# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0000910472-25-005330
**Filing Date:** 2025-12
**Character Count:** 88342
**Document Hash:** 96d0b3e45caf11e96b008c2059b7e312
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005330.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005330

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20260630

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09911
- **FILM NUMBER:** 251538084

**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 Total Return Fund (Series ID: S000001545)

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

## Nport-Ex

**HUSSMAN STRATEGIC MARKET CYCLE FUND <br> SCHEDULE OF INVESTMENTS <br> September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%** | **Shares** | **Value** |
| **Communications - 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A <sup>(a)(b)</sup> | 18000 | $4951890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A <sup>(a)</sup> | 60000 | 1885200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corporation - Series A <sup>(a)(b)</sup> | 40000 | 2533200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. <sup>(a)</sup> | 60000 | 1396500 |
|  |  | 10766790 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lionsgate Studios Corporation <sup>(a)(b)</sup> | 100000 | 690000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. <sup>(a)(b)</sup> | 100000 | 1953000 |
|  |  | 2643000 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 4.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A <sup>(a)(b)</sup> | 20000 | 2428400 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A <sup>(a)(b)</sup> | 4000 | 1087960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyft, Inc. - Class A <sup>(a)(b)</sup> | 90000 | 1980900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | 4000 | 2937520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A <sup>(a)(b)</sup> | 30000 | 965100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. <sup>(a)(b)</sup> | 10000 | 1001300 |
| &nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc. <sup>(a)(b)</sup> | 100000 | 1626000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upwork, Inc. <sup>(a)(b)</sup> | 100000 | 1857000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yelp, Inc. <sup>(a)(b)</sup> | 100000 | 3120000 |
|  |  | 17004180 |
| &nbsp;&nbsp;&nbsp;*Telecommunications - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gogo, Inc. <sup>(a)(b)</sup> | 260000 | 2233400 |
| **Consumer Discretionary - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 0.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc. - Class A <sup>(b)</sup> | 100000 | 669000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. <sup>(a)</sup> | 16000 | 1811520 |
|  |  | 2480520 |
| &nbsp;&nbsp;&nbsp;*Automotive - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Company <sup>(a)</sup> | 20000 | 1219400 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A <sup>(a)(b)</sup> | 50000 | 2022500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)(b)</sup> | 40000 | 2655600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services, Inc. <sup>(a)(b)</sup> | 80000 | 2194400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newegg Commerce, Inc. <sup>(a)(b)</sup> | 40000 | 1678000 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND <br> SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Consumer Discretionary - 13.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 2.7% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolve Group, Inc. <sup>(a)(b)</sup> | 60000 | $1278000 |
|  |  | 9828500 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc. <sup>(a)(b)</sup> | 40000 | 1221200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. <sup>(a)</sup> | 6000 | 760080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation <sup>(a)(b)</sup> | 20000 | 578200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) <sup>(a)</sup> | 40000 | 2185600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. <sup>(a)</sup> | 16000 | 1710560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. <sup>(a)</sup> | 60000 | 2643600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. <sup>(a)(b)</sup> | 40000 | 726400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc. <sup>(a)(b)</sup> | 20000 | 836200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup> | 100000 | 2463000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A <sup>(a)(b)</sup> | 20000 | 2076000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. <sup>(a)</sup> | 10000 | 799000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. <sup>(a)</sup> | 10000 | 1282700 |
|  |  | 17282540 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. <sup>(a)</sup> | 80000 | 1346400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. - Class A <sup>(a)(b)</sup> | 200000 | 1800000 |
|  |  | 3146400 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 3.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. <sup>(a)</sup> | 60000 | 1545600 |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)(b)</sup> | 20000 | 897400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) <sup>(a)</sup> | 60000 | 1283400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc. <sup>(a)(b)</sup> | 300000 | 2040000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. <sup>(a)</sup> | 2000 | 632000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. <sup>(a)(b)</sup> | 20000 | 3558600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mister Car Wash, Inc. <sup>(a)(b)</sup> | 100000 | 533000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. <sup>(a)(b)</sup> | 60000 | 976800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)(b)</sup> | 30000 | 2142900 |
|  |  | 13609700 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND <br> SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Consumer Staples - 16.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. <sup>(a)</sup> | 20000 | $2808800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)(b)</sup> | 50000 | 2123500 |
|  |  | 4932300 |
| &nbsp;&nbsp;&nbsp;*Food - 8.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>(a)(b)</sup> | 60000 | 2181000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. <sup>(a)</sup> | 30000 | 2823000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Campbell's Company (The) <sup>(a)</sup> | 160000 | 5052800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dole plc <sup>(a)</sup> | 140000 | 1881600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. <sup>(a)</sup> | 160000 | 2088000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. <sup>(a)</sup> | 20000 | 694400 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. <sup>(a)</sup> | 60000 | 3025200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herbalife Ltd. <sup>(a)(b)</sup> | 60000 | 506400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) <sup>(a)</sup> | 10000 | 1870500 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company (The) <sup>(a)</sup> | 10000 | 1086000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) <sup>(a)</sup> | 40000 | 1041600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A <sup>(a)</sup> | 40000 | 1618400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. <sup>(a)(b)</sup> | 6000 | 644880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Company (The) <sup>(a)(b)</sup> | 80000 | 1985600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utz Brands, Inc. <sup>(a)</sup> | 120000 | 1458000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>(a)(b)</sup> | 40000 | 1646000 |
|  |  | 29603380 |
| &nbsp;&nbsp;&nbsp;*Household Products - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) <sup>(a)</sup> | 10000 | 1233000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company <sup>(a)</sup> | 40000 | 3197600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation <sup>(a)</sup> | 10000 | 1243400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. <sup>(a)</sup> | 100000 | 2447000 |
|  |  | 8121000 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 3.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A <sup>(a)</sup> | 100000 | 1751000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)(b)</sup> | 20000 | 1865000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corporation <sup>(a)</sup> | 10000 | 1033500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. <sup>(a)(b)</sup> | 12000 | 1856400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corporation <sup>(a)(b)</sup> | 160000 | 2568000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Company (The) <sup>(a)</sup> | 20000 | 1348200 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND <br> SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Consumer Staples - 16.7% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 3.2% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(a)(b)</sup> | 10000 | $1088000 |
|  |  | 11510100 |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mission Produce, Inc. <sup>(a)(b)</sup> | 40000 | 480800 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)(b)</sup> | 150000 | 5643000 |
|  |  | 6123800 |
| **Energy - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 2.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup> | 60000 | 1456800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners, L.P. <sup>(a)</sup> | 20000 | 1076400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. <sup>(a)</sup> | 60000 | 1419000 |
| &nbsp;&nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. <sup>(a)</sup> | 100000 | 707000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company <sup>(a)</sup> | 40000 | 1797200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation <sup>(a)</sup> | 40000 | 1505600 |
|  |  | 7962000 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. <sup>(a)</sup> | 40000 | 1374800 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JinkoSolar Holding Company Ltd. - ADR <sup>(b)</sup> | 40000 | 961200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. - Class A <sup>(a)(b)</sup> | 100000 | 741000 |
|  |  | 1702200 |
| **Financials - 12.3%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management - 0.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc. <sup>(a)</sup> | 20000 | 273800 |
| &nbsp;&nbsp;&nbsp;*Banking - 5.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OZK <sup>(a)</sup> | 40000 | 2039200 |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. <sup>(a)</sup> | 30000 | 1144800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. <sup>(a)</sup> | 10000 | 685200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. <sup>(a)</sup> | 6000 | 760620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. <sup>(a)</sup> | 60000 | 1789800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. <sup>(a)</sup> | 60000 | 1036200 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation <sup>(a)</sup> | 16000 | 3161920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. <sup>(a)</sup> | 20000 | 1875800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company <sup>(a)</sup> | 20000 | 1676400 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND <br> SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Financials - 12.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Banking - 5.0% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp <sup>(a)</sup> | 20000 | $1734400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorporation, N.A. <sup>(a)</sup> | 40000 | 2263200 |
|  |  | 18167540 |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 3.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) <sup>(a)</sup> | 10000 | 1089600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A <sup>(a)</sup> | 30000 | 2064300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corporation <sup>(a)</sup> | 10000 | 1346000 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Company <sup>(a)</sup> | 20000 | 1697000 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(a)</sup> | 10000 | 1160100 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)(b)</sup> | 14000 | 1412880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial, Inc. - Class A <sup>(a)</sup> | 60000 | 2130000 |
|  |  | 10899880 |
| &nbsp;&nbsp;&nbsp;*Insurance - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. <sup>(a)</sup> | 10000 | 958000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. <sup>(a)</sup> | 10000 | 1429700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(a)</sup> | 40000 | 1613200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>(a)(b)</sup> | 20000 | 2335000 |
|  |  | 6335900 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. <sup>(a)</sup> | 30000 | 1673100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation <sup>(a)</sup> | 4000 | 850320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)(b)</sup> | 10000 | 1150900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sezzle, Inc. <sup>(a)(b)</sup> | 36000 | 2863080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial <sup>(a)</sup> | 30000 | 2131500 |
|  |  | 8668900 |
| **Health Care - 22.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 16.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 120000 | 2560800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)(b)</sup> | 120000 | 3600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARS Pharmacuticals, Inc. <sup>(a)(b)</sup> | 140000 | 1407000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 120000 | 1326000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 200000 | 1518000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(b)</sup> | 20000 | 1083200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 140000 | 2758000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)(b)</sup> | 30000 | 2493300 |
| &nbsp;&nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>(a)(b)</sup> | 300000 | 3489000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>(a)(b)</sup> | 100000 | 4130000 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND<br> SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Health Care - 22.7% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 16.3% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corporation <sup>(a)(b)</sup> | 12000 | $1292880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. <sup>(a)</sup> | 20000 | 2220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)(b)</sup> | 30000 | 2200200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup> | 40000 | 1102400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corporation <sup>(a)(b)</sup> | 30000 | 2544300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(a)(b)</sup> | 40000 | 730000 |
| &nbsp;&nbsp;&nbsp;&nbsp;MiMedx Group, Inc. <sup>(a)(b)</sup> | 240000 | 1675200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>(a)(b)</sup> | 20000 | 2807600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc. <sup>(a)(b)</sup> | 100000 | 933000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR <sup>(a)</sup> | 40000 | 2219600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. <sup>(a)(b)</sup> | 100000 | 2577000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>(a)(b)</sup> | 10000 | 530000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>(b)</sup> | 20000 | 1328600 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>(a)(b)</sup> | 60000 | 3682200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. <sup>(a)(b)</sup> | 80000 | 1541600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 30000 | 1782900 |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. <sup>(a)(b)</sup> | 120000 | 4335000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. <sup>(a)(b)</sup> | 40000 | 956000 |
|  |  | 58823780 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc. <sup>(a)(b)</sup> | 8000 | 1062960 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. <sup>(a)(b)</sup> | 160000 | 2680000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc. <sup>(a)(b)</sup> | 100000 | 2152000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teladoc Health, Inc. <sup>(a)(b)</sup> | 140000 | 1082200 |
|  |  | 6977160 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 4.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)(b)</sup> | 24000 | 3005280 |
| &nbsp;&nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(a)(b)</sup> | 40000 | 2691600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embecta Corporation <sup>(a)</sup> | 60000 | 846600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation <sup>(a)(b)</sup> | 10000 | 487400 |
| &nbsp;&nbsp;&nbsp;&nbsp;InMode Ltd. <sup>(a)(b)</sup> | 100000 | 1490000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. <sup>(a)(b)</sup> | 10000 | 742000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corporation <sup>(a)(b)</sup> | 160000 | 2292800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novocure Ltd. <sup>(a)(b)</sup> | 80000 | 1033600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. <sup>(a)(b)</sup> | 12000 | 3039840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solventum Corporation <sup>(b)</sup> | 10000 | 730000 |
|  |  | 16359120 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Industrials - 7.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. <sup>(a)(b)</sup> | 80000 | $1346400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. <sup>(a)(b)</sup> | 6000 | 880620 |
|  |  | 2227020 |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. <sup>(a)(b)</sup> | 40000 | 2123200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. <sup>(a)</sup> | 40000 | 1803600 |
| &nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A <sup>(a)(b)</sup> | 20000 | 1479800 |
| &nbsp;&nbsp;&nbsp;&nbsp;NuScale Power Corporation <sup>(a)(b)</sup> | 40000 | 1440000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corporation | 40000 | 1678800 |
|  |  | 8525400 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc. <sup>(a)(b)</sup> | 28000 | 1884120 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)(b)</sup> | 40000 | 2001200 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global Inc. | 10000 | 1083600 |
| &nbsp;&nbsp;&nbsp;*Machinery - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Symbotic, Inc. <sup>(a)(b)</sup> | 20000 | 1078000 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)(b)</sup> | 20000 | 1215400 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)</sup> | 200000 | 2248000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup> | 20000 | 1135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corporation <sup>(a)(b)</sup> | 40000 | 1025600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. <sup>(a)</sup> | 20000 | 790200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company <sup>(a)</sup> | 60000 | 1914600 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(a)(b)</sup> | 10000 | 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B <sup>(a)</sup> | 30000 | 2505900 |
|  |  | 11799700 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Materials - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Company (The) <sup>(a)</sup> | 80000 | $2774400 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 2.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. <sup>(a)</sup> | 10000 | 1685600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A <sup>(a)</sup> | 20000 | 697200 |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti plc <sup>(a)</sup> | 6000 | 421980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation <sup>(a)</sup> | 60000 | 1966200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. <sup>(a)</sup> | 40000 | 768000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Company <sup>(a)</sup> | 30000 | 363000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation <sup>(a)</sup> | 20000 | 497000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation <sup>(a)</sup> | 20000 | 1686200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation <sup>(a)</sup> | 12000 | 464760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. <sup>(a)</sup> | 6000 | 1203480 |
|  |  | 9753420 |
| **Technology - 28.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 0.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(a)(b)</sup> | 50000 | 1956500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)(b)</sup> | 10000 | 1042000 |
|  |  | 2998500 |
| &nbsp;&nbsp;&nbsp;*Software - 13.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asana, Inc. - Class A <sup>(a)(b)</sup> | 200000 | 2672000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astrana Health, Inc. <sup>(a)(b)</sup> | 20000 | 567000 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)(b)</sup> | 40000 | 2124000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A <sup>(a)</sup> | 40000 | 1335200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation <sup>(a)</sup> | 40000 | 1846000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Docusign, Inc. <sup>(a)(b)</sup> | 40000 | 2883600 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. <sup>(a)(b)</sup> | 200000 | 2396000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A <sup>(a)</sup> | 30000 | 2194500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A <sup>(a)(b)</sup> | 100000 | 3021000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exodus Movement, Inc. <sup>(b)</sup> | 8000 | 222240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastly, Inc. - Class A <sup>(a)(b)</sup> | 200000 | 1710000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)(b)</sup> | 40000 | 968000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. <sup>(a)</sup> | 40000 | 1135600 |
| &nbsp;&nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. - Class A <sup>(a)(b)</sup> | 120000 | 3408000 |
| &nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. <sup>(a)(b)</sup> | 30000 | 1845000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)(b)</sup> | 10000 | 917000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. <sup>(a)</sup> | 14000 | 2913960 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Technology - 28.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software - 13.9% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corporation <sup>(a)(b)</sup> | 12000 | $1911240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - Class A <sup>(a)(b)</sup> | 70000 | 2142000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. <sup>(a)(b)</sup> | 24000 | 3175920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quantum Computing, Inc. <sup>(a)(b)</sup> | 40000 | 736400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprinklr, Inc. - Class A <sup>(a)(b)</sup> | 100000 | 772000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. <sup>(a)(b)</sup> | 20000 | 1614200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A <sup>(a)(b)</sup> | 30000 | 3002700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unity Software, Inc. <sup>(a)(b)</sup> | 20000 | 800800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yext, Inc. <sup>(a)(b)</sup> | 100000 | 852000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A <sup>(a)(b)</sup> | 24000 | 1980000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. - Class A <sup>(a)(b)</sup> | 100000 | 1091000 |
|  |  | 50237360 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware - 6.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A10 Networks, Inc. <sup>(a)</sup> | 200000 | 3630000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. <sup>(a)</sup> | 140000 | 1313200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)(b)</sup> | 10000 | 1456700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. <sup>(a)</sup> | 32000 | 2189440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corsair Gaming, Inc. <sup>(a)</sup> | 100000 | 892000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. <sup>(a)(b)</sup> | 30000 | 2634300 |
| &nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)(b)</sup> | 10000 | 3231900 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. <sup>(a)</sup> | 6000 | 2071380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stratasys Ltd. <sup>(a)(b)</sup> | 200000 | 2240000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ubiquiti, Inc. <sup>(a)</sup> | 4000 | 2642320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. <sup>(a)(b)</sup> | 40000 | 1172000 |
|  |  | 23473240 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 7.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A <sup>(a)(b)</sup> | 10000 | 722700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup> | 50000 | 3353500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)(b)</sup> | 8000 | 2304480 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. <sup>(a)</sup> | 20000 | 1287600 |
| &nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. <sup>(a)(b)</sup> | 20000 | 3015800 |
| &nbsp;&nbsp;&nbsp;&nbsp;EVERTEC, Inc. <sup>(a)</sup> | 40000 | 1351200 |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. <sup>(a)</sup> | 10000 | 2864900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. <sup>(a)</sup> | 80000 | 3351200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globant S.A. <sup>(a)(b)</sup> | 60000 | 3442800 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 117.0%**<br>**(continued)** |<br>**Shares** |<br>**Value** |
| **Technology - 28.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Technology Services - 7.4% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. <sup>(b)</sup> | 80000 | $2375200 |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)(b)</sup> | 40000 | 2682400 |
|  |  | 26751780 |
| **Total Common Stocks** (Cost $413,227,592) |  | $422637830 |

---

---

| | | |
|:---|:---|:---|
| **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 | $5200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION CONTRACTS - 2.6%** | **Contracts** | **Notional Amount** | **Value** |
| Russell 2000<sup>®</sup> Index Option, 11/24/2025 at $2,450 | 780 | $190045440 | $5881200 |
| S&P 500<sup>®</sup> Index Option, 11/24/2025 at $6,650 | 340 | 227407640 | 3723000 |
| **Total Put Option Contracts** (Cost $10,207,727) |  | $417453080 | $9604200 |
| **Total Investments at Value - 119.6%** |  |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $423,435,319) |  |  | $432247230 |

---

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 47.3%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.98% <sup>(d)</sup> (Cost $170,932,711) | 170932711 | $170932711 |
| **Total Investments and Money Market Funds at Value - 166.9%** (Cost $594,368,030) |  | $603179941 |
| **Written Call Option Contracts - (67.1%)** |  | (242642800) |
| **Other Assets in Excess of Liabilities - 0.2%** |  | 812018 |
| **Net Assets - 100.0%** |  | $361349159 |
| <br> ADR- American Depositary Receipt.<br>|  |  |

---

<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 September 30, 2025 was $416,601,290.

<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 September 30, 2025.

**HUSSMAN STRATEGIC MARKET CYCLE FUND**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

**September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional Amount** | **Strike Price** | **Expiration Date** | **Value of Options** |
| **Call Option Contracts** | **Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index Option | 780 | $190045440 | $1200 | 12/22/2025 | $96719220 |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index Option | 340 | 227407640 | 2400 | 12/22/2025 | 145923580 |
| **Total Written Call Option Contracts** | **Total Written Call Option Contracts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $225,610,293) |  | $417453080 |  |  | $242642800 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS <br> September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8%** | **Shares** | **Value** |
| **Communications - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Cable & Satellite - 1.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Charter Communications, Inc. - Class A <sup>(a)(b)</sup> | 900 | $247594 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comcast Corporation - Class A <sup>(a)</sup> | 3000 | 94260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liberty Broadband Corporation - Series A <sup>(a)(b)</sup> | 2000 | 126660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. <sup>(a)</sup> | 3000 | 69825 |
|  |  | 538339 |
| &nbsp;&nbsp;&nbsp;*Entertainment Content - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Lionsgate Studios Corporation <sup>(b)</sup> | 5000 | 34500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc. <sup>(a)(b)</sup> | 5000 | 97650 |
|  |  | 132150 |
| &nbsp;&nbsp;&nbsp;*Internet Media & Services - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbnb, Inc. - Class A <sup>(a)(b)</sup> | 1000 | 121420 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoorDash, Inc. - Class A <sup>(a)(b)</sup> | 200 | 54398 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lyft, Inc. - Class A <sup>(a)(b)</sup> | 4500 | 99045 |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. - Class A <sup>(a)</sup> | 200 | 146876 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinterest, Inc. - Class A <sup>(a)(b)</sup> | 1500 | 48255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Roku, Inc. <sup>(a)(b)</sup> | 500 | 50065 |
| &nbsp;&nbsp;&nbsp;&nbsp;TripAdvisor, Inc. <sup>(a)(b)</sup> | 5000 | 81300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upwork, Inc. <sup>(a)(b)</sup> | 5000 | 92850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yelp, Inc. <sup>(a)(b)</sup> | 5000 | 156000 |
|  |  | 850209 |
| &nbsp;&nbsp;&nbsp;*Telecommunications - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gogo, Inc. <sup>(a)(b)</sup> | 13000 | 111670 |
| **Consumer Discretionary - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Apparel & Textile Products - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Figs, Inc. - Class A <sup>(b)</sup> | 5000 | 33450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. <sup>(a)</sup> | 800 | 90576 |
|  |  | 124026 |
| &nbsp;&nbsp;&nbsp;*Automotive - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;General Motors Company <sup>(a)</sup> | 1000 | 60970 |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 1.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Chewy, Inc. - Class A <sup>(a)(b)</sup> | 2500 | 101125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Etsy, Inc. <sup>(a)(b)</sup> | 2000 | 132780 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity Services, Inc. <sup>(a)(b)</sup> | 4000 | 109720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newegg Commerce, Inc. <sup>(b)</sup> | 2000 | 83900 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Consumer Discretionary - 8.5% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*E-Commerce Discretionary - 1.8% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolve Group, Inc. <sup>(a)(b)</sup> | 3000 | $63900 |
|  |  | 491425 |
| &nbsp;&nbsp;&nbsp;*Leisure Facilities & Services - 3.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc. <sup>(a)(b)</sup> | 2000 | 61060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brinker International, Inc. | 300 | 38004 |
| &nbsp;&nbsp;&nbsp;&nbsp;Carnival Corporation <sup>(a)(b)</sup> | 1000 | 28910 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. (The) <sup>(a)</sup> | 2000 | 109280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. <sup>(a)</sup> | 800 | 85528 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. <sup>(a)</sup> | 3000 | 132180 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc. <sup>(a)(b)</sup> | 2000 | 36320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc. <sup>(b)</sup> | 1000 | 41810 |
| &nbsp;&nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup> | 5000 | 123150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Planet Fitness, Inc. - Class A <sup>(a)(b)</sup> | 1000 | 103800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 500 | 39950 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. <sup>(a)</sup> | 500 | 64135 |
|  |  | 864127 |
| &nbsp;&nbsp;&nbsp;*Leisure Products - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mattel, Inc. <sup>(a)</sup> | 4000 | 67320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. - Class A <sup>(a)(b)</sup> | 10000 | 90000 |
|  |  | 157320 |
| &nbsp;&nbsp;&nbsp;*Retail - Discretionary - 2.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. <sup>(a)</sup> | 3000 | 77280 |
| &nbsp;&nbsp;&nbsp;&nbsp;CarMax, Inc. <sup>(a)(b)</sup> | 1000 | 44870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gap, Inc. (The) <sup>(a)</sup> | 3000 | 64170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc. <sup>(a)(b)</sup> | 15000 | 102000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 100 | 31600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc. <sup>(a)(b)</sup> | 1000 | 177930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mister Car Wash, Inc. <sup>(b)</sup> | 5000 | 26650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc. <sup>(a)(b)</sup> | 3000 | 48840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Urban Outfitters, Inc. <sup>(a)(b)</sup> | 1500 | 107145 |
|  |  | 680485 |
| **Consumer Staples - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages - 0.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. <sup>(a)</sup> | 1000 | 140440 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Consumer Staples - 10.8% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Beverages - 0.9% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vita Coco Company, Inc. (The) <sup>(a)(b)</sup> | 2500 | $106175 |
|  |  | 246615 |
| &nbsp;&nbsp;&nbsp;*Food - 5.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BellRing Brands, Inc. <sup>(a)(b)</sup> | 3000 | 109050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. <sup>(a)</sup> | 1500 | 141150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Campbell's Company (The) <sup>(a)</sup> | 8000 | 252640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dole plc <sup>(a)</sup> | 7000 | 94080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flowers Foods, Inc. <sup>(a)</sup> | 8000 | 104400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. <sup>(a)</sup> | 1000 | 34720 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Mills, Inc. <sup>(a)</sup> | 3000 | 151260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Herbalife Ltd. <sup>(a)(b)</sup> | 3000 | 25320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hershey Company (The) <sup>(a)</sup> | 500 | 93525 |
| &nbsp;&nbsp;&nbsp;&nbsp;J.M. Smucker Company (The) <sup>(a)</sup> | 500 | 54300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kraft Heinz Company (The) <sup>(a)</sup> | 2000 | 52080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Phibro Animal Health Corporation - Class A <sup>(a)</sup> | 2000 | 80920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Post Holdings, Inc. <sup>(a)(b)</sup> | 300 | 32244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Simply Good Foods Company (The) <sup>(a)(b)</sup> | 4000 | 99280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Utz Brands, Inc. <sup>(a)</sup> | 6000 | 72900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Farms, Inc. <sup>(a)(b)</sup> | 2000 | 82300 |
|  |  | 1480169 |
| &nbsp;&nbsp;&nbsp;*Household Products - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Clorox Company (The) <sup>(a)</sup> | 500 | 61650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Colgate-Palmolive Company <sup>(a)</sup> | 2000 | 159880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kimberly-Clark Corporation <sup>(a)</sup> | 500 | 62170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. <sup>(a)</sup> | 5000 | 122350 |
|  |  | 406050 |
| &nbsp;&nbsp;&nbsp;*Retail - Consumer Staples - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. - Class A <sup>(a)</sup> | 5000 | 87550 |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. <sup>(a)(b)</sup> | 1000 | 93250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollar General Corporation <sup>(a)</sup> | 500 | 51675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five Below, Inc. <sup>(a)(b)</sup> | 600 | 92820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corporation <sup>(a)(b)</sup> | 8000 | 128400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kroger Company (The) <sup>(a)</sup> | 1000 | 67410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc. <sup>(a)(b)</sup> | 500 | 54400 |
|  |  | 575505 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Consumer Staples - 10.8% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Wholesale - Consumer Staples - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mission Produce, Inc. <sup>(b)</sup> | 2000 | $24040 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Natural Foods, Inc. <sup>(a)(b)</sup> | 7500 | 282150 |
|  |  | 306190 |
| **Energy - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers - 1.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;APA Corporation <sup>(a)</sup> | 3000 | 72840 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy Partners, L.P. <sup>(a)</sup> | 1000 | 53820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Coterra Energy, Inc. <sup>(a)</sup> | 3000 | 70950 |
| &nbsp;&nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. <sup>(a)</sup> | 5000 | 35350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Matador Resources Company <sup>(a)</sup> | 2000 | 89860 |
| &nbsp;&nbsp;&nbsp;&nbsp;Range Resources Corporation <sup>(a)</sup> | 2000 | 75280 |
|  |  | 398100 |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Schlumberger Ltd. <sup>(a)</sup> | 2000 | 68740 |
| &nbsp;&nbsp;&nbsp;*Renewable Energy - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;JinkoSolar Holding Company Ltd. - <sub>ADR</sub> <sup>(b)</sup> | 2000 | 48060 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. - Class A <sup>(a)(b)</sup> | 5000 | 37050 |
|  |  | 85110 |
| **Financials - 8.0%** |  |  |
| &nbsp;&nbsp;&nbsp;*Asset Management* - *0.0%* <sup>(c)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Golub Capital BDC, Inc. <sup>(a)</sup> | 1000 | 13690 |
| &nbsp;&nbsp;&nbsp;*Banking - 3.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank OZK <sup>(a)</sup> | 2000 | 101960 |
| &nbsp;&nbsp;&nbsp;&nbsp;BankUnited, Inc. <sup>(a)</sup> | 1500 | 57240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Comerica, Inc. <sup>(a)</sup> | 500 | 34260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 300 | 38031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. <sup>(a)</sup> | 3000 | 89490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. <sup>(a)</sup> | 3000 | 51810 |
| &nbsp;&nbsp;&nbsp;&nbsp;M&T Bank Corporation <sup>(a)</sup> | 800 | 158096 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. <sup>(a)</sup> | 1000 | 93790 |
| &nbsp;&nbsp;&nbsp;&nbsp;Wells Fargo & Company <sup>(a)</sup> | 1000 | 83820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp <sup>(a)</sup> | 1000 | 86720 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zions Bancorporation, N.A. <sup>(a)</sup> | 2000 | 113160 |
|  |  | 908377 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Financials - 8.0% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Institutional Financial Services - 2.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of New York Mellon Corporation (The) <sup>(a)</sup> | 500 | $54480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. - Class A <sup>(a)</sup> | 1500 | 103215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Northern Trust Corporation <sup>(a)</sup> | 500 | 67300 |
| &nbsp;&nbsp;&nbsp;&nbsp;SEI Investments Company <sup>(a)</sup> | 1000 | 84850 |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation <sup>(a)</sup> | 500 | 58005 |
| &nbsp;&nbsp;&nbsp;&nbsp;StoneX Group, Inc. <sup>(a)(b)</sup> | 700 | 70644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Virtu Financial, Inc. - Class A <sup>(a)</sup> | 3000 | 106500 |
|  |  | 544994 |
| &nbsp;&nbsp;&nbsp;*Insurance - 1.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings Ltd. <sup>(a)</sup> | 500 | 47900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globe Life, Inc. <sup>(a)</sup> | 500 | 71485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lincoln National Corporation <sup>(a)</sup> | 2000 | 80660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Palomar Holdings, Inc. <sup>(a)(b)</sup> | 1000 | 116750 |
|  |  | 316795 |
| &nbsp;&nbsp;&nbsp;*Specialty Finance - 1.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. <sup>(a)</sup> | 1500 | 83655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital One Financial Corporation <sup>(a)</sup> | 200 | 42516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enova International, Inc. <sup>(a)(b)</sup> | 500 | 57545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sezzle, Inc. <sup>(a)(b)</sup> | 1800 | 143154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Synchrony Financial <sup>(a)</sup> | 1500 | 106575 |
|  |  | 433445 |
| **Health Care - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 10.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc. <sup>(b)</sup> | 6000 | 128040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alkermes plc <sup>(a)(b)</sup> | 6000 | 180000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ARS Pharmacuticals, Inc. <sup>(a)(b)</sup> | 7000 | 70350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 6000 | 66300 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 10000 | 75900 |
| &nbsp;&nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc. <sup>(b)</sup> | 1000 | 54160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 7000 | 137900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc. <sup>(a)(b)</sup> | 1500 | 124665 |
| &nbsp;&nbsp;&nbsp;&nbsp;CorMedix, Inc. <sup>(a)(b)</sup> | 15000 | 174450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exelixis, Inc. <sup>(a)(b)</sup> | 5000 | 206500 |
| &nbsp;&nbsp;&nbsp;&nbsp;GeneDx Holdings Corporation <sup>(a)(b)</sup> | 600 | 64644 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. <sup>(a)</sup> | 1000 | 111000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc. <sup>(a)(b)</sup> | 1500 | 110010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc. <sup>(a)(b)</sup> | 2000 | 55120 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Health Care - 14.7% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Biotech & Pharma - 10.5% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Incyte Corporation <sup>(a)(b)</sup> | 1500 | $127215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Innoviva, Inc. <sup>(b)</sup> | 2000 | 36500 |
| &nbsp;&nbsp;&nbsp;&nbsp;MiMedx Group, Inc. <sup>(a)(b)</sup> | 12000 | 83760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc. <sup>(a)(b)</sup> | 1000 | 140380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc. <sup>(a)(b)</sup> | 5000 | 46650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Novo Nordisk A/S - ADR | 2000 | 110980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc. <sup>(a)(b)</sup> | 5000 | 128850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc. <sup>(a)(b)</sup> | 500 | 26500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc. <sup>(a)(b)</sup> | 1000 | 66430 |
| &nbsp;&nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc. <sup>(a)(b)</sup> | 3000 | 184110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc. <sup>(a)(b)</sup> | 4000 | 77080 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc. <sup>(a)(b)</sup> | 1500 | 89145 |
| &nbsp;&nbsp;&nbsp;&nbsp;TG Therapeutics, Inc. <sup>(a)(b)</sup> | 6000 | 216750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc. <sup>(a)(b)</sup> | 2000 | 47800 |
|  |  | 2941189 |
| &nbsp;&nbsp;&nbsp;*Health Care Facilities & Services - 1.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DaVita, Inc. <sup>(b)</sup> | 400 | 53148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. <sup>(a)(b)</sup> | 8000 | 134000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Progyny, Inc. <sup>(a)(b)</sup> | 5000 | 107600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Teladoc Health, Inc. <sup>(a)(b)</sup> | 7000 | 54110 |
|  |  | 348858 |
| &nbsp;&nbsp;&nbsp;*Medical Equipment & Devices - 2.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Align Technology, Inc. <sup>(a)(b)</sup> | 1200 | 150264 |
| &nbsp;&nbsp;&nbsp;&nbsp;DexCom, Inc. <sup>(a)(b)</sup> | 2000 | 134580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Embecta Corporation <sup>(a)</sup> | 3000 | 42330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Haemonetics Corporation <sup>(a)(b)</sup> | 500 | 24370 |
| &nbsp;&nbsp;&nbsp;&nbsp;InMode Ltd. <sup>(a)(b)</sup> | 5000 | 74500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc. <sup>(b)</sup> | 500 | 37100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corporation <sup>(a)(b)</sup> | 8000 | 114640 |
| &nbsp;&nbsp;&nbsp;&nbsp;Novocure Ltd. <sup>(a)(b)</sup> | 4000 | 51680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Penumbra, Inc. <sup>(a)(b)</sup> | 600 | 151992 |
| &nbsp;&nbsp;&nbsp;&nbsp;Solventum Corporation <sup>(b)</sup> | 500 | 36500 |
|  |  | 817956 |
| **Industrials - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;*Commercial Support Services - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc. <sup>(a)(b)</sup> | 4000 | 67320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc. <sup>(b)</sup> | 300 | 44031 |
|  |  | 111351 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Industrials - 5.1% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Electrical Equipment - 1.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc. <sup>(a)(b)</sup> | 2000 | $106160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. <sup>(a)</sup> | 2000 | 90180 |
| &nbsp;&nbsp;&nbsp;&nbsp;NEXTracker, Inc. - Class A <sup>(a)(b)</sup> | 1000 | 73990 |
| &nbsp;&nbsp;&nbsp;&nbsp;NuScale Power Corporation <sup>(a)(b)</sup> | 2000 | 72000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vontier Corporation | 2000 | 83940 |
|  |  | 426270 |
| &nbsp;&nbsp;&nbsp;*Engineering & Construction - 0.3%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Frontdoor, Inc. <sup>(a)(b)</sup> | 1400 | 94206 |
| &nbsp;&nbsp;&nbsp;*Industrial Intermediate Products - 0.4%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proto Labs, Inc. <sup>(a)(b)</sup> | 2000 | 100060 |
| &nbsp;&nbsp;&nbsp;*Industrial Support Services - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RB Global Inc. | 500 | 54180 |
| &nbsp;&nbsp;&nbsp;*Machinery - 0.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Symbotic, Inc. <sup>(a)(b)</sup> | 1000 | 53900 |
| &nbsp;&nbsp;&nbsp;*Transportation & Logistics - 2.1%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegiant Travel Company <sup>(a)(b)</sup> | 1000 | 60770 |
| &nbsp;&nbsp;&nbsp;&nbsp;American Airlines Group, Inc. <sup>(a)</sup> | 10000 | 112400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. <sup>(a)</sup> | 1000 | 56750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forward Air Corporation <sup>(a)(b)</sup> | 2000 | 51280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 1000 | 39510 |
| &nbsp;&nbsp;&nbsp;&nbsp;Southwest Airlines Company <sup>(a)</sup> | 3000 | 95730 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc. <sup>(a)(b)</sup> | 500 | 48250 |
| &nbsp;&nbsp;&nbsp;&nbsp;United Parcel Service, Inc. - Class B <sup>(a)</sup> | 1500 | 125295 |
|  |  | 589985 |
| **Materials - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;*Chemicals - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mosaic Company (The) <sup>(a)</sup> | 4000 | 138720 |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 1.7%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. <sup>(a)</sup> | 500 | 84280 |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A <sup>(a)</sup> | 1000 | 34860 |
| &nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti plc <sup>(a)</sup> | 300 | 21099 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation <sup>(a)</sup> | 3000 | 98310 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Materials - 2.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 1.7% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Compass Minerals International, Inc. <sup>(a)</sup> | 2000 | $38400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Company <sup>(a)</sup> | 1500 | 18150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation <sup>(a)</sup> | 1000 | 24850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation <sup>(a)</sup> | 1000 | 84310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation <sup>(a)</sup> | 600 | 23238 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. <sup>(a)</sup> | 300 | 60174 |
|  |  | 487671 |
| **Technology - 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;*Semiconductors - 0.6%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACM Research, Inc. - Class A <sup>(b)</sup> | 2500 | 97825 |
| &nbsp;&nbsp;&nbsp;&nbsp;Rambus, Inc. <sup>(a)(b)</sup> | 500 | 52100 |
|  |  | 149925 |
| &nbsp;&nbsp;&nbsp;*Software - 9.0%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asana, Inc. - Class A <sup>(a)(b)</sup> | 10000 | 133600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Astrana Health, Inc. <sup>(a)(b)</sup> | 1000 | 28350 |
| &nbsp;&nbsp;&nbsp;&nbsp;BlackLine, Inc. <sup>(a)(b)</sup> | 2000 | 106200 |
| &nbsp;&nbsp;&nbsp;&nbsp;Clear Secure, Inc. - Class A <sup>(a)</sup> | 2000 | 66760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Concentrix Corporation <sup>(a)</sup> | 2000 | 92300 |
| &nbsp;&nbsp;&nbsp;&nbsp;Docusign, Inc. <sup>(a)(b)</sup> | 2000 | 144180 |
| &nbsp;&nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc. <sup>(a)(b)</sup> | 10000 | 119800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. - Class A <sup>(a)</sup> | 1500 | 109725 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dropbox, Inc. - Class A <sup>(a)(b)</sup> | 5000 | 151050 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exodus Movement, Inc. <sup>(b)</sup> | 400 | 11112 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fastly, Inc. - Class A <sup>(a)(b)</sup> | 10000 | 85500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Five9, Inc. <sup>(a)(b)</sup> | 2000 | 48400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gen Digital, Inc. <sup>(a)</sup> | 2000 | 56780 |
| &nbsp;&nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. - Class A <sup>(a)(b)</sup> | 6000 | 170400 |
| &nbsp;&nbsp;&nbsp;&nbsp;IonQ, Inc. <sup>(a)(b)</sup> | 1500 | 92250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Okta, Inc. <sup>(a)(b)</sup> | 500 | 45850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paycom Software, Inc. <sup>(a)</sup> | 700 | 145698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corporation <sup>(a)(b)</sup> | 600 | 95562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Paymentus Holdings, Inc. - Class A <sup>(a)(b)</sup> | 3500 | 107100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Qualys, Inc. <sup>(a)(b)</sup> | 1200 | 158796 |
| &nbsp;&nbsp;&nbsp;&nbsp;Quantum Computing, Inc. <sup>(a)(b)</sup> | 2000 | 36820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sprinklr, Inc. - Class A <sup>(b)</sup> | 5000 | 38600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tempus AI, Inc. <sup>(a)(b)</sup> | 1000 | 80710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Twilio, Inc. - Class A <sup>(a)(b)</sup> | 1500 | 150135 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 75.8% (continued)** | **Shares** | **Value** |
| **Technology - 18.6% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;*Software - 9.0% (continued)* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unity Software, Inc. <sup>(a)(b)</sup> | 1000 | $40040 |
| &nbsp;&nbsp;&nbsp;&nbsp;Yext, Inc. <sup>(a)(b)</sup> | 5000 | 42600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zoom Communications, Inc. - Class A <sup>(a)(b)</sup> | 1200 | 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. - Class A <sup>(a)(b)</sup> | 5000 | 54550 |
|  |  | 2511868 |
| &nbsp;&nbsp;&nbsp;*Technology Hardware - 4.2%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A10 Networks, Inc. <sup>(a)</sup> | 10000 | 181500 |
| &nbsp;&nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc. <sup>(a)</sup> | 7000 | 65660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation <sup>(a)(b)</sup> | 500 | 72835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cisco Systems, Inc. <sup>(a)</sup> | 1600 | 109472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corsair Gaming, Inc. | 5000 | 44600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc. <sup>(a)(b)</sup> | 1500 | 131715 |
| &nbsp;&nbsp;&nbsp;&nbsp;F5, Inc. <sup>(a)(b)</sup> | 500 | 161595 |
| &nbsp;&nbsp;&nbsp;&nbsp;InterDigital, Inc. <sup>(a)</sup> | 300 | 103569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stratasys Ltd. <sup>(a)(b)</sup> | 10000 | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ubiquiti, Inc. <sup>(a)</sup> | 200 | 132116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Viasat, Inc. <sup>(a)(b)</sup> | 2000 | 58600 |
|  |  | 1173662 |
| &nbsp;&nbsp;&nbsp;*Technology Services - 4.8%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Block, Inc. - Class A <sup>(a)(b)</sup> | 500 | 36135 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corporation - Class A <sup>(a)</sup> | 2500 | 167675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corpay, Inc. <sup>(a)(b)</sup> | 400 | 115224 |
| &nbsp;&nbsp;&nbsp;&nbsp;CSG Systems International, Inc. <sup>(a)</sup> | 1000 | 64380 |
| &nbsp;&nbsp;&nbsp;&nbsp;EPAM Systems, Inc. <sup>(a)(b)</sup> | 1000 | 150790 |
| &nbsp;&nbsp;&nbsp;&nbsp;EVERTEC, Inc. <sup>(a)</sup> | 2000 | 67560 |
| &nbsp;&nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. <sup>(a)</sup> | 500 | 143245 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genpact Ltd. <sup>(a)</sup> | 4000 | 167560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Globant S.A. <sup>(a)(b)</sup> | 3000 | 172140 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. <sup>(b)</sup> | 4000 | 118760 |
| &nbsp;&nbsp;&nbsp;&nbsp;PayPal Holdings, Inc. <sup>(a)(b)</sup> | 2000 | 134120 |
|  |  | 1337589 |
| **Total Common Stocks** (Cost $20,661,380) |  | $21131891 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 16.1%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(d)</sup> - 10.7%** |  |  |
| &nbsp;&nbsp;&nbsp;4.118%, due 12/04/2025 | $3000000 | $2979227 |
| **U.S. Treasury Inflation-Protected Bonds - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 02/15/2054 | 526555 | 485795 |
| **U.S. Treasury Inflation-Protected Notes - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;1.750%, due 01/15/2034 | 526015 | 528676 |
| **U.S. Treasury Notes - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, due 05/15/2035 | 500000 | 504688 |
| **Total U.S. Treasury Obligations** (Cost $4,479,014) |  | $4498386 |

---

---

| | | |
|:---|:---|:---|
| **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 | $156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **EXCHANGE-TRADED PUT OPTION **CONTRACTS - 0.0% <sup>(c)</sup>** | **Contracts** | **Notional Amount** | **Value** |
| Russell 2000<sup>®</sup> Index Option, 12/22/2025 at $1,600 | 37 | $9014976 | $10064 |
| S&P 500<sup>®</sup> Index Option, 12/22/2025 at $3,600 | 16 | 10701536 | 3472 |
| **Total Put Option Contracts** (Cost $34,272) |  | $19716512 | $13536 |
| **Total Investments at Value - 91.9%** (Cost $25,174,666) |  |  | $25643969 |

---

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 37.4%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.98% <sup>(e)</sup> (Cost $10,417,297) | 10417297 | $10417297 |
| **Total Investments and Money Market Funds at Value -129.3%** (Cost $35,591,963) |  | $36061266 |
| **Written Call Option Contracts - (29.0%)** |  | (8094286) |
| **Liabilities in Excess of Other Assets - (0.3%)** |  | (82066) |
| **Net Assets - 100.0%** |  | $27884914 |
| <br> ADR- American Depositary Receipt.<br>|  |  |

---

<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 September 30, 2025 was $19,812,597.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Percentage rounds to less than 0.1%.

<sup>(d)</sup> Rate shown is the annualized yield at time of purchase, not a coupon rate.

<sup>(e)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

**HUSSMAN STRATEGIC ALLOCATION FUND**

**SCHEDULE OF OPEN WRITTEN OPTION CONTRACTS**

**September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **EXCHANGE-TRADED WRITTEN CALL OPTION CONTRACTS** | **Contracts** | **Notional<br> Amount** | **Strike Price** | **Expiration<br> Date** | **Value of<br> Options** |
| **Call Option Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> Index Option | 37 | $9014976 | $1600 | 12/22/2025 | $3128350 |
| &nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Index Option | 16 | 10701536 | 3600 | 12/22/2025 | 4965936 |
| **Total Written Call Option Contracts** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;(Premiums received $7,322,921) |  | $19716512 |  |  | $8094286 |

---

**HUSSMAN STRATEGIC TOTAL RETURN FUND**

**SCHEDULE OF INVESTMENTS**

**September 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 6.4%** | **Shares** | **Value** |
| **Energy** - **0.0% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Producers* - *0.0%* <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;California Resources Corporation | 1000 | $53180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 500 | 56530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vital Energy, Inc. <sup>(b)</sup> | 1000 | 16890 |
|  |  | 126600 |
| **Materials - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;*Metals & Mining - 5.9%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 15000 | 2528400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alamos Gold, Inc. - Class A | 30000 | 1045800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AngloGold Ashanti plc | 9000 | 632970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B2Gold Corporation | 200000 | 990000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Barrick Mining Corporation | 90000 | 2949300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hecla Mining Company | 45000 | 544500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinross Gold Corporation | 30000 | 745500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newmont Corporation | 30000 | 2529300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pan American Silver Corporation | 18000 | 697140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 9000 | 1805220 |
|  |  | 14468130 |
| **Utilities - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;*Electric Utilities - 0.5%* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AES Corporation (The) | 1000 | 13160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ALLETE, Inc. | 1000 | 66400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ameren Corporation | 100 | 10438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 100 | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Avista Corporation | 1000 | 37810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Black Hills Corporation | 500 | 30795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1000 | 100520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 500 | 30585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTE Energy Company | 100 | 14143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duke Energy Corporation | 500 | 61875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Edison International | 500 | 27640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entergy Corporation | 1000 | 93190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exelon Corporation | 1000 | 45010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FirstEnergy Corporation | 1000 | 45820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc. <sup>(b)</sup> | 1000 | 11040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NorthWestern Energy Group, Inc. | 1000 | 58610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 1000 | 161950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Otter Tail Corporation | 1000 | 81970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pinnacle West Capital Corporation | 1000 | 89660 |

---

**HUSSMAN STRATEGIC TOTAL RETURN FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 6.4% (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 | $44000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPL Corporation | 1000 | 37160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 500 | 41730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Southern Company (The) | 500 | 47385 |
|  |  | 1162141 |
| &nbsp;&nbsp;&nbsp;*Gas & Water Utilities* - *0.0%* <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 1000 | 10300 |
| **Total Common Stocks** (Cost $13,663,278) |  | $15767171 |

---

---

| | | |
|:---|:---|:---|
| **EXCHANGE-TRADED FUNDS - 0.9%** | **Shares** | **Value** |
| Invesco CurrencyShares British Pound Sterling Trust | 5000 | $647150 |
| Invesco CurrencyShares Euro Currency Trust | 7500 | 812775 |
| Invesco CurrencyShares Japanese Yen Trust <sup>(b)</sup> | 12500 | 777625 |
| **Total Exchange-Traded Funds** (Cost $2,210,871) |  | $2237550 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 74.0%** | **Par Value** | **Value** |
| **U.S. Treasury Bills <sup>(c)</sup> - 48.5%** |  |  |
| &nbsp;&nbsp;&nbsp;4.130%, due 10/28/2025 | $60000000 | $59818200 |
| &nbsp;&nbsp;&nbsp;4.118%, due 12/04/2025 | 60000000 | 59584533 |
|  |  | 119402733 |
| **U.S. Treasury Inflation-Protected Bonds - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, due 02/15/2054 | 5265500 | 4857955 |
| **U.S. Treasury Inflation-Protected Notes - 13.4%** |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, due 01/15/2029 | 15045700 | 15727328 |
| &nbsp;&nbsp;&nbsp;0.125%, due 01/15/2030 | 12555500 | 11992955 |
| &nbsp;&nbsp;&nbsp;1.750%, due 01/15/2034 | 5260150 | 5286761 |
|  |  | 33007044 |

---

**HUSSMAN STRATEGIC TOTAL RETURN FUND**

**SCHEDULE OF INVESTMENTS (continued)**

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY OBLIGATIONS - 74.0% (continued)** | **Par Value** | **Value** |
| **U.S. Treasury Notes - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, due 05/31/2026 | $10000000 | $9888690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, due 08/15/2026 | 10000000 | 9807739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, due 05/15/2035 | 5000000 | 5046875 |
|  |  | 24743304 |
| **Total U.S. Treasury Obligations** (Cost $182,005,010) |  | $182011036 |

---

---

| | | |
|:---|:---|:---|
| **WARRANTS - 0.0% <sup>(a)</sup>** | **Shares** | **Value** |
| **Energy** - **0.0% <sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;*Oil & Gas Services & Equipment* - *0.0%* <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nabors Industries Ltd., expires 06/11/2026 (Cost $0) | 8000 | $5200 |
| **Total Investments at Value - 81.3%** (Cost $197,879,159) |  | $200020957 |

---

---

| | | |
|:---|:---|:---|
| **MONEY MARKET FUNDS - 19.2%** | **Shares** | **Value** |
| Invesco Treasury Portfolio - Institutional Class, 3.98% <sup>(d)</sup> (Cost $47,230,147) | 47230147 | $47230147 |
| **Total Investments and Money Market Funds at Value - 100.5%** (Cost $245,109,306) |  | $247251104 |
| **Liabilities in Excess of Other Assets - (0.5%)** |  | (1171585) |
| **Net Assets - 100.0%** |  | $246079519 |

---

<sup>(a)</sup> Percentage rounds to less than 0.1%.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Rate shown is the annualized yield at time of purchase, not a coupon rate.

<sup>(d)</sup> The rate shown is the 7-day effective yield as of September 30, 2025.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Hussman Investment Trust

- **b. Investment Company Act file number:** 811-09911

- **c. CIK number of Registrant:** 0001110502

- **d. LEI of Registrant:** 549300EF1SYTJJEUZO63

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6021 University Blvd.

  - **City:** Ellicott City

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 21043

  - **Telephone number:** 513-587-3400

**Item A.2. Information about the Series.**

- **a. Name of Series:** HUSSMAN STRATEGIC TOTAL RETURN FUND

- **b. EDGAR series identifier (if any):** S000001545

- **c. LEI of Series:** 549300517SONMHW30957

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $247833027.93

**Total Liabilities:** $1753508.71

**Net Assets:** $246079519.22

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004199 | -1.63%               | 3.27%                | 0.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $625299.00               | $-1412732.05                               |
| Month 2  | $6206252.36              | $3978851.31                                |
| Month 3  | $7914009.36              | $-3555971.87                               |

### Schedule of Portfolio Investments

| Name                                                | Title                                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Hecla Mining Company                                | Hecla Mining Company                                           | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     45000 | NS      | $544500.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                                    | Royal Gold, Inc.                                               | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      9000 | NS      | $1805220.00   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                        | U.S. Treasury Inflation-Protected Notes 2.50%, Due 01/15/2029  | CUSIP: 912810PZ5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15045700 | PA      | $15727328.14  | 6.39%             | 2029-01-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                        | U.S. Treasury Notes 2.125%, Due 05/31/2026                     | CUSIP: 9128286X3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9888690.50   | 4.02%             | 2026-05-31      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| California Resources Corporation                    | California Resources Corporation                               | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |      1000 | NS      | $53180.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Energy Inc                                    | Vital Energy, Inc.                                             | CUSIP: 516806205<br>LEI: 549300X0PTWU2QSLSL14 | Long             | EC               | CORP              | US        |      1000 | NS      | $16890.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                        | U.S. Treasury Notes 1.500%, Due 08/15/2026                     | CUSIP: 9128282A7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10000000 | PA      | $9807738.70   | 3.99%             | 2026-08-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Invesco CurrencyShares Japanese Yen Trust           | Invesco Currency Shares Japanese Yen Trust                     | CUSIP: 46138W107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     12500 | NS      | $777625.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                                  | Invesco Treasury Portfolio Institutional Class                 | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  47230147 | NS      | $47230146.72  | 19.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                                  | Kinross Gold Corporation                                       | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |     30000 | NS      | $745500.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Currencyshares British Pound Sterling Trust | Invesco Currency Shares British Pound Sterling Trust           | CUSIP: 46138M109<br>LEI: N/A                  | Long             | EC               | RF                | US        |      5000 | NS      | $647150.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Service Enterprise Group Incorporated        | Public Service Enterprise Group, Inc.                          | CUSIP: 744573106<br>LEI: PUSS41EMO3E6XXNV3U28 | Long             | EC               | CORP              | US        |       500 | NS      | $41730.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                                | Barrick Mining Corporation                                     | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     90000 | NS      | $2949300.00   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                                    | DT Midstream, Inc.                                             | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       500 | NS      | $56530.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Black Hills Corporation                             | Black Hills Corporation                                        | CUSIP: 092113109<br>LEI: 3MGELCRSTNSAMJ962671 | Long             | EC               | CORP              | US        |       500 | NS      | $30795.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Portland General Electric Company                   | Portland General Electric Company                              | CUSIP: 736508847<br>LEI: GJOUP9M7C39GLSK9R870 | Long             | EC               | CORP              | US        |      1000 | NS      | $44000.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| AES Corp.                                           | AES Corporation                                                | CUSIP: 00130H105<br>LEI: 2NUNNB7D43COUIRE5295 | Long             | EC               | CORP              | US        |      1000 | NS      | $13160.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                              | Agnico Eagle Mines Ltd.                                        | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     15000 | NS      | $2528400.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                        | U.S. Treasury Bill 0.000%, Due 12/4/2025                       | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59584533.60  | 24.21%            | 2025-12-04      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Anglogold Ashanti PLC                               | Anglogold Ashanti plc                                          | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      9000 | NS      | $632970.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NorthWestern Energy Group Inc                       | NorthWestern Corporation                                       | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |      1000 | NS      | $58610.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                                 | Newmont Corporation                                            | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     30000 | NS      | $2529300.00   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Euro Trust                   | Invesco Currency Shares Euro Trust                             | CUSIP: 46138K103<br>LEI: 5493004SOGY6TXWBH573 | Long             | EC               | RF                | US        |      7500 | NS      | $812775.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Avista Corporation                                  | Avista Corporation                                             | CUSIP: 05379B107<br>LEI: Q0IK63NITJD6RJ47SW96 | Long             | EC               | CORP              | US        |      1000 | NS      | $37810.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Co.                                        | Southern Company                                               | CUSIP: 842587107<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EC               | CORP              | US        |       500 | NS      | $47385.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| DTE Energy Co.                                      | DTE Energy Company                                             | CUSIP: 233331107<br>LEI: 549300IX8SD6XXD71I78 | Long             | EC               | CORP              | US        |       100 | NS      | $14143.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| B2Gold Corp.                                        | B2GOLD CORPORATION                                             | CUSIP: 11777Q209<br>LEI: 549300F7OK456M5NLM05 | Long             | EC               | CORP              | US        |    200000 | NS      | $990000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp.                                        | Exelon Corporation                                             | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Long             | EC               | CORP              | US        |      1000 | NS      | $45010.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle West Capital Corp.                         | Pinnacle West Capital Corporation                              | CUSIP: 723484101<br>LEI: TWSEY0NEDUDCKS27AH81 | Long             | EC               | CORP              | US        |      1000 | NS      | $89660.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                                 | Dominion Energy, Inc.                                          | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |       500 | NS      | $30585.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Allete Inc                                          | ALLETE, Inc.                                                   | CUSIP: 018522300<br>LEI: 549300NNLSIMY6Z8OT86 | Long             | EC               | CORP              | US        |      1000 | NS      | $66400.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NRG Energy, Inc.                                    | NRG Energy, Inc.                                               | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1000 | NS      | $161950.00    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bonds                        | U.S. Treasury Inflation-Protected Notes 2.125%, Due 02/15/2054 | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4857954.94   | 1.97%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                        | U.S. Treasury Bill 0.000%, Due 10/28/2025                      | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  60000000 | PA      | $59818200.00  | 24.31%            | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Entergy Corporation                                 | Entergy Corporation                                            | CUSIP: 29364G103<br>LEI: 4XM3TW50JULSLG8BNC79 | Long             | EC               | CORP              | US        |      1000 | NS      | $93190.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FirstEnergy Corp.                                   | FirstEnergy Corporation                                        | CUSIP: 337932107<br>LEI: 549300SVYJS666PQJH88 | Long             | EC               | CORP              | US        |      1000 | NS      | $45820.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Consolidated Edison, Inc.                           | Consolidated Edison, Inc.                                      | CUSIP: 209115104<br>LEI: 54930033SBW53OO8T749 | Long             | EC               | CORP              | US        |      1000 | NS      | $100520.00    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PPL Corporation                                     | PPL Corporation                                                | CUSIP: 69351T106<br>LEI: 9N3UAJSNOUXFKQLF3V18 | Long             | EC               | CORP              | US        |      1000 | NS      | $37160.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc.                         | GLOBAL WATER RESOURCES, INC.                                   | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $10300.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Otter Tail Corporation                              | Otter Tail Corporation                                         | CUSIP: 689648103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1000 | NS      | $81970.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameren Corp.                                        | Ameren Corporation                                             | CUSIP: 023608102<br>LEI: XRZQ5S7HYJFPHJ78L959 | Long             | EC               | CORP              | US        |       100 | NS      | $10438.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Duke Energy Corp                                    | Duke Energy Corporation                                        | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |       500 | NS      | $61875.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Hawaiian Electric Industries, Inc.                  | Hawaiian Electric Industries, Inc.                             | CUSIP: 419870100<br>LEI: JJ8FWOCWCV22X7GUPJ23 | Long             | EC               | CORP              | US        |      1000 | NS      | $11040.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| American Electric Power Co, Inc.                    | American Electric Power Company, Inc.                          | CUSIP: 025537101<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | EC               | CORP              | US        |       100 | NS      | $11250.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                                | Edison International                                           | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |       500 | NS      | $27640.00     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                           | Pan American Silver Corporation                                | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     18000 | NS      | $697140.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                        | U.S. Treasury Notes 0.125%, Due 1/15/2030                      | CUSIP: 912828Z37<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12555500 | PA      | $11992954.71  | 4.87%             | 2030-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Alamos Gold Inc.                                    | Alamos Gold, Inc. CLASS A                                      | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     30000 | NS      | $1045800.00   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                        | U.S. Treasury Inflation-Protected Notes 1.75%, Due 01/15/2034  | CUSIP: 91282CJY8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5286760.94   | 2.15%             | 2034-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| N/A                                                 | Nabors Industries Ltd. $166.6667 - Warrants                    | CUSIP: N/A<br>LEI: N/A                        | Long             | DE               | CORP              | US        |      8000 | NS      | $5200.00      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Notes                        | U.S. Treasury Notes 4.25%, Due 05/15/2035                      | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $5046875.00   | 2.05%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-01

**Name of Applicant:** Hussman Investment Trust

**Signature:** Hussman Investment Trust

**Name of Signer:** Brian Johnston

**Title:** AVP, Fund Acccounting