# EDGAR Filing Document

**Accession Number:** 0001110502
**File Stem:** 0000910472-25-005329
**Filing Date:** 2025-12
**Character Count:** 152924
**Document Hash:** 0ffa193ef759acacf3e05ead355f72ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-005329.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000910472-25-005329

**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:** 251538083

**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           |

## 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 MARKET CYCLE FUND

- **b. EDGAR series identifier (if any):** S000001544

- **c. LEI of Series:** 549300RGE97SYH31Y227

**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:** $606619552.47

**Total Liabilities:** $245270393.04

**Net Assets:** $361349159.43

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000004198 | -4.79%               | 1.58%                | -5.59%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $9620894.02              | $-11202876.10                              |
| Month 2  | $14656809.41             | $19152059.10                               |
| Month 3  | $12473122.60             | $-9020912.20                               |

**Designated Index Information**

- **Index Name:** Hussman Strategic Growth DRP

- **Index Identifier:** B2HKT0HLI0

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Southwest Airlines Co.                     | Southwest Airlines Company                         | CUSIP: 844741108<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | EC               | CORP              | US        |     60000 | NS      | $1914600.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc                          | Revolve Group, Inc.                                | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $1278000.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc.                              | Penumbra, Inc.                                     | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Long             | EC               | CORP              | US        |     12000 | NS      | $3039840.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprouts Farmers Markets Inc                | Sprouts Farmers Market, Inc.                       | CUSIP: 85208M102<br>LEI: 529900P8F4G77Q52XE24 | Long             | EC               | CORP              | US        |     10000 | NS      | $1088000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Embecta Corp.                              | Embecta Corporation                                | CUSIP: 29082K105<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | EC               | CORP              | US        |     60000 | NS      | $846600.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Yext Inc                                   | Yext, Inc.                                         | CUSIP: 98585N106<br>LEI: 5299008ZQSBBVH7K0589 | Long             | EC               | CORP              | US        |    100000 | NS      | $852000.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest Inc                              | Pinterest, Inc. Class A                            | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $965100.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Etsy Inc                                   | Etsy, Inc.                                         | CUSIP: 29786A106<br>LEI: 54930089Q7XT501AEA40 | Long             | EC               | CORP              | US        |     40000 | NS      | $2655600.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| The Bank of New York Mellon Corp.          | Bank of New York Mellon Corporation (The)          | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     10000 | NS      | $1089600.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Pharmaceuticals Inc.              | Catalyst Pharmaceutical, Inc.                      | CUSIP: 14888U101<br>LEI: 5299004O0R5XXLA5H544 | Long             | EC               | CORP              | US        |    140000 | NS      | $2758000.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers, Inc.                 | Cullen/Frost Bankers, Inc.                         | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |      6000 | NS      | $760620.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Solventum Corp.                            | Solventum Corporation                              | CUSIP: 83444M101<br>LEI: 254900I70403OSGY4M28 | Long             | EC               | CORP              | US        |     10000 | NS      | $730000.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Astrana Health Inc                         | Astrana Health, Inc.                               | CUSIP: 03763A207<br>LEI: 5493008O4R82Q4STJ936 | Long             | EC               | CORP              | US        |     20000 | NS      | $567000.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Progyny Inc                                | Progyny, Inc.                                      | CUSIP: 74340E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $2152000.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc.             | Dime Community Bancshares, Inc.                    | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $1789800.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                               | DoorDash, Inc.                                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Long             | EC               | CORP              | US        |      4000 | NS      | $1087960.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagaya Technologies Ltd.                   | Pagaya Technologies Ltd.                           | CUSIP: M7S64L123<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     80000 | NS      | $2375200.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoominfo Technologies Inc                  | ZoomInfo Technologies, Inc. Class A                | CUSIP: 98980F104<br>LEI: 2549008GSAHW4UWFEM58 | Long             | EC               | CORP              | US        |    100000 | NS      | $1091000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Mission Produce Inc                        | Mission Produce, Inc.                              | CUSIP: 60510V108<br>LEI: 54930016JOKVFT59L825 | Long             | EC               | CORP              | US        |     40000 | NS      | $480800.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Quantum Computing Inc                      | Quantum Computing, Inc.                            | CUSIP: 74766W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $736400.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp.                  | Pan American Silver Corporation                    | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     12000 | NS      | $464760.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| BJS Restaurants In                         | BJ's Restaurants, Inc.                             | CUSIP: 09180C106<br>LEI: 5299000EOW66I1OJNQ23 | Long             | EC               | CORP              | US        |     40000 | NS      | $1221200.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Davita Inc                                 | DaVita, Inc.                                       | CUSIP: 23918K108<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | EC               | CORP              | US        |      8000 | NS      | $1062960.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilton Grand Vacations Inc                 | Hilton Grand Vacations, Inc.                       | CUSIP: 43283X105<br>LEI: 549300O9K6MFD8D07574 | Long             | EC               | CORP              | US        |     20000 | NS      | $836200.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Evertec Inc                                | EVERTEC, Inc.                                      | CUSIP: 30040P103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1351200.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Five9 Inc.                                 | Five9, Inc.                                        | CUSIP: 338307101<br>LEI: 254900MXP6EWY0SFFR59 | Long             | EC               | CORP              | US        |     40000 | NS      | $968000.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| FIGS Inc                                   | FIGS, Inc.                                         | CUSIP: 30260D103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $669000.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| United Natural Foods, Inc.                 | United Natural Foods, Inc.                         | CUSIP: 911163103<br>LEI: 549300GKGW6WPZ282D40 | Long             | EC               | CORP              | US        |    150000 | NS      | $5643000.00    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Warner Bros. Discovery Inc.                | Warner Bros Discovery, Inc. Series A               | CUSIP: 934423104<br>LEI: 5493006ZCRFWKF6B1K26 | Long             | EC               | CORP              | US        |    100000 | NS      | $1953000.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Synchrony Financial                        | Synchrony Financial                                | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     30000 | NS      | $2131500.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Alarm.com Holdings Inc.                    | Alarm.com Holdings, Inc.                           | CUSIP: 011642105<br>LEI: 549300HIH92U1EKIHZ32 | Long             | EC               | CORP              | US        |     40000 | NS      | $2123200.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom Inc                                 | DexCom, Inc.                                       | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     40000 | NS      | $2691600.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| CorMedix Inc.                              | CorMedix, Inc.                                     | CUSIP: 21900C308<br>LEI: 5299006YIA3L0MBW8358 | Long             | EC               | CORP              | US        |    300000 | NS      | $3489000.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| GigaCloud Technology Inc.                  | Gigacloud Technology, Inc                          | CUSIP: G38644103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120000 | NS      | $3408000.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Wyndham Hotels & Resorts Inc               | Wyndham Hotels & Resorts, Inc.                     | CUSIP: 98311A105<br>LEI: 549300FE3MQ4RVXXC673 | Long             | EC               | CORP              | US        |     10000 | NS      | $799000.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BJ Wholesale Club Holdings Inc             | BJ's Wholesale Club Holdings, Inc.                 | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     20000 | NS      | $1865000.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacira Biosciences Inc                     | Pacira BioSciences, Inc                            | CUSIP: 695127100<br>LEI: 549300P56LERYBDHCF69 | Long             | EC               | CORP              | US        |    100000 | NS      | $2577000.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                         | Invesco Treasury Portfolio Institutional Class     | CUSIP: 825252406<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        | 170932711 | NS      | $170932710.56  | 47.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Incorporated                      | Comerica, Inc.                                     | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |     10000 | NS      | $685200.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Pharmaceuticals Inc                 | ACADIA Pharmaceuticals, Inc.                       | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |    120000 | NS      | $2560800.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners Inc.           | Pinnacle Financial Partners, Inc.                  | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |     20000 | NS      | $1875800.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Proto Labs Inc                             | Proto Labs, Inc.                                   | CUSIP: 743713109<br>LEI: 529900QHG5MGWT2WQQ09 | Long             | EC               | CORP              | US        |     40000 | NS      | $2001200.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc                           | StoneX Group, Inc.                                 | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     14000 | NS      | $1412880.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Newegg Commerce Inc                        | Newegg Commerce, Inc.                              | CUSIP: G6483G209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1678000.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AXIS Capital Holdings Limited              | Axis Capital Holdings Ltd.                         | CUSIP: G0692U109<br>LEI: 635400VD2NQBYAHMEM55 | Long             | EC               | CORP              | US        |     10000 | NS      | $958000.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| JinkoSolar Holding Co., Ltd.               | JinkoSolar Holding Company Ltd. ADR                | CUSIP: 47759T100<br>LEI: 529900Y93WNCS05FG852 | Long             | EC               | CORP              | DE        |     40000 | NS      | $961200.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc                  | Halozyme Therapeutics, Inc.                        | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     30000 | NS      | $2200200.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cal-Maine Foods Inc.                       | Cal-Maine Foods, Inc.                              | CUSIP: 128030202<br>LEI: 549300NHE5WMIEIEMF53 | Long             | EC               | CORP              | US        |     30000 | NS      | $2823000.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc.                            | BankUnited, Inc.                                   | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |     30000 | NS      | $1144800.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Grocery Outlet Holding Corp.               | Grocery Outlet Holding Corp                        | CUSIP: 39874R101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160000 | NS      | $2568000.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital, Inc.                         | InterDigital, Inc.                                 | CUSIP: 45867G101<br>LEI: 529900HQAUTC3VI47G64 | Long             | EC               | CORP              | US        |      6000 | NS      | $2071380.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Praxis Precision Medicines Inc             | Praxis Precision Medicines, Inc.                   | CUSIP: 74006W207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10000 | NS      | $530000.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Genpact Ltd.                               | Genpact Ltd.                                       | CUSIP: G3922B107<br>LEI: 529900OSEC6Q0L4L5B35 | Long             | EC               | CORP              | US        |     80000 | NS      | $3351200.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kroger Co.                             | Kroger Company (The)                               | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     20000 | NS      | $1348200.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ubiquiti Inc                               | Ubiquiti, Inc.                                     | CUSIP: 90353W103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $2642320.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service, Inc.                | United Parcel Service, Inc. Class B                | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     30000 | NS      | $2505900.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Company                  | Matador Resources Company                          | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     40000 | NS      | $1797200.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbnb Inc                                 | Airbnb, Inc.                                       | CUSIP: 009066101<br>LEI: 549300HMUDNO0RY56D37 | Long             | EC               | CORP              | US        |     20000 | NS      | $2428400.00    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Company                  | Simply Good Foods Company (The)                    | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     80000 | NS      | $1985600.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dave & Buster's Entertainment Inc          | Dave & Buster's Entertainment, Inc.                | CUSIP: 238337109<br>LEI: 529900WTVU85QZLYHR86 | Long             | EC               | CORP              | US        |     40000 | NS      | $726400.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HighPeak Energy Inc                        | HighPeak Energy, Inc.                              | CUSIP: 43114Q105<br>LEI: 549300J4RNCV140DUY76 | Long             | EC               | CORP              | US        |    100000 | NS      | $707000.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| The J M Smucker Company                    | J.M. Smucker Company (The)                         | CUSIP: 832696405<br>LEI: 5493000WDH6A0LHDJD55 | Long             | EC               | CORP              | US        |     10000 | NS      | $1086000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co.                          | Wells Fargo & Company                              | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     20000 | NS      | $1676400.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Brinker International, Inc.                | Brinker International, Inc.                        | CUSIP: 109641100<br>LEI: 52990067JY6PBGJNTG76 | Long             | EC               | CORP              | US        |      6000 | NS      | $760080.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Globe Life Inc                             | Globe Life, Inc.                                   | CUSIP: 37959E102<br>LEI: 5493001JFHKQOPP6XA71 | Long             | EC               | CORP              | US        |     10000 | NS      | $1429700.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc.                  | Corcept Therapeutics, Inc.                         | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     30000 | NS      | $2493300.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                             | Five Below, Inc.                                   | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     12000 | NS      | $1856400.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay Inc                                 | Corpay, Inc.                                       | CUSIP: 219948106<br>LEI: 549300DG6RR0NQSFLN74 | Long             | EC               | CORP              | US        |      8000 | NS      | $2304480.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Limited                       | Wynn Resorts Ltd.                                  | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Long             | EC               | CORP              | US        |     10000 | NS      | $1282700.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Companies Inc.                  | Albertsons Companies, Inc.                         | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |    100000 | NS      | $1751000.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc.                      | Urban Outfitters, Inc.                             | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     30000 | NS      | $2142900.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                                   | Yelp, Inc.                                         | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |    100000 | NS      | $3120000.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| The Campbells Co.                          | Campbell Soup Company                              | CUSIP: 134429109<br>LEI: 5493007JDSMX8Z5Z1902 | Long             | EC               | CORP              | US        |    160000 | NS      | $5052800.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Asana Inc                                  | Asana, Inc.                                        | CUSIP: 04342Y104<br>LEI: 254900X7UAJNMLPLZ510 | Long             | EC               | CORP              | US        |    200000 | NS      | $2672000.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NuScale Power Corp.                        | Nuscale Power Corporation                          | CUSIP: 67079K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1440000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                | PepsiCo, Inc.                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     20000 | NS      | $2808800.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Hecla Mining Company                       | Hecla Mining Company                               | CUSIP: 422704106<br>LEI: 5493009Y6HOBZD1QD537 | Long             | EC               | CORP              | US        |     30000 | NS      | $363000.00     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Cracker Barrel Old Country Store Inc.      | Cracker Barrel Old Country Store, Inc.             | CUSIP: 22410J106<br>LEI: 8P4PHQIUWPIECBFBW745 | Long             | EC               | CORP              | US        |     60000 | NS      | $2643600.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Roku Inc                                   | Roku Inc.                                          | CUSIP: 77543R102<br>LEI: 549300KR6ITU0YIR1T71 | Long             | EC               | CORP              | US        |     10000 | NS      | $1001300.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Mister Car Wash Inc                        | Mister Car Wash, Inc.                              | CUSIP: 60646V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $533000.00     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Gap Inc.                               | Gap, Inc. (The)                                    | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     60000 | NS      | $1283400.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical Inc.               | BioMarin Pharmaceutical, Inc.                      | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |     20000 | NS      | $1083200.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurinia Pharmaceuticals Inc                | Aurinia Pharmaceuticals Incorporated               | CUSIP: 05156V102<br>LEI: 5299008YP2BW4570ML28 | Long             | EC               | CORP              | US        |    120000 | NS      | $1326000.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corporation                       | Carnival Corporation                               | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | US        |     20000 | NS      | $578200.00     | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lionsgate Studios Corp.                    | Lionsgate Studio Holdings Corp.                    | CUSIP: 53626N102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    100000 | NS      | $690000.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Services Group Inc.             | Healthcare Services Group, Inc.                    | CUSIP: 421906108<br>LEI: 529900GVZ1D2FBYMS719 | Long             | EC               | CORP              | US        |     80000 | NS      | $1346400.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pediatrix Medical Group Inc                | Pediatrix Medical Group, Inc.                      | CUSIP: 58502B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160000 | NS      | $2680000.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| United Airlines Holdings Inc               | United Airlines Holdings, Inc.                     | CUSIP: 910047109<br>LEI: 98450079DA0B78DD6764 | Long             | EC               | CORP              | US        |     10000 | NS      | $965000.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Integra LifeSciences Holdings Corporation  | Integra LifeSciences Holdings Corporation          | CUSIP: 457985208<br>LEI: WB7IJCYY8YFTENS4O147 | Long             | EC               | CORP              | US        |    160000 | NS      | $2292800.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| SiriusXM Holdings Inc                      | Sirius XM Holdings, Inc.                           | CUSIP: 829933100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60000 | NS      | $1396500.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Post Holdings Inc.                         | Post Holdings, Inc.                                | CUSIP: 737446104<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | EC               | CORP              | US        |      6000 | NS      | $644880.00     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                           | Novo Nordisk A/S ADR                               | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     40000 | NS      | $2219600.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp.                         | State Street Corporation                           | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |     10000 | NS      | $1160100.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                              | RB Global Inc.                                     | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Long             | EC               | CORP              | CA        |     10000 | NS      | $1083600.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheesecake Factory Inc                     | Cheesecake Factory, Inc. (The)                     | CUSIP: 163072101<br>LEI: 529900872XMLK10SY247 | Long             | EC               | CORP              | US        |     40000 | NS      | $2185600.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Unity Software Inc                         | Unity Software, Inc.                               | CUSIP: 91332U101<br>LEI: 549300D1ESJMGNQNG432 | Long             | EC               | CORP              | US        |     20000 | NS      | $800800.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Intermediate Holdings Inc.        | BellRing Brands, Inc.                              | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |     60000 | NS      | $2181000.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Carmax Inc                                 | CarMax, Inc.                                       | CUSIP: 143130102<br>LEI: 529900F60CID3NCZM330 | Long             | EC               | CORP              | US        |     20000 | NS      | $897400.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp                   | Western Alliance Bancorp                           | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |     20000 | NS      | $1734400.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextracker Inc.                            | Nextracker Inc - Class A                           | CUSIP: 65290E101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1479800.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Corsair Gaming Inc                         | Corsair Gaming, Inc.                               | CUSIP: 22041X102<br>LEI: 549300Y7YT18L8G0H525 | Long             | EC               | CORP              | US        |    100000 | NS      | $892000.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualys Inc                                 | Qualys, Inc.                                       | CUSIP: 74758T303<br>LEI: 549300EMBXYOW9W1XA17 | Long             | EC               | CORP              | US        |     24000 | NS      | $3175920.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Chewy Inc                                  | Chewy, Inc. Class A                                | CUSIP: 16679L109<br>LEI: 254900NPQSTG9I422879 | Long             | EC               | CORP              | US        |     50000 | NS      | $2022500.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsus Pharmaceuticals Inc                 | Tarsus Pharmaceuticals, Inc.                       | CUSIP: 87650L103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $1782900.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Holdings Inc.  | Knight-Swift Transportation Holdings, Inc.         | CUSIP: 499049104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $790200.00     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings Ltd         | Norwegian Cruise Line Holdings Ltd.                | CUSIP: G66721104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $2463000.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Protagonist Therapeutics Inc               | PROTAGONIST THERAPEUTICS, INC.                     | CUSIP: 74366E102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1328600.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc.                   | Zoom Video Communications, Inc.                    | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |     24000 | NS      | $1980000.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| American Airlines Group Inc                | American Airlines Group, Inc.                      | CUSIP: 02376R102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $2248000.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmus Filtration Technologies Inc.         | Atmus Filtration Tech                              | CUSIP: 04956D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1803600.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc.             | CSG Systems International, Inc.                    | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     20000 | NS      | $1287600.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                         | Meta Platforms, Inc. Class A                       | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      4000 | NS      | $2937520.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | S&P 500 INDEX 11/21/2025 6650 Put                  | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       340 | NS      | $3723000.00    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Newmont Corporation                        | Newmont Corporation                                | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     20000 | NS      | $1686200.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Paypal Holdings Inc.                       | PayPal Holdings, Inc.                              | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     40000 | NS      | $2682400.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Stratasys Ltd                              | STRATASYS LTD.                                     | CUSIP: M85548101<br>LEI: 529900MU215GIP9SZ741 | Long             | EC               | CORP              | US        |    200000 | NS      | $2240000.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ARS Pharmaceuticals Inc                    | ARS Pharmacuticals Inc.                            | CUSIP: 82835W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    140000 | NS      | $1407000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Mattel, Inc.                               | Mattel, Inc.                                       | CUSIP: 577081102<br>LEI: 549300VELLG24KHTJ564 | Long             | EC               | CORP              | US        |     80000 | NS      | $1346400.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                               | Doximity, Inc.                                     | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $2194500.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| General Mills, Inc.                        | General Mills, Inc.                                | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |     60000 | NS      | $3025200.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc                | Inspire Medical Systems, Inc.                      | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     10000 | NS      | $742000.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| ADTRAN Holdings Inc                        | ADTRAN Holdings, Inc.                              | CUSIP: 00486H105<br>LEI: 549300VV36J86CRRWF77 | Long             | EC               | CORP              | US        |    140000 | NS      | $1313200.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Alamos Gold Inc.                           | Alamos Gold, Inc. CLASS A                          | CUSIP: 011532108<br>LEI: 549300TDOX73YGYXE959 | Long             | EC               | CORP              | CA        |     20000 | NS      | $697200.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Symbotic Inc                               | Symbotic, Inc                                      | CUSIP: 87151X101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1078000.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                                   | GOGO, INC.                                         | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |    260000 | NS      | $2233400.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| SEI Investments Co                         | SEI Investments Company                            | CUSIP: 784117103<br>LEI: 5LJTIFADGZ6XH1RVOC11 | Long             | EC               | CORP              | US        |     20000 | NS      | $1697000.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Vontier Corporation                        | Vontier Corporation                                | CUSIP: 928881101<br>LEI: 549300VVSQLG4P5K4639 | Long             | EC               | CORP              | US        |     40000 | NS      | $1678800.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Bread Financial Holdings Inc               | Bread Financial Holdings, Inc.                     | CUSIP: 018581108<br>LEI: 549300G8S4PO686J7H97 | Long             | EC               | CORP              | US        |     30000 | NS      | $1673100.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegiant Travel Company                   | Allegiant Travel Company                           | CUSIP: 01748X102<br>LEI: 549300JM9OZXOHWL2K18 | Long             | EC               | CORP              | US        |     20000 | NS      | $1215400.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corp.                     | Lincoln National Corporation                       | CUSIP: 534187109<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | EC               | CORP              | US        |     40000 | NS      | $1613200.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Russell 2000 Index/Old 12/19/2025 1200 Call        | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -780 | NS      | $-96719220.00  | -26.77%           |  |  |  | No            |                  2 | On Loan: No      |
| Phibro Animal Health Corporation           | Phibro Animal Health Corporation                   | CUSIP: 71742Q106<br>LEI: 549300U24SP4AF2JUX52 | Long             | EC               | CORP              | US        |     40000 | NS      | $1618400.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Sally Beauty Holdings Inc.                 | Sally Beauty Holdings, Inc.                        | CUSIP: 79546E104<br>LEI: 529900VXW6E8ONDIQ271 | Long             | EC               | CORP              | US        |     60000 | NS      | $976800.00     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                                  | Block Inc CL A due 11/19/15                        | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Long             | EC               | CORP              | US        |     10000 | NS      | $722700.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corporation                 | Northern Trust Corporation                         | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |     10000 | NS      | $1346000.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corporation              | Paylocity Holding Corporation                      | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     12000 | NS      | $1911240.00    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corporation                       | M&T Bank Corporation                               | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |     16000 | NS      | $3161920.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Liquidity Services Inc.                    | LIQUIDITY SERVICES, INC.                           | CUSIP: 53635B107<br>LEI: 5299002AZ4ULSAXN0G81 | Long             | EC               | CORP              | US        |     80000 | NS      | $2194400.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkermes PLC                               | Mural Oncology PLC                                 | CUSIP: G01767105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |    120000 | NS      | $3600000.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hertz Global Holdings Inc.                 | HERTZ Global HLDGS INC                             | CUSIP: 42806J700<br>LEI: 549300NBK3K85MH1EX16 | Long             | EC               | CORP              | US        |    300000 | NS      | $2040000.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bath & Body Works Inc                      | Bath & Body Works, Inc.                            | CUSIP: 070830104<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | EC               | CORP              | US        |     60000 | NS      | $1545600.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                               | Docusign, Inc.                                     | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |     40000 | NS      | $2883600.00    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Fitness Inc.                        | Planet Fitness, Inc. Class A                       | CUSIP: 72703H101<br>LEI: 549300LLE5HUPF6H8G33 | Long             | EC               | CORP              | US        |     20000 | NS      | $2076000.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp.                                  | APA Corporation                                    | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     60000 | NS      | $1456800.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ViaSat, Inc.                               | Viasat, Inc.                                       | CUSIP: 92552V100<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | EC               | CORP              | US        |     40000 | NS      | $1172000.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc                           | Clear Secure, Inc.                                 | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1335200.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastly Inc.                                | Fastly, Inc.                                       | CUSIP: 31188V100<br>LEI: 549300E2FZC83FJ3H565 | Long             | EC               | CORP              | US        |    200000 | NS      | $1710000.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corporation                        | Comcast Corporation Class A                        | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     60000 | NS      | $1885200.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Cognizant Technology Solutions Corp.       | Cognizant Technology Solutions Corporation Class A | CUSIP: 192446102<br>LEI: 5493006IEVQEFQO40L83 | Long             | EC               | CORP              | US        |     50000 | NS      | $3353500.00    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc.                       | Gilead Sciences, Inc.                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     20000 | NS      | $2220000.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Choice Hotels International, Inc.          | Choice Hotels International, Inc.                  | CUSIP: 169905106<br>LEI: 5493003CYRY5RFGTIR97 | Long             | EC               | CORP              | US        |     16000 | NS      | $1710560.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Mining Corp.                       | Barrick Mining Corporation                         | CUSIP: 06849F108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     60000 | NS      | $1966200.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                 | Neurocrine Biosciences, Inc.                       | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |     20000 | NS      | $2807600.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Huron Consulting Group Inc.                | Huron Consulting Group, Inc.                       | CUSIP: 447462102<br>LEI: 549300NGVB9H6TKTLE36 | Long             | EC               | CORP              | US        |      6000 | NS      | $880620.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| The Clorox Company                         | Clorox Company (The)                               | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Long             | EC               | CORP              | US        |     10000 | NS      | $1233000.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                                   | Bank OZK                                           | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |     40000 | NS      | $2039200.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Exodus Movement Inc                        | Exodus Movement, Inc.                              | CUSIP: 30209R106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $222240.00     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Acm Research Inc                           | ACM Research, Inc. Class A                         | CUSIP: 00108J109<br>LEI: 549300MCTENUWL2GJL61 | Long             | EC               | CORP              | US        |     50000 | NS      | $1956500.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Vital Farms Inc.                           | Vital Farms, Inc. Com                              | CUSIP: 92847W103<br>LEI: 549300S6NYY7ER3XOT61 | Long             | EC               | CORP              | US        |     40000 | NS      | $1646000.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                              | Frontdoor, Inc.                                    | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |     28000 | NS      | $1884120.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc                   | Travere Therapeutics Inc                           | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $956000.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                                  | Okta, Inc.                                         | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |     10000 | NS      | $917000.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc              | Shoals Technologies Group, Inc.                    | CUSIP: 82489W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $741000.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co.                      | Colgate-Palmolive Company                          | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     40000 | NS      | $3197600.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Herbalife Ltd.                             | Herbalife Ltd.                                     | CUSIP: G4412G101<br>LEI: 549300BA7TYPBSZZIA41 | Long             | EC               | CORP              | US        |     60000 | NS      | $506400.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc              | Interactive Brokers Group, Inc. Class A            | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |     30000 | NS      | $2064300.00    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corporation                          | Ciena Corporation                                  | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     10000 | NS      | $1456700.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Forward Air Corp.                          | Forward Air Corporation                            | CUSIP: 34986A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1025600.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp.                         | Kinross Gold Corporation                           | CUSIP: 496902404<br>LEI: 549300UEBMAQDN0K0R06 | Long             | EC               | CORP              | CA        |     20000 | NS      | $497000.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc.                            | Utz Brands, Inc.                                   | CUSIP: 918090101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    120000 | NS      | $1458000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Minerals International Inc.        | Compass Minerals International, Inc.               | CUSIP: 20451N101<br>LEI: 2549008X9G8XP7YJGC47 | Long             | EC               | CORP              | US        |     40000 | NS      | $768000.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | S&P 500 INDEX 12/19/2025 2400 Call                 | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Short            | DE               | CORP              | US        |      -340 | NS      | $-145923580.00 | -40.38%           |  |  |  | No            |                  2 | On Loan: No      |
| Sezzle Inc.                                | Sezzle, Inc.                                       | CUSIP: 78435P105<br>LEI: 9845000CA64541AE3I35 | Long             | EC               | CORP              | US        |     36000 | NS      | $2863080.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc                     | Paymentus  Holdings, Inc.                          | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $2142000.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| PTC Therapeutics, Inc.                     | PTC THERAPEUTICS, INC.                             | CUSIP: 69366J200<br>LEI: 549300UJLWOIWFDGB318 | Long             | EC               | CORP              | US        |     60000 | NS      | $3682200.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarepta Therapeutics Inc                   | Sarepta Therapeutics, Inc.                         | CUSIP: 803607100<br>LEI: 549300IKDPIED8J8IG21 | Long             | EC               | CORP              | US        |     80000 | NS      | $1541600.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Euronet Worldwide, Inc.                    | Euronet Worldwide, Inc.                            | CUSIP: 298736109<br>LEI: YG3575C4DSHJPA5KET68 | Long             | EC               | CORP              | US        |     30000 | NS      | $2634300.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc                        | TG THERAPEUTICS, INC.                              | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |    120000 | NS      | $4335000.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| THE OPTIONS CLEARING CORPORATION           | Russell 2000 Index/Old 11/21/2025 2450 Put         | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | Long             | DE               | CORP              | US        |       780 | NS      | $5881200.00    | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Palomar Holdings Inc                       | Palomar Holdings, Inc.                             | CUSIP: 69753M105<br>LEI: 549300DOI1MUW11BLX74 | Long             | EC               | CORP              | US        |     20000 | NS      | $2335000.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc.                      | Align Technology, Inc.                             | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |     24000 | NS      | $3005280.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| A10 Networks Inc                           | A10 Networks, Inc.                                 | CUSIP: 002121101<br>LEI: 549300UQD4IWUML81Q35 | Long             | EC               | CORP              | US        |    200000 | NS      | $3630000.00    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                     | Agnico Eagle Mines Ltd.                            | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |     10000 | NS      | $1685600.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Incyte Corporation.                        | Incyte Corporation                                 | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     30000 | NS      | $2544300.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| The Kraft Heinz Co.                        | The Kraft Heinz Company                            | CUSIP: 500754106<br>LEI: 9845007488EC87F5AF14 | Long             | EC               | CORP              | US        |     40000 | NS      | $1041600.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tempus AI Inc.                             | Tempus AI, Inc.                                    | CUSIP: 88023B103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1614200.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lyft Inc                                   | Lyft, Inc.                                         | CUSIP: 55087P104<br>LEI: 549300H7I5VN334XVZ52 | Long             | EC               | CORP              | US        |     90000 | NS      | $1980900.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Upwork Inc                                 | Upwork, Inc. Class A                               | CUSIP: 91688F104<br>LEI: 5493004QJ6WWBXVE2S70 | Long             | EC               | CORP              | US        |    100000 | NS      | $1857000.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coterra Energy Inc                         | Coterra Energy, Inc.                               | CUSIP: 127097103<br>LEI: FCNMH6O7VWU7LHXMK351 | Long             | EC               | CORP              | US        |     60000 | NS      | $1419000.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Inmode Limited                             | InMode Ltd.                                        | CUSIP: M5425M103<br>LEI: 984500DD95A35E9BD358 | Long             | EC               | CORP              | US        |    100000 | NS      | $1490000.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ionq Inc                                   | IonQ, Inc                                          | CUSIP: 46222L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $1845000.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Innoviva Inc                               | Innoviva, Inc.                                     | CUSIP: 45781M101<br>LEI: 549300ACOX4QTBES6535 | Long             | EC               | CORP              | US        |     40000 | NS      | $730000.00     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Gold, Inc.                           | Royal Gold, Inc.                                   | CUSIP: 780287108<br>LEI: 5493001NGRU6SFL04184 | Long             | EC               | CORP              | US        |      6000 | NS      | $1203480.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                                     | F5, Inc.                                           | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     10000 | NS      | $3231900.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollar General Corporation                 | Dollar General Corporation                         | CUSIP: 256677105<br>LEI: OPX52SQVOZI8IVSWYU66 | Long             | EC               | CORP              | US        |     10000 | NS      | $1033500.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Tripadvisor Inc                            | TripAdvisor, Inc.                                  | CUSIP: 896945201<br>LEI: 549300XVG45PT5BART17 | Long             | EC               | CORP              | US        |    100000 | NS      | $1626000.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Flowers Foods, Inc.                        | Flowers Foods, Inc.                                | CUSIP: 343498101<br>LEI: 7YNCQQNDK8FBM9BBTK25 | Long             | EC               | CORP              | US        |    160000 | NS      | $2088000.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corporation                 | Kimberly-Clark Corporation                         | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Long             | EC               | CORP              | US        |     10000 | NS      | $1243400.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                                | Dropbox, Inc. Class A                              | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |    100000 | NS      | $3021000.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Niagen Bioscience Inc.                     | Niagen Bioscience, Inc.                            | CUSIP: 171077407<br>LEI: 529900OPI7B8JPXCVS70 | Long             | EC               | CORP              | US        |    100000 | NS      | $933000.00     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger Limited                       | SLB Limited                                        | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     40000 | NS      | $1374800.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry Inc                               | Tapestry, Inc.                                     | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |     16000 | NS      | $1811520.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Harmony Biosciences Holdings Inc           | Harmony Biosciences Holdings, Inc.                 | CUSIP: 413197104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $1102400.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Teladoc Health Inc                         | Teladoc Health, Inc.                               | CUSIP: 87918A105<br>LEI: 549300I2PVFBC9MFAC61 | Long             | EC               | CORP              | US        |    140000 | NS      | $1082200.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Paycom Software Inc                        | Paycom Software, Inc.                              | CUSIP: 70432V102<br>LEI: 254900LSB0HNJUDC6Q18 | Long             | EC               | CORP              | US        |     14000 | NS      | $2913960.00    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| The Vita Coco Company Inc                  | Vita Coco Company, Inc. (The)                      | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |     50000 | NS      | $2123500.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Company                     | General Motors Company                             | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |     20000 | NS      | $1219400.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Partners Lp                | Cheniere Energy Partners, L.P.                     | CUSIP: 16411Q101<br>LEI: 5493005UEC8AZ34LDV29 | Long             | EC               | CORP              | US        |     20000 | NS      | $1076400.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems, Inc.                        | Cisco Systems, Inc.                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     32000 | NS      | $2189440.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Enova International Inc.                   | Enova International, Inc.                          | CUSIP: 29357K103<br>LEI: 549300O8XOCQSB49UO63 | Long             | EC               | CORP              | US        |     10000 | NS      | $1150900.00    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant S.A                                | Globant S.A.                                       | CUSIP: L44385109<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | US        |     60000 | NS      | $3442800.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| MiMedx Group Inc.                          | MiMedx Group, Inc.                                 | CUSIP: 602496101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    240000 | NS      | $1675200.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| GeneDx Holdings Corp                       | GeneDx Holdings Corporation                        | CUSIP: 81663L200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $1292880.00    | 0.36%             |  |  |  | No            |                  1 | 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      |
| Capital One Financial Corp.                | Capital One Financial Corporation                  | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      4000 | NS      | $850320.00     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corporation              | Liberty Broadband Corp. Series A                   | CUSIP: 530307107<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     40000 | NS      | $2533200.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp.                           | Concentrix Corporation                             | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     40000 | NS      | $1846000.00    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                        | Virtu Financial, Inc. CLASS A                      | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |     60000 | NS      | $2130000.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc.                       | Delta Air Lines, Inc.                              | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |     20000 | NS      | $1135000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti PLC                      | Anglogold Ashanti plc                              | CUSIP: G0378L100<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      6000 | NS      | $421980.00     | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| EPAM Systems Inc.                          | EPAM Systems, Inc.                                 | CUSIP: 29414B104<br>LEI: 549300XCR4R530HJP604 | Long             | EC               | CORP              | US        |     20000 | NS      | $3015800.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mosaic Company                         | Mosaic Company (The)                               | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |     80000 | NS      | $2774400.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Range Resources Corp.                      | Range Resources Corporation                        | CUSIP: 75281A109<br>LEI: H3Y3WLYCX0BTO1TRW162 | Long             | EC               | CORP              | US        |     40000 | NS      | $1505600.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc.              | FactSet Research Systems, Inc.                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Long             | EC               | CORP              | US        |     10000 | NS      | $2864900.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Peloton Interactive Inc                    | Peloton Interactive, Inc. Class A                  | CUSIP: 70614W100<br>LEI: 5493002YS021166W0339 | Long             | EC               | CORP              | US        |    200000 | NS      | $1800000.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Exelixis, Inc.                             | Exelixis, Inc.                                     | CUSIP: 30161Q104<br>LEI: 254900PJQB59O2O95R37 | Long             | EC               | CORP              | US        |    100000 | NS      | $4130000.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorporation Natl Assn Global Bank | Zions Bancorporation, N.A.                         | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |     40000 | NS      | $2263200.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sprinklr Inc                               | Sprinklr, Inc.                                     | CUSIP: 85208T107<br>LEI: 254900AR04RJ2BQO5S78 | Long             | EC               | CORP              | US        |    100000 | NS      | $772000.00     | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| DoubleVerify Holdings Inc                  | DOUBLEVERIFY HOLDINGS INC COM                      | CUSIP: 25862V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $2396000.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Twilio Inc                                 | Twilio, Inc. CLASS A                               | CUSIP: 90138F102<br>LEI: 5493004W8TRGD63APX93 | Long             | EC               | CORP              | US        |     30000 | NS      | $3002700.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Lithia Motors Incorporated                 | Lithia Motors, Inc. Class A                        | CUSIP: 536797103<br>LEI: SE8N1EZEHPZQBCBVKD53 | Long             | EC               | CORP              | US        |      2000 | NS      | $632000.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc.                                | Rambus, Inc.                                       | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     10000 | NS      | $1042000.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Fresh Del Monte Produce Inc.               | Fresh Del Monte Produce, Inc.                      | CUSIP: G36738105<br>LEI: 529900I72V9F0FEZR228 | Long             | EC               | CORP              | US        |     20000 | NS      | $694400.00     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Charter Communications, Inc.               | Charter Communications, Inc. Class A               | CUSIP: 16119P108<br>LEI: 0J0XRGZE3PBRFEZ7MV65 | Long             | EC               | CORP              | US        |     18000 | NS      | $4951890.00    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dole PLC                                   | Dole plc                                           | CUSIP: G27907107<br>LEI: 635400JUG5XJXOPPJJ47 | Long             | EC               | CORP              | IE        |    140000 | NS      | $1881600.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                               | Novocure Ltd.                                      | CUSIP: G6674U108<br>LEI: 213800YPP55UMHWA4826 | Long             | EC               | CORP              | JE        |     80000 | NS      | $1033600.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Reynolds Consumer Products Inc.            | Reynolds Consumer Products, Inc.                   | CUSIP: 76171L106<br>LEI: 894500ZQLNYY77S80A06 | Long             | EC               | CORP              | US        |    100000 | NS      | $2447000.00    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Golub Capital BDC Inc.                     | Golub Capital BDC, Inc.                            | CUSIP: 38173M102<br>LEI: 2549005WE0QLGK9APF78 | Long             | EC               | RF                | US        |     20000 | NS      | $273800.00     | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co. (The)                          | Hershey Company (The)                              | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     10000 | NS      | $1870500.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Gen Digital Inc                            | Gen Digital, Inc.                                  | CUSIP: 668771108<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | EC               | CORP              | US        |     40000 | NS      | $1135600.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals  Inc.             | BIOCRYST PHARMACEUTICALS, INC.                     | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    200000 | NS      | $1518000.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Incorporated         | Huntington Bancshares Inc                          | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     60000 | NS      | $1036200.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Haemonetics Corp                           | Haemonetics Corporation                            | CUSIP: 405024100<br>LEI: 549300ZEL6TXZS6F5F95 | Long             | EC               | CORP              | US        |     10000 | NS      | $487400.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica Inc.                   | Lululemon Athletica, Inc.                          | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |     20000 | NS      | $3558600.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackline Inc                              | BlackLine, Inc.                                    | CUSIP: 09239B109<br>LEI: 529900P9N7PK9LV5EK56 | Long             | EC               | CORP              | US        |     40000 | NS      | $2124000.00    | 0.59%             |  |  |  | No            |                  1 | 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