND INDEX (reflects no deduction for fees, expenses, or taxes) Hussman Strategic Allocation Fund Hussman Strategic Allocation Fund Shares Risks of Bonds Market Capitalization Risk S&P 500® Index (reflects no deduction for fees, expenses or taxes) Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) Bloomberg U.S. Equity:Fixed Income 60:40 Index (reflects no deduction for fees, expenses or taxes) S&P 500® Index (reflects no deduction for fees, expenses or taxes), Hussman Strategic Allocation Fund Bloomberg U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes), Hussman Strategic Allocation Fund Bloomberg U.S. Equity:Fixed Income 60:40 Index (reflects no deduction for fees, expenses or taxes), Hussman Strategic Allocation Fund