Hussman Funds - Investing for long-term returns while managing risk

Market Climate profiles are based on average historical returns in each climate we identify. There is no assurance that these return and risk profiles will be maintained in the future. "Market Climate" and associated graphics are service marks of the Hussman Funds.

Hussman Strategic Growth Fund
Strategic Growth Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2008

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Annual Report - June 30, 2008

Our Mission and Commitment to Shareholders

This Week:
The Beginning of Wisdom
With the S&P 500 trading below 1100, the U.S. stock market is now in the upper range of what I consider to be reasonable valuations.
By John P. Hussman, Ph.D.
President, Hussman Investment Trust

Feature Article:
The Beginning of the Middle
Updated recession charts show that the first leg of a recession is likely underway and that data could continue to disappoint through the beginning of next year. Also earnings may be slower to rebound than analysts expect, putting pressure on stock valuations that are better, but are still uninspiring.
By William Hester, CFA
Senior Financial Analyst

Mutual Fund Brokerage Fees and Trading Costs
How much do mutual funds pay in commissions and trading costs? This is a question that the mutual fund industry seems reluctant to answer. In an industry already complicated by fees - sales loads, soft dollars, trailing fees, 12b-1 marketing fees - asking mutual funds to prominently disclose trading costs is unpopular among fund companies. We've decided to take the lead anyway. It's the right thing to do.
By John P. Hussman, Ph.D.

FUND NEWS

September 30, 2008: The Hussman Strategic Total Return Fund paid its quarterly income distribution in the amount of $0.05 per share.

August 25, 2008: The expense ratio for the Hussman Strategic Total Return Fund (HSTRX) was lowered from 0.90% to 0.78%. The expense ratio of the Fund is affected by a number of factors including fee breakpoints and the level of Fund assets, and may increase or decrease over time.

IN THE PRESS

Building a Better P/E Ratio
Barron's Alan Abelson presents Dr. Hussman's price/peak-earnings ratio to discuss stock market valuations just before the summer 1998 market plunge. The price/peak-earnings ratio is displayed as far back as 1875.


POPULAR ARTICLES

A Who's Who of Awful Times to Invest
Why Warren Buffett Plays Bridge
The Likely Range of Market Returns in the Coming Decade
Freight Trains and Steep Curves
How Hedging Works
Why the Federal Reserve is Irrelevant
The Two Essential Elements of Wealth Accumulation
Irrational Exuberance Turns Seven
Going for the Gold
The Future of Investment Management
Let's Start a Lemonade Stand!
Spinning Muons
Buy-and-Hold for the Duration?
Natural Consequences
The U.S. Productivity Miracle (Made in China)

For more information about investing in the Hussman Funds, please call us at
1-800-HUSSMAN (1-800-487-7626)
513-326-3551 outside the United States

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