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Market Climate
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
Semi-Annual Report - December 31, 2014

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Semi-Annual Report - December 31, 2014

Hussman Strategic International Fund
International Fund Prospectus
Fund Performance Chart
Semi-Annual Report - December 31, 2014

Hussman Strategic Dividend Value Fund
Dividend Value Fund Prospectus
Fund Performance Chart
Semi-Annual Report - December 31, 2014

Our Mission and Commitment to Shareholders

Weekly Market Comment

This Week:
Voting Machine, Weighing Machine
The fact is that valuations drive long-term returns, but over shorter horizons, stock prices are the result of whatever investors collectively believe, however reckless or detached from historical evidence those beliefs may be. As long as enough market participants are attached to the idea that risk is their friend (or enemy) regardless of the price, there is no natural limit to how overvalued (or undervalued) stocks can become. There is only one way to address this: measure investor risk preferences directly through observable market internals. Simply put, the collective risk preferences of investors rule the short run, but valuations ultimately rule the long run. Benjamin Graham famously summarized that lesson in one sentence: “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” Neither machine is presently favorable.
By John P. Hussman, Ph.D.
President, Hussman Investment Trust
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Investment Research & Insight

Feature Article:
Is the Rush into European Stock
Markets Warranted?

There are two characteristics of European stocks that investors should consider before accepting the premise that they are ideal candidates to overweight in a portfolio. The first is that rising valuation multiples have been the nearly singular cause for higher prices over the last few years. Second, the component of returns driven by rising valuation multiples - which have diverged so extensively from fundamental growth - is highly correlated to US stock market fluctuations. To be bullish on European stocks, one should be bullish on US stocks.
By William Hester, CFA
Senior Financial Analyst
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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.
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 FUND NEWS

Recent Fund Notes and Commentary

December 31, 2014: The Hussman Funds made the following income distributions: Strategic Growth Fund, $0.0695 per share, Strategic Total Return Fund $0.0200 per share, Strategic International Fund $0.0905 per share, and Strategic Dividend Value Fund $0.0700 per share.

November 14, 2014: Hussman Strategic Dividend Value Fund paid a short-term capital gain distribution in the amount of $0.8527 per share.

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