December 31, 2009: The Hussman Strategic Total Return Fund paid its quarterly income distribution in the amount of $0.066 per share. The Hussman Strategic Growth Fund paid a required annual income distribution for 2009 in the amount of $0.0168 per share. Income distributions primarily represent a portion of the interest and dividend income paid by securities held by the Funds.

November 20, 2009: The Hussman Strategic Total Return Fund paid its required 2009 capital gains distribution: $0.1375 per share classified as short-term gains, and $0.0338 classified as long term gains. As for all mutual funds, the distribution results in an equivalent reduction in the net asset value of the Fund. Shareholders reinvesting these distributions at the post-distribution NAV of 12.18 now have approximately 1.014064 shares of the Fund for every pre-distribution Fund owned. For 2009, no capital gains distribution is required for the Strategic Growth Fund.

August 5, 2009: The expense ratio for the Hussman Strategic Growth Fund (HSGFX) was lowered from 1.10% to 1.04% today. The expense ratio for the Hussman Strategic Total Return Fund (HSTRX) was lowered from 0.75% to 0.67%. These cuts reflect active reductions in investment advisory and fund administration fees, the addition of new fee breakpoints (approved at the July meeting of the Hussman Funds Board of Trustees), and general growth in Fund assets. Fund expense ratios are affected by a number of factors including fee breakpoints and the level of Fund assets, and may increase or decrease over time.