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
Semiannual Report - December 31, 2007

Hussman Strategic Total Return Fund
Total Return Fund Prospectus
Fund Performance Chart
Semiannual Report - December 31, 2007

Our Mission and Commitment to Shareholders

This Week:
Round Two - Home Price Erosion
It appears that median home values as of 3/31/08 were probably 15%-20% above sustainable norms, though we may not observe the full adjustment in just one cycle. The relatively low level of short-term interest rates (though only partially translating to low rates on adjustable mortgages) will probably help to buffer the full extent of the potential decline, but there's little doubt that we'll observe further serious defaults, foreclosures, and credit losses.
By John P. Hussman, Ph.D.
President, Hussman Investment Trust

Feature Article:
Consumer Spending Break-Down
Developing pressures point toward weak consumer spending.
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

December 31, 2007: The Hussman Funds paid mandatory year-end income distributions. The Strategic Growth Fund paid a distribution of $0.092 per share. The Strategic Total Return Fund paid a distribution of $0.05 per share.

Friday, November 9, 2007: The Hussman Funds paid annual distributions of short-term and long-term capital gains. The Strategic Growth Fund paid a distribution of $0.63 per share, classified entirely as long-term gains. The Strategic Total Return Fund paid a distribution of $0.5375 per share, classified as $0.26 per share in long-term gains, and $0.2775 per share in short-term gains. As usual, the NAV of each fund declines by the amount of the distribution, which is paid in cash or reinvested in new shares (based on the choice of the shareholder). For shareholders reinvesting these distributions, the reinvestment will result in an increase of approximately 4.018% in the number of shares of HSGFX you own, and approximately 4.694% in the number of shares of HSTRX you own.

September 28, 2007: The Hussman Strategic Total Return Fund paid a quarterly income distribution of $0.09 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.


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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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