HUSSMAN INVESTMENT TRUST

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 Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Schedules of Investments Hussman Strategic Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Hussman Strategic Total Return Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 Hussman Strategic International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Hussman Strategic Dividend Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 37 Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42 Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Statements of Changes in Net Assets Hussman Strategic Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46 Hussman Strategic Total Return Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47 Hussman Strategic International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 Hussman Strategic Dividend Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 49 Financial Highlights Hussman Strategic Growth Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 Hussman Strategic Total Return Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 Hussman Strategic International Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 Hussman Strategic Dividend Value Fund. . . . . . . . . . . . . . . . . . . . . . . . . . 53 Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54 Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . 77 About Your Fund’s Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78 Board of Trustees and Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 Federal Tax Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82 Other Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83 Approval of Investment Advisory Agreements. . . . . . . . . . . . . . . . . . . . . . . . . . 84 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) $26,000 $24,000 $23,684 $22,000 $20,000 $18,000 $19,043 $18,194 $16,000 $14,000 $12,000 $11,659 $10,000 $8,000 $6,000 Past performance is not predictive of future performance. $4,000 Hussman Strategic Growth Fund (HSGFX) HSGFX equity investments and cash equivalents only (unhedged) S&P 500 Index Russell 2000 Index Average Annual Total Returns For Periods Ended June 30, 2012 1 Year 3 Years 5 Years Since 10 Years Inception(c) Hussman Strategic Growth Fund(b)(d) S&P 500 Index Russell 2000 Index (5 .97%) 5 .45% (2 .08%) (3 .73%) 16 .40% 17 .80% (2 .39%) 2 .47% 5 .55% 0 .22% 5 .33% 1 .29% 0 .54% 7 .00% 5 .14% (a) Hussman Strategic Growth Fund invests in stocks listed on the New York, American, and NASDAQ exchanges, and does not specifically restrict its holdings to a particular market capitalization . The S&P 500 and Russell 2000 are indices of large and small capitalization stocks, respectively . “HSGFX equity investments and cash equivalents only (unhedged)” reflects the performance of the Fund’s stock investments and modest day-to-day cash balances, after fees and expenses, but excluding the impact of hedging transactions . The Fund’s unhedged equity investments do not represent a separately available portfolio, and their performance is presented solely for purposes of comparison and performance attribution . (b) Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares . (c) The Fund commenced operations on July 24, 2000 . (d) The Fund’s expense ratio was 1 .05% for the fiscal year ended June 30, 2012 . The expense ratio as disclosed in the November 1, 2011 prospectus was also 1 .05% . 1 HUSSMAN STRATEGIC TOTAL RETURN FUND Comparison of the Change in Value of a $10,000 Investment in Hussman Strategic Total Return Fund versus the Barclays U.S. Aggregate Bond Index (Unaudited) $20,000 $19,082 $18,000 $16,000 $16,698 $14,000 $12,000 $10,000 Past performance is not predictive of future performance. $8,000 Hussman Strategic Total Return Fund (HSTRX) Barclays U.S. Aggregate Bond Index Average Annual Total Returns For Periods Ended June 30, 2012 1 Year 3 Years Since 5 Years Inception(b) Hussman Strategic Total Return Fund(a)(c) Barclays U .S . Aggregate Bond Index(d) 4 .14% 5 .02% 7 .14% 6 .82% 7 .47% 6 .93% 6 .79% 5 .37% (a) Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares . (b) The Fund commenced operations on September 12, 2002 . (c) The Fund`s expense ratio was 0 .63% for the fiscal year ended June 30, 2012 . The expense ratio as disclosed in the November 1, 2011 prospectus was 0 .72% . (d) The Barclays U .S . Aggregate Bond Index covers the U .S . investment grade fixed rate bond market, with index components for U .S . government, agency and corporate securities . The Fund does not invest solely in securities included in the Barclays U .S . Aggregate Bond Index and may invest in other types of bonds, common stocks and etc . 2 HUSSMAN STRATEGIC INTERNATIONAL FUND Comparison of the Change in Value of a $10,000 Investment in Hussman Strategic International Fund versus the MSCI EAFE Index (Unaudited) $12,000 $11,500 $11,000 $10,500 $10,000 $9,500 $10,012 $9,747 $9,000 $8,500 Past performance is not predictive of future performance. $8,000 Hussman Strategic International Fund (HSIEX) MSCI EAFE Index Average Annual Total Returns For Periods Ended June 30, 2012 Hussman Strategic International Fund(a)(c) MSCI EAFE Index(d) 1 Year (6 .14%) (13 .83%) Since Inception(b) 0 .05% (1 .02%) (a) Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares . (b) The Fund commenced operations on December 31, 2009 . (c) The Fund’s expense ratio was 1 .93% for the fiscal year ended June 30, 2012 . The expense ratio as disclosed in the November 1, 2011 prospectus was 2 .08% . (d) The MSCI EAFE (Europe, Australasia, and Far East) Index is a free float weighted capitalization index that is designed to measure the equity market performance of developed markets, excluding the U .S . and Canada . As of June 30, 2012, the MSCI EAFE Index consisted of the following 22 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom . The Fund may not invest in all of the countries represented in the MSCI EAFE Index and may invest in securities that are not included in the MSCI EAFE Index . 3 ... - tailieumienphi.vn