tailieunhanh - HUSSMAN INVESTMENT TRUST

We nd that these variables prove valuable in selecting funds with superior performance in Europe, which indicates their ability to locate skilled managers. Interestingly, we nd that some additional variables, such as growth in industrial production, in ation, and a proxy for stock market volatility, are also useful in identifying funds with superior future alphas. | Hussman funds HUSSMAN INVESTMENT TRUST HUSSMAN STRATEGIC GROWTH FUND HUSSMAN STRATEGIC TOTAL RETURN FUND HUSSMAN STRATEGIC INTERNATIONAL FUND HUSSMAN STRATEGIC DIVIDEND VALUE FUND ANNUAL REPORT June 30 2012 Table of Contents Performance Information Hussman Strategic Growth Fund. 1 Hussman Strategic Total Return Fund. 2 Hussman Strategic International Fund. 3 Hussman Strategic Dividend Value Fund. 4 Letter to Shareholders. 5 Portfolio Schedules of Investments Hussman Strategic Growth Hussman Strategic Total Return Hussman Strategic International Hussman Strategic Dividend Value Statements of Assets and Statements of Statements of Changes in Net Assets Hussman Strategic Growth Hussman Strategic Total Return Hussman Strategic International Hussman Strategic Dividend Value Financial Highlights Hussman Strategic Growth Hussman Strategic Total Return Hussman Strategic International Hussman Strategic Dividend Value Notes to Financial Report of Independent Registered Public Accounting About Your Fund s Board of Trustees and Federal Tax Other Approval of Investment Advisory aaaa aãáa Hussman FUNDS HUSSMAN STRATEGIC GROWTH FUND Comparison of the Change in Value of a 10 000 Investment in Hussman Strategic Growth Fund versus the Standard Poor s 500 Index and the Russell 2000 Index a Unaudited Hussman Strategic Growth Fund HSGFX HSGFX equity investments and cash equivalents only unhedged ------------S P500 Index . Russell 2000 Index Average Annual Total Returns For Periods Ended June 30 2012 1 Year 3 Years 5 Years 10 Years Since Inception a b c d Hussman Strategic Growth Fund b d S P 500 Index Russell 2000 Index a Hussman Strategic Growth Fund invests in stocks listed on the .

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