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
Semi-Annual Report - December 31, 2009

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Semi-Annual Report - December 31, 2009

Our Mission and Commitment to Shareholders

This Week:
Betting on a Bubble, Bracing for a Fall
If you exclude the bubble valuations of 1995-2007, the current valuation of the S&P 500 is near the highest level ever observed in history. To expect valuations to expand from here is to rely on the sustained resumption of bubble valuations that have ultimately been devastating to investors. Meanwhile, the evidence from our Recession Warning Composite is already on the table, and would strengthen considerably if the ISM Purchasing Managers Index declines to 54 or less (the ISM services index already dropped to 53.8 last month). Again, no indicator in our composite is decisive on its own, but the combination of factors has always and only been observed during or immediately prior to recessions.
By John P. Hussman, Ph.D.
President, Hussman Investment Trust

Feature Article:
Wall Street Earnings Expectations Ignore
Economic Divergences
There are two dynamics that are now in place that were also in place near the end of 2007. Global earnings expectations are climbing while global PMI indexes are declining and there is sufficient evidence in hand to be concerned about a period of renewed weakness in the U.S. economy.
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

July 15, 2010: The expense ratio for the Hussman Strategic Growth Fund (HSGFX) was lowered from 1.04% to 1.02% today, reflecting an active reduction in the investment advisory fee (approved at the June 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.

June 30, 2010: The Hussman Strategic Total Return Fund paid its quarterly income distribution in the amount of $0.035 per share.

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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