Hussman Strategic Growth Fund – HSGFX

The Fund seeks to achieve long-term capital appreciation, with
added emphasis on the protection of capital during unfavorable
market conditions. It pursues this objective by investing primarily in
common stocks and using hedging strategies to vary the exposure
of the Fund to general market fluctuations.

2017 Distribution & Tax Information: Strategic Growth Fund

Strategic Growth Fund Prospectus

Statement of Additional Information
Fund Performance Chart
Quarterly and Annual Fund Performance
Semiannual Report – December 31, 2017
Annual Report – June 30, 2017
Semiannual Report – December 31, 2016
Annual Report – June 30, 2016
Semiannual Report – December 31, 2015
Annual Report – June 30, 2015
Semiannual Report – December 31, 2014
Annual Report – June 30, 2014
Semiannual Report – December 31, 2013
Annual Report – June 30, 2013
Semiannual Report – December 31, 2012
Annual Report – June 30, 2012
Semiannual Report – December 31, 2011
Annual Report – June 30, 2011
Semiannual Report – December 31, 2010
Annual Report – June 30, 2010
Semiannual Report – December 31, 2009
Annual Report – June 30, 2009
Semiannual Report – December 31, 2008
Annual Report – June 30, 2008
Semiannual Report – December 31, 2007
Annual Report – June 30, 2007
Semiannual Report – December 31, 2006
Annual Report – June 30, 2006
Semiannual Report – December 31, 2005
Annual Report – June 30, 2005
Semiannual Report – December 31, 2004
Annual Report – June 30, 2004
Semiannual Report – December 31, 2003
Annual Report – June 30, 2003
Semiannual Report – December 31, 2002
Annual Report – June 30, 2002
Semiannual Report – December 31, 2001
Annual Report – June 30, 2001
Semiannual Report – December 31, 2000

Hussman Strategic Total Return Fund – HSTRX

The Fund invests primarily in U.S. Treasury and government
agency securities with the objective of long-term total return, and
has the ability to take a limited exposure in foreign goverment
bonds, utility stocks, and precious metals shares.

2017 Distribution & Tax Information: Strategic Total Return Fund

Total Return Fund Prospectus

Statement of Additional Information
Fund Performance Chart
Quarterly and Annual Fund Performance
Semiannual Report – December 31, 2017
Annual Report – June 30, 2017
Semiannual Report – December 31, 2016
Annual Report – June 30, 2016
Semiannual Report – December 31, 2015
Annual Report – June 30, 2015
Semiannual Report – December 31, 2014
Annual Report – June 30, 2014
Semiannual Report – December 31, 2013
Annual Report – June 30, 2013
Semiannual Report – December 31, 2012
Annual Report – June 30, 2012
Semiannual Report – December 31, 2011
Annual Report – June 30, 2011
Semiannual Report – December 31, 2010
Annual Report – June 30, 2010
Semiannual Report – December 31, 2009
Annual Report – June 30, 2009
Semiannual Report – December 31, 2008
Annual Report – June 30, 2008
Semiannual Report – December 31, 2007
Annual Report – June 30, 2007
Semiannual Report – December 31, 2006
Annual Report – June 30, 2006
Semiannual Report – December 31, 2005
Annual Report – June 30, 2005
Semiannual Report – December 31, 2004
Annual Report – June 30, 2004
Semiannual Report – December 31, 2003
Annual Report – June 30, 2000
Semiannual Report – December 31, 2002

Hussman Strategic International Fund – HSIEX

The Fund invests primarily in equity securities of non-U.S. issuers
with the objective of long-term total return with added emphasis on the protection of capital during unfavorable market conditions.

2016 Distribution & Tax Information: Strategic International Fund:
2017 Distribution & Tax Information: Strategic International Fund

International Fund Prospectus

Statement of Additional Information
Fund Performance Chart
Semiannual Report – December 31, 2017
Annual Report – June 30, 2017
Semiannual Report – December 31, 2016
Annual Report – June 30, 2016
Semiannual Report – December 31, 2015
Annual Report – June 30, 2015
Semiannual Report – December 31, 2014
Annual Report – June 30, 2014
Semiannual Report – December 31, 2013
Annual Report – June 30, 2013
Semiannual Report – December 31, 2012
Annual Report – June 30, 2012
Semiannual Report – December 31, 2011
Annual Report – June 30, 2011
Semiannual Report – December 31, 2010
Annual Report – June 30, 2010
Semiannual Report – December 31, 2009

Hussman Strategic Value Fund – HSVLX

The Fund invests primarily in dividend-paying equity securities with the
objective of long-term total return through a combination of dividend income and capital appreciation, with added emphasis on the protection of capital during unfavorable market conditions.

2017 Distribution & Tax Information: Strategic Value Fund

Value Fund Prospectus

Statement of Additional Information
Fund Performance Chart
Semiannual Report – December 31, 2017
Annual Report – June 30, 2017
Semiannual Report – December 31, 2016
Annual Report – June 30, 2016
Semiannual Report – December 31, 2015
Annual Report – June 30, 2015
Semiannual Report – December 31, 2014
Annual Report – June 30, 2014
Semiannual Report – December 31, 2013
Annual Report – June 30, 2013
Semiannual Report – December 31, 2012
Annual Report – June 30, 2012

XBRL Files: eXtensible Business Reporting Language

The XBRL files below can only be read with special viewer software.
Additional information on the XBRL language and a free version of the
viewer software is available on the SEC’s website at xbrl.sec.gov.

Please note that the XBRL file does not include all of the information
contained in a Prospectus. To access the full text of a Prospectus,
click on the link above for each Fund.

XBRL Documents (Hussman XBRL 20171027)