# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0001398344-25-017648
**Filing Date:** 2025-9
**Character Count:** 211742
**Document Hash:** ca609c9a40534a4f290cd5e50f6bb055
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017648.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001398344-25-017648

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HUSSMAN INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001110502

**ORGANIZATION NAME:**
- **EIN:** 522226627
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09911
- **FILM NUMBER:** 251295076

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 513-587-3403

**MAIL ADDRESS:**
- **STREET 1:** C/O ULTIMUS FUND SOLUTIONS, LLC
- **STREET 2:** 225 PICTORIA DRIVE, SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246

## Series and Classes Contracts Data

### Hussman Strategic Market Cycle Fund (Series ID: S000001544)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004198 | Hussman Strategic Market Cycle Fund | HSGFX           |

### Hussman Strategic Total Return Fund (Series ID: S000001545)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000004199 | Hussman Strategic Total Return Fund | HSTRX           |

### Hussman Strategic Allocation Fund (Series ID: S000065870)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000212809 | Hussman Strategic Allocation Fund | HSAFX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act file number <u>811-09911</u>

Hussman Investment Trust

(Exact name of registrant as specified in charter)

<u>6021 University Boulevard, Suite 490 Ellicott City, Maryland</u> <u>21043</u> <br> (Address of principal executive offices) (Zip code)

David K. James

Ultimus Fund Solutions, LLC 225 Pictoria Drive, Suite 450 Cincinnati, Ohio 45246

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(513) 587-3400</u>

Date of fiscal year end: <u>June 30</u> <br>Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

(a) **# Hussman Strategic Market Cycle Fund
(HSGFX)

# Annual Shareholder Report - June 30, 2025
![Image](ia8c352d2e0c7fc08d6129fdf.jpg)

## Fund Overview
This annual shareholder report contains important information about Hussman Strategic Market Cycle Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626. This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Market Cycle Fund | $123 | 1.15% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended June 30, 2025, our most reliable equity market valuation measures ascended to the steepest extremes in U.S. financial history, exceeding levels observed at the 1929 and 2000 peaks. Short and intermediate-term market action also became increasingly overextended during this period.

Amid these conditions, the Fund maintained a generally defensive investment stance, consistent with its long-term, full-cycle, risk-managed discipline. The Adviser continues to view the 2022-2025 period as the extended peak of the third great speculative bubble in U.S. history.

For the fiscal year, the total return of the Fund was 14.69%, compared with a 15.16% total return of the benchmark S&P 500<sup>®</sup> Index. The largest peak-to-trough loss in the Fund was -8.99%, compared with an interim loss in the S&P 500<sup>®</sup> of -18.75%. The Fund's investment stance is expected to change in response to shifts in observable market conditions.

The Fund benefited from a September 2024 hedging implementation intended to vary the intensity of the Fund's hedge positions even during extreme market conditions. The Fund also benefited from increased turnover in its stock holdings, allowing the Fund to respond to price fluctuations among individual stocks, even at unprecedented valuation extremes.

The following equity holdings achieved gains in excess of $2 million during the fiscal year ended June 30, 2025: IonQ, Ubiquiti, AST SpaceMobile, AppLovin, Corcept Therapeutics, Sezzle, GeneDx Holdings, Exelixis, InterDigital, Newmont, Centrus Energy, Foot Locker and Agnico Eagle Mines. The only equity holding with a loss in excess of $2 million during this period was NovoNordisk A/S-ADR.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ia9a3ce08137b032273f110e0.jpg)

---

| | | |
|:---|:---|:---|
| | Hussman Strategic Market Cycle Fund | S&P 500<sup>®</sup> Index |
| Jun-2015 | $10000 | $10000 |
| Jun-2016 | $9166 | $10399 |
| Jun-2017 | $7743 | $12260 |
| Jun-2018 | $7525 | $14023 |
| Jun-2019 | $6920 | $15483 |
| Jun-2020 | $7347 | $16645 |
| Jun-2021 | $8140 | $23436 |
| Jun-2022 | $8501 | $20948 |
| Jun-2023 | $7775 | $25053 |
| Jun-2024 | $7097 | $31204 |
| Jun-2025 | $8140 | $35936 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Hussman Strategic Market Cycle Fund | 14.69% | 2.07% | -2.04% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 13.65% |

---

Past performance does not ensure future results.The graph and table do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. To the extent the Fund established leveraged or hedged investment positions as part of its investment program, its investment performance may deviate significantly from the performance of major stock indices for substantial portions of the market cycle. Call (800) 487-7626 or visit https://funddocs.filepoint.com/hussman/ for current month end performance.

### Fund Statistics
* Net Assets$362,486,086

* Number of Portfolio Holdings188

* Advisory Fee (net of waivers)$2,803,632

* Portfolio Turnover470%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](ic224ab60f636b99389bddaae.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| Money Market Funds | 49.9% |
| Common Stocks | 104.8% |

---

As of June 30, 2025, 98.9% of the value of the Fund's equity investments were hedged with option combinations (long put options/short call options) on the S&P 500<sup>®</sup> Index and Russell 2000 Index. A significant portion of money market holdings represent proceeds from written call options.

### Equity Sector Weighting (% of common stocks)
![Group By Sector Chart](i445bee1af14fecf050f12705.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 1.0% |
| Energy | 1.2% |
| Industrials | 2.4% |
| Communications | 6.1% |
| Materials | 7.5% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 12.7% |
| Financials | 13.1% |
| Technology | 21.9% |
| Health Care | 22.4% |

---

### Top 10 Equity Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Agnico Eagle Mines Ltd. | 2.0% |
| Newmont Corporation | 1.9% |
| Barrick Mining Corporation | 1.8% |
| Ubiquiti, Inc. | 1.8% |
| Charter Communications, Inc. - Class A | 1.6% |
| Campbell's Company (The) | 1.5% |
| Colgate-Palmolive Company | 1.3% |
| InterDigital, Inc. | 1.2% |
| Check Point Software Technologies Ltd. | 1.2% |
| Exelixis, Inc. | 1.2% |

---

## Material Fund Changes
Effective November 1, 2024, the Fund changed its name from the Hussman Strategic Growth Fund to the Hussman Strategic Market Cycle Fund.

![Image](ia8c352d2e0c7fc08d6129fdf.jpg)

# Hussman Strategic Market Cycle Fund (HSGFX)

# Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/hussman/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please join our News List by visiting our website and choosing "Keep Me Informed". You will be notified of new content, including market commentary and special updates.

TSR-AR 063025-HSGFX

# Hussman Strategic Allocation Fund
(HSAFX)

# Annual Shareholder Report - June 30, 2025
![Image](i92ad86b90a1642894eeb7715.jpg)

## Fund Overview
This annual shareholder report contains important information about Hussman Strategic Allocation Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Allocation Fund | $131 | 1.25% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended June 30, 2025, our most reliable equity market valuation measures ascended to the steepest extremes in U.S. financial history, exceeding levels observed at the 1929 and 2000 peaks. Short and intermediate-term market action also became increasingly overextended during this period.

The Adviser continues to view the 2022-2025 period as the extended peak of the third great speculative bubble in U.S. history. Amid these conditions, the Fund maintained a largely hedged investment stance in equities, consistent with its long-term, full-cycle, risk-managed discipline.

Based on benchmarks used by the Adviser to gauge the adequacy of long-term Treasury yields, the Fund increased its exposure to longer-term bonds as the year progressed, generally with an average duration of 6-8 years inside the Fund's fixed income component. The Fund's investment stance is expected to change in response to shifts in observable market conditions.

For the fiscal year, the total return of the Fund was 9.07%, compared with total returns of 15.16% and 6.08% for the S&P 500<sup>®</sup> Index and the Bloomberg U.S. Aggregate Bond Index, respectively. The largest peak-to-trough loss in the Fund was -1.70%, compared with interim losses in the S&P 500<sup>®</sup> Index and Bloomberg U.S. Aggregate Bond Index of -18.75% and -4.87%, respectively.

The following equity holdings achieved gains in excess of $150,000 during the fiscal year ended June 30, 2025: IonQ, Ubiquiti, AST SpaceMobile, AppLovin and Corcept Therapeutics. The only equity holding with a loss in excess of $150,000 during this period was NovoNordisk A/S-ADR.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](ief0427dafc53b563c1f3b37f.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Hussman Strategic Allocation Fund | Bloomberg U.S. Aggregate Bond Index | Bloomberg US EQ:FI 60:40 Index | S&P 500<sup>®</sup> Index |
| Aug-2019 | $10000 | $10000 | $10000 | $10000 |
| Jun-2020 | $10323 | $10579 | $10950 | $10988 |
| Jun-2021 | $12357 | $10543 | $13554 | $15470 |
| Jun-2022 | $11963 | $9458 | $11992 | $13828 |
| Jun-2023 | $12210 | $9369 | $13340 | $16537 |
| Jun-2024 | $12384 | $9616 | $15433 | $20598 |
| Jun-2025 | $13508 | $10200 | $17296 | $23721 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | Since Inception (August 27, 2019) |
| Hussman Strategic Allocation Fund | 9.07% | 5.52% | 5.28% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 0.34% |
| Bloomberg US EQ:FI 60:40 Index | 12.07% | 9.57% | 9.83% |
| S&P 500<sup>®</sup> Index | 15.16% | 16.64% | 15.93% |

---

Past performance does not ensure future results.The graph and table do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. To the extent the Fund established leveraged or hedged investment positions as part of its investment program, its investment performance may deviate significantly from the performance of major stock indices for substantial portions of the market cycle. Call (800) 487-7626 or visit https://funddocs.filepoint.com/hussman/ for current month end performance.

### Fund Statistics
* Net Assets$28,417,953

* Number of Portfolio Holdings192

* Advisory Fee (net of waivers)$0

* Portfolio Turnover468%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](i97a668547f925975b539f3b2.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| U.S. Treasury Obligations | 23.3% |
| Money Market Funds | 31.6% |
| Common Stocks | 66.4% |

---

As of June 30, 2025, 91.7% of the value of the Fund's equity investments were hedged with option combinations (long put options/short call options) on the S&P 500<sup>®</sup> Index and Russell 2000 Index. A significant portion of money market holdings represent proceeds from written call options.

### Equity Sector Weighting (% of common stocks)
![Group By Sector Chart](ib0ab2ac901fcccc64fc32c46.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Real Estate | 1.0% |
| Energy | 1.2% |
| Industrials | 2.4% |
| Communications | 6.1% |
| Materials | 7.5% |
| Consumer Discretionary | 11.7% |
| Consumer Staples | 12.7% |
| Financials | 13.1% |
| Technology | 21.9% |
| Health Care | 22.4% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 4.625%, due 02/15/35 | 16.4% |
| U.S. Treasury Bonds, 4.750%, due 02/15/45 | 3.5% |
| U.S. Treasury Inflation-Protected Notes, 1.750%, due 01/15/34 | 1.8% |
| U.S. Treasury Inflation-Protected Bonds, 2.125%, due 02/15/54 | 1.7% |
| Agnico Eagle Mines Ltd. | 1.3% |
| Newmont Corporation | 1.2% |
| Barrick Mining Corporation | 1.2% |
| Ubiquiti, Inc. | 1.2% |
| Charter Communications, Inc. - Class A | 1.0% |
| Campbell's Company (The) | 1.0% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i92ad86b90a1642894eeb7715.jpg)

# Hussman Strategic Allocation Fund (HSAFX)

# Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/hussman/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please join our News List by visiting our website and choosing "Keep Me Informed". You will be notified of new content, including market commentary and special updates.

TSR-AR 063025-HSAFX

# Hussman Strategic Total Return Fund
(HSTRX)

# Annual Shareholder Report - June 30, 2025
![Image](i5f1494aaab2b6a99c3dc9d10.jpg)

## Fund Overview
This annual shareholder report contains important information about Hussman Strategic Total Return Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025. You can find additional information about the Fund at https://funddocs.filepoint.com/hussman/. You can also request this information by contacting us at (800) 487-7626.

## What were the Fund's annualized costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Hussman Strategic Total Return Fund | $81 | 0.75% |

---

## How did the Fund perform during the reporting period?
During the fiscal year ended June 30, 2025, the relationship between yields on U.S. Treasury securities shifted, with short-term yields moving below long-term yields. Based on benchmarks used by the Adviser to gauge the adequacy of long-term Treasury yields, the Fund increased its exposure to longer-term bonds as the year progressed, generally with an average duration of 6-8 years, and an overall portfolio duration between 4-6 years.

The Fund held varying exposure in stocks of companies in the precious metals industry, ranging between 5-25% of net assets. Historically, the strongest performance of precious metals shares has typically emerged either during periods of falling interest rates, or amid quite rapid and accelerating inflation. The Fund had minor exposure to the utility and energy industries during the year. The Fund's investment stance is expected to change in response to shifts in observable market conditions.

For the fiscal year, the total return of the Fund was 14.69%, compared with a 6.08% gain in its benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund benefited from both the fixed income and equity holdings in the portfolio. The deepest peak-to-trough loss in the Fund was -2.61% compared with -4.87% for the benchmark. The Fund has outperformed its benchmark for the past 1, 3, 5, 7, and 10 years, and since inception on September 12, 2002.

The following holdings achieved gains in excess of $1 million during the fiscal year ended June 30, 2025: Newmont, Agnico Eagle Mines, AngloGold Ashanti, U.S. Treasury Notes 4.35% due 11/15/2034, Kinross Gold and Barrick Mining. There were no portfolio losses in excess of $1 million during this period.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i068e48a9a8a65bc504ff3ebb.jpg)

---

| | | |
|:---|:---|:---|
| | Hussman Strategic Total Return Fund | Bloomberg U.S. Aggregate Bond Index |
| Jun-2015 | $10000 | $10000 |
| Jun-2016 | $11033 | $10600 |
| Jun-2017 | $10647 | $10567 |
| Jun-2018 | $10627 | $10525 |
| Jun-2019 | $11660 | $11353 |
| Jun-2020 | $13292 | $12345 |
| Jun-2021 | $13651 | $12304 |
| Jun-2022 | $13086 | $11038 |
| Jun-2023 | $13082 | $10934 |
| Jun-2024 | $13963 | $11222 |
| Jun-2025 | $16014 | $11904 |

---

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | 1 Year | 5 Years | 10 Years |
| Hussman Strategic Total Return Fund | 14.69% | 3.80% | 4.82% |
| Bloomberg U.S. Aggregate Bond Index | 6.08% | -0.73% | 1.76% |

---

Past performance does not ensure future results.The graph and table do not reflect deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. Call (800) 487-7626 or visit https://funddocs.filepoint.com/hussman/ for current month end performance.

### Fund Statistics
* Net Assets$223,027,214

* Number of Portfolio Holdings50

* Advisory Fee (net of waivers)$798,523

* Portfolio Turnover270%

### Asset Weighting (% of total investments)
![Group By Asset Type Chart](ibc9785f10d566550ffe7ab3b.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Warrants | 0.0% |
| Exchange-Traded Funds | 1.0% |
| Money Market Funds | 6.6% |
| Common Stocks | 20.3% |
| U.S. Treasury Obligations | 72.1% |

---

### Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| U.S. Treasury Notes, 4.625%, due 02/15/35 | 34.7% |
| U.S. Treasury Bonds, 4.750%, due 02/15/45 | 11.2% |
| U.S. Treasury Inflation-Protected Notes, 2.500%, due 01/15/29 | 7.0% |
| U.S. Treasury Inflation-Protected Notes, 0.125%, due 01/15/30 | 5.3% |
| Agnico Eagle Mines Ltd. | 4.8% |
| Newmont Corporation | 4.7% |
| Barrick Mining Corporation | 4.5% |
| U.S. Treasury Notes, 2.125%, due 05/31/26 | 4.4% |
| U.S. Treasury Notes, 1.500%, due 08/15/26 | 4.4% |
| U.S. Treasury Inflation-Protected Notes, 1.750%, due 01/15/34 | 2.3% |

---

## Material Fund Changes
No material changes occurred during the year ended June 30, 2025.

![Image](i5f1494aaab2b6a99c3dc9d10.jpg)

# Hussman Strategic Total Return Fund (HSTRX)

# Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (https://funddocs.filepoint.com/hussman/), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

Please join our News List by visiting our website and choosing "Keep Me Informed". You will be notified of new content, including market commentary and special updates.

TSR-AR 063025-HSTRX**

(b) Not applicable

**Item 2. Code of Ethics.**

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. Pursuant to Item 13(a)(1), a copy of registrant's code of ethics is filed as an exhibit to this Form N-CSR. During the period covered by this report, the code of ethics has not been amended, and the registrant has not granted any waivers, including implicit waivers, from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

The registrant's board of trustees has determined that the registrant does not have an audit committee financial expert serving on its audit committee. The audit committee determined that, although none of its members meet the technical definition of an audit committee financial expert, the members have sufficient financial expertise to address any issues that are likely to come before the committee. After evaluation of the accounting environment within which the registrant operates, it was the consensus of the audit committee members that it is not necessary at the present time for the committee to seek to recruit an additional trustee who would qualify as an audit committee financial expert. It was the view of the committee that, if novel issues ever arise, it will hire an expert to assist it as needed.

**Item 4. Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for the audit of the registrant's annual financial statements or for services that are normally
 provided by the accountant in connection with statutory and regulatory filings or engagements were $49,500 and $48,000 with respect to
 the registrant's fiscal years ended June 30, 2025 and 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>. No fees were billed during the fiscal
 years ended June 30, 2025 and 2024 for assurance and related services by the principal accountant that are reasonably related to the performance
 of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>. The aggregate fees billed for professional services
 rendered by the principal accountant for tax compliance, tax advice, and tax planning were $12,000 and $12,000 with respect to the registrant's
 fiscal years ended June 30, 2025 and 2024, respectively. The services comprising these fees include the preparation of the registrant's
 federal income tax returns and the preparation of the Funds' excise tax returns (which includes review of the Funds' required
 distributions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>. No fees were billed in either of the last
 two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through
 (c) of this Item.

---

| | |
|:---|:---|
| (e)(1) | The audit committee has adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. Pursuant to the pre-approval policies and procedures, the audit committee has pre-approved certain audit, audit-related and tax services and has established, with respect to each fiscal year of the registrant, the following maximum fee levels for services covered under the pre-approval policies and procedures: |

---

● Services associated with SEC registration statements filed by the registrant with the SEC or other documents issued by the registrant in connection with securities offerings and assistance in responding to SEC comment letters – $6,000

● Consultations with management of the registrant as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, PCAOB or other regulatory or standard setting bodies – $6,000

● All additional tax services provided to the registrant in the aggregate – $6,000

(e)(2) None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Less than 50% of hours expended on the principal accountant's engagement to audit the registrant's
 financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant's
 full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the fiscal years ended June 30, 2025 and 2024, aggregate non-audit fees of $12,000 and $12,000, respectively,
 were billed by the registrant's principal accountant for services rendered to the registrant. No non-audit fees were billed in either
 of the last two fiscal years by the registrant's principal accountant for services rendered to the registrant's investment
 adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The principal accountant has not provided any non-audit services to the registrant's investment adviser
 (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment
 adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services
 to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable

**Item 5. Audit Committee of Listed Registrants.**

Not applicable

**Item 6. Investments.**

(a) The Registrant(s) schedule(s) of investments is included in the Financial Statements under Item 7 of this form.

(b) Not applicable

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

(a) HUSSMAN INVESTMENT TRUST

HUSSMAN STRATEGIC MARKET CYCLE FUND

HUSSMAN STRATEGIC ALLOCATION FUND

HUSSMAN STRATEGIC TOTAL RETURN FUND

**ANNUAL FINANCIAL STATEMENTS AND ADDITIONAL INFORMATION** 

**June 30, 2025**

**Table of Contents**

---

| | |
|:---|:---|
| Schedules of Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 21 |
| Statements of Assets and Liabilities  | 24 |
| Statements of Operations  | 25 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 29 |
| Financial Highlights |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Market Cycle Fund  | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Allocation Fund  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hussman Strategic Total Return Fund  | 32 |
| Notes to Financial Statements  | 33 |
| Report of Independent Registered Public Accounting Firm  | 52 |
| Additional Information  | 54 |
| Federal Tax Information  | 61 |

---

<u> Hussman Strategic Market Cycle Fund Schedule of Investments </u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5%**  | **Shares** | **Value** |
|  **Communications — 6.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Cable & Satellite — 3.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. <sup>(a)</sup>  | 10000 | $1358100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 14000 | 5723340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corporation - Series A <sup>(a)(b)</sup>  | 40000 | 3912800 |
|  |  | 10994240 |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc. <sup>(a)(b)</sup>  | 200000 | 2292000 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. <sup>(a)(b)</sup>  | 80000 | 1075200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc. <sup>(a)(b)</sup>  | 40000 | 1370800 |
|  |  | 2446000 |
| &nbsp;&nbsp;&nbsp; *Publishing & Broadcasting — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. <sup>(a)</sup>  | 60000 | 1005600 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. <sup>(a)</sup>  | 60000 | 2892600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corporation - Class A <sup>(a)(b)</sup>  | 100000 | 2770000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. <sup>(a)(b)</sup>  | 140000 | 613200 |
|  |  | 6275800 |
|  **Consumer Discretionary — 12.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Apparel & Textile Products — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. <sup>(a)</sup>  | 80000 | 2410400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corporation <sup>(a)</sup>  | 240000 | 2820000 |
|  |  | 5230400 |
| &nbsp;&nbsp;&nbsp; *Automotive — 0.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. <sup>(a)(b)</sup>  | 60000 | 1053600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. - Class A <sup>(a)(b)</sup>  | 140000 | 1923600 |
|  |  | 2977200 |
| &nbsp;&nbsp;&nbsp; *Consumer Services — 1.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. <sup>(a)(b)</sup>  | 100000 | 876000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Company - Class B <sup>(a)</sup>  | 3000 | 2838510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corporation <sup>(a)</sup>  | 40000 | 1307600 |
|  |  | 5022110 |

---

**1**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Consumer Discretionary — 12.2% (continued)** | **Consumer Discretionary — 12.2% (continued)** | **Consumer Discretionary — 12.2% (continued)** |
| &nbsp;&nbsp;&nbsp; *E-Commerce Discretionary — 2.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. - Class A <sup>(a)(b)</sup>  | 40000 | $1704800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. <sup>(a)</sup>  | 30000 | 2233800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. <sup>(b)</sup>  | 30000 | 1504800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc. <sup>(a)(b)</sup>  | 100000 | 2359000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc. <sup>(a)(b)</sup>  | 80000 | 1604000 |
|  |  | 9406400 |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. <sup>(a)</sup>  | 100000 | 540000 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corporation <sup>(a)(b)</sup>  | 60000 | 1687200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The) <sup>(a)</sup>  | 30000 | 1879800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. <sup>(a)(b)</sup>  | 40000 | 1213200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup>  | 160000 | 3244800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. - Class A <sup>(a)(b)</sup>  | 10000 | 1090500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corporation <sup>(a)</sup>  | 20000 | 1832600 |
|  |  | 10948100 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. - Class A <sup>(a)(b)</sup>  | 200000 | 1388000 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 2.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. <sup>(a)</sup>  | 100000 | 962000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc. <sup>(b)</sup>  | 100000 | 365000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. <sup>(a)(b)</sup>  | 200000 | 1366000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | 2000 | 675640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. <sup>(a)(b)</sup>  | 12000 | 2850960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH <sup>(a)(b)</sup>  | 6000 | 1134060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Company <sup>(a)(b)</sup>  | 80000 | 1481600 |
|  |  | 8835260 |
|  **Consumer Staples — 13.3%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. <sup>(a)</sup>  | 24000 | 3168960 |
| &nbsp;&nbsp;&nbsp; *Food — 8.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. <sup>(a)</sup>  | 40000 | 3985200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) <sup>(a)</sup>  | 180000 | 5517000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole plc <sup>(a)</sup>  | 240000 | 3357600 |

---

&nbsp;&nbsp;&nbsp; **2**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Consumer Staples — 13.3% (continued)** | **Consumer Staples — 13.3% (continued)** | **Consumer Staples — 13.3% (continued)** |
| &nbsp;&nbsp;&nbsp; *Food — 8.1% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. <sup>(a)</sup>  | 160000 | $2556800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. <sup>(a)</sup>  | 20000 | 648400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. <sup>(a)</sup>  | 60000 | 3108600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey Company (The) <sup>(a)</sup>  | 14000 | 2323300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Company (The) <sup>(a)</sup>  | 14000 | 1374800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Company (The) <sup>(a)</sup>  | 40000 | 1032800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 80000 | 2043200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. <sup>(a)(b)</sup>  | 6000 | 654180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. <sup>(a)</sup>  | 80000 | 1004000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK Kellogg Company <sup>(a)</sup>  | 120000 | 1912800 |
|  |  | 29518680 |
| &nbsp;&nbsp;&nbsp; *Household Products — 3.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox Company (The) <sup>(a)</sup>  | 10000 | 1200700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Company <sup>(a)</sup>  | 50000 | 4545000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. <sup>(a)</sup>  | 60000 | 1209600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation <sup>(a)</sup>  | 10000 | 1289200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. <sup>(a)</sup>  | 120000 | 2570400 |
|  |  | 10814900 |
| &nbsp;&nbsp;&nbsp; *Retail - Consumer Staples — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. <sup>(a)</sup>  | 10000 | 392500 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Consumer Staples — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <sup>(a)(b)</sup>  | 180000 | 4195800 |
|  **Energy — 1.2%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. <sup>(a)</sup>  | 10000 | 2435200 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. <sup>(a)</sup>  | 60000 | 909600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastucture, Inc. - Class A <sup>(a)</sup>  | 40000 | 1131600 |
|  |  | 2041200 |
|  **Financials — 13.7%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. - Class A <sup>(a)</sup>  | 10000 | 1421200 |

---

**3**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Financials — 13.7% (continued)** | **Financials — 13.7% (continued)** | **Financials — 13.7% (continued)** |
| &nbsp;&nbsp;&nbsp; *Banking — 8.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. <sup>(a)(b)</sup>  | 10000 | $760400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. <sup>(a)</sup>  | 100000 | 3559000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. <sup>(a)</sup>  | 100000 | 1055000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corporation <sup>(a)</sup>  | 10000 | 597300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. <sup>(a)</sup>  | 120000 | 2805600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. <sup>(a)</sup>  | 10000 | 596500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. <sup>(a)</sup>  | 100000 | 2316000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. <sup>(a)(b)</sup>  | 20000 | 1174800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. <sup>(a)</sup>  | 60000 | 1616400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corporation <sup>(a)</sup>  | 40000 | 2204000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corporation <sup>(a)</sup>  | 40000 | 721600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. <sup>(a)</sup>  | 60000 | 643800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corporation <sup>(a)</sup>  | 16000 | 3103840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. <sup>(a)</sup>  | 10000 | 378200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corporation <sup>(a)</sup>  | 40000 | 1201600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. <sup>(a)</sup>  | 100000 | 2610000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. <sup>(a)</sup>  | 20000 | 585600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp <sup>(a)</sup>  | 40000 | 3119200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorporation, N.A. <sup>(a)</sup>  | 40000 | 2077600 |
|  |  | 31126440 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corporation (The)  | 10000 | 911100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) <sup>(a)</sup>  | 2000 | 1415500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corporation <sup>(a)</sup>  | 6000 | 760740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. <sup>(a)(b)</sup>  | 10000 | 911400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. - Class A <sup>(a)</sup>  | 60000 | 2687400 |
|  |  | 6686140 |
| &nbsp;&nbsp;&nbsp; *Insurance — 1.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. <sup>(a)</sup>  | 30000 | 3728700 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 1.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. <sup>(a)</sup>  | 50000 | 2856000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. <sup>(a)(b)</sup>  | 10000 | 1115200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial <sup>(a)</sup>  | 40000 | 2669600 |
|  |  | 6640800 |

---

&nbsp;&nbsp;&nbsp; **4**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Health Care — 23.4%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 18.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc. <sup>(a)(b)</sup>  | 60000 | $1092600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes plc <sup>(a)(b)</sup>  | 120000 | 3433200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 6000 | 1956540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmacuticals, Inc. <sup>(a)(b)</sup>  | 100000 | 1745000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 340000 | 2879800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 200000 | 1792000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Company <sup>(a)</sup>  | 20000 | 925800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 140000 | 3038000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. <sup>(a)(b)</sup>  | 40000 | 2936000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. <sup>(a)(b)</sup>  | 60000 | 739200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. <sup>(a)(b)</sup>  | 100000 | 638000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. <sup>(a)(b)</sup>  | 100000 | 4407500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corporation <sup>(a)(b)</sup>  | 20000 | 1846200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. <sup>(a)</sup>  | 20000 | 2217400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <sup>(a)(b)</sup>  | 80000 | 4161600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup>  | 100000 | 3160000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corporation <sup>(a)(b)</sup>  | 60000 | 4086000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. <sup>(a)(b)</sup>  | 200000 | 4018000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc <sup>(a)(b)</sup>  | 20000 | 2122400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S - ADR <sup>(a)</sup>  | 50000 | 3451000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. <sup>(a)(b)</sup>  | 10000 | 420500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. <sup>(a)(b)</sup>  | 30000 | 1658100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. <sup>(a)(b)</sup>  | 60000 | 2930400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. <sup>(a)(b)</sup>  | 60000 | 1026000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. <sup>(a)(b)</sup>  | 120000 | 4318800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. <sup>(a)(b)</sup>  | 160000 | 2368000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corporation <sup>(a)(b)</sup>  | 14000 | 4022900 |
|  |  | 67390940 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc. <sup>(a)(b)</sup>  | 40000 | 943600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corporation <sup>(a)</sup>  | 30000 | 2069400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <sup>(a)(b)</sup>  | 200000 | 2870000 |
|  |  | 5883000 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 3.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc. <sup>(a)(b)</sup>  | 60000 | 651000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corporation <sup>(a)</sup>  | 80000 | 775200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corporation <sup>(a)(b)</sup>  | 50000 | 2657000 |

---

**5**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Health Care — 23.4% (continued)** | **Health Care — 23.4% (continued)** | **Health Care — 23.4% (continued)** |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 3.2% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc. <sup>(a)(b)</sup>  | 28000 | $3700200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc. <sup>(b)</sup>  | 14000 | 1816780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corporation <sup>(a)(b)</sup>  | 40000 | 1152800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corporation <sup>(a)(b)</sup>  | 12000 | 910080 |
|  |  | 11663060 |
|  **Industrials — 2.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. <sup>(a)</sup>  | 40000 | 1456800 |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc. <sup>(a)(b)</sup>  | 28000 | 1650320 |
| &nbsp;&nbsp;&nbsp; *Industrial Intermediate Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. - Class A <sup>(a)(b)</sup>  | 20000 | 675800 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Company <sup>(b)</sup>  | 20000 | 1099000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. <sup>(a)(b)</sup>  | 200000 | 2244000 |
|  |  | 3343000 |
| &nbsp;&nbsp;&nbsp; *Transportation Equipment — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. <sup>(a)</sup>  | 20000 | 1899800 |
|  **Materials — 7.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 7.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. <sup>(a)</sup>  | 60000 | 7135800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A <sup>(a)</sup>  | 50000 | 1328000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc <sup>(a)</sup>  | 20000 | 911400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation <sup>(a)</sup>  | 320000 | 6662400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company <sup>(a)</sup>  | 120000 | 718800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation <sup>(a)</sup>  | 80000 | 1250400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation <sup>(a)</sup>  | 120000 | 6991200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation <sup>(a)</sup>  | 30000 | 852000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. <sup>(a)</sup>  | 14000 | 2489760 |
|  |  | 28339760 |

---

&nbsp;&nbsp;&nbsp; **6**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** | **Value** |
|  **Real Estate — 1.1%**  |  |  |  |
| &nbsp;&nbsp;&nbsp; *REITs — 1.1%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. <sup>(a)</sup>  | 20000 | $| 1349400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. <sup>(a)</sup>  | 100000 |  | 729000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage <sup>(a)</sup>  | 6000 |  | 1760520 |
|  |  |  | 3838920 |
|  **Technology — 22.9%**  | **Technology — 22.9%**  | **Technology — 22.9%**  | **Technology — 22.9%**  |
| &nbsp;&nbsp;&nbsp; *Software — 12.4%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. <sup>(a)(b)</sup>  | 80000 |  | 1120000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corporation - Class A <sup>(a)(b)</sup>  | 100000 |  | 2986000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc. - Class A <sup>(a)(b)</sup>  | 140000 |  | 1890000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc. <sup>(a)(b)</sup>  | 120000 |  | 2985600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc. <sup>(a)(b)</sup>  | 40000 |  | 772400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. - Class A <sup>(a)(b)</sup>  | 20000 |  | 683400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <sup>(a)(b)</sup>  | 20000 |  | 4425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. - Class A <sup>(a)</sup>  | 100000 |  | 2776000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc. - Class A <sup>(a)</sup>  | 100000 |  | 677000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc. <sup>(a)(b)</sup>  | 40000 |  | 3115600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. - Class A <sup>(a)(b)</sup>  | 50000 |  | 3067000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. - Class A <sup>(a)(b)</sup>  | 80000 |  | 2288000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc. - Class A <sup>(a)(b)</sup>  | 100000 |  | 706000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. <sup>(a)</sup>  | 30000 |  | 882000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. <sup>(a)(b)</sup>  | 40000 |  | 1718800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. <sup>(a)</sup>  | 12000 |  | 2776800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)(b)</sup>  | 12000 |  | 2174280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. <sup>(a)(b)</sup>  | 40000 |  | 1310000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. <sup>(a)(b)</sup>  | 40000 |  | 766800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc. - Class A <sup>(a)(b)</sup>  | 40000 |  | 1134000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. - Class A <sup>(a)(b)</sup>  | 30000 |  | 3730800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. <sup>(a)(b)</sup>  | 100000 |  | 850000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - Class A <sup>(a)(b)</sup>  | 30000 |  | 2339400 |
|  |  |  | 45174880 |
| &nbsp;&nbsp;&nbsp; *Technology Hardware — 4.7%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciena Corporation <sup>(a)(b)</sup>  | 30000 |  | 2439900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc. <sup>(a)(b)</sup>  | 200000 |  | 1656000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. <sup>(a)(b)</sup>  | 6000 |  | 1765920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. <sup>(a)</sup>  | 20000 |  | 4484600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. <sup>(a)</sup>  | 16000 |  | 6586400 |
|  |  |  | 16932820 |

---

**7**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 104.5% (continued)** | **Shares** | **Value** |
|  **Technology — 22.9% (continued)** | **Technology — 22.9% (continued)** | **Technology — 22.9% (continued)** |
| &nbsp;&nbsp;&nbsp; *Technology Services — 5.8%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 50000 | $3901500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. <sup>(a)(b)</sup>  | 4000 | 1327280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. <sup>(a)(b)</sup>  | 20000 | 3536400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. <sup>(a)(b)</sup>  | 20000 | 875800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. <sup>(a)</sup>  | 80000 | 3520800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globant S.A. <sup>(a)(b)</sup>  | 40000 | 3633600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc. <sup>(a)(b)</sup>  | 20000 | 1024400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. <sup>(a)(b)</sup>  | 30000 | 2229600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. - Class A <sup>(a)(b)</sup>  | 20000 | 885800 |
|  |  | 20935180 |
|  **Total Common Stocks** (Cost $368,233,944)  |  | $378715910 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0% <sup>(c)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(c)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 8000 | $5280 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 1.3%**  | **Contracts** | **Notional <br> Amount** | **Value** |
|  Russell 2000<sup>®</sup> Index Option, 08/15/2025 at $2,100  | 780 | $169653120 | $2659800 |
|  S&P 500<sup>®</sup> Index Option, 08/15/2025 at $6,000  | 330 | 204763350 | 1917300 |
|  **Total Put Option Contracts** (Cost $7,451,595)  |  | $374416470 | $4577100 |
|  **Total Investments at Value — 105.8%** (Cost $375,685,539)  |  |  | $383298290 |

---

&nbsp;&nbsp;&nbsp; **8**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 49.7%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio - Institutional Class, 4.22% <sup>(d)</sup> (Cost $180,275,424)  | 180275424 | $180275424 |
|  **Total Investments and Money Market Funds at Value — 155.5%** (Cost $555,960,963)  |  | $563573714 |
|  **Written Call Option Contracts — (55.8%)**  |  | (202178040) |
|  **Other Assets in Excess of Liabilities — 0.3%**  |  | 1090412 |
|  **Net Assets — 100.0%**  |  | $362486086 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of June 30, 2025 was $371,919,110. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**9**<br>

<u> Hussman Strategic Market Cycle Fund Schedule of Open Written Option Contracts</u> <br> <u> *June 30, 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional <br> Amount** | **Strike <br> Price** | **Expiration <br> Date** | **Value of <br> Options** |
|  **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index Option  | 780 | $169653120 | $1200 | 09/19/2025 | $76432200 |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index Option  | 330 | 204763350 | 2400 | 09/19/2025 | 125745840 |
|  **Total Written Call Option Contracts** (Premiums received $185,198,624)  |  | $374416470 |  |  | $202178040 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp; **10**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6%**  | **Shares** | **Value** |
|  **Communications — 4.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Cable & Satellite — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. <sup>(a)</sup>  | 500 | $67905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 700 | 286167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Broadband Corporation - Series A <sup>(a)(b)</sup>  | 2000 | 195640 |
|  |  | 549712 |
| &nbsp;&nbsp;&nbsp; *Entertainment Content — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warner Bros. Discovery, Inc. <sup>(a)(b)</sup>  | 10000 | 114600 |
| &nbsp;&nbsp;&nbsp; *Internet Media & Services — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upwork, Inc. <sup>(a)(b)</sup>  | 4000 | 53760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc. <sup>(b)</sup>  | 2000 | 68540 |
|  |  | 122300 |
| &nbsp;&nbsp;&nbsp; *Publishing & Broadcasting — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. <sup>(a)</sup>  | 3000 | 50280 |
| &nbsp;&nbsp;&nbsp; *Telecommunications — 1.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. <sup>(a)</sup>  | 3000 | 144630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corporation - Class A <sup>(a)(b)</sup>  | 5000 | 138500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. <sup>(a)(b)</sup>  | 7000 | 30660 |
|  |  | 313790 |
|  **Consumer Discretionary — 7.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Apparel & Textile Products — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. <sup>(a)</sup>  | 4000 | 120520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corporation <sup>(a)</sup>  | 12000 | 141000 |
|  |  | 261520 |
| &nbsp;&nbsp;&nbsp; *Automotive — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. <sup>(a)(b)</sup>  | 3000 | 52680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. - Class A <sup>(a)(b)</sup>  | 7000 | 96180 |
|  |  | 148860 |
| &nbsp;&nbsp;&nbsp; *Consumer Services — 0.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coursera, Inc. <sup>(a)(b)</sup>  | 5000 | 43800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graham Holdings Company - Class B <sup>(a)</sup>  | 150 | 141926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corporation <sup>(a)</sup>  | 2000 | 65380 |
|  |  | 251106 |

---

**11**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** |
|  **Consumer Discretionary — 7.8% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *E-Commerce Discretionary — 1.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chewy, Inc. - Class A <sup>(a)(b)</sup>  | 2000 | $85240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. <sup>(a)</sup>  | 1500 | 111690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc. <sup>(b)</sup>  | 1500 | 75240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Services, Inc. <sup>(a)(b)</sup>  | 5000 | 117950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc. <sup>(a)(b)</sup>  | 4000 | 80200 |
|  |  | 470320 |
| &nbsp;&nbsp;&nbsp; *Home & Office Products — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc.  | 5000 | 27000 |
| &nbsp;&nbsp;&nbsp; *Leisure Facilities & Services — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carnival Corporation <sup>(a)(b)</sup>  | 3000 | 84360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. (The) <sup>(a)</sup>  | 1500 | 93990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. <sup>(a)(b)</sup>  | 2000 | 60660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup>  | 8000 | 162240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc. - Class A <sup>(b)</sup>  | 500 | 54525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corporation <sup>(a)</sup>  | 1000 | 91630 |
|  |  | 547405 |
| &nbsp;&nbsp;&nbsp; *Leisure Products — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. - Class A <sup>(a)(b)</sup>  | 10000 | 69400 |
| &nbsp;&nbsp;&nbsp; *Retail - Discretionary — 1.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc.  | 5000 | 48100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EVgo, Inc. <sup>(b)</sup>  | 5000 | 18250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc. <sup>(a)(b)</sup>  | 10000 | 68300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc.  | 100 | 33782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. <sup>(a)(b)</sup>  | 600 | 142548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RH <sup>(a)(b)</sup>  | 300 | 56703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Company <sup>(a)(b)</sup>  | 4000 | 74080 |
|  |  | 441763 |
|  **Consumer Staples — 8.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Beverages — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. <sup>(a)</sup>  | 1200 | 158448 |
| &nbsp;&nbsp;&nbsp; *Food — 5.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. <sup>(a)</sup>  | 2000 | 199260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Campbell's Company (The) <sup>(a)</sup>  | 9000 | 275850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dole plc <sup>(a)</sup>  | 12000 | 167880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. <sup>(a)</sup>  | 8000 | 127840 |

---

&nbsp;&nbsp;&nbsp; **12**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** |
|  **Consumer Staples — 8.5% (continued)** | **Consumer Staples — 8.5% (continued)** | **Consumer Staples — 8.5% (continued)** |
| &nbsp;&nbsp;&nbsp; *Food — 5.2% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. <sup>(a)</sup>  | 1000 | $32420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. <sup>(a)</sup>  | 3000 | 155430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hershey Company (The) <sup>(a)</sup>  | 700 | 116165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J.M. Smucker Company (The) <sup>(a)</sup>  | 700 | 68740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Company (The) <sup>(a)</sup>  | 2000 | 51640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corporation - Class A <sup>(a)</sup>  | 4000 | 102160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Post Holdings, Inc. <sup>(a)(b)</sup>  | 300 | 32709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. <sup>(a)</sup>  | 4000 | 50200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WK Kellogg Company <sup>(a)</sup>  | 6000 | 95640 |
|  |  | 1475934 |
| &nbsp;&nbsp;&nbsp; *Household Products — 1.9%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clorox Company (The) <sup>(a)</sup>  | 500 | 60035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Company <sup>(a)</sup>  | 2500 | 227250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. <sup>(a)</sup>  | 3000 | 60480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corporation <sup>(a)</sup>  | 500 | 64460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. <sup>(a)</sup>  | 6000 | 128520 |
|  |  | 540745 |
| &nbsp;&nbsp;&nbsp; *Retail - Consumer Staples — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. <sup>(a)</sup>  | 500 | 19625 |
| &nbsp;&nbsp;&nbsp; *Wholesale - Consumer Staples — 0.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc. <sup>(a)(b)</sup>  | 9000 | 209790 |
|  **Energy — 0.8%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. <sup>(a)</sup>  | 500 | 121760 |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.4%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc.  | 3000 | 45480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastucture, Inc. - Class A <sup>(a)(b)</sup>  | 2000 | 56580 |
|  |  | 102060 |
|  **Financials — 8.7%**  | **Financials — 8.7%**  | **Financials — 8.7%**  |
| &nbsp;&nbsp;&nbsp; *Asset Management — 0.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. - Class A <sup>(a)</sup>  | 500 | 71060 |
| &nbsp;&nbsp;&nbsp; *Banking — 5.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc. <sup>(a)(b)</sup>  | 500 | 38020 |

---

**13**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** |
|  **Financials — 8.7% (continued)** | **Financials — 8.7% (continued)** | **Financials — 8.7% (continued)** |
| &nbsp;&nbsp;&nbsp; *Banking — 5.5% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. <sup>(a)</sup>  | 5000 | $177950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. <sup>(a)</sup>  | 5000 | 52750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corporation  | 500 | 29865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. <sup>(a)</sup>  | 6000 | 140280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc.  | 500 | 29825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. <sup>(a)</sup>  | 5000 | 115800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. <sup>(a)(b)</sup>  | 1000 | 58740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. <sup>(a)</sup>  | 3000 | 80820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corporation <sup>(a)</sup>  | 2000 | 110200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corporation <sup>(a)</sup>  | 2000 | 36080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. <sup>(a)</sup>  | 3000 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corporation <sup>(a)</sup>  | 800 | 155192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc.  | 500 | 18910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univest Financial Corporation <sup>(a)</sup>  | 2000 | 60080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. <sup>(a)</sup>  | 5000 | 130500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WaFd, Inc. <sup>(a)</sup>  | 1000 | 29280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp <sup>(a)</sup>  | 2000 | 155960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorporation, N.A. <sup>(a)</sup>  | 2000 | 103880 |
|  |  | 1556322 |
| &nbsp;&nbsp;&nbsp; *Institutional Financial Services — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corporation (The)  | 500 | 45555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) <sup>(a)</sup>  | 100 | 70775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corporation <sup>(a)</sup>  | 300 | 38037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc. <sup>(a)(b)</sup>  | 500 | 45570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtu Financial, Inc. - Class A <sup>(a)</sup>  | 3000 | 134370 |
|  |  | 334307 |
| &nbsp;&nbsp;&nbsp; *Insurance — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. <sup>(a)</sup>  | 1500 | 186435 |
| &nbsp;&nbsp;&nbsp; *Specialty Finance — 1.2%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc.  | 2500 | 142800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc. <sup>(a)(b)</sup>  | 500 | 55760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial <sup>(a)</sup>  | 2000 | 133480 |
|  |  | 332040 |

---

&nbsp;&nbsp;&nbsp; **14**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** | **Value** |
|  **Health Care — 14.9%**  |  |  |  |
| &nbsp;&nbsp;&nbsp; *Biotech & Pharma — 11.9%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADMA Biologics, Inc. <sup>(a)(b)</sup>  | 3000 | $| 54630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alkermes plc <sup>(a)(b)</sup>  | 6000 |  | 171660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 300 |  | 97827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ARS Pharmacuticals, Inc. <sup>(a)(b)</sup>  | 5000 |  | 87250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 17000 |  | 143990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup>  | 10000 |  | 89600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Company <sup>(a)</sup>  | 1000 |  | 46290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. <sup>(b)</sup>  | 7000 |  | 151900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. <sup>(a)(b)</sup>  | 2000 |  | 146800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CorMedix, Inc. <sup>(a)(b)</sup>  | 3000 |  | 36960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. <sup>(a)(b)</sup>  | 5000 |  | 31900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc. <sup>(a)(b)</sup>  | 5000 |  | 220375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GeneDx Holdings Corporation <sup>(a)(b)</sup>  | 1000 |  | 92310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. <sup>(a)</sup>  | 1000 |  | 110870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <sup>(a)(b)</sup>  | 4000 |  | 208080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup>  | 5000 |  | 158000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Incyte Corporation <sup>(a)(b)</sup>  | 3000 |  | 204300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc. <sup>(a)(b)</sup>  | 10000 |  | 200900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc <sup>(a)(b)</sup>  | 1000 |  | 106120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S - ADR  | 2500 |  | 172550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc. <sup>(a)(b)</sup>  | 500 |  | 21025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. <sup>(a)(b)</sup>  | 1500 |  | 82905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. <sup>(a)(b)</sup>  | 3000 |  | 146520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. <sup>(a)(b)</sup>  | 3000 |  | 51300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. <sup>(a)(b)</sup>  | 6000 |  | 215940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. <sup>(a)(b)</sup>  | 8000 |  | 118400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corporation <sup>(a)(b)</sup>  | 700 |  | 201145 |
|  |  |  | 3369547 |
| &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.0%*  | &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.0%*  | &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.0%*  | &nbsp;&nbsp;&nbsp; *Health Care Facilities & Services — 1.0%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc. <sup>(a)(b)</sup>  | 2000 |  | 47180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corporation <sup>(a)</sup>  | 1500 |  | 103470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc. <sup>(a)(b)</sup>  | 10000 |  | 143500 |
|  |  |  | 294150 |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 2.0%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc. <sup>(a)(b)</sup>  | 3000 |  | 32550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embecta Corporation <sup>(a)</sup>  | 4000 |  | 38760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corporation <sup>(b)</sup>  | 2500 |  | 132850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc. <sup>(a)(b)</sup>  | 1400 |  | 185010 |

---

**15**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** |
|  **Health Care — 14.9% (continued)** | **Health Care — 14.9% (continued)** | **Health Care — 14.9% (continued)** |
| &nbsp;&nbsp;&nbsp; *Medical Equipment & Devices — 2.0% (continued)*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc. <sup>(b)</sup>  | 700 | $90839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corporation <sup>(a)(b)</sup>  | 2000 | 57640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solventum Corporation <sup>(a)(b)</sup>  | 600 | 45504 |
|  |  | 583153 |
|  **Industrials — 1.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Electrical Equipment — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. <sup>(a)</sup>  | 2000 | 72840 |
| &nbsp;&nbsp;&nbsp; *Engineering & Construction — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc. <sup>(a)(b)</sup>  | 1400 | 82516 |
| &nbsp;&nbsp;&nbsp; *Industrial Intermediate Products — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xometry, Inc. - Class A <sup>(b)</sup>  | 1000 | 33790 |
| &nbsp;&nbsp;&nbsp; *Transportation & Logistics — 0.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Company <sup>(b)</sup>  | 1000 | 54950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc. <sup>(a)(b)</sup>  | 10000 | 112200 |
|  |  | 167150 |
| &nbsp;&nbsp;&nbsp; *Transportation Equipment — 0.3%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. <sup>(a)</sup>  | 1000 | 94990 |
|  **Materials — 5.0%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 5.0%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. <sup>(a)</sup>  | 3000 | 356790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A <sup>(a)</sup>  | 2500 | 66400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc <sup>(a)</sup>  | 1000 | 45570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation <sup>(a)</sup>  | 16000 | 333120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company <sup>(a)</sup>  | 6000 | 35940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation <sup>(a)</sup>  | 4000 | 62520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation <sup>(a)</sup>  | 6000 | 349560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation <sup>(a)</sup>  | 1500 | 42600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. <sup>(a)</sup>  | 700 | 124488 |
|  |  | 1416988 |

---

&nbsp;&nbsp;&nbsp; **16**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** | **Value** |
|  **Real Estate — 0.7%**  |  |  |  |
| &nbsp;&nbsp;&nbsp; *REITs — 0.7%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc.  | 1000 | $| 67470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. <sup>(a)</sup>  | 5000 |  | 36450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Storage <sup>(a)</sup>  | 300 |  | 88026 |
|  |  |  | 191946 |
|  **Technology — 14.6%**  | **Technology — 14.6%**  | **Technology — 14.6%**  | **Technology — 14.6%**  |
| &nbsp;&nbsp;&nbsp; *Software — 7.9%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. <sup>(a)(b)</sup>  | 4000 |  | 56000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appian Corporation - Class A <sup>(a)(b)</sup>  | 5000 |  | 149300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asana, Inc. - Class A <sup>(a)(b)</sup>  | 7000 |  | 94500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astrana Health, Inc. <sup>(a)(b)</sup>  | 6000 |  | 149280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvePoint, Inc. <sup>(a)(b)</sup>  | 2000 |  | 38620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Box, Inc. - Class A <sup>(a)(b)</sup>  | 1000 |  | 34170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd. <sup>(a)(b)</sup>  | 1000 |  | 221250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Secure, Inc. - Class A <sup>(a)</sup>  | 5000 |  | 138800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cricut, Inc. - Class A <sup>(a)</sup>  | 5000 |  | 33850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Docusign, Inc. <sup>(a)(b)</sup>  | 2000 |  | 155780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doximity, Inc. - Class A <sup>(a)(b)</sup>  | 2500 |  | 153350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dropbox, Inc. - Class A <sup>(a)(b)</sup>  | 4000 |  | 114400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fastly, Inc. - Class A <sup>(b)</sup>  | 5000 |  | 35300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. <sup>(a)</sup>  | 1500 |  | 44100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc. <sup>(a)(b)</sup>  | 2000 |  | 85940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc.  | 600 |  | 138840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corporation <sup>(a)(b)</sup>  | 600 |  | 108714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc. <sup>(a)(b)</sup>  | 2000 |  | 65500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quantum Computing, Inc. <sup>(a)(b)</sup>  | 2000 |  | 38340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RingCentral, Inc. - Class A <sup>(a)(b)</sup>  | 2000 |  | 56700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. - Class A <sup>(a)(b)</sup>  | 1500 |  | 186540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yext, Inc. <sup>(a)(b)</sup>  | 5000 |  | 42500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zoom Communications, Inc. - Class A <sup>(a)(b)</sup>  | 1500 |  | 116970 |
|  |  |  | 2258744 |
| &nbsp;&nbsp;&nbsp; *Technology Hardware — 3.0%*  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ciena Corporation <sup>(a)(b)</sup>  | 1500 |  | 121995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc. <sup>(a)(b)</sup>  | 10000 |  | 82800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F5, Inc. <sup>(a)(b)</sup>  | 300 |  | 88296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. <sup>(a)</sup>  | 1000 |  | 224230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ubiquiti, Inc. <sup>(a)</sup>  | 800 |  | 329320 |
|  |  |  | 846641 |

---

**17**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 66.6% (continued)** | **Shares** | **Value** |
|  **Technology — 14.6% (continued)** | **Technology — 14.6% (continued)** | **Technology — 14.6% (continued)** |
| &nbsp;&nbsp;&nbsp; *Technology Services — 3.7%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup>  | 2500 | $195075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc. <sup>(b)</sup>  | 200 | 66364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc. <sup>(a)(b)</sup>  | 1000 | 176820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. <sup>(a)(b)</sup>  | 1000 | 43790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. <sup>(a)</sup>  | 4000 | 176040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globant S.A. <sup>(a)(b)</sup>  | 2000 | 181680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc. <sup>(a)(b)</sup>  | 1000 | 51220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. <sup>(b)</sup>  | 1500 | 111480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc. - Class A <sup>(a)(b)</sup>  | 1000 | 44290 |
|  |  | 1046759 |
|  **Total Common Stocks** (Cost $18,409,806)  |  | $18935796 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 23.4%** | **Par Value** | **Value** |
|  **U.S. Treasury Bonds — 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, due 02/15/2045  | $1000000 | $995781 |
|  **U.S. Treasury Inflation-Protected Bonds — 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, due 02/15/2054  | 522800 | 481141 |
|  **U.S. Treasury Inflation-Protected Notes — 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, due 01/15/2034  | 522345 | 518513 |
|  **U.S. Treasury Notes — 16.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, due 02/15/2035  | 4500000 | 4645547 |
|  **Total U.S. Treasury Obligations** (Cost $6,652,111)  |  | $6640982 |

---

&nbsp;&nbsp;&nbsp; **18**<br>

<u> Hussman Strategic Allocation Fund Schedule of Investments *(continued)*</u> <br> <u> *June 30, 2025*</u>

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0% <sup>(c)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(c)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(c)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 240 | $158 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS — 0.1%**  | **Contracts** | **Notional <br> Amount** | **Value** |
|  Russell 2000<sup>®</sup> Index Option, 09/19/2025 at $1,600  | 37 | $8047648 | $16835 |
|  S&P 500<sup>®</sup> Index Option, 09/19/2025 at $3,600  | 15 | 9307425 | 5385 |
|  **Total Put Option Contracts** (Cost $54,598)  |  | $17355073 | $22220 |
|  **Total Investments at Value — 90.1%** (Cost $25,116,515)  |  |  | $25599156 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 31.7%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio - Institutional Class, 4.22% <sup>(d)</sup> (Cost $9,020,213)  | 9020213 | $9020213 |
|  **Total Investments and Money Market Funds at Value — 121.8%** (Cost $34,136,728)  |  | $34619369 |
|  **Written Call Option Contracts — (21.5%)**  |  | (6109087) |
|  **Liabilities in Excess of Other Assets — (0.3%)**  |  | (92329) |
|  **Net Assets — 100.0%**  |  | $28417953 |

---

---

| | |
|:---|:---|
| ADR - American Depositary Receipt. | ADR - American Depositary Receipt. |
| <sup>(a)</sup> | All or portion of the security is used as collateral to cover written call options. The total value of the securities held as collateral as of June 30, 2025 was $17,378,710. |
| <sup>(b)</sup> | Non-income producing security. |
| <sup>(c)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(d)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**19**<br>

<u> Hussman Strategic Allocation Fund Schedule of Open Written Option Contracts</u> <br> <u> *June 30, 2025*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional <br> Amount** | **Strike <br> Price** | **Expiration <br> Date** | **Value of <br> Options** |
|  **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** | **Call Option Contracts** |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index Option  | 37 | $8047648 | $1600 | 09/19/2025 | $2172862 |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index Option  | 15 | 9307425 | 3600 | 09/19/2025 | 3936225 |
|  **Total Written Call Option Contracts** (Premiums received $5,399,486)  |  | $17355073 |  |  | $6109087 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp; **20**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments |
| *June 30, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 20.2%**  | **Shares** | **Value** |
|  **Energy — 0.1%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Producers — 0.1%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Resources Corporation  | 1000 | $45670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc.  | 500 | 54955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vital Energy, Inc. <sup>(a)</sup>  | 1000 | 16090 |
|  |  | 116715 |
|  **Materials — 19.6%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Metals & Mining — 19.6%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd.  | 90000 | 10703700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamos Gold, Inc. - Class A  | 75000 | 1992000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AngloGold Ashanti plc  | 30000 | 1367100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B2Gold Corporation  | 340000 | 1227400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barrick Mining Corporation  | 480000 | 9993600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hecla Mining Company  | 180000 | 1078200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinross Gold Corporation  | 120000 | 1875600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newmont Corporation  | 180000 | 10486800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pan American Silver Corporation  | 45000 | 1278000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc.  | 21000 | 3734640 |
|  |  | 43737040 |
|  **Utilities — 0.5%**  |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 0.5%*  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AES Corporation (The)  | 1000 | 10520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc.  | 1000 | 64070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameren Corporation  | 100 | 9604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Company, Inc.  | 100 | 10376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avista Corporation  | 1000 | 37950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corporation  | 500 | 28050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc.  | 1000 | 100350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.  | 500 | 28260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Company  | 100 | 13246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corporation  | 500 | 59000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International  | 500 | 25800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entergy Corporation  | 1000 | 83120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exelon Corporation  | 1000 | 43420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corporation  | 1000 | 40260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. <sup>(a)</sup>  | 1000 | 10630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Energy Group, Inc.  | 1000 | 51300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc.  | 1000 | 160580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Otter Tail Corporation  | 1000 | 77090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corporation  | 1000 | 89470 |

---

**21**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *June 30, 2025* |

---

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS — 20.2% (continued)** | **Shares** | **Value** |
|  **Utilities — 0.5% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp; *Electric Utilities — 0.5% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Company  | 1000 | $40630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPL Corporation  | 1000 | 33890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc.  | 500 | 42090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Company (The)  | 500 | 45915 |
|  |  | 1105621 |
| &nbsp;&nbsp;&nbsp; *Gas & Water Utilities — 0.0%* <sup>*(b)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Water Resources, Inc.  | 1000 | 10190 |
|  **Total Common Stocks** (Cost $41,171,674)  |  | $44969566 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS — 1.0%**  | **Shares** | **Value** |
|  Invesco CurrencyShares British Pound Sterling Trust  | 5000 | $660800 |
|  Invesco CurrencyShares Euro Currency Trust  | 7500 | 815925 |
|  Invesco CurrencyShares Japanese Yen Trust <sup>(a)</sup>  | 12500 | 799250 |
|  **Total Exchange-Traded Funds** (Cost $2,210,871)  |  | $2275975 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS — 71.4%** | **Par Value** | **Value** |
|  **U.S. Treasury Bonds — 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, due 02/15/2045  | $25000000 | $24894531 |
|  **U.S. Treasury Inflation-Protected Bonds — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.125%, due 02/15/2054  | 5228800 | 4811413 |
|  **U.S. Treasury Inflation-Protected Notes — 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.500%, due 01/15/2029  | 14940000 | 15548190 |
| &nbsp;&nbsp;&nbsp; 0.125%, due 01/15/2030  | 12467200 | 11769777 |
| &nbsp;&nbsp;&nbsp; 1.750%, due 01/15/2034  | 5223450 | 5185128 |
|  |  | 32503095 |
|  **U.S. Treasury Notes — 43.5%** |  |  |
| &nbsp;&nbsp;&nbsp; 2.125%, due 05/31/2026  | 10000000 | 9828613 |
| &nbsp;&nbsp;&nbsp; 1.500%, due 08/15/2026  | 10000000 | 9733203 |
| &nbsp;&nbsp;&nbsp; 4.625%, due 02/15/2035  | 75000000 | 77425781 |
|  |  | 96987597 |
|  **Total U.S. Treasury Obligations** (Cost $159,933,181)  |  | $159196636 |

---

&nbsp;&nbsp;&nbsp; **22**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Schedule of Investments *(continued)* |
| *June 30, 2025* |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS — 0.0% <sup>(b)</sup>** | **Shares** | **Value** |
|  **Energy — 0.0% <sup>(b)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; *Oil & Gas Services & Equipment — 0.0%* <sup>*(b)*</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd., expires 06/11/2026 (Cost $0)  | 8000 | $5280 |
|  **Total Investments at Value — 92.6%** (Cost $203,315,726) |  | $206447457 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS — 6.5%** | **Shares** | **Value** |
|  Invesco Treasury Portfolio - Institutional Class, 4.22% <sup>(c)</sup> (Cost $14,480,396)  | 14480396 | $14480396 |
|  **Total Investments and Money Market Funds at Value — 99.1%** (Cost $217,796,122)  |  | $220927853 |
|  **Other Assets in Excess of Liabilities — 0.9%**  |  | 2099361 |
|  **Net Assets — 100.0%**  |  | $223027214 |

---

---

| | |
|:---|:---|
| <sup>(a)</sup> | Non-income producing security. |
| <sup>(b)</sup> | Percentage rounds to less than 0.1%. |
| <sup>(c)</sup> | The rate shown is the 7-day effective yield as of June 30, 2025. |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**23**<br>

<u> Hussman Investment Trust Statements of Assets and Liabilities</u> <br> <u> *June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At cost  | $375685539 | $25116515 | $203315726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At value (Note 1)  | $383298290 | $25599156 | $206447457 |
| &nbsp;&nbsp;&nbsp; Investments in money market funds  | 180275424 | 9020213 | 14480396 |
| &nbsp;&nbsp;&nbsp; Due from Adviser (Note 3)  |  | 11028 |  |
| &nbsp;&nbsp;&nbsp; Receivable for capital shares sold  | 81813 | 5 | 458612 |
| &nbsp;&nbsp;&nbsp; Receivable for investment securities sold  | 4520590 | 226029 |  |
| &nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 622726 | 133768 | 2140961 |
| &nbsp;&nbsp;&nbsp; Tax reclaims receivable  | 19749 | 429 |  |
| &nbsp;&nbsp;&nbsp; Other assets  | 43823 | 10547 | 20915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets  | 568862415 | 35001175 | 223548341 |
|  **LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Written call options, at value (Notes 1 and 4) (premiums received $185,198,624 and $5,399,486)  | 202178040 | 6109087 |  |
| &nbsp;&nbsp;&nbsp; Distributions payable  |  | 4245 | 137121 |
| &nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 306852 | 258292 | 265375 |
| &nbsp;&nbsp;&nbsp; Payable for investment securities purchased  | 3575266 | 178763 |  |
| &nbsp;&nbsp;&nbsp; Accrued investment advisory fees (Note 3)  | 228596 |  | 64481 |
| &nbsp;&nbsp;&nbsp; Payable to administrator (Note 3)  | 33090 | 7190 | 20590 |
| &nbsp;&nbsp;&nbsp; Accrued account maintenance and shareholder servicing fees (Note 3)  | 22625 | 560 | 10690 |
| &nbsp;&nbsp;&nbsp; Other accrued expenses  | 31860 | 25085 | 22870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities  | 206376329 | 6583222 | 521127 |
|  **NET ASSETS**  | $362486086 | $28417953 | $223027214 |
|  Net assets consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $1268533609 | $29848092 | $251647604 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (906047523) | (1430139) | (28620390) |
|  **NET ASSETS**  | $362486086 | $28417953 | $223027214 |
|  Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value)  | 57729211 | 2869808 | 14201500 |
|  Net asset value, offering price and redemption price per share (Note 1)  | $6.28 | $9.90 | $15.70 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp; **24**<br>

<u> Hussman Investment Trust Statements of Operations</u> <br> <u> *For the Year Ended June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **INVESTMENT INCOME** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends  | $11791939 | $574901 | $1324179 |
| &nbsp;&nbsp;&nbsp; Foreign withholding taxes on dividends  | (59203) | (2960) | (57310) |
| &nbsp;&nbsp;&nbsp; Tax reclaims received  | 11240 | 247 | 1562 |
| &nbsp;&nbsp;&nbsp; Interest  |  | 342845 | 5268573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Income  | 11743976 | 915033 | 6537004 |
|  **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees (Note 3)  | 2907901 | 203952 | 947952 |
| &nbsp;&nbsp;&nbsp; Administration fees (Note 3)  | 230887 | 28611 | 137339 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses (Note 3)  | 101072 | 101072 | 101072 |
| &nbsp;&nbsp;&nbsp; Account maintenance and shareholder services fees (Note 3)  | 127327 | 3260 | 66685 |
| &nbsp;&nbsp;&nbsp; Fund accounting fees (Note 3)  | 62382 | 32684 | 48947 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 43792 | 43792 | 43792 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 48272 | 30296 | 51122 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees (Note 3)  | 62426 | 18000 | 33393 |
| &nbsp;&nbsp;&nbsp; Custodian and bank service fees  | 60302 | 24089 | 13404 |
| &nbsp;&nbsp;&nbsp; Insurance expense  | 59776 | 4860 | 31949 |
| &nbsp;&nbsp;&nbsp; Compliance service fees (Note 3)  | 31489 | 9529 | 21482 |
| &nbsp;&nbsp;&nbsp; Audit and tax services fees  | 20333 | 20333 | 20333 |
| &nbsp;&nbsp;&nbsp; Postage and supplies  | 15850 | 7028 | 13564 |
| &nbsp;&nbsp;&nbsp; Printing of shareholder reports  | 13152 | 10625 | 10937 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 40563 | 41407 | 32106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses  | 3825524 | 579538 | 1574077 |
| &nbsp;&nbsp;&nbsp; Less fee waivers and Fund expenses absorbed by the Adviser (Note 3)  | (104269) | (239092) | (149429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses  | 3721255 | 340446 | 1424648 |
|  **NET INVESTMENT INCOME**  | 8022721 | 574587 | 5112356 |

---

**25**<br>

<u> Hussman Investment Trust Statements of Operations *(continued)*</u> <br> <u> *For the Year Ended June 30, 2025*</u>

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  **REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND WRITTEN OPTION CONTRACTS** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 59471201 | 2430241 | 14671497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts (Note 4)  | (38229933) | (1451307) |  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 23105194 | 1373185 | 6643871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts (Note 4)  | (11192396) | (554835) |  |
|  **NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND WRITTEN OPTION CONTRACTS**  | 33154066 | 1797284 | 21315368 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS**  | $41176787 | $2371871 | $26427724 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp; **26**<br>

<u> Hussman Strategic Market Cycle Fund Statements of Changes in Net Assets</u> <br>  

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> June 30, <br> 2025** | **Year Ended <br> June 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $8022721 | $10068745 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 59471201 | 18376941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (38229933) | (83875457) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 23105194 | 221161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (11192396) | 23099967 |
|  Net increase (decrease) in net assets resulting from operations  | 41176787 | (32108643) |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (8547656) | (11452340) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 101744671 | 44141635 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 7758628 | 10191098 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (103332879) | (153313133) |
|  Net increase (decrease) in net assets from capital share transactions  | 6170420 | (98980400) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | 38799551 | (142541383) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 323686535 | 466227918 |
| &nbsp;&nbsp;&nbsp; End of year  | $362486086 | $323686535 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 16595764 | 7162272 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 1415808 | 1678929 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (17626762) | (24688026) |
| &nbsp;&nbsp;&nbsp; Net (increase) decrease in shares outstanding  | 384810 | (15846825) |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year  | 57344401 | 73191226 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of year  | 57729211 | 57344401 |

---

See accompanying notes to financial statements.<br>

**27**<br>

<u> Hussman Strategic Allocation Fund Statements of Changes in Net Assets</u> <br>  

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> June 30, <br> 2025** | **Year Ended <br> June 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $574587 | $532349 |
| &nbsp;&nbsp;&nbsp; Net realized gains (losses) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 2430241 | 2152520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (1451307) | (3140313) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1373185 | 136770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (554835) | 708206 |
|  Net increase net assets resulting from operations  | 2371871 | 389532 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (576046) | (535135) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 4211726 | 3663683 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 560652 | 520588 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (4737681) | (5190049) |
|  Net increase (decrease) in net assets from capital share transactions  | 34697 | (1005778) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | 1830522 | (1151381) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 26587431 | 27738812 |
| &nbsp;&nbsp;&nbsp; End of year  | $28417953 | $26587431 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 438199 | 391423 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 58292 | 55603 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (495969) | (554240) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | 522 | (107214) |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year  | 2869286 | 2976500 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of year  | 2869808 | 2869286 |

---

See accompanying notes to financial statements.<br>

&nbsp;&nbsp;&nbsp; **28**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Statements of Changes in Net Assets |
|  |

---

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> June 30, <br> 2025** | **Year Ended <br> June 30, <br> 2024** |
|  **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | $5112356 | $5500265 |
| &nbsp;&nbsp;&nbsp; Net realized gains from investments  | 14671497 | 1748632 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments  | 6643871 | 5218492 |
|  Net increase net assets resulting from operations  | 26427724 | 12467389 |
|  **DISTRIBUTIONS TO SHAREHOLDERS (Note 1)**  | (5480421) | (5681172) |
|  **FROM CAPITAL SHARE TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 50661809 | 8070359 |
| &nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of distributions to shareholders  | 4997340 | 5214599 |
| &nbsp;&nbsp;&nbsp; Payments for shares redeemed  | (33330986) | (55574518) |
|  Net increase (decrease) in net assets from capital share transactions  | 22328163 | (42289560) |
|  **TOTAL INCREASE (DECREASE) IN NET ASSETS**  | 43275466 | (35503343) |
|  **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year  | 179751748 | 215255091 |
| &nbsp;&nbsp;&nbsp; End of year  | $223027214 | $179751748 |
|  **CAPITAL SHARE ACTIVITY** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3355751 | 587235 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 332305 | 376750 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (2250068) | (4044540) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding  | 1437988 | (3080555) |
| &nbsp;&nbsp;&nbsp; Shares outstanding at beginning of year  | 12763512 | 15844067 |
| &nbsp;&nbsp;&nbsp; Shares outstanding at end of year  | 14201500 | 12763512 |

---

See accompanying notes to financial statements.<br>

**29**<br>

<u> Hussman Strategic Market Cycle Fund Financial Highlights</u> <br> <u> *Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year*</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023** | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of year  | $5.64 | $6.37 | $7.04 | $6.77 | $6.12 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.15 | 0.19 | 0.13 | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written option contracts  | 0.65 | (0.73) | (0.72) | 0.25 | 0.65 |
|  Total from investment operations  | 0.80 | (0.54) | (0.59) | 0.30 | 0.66 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.16) | (0.19) | (0.08) | (0.03) | (0.01) |
|  Proceeds from redemption fees collected \* |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of year  | $6.28 | $5.64 | $6.37 | $7.04 | $6.77 |
|  Total return <sup>(b)</sup>  | 14.69% | (8.72%) | (8.54 %) | 4.43% | 10.80% |
|  Net assets at end of year (000's)  | $362486 | $323687 | $466228 | $506997 | $412898 |
|  Ratio of total expenses to average net assets  | 1.18% | 1.16% | 1.12% | 1.14% | 1.19% |
|  Ratio of net expenses to average net assets <sup>(c)</sup>  | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
|  Ratio of net investment income to average net assets <sup>(c)</sup>  | 2.48% | 2.55% | 1.97% | 0.74% | 0.09% |
|  Portfolio turnover rate  | 470% | 113% | 79% | 113% | 198% |

---

---

| | |
|:---|:---|
| \* | Effective April 1, 2023, the Fund eliminated the redemption fees being charged. Prior to April 1, 2023, a redemption fee of 1.5% generally was applied to shares redeemed 60 days or less from the date of purchase. |
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Ratio was determined after advisory fee waivers and/or recovery. (Note 3). |
| See accompanying notes to financial statements.  | See accompanying notes to financial statements.  |

---

&nbsp;&nbsp;&nbsp; **30**<br>

<u> Hussman Strategic Allocation Fund Financial Highlights</u> <br> <u> *Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year* </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023**  | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of year  | $9.27 | $9.32 | $10.93 | $11.70 | $10.32 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | 0.20 | 0.18 | 0.12 | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments and written option contracts  | 0.63 | (0.05) | 0.13 | (0.42) | 1.98 |
|  Total from investment operations  | 0.83 | 0.13 | 0.25 | (0.38) | 1.96 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.20) | (0.18) | (0.12) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp; Net realized gains  |  |  | (1.74) | (0.35) | (0.57) |
|  Total distributions  | (0.20) | (0.18) | (1.86) | (0.39) | (0.58) |
|  Proceeds from redemption fees collected \* |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of year  | $9.90 | $9.27 | $9.32 | $10.93 | $11.70 |
|  Total return <sup>(b)</sup>  | 9.07% | 1.43% | 2.06% | (3.19 %) | 19.70% |
|  Net assets at end of year (000's)  | $28418 | $26587 | $27739 | $21573 | $19881 |
|  Ratio of total expenses to average net assets  | 2.13% | 2.14% | 2.16% | 2.08% | 2.87% |
|  Ratio of net expenses to average net assets <sup>(c)</sup>  | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
|  Ratio of net investment income (loss) to average net assets <sup>(c)</sup>  | 2.11% | 1.92% | 1.32% | 0.42% | (0.11 %) |
|  Portfolio turnover rate  | 468% | 129% | 79% | 98% | 163% |

---

---

| | |
|:---|:---|
| \* | Effective April 1, 2023, the Fund eliminated the redemption fees being charged. Prior to April 1, 2023, a redemption fee of 1.5% generally was applied to shares redeemed 60 days or less from the date of purchase. |
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Ratio was determined after advisory fee waivers and absorption of Fund expenses by the Adviser (Note 3). |
| See accompanying notes to financial statements. | See accompanying notes to financial statements. |

---

**31**<br>

---

| |
|:---|
| Hussman Strategic Total Return Fund<br> Financial Highlights |
| *Selected Per Share Data and Ratios for a Share Outstanding Throughout Each Year* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year <br> Ended <br> June 30, <br> 2025** | **Year <br> Ended <br> June 30, <br> 2024** | **Year <br> Ended <br> June 30, <br> 2023** | **Year <br> Ended <br> June 30, <br> 2022** | **Year <br> Ended <br> June 30, <br> 2021** |
|  Net asset value at beginning of year  | $14.08 | $13.59 | $13.91 | $14.76 | $14.50 |
|  Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | 0.39 | 0.40 | 0.33 | 0.26 | 0.14 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) on investments  | 1.65 | 0.50 | (0.34) | (0.86) | 0.25 |
|  Total from investment operations  | 2.04 | 0.90 | (0.01) | 0.60 | 0.39 |
|  Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.42) | (0.41) | (0.31) | (0.25) | (0.13) |
|  Proceeds from redemption fees collected \* |  |  | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> | 0.00 <sup>(a)</sup> |
|  Net asset value at end of year  | $15.70 | $14.08 | $13.59 | $13.91 | $14.76 |
|  Total return <sup>(b)</sup>  | 14.69% | 6.73% | (0.03 %) | (4.14 %) | 2.70% |
|  Net assets at end of year (000's)  | $223027 | $179752 | $215255 | $263687 | $316539 |
|  Ratio of total expenses to average net assets  | 0.83% | 0.82% | 0.78% | 0.75% | 0.75% |
|  Ratio of net expenses to average net assets <sup>(c)</sup>  | 0.75% | 0.75% | 0.75% | 0.75% | 0.75% |
|  Ratio of net investment income to average net assets <sup>(c)</sup>  | 2.69% | 2.81% | 2.36% | 1.73% | 0.93% |
|  Portfolio turnover rate  | 270% | 55% | 42% | 22% | 38% |

---

---

| | |
|:---|:---|
| \* | Effective April 1, 2023, the Fund eliminated the redemption fees being charged. Prior to April 1, 2023, a redemption fee of 1.5% generally was applied to shares redeemed 60 days or less from the date of purchase. |
| <sup>(a)</sup> | Amount rounds to less than $0.01 per share. |
| <sup>(b)</sup> | Total return is a measure of the change in value of an investment in the Fund over the period covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. |
| <sup>(c)</sup> | Ratio was determined after advisory fee waivers (Note 3). |
| See accompanying notes to financial statements.  | See accompanying notes to financial statements.  |

---

&nbsp;&nbsp;&nbsp; **32**<br>

<u> Hussman Investment Trust Notes to Financial Statements</u> <br> <u> *June 30, 2025*</u>

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

Hussman Strategic Market Cycle Fund (formerly Hussman Strategic Growth Fund), Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund (each, a "Fund," and collectively, the "Funds") are diversified, separate series of Hussman Investment Trust (the "Trust"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Each Fund is authorized to issue an unlimited number of shares.

Hussman Strategic Market Cycle Fund's investment objective seeks to achieve long-term capital appreciation, with added emphasis on protection of capital during unfavorable market conditions.

Hussman Strategic Allocation Fund's investment objective seeks to achieve total return through a combination of income and capital appreciation.

Hussman Strategic Total Return Fund's investment objective seeks to achieve long-term total return from income and capital appreciation.

The Funds have adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update 2023-07, Segment Reporting ("Topic 280") - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is the President and Chief Executive Officer of the Funds. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Fund, using the information presented in the financial statements and financial highlights.

The following is a summary of significant accounting policies followed by the Funds. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). Each Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946 "Financial Services – Investment Companies."

**33**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**New Accounting Pronouncement** — In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes ("Topic 740") Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Funds' financial statements.

**Securities, Options and Futures Valuation** — The Funds' portfolio securities are valued at market value as of the close of regular trading on the New York Stock Exchange ("NYSE") (normally, 4:00 p.m. Eastern time) on each business day the NYSE is open. Securities listed on the NYSE or other exchanges, other than options, are valued on the basis of their last sale prices on the exchanges on which they are primarily traded. However, if the last sale price on the NYSE is different than the last sale price on any other exchange, the NYSE price will be used. If there are no sales on that day, the securities are valued at the last bid price on the NYSE or other primary exchange for that day. Securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price. If there are no sales on that day, the securities are valued at the last bid price as reported by NASDAQ. Securities traded in over-the-counter markets, other than NASDAQ quoted securities, are valued at the last sales price, or if there are no sales on that day, at the mean of the closing bid and ask prices.

Pursuant to procedures approved by the Board of Trustees, options traded on a national securities exchange are valued at prices between the closing bid and ask prices determined by Hussman Strategic Advisors, Inc. (the "Adviser") to most closely reflect market value as of the time of computation of the net asset value ("NAV"). As of June 30, 2025, all options held by Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund have been valued in this manner. Options not traded on a national securities exchange or board of trade, but for which over-the-counter market quotations are readily available, are valued at the mean between their closing bid and ask prices. Futures contracts and options thereon, if any, which are traded on commodities exchanges, are valued at their last sale prices as of the close of regular trading on the NYSE or, if not available, at the mean between their bid and ask prices.

Fixed income securities traded over-the-counter and not traded or dealt in upon any securities exchange, but for which market quotations are readily available, generally are valued at the mean of their closing bid and ask prices. Fixed income securities may also be valued on the basis of prices provided by an independent

&nbsp;&nbsp;&nbsp; **34**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

pricing service. Debt securities with remaining maturities of 60 days or less may be valued at amortized cost if the Adviser, under the supervision of the Board of Trustees, determines that the amortized cost value of the security represents fair value.

Investments in shares of other open-end investment companies, other than shares of exchange-traded funds ("ETFs"), are valued at their NAVs per share as reported by such companies.

In the event that market quotations are not readily available or are determined by the Adviser, as the valuation designee, to not be reflective of fair market value due to market events or developments, securities and other financial instruments will be valued at fair value as determined by the Adviser in accordance with procedures adopted by the Board of Trustees pursuant to Rule 2a-5 under the 1940 Act. Methods used to determine fair value may include, but are not limited to: multiple of earnings, multiple of book value, discount from market of a similar freely traded security, purchase price of the security, subsequent private transactions in the security or related securities, or a combination of these and other factors.

GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements.

Various inputs are used in determining the values of the Funds' investments. These inputs are summarized in the three broad levels listed below:

● Level 1 – quoted unadjusted prices for identical instruments in active markets to which the Fund has access at the date of measurement.

● Level 2 – quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

● Level 3 – model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund's own assumptions that market participants would use to price the asset or liability based on the best available information.

Option contracts purchased or written by Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund are classified as Level 2 since they are valued using "other significant observable inputs" at prices between the closing bid and ask prices determined by the Adviser to most closely reflect fair value. U.S. Treasury obligations held by Hussman Strategic Allocation Fund and Hussman Strategic Total

**35**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

Return Fund are classified as Level 2 since values are based on prices provided by an independent pricing service that utilizes various "other significant observable inputs," including bid and ask quotations, prices of similar securities and interest rates, among other factors.

Determining the fair value of portfolio securities involves reliance on judgment, and a security's fair value may differ depending on the method used for determining value. With respect to a portfolio security that has been valued at fair value, there can be no assurance that a Fund could purchase or sell that security at a price equal to the fair value of such security used in calculating the Fund's NAV. Because of the inherent uncertainty in determining fair value and the various factors considered in making such determinations, there can be significant deviations between the fair value at which a portfolio security is being carried and the price at which it can be sold.

The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. The inputs used to measure the value of a particular security may fall into more than one level of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement of that security is determined to fall in its entirety is the lowest level input that is significant to the fair value measurement.

The following is a summary of each Fund's investments and other financial instruments and the inputs used to value the investments and other financial instruments as of June 30, 2025 by security type:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $378715910 | $— | $— | $378715910 |
|  Warrants  | 5280 |  |  | 5280 |
|  Exchange-Traded Put Option Contracts  |  | 4577100 |  | 4577100 |
|  Money Market Funds  | 180275424 |  |  | 180275424 |
|  Total Investments in Securities and Money Market Funds  | $558996614 | $4577100 | $— | $563573714 |
| **Other Financial Instruments:** |  |  |  |  |
|  Exchange-Traded Written Call Option Contracts  | $— | $(202178040) | $— | $(202178040) |
|  Total Other Financial Instruments  | $— | $(202178040) | $— | $(202178040) |

---

&nbsp;&nbsp;&nbsp; **36**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $18935796 | $— | $— | $18935796 |
|  U.S. Treasury Obligations  |  | 6640982 |  | 6640982 |
|  Warrants  | 158 |  |  | 158 |
|  Exchange-Traded Put Option Contracts  |  | 22220 |  | 22220 |
|  Money Market Funds  | 9020213 |  |  | 9020213 |
|  Total Investments in Securities and Money Market Funds  | $27956167 | $6663202 | $— | $34619369 |
| **Other Financial Instruments:** |  |  |  |  |
|  Exchange-Traded Written Call Option Contracts  | $— | $(6109087) | $— | $(6109087) |
|  Total Other Financial Instruments  | $— | $(6109087) | $— | $(6109087) |

---

**Hussman Strategic Total Return Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| <br>**Investments in Securities and Money Market Funds:** |  |  |  |  |
|  Common Stocks  | $44969566 | $— | $— | $44969566 |
|  Exchange-Traded Funds  | 2275975 |  |  | 2275975 |
|  U.S. Treasury Obligations  |  | 159196636 |  | 159196636 |
|  Warrants  | 5280 |  |  | 5280 |
|  Money Market Funds  | 14480396 |  |  | 14480396 |
|  Total Investments in Securities and Money Market Funds  | $61731217 | $159196636 | $— | $220927853 |

---

Each Fund's Schedule of Investments identifies the specific securities (by type of security and sector and industry type) that comprise that Fund's holdings within the Level 1 and Level 2 categories shown in the tables above. The Funds did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of June 30, 2025.

**Option Transactions** — Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund may purchase and write call and put options on broad-based stock indices and also may purchase and write call and put option contracts on individual securities. Each of the Funds may use related option contracts to hedge

**37**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

against changes in the market value of its portfolio securities. Hussman Strategic Total Return Fund may also purchase foreign currency options to manage its exposures to foreign currencies.

Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund may each use option contracts on stock indices for the purpose of seeking to reduce the market risk that would otherwise be associated with the securities in which it invests.

When a Fund writes an index option, an amount equal to the net premium (the premium less the commission) received by the Fund is recorded as a liability on the Fund's Statement of Assets and Liabilities and is subsequently marked-to-market daily. If an index option written by a Fund expires unexercised on the stipulated expiration date or if a Fund enters into a closing purchase transaction, it will realize a gain or a loss depending on whether the cost of a closing purchase transaction is less than or exceeds the net premium received when the option was sold and the liability related to such option will be eliminated. If an index option written by a Fund is exercised, the Fund will be required to pay the difference between the closing index value and the exercise price of the option. In this event, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss. To secure the obligation of a Fund to settle index options it has written, common stocks owned by the Fund are held in escrow by the Fund's custodian bank (or by a securities depository acting for the custodian bank) for the benefit of the Options Clearing Corporation (the "OCC"). Escrow is maintained with the OCC on a daily basis until written options expire unexercised or when the Fund enters into a closing purchase transaction.

**Share Valuation** — The NAV per share of each Fund is calculated as of the close of regular trading on the NYSE (normally 4:00 p.m., Eastern time) on each day that the NYSE is open for business. NAV per share of a Fund is calculated by dividing the total value of the Fund's assets, less its liabilities, by the number of its shares outstanding. The offering price and redemption price per share of each Fund is equal to the NAV per share next computed after receipt of an order to purchase or to redeem shares.

**Investment Income** — Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the value of the security received. Discounts and premiums on fixed income securities are amortized using the effective interest method. Withholding taxes on foreign dividends have been recorded in accordance with the Trust's understanding of the applicable country's rules and tax rates.

&nbsp;&nbsp;&nbsp; **38**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**Distributions to Shareholders** — Dividends from net investment income, if any, are declared and paid annually to shareholders of Hussman Strategic Market Cycle Fund and are declared and paid quarterly to shareholders of Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund. Dividends are recorded on the ex-dividend date. Net realized short-term capital gains, if any, may be distributed throughout the year and net realized long-term capital gains, if any, are generally distributed annually. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either temporary or permanent in nature and are primarily due to timing differences in the recognition of capital gains or losses on options and futures transactions and losses deferred due to wash sales.

The tax character of distributions paid during the years ended June 30, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Year Ended** | **Ordinary <br> Income** | **Long-Term<br> Capital Gains** | **Total <br> Distributions\*** |
| **Hussman Strategic Market Cycle Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025 | $8547656 | $— | $8547656 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2024 | $11452340 | $— | $11452340 |
| **Hussman Strategic Allocation Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2025 | $576133 | $— | $576133 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2024 | $533397 | $— | $533397 |
| **Hussman Strategic Total Return Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; June 30, 2025 | $5536840 | $— | $5536840 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; June 30, 2024 | $5604291 | $— | $5604291 |

---

\* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to dividends payable amounts.

**Investment Transactions** — Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses on investments sold are determined on a specific identification basis.

**Common Expenses** — Expenses of the Trust not attributable solely to one of the Funds are allocated among the Funds based on the relative net assets of each Fund or based on the nature of the expense and its relative applicability to each Fund.

**39**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**Accounting Estimates** — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Federal Income Tax** — Each Fund has qualified and intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). By so qualifying, a Fund generally will not be subject to federal income taxes to the extent that it distributes its net investment income and any net realized capital gains in accordance with the Code. Accordingly, no provision for income taxes has been made.

In order to avoid imposition of a federal excise tax applicable to regulated investment companies, it is each Fund's intention to declare and pay as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The tax character of accumulated deficit as of June 30, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Net unrealized appreciation  | $4456201 | $178252 | $2430521 |
|  Accumulated ordinary income  | 4372178 | 5195 | 132943 |
|  Accumulated capital and other losses  | (914875902) | (1609341) | (31046733) |
|  Other temporary differences  |  | (4245) | (137121) |
|  Total accumulated deficit  | $(906047523) | $(1430139) | $(28620390) |

---

&nbsp;&nbsp;&nbsp; **40**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

The following information is based upon the federal income tax cost of investment securities as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Cost of investments  | $176664049 | $19311817 | $204016936 |
|  Gross unrealized appreciation  | $24087226 | $1347020 | $5050537 |
|  Gross unrealized depreciation  | (19631025) | (1168768) | (2620016) |
|  Net unrealized appreciation  | $4456201 | $178252 | $2430521 |

---

The difference between the federal income tax cost of investments and the financial statement cost of investments for each Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These "book/tax" differences are temporary in nature and are primarily due to losses deferred due to wash sales, derivatives and adjustments to basis for publicly traded partnerships, passive foreign investment companies and grantor trusts.

As of June 30, 2025, the Funds had the following capital loss carryforwards ("CLCFs") for federal income tax purposes:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Short-term capital loss carryforwards  | $470195094 | $— | $22416421 |
|  Long-term capital loss carryforwards  | 444680808 | 1609341 | 8630312 |
|  Total  | $914875902 | $1609341 | $31046733 |

---

These CLCFs, which do not expire, may be utilized by the Funds in future years to offset their net realized capital gains, if any, prior to distributing such gains to shareholders.

During the year ended June 30, 2025, Hussman Strategic Market Cycle utilized $13,107,468 CLCFs against current year gains, Hussman Strategic Allocation Fund utilized $694,721 of CLCFs against current year gains, and Hussman Strategic Total Return Fund utilized $13,095,914 of CLCFs against current year gains.

**41**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

For the year ended June 30, 2025, Hussman Strategic Allocation Fund reclassified $1 of accumulated deficit against paid-in capital on the Statements of Assets and Liabilities. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the Fund's net assets or NAV per share.

Each Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed each Fund's tax positions taken on federal income tax returns for all open years (generally, tax returns that have been filed within the past three years) and all major jurisdictions and has concluded that no provisions for unrecognized tax benefits or expenses is required in these financial statements. Therefore, no tax expense (including interest and penalties) was recorded in the current year and no adjustments were made to prior periods.

Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the year ended June 30, 2025, the Funds did not incur any interest or penalties.

**2. INVESTMENT TRANSACTIONS** 

During the year ended June 30, 2025, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic <br> Market Cycle <br> Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Purchases of investment securities  | $1694796039 | $84739803 | $156263488 |
|  Proceeds from sales of investment securities  | $1717172142 | $85888539 | $144828394 |

---

During the year ended June 30, 2025, cost of purchases and proceeds from sales and maturities of long-term U.S. government securities were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Hussman <br> Strategic Market <br> Cycle Fund** | **Hussman <br> Strategic <br> Allocation Fund** | **Hussman <br> Strategic Total <br> Return Fund** |
|  Purchases of investment securities  | $— | $26385882 | $318822262 |
|  Proceeds from sales and maturities of investment securities  | $— | $24974918 | $291911018 |

---

&nbsp;&nbsp;&nbsp; **42**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**3. TRANSACTIONS WITH AFFILIATES** 

***Advisory Agreement***

Under the terms of an Advisory Agreement between the Trust and the Adviser, Hussman Strategic Market Cycle Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at annual rates of: 0.90% of the first $2 billion of the Fund's average daily net assets; 0.85% of the next $3 billion of such assets; and 0.80% of such assets over $5 billion. Under the terms of a separate Advisory Agreement between the Trust and the Adviser, Hussman Strategic Allocation Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at annual rates of: 0.75% of the first $2 billion of the Fund's average daily net assets; 0.70% of the next $3 billion of such assets; and 0.65% of such assets over $5 billion. Under the terms of a separate Advisory Agreement between the Trust and the Adviser, Hussman Strategic Total Return Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at annual rates of: 0.50% of the first $1 billion of the Fund's average daily net assets; 0.45% of the next $1.5 billion of such assets; and 0.40% of such assets over $2.5 billion.

The Adviser has contractually agreed that, until November 1, 2025, it will waive its advisory fees and/or absorb operating expenses of each Fund to the extent necessary so that operating expenses of Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund (excluding fees and expenses incurred on investments in other investment companies and pooled investment vehicles, brokerage commissions, taxes, interest expense and any extraordinary expenses) do not exceed annually an amount equal to 1.15%, 1.25% and 0.75%, respectively, of such Fund's average daily net assets. During the year ended June 30, 2025, the Adviser waived advisory fees in the amount of $104,269, $239,092 and $149,429 with respect to Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund, respectively. Additionally, during the year ended June 30, 2025, the Adviser absorbed operating expenses of $35,140 with respect to Hussman Strategic Allocation Fund.

Pursuant to the Expense Limitation Agreements governing these arrangements, each Fund is obligated to reimburse the Adviser the amount of advisory fees previously waived and expenses previously absorbed by the Adviser for a period of three years from the date such fees or expenses were waived or absorbed, but only if such reimbursement does not cause the Fund's operating expenses (after the reimbursement is taken into account) to exceed the lesser of: (i) the expense limitation in effect at the time such fees and expenses were waived or absorbed; and (ii) the expense limitation

**43**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

in effect at the time the Adviser seeks reimbursement of such fees and expenses. The Expense Limitation Agreements may not be terminated by the Adviser without the approval of the Board of Trustees. As of June 30, 2025, the amount of fee waivers and expense reimbursements available for possible recovery by the Adviser from Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund is $153,752, $701,818 and $347,426, respectively. The portions of these amounts that the Adviser may recover expire as of the following dates:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, <br> 2026** | **June 30, <br> 2027** | **June 30, <br> 2028** | **Total** |
|  Hussman Strategic Market Cycle Fund  | $— | $49483 | $104269 | $153752 |
|  Hussman Strategic Allocation Fund  | $217791 | $244935 | $239092 | $701818 |
|  Hussman Strategic Total Return Fund  | $62625 | $135372 | $149429 | $347426 |

---

The Adviser may agree to continue after November 1, 2025 the current arrangement to limit the Funds' expenses or to implement a similar arrangement, but it is not obligated to do so.

Certain officers of the Trust are also officers of the Adviser.

***Other Service Providers***

Ultimus Fund Solutions, LLC ("Ultimus") provides administration, fund accounting and transfer agency services to the Funds. The Funds pay Ultimus fees for these services in accordance with various servicing agreements. In addition, the Funds reimburse Ultimus for certain out-of-pocket expenses incurred in providing services to the Funds, including, but not limited to, postage, supplies and costs related to the pricing of the Funds' portfolio securities. Certain officers of the Trust are also officers of Ultimus, or Ultimus Fund Distributors, LLC (the "Distributor"), the principal underwriter of the Funds. The Distributor is a wholly-owned subsidiary of Ultimus.

Under the terms of a Consulting Agreement with the Trust, Northern Lights Compliance Services, LLC ("NLCS") provides a Chief Compliance Officer and an Anti-Money Laundering Officer to the Trust, as well as related compliance services. Under the terms of the agreement, NLCS receives fees from the Funds. NLCS is a wholly-owned subsidiary of Ultimus.

The Funds compensate certain financial intermediaries for providing account maintenance and shareholder services to shareholder accounts held through such intermediaries. During year ended June 30, 2025, Hussman Strategic Market Cycle

&nbsp;&nbsp;&nbsp; **44**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund paid $127,327, $3,260 and $66,685, respectively, to financial intermediaries for such services.

***Trustee Compensation***

Trustees and officers affiliated with the Adviser or Ultimus are not compensated by the Funds for their services. Each Trustee who is not an "interested person," as defined by the 1940 Act, of the Trust or an affiliated person of the Adviser or Ultimus (an "Independent Trustee") receives from the Trust: an annual retainer of $50,000, payable quarterly (except the Audit Committee Chair receives an annual retainer of $56,000, payable quarterly); a fee of $7,000 for attendance at each regular quarterly meeting of the Board of Trustees other than the annual meeting of the Board, for which each Independent Trustee receives an attendance fee of $12,000; a fee of $4,000 for attendance at each special meeting of the Board of Trustees; a fee of $3,000 for attendance at each meeting of any committee of the Board of Trustees that is not held on the same day as a Board of Trustees meeting; and a fee of $1,500 for participation in each informal monthly telephone conference call of the Board of Trustees. In addition, the Independent Trustees are reimbursed for travel and other expenses incurred in attending meetings. Each Fund pays its proportionate share of the Independent Trustees' fees and expenses.

***Principal Holder of Fund Shares***

As of June 30, 2025, Charles Schwab & Co. (for the benefit of its customers) owned of record 29.8% and 42.5% of the outstanding shares of Hussman Strategic Market Cycle Fund and Hussman Strategic Total Return Fund, respectively, National Financial Services, LLC (for the benefit of its customers) owned of record 26.0% of the outstanding shares of Hussman Strategic Market Cycle Fund and an officer of the Adviser owned of record 48.0% of the outstanding shares of Hussman Strategic Allocation Fund. A shareholder owning of record or beneficially 25% or more of a Fund's outstanding shares may be considered a controlling person. That shareholder's vote could have a more significant effect on matters presented at a shareholders' meeting.

**45**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**4. DERIVATIVES TRANSACTIONS** 

The locations in the Statements of Assets and Liabilities of the derivative positions of Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund are as follows:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the <br> Year Ended <br> June 30,<br> 2025\*** |
| Index put options purchased | Equity | Investments in securities at value | $4577100 | $— | $357586048 |
| Index call options purchased | Equity | Investments in securities at value |  |  | 4840608 |
| Index call options written | Equity | Written call options, at value |  | (202178040) | (357586048) |

---

\* The average monthly notional value generally represents the Fund's derivative activity throughout the year.

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value** | **Fair Value** | |
| <br>**Type of <br> Derivative** | <br>**Risk** | <br>**Location** | **Asset Derivatives** | **Liability <br> Derivatives** | **Average Monthly**<br>**Notional Value <br> During the <br> Year Ended <br> June 30,<br> 2025\*** |
| Index put options purchased | Equity | Investments in securities at value | $22220 | $— | $19340718 |
| Index call options written | Equity | Written call options, at value |  | (6109087) | (19340718) |

---

\* The average monthly notional value generally represents the Fund's derivative activity throughout the year.

&nbsp;&nbsp;&nbsp; **46**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

Realized and unrealized gains and losses associated with transactions in derivative instruments for Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund during the year ended June 30, 2025 are recorded in the following locations on the Statements of Operations:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized Gains <br> (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(65296) | Net change in unrealized appreciation (depreciation) on investments | $(1378954) |
| Index call options purchased | Equity | Net realized gains (losses) from investments | 9130783 | Net change in unrealized appreciation (depreciation) on investments |  |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | (38229933) | Net change in unrealized appreciation (depreciation) on written option contracts | (11192396) |

---

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of <br> Derivative** | **Risk** | **Location** | **Realized Gains <br> (Losses)** | **Location** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| Index put options purchased | Equity | Net realized gains (losses) from investments | $(170802) | Net change in unrealized appreciation (depreciation) on investments | $(20944) |
| Index call options written | Equity | Net realized gains (losses) from written option contracts | (1451307) | Net change in unrealized appreciation (depreciation) on written option contracts | (554835) |

---

**47**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

Hussman Strategic Total Return Fund had no transactions in derivative instruments during the year ended June 30, 2025.

In the ordinary course of business, Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund may enter into transactions subject to enforceable netting agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset the exposure it has on any transaction with a specific counterparty with any collateral it has received or delivered in connection with other transactions with that counterparty. Generally, the Funds manage their cash collateral and securities collateral on a counterparty basis.

The offsetting of financial liabilities and derivative liabilities as of June 30, 2025 are as follows:

**Hussman Strategic Market Cycle Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
|  Written options at market value  | $(202178040) | $— | $(202178040) | $202178040 | $— |
| &nbsp;&nbsp;&nbsp; Total subject to a master netting or similar arrangement  | $(202178040) | $— | $(202178040) | $202178040 | $— |

---

\* Common stocks owned by the Fund are held in escrow by the Fund's custodian (or by a security depository) to secure the Fund's obligations to settle outstanding call option contracts it has written (Note 1). Amounts in collateral pledged in the table above are limited to the net amounts presented on the Statements of Assets and Liabilities.

&nbsp;&nbsp;&nbsp; **48**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**Hussman Strategic Allocation Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Gross <br> Amounts of <br> Recognized <br> Liabilities** | **Gross <br> Amounts <br> Offset on <br> Statements <br> of Assets and <br> Liabilities** | **Net Amounts <br> of Liabilities <br> Presented on <br> Statements <br> of Assets and <br> Liabilities** | **Collateral <br> Pledged\*** | **Net Amount** |
|  Written options at market value  | $(6109087) | $— | $(6109087) | $6109087 | $— |
| &nbsp;&nbsp;&nbsp; Total subject to a master netting or similar arrangement  | $(6109087) | $— | $(6109087) | $6109087 | $— |

---

\* Common stocks owned by the Fund are held in escrow by the Fund's custodian (or by a security depository) to secure the Fund's obligations to settle outstanding call option contracts it has written (Note 1). Amounts in collateral pledged in the table above are limited to the net amounts presented on the Statements of Assets and Liabilities.

**5. CERTAIN INVESTMENTS AND ASSOCIATED RISKS** 

The securities in which the Funds invest, as well as the risks associated with these securities and with the investment programs of the Funds, are described in each Fund's Prospectus. Among these risks are those associated with investments in derivative instruments, investments in shares of money market funds, and concentration of investments within a particular business sector.

**Risks of Derivative Instruments** — The purchase and sale of derivative instruments, including options and futures contracts, and other derivative transactions involve risks different from those involved with direct investments in securities and also require different skills from the Adviser in managing each Fund's portfolio of investments. While utilization of options, futures contracts and similar instruments may be advantageous to the Funds, if the Adviser is not successful in employing such instruments in managing a Fund's investments or in anticipating general market movements, the Fund's performance will be worse than if the Fund did not make such investments. It is possible that there will be imperfect correlation, or even no correlation, between price movements of the investments held by the Funds and the options, futures or other derivative instruments used to hedge those investments. It is also possible that a Fund may be unable to close out or liquidate its hedges during unusual periods of illiquidity in the options, futures or other markets. In addition, a Fund will pay commissions and other costs in connection with its transactions in such instruments, which may increase its expenses and reduce its investment performance.

**49**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**Investments in Money Market Funds** — In order to maintain sufficient liquidity to implement investment strategies, or for temporary defensive purposes, each Fund may at times invest a significant portion of its assets in shares of money market funds. As of June 30, 2025, Hussman Strategic Market Cycle Fund and Hussman Strategic Allocation Fund had 49.7% and 31.7%, respectively, of the value of its net assets invested in shares of a money market fund registered under the 1940 Act. The annual report, along with the report of the independent registered public accounting firm is included in the money market fund's N-CSR available at www.sec.gov. An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, entity or person. While investor losses in money market funds have been rare, they are possible. The Fund, as investors in money market funds, indirectly bear the fees and expenses of those funds, which are in addition to the fees and expenses of the Fund.

**Sector Risk** — If a Fund has significant investments in the securities of issuers in industries within a particular business sector, any development generally affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. This may increase the risk of loss of an investment in a Fund and increase the volatility of a Fund's NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, and technological or other developments, may negatively impact all companies in a particular sector and therefore the value of a Fund's portfolio could be adversely affected if it has significant holdings of securities of issuers in that sector. As of June 30, 2025, none of the Funds had 25% or more of the value of their net assets invested in stocks within the any one sector.

**6. BANK LINE OF CREDIT** 

The Trust has established a $15,000,000 unsecured bank line of credit with its custodian bank which collectively allows the Funds to borrow up to this line. Any borrowings under these arrangements bear interest at the Prime Rate, currently 7.50% as of June 30, 2025. During the year ended June 30, 2025, Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund did not borrow under their line of credit.

&nbsp;&nbsp;&nbsp; **50**<br>

<u> Hussman Investment Trust Notes to Financial Statements *(continued)*</u> <br> <u> *June 30, 2025*</u>

**7. CONTINGENCIES AND COMMITMENTS** 

The Trust's officers and Trustees are entitled to indemnification from the Funds for certain liabilities to which they may become subject in connection with the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which may require the Funds to indemnify the other parties to the contracts in the event of certain losses. The Funds' maximum exposure under these arrangements is unknown, as this would involve potential claims for indemnification for losses that may or may not be incurred in the future. However, based on experience, the Trust believes the risk of loss to be remote.

**8. SUBSEQUENT EVENTS** 

The Funds are required to recognize in their financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the date of issuance of these financial statements and has noted no such events.

**51**<br>

Hussman Investment Trust<br> Report of Independent Registered<br> Public Accounting Firm <br>

To the Shareholders and Board of Trustees of

Hussman Investment Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and open written option contracts, of Hussman Investment Trust comprising Hussman Strategic Market Cycle Fund (formerly Hussman Strategic Growth Fund), Hussman Strategic Allocation Fund, and Hussman Strategic Total Return Fund (the "Funds") as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion** 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting

&nbsp;&nbsp;&nbsp; **52**<br>

Hussman Investment Trust<br> Report of Independent Registered<br> Public Accounting Firm *(continued)*<br>

principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](fp0094373-2_53.jpg)

COHEN & COMPANY, LTD.

Milwaukee, Wisconsin

August 26, 2025

**53**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited)*</u> <br>  

**Changes in and/or Disagreements with Accountants** 

There were no changes in and/or disagreements with accountants during the period covered by this report.

**Proxy Disclosure** 

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

At a meeting held on June 9, 2025, the Board of Trustees (the "Board") of Hussman Investment Trust, including the Trustees who are not "interested persons," as defined by the Investment Company Act of 1940, of the Trust (the "Independent Trustees") voting separately, reviewed and unanimously approved the continuance, for an additional annual period, of the Investment Advisory Agreements between the Trust and Hussman Strategic Advisors, Inc. (the "Adviser") on behalf of each of Hussman Strategic Market Cycle Fund (the "Market Cycle Fund"), Hussman Strategic Allocation Fund (the "Allocation Fund"), and Hussman Strategic Total Return Fund (the "Total Return Fund," and together with the Market Cycle Fund and the Allocation Fund, the "Funds").

In determining whether to approve continuances of the Investment Advisory Agreements of the Funds (the "Advisory Agreements"), the Independent Trustees requested and received from the Adviser such information as they deemed reasonably necessary to evaluate the terms of the Advisory Agreements and to assess whether the Advisory Agreements continue to be in the best interests of the Funds and their shareholders. In addition to reviewing and considering this information, the Independent Trustees considered information relating to the Funds and the Adviser that was provided to them in connection with meetings of the Board held throughout the year. They reviewed and considered, among other things: (i) the nature, extent and quality of the services provided by the Adviser to each of the Funds; (ii) the investment performance of each of the Funds; (iii) comparisons of the advisory fees and expenses of the Funds to the fees and expenses of peer groups of mutual funds; (iv) the Adviser's costs of providing services to the Funds and the profits realized by the Adviser from its relationship with the Funds; (v) whether economies of scale in the Adviser's costs of providing services have been realized from growth of the Funds' assets; and (vi) whether the advisory fees payable by each Fund

&nbsp;&nbsp;&nbsp; **54**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

reflect an appropriate sharing of any such economies with such Fund for the benefit of the Fund and its shareholders. The Independent Trustees also reviewed the background, qualifications, education and experience of the Adviser's investment professionals and support personnel, and discussed and considered: (i) the quality of shareholder communications, administrative functions and other services provided by the Adviser to the Trust and each of the Funds; (ii) the quality of the Adviser's compliance program; (iii) the Adviser's role in coordinating and supervising services provided to the Trust; and (iv) indirect benefits, if any, that the Adviser may derive from its relationship with the Funds. The Independent Trustees were advised and supported in this process by independent legal counsel and, prior to voting, met with and asked questions of representatives of the Adviser, including Dr. John Hussman, and met separately with their counsel.

The Adviser provided the Independent Trustees with extensive information to assist them in analyzing both the absolute and risk-adjusted returns of the Funds over various periods. In these materials, the returns of each Fund were compared to the returns of relevant indices and to the average returns of one or more selected peer groups of mutual funds.

The analyses and comparisons provided by the Adviser showed the alternative nature of the Funds and that each of the Hussman Funds has the objective of achieving long-term returns with managed risk and are not intended to track the market over shorter segments of the market cycle. The Independent Trustees determined that the investment objectives and principal investment strategies of each Fund were relevant to its evaluation of Fund performance. Given the full-cycle objectives of the Funds, the Independent Trustees recognized that the return and risk characteristics were more appropriately evaluated over periods that are consistent with these objectives, with consideration of the information provided by the Adviser regarding the estimated effect of various investment model adaptations implemented by the Adviser on past and expected future performance. The Independent Trustees concluded that the Adviser is responsible for adhering to the investment strategies and objectives described in each Fund Prospectus and SAI, and as a result, there may be periods when Fund performance diverges from that of its broad-based index, due to aspects of the Fund's stated investment strategy that are integral to the Fund's objectives. The Independent Trustees discussed the various modifications to the investment strategy that the Adviser has made to improve dynamic implementation of market hedges, and potentially improve the performance of the Funds consistent with stated objectives, notwithstanding prolonged periods of elevated valuations and unprecedented monetary policies.

**55**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

The information provided to the Independent Trustees showed that although the Market Cycle Fund underperformed the S&P 500 Index from 2009 to date, this period represented a largely uncorrected advance to historic valuation extremes and that the Fund's return/risk characteristics have remained consistent with its stated investment strategy during the period. They reviewed the Fund's performance over various periods as compared to the performance of mutual funds categorized by Bloomberg Strategy: Equity Hedge. They recognized that the Market Cycle Fund's performance during various recent multi-year periods lagged the average performance of these other mutual funds. The Independent Trustees noted that, since inception, the Market Cycle Fund's hedging strategies have generally been successful in reducing the volatility of an investment in the Fund as compared to the volatility of relevant securities indices. Information provided to the Independent Trustees indicated that, over the long term, the Adviser's stock selection record for the Market Cycle Fund has been generally favorable and that the underperformance of the Fund was primarily attributable to the Fund's use of hedging techniques and the nature of the Fund's alternative investment approach, which is not intended to track general stock market movements. In evaluating the Market Cycle Fund's investment performance, the Independent Trustees recognized that the use of hedging is an integral part of the Fund's investment program and that, although this has resulted in the Fund's underperformance since 2009, the Adviser has managed the investment portfolio of the Fund in a manner consistent with the Fund's investment objective and policies, and in accordance with the Adviser's investment methodology, each as described in the Fund's prospectus. The Independent Trustees also recognized that the Adviser has adapted and refined the models and analytics it uses in managing the Market Cycle Fund in seeking to address the Fund's underperformance and noted that the Adviser has from time to time implemented various modifications in its analytics and restrictions in its hedging approach with the goals of improving the investment performance of the Fund over the long term and reducing the risks and opportunity costs of its hedging strategy.

With respect to the consideration of the Allocation Fund's performance, the Independent Trustees noted that the Fund has maintained a defensive stance since inception (with a significant portion of the Fund's stock portfolio hedged against general market fluctuations) and that the Fund has experienced significantly less downside risk than a passive investment approach, although the Fund has not been in existence long enough to evaluate its investment performance over a full market cycle.

In reviewing the performance of the Total Return Fund, the Independent Trustees took note of the fact that the Total Return Fund underperformed the Bloomberg Barclays U.S. Aggregate Bond Index year-to-date. In addition, the Independent Trustees reviewed comparisons of the performance of the Total Return Fund for various periods

&nbsp;&nbsp;&nbsp; **56**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

to the performance of mutual funds categorized by Bloomberg Strategy: Aggregate. They noted that the performance of the Total Return Fund relative to the peer group for the one-year period ended April 30, 2025 was competitive and that the Fund had performed well over longer periods (3-, 5- and 10-year periods ended April 30, 2025, as well as since inception of the Fund).

In evaluating the advisory fees payable by the Funds and the Funds' expense ratios, the Independent Trustees reviewed comparative expense and advisory fee information for peer groups of mutual funds based on investment style.

With respect to advisory fees, the Independent Trustees concluded that the advisory fee of the Market Cycle Fund, computed at the annual rate of 0.90% of average daily net assets (based on the Fund's then current asset level), compares favorably to the average advisory fees payable by mutual funds categorized by Bloomberg Strategy: Equity Hedge. The Independent Trustees also reviewed comparative advisory fee information for the Allocation Fund, computed at the annual rate of 0.75% of average daily net assets (based on the Fund's then current asset level), and noted that the advisory fee of the Fund compares favorably to the average advisory fees of other funds of similar size investing in similar securities. With respect to the Total Return Fund, the Independent Trustees concluded that the advisory fee of the Fund, computed at the annual rate of 0.50% of average daily net assets (based on the Fund's then current asset level), compares favorably to the average of advisory fees of other funds of similar size investing in similar securities. The Independent Trustees determined that the Adviser's implementation of the Funds' investment strategies requires special skills and a substantially different set of analytical tools, trading and investment activities than are required for more passively managed funds. With respect to each of the Funds, the Independent Trustees determined that the fees payable to the Adviser appropriately reflect the nature and scope of services provided by the Adviser (which are broader than the norm) and the value to the Funds of the Adviser's experience, expertise, and analytic capabilities. They also determined that the advisory fee schedules of the Funds, which include breakpoints in the fee rates applicable to net assets in excess of specified levels, provide the opportunity for each of the Funds and its shareholders to participate in economies of scale in the Adviser's costs of providing services that may be associated with potential future growth of the Funds' assets.

With respect to the total expenses of the Funds, the Independent Trustees considered the fact that the expense ratios of the Market Cycle Fund and the Total Return Fund, both before and after advisory fee reductions pursuant to the Adviser's agreement to waive its fees or to absorb expenses of the Funds as necessary to maintain the operating expenses of the Funds (excluding acquired fund fees and expenses, brokerage commissions, taxes,

**57**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

interest expense and any extraordinary expenses) at specified levels, are less than the averages for their respective peer group funds. They noted in this regard that the Market Cycle Fund has one of the lowest expense ratios among mutual funds categorized by Bloomberg Strategy: Equity Hedge. With respect to the Total Return Fund, the Independent Trustees noted that the Fund's expense ratio is less than the average expense ratio of mutual funds categorized by Bloomberg Strategy: Aggregate. They also noted that, from time to time since each Fund's inception, its expense ratio was reduced through the introduction of advisory fee breakpoints. In addition, the Independent Trustees considered the fact that, since March 2013, the Adviser has implemented a contractual waiver to waive a portion of its fees to limit the total ordinary operating expenses of the Market Cycle Fund and the Total Return Fund to a respective specified cap.

The Independent Trustees also reviewed comparative information relating to the total expenses of the Allocation Fund. They noted that the expense ratio of the Allocation Fund is average compared to many other mutual funds that have similar investment strategies. However, the Independent Trustees considered the fact that the higher expense ratio is attributable, in part, to the relatively small size of the Fund and took into consideration the expense limitation arrangements under which the Adviser has contractually agreed to waive its advisory fees or to absorb operating expenses of the Fund, to the extent necessary to limit total annual ordinary operating expenses of the Allocation Fund (excluding acquired fund fees and expenses, brokerage commissions, taxes, interest expense and any extraordinary expenses) to 1.25% of average daily net assets.

In evaluating the expense ratios of the Funds, the Independent Trustees recognized that, although under the expense limitation agreements currently in effect the Adviser may be entitled to be reimbursed by a Fund for all or a portion of fees waived and expenses absorbed by the Adviser, any such reimbursement could not result in the expense ratio of a Fund (excluding acquired fund fees and expenses, brokerage commissions, taxes, interest expense and any extraordinary expenses) exceeding the lesser of: (i) the expense limitation in effect for the Fund at the time of the fee waiver or expense absorption by the Adviser; and (ii) the expense limitation (if any) in effect at the time of reimbursement by the Fund. The Independent Trustees were cognizant of the fact that the current expense limitation agreement for each Fund remains in effect only until November 1, 2025 but recognized that the Adviser has historically agreed to continuing such agreements in effect from year to year (either without change or with only relatively minor upward adjustment in the applicable expense limitation) and has expressed no current intention to alter its practice. The Independent Trustees concluded that each Fund has benefited and continues to benefit from these expense limitation arrangements, which have enabled each Fund to maintain an expense ratio within the range of expense ratios of its peer group funds.

&nbsp;&nbsp;&nbsp; **58**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

The Independent Trustees also reviewed recent financial statements of the Adviser, as well as schedules showing the Adviser's estimated revenues, expenses and profitability with respect to each of the Funds for calendar years 2022, 2023 and 2024 and for the first four months of 2025. They noted that the Adviser has waived its fees (and, in some cases, absorbed expenses of a Fund), thereby reducing its profitability, pursuant to expense limitation agreements. In evaluating the Adviser's profitability, the Independent Trustees considered the Funds' unique strategies and emphasis on full-cycle risk management and determined the investment approach requires special skills and a substantially different set of analytical tools, trading and investment activities than are required for more passively managed funds. The Independent Trustees noted that the Funds' management fees are intended to reasonably reflect these skills and requirements, while still providing value to shareholders. The Independent Trustees discussed current management rates and overall expense ratios in the Market Cycle Fund and the Total Return Fund and noted they are lower than during historical periods with similar asset levels. They further noted that the Adviser had in the past lowered fees and implemented breakpoints at specified asset levels following periods of significant asset growth in order to share economies of scale with shareholders. The Independent Trustees also noted that since the Adviser has not had the ability to raise fees as assets declined, the current fee structure is substantially below the structure that has historically corresponded to the present level of assets and provides shareholders with the benefits of economies of scale that are no longer present.

Based on a careful review of the investment performance and risk characteristics of the Funds and consideration of other matters deemed by them to be pertinent (including, but not limited to, the factors and information discussed above), the Independent Trustees concluded that the Adviser has provided all required services to the Funds in a satisfactory manner. They determined that this conclusion is supported by the nature and scope of advisory services required by the Funds, which are broader and more sophisticated than those required by many other mutual funds due to the nature of the Funds' investment programs and which involve extensive use of risk-management techniques. The Independent Trustees also considered the fact that the Adviser has generally achieved lower volatility of investment returns for the Funds than would have resulted from use of a passive investment approach. They recognized that challenges associated with the Adviser's hedging approach have reduced the returns of the Market Cycle Fund in the period since 2009 but noted that the Adviser has implemented meaningful changes in its methodologies since 2009 that may operate to reduce the frequency of similar challenges in future market cycles while maintaining the favorable attributes that the Adviser's hedging strategies exhibited in the years prior to 2009.

**59**<br>

<u> Hussman Investment Trust Additional Information *(Unaudited) (continued)*</u> <br>  

The Independent Trustees concluded that the Adviser has consistently taken a proactive stance with regard to shareholder protection, service quality and ethical standards. Among other things, they noted that the Adviser: (i) does not derive any material indirect benefits from its relationship with the Funds; (ii) does not derive any economic benefit in connection with transactions in shares of the Funds; and (iii) adheres to a brokerage placement policy that seeks to obtain best execution and low commissions on all of the Funds' brokerage transactions and does not direct transactions to obtain "soft dollar" services, which has resulted in significant savings to the Funds and their shareholders by reducing transaction costs (which are not reflected in the expense ratios of the Funds) and has operated to increase the Funds' investment performance after expenses. The Independent Trustees thought it was significant that Dr. Hussman and other personnel of the Adviser, and their immediate family members and charitable entities, maintain substantial investments in the Funds, which helps to align the interests of the Adviser and its personnel with the interests of shareholders.

The Independent Trustees also considered the profitability of the Adviser from its relationship with each Fund and concluded that the Adviser's profitability was not excessive when viewed in light of the scope of services provided by the Adviser and the Adviser's adherence to its stated investment philosophy and the investment programs of the Funds. The Independent Trustees noted that the first four months of 2024 saw a decline in aggregate net assets of 9.1%, aggregate net assets in the first four months of 2025 have grown 25.4% and are now at a level which exceeds all of 2025, thus the Adviser continues to be solvent and sufficiently well capitalized to perform its ongoing responsibilities to the Funds and satisfy its liabilities and indemnification obligations under the 1940 Act and the Advisory Agreements. In addition, they noted that, although the Adviser benefits from its relationship with the Funds to the extent that the growth of the Funds' assets increase the dollar amount of advisory fees payable to the Adviser, such a result is appropriate and there are no other benefits for which an economic benefit can readily be determined that are realized by the Adviser.

After evaluating all pertinent factors and information (including but not limited to the factors and information discussed above), the Board determined that the fees payable by each Fund pursuant to the Advisory Agreements are appropriate in view of the nature, scope and quality of services provided by the Adviser, and further determined that continuances of the Advisory Agreements are in the best interests of the Funds and their shareholders. Accordingly, the Board voted unanimously to approve the continuance of each of the Advisory Agreements for an additional one-year term. No single factor was considered in isolation or to be determinative to this decision.

&nbsp;&nbsp;&nbsp; **60**<br>

<u> Hussman Investment Trust Federal Tax Information *(Unaudited)* </u> <br>  

In accordance with federal tax requirements, the following provides shareholders with information concerning distributions from ordinary income made by the Funds during the fiscal year ended June 30, 2025. Certain dividends paid by the Funds may be subject to the maximum tax rate. For the fiscal year ended June 30, 2025, 57.89%, 36.88% and 3.35% of the dividends paid from ordinary income by Hussman Strategic Market Cycle Fund, Hussman Strategic Allocation Fund and Hussman Strategic Total Return Fund, respectively, qualified for the dividends received deduction for corporations.

As required by federal regulations, the Trust will send to each shareholder complete information regarding dividends and other distributions of the Funds for 2025 on Form 1099-DIV.

**61**<br>

INVESTMENT ADVISER

Hussman Strategic Advisors, Inc.

6021 University Boulevard, Suite 490

Ellicott City, Maryland 21043

www.hussmanfunds.com

1-800-HUSSMAN (1-800-487-7626)

ADMINISTRATOR/TRANSFER AGENT

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, Ohio 45246

CUSTODIAN

U.S. Bank, N.A.

425 Walnut Street

Cincinnati, Ohio 45202

INDEPENDENT REGISTERED

PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

342 N. Water Street

Suite 830

Milwaukee, Wisconsin 53202

LEGAL COUNSEL

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

Eighteenth and Arch Streets

Philadelphia, PA 19103

This Report is authorized for

distribution only if accompanied or preceded

by a current Prospectus of the Funds.

(b) Included in (a)

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a) Based on their evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant's principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: [Attached hereto](fp0094373-2_ex99code.htm)

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): [Attached hereto](fp0094373-2_ex99cert.htm)

(a)(4) Not applicable

(a)(5) Not applicable

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](fp0094373-2_ex99906cert.htm)

---

| | |
|:---|:---|
| [Exhibit 99.CODE ETH](fp0094373-2_ex99code.htm) | [Code of Ethics](fp0094373-2_ex99code.htm) |
| [Exhibit 99.CERT](fp0094373-2_ex99cert.htm) | [Certifications required by Rule 30a-2(a) under the Act](fp0094373-2_ex99cert.htm) |
| [Exhibit 99.906CERT](fp0094373-2_ex99906cert.htm) | [Certifications required by Rule 30a-2(b) under the Act](fp0094373-2_ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Hussman Investment Trust |
| By (Signature and Title)\* | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |
| Date | September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |
| Date | September 5, 2025 |
| By (Signature and Title)\* | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Treasurer and Chief Financial Officer |
| Date | September 5, 2025 |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**HUSSMAN INVESTMENT TRUST**

**CODE OF ETHICS FOR OFFICERS**

**I.** **Covered Officers/Purpose of the Code** 

The code of ethics (this "Code") for Hussman Investment Trust (the "Company") applies to the Company's principal executive officer, principal financial and accounting officer and all other officers (the "Covered Officers," each of whom is set forth in Exhibit A) for the purpose of promoting:

● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

● compliance with applicable laws and governmental rules and regulations;

● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The compliance programs and procedures of the Company or the Company's investment adviser (the "investment adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Company and the investment adviser or a third party service provider of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company and/or for the investment adviser or a third party service provider) be involved in establishing policies and implementing decisions that will have different effects on the investment adviser or a third party service provider and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the investment adviser or a third party service provider and is consistent with the performance by the Covered Officers of their duties as officers of the Company. The foregoing activities, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The overarching principle with respect to all conflicts of interest covered by this Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

Each Covered Officer must:

● not use personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

● not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Company;

● report at least annually any affiliations or other relationships that could potentially present a conflict of interest with the Company.

III. Disclosure and Compliance

● Each Covered Officer shall become familiar with the disclosure requirements generally applicable to the Company;

● each Covered Officer shall not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's management, and auditors, and to governmental regulators and self-regulatory organizations;

● each Covered Officer may, to the extent appropriate within the Covered Officer's area of responsibility and to the extent deemed necessary in the sole discretion of the Covered Officer, consult with other officers and employees of the Company and the investment adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submits to, the SEC and in other public communications made by the Company; and

● each Covered Officer should seek to promote the Company's compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

● upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Secretary of the Company (the "Secretary") that the Covered Officer has received, read and understands this Code;

● annually thereafter affirm to the Secretary that the Covered Officer has complied with the requirements of this Code;

● not retaliate against any other Covered Officer or any employee of the Company or its affiliated persons for reports of potential violations of this Code that are made in good faith; and

● notify the Secretary promptly if the Covered Officer knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Secretary is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. The Secretary is authorized to consult, as appropriate, with counsel to the Company, and is encouraged to do so. However, any approvals or waivers<sup>1</sup> must be considered by the trustees of the Company who are not "interested persons," as defined by Section 2(a)(19) of the Investment Company Act, of the Company (the "Independent Trustees").

The Company will follow these procedures in investigating and enforcing this Code:

● The Secretary will endeavor to take all appropriate action to investigate any reported potential violations reported to him;

● if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is not required to take any further action;

● any matter that the Secretary believes is a violation will be reported to the Independent Trustees;

● if the Independent Trustees concur that a violation has occurred, the Secretary will inform and make a recommendation to the Company's board of trustees (the "Board"), which will consider appropriate action, which may include a review of, and appropriate modifications to, applicable Company policies and procedures; notification to appropriate personnel of the investment adviser or other relevant service provider; or a recommendation to dismiss the Covered Officer; and

● any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

<sup>1</sup> For this purpose, the term "waiver" includes the approval by the Company of a material departure from a provision of this Code or the Company's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Company's management.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company, investment adviser, principal underwriter or service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and the investment adviser's and the principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Amendments to this Code may be made from time to time, as deemed appropriate by the Secretary. The Board shall be informed of any such amendment to the extent deemed material by the Secretary.

VII. Confidentiality

All reports and records relating to the Company prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the investment adviser, Board, and counsel to the Company.

VIII. Internal Use

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

---

| | |
|:---|:---|
| Date: | August 26, 2003 |
|  | **Last Revised July 18, 2025** |

---

**Exhibit A**

<u>Persons Covered by this Code of Ethics</u>

John P. Hussman, Ph.D.

David K. James

Angela A. Simmons

Brooke S. Steinau

Elizabeth A. Santen

Emile R. Molineaux

Jennifer L. Merchant

**CODE OF ETHICS FOR OFFICERS**

**CERTIFICATE OF COMPLIANCE**

As a Covered Officer as defined in the Code of Ethics For Officers of Hussman Investment Trust (the "Code"), I hereby certify that I have received and have read and fully understand the Code, and I recognize that I am subject to the Code. I further certify that I will comply with the requirements of the Code.

---

| |
|:---|
| Signature |
| Name (Please Print) |
| Date |

---

## Ex-99.Cert

EX-99.CERT

**<u>CERTIFICATIONS</u>**

I, John P. Hussman, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Hussman Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ John P. Hussman |
|  | John P. Hussman, President and Chief Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Angela A. Simmons, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Hussman Investment Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 5, 2025 | /s/ Angela A. Simmons |
|  | Angela A. Simmons, Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**<u>CERTIFICATIONS</u>**

John P. Hussman, Chief Executive Officer, and Angela A. Simmons, Chief Financial Officer, of Hussman Investment Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form
N-CSR") fully complies with the requirements of section 13(a) or section 15(d) of the Securities Exchange Act of 1934, as amended;
and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| CHIEF EXECUTIVE OFFICER | CHIEF FINANCIAL OFFICER |
| Hussman Investment Trust | Hussman Investment Trust |
| /s/ John P. Hussman | /s/ Angela A. Simmons |
| John P. Hussman, President and Chief | Angela A. Simmons, Treasurer and Chief |
| Executive Officer | Financial Officer |
| Date: September 5, 2025 | Date: September 5, 2025 |

---

***A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Hussman Investment Trust and will be retained by Hussman Investment Trust and furnished to the Securities and Exchange Commission or its staff upon request.***

 ****

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. 1350 and is not being filed as part of the Form N-CSR filed with the Commission.